Cannabis Suisse (CSUI) 10-Q 14 Jan 22 2022 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Nov. 30, 2021	Jan. 14, 2022
Cover [Abstract]
DocumentType	10-Q
Amendment Flag	false
Document Quarterly Report	true
DocumentTransitionReport	false
Document Period End Date	Nov. 30, 2021
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2022
Current Fiscal Year End Date	--05-31
File Number	333-213009
Registrant Name	CANNABIS SUISSE CORP.
Entity Central Index Key	0001680132
TaxIdentificationNumber	38-3993849
IncorporationStateCountryCode	NV
AddressLine1	6607 Clara St #270
AddressCityOrTown	Bell Gardens
Address State	CA
AddressPostalZipCode	90201
CityAreaCode	502
LocalPhoneNumber	2082098
Current Reporting Status	Yes
Interactive Data Current	No
Filer Category	Non-accelerated Filer
SmallBusiness	true
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	false
Shell Company	false
CommonStockSharesOutstanding		34,091,975
ContactPersonnelEmailAddress	manage@cannabissuissecorp.com

BALANCE SHEETS

BALANCE SHEETS - USD ($)	Nov. 30, 2021	May 31, 2021
Current Assets
Inventory, net		$ 1,734
Accounts Receivable	7,770
Prepaid Expenses	5,962	450
Total Current Assets	13,732	2,184
Property and Equipment, net	3,220	4,383
TOTAL ASSETS	16,952	6,567
Current Liabilities
Accrued Wages	173,620	101,620
Advances From Related Parties	31,650
Convertible Notes Payable, net of debt discount	100,000	67,213
Derivative Liability	5,316	25,228
Total Current Liabilities	310,586	194,061
Total Liabilities	310,586	194,061
Stockholders’ Deficit
Preferred stock, par value $0.001; 20,000,000 shares authorized, 5,000,000 and 0 shares issued and outstanding as of November 30 and May 31, 2021, respectively	5,000
Common stock, par value $0.001; 250,000,000 shares authorized, 31,091,975 and 34,500,000 shares issued and outstanding as of November 30 and May 31, 2021, respectively	31,092	34,500
Additional Paid-In-Capital	747,955	652,860
Accumulated Deficit	(1,077,681)	(874,854)
Total Stockholders’ Deficit	(293,634)	(187,494)
TOTAL LIABILITIES & STOCKHOLDERS’ DEFICIT	$ 16,952	$ 6,567

BALANCE SHEETS (Parenthetical)

BALANCE SHEETS (Parenthetical) - $ / shares	Nov. 30, 2021	May 31, 2021
Statement of Financial Position [Abstract]
PreferredStockParOrStatedValuePerShare	$ 0.001	$ 0.001
PreferredStockSharesAuthorized	20,000,000	20,000,000
PreferredStockSharesOutstanding	5,000,000	0
PreferredStockSharesIssued	5,000,000	0
CommonStockParOrStatedValuePerShare	$ 0.001	$ 0.001
CommonStockSharesAuthorized	250,000,000	250,000,000
CommonStock SharesIssued	31,091,975	34,500,000
CommonStock SharesOutstanding	31,091,975	34,500,000

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		6 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2021	Nov. 30, 2020
REVENUES
Sales of goods from principal activity	$ 7,770		$ 7,770	$ 36,945
Sales of goods from secondary activity	-	11,226	-	13,905
Total Revenues	$ 7,770	$ 11,226	$ 7,770	$ 50,850
Cost of goods sold	1,734	28,841	1,734	102,648
Gross (Loss) Profit	6,036	(17,615)	6,036	(51,798)
OPERATING EXPENSES
Software development costs	6,487		6,487
General and administrative expenses	36,182	59,687	73,264	163,951
Professional fees	4,136	12,000	18,386	33,896
Depreciation	582	4,163	1,164	8,324
TOTAL OPERATING EXPENSES	47,387	78,850	99,301	206,171
OPERATING LOSS	(41,351)	(93,465)	(93,265)	(257,969)
Interest expense, net	(17,541)		(62,787)
Change in fair value of derivative liability	$ 1,395		$ 1,841
Net loss on extinguishment of debt	$ (15,683)		$ (48,616)
LOSS BEFORE INCOME TAXES	$ (73,180)	$ (93,465)	$ (202,827)	$ (257,969)
PROVISION FOR INCOME TAXES
NET LOSS	(73,180)	(93,465)	(202,827)	(257,969)
Other comprehensive (loss) income:
Foreign currency translation adjustment		(8,528)		(8,528)
COMPREHENSIVE LOSS	$ (73,180)	$ (101,993)	$ (202,827)	$ (266,497)
NET LOSS PER SHARE: BASIC AND DILUTED	$ 0	$ 0	$ 0	$ 0
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED	31,091,975	34,500,000	31,091,975	34,500,000

