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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Brisset Beer International Inc (PK) | USOTC:BBII | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.0001 | 0.00 | 01:00:00 |
Nevada
|
80-0778461
|
|
(State or Other Jurisdiction of Incorporation or Organization)
|
(I.R.S. Employer Identification No.)
|
Large accelerated filer [ ]
|
Accelerated filer [ ]
|
|
Non-accelerated filer [ ] (Do not check if a smaller reporting company)
|
Smaller reporting company [X]
Emerging Growth Company [ ]
|
PART I—FINANCIAL INFORMATION
|
3
|
Item 1. Financial Statements
|
3
|
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
|
15
|
Item 3. Quantitative and Qualitative Disclosure About Market Risk
|
17
|
Item 4. Controls and Procedures
|
17
|
PART II - OTHER INFORMATION
|
18
|
Item 1. Legal Proceedings
|
18
|
Item 1A. Risk Factors
|
18
|
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
|
18
|
Item 3. Defaults upon Senior Securities
|
18
|
Item 4. Mining Safety Disclosures
|
18
|
Item 5. Other information
|
18
|
Item 6. Exhibits
|
19
|
SIGNATURES
|
20
|
February 28,
|
May 31,
|
|||||||
2017
|
2016
|
|||||||
ASSETS
|
(Unaudited)
|
(Restated)
|
||||||
Current Assets
|
||||||||
Cash and cash equivalents
|
$
|
7,359
|
$
|
33,655
|
||||
Trade and Other Receivables
|
3,743
|
5,442
|
||||||
Prepaid expenses
|
-
|
7,169
|
||||||
Total Current Assets
|
11,102
|
46,266
|
||||||
TOTAL ASSETS
|
$
|
11,102
|
$
|
46,266
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
|
||||||||
Current Liabilities
|
||||||||
Accounts payable and accrued liabilities
|
$
|
39,187
|
$
|
19,297
|
||||
Due to Related Parties
|
10,408
|
-
|
||||||
Convertible notes, net of $7,044 and $0 debt discount
|
456
|
-
|
||||||
Total Current Liabilities
|
50,051
|
19,297
|
||||||
STOCKHOLDERS' EQUITY (DEFICIT)
|
||||||||
Common Stock, Par Value $0.0001, Authorized 500,000,000 shares,
|
986
|
361
|
||||||
9,863,000 and 3,608,000 shares issued and outstanding at February 28, 2017 and May 31, 2016 respectively
|
||||||||
Additional paid in capital
|
1,454,637
|
1,396,686
|
||||||
Warrants
|
470,640
|
116,703
|
||||||
Accumulated other comprehensive income (loss)
|
(54
|
)
|
1,000
|
|||||
Accumulated deficit
|
(1,965,158
|
)
|
(1,487,781
|
)
|
||||
TOTAL STOCKHOLDERS' EQUITY (DEFICIT)
|
(38,949
|
)
|
26,969
|
|||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
|
$
|
11,102
|
$
|
46,266
|
||||
Three Months ended
|
Nine Months Ended
|
|||||||||||||||
February 28, February 29,
|
February 28, February 29
|
|||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
(Restated)
|
(Restated)
|
|||||||||||||||
Revenues
|
$
|
8,415
|
10,100
|
$
|
26,020
|
$
|
43,970
|
|||||||||
Operating Expenses
|
||||||||||||||||
General and administration
|
3,052
|
25,110
|
54,652
|
61,440
|
||||||||||||
Professional fees
|
422
|
11,063
|
16,052
|
21,988
|
||||||||||||
Office and sundry
|
3,068
|
7,700
|
29,472
|
22,559
|
||||||||||||
Rent
|
-
|
450
|
900
|
1,356
|
||||||||||||
Management and Director's Fees
|
28,292
|
1,076
|
30,579
|
3,384
