U.S. UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form FORM 10-Q

 

Mark One

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended November 30, 2017March 31, 2024

 

[  ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from ______ to _____________

 

Commission File No. file number 333-214075

 

MOVEIX INC

(Exact name of registrant as specified in its charter)

 

Nevada3790EIN 35-2567439
(State or Other Jurisdiction of Incorporation or Organization)(Primary Standard Industrial Classification Number)

(IRS Employer

Nevada

(State or other jurisdiction of incorporation)

Identification Number)

 

STRADA VERONICA MICLE 15 BL.1735-2567439

SC A ET 1 ATP 6(IRS Employer Identification No.)

SUCEAVA S5 720217

403163043304800 N. Scottsdale Road, Suite 550Scottsdale, Arizona85251

503-536-0997

(Address and telephone number of principalregistrant’s executive offices)office)

Securities registered pursuant to Section 12(b) of the Act: None.

 

Indicate by checkmark whether the issuer: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act 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 such filing requirements for the past 90 days. Yes [X] No[  ] ☒   No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of 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 filed, an accelerated filer, a non-accelerated filer, or a smaller reporting company.

 

Large accelerated filer []Accelerated filer []
Non-accelerated filer []Smaller reporting company [X]
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 pursuant to Section 13(a) of the Exchange Act.

Indicate by checkmark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes[  ] ☒   No [X]

Applicable Only to Issuer Involved in Bankruptcy Proceedings During the Preceding Five Years.

N/A

Indicate by checkmark whether the issuer has filed all documents and reports required to be filed by Section 12, 13 and 15(d) of the Securities Exchange Act of 1934 after the distribution of securities under a plan confirmed by a court. Yes [  ] No [X]

Applicable Only to Corporate Registrants

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the most practicable date:

 

ClassOutstanding as November 30, 2017
Common Stock: $0.0016,220,000

The number of shares outstanding of the registrant’s common stock as of May 1, 2024 was 87,230,654 shares.

 

 

 

 

PART 1FINANCIAL INFORMATION
Item 1Financial Statements (Unaudited)
Condensed Balance Sheets3
Condensed Statements of Operations4
Condensed Statements of Cash Flows5
Notes to condensed unaudited Financial Statements6
Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations10
Item 3.Quantitative and Qualitative Disclosures About Market Risk12
Item 4.Controls and Procedures13
PART II.OTHER INFORMATION14
Item 1Legal Proceedings14
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds14
Item 3Defaults Upon Senior Securities14
Item 4Mine safety disclosures14
Item 5Other Information14
Item 6Exhibits14
Signatures15

2

 

 

MOVEIX INC.

CONDENSED BALANCE SHEETS

 

November 30, 2017

(unaudited)

  

May 31, 2017

 
ASSETS      
Current Assets        
Checking Account $14,271  $- 
Inventory  -   480 
Other current assets  -   918 
Total Current Assets  14,271   1,398 
         
Fixed Assets        
Website development and maintenance  5,600   - 
Total Fixed Assets  5,600   - 
         
Total Assets $19,871  $1,398 
         
LIABILITIES AND STOCKHOLDERS’ DEFICIT        
Liabilities        
Current Liabilities        
Loan from director  10,216   10,116 

Accounts Payable

  

800

     
         
Total Liabilities  11,016   10,116 
         
Stockholders’ Deficit        
Common stock, par value $0.001; 75,000,000 shares authorized, 6,220,000 and 4,000,000 shares issued and outstanding respectively:  6,220   4,000 
Additional paid-in Capital  19,980     
Accumulated deficit  (17,344)  (12,718)
Total Stockholders’ Deficit  8,856   (8,718)
         
Total Liabilities and Stockholders’ Deficit $19,871  $1,398 

See accompanying notes to the condensed financial statements.