Statements of Changes in Stockh

Statements of Changes in Stockholders Equity - USD ($)	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Total
Beginning balance, value at May. 31, 2020		$ 34,500	$ 51,695	$ (17,221)	$ (455,482)	$ (386,508)
Beginning balance, shares at May. 31, 2020						34,500,000
Foreign currency translation adjustment				(157)		$ (157)
Net loss					(164,504)	(164,504)
Ending balance, value at Aug. 31, 2020		34,500	51,695	(17,378)	(619,986)	$ (551,169)
Balance, November, 2020 at Aug. 31, 2020						34,500,000
Net loss					(101,993)	$ (101,993)
Ending balance, value at Nov. 30, 2020		34,500	562,860		(721,979)	$ (124,619)
Balance, November, 2020 at Nov. 30, 2020						34,500,000
Net loss					(129,647)	$ (129,647)
Beginning balance, value at May. 31, 2021		34,500	652,860		(874,854)	(187,494)
Beginning balance, value at May. 31, 2021						34,500,000
Conversion of Notes Payable into Common Shares		$ 1	$ 63,601			$ 64,635
Conversion of Notes Payable, Common Shares						$ 1,034,561
Conversion of Common Shares into Preferred Shares	5,000	(5,000)
Conversion of Common Shares into Preferred Shares						5,000,000
Preferred Stock on August 31,2021 at May. 31, 2021						0
Ending balance, value at Aug. 31, 2021	$ 5,000	$ 30,534	$ 716,461		$ (1,004,501)	$ (252,506)
Preferred Shares Ending balance, shares at Aug. 31, 2021						5,000,000
Beginning balance, value at Aug. 31, 2021						$ 30,534,561
Conversion of Notes Payable, Common Shares						$ 557,414
Conversion of Notes Payable into Common Shares		$ 558	$ 31,494			$ 32,052
Net loss					$ (73,180)	$ (73,180)
Ending balance, value at Nov. 30, 2021	$ 5,000	$ 31,092	$ 747,955		$ (1,077,681)	$ (293,634)
Preferred Shares Ending balance, shares at Nov. 30, 2021						5,000,000
Ending balance, shares at Nov. 30, 2021						31,091,975

STATEMENTS OF CASH FLOWS

STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Nov. 30, 2021	Nov. 30, 2020
OPERATING ACTIVITIES
Net loss	$ (202,827)	$ (266,497)
Adjustments to reconcile net loss to net cash provided by operations:
Depreciation	1,164	8,324
Provision for Doubtful Accounts		78,827
Amortization Expense		12,772
Amortization of Debt Discount	62,787
Loss on Extinguishment of Debt	48,616
Change in Fair Value of Derivative Liability	(1,841)
Changes in assets and liabilities:
Accounts Receivable	(7,770)	(1,979)
Related Party Receivables		8,422
VAT Tax Receivable		9,563
Inventory	1,734	(24,932)
Prepaid Expenses	(5,513)	(450)
Accounts Payable		81,507
Accrued Wages	72,000	11,375
Net cash used in Operating Activities	(31,650)	(83,068)
FINANCING ACTIVITIES
Advances from Related Parties	31,650	62,048
Bank Indebtedness		21,015
Net cash provided by Financing Activities	31,650	83,063
Net cash increase (decrease) for period		(5)
Cash at beginning of period		5
Cash at end of period
SUPPLEMENTAL
Cash paid for taxes
Cash paid for interest

