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P1Y

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10-K true 2024-01-31 --01-31 2024 false 001-41762 PINEAPPLE EXPRESS CANNABIS COMPANY NV 36-4864568 12301 Wilshire Blvd Suite 302 Los Angeles CA 90025 888 245-5703 Common stock, par value $0. 001 No No No Yes Non-accelerated Filer true false false false false 19834550 6662 M. S. Madhava Rao, Chartered Accountant Bangalore, India

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<p id="xdx_80B_eus-gaap--BusinessDescriptionAndBasisOfPresentationTextBlock_ziIWL6LpVldd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Note 1 – ORGANIZATION AND NATURE OF BUSINESS Pineapple Express Cannabis Company is based in Los Angeles, California. The Company’s wholly owned operating subsidiary, Ananas Growth Ventures, serves as an incubator, helping early-stage ventures and startups in the cannabis sector through funding, mentoring, and training. The Company is also engaged in legal cannabis retail through its 50% owned equity method investee, Pineapple Consolidated Inc. (“PCI”). PCI runs Pineapple Express, a cannabis retailer and owns and manages retail cannabis ventures. PCI seeks to become a leading portfolio management company in the U.S. cannabis industry. With its headquarters in Los Angeles, Pineapple Express is rapidly increasing its footprint throughout California and is looking to scale into underdeveloped markets. PCI has executed management contracts for 10% revenue sharing with nine entities in which it holds an equity interest through its wholly owned subsidiary, PNPL Holdings, Inc. Those entities are shown below: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">● </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">PNPLXpress X, Inc. (“Van Nuys Dispensary”): <span id="xdx_90F_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20240131__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--PNPLXPRESSXINCMember_zHImO5UWGu8l" title="Equity interest percentage">10% as of January 31, 2024 (dispensary and delivery).</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">● </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Goldstar Industrees (“Northridge Dispensary”): <span id="xdx_90B_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20240131__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--GoldstarIndustreesMember_zok4mYUqA1kk" title="Equity interest percentage">29% as of January 31, 2024 (dispensary and delivery).</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">● </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">PNPLXpress, Inc. (“Hollywood Dispensary”): <span id="xdx_909_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20240131__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--PNPLXPRESSIncMember_zSgZNGpRrFW2" title="Equity interest percentage">10% equity interest as of January 31, 2024 (dispensary and delivery).</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">● </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">PNPLXpress II, Inc. (“Northeast LA Dispensary”): <span id="xdx_902_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20240131__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--PNPLXPRESSIIIncMember_zN0OB9Kcb3T1" title="Equity interest percentage">49% interest as of January 31, 2024 (dispensary and delivery).</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">● </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Pineapple Equities, Inc. (“Beverly Grove Dispensary”): <span id="xdx_90C_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20240131__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--PineappleEquitiesIncMember_zrA2CA80bhe9" title="Equity interest percentage">24% equity interest as of January 31, 2024 (dispensary and delivery).</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">● </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">5660 W. Pico & Hope (Mid-Wilshire Dispensary): <span id="xdx_90E_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20240131__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--FiveSixSixZeroWPicoAndHopeMember_zm4kBxmHSO44" title="Equity interest percentage">49% equity interest as of January 31, 2024 (dispensary and delivery).</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">● </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">2378 Westwood Partners (Westwood Dispensary): <span id="xdx_905_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20240131__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--TwoThreeSeventyEightyWestwoodPartnersMember_zsVBZTn0P1qg" title="Equity interest percentage">19% equity interest as of January 31, 2024 (dispensary and delivery). </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">● </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">19841 Ventura & Hope (Woodland Hills Dispensary): <span id="xdx_903_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20240131__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--OneNineEightyFourOneVenturaAndHopeMember_z8UHlK3ykAB4" title="Equity interest percentage">49% equity interest as of January 31, 2024 (dispensary and delivery). </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">● </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">1485 W. Sunset & Hope (Echo Park Dispensary): <span id="xdx_905_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20240131__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--OneFourEightyFiveWSunsetAndHopeMember_z61dNPFgvADa" title="Equity interest percentage">29% equity interest as of January 31, 2024 (dispensary and delivery).</td></tr> </table>

