[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_98":99},"en-item",{"_9":10,"_10":11},"kind","item",{"_12":13,"_14":15,"_16":17,"_18":19,"_20":21,"_22":23,"_24":25,"_26":27,"_28":29,"_30":31,"_32":31,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":-5,"_48":49,"_50":-5,"_51":-5,"_52":53,"_54":55,"_56":57,"_58":42,"_59":42,"_60":61,"_62":42,"_63":64},"id","c5qkdpeebl47e6axxn27igd13","revision",2,"title","Karbon-X 2026年第三季度营收骤降99% 净亏损395万美元","originalTitle","Karbon-X Corp. (0001729637) (Filer)","summary","Karbon-X Corp.在截至2026年8月31日的季度内总营收为34.4万美元，同比减少99%；净亏损395.5万美元，每股亏损0.04美元。截至报告期末现金及现金等价物为33.5万美元，较上期减少81.9万美元，营运资金为负729.8万美元，公司面临重大持续经营不确定性。","reason","公司现金余额大幅下降且营运资金为负，叠加财务报告内部控制重大缺陷，表明其持续经营能力存在重大不确定性。","source",{"_12":89,"_90":91,"_9":92,"_93":42,"_94":95,"_96":97},"links",{"_86":87,"_78":88},"publishedAt","2026-10-20T21:25:19.000Z","discoveredAt","2026-10-20T21:45:58.866Z","timelineAt","category","ai-products","tags",[84,85],"stockSymbols",[83],"score",80,"selected",true,"channel","news","story",{"_73":74,"_16":75},"x","readingMode","full","author","language","body",{"_64":77,"_78":-5,"_79":80,"_81":82},"outline",[],"relatedStories",[76],"indexable","markdownAvailable","group",{"_65":66,"_45":67,"_68":69,"_70":71,"_72":71},"hasTranslation","bodyLanguage","zh","factId","fflgV2qCk3nI",{"_73":74,"_16":75},"reportCount",1,"additionalSourceCount",0,"developmentCount","publicId","a227541a-aef0-406a-8eda-67fefe41a104","Karbon-X 营收骤降与财务困境",{"_73":74,"_16":75},"

美国

证券交易委员会

华盛顿特区 20549

表格 10-Q

☒ 按照1934年证券交易法第13条或第15(d)条提交的季度报告

截至2026年8月31日的季度

☐ 按照1934年证券交易法第13条或第15(d)条提交的过渡报告

委员会文件编号 000-56288

KARBON-X 公司

(注册人章程中指定的全名)

内华达州

82-2882342

(州或其他司法管辖区)

注册或组织)

(I.R.S. 雇主

识别号码)

德克萨斯州贝莱尔市西环路500号，500室，邮编77401

(主要执行办公室地址) (邮政编码)

844-462-3637

(注册人的电话号码，包括区号)

____________________________________________________________

(如果自上次报告以来名称、地址或财政年度有所更改，请填写原名称、原地址和原财政年度)

根据法案第12(b)条注册的证券：无

根据法案第12(g)条注册的证券：普通股，面值0.001美元

通过勾选方框表明发行人(1)是否已提交了根据1934年证券交易法第13条或第15(d)条在前12个月内(或注册人需提交此类报告的较短期间)要求提交的所有报告，以及(2)是否在过去90天内受到此类提交要求的约束。 ☒ 是 ☐ 否

通过勾选方框表明注册人是否已根据规章S-T第405条(本章第232.405条)在前12个月内(或注册人需提交此类文件的较短期间)提交了所有要求提交的交互式数据文件。 ☒ 是 ☐ 否

通过勾选方框表明注册人是大型加速提交者、加速提交者、非加速提交者、较小报告公司还是新兴成长公司。请参见《交易法》第12b-2条中对“大型加速提交者”、“加速提交者”、“较小报告公司”和“新兴成长公司”的定义。

大型加速提交者	☐	加速提交者	☐
非加速提交者	☒	较小报告公司	☒
		新兴成长公司	☒

如果是一家新兴成长公司，请通过勾选方框表明注册人是否已选择不使用根据《交易法》第13(a)条提供的任何新修订的财务会计标准的延长过渡期。 ☐

通过勾选方框表明注册人是否为壳公司(根据《交易法》第12b-2条的定义)。 ☐ 是 ☒ 否

截至2026年10月15日，已发行和流通的普通股股份数量为109,231,993股。

第一部分 – 财务信息

第1项	财务报表	3
第2项	管理层讨论与分析财务状况和经营成果	4
第3项	关于市场风险的定量和定性披露	8
第4项	控制和程序	8

第二部分 – 其他信息

第1项	法律诉讼	10
第1A项	风险因素	10
第2项	未注册的股权证券销售和资金使用	10
第3项	高级证券的默认条款	10
项目4。	矿山安全披露	10
项目5。	其他信息	11
项目6。	附录	12
签名

第一部分 – 财务信息

项目1. 财务报表

截至2026年8月31日（未审计）和2026年5月31日的合并资产负债表		F-1
截至2026年8月31日和2025年8月31日的三个月内合并损益表和全面损失表（未审计）		F-2
截至2026年8月31日和2025年8月31日的三个月内合并股东权益（亏损）变动表（未审计）		F-3
截至2026年8月31日和2025年8月31日的三个月内合并现金流量表（未审计）		F-4
未审计合并财务报表附注		F-5

KARBON-X 公司

合并资产负债表

	2026年8月31日 2026			2026年5月31日 2026
	（未审计）			（已审计）
资产
流动资产
现金及现金等价物	$	335,445			$	1,155,289
应收账款，净额		542,923				634,291
存货，净额		721,012				649,973
贷款应收款，扣除1,117,470美元和628,196美元的拨备		651,967				1,137,420
可转换票据应收款 – 关联方（注21）		83,506				-
预付费用		888,668				1,177,770
股权投资		710,168				22,663
证券应收款		-				1,128,863
其他流动资产		153,168				155,322
流动资产总额		4,086,857				6,061,591
固定资产，净额		7,682				8,004
使用权资产，净额		394,544				419,543
合同履行资产		594,580				554,579
其他资产		1,523,957				1,547,328
内部开发的软件，净额		333,723				382,323
无形资产，净额		727,841				644,345
资产总额	$	7,669,184			$	9,617,713

负债和股东权益（亏损）
流动负债
应付账款	$	2,407,849			$	2,255,577
递延收入		4,300,834				3,792,091
可转换票据应付款，扣除折扣		1,959,903				1,906,056
可转换票据 – 应计利息		111,094				182,688
衍生品负债		1,147,967				731,168
租赁负债的当期部分		103,638				101,262
应收款融资义务		372,651				591,080
定期贷款应付款		326,113				-
其他流动负债		654,705				541,673
流动负债总额		11,384,754				10,101,595
长期债务		4,887,698				4,880,960
租赁负债的非流动部分		340,455				369,260
非流动可转换票据应付款		-				250,000
总负债		16,612,907				15,601,815
承诺和或有事项（注23）		-				-
股东权益（亏损）
普通股，面值0.001美元，授权2亿股；截至2026年8月31日和2026年5月31日分别发行和流通99,299,757股和94,885,028股（注14）		99,300				94,885
额外支付资本		20,221,435				19,283,687
累计亏损		(29,535,418	)			(25,580,380	)
累计其他综合收益（损失）		270,960				217,706
股东权益（亏损）总额		(8,943,723	)			(5,984,102	)
总负债和股东权益（亏损）	$	7,669,184			$	9,617,713

参见未审计合并财务报表的附注。

F-1

KARBON-X 公司

合并损益表和全面损失表

（未审计）

	三个月结束于			三个月结束于
	2026年8月31日 2026			2026年8月31日 2025
运营
总收入	$	343,967			$	35,658,933
销售成本		233,930				35,365,064
毛利		110,037				293,869

市场费用		477,943				628,540
工资和薪金		1,096,203				1,598,649
专业费用		338,135				107,447
信用损失拨备		489,274				-
其他运营费用		340,836				324,298
总运营费用		2,742,391				2,658,934
运营亏损		(2,632,354	)			(2,365,065	)

利息收入（支出）		(1,062,285	)			(306,262	)
投资损益		(422,410	)			-
公允价值变动损益		207,733				95,835
其他收入（费用）		(45,721	)			(20,742	)
税前净损失		(3,955,038	)			(2,596,234	)
联邦所得税费用		-				-
净损失	$	(3,955,038	)		$	(2,596,234	)

其他综合收益（损失）
外币折算收益（损失）		53,254				148,311
全面损失	$	(3,901,784	)		$	(2,447,923	)

每股亏损
加权平均基本和稀释股份数		96,547,583				82,305,910
基本和稀释每股亏损	$	(0.04	)		$	(0.03	)

参见简要合并财务报表附注。

F-2

KARBON-X 公司

简要合并股东权益（赤字）变动表

截至2026年8月31日及2025年8月31日的三个月

（未经审计）

截至2025年8月31日的三个月
	普通股		额外支付的股本			累计		累计其他综合	股东权益总计（赤字）
	股份数		金额			资本		赤字	收益（损失）			权益（赤字）
2025年5月31日余额		81,992,857		$	81,994		$	10,563,141	$	(11,990,834	)		$	(23,374	)	$	(1,369,073	)
以股份作为薪酬发行		110,000			110			94,890		-				-			95,000
以股份偿还应付票据和应计利息		4,870,291			4,870			2,279,278		-				-			2,284,148
期权薪酬费用		-			-			92,309		-				-			92,309
净损失		-			-			-		(2,596,234	)			-			(2,596,234	)
外币折算		-			-			-		-				148,311			148,311
2025年8月31日余额		86,973,148		$	86,974		$	13,029,618	$	(14,587,068	)		$	124,937		$	(1,345,539	)

截至2026年8月31日的三个月
	普通股		额外支付的股本			累计		累计其他综合		股东权益总计（赤字）
	股份数		金额			资本		赤字		收益（损失）			权益（赤字）
2026年5月31日余额		94,885,028		$	94,885		$	19,283,687		$	(25,580,380	)		$	217,706	$	(5,984,102	)
以现金发行股份		250,000			250			124,750			-				-		125,000
以股份作为薪酬发行		831,909			832			152,875			-				-		153,707
承诺股份发行		101,500			102			4,601			-				-		4,703
以股份偿还应付票据和应计利息		3,231,320			3,231			803,286			-				-		806,517
期权薪酬费用		-			-			89,586			-				-		89,586
修正前期应付票据转换（第14号注释）		-			-			(37,125	)		-				-		(37,125	)
将认股权证重新分类为衍生负债（第15号注释）		-			-			(200,225	)		-				-		(200,225	)
净损失		-			-			-			(3,955,038	)			-		(3,955,038	)
外币折算		-			-			-			-				53,254		53,254
2026年8月31日余额		99,299,757		$	99,300		$	20,221,435		$	(29,535,418	)		$	270,960	$	(8,943,723	)

参见简要合并财务报表附注。

F-3

KARBON-X 公司

简要合并现金流量表

（未经审计）

	截至三个月结束于			截至三个月结束于
	2026年8月31日 2026			2026年8月31日 2025
经营活动产生的现金流量
净损失	$	(3,955,038	)		$	(2,596,234	)
调整项目以将净损失调整为净现金：
折旧和摊销		53,953				43,347
使用资产的摊销		24,999				21,842
债务折扣摊销		472,728				102,182
衍生负债公允价值变动损益		(207,733	)			(95,835	)
贷款和应收票据的应计利息收入		(52,956	)			-
信用损失准备		489,274				-
股权激励费用		243,292				187,309
合同履行资产的相关成本		(40,301	)			-
经营租赁付款		(26,428	)			(11,425	)
权益证券及相关应收证券的未实现损失，净额		422,410				(4,763	)
通过预付利息抵消的利息		14,902				-
应收账款融资义务的财务费用		276,770				-
贷款的未实现外汇损失		43,414				-
经营性资产和负债的变化：
应收账款		50,711				(6,230	)
存货		(71,362	)			(142,280	)
预付费用		237,076				686,263
其他流动资产		2,154				-
应付账款		152,272				(129,791	)
递延收入		468,086				(916,611	)
应计利息应付		100,586				-
其他流动负债		116,214				182,377
其他资产，净额		(13,487	)			-
经营活动使用的现金		(1,198,464	)			(2,679,849	)

