Mon, Jun 3, 10:01 AM (140 days ago)
Pineapple Express Cannabis Company (formerly Minaro Corp) filed its annual report for the fiscal year ending January 31, 2024. The company, based in Los Angeles, is engaged in cannabis retail and operates through its 50% owned equity method investee, Pineapple Consolidated Inc. (PCI). The company reported total revenue of $0 for 2024, down from $5,385 in 2023. Operating expenses increased significantly to $59,497 from $21,704, driven by higher legal, audit, and professional fees. Consequently, the net loss widened to $59,497 from $44,443. The company faces substantial doubt regarding its ability to continue as a going concern due to its operating losses and minimal cash flow. As of January 31, 2024, it had cash of $30 and an accumulated deficit of $924,574. Future plans include raising additional capital and generating income through its equity method investee, PCI. Significant risks include federal illegality of cannabis, intense industry competition, and regulatory uncertainties. The recent adoption of a Compensation Recovery Policy aims to comply with Section 10D of the Exchange Act, focusing on recovering certain incentive-based compensations in case of accounting restatements.