ORGANIZATION AND NATURE OF BUSI

ORGANIZATION AND NATURE OF BUSINESS	6 Months Ended
	Nov. 30, 2021
Accounting Policies [Abstract]
ORGANIZATION AND NATURE OF BUSINESS	NOTE 1 – ORGANIZATION AND NATURE OF BUSINESS The Company is engaged in the business of production of OTC (over-the-counter) products - for example CBD oils, retail branded cigarettes and also some health-related supplements. We use various distribution channels for various types of customers. The Company’s products can be sold to both corporate customers and individual clients.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Nov. 30, 2021
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The financial information furnished herein reflects all adjustments, consisting of normal recurring items that, in the opinion of management, are necessary for a fair presentation of the Company's financial position, results of operations and cash flows for the interim periods. The results of operations for the six months ended November 30, 2021 are not necessarily indicative of the results to be expected for the year ending May 31, 2022. The information included in this Form 10-Q should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended May 31, 2021. Basis of presentation and consolidation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, (GAAP). The Company’s year-end is May 31. The consolidated financial statements include the accounts of the Company and its former wholly-owned subsidiary, Cannabis Suisse LLC, through the date of disposal (see Note 4). All significant inter-company accounts and transactions have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with GAAP 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 Cash E ui v lents T e C m a c nsi ers all i ly li i inves m e ts wit t e ori i a m ritie o thre m t les to s e q i a le t Accounts Receivable The Company records accounts receivable at the time products and services are delivered. An allowance for losses is established through a provision for losses charged to expenses. Receivables are charged against the allowance for losses when management believes collectability is unlikely. The allowance (if any) is an amount that management believes will be adequate to absorb estimated losses on existing receivables, based on evaluation of the collectability of the accounts and prior loss experience. I nventories Inventories are stated at the lower of cost or market. The Company had $0 and $1,734 in inventory as of November 30, 2021 and May 31, 2021, respectively. The Company also determines a reserve for excess and obsolete inventory based on historical usage, and projecting the year in which inventory will be consumed into a finished product. The valuation of inventories requires management to make significant assumptions, including the assessment of market value by inventory category considering historical usage, future usage and market demand for their products, and qualitative judgments related to discontinued, slow moving and obsolete inventories. The Company had $0 in reserve for excess and obsolete inventory as of November 30, 2021 and May 31, 2021, respectively. 9 CANNABIS SUISSE CORP. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) Property and equipment Property and equipment are carried at cost less accumulated depreciation. Depreciation is provided over the assets’ estimated useful lives, using the straight-line method. Estimated useful lives of the plant and equipment are as follows: Equipment, Furniture and fixtures 5-10 years Office machines, IT equipment 5-10 years Leasehold Improvements 2-5 years The cost and related accumulated depreciation of assets sold or otherwise retired are eliminated from the accounts and any gain or loss is included in the consolidated statements of operations and comprehensive loss. The cost of maintenance and repairs is charged to the consolidated statements of operations and comprehensive loss as incurred, whereas significant renewals and betterments are capitalized. Impairment The Company evaluates the impairment of long-lived assets whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Our evaluation is based on an assessment of potential indicators of impairment, such as an adverse change in the business climate that could affect the value of an asset, current or forecasted operating or cash flow losses that demonstrate continuing losses associated with the use of an asset, and a current expectation that, more likely than not, an asset will be disposed of before the end of its previously estimated useful life. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future undiscounted net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell. During the six months ended November 30, 2021 and 2020, the Company recognized an impairment of intangibles in the amount of $0, respectively. Fair Value of Financial Instruments Accounting Standards Codification (“ASC”) 820 Fair Value Measurements and Disclosures 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: 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 the Company’s cash, other current assets, accounts payable, accrued expenses and advances from related parties approximates its fair value due to their short-term maturity. The Company has derivatives that are measured at level 3. The derivatives may require appropriate valuation adjustments that a market participant would require to arrive at fair value. 10 CANNABIS SUISSE CORP. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) Derivatives Derivative instruments are recognized in the Consolidated Financial Statements at fair value. Where the Company has entered into master netting agreements with counterparties, the derivative positions are netted by counterparties and are reported accordingly in other assets or other liabilities. Changes in the fair value of derivative instruments are recognized in earnings each period, unless the derivative is designated and qualifies as a cash flow or net investment hedge. Income Taxes The Company accounts for its income taxes in accordance with ASC 740, Income Taxes Revenue Recognition The Company recognizes revenue in accordance with Accounting Standards Update (ASU) 2014-09, “Revenue from contracts with customers” The Company applies the following five-step model in order to determine this amount: (i) identification of the promised goods in the contract; (ii) determination of whether the promised goods are performance obligations, including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. The Company only applies the five-step model to contracts when it is probably that the entity will collect the consideration it is entitled in exchange for the goods or services it transfers to the customer. Once a contract is determined to be within the scope of ASC 606 at contract inception, the Company reviews the contract to determine which performance obligations the Company must deliver and which of these performance obligations are distinct. The Company recognizes as revenues the amount of the transaction price that is allocated to the respective performance obligation when the performance obligation is satisfied or as it is satisfied. Generally, the Company’s performance obligations are transferred to customers at a point in time, typically upon delivery. For our new customers, the Company generally requires orders placed to be backed by advances or deposits. In general, we provide payment terms between 30 to 60 days following receiving of goods. Cost of Goods Sold Cost of goods sold includes direct costs of selling items, direct labor cost, rent expense and electricity. B asic Income (Loss) Per Share The Company computes income (loss) per share in accordance with ASC 260 Earnings per Share Foreign Currency Translation Assets and liabilities of 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 period. The translation adjustments for the reporting period are included in the Company’s consolidated statements of operations and comprehensive loss, and the cumulative effect of these adjustments are reported in the Company’s consolidated balance sheets as accumulated other comprehensive loss within stockholders’ deficit. 11 CANNABIS SUISSE CORP. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) Recent Accounting Pronouncements There have been no recent accounting pronouncements or changes in accounting pronouncements during the six months ended November 30, 2021 that are of significance or potential significance to the Company.

