Karbon-X Corp. Files Quarterly Report (10-Q) for Period Ended November 30, 2023

TL;DR

<b>Karbon-X Corp. has filed its quarterly report for the period ending November 30, 2023, detailing financial performance and operational status.</b>

AI Summary

Karbon-X Corp. (KARX) filed a Quarterly Report (10-Q) with the SEC on January 22, 2024. Karbon-X Corp. filed a 10-Q for the quarterly period ended November 30, 2023. The company is incorporated in Nevada and its fiscal year ends May 31. As of January 22, 2024, Karbon-X Corp. had 78,603,858 shares of common stock outstanding. The filing includes financial statements, management's discussion and analysis, and risk factors. Karbon-X Corp. is classified as a smaller reporting company and a non-accelerated filer.

Why It Matters

For investors and stakeholders tracking Karbon-X Corp., this filing contains several important signals. This 10-Q filing provides investors with an updated view of Karbon-X Corp.'s financial health and operational progress during the specified quarter. The disclosure of outstanding shares and company classification as a smaller reporting company offers insights into its current market standing and reporting obligations.

Risk Assessment

Risk Level: low — Karbon-X Corp. shows low risk based on this filing. The company is a smaller reporting company and a non-accelerated filer, indicating a lower level of public scrutiny and fewer stringent reporting requirements compared to larger entities.

Analyst Insight

Investors should review the detailed financial statements and management's discussion within the 10-Q to assess Karbon-X Corp.'s performance and future outlook.

Key Numbers

• 78,603,858 — Outstanding Shares (As of January 22, 2024)
• 20231130 — Reporting Period End Date (Quarterly Report)
• 20240122 — Filing Date (10-Q Submission)

Key Players & Entities

• Karbon-X Corp. (company) — Exact name of registrant
• November 30, 2023 (date) — Quarterly period ended
• 20240122 (date) — Filing date
• 78,603,858 (dollar_amount) — Shares of common stock issued and outstanding as of January 22, 2024
• Nevada (jurisdiction) — State of incorporation
• 000-56288 (company) — Commission File Number

Forward-Looking Statements

• Karbon-X Corp. will continue to meet its SEC filing obligations. (Karbon-X Corp.) — high confidence, target: next 12 months
• The company will remain a non-accelerated filer due to its current status. (Karbon-X Corp.) — high confidence, target: next 12 months

FAQ

Risk Factors

• Reporting Requirements [medium — regulatory]: The company is subject to ongoing reporting requirements under Section 13 or 15(d) of the Securities Exchange Act of 1934.
• Financial Condition [medium — financial]: The filing contains financial statements and management's discussion of financial condition and results of operations for the quarterly period.
• Controls and Procedures [low — operational]: Item 4 of Part I details the company's controls and procedures.

Key Dates

• 2023-11-30: Quarterly Period End — End of the reporting period for the 10-Q
• 2024-01-22: Filing Date — Date the 10-Q was filed with the SEC

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides an update on the company's financial performance and condition for the quarter.)

Smaller Reporting Company

A company that meets certain criteria related to public float and annual revenue. (Indicates a less stringent reporting and disclosure framework compared to larger companies.)

Key Financial Figures

• $0.001 — olders' equity (deficit) Common stock $0.001 par value, 200,000,000 shares authorize
• $134 — mprised of cash and cash equivalents of $134 and liabilities which comprises due to
• $99,902 — which comprises due to related party of $99,902 (see Note 1 Basis of Presentation below
• $3,896,931 — red operating losses since inception of $3,896,931. The Company will require additional fu
• $0.50 — ts include the stock price ranging from $0.50 - $0.25, exercise price ranging from $0
• $0 — de the stock price ranging from $0.50 - $0.25, exercise price ranging from $0.75 -
• $0.75 — 50 - $0.25, exercise price ranging from $0.75 - $0.50, time to maturity of two years,
• $3,705 — during the year ended May 31, 2023 for $3,705. Depreciation expense for the three mon
• $528 — six months ended November 30, 2022 was $528. Note 5 – Shareholders' Equity Duri
• $0.25 — 2023, the Company sold 720,000 units at $0.25 per unit for total proceeds of $180,000
• $180,000 — at $0.25 per unit for total proceeds of $180,000. Each unit consisted of share of common
• $2 — the Company sold 50,000 common stock at $2 per unit for total proceeds of $100,000
• $100,000 — ck at $2 per unit for total proceeds of $100,000. During the year ended May 31, 2023, t
• $375,000 — wn as shares to be issued at a value of $375,000. As of August 31, 2023, the Company has
• $1,500,000 — n as shares to be issued for a value of $1,500,000. During November 2023, the Company has

Filing Documents

• karx_10q.htm (10-Q) — 443KB
• karx_ex311.htm (EX-31.1) — 12KB
• karx_ex312.htm (EX-31.2) — 13KB
• karx_ex321.htm (EX-32.1) — 5KB
• karx_ex322.htm (EX-32.2) — 5KB
• 0001477932-24-000317.txt (&nbsp;) — 480KB

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements. 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. 3 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk. 8 Item 4.

