Wed, Oct 2, 5:09 PM (113 days ago)
Cannabis Suisse Corp. reported a net loss of $1,186,613 for the fiscal year ending May 31, 2024, significantly higher than the previous year's loss of $351,547. Revenue from rental operations increased to $30,000, up from $10,000 in 2023, while operating expenses decreased to $256,870 from $343,516, mainly due to lower professional fees. The company faced substantial other expenses, including a $1,737,341 loss on debt settlement related to lease prepayments. The financial condition remains precarious, with a working capital deficit of $184,547 and a "going concern" opinion issued by auditors. The company relies heavily on funding from its CEO, who holds significant control and majority voting rights. In a recent amendment to its 10-K, the company restated financials to correct lease accounting errors, adjusting the Right-of-Use asset and lease liability. Future outlook remains uncertain, with risks including limited operations, reliance on related party transactions, and challenges in establishing sustainable revenue streams. The stock trades as a "penny stock," complicating capital raising efforts.