Quarterly ResultMay 20, 2026, 05:33 PM
C2 Blockchain Reports $21.7M Net Loss; Going Concern Warning
AI Summary
C2 Blockchain, Inc. reported a significant net loss of $21,735,929 for the nine months ended March 31, 2026, a substantial increase from the prior year. The company's financial statements include a going concern warning, citing operating losses and a working capital deficiency. Total liabilities dramatically increased, driven by convertible loans and derivative liabilities, while the stockholders' deficit deepened. The company also underwent a significant equity restructuring involving the issuance of preferred stock to its CEO and the cancellation of a large block of common shares held by a CEO-controlled entity.
Key Highlights
- Reported a net loss of $21,735,929 for the nine months ended March 31, 2026, compared to $113,175 loss in prior year.
- Company faces substantial doubt about its ability to continue as a going concern due to operating losses and working capital deficiency.
- Total liabilities surged to $889,375 as of March 31, 2026, from $84,000 on June 30, 2025.
- Stockholders' deficit worsened to $(213,310) as of March 31, 2026, from $(8,449) on June 30, 2025.
- Issued 4,500,000 Series A preferred shares to CEO Levi Jacobson as compensation and for ownership restructuring.
- Cancelled 245,000,000 common shares previously issued to Mendel Holdings LLC, an entity controlled by the CEO, in April 2026.
- Paid $215,900 in consulting fees to Simple Simon Says LLC, controlled by the CEO's father.
- Cryptocurrency assets increased to $661,192, but incurred a $1,334,547 loss on change in fair value.
Price Impact
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