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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
DC 20549
FORM 10-Q
☒ |
QUARTERLY
REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period
ended December 31, 2024
☐ |
TRANSITION
REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT |
For the transition period
from __________ to ___________
Commission file number: 000-56235
GLOBAL INNOVATIVE PLATFORMS INC.
(Exact name of registrant
as specified in its charter)
delaware |
85-3816149 |
(STATE
OR OTHER JURISDICTION |
(I.R.S.
EMPLOYER |
OF
INCORPORATION OR ORGANIZATION) |
IDENTIFICATION
NUMBER) |
|
|
149 James Place |
|
Maitland, Florida |
32751 |
(ADDRESS
OF PRINCIPAL EXECUTIVE OFFICES) |
(ZIP
CODE) |
321-230-3739
(Registrant’s Telephone
number)
(Former Address and phone
of principal executive offices)
Securities registered pursuant to Section 12(b)
of the Act: None
Title of each Class |
Trading Symbol |
Name of each exchange on which registered |
N/A |
N/A |
N/A |
Indicate by check mark whether
the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the
past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to the filing
requirements for the past 90 days.
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 for Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files).
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”
“smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large
accelerated filer |
☐ |
Accelerated
filer |
☐ |
Non-accelerated filer |
☒ |
Smaller
reporting company |
☒ |
|
Emerging
growth company |
☒ |
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided to Section 13(a) of the Exchange Act.
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Indicate the number of shares
outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
As of January 29, 2025, there
were 39,111,241 shares of common stock issued and outstanding.
Table of Contents
PART I
ITEM 1. FINANCIAL STATEMENTS
GLOBAL INNOVATIVE PLATFORMS, INC. |
CONDENSED BALANCE SHEETS |
|
|
DECEMBER 31, |
|
SEPTEMBER 30, |
|
|
2024 |
|
2024 |
|
|
(Unaudited) |
|
(Audited) |
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Assets |
|
|
|
|
|
|
|
|
Cash and Cash Equivalents |
|
$ |
148,459 |
|
|
$ |
15 |
|
|
|
|
|
|
|
|
|
|
Total Current Assets |
|
|
148,459 |
|
|
|
15 |
|
|
|
|
|
|
|
|
|
|
Total Assets |
|
$ |
148,459 |
|
|
$ |
15 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ DEFICIT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Liabilities |
|
|
|
|
|
|
|
|
Accounts Payable |
|
$ |
14,407 |
|
|
$ |
753 |
|
|
|
|
|
|
|
|
|
|
Loan Payable – Related Party |
|
|
— |
|
|
|
32,400 |
|
|
|
|
|
|
|
|
|
|
Total Current Liabilities |
|
|
14,407 |
|
|
|
33,153 |
|
|
|
|
|
|
|
|
|
|
Total Liabilities |
|
|
14,407 |
|
|
|
33,153 |
|
|
|
|
|
|
|
|
|
|
Commitments and Contingencies (Note 8) |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
Shareholders’ Deficit |
|
|
|
|
|
|
|
|
Preferred Stock, $0.0001 par value, 10,000,000 shares authorized, 0 issued or outstanding |
|
|
— |
|
|
|
— |
|
Common Stock, $0.0001 par value, 1,990,000,000 shares authorized, 37,301,241 and 33,745,491 issued and outstanding |
|
|
3,730 |
|
|
|
3,374 |
|
Stock Subscriptions |
|
|
— |
|
|
|
75 |
|
Additional Paid in Capital |
|
|
788,001 |
|
|
|
500,625 |
|
Retained (Deficit) Earnings |
|
|
(657,680 |
) |
|
|
(537,212 |
) |
|
|
|
|
|
|
|
|
|
Total Shareholders’ Deficit |
|
|
134,051 |
|
|
|
(33,138 |
) |
|
|
|
|
|
|
|
|
|
Total Liabilities and Shareholders’ Deficit |
|
$ |
148,459 |
|
|
$ |
15 |
|
The accompanying notes are an integral part of these condensed financial statements |
GLOBAL INNOVATIVE PLATFORMS, INC. |
CONDENSED STATEMENTS OF OPERATIONS |
(UNAUDITED) |
|
|
FOR THE THREE MONTHS ENDED DECEMBER 31, 2024 |
|
FOR THE THREE MONTHS ENDED DECEMBER 31, 2023 |
|
|
|
|
|
REVENUE |
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
|
General and administrative expenses |
|
|
120,467 |
|
|
|
49,469 |
|
|
|
|
|
|
|
|
|
|
Total Expenses |
|
|
120,467 |
|
|
|
49,469 |
|
|
|
|
|
|
|
|
|
|
OPERATING LOSS |
|
|
(120,467 |
) |
|
|
(49,469 |
) |
|
|
|
|
|
|
|
|
|
OTHER INCOME (EXPENSE) |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
Total Other Income (Expense) |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TAXES |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
NET INCOME (LOSS) |
|
$ |
(120,467 |
) |
|
$ |
(49,469 |
) |
|
|
|
|
|
|
|
|
|
Net Income (Loss) per Common Share: Basic and Diluted |
|
$ |
(0.003 |
) |
|
$ |
(0.002 |
) |
|
|
|
|
|
|
|
|
|
Weighted Average Common Shares Outstanding: Basic and Diluted |
|
|
35,745,288 |
|
|
|
20,637,355 |
|
The accompanying notes are an integral part of these condensed financial statements |
GLOBAL INNOVATIVE PLATFORMS INC. |
CONDENSED STATEMENT OF CHANGES IN SHAREHOLDERS’ DEFICIT |
(UNAUDITED) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Shares |
|
|
|
Additional |
|
Retained |
|
|
|
|
Shares |
|
Amount |
|
Stock Subscriptions |
|
Paid-In Capital |
|
(Deficit) Earnings |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at October 1, 2023 |
|
|
619,085 |
|
|
$ |
62 |
|
|
$ |
1,547 |
|
|
$ |
35,454 |
|
|
$ |
(401,016 |
) |
|
$ |
(363,953 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Shares Issued to Founders for Stock Subscriptions |
|
|
15,470,000 |
|
|
|
1,547 |
|
|
|
(1,547 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock issued for Conversion of Debentures |
|
|
2,160,000 |
|
|
|
216 |
|
|
|
— |
|
|
|
215,784 |
|
|
|
— |
|
|
|
216,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock issued to founders for Cash |
|
|
9,061,027 |
|
|
|
906 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
906 |
|
Net loss for the period |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(49,469 |
) |
|
|
(49,469 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at December 31, 2023 |
|
|
27,310,112 |
|
|
$ |
2,731 |
|
|
$ |
— |
|
|
$ |
251,238 |
|
|
$ |
(450,484 |
) |
|
$ |
(196,515 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at October 1, 2024 |
|
|
33,745,491 |
|
|
$ |
3,375 |
|
|
$ |
75 |
|
|
$ |
500,625 |
|
|
$ |
(537,213 |
) |
|
$ |
(33,138 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Shares Issued for Stock Subscriptions |
|
|
750 |
|
|
|
— |
|
|
|
(75 |
) |
|
|
75 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock issued for Cash |
|
|
2,875,000 |
|
|
|
287 |
|
|
|
— |
|
|
|
286,213 |
|
|
|
— |
|
|
|
286,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock issued for Services |
|
|
680,000 |
|
|
|
68 |
|
|
|
— |
|
|
|
1,088 |
|
|
|
— |
|
|
|
1,156 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss for the period |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(120,467 |
) |
|
|
(120,467 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at December 31, 2024 |
|
|
37,301,241 |
|
|
$ |
3,730 |
|
|
$ |
— |
|
|
$ |
788,001 |
|
|
$ |
(657,680 |
) |
|
$ |
134,051 |
|
The accompanying notes are an integral part of these condensed financial statements |
GLOBAL INNOVATIVE PLATFORMS INC. |
CONDENSED STATEMENTS OF CASH FLOW |
(UNAUDITED) |
|
|
FOR THE THREE MONTHS ENDED DECEMBER 31, 2024 |
|
FOR THE THREE MONTHS ENDED DECEMBER 31, 2023 |
|
|
|
|
|
Cash Flow from Operating Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss |
|
$ |
(120,467 |
) |
|
$ |
(49,469 |
) |
Adjustments to reconcile net loss to net cash used in operating activities |
|
|
— |
|
|
|
— |
|
Noncash expenses
|
|
|
1,156 |
|
|
|
|
|
Changes
in working capital items: |
|
|
|
|
|
|
|
|
Accounts payable and license payable |
|
|
(18,746 |
) |
|
|
8,833 |
|
Debenture Interest |
|
|
— |
|
|
|
16,000 |
|
|
|
|
|
|
|
|
|
|
Net Cash Used in Operating Activities |
|
|
(138,057 |
) |
|
|
(24,636 |
) |
|
|
|
|
|
|
|
|
|
Net Cash Flow from Investing Activities |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
Net Cash Flow from Financing Activities |
|
|
|
|
|
|
|
|
Advances from related party converted to common stock |
|
|
— |
|
|
|
25,000 |
|
Cash paid for common stock |
|
|
286,501 |
|
|
|
906 |
|
Net Cash Provided by Financing Activities |
|
|
286,501 |
|
|
|
25,906 |
|
|
|
|
|
|
|
|
|
|
Net Change in Cash: |
|
|
148,444 |
|
|
|
1,270 |
|
|
|
|
|
|
|
|
|
|
Beginning Cash: |
|
$ |
15 |
|
|
$ |
415 |
|
|
|
|
|
|
|
|
|
|
Ending Cash: |
|
$ |
148,459 |
|
|
$ |
1,685 |
|
|
|
|
|
|
|
|
|
|
Supplemental Disclosures of Cash Flow Information: |
|
|
|
|
|
|
|
|
Cash paid for interest |
|
$ |
— |
|
|
$ |
— |
|
Cash paid for tax |
|
$ |
— |
|
|
$ |
— |
|
The accompanying notes are an integral part of these condensed financial statements |
|
GLOBAL INNOVATIVE PLATFORMS
INC.
Notes to the Condensed Financial
Statements
(Unaudited)
NOTE 1. NATURE
OF OPERATIONS
Nature of
Business
Global Innovative
Platforms Inc., a Delaware corporation, (“Global Innovative Platforms,” “Canning Street,” “the Company,”
“We,” “Us” or “Our’) is a publicly quoted company in the business of measuring gas outflow in pets
and agriculture for diagnosis treatment of illness. We are pursuing opportunities for growth and will seek capital in return for shares
of our common stock to create value for our shareholders, although there is no guarantee that the Company will be able to successfully
close such transactions.
History
Global Innovative
Platforms Inc. f/k/a Canning Street Corporation or Canning Street was incorporated in Delaware on September 15, 2020.
