0001731122-23-001591.txt : 20230823 0001731122-23-001591.hdr.sgml : 20230823 20230823172138 ACCESSION NUMBER: 0001731122-23-001591 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 41 CONFORMED PERIOD OF REPORT: 20221231 FILED AS OF DATE: 20230823 DATE AS OF CHANGE: 20230823 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Global Innovative Platforms Inc. CENTRAL INDEX KEY: 0001837774 STANDARD INDUSTRIAL CLASSIFICATION: BLANK CHECKS [6770] IRS NUMBER: 853816149 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-56235 FILM NUMBER: 231198383 BUSINESS ADDRESS: STREET 1: 149 JAMES PLACE CITY: MAITLAND STATE: FL ZIP: 32751 BUSINESS PHONE: 321-230-3739 MAIL ADDRESS: STREET 1: 149 JAMES PLACE CITY: MAITLAND STATE: FL ZIP: 32751 FORMER COMPANY: FORMER CONFORMED NAME: Canning Street Corp DATE OF NAME CHANGE: 20201223 10-Q 1 e4783_10q.htm FORM 10-Q
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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, 2022

 

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  
MaitlandFlorida 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.

 

Yes   No

 

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).

 

Yes   No

 

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).

 

Yes   No

 

Indicate the number of share outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

 

As of August 22, 2023, there were 619,085 shares of the registrant’s common stock issued and outstanding.

 

 

 

Table of Contents

 

  PART I - FINANCIAL INFORMATION Page
     
Item 1. Financial Statements 2
     
  Condensed Balance Sheets (Unaudited) as of December 31, 2022 and September 30, 2022 (Audited) 2
     
  Condensed Statements of Operations (Unaudited) for the Three Months Ended December 31, 2022 and 2021 3
     
  Condensed Statements of Stockholders’ Deficit (Unaudited) for the Three Months Ended December 31, 2022 and 2021 4
     
  Condensed Statements of Cash Flows (Unaudited) for the Three Months Ended December 31, 2022 and 2021 5
     
  Notes to Condensed Financial Statements (Unaudited) 6
     
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 13
     
Item 3. Quantitative and Qualitative Disclosures About Market Risk 16
     
Item 4. Controls and Procedures 16
     
  PART II - OTHER INFORMATION 16
     
Item 1. Legal Proceedings 16
     
Item 1A. Risk Factors 16
     
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 17
     
Item 3. Defaults Upon Senior Securities 17
     
Item 4. Mine Safety Disclosures 17
     
Item 5. Other Information 17
     
Item 6. Exhibits 18
     
SIGNATURES   19

 

1

 

 

PART I

 

ITEM 1. FINANCIAL STATEMENTS

 

GLOBAL INNOVATIVE PLATFORMS, INC.
CONDENSED BALANCE SHEETS

 

           
   DECEMBER 31,  SEPTEMBER 30,
   2022  2022
   (Unaudited)  (Audited)
ASSETS          
           
Current Assets          
Cash and Cash Equivalents  $64,403   $47,757 
           
Total Current Assets   64,403    47,757 
           
Total Assets  $64,403   $47,757 
           
LIABILITIES AND SHAREHOLDERS’ DEFICIT          
           
Current Liabilities          
Accounts Payable  $8,970   $5,011 
Accruals – Related Party        
Loan Payable – Related Party   225,313    125,460 
           
Total Current Liabilities   234,283    130,471 
           
Total Liabilities   234,283    130,471 
           
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, 619,085 issued and outstanding   62    62*
Additional Paid in Capital   35,454    35,454*
Retained (Deficit) Earnings   (205,396)   (118,230)
           
Total Shareholders’ Deficit   (169,880)   (82,714)
           
Total Liabilities and Shareholders’ Deficit  $64,403   $47,757 

 

The accompanying notes are an integral part of these condensed financial statements

 

2

 

 


GLOBAL INNOVATIVE PLATFORMS, INC.
CONDENSED STATEMENTS OF OPERATIONS
(UNAUDITED)

 

           
   FOR THE THREE MONTHS ENDED DECEMBER 31, 2022  FOR THE THREE MONTHS ENDED DECEMBER 31, 2021
       
REVENUE  $   $ 
           
EXPENSES          
General and administrative expenses   87,166    6,520 
           
Total Expenses   87,166    6,520 
           
OPERATING LOSS   (87,166)   (6,520)
           
OTHER INCOME (EXPENSE)        
           
Total Other Income (Expense)        
           
INCOME (LOSS) BEFORE TAXES   (87,166)   (6,520)
           
TAXES        
           
NET INCOME (LOSS)  $(87,166)  $(6,520)
           
Net Income (Loss) per Common Share: Basic and Diluted  $(0.14)  $(.01)
           
Weighted Average Common Shares Outstanding: Basic and Diluted   619,085    619,085 

 

The accompanying notes are an integral part of these condensed financial statements 

 

3

 

 

GLOBAL INNOVATIVE PLATFORMS INC.
CONDENSED STATEMENT OF CHANGES IN SHAREHOLDERS’ DEFICIT
(UNAUDITED)

 

                                         
    Common Shares            
    Shares   Amount   Additional Paid-In Capital   Retained (Deficit) Earnings   Total
                     
Balance at September 30, 2021     619,085     $ 62     $ 35,454     $ (64,414)     $ (28,898 )
                                         
Net profit (loss) for the period                       (6,520 )     (6,520 )
                                         
Balance at December 31, 2021     619,085     $ 62     $ 35,454     $ (70,934 )   $ (35,418 )
                                         
Balance at September 30, 2022     619,085 *   $ 62     $ 35,454     $ (118,230 )   $ (82,714 )
                                         
Net loss for the period                       (87,166 )     (87,166 )
                                         
Balance at December 31, 2022     619,085     $ 62     $ 35,454     $ (205,396 )   $ (169,880 )

 

The accompanying notes are an integral part of these condensed financial statements 

 

4

 

 

GLOBAL INNOVATIVE PLATFORMS INC.
CONDENSED STATEMENTS OF CASH FLOW
(UNAUDITED)

 

           
   FOR THE THREE MONTHS ENDED DECEMBER 31, 2022  FOR THE THREE MONTHS ENDED DECEMBER 31, 2021
       
Cash Flow from Operating Activities:          
           
Net Loss  $(87,166)  $(6,520)
Adjustments to reconcile net loss to net cash used in operating activities        
           
Changes in working capital items:          
Accounts payable   3,959    6,520 
Accruals – related party         
           
Net Cash Used in Operating Activities   (83,207)    
           
Net Cash Flow from Investing Activities        
           
Net Cash Flow from Financing Activities          
Advances under loan payable - related party   99,853     
           
Net Cash Provided by Financing Activities   99,853     
           
Net Change in Cash:   16,646     
           
Beginning Cash:  $47,757   $262 
           
Ending Cash:  $64,403   $262 
           
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  

 

5

 

 

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 shell company seeking to merge with an entity with experienced management and opportunities for growth in return for shares of our common stock to create value for our shareholders. The Company is presently evaluating various opportunities in the biotech industry. Although the Company has not entered into any agreements with potential merger candidates it is evaluating several opportunities for acquisition 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.

 

6

 

 

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

 

Disposal of AAWC Corporation

 

Effective September 30, 2020, Canning Street disposed of 100% of the issued share capital of its sole subsidiary company, AAWC Corporation., to an unrelated third party for a $1,000 payment made to the purchaser to assume ownership of the subsidiary company with outstanding liabilities.

 

Reverse Stock Split

 

Effective December 29, 2020, we completed a 2,000:1 reverse stock split. All numbers of our common shares disclosed as issued and outstanding in this Form 10-Q have been retrospectively restated to reflect the impact of the reverse split. Effective December 29, 2020, our trading symbol changed from AAWC to CSTC.

 

Name Change and Subsequent Change in Trading Symbol

 

On May 10, 2021, the Company, filed a Certificate of Amendment to its Certificate of Incorporation (the “Amendment”), which was corrected on May 11, 2021, with the Secretary of State of the State of Delaware to change the Company’s name to “Global Innovative Platforms Inc.” (the “Name Change”). The Amendment became effective on May 20, 2021. On May 10, 2021, the Company filed notification of the Name Change (the “Notification”) with the Financial Industry Regulatory Authority (“FINRA”). In the Notification, the Company requested FINRA to authorize a new trading symbol for the Common Stock. On September 9, 2021, FINRA processed the Name Change and provided a new trading symbol, “GIPL”, with a market effective date of September 13, 2021. The new CUSIP is 37960M101.

 

 
Impact of the COVID-19 Pandemic

 

We have not commenced operations as yet and consequently have not been directly impacted by the COVID-19 outbreak at this time. However, the detrimental effect of the COVID-19 outbreak on the economy as a whole may have a detrimental impact on our ability to raise funding and identify an entity to merge with for the foreseeable future. We are unable to predict with any certainty the ultimate impact COVID-19 outbreak on our plans at this time.