GOING CONCERN

GOING CONCERN	6 Months Ended
	Nov. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
GOING CONCERN	NOTE 3 – GOING CONCERN The accompanying consolidated financial statements have been prepared in conformity with GAAP, which contemplate continuation of the Company as a going concern. However, the Company had limited revenues and recurring losses as of November 30, 2021. 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. The impact of the COVID-19 pandemic has had, and is expected to continue to have, an adverse effect on our business and our financial results. COVID-19 pandemic has negatively affected global economy, disrupted consumer spending and global supply chains and created significant volatility and disruption of financial markets. The pandemic had and will continue to have an adverse effect on our business and financial performance. The extent of the impact of COVID-19, including the Company’s ability to execute its business strategies as planned, will depend on future developments, including the duration and severity of the pandemic, which are uncertain and cannot be predicted. The COVID-19 pandemic could also adversely affect its liquidity and ability to access the capital markets. Uncertainty regarding the duration of the COVID-19 pandemic may adversely impact its ability to raise additional capital, or require additional capital.

BUSINESS COMBINATION

BUSINESS COMBINATION	6 Months Ended
	Nov. 30, 2021
Accounting Policies [Abstract]
BUSINESS COMBINATION	NOTE 4 - BUSINESS COMBINATION On November 23, 2020, Cannabis Suisse Corp. (the “Transferor”), entered into an Asset Transfer Agreement with Cecillia Merige Jensen (the “Transferee”) and Cannabis Suisse LLC. In accordance with the terms of the Agreement, the Transferor transferred to the Transferee all its right, title and interest to one hundred percent (100%) of Cannabis Suisse LLC, including all its right, title and interest to one hundred percent (100%) of Grow Factory GmbH and the Transferee transferred and assigned to the Transferor 10,000,000 restricted shares of Cannabis Suisse Corp., free and clear of any and all liens and encumbrances. The above-mentioned Asset Transfer Agreement hereby revokes the effect of the Stock Transfer Agreement entered into with Cecillia Jensen on May 31, 2019, and the 10,000,000 shares were returned to the President of the Company to reinstate his ownership percentage pre-acquisition. Disposal of Assets: Related Party Receivable $ 1,618 Inventory 29,902 Prepaid Taxes 12,346 Property and Equipment 71,006 VAT Tax Receivable 4,316 Operating lease right of use asset 126,881 Total Assets Transferred $ 246,069 12 CANNABIS SUISSE CORP. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

ROPERTY AND EQUIPMENT

ROPERTY AND EQUIPMENT	6 Months Ended
	Nov. 30, 2021
Accounting Policies [Abstract]
ROPERTY AND EQUIPMENT	NOTE 5 – P ROPERTY AND EQUIPMENT Property and equipment: November 30, 2021 May 31, 2021 Equipment $ 16,451 $ 16,451 Leasehold Improvements 8,354 8,354 Accumulated depreciation (21,585) (20,422) Net property and equipment $ 3,220 $ 4,383 For the three months ended November 30, 2021 and 2020 the Company recognized depreciation expense in the amount of $582 and $4,163, respectively. For the six months ended November 30, 2021 and 2020 the Company recognized depreciation expense in the amount of $1,164 and $8,324, respectively.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Nov. 30, 2021
Accounting Policies [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 6 – COMMITMENTS AND CONTINGENCIES As of November 30, 2021 the Company has no signed agreements.

RELATED_THIRD PARTY TRANSACTION

RELATED/THIRD PARTY TRANSACTIONS	6 Months Ended
	Nov. 30, 2021
Related Party Transactions [Abstract]
RELATED/THIRD PARTY TRANSACTIONS	NOTE 7 – RELATED/THIRD PARTY TRANSACTIONS The Company’s President has agreed to provide interest free advances, due on demand, to the Company up to $100,000. As of November 30 and May 31, 2021, Suneetha Nandana Silva Sudusinghe advanced to the Company $31,650 and $0, respectively.