Effective
September 30, 2020, following a corporate reorganization as described below (the “Holding Company Reorganization” or “the
reverse recapitalization”), Canning Street became the reorganized successor to Alexandria Advantage Warranty Company, a publicly
quoted holding company that ceased trading in 2016.
Reorganization
into a Holding Company Structure for Canning Street Corporation, reorganization successor to Alexandria Advantage Warranty Company.
Effective September
29, 2020, Alexandria Advantage Warranty Company (“Alexandria Advantage Colorado’), a Colorado corporation, redomiciled to
Delaware by merging with its wholly owned subsidiary, Alexandria Advantage Warranty Company (“Alexandria Advantage Delaware”),
a Delaware corporation.
Alexandria Advantage
Colorado ceased to exist as an independent legal entity following its merger with Alexandria Advantage Delaware.
Pursuant to
the Delaware Holding Company formation statute, DGCL Section 251(g), Alexandria Advantage Delaware entered into an Agreement and Plan
of Merger and Reorganization into a Holding Company with Canning Street Corporation (“Canning Street”) and AAWC Corporation
(“AAWC”), both wholly-owned subsidiaries of Alexandria Advantage Delaware, effective September 30, 2020.
The Agreement
and Plan of Merger and Reorganization into a Holding Company provided for the merger of Alexandria Advantage Delaware with, and into AAWC,
with AAWC being the surviving corporation in the merger, as a subsidiary to Canning Street.
Alexandria Advantage
Delaware ceased to exist as an independent legal entity following its merger with AAWC.
The shareholders
of Alexandria Advantage Delaware were converted, by the holding company reorganization, under the Agreement, to shareholders of Canning
Street on a one for one basis pursuant to the Agreement and the Delaware Statute Sec. 251(g).
AAWC, the surviving
company of the merger with Alexandria Advantage Delaware, became a wholly owned subsidiary of Canning Street, the holding company.
Canning Street
became the parent holding company resulting under the Agreement, pursuant to Delaware General Corporation Law section 251(g), with its
wholly owned subsidiary company, AAWC, the surviving company of the merger with Alexandria Advantage Delaware.
As a result
of the Holding Company Reorganization, shareholders in publicly quoted Alexandria Advantage Delaware, formerly the shareholders of Alexandria
Advantage Colorado as of the date of the reorganization, became shareholders in the publicly quoted Canning Street.
GLOBAL INNOVATIVE
PLATFORMS INC.
Notes to the
Condensed Financial Statements
(Unaudited)
AAWC, being
the direct successor by the merger with Alexandria Advantage Delaware, became a subsidiary company of Canning Street.
The Holding
Company Reorganization has been accounted for so as to reflect the fact that both AAWC and Canning Street were under common control at
the date of the Holding Company Reorganization, similar to a reverse acquisition of AAWC by Canning Street
NOTE 2. GOING
CONCERN
Our financial
statements are prepared using accounting principles generally accepted in the United States of America applicable to a going concern,
which contemplates the realization of assets and the liquidation of liabilities in the normal course of business. We have no ongoing business
or income, incurred a loss of $120,467 in the three months ended December 31, 2024, and had a retained deficit of $134,051657,680 as
of December 31, 2024. These conditions raise substantial doubt about our ability to continue as a going concern. The financial statements
do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts
and classification of liabilities that may result from the outcome of these uncertainties. Our ability
to continue as a going concern is dependent upon our ability to raise additional debt or equity funding to meet our ongoing operating
expenses and ultimately in merging with another entity with experienced management and profitable operations. No assurances can be given
that we will be successful in achieving these objectives.
NOTE 3. SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES
Basis of
Presentation
The
summary of significant accounting policies is presented to assist in the understanding of the financial statements. These policies conform
to accounting principles generally accepted in the United States of America and have been consistently applied. We have selected September
30 as our fiscal year end. We have not earned any revenue to date.
GLOBAL INNOVATIVE
PLATFORMS INC.
Notes to the
Condensed Financial Statements
(Unaudited)
Use of Estimates
The preparation of financial statements in conformity
with generally accepted accounting principles (“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 amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Cash and
Cash Equivalents
We maintain
cash balances in a non-interest-bearing account that currently does not exceed federally insured limits. For the purpose of the statements
of cash flows, all highly liquid investments with a maturity of three months or less are considered to be cash equivalents. As of December
31, 2024, our cash balance was $148,459.
Fair Value Measurements
ASC Topic 820, Fair Value Measurements and Disclosures
(“ASC 820”), provides a comprehensive framework for measuring fair value and expands disclosures which are required about
fair value measurements. Specifically, ASC 820 sets forth a definition of fair value and establishes a hierarchy prioritizing the inputs
to valuation techniques, giving the highest priority to quoted prices in active markets for identical assets and liabilities and the lowest
priority to unobservable value inputs. ASC 820 defines the hierarchy as follows:
Level 1 – Quoted prices are available in active
markets for identical assets or liabilities as of the reported date. The types of assets and liabilities included in Level 1 are highly
liquid and actively traded instruments with quoted prices, such as equities listed on the New York Stock Exchange.
Level 2 – Pricing inputs are other than quoted
prices in active markets but are either directly or indirectly observable as of the reported date. The types of assets and liabilities
in Level 2 are typically either comparable to actively traded securities or contracts or priced with models using highly observable inputs.
Level 3 – Significant inputs to pricing that
are unobservable as of the reporting date. The types of assets and liabilities included in Level 3 are those with inputs requiring significant
management judgment or estimation, such as complex and subjective models and forecasts used to determine the fair value of financial transmission
rights.
Our financial instruments consist of our accounts
payable, accrued expenses - related party and loan payable – related party. The carrying amount of our prepaid accounts payable,
accrued expenses- related parties and loan payable – related party approximates their fair values because of the short-term maturities
of these instruments.
Related Party
Transactions
A related party
is generally defined as (i) any person that holds 10% or more of our membership interests including such person’s immediate families,
(ii) our management, (iii) someone that directly or indirectly controls, is controlled by or is under common control with us, or (iv)
anyone who can significantly influence our financial and operating decisions. A transaction is considered to be a related party transaction
when there is a transfer of resources or obligations between related parties. See Notes 4 and 5 below for details of related party transactions
in the period presented.
Fixed Assets
We owned no fixed assets as of December
31, 2024.
GLOBAL INNOVATIVE
PLATFORMS INC.
Notes to the
Condensed Financial Statements
(Unaudited)
Leases
We determine
if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) as assets,
operating lease non-current liabilities, and operating lease current liabilities in our balance sheet. Finance leases are property and
equipment, other current liabilities, and other non-current liabilities in the balance sheet.
ROU assets represent
the right to use an asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease.
Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over lease
term. As most of the leases do not provide an implicit rate, we generally use the incremental borrowing rate on the estimated rate of
interest for collateralized borrowing over a similar term of the lease payments at the commencement date. The operating ROU asset also
includes any lease payments made and excludes lease incentives. Lease expense for lease payment is recognized on a straight-line basis
over the lease term.
We were not
party to any lease transactions during the three months ended December 31, 2024 or December 31, 2023.
Income Taxes
The provision for income taxes is computed using the
asset and liability method, under which deferred tax assets and liabilities are recognized for the expected future tax consequences of
temporary differences between the financial reporting and tax bases of assets and liabilities, and for operating losses and tax credit
carryforwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates that apply to taxable income in
effect for the years in which those tax assets are expected to be realized or settled. We record a valuation allowance to reduce deferred
tax assets to the amount that is believed more likely than not to be realized.
Uncertain
Tax Positions
We evaluate
tax positions in a two-step process. We first determine whether it is more likely than not that a tax position will be sustained upon
examination, based on the technical merits of the position. If a tax position meets the more-likely-than-not recognition threshold it
is then measured to determine the amount of benefit to recognize in the financial statements. The tax position is measured as the largest
amount of benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. We classify gross interest and penalties
and unrecognized tax benefits that are not expected to result in payment or receipt of cash within one year as long-term liabilities in
the financial statements.
Revenue Recognition
Revenues are recognized when control of the promised
goods or services are transferred to a customer, in an amount that reflects the consideration that the Company expects to receive in exchange
for those goods or services. The Company applies the following five steps in order to determine the appropriate amount of revenue to be
recognized as it fulfills its obligations under each of its agreements:
Step 1: Identify the contract(s) with customers
Step 2: Identify the performance obligations in the
contract
Step 3: Determine the transaction price
Step 4: Allocate the transaction price to performance
obligations
Step 5: Recognize revenue when the entity satisfies
a performance obligation
Service revenues are recognized as the services are
performed in proportion to the transfer of control to the customer and real estate revenues are recognized at the time of sale when consideration
has been exchanged and title has been conveyed to the buyer. At this time, we have not identified specific planned revenue streams.
During the three months ended December 31, 2024, or
December 31, 2023, we did not recognize any revenue.
GLOBAL INNOVATIVE
PLATFORMS INC.
Notes to the
Condensed Financial Statements
(Unaudited)
Advertising
Costs
We expense advertising
costs when advertisements occur. No advertising costs were incurred during the three months ended December 31, 2024, or
December 31, 2023.
Stock Based Compensation
The cost of equity instruments issued to non-employees
in return for goods and services is measured by the grant date fair value of the equity instruments issued. The cost of employee services
received in exchange for equity instruments is based on the grant date fair value of the equity instruments issued.
Net Loss
per Share Calculation
Basic net loss
per common share (“EPS”) is computed by dividing loss available to common stockholders by the weighted-average number of common
shares outstanding for the period. Diluted earnings per share is computed by dividing net income by the weighted average shares outstanding,
assuming all dilutive potential common shares were issued. Dilutive loss per share excludes all potential common shares if their effect
is anti-dilutive.
No potentially
dilutive debt or equity instruments were issued or outstanding during the three months ended December 31, 2024, or December 31, 2023.
Recently Accounting Pronouncements
We have reviewed all the recently issued, but not
yet effective, accounting pronouncements and do not believe any of these pronouncements will have a material impact on our financial statements.
NOTE 4. RELATED PARTY TRANSACTIONS
Founder
Shares Issued to Related Parties
On
October 23, 2023, the Company issued 24,532,138 shares of common stock, par value $0.0001 per share, including 18,271,990 which
was issued to related parties for an aggregate consideration of $1,827. The Company also issued 600,000 shares of our common
stock on September 27, 2024 for an aggregate consideration of $60,000.
On
July 10, 2024, the Company issued 530,000 shares of our common stock, par value of $0.0001 per share, which included 490,000 shares
to related parties in exchange for services of $49, including office space, secretarial and administrative services provided by members
of the Company’s founding team.
As
of September 28, 2024, the Company issued 2,197,000 shares of our common stock, par value of $0.0001 per share including 1,830,000 shares
to related parties in exchange for services of $183 including office space, secretarial and administrative services provided by members
of the Company’s management and founding team.
