~~312 Doherty Drive, Quesnel,~~1410 Columbia Ave. Castlegar, British Columbia, Canada ~~V2J 1B5~~N1N 3K3

(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the issuer (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. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted 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 such files). ☒ Yes ☐ No

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

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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

As of ~~February 28,~~August 31, 2022, there were ~~64,900,000~~69,040,000 shares of common stock issued and outstanding.

	February 28, 2022			August 31, 2022			May 31, 2022
ASSETS
Current assets
Cash and cash equivalents	$	141		$	186,487		$	477,339
Sales tax receivable		0			20,541			10,809
Prepaid expenses and other current assets		0			317,783			179,585
Total current assets		141			524,811			667,733

Property and equipment		0			6,267			3,254
Inventory					86,000			-
Due from Karbon-X		0			-			-
Capital Work in Progress		0
Security deposit					1,347			613
Total assets	$	141		$	618,426		$	671,600

LIABILITES AND SHAREHOLDERS’ EQUITY (DEFICIT)
Current liabilities
Accounts payable	$	266		$	3,570		$	30,754
Due to related party- note payable		0
Payroll liabilities					3,072			2,976
Total liabilities		266			6,641			33,730

Shareholders’ equity (deficit)
Common stock $0.001 par value, 200,000,000 shares authorized, 64,900,000 shares issued and outstanding as of February 28, 2022.		64,900
Common stock $0.001 par value, 200,000,000 shares authorized, 69,040,000 and 68,320,000 shares issued and outstanding as of August 31, 2022 and May 31, 2022, respectively.					69,040			68,320
Additional Paid-in capital		(64,758	)		966,102			786,822
Accumulated deficit		(265	)		(400,096	)		(204,228	)
Accumulated other comprehensive gain (loss)		(2	)		(23,262	)		(13,044	)
Total shareholders’ equity (deficit)		(125	)		611,784			637,870
Total liabilities and shareholders’ equity (deficit)	$	141		$	618,426		$	671,600

	Nine Months Ended			Three Months Ended			Three Months Ended
	February 28, 2022			February 28, 2022			August 31, 2022
Operations
Total revenue		0			0			-
Cost of revenue		0			0			-
Gross profit		0			0			-

Operating expenses		34,781			1,865
Marketing expenses								10,664
Professional fees								86,595
Other operating expenses								98,609
Total operating expenses								195,868

Loss from Operations		(34,781	)		(1,865	)		(195,868	)

Other income (expenses)		0			0			-
Federal income tax expense		0			0			-
Net loss		(34,781	)		(1,865	)		(195,868	)

Other comprehensive loss
Foreign currency translation gain (loss)		(2	)		(2	)		(10,217	)
Total comprehensive loss		(34,783	)		(1,867	)		(206,085	)

Earnings Per Share
Weighted average shares outstanding		64,900,000			64,900,000			68,882,637
Basic and fully diluted loss per share	$	(0.00	)	$	(0.00	)	$	(0.00	)

	Common Stock				Additional						Accumulated other						Common Stock				Additional Paid			Accumulated			Accumulated other Comprehensive
Description	Shares		Amount		Paid in Capital			Accumulated Deficit			Comprehensive gain (loss)			Total			Shares		Amount		in Capital			Deficit			gain (loss)			Total
Balance May 31, 2021		-	$	0		0			0			0			0
Recap of Cocoluv, Inc.		64,900,000		64,900		(64,758	)		34,517			0			34,658
Balance May 31, 2022																		68,320,000	$	68,320		786,822			(204,228	)		(13,044	)		637,870
Issuance of shares for cash																		720,000		720		(3	)		-			-			717
Warrants issued																		-		-		179,283			-			-			179,283
Translation gain (loss)		-		0		0			0			(2	)		(2.00	)		-		-		-			-			(10,217	)		(10,217	)
Net loss		-		0		0			(34,781	)		0			(34,781	)		-		-		-			(195,868	)		-			(195,868	)
Balance February 28, 2022		64,900,000		64,900		(64,758	)		(265	)		(2	)		(125	)
Balance August 31, 2022																		69,040,000		69,040		966,102			(400,096	)		(23,262	)		611,784

