UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

 

Form 10-K

 

[X] Annual Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the fiscal year ended May 31, 20172019

 

[   ] Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from __________ to __________

 

Commission File Number: 333-213009

 

 

GEANTCANNABIS SUISSE CORP.

(Formerly Geant Corp.)

(Exact name of small business issuer as specified in its charter)

 

 

Nevada

2600

38-3993849

(State or other jurisdiction of incorporation or organization)

(Primary (Primary Standard Industrial

Classification Number)

(IRS (IRS Employer

Identification Number)

 

 

 

 

Kiranthidiya road 114, Beruwala, Sri Lanka, 12070

Lerzenstrasse 12, 8953 Dietikon, Switzerland

Phone: +17027510467+15022082098

E-mail: office@geantcorp.commanage@cannabissuisse.com

(Address, including zip code, and telephone number,

Including area code, of registrant’s principal executive offices)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

NoneName of each exchange on which registered

Securities registered under Section 12(b) of the Exchange ActCommon Stock

CSUI

None

Securities registered under Section 12(g) of the Exchange ActOTC Markets

 

1


 

Securities registered under Section 12(g) of the Exchange Act: None


1


Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes  Nox

 

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act.  Yes   Nox

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yesx No

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ⌧   No ☐

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. Yes ☐ Nox

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,”filer”, “accelerated filer”, “non-accelerated filer”, “emerging growth company” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

 

 

Large accelerated filer

o

Accelerated filer

o

Non-accelerated filer

Emerging growth company o

Smaller reporting companyx

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes        Noxo       No⌧

 

State the number of shares outstanding of each of the issuer's classes of common equity, as of the latest practicable date: 2,855,00034,500,000 common sharesissued and outstanding as of August 15, 2017.September 10, 2019.


2

 


 


TABLE OF CONTENTS

 

 

 

Page

 

 

 

PART I

 

 

 

 

 

Item 1.

Description of Business.

4

Item 1A.

Risk Factors.

67

Item 1B.

Unresolved Staff Comments.

67

Item 2

Properties.Description of Property.

67

Item 3.

Legal proceedings.

67

Item 4.

Mine Safety Disclosures.

7

 

 

 

PART II

 

 

 

 

Item 5.

Market for Common Equity and Related Stockholder Matters. and Issuer Purchases of Equity Securities.

7

Item 6.

Selected Financial Data.

78

Item 7.

Management’s Discussion and Analysis of Financial Condition and Results of Operations.

78

Item 7A.

Quantitative and Qualitative Disclosures About Market Risk.

9

Item 8.

Financial Statements and Supplementary Data.

9

Item 9.

Changes In and Disagreements With Accountants on Accounting and Financial Disclosure.

2123

Item 9A (T).

Controls and Procedures

2123

Item 9B.

Other Information.

2224

 

 

 

PART III

 

 

 

 

Item 10

Directors, Executive Officers, Promoters and Control Persons of the Company.Company.

2224

Item 11.

Executive Compensation.

2427

Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.

2527

Item 13.

Certain Relationships and Related Transactions, and Director Independence.Transactions.

2527

Item 14.

Principal Accounting Fees and Services.

2527

 

 

 

PART IV

 

 

 

 

 

Item 15.

Exhibits and Financial Statement Schedules

2628

Item 16.

Form 10–K Summary

28

 

 

Signatures

 


 

3

3PART I

 


PART IForward-looking statements

Statements made in this Form 10-K that are not historical or current facts are "forward-looking statements" made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 (the "Act") and Section 21E of the Securities Exchange Act of 1934. These statements often can be identified by the use of terms such as "may," "will," "expect," "believe," "anticipate," "estimate," "approximate" or "continue," or the negative thereof. We intend that such forward-looking statements be subject to the safe harbors for such statements. We wish to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Any forward-looking statements represent management's best judgment as to what may occur in the future. However, forward-looking statements are subject to risks, uncertainties and important factors beyond our control that could cause actual results and events to differ materially from historical results of operations and events and those presently anticipated or projected. We disclaim any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statement or to reflect the occurrence of anticipated or unanticipated events.

Financial information contained in this report and in our financial statements is stated in United States dollars and are prepared in accordance with United States generally accepted accounting principles.

Item 1. Description of Business

 

Forward-looking statementsIn General

 

Statements made in this Form 10-K that are not historical or current facts are "forward-looking statements" made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 (the "Act") and Section 21E of the Securities Exchange Act of 1934. These statements often can be identified by the use of terms such as "may," "will," "expect," "believe," "anticipate," "estimate," "approximate" or "continue," or the negative thereof. We intend that such forward-looking statements be subject to the safe harbors for such statements. We wish to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Any forward-looking statements represent management's best judgment as to what may occur in the future. However, forward-looking statements are subject to risks, uncertainties and important factors beyond our control that could cause actual results and events to differ materially from historical results of operations and events and those presently anticipated or projected. We disclaim any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statement or to reflect the occurrence of anticipated or unanticipated events.

Financial information contained in this report and in our financial statements is stated in United States dollars and are prepared in accordance with United States generally accepted accounting principles.

Organization within the Last Five Years

We were incorporated in the State of Nevada on February 26, 2016. We have never declared bankruptcy, have never been in receivership, and have never been involved in any legal action or proceedings. Since incorporation, we have not made any significant purchase or sale of assets. Our business office is located atKiranthidiya road 114, Beruwala, Sri Lanka, 12070. Our telephone number is +17027510467.

In General

We were incorporated in the State of Nevada on February 26, 2016. We just recently started our operations. Our business is the production of paper made from elephant dung (poo) for making different stationery products and distribution thereof primarily in Sri Lanka. We

On February 20, 2019, the Company filed a Certificate of Amendment to its Articles of Incorporation with the Nevada Secretary of State which changed the Company’s name from Geant Corp. to Cannabis Suisse Corp.

Following the acquisition of Cannabis Suisse LLC, as discussed below, we have generated limited revenues since inceptionbeen engaged in the business of production of OTC (over-the-counter) products - for example CBD oils, as well as retail branded cannabis cigarettes, and our principal business activities to date also consist of creating a business plan, purchasing a domain-name for our prospective webpage.

We are not a “shell company” within the meaning of Rule 405, promulgated pursuant to Securities Act, because we do have hard assets and real business operations.The total estimated minimum amount of funds required to develop our business is approximately $20,000. We need funds for offering costs, general administrative expenses, production equipment purchase, business development, marketing costs, support materials and costs associated with being a publicly reporting company. We have generated limited revenues from operations to date.other health related supplements.

 

We will disperse our itemshave never declared bankruptcy, have never been in receivership, and have never been involved in any legal action or proceedings.

Our business office is located at Kiranthidiya road 114, Beruwala, Sri Lanka, 12070. Our telephone number is +15022082098.

On April 12, 2019, the Board of Directors of Cannabis Suisse Corp. made a decision to start utilizing premises located at Lerzenstrasse 12, 8953 Dietikon, Switzerland.

The Board of Directors considers the said premises appropriate for the new business direction the Company has been following. Currently Cannabus Suisse Corp. maintains 2 (two) office spaces.

Stock Transfer Agreement

On May 31, 2019, Suneetha Nandana Silva Sudusinghe, the president of the Company and neighboring countries. We planon behalf of the Company entered into a Stock Transfer Agreement with Cecillia Merige Jensen whereby the Company has acquired through merger all of the issued and outstanding capital stock of Cannabis Suisse LLC, a Wyoming limited liability company (“Subsidiary”). In exchange, Ms. Jensen has received 10,000,000 shares of common stock of the Company from Mr. Sudusinghe. Mr. Sudusinghe’s share ownership in the Company has been reduced from 17,400,000 to use various7,400,000. Immediately prior to the above transaction, the Company had 34,500,000 shares of common stock issued and outstanding and immediately after the above transaction, the Company has 34,500,000 shares of common stock issued and outstanding.

The Subsidiary owns all of the capital stock of Grow Factory GmbH, a corporation incorporated in Zurich, Switzerland (“Grow Factory”) on March 13, 2017. Its office is located on Lerzenstrasse 12, 8953 Dietikon, Switzerland. Grow Factory is a fully licensed cannabis cultivation and distribution channelscompany in Switzerland for various types of customers. As a rule we arranged for a wholesale exchange, however in future we can make some items for various traveler shopsrecreational tobacco products and kiosks; corporate customersmedical CBD oils and individual customers will be covered by our web page and targeted marketing exercises.commenced its operations on March 2018. 

4

Product Overview

Geant Corp.’s

The business of the Company is in making unique products to be sold to both mass-market customers and individual clients in the future.We want to focus on something that is socially and environmentally responsible, so we are contributing to the solution and not adding to the problem. We want to work with something that had more meaning to us, something we could be passionate about, and that possibly could have an important social statement attached to it. All of our paper products are 100% recycled. They do not have any smell. They are made up of 70% fiber from elephant dung and 30% post-consumer paper. All papers everywhere are made from a pulp mixture derived from fiber materials. The most common papers today come from wood fiber pulp from cut trees. Our fibers of choice, of course, are dung fibers. We use the dung fibers from elephants to make our dung paper products.

The main business of our subsidiary is cannabis cultivation and distribution. Switzerland has the highest allowed legislative THC content in Europe (1%) for sales of cannabis products in retail outlets (without medical receipt). This makes Switzerland an ideal geographic location to manufacture cannabis products, with an intent to scale the business into worldwide distribution.

Various diluted sequences of THC/CBD ratio can be produced to match legislation and regulation on individual markets with other permitted levels of THC. This allows for worldwide production of OTC (over-the-counter) products - for example CBD oils, as well as retail branded cannabis cigarettes, and other health related supplements.  

The growing process is streamed online on the website https://www.cannabissuisse.com

At the moment Grow Factory is getting ready for the distribution of 4 gr. and 12 gr. flowerhead packages under the brand name Alpine Cannabis. The Company intends to produce 10,000 packages in total. They will be distributed to 40 CBD sales places in Switzerland and all the tank stations on the border between Italy and Switzerland. Two different forms of packaging were designed: a 12 gr box costs 50 CF and a 4 gr box costs 22 CF. A 12 gr box is specially made for about 40 special CBD stores in Switzerland, where the product is guaranteed to come into immediately after production. A 4 gr box is dedicated for selling in tank stations on the border between Switzerland and Italy.

Market background

 

All elephants that generateIn 2017, the dung that we requireSwiss legislation referring to production and sale of cannabis was changed, and thereby increased and legalized the level of THC to 1% for our process have at least two things in common:

1)All are herbivorescommercial cannabis production and have highly fibrous diets of differentsale. The new legislation gives companies the right (with proper authorization and licenses) to cultivate cannabis plants and vegetation.

2)All possess inefficient digestive systems that do not completely digest and breakdown all the fibers that they eat. This resultsdistribute cannabis within in a significant amount of fibers remaining intact when these animals dung. There are no toxic chemicals used in our paper making process. Natural vegetative binding agents, along with water-soluble salt dyes for coloring are used.

       Our dung papers are handmade and acid free.

4


We are focused on the production of dung paper for mass-market customers to give them the ability of making different stationery products, souvenirs, tourist-oriented products, up-market gifts and interior design items from natural products on advanced and unique designs. It would be easier for them to buy raw materials (paper) from us to produce needed products instead of making paper. It is easier for us at the beginning to set up the production of paper instead of setting up the whole paper production and of different kinds of stationery products at the same time. In the future we have plans about production of some additional stationery items aside from paper.

