From the recent filing:
Liquidity and Capital Resources and Cash Requirements
As of May 31, 2020, the Company had cash of $5 ($84,181 as of May 31, 2019). Furthermore, the Company had a working capital deficit of $540,594 ($135,518 as of May 31, 2019).
During the year ended May 31, 2020, the Company used $278,788 of cash in operating activities due to its net loss of $389,228; depreciation and amortization of $20,071; impairment expense $37,912; increase in accounts receivable of $74,320; increase in VAT tax receivable $1,442; decrease in inventory of $18,268; increase in accounts payable of $61,864, increase in accrued expenses of $11,064; increase in accrued wages of $38,625; increase in prepaid taxes of $12,069 and decrease in prepaid expenses of $10,467.
During the year ended May 31, 2019, the Company used $11,860 of cash in operating activities due to its net loss of $22,728; increase in inventory of $5,365; and depreciation of $5,503.
During the year ended May 31, 2020, the Company did not have cash in investing activities.
During the year ended May 31, 2019, the Company generated $70,854 of cash in investing activities as a result of the Cannabis Suisse LLC Acquisition.
During the year ended May 31, 2020, the Company generated $196,142 of cash in financing activities, which came from advances from related parties of $160,970, related party receivables of $10,040 and bank indebtedness of $45,212.
During the year ended May 31, 2019, the Company generated $19,000 of cash in financing activities, which came from advances from related parties.
Our auditors have issued a going concern opinion, meaning that there is substantial doubt we can continue as an on-going business for the next twelve months unless we obtain additional capital. Our only sources for cash at this time are investments by others in this offering, selling our products and loans from our director. We must raise cash to implement our plan and stay in business.
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