投资活动产生的现金流量
购置物业和设备		(576	)			-
资本化应用开发成本		2,380				-
项目管道收购		-				(605,093	)
投资活动产生的现金（用于投资活动的现金）		1,804				(605,093	)

筹资活动产生的现金流量
可转换应付款项的收益		670,500				3,500,000
可转换应付款项的支付		(169,856	)			-
定期贷款的收益		393,077				-
定期贷款的偿还		(133,071	)			-
应收融资义务的净收益（偿还）		(495,199	)			161,898
短期预付款的收益（包含在其他流动负债中）		-				49,645
关联方贷款的收益		-				80,000
普通股出售的收益		125,000				-
筹资活动产生的现金		390,451				3,791,543

汇率变动对现金的影响		(13,635	)			147,715
现金及现金等价物的变化		(819,844	)			654,316
期初现金余额		1,155,289				704,346
期末现金余额	$	335,445			$	1,358,662

非现金投资和筹资活动
应付款项和应计利息转换为普通股	$	806,518			$	2,284,148
发行时确认的债务折扣 – 嵌入式衍生负债		569,014				279,107
与票据融资相关的发行股票		4,703				-
证券应收款项以权益证券结算		1,128,863				-
应收款项和递延租金转换为可转换应收款		81,314				-
修正前期票据转换（注释14）		37,125				-
将认股权证从权益重新分类为衍生负债（注释15）		200,225				-
以可转换应付款项和应计利息抵消的维护费收入		36,859				-

补充披露
支付的利息现金	$	244,256			$	54,117
支付的所得税现金	$	-			$	-

参见简要合并财务报表的注释。

F-4

KARBON-X 公司

简要合并财务报表的注释

2026年8月31日

（未经审计）

注释1 – 报告基础和重要会计政策

Karbon-X 公司于2017年9月13日在内华达州以Cocoluv, Inc.的名称注册成立，并确立了5月31日的财年结束日期。2022年2月21日，根据《股份交换协议》的条款，公司收购了Karbon-X Project Inc.（“Karbon-X”）全部已发行和流通的普通股股份，并在反向收购（“反向收购”）中成为Karbon-X的全资子公司，该交易被记录为通过股份交换进行的资本重组，Karbon-X作为会计收购方。作为反向收购的一部分，2022年4月14日，公司将其名称变更为Karbon-X Corp。

报告基础

附带的未经审计的合并财务报表是根据美国通用会计原则（“US GAAP”）为中期财务信息以及10-Q表格的说明和Regulation S-X第8条编制的。因此，它们不包含US GAAP要求的完整财务报表所需的所有信息和脚注。管理层认为，为公允列报所必需的所有调整（包括正常持续的应计项目）均已包括在内。截至2026年8月31日的三个月的运营结果不一定反映截至2027年5月31日的财年可能实现的结果。截至2026年5月31日的合并资产负债表源自该日期的经审计的合并财务报表，但不包含US GAAP要求的完整财务报表所需的所有信息和脚注。应将这些合并财务报表与公司提交给证券交易委员会的截至2026年5月31日财年的年度报告10-K表格中的合并财务报表和相关附注一起阅读（“2026年10-K表格”）。

合并财务报表包括公司的账户及其全部拥有的子公司：Karbon-X Project, Inc.（加拿大）、Karbon-X USA Corp.（内华达州）、Karbon-X Trading Limited（塞浦路斯）、Allcot Limited（爱尔兰）、Karbon-X Iberia SL（西班牙）和Allcot X Colombia S.A.S.（哥伦比亚）。所有重大的内部账户和交易已在合并中消除。合并财务报表以美国美元列示。

持续经营

公司已从其业务运营中产生大量收入，但自成立以来已累计亏损29,535,418美元。截至2026年8月31日，公司营运资金为负7,297,897美元，现金为335,445美元。公司需要额外资金以履行其持续义务并资助预期的运营亏损。公司作为持续经营的能力取决于筹集资金以资助其业务计划并最终实现盈利运营。因此，这些因素引发了对公司能够在这些财务报表发布之日起一年内继续作为持续经营的实质性疑虑。公司打算通过私募发行、票据发行和其他融资安排继续为其业务提供资金，如需的话，包括第24号注释中描述的季度末之后完成的融资。这些财务报表未包含任何与记录资产金额的可收回性和分类或可能由此不确定性导致的负债金额和分类有关的调整。

估计和假设的使用

按照美国通用会计准则编制合并财务报表需要管理层做出估计和假设，这些估计和假设会影响财务报表日某些已报告的资产和负债金额以及或有资产和负债的披露，以及该期间的收入和费用金额。重要的估计包括用于估值嵌入式衍生品、认股权证和期权的输入值、应收账款的预期信用损失、维护协议下的可变对价、长期资产的使用寿命以及递延税资产的可实现性。因此，实际结果可能与这些估计不同。

F-5

重要会计政策

自2026年10-K表中包含的合并财务报表的附注1中描述的公司重要会计政策以来，公司的重要会计政策没有重大变化，除了以下最近发布的会计准则中所述的会计标准的采用。对碳信用库存（在缺乏当时有效的权威指导的情况下，比照ASC 330进行核算）、应收款融资安排（根据ASC 860作为担保借款核算，按净收益计算，并根据ASC 835-30进行累进计算）、履行合同的成本（ASC 340-40）、收购的项目管道（ASC 350-30）、资本化的应用开发成本（ASC 350-40）、应收款（ASC 310-10和ASC 326-20）、应付给客户的对价（ASC 606-10-32-25）和补偿性缺勤（ASC 710）所应用的政策保持不变。

金融工具的公允价值

公司使用三层公允价值层级来分类和披露所有按公允价值定期计量的资产和负债，以及在初始计量后各期间按公允价值计量的资产和负债。该层级要求公司在可用时使用可观察输入值，并在确定公允价值时尽量减少使用不可观察输入值。三层定义如下：

	·	Level 1—反映活跃市场中相同资产或负债的未调整报价市场价格的可观察输入值；
	·	Level 2—除活跃市场中的报价以外的可观察输入值，这些输入值在相同或相似资产和负债的市场中可以直接或间接观察到；以及
	·	Level 3—由很少或没有市场数据支持的不可观察输入值，这需要公司制定自己的假设。

除了以下所列的衍生负债外，公司金融资产和负债的账面金额接近其公允价值。截至2026年5月31日的证券应收款在季度内以DevvStream Holdings Inc.（“DEVS”）的股份结算（注释16），截至2026年8月31日不再有证券应收款。

公司根据ASC 820（公允价值计量）的规定，对某些金融工具在持续基础上按公允价值进行计量。某些公司可转换本票中的转换特征需要拆分，并根据ASC 815-15作为衍生负债按公允价值进行计量。截至2026年8月31日所采用的估值技术与截至2026年5月31日经审计的合并财务报表中所采用的技术相同，仅将输入参数更新至计量日：一种转换价格浮动且其4.99%有益所有权限制在计量日生效的转换特征通过路径依赖的蒙特卡洛模拟进行计量，而其他所有转换特征则通过Cox-Ross-Rubinstein二叉树网格进行计量。截至2026年8月31日，有益所有权限制仅适用于根据维护协议发行的本票（第7号注释），因此该本票通过模拟进行计量；主本票各档和季度内发行的五张本票（第11号注释）在限制范围内全额转换，并通过网格进行计量。六个月的转换禁售期以及其中一张本票的$0.15最低市场价格是作为输入参数进入工具条款的，并未改变计量技术。截至2026年8月31日的三个月内，估值技术没有发生变化。

这些模型包括重要的不可观测输入，包括预期的股票价格波动率、无风险利率、预计到期时间、计量日的转换价格，以及在模拟中假设的持有人可以处置转换股份的速率。由于这些输入是不可观测的，并且需要大量的管理判断，公司已将衍生负债分类为公允价值层级中的第3级。衍生负债还包括第15号注释中描述的普通股购买认股权证，使用与相同波动率和无风险输入的Black-Scholes模型进行计量；由于行权价格为每股0.001美元，其公允价值近似于底层股份的市价。截至2026年8月31日的重要输入包括：预期波动率为59.15%至65.8%，这是根据与每张票据剩余期限相匹配的指导公司组合确定的，因为公司普通股交易有限且零星；无风险利率为3.94%至4.16%（美国国债期限匹配的到期收益率，与每张票据的剩余期限相匹配）；计量日的转换价格为每股0.07806至0.12121美元，这是根据每张票据的合同公式确定的（对于转换价格参照普通股最低交易价格的票据，最低日内交易价格是在合同回溯期内的）；流通股为98,707,757股，这是估值模型中使用的股份数量；以及在模拟中，处置率为每天27,550股，这是票据期限内公司普通股的中位日交易量（2026年5月31日：每天15,000股，按相同方法测量）。模拟显示，根据维护协议发行的票据中包含的衍生品在2026年8月31日的价值为224,580美元；该计量对处置率敏感，当每天处置15,000股时价值约为187,340美元，当每天处置35,000股时价值约为246,503美元，如果将有利所有权限制仅视为时间约束，则价值约为706,628美元。

F-6

下表总结了截至2026年8月31日和2026年5月31日，公司按公允价值持续计量的金融资产和金融负债的公允价值层级：

	第1级		第2级		第3级	总计
2026年8月31日
第1级权益证券投资		710,168		-		-	710,168
衍生负债-可转换票据转换特征		-		-		1,072,942	1,072,942
衍生负债-认股权证（第15号注释）		-		-		75,025	75,025
2026年5月31日
权益证券投资		22,663		-		-	22,663
衍生负债-可转换票据转换特征		-		-		731,168	731,168

下表总结了截至2026年8月31日止三个月和截至2026年5月31日止年度，按公允价值持续计量的第3级衍生负债的变化情况。

	截至 2026年8月31日 2026			截至 2026年5月31日 2026
期初余额	$	731,168			$	168,358
可转换票据发行时确认		612,901				1,443,150
转换时转入权益		(144,708	)			(23,951	)
认股权证从权益中重分类（第15号注释）		200,225				-
公允价值变动在收益中确认		(251,619	)			(856,389	)
期末余额	$	1,147,967			$	731,168

在截至2026年8月31日的三个月内，合并损益表中显示的207,733美元收益包括上述公允价值变动251,619美元（包括权证公允价值从发行日公允价值200,225美元下降125,200美元，如第15号注释所述，在本季度从股东权益中重分类），减去本季度发行的两份票据中嵌入的衍生工具初始计量确认的43,886美元，其中发行时转换特征的公允价值超过了扣除原始发行折扣和发行成本后的收益（第11号注释）。在发行时确认的612,901美元中，569,014美元作为债务折扣记录。在本季度每次转换时，嵌入的衍生工具都会按转换日的公允价值重新计量，变动部分计入收益，归属于已转换本金的公允价值会重分类至额外 paid-in 资本。截至2026年8月31日，衍生工具负债包括根据维护协议发行的票据的224,580美元，主票据第1和第2档的23,644美元和168,712美元，本季度发行的五份票据合计656,006美元（第11号注释）以及权证的75,025美元（第15号注释）。