Geant Corp. has the ability to product handmade dung paper for making such original items as, for example:

Bags

Frames

Photo Albums

Notebooks

Stationery

CardsSwitzerland.

 

However, first, we intend to launchIn February 2017, the Swiss health authorities established the legality of cannabis by indicating that "low-THC cannabis" would be taxed the same way tobacco is taxed, with a mass productionsimilar health warning. This type of inexpensive handmade dung paper for makingcannabis is distributed under different stationery products and various tourist souvenirs, which were made using elephant dung.

Potential Customersbrands.

 

Our PresidentSales of OTC cannabis cigarettes picked up pace in Bern and Director, Suneetha Nandana Silva Sudusinghe,Zürich in the beginning of 2017, as more people started to use the product.

Sales have increased radically, and the expectation is that the 2019 turnover from cannabis will showcase our item and arrange with potential clients and wholesale purchasers. We expect to create and keep up a database of potential corporate customers who might be keen on our items. We will catch up with these customers intermittently and offer them free samples, presentations and uncommon rebates now and again.more than 500 million CHF (approximately 500 million USD) in Switzerland alone.

Two fundamental classifications of our customers are:

Wholesale exchange; speaking to expansive organizations, which are assembling diverse stationery items. ItDespite the increase in retailers, supply is preference for them to purchase fit dung paper instead of making it themselves. Furthermore they have an opportunity to concentrate on the manufacturing process of stationery items.

Corporate customers, speaking to extensive, medium and little scale organizations, different affiliations and so on. This is a somewhat generous fragmentlower than demand. Current providers could produce only approximately ¼ of the business sector, which developstotal Swiss market's demand in 2018.

Swiss supermarket Coop Cooperative was the world’s first major chain to sell cannabis cigarettes that contain less than 1% THC in 2017, in its 700 stores across the country. In 2018, Lidl and routinely creates interest for different corporate blessings, gifts; things that advance brand mindfulness and so on.other retailers joined in.

In August 2018, Forbes magazine listed Switzerland as the third most overlooked marijuana market in the world.

Competition

Competition

We know that there are a number of obstacles to entering the market of dung paper items and the competition is rather high. There are several companies that offer comparative items and we will have to compete with them. We see the main competitive advantage of our competitors inis the established customer base and marketing outlets. Howbeit, we arrangedarrange on a wholesale exchange, for the most part, so we will have capacity to offer our item for extensive organizations in huge amount. Soamounts. Therefore, we believe our item is more extensive, andthe quality is better, and our ways to deal with business are more flexible.

One

With regard to cannabis market, the Swiss market has a few big competitors now, the rest are small farms with under 1,000 plants in production and mostly outdoor. The big farms have more than 20,000 plants in indoor growing and from 10 to 50 Acres of ouroutdoor growing. With the indoor growing it is very difficult to get good quality harvest, so a lot of small farms were closed in 2018 as it was not possible to make a profit with farms of 1,000 -3,000 plants.


5


Grow Factory has growers with many years of indoor growing experience. This results in the Company making about 20-grams of high-quality flowers heads per plant over an 8-week period.

The biggest competitive advantagesissue in Switzerland is that our item is raw materialto find a landlord for different companies. So we wouldindoor growing who accepts CBD production. Grow Factory currently manages a territory of 400 m2, but without approval of leased and commercial control of about 4,000 m2 for cultivation of cannabis in Switzerland.

The prices on weed have been decreasing in Switzerland, so in order to get a major measure of delivering item at the brief timeframe.

Somepart of the factors that may affect our business are as follows:

1. Number of Competitors Increase: different companies may follow our business model of distributing high quality paper items made from elephant dung, which willmarket, Grow Factory has to reduce our competitive edge.

2. Price: Our competitors may be selling similar product at a lowerthe price forcing us to lower our prices as well and possibly sell our product at loss.

3. Substitute Products: competitors may substitute items made from elephant dung with comparable items made from dung of some other animals.

5


Marketingproduce more hemp.

 

Our sole directorA 12 gr flowerhead box costs 50 CF, so Grow Factory will sell 1 gr more than their competitors do for 50 CF and chiefexecutive officer, Suneetha Nandana Silva Sudusinghe,we believe the product is of a much higher quality. We believe Grow Factory will get a huge part of the CBD market when it is known by the customers.

A 4 gr flowerhead box costs 22 CF. Competitors sell 3 or 3,5 gr. boxes at the same price.

Grow Factory sales price for its own product will almost be the same as they start selling to producers. It is extremely important for the Company to get them well-known and branded in charge of promoting of our company and our high quality dung paper. Switzerland.

Marketing

We intend to use such marketing strategies as web advertisements, direct mailing, and phone calls to acquire potential customers. We intend to attract traffic to our website by a variety of online marketing tactics such as registering with top search engines using selected key words and meta-tags, and utilizing link and banner exchange options. We will utilize numerous Internet showcasing instruments to direct activity to our site and distinguish potential clients.

As of thethis date, of this prospectus we have already purchased a website (www.geantcorp.com) and plan to develop it. We already have some description of our item, the procedure of production and incorporate some broad data and pictures of items companies can make from our paper. 

. Our site portrays samples of products which companyour Company is able to produce, the production procedure, and incorporates some broad data and pictures of high quality dung paper. We plan to utilize Internet advancement apparatuses on Facebook and Twitter to publicize our companyCompany and make connections to our site.

The website related to cannabis cultivation is https://www.cannabissuisse.com. The growing process is streamed online on this website. Also it includes the information about the main Company’s products, our team and our future plans of development.

We will intend to continue our marketing efforts during the life of our operations. There is no guarantee that we will be able to attract and more importantly retain enough customers to justify our expenditures. If we are unable to generate a significant amount of revenue and to successfully protect ourselves against those risks, then it would materially affect our financial condition and our business could be harmed.

 

Description of property

 

Our solechief executive officer, and director, Suneetha Nandana Silva Sudusinghe, has agreed to provide us his own premises at no charge. He will not take any fee for these premises. This premise is used for production of the goods.

 

OnSeptember 28, 2016 the Company has signedexecuted a Rent office agreement, beginning on January 1, 2017, and will terminateterminated on January 01, 2018.2018 and was extended through December 31, 2019. These premises will be used asrepresentative office for the customers. The rent payment is $120 per month. As ofFor the year ended May 31, 20172019 we have $600$1,440 of rent expense.

Insurance

 

We do not maintain any insuranceOn April 18, 2017, the Company signed a Rent office agreement, beginning on June 1, 2017 and do not intend to maintain insurance inwill terminate on May 31, 2022. These premises will be used as a representative office for the future. Because we do not have any insurance, if we are made a partycustomers of a products liability action, we may not have sufficient funds to defend the litigation. If that occurs a judgment could be rendered against us that could cause us to cease operations.Grow Factory GmbH. The rent payment is $6,646 per month.

Research and Development Expenditures

We have not incurred any research expenditures since our incorporation.

Bankruptcy or Similar Proceedings

There has been no bankruptcy, receivership or similar proceeding.

Employees; Identification of Certain Significant Employees

We currently have no employees, otherOther than our sole officerofficers and director Suneetha Nandana Silva Sudusinghe.directors, we currently do not have any employees.


6


Item 1A.  Risk Factors

 

Not applicable to smaller reporting companies.

Item 1B. Unresolved Staff Comments

 

Not applicable to smaller reporting companies.

 

Item 2.  Description of Property

 

We do not own any real estate or other properties.  

Item 3.  Legal Proceedings

We know of no legal proceedings to which we are a party or to which any of our property is the subject which are pending, threatened or contemplated or any unsatisfied judgments against us.

6


Item 4.  Mine Safety Disclosures

 

Not applicable.

PART II

 

Item 5. Market for Common Equity and Related Stockholder Matters and Issuer Purchases of Equity Securities.      

Market Information

 

ThereThe Company’s common stock began trading on May 10, 2019, on the over-the-counter market, and is a limited public market for our common shares.  Our common shares are notnow quoted on the OTC Bulletin Board at this time.  Trading in stocks quotedPink tier of the OTC Markets Group Inc. under the symbol “CSUI”. The closing price of our common stock on the OTC Bulletin Board is often thinPink on September 12, 2019 was $1.50.

The following table sets forth, for the periods indicated the high and is characterized by wide fluctuations in trading prices due to many factors that may be unrelated to a company’s operations or business prospects.  We cannot assure you that there will be a market in the futurelow bid quotations for our common stock. These quotations represent inter-dealer quotations, without adjustment for retail markup, markdown, or commission and may not represent actual transactions.

 

OTC Bulletin Board securities are not listed or traded on the floor of an organized national or regional stock exchange.  Instead, OTC Bulletin Board securities transactions are conducted through a telephone and computer network connecting dealers in stocks.  OTC Bulletin Board issuers are traditionally smaller companies that do not meet the financial and other listing requirements of a regional or national stock exchange.

Period

Fiscal Year 2018

 

High

 

Low

First Quarter (June 1, 2018 – August 31, 2018)

 

N/A

 

N/A

Second Quarter (September 1, 2018 – November 30, 2018)

 

N/A

 

N/A

Third Quarter (December 1, 2018 – February 28, 2019)

 

N/A

 

N/A

Fourth Quarter (March 1, 2019 – May 31, 2019)

 

0.95

 

0.95

 

Number of Holders

 

Number of Holders

As of May 31, 2017,2019, the2,855,000 34,500,000 issued and outstanding shares of common stock were held by a total of 31 shareholder25 shareholders of record.

 

Dividends

 

No cash dividends were paid on our shares of common stock during the fiscal yearyears ended May 31, 20172019 and 2016.2018. 

 

Recent Sales of Unregistered Securities

 

The Company has 75,000,000,250,000,000, $0.001 par value shares of common stock authorized.

 

On April 22, 2016, the Company issued 2,000,000 shares of common stock to a director for cash proceeds of $2,000 at $0.001 per share.

Purchase of our Equity Securities by Officers and Directors

On April 22, 2016, the Company offered and sold 2,000,000 restricted shares of common stock to our president and director, Suneetha Nandana Silva Sudusinghe, for a purchase price of $0.001 per share, for aggregate offering proceeds of $2,000,pursuant to Section 4(2) of the Securities Act of 1933 as he is a sophisticated investor and is in possession of all material information relating to us. Further, no commissions were paid to anyone in connection with the sale of these shares and general solicitation was not made to anyone.

Other Stockholder Matters

 

None.


7


Item 6. Selected Financial Data                                       

 

Not applicable to smaller reporting companies..

 

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations

 

The following discussion should be read in conjunction with our consolidated financial statements, including the notes thereto, appearing elsewhere in this annual report. The following discussion contains forward-looking statements that reflect our plans, estimates and beliefs.  Our actual results could differ materially from those discussed in the forward-looking statements. Our audited consolidated financial statements are stated in United States Dollars and are prepared in accordance with United States Generally Accepted Accounting Principles.

 

7


Results of Operations for the years ended May 31, 2019 and 2018:

Revenue

For the year ended May 31, 2018 the Company generated total revenue of $6,500 from selling products to our customers. The cost of goods sold for the year ended May 31, 2017 and 2016:2018 was $2,303, which represent the cost of raw materials.