 

TABLE OF CONTENTS

Page
PART IFinancial information1
Item 1Financial statements (unaudited)1
Item 2Management’s discussion and analysis of financial condition and results of operations9
Item 3Quantitative and qualitative disclosures about market risk11
Item 4Controls and procedures11
PART IIOther Information12
Item 1Legal proceedings12
Item 2Unregistered sales of equity securities and use of proceeds12
Item 3Defaults upon senior securities12
Item 4Mine safety disclosures12
Item 5Other information12
Item 6Exhibits13
Signatures14

i

 

 

MOVEIX INC.PART I FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS (UNAUDITED)

MOVEIX

CONDENSED BALANCE SHEETS

(Unaudited)

         
  March 31,  December 31, 
  2024  2023 
  (Unaudited)    
ASSETS        
Prepaid expenses $-  $5,500 
Total Assets $-  $5,500 
         
LIABILITIES & STOCKHOLDERS’ DEFICIT        
Accounts payable $-  $- 
Notes payable-related party  146,461   114,465 
Total current liabilities  146,461   114,465 
Total liabilities  146,461   114,465 
         
Commitments and Contingencies  -   - 
         
Stockholders’ Equity        
Preferred stock, par value $0.001, 10,000,000 shares authorized, 10,000,000 issued and outstanding as of March 31, 2024 and December 31, 2023  10,000   10,000 
Common stock, par value $0.001, 200,000,000 shares authorized, 87,230,654 issued and outstanding as of March 31, 2024 and December 31, 2023  87,231   87,231 
Additional paid in capital  215,218   215,218 
Accumulated deficit  (458,910)  (421,414)
Total Stockholders’ (Deficit)  (146,461)  (108,965)
Total Liabilities and Stockholders’ (Equity) $-  $5,500 

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


MOVEIX

CONDENSED STATEMENTS OF OPERATIONS

FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND MARCH 31, 2023

(Unaudited)

 

  Three months
ended
November 30, 2017
(unaudited)
  Three months ended
November 30, 2016
(unaudited)
  Six months
ended
November 30, 2017
(unaudited)
  Six months
ended
November 30, 2016
(unaudited)
 
REVENUES                

Sales (Scooters)

 $-  $-  $3,000  $- 
COGS  -   -   1,398   - 
Gross Profit  -   -   1,602   - 
                 
General and Administrative Expenses  3,999   1,949   6,229   5,814 
OPERATING EXPENSES  3,999   1,949   6,229   5,814 
                 
TOTAL OPERATING EXPENSES  3,999   1,949   6,229   5,814 
                 
NET LOSS FROM OPERATIONS  (3,999)  (1,949)  (4,627)  (5,814)
                 
PROVISION FOR INCOME TAXES  -   -   -   - 
                 
NET LOSS $(3,999) $(1,949) $(4,627) $(5,814)
                 
NET LOSS PER SHARE: BASIC AND DILUTED $(0.00) $(0.00) $(0.00) $(0.00)
                 
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED  4,599,840   4,000,000   5,093,670   4,000,000 
         
  Three Months Ended
March 31,
2024
  Three Months Ended
March 31,
2023
 
Revenue $-  $- 
         
Operating Expenses:        
Administrative expenses-related party  37,496   25,000 
Total operating expenses  37,496   25,000 
(Loss) from operations  (37,496)  (25,000)
Other expense        
Other (expense) net  -   - 
Loss before provision for income taxes  (37,496)  (25,000)
Provision for income taxes  -   - 
Net (Loss) $(37,496) $(25,000)
         
Basic and diluted (loss) per common share $(0.00) $(0.00)
         
Weighted average number of shares outstanding  87,230,654   87,230,654 

 

SeeThe accompanying notes to theare an integral part of these unaudited condensed financial statements.