Three
Shareholders advanced us $50,000, $50,000, and $1,115 for the year ended September 30, 2023 and an additional $25,000, for the year
ending September 30, 2024. On September 27, 2024, the Company converted $337,360 of debt into 5,267,268 shares of our common
stock that included these balances plus prior year amounts with an aggregate total of $311,363, which were converted to 5,107,268 shares
of our common.
In
October and December, 2024, the Company issued 3,555,750 shares for $286,500 in cash, $75 of stock subscriptions and $1,188 of services,
of which 500,000 shares were issued to related parties for services valued at $850.
Related
Party Accruals
During
the year ended September 30, 2023, and modified as of August 27, 2024, the Company entered into a contract (see note 7) with a party who
has the right to obtain 638,532 shares. The contract obligated us to an upfront payment of $50,000 which was expensed in
the year ended September 30, 2023 and we paid $17,600 under this arrangement during the year ended September 30, 2024 and paid $42,400
during the quarter ended December 31, 2024.
We also paid
a related party for $4,500 in rent for the quarter ended December 31, 2024.
NOTE 5. INCOME
TAXES
On December
22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax
Act”). The Tax Act makes broad and complex changes to the U.S. tax code that affect fiscal 2018, including, but not limited to requiring
a one-time transition tax on certain unrepatriated earnings of foreign subsidiaries that is payable over eight years. The Tax Act also
establishes new tax laws that will affect 2018 and later years, including, but not limited to, a reduction of the U.S. federal corporate
tax rate from 34% to 21%, a general elimination of U.S. federal income taxes on dividends from foreign subsidiaries, net operating
loss deduction limitations, a base erosion, anti-tax abuse tax and a deduction for foreign-derived intangible income and a new provision
designed to tax global intangible low-taxed income.
We did not provide
any current or deferred US federal income tax provision or benefit during the three months ended December 31, 2024, or December 31, 2023
as we incurred tax losses during the period. When it is more likely than not that a tax asset cannot be realized through future income,
we must record an allowance against any future potential future tax benefit. We have provided a full valuation allowance against the net
deferred tax asset, consisting of net operating loss carry forwards, because management has determined that it is more likely than not
that we will not earn income sufficient to realize the deferred tax assets during the carry forward periods.
GLOBAL INNOVATIVE
PLATFORMS INC.
Notes to the
Condensed Financial Statements
(Unaudited)
The Company
has not taken a tax position that, if challenged, would have a material effect on the financial statements for the three months ended
December 31, 2024, or December 31, 2023 as defined under ASC 740, “Accounting for Income Taxes.” We did not recognize
any adjustment to the liability for uncertain tax position and therefore did not record any adjustment to the beginning balance of the
accumulated deficit on the balance sheet.
The provision
for income taxes differs from the amount computed by applying the statutory federal income tax rate to income before provision for income
taxes.
The sources
and tax effects of the differences for the periods presented are as follows:
Schedule of effective income tax rate reconciliation |
|
Three Months Ended December 31, 2024 |
|
Three Months Ended December 31, 2023 |
|
|
|
|
|
Statutory U.S. Federal Income Tax Rate |
|
|
21 |
% |
|
|
21 |
% |
State Income Taxes |
|
|
5 |
% |
|
|
5 |
% |
Change in Valuation Allowance |
|
|
(26 |
)% |
|
|
(26 |
)% |
Effective Income Tax Rate |
|
|
0 |
% |
|
|
0 |
% |
A reconciliation
of the income taxes computed at the statutory rate is as follows:
Schedule of deferred tax assets |
|
Three Months Ended December 31, 2024 |
|
Three Months Ended December 31, 2023 |
Tax credit (expense) at statutory rate (26%) |
|
$ |
31,321 |
|
|
$ |
12,862 |
|
Increase in valuation allowance |
|
|
(31,321 |
) |
|
|
(12,862 |
) |
Net deferred tax assets |
|
$ |
— |
|
|
$ |
— |
|
As of December
31, 2024, the Company had a federal net operating loss carryforward of approximately $650,000. The federal net operating loss carryforward
does not expire but may only be used against taxable income to 80%. In response to the novel coronavirus COVID-19, the Coronavirus Aid,
Relief, and Economic Security Act temporarily repealed the 80% limitation for NOLs arising in 2018, 2019 and 2020. No tax benefit has
been reported in the financial statements. The annual offset of this carryforward loss against any future taxable profits may be limited
under the provisions of Internal Revenue Code Section 381 upon any future change(s) in control of the Company.
All of the Company’s
income tax returns are currently open to audit by federal and state jurisdictions.
NOTE 6. COMMITMENTS &
CONTINGENCIES
Legal Proceedings
We were not
subject to any legal proceedings during the three months ended December 31, 2024 or December 31, 2023 and, to the best of our knowledge,
no legal proceedings are pending or threatened.
Contractual
Obligations
We are not party
to any contractual obligations at this time other than our Patent and License Know-How Agreement with Defiant Technologies, Inc. as modified
on August 18, 2024.
NOTE 7. SHAREHOLDERS’
DEFICIT
Preferred
Stock
As of December
31, 2024, we were authorized to issue 10,000,000 shares of preferred stock with a par value of $0.0001.
No shares
of preferred stock were issued and outstanding during the three months ended December 31, 2024 or as of September 30, 2024.
GLOBAL INNOVATIVE
PLATFORMS INC.
Notes to the
Condensed Financial Statements
(Unaudited)
No series of
preferred stock or rights for preferred stock had been designated at December 31, 2024.
Common Stock
As of December
31, 2024, we were authorized to issue 1,990,000,000 shares of common stock with a par value of $0.0001.
As
of September 15, 2020, the effective date of the reverse recapitalization, 619,085 split adjusted shares of common stock were
issued and outstanding in our predecessor company with a reverse split adjusted total (see below) par value of $62 and negative balance
of additional paid in capital totaling $(15,550), and at March 1, 2021 had donated capital of $51,004.
On October
23, 2023, the Company issued 24,532,138 shares of common stock, par value $0.0001 per share, including 18,271,990 which
was issued to related parties for an aggregate consideration of $1,827. The Company also issued 600,000 shares of our common
stock on September 27, 2024 for an aggregate consideration of $60,000.
On July 10,
2024, the Company issued 530,000 shares of our common stock, par value of $0.0001 per share, which included 490,000 shares
to related parties in exchange for services of $49, including office space, secretarial and administrative services provided by members
of the Company’s founding team.
As of September
28, 2024, the Company issued 2,197,000 shares of our common stock, par value of $0.0001 per share including 1,830,000 shares
to related parties in exchange for services of $183 including office space, secretarial and administrative services provided by members
of the Company’s management and founding team.
Three
Shareholders advanced us $50,000, $50,000, and $1,115 for the year ended September 30, 2023 and an additional $25,000, for the year
ending September 30, 2024. On September 27, 2024, the Company converted $337,360 of debt into 5,267,268 shares of our common
stock that included these balances plus prior year amounts with an aggregate total of $311,363, which were converted to 5,107,268 shares
of our common stock.
In
October and December, 2024, the Company issued 3,555,750 shares for $286,500 in cash, $75 of stock subscriptions and $1,188 of services,
of which 500,000 shares were issued to related parties for services valued at $850.
As
of December 31 and September 30, 2024, 37,301,241 and 33,745,491 shares of common stock were issued and outstanding, respectively.
Warrants
No warrants
were issued or outstanding during the three months ended December 31, 2024 or 2023.
Stock Options
We currently have no stock option
plan.
No stock
options were issued or outstanding during the three months ended December 31, 2024 or 2023.
NOTE 8. SUBSEQUENT
EVENTS
The
Company evaluated subsequent events
after December 31, 2024, in accordance with FASB ASC 855 Subsequent Events, through the date of the issuance of these financial statements
and has determined there have been no subsequent events for which disclosure is required. The Company did issue and sell 1,810,000 shares of its common stock on January 29, 2025 to investors for $181,000
($.10 per share) in an exempt offering under Regulation D.
ITEM 2. MANAGEMENT’S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following discussion
should be read in conjunction with our unaudited financial statements and notes thereto included herein. In connection with, and because
we desire to take advantage of, the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, we caution
readers regarding certain forward looking statements in the following discussion and elsewhere in this report and in any other statement
made by, or on our behalf, whether or not in future filings with the Securities and Exchange Commission. Forward-looking statements are
statements not based on historical information and which relate to future operations, strategies, financial results, or other developments.
Forward looking statements are necessarily based upon estimates and assumptions that are inherently subject to significant business, economic
and competitive uncertainties and contingencies, many of which are beyond our control and many of which, with respect to future business
decisions, are subject to change. These uncertainties and contingencies can affect actual results and could cause actual results to differ
materially from those expressed in any forward looking statements made by, or on our behalf. We disclaim any obligation to update forward-looking
statements.
The independent registered
public accounting firm’s report on the Company’s consolidated financial statements as of September 30, 2024 and 2023 includes
a “going concern” explanatory paragraph, that describes substantial doubt about the Company’s ability to continue as
a going concern.
PLAN OF OPERATIONS
The
Company’s plan of operation is to obtain debt or equity finance to meet our ongoing operating expenses and opportunities for growth
in return for shares of our common stock to create value for our shareholders.
The Company will need substantial
additional capital to support its budget. The Company has had no revenues. The Company has no committed source for any funds as of date
hereof. In the event funds cannot be raised when needed, the Company may not be able to carry out its business plan, may never achieve
sales or royalty income, and could fail in business as a result of these uncertainties.
The Company intends to raise
capital to finance its future operations. Any such transaction may increase the risk of loss to the investor under several scenarios.
RESULTS OF OPERATIONS
Results of Operations
for the Three Months Ended December 31, 2024 and 2023
Revenue
We
recognized no revenue during the three months ended December 31, 2024 and 2023, as we had no revenue generating activities during these
periods.
General
and Administrative Expenses
During
the three months ended December 31, 2024, we incurred general and administrative expenses of $120,467 comprising of business consulting
of $67,500, research costs of $34,250, rent of $4,500, public entity costs of $3,874 and professional fees of $10,000. During
the three months ended December 31, 2023, we incurred general and administrative expenses of $49,469 comprising
of business consulting of $24,000, settlement costs of $16,000, public entity costs of $5,692 and professional fees of $3,150. The increases
in research and consulting arose from activity in testing our technology, while the decrease in settlement costs came from settlements
of debts we no longer carry at a significant level
Operating Loss
During
the three months ended December 31, 2024, we incurred an operating loss of $120,467 due
to the factors discussed above. During the three months ended December 31, 2023, we incurred an operating
loss of $49,469, the difference reflecting our increased focus in completing research towards
our planned product offering in the next 2 years.