 

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 $87,177 in the three months ended December 31, 2022, and had a shareholders’ deficit of $169,880 as of December 31, 2022. 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.

 

7

 

 

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, 2022, our cash balance was $64,403.

 

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, 2022.

 

8

 

 

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 exclude 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, 2021 or December 31, 2020.

 

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, 2022, or December 31, 2021, we did not recognize any revenue.

 

9

 

 

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, 2022, or December 31, 2021.

 

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, 2022, or December 31, 2021.

 

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. ACCRUALS - RELATED PARTIES

 

During the year ended September 30, 2021, we settled a balance of $17,500 of accrued compensation which had been due to our chief financial officer, director, and principal shareholder. This amount was settled as part of a change in control on March 31, 2021.

 

NOTE 5. LOAN PAYABLE – RELATED PARTY

 

As of December 31, 2022 and September 30, 2022, we owed $225,313 and $125,460 to principal shareholders by way of loans to finance our working capital requirements.

 

The loans are unsecured, interest free and due on demand.

 

NOTE 7. 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, 2022, or December 31, 2021 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.

 

10

 

 

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, 2022, or December 31, 2021 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:

 

          
   Three Months Ended December 31, 2022  Three Months Ended December 31, 2021
       
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:

 

          
   Three Months Ended December 31, 2022  Three Months Ended December 31, 2021
Tax credit (expense) at statutory rate (26%)  $22,663   $1,695 
Increase in valuation allowance   (22,663)   (1,695)
Net deferred tax assets  $   $ 

 

As of December 31, 2022, the Company had a federal net operating loss carryforward of approximately $170,000. The federal net operating loss carryforward do 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.

 

The Company’s 2021 and income tax return for the period from September 15, 2020 (Inception) to September 30, 2020 are currently open to audit by federal and state jurisdictions.

 

NOTE 8. COMMITMENTS & CONTINGENCIES

 

Legal Proceedings

 

We were not subject to any legal proceedings during the three months ended December 31, 2022 or December 31, 2021 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.

 

NOTE 9. SHAREHOLDERS’ DEFICIT

 

Preferred Stock

 

As of December 31, 2022, 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, 2022 or as of September 30, 2022.

 

11

 

 

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, 2022.

 

Common Stock

 

As of December 31, 2022, 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 shares of common stock were issued and outstanding in our predecessor company with a total par value of $62 and negative balance of additional paid in capital totaling $(15,550).

 

As of September 30, 2022, and as of December 31, 2022, 619,085 shares of common stock were issued and outstanding.

 

No shares of common stock were issued during the three months ended December 31, 2022.

 

Effective December 29, 2020 we completed a 2,000:1 reverse stock split. All numbers of our common shares disclosed as issued and outstanding in this Form 10Q have been retrospectively restated to reflect the impact of the reverse split.

 

Warrants

 

No warrants were issued or outstanding during the three months ended December 31, 2022 or 2021.

 

Stock Options

 

We currently have no stock option plan.

 

No stock options were issued or outstanding during the three months ended December 31, 2022 or 2021.

 

NOTE 10. SUBSEQUENT EVENTS

 

The Company evaluated subsequent events after December 31, 2022, 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 other than as described below:

 

12

 

 

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, 2022 and 2021 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 attempt 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.

 

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 may borrow money to finance its future operations, although it does not currently contemplate doing so. Any such borrowing will increase the risk of loss to the investor in the event the Company is unsuccessful in repaying such loans. Readers are referred to our Form 10-Q filed for the quarter ended December 31, 2022, for a discussion of the results of operations for the three months ended December 31, 2022.

 

RESULTS OF OPERATIONS

 

Three Months Ended December 31, 2022

 

Revenue

 

We recognized no revenue during the three months ended December 31, 2022, as we had no revenue generating activities during this period.

 

General and Administrative Expenses

 

During the three months ended December 31, 2022, we incurred general and administrative expenses of $87,166 comprising of consulting for searching for business opportunities of $70,989, public entity costs of $959 and professional fees of $6,000.

 

Operating Loss

 

During the three months ended December 31, loss 2022, we incurred an operating of $87,166 due to the factors discussed above.

 

13

 

 

Interest and Other Income (Expenses) Net

 

During the three months ended December 31, 2022, we recognized no interest and other income (expenses), net in the period.

 

Loss before Income Tax

 

During the three months ended December 31, 2022, we incurred a loss before income taxes of $87,166 due to the factors discussed above.

 

Provision for Income Tax

 

No provision for income taxes was recorded during the three months ended December 31, 2022 as we incurred a taxable loss in the period.

 

Net Loss

 

During the three months ended December 31, 2022, we incurred a net loss of $87,166 due to the factors discussed above.

 

LIQUIDITY

 

At December 31, 2022, we had total current assets of $64,403. At December 31, 2022, we had total liabilities of $234,283. Total liabilities included $8,970 in accounts payable, and $225,313 in loans payable by related parties.

 

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 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. 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 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, 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, 2022, and the quarter ended December 31, 2022, 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, 2022 and 2021 were as follows:

 

   Three Months Ended  Three Months Ended
   December 31, 2022  December 31, 2021
       
Net Cash Used in Operating Activities  $83,207   $ 
Net Cash Flows from Investing Activities        
Net Cash Flows from Financing Activities   99,853     
           
Net Movement in Cash and Cash Equivalents  $16,646   $ 

 

14

 


 

Operating Activities

 

During the three months ended December 31, 2022, we incurred a net loss of $87,166 which after adjustments for an increase in accounts payable of $3,959, resulting in net cash of $83,207 being used in operations.

 

Investing Activities

 

During the three months ended December 31, 2022, we had no investing activities.

 

Financing Activities

 

During the three months ended December 31, 2022, we had no financing activities.

 

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, 2022 and as of December 31, 2022, 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.

 

15

 

 

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, 2022 (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, 2022, 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, 2022, 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, 2022, 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.

 

16

 

 

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

 

The Company did not make any unregistered sales of its securities from October 1, 2022 through December 31, 2022.

 


ITEM 3. DEFAULTS UPON SENIOR SECURITIES

 

None.

 

ITEM 4. MINE SAFETY DISCLOSURES

 

Not Applicable.

 

ITEM 5. OTHER INFORMATION

 

Reverse Split of Common Stock

 

Effective December 29, 2020 we completed a 2,000:1 reverse stock split. Following this reverse stock split, the number of our common shares issued and outstanding was reduced to 619,085. All numbers of our common shares disclosed as issued and outstanding in this Form 10Q have been retrospectively restated to reflect the impact of the reverse split.

 

As of December 31, and September 30, 2021, 619,085 shares of common stock were issued and outstanding.

 

Change in Trading Symbol

 

Effective December 29, 2020, our trading symbol changed from AAWC to CSTC, and we changed again to a new trading symbol, “GIPL”, with a market effective date of September 13, 2021

 

Change of Control

 

Effective March 31, 2021, JS Electric, Inc., Path-Guard Network, Inc. David Brown, Andrew N. Brown, Daniel Owen Trust, James Jones Trust, and Brian Susi Inc (collectively “the Purchasers”), purchased a total of 371,246 shares our common stock representing 59.97% of our issued and outstanding shares, in a private transaction with David Cutler.

 

As a result of the closing of the transaction on March 31, 2021, the Purchasers acquired a majority of the issued shares eligible to vote.

 

The total purchase price of $400,000 was paid in cash by the Purchasers at Closing.

 

On March 31, 2021, David Cutler and Redgie Green resigned as executive officers of the Company subject to the Company filings its Form 10Q Quarterly Report for the quarter ended December 31, 2020. Further, Mr. Green resigned as a director of the Company effective March 31, 2021 and Mr. Cutler resigned as a director effective ten days after mailing of Notice to shareholders in compliance with the requirements of Section 14(f) of the Securities Exchange Act of 1934. The resignation of Mr. Cutler and Mr. Green was not the result of any disagreement with the Company on any matter relating to the Company’s operations, policies, practices, or otherwise. The Board approved and accepted the resignations.

 

On March 31, 2021, John Shepard was appointed to serve as Chairman of the Board of Directors and, subject to the effective date of the resignation of Mr. Cutler and Mr. Green, as the Company’s Chief Executive Officer, Chief Financial Officer, and Secretary.

 

On November 3, 2021, John Shepard resigned as an executive officer and director of the Company. The resignation of Mr. Shepard was not the result of any disagreement with the Company on any matter relating to the Company’s operations, policies, practices, or otherwise.

 

On January 4, 2022, Matthew Veal was engaged as the Company’s Chief Executive Officer, Chief Financial Officer, and Secretary of the Company.

 

On August 7, 2023, Matthew Veal Appointed Andrew Brown to the Board of Directors. Mr. Veal then resigned from the board, Mr. Brown then assumed the role of Chairman and CEO.  