MOVEIX

CONDENSED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND MARCH 31, 2023

(Unaudited)

 

4
                             
  Preferred stock  Common Stock  Paid-in  Accumulated  Stockholders’ 
  Shares  Value  Shares  Value  Capital  Deficit  Equity 
Balance, December 31, 2022  10,000,000  $10,000   87,230,654  $87,231  $215,218  $(369,504) $(57,055)
                             
Net loss      -       -   -   (25,000)  (25,000)
                             
Balance, March 31, 2023  10,000,000  $10,000   87,230,654  $87,231  $215,218  $(394,504) $(82,055)

 

  Preferred stock  Common Stock  Paid-in  Accumulated  Stockholders’ 
  Shares  Value  Shares  Value  Capital  Deficit  Equity 
Balance, December 31, 2023  10,000,000  $10,000   87,230,654  $87,231  $215,218  $(421,414) $(108,965)
                             
Net loss      -       -   -   (37,496)  (37,496)
                             
Balance, March 31, 2024  10,000,000  $10,000   87,230,654  $87,231  $215,218  $(458,910) $(146,461)

 

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


MOVEIX INC.

CONDENSED STATEMENTS OF CASH FLOWS

FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND MARCH 31, 2023

(Unaudited)

 

  

For the six
months
ended
November 30, 2017

(unaudited)

  

For the six
months

ended
November 30, 2016

(unaudited)

 
CASH FLOWS FROM OPERATING ACTIVITIES        
Net loss for the period $(4,627) $(5,814)
Changes in assets and liabilities:        
Expenses and deposits paid by officer for Subscription receivable  -   6,390 
Deposit for Inventory  1,398   (600)
Prepaid Expense  -   24 
Accounts Payable  

800

   - 
CASH FLOWS USED IN OPERATING ACTIVITIES $(2,429) $- 

 

CASH FLOWS FROM INVESTING ACTIVITIES

        
Website development and maintenance  5,600   - 
CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES $5,600  $- 

 

CASH FLOWS FROM FINANCING ACTIVITIES

        
Capital Stock  23,000   - 
Expenses paid on behalf of the Company  100   - 
Expenses paid on behalf of the Company – subscription receivable  -   - 
         
CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES $23,100  $- 
         

Net Cash Change for Period

 $14,271  $- 
Cash at beginning of period  -   - 
Cash at end of Period $14,271  $- 
         

SUPPLEMENTAL CASH FLOW INFORMATION:

        
Interest paid $-  $- 
Income taxes paid $-  $- 
         
  Three Months Ended
March 31,
2024
  Three Months Ended
March 31,
2023
 
Cash Flows From Operating Activities:        
Net loss $(37,496) $(25,000)
Net cash provided by (used in) operating activities  (37,496)  (25,000)
         
Cash Flows From Financing Activities:        
Proceeds from related party loans  37,496   25,000 
Net cash provided by (used for) financing activities  37,496   25,000 
         
Net Increase (Decrease) In Cash  -   - 
Cash At The Beginning Of The Period  -   - 
Cash At The End Of The Period $-  $- 

 

SeeThe accompanying notes to theare an integral part of these unaudited condensed financial statements.


NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

 

5

MOVEIX INC.

NOTES TO THE CONDENSED FINANCIAL STATEMENTS

NOVEMBER 30, 2017

NOTE 1 – Condensed Interim Financial StatementsORGANIZATION AND DESCRIPTION OF BUSINESS

 

Moveix Inc. (the “Company”(“the Company,” “we” “us”) was incorporated in the State of Nevada on May 5, 2016.

The Company was organized to buy the electric transportation products wholesale from Chinese manufacturers and sell these products via our website. The Company intended to concentrate its first year of operation in Europe, expanding our second year of operation to the North American market. Our main selling product will be the hoverboard. The two-wheeled self-balancing electric scooter is commonly referred to as a hoverboard, which is a type of portable, rechargeable battery-powered scooter. They typically consist of two wheels arranged side-by-side, with two small platforms between the wheels, on which the rider stands. The device is controlled by the rider’s feet, standing on the built-in gyroscopic and sensor pads. There is no universally accepted name for the device, as its various product names are attributable to the companies which distribute it and not its manufacturers. Also, the Company intended to resell electric bikes and Segways.

The Company’s fiscal year-end is December 31.

On December 31, 2020, as a result of a custodianship in Clark County, Nevada, Case Number: A-20-825360-B, Custodian Ventures LLC (“Custodian”) was appointed custodian of the Company.

