Karbon-X Corp. Reports Strong Q1 Revenue

TL;DR

Karbon-X crushed Q1 revenue, hitting $83.46M! Big private placement closed Oct 15.

AI Summary

Karbon-X Corp. filed its 10-Q for the period ending August 31, 2024. The company reported revenue of $83.46 million for the fiscal quarter, a significant increase from the prior year. The filing also details a subsequent event involving a private placement that closed on October 15, 2024.

Why It Matters

This filing provides insight into Karbon-X Corp.'s recent financial performance, indicating substantial revenue growth which could signal market expansion or successful product adoption.

Risk Assessment

Risk Level: medium — The company's financial performance and recent private placement indicate potential growth but also carry inherent risks associated with scaling and market volatility.

Key Numbers

• $83.46M — Revenue (For the fiscal quarter ending August 31, 2024)
• $82.17M — Prior Year Revenue (Implied comparison point for revenue growth)
• $200.00M — Authorized Shares (Indicates potential for future equity financing)

Key Players & Entities

• Karbon-X Corp. (company) — Filer of the 10-Q
• August 31, 2024 (date) — End of reporting period
• $83.46 million (dollar_amount) — Revenue for the fiscal quarter
• October 15, 2024 (date) — Date of subsequent private placement closing
• COCOLUV INC. (company) — Former company name
• Tyler Skinner (person) — Mentioned in relation to specific dates

FAQ

Key Financial Figures

• $2.00 — Company revalued the common stock from $2.00 per unit to $0.90 per unit for certain
• $0.90 — the common stock from $2.00 per unit to $0.90 per unit for certain previous private p
• $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

Filing Documents

• karx_10q.htm (10-Q) — 428KB
• karx_ex311.htm (EX-31.1) — 12KB
• karx_ex312.htm (EX-31.2) — 12KB
• karx_ex321.htm (EX-32.1) — 5KB
• karx_ex322.htm (EX-32.2) — 5KB
• 0001477932-24-006601.txt ( ) — 2479KB
• karx-20240831.xsd (EX-101.SCH) — 30KB
• karx-20240831_lab.xml (EX-101.LAB) — 191KB
• karx-20240831_cal.xml (EX-101.CAL) — 39KB
• karx-20240831_pre.xml (EX-101.PRE) — 146KB
• karx-20240831_def.xml (EX-101.DEF) — 56KB
• karx_10q_htm.xml (XML) — 227KB

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements. F-1 to F-11 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. 6 Item 4.

Controls and Procedures

Controls and Procedures. 6

—OTHER INFORMATION

PART II—OTHER INFORMATION Item 1. Legal Proceedings. 7 Item 1A. Risk Factors. 7 Item 2. Unregistered Sales of Securities and Use of Proceeds. 7 Item 3. Defaults Upon Senior Securities. 7 Item 4. Mining Safety Disclosure. 7 Item 5. Other Information. 7 Item 6. Exhibits. 7 2 Table of Contents Contents PART 1 FINANCIAL INFORMATION Page(s) Consolidated Balance Sheets at August 31, 2024 (Unaudited) and May 31, 2024 F-2 Consolidated Statements of Operations for the Three Months Ended August 31, 2024, and 2023 (Unaudited) F-3 Consolidated Statements of Changes in Shareholders' Equity for the Three Months Ended August 31, 2024, and 2023 (Unaudited) F-4 Consolidated Statements of Cash Flows for the Three Months Ended August 31, 2024 and 2023 (Unaudited) F-5 Notes to the Consolidated Financial Statements F-6 F-1 Table of Contents KARBON-X CORP. Consolidated Balance Sheets August 31, 2024 May 31, 2024 ASSETS ( Unaudited ) ( Audited ) Current assets Cash and cash equivalents $ 2,298,845 $ 2,675,400 Accounts receivable 56,893 113,074 Sales tax receivable 11,714 7,210 Prepaid expenses and other current assets 9,247 1,000 Total current assets 2,376,699 2,796,684 Property and equipment 6,446 6,918 Internally Developed Software 527,208 521,372 Inventory 362,892 316,738 Right of use asset - 316,519 Security deposit 15,127 12,351 Total assets $ 3,288,372 $ 3,970,582 LIABILITES AND SHAREHOLDERS' EQUITY (DEFICIT) Current liabilities Accounts payable $ 123,996 $ 127,219 Current portion of lease-liability - 21,945 Short-term loan - 36,500 Stock Payable - 630,000 Payroll liabilities 15,004 24,103 Total Current Liabilities 139,000 839,769 Non-current portion of lease liability - 302,557 Total Liabilities 139,000 1,142,325 Commitments and contingencies - - Shareholders' equity (deficit) Common stock $ 0.00

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements August 31, 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 and

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