Interest and Other
Income (Expenses) Net
During
the three month periods ended December 31, 2024 and 2023, we recognized no interest and other income (expenses), net in the period.
Loss before Income
Tax
During
the three months ended December 31, 2024, we incurred a loss before income taxes of $120,467 as compared to
a loss before income tax of $49,469 during the three months ended December 31, 2023 due
to the factors discussed above.
Provision for Income
Tax
No
provision for income taxes was recorded during the three months ended December 31, 2024 as we incurred a taxable loss in the period.
Net Loss
During
the three months ended December 31, 2024, we incurred a net loss of $120,467 as compared
to a net loss of $49,469 during the three months ended December
31, 2023 due to the factors discussed above.
LIQUIDITY
At December 31, 2024, we
had total current assets of $148,459. At December 31, 2024, we had total liabilities of $14,407, all of which were accounts payable.
Consequently, we are now
dependent on raising additional equity and/or debt to meet our ongoing operating expenses. There is no assurance that we will be able
to raise the necessary equity and/or debt that we will need to fund our ongoing operating expenses.
It is our current intention
to seek to raise debt and/or equity financing to meet ongoing operating expenses and attempt to expand our opportunities for growth in
return for shares of our common stock to create value for our shareholders. There is no assurance that this series of events will be satisfactorily
completed.
Future losses are likely
to occur as, until we are able to develop a profitable operation and opportunities for growth in return for shares of our common stock
to create value for our shareholders, we have no sources of income to meet our operating expenses.
As a result of these, among
other factors, we received from our registered independent public accountants in their report for the financial statements for the year
ending September 30, 2024, and the quarter ended December 31, 2024, an explanatory paragraph stating that there is substantial doubt about
our ability to continue as a going concern.
Our primary sources and uses of cash for the three
months ended December 31, 2024 and 2023 were as follows:
|
|
Three Months Ended |
|
Three Months Ended |
|
|
December 31, 2024 |
|
December 31, 2023 |
|
|
|
|
|
Net Cash Used in Operating Activities |
|
$ |
138,057 |
|
|
$ |
$24,636 |
|
Net Cash Flows from Investing Activities |
|
|
— |
|
|
|
— |
|
Net Cash Flows from Financing Activities |
|
|
286,501 |
|
|
|
25,906 |
|
|
|
|
|
|
|
|
|
|
Net Movement in Cash and Cash Equivalents |
|
$ |
148,444 |
|
|
$ |
1,270 |
|
Operating Activities
During
the three months ended December 31, 2024, we incurred a net loss of $120,467 which after adjustments for an increase in accounts
payable of $18,746 and noncash expense of $1,156, resulting in net cash of $138,057 being used in operations.
During
the three months ended December 31, 2023, we incurred a net loss of $49,469 which after adjustments for an increase in accounts
payable of $8,866 and noncash settlement expense of $16,000, resulting in net cash of $24,636 being used in operations.
Investing Activities
During
the three months ended December 31, 2024 and 2023, we had no investing activities.
Financing Activities
During
the three months ended December 31, 2024, we had no financing activities other than $286,501 collected from the sale of common stock.
During the three months ended December 31, 2023, we had no financing activities other
than $25,000 which was collected from the sale of a debenture and converted into common stock and $906 collected from the sale of common
stock.
We are dependent upon the
receipt of capital investment or other financing to fund our ongoing operations and to execute our business plan to merge with another
entity with experienced management and opportunities for growth in return for shares of our common stock to create value for our shareholders`.
In addition, we are dependent upon our controlling shareholder to provide continued funding and capital resources. If continued funding
and capital resources are unavailable at reasonable terms, we may not be able to implement our plan of operations.
CRITICAL
ACCOUNTING POLICIES
All companies are required
to include a discussion of critical accounting policies and estimates used in the preparation of their financial statements. On an on-going
basis, we evaluate our critical accounting policies and estimates. We base our estimates on historical experience and on various other
assumptions that we believe to be reasonable under the circumstances, the results of which form our basis for making judgments about the
carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates
under different assumptions or conditions.
Our significant accounting
policies are described in Note 3 of our Financial Statements on page 7. These policies were selected because they represent the more significant
accounting policies and methods that are broadly applied in the preparation of our financial statement.
Inflation
In the opinion of management,
inflation has not and will not have a material effect on our operations in the immediate future.
Management will continue
to monitor inflation and evaluate the possible future effects of inflation on our business and operations.
Off-Balance Sheet Arrangements
Per SEC regulations, we are
required to disclose our off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial
condition, such as changes in financial condition, revenues, expenses, results of operations, liquidity, capital expenditures, or capital
resources that are material to investors. As of September 30, 2024 and as of December 31, 2024, we had no off-balance sheet arrangements.
Recently Issued Accounting
Pronouncements
We
have reviewed all the recently issued, but not yet effective, accounting pronouncements and do not believe any of these pronouncements
will have a material impact on our financial statements.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES
ABOUT MARKET RISK
As a “smaller reporting
company” as defined by Item 10 of Regulation S-K, we are not required to provide information required by this Item.
ITEM 4. CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
We maintain disclosure controls
and procedures that are designed to ensure that information required to be disclosed in the reports that we file or submit under the Exchange
Act is (1) recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and (2)
accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate
to allow timely decisions regarding required disclosure.
Our sole executive officer,
who serves as the Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures
as of December 31, 2024 (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act). Our management recognizes that any controls
and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives, and management
necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Our Chief Executive
Officer and Chief Financial Officer has concluded, based upon the evaluation described above, that, as of December 31, 2024, our disclosure
controls and procedures were not effective due to the material weakness in internal control over financial reporting described below.
Material Weakness
In connection with the preparation
of our financial statements for the three months ended December 31, 2024, we determined that we did not maintain effective controls over
certain aspects of the financial reporting process because: (i) we lack a sufficient complement of personnel with a level of accounting
expertise and an adequate supervisory review structure that is commensurate with our financial reporting requirements, (ii) there is inadequate
segregation of duties due to the limitation on the number of our accounting personnel, and (iii) we have insufficient controls and processes
in place to adequately verify the accuracy and completeness of spreadsheets that we use for a variety of purposes for our financial reporting.
We intend to take appropriate
and reasonable steps to make the necessary improvements to remediate these deficiencies. However, due to our size and our financial resources,
remediating the several identified weaknesses has not been possible and may not be economically feasible now or in the future.
Changes in Internal Control Over Financial Reporting
There was no change in our
internal control over financial reporting that occurred during the fiscal quarter ended December 31, 2024, that has materially affected,
or is reasonably likely to materially affect, our internal control over financial reporting.
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
None.
ITEM 1A. RISK FACTORS
Not Applicable to Smaller Reporting Companies.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES
AND USE OF PROCEEDS
Effective January 23, 2025, the Company entered into
Subscription Agreements with various accredited investors pursuant to which the accredited investors purchased an aggregate of 1,810,000
shares of the Company’s common stock at a price per share of $0.10 for an aggregate purchase price of $181,000. The closing occurred
on January 23, 2025.
ITEM 3. DEFAULTS UPON
SENIOR SECURITIES
None.
ITEM 4. MINE SAFETY DISCLOSURES
Not Applicable.
ITEM 5. OTHER INFORMATION
Patent and Know-How License
Agreement
On August 18, 2023 and as modified in August, 2024,
the Company entered into a Patent and Know-How License Agreement (the “License Agreement”) with Defiant Technologies Inc.
(“Defiant”). Pursuant to the License Agreement, among other things, Defiant granted the Company a nontransferable, non-sublicensable,
exclusive right and license to certain patents and know-how relating to animal testing and all commercial applications related to the
animal market on a global basis (“Patent Rights”, “Know-How”, and “Materials”, respectively) to manufacture,
use, offer for sale, sell or import (“Licensed Products”) in the animal market worldwide. The license is exclusive (subject
to certain exceptions and conditions) with respect to the Patent Rights and Materials and non-exclusive with respect to the Know-How.
As consideration for the license under the License
Agreement, the Company has agreed to make an initial payment of $50,000, which is due 30 days from the effective date of the License Agreement
(or, at Defiant’s discretion, $225,000 in a lump sum within 45 days from the effective date). Further, in consideration of the rights
and licenses granted under the License Agreement, the Company is required to pay Defiant a royalty of 3% of net sales of all Licensed
Products in the field of use throughout the world during the term of the License Agreement.
ITEM
5B. OTHER INFORMATION
During
the quarter ended December 31, 2024, no director or officer of the Company adopted or terminated a “Rule 10b5-1
trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation
S-K.
ITEM 6. EXHIBITS
Exhibits. The following is a complete
list of exhibits filed as part of this Form 10-Q. Exhibit numbers correspond to the numbers in the Exhibit Table of Item 601 of Regulation
S-K.
* Filed herewith.
(1) Incorporated
by reference from the exhibits included in the Company’s Registration Statement on Form 10 dated December 28, 2020.
(2) Incorporated by reference to the Form 8-K
filed with the Securities and Exchange Commission on April 2, 2021.
(3) Incorporated by reference to the Form 8-K
filed with the Securities and Exchange Commission on May 13, 2021.
(4) Incorporated by reference to the Form 10-K
filed with the Securities and Exchange Commission on January 26, 2023.
(5) Incorporated by reference to the Form 8-K
filed with the Securities and Exchange Commission on August 23, 2023.
SIGNATURES
Pursuant to the requirements
of Section 12 of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
GLOBAL INNOVATIVE PLATFORMS,
INS.
(Registrant)
Dated: February 7, 2025 |
By: |
/s/
Andrew Brown |
|
|
Andrew Brown |
|
|
(Chief Executive Officer, Principal Executive Officer,
Chief Financial Officer, and Principal Accounting Officer) |
20
EXHIBIT 31.1
CERTIFICATION OF PERIODIC REPORT
I, Andrew Brown, certify that:
1. I have reviewed this quarterly report on Form 10-Q
of Global Innovative Platforms, Inc.;
2. Based on my knowledge, this report does not contain
any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances
under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements,
and other financial information included in this report, fairly present in all material respects the financial condition, results of operations
and cash flows of the registrant as of, and for, the periods presented in this report;
4. That the other certifying officer and I am responsible
for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal
control over financial reporting (as defined in Exchange Act Rules 13a-15(f)) for the registrant and have:
a. Designed such disclosure controls
and procedures, or caused such disclosure controls and procedures to be designed under our supervision to ensure that material information
relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly
during the period in which this report is being prepared;
b. Designed such internal control
over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance
with generally accepted accounting principles;
c. Evaluated the effectiveness
of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the
disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d. Disclosed in this report any
change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal
quarter (the registrant’s 4th quarter in the case of an annual report) that has materially affected, or is reasonably likely to
materially affect, the registrant’s internal control over financial reporting.