收入确认

公司根据《ASC 606，与客户签订合同的收入》的规定确认收入，如2026年10-K表第1号注释所述。截至2026年8月31日的三个月内，收入主要由碳信用销售、移动应用的订阅收入以及咨询和服务收入组成；公司基本上作为主要方进行所有收入。根据维护协议，应付客户的款项作为交易价格的抵减项确认（第7号注释）。客户在完成时接受交付成果的技术咨询协议代表一个单一的履约义务，在交付和接受成果时即时完成；在交付前开具的发票金额记录在递延收入中的合同负债（第9号注释）。下表按签约子公司的司法管辖区对收入进行了细分：

	三个月结束 8月31日 2026		三个月结束 8月31日 2025
美国	$	5,313		$	[ ]
加拿大		336,294			[ ]
塞浦路斯		-			[ ]
爱尔兰		-			[ ]
哥伦比亚		2,360			[ ]
西班牙		-			[ ]
总收入	$	343,967		$	35,658,933

F-7

上述收入按签约子公司的司法管辖区进行细分，这不一定代表客户的所在地。

外币折算

公司的报告货币为美元。每个实体的功能货币为其主要经济环境中的货币：Karbon-X Project, Inc. 为加元；Karbon-X Corp.、Karbon-X USA Corp. 和 Allcot Limited 为美元；Karbon-X Trading Limited 和 Karbon-X Iberia SL 为欧元；Allcot X Colombia S.A.S. 为哥伦比亚比索。资产和负债按资产负债表日的汇率折算，收入和费用按期间的平均汇率折算，产生的汇兑调整额计入累计其他综合收益（损失）中。以非实体功能货币计价的货币性余额的已实现和未实现损益计入其他收入（费用）中。

每股亏损

基本每股亏损是通过将公司归属于普通股股东的净亏损除以当期加权平均普通股数计算得出的。稀释每股亏损使用库存股法和转换法计算。对于截至2026年8月31日和2025年8月31日的三个月，公司报告了净亏损，因此所有潜在的稀释性证券均为反稀释性并被排除在稀释每股亏损计算之外。截至2026年8月31日，约33,525,680股（2026年5月31日：28,038,971股）潜在的稀释性证券具有反稀释性，未计入稀释净亏损的计算（注20）。“

分部报告

公司的首席执行官是首席运营决策者。他以合并方式审查财务信息以分配资源和评估业绩，并不审查任何子公司的利润或亏损或资产的单独衡量指标。因此，公司作为一个单一的运营和报告分部运营，即环境信用额度的采购、开发和销售。首席运营决策者以合并方式审查毛利、EBITDA 和净亏损，以及合并现金预测。以下报告的分部利润或亏损的衡量标准为合并净亏损。分部收入、利润或亏损和资产等于相应的合并金额，因此没有调整项目产生。定期提供给首席运营决策者的重大费用类别以及其他分部项目的金额如下表所示。

	三个月结束 8月31日 2026			三个月结束 8月31日 2025
收入	$	343,967			$	35,658,933
销售成本		(233,930	)			(35,365,064	)
工资和薪金（不包括股票薪酬）		(1,006,617	)			[ ]
股票薪酬		(89,586	)			[ ]
市场费用		(477,943	)			(628,540	)
专业费用		(338,135	)			(107,447	)
差旅和娱乐		(39,557	)			[ ]
折旧和摊销		(53,953	)			[ ]
租金		(29,800	)			[ ]
会费和订阅费		(55,123	)			[ ]
银行和交易费用		(9,131	)			[ ]
信用损失准备		(489,274	)			-
其他运营费用		(153,272	)			[ ]
重大分部费用总额		(2,976,321	)			(38,023,998	)
收入减去重大分部费用		(2,632,354	)			(2,365,065	)
其他分部项目		(1,322,684	)			(231,169	)
净亏损	$	(3,955,038	)		$	(2,596,234	)

F-8

股票补偿是工资和薪水中体现的期权费用；另外的153,707股作为服务补偿发行，被计入其他项目，基于股票的总补偿金额为243,292美元，在合并的现金流量表中体现。其他分部项目包括利息收入和费用、投资损失、衍生负债公允价值变动和其他非运营项目；两个期间的所得税费用均为零。分部资产等于合并的总资产。

重分类

截至2025年8月31日的三个月比较合并现金流量表中的某些金额已重新分类，以符合2026年10-K表中采用的披露方式：之前分别列示的可交易证券变动和应收证券变动合并至“股权证券未实现损失及相关应收证券净额”；应收融资义务的收到和支付金额以净额列示；项目管道的收购作为投资活动在其当前标题下列示。这些重分类对之前报告的净亏损、全面损失、总资产、股东权益或经营、投资和融资活动的现金流量总额没有影响。

最近发布的会计准则

2025年7月，FASB发布了ASU 2025-05，金融工具——信用损失（主题326）：应收账款和合同资产的信用损失计量，允许实体应用一项实际便利，即假设资产负债表日的当前条件在当前应收账款和根据主题606核算的当前合同资产的剩余寿命内保持不变。公司于2026年6月1日采用该修正案。由于未在贸易应收账款上确认信用损失，且这些应收款期限较短，因此该采用对合并的财务报表没有重大影响。

ASU 2024-04，债务—可转换和其他选项债务（子主题470-20）：可转换债务工具的诱导转换，对公司于2026年6月1日生效。季度内可转换债券的转换是根据债券的原始条款进行的，没有发生诱导转换；采用该修正案对合并的财务报表没有影响。

2026年5月，FASB发布了ASU 2026-02，环境信用和环境信用义务（主题818），该标准为产生、购买或接收环境信用的实体建立了确认、计量、列示和披露要求。该标准对公众业务实体而言，适用于2027年12月15日之后开始的年度期间，包括这些期间内的中期期间，对公司而言，即从2028年6月1日开始的财年，允许提前采用。由于公司产生、购买并持有碳信用，ASU 2026-02预计将对公司产生重大影响，管理层正在评估其对合并财务报表的影响。

ASU 2024-03 和 ASU 2025-01，收益表 - 报告全面收益 - 费用分解披露（子主题 220-40），对公司的生效期为 2027 年 6 月 1 日开始的年度期间以及 2028 年 6 月 1 日开始的中期期间。更新仅影响披露，预计不会产生重大影响。没有其他最近发布的会计准则预计会对公司的合并财务报表产生重大影响。

F-9

注释 2 – 预付费用

截至 2026 年 8 月 31 日和 2026 年 5 月 31 日，预付费用包括以下内容。预付生物炭设备押金代表 2026 年 2 月支付的设备 50% 预付款，该设备将供应给关联方项目（注释 21）；其余分期付款将在设备交付和调试时到期，截至 2026 年 8 月 31 日尚未开具发票，也未记录。

	2026 年 8 月 31 日		2026 年 5 月 31 日 2026
预付赞助和营销费用	$	574,196		$	500,833
预付生物炭设备押金		294,073			591,045
其他预付款		20,399			85,892
总计	$	888,668		$	1,177,770

注释 3 – 存货

截至 2026 年 8 月 31 日和 2026 年 5 月 31 日的存货包括以下内容：

2026 年 8 月 31 日

2026 年 5 月 31 日

2026

碳信用额度存货

721,012

649,973

总计

721,012

649,973

碳信用额度存货代表目前待售的碳信用额度，按成本或可实现净值的较低者计量。在没有针对环境信用额度的有效权威指导的情况下，碳信用额度存货是根据 ASC 330 类比处理的，如 2026 年 10-K 表格注释 1 所述。存货中不包含任何项目在制品。Karbon-X 项目公司持有的碳信用额度存货，其注册持有量在 2026 年 8 月 31 日进行了实物盘点，受注释 13 中描述的应收账款融资安排下授予的一般担保权益约束。

注释 4 – 固定资产

截至 2026 年 8 月 31 日和 2026 年 5 月 31 日的固定资产金额包括以下内容：

	2026 年 8 月 31 日			2026 年 5 月 31 日 2026
家具和设备	$	9,006			$	12,704
计算机和设备		9,222				4,356
固定资产总成本	$	18,228			$	17,060
累计折旧		(10,546	)			(9,056	)
固定资产净值	$	7,682			$	8,004

截至 2026 年 8 月 31 日的三个月内折旧费用为 897 美元。包括资本化应用开发成本和收购项目管道的摊销在内的总折旧和摊销费用为 53,953 美元（截至 2026 年 8 月 31 日的三个月：43,347 美元）。公司在此季度购买了价值 576 美元的设备。成本和累计折旧的变动包括以结算汇率将持有的加拿大元和哥伦比亚比索余额进行折算的影响。

注释 5 – 收购的项目管道

2025 年 6 月 27 日，公司完成了从 Allcot AG 收购指定资产，包括知识产权、数据库、项目管道和合同权利。该收购根据 ASC 805-50 作为资产收购进行会计处理，收购的项目管道在无形资产中列示，如 2026 年 10-K 表格注释 5 所述。收购的项目管道包括以下内容：

	2026 年 8 月 31 日			2026 年 5 月 31 日 2026
按成本计算的收购项目管道	$	760,711			$	666,990
累计摊销		(32,870	)			(22,645	)
无形资产净值	$	727,841			$	644,345

F-10

摊销自2025年7月1日起，按加权平均使用寿命27年直线法确认。按期间平均汇率折算的6,836美元摊销费用，已针对截至2026年8月31日的三个月确认。季度内没有新增；摊销金额的增加反映了以结算汇率将哥伦比亚比索计价的余额进行折算，折算差额已计入累计汇兑调整。预计未来五年每年摊销约为27,300美元。季度内未发现减值迹象。

注6 – 合同履行资产

公司根据ASC 340-40-25-5的规定，将与客户合同直接相关的成本资本化，这些成本将用于满足合同下的履约义务，并预期通过未来合同收入收回。合同履行资产代表为履行与伍德赛德的ABC红树林塞内加尔采购合同所发生的成本。相关履约义务预计将在资产负债表日后的12个月以上期间内履行，目前预计在2027年下半年，因此该资产作为非流动资产列示。

2026年8月31日

2026年5月31日

2026

ABC红树林塞内加尔 – 履行伍德赛德采购合同的成本

594,580

554,579

总计

594,580

554,579

截至2026年8月31日的三个月内，有40,301美元的成本被资本化，其余变动来自折算。由于合同下的交付尚未开始，未记录摊销；首次向客户交付信用时将开始摊销。该资产在每个报告日进行减值测试；未确认减值。根据同一合同，客户预付的开发成本在递延收入中列示（注9）。

注7 – 其他资产、维护协议及应付客户对价

2026年1月8日，公司与一家机构贷款方签订了维护协议，该贷款方同时持有公司的可转换债券（“贷款方”），以在德克萨斯州科西卡纳的商业设施提供物业维护及相关服务，直至2035年10月。作为贷款方执行协议的对价，公司向贷款方发行了一张本金为1,682,000美元的可转换票据，并未收到现金对价（注11）。公司根据ASC 606-10-32-25和32-27的规定，将1,682,000美元作为应付客户对价和交易价格的减少进行核算，并在相关费用确认时予以确认。

根据协议产生的月费将用于抵消贷款人主票据各档的未偿余额，而不是以现金结算。截至2026年8月31日的三个月内产生的费用为36,859美元，代表三个月的可变费用，并通过释放应付客户的对价全额抵销，因此根据协议在当季确认的净收入为零。截至2026年8月31日，应付客户的未摊销对价为1,583,710美元（2026年5月31日：1,620,569美元），其中147,434美元列示在其他流动资产中，1,436,276美元列示在其他资产中。根据协议的对价完全是可变的，使用预期价值法进行估算，且受限于重大收入逆转不太可能发生的金额；2026年10-K表第7号注释中描述的可回收性评估于2026年8月31日更新，未确认任何减值。