 

Revenue and cost of goods sold

For the year ended May 31, 20172019 the Company generated total revenue of $14,192$7,530 from selling products to the customer. The cost of goods sold for the year ended May 31, 20172019 was $3,898,$2,538, which represent the cost of raw materials.materials.

 

For the year ended May 31, 2016 the Company generated no revenue.

Operating expenses

 

Total operating expenses for the year ended May 31, 20172018 were $36,966.$20,618. The operating expenses for the year ended May 31, 20172018 included advertising expenseprofessional fees of $11,970; bank charges of $1,111;$12,100; depreciation expense of $2,588; legal fees$6,895; and general and administrative expenses of $3,200; audit fees of $11,000; office supplies of $1,577; professional fees of $4,920; rent expense of $600.$1,623.

 

Total operating expenses for the year ended May 31, 20162019 were $433.$27,720. The operating expenses for the year ended May 31, 20162019 included website expenseprofessional fees of $280; bank charges of $120;$17,950; depreciation expense of $33.

Net Loss$5,503; and general and administrative expenses of $4,267.

 

Net Loss

The net loss for the yearyears ended May 31, 20172019 and 20162018 was $26,672$22,728 and $433.$16,421 respectively.

 

Liquidity and Capital Resources and Cash Requirements

 

Atyear ended May 31, 2017,2019, the Company had cash of $6,185$84,181 ($1,0656,187 as of May 31, 2016).Furthermore,2018). Furthermore, the Company had a working capital deficit of $13,095 (deficit$138,772 ($22,620 as of $353 as ofMayMay 31, 2016)2018).

 

During theyear ended May 31, 2017,2019, the Company used $32,221$11,860 of cash in operating activities due to its net loss and increase in prepaid expenses of $823,loss; increase in inventory of $7,034; decrease in accounts payable of $280$5,365; and depreciation of $2,588. $5,503.  

 

During theyear ended May 31, 2016,2018, the Company used $2,082$6,400 of cash in operating activities due to its net loss andloss; depreciation of $6,895; increase in inventory of $1,962;$2,303; and increase in accounts payableprepaid expenses of $280 and depreciation of $33. $823.  

 

During the year ended May 31, 20172019 the Company used $22,852generated $70,854 of cash in investing activities spent on purchaseas a result of equipment.the Cannabis Suisse LLC Acquisition.

 

During the year ended May 31, 20162018 the Company used $1,953 ofdid not have cash in investing activities, spent on purchase of equipment.activities.

 

During the year ended May 31, 2017,2019, the Company generated $60,195$19,000 of cash in financing activities, which came fromloan advances from director and shares purchase.related parties.

 

During the year ended May 31, 2016,2018, the Company generated $5,100$6,400 of cash in financing activities, which came from loanadvances from director and shares purchase.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 paper dung products and loans from our director. We must raise cash to implement our plan and stay in business.

 


8


Management believes that current trends toward lower capital investment in start-up companies pose the most significant challenge to the Company’s success over the next year and in future years. Additionally, the Company will have to meet all the financial disclosure and reporting requirements associated with being a publicly reporting company. The Company’s management will have to spend additional time on policies and procedures to make sure it is compliant with various regulatory requirements, especially that of Section 404 of the Sarbanes-Oxley Act of 2002. This additional corporate governance time required of management could limit the amount of time management has to implement is business plan and impede the speed of its operations.

 

Limited operating history; need for additional capital

 

There is no historical financial information about us upon which to base an evaluation of our performance. We are in a start-up stage of operations and have generated limited revenues since inception. We cannot guarantee that we will be successful in our businessoperations.business operations. Our business is subject to risks inherent in the establishment of a new business enterprise, including limited capital resources and possible cost overruns due to price and cost increases in services and products.

8


 

Off-Balance Sheet Arrangements

 

The Company does not have any off balance sheet arrangements that have or are reasonably likely to have a current or future effect on the Company's financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

 

Related Party Transactions

 

It wasThere are two signed loan agreementagreements between GeantCannabis Suisse Corp. and the directorPresident and CEO of the Company Suneetha Nandana Silva Sudusinghe.Director The CEO has agreed to loan the Loan Amount to the Company in the event of not raising sufficient amount of funds from the offering in accordance to the Form S-1 registration statement of the Company; the director agrees to loan the Loan Amount to the Company on demand of the Company; the Company will conduct the repayments of all amount of Director’s loan accordingly to the sequence of loans; director will be repaid from revenues of the Company, when it starts to earn significant revenues; advanced Loan funds are non-interest bearing, secured and payable upon demand;demand.

Critical Accounting Policies

The preparation of financial statements in accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. A change in managements’ estimates or assumptions could have a material impact on our financial condition and results of operations during the period in which such changes occurred. Actual results could differ from those estimates. Our financial statements reflect all adjustments that management believes are necessary for the fair presentation of their financial condition and results of operations for the periods presented.

 

Item 7A. Quantitative and Qualitative Disclosures about Market Risk   

 

Not applicable to smaller reporting companies.

 

Item 8. Financial Statements and Supplementary Data   


9

 


9CANNABIS SUISSE CORP.  

(Formerly Geant Corp.)

 


CONSOLIDATED

GEANT CORP.  

FINANCIAL STATEMENTS

 

YearYears Ended May 31, 20172019 and Period From February 26, 2016 (inception) to May 31, 20162018

 

Table of Contents

 

 

Page

ReportReports of Independent Registered Public Accounting Firm

Firms

11

Consolidated Balance Sheets as of May 31, 20172019 and May 31, 2017

2018

13

Consolidated Statements of Operations and Comprehensive Loss for the yearyears ended May 31, 20172019 and May 31, 2016

2018

14

Consolidated Statement ofChanges inStockholders’of Changes in Stockholders’ Equity For(Deficit) for the period from February 26, 2016 (inception) toyears ended May 31, 2017

2019 and 2018

15

Consolidated Statements of Cash Flows for the yearyears ended May 31, 20172019 and May 31, 2016

2018

16

Notes to Consolidated Financial Statements

17


 

10

 


GEORGE STEWART, CPA

316 17TH AVENUE SOUTH

SEATTLE, WASHINGTON 98144

(206) 328-8554 FAX (206) 328-0383

REPORT OF 10


Accell_Corporate_282 

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRMAUDITOR’S REPORT

To the Board of DirectorDirectors and

Stockholder
Stockholders of GeantCannabis Suisse Corp.

IOpinion on the Financial Statements

We have reviewedaudited the condensedaccompanying consolidated balance sheet of GeantCannabis Suisse Corp. (A Development Stage(the Company) as of AugustMay 31, 2016,2019, and the related condensedconsolidated statements of operations and comprehensive loss, changes in stockholders’ equity and cash flows for year ended May 31, 2019, and the three month ended Augustrelated notes (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of May 31, 2016,2019, and condensed statementsthe results of its operations and its cash flows for the three month period then ended. These financial statements are the responsibility of the company’s management.

I conducted my review in accordance with the standards of the Public Company Accounting Oversight Board (United States). A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with standards of the Public Company Accounting Oversight Board (United States), the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, I do not express such an opinion.

Based on my review, I am not aware of any material modifications that should be made to the accompanying interim financial statements referred to above for them to beyear ended May 31, 2019, in conformity with accounting principles generally accepted in the United States of America.

I have previously audited, in accordanceBasis for Opinion

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audit. We are a public accounting firm registered with auditing standards of the Public Company Accounting Oversight Board (United States), (PCAOB) and are required to be independent with respect to the balance sheet of Geant Corp. (A Development Stage Company) as of May 31, 2016,Company in accordance with the U.S. federal securities laws and the related statementsapplicable rules and regulations of operations, retained earningsthe Securities and cash flows for the year then ended (not presented herein); and in my report dated July 15, 2016, I expressed an unqualified opinion with an emphasis of matter paragraph outlining my substantial doubt about the company’s ability to continue as a going concern on those financial statements. In my opinion, the information set forth in the accompanying condensed balance sheet as of May 31, 2016, is fairly stated, in all material respects, in relation to the balance sheet from which it has been derived.

/S/ George Stewart

Seattle, Washington

September 16, 2016


REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and
Stockholders of GEANT Corp.

We have audited the accompanying balance sheet of GEANT Corp. as of May 31, 2017,Exchange Commission and the related statements of operations, changes in shareholders’ equity, and cash flows for year ended May 31, 2017. GEANT Corp.’s management is responsible for these financial statements. Our responsibility is to express an opinion on these financial statements based on our audits.PCAOB.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States).PCAOB. Those standards require that we plan and perform the auditsaudit to obtain reasonable assurance about whether the financial statements are free of material misstatement.misstatement, whether due to error or fraud. The companyCompany is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. OurAs part of our audit, included considerationwe are required to obtain an understanding of internal control over financial reporting, as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company’sCompany’s internal control over financial reporting. Accordingly, we express no such opinion. An

Our audit also includesincluded performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence supportingregarding the amounts and disclosures in the financial statements, assessingstatements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statement presentation.statements. We believe that our audit provides a reasonable basis for our opinion.

Substantial Doubt about the Company’s Ability to Continue as a Going Concern

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 3, the Company has limited revenues and recurring losses as of May 31, 2019 and has not completed its efforts to establish a stabilized source of revenues to cover operating costs over an extended period of time. These factors, and the need for additional financing in order for the Company to meet its business plans, raise substantial doubt about the Company’s ability to continue as a going concern. Our opinion is not modified with respect to that matter.

/s/ Accell Audit & Compliance, P.A.

We have served as the Company’s auditor since 2019.

Tampa, Florida

October 3, 2019


11


REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and
Stockholders of Cannabis Suisse Corp. (fka GEANT Corp.)

Opinion on the Financial Statements

We have audited the accompanying balance sheet of Cannabis Suisse Corp. (fka GEANT Corp.) (“the Company”) as of May 31, 2018 and the related statements of operations, stockholders’ equity, and cash flows for the year then ended, and the related notes (collectively referred to as the financial statements). In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of GEANTCannabis Suisse Corp. as of May 31, 2017,2018, and the results of its operations and its cash flows for the year then ended, in conformity with accounting principles generally accepted in the United States of America.

Consideration of the Company’s Ability to Continue as a Going Concern

The accompanying financial statements have been prepared assuming the Company will continue as a going concern. As discussed in Note 23 to the financial statements, the Company has a history of operating losses, has limited cash resources, and its viability is dependent upon its ability to meet future financing requirements. These factors raise substantial doubt about the Company’s ability to continue as a going concern. Management’s plans in regard to these matters are also described in Note 2.3. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Basis for Opinion

/s/ Fruci & Associates II, PLLCThese financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

page1image17614464.png 

Fruci & Associates II, PLLC

We have served as the Company’s auditor since 2016 and resigned on April 12, 2019

Spokane, WA
August 17, 2017

12 July 25, 2018

 


GEANT CORP.12

BALANCE SHEETS

ASSETS

 

May 31, 2017

May 31, 2016

Current Assets

 

 

 

Cash and cash equivalents

Inventory

$

6,187

8,996

1,065

1,962

Prepaid expenses

 

823

-

Total Current Assets

$

16,006

3,027

 

 

 

 

Fixed Assets

 

 

 

Equipment, net

 

22,184

1,920

Total Fixed Assets

$

22,184

1,920

 

 

 

 

Total Assets

$

38,190

4,947

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

Liabilities

 

 

 

Current Liabilities

 

 

 

    Accounts payable

 

-

280

    Related-party loan

 

29,100

3,100

Total Current Liabilities

$

29,100

3,380

 

 

 

 

Total Liabilities

$

29,100

3,380

 

 

 

 

Commitments & Contingencies

 

-

-

 

 

 

 

Stockholder’s Equity

 

 

 

Common stock, par value $0.001; 75,000,000 shares authorized, 2,855,000 and 2,000,000 shares issued and outstanding

 

2,855

2,000

Additional paid in capital

 

33,340

-

Accumulated deficit

 

(27,105

)

(433

)

Total Stockholder’s Equity

$

9,090

1,567

 

 

 

 

Total Liabilities and Stockholder’s Equity

$

38,190

4,947

 

 

 

 

 

 

CANNABIS SUISSE CORP.