0.10

0.29

0.10

0.49

0.24

0.49

0.19

0.49

0.29

<p id="xdx_80F_eus-gaap--SubstantialDoubtAboutGoingConcernTextBlock_z6RUCwl8O271" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Note 2 – GOING CONCERN The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“GAAP”), which contemplate continuation of the Company as a going concern. Therefore, there is substantial doubt about the Company’s ability to continue as a going concern. The company has an operating loss of $59,497, no revenues, and for the year ended 2024. Management anticipates that the Company will be dependent, for the near future, on additional investment capital to fund operating expenses. The Company intends to position itself so that it will be able to raise additional funds through the capital markets and also through income from its <span id="xdx_902_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20240131__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--EquityMethodInvestmentMember_zxmhv71oFm65">50% equity method investee.

-59497

0.50

Note 3 – SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES Basis of presentation The accompanying financial statements have been prepared in accordance with GAAP. The Company’s year-end is January 31. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. Income Taxes Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized. Equipment Equipment is stated at cost, net of accumulated depreciation. The cost of equipment and software is depreciated using the straight-line method over <span id="xdx_904_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dxL_c20240131__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--EquipmentAndSoftwareMember__srt--RangeAxis__srt--MinimumMember_zWFol6MXLAPj" title="Estimated useful life::XDX::P1Y">one and <span id="xdx_904_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dc_c20240131__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--EquipmentAndSoftwareMember__srt--RangeAxis__srt--MaximumMember_zXbjttXdiW3k" title="Estimated useful life">five years and the cost of leasehold improvement is depreciated using the straight-line method over <span id="xdx_90D_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dc_c20240131__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_zVOjNlN5OHP3" title="Estimated useful life">one year. Expenditures for maintenance and repairs are charged to expense as incurred. Additions, major renewals and replacements that increase the equipment’s useful life are capitalized. Equipment sold or retired, together with the related accumulated depreciation is removed from the appropriated accounts and the resultant gain or loss is included in net income. Basic Income (Loss) Per Share The Company computes income (loss) per share in accordance with ASC 260 “Earnings per Share”. Basic loss per share is computed by dividing net income (loss) available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted income (loss) per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. For the year ended January 31, 2024 there were no potentially dilutive debt or equity instruments issued or outstanding. PINEAPPLE EXPRESS CANNABIS COMPANY NOTES TO THE FINANCIAL STATEMENTS January 31, 2024 (Audited) <p id="xdx_849_eus-gaap--RevenueFromContractWithCustomerPolicyTextBlock_z0VlgnbcsSDf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Revenue Recognition The Company recognizes revenue in accordance with Accounting Standards Codification (“ASC”) 606, “Revenue from Contracts with Customers”. ASC 606 adoption is on February 1, 2018. The core principle of ASC 606 is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. An entity recognizes revenue in accordance with that core principle by applying the following steps: Step 1: Identify the contract(s) with a customer Step 2: Identify the performance obligations in the contract Step 3: Determine the transaction price Step 4: Allocate the transaction price to the performance obligations in the contract Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation. Specifically, Section 606-10-50 requires an entity to provide information about: a. Revenue recognized from contracts with customers, including the disaggregation of revenue into appropriate categories; b. Contract balances, including the opening and closing balances of receivables, contract assets, and contract liabilities; c. Performance obligations, including when the entity typically satisfies its performance obligations and the transaction price that is allocated to the remaining performance obligations in a contract; d. Significant judgments, and changes in judgments, made in applying the requirements to those contracts. For the year ended January 31, 2023, the Company has generated $5,385 revenue. <p id="xdx_842_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zicbqkYF2tug" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Recent Accounting Pronouncements We have reviewed all the recently issued, but not yet effective, accounting pronouncements and we do not believe any of these pronouncements will have a material impact on the Company. <p id="xdx_84A_ecustom--UnusualRisksAndUncertaintiesPolicyTextBlock_zLo5VQLLA3G8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Impact of COVID-19 on the Company The global outbreak of COVID-19 has led to severe disruptions in general economic activities, as businesses and governments have taken broad actions to mitigate this public health crisis. Although the Company has not experienced any significant disruption to its business to date, these conditions could significantly negatively impact the Company’s business in the future. The extent to which the COVID-19 outbreak ultimately impacts the Company’s business, future revenues, results of operations and financial condition will depend on future developments, which are highly uncertain and cannot be predicted, including, but not limited to, the duration and spread of the outbreak, its severity and longevity, the actions to curtail the virus and treat its impact (including an effective vaccine), and how quickly and to what extent normal economic and operating conditions can resume. Even after the COVID-19 outbreak has subsided, the Company may be at risk of experiencing a significant impact to its business as a result of the global economic impact, including any economic downturn or recession that has occurred or may occur in the future. As a result of the impact of COVID-19 on capital markets, the availability, amount, and type of financing available to the Company in the near future is uncertain and cannot be assured and is largely dependent upon evolving market conditions and other factors. The Company intends to continue to monitor the situation and may adjust its current business plans as more information and guidance become available.