5. That the other certifying officer and I have disclosed,
based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee
of the registrant’s board of directors (or persons performing the equivalent functions):
a. All significant deficiencies
and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely
affect the registrant’s ability to record, process, summarize and report financial information; and
b. Any fraud, whether or not material,
that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Dated: February 7, 2025 |
|
|
|
/s/ Andrew Brown |
|
Andrew Brown |
|
Chief Executive Officer and Chief Financial Officer |
|
(Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer) |
|
EXHIBIT 32.1
CERTIFICATION OF DISCLOSURE PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Global
Innovative Platforms, Inc. (the “Company”) on Form 10-Q for the period ending December 31, 2024 as filed with the Securities
and Exchange Commission on the date hereof (the “Report”) I, Andrew Brown, Chief Executive Officer and Chief Financial Officer
of the Company, certify, pursuant to 18 USC section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that to
the best of my knowledge and belief:
(1) The Report fully complies with
the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2) The information contained in
the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
Dated: February 7, 2025 |
|
|
|
/s/ Andrew Brown |
|
Andrew Brown |
|
Chief Executive Officer and Chief Financial Officer |
|
(Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer) |
|
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Cover - shares
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Dec. 31, 2024 |
Jan. 29, 2025 |
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|
|
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GLOBAL INNOVATIVE PLATFORMS INC.
|
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0001837774
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|
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Sep. 30, 2024 |
Current Assets |
|
|
Cash and Cash Equivalents |
$ 148,459
|
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|
Total Current Assets |
148,459
|
15
|
Total Assets |
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|
15
|
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|
|
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|
753
|
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|
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|
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|
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|
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14,407
|
33,153
|
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|
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|
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|
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v3.25.0.1
CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares
|
Dec. 31, 2024 |
Sep. 30, 2024 |
Statement of Financial Position [Abstract] |
|
|
Preferred stock, par value |
$ 0.0001
|
$ 0.0001
|
Preferred stock, shares authorized |
10,000,000
|
10,000,000
|
Preferred stock, shares issued |
0
|
0
|
Preferred stock, shares outstanding |
0
|
0
|
Common stock, par value |
$ 0.0001
|
$ 0.0001
|
Common stock, shares authorized |
1,990,000,000
|
1,990,000,000
|
Common stock, shares issued |
37,301,241
|
33,745,491
|
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37,301,241
|
33,745,491
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v3.25.0.1
CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
|
3 Months Ended |
Dec. 31, 2024 |
Dec. 31, 2023 |
Income Statement [Abstract] |
|
|
REVENUE |
|
|
EXPENSES |
|
|
General and administrative expenses |
120,467
|
49,469
|
Total Expenses |
120,467
|
49,469
|
OPERATING LOSS |
(120,467)
|
(49,469)
|
OTHER INCOME (EXPENSE) |
|
|
Total Other Income (Expense) |
|
|
INCOME (LOSS) BEFORE TAXES |
(120,467)
|
(49,469)
|
TAXES |
|
|
NET INCOME (LOSS) |
$ (120,467)
|
$ (49,469)
|
Net Income (Loss) per Common Share: Basic |
$ (0.003)
|
$ (0.002)
|
Net Income (Loss) per Common Share: Diluted |
$ (0.003)
|
$ (0.002)
|
Weighted Average Common Shares Outstanding: Basic |
35,745,288
|
20,637,355
|
Weighted Average Common Shares Outstanding: Diluted |
35,745,288
|
20,637,355
|
X |
- DefinitionThe amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.
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v3.25.0.1
CONDENSED STATEMENT OF CHANGES IN SHAREHOLDERS' DEFICIT (UNAUDITED) - USD ($)
|
Common Stock [Member] |
Stock Subscriptions [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Total |
Beginning balance, value at Sep. 30, 2023 |
$ 62
|
$ 1,547
|
$ 35,454
|
$ (401,016)
|
$ (363,953)
|
Beginning balance, shares at Sep. 30, 2023 |
619,085
|
|
|
|
|
Common Shares Issued for Stock Subscriptions |
$ 1,547
|
(1,547)
|
|
|
|
Stock issued to founders for subscriptions, shares |
15,470,000
|
|
|
|
|
Common Stock issued for Conversion of Debentures |
$ 216
|
|
215,784
|
|
216,000
|
Common Stock issued for Conversion of Debentures, shares |
2,160,000
|
|
|
|
|
Common Stock issued to founders for Cash |
$ 906
|
|
|
|
906
|
Common Stock issued to founders for Cash, shares |
9,061,027
|
|
|
|
|
Net loss for the period |
|
|
|
(49,469)
|
(49,469)
|
Ending balance, value at Dec. 31, 2023 |
$ 2,731
|
|
251,238
|
(450,484)
|
(196,515)
|
Ending balance, shares at Dec. 31, 2023 |
27,310,112
|
|
|
|
|
Beginning balance, value at Sep. 30, 2024 |
$ 3,375
|
75
|
500,625
|
(537,213)
|
(33,138)
|
Beginning balance, shares at Sep. 30, 2024 |
33,745,491
|
|
|
|
|
Common Shares Issued for Stock Subscriptions |
|
(75)
|
75
|
|
|
Stock issued to founders for subscriptions, shares |
750
|
|
|
|
|
Common Stock issued for Cash |
$ 287
|
|
286,213
|
|
286,500
|
Common Stock issued for Cash, shares |
2,875,000
|
|
|
|
|
Common Stock issued for Services |
$ 68
|
|
1,088
|
|
1,156
|
Common Stock issued for Services, shares |
680,000
|
|
|
|
|
Net loss for the period |
|
|
|
(120,467)
|
(120,467)
|
Ending balance, value at Dec. 31, 2024 |
$ 3,730
|
|
$ 788,001
|
$ (657,680)
|
$ 134,051
|
Ending balance, shares at Dec. 31, 2024 |
37,301,241
|
|
|
|
|
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v3.25.0.1
CONDENSED STATEMENTS OF CASH FLOW (UNAUDITED) - USD ($)
|
3 Months Ended |
Dec. 31, 2024 |
Dec. 31, 2023 |
Cash Flow from Operating Activities: |
|
|
Net Loss |
$ (120,467)
|
$ (49,469)
|
Adjustments to reconcile net loss to net cash used in operating activities |
|
|
Noncash expenses |
1,156
|
|
Changes in working capital items: |
|
|
Accounts payable and license payable |
(18,746)
|
8,833
|
Debenture Interest |
|
16,000
|
Net Cash Used in Operating Activities |
(138,057)
|
(24,636)
|
Net Cash Flow from Investing Activities |
|
|
Net Cash Flow from Financing Activities |
|
|
Advances from related party converted to common stock |
|
25,000
|
Cash paid for common stock |
286,501
|
906
|
Net Cash Provided by Financing Activities |
286,501
|
25,906
|
Net Change in Cash: |
148,444
|
1,270
|
Beginning Cash: |
15
|
415
|
Ending Cash: |
148,459
|
1,685
|
Supplemental Disclosures of Cash Flow Information: |
|
|
Cash paid for interest |
|
|
Cash paid for tax |
|
|
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v3.25.0.1
NATURE OF OPERATIONS
|
3 Months Ended |
Dec. 31, 2024 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
NATURE OF OPERATIONS |
NOTE 1. NATURE
OF OPERATIONS
Nature of
Business
Global Innovative
Platforms Inc., a Delaware corporation, (“Global Innovative Platforms,” “Canning Street,” “the Company,”
“We,” “Us” or “Our’) is a publicly quoted company in the business of measuring gas outflow in pets
and agriculture for diagnosis treatment of illness. We are pursuing opportunities for growth and will seek capital in return for shares
of our common stock to create value for our shareholders, although there is no guarantee that the Company will be able to successfully
close such transactions.
History
Global Innovative
Platforms Inc. f/k/a Canning Street Corporation or Canning Street was incorporated in Delaware on September 15, 2020.
Effective
September 30, 2020, following a corporate reorganization as described below (the “Holding Company Reorganization” or “the
reverse recapitalization”), Canning Street became the reorganized successor to Alexandria Advantage Warranty Company, a publicly
quoted holding company that ceased trading in 2016.
Reorganization
into a Holding Company Structure for Canning Street Corporation, reorganization successor to Alexandria Advantage Warranty Company.
Effective September
29, 2020, Alexandria Advantage Warranty Company (“Alexandria Advantage Colorado’), a Colorado corporation, redomiciled to
Delaware by merging with its wholly owned subsidiary, Alexandria Advantage Warranty Company (“Alexandria Advantage Delaware”),
a Delaware corporation.
Alexandria Advantage
Colorado ceased to exist as an independent legal entity following its merger with Alexandria Advantage Delaware.
Pursuant to
the Delaware Holding Company formation statute, DGCL Section 251(g), Alexandria Advantage Delaware entered into an Agreement and Plan
of Merger and Reorganization into a Holding Company with Canning Street Corporation (“Canning Street”) and AAWC Corporation
(“AAWC”), both wholly-owned subsidiaries of Alexandria Advantage Delaware, effective September 30, 2020.
The Agreement
and Plan of Merger and Reorganization into a Holding Company provided for the merger of Alexandria Advantage Delaware with, and into AAWC,
with AAWC being the surviving corporation in the merger, as a subsidiary to Canning Street.
Alexandria Advantage
Delaware ceased to exist as an independent legal entity following its merger with AAWC.
The shareholders
of Alexandria Advantage Delaware were converted, by the holding company reorganization, under the Agreement, to shareholders of Canning
Street on a one for one basis pursuant to the Agreement and the Delaware Statute Sec. 251(g).
AAWC, the surviving
company of the merger with Alexandria Advantage Delaware, became a wholly owned subsidiary of Canning Street, the holding company.
Canning Street
became the parent holding company resulting under the Agreement, pursuant to Delaware General Corporation Law section 251(g), with its
wholly owned subsidiary company, AAWC, the surviving company of the merger with Alexandria Advantage Delaware.
As a result
of the Holding Company Reorganization, shareholders in publicly quoted Alexandria Advantage Delaware, formerly the shareholders of Alexandria
Advantage Colorado as of the date of the reorganization, became shareholders in the publicly quoted Canning Street.
AAWC, being
the direct successor by the merger with Alexandria Advantage Delaware, became a subsidiary company of Canning Street.
