Karbon-X Corp. Files 10-Q/A for Period Ending November 30, 2023

TL;DR

<b>Karbon-X Corp. has filed an amended 10-Q for the period ending November 30, 2023, reporting total assets of $78.6 million and no debt.</b>

AI Summary

Karbon-X Corp. (KARX) filed a Amended Quarterly Report (10-Q/A) with the SEC on January 24, 2024. Karbon-X Corp. filed an amended 10-Q for the period ending November 30, 2023. The company's fiscal year ends on May 31. Total assets reported as of November 30, 2023, were $78,603,858. Total debt was $0 as of November 30, 2023. The company was formerly known as COCOLUV INC. and changed its name on January 29, 2018.

Why It Matters

For investors and stakeholders tracking Karbon-X Corp., this filing contains several important signals. This amended filing provides updated financial information for Karbon-X Corp.'s second quarter of fiscal year 2024, crucial for investors to assess the company's current financial health and performance. The disclosure of zero debt and significant assets indicates a potentially strong balance sheet, which could influence investor confidence and future financing opportunities.

Risk Assessment

Risk Level: low — Karbon-X Corp. shows low risk based on this filing. The filing is an amendment to a 10-Q, suggesting potential corrections or additions to previously reported information, but the core financial data presented appears straightforward with no immediate red flags.

Analyst Insight

Monitor future filings for any significant changes or trends in Karbon-X Corp.'s asset base and financial performance.

Financial Highlights

total Assets

78603858

total Debt

0

Key Numbers

• 2023-11-30 — Period End Date (10-Q/A filing)
• $78,603,858 — Total Assets (As of November 30, 2023)
• $0 — Total Debt (As of November 30, 2023)
• 2018-01-29 — Name Change Date (From COCOLUV INC. to Karbon-X Corp.)

Key Players & Entities

• Karbon-X Corp. (company) — Filer name
• COCOLUV INC. (company) — Former company name
• 2024-01-24 (date) — Filing date
• 2023-11-30 (date) — Period of report
• $78,603,858 (dollar_amount) — Total assets
• $0 (dollar_amount) — Total debt

Forward-Looking Statements

• Karbon-X Corp. will continue to issue shares through private placements to fund its operations and carbon credit initiatives. (Karbon-X Corp.) — medium confidence, target: 2024-11-30

FAQ

Industry Context

Karbon-X Corp. operates within the perfumes, cosmetics & other toilet preparations industry (SIC 2844).

Regulatory Implications

The filing is a 10-Q/A, an amendment to a quarterly report filed under the Securities Exchange Act of 1934.

What Investors Should Do

1. Review the full 10-Q/A filing for detailed financial statements and disclosures.
2. Compare the reported assets and debt figures with previous filings to identify trends.
3. Research the company's business activities and market position within the cosmetics and toiletries sector.

Key Dates

• 2023-11-30: Period End Date — Reporting period for the 10-Q/A filing.
• 2024-01-24: Filing Date — Date the amended 10-Q was filed with the SEC.

Year-Over-Year Comparison

This is an amended 10-Q filing, indicating updates or corrections to previously submitted quarterly information.

Key Financial Figures

• $3,250,000 — f Karbon-X Corp valued at $ 7,250,000 . $3,250,000 paid for in shares and the remaining $3
• $3,500,000 — 00 paid for in shares and the remaining $3,500,000 paid for in cash over the next three ye
• $0.75 — to purchase a share of common stock for $0.75 per share for a period of two years .

Filing Documents

• karx_10qa.htm (10-Q/A) — 576KB
• karx_ex311.htm (EX-31.1) — 12KB
• karx_ex312.htm (EX-31.2) — 11KB
• karx_ex321.htm (EX-32.1) — 5KB
• karx_ex322.htm (EX-32.2) — 5KB
• 0001477932-24-000340.txt (&nbsp;) — 2746KB
• karx-20231130.xsd (EX-101.SCH) — 28KB
• karx-20231130_lab.xml (EX-101.LAB) — 198KB
• karx-20231130_cal.xml (EX-101.CAL) — 40KB
• karx-20231130_pre.xml (EX-101.PRE) — 157KB
• karx-20231130_def.xml (EX-101.DEF) — 67KB
• karx_10qa_htm.xml (XML) — 279KB

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements. F-2-F-13 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. 9 Item 4. Mining Safety Disclosure. 9 Item 5. Other Information. 9 Item 6. Exhibits. 10 2 Table of Contents Contents

FINANCIAL INFORMATION

PART I 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-F-4 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-F-6 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-13 F-1 Table of Contents KARBON-X CORP. Consolidated Balance Sheet November 30, 2023 May 31, 2023 ASSETS ( 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 734,033 312,173 Property and equipment 8,039 9,116 Internally Developed Software 523,606 522,771 Inventory 183,523 80,750 Right of use asset 59,109 68,307 Investment in Silviculture - 1,514,483 Security deposit 7,527 7,515 Total assets $ 1,515,837 $ 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 Total Liabilities 322,423 249,896 Commitments and contingencies - - Shareholders' equity (deficit) Common stock $ 0.001 par value, 200,000,000 shares authorized, 78,603,858 and 72,579,000 shares issued and outstanding as of November 30, 2023 and May 31, 2023, respectively. 78,603

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 t

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