其他资产包括以下内容：

	2026年8月31日		2026年5月31日 2026
应付客户的对价 – 维护协议	$	1,436,276		$	1,473,135
递延发行成本		47,790			34,289
长期保证金		10,599			10,651
来自关联方的应收款（注21）		29,292			29,253
总计	$	1,523,957		$	1,547,328

应付客户的当期部分，147,434美元，列示在其他流动资产中，其他流动资产总额为153,168美元（2026年5月31日：155,322美元）。

F-11

注8 – 应收贷款

2026年2月9日，公司根据2026年2月6日签署的贷款协议向借款人提供了2,300,000加元贷款。该贷款年利率为12.00%，并由一家不列颠哥伦比亚省公司的2,666,666股普通股担保，该公司的股票在TSX风险交易所上市，公司对该股票拥有优先担保权益。该贷款按照ASC 310-10中的摊余成本计量，被归类为流动资产，并且由于以加拿大元计价，根据ASC 830-20的规定在期末汇率下重新计量，由此产生的收益或损失计入其他收入（费用）中。

该贷款的到期日（经延长后）为2026年5月10日。截至2026年8月31日，该贷款尚未偿还，已逾期；未收到任何本金或利息的付款。截至2026年8月31日，该贷款的总账面价值（包括本金和按收盘汇率折算的应计利息）为1,769,437美元（2026年5月31日：1,765,616美元）。截至2026年8月31日的三个月内确认了50,419美元的利息收入，并在对加拿大元余额重新计量时确认了46,597美元的外汇损失。

公司根据ASC 326-20中的当前预期信用损失模型对贷款应收款进行处理，并通过三种回收情景的概率加权分析进行单独评估：全额还款、部分还款后对质押股份进行追偿，以及仅限于质押股份的回收。该分析考虑了质押股份的报价市场价值（截至2026年8月31日为每股份加元0.16，合计约307,707加元）、至今未有任何本金或利息的支付、截至2026年6月30日提出的正式还款要求、借款人未能提供其作为还款来源的交易信息，以及公司律师于2026年10月6日发出的催款函（注24）。基于这些证据，公司减少了全额还款的权重，增加了仅限于质押股份回收的权重。信用损失准备金在本季度增加了489,274美元，截至2026年8月31日达到1,117,470美元（2026年5月31日：628,196美元），贷款按扣除准备金后的净额列示为651,967美元。如果最终回收仅限于质押股份的价值，准备金将增加约344,260美元；全额还款将导致在收到款项期间冲销准备金。

来自关联方的可转换票据应收款81,314美元及相关的应计利息2,192美元（注21）在简明合并资产负债表中单独列示为关联方可转换票据应收款，共计83,506美元。

与贷款相关，质押股份的发行人在2026年2月6日同意向公司发行股份购买权证；双方尚未确定权证数量及其行权价格，截至2026年8月31日尚未发行任何权证，也未就其确认任何金额。

注9 – 递延收入

公司在交付碳信用额度和在某些情况下交付咨询服务之前收到对价。在相关信用额度或服务转移给客户之前收到的金额作为递延收入（合同负债）记录，并在控制权转移给客户时确认为收入。递延收入包括以下内容：

	2026年8月31日		2026年5月31日 2026
递延收入 – 尚未交付的信用额度	$	3,084,536		$	3,097,304
开发成本预收款		1,042,458			502,458
其他客户预收款		36,059			192,329
咨询服务预收款		107,112			-
关联方递延租金收入（注21）		30,669			-
合计	$	4,300,834		$	3,792,091

截至2026年8月31日的递延收入中包含从单一客户处根据2025年8月22日签署的I-REC销售协议收到的266万欧元（308.4536万美元），如2026年10-K表第9号注释所述。截至2026年8月31日，这些证书尚未转移，该余额将在转移时确认为收入。1042458美元的开发成本预付款与ABC Mangrove Senegal项目相关，包括2026年7月开具的54万美元发票，用于种植周期3和4的20%开发成本预付款，截至2026年8月31日尚未收回，并计入应收账款；这些金额将在相关履约义务履行时确认，目前预计在2027年晚些时候。还包括2026年7月开具并收取的107112美元（91650欧元）作为2026年6月签署的技术咨询协议下的签约分期付款，用于基于自然的再造林项目的第1阶段设计；根据该协议，公司的单一履约义务在最终项目设计文件交付和接受时即完成，预计在2027年2月28日结束的季度内完成，该分期付款在那时之前作为合同负债处理。截至2026年5月31日递延的3792091美元中，有157596美元在相关信用证交付时于2026年8月31日结束的三个月内确认为收入。

F-12

第10号注释 – 其他流动负债

其他流动负债包括以下内容：

	2026年8月31日			2026年5月31日 2026
短期贷款应付款 – 短期预付款	$	360,594			$	363,777
员工及法定工资薪金负债		177,655				153,835
增值和销售税余额，净额		(7,518	)			(143	)
已收货未开票		112,567				33,303
其他应计费用		11,407				(9,099	)
总计	$	654,705			$	541,673

2026年5月20日，一家在多伦多证券交易所创业板上市的不列颠哥伦比亚省公司向Karbon-X Corp提供了50万美元的预付款。该预付款无担保、不计息，并应在2026年11月20日偿还；按收盘汇率重新计量，并在当季确认了3183美元的汇兑收益。员工及法定工资薪金负债包括应计工资、应计年假、解雇补偿、服务溢价和强制性社会贡献，并按预付金额抵减后列示。

第11号注释 – 可转换票据

截至2026年8月31日的三个月内，该公司向五位贷款人发行了五张可转换本票，总面值为773,500美元，总购买价格为670,500美元，反映了发行时折扣84,000美元和发行成本19,000美元在交割时被扣除：一张于2026年7月17日发行的180,000美元本票（年利率6%）；一张于2026年8月7日发行的115,500美元本票（年利率6%）；一张于2026年8月13日发行的203,000美元本票（年利率10%），应自2026年9月13日起分十二个月每月偿还18,608美元，并附带101,500股限制性普通股（第14号注释）；一张于2026年8月18日发行的150,000美元本票（年利率6%）；以及一张于2026年8月25日发行的125,000美元本票（年利率12%）。每张本票自发行日起十二个月到期，并在发行后六个月可转换，转换价格等于普通股在前二十个交易日最低交易价格的60%（四张本票）或五日成交量加权平均价格的75%，但须满足每股最低市场价格0.15美元（一张本票）。每张本票具有4.99%的有益所有权限制，可在60天通知后增加至9.99%。这些本票是公司的无担保债务。另外一张面值为325,000美元的本票于2026年8月21日签发，但截至2026年8月31日尚未拨款，且未在这些简要合并财务报表中确认；详见第24号注释。

五张本票的可变价格转换特征根据ASC 815-15被分拆为衍生负债，并在发行时按公允价值计量，总金额为612,901美元。当转换特征的公允价值超过扣除发行时折扣和发行成本后的收益时，主本票被记录为零，超出的43,886美元作为初始计量损失计入衍生负债公允价值变动收益（损失）；其余的569,014美元被记录为债务折扣。对于附带101,500股承诺股份的203,000美元本票，扣除衍生部分后的收益按其相对公允价值在本票和股份之间分配，其中4,703美元分配给股份。加上发行时折扣、发行成本和分配给承诺股份的金额，总共记录了676,717美元的债务折扣，这些折扣在本票的十二个月期限内按直线法摊销至利息费用。

F-13

截至2026年8月31日的三个月内，四项票据的持有人将本金和应计利息转换为3,231,320股普通股（注释14）：Master Note Tranche 1的持有人发出了五份转换通知，以每股0.1106至0.1528美元的价格转换了2,220,000股，使该系列的本金在2026年8月31日减少至74,747美元；2025财年发行的250,000美元非流动票据于2026年7月31日全额转换，连同133,333美元的应计利息，转换为511,111股，每股75美元；2026财年发行的票据剩余40,296美元余额于2026年7月22日全额转换为268,640股，每股0.15美元；另外2026财年的票据于2026年8月12日通过发行231,569股，每股0.14175美元全额结算，包括担保利息。公司在季度内还以现金偿还了三笔2026财年票据的本金169,856美元，以及根据《维护协议》（注释7）获得的36,859美元维护费用被用于抵消主票据余额，而非以现金结算。在Tranche 1转换中释放的债务折扣记录在额外实收资本中，同时根据转换日期对转换本金的嵌入式衍生品公允价值也进行了记录（注释1）；每份转换通知收取的1,750美元费用被确认为利息支出。

截至2026年8月31日的三个月内，可转换票据的利息支出包括403,410美元的债务折扣摊销。Master Note Tranche 1的折扣按直线法在其剩余期限至到期日进行摊销，期间已结算本金的未摊销折扣按比例冲销——转换为普通股的本金冲销至额外实收资本，通过维护费用应用结算的本金冲销至利息支出。截至2026年8月31日的应计利息应付金额为111,094美元（2026年5月31日：182,688美元），包括对贷款人的票据的112,045美元、对前一年转换的票据的62,500美元、对本季度发行的票据的3,357美元，减去注释12中所述定期票据的66,806美元预付利息。

截至2026年8月31日的未偿票据可按转换折扣率在定义的计量期前交易价或成交量加权平均价的60%至85%之间转换，某些情况下受最低价格限制和4.99%或9.99%的受益所有权限制。公司可在任何时候提前偿还本金和任何未付利息，但无论提前还款日期如何，都必须支付至少六个月的利息。应付可转换票据包括以下内容：

	2026年8月31日			2026年5月31日 2026
贷款人 – 维护票据	$	1,682,000			$	1,682,000
贷款人 – 主票据Tranche 1		74,747				388,450
贷款人 – 主票据Tranche 2		500,000				500,000
2025财年发行的票据 – 一位贷款人（非流动，2026年7月转换）		-				250,000
2026财年发行的票据 – 其他贷款人		32,281				259,486
Debtfund L.P. – CPN #2（2026年8月）		203,000				-
CFI Capital（2026年7月）		180,000				-
GW Capital（2026年8月）		115,500				-
Auctus Fund（2026年8月）		150,000				-
SilverCrest Hybrid Capital（2026年8月）		125,000				-
未偿本金总额	$	3,062,528			$	3,079,936
减：未摊销债务折扣		(1,102,625	)			(923,880	)
减：分类为非流动的金额		-				(250,000	)
扣除折扣后的流动可转换票据应付	$	1,959,903			$	1,906,056

截至2026年8月31日，公司尚未偿还的可转换债券本金为3,062,528美元，未摊销的债务折扣为1,102,625美元，应计应付利息为111,094美元，以及嵌入式衍生品负债为1,072,942美元。截至2026年8月31日所有未偿还的可转换债券将在十二个月内到期，并被归类为流动负债。

注12 – 长期债务

2025年11月24日，公司从贷款人处取得面值为5,000,000美元的贷款。该贷款年利率为18%，按月预付，期限为五年，将于2030年11月到期。本金从第55期付款开始每月摊销833,333美元；截至2027年5月31日至2030年5月31日每个财年的计划本金到期额均为零，截至2031年5月31日的财年计划本金到期额为5,000,000美元。截至2026年8月31日，有6,738美元的债务折扣和发行费用已计入利息支出，使该日期的未摊销金额为112,302美元。季度内支付了236,389美元的利息，交易结束时预付的66,806美元利息已从可转换债券的应付利息中抵减。

	2026年8月31日			2026年5月31日 2026
定期贷款 – 面值	$	5,000,000			$	5,000,000
未摊销的债务折扣和发行费用		(112,302	)			(119,040	)
长期债务总额	$	4,887,698			$	4,880,960