(Formerly Geant Corp.)

CONSOLIDATED BALANCE SHEETS

 

 

 

May 31, 2019

 

May 31, 2018

ASSETS

 

 

 

 

 

 

Current Assets

 

 

 

 

 

 

Cash and Cash Equivalents

$

84,181

$

6,187

 

 

Accounts Receivable

 

2,528

 

-

 

 

VAT Tax Receivable

 

368

 

-

 

 

Inventory

 

76,329

 

6,693

 

 

Prepaid Expenses

 

10,467

 

-

 

Total Current Assets

 

173,873

 

12,880

 

Fixed Assets, net

 

93,038

 

15,289

 

Goodwill

 

65,675

 

-

TOTAL ASSETS

$

332,586

$

28,169

LIABILITIES & STOCKHOLDERS’ EQUITY (DEFICIT)

 

 

 

 

 

Liabilities

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

 

Accounts Payable

$

47,109

$

-

 

 

 

Accrued Liabilities

 

7,414

 

-

 

 

 

Advances from Related Parties

 

258,122

 

35,500

 

Total Liabilities

 

312,645

 

35,500

 

Commitments and Contingencies (Note 6)

 

 

 

 

 

Stockholders’ Equity (Deficit)

 

 

 

 

 

 

Common stock, par value $0.001; 250,000,000 shares authorized, 34,500,000 and 57,100,000 shares issued and outstanding as of May 31, 2019 and 2018

 

34,500

 

57,100

 

 

Additional Paid-In-Capital

 

51,695

 

-

 

 

Discount on common stock

 

-

 

(20,905)

 

 

Accumulated Deficit

 

(66,254)

 

(43,526)

 

Total Stockholders’ Equity (Deficit)

 

19,941

 

(7,331)

TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY (DEFICIT)

$

332,586

$

28,169



The accompanying notes are an integral part of these statements.


13


GEANT CORP.

STATEMENTS OF OPERATIONS

 

 

 

 

Year ended

May 31, 2017

From February 26, 2016 (Inception) to May 31, 2016

 

 

 

 

REVENUES

$

14,192

-

Cost of Goods Sold

 

3,898

-

Gross Profit

 

10,294

-

 

 

 

 

OPERATING EXPENSES

 

 

 

General and Administrative Expenses

 

3,288

400

Depreciation  Expenses

 

2,588

33

Advertising & Market expense

 

11,970

-

Professional fees

 

19,120

-

TOTAL OPERATING EXPENSES

 

(36,966

)

(433

)

 

 

 

 

NET INCOME (LOSS) FROM OPERATIONS

 

(26,672

)

(433

)

 

 

 

 

PROVISION FOR INCOME TAXES

 

-

-

 

 

 

 

NET INCOME (LOSS)

$

(26,672

)

(433

)

 

 

 

 

NET LOSS PER SHARE: BASIC AND DILUTED

 

$

(0.00

)

(0.00

)

 

 

 

 

WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED

 

2,353,005

219,178

 

 

 

 


CANNABIS SUISSE CORP.

(Formerly Geant Corp.)

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

 

 

For the year ended May 31, 2019

 

For the year ended May 31, 2018

 

 

 

 

 

REVENUES

$

7,530

$

6,500

Cost of Goods Sold

 

2,538

 

2,303

Gross Profit

 

4,992

 

4,197

 

 

 

 

 

OPERATING EXPENSES

 

 

 

 

Professional Fees

 

17,950

 

12,100

Depreciation

 

5,503

 

6,895

General and administrative expenses

 

4,267

 

1,623

TOTAL OPERATING EXPENSES

 

27,720

 

20,618

 

 

 

 

 

OPERATING LOSS

 

(22,728)

 

(16,421)

 

 

 

 

 

PROVISION FOR INCOME TAXES

 

-

 

-

NET LOSS

$

(22,728)

$

(16,421)

 

 

 

 

 

Other comprehensive loss:

 

 

 

 

Foreign currency translation adjustment

 

-

 

-

 

 

 

 

 

COMPREHENSIVE LOSS

$

(22,728)

$

(16,421)

 

 

 

 

 

NET LOSS PER SHARE: BASIC AND DILUTED

 

(0.00)

 

(0.00)

 

 

 

 

 

WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED

 

51,976,712

 

57,100,000

The accompanying notes are an integral part of these statements.


14


CANNABIS SUISSE CORP.

(Formerly Geant Corp.)

CONSOLIDATED  STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (DEFICIT)

 

Common Stock

 

 

Additional Paid-In-Capital

Discount on Common Stock

Accumulated Deficit

Comprehen-sive Income/Loss

Total Stockholders’

 

Shares

Amount

 

 

 

 

Equity (Deficit)

Balance,

May 31, 2017

57,100,000

$    57,100

$         -

$ (20,905)

$ (27,105)

$             -

$     9,090

 

 

 

 

 

 

 

 

Net loss

-

-

-

-

(16,421)

-

(16,421)

 

 

 

 

 

 

 

 

Balance,

May 31, 2018

57,100,000

   57,100

            -

 (20,905)

(43,526)

-

  (7,331)

 

 

 

 

 

 

 

 

Shares issued for acquisition

10,000,000

10,000

40,000

-

-

-

50,000

Net loss

-

-

-

-

(22,728)

-

(22,728)

Return of common stock

(32,600,000)

(32,600)

11,695

20,905

-

-

-

 

 

 

 

 

 

 

 

Balance,

May 31, 2019

34,500,000

$    34,500

$51,695

$            -

$ (66,254)

$             -

$  19,941

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these statements.


15

 

 


14CANNABIS SUISSE CORP.


GEANT CORP.(Formerly Geant Corp.)

STATEMENTS OF CHANGES IN STOCKHOLDER’S EQUITY

For the period from February 26, 2016 (inception) to May 31, 2017

 

Common Stock

 

 

Additional Paid-in

Accumulated Deficit

Total Stockholders’

 

Shares

Amount

Capital

Stage

Equity

 

 

 

 

 

 

Inception, February 26, 2016

-

$

-

$

-

$

-

$

-

 

 

 

 

 

 

Shares issued for cash at $0.001 per share on  April 22, 2016

2,000,000

2,000

-

-

2,000

 

 

 

 

 

 

Net income (loss) for the period ended May 31, 2016

-

-

-

(433

)

(433

)

 

 

 

 

 

 

Balance, May 31, 2016

2,000,000

$

2,000

$

-

$

(433

)

$

1,567

Shares issued

855,000

855

33,340

-

34,195

 

 

 

 

 

 

Net income (loss) for the period ended May 31, 2017

-

-

-

(26,672

)

(26,672

)

 

 

 

 

 

 

Balance, May 31, 2017

2,855,000

$   2, 855

$

33,340

$

(27,105

)

$

9,090

The accompanying notes are an integral part of these statements.GEANT CORP.

15


CONSOLIDATED STATEMENTS OF CASH FLOWS

 

Year ended

May 31, 2017

From February 26, 2016 (Inception) to May 31, 2016

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

Net loss for the period

$

(26,672

)

$

(433

)

Adjustments to reconcile net loss to net cash (used in) operating activities:

 

 

Depreciation

2,588

33

Increase in Prepaid expenses

(823

)

-

Increase in Inventory

(7,034

)

(1,962

)

Decrease in Accounts Payable

(280

)

280

CASH FLOWS USED IN OPERATING ACTIVITIES

(32,221

)

(2,082

)

 

 

 

CASH FLOWS FROM INVESTING  ACTIVITIES 

 

 

Purchase of Fixed Assets

(22,852

)

(1,953

)

CASH FLOWS USED IN INVESTING  ACTIVITIES 

(22,852

)

(1,953

)

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES 

 

 

Proceeds from sale of common stock

34,195

2,000

Loans

26,000

3,100

CASH FLOWS PROVIDED BY FINANCING ACTIVITIES

60,195

5,100

 

 

 

NET INCREASE IN CASH

5,122

1,065

 

 

 

Cash, beginning of period

1,065

-

 

 

 

Cash, end of period

$

6,187

$

1,065

 

 

 

SUPPLEMENTAL CASH FLOW INFORMATION:

 

 

Interest paid

$

0

$

0

Income taxes paid

$

0

$

0

 

 

 

 

 

 

Year ended        May 31, 2019

 

Year ended        May 31, 2018

 

 

OPERATING ACTIVITIES

 

 

 

 

 

 

 

 

Net loss

$

(22,728)

 

$

(16,421)

 

 

 

Depreciation

 

5,503

 

 

6,895

 

 

 

Adjustments to reconcile net loss

 

 

 

 

 

 

 

 

to net cash provided by operations:

 

 

 

 

 

 

 

 

 

Inventory

 

5,365

 

 

2,303

 

 

 

 

Prepaid expenses

 

-

 

 

823

 

 

Net cash used in Operating Activities

 

(11,860)

 

 

(6,400)

 

 

INVESTING ACTIVITIES

 

 

 

 

 

 

 

 

Business combination, net of cash acquired

 

70,854

 

 

-

 

 

Net cash provided by Investing Activities

 

70,854

 

 

-

 

 

FINANCING ACTIVITIES

 

 

 

 

 

 

 

 

Advances from Related Parties

 

19,000

 

 

6,400

 

 

Net cash provided by Financing Activities

 

19,000

 

 

6,400

 

Net cash increase for period

 

77,994

 

 

-

Cash at beginning of period

 

6,187

 

 

6,187

Cash at end of period

$

84,181

 

$

6,187

 

 

 

 

 

 

SUPPLEMENTAL

 

 

 

 

 

 

Cash paid for taxes

$

-

 

$

-

 

Cash paid for interest

$

-

 

$

-

 

 

 

 

 

 

 

NON-CASH ACTIVITIES:

 

 

 

 

 

 

Shares issued for acquisition

$

50,000

 

$

-

 

 

 

 

 

 

The accompanying notes are an integral part of these statements.


16

 


GEANTCANNABIS SUISSE CORP.

(Formerly Geant Corp.)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

MAY 31, 20172019 and 2018

 

NOTE 1 – ORGANIZATION AND NATURE OF BUSINESS

 

GeantCannabis Suisse Corp. (“the Company”, “we”, “us” or “our”) was incorporated in the State of Nevada on February 26, 2016 to start business operations concerned with production of paper made from elephant dung for making various stationery products and subsequent selling thereof. Our office is located at Kiranthidiya road 114, Beruwala, Sri Lanka, 12070. Our phone number is +17027510467.

 

NOTE 2 – GOING CONCERNOn February 20, 2019, the Company filed a Certificate of Amendment to its Articles of Incorporation with the Nevada Secretary of State which changed the Company’s name from Geant Corp. to Cannabis Suisse Corp.