 

Patent and Know-How License Agreement

 

On August 18, 2023, 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 toto 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.

 

17

 

 

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.

 

Exhibit No.     Title of Document 
        
3.1     Certification of Incorporation - Delaware – Canning Street Corporation – .9.15.20 (1)
        
3.2     Bylaws (1)
        
3.3    Certificate of Amendment of Certificate of Incorporation - 10.23.20 (1)
     
3.4    Certificate of Amendment to the Certificate of Incorporation dated May 10, 2021 (3)
     
3.5    Certificate of Correction dated May 11, 2021 (3)
     
4.1    Description of Securities (4)
     
10.1     Agreement and Plan of Merger and Reorganization into Holding Company Structure (1)
     
10.2    Stock Purchase Agreement dated March 31, 2021 (2)
     
10.3    Patent and Know-How License Agreement between Global Innovative Platforms Inc. and Defiant Technologies Inc. dated August 18, 2023 (5)
     
31.1 *    Certification of the Company’s Principal Executive and Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, with respect to the registrant’s report on Form 10-K for the year ended September 30, 2022.
     
32.1 *    Certification of the Company’s Principal Executive and Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
        
101.INS     XBRL Instance Document (3) 
        
101.SCH     XBRL Taxonomy Extension Schema (3) 
        
101.CAL     XBRL Taxonomy Extension Calculation Linkbase (3) 
        
101.DEF     XBRL Taxonomy Extension Definition Linkbase (3) 
        
101.LAB     XBRL Taxonomy Extension Label Linkbase (3) 
        
101.PRE     XBRL Taxonomy Extension Presentation Linkbase (3) 

 

* 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. 

 

18

 

 

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: August 23, 2023 By: /s/ Andrew Brown
    Andrew Brown
    (Chief Executive Officer, Principal Executive Officer, Chief Financial Officer, and Principal Accounting Officer)

 

19

 

 

 

EX-31.1 2 e4783_ex31-1.htm EXHIBIT 31.1

 

 

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: August 23, 2023  
   
/s/ Andrew Brown  
Andrew Brown  
Chief Executive Officer and Chief Financial Officer  
(Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer)  

 

 

 

 

EX-32.1 3 e4783_ex32-1.htm EXHIBIT 32.1

 

 

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, 2022 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: August 23, 2023

 

/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
3 Months Ended
Dec. 31, 2022
Aug. 22, 2023
Cover [Abstract]    
Document Type 10-Q  
Amendment Flag false  
Document Quarterly Report true  
Document Transition Report false  
Document Period End Date Dec. 31, 2022  
Document Fiscal Period Focus Q1  
Document Fiscal Year Focus 2023  
Current Fiscal Year End Date --09-30  
Entity File Number 000-56235  
Entity Registrant Name GLOBAL INNOVATIVE PLATFORMS INC.  
Entity Central Index Key 0001837774  
Entity Tax Identification Number 85-3816149  
Entity Incorporation, State or Country Code DE  
Entity Address, Address Line One 149 James Place  
Entity Address, City or Town Maitland  
Entity Address, State or Province FL  
Entity Address, Postal Zip Code 32751  
City Area Code 321  
Local Phone Number 230-3739  
Entity Current Reporting Status No  
Entity Interactive Data Current Yes  
Entity Filer Category Non-accelerated Filer  
Entity Small Business true  
Entity Emerging Growth Company true  
Elected Not To Use the Extended Transition Period false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   619,085
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CONDENSED BALANCE SHEETS (Unaudited) - USD ($)
Dec. 31, 2022
Sep. 30, 2022
Current Assets    
Cash and Cash Equivalents $ 64,403 $ 47,757
Total Current Assets 64,403 47,757
Total Assets 64,403 47,757
Current Liabilities    
Accounts Payable 8,970 5,011
Accruals – Related Party 0 0
Loan Payable – Related Party 225,313 125,460
Total Current Liabilities 234,283 130,471
Total Liabilities 234,283 130,471
Commitments and Contingencies (Note 8) 0 0
Shareholders’ Deficit    
Preferred Stock, $0.0001 par value, 10,000,000 shares authorized, 0 issued or outstanding 0 0
Common Stock, $0.0001 par value, 1,990,000,000 shares authorized, 619,085 issued and outstanding 62 62
Additional Paid in Capital 35,454 35,454
Retained (Deficit) Earnings (205,396) (118,230)
Total Shareholders’ Deficit (169,880) (82,714)
Total Liabilities and Shareholders’ Deficit $ 64,403 $ 47,757
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CONDENSED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares
Dec. 31, 2022
Sep. 30, 2022
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 619,085 619,085
Common stock, shares outstanding 619,085 619,085
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CONDENSED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
3 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Income Statement [Abstract]    
REVENUE $ 0 $ 0
EXPENSES    
General and administrative expenses 87,166 6,520
Total Expenses 87,166 6,520
OPERATING LOSS (87,166) (6,520)
OTHER INCOME (EXPENSE) 0 0
Total Other Income (Expense) 0 0
INCOME (LOSS) BEFORE TAXES (87,166) (6,520)
TAXES 0 0
NET INCOME (LOSS) $ (87,166) $ (6,520)
Net Income (Loss) per Common Share: Basic and Diluted $ (0.14) $ (0.01)
Weighted Average Common Shares Outstanding: Basic and Diluted 619,085 619,085
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CONDENSED STATEMENT OF CHANGES IN SHAREHOLDERS' DEFICIT (Unaudited) - USD ($)
Common Stock [Member]
Additional Paid-in Capital [Member]
Retained Earnings [Member]
Total
Beginning balance, value at Sep. 30, 2021 $ 62 $ 35,454 $ (64,414) $ (28,898)
Beginning balance, shares at Sep. 30, 2021 619,085      
Net loss for the period (6,520) (6,520)
Ending balance, value at Dec. 31, 2021 $ 62 35,454 (70,934) (35,418)
Ending balance, shares at Dec. 31, 2021 619,085      
Beginning balance, value at Sep. 30, 2022 $ 62 35,454 (118,230) (82,714)
Beginning balance, shares at Sep. 30, 2022 619,085      
Net loss for the period (87,166) (87,166)
Ending balance, value at Dec. 31, 2022 $ 62 $ 35,454 $ (205,396) $ (169,880)
Ending balance, shares at Dec. 31, 2022 619,085      
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CONDENSED STATEMENTS OF CASH FLOW (Unaudited) - USD ($)
3 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Cash Flow from Operating Activities:    
Net Loss $ (87,166) $ (6,520)
Changes in working capital items:    
Accounts payable 3,959 6,520
Accruals – related party 0  
Net Cash Used in Operating Activities (83,207) 0
Net Cash Flow from Investing Activities 0 0
Net Cash Flow from Financing Activities    
Advances under loan payable - related party 99,853 0
Net Cash Provided by Financing Activities 99,853 0
Net Change in Cash: 16,646 0
Beginning Cash: 47,757 262
Ending Cash: 64,403 262
Supplemental Disclosures of Cash Flow Information:    
Cash paid for interest 0 0
Cash paid for tax $ 0 $ 0
XML 15 R7.htm IDEA: XBRL DOCUMENT v3.23.2
NATURE OF OPERATIONS
3 Months Ended
Dec. 31, 2022
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 shell company seeking to merge with an entity with experienced management and opportunities for growth in return for shares of our common stock to create value for our shareholders. The Company is presently evaluating various opportunities in the biotech industry. Although the Company has not entered into any agreements with potential merger candidates it is evaluating several opportunities for acquisition 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

 

Disposal of AAWC Corporation

 

Effective September 30, 2020, Canning Street disposed of 100% of the issued share capital of its sole subsidiary company, AAWC Corporation., to an unrelated third party for a $1,000 payment made to the purchaser to assume ownership of the subsidiary company with outstanding liabilities.

 

Reverse Stock Split

 

Effective December 29, 2020, we completed a 2,000:1 reverse stock split. All numbers of our common shares disclosed as issued and outstanding in this Form 10-Q have been retrospectively restated to reflect the impact of the reverse split. Effective December 29, 2020, our trading symbol changed from AAWC to CSTC.

 

Name Change and Subsequent Change in Trading Symbol

 

On May 10, 2021, the Company, filed a Certificate of Amendment to its Certificate of Incorporation (the “Amendment”), which was corrected on May 11, 2021, with the Secretary of State of the State of Delaware to change the Company’s name to “Global Innovative Platforms Inc.” (the “Name Change”). The Amendment became effective on May 20, 2021. On May 10, 2021, the Company filed notification of the Name Change (the “Notification”) with the Financial Industry Regulatory Authority (“FINRA”). In the Notification, the Company requested FINRA to authorize a new trading symbol for the Common Stock. On September 9, 2021, FINRA processed the Name Change and provided a new trading symbol, “GIPL”, with a market effective date of September 13, 2021. The new CUSIP is 37960M101.