CONVERTIBLE NOTES PAYABLE

CONVERTIBLE NOTES PAYABLE	6 Months Ended
	Nov. 30, 2021
Debt Disclosure [Abstract]
CONVERTIBLE NOTES PAYABLE	NOTE 8 – CONVERTIBLE NOTES PAYABLE On December 1, 2020, Suneetha Nandana Silva Sudusinghe assigned SAPA Investments, LLC $10,000 of his loan to Cannabis Suisse Corp. The Agreement contains a provision that allows SAPA Investments, LLC to convert the loan to common stock at a 70%-discount to the market price at the time of conversion after a period of lockup of 30 days. The original loan to Cannabis Suisse Corp. from Mr. Sudusinghe was pursuant to Loan Agreement dated March 1, 2016 and Verbal Agreement dated April 2, 2019. On December 4, 2020 Suneetha Nandana Silva Sudusinghe assigned SAPA Group, LLC $10,000 of his loan to Cannabis Suisse Corp. The Agreement contains a provision that allows SAPA Group, LLC to convert the loan to common stock at a 70%-discount to the market price at the time of conversion after a period of lockup of 30 days. The original loan to Cannabis Suisse Corp. from Mr. Sudusinghe was pursuant to Loan Agreement dated March 1, 2016 and Verbal Agreement dated April 2, 2019. On December 7, 2020 Suneetha Nandana Silva Sudusinghe assigned GSS Group LLC $10,000 of his loan to Cannabis Suisse Corp. The Agreement contains a provision that allows GSS Group LLC to convert the loan to common stock at a 70%-discount to the market price at the time of conversion after a period of lockup of 30 days. The original loan to Cannabis Suisse Corp. from Mr. Sudusinghe was pursuant to Loan Agreement dated March 1, 2016 and Verbal Agreement dated April 2, 2019. On December 10, 2020 Suneetha Nandana Silva Sudusinghe assigned Noi Tech LLC $10,000 of his loan to Cannabis Suisse Corp. The Agreement contains a provision that allows Noi Tech LLC to convert the loan to common stock at a 70%-discount to the market price at the time of conversion after a period of lockup of 30 days. The original loan to Cannabis Suisse Corp. from Mr. Sudusinghe was pursuant to Loan Agreement dated March 1, 2016 and Verbal Agreement dated April 2, 2019. 13 CANNABIS SUISSE CORP. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) On April 1, 2021 Suneetha Nandana Silva Sudusinghe assigned Serhii Cherniienko $60,000 of his loan to Cannabis Suisse Corp. The Agreement contains a provision that allows Serhii Cherniienko to convert the loan to common stock at a fixed price of $0.01 per share. Beneficial conversion feature was $60,000 and debt discount was $19,672. The original loan to Cannabis Suisse Corp. from Mr. Sudusinghe was pursuant to Loan Agreement dated March 1, 2016 and Verbal Agreement dated April 2, 2019. On April 15, 2021 Suneetha Nandana Silva Sudusinghe assigned Noi Tech LLC $30,000 of his loan to Cannabis Suisse Corp. The Agreement contains a provision that allows Noi Tech LLC to convert the loan to common stock at a fixed price of $0.01 per share. Beneficial conversion feature was $30,000 and debt discount was $7,541. The original loan to Cannabis Suisse Corp. from Mr. Sudusinghe was pursuant to Loan Agreement dated March 1, 2016 and Verbal Agreement dated April 2, 2019. The Company’s convertible promissory notes gave rise to derivative financial instruments. The notes embodied certain terms and conditions that were not clearly and closely related to the host debt agreement in terms of economic risks and characteristics. These terms and features consist of the embedded conversion option. The following tables summarize the components of the Company’s derivative liabilities and linked common shares as of November 30, 2021 and the amounts that were reflected in income related to derivatives for the period ended: November 30, 2021 The financings giving rise to derivative financial instruments Indexed Fair Embedded derivatives 433,674 $ 5,315 Total 433,674 $ 5,315 The following table summarizes the effects on the Company’s gain (loss) associated with changes in the fair values of the derivative financial instruments by type of financing for the three and six months ended November 30, 2021: The financings giving rise to derivative financial instruments and the gain (loss) effects: For the Three Months Ended For the Six Months Ended November 30, 2021 November 30, 2021 Embedded derivatives $ 1,395 $ 1,841 Total $ 1,395 $ 1,841 Current accounting principles that are provided in ASC 815 - Derivatives and Hedging 14 CANNABIS SUISSE CORP. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) Significant inputs and results arising from the Monte Carlo Simulation process are as follows for the embedded derivatives that have been bifurcated from the convertible notes and classified in liabilities: December 1, 2020 Quoted market price on valuation date $0.0615 Effective contractual conversion rates $0.044 Contractual term to maturity 0.25 years Market volatility: Volatility 299.09% - 479.35% Risk-adjusted interest rate 0.13% December 4, 2020 Quoted market price on valuation date $0.0722 Effective contractual conversion rates $0.056 Contractual term to maturity 0.25 years Market volatility: Volatility 239.43% - 391.85% Risk-adjusted interest rate 0.13% December 7, 2020 Quoted market price on valuation date $0.06 Effective contractual conversion rates $0.0455 Contractual term to maturity 0.25 years Market volatility: Volatility 281.02% - 381.87% Risk-adjusted interest rate 0.12% December 10, 2020 Quoted market price on valuation date $0.0551 Effective contractual conversion rates $0.0419 Contractual term to maturity 0.25 years Market volatility: Volatility 196.85% - 382.99% Risk-adjusted interest rate 0.12% November 30, 2021 Quoted market price on valuation date $0.034 Effective contractual conversion rates $0.0238 Contractual term to maturity 0.25 years Market volatility: Volatility 13.14% - 158.27% Risk-adjusted interest rate 0.08% 15 CANNABIS SUISSE CORP. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) The following table reflects the issuances of embedded derivatives and changes in fair value inputs and assumptions related to the embedded derivatives as of November 30 and May 31, 2021. Period Ended Period Ended November 30, 2021 May 31, 2021 Balances at beginning of period $ 25,228 $ - Issuances: Embedded derivatives - 33,132 Conversions (18,071) Changes in fair value inputs and assumptions reflected in income (1,841) (7,904) Balances at end of period $ 5,316 $ 25,228

