Fri, Sep 13, 5:40 PM (99 days ago)
Cannabis Suisse Corp. reported a significant net loss of $1,264,629 for the fiscal year ended May 31, 2024, compared to a loss of $351,547 in the previous year. Revenue from rental income increased to $30,000, up from $10,000, while operating expenses decreased to $256,870 from $343,516, primarily due to reduced professional fees. The company faced a substantial increase in other expenses, totaling $(1,007,692), largely due to a loss on settlement of debt amounting to $1,808,573. The company has a working capital deficit of $212,098 and has received a "going concern" opinion, indicating substantial doubt about its ability to continue operations without additional capital. As of May 31, 2024, total liabilities surged to $2,242,453, with stockholders' deficit reaching $(1,423,846). The CEO, Scott McAlister, holds significant control, owning 77% of the common stock. The company's future outlook is uncertain due to limited operations and reliance on advances from the CEO. Key risk factors include lack of operational funds and the potential difficulty in raising capital. The company is engaged in leasing commercial properties but has no involvement in the cannabis industry since February 2023.