F-14

该贷款由Karbon-X Corp.目前和未来所有资产的担保权益提供担保，包括一个特定收入存入的收款账户，并由公司首席执行官（注21）提供的有限追索权个人担保支持。贷款协议限制公司不得在其资产上设立其他抵押权，但允许例外情况。详见注13中作为抵押品的资产。

注13 – 应收账款融资义务和定期贷款

Karbon-X Project Inc.参与应收账款融资安排，根据这些安排，提供方会预先支付现金以换取公司未来应收账款的指定购买金额。由于公司并未放弃对应收账款的控制权，这些安排不符合ASC 860下的终止确认条件，因此作为担保借款进行会计处理：应收账款仍列示在简明合并资产负债表上，而义务则按净所得金额入账，并根据ASC 835-30使用有效利率法将金额增加至购买金额，增加部分计入利息支出。

During the three months ended August 31, 2026 the Company repaid in full the merchant cash advance funded on April 28, 2026, remitting CAD $598,582 on June 10, 2026 after a CAD $50,000 early payoff discount, with the difference between the amount remitted and the carrying value recognized in interest expense; drew a CAD $600,000 term loan on July 2, 2026 from an affiliate of the same provider under a loan agreement dated June 26, 2026, bearing interest at a fixed rate, with CAD $49,000 of underwriting and documentation fees withheld at funding and recorded as a discount, repayable in 36 weekly instalments of CAD $23,316.67 to March 15, 2027 and guaranteed by the Company, two other subsidiaries and the Chief Executive Officer; the term loan is a borrowing rather than a sale of receivables and is presented separately as term loan payable, carried at amortized cost with its discount accreted to interest expense using the effective interest method; received $460,000 on July 22, 2026 under a new merchant cash advance against a purchased amount of $644,000, repayable in 36 weekly pre-authorized debits of $17,888.89 ; and received $60,063, net of underwriting fees, on August 27, 2026 under a purchase and sale of receivables agreement with a purchase price of $70,058 against purchased receivables of $105,018 . The arrangement funded on April 24, 2026 continued to self-liquidate through weekly remittances. Finance charges of $276,770 on the receivables financing arrangements and accretion of $62,579 on the term loan (presented within amortization of debt discount in the statement of cash flows) were recognized in interest expense for the quarter. Receivables financing obligations and the term loan consisted of the following:

	August 31, 2026			May 31, 2026
Provider A – merchant cash advance funded April 28, 2026 (repaid June 10, 2026)	$	-			$	332,897
Provider B – merchant cash advance funded April 24, 2026		56,877				258,183
Term loan payable – Provider A affiliate, Loan Agreement dated June 26, 2026, funded July 2, 2026		326,113				-
Provider C – merchant cash advance funded July 22, 2026		265,249				-
Provider D – receivables purchase funded August 27, 2026		50,525				-
Total receivables financing obligations and term loan	$	698,764			$	591,080
Less: term loan payable, presented separately	$	(326,113	)		$	-
Receivables financing obligations	$	372,651			$	591,080

The receivables financing obligations and the term loan are secured by a general security interest in the present and after-acquired personal property of Karbon-X Project Inc., including its accounts receivable, inventory and equipment, and one of the arrangements is personally guaranteed by the Company’s Chief Executive Officer (Note 21). The Company entered into further receivables financing arrangements after the quarter end; see Note 24.

Assets pledged as collateral

The term note described in Note 12 is secured by a security interest in substantially all of the present and future assets of Karbon-X Corp., the parent company, including its equity interests in and intercompany claims against its subsidiaries. Assets of Karbon-X Corp. recognized in the condensed consolidated balance sheet at August 31, 2026, after elimination of intercompany balances, were $2,466,129, comprising principally cash, the loan receivable and the consideration payable to a customer. The receivables financing obligations are secured by the personal property of Karbon-X Project Inc., whose assets recognized in the condensed consolidated balance sheet at that date, after elimination of intercompany balances, were $2,897,410, of which accounts receivable, inventories of $721,012 and property and equipment are the principal components. The financing providers do not have the right to sell or repledge the collateral. The convertible notes described in Note 11 are unsecured.

F-15

Table of Contents

Note 14 – Shareholders’ Equity

During the three months ended August 31, 2026, the Company issued 3,231,320 shares of common stock upon conversion of convertible notes payable and accrued interest with a recorded value of $806,517 (Note 11), comprising Master Note Tranche 1 2,220,000; MRK-X 511,111; Debtfund L.P. 268,640; FirstFire 231,569 shares.

During the three months ended August 31, 2026, the Company issued 831,909 shares of common stock as compensation for services with a recorded value of $153,707, comprising 315,244 shares issued to a provider of legal services at $0.159 to $0.16 per share, 416,665 shares issued to a consultant at $0.20 per share and 100,000 shares issued to a broker-dealer at $0.20 per share, and 101,500 commitment shares in connection with the $203,000 convertible note described in Note 11, to which $4,703 of the note proceeds was allocated on a relative fair value basis and recorded in additional paid-in capital and as a debt discount against the note.

On August 12, 2026 the Company received $125,000 from an existing investor and issued 250,000 shares of common stock at $0.50 per share, effective August 12, 2026. At August 31, 2026 there were 99,299,757 shares of common stock issued and outstanding per the Company’s records and the transfer agent.

During the three months ended August 31, 2026, the Company recorded option compensation expense of $89,586 (Note 18) and reduced additional paid-in capital by $37,125 to correct the recording of a note conversion in fiscal 2026 for which the principal had been repaid in cash and applied against a prepaid balance rather than settled in shares; the correction is not material to the previously issued financial statements or to the current period and has been recorded in the current period as an out-of-period adjustment. The Company also reclassified $200,225 from additional paid-in capital to derivative liabilities on the reclassification of the warrants described in Note 15.

At August 31, 2026 there were 99,299,757 shares of common stock issued and outstanding (May 31, 2026: 94,885,028).

Note 15 – Warrants

No warrants were issued, exercised, forfeited or expired during the three months ended August 31, 2026. The 508,064 common stock purchase warrants issued in fiscal 2026 in connection with the Lender’s Master Note facility (250,000 issued January 8, 2026 and 258,064 issued February 18, 2026, each with an exercise price of $0.001 per share, a five-year term, cash or cashless exercise and a 4.99% beneficial ownership limitation) remain outstanding and exercisable. The warrants permit the holder, at its election, to substitute for the exercise price the variable price of any security the Company subsequently issues at a price that varies with the market price of the common stock, and require the Company to purchase the warrants for cash at their Black-Scholes value at the holder’s request following an event of default under the related notes. Because the warrants are therefore not indexed solely to the Company’s own stock and could require net cash settlement in circumstances outside the Company’s control, they do not meet the conditions for equity classification in ASC 815-40 and are accounted for as derivative liabilities measured at fair value, with changes in fair value recognized in earnings. In the 2026 Form 10-K the warrants were classified in permanent equity at their issuance-date fair value of $200,225. During the three months ended August 31, 2026 the Company reclassified the warrants to derivative liabilities, recording a liability of $75,025, being their fair value at August 31, 2026 determined using the Black-Scholes model (closing price $0.1485, exercise price $0.001, remaining terms of 4.4 to 4.5 years, expected volatility 85% and a risk-free rate of 3.94%), and a gain of $125,200 within gain on change in fair value of derivative liabilities, of which $113,768 represents the decrease in fair value between issuance and May 31, 2026 that would have been recognized in fiscal 2026 had the warrants been classified as liabilities at issuance. Management evaluated the misclassification under SEC Staff Accounting Bulletins No. 99 and No. 108 and concluded that it was not material to the previously issued fiscal 2026 financial statements or to the current period, and has corrected it in the current period as an out-of-period adjustment. At August 31, 2026 the warrants had a weighted average remaining contractual life of 4.42 years and an aggregate intrinsic value of approximately $74,939, based on the $0.1485 closing price of the common stock on August 31, 2026 less the exercise price. Warrants issued after the quarter end are described in Note 24.

F-16

Table of Contents

	Number		Weighted average exercise price		Weighted average remaining contractual life (years)
Outstanding May 31, 2026		508,064		0.001		4.60
Granted		-		-		-
Exercised		-		-		-
Expired		-		-		-
Outstanding and exercisable August 31, 2026		508,064		0.001		4.42

Note 16 – Investments and Securities Receivable

On October 24, 2024, Karbon-X Corp. entered into a Carbon Credit Purchase Agreement with DEVS with an aggregate value of $1,137,197, under which the Company received DEVS common shares subject to a price floor under which DEVS is required to issue additional shares if gross proceeds from the sale of those shares are below $1,137,197. The Carbon Credit Forward Purchase Agreement with DEVS dated October 28, 2024 was terminated by a Mutual Termination Agreement effective May 29, 2026 and executed on July 7, 2026, and the related securities receivable and deferred revenue were derecognized at May 31, 2026, as described in Note 16 to the 2026 Form 10-K.

On June 24, 2026 the Company and DEVS entered into a Share Cancellation Addendum under which the 17,495 shares held by the Company were cancelled and 4,641,621 shares were issued in settlement of the remaining securities receivable of $1,128,863 under the Carbon Credit Purchase Agreement. The exchange settled the securities receivable in shares with no change in the aggregate carrying value of the position at that date and is presented as a non-cash investing activity. Also on June 24, 2026 the common shares of DEVS were delisted from the Nasdaq Stock Market and are now quoted on the OTC market. Following the exchange the Company holds 4,641,621 DEVS shares and no securities receivable remains; the shares are held by a subsidiary whose functional currency is the Canadian dollar and are measured at fair value through net income under ASC 321 at the quoted closing price on the last trading day of the period, translated at the closing exchange rate.

At August 31, 2026 the shares were measured at USD $0.1530 per share, or $710,168 in aggregate, and an unrealized loss of $427,029 on the position was recognized in the condensed consolidated statement of operations within gain (loss) on investment, which amounted to $(422,410) for the quarter after translation at the average rate for the period. Because the price floor was settled by the June 24, 2026 share issuance, the Company no longer has a contractual entitlement to additional shares and the full change in the fair value of the shares is recognized in earnings.

	August 31, 2026		May 31, 2026
Investments in equity securities	$	710,168		$	22,663
Securities receivable		-			1,128,863
Total	$	710,168		$	1,151,526

Note 17 – Internally Developed Software

The Company capitalizes the costs of developing its mobile applications as internal-use software under ASC 350-40, as described in Note 17 to the 2026 Form 10-K. As of August 31, 2026 and May 31, 2026, the Company had capitalized application development costs, net of accumulated amortization, of $333,723 and $382,323, respectively. Gross capitalized cost was $595,921 and $598,858 and accumulated amortization was $262,198 and $216,535, respectively. The Company recorded amortization expense of $46,219 for the three months ended August 31, 2026 (three months ended August 31, 2025: $43,200). There were no additions during the quarter; two applications remained in the application development stage at August 31, 2026 and are carried as in-process software of $35,227 that is not yet amortized. Movements in the gross and accumulated amortization balances include the effect of translating the Canadian-dollar-denominated balances at the closing rate.

Note 18 – Stock Option Plan

The Company’s 2024 Employees’, Directors’, Officers’, and Consultants’ Stock Option Plan (the “Plan”), as amended, authorizes the issuance of options to purchase up to 15,000,000 shares of common stock, and is described in Note 18 to the 2026 Form 10-K. The Plan is administered by the Compensation Committee of the Board of Directors; options have a maximum term of ten years and options may not be granted under the Plan after December 31, 2026.

