Quarterly Report for Quarter Ending November 30, 2025 (Form 10-Q)

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

This quarterly report and other reports filed by Cannabis Suisse Corp. (Formerly Geant Corp.) ("we," "us," "our," or the "Company"), from time to time contain or may contain forward-looking statements and information that are based upon beliefs of, and information currently available to, the Company's management as well as estimates and assumptions made by Company's management. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. When used in the filings, the words "anticipate", "believe", "estimate", "expect", "future", "intend", "plan" or the negative of these terms and similar expressions as they relate to the Company or the Company's management identify forward-looking statements. Such statements reflect the current view of the Company with respect to future events and are subject to risks, uncertainties, assumptions, and other factors. Should one or more of these risks or uncertainties materialize, or should the underlying assumptions prove incorrect, actual results may differ significantly from those anticipated, believed, estimated, expected, intended, or planned.

Our financial statements are prepared in accordance with accounting principles generally accepted in the United States ("GAAP"). These accounting principles require us to make certain estimates, judgments, and assumptions. We believe that the estimates, judgments, and assumptions upon which we rely are reasonable based upon information available to us at the time that these estimates, judgments, and assumptions are made. These estimates, judgments, and assumptions can affect the reported amounts of assets and liabilities as of the date of the financial statements as well as the reported amounts of revenues and expenses during the periods presented. Our financial statements would be affected to the extent there are material differences between these estimates.

In General

Since June 2022, the Company has focused its efforts on real estate operations. We have no involvement in any aspect of the cannabis industry. In February 2023, we leased a commercial building from a company controlled by our CEO and subleased a portion of the building to a third party. The term of the sublease was one year and the annual rent was $30,000. Effective March of 2024, the sublease became a month-to-month lease for $2,500 per month. The sub-lease was terminated on February 28, 2025.

Results of Operations for the three and six months ended November 30, 2025 and 2024

Revenue and Cost of Sales

For the three and six months ended November 30, 2025, the Company generated total revenue of $0. The cost of sales for the three and six months ended November 30, 2025, were $0.

For the three and six months ended November 30, 2024, the Company generated total revenue of $7,500 and $15,000, respectively. The cost of sales for the three and six months ended November 30, 2024, were $7,356 and $14,712, respectively.

There was no revenue and related cost during the three and six months ended November 30, 2025 due to the termination of the Company's only sub-lease on February 28, 2025.

Operating Expenses

Total operating expenses for the three and six months ended November 30, 2025, were $74,980 and $159,515, respectively. The operating expenses for the six months ended November 30, 2025, included professional fees of $32,070; depreciation expense of $2,122 and general and administrative expenses of $125,323. The operating expenses for the three months ended November 30, 2025, included professional fees of $11,070; depreciation expense of $1,061 and general and administrative expenses of $62,849.

Total operating expenses for the three and six months ended November 30, 2024, were $92,453 and $167,436, respectively. The operating expenses for the six months ended November 30, 2024, included professional fees of $55,273; depreciation expense of $2,122 and general and administrative expenses of $110,041. The operating expenses for the three months ended November 30, 2024, included professional fees of $36,194; depreciation expense of $1,061 and general and administrative expenses of $55,198.

The decrease in operating expenses is mainly related to the decrease of the professional fee expenses, as in the prior year the Company incurred a one-time $20,000 charge for advisory fees related to obtaining eligibility with the Depository Trust Company, offset by an increase in rent expense, recorded in general and administrative expenses, due to the lack of a sublease that resulted in the amounts being recorded in cost of sales in the prior year.

Other Income (Expense)

The total other income (expense) for the three months ended November 30, 2025 and 2024 were $97,372 and $97,371, respectively. The other expenses for the three months ended November 30, 2025 and 2024, contained interest expenses of $16,120 and $16,120, respectively, and $113,492 and $113,491 recorded for the amortization of debt premium, respectively.

