$CBGL
Cannabis Global, Inc.

2014 Q3 Form 10-K Financial Statement

#000114420414065457 Filed on November 06, 2014

View on sec.gov

Income Statement

Concept 2014 Q3 2014 2013 Q3
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $10.00K $40.00K $10.00K
YoY Change 0.0% 0.0% 0.0%
% of Gross Profit
Research & Development $0.00
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $10.00K $42.13K $10.00K
YoY Change 0.0% 0.0%
Operating Profit
YoY Change
Interest Expense $0.00 $0.00 $0.00
YoY Change
% of Operating Profit
Other Income/Expense, Net $1.707K
YoY Change
Pretax Income -$10.00K -$50.00K -$10.00K
YoY Change 0.0% 25.0% 0.0%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$10.00K -$50.00K -$10.00K
YoY Change 0.0% 15.1% 0.0%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share $0.00 -$13.93K $0.00
COMMON SHARES
Basic Shares Outstanding 53.86M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q3 2014 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $50.00K $50.00K $20.00K
YoY Change 150.0% 150.0% -71.43%
Cash & Equivalents $51.74K $21.14K
Short-Term Investments
Other Short-Term Assets $0.00 $0.00 $0.00
YoY Change
Inventory
Prepaid Expenses $0.00 $241.00
Receivables
Other Receivables
Total Short-Term Assets $51.74K $50.00K $21.38K
YoY Change 142.07% 150.0% -68.28%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $0.00 $0.00 $0.00
YoY Change
TOTAL ASSETS
Total Short-Term Assets $51.74K $50.00K $21.38K
Total Long-Term Assets $0.00 $0.00 $0.00
Total Assets $51.74K $50.00K $21.38K
YoY Change 142.07% 150.0% -68.28%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.315K $0.00 $816.00
YoY Change 306.25% -75.99%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.315K $0.00 $816.00
YoY Change 306.25% -75.99%
LONG-TERM LIABILITIES
Long-Term Debt $70.00K $70.00K $0.00
YoY Change
Other Long-Term Liabilities $0.00 $0.00
YoY Change
Total Long-Term Liabilities $70.00K $70.00K $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $3.315K $0.00 $816.00
Total Long-Term Liabilities $70.00K $70.00K $0.00
Total Liabilities $76.46K $80.00K $816.00
YoY Change 9269.61%
SHAREHOLDERS EQUITY
Retained Earnings -$586.8K -$541.5K
YoY Change 8.36%
Common Stock $5.386K $5.386K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$24.71K -$20.00K $20.56K
YoY Change
Total Liabilities & Shareholders Equity $51.74K $50.00K $21.38K
YoY Change 142.07% 150.0% -68.28%

