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Cannabis Suisse Corp (CSUI+53.27%). has submitted its 10-Q filing for the quarterly period ended November 30, 2024.
The filing includes financial statements for the quarter, showing total revenue of $7,500 from rental income. The cost of goods sold was $7,356, resulting in a gross profit of $144.
Operating expenses for the quarter amounted to $92,453, including professional fees of $36,194 and general and administrative expenses of $55,198.
The company reported a net income of $5,062 for the quarter, compared to a net loss of $54,797 in the same quarter the previous year.
Cash used in operating activities was $24,462, with cash at the end of the period totaling $4,100.
Cannabis Suisse Corp. had a working capital deficit of $143,584 as of November 30, 2024.
The company continues to face substantial doubt about its ability to continue as a going concern, relying on additional investment capital and related party funding.
The filing details various convertible notes payable, including a note issued to the CEO for $186,089 to settle unpaid rent and advances.
Cannabis Suisse Corp. does not have any off-balance sheet arrangements.
The company identified material weaknesses in its internal controls over financial reporting, including a lack of adequate control environment and insufficient internal controls.
The report also includes information on related party transactions and lease agreements with companies owned by the CEO.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Cannabis Suisse Corp quarterly 10-Q report dated January 13, 2025. To report an error, please email earnings@qz.com.