Karbon-X Corp. Files 10-Q for Period Ending February 29, 2024

TL;DR

<b>Karbon-X Corp. has filed its 10-Q report for the period ending February 29, 2024, detailing its financial performance and corporate information.</b>

AI Summary

Karbon-X Corp. (KARX) filed a Quarterly Report (10-Q) with the SEC on April 22, 2024. Karbon-X Corp. reported financial results for the period ending February 29, 2024. The company's fiscal year ends on May 31st. The filing covers the third quarter of fiscal year 2024. Karbon-X Corp. was formerly known as COCOLUV INC. until January 29, 2018. The company is incorporated in Nevada.

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 status for the most recent fiscal quarter. Understanding the details within this report is crucial for assessing the company's performance, identifying potential risks, and making informed investment decisions regarding KARX.

Risk Assessment

Risk Level: low — Karbon-X Corp. shows low risk based on this filing. The filing is a standard 10-Q, which is a routine quarterly report and does not contain immediate red flags or significant negative developments.

Analyst Insight

Monitor future 10-Q filings for revenue growth, profitability trends, and any updates on the company's strategic initiatives.

Key Numbers

• 2024-02-29 — Reporting Period End Date (Conformed Period of Report)
• 2024-04-22 — Filing Date (Filed as of Date)
• 0531 — Fiscal Year End (Fiscal Year End)
• 2018-01-29 — Name Change Date (Date of Name Change)

Key Players & Entities

• Karbon-X Corp. (company) — Filer name
• COCOLUV INC. (company) — Former company name
• NV (location) — State of incorporation
• CALGARY (location) — Business and mail address city
• 250-608-5435 (phone_number) — Business phone number

FAQ

Industry Context

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

Regulatory Implications

The filing is a standard 10-Q under the Securities Exchange Act of 1934, requiring regular disclosure of financial information.

What Investors Should Do

1. Review the full 10-Q document for detailed financial statements and management discussion.
2. Track future SEC filings for updates on Karbon-X Corp.'s financial performance and strategic direction.
3. Research industry trends and competitor performance within the cosmetics and toiletries sector.

Key Dates

• 2024-02-29: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-04-22: Filing Date — Date the 10-Q report was officially filed with the SEC.
• 2018-01-29: Former Company Name Change — Date Karbon-X Corp. changed its name from COCOLUV INC.

Year-Over-Year Comparison

This is the first 10-Q filing analyzed for Karbon-X Corp. for the fiscal year 2024, providing an initial benchmark for the current reporting period.

Key Financial Figures

• $0.50 — old 3,274,858 shares of common stock at $0.50 per share for gross proceeds of $ 1,637
• $1,500,000 — n as shares to be issued for a value of $1,500,000. During November 2023, amidst ongoing d
• $0.75 — to purchase a share of common stock for $0.75 per share for a period of two years .

Filing Documents

• karx_10q.htm (10-Q) — 596KB
• karx_ex311.htm (EX-31.1) — 12KB
• karx_ex312.htm (EX-31.2) — 11KB
• karx_ex321.htm (EX-32.1) — 4KB
• karx_ex322.htm (EX-32.2) — 5KB
• 0001477932-24-002277.txt (&nbsp;) — 2821KB
• karx-20240229.xsd (EX-101.SCH) — 33KB
• karx-20240229_lab.xml (EX-101.LAB) — 202KB
• karx-20240229_cal.xml (EX-101.CAL) — 42KB
• karx-20240229_pre.xml (EX-101.PRE) — 153KB
• karx-20240229_def.xml (EX-101.DEF) — 54KB
• karx_10q_htm.xml (XML) — 284KB

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements. F-1 to F-8 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 PART 1 FINANCIAL INFORMATION Page(s) Consolidated Balance Sheets at February 29, 2024 (Unaudited) and May 31, 2023 F-2 Consolidated Statements of Operations for the Three and Nine Months Ended February 29, 2024 (Unaudited) and February 28, 2023(Unaudited) F-3 Consolidated Statement of Changes in Shareholders' Equity for the Three and Nine Months Ended February 29, 2024 (Unaudited) and February 28, 2023(Unaudited) F-5 Consolidated Statement of Cash Flows for the Nine Months Ended February 29, 2024 (Unaudited) and February 28, 2023(Unaudited) F-7 Notes to the Consolidated Financial Statements F-8 F-1 Table of Contents KARBON-X CORP. Consolidated Balance Sheet February 29, 2024 May 31, 2023 ASSETS ( Unaudited ) ( Audited ) Current assets Cash and cash equivalents $ 212,140 $ 206,820 Accounts receivable 24,782 - Sales tax receivable 26,544 45,586 Prepaid expenses and other current assets 94,475 59,767 Total current assets 357,941 312,173 Property and equipment 7,503 9,116 Internally Developed Software 524,282 522,771 Inventory 223,649 80,750 Right of use asset 56,239 68,307 Investment in Silviculture - 1,514,483 Security deposit 7,537 7,515 Total assets $ 1,177,151 $ 2,515,115 LIABILITES AND SHAREHOLDERS' EQUITY (DEFICIT) Current liabilities Accounts payable $ 134,096 $ 69,732 Current portion of lease-liability 23,521 14,688 Short-term loan 151,644 100,000 Credit Card 8,819 - Due from related Parties 37,486 - Payroll liabilities 11,779 10,061 Total Current Liabilities 367,343 194,481 Non-curre

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements February 29, 2024 (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 acquisition (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

View Full Filing

View this 10-Q filing on SEC EDGAR