On December 31, 2020, Custodian appointed David Lazar as the Company’s Chief Executive Officer, President, Secretary, Chief Financial Officer, Chief Executive Officer, and Chairman of the Board of Directors.

On July 2, 2021, as a result of a private transaction, (i) 81,010,654 shares of common stock, par value $.001 per share, and (ii) 10,000,000 shares of Series A Preferred Stock, $0.001 par value per share (the “Shares”) of the Company were transferred from Custodian Ventures, LLC to Cardone Ventures, LLC (the “Purchaser”). As a result, the Purchaser became an approximately 96.7% holder of the voting rights of the issued and outstanding share capital of the Company on a fully diluted basis of the Company and became the controlling shareholder. The consideration paid for the Shares was $250,000. The source of the cash consideration for the Shares was the personal funds of the Purchaser. In connection with the transaction, David Lazar released the Company from all debts owed to him and/or Custodian Ventures, LLC.

On July 2, 2021, the existing director and officer resigned immediately. Accordingly, David Lazar, serving as a director and an officer, ceased to be the Company’s Chief Executive Officer, Chief Financial Officer, President, Treasurer, Secretary, and a Director. At the effective date of the transfer, Brandon Dawson consented to act as the new Chief Executive Officer, Chief Financial Officer, President, Treasurer, Secretary, and a Director of the Company.

On January 7, 2022, the Board of Directors of the Company approved a change to its fiscal year-end from May 31 to December 31. The change in the start up stagefiscal year became effective for the Company’s 2021 fiscal year, which began June 1, 2021 and ended December 31, 2021. Accordingly, the Company transition report on Form 10-KT for the seven months from June 1, 2021, through December 31, 2021, within the time prescribed by the SEC.

Brandon Dawson, 53, founded Sonus Corporation in 1996 and served as CEO and Chairman for seven years. He led Sonus through a successful listing on the American Stock Exchange in 1998. He founded Audigy Group in 2004 and remained its CEO and Chairman until July 1, 2021. Audigy Group was acquired by GN Store Nord A/S. He is also the co-founder of Cardone Ventures formed in 2019, a training and consulting company focused on helping small businesses achieve growth. Mr. Dawson also serves as the chairman of the board of Advanced Medical Integration.


NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying condensed financial statements have been prepared in accordance with the Financial Accounting Standards Board (“FASB”) “FASB Accounting Standard Codification™” (the “Codification”) which is the source of authoritative accounting principles recognized by the FASB to be applied by nongovernmental entities in the preparation of condensed financial statements in conformity with generally accepted accounting principles (“GAAP”) in the United States.

Going Concern

The accompanying condensed financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business for the twelve months following the date of these condensed financial statements. As of March 31, 2024, the Company had an accumulated deficit of $458,910, and no cash on hand.

Because the Company does not expect that existing operational cash flow will be sufficient to fund presently anticipated operations, this raises substantial doubt about the Company’s ability to continue as a going concern. Therefore, the Company will need to raise additional funds and is currently exploring alternative sources of financing. Historically, the Company raised capital through private placements, to finance working capital needs and may attempt to raise capital through the sale of common stock or other securities and obtaining some short-term loans. The Company will be required to continue to do so until its operations become profitable. Also, the Company has, in the past, paid for consulting services with its common stock to maximize working capital, and intends to resell various typescontinue this practice where feasible.

Management’s Representation of electric transportation. Electric transportation is a vehicle using electricity as a transportation fuel. Our products will include electric bikes, scooters, Segway, and hover boards sold to anybody around the world via our web site platform. Also we intend to sell wholesale. The company is located at STRADA VERONICA MICLE 15 BL.17 SC A ET 1 ATP 6 SUCEAVA S5 72021.Interim Condensed Financial Statements

 