				Three Months Ended
	February 28, 2022			August 31, 2022
Cash flows from operating activities
Net (loss) income	$	(34,781	)	$	(195,868	)
Adjustments to reconcile net loss to net cash:
Recap of Cocoluv, Inc.		34,658
Paid in capital for extinguishment of debt		0
Issuance of common stock for consulting services		0
Repurchase of common stock		0
Depreciation expense		0			229
Changes in operating assets and liabilities:
Sales tax receivable		0			(9,732	)
Accounts payable		266			(27,184	)
Payroll liabilities					95
Inventory					(86,000	)
Prepaid expenses		0			(138,198	)
Capital Work in Progress		0
Security deposit					(735	)
Cash used in operating activities		143			(457,392	)

Cash flows from investing activities
Acquisition of property and equipment		0			(3,243	)
Cash used in investing activities		0			(3,243	)

Cash flows from financing activities
Increase in loan payable to shareholders		0
Decrease in loan payable from debt relief		0
Capital contribution		0
Proceeds from issuance of shares and warrants					180,000
Cash used in financing activities		0			180,000

Effect of translation changes on cash		(2	)		(10,217	)

Change in cash and cash equivalents		141			(290,852	)
Cash, beginning of period		0			477,339
Cash, end of period	$	141		$	186,487

Supplemental disclosures
Cash paid for interest	$	0		$	-
Cash paid for income taxes		0			-

CocoLuv Inc. was incorporated in the State of Nevada on September 13, 2017 and established a fiscal year end of May 31.

On February 21, 2022, pursuant to the terms of a Share Exchange Agreement, the Company acquired all of the issued and outstanding shares of common stock of Karbon-X Project Inc. ~~(“Karbon-X”~~("Karbon-X"), and Karbon-X became the wholly owned subsidiary of the Company in a reverse merger (the ~~“Reverse Acquisition”~~"Reverse Acquisition"). Pursuant to the Reverse Acquisition, all of the issued and outstanding shares of Karbon-X common stock were converted, at an exchange ratio of 20,000-for-1, into an aggregate of 20,000,000 shares of the ~~Company’s~~Company's common stock, resulting in Karbon-X becoming a wholly owned subsidiary of the Company and all debt owed to the related party of Cocoluv, Inc. was forgiven. The accompanying financial ~~statements’~~statements' share information has been retroactively adjusted to reflect the exchange ratio in the Reverse Acquisition. ~~Pursuant to~~As part of the ~~reverse acquisition,~~Reverse Acquisition, on ~~March 21,~~April 14, 2022 the ~~name of the~~ Company ~~was~~ changed ~~in the State of Nevada from Cocoluv, Inc.~~its name to Karbon-X Corp.

Under generally accepted accounting principles in the United States (“("US ~~GAAP”~~GAAP"), because the combined entity will be dependent on ~~Karbon-X’s~~Karbon-X's senior management, the Reverse Acquisition was accounted for as a recapitalization effected by a share exchange, wherein Karbon-X is considered the acquirer for accounting and financial reporting purposes. On the date of the reorganization, the assets and liabilities of Karbon-X have been brought forward at their book value and consolidated with Cocoluv, Inc.’s assets, which comprised of cash and cash equivalents of $134 and liabilities which comprises due to related party of $99,902 (see Note 1 Basis of Presentation below). No goodwill has been recognized. Accordingly, the assets and liabilities and the historical operations that are reflected in the consolidated financial statements are those of Karbon-X and are recorded at the historical cost basis of Karbon-X.

To date the Company has generated no revenues from its business operations and has incurred operating losses since inception of ~~$265. As of February 28, 2022, the Company has a working capital deficit of $125.~~$400,096. The Company will require additional funding to meet its ongoing obligations and to fund anticipated operating losses. The ability of the Company to continue as a going concern is dependent on raising capital to fund its initial business plan and ultimately to attain profitable operations. Accordingly, these factors raise substantial doubt as to the Company’s ability to continue as a going concern. The Company intends to continue to fund its business by way of private placements and advances from related parties as may be required. These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or amounts and classification of liabilities that might result from this uncertainty.

The consolidated financial statements include the accounts of the Company and its subsidiary. All significant intercompany accounts and transactions have been eliminated in consolidation.

