Cannabis Suisse Corp. Files 2024 10-K

TL;DR

CSUI filed its 2024 10-K, check financials for the year ending 5/31.

AI Summary

Cannabis Suisse Corp. filed its 10-K for the fiscal year ending May 31, 2024, reporting its financial performance and business operations. The company, formerly known as Geant Corp. until a name change on July 19, 2016, is incorporated in Nevada and operates in the Papers & Allied Products sector. Its principal business address is in Jacksonville, Florida.

Why It Matters

This filing provides investors and stakeholders with a comprehensive overview of Cannabis Suisse Corp.'s financial health and strategic direction for the past fiscal year.

Risk Assessment

Risk Level: low — The provided text is a standard 10-K filing header and does not contain specific financial performance data or forward-looking statements that would indicate a high risk.

Key Players & Entities

• CANNABIS SUISSE CORP. (company) — Filer and reporting company
• Geant Corp. (company) — Former company name
• 20240531 (date) — Fiscal year end
• 20240913 (date) — Filing date
• Jacksonville, FL (location) — Business and mailing address

FAQ

Key Financial Figures

• $0.001 — change Act: Common Stock, par value of $0.001 (Title of each class) Indicate by ch
• $5.00 — ty securities with a price of less than $5.00. As a result, the "penny stock rules' a
• $0.02 — the OTC Pink on September 3, 2024, was $0.02 Set forth below is the high and low bid
• $117,593 — the conversion of the entire principal ($117,593) and accrued interest ($2,287) of a con
• $2,287 — ncipal ($117,593) and accrued interest ($2,287) of a convertible promissory note. The
• $0.005 — omissory note. The conversion price was $0.005 per share. We also issued 150,000 restr
• $750 — ior years, settling accounts payable of $750 and recognizing a loss on settlement of
• $2,700 — gnizing a loss on settlement of debt of $2,700, and we issued 300,000 restricted share
• $1,500 — ior years, settling accounts payable of $1,500 and recognizing a loss on settlement of
• $5,400 — gnizing a loss on settlement of debt of $5,400. We relied on Section 4(a) 2 of the Sec
• $30,000 — se was one year and the annual rent was $30,000. Effective March of 2024, the sublease
• $2,500 — lease became a month-to-month lease for $2,500 per month. The following discussion sh
• $30,067 — es for the year ended May 31, 2024, was $30,067. For the year ended May 31, 2023, the
• $10,000 — the Company generated total revenue of $10,000. The cost of sales for the year ended M
• $9,166 — es for the year ended May 31, 2023, was $9,166. The increase in revenues and cost of

Filing Documents

• csui-20240531.htm (10-K) — 492KB
• csui_ex311.htm (EX-31.1) — 8KB
• csui_ex312.htm (EX-31.2) — 8KB
• csui_ex321.htm (EX-32.1) — 5KB
• csui_ex322.htm (EX-32.2) — 5KB
• csui10k_1.jpg (GRAPHIC) — 5KB
• 0001393905-24-000329.txt ( ) — 3023KB
• csui-20240531_cal.xml (EX-101.CAL) — 25KB
• csui-20240531_def.xml (EX-101.DEF) — 93KB
• csui-20240531_lab.xml (EX-101.LAB) — 174KB
• csui-20240531_pre.xml (EX-101.PRE) — 180KB
• csui-20240531.xsd (EX-101.SCH) — 36KB
• csui-20240531_htm.xml (XML) — 278KB

Description of Business

Item 1. Description of Business 1

Risk Factors

Item 1A. Risk Factors 1

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 2

Description of Property

Item 2. Description of Property 2

Legal Proceedings

Item 3. Legal Proceedings 2

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 2 PART II 3

Market for Common Equity and Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Common Equity and Related Stockholder Matters and Issuer Purchases of Equity Securities. 3

Climate-Related Disclosure

Item 6. Climate-Related Disclosure. 3

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

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 3

Quantitative and Qualitative Disclosures about Market Risk

Item 7A. Quantitative and Qualitative Disclosures about Market Risk 6

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 6

Changes In and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes In and Disagreements with Accountants on Accounting and Financial Disclosure 23