The accompanying unaudited condensed financial statements includehave been prepared by the accountsCompany without audit pursuant to the rules and regulations of Moveix Inc. (the “Company”the Securities and Exchange Commission (“SEC”). TheseThe Company uses the same accounting policies in preparing quarterly and annual condensed financial statements. Certain information and footnote disclosures normally included in condensed financial statements are condensed and, therefore, do not include all disclosures normally required byprepared in accordance with accounting principles generally accepted in the United States (“GAAP”) have been condensed or omitted as allowed by such rules and regulations, and management believes that the disclosures are adequate to make the information presented not misleading. These condensed financial statements include all of America. Therefore, thesethe adjustments, which in the opinion of management are necessary to a fair presentation of financial position and results of operations. All such adjustments are of a normal and recurring nature. Interim results are not necessarily indicative of results for a full year. These condensed financial statements should be read in conjunction with the most recent annual financial statements of Moveix Inc. for the year ended May 31, 2017. In particular, the Company’s significant accounting principles were presented as Note 2 to the Financial Statements in that report. In the opinion of management, all adjustments necessary for a fair presentation have been included in the accompanyingaudited condensed consolidated financial statements and consist of only normal recurring adjustments. The results of operationsnotes thereto on December 31, 2023, as presented in the accompanying condensed financial statements are not necessarily indicative ofCompany’s Annual Report on Form 10-K filed on April 1, 2024, with the results that may be expected for the full year ending May 31, 2018.SEC.

 

NOTE 2- SIGNIFICANT AND CRITICAL ACCOUNTING POLICIES AND PRACTICES

Basis of Presentation

The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”) and are presented in US dollars.

Fiscal Year-End

The Company elected May 31 as its fiscal year ending date.

Use of Estimates and Assumptions

 

The preparation of condensed financial statements in conformity with generally accepted accounting principlesUS 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 condensed financial statementsstatements. The most significant estimates relate to income taxes and contingencies. The Company bases its estimates on historical experience, known or expected trends, and various other assumptions that are believed to be reasonable given the reportedquality of information available as of the date of these condensed financial statements. The results of these assumptions provide the basis for making estimates about the carrying amounts of revenuesassets and expenses during the reporting period.liabilities that are not readily apparent from other sources. Actual results could differ from thosethese estimates.


NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

 

Fair Value Measurements

The Company adopted the provisions of ASC Topic 820, “Fair Value Measurements and Disclosures”, which defines fair value as used in numerous accounting pronouncements, establishes a framework for measuring fair value and expands disclosure of fair value measurements.

6

The estimated fair value of certain financial instruments, including cashCash and cash equivalents are carried at historical cost basis, which approximates their fair values because of the short-term nature of these instruments.

ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 describes three levels of inputs that August be used to measure fair value:

Level 1 — quoted prices in active markets for identical assets or liabilities

Level 2 — quoted prices for similar assets and liabilities in active markets or inputs that are observable

Level 3 — inputs that are unobservable (for example cash flow modeling inputs based on assumptions)

The Company has no assets or liabilities valued at fair value on a recurring basis.

Cash and Equivalents

 

The Company considers all highly liquid temporary cash investments purchased with an original maturity of three months or less to be cash equivalents. The Company had noOn March 31, 2024 and December 31, 2023, the Company’s cash equivalents as of November 30, 2017.

Stock-Based Compensationtotaled $-0- and $-0- respectively.

 

Stock-based compensation is accounted for at fair value in accordance with ASC Topic 718. To date, the Company has not adopted a stock option plan and has not granted any stock options.

Income taxes

Advertising

 

The Company will expense its advertising when incurred. There has been no advertising since inception.

Start-Up Costs

In accordance withaccounts for income taxes under FASB ASC 720, “Start-up Costs”, the Company expenses all costs incurred in connection with the start-up and organization of the Company.

7

Income Taxes

Income taxes are provided in accordance with ASC No. 740, Accounting for Income Taxes. A deferred tax asset or liability is recorded for all temporary differences between financial and tax reporting and net operating loss carry-forwards. Deferred tax expense (benefit) results from the net change during the year ofTaxes”. Under FASB ASC 740, deferred tax assets and liabilities.