F-17

Table of Contents

On June 4, 2026 the Board of Directors approved grants of options to purchase 2,849,200 shares of common stock at an exercise price of $0.23 per share, including 1,500,000 options granted to the Chief Executive Officer in replacement of 900,000 options at $0.75 per share granted in June 2024 that were cancelled on the same date; the cancellation and replacement were accounted for as a modification under ASC 718-20-35-8 and only the incremental fair value of $188,020 is recognized over the requisite service period. On June 24, 2026 the Board granted 60,000 fully vested options at an exercise price of $0.90 per share. During the quarter 318,450 options at $0.75 per share expired unexercised following the departure of the holders. No options were exercised or forfeited.

	Number of shares			Weighted average exercise price		Weighted average remaining life (years)
Options authorized		15,000,000
Outstanding at May 31, 2026		3,595,450			0.82		3.31
Granted		2,909,200			0.24		5.00
Exercised		-
Cancelled		(900,000	)		0.75
Expired		(318,450	)		0.75
Outstanding at August 31, 2026		5,286,200			0.52		4.07
Exercisable at August 31, 2026		1,933,000			0.84		[ ]
Unvested at August 31, 2026		3,353,200			[ ]		[ ]

The weighted average exercise price of options granted during the quarter was $0.24 (2,849,200 at $0.23 and 60,000 at $0.90). As of August 31, 2026, the intrinsic value of the 5,286,200 outstanding options was $0, as the exercise prices of all outstanding options exceeded the $0.1485 closing market price of the common stock on August 31, 2026. Options available for future grant under the Plan at August 31, 2026 were 9,353,800.

Fair Value of Options

The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model. Options granted during the three months ended August 31, 2026 used the following weighted-average assumptions: expected volatility of 55.5%, determined by reference to the historical volatility of guideline companies over a one-year window because trading in the Company’s common stock is limited and sporadic ; expected life of 5 years; risk-free interest rate of 4.0%; and an expected dividend yield of 0%. The grant-date fair value of the June 4, 2026 options was $0.1452 per option, based on the $0.2625 closing price of the common stock on the grant date.

Stock-Based Compensation Expense

For the three months ended August 31, 2026, the Company recognized stock-based compensation expense related to stock options of $89,586 (three months ended August 31, 2025: $92,309), presented within salaries and wages. A further $153,707 of share-based compensation on shares issued for services is recognized within the captions to which the services relate. As of August 31, 2026, unrecognized compensation cost related to unvested stock options was approximately $562,730, expected to be recognized over a weighted-average period of approximately 1.15 years as the options vest.

Note 19 – Income Taxes

The Company accounts for income taxes in accordance with ASC 740, Income Taxes. Given the Company’s history of operating losses and negative evidence outweighing positive evidence, the Company maintains a full valuation allowance against its net deferred tax assets in each of its tax jurisdictions. Accordingly, no income tax expense or benefit was recognized for the three months ended August 31, 2026 or 2025 and the effective tax rate for both periods was 0%. The Company evaluates its deferred tax assets and the valuation allowance at each reporting date; there was no change in that assessment during the quarter. No income taxes were paid in any jurisdiction during either period. The Company remains subject to the uncertainties described in Note 19 to the 2026 Form 10-K regarding loss carryforwards by jurisdiction, the filing of United States federal income tax returns and any limitation under Section 382 of the Internal Revenue Code; because the deferred tax assets are fully reserved, the outcome of that work is not expected to affect the net deferred tax position.

F-18

Table of Contents

Note 20 – Loss Per Share

Basic loss per share is calculated by dividing net loss available to common shareholders by the weighted average number of common shares outstanding during the period, determined by weighting each issuance by the number of days it was outstanding, including the 250,000 shares issued for cash described in Note 14 from their effective date of August 12, 2026. Diluted loss per share is calculated using the treasury stock and if-converted methods. For the three months ended August 31, 2026 and 2025 the Company reported a net loss and all potentially dilutive securities were therefore antidilutive and excluded from the calculation of diluted loss per share. Basic and diluted loss per share for the three months ended August 31, 2026 was $(0.04) on a weighted average of 96,547,583 shares, compared with $(0.03) on 82,305,910 shares for the three months ended August 31, 2025.

The following potentially dilutive securities were excluded from the calculation of diluted loss per share:

	August 31, 2026		May 31, 2026
Options outstanding		5,286,200		3,595,450
Warrants outstanding		508,064		508,064
Convertible notes, if converted		27,731,416		23,935,457
Total		33,525,680		28,038,971

Shares issuable on conversion of the notes outstanding at August 31, 2026 have been estimated using conversion prices of $0.0781 to $0.1212 per share, derived from the discount-to-market formulas in the respective notes applied to the trading prices of the common stock at August 31, 2026; the notes issued during the quarter are not convertible until six months after issuance. The beneficial ownership limitations in the notes restrict the number of shares any one holder may hold at a single point in time but do not limit the aggregate number issuable over time.

Note 21 – Related Party Transactions

Revive Terra Corp. (“Revive”) is an entity related to the Company through common ownership with members of management (ownership that does not constitute control). The Company subleases part of its Calgary premises to Revive at CAD $4,725 per month and recharges travel and related costs to Revive under a cost-sharing arrangement. On June 11, 2026 the sublease rent receivable from Revive at May 31, 2026 of $41,132 (CAD $56,753), together with the rent for the twelve months from June 2026 to May 2027, was converted into a convertible promissory note receivable from Revive with a face amount attributable to rent of USD $81,314 (CAD $113,400 at a fixed rate of 1.3946), bearing interest at 12% per annum, maturing June 11, 2027 and convertible at the Company’s option into common shares of Revive at $0.30 per share. The note is measured at amortized cost, is presented together with accrued interest as convertible note receivable – related party on the condensed consolidated balance sheet and is classified as current; the holder’s conversion option is not bifurcated because Revive is a private company and the option has no net settlement. At August 31, 2026 the note receivable was $81,314, accrued interest receivable was $2,192, the related deferred rent income for the unexpired portion of the twelve-month period was $30,669 (Note 9) and the receivable for recharged costs, recorded within other assets, was $29,292 (May 31, 2026: $29,253). Sublease income of $10,112 was recognized within other income (expense) for the quarter.

The Company is party to an employment contract with Chad Clovis, Chief Executive Officer, President and Director, under which Mr. Clovis is paid an annual salary of $450,000. On June 4, 2026 the 900,000 options held by Mr. Clovis were cancelled and replaced by a grant of 1,500,000 options at $0.23 per share (Note 18). Mr. Clovis has provided a limited-recourse personal guarantee of the term note described in Note 12 and a personal guarantee of one of the receivables financing arrangements described in Note 13; no consideration was paid to Mr. Clovis for these guarantees and no amount has been recognized in respect of them. There were no other related party transactions during the three months ended August 31, 2026. Subsequent to the quarter end the Company entered into a one-year consulting agreement with a related party, as consideration for which it issued a convertible promissory note with a principal amount of $1,500,000 on the terms described in Note 24.

F-19

Table of Contents

Note 22 – Concentrations

Revenue. For the three months ended August 31, 2026, $336,294, or 97.8%, of consolidated revenue was earned by Karbon-X Project Inc., the Company’s Canadian subsidiary. No revenue was earned by Karbon-X Trading Limited, the Cyprus subsidiary that accounted for 85.7% of consolidated revenue in fiscal 2026, because the industrial carbon credit trading conducted through that subsidiary did not recur in the quarter.

Trade receivables. At August 31, 2026 one customer accounted for $540,000, or approximately 99%, of trade accounts receivable, arising from the development-cost advance invoiced under the ABC Mangrove Senegal offtake contract on July 28, 2026 (Note 9); the balance was current at that date and the corresponding amount is included in deferred revenue. The Company performs ongoing credit evaluations of its customers, does not require collateral, and has recognized no allowance for credit losses on trade receivables at August 31, 2026 or May 31, 2026.

Cash. The Company maintains cash with financial institutions in Canada, the United States, Cyprus, Ireland, Spain and Colombia. Balances may from time to time exceed amounts insured by the relevant deposit insurance schemes. The Company has not experienced any losses on such balances. Long-lived assets, comprising property and equipment and right-of-use assets, were held in Canada and Colombia; the Company held no long-lived assets in the United States, its country of domicile.

Note 23 – Commitments and Contingencies

Legal Proceedings

On October 6, 2026 the Company issued a formal demand for repayment of the loan receivable described in Note 8 and has not received a response; the Company is evaluating enforcement proceedings. The conditions underlying the demand existed at August 31, 2026 and were considered in measuring the allowance for credit losses at that date. There were no other new litigation, claims or assessments during the quarter. See Note 24 regarding the Edmonton Oilers advertising and promotional agreement and the settlement of a carbon credit purchase agreement.

Operating Leases

The Company has entered into an operating lease for office space in Calgary, Alberta commencing on July 1, 2025 with a term of five years, expiring on June 30, 2030. Monthly payments, which are denominated in Canadian dollars and include the tenant’s proportionate share of occupancy costs, are CAD $14,179 to June 2027, CAD $14,733 to June 2029 and CAD $15,288 thereafter. The Company subleases part of the premises to a related party (Note 21); the head lease and the sublease are accounted for separately and the right-of-use asset and lease liabilities remain recognized. Lease right-of-use assets and lease liabilities are recognized at the commencement of the lease based on the present value of lease payments over the lease term using the Company’s estimated incremental borrowing rate. Leases with an initial term of twelve months or less, including the Company’s New York and remote office arrangements and a Texas office arrangement at $105 per month under a one-year agreement, are not recorded on the balance sheet. The Company recognized total lease expense of approximately $29,800 for the three months ended August 31, 2026 (three months ended August 31, 2025: $67,578), including short-term lease costs.

Future minimum lease payments under operating leases that have initial noncancelable lease terms in excess of one year at August 31, 2026, translated at the closing rate, were as follows:

Fiscal year ending May 31,	Total
2027 (remaining nine months)	$	92,030
2028		127,106
2029		127,506
2030		131,905
Thereafter		11,025
Total lease payments		489,572
Less: imputed interest		(45,479	)
Operating lease liabilities		444,093
Operating lease liability – current		103,638
Operating lease liability – non-current	$	340,455
Weighted average discount rate		5.00	%
Weighted average remaining lease term (years)		3.83

Note 24 – Subsequent Events

The Company evaluated subsequent events through October 20, 2026, the date these condensed consolidated financial statements were issued, and identified the following non-recognized subsequent events.

F-20

Table of Contents

Convertible notes

Between September 2 and September 25, 2026 the Company issued five promissory notes to institutional and individual investors with an aggregate face amount of $644,000, including original issue discounts of $51,000, for aggregate cash proceeds of approximately $0.57 million after costs. The notes bear interest at 6% to 12% per annum and mature between nine and twelve months from issuance; two are repayable in monthly instalments. One note was issued with 40,000 commitment shares of common stock and one with a three-year warrant to purchase 150,000 shares of common stock at $0.50 per share. The notes are convertible into common stock at fixed or variable prices, in two cases only following an event of default. On September 25, 2026 the $325,000 convertible promissory note dated August 21, 2026 described in Note 11 was funded at par and the related three-year warrant to purchase 325,000 shares of common stock at $0.50 per share was issued. The Company will account for the embedded conversion features of the new notes under ASC 815 in the second quarter.

Receivables financing

In September 2026 Karbon-X Project Inc. received CAD $400,000 under two new merchant cash advance arrangements with the providers of its existing arrangements (aggregate purchased amount CAD $559,800, repayable in aggregate weekly remittances of CAD $18,660) and a second advance under the purchase and sale of receivables agreement entered into in August 2026 and described in Note 13. Subsequent to quarter end the August 2026 arrangement, including the second advance, was repaid in full. As with the Company’s other receivables financing arrangements, the new advances do not qualify for sale accounting under ASC 860 and are accounted for as secured borrowings.

