Fri, Sep 13, 9:19 PM (98 days ago)
Karbon-X Corp. reported a fiscal year ending May 31, 2024, with revenues of $412,057, a significant increase from $9,833 in the previous year. However, the company faced a net loss of $2,744,583, primarily due to a write-off of $1,064,203 related to its investment in Silviculture Systems, which was abandoned. Operating expenses decreased to $1,602,897 from $1,989,830, reflecting reduced marketing and operational costs. The company generated $4,358,391 from financing activities, primarily through private placements, enhancing its working capital to $1,956,915. Karbon-X's strategic focus is on carbon credits, with plans to expand its subscription-based mobile application for carbon offset purchases. The company faces intense competition in the carbon credit market and acknowledges risks related to profitability and reliance on third-party services. The stock trades on the "Expert" market, affecting liquidity and visibility. Future capital requirements remain a concern, with ongoing efforts to secure funding for operations and growth. The management emphasizes the necessity of achieving profitability to ensure the company's sustainability.