The accompanying unaudited financial statements have been prepared in accordance with generally accepted accounting principles for financial information and with the instructions to Form 10-Q. They do not include all information and footnotes required by United States generally accepted accounting principles for complete financial statements. However, except as disclosed herein, there has been no material changes in the information disclosed in the notes to the financial statements for the fiscal year ended May 31, ~~2021,~~2022, included in the Company’s year-end financial statements on Form 10-K filed with the Securities and Exchange ~~Commission.~~Commission on September 13, 2022. The unaudited financial statements should be read in conjunction with those financial statements included in the Form 10-K. In the opinion of Management, all adjustments considered necessary for a fair presentation, consisting solely of normal recurring adjustments, have been made. Operating results for the ~~nine-months~~three-months ended ~~February 28,~~August 31, 2022 are not necessarily indicative of the results that may be expected for the year ending May 31, ~~2022.~~2023.

Preparation of the financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain 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 period. Accordingly, actual results could differ from those estimates.

For purposes of the statement of cash flows, the Company considers highly liquid financial instruments purchased with a maturity of three months or less to be cash equivalents.

Sales tax receivable consists of the accumulated reclaimable GST paid by the Company on purchases made in Canada.

Property and equipment are carried at cost less accumulated depreciation and amortization. Depreciation and amortization are calculated using the straight-line method over the estimated useful lives of the assets which are all five years.

Costs of major additions and improvements are capitalized while expenditures for maintenance and repairs, which do not extend the life of the asset, are expensed. Upon sale or disposition of property and equipment, the cost and related accumulated depreciation and amortization are eliminated from the accounts and any resulting gain or loss is credited or charged to income. Long-lived assets held and used by us are reviewed based on market factors and operational considerations for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.

Inventories are stated at the lower of cost, using weighted average of the cost of the goods on hand at the year end or net realizable value.

The carrying amount of the Company’s financial assets and liabilities approximate their fair values due to their short-term maturities.

The functional currency of the Company is the Canadian Dollar (“CAD”). For financial statement purposes, the reporting currency is the United States Dollar (“USD”).

For financial reporting purposes, the consolidated financial statements are translated into the Company’s reporting currency, USD. Asset, liability and equity accounts are translated using the closing exchange rate in effect at the balance sheet date and income and expense accounts are translated using the average exchange rate prevailing during the reporting period.

Adjustments resulting from the translation, if any, are included in accumulated other comprehensive loss in stockholder’s equity (deficit).

There is estimation uncertainty with respect to selecting inputs to the Black-Sholes model used to determine the fair value of the warrants (Note 4).

The above estimates and assumptions are reviewed regularly. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected.

The basic loss per share is calculated by dividing the Company’s net loss available to common shareholders by the weighted average number of common shares during the year. The diluted loss per share is calculated by dividing the Company’s net loss available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. ~~Diluted~~As of August 31, 2022, potential dilutive securities had an anti-dilutive effect and were not included in the calculation of diluted net loss per ~~share is the same as basic loss per share due to the lack of dilutive items in the Company. As of February 28, 2022, there were no common stock equivalents outstanding.~~share.

~~Subsequent to March~~As of August 31, 2022 and ~~through~~May 31, 2022, prepaid expenses consisted of the following:

The amount of property and equipment as of August 31, 2022 and May 31, 2022, consisted of the following:

The Company purchased office chairs and desks on June 1,9, 2022 for $1,710 and a computer on July 23, 2022 for $1,529. Depreciation expense for the three months ended August 2022 was $229.

During the three months ended August 31, 2022, Karbon-X Corp. completed a private placement pursuant to Rule 506(c) of the Securities Exchange Act of 1934, as amended. In that private placement the company sold ~~3,820,000~~720,000 units at $0.25 per unit for total ~~gross~~ proceeds of ~~$955,000.~~$180,000. Each unit consisted of share of common stock and warrant to purchase a share of common stock for $0.75 per share for a period of two years. In

During the three months ended August 31, 2022, the Company issued 720,000 warrants in connection with one private placement. Each warrant entitles the ~~private placement,~~holder to acquire one common share of the ~~Company paid $10,000~~Corporation at an exercise price of $0.75 with a two year term. The warrants were valued at $179,283.