Repayments

Subsequent to August 31, 2026 the Company settled in full the remaining obligation to the holder of a convertible note that had been fully converted during the quarter, and repaid the receivables financing arrangement described above. No gain or loss arose on these settlements.

Conversions and share issuances

Subsequent to August 31, 2026, three investors converted convertible notes payable and accrued interest totaling $560,325 into 3,841,666 shares of common stock. The Company also issued 8,000,000 restricted shares of common stock under the advisory and marketing services agreement described below, 217,236 shares valued at $27,155 for legal services and 40,000 commitment shares in connection with the convertible note financings described above. Following these issuances the Company had approximately 109.2 million shares of common stock issued and outstanding at October 15, 2026.

Advisory and marketing services agreement

On September 16, 2026 the Board of Directors approved by unanimous written consent a six-month advisory and marketing services agreement with a United Kingdom advisory firm, under which the Company will pay a cash fee of $500,000 in two instalments of $250,000 in September 2026 and issued 8,000,000 restricted shares of common stock. The share consideration will be measured at fair value on the grant date and recognized over the service period.

Advertising and promotional agreement

Subsequent to August 31, 2026, Oilers Entertainment Group Canada Corp. (“OEG”) advised the Company that it would not proceed with the third contract year (July 1, 2026 to June 30, 2027) of the advertising and promotional agreement described in Note 23 to the 2026 Form 10-K and that it intends to demand payment of the outstanding instalments for the 2025–26 contract year. No invoice was issued and no advertising or promotional rights were received for the third contract year, and accordingly no cost has been recognized for it in the three months ended August 31, 2026. The outstanding 2025–26 instalments of CAD $1,615,628 (approximately $1,165,173) are included in accounts payable at August 31, 2026. The Company is in discussions with OEG regarding settlement of the balance and the terms of the cancellation; any amount that may become payable on cancellation in excess of the recorded liability is not presently estimable.

Trade financing

On October 9, 2026 Karbon-X Project Inc. entered into a loan agreement with a trade finance lender for EUR 4,570,000, together with an establishment fee of EUR 165,000, maturing 45 days after drawdown. The lender disbursed the loan directly to the supplier of German greenhouse gas reduction quotas (THG-Quoten) purchased by the Company for resale; the Company received no cash proceeds. The purchase will be recorded as inventory and the loan as a borrowing in the second quarter, and the drawdown will be presented as a non-cash financing activity.

F-21

Table of Contents

Consulting agreements

In October 2026 the Company entered into four one-year consulting agreements for business development, market and shareholder relations services. As consideration, the Company issued the consultants unsecured convertible promissory notes with an aggregate principal amount of $5,000,000, bearing interest at 10% per annum, maturing one year from issuance and convertible at the holder’s option at $1.00 per share, one of which is convertible at the lesser of $1.00 per share and a discount to the market price subject to a floor of $0.15 per share. The notes were fully earned on issuance. One of the consultants is a related party (Note 21). The Company will account for the notes, including the evaluation of the conversion features under ASC 815, and the related services in the second quarter.

Carbon credit purchase agreement

Under an emissions reduction purchase agreement entered into in December 2025 for the purchase of 36,781 carbon credits, the seller had not delivered the credits by August 31, 2026 and the Company issued a notice of breach on October 14, 2026. On October 19, 2026 the parties entered into a waiver and release under which the Company will accept 31,433 credits in full satisfaction of the seller’s delivery obligations for CAD $1,967,232 (approximately $1,418,745 at the August 31, 2026 closing rate), payable three business days after delivery; the waiver becomes effective on delivery of the credits. No amount was recorded in respect of the agreement at August 31, 2026 as no credits had been delivered.

F-22

Table of Contents

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

The following discussion pertains to the historical operations and financial statements of Karbon-X Corp. (“Karbon-X” or the “Company”) for the three months ended August 31, 2026 and 2025. This discussion should be read in conjunction with the Company’s Annual Report on Form 10-K for the fiscal year ended May 31, 2026, filed on September 15, 2026 (the “2026 Form 10-K”), which provides additional context and details on the Company’s financial condition and results of operations.

Forward-Looking Statements

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 Quarterly 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 “Risk 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 Quarterly 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 condensed consolidated financial statements contained in this Quarterly 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.

Overview

Karbon-X Corp. was incorporated in the State of Nevada under the name Cocoluv, Inc. 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., which became the wholly owned subsidiary of the Company in a reverse acquisition, and on April 14, 2022 the Company changed its name to Karbon-X Corp. The Company’s subsidiaries are Karbon-X Project, Inc. (Canada), Karbon-X USA Corp. (Nevada), Karbon-X Trading Limited (Cyprus), Allcot Limited (Ireland), Karbon-X Iberia SL (Spain) and Allcot X Colombia S.A.S. (Colombia), each of which reports quarterly financial information that is consolidated in this Quarterly Report.

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 versus industry with multiple forms of technology-based greenhouse gas reduction builds. Karbon-X allows the public to purchase carbon offsets from an app that is subscription-based, with multiple levels of investment for every budget. Each subscription supports clean energy projects such as solar or wind power, methane capture, or reforestation and reduces greenhouse gas emissions with provable, verifiable carbon credits. Through the subsidiaries established following the June 2025 acquisition of assets from Allcot AG, the Company also develops carbon-offset projects and trades industrial carbon credits.

Critical Accounting Policies

The preparation of our condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported therein. Our critical accounting policies and estimates — carbon credit inventory, the asset acquisition and acquired intangible assets, the fair value of financial instruments (including the Level 3 valuation of the conversion features embedded in our convertible notes) and revenue recognition — are described in Item 7 and Note 1 of the 2026 Form 10-K. There have been no material changes to those policies or estimates during the three months ended August 31, 2026. The valuation techniques used to measure the embedded conversion derivatives at August 31, 2026 are those applied at May 31, 2026; the inputs, including the disposal-rate assumption used in the path-dependent simulation for the note issued under the Maintenance Agreement, were updated to the measurement date as described in Note 1 to the condensed consolidated financial statements.

Table of Contents

Results of Operations

Unaudited Results for the Three Months Ended August 31, 2026 and 2025

	Three months ended August 31, 2026			Three months ended August 31, 2025			Change
Total revenue	$	343,967			$	35,658,933		$	(35,314,966	)
Cost of revenue		233,930				35,365,064			(35,131,134	)
Gross profit		110,037				293,869			(183,832	)
Total operating expenses		2,742,391				2,658,934			83,457
Loss from operations		(2,632,354	)			(2,365,065	)		(267,289	)
Interest income (expense)		(1,062,285	)			(306,262	)		(756,023	)
Gain (loss) on investment		(422,410	)			-			(422,410	)
Gain on change in fair value of derivative liabilities		207,733				95,835			111,898
Other income (expenses)		(45,721	)			(20,742	)		(24,979	)
Net loss	$	(3,955,038	)		$	(2,596,234	)	$	(1,358,804	)

Sales and Revenue

For the three months ended August 31, 2026, the Company reported revenue of $343,967, a decrease of $35,314,966 compared to $35,658,933 in the same period of the prior year. Revenue in the prior-year quarter included industrial carbon credit trading conducted through Karbon-X Trading Limited, the Company’s Cyprus subsidiary, which accounted for substantially all of the revenue and cost of revenue in that period and did not recur in the current quarter. Revenue for the three months ended August 31, 2026 was earned principally in Canada from sales of carbon credits, consulting services and mobile application subscriptions. Industrial carbon credit trading volume in the quarter was also reduced by delays in the delivery of credits under an Output-Based Pricing System project; the credit transfers for the affected transactions were completed in October 2026 and the transactions will be reflected in the results of the second quarter. See Note 24 regarding the trade financing arranged in October 2026 to fund the purchase of German greenhouse gas reduction quotas for resale. Revenue excludes $105,954 (EUR 91,650) invoiced and collected during the quarter as the signing instalment under a technical advisory agreement, which has been deferred as a contract liability until the related deliverables are delivered and accepted (Note 9). Cost of revenue was $233,930 (2025: $35,365,064), producing gross profit of $110,037 and a gross margin of 32.0%, compared with gross profit of $293,869 and a gross margin of 0.8% in the prior-year quarter. The increase in gross margin reflects the absence of the high-volume, low-margin trading activity that dominated the prior-year revenue mix.

Operating Expenses

Operating expenses for the three months ended August 31, 2026 were $2,742,391, compared to $2,658,934 in the same period of the prior year, an increase of $83,457. The principal components were:

	·	Marketing expenses of $477,943, down from $628,540. The current quarter reflects the amortization of the Company’s Hockey Canada, Detroit Tigers, Detroit Red Wings and BK Dukes sponsorship agreements and one month of a corporate advertising arrangement that ended in June 2026. No cost was recognized for the third contract year of the Edmonton Oilers advertising and promotional agreement, which did not commence (see Note 24), whereas the prior-year quarter included three months of Edmonton Oilers cost.
	·	Salaries and wages of $1,096,203, down from $1,598,649, reflecting lower headcount and subcontractor costs, and including stock option compensation expense of $89,586 (2025: $92,309).
	·	Professional fees of $338,135, up from $107,447, reflecting legal, audit and advisory costs associated with the fiscal 2026 audit and annual report, the financings completed during the quarter and the Company’s international subsidiaries, including $153,707 of fees settled in shares of common stock.
	·	A provision for credit losses of $489,274 (2025: $nil), being the increase in the allowance on the loan receivable described in Note 8, which principally reflects revised recovery-scenario weights following the borrower’s continued non-payment after formal demand.
	·	Other operating expenses of $340,836, compared with $324,298, including depreciation and amortization of $53,953, project development costs of $99,215 (Sur del Meta REDD+ development costs expensed under the Company’s policy of not carrying project work in process), rent, travel, dues and subscriptions and office costs.

Table of Contents

Loss from Operations

The loss from operations for the three months ended August 31, 2026 was $2,632,354, compared to $2,365,065 in the same period of the prior year, an increase of $267,289. Revenue declined substantially with the absence of trading activity and $105,954 of advisory fees collected in the quarter was deferred; the improvement in gross margin, the reduction in salaries and wages and the absence of Edmonton Oilers sponsorship cost were more than offset by the $489,274 provision for credit losses on the loan receivable.

Other Income and Expense

Interest expense, net, was $1,062,285 for the three months ended August 31, 2026, compared to $306,262 in the prior-year quarter. The increase reflects the debt incurred since the prior-year quarter: interest expense includes $472,728 of amortization of debt discounts on the convertible notes, the term note and the term loan drawn in July 2026 (2025: $102,182), $276,770 of finance charges on the receivables financing obligations, interest at 18% per annum on the $5,000,000 term note drawn in November 2025, and the coupon interest and conversion fees on the convertible notes, net of interest income of $52,956 accrued on the loan receivable and the related-party note receivable. The debt discounts arise principally from the bifurcation of the conversion features embedded in the convertible notes and from original issue discounts, commitment shares and issuance costs, and are amortized to interest expense over the terms of the notes.

The Company recognized a gain on the change in fair value of derivative liabilities of $207,733 for the three months ended August 31, 2026 (2025: $95,835). The gain comprises a $126,419 decrease in the fair value of the conversion features embedded in the Company’s convertible notes and a $125,200 decrease in the fair value of the warrants reclassified from equity to derivative liabilities during the quarter (Note 15), of which $113,768 relates to fiscal 2026, driven by the lower trading price of the common stock at August 31, 2026 ($0.1485, compared with $0.17 at May 29, 2026) and the shorter remaining terms of the notes, net of the change in fair value of the converted portions measured at each conversion date, and of a $43,886 loss recognized on the initial measurement of the conversion features embedded in two of the five notes issued during the quarter, for which the fair value of the conversion feature at issuance exceeded the proceeds remaining after original issue discount and issuance costs. See Notes 1 and 11 to the condensed consolidated financial statements.