Basis of presentation The accompanying financial statements have been prepared in accordance with GAAP. The Company’s year-end is January 31.

Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents.

Income Taxes Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized.

Equipment Equipment is stated at cost, net of accumulated depreciation. The cost of equipment and software is depreciated using the straight-line method over <span id="xdx_904_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dxL_c20240131__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--EquipmentAndSoftwareMember__srt--RangeAxis__srt--MinimumMember_zWFol6MXLAPj" title="Estimated useful life::XDX::P1Y">one and <span id="xdx_904_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dc_c20240131__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--EquipmentAndSoftwareMember__srt--RangeAxis__srt--MaximumMember_zXbjttXdiW3k" title="Estimated useful life">five years and the cost of leasehold improvement is depreciated using the straight-line method over <span id="xdx_90D_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dc_c20240131__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_zVOjNlN5OHP3" title="Estimated useful life">one year. Expenditures for maintenance and repairs are charged to expense as incurred. Additions, major renewals and replacements that increase the equipment’s useful life are capitalized. Equipment sold or retired, together with the related accumulated depreciation is removed from the appropriated accounts and the resultant gain or loss is included in net income.

P5Y

P1Y

Basic Income (Loss) Per Share The Company computes income (loss) per share in accordance with ASC 260 “Earnings per Share”. Basic loss per share is computed by dividing net income (loss) available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted income (loss) per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. For the year ended January 31, 2024 there were no potentially dilutive debt or equity instruments issued or outstanding.

<p id="xdx_849_eus-gaap--RevenueFromContractWithCustomerPolicyTextBlock_z0VlgnbcsSDf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Revenue Recognition The Company recognizes revenue in accordance with Accounting Standards Codification (“ASC”) 606, “Revenue from Contracts with Customers”. ASC 606 adoption is on February 1, 2018. The core principle of ASC 606 is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. An entity recognizes revenue in accordance with that core principle by applying the following steps: Step 1: Identify the contract(s) with a customer Step 2: Identify the performance obligations in the contract Step 3: Determine the transaction price Step 4: Allocate the transaction price to the performance obligations in the contract Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation. Specifically, Section 606-10-50 requires an entity to provide information about: a. Revenue recognized from contracts with customers, including the disaggregation of revenue into appropriate categories; b. Contract balances, including the opening and closing balances of receivables, contract assets, and contract liabilities; c. Performance obligations, including when the entity typically satisfies its performance obligations and the transaction price that is allocated to the remaining performance obligations in a contract; d. Significant judgments, and changes in judgments, made in applying the requirements to those contracts. For the year ended January 31, 2023, the Company has generated $5,385 revenue.

5385

<p id="xdx_842_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zicbqkYF2tug" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Recent Accounting Pronouncements We have reviewed all the recently issued, but not yet effective, accounting pronouncements and we do not believe any of these pronouncements will have a material impact on the Company.