The Holding
Company Reorganization has been accounted for so as to reflect the fact that both AAWC and Canning Street were under common control at
the date of the Holding Company Reorganization, similar to a reverse acquisition of AAWC by Canning Street
|
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v3.25.0.1
GOING CONCERN
|
3 Months Ended |
Dec. 31, 2024 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
GOING CONCERN |
NOTE 2. GOING
CONCERN
Our financial
statements are prepared using accounting principles generally accepted in the United States of America applicable to a going concern,
which contemplates the realization of assets and the liquidation of liabilities in the normal course of business. We have no ongoing business
or income, incurred a loss of $120,467 in the three months ended December 31, 2024, and had a retained deficit of $134,051657,680 as
of December 31, 2024. These conditions raise substantial doubt about our ability to continue as a going concern. The financial statements
do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts
and classification of liabilities that may result from the outcome of these uncertainties. Our ability
to continue as a going concern is dependent upon our ability to raise additional debt or equity funding to meet our ongoing operating
expenses and ultimately in merging with another entity with experienced management and profitable operations. No assurances can be given
that we will be successful in achieving these objectives.
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- DefinitionThe entire disclosure when substantial doubt is raised about the ability to continue as a going concern. Includes, but is not limited to, principal conditions or events that raised substantial doubt about the ability to continue as a going concern, management's evaluation of the significance of those conditions or events in relation to the ability to meet its obligations, and management's plans that alleviated or are intended to mitigate the conditions or events that raise substantial doubt about the ability to continue as a going concern.
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v3.25.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
3 Months Ended |
Dec. 31, 2024 |
Accounting Policies [Abstract] |
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
NOTE 3. SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES
Basis of
Presentation
The
summary of significant accounting policies is presented to assist in the understanding of the financial statements. These policies conform
to accounting principles generally accepted in the United States of America and have been consistently applied. We have selected September
30 as our fiscal year end. We have not earned any revenue to date.
Use of Estimates
The preparation of financial statements in conformity
with generally accepted accounting principles (“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 amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Cash and
Cash Equivalents
We maintain
cash balances in a non-interest-bearing account that currently does not exceed federally insured limits. For the purpose of the statements
of cash flows, all highly liquid investments with a maturity of three months or less are considered to be cash equivalents. As of December
31, 2024, our cash balance was $148,459.
Fair Value Measurements
ASC Topic 820, Fair Value Measurements and Disclosures
(“ASC 820”), provides a comprehensive framework for measuring fair value and expands disclosures which are required about
fair value measurements. Specifically, ASC 820 sets forth a definition of fair value and establishes a hierarchy prioritizing the inputs
to valuation techniques, giving the highest priority to quoted prices in active markets for identical assets and liabilities and the lowest
priority to unobservable value inputs. ASC 820 defines the hierarchy as follows:
Level 1 – Quoted prices are available in active
markets for identical assets or liabilities as of the reported date. The types of assets and liabilities included in Level 1 are highly
liquid and actively traded instruments with quoted prices, such as equities listed on the New York Stock Exchange.
Level 2 – Pricing inputs are other than quoted
prices in active markets but are either directly or indirectly observable as of the reported date. The types of assets and liabilities
in Level 2 are typically either comparable to actively traded securities or contracts or priced with models using highly observable inputs.
Level 3 – Significant inputs to pricing that
are unobservable as of the reporting date. The types of assets and liabilities included in Level 3 are those with inputs requiring significant
management judgment or estimation, such as complex and subjective models and forecasts used to determine the fair value of financial transmission
rights.
Our financial instruments consist of our accounts
payable, accrued expenses - related party and loan payable – related party. The carrying amount of our prepaid accounts payable,
accrued expenses- related parties and loan payable – related party approximates their fair values because of the short-term maturities
of these instruments.
Related Party
Transactions
A related party
is generally defined as (i) any person that holds 10% or more of our membership interests including such person’s immediate families,
(ii) our management, (iii) someone that directly or indirectly controls, is controlled by or is under common control with us, or (iv)
anyone who can significantly influence our financial and operating decisions. A transaction is considered to be a related party transaction
when there is a transfer of resources or obligations between related parties. See Notes 4 and 5 below for details of related party transactions
in the period presented.
Fixed Assets
We owned no fixed assets as of December
31, 2024.
Leases
We determine
if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) as assets,
operating lease non-current liabilities, and operating lease current liabilities in our balance sheet. Finance leases are property and
equipment, other current liabilities, and other non-current liabilities in the balance sheet.
ROU assets represent
the right to use an asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease.
Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over lease
term. As most of the leases do not provide an implicit rate, we generally use the incremental borrowing rate on the estimated rate of
interest for collateralized borrowing over a similar term of the lease payments at the commencement date. The operating ROU asset also
includes any lease payments made and excludes lease incentives. Lease expense for lease payment is recognized on a straight-line basis
over the lease term.
We were not
party to any lease transactions during the three months ended December 31, 2024 or December 31, 2023.
Income Taxes
The provision for income taxes is computed using the
asset and liability method, under which deferred tax assets and liabilities are recognized for the expected future tax consequences of
temporary differences between the financial reporting and tax bases of assets and liabilities, and for operating losses and tax credit
carryforwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates that apply to taxable income in
effect for the years in which those tax assets are expected to be realized or settled. We record a valuation allowance to reduce deferred
tax assets to the amount that is believed more likely than not to be realized.
Uncertain
Tax Positions
We evaluate
tax positions in a two-step process. We first determine whether it is more likely than not that a tax position will be sustained upon
examination, based on the technical merits of the position. If a tax position meets the more-likely-than-not recognition threshold it
is then measured to determine the amount of benefit to recognize in the financial statements. The tax position is measured as the largest
amount of benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. We classify gross interest and penalties
and unrecognized tax benefits that are not expected to result in payment or receipt of cash within one year as long-term liabilities in
the financial statements.
Revenue Recognition
Revenues are recognized when control of the promised
goods or services are transferred to a customer, in an amount that reflects the consideration that the Company expects to receive in exchange
for those goods or services. The Company applies the following five steps in order to determine the appropriate amount of revenue to be
recognized as it fulfills its obligations under each of its agreements:
Step 1: Identify the contract(s) with customers
Step 2: Identify the performance obligations in the
contract
Step 3: Determine the transaction price
Step 4: Allocate the transaction price to performance
obligations
Step 5: Recognize revenue when the entity satisfies
a performance obligation
Service revenues are recognized as the services are
performed in proportion to the transfer of control to the customer and real estate revenues are recognized at the time of sale when consideration
has been exchanged and title has been conveyed to the buyer. At this time, we have not identified specific planned revenue streams.
During the three months ended December 31, 2024, or
December 31, 2023, we did not recognize any revenue.
Advertising
Costs
We expense advertising
costs when advertisements occur. No advertising costs were incurred during the three months ended December 31, 2024, or
December 31, 2023.
Stock Based Compensation
The cost of equity instruments issued to non-employees
in return for goods and services is measured by the grant date fair value of the equity instruments issued. The cost of employee services
received in exchange for equity instruments is based on the grant date fair value of the equity instruments issued.
Net Loss
per Share Calculation
Basic net loss
per common share (“EPS”) is computed by dividing loss available to common stockholders by the weighted-average number of common
shares outstanding for the period. Diluted earnings per share is computed by dividing net income by the weighted average shares outstanding,
assuming all dilutive potential common shares were issued. Dilutive loss per share excludes all potential common shares if their effect
is anti-dilutive.
No potentially
dilutive debt or equity instruments were issued or outstanding during the three months ended December 31, 2024, or December 31, 2023.
Recently Accounting Pronouncements
We have reviewed all the recently issued, but not
yet effective, accounting pronouncements and do not believe any of these pronouncements will have a material impact on our financial statements.
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v3.25.0.1
RELATED PARTY TRANSACTIONS
|
3 Months Ended |
Dec. 31, 2024 |
Related Party Transactions [Abstract] |
|
RELATED PARTY TRANSACTIONS |
NOTE 4. RELATED PARTY TRANSACTIONS
Founder
Shares Issued to Related Parties
On
October 23, 2023, the Company issued 24,532,138 shares of common stock, par value $0.0001 per share, including 18,271,990 which
was issued to related parties for an aggregate consideration of $1,827. The Company also issued 600,000 shares of our common
stock on September 27, 2024 for an aggregate consideration of $60,000.
On
July 10, 2024, the Company issued 530,000 shares of our common stock, par value of $0.0001 per share, which included 490,000 shares
to related parties in exchange for services of $49, including office space, secretarial and administrative services provided by members
of the Company’s founding team.
As
of September 28, 2024, the Company issued 2,197,000 shares of our common stock, par value of $0.0001 per share including 1,830,000 shares
to related parties in exchange for services of $183 including office space, secretarial and administrative services provided by members
of the Company’s management and founding team.
Three
Shareholders advanced us $50,000, $50,000, and $1,115 for the year ended September 30, 2023 and an additional $25,000, for the year
ending September 30, 2024. On September 27, 2024, the Company converted $337,360 of debt into 5,267,268 shares of our common
stock that included these balances plus prior year amounts with an aggregate total of $311,363, which were converted to 5,107,268 shares
of our common.
In
October and December, 2024, the Company issued 3,555,750 shares for $286,500 in cash, $75 of stock subscriptions and $1,188 of services,
of which 500,000 shares were issued to related parties for services valued at $850.
Related
Party Accruals
During
the year ended September 30, 2023, and modified as of August 27, 2024, the Company entered into a contract (see note 7) with a party who
has the right to obtain 638,532 shares. The contract obligated us to an upfront payment of $50,000 which was expensed in
the year ended September 30, 2023 and we paid $17,600 under this arrangement during the year ended September 30, 2024 and paid $42,400
during the quarter ended December 31, 2024.
We also paid
a related party for $4,500 in rent for the quarter ended December 31, 2024.
|
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v3.25.0.1
INCOME TAXES
|
3 Months Ended |
Dec. 31, 2024 |
Income Tax Disclosure [Abstract] |
|
INCOME TAXES |
NOTE 5. INCOME
TAXES
On December
22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax
Act”). The Tax Act makes broad and complex changes to the U.S. tax code that affect fiscal 2018, including, but not limited to requiring
a one-time transition tax on certain unrepatriated earnings of foreign subsidiaries that is payable over eight years. The Tax Act also
establishes new tax laws that will affect 2018 and later years, including, but not limited to, a reduction of the U.S. federal corporate
tax rate from 34% to 21%, a general elimination of U.S. federal income taxes on dividends from foreign subsidiaries, net operating
loss deduction limitations, a base erosion, anti-tax abuse tax and a deduction for foreign-derived intangible income and a new provision
designed to tax global intangible low-taxed income.
We did not provide
any current or deferred US federal income tax provision or benefit during the three months ended December 31, 2024, or December 31, 2023
as we incurred tax losses during the period. When it is more likely than not that a tax asset cannot be realized through future income,
we must record an allowance against any future potential future tax benefit. We have provided a full valuation allowance against the net
deferred tax asset, consisting of net operating loss carry forwards, because management has determined that it is more likely than not
that we will not earn income sufficient to realize the deferred tax assets during the carry forward periods.