The loss on investment of $422,410 represents the unrealized loss on the 4,641,621 shares of DevvStream Holdings Inc. received on June 24, 2026 in settlement of the securities receivable under the Carbon Credit Purchase Agreement, following the delisting of those shares from the Nasdaq Stock Market on the same date and the subsequent decline in their quoted price to USD $0.1530 per share at August 31, 2026 (Note 16). Because the price-floor protection under the agreement was settled by the June 2026 share issuance, changes in the fair value of the shares are now recognized in full in earnings. Other expenses of $45,721 (2025: $20,742) consist principally of a foreign exchange loss of $43,414 on the remeasurement of the Canadian-dollar loan receivable and the Canadian-dollar short-term advance.

Net Loss

Net loss for the three months ended August 31, 2026 was $3,955,038, compared with $2,596,234 in the same period of the prior year. Total comprehensive loss, including a foreign currency translation gain of $53,254 (2025: $148,311), was $3,901,784 (2025: $2,447,923). The increase in net loss is principally attributable to the increase in interest expense, the provision for credit losses on the loan receivable, the loss on investment described above and the lower gross profit, partly offset by the gain on derivative liabilities and lower marketing expenses and salaries and wages.

Liquidity and Capital Resources

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

	Three months ended August 31, 2026			Three months ended August 31, 2025
Cash used in operating activities	$	(1,198,464	)		$	(2,679,849	)
Cash provided by (used in) investing activities		1,804				(605,093	)
Cash provided by financing activities		390,451				3,791,543
Effect of exchange rate changes on cash		(13,635	)			147,715
Change in cash during the period		(819,844	)			654,316
Cash, beginning of period		1,155,289				704,346
Cash, end of period	$	335,445			$	1,358,662

Table of Contents

As of August 31, 2026, the Company had $4,086,857 in current assets and $11,384,754 in current liabilities, resulting in negative working capital of $(7,297,897), compared with negative working capital of $(4,040,004) at May 31, 2026. Cash decreased from $1,155,289 at May 31, 2026 to $335,445 at August 31, 2026. Total assets at August 31, 2026 were $7,669,184 (May 31, 2026: $9,617,713) and total liabilities were $16,612,907 (May 31, 2026: $15,601,815), including derivative liabilities of $1,147,967 and convertible notes payable, net of discounts, of $1,959,903.

Cash used in operating activities was $1,198,464 for the three months ended August 31, 2026, compared with $2,679,849 in the prior-year quarter. The net loss of $3,955,038 included non-cash charges of $472,728 for amortization of debt discounts, $489,274 for the provision for credit losses on the loan receivable, $276,770 for finance charges on receivables financing obligations, $422,410 for the unrealized loss on the DevvStream shares and $243,292 for equity-based compensation, and a non-cash gain of $207,733 on derivative liabilities. Changes in operating assets and liabilities provided $1,042,250 of cash, principally from increases in accounts payable and deferred revenue and the reversal of a prepaid equipment deposit and the related payable that were not yet due at August 31, 2026 (Note 2), partly offset by the increase in inventories.

Cash provided by investing activities was $1,804, compared with cash used of $605,093 in the prior-year quarter, which included the $605,093 acquisition of the Allcot project pipeline. Cash provided by financing activities was $390,451, comprising $670,500 of net proceeds from the five convertible notes issued during the quarter, $393,077 of net proceeds from the CAD $600,000 term loan drawn on July 2, 2026 and $125,000 from the issuance of common stock for cash, partly offset by $169,856 of principal repayments on convertible notes, $133,071 of instalments on the term loan and $495,199 of net repayments of receivables financing obligations. The net repayments of receivables financing obligations comprise remittances of approximately CAD $1.18 million during the quarter, including the June 10, 2026 payoff of a merchant cash advance and the weekly remittances on the other arrangements, less approximately CAD $0.50 million of new funding received under the $460,000 merchant cash advance and the $60,063 receivables purchase (Note 13). In the prior-year quarter financing activities provided $3,791,543, principally the $3,500,000 convertible note issued in August 2025.

To date, the Company has financed its operations through equity sales, convertible note issuances, long-term debt and receivables financing arrangements. During the three months ended August 31, 2026, holders of four convertible notes converted principal and accrued interest of $806,517 into 3,231,320 shares of common stock at conversion prices of $0.1106 to $0.75 per share. Subsequent to the quarter end the Company raised further financing through convertible notes, a bridge note and receivables financing arrangements, financed the purchase of carbon credits for resale with a 45-day trade finance loan of EUR 4,570,000, and issued convertible notes with an aggregate principal amount of $5,000,000 as consideration for consulting services, as described in Note 24 to the condensed consolidated financial statements.

Future Financing

In connection with its proposed business plan and possible acquisitions, 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.

Plan of Operations

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 common shares or the issuance of notes, we believe that we will have sufficient cash resources to fund our plan of operations through fiscal 2027. If we are unable to do so, we may have to curtail and possibly cease some operations. We intend to use the net proceeds of any financing 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.

Table of Contents

Capital Expenditures

During the three months ended August 31, 2026 we had capital expenditures of $576 and no additions to capitalized application development costs.

Commitments and Contractual Obligations

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

Off-Balance Sheet Arrangements

The Company has no off-balance sheet arrangements.

Going Concern

The Company has incurred an accumulated deficit of $29,535,418 since inception. As of August 31, 2026, the Company had negative working capital of $(7,297,897) and cash of $335,445. 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 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 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.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

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.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

We maintain disclosure controls and procedures designed to provide reasonable assurance that information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Commission’s rules and forms, and that such information is accumulated and communicated to management, including our principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure. Our management, with the participation of our principal executive officer and principal financial officer, evaluated the effectiveness of our disclosure controls and procedures as of August 31, 2026. Based on that evaluation, our principal executive officer and principal financial officer concluded that, because of the material weakness in internal control over financial reporting described below, which had not been remediated as of August 31, 2026, our disclosure controls and procedures were not effective as of that date.

Material Weakness and Remediation

As disclosed in Item 9A of the 2026 Form 10-K, management identified a material weakness in the Company’s period-end financial reporting process. During the year ended May 31, 2026 the Company’s operations expanded significantly, including the formation and acquisition of subsidiaries in Europe and Latin America and the entry into a number of complex, non-routine transactions, and the accounting resources and review procedures in place during most of that year were not sufficient to ensure that those transactions and the year-end close were recorded and reviewed on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of the Company’s annual or interim financial statements will not be prevented or detected on a timely basis.

Table of Contents

Remediation of the material weakness is in progress and the material weakness had not been remediated as of August 31, 2026. During the three months ended August 31, 2026 management continued to implement its remediation plan: a formal monthly and quarterly close checklist was adopted; roll-forward schedules with independent review were prepared for all significant accounts, including debt, embedded derivatives, equity, intangibles, leases, receivables and accruals; and the Chief Accounting Officer reviewed all non-routine journal entries and the consolidation. Management expects to continue this work through fiscal 2027, including further additions to accounting resources, a formal technical accounting review of significant and non-routine transactions each quarter, and the implementation of a new enterprise accounting system across the group. Management will consider the material weakness remediated when the enhanced controls have operated for a sufficient period and management has concluded, through testing, that they are operating effectively. Notwithstanding the material weakness, management believes that the condensed consolidated financial statements included in this Quarterly Report present fairly, in all material respects, the Company’s financial position, results of operations and cash flows in accordance with generally accepted accounting principles.

Changes in Internal Control over Financial Reporting

Other than the remediation activities described above, which management considers to have materially affected, or to be reasonably likely to materially affect, the Company’s internal control over financial reporting, there were no changes in the Company’s internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the quarter ended August 31, 2026 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting. This Quarterly Report does not include an attestation report of our registered public accounting firm regarding internal control over financial reporting.

Table of Contents

PART II – OTHER INFORMATION

Item 1. Legal Proceedings

As of the date hereof the Company is not party to any material legal proceedings and is not aware of any legal proceedings contemplated by any governmental authority or any other party involving us or our properties, other than the following: on October 6, 2026 the Company issued a formal demand for repayment of the loan receivable described in Note 8 to the condensed consolidated financial statements and is evaluating enforcement proceedings against the borrower.

Item 1A. Risk Factors

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. There have been no material changes to the risk factors disclosed in the 2026 Form 10-K.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

During the three months ended August 31, 2026, the Company issued 3,231,320 shares of common stock upon conversion of convertible notes payable and accrued interest of $806,517 at conversion prices ranging from $0.1106 to $0.75 per share; 831,909 shares of common stock as compensation for services valued at $153,707 at $0.159 to $0.20 per share; and 101,500 commitment shares in connection with a convertible note financing, to which $4,703 of the note proceeds was allocated. The Company also issued 250,000 shares of common stock at $0.50 per share to an accredited investor for cash of $125,000, effective August 12, 2026. During the quarter the Company issued five convertible promissory notes with an aggregate face amount of $773,500 as described in Note 11 to the condensed consolidated financial statements. The securities were issued in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933, as amended, and/or Regulation D or Regulation S thereunder. No underwriters were involved and the Company did not receive cash proceeds from the conversions or the issuances for services.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

During the quarter ended August 31, 2026, no director or officer of the Company adopted, modified or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement, as those terms are defined in Item 408 of Regulation S-K.

Table of Contents

Item 6. Exhibits

Exhibit No.		Description
31.1		Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer
31.2		Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer
32.1		Section 1350 Certification of Chief Executive Officer
32.2		Section 1350 Certification of Chief Financial Officer
101.INS		Inline XBRL Instance Document
101.SCH		Inline XBRL Taxonomy Extension Schema Document
101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF		Inline XBRL Taxonomy Extension Definition 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 (embedded within the Inline XBRL document)

Table of Contents

SIGNATURES

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.

Karbon-X Corp. (Registrant)

Date: October 20, 2026	By:	/s/ Chad Clovis
		Chad Clovis
		Chief Executive Officer and Director (Principal Executive Officer)

Date: October 20, 2026	By:	/s/ Adriana Ebell
		Adriana Ebell
		Chief Financial Officer (Principal Financial Officer)

Date: October 20, 2026	By:	/s/ Samuel Nelson
		Samuel Nelson
		Chief Accounting Officer (Principal Accounting Officer)

","original","zhKind","translation","complete",false,"KARX","公司与财报","宏观与美联储","aihot","/items/c5qkdpeebl47e6axxn27igd13","https://www.sec.gov/Archives/edgar/data/1729637/000147793226006355/0001477932-26-006355-index.htm","rss-sec-xbrl","name","SEC · EDGAR 财务披露","rss","firstParty","iconUrl","/api/img-proxy?u=https%3A%2F%2Fwww.sec.gov%2Fthemes%2Fcustom%2Fuswds_sec%2Fassets%2Fimg%2Ffavicons%2Fapple-touch-icon.png&mode=avatar&exp=1792800000&sig=a1281a539589308a","iconSrcSet","/api/img-proxy?u=https%3A%2F%2Fwww.sec.gov%2Fthemes%2Fcustom%2Fuswds_sec%2Fassets%2Fimg%2Ffavicons%2Fapple-touch-icon.png&mode=avatar-48&exp=1792800000&sig=57a86ea6a382db0f 48w, /api/img-proxy?u=https%3A%2F%2Fwww.sec.gov%2Fthemes%2Fcustom%2Fuswds_sec%2Fassets%2Fimg%2Ffavicons%2Fapple-touch-icon.png&mode=avatar-96&exp=1792800000&sig=f9807010575fb678 96w","changelogVersion","2026-10-01T08:00"]