<p id="xdx_84A_ecustom--UnusualRisksAndUncertaintiesPolicyTextBlock_zLo5VQLLA3G8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Impact of COVID-19 on the Company The global outbreak of COVID-19 has led to severe disruptions in general economic activities, as businesses and governments have taken broad actions to mitigate this public health crisis. Although the Company has not experienced any significant disruption to its business to date, these conditions could significantly negatively impact the Company’s business in the future. The extent to which the COVID-19 outbreak ultimately impacts the Company’s business, future revenues, results of operations and financial condition will depend on future developments, which are highly uncertain and cannot be predicted, including, but not limited to, the duration and spread of the outbreak, its severity and longevity, the actions to curtail the virus and treat its impact (including an effective vaccine), and how quickly and to what extent normal economic and operating conditions can resume. Even after the COVID-19 outbreak has subsided, the Company may be at risk of experiencing a significant impact to its business as a result of the global economic impact, including any economic downturn or recession that has occurred or may occur in the future. As a result of the impact of COVID-19 on capital markets, the availability, amount, and type of financing available to the Company in the near future is uncertain and cannot be assured and is largely dependent upon evolving market conditions and other factors. The Company intends to continue to monitor the situation and may adjust its current business plans as more information and guidance become available. Note 4 – Inter Company Investment The Company’s share $905,580 from its related party PCI equity method investee, as of January 31, 2024. This loan is unsecured, non-interest bearing and due on demand. It was determined that it is more likely than not that this would not be collectable from its investee, PCI, and thus the amount was not recognized.

905580

<p id="xdx_80E_eus-gaap--CommitmentsAndContingenciesDisclosureTextBlock_zE3dZ2UKFcT8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Note 5 – COMMITMENTS AND CONTINGENCIES The Company currently subleases from PCI office space at 12301 Wilshire Blvd. #302, Los Angeles, CA 90025, at no charge. PINEAPPLE EXPRESS CANNABIS COMPANY NOTES TO THE FINANCIAL STATEMENTS January 31, 2024 (Audited) From time-to-time, the Company is subject to various litigation and other claims in the normal course of business. The Company establishes liabilities in connection with legal actions that management deems to be probable and estimable. No amounts have been accrued in the financial statements with respect to any matters.

Note 6 – INCOME TAXES The Company adopted the provisions of uncertain tax positions as addressed in ASC 740 “Income Taxes” (“ASC 740”). As a result of the implementation of ASC 740, the Company recognized no increase in the liability for unrecognized tax benefits. As of January 31, 2024, the Company had net operating loss carry forwards of approximately $358,411 that may be available to reduce future years’ taxable income. As a result of the Tax Cuts and Jobs Act of 2017, net operating losses do not expire. Future tax benefits which may arise as a result of these losses have not been recognized in these financial statements, as their realization is determined not likely to occur and accordingly, the Company has recorded a valuation allowance for the deferred tax asset relating to these tax loss carryforwards. The valuation allowance at January 31, 2024 was approximately $75,266. The net change in valuation allowance during the year ended January 31, 2024 was $75,266. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred income tax assets will not be realized. The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred income tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. Based on consideration of these items, management has determined that enough uncertainty exists relative to the realization of the deferred income tax asset balances to warrant the application of a full valuation allowance as of January 31, 2024. All tax years since inception remain open for examination by taxing authorities. <p id="xdx_892_eus-gaap--ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock_z7wVVg3nYS9g" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">The provision for Federal income tax consists of the following: SCHEDULE OF FEDERAL INCOME TAX <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_496_20240131_z6RUjqu21m0a" style="border-bottom: Black 1.5pt solid; text-align: center">As of January 31, 2024</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_494_20230131_zeE20ful2CNj" style="border-bottom: Black 1.5pt solid; text-align: center">As of January 31, 2023</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Non-current deferred tax assets:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwards_iNI_di_zZrRukxQeg4" style="vertical-align: bottom; background-color: White"> <td style="width: 64%; text-align: left">Net operating loss carry forward</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">(358,411</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">(16,833</td><td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_407_eus-gaap--DeferredTaxAssetsValuationAllowance_iI_zwsXOZjMplMd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Valuation allowance</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">358,411</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">16,833</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--DeferredTaxAssetsNet_iI_zSEEuEpylei6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Net deferred tax assets</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_897_eus-gaap--ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock_zPgSzJhnzFnj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">The actual tax benefit at the expected rate of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIElOQ09NRSBUQVhFUyAoRGV0YWlscyBOYXJyYXRpdmUpAA__" id="xdx_90A_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_dp_c20230201__20240131_zBFJycl4qAX3" title="Expected tax rate">21% differs from the expected tax benefit for the year ended January 31, 2024 as follows: SCHEDULE OF ACTUAL TAX BENEFIT <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_493_20230201__20240131_zhZAOpDCdlHb" style="border-bottom: Black 1.5pt solid; text-align: center">For the year ended January 31, 2024</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_49C_20220201__20230131_znpOGQa47chk" style="border-bottom: Black 1.5pt solid; text-align: center">For the year ended January 31, 2023</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr id="xdx_40D_eus-gaap--IncomeTaxReconciliationStateAndLocalIncomeTaxes_z0XzSEEOOFQl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Computed “expected” tax expense (benefit)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">(75,266</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">(3,535</td><td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_407_eus-gaap--IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance_zhaoskjj2w3i" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Change in valuation allowance</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">76,266</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">9,628</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--IncomeTaxExpenseBenefit_iT_zdAe15S5TBJl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Actual tax expense (benefit)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> The related deferred tax benefit on the above unutilized tax losses has a full valuation allowance not recognized against it as there is no certainty of its realization. Management has evaluated tax positions in accordance with ASC 740 and has not identified any significant tax positions, other than those disclosed.