(T) Controls and Procedures

Item 9A(T) Controls and Procedures 23

Other Information

Item 9B. Other Information. 24 PART III 25

Directors, Executive Officers, Promoters and Control Persons of the Company

Item 10. Directors, Executive Officers, Promoters and Control Persons of the Company 25

Executive Compensation

Item 11. Executive Compensation 25

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 26

Certain Relationships and Related Transactions

Item 13. Certain Relationships and Related Transactions 26

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services 27 PART IV 28

Exhibits, Financial Statements Schedules

Item 15. Exhibits, Financial Statements Schedules 28

Form 10-K Summary

Item 16. Form 10-K Summary 28

SIGNATURES

SIGNATURES 29 iii PART I

Forward-looking statements

Forward-looking statements

Description of Business

Item 1. Description of Business Cannabis Suisse Corp. (the "Company", "we" or "our") is engaged in the rental of commercial office and industrial space. We currently sublease a portion of a commercial building to a third party. We lease the building from a company controlled by our CEO. Since our CEO assumed control of the Company in June 2022, we have no involvement in any aspect of the cannabis industry. Employees; Identification of Certain Significant Employees We currently do not have any employees. Our sole officer serves as a consultant to the Company on a part-time basis.

Risk Factors

Item 1A. Risk Factors Risks Related to Our Business. Limited Operations . Our current business operations consist of subleasing a portion of a building we lease from a company controlled by our CEO. As a result, we currently have limited operations. No assurance can be given that we will have any business operation going forward that sufficiently covers our cost structure. Lack of Operating Funds-Going Concern . We do not have a bank account. Our CEO, who is also our sole director, pays our expenses through an escrow account set up for the benefit of the Company. In the event this source of funding ceases before we are able to sustainably increase our business operations there is substantial doubt as to the Company's ability to continue as an ongoing enterprise. In its audited financial statements as of May 31, 2024, the Company was issued a "going concern" opinion, meaning that there is substantial doubt we can continue as an on-going business for the next twelve months unless we obtain additional capital. Our sources for cash at this time are investments by others, loans and advances from our CEO who is our sole director, and very limited revenue from renting. We must raise cash to implement our plan and stay in business. Limited Management . We have no employees. Our CEO also serves as our CFO on a part-time consultant basis. This lack of personnel adversely affects our ability to develop and grow our business. Risks Related to our Common Stock Voting Control is Held by One Stockholder . Our sole Director and CEO holds a majority of the voting stock of the Company. As a result, he will be able to control the election of directors to our Board of Directors and our business and affairs, including any determination with respect to mergers or other business combinations, the acquisition or disposition of any assets, the incurrence of additional indebtedness, the issuance of additional shares of our common and preferred stock or any other equity securities, t

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments None.

Cybersecurity Risk

Item 1C. Cybersecurity Risk We do not believe we are exposed to any cybersecurity threat.

Description of Property

Item 2. Description of Property We do not own any property except minimal office furniture. We lease our office from a company controlled by our CEO. We currently lease four real estate properties from companies controlled by our CEO, one of which is for the office and the others to be subleased for rental income. See Note 9 of the Notes to the Financial Statement appearing elsewhere in this Report.

Legal Proceedings

Item 3. Legal Proceedings None.