|
||||||||||||
Stock based compensation
|
-
|
-
|
371,263
|
-
|
||||||||||||
Total operating expenses
|
34,834
|
45,399
|
502,918
|
110,727
|
||||||||||||
Loss from operations
|
(26,419
|
)
|
(35,299
|
)
|
(476,898
|
)
|
(66,757
|
)
|
||||||||
Other (Expense) Income
|
||||||||||||||||
Interest expense
|
(479
|
)
|
-
|
(479
|
)
|
-
|
||||||||||
Total other income (expense)
|
(479
|
)
|
-
|
(479
|
)
|
-
|
||||||||||
Net loss before taxes
|
(26,898
|
)
|
(35,299
|
)
|
(477,377
|
)
|
(66,757
|
)
|
||||||||
Provision for income taxes
|
-
|
-
|
-
|
-
|
||||||||||||
Net loss
|
$
|
(26,898
|
)
|
(35,299
|
)
|
$
|
(477,377
|
)
|
$
|
(66,757
|
)
|
|||||
Other comprehensive income (loss)
|
(863
|
)
|
71
|
(1,054
|
)
|
(1,763
|
)
|
|||||||||
Comprehensive Loss
|
(27,761
|
)
|
(35,228
|
)
|
(478,431
|
)
|
(68,520
|
)
|
||||||||
Net Loss Per Common Share – Basic and Diluted
|
$
|
(0.00
|
)
|
(0.01
|
)
|
$
|
(0.06
|
)
|
$
|
(0.02
|
)
|
|||||
Weighted Average Common Shares Outstanding - Basic and Diluted
|
9,863,000
|
3,543,330
|
7,917,489
|
3,346,294
|
||||||||||||
Nine Months Ended
|
||||||||
February 28, February 29,
|
||||||||
2017
|
2016
|
|||||||
(Restated)
|
||||||||
Cash Flows from Operating Activities:
|
||||||||
Net loss
|
$
|
(477,377
|
)
|
$
|
(66,757
|
)
|
||
Adjustments to reconcile net loss to net cash used in operating activities:
|
||||||||
Units issued for services
|
15,000
|
-
|
||||||
Stock-based compensation
|
371,263
|
-
|
||||||
Amortization of debt discount
|
456
|
-
|
||||||
Changes in operating assets and liabilities:
|
||||||||
Trade and Other receivables
|
1,699
|
(3,738
|
)
|
|||||
Prepaid expenses
|
7,169
|
(5,593
|
)
|
|||||
Accounts Payable and Accrued liabilities
|
19,890
|
(5,485
|
)
|
|||||
Due to (from) related parties
|
10,408
|
(117
|
)
|
|||||
Net Cash Used in Operating Activities
|
(51,492
|
)
|
(81,690
|
)
|
||||
Cash Flows from Financing Activities:
|
||||||||
Proceeds from issuance of convertible debt
|
7,500
|
-
|
||||||
Proceeds from issuance of common stock
|
18,750
|
122,250
|
||||||
Net Cash Provided By Financing Activities
|
26,250
|
122,250
|
||||||
Effect of exchange rate changes on cash
|
(1,054
|
)
|
(1,763
|
)
|
||||
Net Increase (Decrease) in Cash and Cash Equivalents
|
(26,296
|
)
|
38,797
|
|||||
Cash and Cash Equivalents, beginning of period
|
33,655
|
35,110
|
||||||
Cash and Cash Equivalents, end of period
|
$
|
7,359
|
$
|
73,907
|
||||
Supplemental Disclosure Information:
|
||||||||
Cash paid for interest
|
$
|
-
|
$
|
-
|
||||
Cash paid for income taxes
|
$
|
-
|
$
|
-
|
||||
Non-Cash Disclosure:
|
||||||||
Discount to debt for beneficial conversion feature
|
$
|
7,500
|
$
|
-
|
||||
•
|
Level one
— Quoted market prices in active markets for identical assets or liabilities;
|
|
•
|
Level two
— Inputs other than level one inputs that are either directly or indirectly observable; and
|
|
•
|
Level three
— Unobservable inputs developed using estimates and assumptions, which are developed by the reporting entity and reflect those assumptions that a market participant would use.