 

 

We have not commenced operations as yet and consequently have not been directly impacted by the COVID-19 outbreak at this time. However, the detrimental effect of the COVID-19 outbreak on the economy as a whole may have a detrimental impact on our ability to raise funding and identify an entity to merge with for the foreseeable future. We are unable to predict with any certainty the ultimate impact COVID-19 outbreak on our plans at this time.

 

XML 16 R8.htm IDEA: XBRL DOCUMENT v3.23.2
GOING CONCERN
3 Months Ended
Dec. 31, 2022
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 $87,177 in the three months ended December 31, 2022, and had a shareholders’ deficit of $169,880 as of December 31, 2022. 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.

 

XML 17 R9.htm IDEA: XBRL DOCUMENT v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
3 Months Ended
Dec. 31, 2022
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, 2022, our cash balance was $64,403.

 

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, 2022.

 

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 exclude 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, 2021 or December 31, 2020.

 

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, 2022, or December 31, 2021, 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, 2022, or December 31, 2021.

 

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, 2022, or December 31, 2021.

 

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.

 

XML 18 R10.htm IDEA: XBRL DOCUMENT v3.23.2
ACCRUALS - RELATED PARTIES
3 Months Ended
Dec. 31, 2022
Related Party Transactions [Abstract]  
ACCRUALS - RELATED PARTIES

NOTE 4. ACCRUALS - RELATED PARTIES

 

During the year ended September 30, 2021, we settled a balance of $17,500 of accrued compensation which had been due to our chief financial officer, director, and principal shareholder. This amount was settled as part of a change in control on March 31, 2021.

 

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LOAN PAYABLE – RELATED PARTY
3 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
LOAN PAYABLE – RELATED PARTY

NOTE 5. LOAN PAYABLE – RELATED PARTY

 

As of December 31, 2022 and September 30, 2022, we owed $225,313 and $125,460 to principal shareholders by way of loans to finance our working capital requirements.

 

The loans are unsecured, interest free and due on demand.

 

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INCOME TAXES
3 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
INCOME TAXES

NOTE 7. 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, 2022, or December 31, 2021 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, 2022, or December 31, 2021 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:

 

          
   Three Months Ended December 31, 2022  Three Months Ended December 31, 2021
       
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:

 

          
   Three Months Ended December 31, 2022  Three Months Ended December 31, 2021
Tax credit (expense) at statutory rate (26%)  $22,663   $1,695 
Increase in valuation allowance   (22,663)   (1,695)
Net deferred tax assets  $   $ 

 

As of December 31, 2022, the Company had a federal net operating loss carryforward of approximately $170,000. The federal net operating loss carryforward do 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.

 

The Company’s 2021 and income tax return for the period from September 15, 2020 (Inception) to September 30, 2020 are currently open to audit by federal and state jurisdictions.

 

XML 21 R13.htm IDEA: XBRL DOCUMENT v3.23.2
COMMITMENTS & CONTINGENCIES
3 Months Ended
Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS & CONTINGENCIES

NOTE 8. COMMITMENTS & CONTINGENCIES

 

Legal Proceedings

 

We were not subject to any legal proceedings during the three months ended December 31, 2022 or December 31, 2021 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.

 

XML 22 R14.htm IDEA: XBRL DOCUMENT v3.23.2
SHAREHOLDERS’ DEFICIT
3 Months Ended
Dec. 31, 2022
Equity [Abstract]  
SHAREHOLDERS’ DEFICIT

NOTE 9. SHAREHOLDERS’ DEFICIT

 

Preferred Stock

 

As of December 31, 2022, 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, 2022 or as of September 30, 2022.

 

No series of preferred stock or rights for preferred stock had been designated at December 31, 2022.

 

Common Stock

 

As of December 31, 2022, 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 shares of common stock were issued and outstanding in our predecessor company with a total par value of $62 and negative balance of additional paid in capital totaling $(15,550).

 

As of September 30, 2022, and as of December 31, 2022, 619,085 shares of common stock were issued and outstanding.

 

No shares of common stock were issued during the three months ended December 31, 2022.

 

Effective December 29, 2020 we completed a 2,000:1 reverse stock split. All numbers of our common shares disclosed as issued and outstanding in this Form 10Q have been retrospectively restated to reflect the impact of the reverse split.

 

Warrants

 

No warrants were issued or outstanding during the three months ended December 31, 2022 or 2021.

 

Stock Options

 

We currently have no stock option plan.

 

No stock options were issued or outstanding during the three months ended December 31, 2022 or 2021.

 

XML 23 R15.htm IDEA: XBRL DOCUMENT v3.23.2
SUBSEQUENT EVENTS
3 Months Ended
Dec. 31, 2022
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 10. SUBSEQUENT EVENTS

 

The Company evaluated subsequent events after December 31, 2022, 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 other than as described below:

XML 24 R16.htm IDEA: XBRL DOCUMENT v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
3 Months Ended
Dec. 31, 2022
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, 2022, our cash balance was $64,403.

 

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, 2022.

 

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 exclude 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, 2021 or December 31, 2020.

 

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, 2022, or December 31, 2021, 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, 2022, or December 31, 2021.

 

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, 2022, or December 31, 2021.

 

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.

 

XML 25 R17.htm IDEA: XBRL DOCUMENT v3.23.2
INCOME TAXES (Tables)
3 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Schedule of effective income tax rate reconciliation
          