 

The accompanying financial statements have been prepared in conformity with generally accepted accounting principles, which contemplate continuationFollowing the acquisition of the Company as a going concern.  However, the Company had limited revenues as of May 31, 2017.  The Company has not completed its efforts to establish a stabilized source of revenues sufficient to cover operating costs over an extended period of time. Therefore, there is substantial doubt about the Company’s ability to continue as a going concern.

Management anticipates thatCannabis Suisse LLC (see Note 4), the Company will be dependent,engaged in the business of production of OTC (over-the-counter) products - for the near future, on additional investment capital to fund operating expenses. The Company intends to position itself so that it will be able to raise additional funds through the capital markets. In light of management’s efforts, there are no assurances that the Company will be successful in this or any of its endeavors or become financially viableexample CBD oils, as well as retail branded cigarettes, and continue as a going concern.other health related supplements.

 

NOTE 32 – SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES

 

Basis of presentation and consolidation

The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America.America, («GAAP»). The Company’s yearendyear end is May 31. The consolidated financial statements include the accounts of the Company and its wholly - owned subsidiary Cannabis Suisse LLC. All significant inter-company accounts and transactions have been eliminated in consolidation.

 

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principlesGAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date the financial statements and the reported amount of revenues and expenses during the reporting period.  Actual results could differ from those estimates.

 

Cash and CashEquivalents Equivalents

TheCompanyconsidersThe Company considers allhighlyliquidinvestmentswiththeoriginalmaturitiesofthreemonths highly liquid investments with the original maturities of three months orless less tobe cashequivalents.cash equivalents. The Company had $6,186$84,181 and $1,065$6,187 of cash and cash equivalents as of May 31, 20172019 and 2016.2018, respectively.

 

Prepaid Expenses

Prepaid Expenses are recorded at fair market value. The Company had $823$10,467 of prepaid rent as of May 31, 2017 and$0 of prepaid expenses as of May 31, 2016.2019.

 

Inventories

Inventories are stated at the lower of cost or market. Cost is principally determined using the first-in, first out (FIFO) method. The Company had $8,996$76,329 and $1,962$6,693 in inventory as of May 31, 20172019 and 2016.2018, respectively.

 

Depreciation, Amortization, and Capitalization

The Company records depreciation and amortization when appropriate using the straight-line balance method over the estimated useful life of the assets. We estimateThe Company estimates that the useful life of our equipmentisits equipment is five years and industrial water filter is seven years.Expendituresyears. Expenditures for maintenance and repairs are charged to expense as incurred. Additions, major renewals and replacements that increase the property's useful life are capitalized. Property sold or retired, together with the related accumulated depreciation is removed from theappropriatedthe appropriated accounts and the resultant gain or loss is included in net income.

 

Impairment

17Potential impairments of long-lived assets are reviewed when events or changes in circumstances indicate a potential impairment may exist. In accordance with Accounting Standards Codification («ASC») 360 «Property, Plant and Equipment» impairment is determined when estimated future undiscounted cash flows associated with an asset are less than the asset’s carrying value.

 


GEANT CORP.

NOTES TO THE FINANCIAL STATEMENTS

MAY 31, 2017

NOTE 3 – SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES (CONTUNUED)

Fair Value of Financial Instruments

ASC Topic 820 "Fair«Fair Value Measurements and Disclosures"Disclosures» establishes a three-tier fair value hierarchy, which prioritizes the inputs in measuring fair value. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market.


17


CANNABIS SUISSE CORP.

(Formerly Geant Corp.)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

MAY 31, 2019 and 2018

 

These tiers include:

Level 1:

defined as observable inputs such as quoted prices in active markets;

Level 2:

defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and

Level 3:

Level 1:         defined as observable inputs such as quoted prices in active markets;

Level 2:        defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and

Level 3:        defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its  own assumptions.

The carrying value of cash and the Company’s loan from shareholder approximates its fair value due to their short-term maturity.

 

Income Taxes

The Company accounts for its income taxes in accordance with ASC 740 «Income Taxes Topic of the FASB ASC 740,», which requires recognition of deferred tax assets and liabilities for future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases and tax credit, carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years, in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period that includes the enactment date.

 

Revenue Recognition

The Company recognizes revenue in accordance with ASC 605, “Revenue Recognition” ("ASC-605"Accounting Standards Update («ASU»), which requires that four basic criteria must No. 2014-09 «Revenue from Contracts with Customers». The Company applies the following five steps in order to determine the appropriate amount of revenue to be met before revenue can be recognized: (1) persuasive evidencerecognized as it fulfills its obligations under each of an arrangement exists; (2) delivery has occurred; (3)its agreements:

identify the selling price is fixed and determinable; and (4) collectability is reasonably assured. Determination of criteria (3) and (4) are based on management's judgments regardingcontract with a costumer;

identify the fixed nature of the selling prices of the products delivered and the collectability of those amounts. Provisions for discounts and rebates to customers, estimated returns and allowances, and other adjustments are provided forperformance obligations in the same periodcontract;

determine the related sales are recorded. The Company will defer anytransaction price;

allocate the transaction price to performance obligations in the contract; and

recognize revenue for whichas the product has not been delivered orperformance obligation is subject to refund until such time that the Company and the customer jointly determine that the product has been delivered or no refund will be required.satisfied.

 

Basic Income (Loss) Per Share

The Company computes income (loss) per share in accordance with FASB ASC 260 “Earnings«Earnings per Share”Share». Basic loss per share is computed by dividing net income (loss) available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted income (loss) per share gives effect to all dilutive potential common shares outstanding during the period.  Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. As of May 31, 20172019 and 2018, there were no potentially dilutive debt or equity instruments issued or outstanding.  

 

Comprehensive IncomeForeign Currency Translation

Comprehensive income is defined as all changes in stockholders' equity (deficit), exclusive of transactions with owners, such as capital investments. Comprehensive income includes net income or loss, changes in certain assetsAssets and liabilities thatof the Company’s Swiss subsidiary are translated from Swiss francs to United States dollars at exchange rates in effect at the balance sheet date. Income and expenses are translated at average exchange rates during the year. The translation adjustments for the reporting period are included in the Company’s consolidated statements of comprehensive income, and the cumulative effect of these adjustments are reported directly in equity suchthe Company’s consolidated balance sheets as translation adjustments on investments in foreign subsidiaries and unrealized gains (losses) on available-for-sale securities. As of May 31, 2017 and 2016, there were no were no differences between ouraccumulated other comprehensive loss and net loss.within Shareholder’s Deficit.

 

Stock-Based Compensation

Stock-based compensation is accounted for at fair value in accordance with ASC Topic 718.  To date, the Company has not adopted a stock option plan and has not granted any stock options.Recent Accounting Pronouncements

 

18


GEANT CORP.

NOTES TO THE FINANCIAL STATEMENTS

MAY 31, 2017

NOTE 3 – SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES (CONTUNUED)

Recent Accounting Pronouncements

We have reviewed allIn February 2016, the recentlyFASB issued butASU 2016-02 (Topic 842) «Leases». Under this new guidance, lessees (including lessees under leases classified as finance leases, which are to be classified based on criteria similar to that applicable to capital leases under current guidance, and leases classified as operating leases) will recognize a right-to-use asset and a lease liability on the balance sheet, initially measured as the present value of lease payments under the lease. Under current guidance, operating leases are not yet effective,recognized on the balance sheet. However, the new guidance permits companies to make an accounting pronouncements and wepolicy election not to apply the recognition provisions of the new guidance to short term leases (leases with a lease term of 12 months or less that do not believe anyinclude an option to purchase the underlying asset that the lessee is reasonably certain to exercise). If this election is made, lease payments under short term leases will be recognized on a straight-line basis over the lease term. The Company will adopt the new guidance effective June 1, 2019 using a modified retrospective method, under which it will record an immaterial cumulative adjustment to retained earnings rather than retrospectively adjusting prior periods. This application of these pronouncementsthe modified retrospective method will result in a balance sheet presentation that will not be comparable to the prior period in the first year of adoption. The Company does not expect the new standard to have a material impact on the Company.its results of operations or cash flows.

 

18

CANNABIS SUISSE CORP.

(Formerly Geant Corp.)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

MAY 31, 2019 and 2018

Segments

The Company's Chief Executive Officer allocates resources and assesses performance based on financial information of the Company. The CEO reviews financial information presented for each reporting segment for purposes of making operating decisions and assessing financial performance. Accordingly, the Company operates in two reportable segments as presented in Note 9.

NOTE 3 – GOING CONCERN

The accompanying consolidated financial statements have been prepared in conformity with generally accepted accounting principles, which contemplate continuation of the Company as a going concern.  However, the Company had limited revenues and recurring losses as of May 31, 2019. The Company has not completed its efforts to establish a stabilized source of revenues sufficient to cover operating costs over an extended period of time. Therefore, there is substantial doubt about the Company’s ability to continue as a going concern.

Management anticipates that the Company will be dependent, for the near future, on additional investment capital to fund operating expenses. The Company intends to position itself so that it will be able to raise additional funds through the capital markets. In light of management’s efforts, there are no assurances that the Company will be successful in this or any of its endeavors or become financially viable and continue as a going concern.

NOTE 4 – EQUIPMENT- BUSINESS COMBINATION

 

 

May 31, 2017

May 31, 2016

Equipment

$

24,805

1,953

Depreciation

$

(2,621)

(33)

Net equipment

$

22,184

1,920

On May 31, 2019, Suneetha Nandana Silva Sudusinghe, the president of the Company and on behalf of the Company entered into a Stock Transfer Agreement with Cecillia Merige Jensen whereby the Company acquired all of the issued and outstanding capital stock of Cannabis Suisse LLC, a Wyoming limited liability company (“Subsidiary”). In exchange, Ms. Jensen has received 10,000,000 shares of common stock of the Company valued at $50,000. Mr. Sudusinghe’s share ownership in the Company was reduced from 17,400,000 to 7,400,000.

The Subsidiary owns all of the capital stock of Grow Factory GmbH, a corporation incorporated in Zurich, Switzerland on March 13, 2017. Its office is located on Lerzenstrasse 12, 8953 Dietikon, Switzerland. Grow Factory is a fully licensed cannabis cultivation and distribution company in Switzerland for recreational tobacco products and medical CBD oils and commenced its operations on March 2018. 

Purchase Price Allocations

Presented below is a summary of the purchase price allocations for the business combination:

Assets acquired:

 

 

       Cash and Cash Equivalents

$

70,854

       Accounts Receivable

 

2,528

       Inventory

 

75,000

       VAT Tax Receivable

 

368

       Prepaid Expenses

 

10,467

Property and Equipment

 

83,253

            Total identifiable assets acquired

 

242,470

Liabilities assumed:

 

 

       Accounts Payable

 

(47,109)

       Accrued Liabilities

 

(7,414)


       Advances from Related Parties

 

(203,622)

           Total identifiable liabilities assumed        

 

(258,147)

           Net identifiable assets acquired    

 

(15,675)

           Goodwill

 

65,675

           Total purchase price allocation

$

50,000

19

CANNABIS SUISSE CORP.

(Formerly Geant Corp.)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

MAY 31, 2019 and 2018

The Company assessed the fair value of the various net liabilities assumed based on internal documents. The $65,675 of goodwill currently recognized is deductible for income tax purposes over the next 15 years. The Company has not yet completed the initial accounting for the transaction; therefore, the fair value is provisional pending receipt of a final valuation.