Mine Safety Disclosures

Item 4. Mine Safety Disclosures Not applicable. 2 PART II

Market for Common Equity and Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Common Equity and Related Stockholder Matters and Issuer Purchases of Equity Securities. Market Information Common stock of the Company is quoted on the OTC Pink tier of the OTC Markets Group Inc under the symbol "CSUI". The closing price of our common stock on the OTC Pink on September 3, 2024, was $0.02 Set forth below is the high and low bid information of our common stock for each quarter for the last two fiscal years. The quotations reflect inter-dealer prices, without retail markup. Mark-down or commissions and may not represent actual transactions. FY 2023 High Low Quarter ended August 31 $ 0.30 $ 0.01 Quarter ended November 30 $ 0.21 $ 0.03 Quarter ended February 28 $ 0.15 $ 0.03 Quarter ended May 31 $ 0.12 $ 0.02 FY 2024 High Low Quarter ended August 31 $ 0.07 $ 0.02 Quarter ended November 30 $ 0.03 $ 0.01 Quarter ended February 28 $ 0.02 $ 0.01 Quarter ended May 31 $ 0.02 $ 0.01 Number of Holders As of September 3, 2024, there were a total of 24 stockholders of record. Dividends No cash dividends were paid on our shares of common stock during the fiscal years ended May 31, 2024 and 2023. We do not expect to pay any dividends in the near future. Authorized Capital Stock As of September 3, 2024 the Company has 1,000,000,000 shares of common stock, $0.001 par value, and 20,000,000 shares of preferred stock, $0.001 par value, authorized. Other Stockholder Matters None. Sale of Unregistered Securities On May 7, 2024, we issued 23,976,000 shares of our restricted common stock to our CEO for the conversion of the entire principal ($117,593) and accrued interest ($2,287) of a convertible promissory note. The conversion price was $0.005 per share. We also issued 150,000 restricted shares to Yongqing Ruan, CPA in partial consideration for accounting services provided in prior years, settling accounts payable of $750 and recognizing a loss on settlement of debt of $2,700, and we

Climate-Related Disclosure

Item 6. Climate-Related Disclosure. N/A 3

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

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations Background Since June 2022, the Company has focused its efforts on real estate operations. We have no involvement in any aspect of the cannabis industry. In February 2023, we leased a commercial building from a company controlled by our CEO and subleased a portion of the building to a third party. The term of the sublease was one year and the annual rent was $30,000. Effective March of 2024, the sublease became a month-to-month lease for $2,500 per month. The following discussion should be read in conjunction with our financial statements, including the notes thereto, appearing elsewhere in this Annual Report. The following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in the forward-looking statements. Our audited financial statements are stated in United States Dollars and are prepared in accordance with United States Generally Accepted Accounting Principles. Results of Operations for the years ended May 31, 2024 and 2023 Revenue and Cost of Sales For the year ended May 31, 2024, the Company generated total revenue of $30,000 from renting. The cost of sales for the year ended May 31, 2024, was $30,067. For the year ended May 31, 2023, the Company generated total revenue of $10,000. The cost of sales for the year ended May 31, 2023, was $9,166. The increase in revenues and cost of sale is due to the fact that the Company started its renting business in February 2023. In other words, there were twelve months' revenue for the year ended May 31, 2024, but four months' revenue for the year ended May 31, 2023. The cost of sales increase aligns with the increase in revenue. Operating Expenses Total operating expenses for the year ended May 31, 2024, were $256,870. The operating expenses for the year ended May 31, 2024, included professional fees of $77,9

Quantitative and Qualitative Disclosures about Market Risk

Item 7A. Quantitative and Qualitative Disclosures about Market Risk Not applicable to smaller reporting companies.

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data CANNABIS SUISSE CORP.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS Years Ended May 31, 2024 and 2023 Table of Contents Page Reports of Independent Registered Public Accounting Firm - Mac Accounting Group & CPAs, LLP ( PCAOB ID 6258 ) 7 Reports of Independent Registered Public Accounting Firm - Accell Audit & Compliance, P.A. (PCAOB ID 3289) 9 Balance Sheets as of May 31, 2024 and 202 3 10 11 12 13 Notes to the Financial Statements 14 6 Report of Independent Registered Public Accounting Firm Board of Directors and Shareholders Cannabis Suisse Corp. Opinion on the Financial Statements We have audited the accompanying balance sheets of Cannabis Suisse Corp. as of May 31, 2024, and the related statements of operations, changes in stockholder's deficit, and cash flows for the year then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of Cannabis Suisse Corp. as of May 31, 2024, and the results of its operations and its cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States of America. Going Concern The accompanying financial statements have been prepared assuming that the entity will continue as a going concern. As discussed in Note 3 to the financial statements, the entity has limited revenues, has suffered recurring losses from operations, and has not established sufficient revenue to cover its operating costs, therefore will require additional capital to continue operations. These factors raise substantial doubt about its ability to continue as a going concern. Management's plans in regard to these matters are also described in Note 3. The financial

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