|
February 28, 2017
|
May 31, 2016
|
|||||||
Dated February 17, 2017
|
$
|
7,500
|
$
|
-
|
||||
Total convertible notes payable, gross
|
7,500
|
-
|
||||||
Less: Unamortized debt discount
|
(7,044
|
)
|
-
|
|||||
Total convertible notes
|
$
|
456
|
$
|
-
|
Shares of common stock outstanding
|
Common stock
|
Additional paid-in capital
|
Warrants
|
|||||||||||||
Balance – May 31, 2016
|
3,608,000
|
$
|
361
|
$
|
1,396,686
|
$
|
116,703
|
|||||||||
Issuance of common shares
|
6,000,000
|
600
|
2,400
|
-
|
||||||||||||
Issuance of common shares for services
|
150,000
|
15
|
14,985
|
-
|
||||||||||||
Debt discount on convertible notes issued
|
-
|
-
|
7,500
|
-
|
||||||||||||
Issuance of warrants
|
-
|
-
|
-
|
371,263
|
||||||||||||
Exercise of warrants
|
105,000
|
10
|
33,066
|
(17,326
|
)
|
|||||||||||
Balance – February 28, 2017
|
9,863,000
|
$
|
986
|
$
|
1,454,637
|
$
|
470,640
|
Exercise Price
|
Number
|
Expiry
|
Remaining Life
|
||||||||
$
|
0.05
|
1,500,000
|
1-Feb-19
|
2.42
|
|||||||
$
|
0.05
|
3,000,000
|
31-Aug-21
|
4.5
|
|||||||
$
|
0.10
|
1,500,000
|
1-Feb-19
|
2.42
|
|||||||
$
|
0.10
|
3,000,000
|
31-Aug-21
|
4.5
|
|||||||
$
|
0.15
|
550,000
|
1-Jun-19
|
2.76
|
|||||||
$
|
0.15
|
125,000
|
30-Jun-19
|
2.84
|
|||||||
$
|
0.20
|
130,000
|
9-Jan-20
|
3.36
|
|||||||
$
|
0.25
|
550,000
|
1-Jun-20
|
3.76
|
|||||||
$
|
0.25
|
125,000
|
30-Jun-20
|
3.84
|
|||||||
$
|
0.25
|
130,000
|
9-Jan-20
|
3.36
|
|||||||
$
|
0.25
|
135,000
|
17-Feb-20
|
3.47
|
|||||||
$
|
0.25
|
140,000
|
6-May-20
|
3.69
|
|||||||
$
|
0.30
|
135,000
|
17-Feb-20
|
3.47
|
|||||||
$
|
0.30
|
140,000
|
6-May-20
|
3.69
|
|||||||
$
|
0.35
|
65,000
|
7-Aug-20
|
3.94
|
|||||||
$
|
0.35
|
75,000
|
16-Oct-20
|
4.13
|
|||||||
$
|
0.35
|
267,500
|
16-Nov-20
|
4.21
|
|||||||
$
|
0.40
|
65,000
|
7-Aug-20
|
3.94
|
|||||||
$
|
0.40
|
75,000
|
16-Oct-20
|
4.13
|
|||||||
$
|
0.40
|
267,500
|
16-Nov-20
|
4.21
|
|||||||
$
|
0.45
|
75,000
|
16-Oct-20
|
4.13
|
|||||||
$
|
0.45
|
267,500
|
16-Nov-20
|
4.21
|
|||||||
12,317,500
|
·
|
On June 6, 2017, the Company issued a convertible promissory note for proceeds of $11,000. The note matures on December 6, 2017 and accrues interest at 8% per annum. The note is convertible in common stock at 50% discount to the lowest average 20-day trading price.
|
·
|
On August 4, 2017, the Company issued a convertible promissory note for proceeds of $7,500. The note matures on February 4, 2018 and accrues interest at 8% per annum. The note is convertible in common stock at 50% discount to the lowest average 20-day trading price.
|
·
|
On October 6, 2017, the Company issued a convertible promissory note for proceeds of $15,000. The note matures on April 6, 2018 and accrues interest at 8% per annum. The note is convertible in common stock at 50% discount to the lowest average 20-day trading price.
|
·
|
On March 23, 2018, the Company issued a convertible promissory note for proceeds of $20,000. The note matures on September 23, 201, and accrues interest at 8% per annum. The note is convertible in common stock at 50% discount to the lowest average 20-day trading price.
|
·
|
On March 31, 2018, the Company issued a promissory note for proceeds of $2,000. The note matures on September 23, 2018 and accrues interest at 1.5% per quarter.
|
·
|
On March 31, 2018, the Company issued a promissory note for proceeds of $6,500. The note matures on September 23, 2018 and accrues interest at 1.5% per quarter.
|
·
|
On March 31, 2018, the Company issued a promissory note for proceeds of $7,337.85. The note matures on September 23, 2018 and accrues interest at 1.5% per quarter.
|
Exhibit No.
|
Description of Exhibit
|
101.INS*
|
XBRL Instance Document
|
101.SCH*
|
XBRL Taxonomy Extension Schema Document
|
101.CAL*
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
101.DEF*
|
XBRL Taxonomy Extension Definition Document
|
101.LAB*
|
XBRL Taxonomy Extension Label Linkbase Document
|
101.PRE*
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
Date: June 15, 2018
|
BRISSET BEER INTERNATIONAL, INC.
|
|
By:
/s/ Stephane Pilon
Name: Stephane Pilon
Title: President, Chief Executive Officer, Chief Financial Officer and Treasurer
(Principal Executive Officer)
(Principal Financial and Accounting Officer)
|
1 Year Brisset Beer (PK) Chart |
1 Month Brisset Beer (PK) Chart |
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