PureBase Corp Files 10-Q for Period Ending February 29, 2024

TL;DR

<b>PureBase Corp has filed its Q1 2024 10-Q, detailing financial data and subsequent events including convertible note transactions.</b>

AI Summary

PureBase Corp (PUBC) filed a Quarterly Report (10-Q) with the SEC on April 15, 2024. PureBase Corp filed a 10-Q for the period ending February 29, 2024. The company was formerly known as Port of Call Online Inc. and changed its name on May 2, 2013. PureBase Corp is incorporated in Nevada and operates in the Agriculture Chemicals sector (SIC 2870). The filing includes financial data for the periods ending February 29, 2024, February 28, 2023, and November 30, 2023. Subsequent events noted include unsecured convertible promissory notes and common stock transactions on February 8, 2024, and March 7, 2024.

Why It Matters

For investors and stakeholders tracking PureBase Corp, this filing contains several important signals. This filing provides investors with the latest quarterly financial performance and operational updates for PureBase Corp. The inclusion of subsequent events highlights significant financial activities that occurred after the reporting period, potentially impacting the company's financial standing.

Risk Assessment

Risk Level: low — PureBase Corp shows low risk based on this filing. The filing is a standard 10-Q, providing routine financial disclosures without immediate indicators of high risk.

Analyst Insight

Monitor future filings for detailed financial performance and the impact of the noted subsequent events.

Key Numbers

• 2024-02-29 — Reporting Period End Date (Quarterly report)
• 2024-04-15 — Filing Date (10-Q submission)
• 2023-11-30 — Fiscal Year End (Company's fiscal year)
• 2013-05-02 — Name Change Date (From Port of Call Online Inc. to PureBase Corp)

Key Players & Entities

• PureBase Corp (company) — Filer of the 10-Q
• Port of Call Online Inc. (company) — Former name of PureBase Corp
• 2024-02-29 (date) — End of the reporting period
• 2024-04-15 (date) — Filing date
• 2013-05-02 (date) — Date of company name change
• NV (location) — State of incorporation
• 2870 (industry) — Standard Industrial Classification for Agriculture Chemicals
• 0001575858 (company) — Central Index Key for PureBase Corp

FAQ

Industry Context

PureBase Corp operates within the Agriculture Chemicals industry, focusing on products and services related to this sector.

Regulatory Implications

As a publicly traded company, PureBase Corp is subject to SEC regulations and reporting requirements, including the filing of quarterly 10-Q reports.

What Investors Should Do

1. Review the full 10-Q filing for detailed financial statements and management discussion.
2. Analyze the impact of the unsecured convertible promissory notes and common stock transactions on the company's capital structure.
3. Track future SEC filings for ongoing financial performance and strategic developments.

Key Dates

• 2024-02-29: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-04-15: Filing Date — Date the 10-Q was submitted to the SEC.
• 2013-05-02: Name Change — Date PureBase Corp changed its name from Port of Call Online Inc.

Year-Over-Year Comparison

This is the first 10-Q filing for the fiscal year 2024, providing updated financial information compared to previous periods.

Filing Documents

• form10-q.htm (10-Q) — 905KB
• ex31-1.htm (EX-31.1) — 18KB
• ex31-2.htm (EX-31.2) — 19KB
• ex32-1.htm (EX-32.1) — 7KB
• ex32-2.htm (EX-32.2) — 7KB
• 0001493152-24-014655.txt (&nbsp;) — 5658KB
• pubc-20240229.xsd (EX-101.SCH) — 44KB
• pubc-20240229_cal.xml (EX-101.CAL) — 43KB
• pubc-20240229_def.xml (EX-101.DEF) — 224KB
• pubc-20240229_lab.xml (EX-101.LAB) — 344KB
• pubc-20240229_pre.xml (EX-101.PRE) — 307KB
• form10-q_htm.xml (XML) — 840KB

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 3 CONDENSED CONSOLIDATED BALANCE SHEETS AS OF FEBRUARY 29, 2024 AND NOVEMBER 30, 2023 3 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE THREE MONTHS ENDED FEBRUARY 29, 2024 AND FEBRUARY 28, 2023 4 CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT FOR THE THREE MONTHS ENDED FEBRUARY 29, 2024 AND FEBRUARY 28, 2023 5 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE THREE MONTHS ENDED FEBRUARY 29, 2024 AND FEBRUARY 28, 2023 6 NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 7 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 29 ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 34 ITEM 4.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 34 PART II. OTHER INFORMATION 35 ITEM 1.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 35 ITEM 1A.

RISK FACTORS

RISK FACTORS 35 ITEM 2. UNREGISTERED SALES OF EQUITY SECURITES AND USE OF PROCEEDS 35 ITEM 3. DEFAULTS UPON SENIOR SECURITIES 35 ITEM 4. MINE SAFETY DISCLOSURES 35 ITEM 5. OTHER INFORMAION 35 ITEM 6. EXHIBITS 35

SIGNATURES

SIGNATURES 36 2 PART I - FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS PUREBASE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS February 29, November 30, 2024 2023 (Unaudited) ASSETS Current Assets: Cash and cash equivalents $ 5,760 $ 5,572 Prepaid expenses and other assets 22,692 15,434 Right of use asset 29,850 - Total Current Assets 58,302 21,006 Property and equipment, net 750,716 750,716 Right of use asset 0 39,799 Total Assets $ 809,018 $ 811,521 LIABILITIES AND STOCKHOLDERS' DEFICIT Current Liabilities: Accounts payable and accrued expenses $ 285,720 $ 481,024 Settlement liability 515,000 618,000 Line of credit 919,135 346,735 Lease liability 30,851 40,880 Note payable to officer 8,716 8,716 Convertible notes payable, related party 25,000 19,000 Total Current Liabilities 1,784,422 1,514,355 Convertible notes payable; related party, net of current portion 103,000 1,525,676 Total Liabilities 1,887,422 3,040,031 Commitments and Contingencies (Note 9) - - Stockholders' Deficit: Preferred stock, $ 0.001 par value; 10,000,000 shares authorized; no shares issued and outstanding at February 29, 2024 and November 30, 2023 - - Common stock, $ 0.001 par value; 520,000,000 shares authorized; 240,040,928 and 230,863,005 shares issued and outstanding, at February 29, 2024 and November 30, 2023, respectively 240,041 230,863 Additional paid in capital 61,903,505 60,271,605 Accumulated deficit ( 63,221,950 ) ( 62,730,978 ) Total Stockholders' Deficit ( 1,078,404 ) ( 2,228,510 ) Total Liabilities and Stockholders' Deficit $ 809,018 $ 811,521 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 3 PUREBASE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) February 29, 2024 February 28, 2023 For the three months ended February 2

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View this 10-Q filing on SEC EDGAR