   Three Months Ended December 31, 2022  Three Months Ended December 31, 2021
       
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
          
   Three Months Ended December 31, 2022  Three Months Ended December 31, 2021
Tax credit (expense) at statutory rate (26%)  $22,663   $1,695 
Increase in valuation allowance   (22,663)   (1,695)
Net deferred tax assets  $   $ 
XML 26 R18.htm IDEA: XBRL DOCUMENT v3.23.2
NATURE OF OPERATIONS (Details Narrative) - USD ($)
1 Months Ended
Dec. 29, 2020
Sep. 30, 2020
Reverse stock split 2,000:1 reverse stock split  
A A W C Corporation [Member]    
Ownership interest prior to disposal   100.00%
Payment to related party   $ 1,000
XML 27 R19.htm IDEA: XBRL DOCUMENT v3.23.2
GOING CONCERN (Details Narrative) - USD ($)
3 Months Ended
Dec. 31, 2022
Sep. 30, 2022
Dec. 31, 2021
Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]        
Loss $ 87,177      
Total Equity $ 169,880 $ 82,714 $ 35,418 $ 28,898
XML 28 R20.htm IDEA: XBRL DOCUMENT v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)
3 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 30, 2021
Sep. 30, 2022
Accounting Policies [Abstract]        
Cash equivalents $ 64,403     $ 47,757
Fixed assets 0      
Revenue 0 $ 0 $ 0  
Advertising costs $ 0   $ 0  
Antidilutive securities 0   0  
XML 29 R21.htm IDEA: XBRL DOCUMENT v3.23.2
ACCRUALS - RELATED PARTIES (Details Narrative)
Sep. 30, 2021
USD ($)
Related Party Transactions [Abstract]  
Accrued compensation $ 17,500
XML 30 R22.htm IDEA: XBRL DOCUMENT v3.23.2
LOAN PAYABLE – RELATED PARTY (Details Narrative) - USD ($)
Dec. 31, 2022
Sep. 30, 2022
Debt Disclosure [Abstract]    
Loan payable related party $ 225,313 $ 125,460
XML 31 R23.htm IDEA: XBRL DOCUMENT v3.23.2
INCOME TAXES (Details)
3 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Income Tax Disclosure [Abstract]    
Statutory U.S. Federal Income Tax Rate 21.00% 21.00%
State Income Taxes 5.00% 5.00%
Change in Valuation Allowance (26.00%) (26.00%)
Effective Income Tax Rate 0.00% 0.00%
XML 32 R24.htm IDEA: XBRL DOCUMENT v3.23.2
INCOME TAXES (Details 1) - USD ($)
3 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Income Tax Disclosure [Abstract]    
Tax credit (expense) at statutory rate (26%) $ 22,663 $ 1,695
Increase in valuation allowance (22,663) (1,695)
Net deferred tax assets $ 0 $ 0
XML 33 R25.htm IDEA: XBRL DOCUMENT v3.23.2
INCOME TAXES (Details Narrative)
3 Months Ended
Dec. 31, 2022
USD ($)
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]  
Operating loss carryforward $ 170,000
Maximum [Member]  
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]  
Federal corporate tax rate 34.00%
Minimum [Member]  
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]  
Federal corporate tax rate 21.00%
XML 34 R26.htm IDEA: XBRL DOCUMENT v3.23.2
SHAREHOLDERS’ DEFICIT (Details Narrative) - USD ($)
1 Months Ended 3 Months Ended
Dec. 29, 2020
Dec. 31, 2022
Sep. 30, 2022
Dec. 31, 2021
Sep. 15, 2020
Equity [Abstract]          
Preferred stock, shares authorized   10,000,000 10,000,000    
Preferred stock, par value   $ 0.0001 $ 0.0001    
Preferred stock, shares issued   0 0    
Preferred stock, shares outstanding   0 0    
Common stock, shares authorized   1,990,000,000 1,990,000,000    
Common stock, par value   $ 0.0001 $ 0.0001    
Common stock, shares issued   619,085 619,085    
Common stock, shares outstanding   619,085 619,085    
Common stock reverse split         $ 62
Additional paid in capital   $ 35,454 $ 35,454   $ (15,550)
Number of common stock shares issued   0      
Reverse stock split 2,000:1 reverse stock split        
Warrant issued   0   0  
Warrant Outstanding   0   0  
Stock option issued   0   0  
Stock option outstanding   0   0  
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DE 85-3816149 149 James Place Maitland FL 32751 321 230-3739 No Yes Non-accelerated Filer true true false false 619085 64403 47757 64403 47757 64403 47757 8970 5011 0 0 225313 125460 234283 130471 234283 130471 0 0 0.0001 0.0001 10000000 10000000 0 0 0 0 0 0 0.0001 0.0001 1990000000 1990000000 619085 619085 619085 619085 62 62 35454 35454 -205396 -118230 -169880 -82714 64403 47757 0 0 87166 6520 87166 6520 -87166 -6520 0 0 0 0 -87166 -6520 0 0 -87166 -6520 -0.14 -0.01 619085 619085 619085 62 35454 -64414 -28898 -6520 -6520 619085 62 35454 -70934 -35418 619085 62 35454 -118230 -82714 -87166 -87166 619085 62 35454 -205396 -169880 -87166 -6520 3959 6520 0 -83207 0 0 0 99853 0 99853 0 16646 0 47757 262 64403 262 0 0 0 0 <p id="xdx_804_eus-gaap--NatureOfOperations_zheyLksKY0B7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white"><b>NOTE 1. <span id="xdx_820_ztRceNH4lbog">NATURE OF OPERATIONS</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white"><b>Nature of Business</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">Global Innovative Platforms Inc., a Delaware corporation, (“Global Innovative Platforms,” “Canning Street,” “the Company,” “We”, “Us” or “Our’) is a publicly quoted shell company seeking to merge with an entity with experienced management and opportunities for growth in return for shares of our common stock to create value for our shareholders. The Company is presently evaluating various opportunities in the biotech industry. Although the Company has not entered into any agreements with potential merger candidates it is evaluating several opportunities for acquisition although there is no guarantee that the Company will be able to successfully close such transactions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white"><b>History</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">Global Innovative Platforms Inc. f/k/a Canning Street Corporation or Canning Street was incorporated in Delaware on September 15, 2020.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="background-color: white">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white"><i>Reorganization into a Holding Company Structure for Canning Street Corporation, reorganization successor to Alexandria Advantage Warranty Company.</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">Alexandria Advantage Colorado ceased to exist as an independent legal entity following its merger with Alexandria Advantage Delaware.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">Alexandria Advantage Delaware ceased to exist as an independent legal entity following its merger with AAWC.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">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).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">AAWC, the surviving company of the merger with Alexandria Advantage Delaware, became a wholly owned subsidiary of Canning Street, the holding company.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">AAWC, being the direct successor by the merger with Alexandria Advantage Delaware, became a subsidiary company of Canning Street.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">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</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white"><i>Disposal of AAWC Corporation</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">Effective September 30, 2020, Canning Street disposed of <span id="xdx_908_eus-gaap--DiscontinuedOperationEquityMethodInvestmentRetainedAfterDisposalOwnershipInterestPriorToDisposal_dp_c20200901__20200930__dei--LegalEntityAxis__custom--AAWCCorporationMember_zBgz6ptuFml9" title="Ownership interest prior to disposal">100</span>% of the issued share capital of its sole subsidiary company, AAWC Corporation., to an unrelated third party for a $<span id="xdx_90F_eus-gaap--RepaymentsOfRelatedPartyDebt_pp0p0_c20200901__20200930__dei--LegalEntityAxis__custom--AAWCCorporationMember_zHd8XTHh3dkd" title="Payment to related party">1,000</span> payment made to the purchaser to assume ownership of the subsidiary company with outstanding liabilities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white"><i>Reverse Stock Split</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">Effective December 29, 2020, we completed a <span id="xdx_904_eus-gaap--StockholdersEquityReverseStockSplit_c20201201__20201229_zVAEzsmjS0dg" title="Reverse stock split">2,000:1 reverse stock split</span>. All numbers of our common shares disclosed as issued and outstanding in this Form 10-Q have been retrospectively restated to reflect the impact of the reverse split. Effective December 29, 2020, our trading symbol changed from AAWC to CSTC.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white"><i>Name Change and Subsequent Change in Trading Symbol</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="background-color: white">On May 10, 2021, the Company, filed a Certificate of Amendment to its Certificate of Incorporation (the “Amendment”), which was corrected on May 11, 2021, with the Secretary of State of the State of Delaware to change the Company’s name to “Global Innovative Platforms Inc.” (the “Name Change”). The Amendment became effective on May 20, 2021. On May 10, 2021, the Company filed notification of the Name Change (the “Notification”) with the Financial Industry Regulatory Authority (“FINRA”). In the Notification, the Company requested FINRA to authorize a new trading symbol for the Common Stock. On September 9, 2021, FINRA processed the Name Change and provided a new trading symbol, “GIPL”, with a market effective date of September 13, 2021. The new CUSIP is 37960M101.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="background-color: white">We have not commenced operations as yet and consequently have not been directly impacted by the COVID-19 outbreak at this time. However, the detrimental effect of the COVID-19 outbreak on the economy as a whole may have a detrimental impact on our ability to raise funding and identify an entity to merge with for the foreseeable future. We are unable to predict with any certainty the ultimate impact COVID-19 outbreak on our plans at this time.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> 1 1000 2,000:1 reverse stock split <p id="xdx_804_eus-gaap--SubstantialDoubtAboutGoingConcernTextBlock_zDWx7a2IS1P6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white"><b>NOTE 2. <span id="xdx_820_zQvNV3dhhqx2">GOING CONCERN</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">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 $<span id="xdx_90A_eus-gaap--ProfitLoss_c20221001__20221231_zGayPaLFHRd4" title="Loss">87,177</span> in the three months ended December 31, 2022, and had a shareholders’ deficit of $<span id="xdx_901_eus-gaap--StockholdersEquity_iNI_pp0p0_di_c20221231_zIUPIigOsQde" title="Total Equity">169,880</span> as of December 31, 2022. 