REPORTABLE SEGMENTS

REPORTABLE SEGMENTS	6 Months Ended
	Nov. 30, 2021
Segment Reporting [Abstract]
REPORTABLE SEGMENTS	NOTE 9 – REPORTABLE SEGMENTS The Company follows segment reporting in accordance with ASC Topic 280, Segment Reporting The Cannabis Suisse LLC segment is involved in cannabis cultivation and distribution in Switzerland of recreational tobacco products and medical CBD oils. On November 23, 2020, Cannabis Suisse LLC and Cannabis Suisse Corp canceled their acquisition by Asset Transfer Agreement. Cannabis Suisse Corp is engaged in the development of its business activities by conquering the USA market of CBD products since November 2020. Net revenue by reporting segment for the three and six months ended November 30, 2021 and 2020, is as follows: For the three months ended November 30, 2021 For the six months ended November 30, 2021 For the three months ended November 30, 2020 For the six months ended November 30, 2020 Cannabis Suisse Corp $ 7,770 $ 7,770 $ - $ - Cannabis Suisse LLC - - 11,226 50,850 Total Revenue $ 7,770 $ 7,770 $ 11,226 $ 50,850 Gross profit by reporting segment for the three and six months ended November 30, 2021 and 2020, is as follows: For the three months ended November 30, 2021 For the six months ended November 30, 2021 For the three months ended November 30, 2020 For the six months ended November 30, 2020 Cannabis Suisse Corp $ 6,036 $ 6,036 $ - $ - Cannabis Suisse LLC - - (17,615) (51,798) Total Gross (Loss) Profit $ 6,036 $ 6,036 $ (17,615) $ (51,798) Assets by reporting segment as of November 30 and May 31, 2021, is as follows: November 30, 2021 May 31, 2021 Cannabis Suisse Corp $ 16,952 $ 6,567 Cannabis Suisse LLC - - Total Assets $ 16,952 $ 6,567 16 CANNABIS SUISSE CORP. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

STOCKHOLDERS_ EQUITY

STOCKHOLDERS’ EQUITY	6 Months Ended
	Nov. 30, 2021
Equity [Abstract]
STOCKHOLDERS’ EQUITY	NOTE 10 – STOCKHOLDERS’ EQUITY On March 17, 2021, the Board of Directors, along with the majority stockholder, resolved that the 5,000,000 preferred shares with voting rights of 1 to 10 shall be issued to Suneetha Nandana Silva Sudusinghe in exchange for 5,000,000 common shares that Suneetha Nandana Silva Sudusinghe owned previously. The 5,000,000 preferred shares were issued on July 21, 2021.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Nov. 30, 2021
Accounting Policies [Abstract]
INCOME TAXES	NOTE 11 – 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. The Company has no tax position at November 30, 2021 for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility. The Company recognizes 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 November 30, 2021. The Company’s utilization of any net operating loss carryforward may be unlikely as a result of its intended activities. The valuation allowance at November 30, 2021 was $ . The net change in valuation allowance for the six months ended November 30, 2021 and year ended May 31, 2021 was $42,594 and $88,068, respectively. 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 November 30 and May 31, 2021. 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 $1,077,681 at November 30, 2021, expiring through 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). The components of the Company’s deferred tax asset November 30, 2021 May 31, 2021 Net operating loss carryforward $ (1,077,681) $ (874,854) Effective tax rate 21 % 21 % Deferred tax asset 226,313 183,719 Less: Valuation allowance (226,313) (183,719) Net deferred asset $ - $ - 17 CANNABIS SUISSE CORP. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) The change in the valuation allowance during the six months ended November 30, 2021 and year ended May 31, 2021 November 30, 2021 May 31, 2021 Federal income tax benefit attributed to: Net operating loss from continuing operations $ 226,313 $ 183,719 Valuation allowance (226,313) (183,719) Net benefit $ - $ -