358411

75266

<p id="xdx_892_eus-gaap--ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock_z7wVVg3nYS9g" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">The provision for Federal income tax consists of the following: SCHEDULE OF FEDERAL INCOME TAX <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_496_20240131_z6RUjqu21m0a" style="border-bottom: Black 1.5pt solid; text-align: center">As of January 31, 2024</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_494_20230131_zeE20ful2CNj" style="border-bottom: Black 1.5pt solid; text-align: center">As of January 31, 2023</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Non-current deferred tax assets:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwards_iNI_di_zZrRukxQeg4" style="vertical-align: bottom; background-color: White"> <td style="width: 64%; text-align: left">Net operating loss carry forward</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">(358,411</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">(16,833</td><td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_407_eus-gaap--DeferredTaxAssetsValuationAllowance_iI_zwsXOZjMplMd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Valuation allowance</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">358,411</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">16,833</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--DeferredTaxAssetsNet_iI_zSEEuEpylei6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Net deferred tax assets</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

358411

16833

358411

16833

<p id="xdx_897_eus-gaap--ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock_zPgSzJhnzFnj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">The actual tax benefit at the expected rate of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIElOQ09NRSBUQVhFUyAoRGV0YWlscyBOYXJyYXRpdmUpAA__" id="xdx_90A_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_dp_c20230201__20240131_zBFJycl4qAX3" title="Expected tax rate">21% differs from the expected tax benefit for the year ended January 31, 2024 as follows: SCHEDULE OF ACTUAL TAX BENEFIT <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_493_20230201__20240131_zhZAOpDCdlHb" style="border-bottom: Black 1.5pt solid; text-align: center">For the year ended January 31, 2024</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_49C_20220201__20230131_znpOGQa47chk" style="border-bottom: Black 1.5pt solid; text-align: center">For the year ended January 31, 2023</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr id="xdx_40D_eus-gaap--IncomeTaxReconciliationStateAndLocalIncomeTaxes_z0XzSEEOOFQl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Computed “expected” tax expense (benefit)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">(75,266</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">(3,535</td><td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_407_eus-gaap--IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance_zhaoskjj2w3i" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Change in valuation allowance</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">76,266</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">9,628</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--IncomeTaxExpenseBenefit_iT_zdAe15S5TBJl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Actual tax expense (benefit)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

0.21

-75266

-3535

76266

9628

Note 7 – SUBSEQUENT EVENTS In accordance with ASC 855, “Subsequent Events”, the Company has analyzed its operations subsequent to January 31, 2024, through April 31, 2024, and has determined the following material subsequent events to disclose in these financial statements, other than shares issuances. They are listed below: <span id="xdx_907_eus-gaap--StockRepurchasedAndRetiredDuringPeriodShares_pid_c20240301__20240331__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--StatementEquityComponentsAxis__us-gaap--TreasuryStockCommonMember_zFjGeE4WvTU" title="Shares retired to treasury">1,000,000 of issued and outstanding shares were retired to treasury on or about March of 2024. 90,000 shares were sold resulting in $45,000 is cash received during Q1 2024.

1000000

90000

45000

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