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> 87177 -169880 <p id="xdx_804_eus-gaap--SignificantAccountingPoliciesTextBlock_zb5JPxHT1HL6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white"><b>NOTE 3. <span id="xdx_82F_zY596GKRYopi">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p id="xdx_84C_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_zo4MtKZLmUd7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white"><b><span id="xdx_862_zj9Cxp5C99v3">Basis of Presentation</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="background-color: white">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p id="xdx_84B_eus-gaap--UseOfEstimates_zumQweELHBb4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white"><b><span id="xdx_864_zpNqkpSzz2Z6">Use of Estimates</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p id="xdx_84D_eus-gaap--CashAndCashEquivalentsPolicyTextBlock_zQOcDaadQS2f" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white"><b><span id="xdx_86C_zGdqnMLQeAt2">Cash and Cash Equivalents</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">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, 2022, our cash balance was $<span id="xdx_904_eus-gaap--CashEquivalentsAtCarryingValue_iI_pp0p0_c20221231_zIxO8mzo6Il7" title="Cash equivalents">64,403</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p id="xdx_848_eus-gaap--FairValueMeasurementPolicyPolicyTextBlock_zCGyGGYvkIc6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white"><b><span id="xdx_86E_zZ37VAWjgv3e">Fair Value Measurements</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">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:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p id="xdx_845_ecustom--RelatedPartyTransactionsPolicyTextBlock_zAufbTLgjDHl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white"><b><span id="xdx_86A_zTO4cUHsjv29">Related Party Transactions</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p id="xdx_849_eus-gaap--PropertyPlantAndEquipmentPolicyTextBlock_zUbynTtGbJ3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white"><b><span id="xdx_865_zoXxT6zIlyGk">Fixed Assets</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">We owned <span id="xdx_90A_eus-gaap--PropertyPlantAndEquipmentNet_iI_pp0p0_do_c20221231_zi6EgLfuxGdj" title="Fixed assets">no</span> fixed assets as of December 31, 2022.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p id="xdx_84E_eus-gaap--LesseeLeasesPolicyTextBlock_z2ir8PID24l" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white"><b><span id="xdx_860_zuHgGZcStOf6">Leases</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">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 exclude lease incentives. Lease expense for lease payment is recognized on a straight-line basis over the lease term.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">We were not party to any lease transactions during the three months ended December 31, 2021 or December 31, 2020.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p id="xdx_84E_eus-gaap--IncomeTaxPolicyTextBlock_zbzH1UlO2JE9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white"><b><span id="xdx_865_zxBP2MIgPb9f">Income Taxes</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p id="xdx_840_eus-gaap--IncomeTaxUncertaintiesPolicy_za2NQehlJB57" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white"><b><span id="xdx_865_ztI1bxngabM2">Uncertain Tax Positions</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p id="xdx_843_eus-gaap--RevenueRecognitionPolicyTextBlock_zk4IlalHQIF5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white"><b><span id="xdx_86D_zkIiypVYl1Ji">Revenue Recognition</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">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:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">Step 1: Identify the contract(s) with customers</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">Step 2: Identify the performance obligations in the contract</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">Step 3: Determine the transaction price</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">Step 4: Allocate the transaction price to performance obligations</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">Step 5: Recognize revenue when the entity satisfies a performance obligation</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">During the three months ended December 31, 2022, or December 31, 2021, we did <span id="xdx_905_eus-gaap--Revenues_pp0p0_do_c20221001__20221231_zucLa4ooef5k" title="Revenue"><span id="xdx_90D_eus-gaap--Revenues_pp0p0_do_c20211001__20211230_zKKlBAGnfI91" title="Revenue">no</span></span>t recognize any revenue.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p id="xdx_84E_eus-gaap--AdvertisingCostsPolicyTextBlock_zian8B7kZ3F5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white"><b><span id="xdx_864_zdskKoTEmZs">Advertising Costs</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">We expense advertising costs when advertisements occur. <span id="xdx_907_eus-gaap--AdvertisingExpense_pp0p0_do_c20221001__20221231_zefDFfAzKKB5" title="Advertising costs"><span id="xdx_90E_eus-gaap--AdvertisingExpense_pp0p0_do_c20211001__20211230_zEBUDQF3zKQ5" title="Advertising costs">No</span></span> advertising costs were incurred during the three months ended December 31, 2022, or December 31, 2021.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p id="xdx_84E_eus-gaap--CompensationRelatedCostsPolicyTextBlock_zAKwwyCeUakk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white"><b><span id="xdx_864_zXCF2WA0YRzg">Stock Based Compensation</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p id="xdx_84D_eus-gaap--EarningsPerSharePolicyTextBlock_z29j4VGBRxx8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white"><b><span id="xdx_868_zimQf8vZwOT3">Net Loss per Share Calculation</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white"><span id="xdx_90E_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_do_c20221001__20221231_z8OmXdeoduOl" title="Antidilutive securities"><span id="xdx_90C_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_do_c20211001__20211230_zHjrWg8fzHqf" title="Antidilutive securities">No</span></span> potentially dilutive debt or equity instruments were issued or outstanding during the three months ended December 31, 2022, or December 31, 2021.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p id="xdx_846_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zvk9lZibmgji" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white"><b><span id="xdx_864_zJ9Iv71VLOpi">Recently Accounting Pronouncements</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p id="xdx_84C_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_zo4MtKZLmUd7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white"><b><span id="xdx_862_zj9Cxp5C99v3">Basis of Presentation</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="background-color: white">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p id="xdx_84B_eus-gaap--UseOfEstimates_zumQweELHBb4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white"><b><span id="xdx_864_zpNqkpSzz2Z6">Use of Estimates</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p id="xdx_84D_eus-gaap--CashAndCashEquivalentsPolicyTextBlock_zQOcDaadQS2f" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white"><b><span id="xdx_86C_zGdqnMLQeAt2">Cash and Cash Equivalents</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">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, 2022, our cash balance was $<span id="xdx_904_eus-gaap--CashEquivalentsAtCarryingValue_iI_pp0p0_c20221231_zIxO8mzo6Il7" title="Cash equivalents">64,403</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> 64403 <p id="xdx_848_eus-gaap--FairValueMeasurementPolicyPolicyTextBlock_zCGyGGYvkIc6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white"><b><span id="xdx_86E_zZ37VAWjgv3e">Fair Value Measurements</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">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:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p id="xdx_845_ecustom--RelatedPartyTransactionsPolicyTextBlock_zAufbTLgjDHl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white"><b><span id="xdx_86A_zTO4cUHsjv29">Related Party Transactions</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p id="xdx_849_eus-gaap--PropertyPlantAndEquipmentPolicyTextBlock_zUbynTtGbJ3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white"><b><span id="xdx_865_zoXxT6zIlyGk">Fixed Assets</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">We owned <span id="xdx_90A_eus-gaap--PropertyPlantAndEquipmentNet_iI_pp0p0_do_c20221231_zi6EgLfuxGdj" title="Fixed assets">no</span> fixed assets as of December 31, 2022.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> 0 <p id="xdx_84E_eus-gaap--LesseeLeasesPolicyTextBlock_z2ir8PID24l" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white"><b><span id="xdx_860_zuHgGZcStOf6">Leases</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">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 exclude lease incentives. Lease expense for lease payment is recognized on a straight-line basis over the lease term.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">We were not party to any lease transactions during the three months ended December 31, 2021 or December 31, 2020.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p id="xdx_84E_eus-gaap--IncomeTaxPolicyTextBlock_zbzH1UlO2JE9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white"><b><span id="xdx_865_zxBP2MIgPb9f">Income Taxes</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p id="xdx_840_eus-gaap--IncomeTaxUncertaintiesPolicy_za2NQehlJB57" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white"><b><span id="xdx_865_ztI1bxngabM2">Uncertain Tax Positions</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p id="xdx_843_eus-gaap--RevenueRecognitionPolicyTextBlock_zk4IlalHQIF5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white"><b><span id="xdx_86D_zkIiypVYl1Ji">Revenue Recognition</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">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:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">Step 1: Identify the contract(s) with customers</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">Step 2: Identify the performance obligations in the contract</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">Step 3: Determine the transaction price</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">Step 4: Allocate the transaction price to performance obligations</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">Step 5: Recognize revenue when the entity satisfies a performance obligation</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">During the three months ended December 31, 2022, or December 31, 2021, we did <span id="xdx_905_eus-gaap--Revenues_pp0p0_do_c20221001__20221231_zucLa4ooef5k" title="Revenue"><span id="xdx_90D_eus-gaap--Revenues_pp0p0_do_c20211001__20211230_zKKlBAGnfI91" title="Revenue">no</span></span>t recognize any revenue.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> 0 0 <p id="xdx_84E_eus-gaap--AdvertisingCostsPolicyTextBlock_zian8B7kZ3F5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white"><b><span id="xdx_864_zdskKoTEmZs">Advertising Costs</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">We expense advertising costs when advertisements occur. <span id="xdx_907_eus-gaap--AdvertisingExpense_pp0p0_do_c20221001__20221231_zefDFfAzKKB5" title="Advertising costs"><span id="xdx_90E_eus-gaap--AdvertisingExpense_pp0p0_do_c20211001__20211230_zEBUDQF3zKQ5" title="Advertising costs">No</span></span> advertising costs were incurred during the three months ended December 31, 2022, or December 31, 2021.