Company: CBLO
Filing Date: 2025-09-29
Form Type: 10-K
Source: 0001882781-25-000034
Chunk: 40

Company: C2 Blockchain, Inc.
Filing Date: 2025-09-29
Form: 10-K
Item: Item 1
Chunk 40
---

Enterprises LLC Equity Line Agreement

The
Company entered into a Common Stock Purchase Agreement (the “Equity Line Agreement”) with Coventry Enterprises LLC, pursuant
to which Coventry committed to purchase up to $10,000,000.00 of the Company’s common stock over a 36-month period beginning on
the effective date of the registration statement required under the agreement.

As
an inducement to Coventry Enterprises LLC (“Coventry”) entering into this Equity Line Agreement, the Company shall, as of
the date of this Agreement and for no additional consideration, issue to Coventry an aggregate of five million (5,000,000) shares of
Common Stock (the “Commitment Shares”). Upon issuance, the Commitment Shares shall be duly authorized, fully paid, and non-assessable.
In lieu of delivering a physical certificate for the Commitment Shares, the Company shall cause its transfer agent to record such shares
in electronic book entry format on its books and records and shall provide Coventry with a statement documenting such notation.

The
descriptions of the Quick Capital, LLC Note Purchase Agreement and Convertible Promissory Note, Coventry Enterprises LLC Securities Purchase
Agreement and Promissory Note, and Coventry Enterprises LLC Equity Line Agreement (collectively, the “Agreements”) provided
herein are summaries and do not contain all the details. Complete copies of each Agreement are included as exhibits to this Annual Report
(see Exhibits 10.2 through 10.7). 

-
F10 -

Table
of Contents

Item
9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.

On
May 3, 2024, the Board of Directors of C2 Blockchain, Inc. (the “Company”), consisting solely of Levi Jacobson, approved
the dismissal of BF Borgers CPA PC (“BF Borgers”) as the Company’s independent registered public accounting firm.

The
audit reports issued by BF Borgers for the fiscal years ended June 30, 2023, and June 30, 2022, did not contain any adverse opinions
or disclaimers of opinion and were not qualified or modified with respect to uncertainty, audit scope, or accounting principles, except
for an explanatory paragraph regarding the Company’s ability to continue as a going concern.

During
the fiscal years ended June 30, 2023, and June 30, 2022, and up to the termination date of May 3,