Cannabis Bioscience International Holdings, Inc. Files 10-Q

TL;DR

CBIH filed its 10-Q for Aug 31, 2024. Financials are in.

AI Summary

Cannabis Bioscience International Holdings, Inc. filed its 10-Q for the period ending August 31, 2024. The company, formerly known as CHINA INFRASTRUCTURE CONSTRUCTION Corp and FIDELITY AVIATION CORP, is involved in commercial physical & biological research. Its fiscal year ends on May 31st, and its business address is in Houston, TX.

Why It Matters

This filing provides investors with an update on the company's financial performance and operational status for the reported quarter.

Risk Assessment

Risk Level: medium — As a 10-Q filing, it contains detailed financial information which can be complex and subject to interpretation, carrying inherent investment risk.

Key Numbers

• 2024-08-31 — Period End Date (Latest reporting period)
• 2024-10-21 — Filing Date (Date the report was submitted)
• 05-31 — Fiscal Year End (Company's annual financial reporting cycle)

Key Players & Entities

• Cannabis Bioscience International Holdings, Inc. (company) — Filer
• CHINA INFRASTRUCTURE CONSTRUCTION Corp (company) — Former Company Name
• FIDELITY AVIATION CORP (company) — Former Company Name
• 8731 (dollar_amount) — Standard Industrial Classification Code
• 844901229 (dollar_amount) — IRS Number
• 214-733-0868 (dollar_amount) — Business Phone Number
• 20240831 (date) — Period of Report
• 20241021 (date) — Filing Date
• 0531 (date) — Fiscal Year End

FAQ

Filing Documents

• cannabis_i10q-083124.htm (10-Q) — 442KB
• cannabisbio_ex3100.htm (EX-31) — 10KB
• cannabisbio_ex3200.htm (EX-32) — 3KB
• 0001683168-24-007261.txt ( ) — 3010KB
• cbih-20240831.xsd (EX-101.SCH) — 28KB
• cbih-20240831_cal.xml (EX-101.CAL) — 37KB
• cbih-20240831_def.xml (EX-101.DEF) — 77KB
• cbih-20240831_lab.xml (EX-101.LAB) — 239KB
• cbih-20240831_pre.xml (EX-101.PRE) — 194KB
• cannabis_i10q-083124_htm.xml (XML) — 288KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements 3 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 18 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 21 Item 4.

Controls and Procedures

Controls and Procedures 21

- OTHER INFORMATION

PART II - OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 22 Item 1A.

Risk Factors

Risk Factors 22 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 22 Item 3. Defaults upon Senior Securities 22 Item 4. Mine Safety Disclosures 22 Item 5. Other Information 22 Item 6. Exhibits 23

SIGNATURES

SIGNATURES 24 2 PART I – FINANCIAL INFORMATION Item 1. Financial Statements. CANNABIS BIOSCIENCE INTERNATIONAL HOLDINGS, INC. CONSOLIDATED BALANCE SHEETS August 31, 2024 May 31, 2024 (Unaudited) (Audited) ASSETS CURRENT ASSETS Cash and cash equivalents $ 969 $ 755 Accounts receivable 17,176 20,139 Other current assets 598 598 TOTAL CURRENT ASSETS 18,743 21,492 Right-of-use asset 27,537 35,670 TOTAL ASSETS $ 46,280 $ 57,162 LIABILITIES AND STOCKHOLDERS' DEFICIENCY CURRENT LIABILITIES Accounts payable and accrued expenses $ 136,302 $ 196,088 Bank overdraft 1,548 2,408 Related party payables 572,339 503,214 Short-term loans (net of amortization of loan fees) 112,629 151,267 SBA loan – current 7,054 7,054 Lease liabilities – current 22,225 21,877 TOTAL CURRENT LIABILITIES 852,097 881,908 LONG-TERM LIABILITIES SBA loan 249,500 249,361 Lease liabilities – 4,906 TOTAL LONG-TERM LIABILITIES 249,500 254,267 TOTAL LIABILITIES 1,101,597 1,136,175 STOCKHOLDERS' DEFICIENCY Authorized 10,000,000 shares of preferred stock, without par value, of which 2,500,000 shares have been designated Series A Convertible Preferred Stock and 2,000 shares have been designated Series B Preferred Stock ( 2,000 and 1,000 shares outstanding at August 31, 2024, and May 31, 2024, respectively) – – Common Stock, without par value: 20,000,000,000 shares authorized, of which 10,556,749,347 and 10,431,749,347 shares were issued and outstanding at August 31, 2024, and May 31, 2024, respectively. – – Additional paid-in capital 4,355,068 4,255,068 Accumulated deficit ( 5,410,385 ) ( 5,334,081 ) TOTAL STOCKHOLDERS' DEFICIENCY ( 1,055,317 ) ( 1,079,013 ) TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIENCY $ 46,280 $ 57,162 See accompanying notes to condensed consolidated financial statements. 3 CANNABIS BIOSCIENCE INTERNATIONAL HOLDINGS, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaud

financial statements

financial statements. 4 CANNABIS BIOSCIENCE INTERNATIONAL HOLDINGS, INC. CONSOLIDATED STATEMENT OF STOCKHOLDERS' DEFICIENCY FOR THE THREE MONTHS ENDED AUGUST 31, 2024 (Unaudited) Series A Convertible Preferred Stock Series B Preferred Stock Common Stock Additional Paid-In Accumulated Shares Amount Shares Amount Shares Capital Deficit Total Balance - May 31, 2024 2,500,000 $ – 1,000 $ – 10,431,749,347 – $ 4,255,068 $ ( 5,334,081 ) $ ( 1,079,013 ) Issuance of common stock for services – – – – 125,000,000 100,000 – 100,000 Issuance of shares of Series B Preferred – – 1,000 – – – – – Net income for the quarter – – – – – – – ( 76,305 ) ( 76,305 ) Balance - August 31, 2024 2,500,000 $ – 2,000 $ – 10,556,749,347 – $ 4,355,068 $ ( 5,410,385 ) $ ( 1,055,317 ) CONSOLIDATED STATEMENT OF STOCKHOLDERS' DEFICIENCY FOR THE THREE MONTHS ENDED AUGUST 31, 2023 (Unaudited) Series A Convertible Preferred Stock Series B Preferred Stock Common Stock Additional Paid-In Accumulated Shares Amount Shares Amount Shares Capital Deficit Total Balance - May 31, 2023 2,500,000 $ – 1,000 $ – 10,059,677,919 – $ 4,091,071 $ ( 4,682,736 ) $ ( 591,665 ) Sales of common stock for cash – – – – 272,071,428 – 75,000 – 75,000 Rescission of share sale – – – – – ( 19,000 ) – ( 19,000 ) Net loss for the quarter – – – – – – ( 181,789 ) ( 181,789 ) Balance - August 31, 2023 2,500,000 $ – 1,000 $ – 10,331,749,347 – $ 4,147,071 $ ( 4,864,525 ) $ ( 717,454 ) See accompanying notes to condensed consolidated

financial statements

financial statements. 5 CANNABIS BIOSCIENCE INTERNATIONAL HOLDINGS, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Three Months Ended August 31, 2024 2023 CASH FLOW FROM OPERATING ACTIVITIES: Net income (loss) $ ( 76,305 ) $ ( 181,789 ) Adjustments to reconcile net loss: Issuance of common stock for services 100,000 – Amortization of right-of-use-asset and liability ( 8,133 ) ( 23,920 ) Changes in assets and liabilities: Accounts receivable 2,963 ( 17,444 ) Accounts payable and accrued expenses ( 59,786 ) 58,654 Deferred revenue – ( 8,333 ) Bank overdraft ( 860 ) – Lease liability ( 4,558 ) – Related party payables – 50,373 NET CASH PROVIDED BY (USED IN) OPERATIONS ( 30,413 ) ( 74,620 ) CASH FLOW FROM FINANCING ACTIVITIES: Proceeds from sales of common stock – 75,000 Rescission of shareholder stock purchase – ( 19,000 ) Change in lease liability – ( 4,435 ) Proceeds from (repayment of) short-term loans ( 38,638 ) 33,481 Repayment of SBA loan 139 ( 14,592 ) Proceeds from related party loan 69,126 – NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 30,627 70,453 NET INCREASE (DECREASE) IN CASH 214 ( 4,167 ) CASH AT BEGINNING OF PERIOD 755 8,913 CASH AT END OF PERIOD $ 969 $ 4,746 Supplemental disclosure of cash flow information Cash paid for interest $ 2,339 $ 5,005 Cash paid for taxes $ – $ – See accompanying notes to condensed consolidated

financial statements

financial statements. 6 CANNABIS BIOSCIENCE INTERNATIONAL HOLDINGS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS August 31, 2024 (Unaudited) Note 1 – Organization and Operations Cannabis Bioscience International Holdings, Inc., a Colorado corporation (the "Company"), was formed on February 28, 2003, as a limited liability company named Fidelity Aircraft Partners LLC. On December 16, 2004, it converted to a corporation under the name Fidelity Aviation Corporation, and on August 24, 2009, it changed its name to China Infrastructure Construction Corp. On February 28, 2018, the Company changed its name to Hippocrates Direct Healthcare, Inc.; on July 4, 2018, it resumed the name China Infrastructure Construction Corp. On December 6, 2022, it changed its name to its present name. The Company provides educational systems focused on medical cannabis in cities throughout the United States and six countries in Latin America. The Company provides services in therapeutic areas of clinical trials and services relating to sleep disorders through its sleep center in Houston, Texas. The Company offered concierge medicine at an affordable price through a membership-based model through its wholly owned subsidiary, Hippocrates Direct Healthcare, LLC, a Texas limited liability company, formed on September 11, 2017; this business was discontinued during the quarter ended August 31, 2020. The Company operated a sleep center, which diagnosed sleep-related disorders, through its subsidiary, Alpha Fertility and Sleep Center, LLC, a Texas limited liability company; its operations were terminated on April 30, 2023. Note 2 – Summary of Significant Accounting Policies Accounting Principles The accompanying unaudited consolidated financial in the United States of America ("U.S. GAAP") for interim financial statements and with the instructions to Article 10 of Regulation S-X of the U.S. Securities and Exchange Com

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