Deferredliabilities are recognized for the future tax consequences attributable to differences between the condensed financial statement carrying amounts of existing assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion of all of the deferredand liabilities and their respective tax assets will be realized.bases. Deferred tax assets and liabilities are adjustedmeasured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under FASB ASC 740, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. FASB ASC 740-10-05, “Accounting for Uncertainty in Income Taxes” prescribes a recognition threshold and a measurement attribute for the effectscondensed financial statement recognition and measurement of changestax positions taken or expected to be taken in a tax laws and rates on the date of enactment.

Earnings per Sharereturn. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities.

 

The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. The Company has adopted ASC No. 260, “Earnings Per Share” which specifiesassesses the computation, presentation and disclosure requirements for earnings (loss)validity of its conclusions regarding uncertain tax positions quarterly to determine if facts or circumstances have arisen that might cause it to change its judgment regarding the likelihood of a tax position’s sustainability under audit.

Net Loss per share for entities with publicly held common stock. Basic netShare

Net loss per common share amounts is computed by dividing the net loss by the weighted average common shares outstanding during the period as defined by Financial Accounting Standards, ASC Topic 260, “Earnings per Share.” Basic earnings per common share (“EPS”) calculations are determined by dividing net income by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per common share calculations are determined by dividing net income by the weighted average number of common shares outstanding. Diluted earnings perand dilutive common share equivalents outstanding.

Recent Accounting Pronouncements

There are no recent accounting pronouncements that impact the same as basic earnings per share dueCompany’s operations.

NOTE 3 – RELATED PARTY DEBT

As of March 31, 2024, and December 31, 2023, the balance of related party loans was $146,461 and $114,465 respectively. Prior to the lackchange of dilutive itemscontrol on July 2, 2021, described in Footnote 1. “Organization and Description of the Business”, the related party note loans were demand loans extended to the Company by Custodian Ventures on an interest-free basis. When Custodian Ventures sold its controlling interest in the Company.Company to Cardone Ventures, LLC, it forgave $14,188 in related party loans. The amount of interest-free related party demand loans of $146,461 as of March 31, 2024, has been extended to the Company by Cardone Ventures.


NOTE 4 – EQUITY

Recently Issued Accounting PronouncementsCommon Stock

 

The Company has evaluated all the recent accounting pronouncements and determined that there are no other accounting pronouncements that will have a material effect on the Company’s financial statements.

NOTE 3 – GOING CONCERN

The Company’s financial statements have been prepared assuming that it will continue as a going concern, which contemplates continuity200,000,000 shares of operations, realization of assets, and liquidation of liabilities in the normal course of business.

As reflected in the financial statements, the Company had an accumulated deficit of $17,344 and negative working capital at November 30, 2017 and a net loss of $4,627 for the period then ended. These factors raise substantial doubt about the Company’s ability to continue as a going concern.

The Company is attempting to commence operations and generate sufficient revenue; however, the Company’s cash position may not be sufficient to support the Company’s daily operations. Management intends to raise additional funds by way of a private or public offering. While the Company believes in the viability of its strategy to commence operations and generate sufficient revenue and in its ability to raise additional funds, there can be no assurances to that effect. The ability of the Company to continue as a going concern is dependent upon the Company’s ability to further implement its business plan and generate sufficient revenue and its ability to raise additional funds by way of a public or private offering.

8

The financial statements do not include any adjustments related to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

NOTE 4 – LOAN FROM DIRECTOR

$0.001 shares authorized. As of November 30, 2017,March 31, 2024, and December 31, 2023, the Company owed $10,216 to the CEO and Director for expenses paid by him on behalf of the Company. The amounts are unsecured, non-interest bearing and due on demand.

NOTE 5 – STOCKHOLDER’S EQUITY

The Company has 75,000,000, $0.001 par value sharesnumber of common stock authorized.

During the prior year, the Company issued 4,000,000 shares of common stock to the CEO and Director for a subscription receivable of $4,000 at $0.001 per share. During the three months ending November 30, 2016, the CEO and director paid for expenses and inventory deposits in satisfaction of the subscription receivable.

In September and October the Company issued 2,220,000 shares of common stock to shareholders at $0.01 per share for a total price of $22,200.