Pro Forma Disclosures

The following unaudited pro forma financial results reflects the historical operating results of the Company, including the unaudited pro forma results of Grow Factory for the years ended May 31, 2019 and 2018, respectively, as if this business combination had occurred as of June 1, 2017. The pro forma financial information set forth below reflects adjustments to the historical data of the Company to give effect to each of these acquisitions and the related equity issuances as if each had occurred on June 1, 2017. The pro forma information presented below does not purport to represent what the actual results of operations would have been for the periods indicated, nor does it purport to represent the Company's future results of operations. The following table summarizes on an unaudited pro forma basis the Company's results of operations for the years ended May 31, 2019 and 2018:

 

2019

 

2018

Net revenue

$

17,450

$

16,503

Net loss

 

(367,097)

 

(162,990)

Net loss per share - basic and diluted

$

(0.00)

$

(0.00)

Weighted average number of shares of common stock outstanding - basic and diluted

 

51,976,712

 

57,100,000

The calculations of pro forma net revenue and pro forma net loss give effect to the business combination for the period from June 1, 2017 until the respective closing dates for (i) the historical net revenue and net income (loss), as applicable, of the acquired businesses, (ii) incremental depreciation and amortization for each business combination based on the fair value of property, equipment and identifiable intangible assets acquired and the related estimated useful lives, and (iii) recognition of accretion of discounts on obligations with extended payment terms that were assumed in the business combinations.

NOTE 5 – PROPERTY AND EQUIPMENT

 

May 31, 2019

 

May 31, 2018

Equipment

$

58,778

$

4,661

Furniture and fixtures

 

31,881

 

-

Office machines, IT equipment

 

9,044

 

11,790

Leasehold Improvements

 

8,354

 

8,354


Depreciation

 

(15,019)

 

(9,516)

Net property and equipment

$

93,038

$

15,289

 

For the yearyears ended May 31, 2017and May 31, 2016 we2019 and 2018 the Company recognized depreciation expense in the amount of $2,588$5,503 and $33 accordingly.$6,895, respectively.

20

 

NOTE 56 – COMMITMENTS AND CONTINGENCIES

 

Our sole officer and director, Suneetha Nandana Silva Sudusinghe, has agreed to provide us his own premises for free. He won’t take any fee for these premises. It is used for the production of goods.

On September 28,In 2016, the Company has signed a Rentrental agreement for office agreement, beginning on January 1, 2017 andspace in Sri Lanka which will terminate on January 01, 2018.December 31, 2019. These premises will be used as a representative office for the customers. The rent expense for the yearyears ended May 31, 20172019 and 2018 was $600.$1,440 and $1,423, respectively. The monthly fee is $120.

 

Term of lease

Price per month

Q-ty months

Discount

Total amount of commitments

January 1, 2017 – December 31, 2017

$120

12

$17

$1,423

CANNABIS SUISSE CORP.

(Formerly Geant Corp.)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

MAY 31, 2019 and 2018

In 2017, the Company’s Subsidiary signed a rental agreement for office space in Switzerland which will terminate on May 31, 2022. No rent expense was recorded for the years ended 2019 or 2018 as the Company assumed this lease on May 31, 2019. The monthly fee is $6,646.

Required future principal payments under the Company’s lease obligation are set for below:

Year ending May 31,

2020

$

80,592

2021

 

79,752

2022

 

79,752

Total

$

240,096

 

NOTE 67RELATED PARTY TRANSACTIONS

 

The Company is utilizing and will continue to utilize funds from our sole officer and director whoCompany’s president has verbally agreed to provide an interest-free loan as indicated by a verbal agreement finishedinterest free advances, due on demand, to the Company up between Mr.Sudusingheto $100,000. As of May 31, 2019 and Geant Corp. in2018, the amountCompany has drawn $54,500 and $35,500, respectively, of $50,000.

Our sole officer and director, Suneetha Nandana Silva Sudusinghe,advances. In addition,   the Company’s president has agreed to provide us his own premises for free. He won’t take any fee for these premises. It is usedproduction space in Sri Lanka at no charge for the production of  goods.

 

As of May 31, 2017, our sole director has loaned to the Company $29,100. The Company’s subsidiary received $203,622 as advances from related party loan to the sole member of the board and president of the company is unsecured, interest free and due on demand. The balance due to the director and president of the company was $29,100parties as of May 31, 20172019. The advances are interest-free and $3,100due on demand.

NOTE 8 – COMMON STOCK

On January 23, 2019, the Company effected a forward split of the outstanding common stock on a one (1) for twenty (20) basis. All share figures have been retroactively restated to reflect the stock split.

On February 20, 2019, the Company filed a Certificate of Amendment to its Articles of Incorporation with the Nevada Secretary of State which increased the Company’s authorized shares of common stock from 75,000,000 to 250,000,000. 

Also, the Company had 32,600,000 shares of common stock returned. On March 8, 2019, a total of 22,600,000 shares related to cancellation of restricted shares to reduce the director’s percentage of shares. On May 31, 2019, 10,000,000 shares were returned to be issued for the acquisition of Cannabis Suisse LLC.

NOTE 9 –SEGMENTS AND GEOGRAPHIC CONCENTRATIONS


Reportable Segments

The Company follows segment reporting in accondance with ASC Topic 280, Segment Reporting. As a result of the business combination with Cannabis Suisse LLC in May 2019 as discussed in Note 4, the Company has changed its operating segments to consist of the Cannabis Suisse LLC segment and the Cannabis Suisse Corp segment. After the Cannabis Suisse LLC business combination, the Company's CEO began assessing performance and allocating resources based on the financial information of these two reporting segments.

The Cannabis Suisse Corp segment produces the paper made from elephant dung for making various stationery products and subsequent selling thereof. The Cannabis Suisse LLC segment is involved in cannabis cultivation and distribution in Switzerland of recreational tobacco products and medical CBD oils.

Net revenue by reporting segment for the years ended May 31, 2019 and 2018, is as follows:

 

2019

 

2018

Cannabis Suisse Corp

$

7,530

$

6,500

Cannabis Suisse LLC

 

-

 

-

   Total Revenue

$

7,530

$

6,500

21

CANNABIS SUISSE CORP.

(Formerly Geant Corp.)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

MAY 31, 2019 and 2018

Gross profit by reporting segment for the years ended May 31, 2019 and 2018, is as follows:

 

2019

 

2018

Cannabis Suisse Corp

$

4,992

$

4,197

Cannabis Suisse LLC

 

-

 

-

   Total Gross Profit

$

4,992

$

4,197

Assets by reporting segment as of May 31, 2016.

NOTE 7 – COMMON STOCK2019 and 2018, is as follows:

 

The Company has 75,000,000, $0.001 par value shares of common stock authorized.

 

2019

 

2018

Cannabis Suisse Corp

$

24,441

$

28,169

Cannabis Suisse LLC

 

308,145

 

-

   Total Assets

$

332,586

$

28,169

 

On April 22, 2016, the Company issued 2,000,000 shares of common stock to a director for cash proceeds of $2,000 at $0.001 per share.

In November 2016, the Company issued 240,000 shares of common stock for cash proceeds of $9,530 at $0.04 per share.

In December 2016, the Company issued 405,000 shares of common stock for cash proceeds of $16,280 at $0.04 per share.

In January 2017, the Company issued 120,000 shares of common stock for cash proceeds of $4,800 at $0.04 per share.

In March 2017, the Company issued 90,000 shares of common stock for cash proceeds of $3,585 at $0.04 per share.

There were 2,855,000 shares of common stock issued and outstanding as of May 31, 2017.

19


GEANT CORP.

 NOTES TO THE FINANCIAL STATEMENTS

MAY 31, 2017

NOTE 810 – INCOME TAXES

 

The Company adopted the provisions of uncertain tax positions as addressed in ASC 740-10-65-1. As a result of the implementation of ASC 740-10-65-1, the Company recognized no increase in the liability for unrecognized tax benefits.

 

On December 22, 2017, the President signed into law the Tax Cuts and Jobs Act (H.R. 1) (the “Act”).  The Act includes a number of changes in existing tax law impacting businesses including, among other things, a permanent reduction in the corporate income tax rate from 34% to 21%. The rate reduction would take effect on January 1, 2018


The Company has no tax position at May 31, 20172019 for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility. The Company does not recognize interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses. No such interest or penalties were recognized during the period presented. The Company had no accruals for interest and penalties at May 31, 2017.2019. The Company’s utilization of any net operating loss carry forward may be unlikely as a result of its intended activities.

 

The valuation allowance at May 31, 20172019 was $9,215.$13,914. The net change in valuation allowance during the year endedMay 31, 20172019 was $9,068.$4,774. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred income tax assets will not be realized. The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred income tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. 

Based on consideration of these items, management has determined that enough uncertainty exists relative to the realization of the deferred income tax asset balances to warrant the application of a full valuation allowance as of May 31, 20172019 and 2016.2018. All tax years since inception remains open for examination only by taxing authorities of US Federal and state of Nevada.

 

The Company has a net operating loss carryforward for tax purposes totaling $27,105$66,254 at May 31, 2017,2019, expiring through 2035.fiscal year 2036. There is a limitation on the amount of taxable income that can be offset by carryforwards after a change in control (generally greater than a 50% change in ownership). Temporary differences, which give rise to a net

The components of the Company’s deferred tax asset and reconciliation of income taxes computed at the new statutory rate of 21% to the income tax amount recorded as of May 31, 2019 and 2018 are as follows:

 

 

 

As of  May 31, 2017

From February 26, 2016 (Inception) to May 31, 2016

Non-current deferred tax assets:

 

 

 

Net operating loss carryforward

$

(27,105

)

(433

)

Stock based compensation

$

-

-

Inventory obsolescence

$

-

-

Accrued officer compensation

$

-

-

 

 

 

 

Total deferred tax assets

$

(9,215

)

(147

)

Valuation allowance

$

9,215

147

Net deferred tax assets

$

-

-

22


CANNABIS SUISSE CORP.

(Formerly Geant Corp.)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

MAY 31, 2019 and 2018

 

 

May 31, 2019

 

May 31, 2018

Net operating loss carryforward

$

(66,254)

$

(43,526)

Effective tax rate

 

21 %

 

21 %

Deferred tax asset

 

13,914

 

9,140

Less: Valuation allowance

 

(13,914)

 

(9,140)

Net deferred asset

$

-

$

-

The actual tax benefit atchange in the expected rate of 34% differs fromvaluation allowance during the expected tax benefit for the yearyears ended May 31, 2017 as follows:

 

 

Year ended   

 May 31, 2017

From February 26, 2016 (Inception) to May 31, 2016

Computed "expected" tax expense (benefit)

 

$

(9,068

)

(147

)

Penalties and fines and meals and entertainment

$

-

-

Accrued officer compensation

$

-

-

Change in valuation allowance

$

9,068

147

Actual tax expense (benefit)

$

-

-

202019 and 2018 was $4,774 and $(2,792), respectively.

 

 

 

May 31, 2019

 

May 31, 2018

Federal income tax benefit attributed to:

 

 

 

 

Net operating loss from continuing operations

$

13,914

$

(9,140)

Valuation allowance

 

(13,914)

 

9,140

Net benefit

$

-

$

-


GEANT CORP.