Cashflow Statement

Concept 2014 Q3 2014 2013 Q3
OPERATING ACTIVITIES
Net Income -$10.00K -$50.00K -$10.00K
YoY Change 0.0% 15.1% 0.0%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$10.00K -$39.39K -$10.00K
YoY Change 0.0% -13.38%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 $70.00K 0.000
YoY Change
NET CHANGE
Cash From Operating Activities -10.00K -$39.39K -10.00K
Cash From Investing Activities
Cash From Financing Activities 0.000 $70.00K 0.000
Net Change In Cash -10.00K $30.61K -10.00K
YoY Change 0.0% -167.31%
FREE CASH FLOW
Cash From Operating Activities -$10.00K -$39.39K -$10.00K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2014 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
15392 USD
CY2013Q3 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
130566 USD
CY2014Q3 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
147538 USD
CY2013Q3 us-gaap Deferred Tax Assets In Process Research And Development
DeferredTaxAssetsInProcessResearchAndDevelopment
7317 USD
CY2014Q3 us-gaap Deferred Tax Assets In Process Research And Development
DeferredTaxAssetsInProcessResearchAndDevelopment
5737 USD
CY2013Q3 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
DeferredTaxAssetsTaxCreditCarryforwardsResearch
1963 USD
CY2014Q3 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
DeferredTaxAssetsTaxCreditCarryforwardsResearch
1963 USD
CY2013Q3 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
139846 USD
CY2014Q3 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
155238 USD
CY2013Q3 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
139846 USD
CY2014Q3 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
155238 USD
CY2013Q3 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
0 USD
CY2014Q3 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
0 USD
CY2013 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
14770 USD
CY2014 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
15392 USD
CY2013 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
14770 USD
CY2013 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 USD
CY2014 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 USD
CY2014Q3 us-gaap Deferred Tax Assets Operating Loss Carryforwards State And Local
DeferredTaxAssetsOperatingLossCarryforwardsStateAndLocal
433936 USD
CY2014 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.34 pure
CY2013Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
21135 USD
CY2014Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
51744 USD
CY2013Q3 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
241 USD
CY2014Q3 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
0 USD
CY2013Q3 us-gaap Assets Current
AssetsCurrent
21376 USD
CY2014Q3 us-gaap Assets Current
AssetsCurrent
51744 USD
CY2013Q3 us-gaap Assets
Assets
21376 USD
CY2014Q3 us-gaap Assets
Assets
51744 USD
CY2013Q3 us-gaap Accounts Payable Current
AccountsPayableCurrent
816 USD
CY2014Q3 us-gaap Accounts Payable Current
AccountsPayableCurrent
3315 USD
CY2013Q3 us-gaap Liabilities Current
LiabilitiesCurrent
816 USD
CY2014Q3 us-gaap Liabilities Current
LiabilitiesCurrent
3315 USD
CY2013Q3 us-gaap Common Stock Value
CommonStockValue
5386 USD
CY2014Q3 us-gaap Common Stock Value
CommonStockValue
5386 USD
CY2013Q3 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
556711 USD
CY2014Q3 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
556711 USD
CY2013Q3 us-gaap Stockholders Equity
StockholdersEquity
20560 USD
CY2014Q3 us-gaap Stockholders Equity
StockholdersEquity
-24712 USD
CY2013Q3 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
21376 USD
CY2014Q3 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
51744 USD
CY2013Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2014Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2013Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
300000000 shares
CY2014Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
300000000 shares
CY2013Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
53864600 shares
CY2014Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
53864600 shares
CY2013Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
53864600 shares
CY2014Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
53864600 shares
CY2013 us-gaap Revenues
Revenues
0 USD
CY2014 us-gaap Revenues
Revenues
0 USD
CY2013 mctc Related Parties General And Administrative Expense
RelatedPartiesGeneralAndAdministrativeExpense
9000 USD
CY2014 mctc Related Parties General And Administrative Expense
RelatedPartiesGeneralAndAdministrativeExpense
9000 USD
CY2013 us-gaap Professional Fees
ProfessionalFees
31860 USD
CY2014 us-gaap Professional Fees
ProfessionalFees
31424 USD
CY2013 us-gaap Other Expenses
OtherExpenses
2581 USD
CY2014 us-gaap Other Expenses
OtherExpenses
1707 USD
CY2014 us-gaap Operating Expenses
OperatingExpenses
42131 USD
CY2013 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.00
CY2013 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
53864600 shares
CY2012Q3 us-gaap Stockholders Equity
StockholdersEquity
64001 USD
CY2013 us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
-547 USD
CY2014 us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
-241 USD
CY2013 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-2583 USD
CY2014 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
2499 USD
CY2013 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-45477 USD
CY2014 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-39391 USD
CY2013 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
0 USD
CY2014 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
70000 USD
CY2013 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-45477 USD
CY2014 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
30609 USD
CY2012Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
66612 USD
CY2013 us-gaap Income Taxes Paid
IncomeTaxesPaid
0 USD
CY2014 us-gaap Income Taxes Paid
IncomeTaxesPaid
0 USD
CY2014 us-gaap Nature Of Operations
NatureOfOperations
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"><b>Note 1. Organization and Description of Business</b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">MicroChannel Technologies Corporation (the &#8220;Company&#8221;) was formed as a wholly-owned subsidiary of New Energy Technologies, Inc. (&#8220;New Energy&#8221;). New Energy spun off its issued and outstanding shares to New Energy&#8217;s shareholders on December 18, 2007. The Company was incorporated under the name MultiChannel Technologies Corporation on February 28, 2005 in the State of Nevada, and changed to its existing name on April 4, 2005.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">The Company is not currently engaged in any business operations. It is, however, in the process of attempting to identify, locate, and if warranted, acquire new commercial opportunities.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2013 us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
0 USD
CY2014 us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
3141 USD
CY2013 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
0 USD
CY2014 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
70000 USD
CY2013 us-gaap Interest Expense Debt
InterestExpenseDebt
0 USD
CY2014 us-gaap Interest Expense Debt
InterestExpenseDebt
3141 USD
CY2013Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-541537 USD
CY2014Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-586809 USD
CY2013Q3 us-gaap Other Accrued Liabilities Noncurrent
OtherAccruedLiabilitiesNoncurrent
0 USD
CY2014Q3 us-gaap Other Accrued Liabilities Noncurrent
OtherAccruedLiabilitiesNoncurrent
3141 USD
CY2013Q3 us-gaap Long Term Notes Payable
LongTermNotesPayable
0 USD
CY2014Q3 us-gaap Long Term Notes Payable
LongTermNotesPayable
70000 USD
CY2013Q3 us-gaap Liabilities
Liabilities
816 USD
CY2014Q3 us-gaap Liabilities
Liabilities
76456 USD
CY2014 dei Document Type
DocumentType
10-K
CY2014 dei Amendment Flag
AmendmentFlag
false
CY2014 dei Document Period End Date
DocumentPeriodEndDate
2014-08-31
CY2014 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
CY2014 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2014 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No
CY2014 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2014 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2014 dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
CY2014Q1 dei Entity Public Float
EntityPublicFloat
256725 USD
CY2014 dei Trading Symbol
TradingSymbol
MCTC
CY2014Q4 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
53864600 shares
CY2014Q1 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
70000 USD
CY2014Q1 us-gaap Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
0.07 pure
CY2014Q3 us-gaap Notes Payable Fair Value Disclosure
NotesPayableFairValueDisclosure
70000 USD