A detail of warrant activity for the three months ended August 31, 2022 is as ~~a finder’s fee.~~follows:

Subsequent to ~~March~~August 31, 2022 and through the date that these financial statements were available to be issued, the Company made ~~two payments~~one payment amounting to approximately ~~$232,654~~$46,733 to a third-party app development company.

~~On May 6, 2022, the Company signed a lease agreement to rent office space for a one-year term beginning June 1, 2022 at a base rent of $1,627.50 per month.~~

Subsequent events have been evaluated through ~~June 17,~~October 13, 2022, the date these financial statements were available to be released and noted no other events requiring disclosure.

Effective June 1, 2022 the Company entered into a Carbon Credits Purchase Agreement with SCB Brokers, S.A. Pursuant to that agreement, the Company agreed to purchase 20,000 tCO2e Carbon Credits from SCB Brokers for $86,000.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The following discussion relates to the historical operations and financial statements of Karbon-X Corp. for the thre months ending August 31, 2022. The historical operations and financial statements of Karbon-X Corp. for the three ~~and nine~~ months ~~ended February 28,~~ending August 31, 2021 ~~and 2022.~~are not included since they reflect only the operations of the predecessor Cocoluv, Inc. which had no significant operations.

The following Management’s Discussion and Analysis should be read in conjunction with our financial statements and the related notes thereto included elsewhere in this Quarterly Report. The Management’s Discussion and Analysis contains forward-looking statements that involve risks and uncertainties, such as statements of our plans, objectives, expectations and intentions. Any statements that are not statements of historical fact are forward-looking statements. When used, the words “believe,” “plan,” “intend,” “anticipate,” “target,” “estimate,” “expect,” and the like, and/or future-tense or conditional constructions (“will,” “may,” “could,” “should,” etc.), or similar expressions, identify certain of these forward-looking statements. These forward-looking statements are subject to risks and uncertainties that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements in this Annual Report. Our actual results and the timing of events could differ materially from those anticipated in these forward-looking statements. Factors that could cause or contribute to such differences in results and outcomes include, without limitation, those specifically addressed under the heading “Risks Factors” in our various filings with the Securities and Exchange Commission. We do not undertake any obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this Annual Report.

The following discussion highlights the Company’s results of operations and the principal factors that have affected its consolidated financial condition as well as its liquidity and capital resources for the periods described, and provides information that management believes is relevant for an assessment and understanding of the Company’s consolidated financial condition and results of operations presented herein. The following discussion and analysis are based upon Karbon-X Corp’s unaudited financial statements contained in this Current Report on Form 10-Q, which have been prepared in accordance with generally accepted accounting principles in the United States. You should read the discussion and analysis together with such financial statements and the related notes thereto.

CocoLuv Inc. was incorporated in the State of Nevada on September 13, 2017 and established a fiscal year end of May 31.

On February 21, 2022, pursuant to the terms of a Share Exchange Agreement, the Company acquired all of the issued and outstanding shares of common stock of Karbon-X Project Inc. ~~(“Karbon-X”~~("Karbon-X"), and Karbon-X became the wholly owned subsidiary of the Company in a reverse merger (the ~~“Reverse Acquisition”~~"Reverse Acquisition"). Pursuant to the Reverse Acquisition, all of the issued and outstanding shares of Karbon-X common stock were converted, at an exchange ratio of 20,000-for-1, into an aggregate of 20,000,000 shares of the ~~Company’s~~Company's common stock, resulting in Karbon-X becoming a wholly owned subsidiary of the Company and all debt owed to the related party of Cocoluv, Inc. was forgiven. The accompanying financial ~~statements’~~statements' share information has been retroactively adjusted to reflect the exchange ratio in the Reverse Acquisition. As part of the Reverse Acquisition, on April 14, 2022 the Company changed its name to Karbon-X Corp.

Karbon-X provides customized transactional options, tailored insights, and scalable access to the Verified Emissions Reduction markets.

Karbon-X changes the marketing framework of traditional carbon marketing by engaging the public vs industry with multiple forms of technology based greenhouse gas reduction builds. Karbon-X will allow the public to purchase carbon offsets from an APP that is subscription based, with multiple levels of investment for every budget. Each subscription will support clean energy projects such as solar or wind power, methane capture, or reforestation and will reduce greenhouse gas emissions with provable, verifiable carbon credits.