 NOTES TO THE FINANCIAL STATEMENTS

MAY 31, 2017

NOTE 911 – SUBSEQUENT EVENTS

 

In accordance with SFAS 165 (ASC 855-10) the Companyhas analyzed its operations subsequent to May 31, 20172019 to the date these consolidated financial statements were issued, August __, 2017, and has determined that it does not have any other material subsequent events to disclose in these consolidated financial statements.

 

Item 9. Changes In and Disagreements with Accountants on Accounting and Financial Disclosure

 

ThereOn April 12, 2019, Cannabis Suisse Corp. (the “Registrant”) was notified that Fruci & Associates II, PLLC (“Fruci & Associates”) has resigned as the Registrant’s independent registered public accounting firm due to the Registrant’s expansion into additional foreign markets and a change in auditors from George Stewart, CPAthe Registrant’s focus. 

During the engagement period (September 3, 2018 to FRUCI & ASSOCIATES II, PLLC in November 2016. The change was made due to retirement of George Stewart, with noApril 12, 2019 ) (i) there have not been disagreements between Cannabis Suisse Corp. and Fruci & Associates on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure which, if not resolved to the parties.satisfaction of Fruci & Associates would have caused Fruci & Associates to make reference to the matter in a report on the Registrant’s financial statements; and (ii) there have not been reportable events as the term described in Item 304(a)(1)(v) of Regulation S-K.

 

On April 12, 2019, the Registrant engaged Accell Audit & Compliance, PA (“Accell”) to serve as the Registrant’s independent registered public accounting firm for the year ending May 31, 2019. During the past quarterly periods ended August 31, 2018, November 30, 2018 and February 28, 2019, the Registrant did not consult with Accell regarding the application of accounting principles to a specific completed or contemplated transaction, or the type of audit opinion that might be rendered on the Registrant’s financial statements. 

Item 9A(T) Controls and Procedures

Disclosure Controls and Procedures.

The Company maintains disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended) that are designed to ensure that information required to be disclosed in the Company’s Securities Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms and that such information is accumulated and communicated to the Company’s management, as appropriate, to allow timely decisions regarding required disclosure.

The Company’s management, with the participation of our principal executive and principal financial officer evaluated the effectiveness of the Company’s disclosure controls and procedures as of the end of the period covered by this report. Based upon that evaluation, our principal executive and principal financial officer concluded that, as of the end of the period covered by this report, the Company’s disclosure controls and procedures were not effective.

Management’s Report on Internal Controls over Financial Disclosure Controls and Procedures

 

Management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Exchange Act Rule 13a-15(f)). The Company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. Under the supervision and with the participation of management, including the Chief Executive Officer and Chief Financial Officer, the Company conducted an evaluation of the effectiveness of the Company’s internal control over financial reporting as of May 31, 20172019 using the criteria established in “Internal Control - Integrated Framework (2013)” issued by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO").

 

A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Company’s annual or interim financial statements will not be prevented or detected on a timely basis. In its assessment of the effectiveness of internal control over financial reporting as of May 31, 2017,2019, the Company determined that there were control deficiencies that constituted material weaknesses, as described below.

 

1.We do not have an Audit Committee – While not being legally obligated to have an audit committee, it is the management’s view that such a committee, including a financial expert member, is an utmost important entity level control over the Company’s financial statement.statements. Currently the Board of Directors acts in the capacity of the Audit Committee, and does not include a member that is considered to be independent of management to provide the necessary oversight over management’s activities.

 

2.We did not maintain appropriate cash controls – As of May 31, 2017,2019, the Company has not maintained sufficient internal controls over financial reporting for the cash process, including failure to segregate cash handling and accounting functions, and did not require dual signature on the Company’s bank accounts. Alternatively, the effects of poor cash controls were mitigated by the fact that the Company had limited transactions in their bank accounts.transactions.

 

3.We did not implement appropriate information technology controls – As at May 31, 2017,2019, the Company retains copies of all financial data and material agreements; however there is no formal procedure or evidence of normal backup of the Company’s data or off-site storage of data in the event of theft, misplacement, or loss due to unmitigated factors.


23

 


Accordingly, the Company concluded that these control deficiencies resulted in a reasonable possibility that a material misstatement of the annual or interim financial statements will not be prevented or detected on a timely basis by the company’s internal controls.

 

21


As a result of the material weaknesses described above, management has concluded that the Company did not maintain effective internal control over financial reporting as of May 31, 20172019 based on criteria established in Internal Control- Integrated Framework (2013) issued by COSO.

 

System of Internal Control over Financial Reporting

 

Our management is responsible for establishing and maintaining a system of disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act) that is designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Commission’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated and communicated to the issuer’s management, including its principal executive officer or officers and principal financial officer or officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

 

An evaluation was conducted under the supervision and with the participation of our management of the effectiveness of the design and operation of our disclosure controls and procedures as of May 31, 2017.2019. Based on that evaluation, our management concluded that our disclosure controls and procedures were not effective as of such date to ensure that information required to be disclosed in the reports that we file or submit under the Exchange Act, is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms.

 

Changes in Internal Control over Financial Reporting

 

There was no change in the Company’s internal control over financial reporting during the quarterly period covered by this report that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

 

Item 9B. Other Information.

 

None.

PART III

 

Item 10. Directors, Executive Officers, Promoters and Control Persons of the Company

 

Officers and Directors

Our sole director will serve until his successorThe names and ages of our directors and executive officers are set forth below. Also included is elected and qualified. Our sole officer is elected by the board of directors to a term of one (1) year and serves until his successor is duly elected and qualified, or until he is removed from office. their principal occupation(s).

The board of directors has no nominating, auditing or compensation committees.

The name, address, age and position of our present officers and directors are set forth below:

Name and Address

Age 

Position(s) 

Suneetha Nandana Silva Sudusinghe

47

49

President, PrincipalChief Executive Officer, Secretary, Treasurer,

PrincipalChief Financial Officer Principal Accounting Officer

And sole member of the Board of Directors. 

At Galle Road 93Cecillia Jensen

Moragalla, Beruwala, 8000044

Secretary

Alain Parrik

23

Chief Operating Officer

 

Mr. Sudusinghe has acted as our sole President, Chief Executive Officer, Treasurer, Chief Financial Officer, Chief Accounting Officer, Secretary and sole member of our board of directors since our incorporation on February 26, 2016.  Mr. Sudusinghe owns 70% of the outstanding shares of our common stock. For the past five years he has been a business administrator and then a head administrator at Reschen Tex LTD (textile company), werewhere he was working as part of a team and supporting the office administrator, he was responsible for the day-to-day tasks and administrative duties of the office including covering thereceptionthe reception area and as head administrator he was responsible for providing an efficient and professional administrative and clerical service to colleagues, managers and supervisors to facilitate the efficient operation of the


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office. Mr. Sudusinghe was employed at Reschen Tex LTD as administrator in period from March 2009 to September 2012, and as head administrator in period from October 2012 to September 2015.

22

 


Mr. Sudusinghe intendsMs. Jensen served as a leader of innovation and development at the Swiss cannabis production firm Grow Factory GmbH in Zurich, Switzerland, from March 2018 to devote close to 75% of his time to planning and organizing activities of Geant Corp.

In the past ten years, Mr. Sudusinghe has not been the subject to any of the following events:

1.Any bankruptcy petition filed by or against any business of which Mr. SudusingheMarch 2019. Apart from that she was a general partner or executive officer eitherfounder and CEO of Scandinavian Translation Services Ltd. in Tallinn, Estonia, from September 2015 to January 2017. Ms. Jensen also co-founded and served as CEO at the time of the bankruptcy or within two years priorPosh Beauty™/LBF Services Ltd., Helsinki, Finland, from February 2012 to that time.

2.Any conviction in a criminal proceeding or being subject to a pending criminal proceeding.

3.An order, judgment, or decree, not subsequently reversed, suspended or vacated, or any court of competent jurisdiction, permanently or temporarily enjoining, barring, suspending or otherwise limiting Mr. Sudusinghe’s involvement in any type of business, securities or banking activities.

4.Found by a court of competent jurisdiction (in a civil action), the Securities and Exchange Commission or the Commodity Futures Trading Commission to violate a federal or state securities or commodities law, and the judgment has not been reversed, suspended or vacated.

5.Was the subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of any Federal or State authority barring, suspending or otherwise limiting for more than 60 days the right to engage in any activity described in paragraph (f)(3)(i) of this section, or to be associated with persons engaged in any such activity;

6.Was found by a court of competent jurisdiction in a civil action or by the Commission to have violated any Federal or State securities law, and the judgment in such civil action or finding by the Commission has not been subsequently reversed, suspended, or vacated;

7.Was the subject of, or a party to, any Federal or State judicial or administrative order, judgment, decree, or finding, not subsequently reversed, suspended or vacated, relating to an alleged violation of:

i.Any Federal or State securities or commodities law or regulation; or

ii.Any law or regulation respecting financial institutions or insurance companies including, but not limited to, a temporary or permanent injunction, order of disgorgement or restitution, civil money penalty or temporary or permanent cease-and-desist order, or removal or prohibition order; or

iii.Any law or regulation prohibiting mail or wire fraud or fraud in connection with any business entity; or

8.Was the subject of, or a party to, any sanction or order, not subsequently reversed, suspended or vacated, of any self-regulatory organization (as defined in Section 3(a)(26) of the Exchange Act (15 U.S.C. 78c(a)(26))), any registered entity (as defined in Section 1(a)(29) of the Commodity Exchange Act (7 U.S.C. 1(a)(29))), or any equivalent exchange, association, entity or organization that has disciplinary authority over its members or persons associated with a member.December 2016.

 

Mr. Parrik spent a year in Thailand working as an independent English language teacher (from March 2018 to January 2019). From January 2017 to February 2018, he was employed at Terchest, a language school in Estonia. During this period, he managed to master his communication and negotiation skills while discussing multiple topics with people of different occupations. From September 2015 to January 2017, Mr. Parrik worked as SMM specialist at PremodCan in Vanier, Canada. The experience he obtained enabled him to gain an understanding of the whole process of online promotion and advertising for small and medium businesses. Apart from the foregoing, Mr. Alain Parrik has been engaged in family business since June 2011 and assisted his brother in obtaining a license for cannabis use in Montreal, Canada. The process of studying the medical cannabis domain inspired him to develop in the field and gain knowledge about CBD-related products. The Board of Directors consider Mr. Parrik’s skills to be ideal for future operations of the Company.

Term of Office

The director is appointed to hold office until the next annual meeting of our stockholders or until his respective successor is elected and qualified, or until he resigns or is removed in accordance with the provisions of the Nevada Revised Statues. Our Board of Directors and holdDirector holds office until removed by the Board or until his resignation appoints our officer.

Family Relationships

None.

Involvement in Certain Legal Proceedings

No director, executive officer, significant employee or control person of the Company has been involved in any legal proceeding listed in Item 401(f) of Regulation S-K in the past 10 years.

Corporate Governance

Our Board has not established any committees, including an audit committee, a compensation committee or a nominating committee, or any committee performing a similar function. The functions of those committees are being undertaken by our Board. Because we do not have any independent directors, our Board believes that the establishment of committees of our Board would not provide any benefits to our Company and could be considered more form than substance.

