Karbon-X Corp. Files Q2 2025 10-Q, Details Carbon Credit Deal
Ticker: KARX · Form: 10-Q · Filed: Jan 21, 2025 · CIK: 1729637
Sentiment: neutral
Topics: 10-Q, carbon-credits, stock-options
TL;DR
Karbon-X Q2 10-Q out. Carbon credit deal inked Oct 28. Stock options detailed.
AI Summary
Karbon-X Corp. filed its 10-Q for the period ending November 30, 2024. The company, formerly Cocoluv Inc., is incorporated in Nevada and operates in the perfumes, cosmetics & other toilet preparations sector. Their business address is in Calgary, Alberta. The filing includes information related to stock option plans and a carbon credit forward purchase agreement dated October 28, 2024.
Why It Matters
This filing provides insight into Karbon-X Corp.'s financial status and operational activities, including a significant carbon credit agreement, which could impact its future business strategy and environmental impact.
Risk Assessment
Risk Level: medium — The company operates in a niche sector and the filing details stock option plans and a specific carbon credit agreement, suggesting potential volatility and strategic shifts.
Key Numbers
- $200,000,000 — Authorized Shares (Indicates potential for significant equity dilution or capital raising.)
- $83,569,408 — Total Assets (Represents the company's total asset value as of the reporting period.)
- $82,174,750 — Total Liabilities (Shows the company's total debt and other obligations.)
Key Players & Entities
- Karbon-X Corp. (company) — Filer
- Cocoluv Inc. (company) — Former company name
- 2024-11-30 (date) — Reporting period end date
- 20250121 (date) — Filing date
- 2024-10-28 (date) — Carbon Credit Forward Purchase Agreement date
FAQ
What is the nature of the Carbon Credit Forward Purchase Agreement dated October 28, 2024?
The filing mentions a 'CarbonCreditForwardPurchaseAgreementMember' dated 2024-10-28, indicating an agreement related to the future purchase of carbon credits.
What was Karbon-X Corp.'s financial performance during the period ending November 30, 2024?
The 10-Q covers the period from 2024-06-01 to 2024-11-30. Specific financial performance metrics like revenue and net income are not detailed in the provided header information but would be in the full filing.
How many employees does Karbon-X Corp. have?
The filing references 'karx:EmployeesDirectorsOfficersAndConsultantsStockOptionPlanMember' multiple times, but a specific employee count is not provided in the header.
What is the company's fiscal year end?
Karbon-X Corp.'s fiscal year ends on May 31st (0531).
What is the company's SIC code and industry classification?
The company's SIC code is 2844, classified under 'PERFUMES, COSMETICS & OTHER TOILET PREPARATIONS'.
Filing Stats: 4,435 words · 18 min read · ~15 pages · Grade level 15 · Accepted 2025-01-21 17:10:39
Key Financial Figures
- $120 — delivered in each period at the rate of $120 per credit. 12 Table of Contents N
Filing Documents
- karx_10q.htm (10-Q) — 611KB
- karx_ex311.htm (EX-31.1) — 10KB
- karx_ex312.htm (EX-31.2) — 11KB
- karx_ex321.htm (EX-32.1) — 5KB
- karx_ex322.htm (EX-32.2) — 5KB
- 0001477932-25-000366.txt ( ) — 3183KB
- karx-20241130.xsd (EX-101.SCH) — 37KB
- karx-20241130_lab.xml (EX-101.LAB) — 218KB
- karx-20241130_cal.xml (EX-101.CAL) — 42KB
- karx-20241130_pre.xml (EX-101.PRE) — 172KB
- karx-20241130_def.xml (EX-101.DEF) — 84KB
- karx_10q_htm.xml (XML) — 363KB
- FINANCIAL INFORMATION
PART I - FINANCIAL INFORMATION 4
Financial Statements
Item 1. Financial Statements 4
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 23
Quantitative and Qualitative Disclosures about Market Risk
Item 3. Quantitative and Qualitative Disclosures about Market Risk 28
Controls and Procedures
Item 4. Controls and Procedures 28
—OTHER INFORMATION
PART II—OTHER INFORMATION 29
Legal Proceedings
Item 1. Legal Proceedings 29
Risk Factors
Item 1A. Risk Factors 29
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 29
Defaults Upon Senior Securities
Item 3. Defaults Upon Senior Securities 29
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 29
Other Information
Item 5. Other Information 29
Exhibits
Item 6. Exhibits 29 2 Table of Contents Contents
FINANCIAL INFORMATION
PART I FINANCIAL INFORMATION Consolidated Balance Sheets at November 30, 2024 (Unaudited) and May 31, 2024 4 Consolidated Statements of Operations for the Three and Six Months Ended November 30, 2024, and 2023 (Unaudited) 5 Consolidated Statements of Changes in Stockholders' Equity for the Three and Six Months Ended November 30, 2024, and 2023 (Unaudited) 6 Consolidated Statements of Cash Flows for the Six Months Ended November 30, 2024 and 2023 (Unaudited) 7 Notes to the Consolidated Financial Statements 8 3 Table of Contents
- FINANCIAL INFORMATION
PART I - FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements CONSOLIDATED BALANCE SHEETS (UNAUDITED) Karbon-X Corp. November 30, 2024 May 31, 2024 Assets Current assets: Cash $ 1,459,680 $ 2,675,400 Accounts receivable, net - 120,284 Inventories, net 73,673 316,738 Prepaid expenses 180,974 1,000 Investments in equity securities 581,639 - Securities receivables 3,434,113 - Other current assets 76,109 - Total current assets 5,806,188 3,113,422 Long-term assets: Property, plant and equipment, net 5,676 6,918 Right-of-use Asset, net - 316,519 Other assets 21,170 12,351 Capitalized App Development Costs, Net 507,480 521,372 Total assets 6,340,514 3,970,582 Liabilities and stockholders' equity Current liabilities: Accounts payable 105,116 127,219 Deferred Revenue 2,882,096 - Lease liabilities - 21,945 Short-term loan payable - 36,500 Stock payable - 630,000 Payroll payable 22,735 24,103 Convertible notes payable, net of discounts 1,009,803 - Convertible notes - interest payable 13,118 - Total current liabilities 4,032,868 839,768 Long-term liabilities: Lease liabilities - 302,557 Other liabilities 16,436 - Total liabilities 4,049,304 1,142,325 Commitments and contingencies - - Stockholders' equity: Common stock Common stock $ 0.001 par value, 200,000,000 shares authorized, 83,569,408 and 82,174,750 shares issued and outstanding as of November 30, 2024 and May 31, 2024, respectively. 83,571 82,176 Additional paid-in capital 9,195,663 7,675,826 Accumulated deficit ( 6,903,663 ) ( 4,937,342 ) Accumulated other comprehensive gain (loss) ( 84,361 ) 7,597 Total stockholders' equity 2,291,210 2,828,257 Total liabilities and stockholders' equity $ 6,340,514 $ 3,970,582 See notes to consolidated financial statements. 4 Table of Contents CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) Karbon-X Corp. Three Months Ended Si