Karbon-X is in development of NFTs to digitize and allow for the trading of tokenized carbon credits in order to bring transparency and liquidity to the global carbon offset market. The aim of the decentralized platform is to enable offset trading on existing tokenized exchanges and their own exchange accepting of all forms of payment, crypto, fiat or card.

NFT minting platform for carbon credits truly allows carbon credit owners to mint their credits into NFTs for a secure and efficient method of trading in a market that appears set to grow rapidly in the coming years. A trading platform will allow the owners of the NFT to monitor their assets while tracking their value and trading history. This is done on the blockchain to mitigate many risks such as double trading and long term record keeping issues. By using a “side chain” of ethereum costs are kept to a minimum for users

References in this periodic report on Form 10-Q to “Karbon-X” or the “Company” may include references to the operations of our subsidiary Karbon-X Project. This entity is a 100% wholly owned subsidiary of Karbon-X and consequentially reports quarterly financials up to a consolidated quarterly submission.

In March 2020, the World Health Organization declared COVID-19 a global pandemic. This contagious disease outbreak and the related adverse public health developments have adversely affected workforces, economies, and financial markets globally, leading to an economic downturn. While COVID-19 delayed shipment of some of our products, management has determined that there has been no significant impact to the Company’s operations, however management continues to monitor the situation.

The ~~unaudited~~ consolidated financial statements include the accounts of the Company and its subsidiary. All significant intercompany accounts and transactions have been eliminated in consolidation.

For purposes of the statement of cash flows, the Company considers highly liquid financial instruments purchased with a maturity of three months or less to be cash equivalents.

Sales tax receivable consists of the accumulated reclaimable GST paid by the Company on purchases made in Canada.

The carrying amount of the Company’s financial assets and liabilities ~~approximates~~approximate their fair values due to their short-term maturities.

The functional currency of the Company is the Canadian Dollar (“CAD”). For financial statement purposes, the reporting currency is the United States Dollar (“USD”).

Adjustments resulting from the translation, if any, are included in accumulated other comprehensive loss in stockholder’s equity (deficit).

There is estimation uncertainty with respect to selecting inputs to the Black-Sholes model used to determine the fair value of the warrants.

The above estimates and assumptions are reviewed regularly. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected.

On February 21, 2022, pursuant to the terms of a Share Exchange Agreement, the Company acquired all of the issued and outstanding shares of common stock of Karbon-X Project Inc. (“Karbon-X”), and Karbon-X became the wholly owned subsidiary of the Company in a reverse merger (the “Reverse Acquisition”). Pursuant to the Reverse Acquisition, all of the issued and outstanding shares of Karbon-X common stock were converted, at an exchange ratio of 20,000-for-1, into an aggregate of 20,000,000 shares of the Company’s common stock, resulting in Karbon-X becoming a wholly owned subsidiary of the Company and all debt owed to the related party of Cocoluv, Inc. was forgiven. The accompanying financial statements’ share information has been retroactively adjusted to reflect the exchange ratio in the Reverse Acquisition.share.

~~Comparison of~~ Unaudited Results for the Three Months Ended ~~February 28,~~August 31, 2022 ~~compared~~

To date the Company has generated no revenues from its business operations and has incurred operating losses since inception of $400,096. As of August 31, 2022, the Company has working capital of $518,171. The Company will require additional funding to meet its ongoing obligations and to fund anticipated operating losses. The ability of the Company to continue as a going concern is dependent on raising capital to fund its initial business plan and ultimately to attain profitable operations. Accordingly, these factors raise substantial doubt as to the ~~Three Months Ended February 28, 2021~~Company’s ability to continue as a going concern. The Company intends to continue to fund its business by way of private placements and advances from related parties as may be required. These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or amounts and classification of liabilities that might result from this uncertainty.

For the three-month ~~periods~~period ended ~~February 28,~~August 31, 2022 ~~and February 28, 2021~~ we had no revenue. We are just at the beginning of our operations which we expect to improve during the current fiscal year.

Operating expenses for the three-month period ended ~~February 28,~~August 31, 2022 totaled ~~$1,865 compared to $12,299 for the three month period ended February 28, 2021.~~$195,868. Operating expenses ~~for the three-month period ended February 28, 2022 were negligible. Operating expenses for the three-month period ended February 28, 2021 were~~included office and general ~~expenses.~~expenses, professional fees, development expenses for our app and expenses relating to a project to plant Dipteryx Alata (Baru Nut Trees) through one of our partners.