The total other income (expense) for the six months ended November 30, 2025 and 2024 were $195,814 and $(362,876), respectively. The other expenses for the six months ended November 30, 2025, contained interest expenses of $32,417 and $228,231 recorded for the amortization of debt premium, while for the six months ended November 30, 2024, the other expenses contained interest expenses of $30,969, loss of $551,677 on the settlement of debt and $219,770 recorded for the amortization of debt premium. The significant variance in the other income (expense) for the six months is due to the loss on settlement of debt recorded in the prior period that resulted from a convertible note being entered into in order to pay for unpaid rent.

Net Income (Loss)

The net income (loss) for the three months ended November 30, 2025 and 2024 was $22,392 and $5,062, respectively. The net income (loss) for the six months ended November 30, 2025 and 2024 was $36,299 and $(530,024), respectively.

Liquidity and Capital Resources and Cash Requirements

As of November 30, 2025, the Company had cash of $2,625. Furthermore, the Company had a working capital deficit of $316,580.

During the six months ended November 30, 2025, the Company used $32,225 of cash in operating activities due to its amortization of debt premium of $228,231; offset by the net income of $36,299 plus depreciation of $2,122, lease cost (net) of $93,614, decrease in prepaid expenses of $30,794, an increase in accounts payable of $760 and an increase in accrued expenses of $32,417.

During the six months ended November 30, 2024, the Company used $24,462 of cash in operating activities due to its net loss of $530,024 plus its amortization of debt premium of $219,770; offset by depreciation of $2,122, lease cost (net) of $86,390, loss on settlement of debt of $551,677, decrease in prepaid expenses of $36,928, an increase in accounts payable of $22,246 and an increase in accrued expenses of $25,969.

During the six months ended November 30, 2025 and 2024 the Company did not have cash used in, or provided by, investing activities.

During the six months ended November 30, 2025, the Company generated $32,000 of cash advances from a related party in financing activities.

During the six months ended November 30, 2024, the Company generated $7,500 of cash advances from a related party offset by repayments of $7,500 to a related party in financing activities.

In its audited financial statements as of May 31, 2025, the Company was issued a "going concern" opinion, meaning that there is substantial doubt that we can continue as an on-going business for the next twelve months unless we obtain additional capital. Our sources for cash at this time are investments by others, loans and advances from our CEO who is our sole director, and very limited revenue from renting. We must raise cash to implement our plan and stay in business.

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.

Critical Accounting Policies

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.

Leases

The Company follows the accounting for leases under Accounting Standards Codification ("ASC") 842 Lease Accounting and determines if an arrangement is a lease or contains a lease at inception. Operating leases result in operating lease right-of-use ("ROU") assets and operating lease liabilities (short term and long term) being recorded on the Company's balance sheets.

ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. The Company uses the incremental borrowing rate based on the estimated rate of interest for collateralized borrowings over a similar term of the lease payments at commencement date. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. The Company's lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term.

Rent Revenue Recognition

The Company recognizes rent revenue from the lease of its sub-leased properties in accordance with ASC 842, Leases. The sub-lease is categorized as an operating lease according to ASC criteria for the lease definitions. Rent revenue is recognized on a straight-line basis over the lease term, reflecting the pattern of the economic benefits derived from the lease.

The Company's leases generally have fixed rental payments over the lease term, with occasional escalations based on predetermined factors. Rent revenue is recognized monthly as the lessor fulfills its obligations under the lease agreement.

Any lease incentives or concessions provided to lessees, such as rent-free periods or tenant improvement allowances, are recognized as a reduction of rent revenue over the lease term.

Recent Accounting Pronouncements

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires incremental disclosures about specific expense categories, including but not limited to, purchases of inventory, employee compensation, depreciation, amortization and selling expenses. The amendments are effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted and the amendments may be applied either prospectively or retrospectively. The Company is currently evaluating this ASU to determine its impact on the Company's disclosures. The amendments only impact disclosures and are not expected to have an impact on the Company's financial condition and results of operations.