Files In Submission

Name View Source Status
0001144204-14-065457-index-headers.html Edgar Link pending
0001144204-14-065457-index.html Edgar Link pending
0001144204-14-065457.txt Edgar Link pending
0001144204-14-065457-xbrl.zip Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xls Edgar Link pending
Financial_Report.xlsx Edgar Link pending
mctc-20140831.xml Edgar Link completed
mctc-20140831.xsd Edgar Link pending
mctc-20140831_cal.xml Edgar Link unprocessable
mctc-20140831_def.xml Edgar Link unprocessable
mctc-20140831_lab.xml Edgar Link unprocessable
mctc-20140831_pre.xml Edgar Link unprocessable
R1.htm Edgar Link pending
R10.htm Edgar Link pending
R11.htm Edgar Link pending
R12.htm Edgar Link pending
R13.htm Edgar Link pending
R14.htm Edgar Link pending
R15.htm Edgar Link pending
R16.htm Edgar Link pending
R17.htm Edgar Link pending
R18.htm Edgar Link pending
R19.htm Edgar Link pending
R2.htm Edgar Link pending
R20.htm Edgar Link pending
R3.htm Edgar Link pending
R4.htm Edgar Link pending
R5.htm Edgar Link pending
R6.htm Edgar Link pending
R7.htm Edgar Link pending
R8.htm Edgar Link pending
R9.htm Edgar Link pending
report.css Edgar Link pending
Show.js Edgar Link pending
tlogo.jpg Edgar Link pending
v390208_10k.htm Edgar Link pending
v390208_ex10-1.htm Edgar Link pending
v390208_ex31-1.htm Edgar Link pending
v390208_ex32-1.htm Edgar Link pending