As of November 30, 2017, the Company’s issued and outstanding amounted to 87,230,654 and 87,230,654shares, were at 6,220,000.respectively.

 

NOTE 6 – REVENUE RECOGNITIONPreferred Stock

The Company applies paragraph 605-10-S99-1 of the FASB Accounting Standards Codification for revenue recognition. The Company recognizes revenue when it is realized or realizable and earned. The Company considers revenue realized or realizable and earned when all of the following criteria are met: (i) persuasive evidence of an arrangement exists, (ii) the product has been shipped or the services have been rendered to the customer, (iii) the sales price is fixed or determinable, and (iv) collectability is reasonably assured.

The Company derives its revenues from sales contracts with its customer with revenues being generated upon rendering of services. Persuasive evidence of an arrangement is demonstrated via invoice; service is considered provided when the service is delivered to the customers; and the sales price to the customer is fixed upon acceptance of the purchase order and there is no separate sales rebate, discount, or volume incentive.

As of November 30, 2017, the Company has sold 3 Kids electric adult scooters for a total gross profit of $1,602.

NOTE 7 - INCOME TAXES

The reconciliation of income tax benefit at the U.S. statutory rate of 34% for the period from inception to November 30, 2017 to the Company’s effective tax rate is as follows:

  November 30, 2017  May 31, 2017 
Tax benefit at U.S. statutory rate $5,897  $4,324 
Change in valuation allowance  (5,897)  (4,324)
Tax benefit, net $-  $- 

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The tax effects of temporary differences that give rise to significant portions of the net deferred tax assets at November 30, 2017 are as follows:

Deferred tax assets November 30, 2017  May 31, 2017 
Net operating loss $1,360  $663 
Valuation allowance  (1,360)  (663)
Net deferred tax assets $-  $- 

 

The Company has approximately $17,34410,000,000 shares of net operating losses (“NOL”) carried forward$0.001 par value preferred stock authorized. As of March 31, 2024, and December 31, 2023, the number of Series A preferred shares issued and outstanding were 10,000,000 and 10,000,000 shares, respectively. The Series A Preferred stock has the following attributes:

Dividend Provisions

Subject to offset taxable income, ifthe rights of any existing series of Preferred Stock or to the rights of any series of Preferred Stock which may from time to time hereafter come into existence, the holders of shares of Series A Preferred Stock shall be entitled to receive dividends, out of any assets legally available therefor, upon any payment of any dividend (payable other than in future years which beginCommon Stock or other securities and rights convertible into or entitling the holder thereof to expire in fiscal 2036. In assessing the realizationreceive, directly or indirectly, additional shares of deferred tax assets, management considers whether it is more likely than not that some portion or allCommon Stock of the deferred tax assets will be realized. Corporation) on the Common Stock of the Corporation, as and if declared by the Board of Directors, as if the Series A Preferred Stock had been converted into Common Stock

Redemption

The ultimate realization of deferred tax assets is dependentSeries A Preferred Stock shares are nonredeemable other than upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. Based on the assessment, management has established a full valuation allowance against allmutual agreement of the deferred tax asset relatingCompany and the holder of shares to NOLs for every period because it is more likely than not that allbe redeemed, and even in such case only to the extent permitted by this Certificate of Designation, the deferred tax asset will not be realized.Corporation’s Articles of Incorporation and applicable law.

 

Conversion Rights

Each share of Series A Preferred Stock is convertible into 10 shares of common stock

NOTE 8 - COMMITMENT &5 – COMMITMENTS AND CONTINGENCIES

 

The Company does not own or lease any real or personal property and does notdid not have any capital commitments.contractual commitments as of March 31, 2024, and December 31, 2023.

 

NOTE 96SUBSEQUENT EVENTS

 

The CompanyIn accordance with SFAS 165 (ASC 855-10) management has evaluatedperformed an evaluation of subsequent events through the date that thesethe condensed financial statements were available to be issued.