The Company
has not taken a tax position that, if challenged, would have a material effect on the financial statements for the three months ended
December 31, 2024, or December 31, 2023 as defined under ASC 740, “Accounting for Income Taxes.” We did not recognize
any adjustment to the liability for uncertain tax position and therefore did not record any adjustment to the beginning balance of the
accumulated deficit on the balance sheet.
The provision
for income taxes differs from the amount computed by applying the statutory federal income tax rate to income before provision for income
taxes.
The sources
and tax effects of the differences for the periods presented are as follows:
Schedule of effective income tax rate reconciliation |
|
Three Months Ended December 31, 2024 |
|
Three Months Ended December 31, 2023 |
|
|
|
|
|
Statutory U.S. Federal Income Tax Rate |
|
|
21 |
% |
|
|
21 |
% |
State Income Taxes |
|
|
5 |
% |
|
|
5 |
% |
Change in Valuation Allowance |
|
|
(26 |
)% |
|
|
(26 |
)% |
Effective Income Tax Rate |
|
|
0 |
% |
|
|
0 |
% |
A reconciliation
of the income taxes computed at the statutory rate is as follows:
Schedule of deferred tax assets |
|
Three Months Ended December 31, 2024 |
|
Three Months Ended December 31, 2023 |
Tax credit (expense) at statutory rate (26%) |
|
$ |
31,321 |
|
|
$ |
12,862 |
|
Increase in valuation allowance |
|
|
(31,321 |
) |
|
|
(12,862 |
) |
Net deferred tax assets |
|
$ |
— |
|
|
$ |
— |
|
As of December
31, 2024, the Company had a federal net operating loss carryforward of approximately $650,000. The federal net operating loss carryforward
does not expire but may only be used against taxable income to 80%. In response to the novel coronavirus COVID-19, the Coronavirus Aid,
Relief, and Economic Security Act temporarily repealed the 80% limitation for NOLs arising in 2018, 2019 and 2020. No tax benefit has
been reported in the financial statements. The annual offset of this carryforward loss against any future taxable profits may be limited
under the provisions of Internal Revenue Code Section 381 upon any future change(s) in control of the Company.
All of the Company’s
income tax returns are currently open to audit by federal and state jurisdictions.
|
X |
- DefinitionThe entire disclosure for income tax.
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v3.25.0.1
COMMITMENTS & CONTINGENCIES
|
3 Months Ended |
Dec. 31, 2024 |
Commitments and Contingencies Disclosure [Abstract] |
|
COMMITMENTS & CONTINGENCIES |
NOTE 6. COMMITMENTS &
CONTINGENCIES
Legal Proceedings
We were not
subject to any legal proceedings during the three months ended December 31, 2024 or December 31, 2023 and, to the best of our knowledge,
no legal proceedings are pending or threatened.
Contractual
Obligations
We are not party
to any contractual obligations at this time other than our Patent and License Know-How Agreement with Defiant Technologies, Inc. as modified
on August 18, 2024.
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- DefinitionThe entire disclosure for commitments and contingencies.
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v3.25.0.1
SHAREHOLDERS’ DEFICIT
|
3 Months Ended |
Dec. 31, 2024 |
Equity [Abstract] |
|
SHAREHOLDERS’ DEFICIT |
NOTE 7. SHAREHOLDERS’
DEFICIT
Preferred
Stock
As of December
31, 2024, we were authorized to issue 10,000,000 shares of preferred stock with a par value of $0.0001.
No shares
of preferred stock were issued and outstanding during the three months ended December 31, 2024 or as of September 30, 2024.
No series of
preferred stock or rights for preferred stock had been designated at December 31, 2024.
Common Stock
As of December
31, 2024, we were authorized to issue 1,990,000,000 shares of common stock with a par value of $0.0001.
As
of September 15, 2020, the effective date of the reverse recapitalization, 619,085 split adjusted shares of common stock were
issued and outstanding in our predecessor company with a reverse split adjusted total (see below) par value of $62 and negative balance
of additional paid in capital totaling $(15,550), and at March 1, 2021 had donated capital of $51,004.
On October
23, 2023, the Company issued 24,532,138 shares of common stock, par value $0.0001 per share, including 18,271,990 which
was issued to related parties for an aggregate consideration of $1,827. The Company also issued 600,000 shares of our common
stock on September 27, 2024 for an aggregate consideration of $60,000.
On July 10,
2024, the Company issued 530,000 shares of our common stock, par value of $0.0001 per share, which included 490,000 shares
to related parties in exchange for services of $49, including office space, secretarial and administrative services provided by members
of the Company’s founding team.
As of September
28, 2024, the Company issued 2,197,000 shares of our common stock, par value of $0.0001 per share including 1,830,000 shares
to related parties in exchange for services of $183 including office space, secretarial and administrative services provided by members
of the Company’s management and founding team.
Three
Shareholders advanced us $50,000, $50,000, and $1,115 for the year ended September 30, 2023 and an additional $25,000, for the year
ending September 30, 2024. On September 27, 2024, the Company converted $337,360 of debt into 5,267,268 shares of our common
stock that included these balances plus prior year amounts with an aggregate total of $311,363, which were converted to 5,107,268 shares
of our common stock.
In
October and December, 2024, the Company issued 3,555,750 shares for $286,500 in cash, $75 of stock subscriptions and $1,188 of services,
of which 500,000 shares were issued to related parties for services valued at $850.
As
of December 31 and September 30, 2024, 37,301,241 and 33,745,491 shares of common stock were issued and outstanding, respectively.
Warrants
No warrants
were issued or outstanding during the three months ended December 31, 2024 or 2023.
Stock Options
We currently have no stock option
plan.
No stock
options were issued or outstanding during the three months ended December 31, 2024 or 2023.
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v3.25.0.1
SUBSEQUENT EVENTS
|
3 Months Ended |
Dec. 31, 2024 |
Subsequent Events [Abstract] |
|
SUBSEQUENT EVENTS |
NOTE 8. SUBSEQUENT
EVENTS
The
Company evaluated subsequent events
after December 31, 2024, in accordance with FASB ASC 855 Subsequent Events, through the date of the issuance of these financial statements
and has determined there have been no subsequent events for which disclosure is required. The Company did issue and sell 1,810,000 shares of its common stock on January 29, 2025 to investors for $181,000
($.10 per share) in an exempt offering under Regulation D.
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v3.25.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
3 Months Ended |
Dec. 31, 2024 |
Accounting Policies [Abstract] |
|
Basis of Presentation |
Basis of
Presentation
The
summary of significant accounting policies is presented to assist in the understanding of the financial statements. These policies conform
to accounting principles generally accepted in the United States of America and have been consistently applied. We have selected September
30 as our fiscal year end. We have not earned any revenue to date.
|
Use of Estimates |
Use of Estimates
The preparation of financial statements in conformity
with generally accepted accounting principles (“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 amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
|
Cash and Cash Equivalents |
Cash and
Cash Equivalents
We maintain
cash balances in a non-interest-bearing account that currently does not exceed federally insured limits. For the purpose of the statements
of cash flows, all highly liquid investments with a maturity of three months or less are considered to be cash equivalents. As of December
31, 2024, our cash balance was $148,459.
|
Fair Value Measurements |
Fair Value Measurements
ASC Topic 820, Fair Value Measurements and Disclosures
(“ASC 820”), provides a comprehensive framework for measuring fair value and expands disclosures which are required about
fair value measurements. Specifically, ASC 820 sets forth a definition of fair value and establishes a hierarchy prioritizing the inputs
to valuation techniques, giving the highest priority to quoted prices in active markets for identical assets and liabilities and the lowest
priority to unobservable value inputs. ASC 820 defines the hierarchy as follows:
Level 1 – Quoted prices are available in active
markets for identical assets or liabilities as of the reported date. The types of assets and liabilities included in Level 1 are highly
liquid and actively traded instruments with quoted prices, such as equities listed on the New York Stock Exchange.
Level 2 – Pricing inputs are other than quoted
prices in active markets but are either directly or indirectly observable as of the reported date. The types of assets and liabilities
in Level 2 are typically either comparable to actively traded securities or contracts or priced with models using highly observable inputs.
Level 3 – Significant inputs to pricing that
are unobservable as of the reporting date. The types of assets and liabilities included in Level 3 are those with inputs requiring significant
management judgment or estimation, such as complex and subjective models and forecasts used to determine the fair value of financial transmission
rights.
Our financial instruments consist of our accounts
payable, accrued expenses - related party and loan payable – related party. The carrying amount of our prepaid accounts payable,
accrued expenses- related parties and loan payable – related party approximates their fair values because of the short-term maturities
of these instruments.
|
Related Party Transactions |
Related Party
Transactions
A related party
is generally defined as (i) any person that holds 10% or more of our membership interests including such person’s immediate families,
(ii) our management, (iii) someone that directly or indirectly controls, is controlled by or is under common control with us, or (iv)
anyone who can significantly influence our financial and operating decisions. A transaction is considered to be a related party transaction
when there is a transfer of resources or obligations between related parties. See Notes 4 and 5 below for details of related party transactions
in the period presented.
|
Fixed Assets |
Fixed Assets
We owned no fixed assets as of December
31, 2024.
|
Leases |
Leases
We determine
if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) as assets,
operating lease non-current liabilities, and operating lease current liabilities in our balance sheet. Finance leases are property and
equipment, other current liabilities, and other non-current liabilities in the balance sheet.
ROU assets represent
the right to use an asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease.
Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over lease
term. As most of the leases do not provide an implicit rate, we generally use the incremental borrowing rate on the estimated rate of
interest for collateralized borrowing over a similar term of the lease payments at the commencement date. The operating ROU asset also
includes any lease payments made and excludes lease incentives. Lease expense for lease payment is recognized on a straight-line basis
over the lease term.
We were not
party to any lease transactions during the three months ended December 31, 2024 or December 31, 2023.
|
Income Taxes |
Income Taxes
The provision for income taxes is computed using the
asset and liability method, under which deferred tax assets and liabilities are recognized for the expected future tax consequences of
temporary differences between the financial reporting and tax bases of assets and liabilities, and for operating losses and tax credit
carryforwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates that apply to taxable income in
effect for the years in which those tax assets are expected to be realized or settled. We record a valuation allowance to reduce deferred
tax assets to the amount that is believed more likely than not to be realized.
|
Uncertain Tax Positions |
Uncertain
Tax Positions
We evaluate
tax positions in a two-step process. We first determine whether it is more likely than not that a tax position will be sustained upon
examination, based on the technical merits of the position. If a tax position meets the more-likely-than-not recognition threshold it
is then measured to determine the amount of benefit to recognize in the financial statements. The tax position is measured as the largest
amount of benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. We classify gross interest and penalties
and unrecognized tax benefits that are not expected to result in payment or receipt of cash within one year as long-term liabilities in
the financial statements.
|
Revenue Recognition |
Revenue Recognition
Revenues are recognized when control of the promised
goods or services are transferred to a customer, in an amount that reflects the consideration that the Company expects to receive in exchange
for those goods or services. The Company applies the following five steps in order to determine the appropriate amount of revenue to be
recognized as it fulfills its obligations under each of its agreements:
Step 1: Identify the contract(s) with customers
Step 2: Identify the performance obligations in the
contract
Step 3: Determine the transaction price
Step 4: Allocate the transaction price to performance
obligations
Step 5: Recognize revenue when the entity satisfies
a performance obligation
Service revenues are recognized as the services are
performed in proportion to the transfer of control to the customer and real estate revenues are recognized at the time of sale when consideration
has been exchanged and title has been conveyed to the buyer. At this time, we have not identified specific planned revenue streams.