Given our relative size and lack of directors’ and officers’ insurance coverage, we do not anticipate that any of our stockholders will make such a recommendation in the near future. While there have been no nominations of additional directors proposed, in the event such a proposal is made, all current members of our Board will participate in the consideration of director nominees.

As with most small, early stage companies until such time as our Company further develops our business, achieves a revenue base and has sufficient working capital to purchase directors’ and officers’ insurance, we do not have any immediate prospects to attract independent directors. When we are able to expand our Board to include one or more independent directors, we intend to establish an audit committee of our Board of Directors. It is our intention that one or more of these independent directors will also qualify as an audit committee financial expert. Our securities are not quoted on an exchange that has requirements that a majority of our Board members be independent and we are not currently otherwise subject to any law, rule or regulation requiring that all or any portion of our Board of Directors include “independent” directors, nor are we required to establish or maintain an audit committee or other committee of our Board.

Director Independence

Our boardNone of directors is currently composedthe members of one member, Suneetha Nandana Silva Sudusinghe, who does not qualifyour Board of Directors qualifies as an independent director in accordance with the published listing requirements of the NASDAQ Global Market. The NASDAQ independence definition includes a series of objective tests, such as that the director is not, and has not been for at least three years, one of our employees and that neither the director, nor any of his family members has engaged in various types of business dealings with us. In addition, our board of directorsBoard has not made a subjective determination as to each director that no relationships exist which, in the opinion of our board of directors,Board, would interfere with the exercise of independent judgment in carrying out the responsibilities of a director, though such subjective determination is required by the NASDAQ rules.


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Had our boardBoard of directorsDirectors made these determinations, our board of directorsBoard would have reviewed and discussed information provided by the directors and us with regard to each director’s business and personal activities and relationships as they may relate to us and our management.

In performing the functions of the audit committee, our board oversees our accounting and financial reporting process. In this function, our board performs several functions. Our board, among other duties, evaluates and assesses the qualifications of the Company’s independent auditors; determines whether to retain or terminate the existing independent auditors; meets with the independent auditors and financial management of the Company to review the scope of the proposed audit and audit procedures on an annual basis; reviews and approves the retention of independent auditors for any non-audit services; reviews the independence of the independent auditors; reviews with the independent auditors and with the Company’s financial accounting personnel the adequacy and effectiveness of accounting and financial controls and considers recommendations for improvement of such controls; reviews the financial statements to be included in our annual and quarterly reports filed with the Securities and Exchange Commission; and discusses with the Company’s management and us.

23the independent auditors the results of the annual audit and the results of our quarterly financial statements.

 


Our board as a whole will consider executive officer compensation, and our entire board participates in the consideration of director compensation. Our board as a whole oversees our compensation policies, plans and programs, reviews and approves corporate performance goals and objectives relevant to the compensation of our executive officers, if any, and administers our equity incentive and stock option plans, if any.

Each of our directors participates in the consideration of director nominees. In addition to nominees recommended by directors, our board will consider nominees recommended by shareholders if submitted in writing to our secretary. Our board believes that any candidate for director, whether recommended by shareholders or by the board, should be considered on the basis of all factors relevant to our needs and the credentials of the candidate at the time the candidate is proposed. Such factors include relevant business and industry experience and demonstrated character and judgment.

 

Item 11. Executive Compensation

 

The following table sets forth the compensation paid by us for the year ended May 31, 20172019 and 20162018 for our sole officer and director.executive officers. This information includes the dollar value of base salaries, bonus awards and number of stock options granted, and certain other compensation, if any. The compensation discussed addresses all compensation awarded to, earned by, or paid or named executive officers. 

EXECUTIVE OFFICERCOMPENSATION SUMMARY COMPENSATION TABLE

Name and Principal Position

Year

Salary (US$)

Bonus (US$)

Stock Awards (US$)

Option Awards (US$)

Non-Equity Incentive Plan Compensation (US$)

Nonqualified Deferred Compensation Earnings (US$)

All Other Compensation (US$)

Total (US$)

Suneetha Sudusinghe

2017

0

0

0

0

0

0

0

0

2016

0

0

0

0

0

0

0

0

Name and Principal Position

Year

Salary (US$)

Bonus (US$)

Stock Awards (US$)

Option Awards (US$)

Non-Equity Incentive Plan Compensation (US$)

Nonqualified Deferred Compensation Earnings (US$)

All Other Compensation (US$)

Total (US$)

Suneetha Sudusinghe, President, CEO, CFO

2019

0

0

0

0

0

0

0

0

2018

0

0

0

0

0

0

0

0

Cecillia Jensen, Secretary

2019

0

0

0

0

0

0

0

0

2018

0

0

0

0

0

0

0

0

Alain Parrik, COO

2019

0

0

0

0

0

0

0

0

2018

0

0

0

0

0

0

0

0


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We have no work concurrences with our sole officer and executive.executive officers. We do not examineexpect going into any occupation understandings until such time as we start gainful operations. Mr. Sudusinghe, Ms. Jensen and Mr. Parrik will not be repaid after the offering and preceding beneficial operations. There is no affirmation that we will ever produce extra incomes from our operations.

The pay examined in this delivers all remuneration recompensed to, earned by, or paid to our named official officers.

There are no other investment opportunity arranges, retirement, annuity, or benefit sharing arrangements for the advantage of our officers and chiefs other than as portrayed in this.

Compensation of Directors

The individual from our top managerial staff is not made up for his administrations as a chief. The board has not actualized an arrangement to honor alternatives to any executives. There are no legally binding plans with any individual from the governing body. We have no executive’s administration contracts.

DIRECTOR’S COMPENSATION TABLE

Long-Term Incentive Plan Awards 

We do not have any long-term incentive plans that provide compensation intended to serve as incentive for performance.

 Name

Year 

Fees Earned or Paid in Cash

Stock Awards

Options Awards

Non-Equity Incentive Plan Compensation

Nonqualified Deferred Compensation Earnings

All Other Compensation

Total

 

 

(US$)

(US$)

(US$)

(US$)

(US$)

(US$)

(US$)

Suneetha Sudusinghe

2017

0

0

0

0

0

0

0

Suneetha Sudusinghe

2016

0

0

0

0

0

0

0

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Indemnification

Under our Articles of Incorporation and Bylaws of the corporation, we may indemnify an officer or director who is made a party to any proceeding, including a lawsuit, because of his position, if he acted in good faith and in a manner he reasonably believed to be in our best interest. We may advance expenses incurred in defending a proceeding. To the extent that the officer or director is successful on the merits in a proceeding as to which he is to be indemnified, we must indemnify him against all expenses incurred, including attorney’s fees. With respect to a derivative action, indemnity may be made only for expenses actually and reasonably incurred in defending the proceeding, and if the officer or director is judged liable, only by a court order. The indemnification is intended to be to the fullest extent permitted by the laws of the State of Nevada.

Regarding indemnification for liabilities arising under the Securities Act of 1933, which may be permitted to directors or officers under Nevada law, we are informed that, in the opinion of the Securities and Exchange Commission, indemnification is against public policy, as expressed in the Act and is, therefore, unenforceable.

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Title of class

Title of class

  

Name and Address of Beneficial Owner

  

Amount and Nature of Beneficial Ownership

  

Percent of Common Stock

  

Name of Beneficial Owner

  

Amount and Nature of Beneficial Ownership

  

Percent of Common Stock

Common Stock

Common Stock

  

Suneetha Sudusinghe

  

2,000,000

  

70.05%

  

Suneetha Sudusinghe

  

7,400,000

  

21.45%

.

 

 

 

 

     

Common Stock

 

Cecillia Jensen

  

10,000,000

  

28.99%

Item 13. Certain Relationships and Related Transactions

 

A total of 2,000,000 shares of common stock were issuedThe Company’s president has verbally agreed to our sole officer and director, all of which are restricted securities, as defined in Rule 144 of the Rules and Regulations of the SEC promulgated under the Securities Act. Under Rule 144, the shares can be publicly sold, subject to volume restrictions and restrictionsprovide interest free advances, due on the manner of sale. Such shares can only be sold after six months provided that the issuer of the securities is, and has been for a period of at least 90 days immediately before the sale, subjectdemand, to the reporting requirements of section 13 or 15(d) of the Exchange Act. Shares purchased in this offering, which will be immediately resalable, and sales of all of our other shares after applicable restrictions expire, could have a depressive effect on the market price, if any, of our common stock and the shares we are offering.

There is no public trading market for our common stock. To be quoted on the OTCBB a market maker must file an application on our behalfCompany up to make a market for our common stock.$100,000. As of May 31, 2019 and 2018, the dateCompany has drawn $54,500 and $35,500, respectively, of this report, we have not engaged a market makeradvances. In addition,   the Company’s president has agreed to file such an application; hence there isprovide production space in Sri Lanka at no guarantee that a market marker will file an applicationcharge for the production of  goods.

The Company’s subsidiary received $203,622 as advances from related parties as of May 31, 2019. The advances are interest-free and due on our behalf. Even if an application is filed, there is no guarantee that we will be accepted for quotation. Our stock may become quoted, rather than traded, on the OTCBB.demand.

There are no outstanding options or warrants to purchase, or securities convertible into our common stock. There is 31 holder of record for our common stock.

 

Item 14. Principal AccountantAccounting Fees and Services 

 

During fiscal yearyears ended May 31, 20172019 and 2016,2018, we incurred approximately $11,000$10,900 in fees to our principal independentaccountants Fruci & Associates II, PLLC for professional services rendered in connection with audit and reviews for the audit of ouryear ended May 31, 2016 financial statements2018, and for the reviews of our financial statementsyear ended $11,900 for the quarters ended AugustMay 31, 2016, November 30, 2016, and February 28, 2017.2019.  

 

During the fiscal years ended May 31, 20172019 and 20162018 we incurred no audited related fees, tax related fees, and $0 in all other fees.


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PART IV

 

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PART IV

Item 15. Exhibits and Financial Statement Schedules

 

The following exhibits are included as part of this report by reference:

(a)

List of documents filed as part of this Report

(1)

Financial Statements

The financial statements are included under Item 8 of this Annual Report on Form 10-K.

(2)

Financial Statements Schedules

All schedules have been omitted because the required information is included in the financial statements included under Item 8 of this Annual Report on Form 10-K or the notes thereto, or because it is not required.

(3)

Exhibits

See exhibits listed under Part (b) below.

(b)

Exhibits

 

 

 

 

31.1 

 

Certification of Chief Executive Officer pursuant to Securities Exchange Act of 1934 Rule 13a-14(a) or 15d-14(a).

 

 

 

31.232.1 

 

Certification of Chief Financial Officer pursuant to Securities Exchange Act of 1934 Rule 13a-14(a) or 15d-14(a).

32.1 

Certifications pursuant to Securities Exchange Act of 1934 Rule 13a-14(b) or 15d-14(b) and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes- Oxley Act of 2002.

 

 

Item 16. Form 10-K Summary

 

Not applicable.

 

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized in Sri Lanka, BeruwalaSwitzerland, Dietikon on August 18, 2017. October 15, 2019.

  

GEANTCANNABIS SUISSE CORP.

  

  

  

  

By:

/s/

Suneetha Nandana Silva Sudusinghe

  

  

  

Name:

Suneetha Nandana Silva Sudusinghe

  

  

  

Title:

President, Treasurer, Secretary and Director

(PrincipalChief Executive Financial and Accounting Officer)Officer


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