Controls and Procedures

Controls and Procedures. 8

—OTHER INFORMATION

PART II—OTHER INFORMATION Item 1. Legal Proceedings. 9 Item 1A. Risk Factors. 9 Item 2. Unregistered Sales of Securities and Use of Proceeds. 9 Item 3. Defaults Upon Senior Securities. 10 Item 4. Mining Safety Disclosure. 10 Item 5. Other Information. 10 Item 6. Exhibits. 11 2 Contents PART 1 FINANCIAL INFORMATION Page(s) Consolidated Balance Sheets at November 30, 2023 (Unaudited) and May 31, 2023 F-2 Consolidated Statements of Operations for the Three and Six Months Ended November 30, 2023 (Unaudited) and November 30, 2022(Unaudited) F-3 Consolidated Statement of Changes in Shareholders' Equity for the Three and Six Months Ended November 30, 2023 (Unaudited) and November 30, 2022(Unaudited) F-5 Consolidated Statement of Cash Flows for the Six Months Ended November 30, 2023 (Unaudited) and November 30, 2022(Unaudited) F-7 Notes to the Consolidated Financial Statements F-8 F-1 Table of Contents KARBON-X CORP. Consolidated Balance Sheet November 30, 2023 May 31, 2023 (Unaudited) (Audited) Current assets Cash and cash equivalents $ 568,228 $ 206,820 Accounts receivable 14,036 - Sales tax receivable 23,914 45,586 Prepaid expenses and other current assets 127,855 59,767 Total current assets 734,031 312,173 Property and equipment 8,039 9,116 Internally Developed Software 523,606 522,771 Inventory 171,588 80,750 Right of use asset 59,109 68,307 Investment in Silviculture - 1,514,483 Security deposit 7,527 7,515 Total assets $ 1,503,900 $ 2,515,115 LIABILITES AND SHAREHOLDERS' EQUITY (DEFICIT) Current liabilities Accounts payable $ 29,249 $ 69,732 Current portion of lease-liability 22,899 14,688 Short-term loan - 100,000 Credit Card 2,278 - Deferred Revenue 194,901 - Payroll liabilities 29,334 10,061 Total Current Liabilities 278,661 194,481 Non-current portion of lease liability 43,762 55,415

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements November 30, 2023 (Unaudited) Note 1 - Basis of Presentation and Significant Accounting Policies Karbon-X Corp. ("Karbon-X" or the Company") was incorporated in the State of Nevada under the name CocoLuv,Inc on September 13, 2017 and established a fiscal year end of May 31. On February 21, 2022, pursuant to the terms of a Share Exchange Agreement, the Company acquired all of the issued and outstanding shares of common stock of Karbon-X Project Inc. ("Karbon-X"), and Karbon-X became the wholly owned subsidiary of the Company in a reverse merger (the "Reverse Acquisition"). Pursuant to the Reverse Acquisition, all of the issued and outstanding shares of Karbon-X common stock were converted, at an exchange ratio of 20,000-for-1, into an aggregate of 20,000,000 shares of the Company's common stock, resulting in Karbon-X becoming a wholly owned subsidiary of the Company and all debt owed to the related party of Cocoluv, Inc. was forgiven. The accompanying financial statements' share information has been retroactively adjusted to reflect the exchange ratio in the Reverse Acquisition. As part of the Reverse Acquisition, on April 14, 2022 the Company changed its name to Karbon-X Corp. Under generally accepted accounting principles in the United States ("US GAAP") because the combined entity will be dependent on Karbon-X's senior management, the Reverse Acquisition was accounted for as a recapitalization effected by a share exchange, wherein Karbon-X is considered the acquirer for accounting and financial reporting purposes. On the date of the reorganization, the assets and liabilities of Karbon-X have been brought forward at their book value and consolidated with Cocoluv, Inc.'s assets, which comprised of cash and cash equivalents of $134 and liabilities which comprises due to related party of $99,902 (see Note 1 Basis of Presentation below). No goodwill has been recognized. Accordingly, the assets and liabilities and the hi

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