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> 0 0 <p id="xdx_84E_eus-gaap--CompensationRelatedCostsPolicyTextBlock_zAKwwyCeUakk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white"><b><span id="xdx_864_zXCF2WA0YRzg">Stock Based Compensation</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p id="xdx_84D_eus-gaap--EarningsPerSharePolicyTextBlock_z29j4VGBRxx8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white"><b><span id="xdx_868_zimQf8vZwOT3">Net Loss per Share Calculation</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white"><span id="xdx_90E_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_do_c20221001__20221231_z8OmXdeoduOl" title="Antidilutive securities"><span id="xdx_90C_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_do_c20211001__20211230_zHjrWg8fzHqf" title="Antidilutive securities">No</span></span> potentially dilutive debt or equity instruments were issued or outstanding during the three months ended December 31, 2022, or December 31, 2021.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> 0 0 <p id="xdx_846_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zvk9lZibmgji" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white"><b><span id="xdx_864_zJ9Iv71VLOpi">Recently Accounting Pronouncements</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p id="xdx_80A_eus-gaap--RelatedPartyTransactionsDisclosureTextBlock_z9eoVpubKIP" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white"><b>NOTE 4. <span id="xdx_82C_zNrSEGklMqwd">ACCRUALS - RELATED PARTIES</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">During the year ended September 30, 2021, we settled a balance of $<span id="xdx_90E_eus-gaap--AccruedBonusesCurrent_iI_c20210930_zVGD5vyJYKc1" title="Accrued compensation">17,500</span> of accrued compensation which had been due to our chief financial officer, director, and principal shareholder. This amount was settled as part of a change in control on March 31, 2021.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> 17500 <p id="xdx_80B_eus-gaap--MortgageNotesPayableDisclosureTextBlock_z89ofa8Qfbuf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white"><b>NOTE 5. <span><span id="xdx_82F_zAKvpBYl3s2e">LOAN PAYABLE – RELATED PARTY</span></span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">As of December 31, 2022 and September 30, 2022, we owed $<span id="xdx_90A_eus-gaap--NotesAndLoansPayableCurrent_iI_pp0p0_c20221231_z0FGrTJf77Kf" title="Loan payable related party">225,313</span> and $<span id="xdx_90F_eus-gaap--NotesAndLoansPayableCurrent_iI_pp0p0_c20220930_z0S4ONIwOXuh" title="Loan payable related party">125,460</span> to principal shareholders by way of loans to finance our working capital requirements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">The loans are unsecured, interest free and due on demand.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> 225313 125460 <p id="xdx_80E_eus-gaap--IncomeTaxDisclosureTextBlock_zAxoIdOR0Bz4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white"><b>NOTE 7. <span id="xdx_82F_zNPbC5yvMOOd">INCOME TAXES</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">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 <span id="xdx_904_ecustom--FederalCorporateTaxRate_dp_c20221001__20221231__srt--RangeAxis__srt--MaximumMember_zZnU0mftgmq8" title="Federal corporate tax rate">34</span>% to<span id="xdx_900_ecustom--FederalCorporateTaxRate_dp_c20221001__20221231__srt--RangeAxis__srt--MinimumMember_zvT1fEUOvqc7" title="Federal corporate tax rate"> 21</span>%, 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">We did not provide any current or deferred US federal income tax provision or benefit during the three months ended December 31, 2022, or December 31, 2021 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">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, 2022, or December 31, 2021 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">The sources and tax effects of the differences for the periods presented are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" id="xdx_892_eus-gaap--ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock_z7x4OT9isAQ1" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - INCOME TAXES (Details)"> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt"><span id="xdx_8B4_z6u0A4ZueTOg" style="display: none">Schedule of effective income tax rate reconciliation</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">Three Months Ended December 31, 2022</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">Three Months Ended December 31, 2021</td></tr> <tr style="vertical-align: bottom"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt"> </td><td> </td> <td colspan="3" style="text-align: center"> </td><td> </td> <td colspan="3" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; width: 56%; text-align: left; text-indent: -10pt">Statutory U.S. Federal Income Tax Rate</td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right"><span id="xdx_90D_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_dp_c20221001__20221231_z8BjVGk5BUp3" title="Statutory U.S. Federal Income Tax Rate">21</span></td><td style="width: 1%; text-align: left">%</td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right"><span id="xdx_90C_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_dp_c20211001__20211231_z3OKV0u0nxo1" title="Statutory U.S. Federal Income Tax Rate">21</span></td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">State Income Taxes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_904_eus-gaap--EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes_dp_c20221001__20221231_zRbAHJkq7mRb" title="State Income Taxes">5</span></td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90D_eus-gaap--EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes_dp_c20211001__20211231_zhtV5uSOi4pf" title="State Income Taxes">5</span></td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Change in Valuation Allowance</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_903_eus-gaap--EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance_dp_c20221001__20221231_z9cpuGA889C" title="Change in Valuation Allowance">(26</span></td><td style="padding-bottom: 1pt; text-align: left">)%</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_90D_eus-gaap--EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance_dp_c20211001__20211231_zhIv3CH6L3y" title="Change in Valuation Allowance">(26</span></td><td style="padding-bottom: 1pt; text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Effective Income Tax Rate</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_90D_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_dp_c20221001__20221231_zohz1cYqEmf" title="Effective Income Tax Rate">0</span></td><td style="padding-bottom: 2.5pt; text-align: left">%</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_906_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_dp_c20211001__20211231_zI86NEBbZ1Fi" title="Effective Income Tax Rate">0</span></td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <p id="xdx_8A9_zeGyoBoMf9X1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">A reconciliation of the income taxes computed at the statutory rate is as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" id="xdx_893_eus-gaap--ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock_z7MTVmXuJJz3" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - INCOME TAXES (Details 1)"> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-top: 0pt; padding-right: 0pt; padding-left: 10pt; text-align: left; text-indent: -10pt"><span id="xdx_8B7_zOyE2G75luug"><span id="xdx_8B2_zMVXYbkNh7p4" style="display: none">Schedule of deferred tax assets</span></span></td><td> </td> <td style="text-align: left"> </td><td id="xdx_491_20221001__20221231_z3cy1esh7KUl" style="text-align: center"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_493_20211001__20211231_z3lLoTCPUvci" style="text-align: center"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">Three Months Ended December 31, 2022</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">Three Months Ended December 31, 2021</td></tr> <tr id="xdx_403_eus-gaap--IncomeTaxReconciliationTaxCredits_pp0p0_ziYoyOcWuen9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; width: 56%; text-align: left; text-indent: -10pt">Tax credit (expense) at statutory rate (26%)</td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">22,663</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">1,695</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance_i_pp0p0" style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Increase in valuation allowance</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(22,663</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,695</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_406_eus-gaap--ValuationAllowanceDeferredTaxAssetChangeInAmount_d0_zNe2LBXRBFPf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Net deferred tax assets</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8AF_zmSbZpfXhWNh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">As of December 31, 2022, the Company had a federal net operating loss carryforward of approximately $<span id="xdx_903_eus-gaap--OperatingLossCarryforwards_iI_pp0p0_c20221231_zI2smxngNZZd" title="Operating loss carryforward">170,000</span>. The federal net operating loss carryforward do 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">The Company’s 2021 and income tax return for the period from September 15, 2020 (Inception) to September 30, 2020 are currently open to audit by federal and state jurisdictions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> 0.34 0.21 <table cellpadding="0" cellspacing="0" id="xdx_892_eus-gaap--ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock_z7x4OT9isAQ1" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - INCOME TAXES (Details)"> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt"><span id="xdx_8B4_z6u0A4ZueTOg" style="display: none">Schedule of effective income tax rate reconciliation</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">Three Months Ended December 31, 2022</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">Three Months Ended December 31, 2021</td></tr> <tr style="vertical-align: bottom"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt"> </td><td> </td> <td colspan="3" style="text-align: center"> </td><td> </td> <td colspan="3" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; width: 56%; text-align: left; text-indent: -10pt">Statutory U.S. Federal Income Tax Rate</td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right"><span id="xdx_90D_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_dp_c20221001__20221231_z8BjVGk5BUp3" title="Statutory U.S. Federal Income Tax Rate">21</span></td><td style="width: 1%; text-align: left">%</td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right"><span id="xdx_90C_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_dp_c20211001__20211231_z3OKV0u0nxo1" title="Statutory U.S. Federal Income Tax Rate">21</span></td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">State Income Taxes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_904_eus-gaap--EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes_dp_c20221001__20221231_zRbAHJkq7mRb" title="State Income Taxes">5</span></td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90D_eus-gaap--EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes_dp_c20211001__20211231_zhtV5uSOi4pf" title="State Income Taxes">5</span></td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Change in Valuation Allowance</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_903_eus-gaap--EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance_dp_c20221001__20221231_z9cpuGA889C" title="Change