Quarterly results · September 26, 2026 · Atlanta, Georgia
Pineapple Express Cannabis Company reports second quarter resultsThe Company today published its Quarterly Report for the three months ended July 31, 2026. It generated no revenue and recorded a net loss of $283,253. Shares outstanding rose 134% during the six months on conversion of convertible notes. The financial statements carry a going concern qualification.
- Ticker
- $PNXP
- Period ended
- Jul 31, 2026
- Net loss
- $(283,253)
- Shares outstanding
- 99,616,016
Pineapple Express Cannabis Company (OTC Pink: PNXP), doing business as T-MINES™, today reported financial results for the three months ended July 31, 2026, the second quarter of its fiscal year ending January 31, 2027. The Quarterly Report has been published through the OTC Disclosure & News Service and is available at otcmarkets.com.
Second quarter and six month results
| Three months ended July 31, 2026 | Three months ended July 31, 2025 | Six months ended July 31, 2026 | Six months ended July 31, 2025 | |
|---|---|---|---|---|
| Revenue | — | — | — | — |
| Operating expenses | 123,055 | 246,323 | 326,485 | 430,917 |
| Interest expense | (160,198) | (100,556) | (311,359) | (228,976) |
| Net income (loss) | (283,253) | 16,658 | (637,844) | (8,196,244) |
| Income (loss) per share | (0.00) | 0.00 | (0.01) | (0.31) |
| Cash at period end | 1,200 | — | 1,200 | — |
| Total current liabilities at period end | 8,845,071 | 8,367,595 | 8,845,071 | 8,367,595 |
| Total stockholders’ deficit at period end | (8,843,871) | (8,177,595) | (8,843,871) | (8,177,595) |
The prior-year quarter reported net income, and the two are not comparable. The $16,658 of income for the three months ended July 31, 2025 arose from a $370,026 gain on the change in fair value of the Company’s derivative liability, which exceeded that period’s operating loss of $246,323. It did not reflect revenue; the Company generated none in any period presented.
Because the derivative is measured at fair value with changes recognised in earnings, and the conversion price floats at a discount to the market price of the common stock, reported results may swing between income and loss from one period to the next without any change in operating activity.
Operating expenses for the quarter were $123,055, comprising management fees of $75,500, professional fees of $17,500, general and administrative expenses of $27,655, and rent of $2,400. Interest of $160,198 accrued on the Company’s convertible notes payable, all of which remain in default. No amount of the quarter’s loss was settled in cash by the Company.
Dilution
Shares of common stock outstanding rose from 42,597,604 at January 31, 2026 to 99,616,016 at July 31, 2026, and to 120,391,016 at September 26, 2026 — an increase of 183% since the fiscal year end. The whole of the increase during the six months was issued on conversion of convertible notes payable held by JP Carey Enterprises, Inc.
57,018,412 shares were issued to retire $29,610 of principal and accrued interest. Conversions were effected at prices between $0.0009 and $0.0004 per share, being the lower of 75% of the price on the day of issuance or 50% of the lowest bid price in the 30 trading days preceding conversion. At $0.0005 per share, each dollar of debt converts into 2,000 shares.
Measured against principal of $2,010,747 across the Company’s 57 convertible notes, full conversion would require approximately 4,021,494,000 shares. Together with 2,500,000,000 shares issuable on conversion of the Series A Preferred Stock, 187,500,000 shares issuable on conversion of the Series B Preferred Stock, and 100,000,000 shares issuable on exercise of the outstanding warrant, potential issuance substantially exceeds the 500,000,000 shares of authorised common stock. The Company would be unable to satisfy conversion in full without a further increase in authorised shares.
Financial condition and going concern
At July 31, 2026 the Company held cash of $1,200, which was its only asset. Total current liabilities were $8,845,071 and total stockholders’ deficit was $(8,843,871). All of the Company’s convertible notes payable are in default and immediately due and payable, and each contains a cross-default provision under which a default under any one note accelerates all of them.
The Company met substantially all of its obligations during the period by accruing them rather than paying them. Expenses of $261,840 were paid by an officer of the Company on its behalf and remain unreimbursed, and are recorded as a related-party liability. The Company’s own cash outflow for the six months was $1,595.
The financial statements include a going concern qualification. These conditions raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date the financial statements are issued. The Company has no committed source of financing. There can be no assurance that management will be successful in restructuring the defaulted notes or in raising additional capital, or that financing will be available on acceptable terms or at all.
Corporate developments
Periodic disclosure brought current
With the publication of this report, the Company has published its Annual Report for the fiscal year ended January 31, 2026 and its Quarterly Reports for the quarters ended April 30 and July 31, 2026, bringing its periodic disclosure current.
OTCID Basic Market
The Company intends to satisfy the requirements for the OTCID Basic Market, which include current public disclosure, annual verification of the company profile, and an executed management certification. Tier designation is determined by OTC Markets Group and not by the Company. No assurance can be given that the Company will be designated to, or will maintain, any particular market tier.
About Pineapple Express Cannabis Company
Pineapple Express Cannabis Company, doing business as T-MINES™, is a Nevada corporation building a vertically integrated tokenized mineral finance platform connecting global mining operators, verified investors, and traders on a single compliance-first rail. Coverage spans gold, silver, copper, platinum, diamonds, emeralds and other precious stones, and rare earth elements, through three instrument families.
TMCT
TM Claim Tokens
Senior secured note tokens backed by first-priority UCC Article 9 liens, an independent collateral agent, and bankruptcy-remote special purpose vehicles.
TMVT
TM Vault Tokens
Title-bearing tokens representing 1:1 allocated physical metal or individually graded stones in accredited third-party custody.
TMFT
TM Float Tokens
1:1 share-backed wrappers on mining company equity with full dividend pass-through and instruction-based voting.
All instruments issue on TM Protocol, a permissioned EVM rail built on the ERC-3643 (T-REX) standard with on-chain identity (ONCHAINID) and modular compliance, enforcing know-your-customer, anti-money-laundering, and eligibility requirements on every transfer at the contract level. Tokenized securities on the platform are digital securities by operation of law under the Wyoming Digital Assets Act, Wyo. Stat. §§ 34-29-101 et seq. Primary offerings are conducted under Regulation D Rule 506(c) and Regulation S, with secondary transfers contemplated following the applicable Rule 144 holding period through registered alternative trading systems and broker-dealer venues.
The Company’s Corporate Offices are located in Atlanta, Georgia and its Operational Offices in Medellín, Colombia, from which its initial focus on the Colombian mining sector is conducted. The Company is not a mining operator and does not conduct extraction. Where a financing is issued on the platform, mineral title and other mine assets are pledged as collateral security for the benefit of instrument holders, held by an independent collateral agent or through a bankruptcy-remote special purpose vehicle formed for that financing.
The Company has not generated revenue from the platform. The Company does not represent that any regulator has approved, endorsed, or passed upon its instruments, its platform, or the merits of any offering. An application to the Financial Industry Regulatory Authority for a change of the Company’s name and trading symbol is pending. More information is available at tmines.com.
Investor contact
FranJose Yglesias
Chief Executive Officer, President, and Chief Financial Officer
Pineapple Express Cannabis Company
300 Peachtree Street NE, Suite #1775, Atlanta, GA 30308
Telephone: 404-734-3277
Email: frank@tmines.com
Web: https://tmines.com
Cautionary statement regarding forward-looking statements
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are generally identifiable by the use of terms such as “may,” “will,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “project,” “seek,” or similar expressions. These statements are based on assumptions and are subject to risks and uncertainties that could cause actual results to differ materially.
Those risks include, without limitation: the Company’s ability to continue as a going concern; its holding of $1,200 in cash against current liabilities of $8,845,071; the default status of all of its convertible notes payable and the cross-default provisions contained in them; the absence of revenue; the absence of any committed source of financing; its dependence on an officer to meet operating costs; the substantial dilution that has resulted and would further result from conversion of the outstanding convertible notes, preferred stock, and warrant, and the fact that potential issuance exceeds the authorised share capital; the Company’s dependence on a sole officer and director; the concentration of its initial origination activity in a single jurisdiction, and the political, regulatory, security, title, and currency risks attaching to mining in Colombia; and its ability to execute any intended change in business direction.
Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this release. Except as required by law, the Company undertakes no obligation to update them. This release does not constitute an offer to sell or a solicitation of an offer to buy any security, and no security may be offered or sold except in compliance with applicable law.