Net loss from operations after income taxes was ~~$1,865~~$195,868 during the three months ended ~~February 28, 2022 compared to $12,299 during the three-month period ended February 28, 2021.~~August 31, 2022. Again this was as a result of office and general expenses, ~~in 2021.~~app development expense and tree planting expense.

The following table sets forth the major components of our statements and consolidated statements of cash flows for the periods presented.

As of ~~February 28,~~August 31, 2022, the Company had ~~$141~~$524,811 in current assets.

On March 7, 2022 the Company commenced a private placement pursuant to Rule 506(c) promulgated under Regulation D of the Securities Exchange Act of 1934, as amended. The private placement is ongoing. The private placement sought to raise $1,000,000 through the sale of Units at $0.25 per Unit, each consisting of one share of common stock and one warrant to purchase one share of common stock for two years at an exercise price of $0.50 per share. As of ~~May~~August 31, 2022 we have obtained ~~$860,000 in~~$1,040,000in gross proceeds from this offering.

In connection with its proposed business plan and currently ongoing and proposed acquisitions, in addition to the possible proceeds from this offering the Company will be required to complete substantial and significant additional capital formation. Such formation could be through additional equity offerings, debt, bank financings or a combination of any source of financing. There can be no assurance that the Company will be successful in completion of such financings.

As noted above, the continuation of our current plan of operations requires us to raise significant additional capital. If we are successful in raising capital through the sale of convertible notes or common shares, we believe that we will have sufficient cash resources to fund our plan of operations through 2022. If we are unable to do so, we may have to curtail and possibly cease some operations. We intend to use the net proceeds from the offering for operations, regulatory compliance, intellectual property, working capital and general corporate purposes.

We continually evaluate our plan of operations to determine the manner in which we can most effectively utilize our limited cash resources. The timing of completion of any aspect of our plan of operations is highly dependent upon the availability of cash to implement that aspect of the plan and other factors beyond our control. There is no assurance that we will successfully obtain the required capital or revenues, or, if obtained, that the amounts will be sufficient to fund our ongoing operations.

As a “smaller reporting company” as defined by Item 10 of Regulation S-K, the Company is not required to provide this information.

The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. These financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the Company be unable to continue as a going concern.

We are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information required under this item.

Our management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act). Our 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 of accounting principles generally accepted in the United States.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Therefore, even those systems determined to be effective can provide only reasonable assurance of achieving their control objectives.

Our management evaluated the effectiveness of the Company’s internal control over financial reporting as of ~~February 28,~~August 31, 2022. In making this assessment, our management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control — Integrated Framework. Based on this evaluation, our management concluded that, as of ~~February 28,~~August 31, 2022, our internal control over financial reporting was not effective. Because of limitations in our financial operations we had limited resources. These adjustments indicate material weaknesses in certain cycles, including but not limited to inventory and costing, and financial reporting.

This quarterly report does not include an attestation report of our registered public accounting firm regarding internal control over financial reporting. Management’s report was not subject to attestation by our registered public accounting firm pursuant to rules of the SEC that permits us to provide only management’s report in this quarterly report.

We are not aware of any legal proceedings contemplated by any governmental authority or any other party involving us or our properties other than the following:

As of the date of this report, no director, officer or affiliate is (i) a party adverse to us in any legal proceeding, or (ii) has an adverse interest to us in any legal proceedings. We are not aware of any other legal proceedings pending or that have been threatened against us or our properties.

From time to time the Company may be named in claims arising in the ordinary course of business. Currently, no legal proceedings or claims, other than those disclosed above, are pending against or involve the Company that, in the opinion of management, could reasonably be expected to have a material adverse effect on its business and financial condition.

We are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information required under this item.