in Valuation Allowance">(26</span></td><td style="padding-bottom: 1pt; text-align: left">)%</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_90D_eus-gaap--EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance_dp_c20211001__20211231_zhIv3CH6L3y" title="Change in Valuation Allowance">(26</span></td><td style="padding-bottom: 1pt; text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Effective Income Tax Rate</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_90D_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_dp_c20221001__20221231_zohz1cYqEmf" title="Effective Income Tax Rate">0</span></td><td style="padding-bottom: 2.5pt; text-align: left">%</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_906_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_dp_c20211001__20211231_zI86NEBbZ1Fi" title="Effective Income Tax Rate">0</span></td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> 0.21 0.21 0.05 0.05 -0.26 -0.26 0 0 <table cellpadding="0" cellspacing="0" id="xdx_893_eus-gaap--ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock_z7MTVmXuJJz3" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - INCOME TAXES (Details 1)"> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-top: 0pt; padding-right: 0pt; padding-left: 10pt; text-align: left; text-indent: -10pt"><span id="xdx_8B7_zOyE2G75luug"><span id="xdx_8B2_zMVXYbkNh7p4" style="display: none">Schedule of deferred tax assets</span></span></td><td> </td> <td style="text-align: left"> </td><td id="xdx_491_20221001__20221231_z3cy1esh7KUl" style="text-align: center"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_493_20211001__20211231_z3lLoTCPUvci" style="text-align: center"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">Three Months Ended December 31, 2022</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">Three Months Ended December 31, 2021</td></tr> <tr id="xdx_403_eus-gaap--IncomeTaxReconciliationTaxCredits_pp0p0_ziYoyOcWuen9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; width: 56%; text-align: left; text-indent: -10pt">Tax credit (expense) at statutory rate (26%)</td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">22,663</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">1,695</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance_i_pp0p0" style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Increase in valuation allowance</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(22,663</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,695</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_406_eus-gaap--ValuationAllowanceDeferredTaxAssetChangeInAmount_d0_zNe2LBXRBFPf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Net deferred tax assets</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 22663 1695 -22663 -1695 0 0 170000 <p id="xdx_802_eus-gaap--CommitmentsAndContingenciesDisclosureTextBlock_zgN7QaeY2ZOk" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="background-color: white"><b>NOTE 8. <span id="xdx_82E_zcrRp5JKopUf">COMMITMENTS &amp; CONTINGENCIES</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white"><b>Legal Proceedings</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">We were not subject to any legal proceedings during the three months ended December 31, 2022 or December 31, 2021 and, to the best of our knowledge, no legal proceedings are pending or threatened.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white"><b>Contractual Obligations</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">We are not party to any contractual obligations at this time.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p id="xdx_809_eus-gaap--StockholdersEquityNoteDisclosureTextBlock_zY9I27HHQbI6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white"><b>NOTE 9. <span><span id="xdx_825_z0bBP2Xxbr01">SHAREHOLDERS’ DEFICIT</span></span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white"><b>Preferred Stock</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">As of December 31, 2022, we were authorized to issue <span id="xdx_902_eus-gaap--PreferredStockSharesAuthorized_iI_c20221231_zkFnoSVEF9Id" title="Preferred stock, shares authorized"><span id="xdx_90F_eus-gaap--PreferredStockSharesAuthorized_iI_c20220930_zAawjPOhRcck" title="Preferred stock, shares authorized">10,000,000</span></span> shares of preferred stock with a par value of $<span id="xdx_907_eus-gaap--PreferredStockParOrStatedValuePerShare_iI_c20221231_zYWWtftzP4Ic" title="Preferred stock, par value"><span id="xdx_901_eus-gaap--PreferredStockParOrStatedValuePerShare_iI_c20220930_z5U2K3RLECi6" title="Preferred stock, par value">0.0001</span></span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white"><span id="xdx_905_eus-gaap--PreferredStockSharesIssued_iI_do_c20221231_zUCHUzbGNAPe" title="Preferred stock, shares issued"><span id="xdx_906_eus-gaap--PreferredStockSharesOutstanding_iI_do_c20221231_zBwQSKwyG9q" title="Preferred stock, shares outstanding"><span id="xdx_90C_eus-gaap--PreferredStockSharesIssued_iI_do_c20220930_zQAWCzAFKGsl" title="Preferred stock, shares issued"><span id="xdx_908_eus-gaap--PreferredStockSharesOutstanding_iI_do_c20220930_zyO4vjpIaGzg" title="Preferred stock, shares outstanding">No</span></span></span></span> shares of preferred stock were issued and outstanding during the three months ended December 31, 2022 or as of September 30, 2022.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">No series of preferred stock or rights for preferred stock had been designated at December 31, 2022.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white"><b>Common Stock</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">As of December 31, 2022, we were authorized to issue <span id="xdx_90A_eus-gaap--CommonStockSharesAuthorized_iI_c20221231_zUPH2EzFCNc5" title="Common stock, shares authorized"><span id="xdx_909_eus-gaap--CommonStockSharesAuthorized_iI_c20220930_zjwkkZsFaIEk" title="Common stock, shares authorized">1,990,000,000</span></span> shares of common stock with a par value of $<span id="xdx_902_eus-gaap--CommonStockParOrStatedValuePerShare_iI_c20221231_z0hKjeT0GsZh" title="Common stock, par value"><span id="xdx_907_eus-gaap--CommonStockParOrStatedValuePerShare_iI_c20220930_ziDPrbB9inef" title="Common stock, par value">0.0001</span></span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">As of September 15, 2020, the effective date of the reverse recapitalization, <span id="xdx_900_eus-gaap--CommonStockSharesIssued_iI_c20221231_zlK8WasGU0G6" title="Common stock, shares issued"><span id="xdx_907_eus-gaap--CommonStockSharesOutstanding_iI_c20221231_za97ARPZ7jeb" title="Common stock, shares outstanding"><span id="xdx_904_eus-gaap--CommonStockSharesIssued_iI_c20220930_zOKQo7VzMbrh" title="Common stock, shares issued"><span id="xdx_907_eus-gaap--CommonStockSharesOutstanding_iI_c20220930_zIQ7fvfjRkbi" title="Common stock, shares outstanding">619,085</span></span></span></span> shares of common stock were issued and outstanding in our predecessor company with a total par value of $<span id="xdx_90C_ecustom--CommonStockReverseSplit_iI_pp0p0_c20200915_zju67mspuTL2" title="Common stock reverse split">62</span> and negative balance of additional paid in capital totaling $<span id="xdx_900_eus-gaap--AdditionalPaidInCapital_iI_pp0p0_c20200915_zkVXm1CM2jt3" title="Additional paid in capital">(15,550</span>).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="background-color: white">As of September 30, 2022, and as of December 31, 2022, <span id="xdx_902_eus-gaap--CommonStockSharesIssued_iI_c20221231_ztdKU7XWBXY2" title="Common stock, shares issued"><span id="xdx_901_eus-gaap--CommonStockSharesOutstanding_iI_c20221231_zqW8oGMxIrJe" title="Common stock, shares outstanding"><span id="xdx_904_eus-gaap--CommonStockSharesIssued_iI_c20220930_zV541StH3ec5" title="Common stock, shares issued"><span id="xdx_90D_eus-gaap--CommonStockSharesOutstanding_iI_c20220930_zJG0JNRxgtXl" title="Common stock, shares outstanding">619,085</span></span></span></span> shares of common stock were issued and outstanding.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="background-color: white"><span id="xdx_90D_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_do_c20221001__20221231_zDRo9sJH8Nl4" title="Number of common stock shares issued">No</span> shares of common stock were issued during the three months ended December 31, 2022.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">Effective December 29, 2020 we completed a <span id="xdx_90C_eus-gaap--StockholdersEquityReverseStockSplit_c20201201__20201229" title="Reverse stock split">2,000:1 reverse stock split</span>. All numbers of our common shares disclosed as issued and outstanding in this Form 10Q have been retrospectively restated to reflect the impact of the reverse split.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white"><b>Warrants</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white"><span id="xdx_90B_eus-gaap--ClassOfWarrantOrRightUnissued_iI_do_c20221231_zwn3z1RH7A5i" title="Warrant issued"><span id="xdx_909_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_do_c20221231_z1fV25nFHou" title="Warrant Outstanding"><span id="xdx_90B_eus-gaap--ClassOfWarrantOrRightUnissued_iI_do_c20211231_zNIdtqTkNPzi" title="Warrant issued"><span id="xdx_905_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_do_c20211231_zXNzDuC3TeAk" title="Warrant Outstanding">No</span></span></span></span> warrants were issued or outstanding during the three months ended December 31, 2022 or 2021.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white"><b>Stock Options</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="background-color: white">We currently have no stock option plan.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white"><span id="xdx_904_ecustom--StockOptionIssued_iI_do_c20221231_z6toa8CeQiV" title="Stock option issued"><span id="xdx_900_ecustom--StockOptionOutstanding_iI_do_c20221231_zDcBahgoRkO1" title="Stock option outstanding"><span id="xdx_908_ecustom--StockOptionIssued_iI_do_c20211231_zABponGvew62" title="Stock option issued"><span id="xdx_90B_ecustom--StockOptionOutstanding_iI_do_c20211231_zpNCieZlkiGe" title="Stock option outstanding">No</span></span></span></span> stock options were issued or outstanding during the three months ended December 31, 2022 or 2021.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> 10000000 10000000 0.0001 0.0001 0 0 0 0 1990000000 1990000000 0.0001 0.0001 619085 619085 619085 619085 62 -15550 619085 619085 619085 619085 0 2,000:1 reverse stock split 0 0 0 0 0 0 0 0 <p id="xdx_801_eus-gaap--SubsequentEventsTextBlock_znS5uXQ2bele" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white"><b>NOTE 10. <span id="xdx_821_zZFBl0XsiuS6">SUBSEQUENT EVENTS</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">The Company evaluated subsequent events after December 31, 2022, 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 other than as described below:</span></p> EXCEL 36 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx M4$L#!!0 ( +&*%U<'04UB@0 +$ 0 9&]C4')O<',O87!P+GAM M;$V./0L",1!$_\IQO;=!P4)B0-!2L+(/>QLOD&1#LD)^OCG!CVX>;QA&WPIG M*N*I#BV&5(_C(I(/ !47BK9.7:=N')=HI6-Y #OGDK7A.YNJQ<&4GPZ4A!0W_J=0U[R;UEA_6\#MI7E!+ P04 M " "QBA=7L2=J+NT K @ $0 &1O8U!R;W!S+V-O&ULS9+! 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