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Nov. 30, 2021
Accounting Policies [Abstract]
SUBSEQUENT EVENTS	NOTE 12 – SUBSEQUENT EVENTS In accordance with SFAS 165 (ASC 855), Subsequent Events the Company has analyzed its operations subsequent to November 30, 2021 to the date these consolidated financial statements were issued, and has determined that it has material subsequent events to disclose as follows: On December 1, 2021, Suneetha Nandana Silva Sudusinghe assigned Serghei Dumanov $12,000 of his loan to Cannabis Suisse Corp. The Agreement contains a provision that allows Serghei Dumanov to convert the loan to common stock at a fixed price of $0.005 per share. The original loan to Cannabis Suisse Corp. from Mr. Sudusinghe was pursuant to Loan Agreement dated March 1, 2016 and Verbal Agreement dated April 2, 2019

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Nov. 30, 2021
Accounting Policies [Abstract]
Basis of presentation and consolidation	Basis of presentation and consolidation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, (GAAP). The Company’s year-end is May 31. The consolidated financial statements include the accounts of the Company and its former wholly-owned subsidiary, Cannabis Suisse LLC, through the date of disposal (see Note 4). All significant inter-company accounts and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP 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	Cash and Cash E ui v lents T e C m a c nsi ers all i ly li i inves m e ts wit t e ori i a m ritie o thre m t les to s e q i a le t
Accounts Receivable	Accounts Receivable The Company records accounts receivable at the time products and services are delivered. An allowance for losses is established through a provision for losses charged to expenses. Receivables are charged against the allowance for losses when management believes collectability is unlikely. The allowance (if any) is an amount that management believes will be adequate to absorb estimated losses on existing receivables, based on evaluation of the collectability of the accounts and prior loss experience.
nventories	I nventories Inventories are stated at the lower of cost or market. The Company had $0 and $1,734 in inventory as of November 30, 2021 and May 31, 2021, respectively. The Company also determines a reserve for excess and obsolete inventory based on historical usage, and projecting the year in which inventory will be consumed into a finished product. The valuation of inventories requires management to make significant assumptions, including the assessment of market value by inventory category considering historical usage, future usage and market demand for their products, and qualitative judgments related to discontinued, slow moving and obsolete inventories. The Company had $0 in reserve for excess and obsolete inventory as of November 30, 2021 and May 31, 2021, respectively. 9 CANNABIS SUISSE CORP. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Property and equipment	Property and equipment Property and equipment are carried at cost less accumulated depreciation. Depreciation is provided over the assets’ estimated useful lives, using the straight-line method. Estimated useful lives of the plant and equipment are as follows: Equipment, Furniture and fixtures 5-10 years Office machines, IT equipment 5-10 years Leasehold Improvements 2-5 years The cost and related accumulated depreciation of assets sold or otherwise retired are eliminated from the accounts and any gain or loss is included in the consolidated statements of operations and comprehensive loss. The cost of maintenance and repairs is charged to the consolidated statements of operations and comprehensive loss as incurred, whereas significant renewals and betterments are capitalized.
Impairment	Impairment The Company evaluates the impairment of long-lived assets whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Our evaluation is based on an assessment of potential indicators of impairment, such as an adverse change in the business climate that could affect the value of an asset, current or forecasted operating or cash flow losses that demonstrate continuing losses associated with the use of an asset, and a current expectation that, more likely than not, an asset will be disposed of before the end of its previously estimated useful life. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future undiscounted net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell. During the six months ended November 30, 2021 and 2020, the Company recognized an impairment of intangibles in the amount of $0, respectively.
Fair Value of Financial Instruments	Fair Value of Financial Instruments Accounting Standards Codification (“ASC”) 820 Fair Value Measurements and Disclosures 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: 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 the Company’s cash, other current assets, accounts payable, accrued expenses and advances from related parties approximates its fair value due to their short-term maturity. The Company has derivatives that are measured at level 3. The derivatives may require appropriate valuation adjustments that a market participant would require to arrive at fair value. 10 CANNABIS SUISSE CORP. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Derivatives	Derivatives Derivative instruments are recognized in the Consolidated Financial Statements at fair value. Where the Company has entered into master netting agreements with counterparties, the derivative positions are netted by counterparties and are reported accordingly in other assets or other liabilities. Changes in the fair value of derivative instruments are recognized in earnings each period, unless the derivative is designated and qualifies as a cash flow or net investment hedge.
Taxes	Income Taxes The Company accounts for its income taxes in accordance with ASC 740, Income Taxes
Revenue Recognition	Revenue Recognition The Company recognizes revenue in accordance with Accounting Standards Update (ASU) 2014-09, “Revenue from contracts with customers” The Company applies the following five-step model in order to determine this amount: (i) identification of the promised goods in the contract; (ii) determination of whether the promised goods are performance obligations, including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. The Company only applies the five-step model to contracts when it is probably that the entity will collect the consideration it is entitled in exchange for the goods or services it transfers to the customer. Once a contract is determined to be within the scope of ASC 606 at contract inception, the Company reviews the contract to determine which performance obligations the Company must deliver and which of these performance obligations are distinct. The Company recognizes as revenues the amount of the transaction price that is allocated to the respective performance obligation when the performance obligation is satisfied or as it is satisfied. Generally, the Company’s performance obligations are transferred to customers at a point in time, typically upon delivery. For our new customers, the Company generally requires orders placed to be backed by advances or deposits. In general, we provide payment terms between 30 to 60 days following receiving of goods.
Cost of Goods Sold	Cost of Goods Sold Cost of goods sold includes direct costs of selling items, direct labor cost, rent expense and electricity.
asic Income (Loss) Per Share	B asic Income (Loss) Per Share The Company computes income (loss) per share in accordance with ASC 260 Earnings per Share
Foreign Currency Translation	Foreign Currency Translation Assets and liabilities of 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 period. The translation adjustments for the reporting period are included in the Company’s consolidated statements of operations and comprehensive loss, and the cumulative effect of these adjustments are reported in the Company’s consolidated balance sheets as accumulated other comprehensive loss within stockholders’ deficit. 11 CANNABIS SUISSE CORP. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Recent Accounting Pronouncements	Recent Accounting Pronouncements There have been no recent accounting pronouncements or changes in accounting pronouncements during the six months ended November 30, 2021 that are of significance or potential significance to the Company.