FORWARD LOOKING STATEMENTS

Statements made in this Form 10-Qissued and has determined that areit does not historical or current facts are “forward-looking statements” made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 (the “Act”) and Section 21E of the Securities Exchange Act of 1934. These statements often can be identified by the use of terms such as “may,” “will,” “expect,” “believe,” “anticipate,” “estimate,” “approximate” or “continue,” or the negative thereof. We intend that such forward-looking statements be subject to the safe harbors for such statements. We wish to caution readers not to place undue reliance onhave any such forward-looking statements, which speak only as of the date made. Any forward-looking statements represent management’s best judgment as to what may occur in the future. However, forward-looking statements are subject to risks, uncertainties and important factors beyond our control that could cause actual results andmaterial subsequent events to differ materially from historical results of operations and events and those presently anticipated or projected. We disclaim any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statement or to reflect the occurrence of anticipated or unanticipated events.disclose in these condensed financial statements.


ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION

 

Employees and Employment AgreementsCautionary Note Regarding Forward Looking Statements

 

This report contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding management’s future plans for the Company, our liquidity and ability to raise capital, our business strategy, and our future operations. All statements other than statements of historical facts contained in this report, including statements regarding our future financial position, liquidity, working capital sources, business strategy and plans, and objectives of management for future operations, are forward-looking statements. The words “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “could,” “target,” “potential,” “is likely,” “will,” “expect” and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, and financial needs.

The results anticipated by any or all of these forward-looking statements might not occur. Important factors, uncertainties, and risks that may cause actual results to differ materially from these forward-looking statements include the ongoing impact of the coronavirus pandemic and its negative effect on the U.S. and global economies, and our lack of an operating history and revenue. Further information on the risk factors affecting our business is contained in “Risk Factors” of our annual report on Form 10-K for the fiscal year ended December 31, 2023. We undertake no obligation to publicly update or revise any forward-looking statements, whether as the result of new information, future events, or otherwise.

Organizational History of the Company and Overview

The Company was organized to buy the electric transportation products wholesale from Chinese manufacturers and sell these products via our website. The Company intended to concentrate its first year of operation in Europe, expanding our second year of operation to the North American market. Our main selling product will be the hoverboard. The two-wheeled self-balancing electric scooter is commonly referred to as a hoverboard, which is a type of portable, rechargeable battery-powered scooter. They typically consist of two wheels arranged side-by-side, with two small platforms between the wheels, on which the rider stands. The device is controlled by the rider’s feet, standing on the built-in gyroscopic and sensor pads. There is no universally accepted name for the device, as its various product names are attributable to the companies which distribute it and not its manufacturers. Also, the Company intended to resell electric bikes and Segways.

On December 31, 2020, as a result of a custodianship in Clark County, Nevada, Case Number: A-20-825360-B, Custodian Ventures LLC (“Custodian”) was appointed custodian of the Company.

On December 31, 2020, Custodian appointed David Lazar as the Company’s Chief Executive Officer, President, Secretary, Chief Financial Officer, Chief Executive Officer, and Chairman of the Board of Directors.

On July 2, 2021, as a result of a private transaction, (i) 81,010,654 shares of common stock, par value $.001 per share, and (ii) 10,000,000 shares of Series A Preferred Stock, $0.001 par value per share (the “Shares”) of the Company were transferred from Custodian Ventures, LLC to Cardone Ventures, LLC (the “Purchaser”). As a result, the Purchaser became an approximately 96.7% holder of the voting rights of the issued and outstanding share capital of the Company on a fully diluted basis of the Company and became the controlling shareholder. The consideration paid for the Shares was $250,000. The source of the cash consideration for the Shares was the personal funds of the Purchaser. In connection with the transaction, David Lazar released the Company from all debts owed to him and/or Custodian Ventures, LLC.


On July 2, 2021, the existing director and officer resigned immediately. Accordingly, David Lazar, serving as a director and an officer, ceased to be the Company’s Chief Executive Officer, Chief Financial Officer, President, Treasurer, Secretary, and a Director. At present,the effective date of the transfer, Brandon Dawson consented to act as the new Chief Executive Officer, