Company: CBLO
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001599916-25-000058
Chunk: 12

Company: C2 Blockchain, Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 1
Chunk 12
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 March 31, 2025 consisted of $40,000 in accrued liabilities related to deferred
salary owed to Mr. Jacobson, our CEO, and $36,568 in a related-party loan from Mr. Jacobson to the Company. As of June 30, 2024, the
Company’s total liabilities were comprised of $61,214, which was solely attributable to the related-party loan from Mr. Jacobson.

Employment Agreement

The Company entered into an Employment Agreement with Levi Jacobson, effective February 1, 2025, for him to serve as the Chief
Executive Officer (CEO). Under the agreement, Mr. Jacobson will receive a base salary of $20,000 per month ($240,000 annually),
along with eligibility for a performance-based bonus of up to $250,000 annually. The bonus is contingent upon achieving specific
operational milestones set by the Board of Directors, such as uplisting the company, securing financing, achieving revenue growth,
or completing key acquisitions. The Board may also grant equity-based awards, such as stock options or restricted stock units, in
accordance with the company’s equity incentive plan.

In addition to salary and bonuses, Mr. Jacobson will be entitled to participate in company-sponsored benefits available to senior
executives, including health insurance and retirement plans. He will also be reimbursed for reasonable business expenses. The
employment is at-will, meaning either party can terminate the relationship at any time, with or without cause. However, if
terminated without cause, Mr. Jacobson is entitled to severance pay equal to three months of his base salary, subject to the
execution of a separation agreement.

The agreement includes confidentiality provisions, requiring Mr. Jacobson to protect the company’s proprietary information
during and after his employment. Furthermore, for 12 months following termination, Mr. Jacobson is prohibited from engaging in any
business that directly competes with the company. The agreement is governed by the laws of the State of Nevada and supersedes any
prior agreements or understandings.

As of March 31, 2025, the Company has not made any payments to Mr. Jacobson under the Employment Agreement. However, the Company has
accrued $40,000 in deferred salary expenses related to Mr. Jacobson's compensation.

Results of Operations

For the three months ended March 31, 2025, the Company reported revenue of $13 in “cryptocurrency incentives” (staking rewards), compared