ROPERTY AND EQUIPMENT (Tables)

ROPERTY AND EQUIPMENT (Tables)	6 Months Ended
	Nov. 30, 2021
Accounting Policies [Abstract]
Property and equipment:	Property and equipment: November 30, 2021 May 31, 2021 Equipment $ 16,451 $ 16,451 Leasehold Improvements 8,354 8,354 Accumulated depreciation (21,585) (20,422) Net property and equipment $ 3,220 $ 4,383

INCOME TAXES (Tables)

INCOME TAXES (Tables)	6 Months Ended
	Nov. 30, 2021
Accounting Policies [Abstract]
the valuation allowance during the six months ended November 30, 2021 and year ended May 31, 2021	The components of the Company’s deferred tax asset November 30, 2021 May 31, 2021 Net operating loss carryforward $ (1,077,681) $ (874,854) Effective tax rate 21 % 21 % Deferred tax asset 226,313 183,719 Less: Valuation allowance (226,313) (183,719) Net deferred asset $ - $ - 17 CANNABIS SUISSE CORP. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) The change in the valuation allowance during the six months ended November 30, 2021 and year ended May 31, 2021 November 30, 2021 May 31, 2021 Federal income tax benefit attributed to: Net operating loss from continuing operations $ 226,313 $ 183,719 Valuation allowance (226,313) (183,719) Net benefit $ - $ -
the valuation allowance during the six months ended November 30, 2021 and year ended May 31, 2021	The change in the valuation allowance during the six months ended November 30, 2021 and year ended May 31, 2021 November 30, 2021 May 31, 2021 Federal income tax benefit attributed to: Net operating loss from continuing operations $ 226,313 $ 183,719 Valuation allowance (226,313) (183,719) Net benefit $ - $ -

Property and equipment_ (Detail

Property and equipment: (Details) - USD ($)	Nov. 30, 2021	May 31, 2021
Accounting Policies [Abstract]
Equipment	$ 16,451	$ 16,451
Leasehold Improvements	8,354	8,354
Accumulated depreciation	(21,585)	(20,422)
Net property and equipment	$ 3,220	$ 4,383

the valuation allowance during

the valuation allowance during the six months ended November 30, 2021 and year ended May 31, 2021 (Details) - USD ($)	6 Months Ended	12 Months Ended
	Nov. 30, 2021	May 31, 2021
Accounting Policies [Abstract]
Net operating loss carryforward	$ (1,077,681)	$ (874,854)
Deferred tax asset	226,313	183,719
Less: Valuation allowance	(226,313)	(183,719)
Net deferred asset
Federal income tax benefit attributed to:
Net operating loss from continuing operations	226,313	183,719
Valuation allowance	$ (226,313)	$ (183,719)