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Title of Each Class		Trading Symbol(s)		Name of each Exchange on which registered
N/A		N/A		N/A

PART I—FINANCIAL INFORMATION

Item 1.	Financial Statements.
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations.	3
Item 3.	Quantitative and Qualitative Disclosures About Market Risk.	67
Item 4.	Controls and Procedures.	7

PART II—OTHER INFORMATION

Item 1.	Legal ~~Proceedings.~~Proceedings.	8
Item 1A.	Risk Factors.	8
Item 2.	Unregistered Sales of Securities and Use of Proceeds.	8
Item 3.	Defaults Upon Senior Securities.	8
Item 4.	Mining Safety Disclosure.	8
Item 5.	Other Information.	98
Item 6.	Exhibits.	9

Contents	Page(s)

Consolidated Balance Sheet at ~~February 28,~~August 31, 2022 (Unaudited) and May 31, 2022	F-2

Consolidated Statements of Operations for the Three ~~and Nine~~ Months Ended ~~February 28,~~August 31, 2022 (Unaudited)	F-3

Consolidated Statement of Changes in Shareholders’ Equity for the ~~Nine~~Three Months Ended ~~February 28,~~August 31, 2022 (Unaudited)	F-4

Consolidated Statement of Cash Flows for the ~~Nine~~Three Months Ended ~~February 28,~~August 31, 2022 (Unaudited)	F-5

Notes to the Consolidated Financial Statements	F-6

Description	August 31, 2022		May 31, 2022
Prepayments to third-party app developer	$	317,783	$	176,777
Prepaid accounting services		-		2,544
Prepaid furniture		-		264
Total	$	317,783	$	179,585

Description	August 31, 2022			May 31, 2022
Furniture and fixtures	$	4,964		$	3,254
Software		1,529			-
Total property cost	$	6,493		$	3,254
Accumulated depreciation		(226	)		-
Property and equipment, net	$	6,267		$	3,254

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated Filer	☐	Smaller reporting company	☒
		Emerging growth company	☐

Description	Number		Weighted average exercise price		Weighted average remaining contractual life (in years)
Outstanding May 31, 2022		3,420,000	$	0.75		1.58
Exercised		-		-		-
Granted		720,000		0.75		1.78
Expired		-		-		-
Cancelled		-		-		-
Outstanding August 31, 2022		3,420,000	$	0.75		1.63

	Three Months Ended February 28, 2022
Cash used in operating activities	$	143
Cash from financing activities	$	0
Cash from (used in) investing activities	$	0
Change in cash during the period	$	141
Effect of exchange rate change	$	(2	)
Cash, beginning of period	$	0
Cash, end of period	$	141

	Three Months Ended August 31, 2022
Cash used in operating activities	$	457,392
Cash used in financing activities	$	3,242
Cash from (used in) investing activities	$	180,000
Change in cash during the period	$	(290,851	)
Effect of exchange rate change	$	(10,217	)
Cash, beginning of period	$	477,339
Cash, end of period	$	186,488

31.1		Rule 13(a)-14(a)/15(d)-14(a) Certification of Chief Executive Officer

31.2		Rule 13(a)-14(a)/15(d)-14(a) Certification of Chief Financial Officer

32.1		Section 1350 Certification of Chief Executive Officer

32.2		Section 1350 Certification of Chief ~~Executive~~Financial Officer

~~101.INS~~		~~Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document)~~
101
~~101.SCH~~		~~Inline XBRL Taxonomy Extension Schema Document~~

~~101.CAL~~		~~Inline XBRL Taxonomy Extension Calculation Linkbase Document~~

~~101.DEF~~		~~Inline XBRL Taxonomy Extension Calculation Linkbase Document~~

~~101.LAB~~		~~Inline XBRL Taxonomy Extension Label Linkbase Document~~

~~101.PRE~~		~~Inline XBRL Taxonomy Extension Presentation Linkbase Document~~

~~104~~		~~Cover Page~~ Interactive ~~Data File (formatted as Inline XBRL and contained in Exhibit 101)~~data files pursuant to Rule 405 of Regulation S-T.

	Karbon-X Corp.		~~Karbon-X Corp.~~
	(Registrant)

Date: ~~May 31,~~October 10, 2022	By:	/s/ Chad Clovis
		Chad Clovis
		Chief Executive Officer and Director {Principal and Executive Officer}

Date: ~~May 31,~~October 10, 2022	By:	/s/ Chad Clovis
		Chad Clovis
		Acting Chief Financial Officer
		(Principal Financial Officer Principal Accounting Officer)