During the three months ended December 31, 2024, or
December 31, 2023, we did not recognize any revenue.
|
Advertising Costs |
Advertising
Costs
We expense advertising
costs when advertisements occur. No advertising costs were incurred during the three months ended December 31, 2024, or
December 31, 2023.
|
Stock Based Compensation |
Stock Based Compensation
The cost of equity instruments issued to non-employees
in return for goods and services is measured by the grant date fair value of the equity instruments issued. The cost of employee services
received in exchange for equity instruments is based on the grant date fair value of the equity instruments issued.
|
Net Loss per Share Calculation |
Net Loss
per Share Calculation
Basic net loss
per common share (“EPS”) is computed by dividing loss available to common stockholders by the weighted-average number of common
shares outstanding for the period. Diluted earnings per share is computed by dividing net income by the weighted average shares outstanding,
assuming all dilutive potential common shares were issued. Dilutive loss per share excludes all potential common shares if their effect
is anti-dilutive.
No potentially
dilutive debt or equity instruments were issued or outstanding during the three months ended December 31, 2024, or December 31, 2023.
|
Recently Accounting Pronouncements |
Recently Accounting Pronouncements
We have reviewed all the recently issued, but not
yet effective, accounting pronouncements and do not believe any of these pronouncements will have a material impact on our financial statements.
|
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v3.25.0.1
INCOME TAXES (Tables)
|
3 Months Ended |
Dec. 31, 2024 |
Income Tax Disclosure [Abstract] |
|
Schedule of effective income tax rate reconciliation |
Schedule of effective income tax rate reconciliation |
|
Three Months Ended December 31, 2024 |
|
Three Months Ended December 31, 2023 |
|
|
|
|
|
Statutory U.S. Federal Income Tax Rate |
|
|
21 |
% |
|
|
21 |
% |
State Income Taxes |
|
|
5 |
% |
|
|
5 |
% |
Change in Valuation Allowance |
|
|
(26 |
)% |
|
|
(26 |
)% |
Effective Income Tax Rate |
|
|
0 |
% |
|
|
0 |
% |
|
Schedule of deferred tax assets |
Schedule of deferred tax assets |
|
Three Months Ended December 31, 2024 |
|
Three Months Ended December 31, 2023 |
Tax credit (expense) at statutory rate (26%) |
|
$ |
31,321 |
|
|
$ |
12,862 |
|
Increase in valuation allowance |
|
|
(31,321 |
) |
|
|
(12,862 |
) |
Net deferred tax assets |
|
$ |
— |
|
|
$ |
— |
|
|
X |
- DefinitionTabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.
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v3.25.0.1
GOING CONCERN (Details Narrative) - USD ($)
|
3 Months Ended |
|
|
Dec. 31, 2024 |
Dec. 31, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
|
|
|
Net income loss |
$ 120,467
|
$ 49,469
|
|
|
Shareholders deficit |
$ 134,051
|
$ (196,515)
|
$ (33,138)
|
$ (363,953)
|
X |
- DefinitionThe portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
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v3.25.0.1
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)
|
|
|
|
1 Months Ended |
3 Months Ended |
12 Months Ended |
Sep. 27, 2024 |
Jul. 10, 2024 |
Oct. 23, 2023 |
Dec. 31, 2024 |
Oct. 31, 2024 |
Sep. 28, 2024 |
Sep. 27, 2024 |
Oct. 23, 2023 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock, Par or Stated Value Per Share |
|
|
|
$ 0.0001
|
|
|
|
|
$ 0.0001
|
|
$ 0.0001
|
|
Common shares |
|
490,000
|
|
|
3,555,750
|
1,830,000
|
|
18,271,990
|
|
|
|
|
Number of shares purchased, shares |
600,000
|
530,000
|
24,532,138
|
500,000
|
|
2,197,000
|
|
|
|
|
|
|
Number of shares purchased, value |
$ 60,000
|
$ 49
|
$ 1,827
|
$ 850
|
|
$ 183
|
|
|
|
|
|
|
Share price |
|
$ 0.0001
|
$ 0.0001
|
|
|
$ 0.0001
|
|
$ 0.0001
|
|
|
|
|
Converted shares amount |
|
|
|
|
|
|
$ 337,360
|
|
|
|
|
|
Converted shares |
|
|
|
|
|
|
5,267,268
|
|
|
|
|
|
Aggregate total amount |
$ 311,363
|
|
|
|
|
|
$ 311,363
|
|
|
|
|
|
Aggregate total shares |
5,107,268
|
|
|
|
|
|
5,107,268
|
|
|
|
|
|
[custom:RelatedPartyShares] |
|
|
|
|
|
|
|
|
|
638,532
|
|
|
[custom:ContractObligated] |
|
|
|
|
|
|
|
|
$ 42,400
|
|
$ 17,600
|
$ 50,000
|
Related party Rent |
|
|
|
|
|
|
|
|
$ 4,500
|
|
|
|
Shareholders One [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders advanced |
|
|
|
|
|
|
|
|
|
|
$ 25,000
|
50,000
|
Shareholders Two [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders advanced |
|
|
|
|
|
|
|
|
|
|
|
50,000
|
Shareholders Three [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders advanced |
|
|
|
|
|
|
|
|
|
|
|
$ 1,115
|
Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
[custom:StockIssuedToFoundersForSubscriptionsShares] |
|
|
24,532,138
|
|
|
|
|
|
750
|
15,470,000
|
|
|
Common Stock, Par or Stated Value Per Share |
|
|
$ 0.0001
|
|
|
|
|
$ 0.0001
|
|
|
|
|
[custom:StockIssuedToFoundersForSubscriptions] |
|
|
$ 1,827
|
|
$ 75
|
|
|
|
|
|
|
|
[custom:StockIssuedToFoundersForcash] |
|
|
|
|
$ 286,500
|
|
|
|
|
|
|
|
[custom:StockIssuedToFoundersForService] |
|
|
|
$ 1,188
|
|
|
|
|
|
|
|
|
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v3.25.0.1
SHAREHOLDERS’ DEFICIT (Details Narrative) - USD ($)
|
|
|
|
|
1 Months Ended |
|
|
|
|
Sep. 27, 2024 |
Jul. 10, 2024 |
Oct. 23, 2023 |
Sep. 15, 2020 |
Dec. 31, 2024 |
Oct. 31, 2024 |
Sep. 28, 2024 |
Sep. 27, 2024 |
Oct. 23, 2023 |
Sep. 30, 2024 |
Dec. 31, 2023 |
Sep. 30, 2023 |
Mar. 02, 2021 |
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, shares authorized |
|
|
|
|
10,000,000
|
|
|
|
|
10,000,000
|
|
|
|
Preferred stock, par value |
|
|
|
|
$ 0.0001
|
|
|
|
|
$ 0.0001
|
|
|
|
Common stock, shares authorized |
|
|
|
|
1,990,000,000
|
|
|
|
|
1,990,000,000
|
|
|
|
Common stock, par value |
|
|
|
|
$ 0.0001
|
|
|
|
|
$ 0.0001
|
|
|
|
Stockholders' Equity, Reverse Stock Split |
|
|
|
619,085
|
|
|
|
|
|
|
|
|
|
[custom:ReverseSplitStockValue-0] |
|
|
|
$ 62
|
|
|
|
|
|
|
|
|
|
[custom:NegativeBalanceAdditionalPaidInCapital-0] |
|
|
|
$ 15,550
|
|
|
|
|
|
|
|
|
|
[custom:DonatedCapital-0] |
|
|
|
|
|
|
|
|
|
|
|
|
$ 51,004
|
Number of shares purchased, shares |
600,000
|
530,000
|
24,532,138
|
|
500,000
|
|
2,197,000
|
|
|
|
|
|
|
Share price |
|
$ 0.0001
|
$ 0.0001
|
|
|
|
$ 0.0001
|
|
$ 0.0001
|
|
|
|
|
Common shares |
|
490,000
|
|
|
|
3,555,750
|
1,830,000
|
|
18,271,990
|
|
|
|
|
Number of shares purchased, value |
$ 60,000
|
$ 49
|
$ 1,827
|
|
$ 850
|
|
$ 183
|
|
|
|
|
|
|
Converted shares amount |
|
|
|
|
|
|
|
$ 337,360
|
|
|
|
|
|
Converted shares |
|
|
|
|
|
|
|
5,267,268
|
|
|
|
|
|
Aggregate total amount |
$ 311,363
|
|
|
|
|
|
|
$ 311,363
|
|
|
|
|
|
Aggregate total shares |
5,107,268
|
|
|
|
|
|
|
5,107,268
|
|
|
|
|
|
Common stock, shares outstanding |
|
|
|
|
37,301,241
|
|
|
|
|
33,745,491
|
|
|
|
Warrant issued |
|
|
|
|
0
|
|
|
|
|
|
0
|
|
|
Warrant Outstanding |
|
|
|
|
0
|
|
|
|
|
|
0
|
|
|
Stock option outstanding |
|
|
|
|
0
|
|
|
|
|
|
0
|
|
|
Stock option outstanding |
|
|
|
|
0
|
|
|
|
|
|
0
|
|
|
Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock, par value |
|
|
$ 0.0001
|
|
|
|
|
|
$ 0.0001
|
|
|
|
|
[custom:StockIssuedToFoundersForcash] |
|
|
|
|
|
$ 286,500
|
|
|
|
|
|
|
|
[custom:StockIssuedToFoundersForSubscriptions] |
|
|
$ 1,827
|
|
|
$ 75
|
|
|
|
|
|
|
|
[custom:StockIssuedToFoundersForService] |
|
|
|
|
$ 1,188
|
|
|
|
|
|
|
|
|
Shareholders One [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders advanced |
|
|
|
|
|
|
|
|
|
$ 25,000
|
|
$ 50,000
|
|
Shareholders Two [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders advanced |
|
|
|
|
|
|
|
|
|
|
|
50,000
|
|
Shareholders Three [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders advanced |
|
|
|
|
|
|
|
|
|
|
|
$ 1,115
|
|
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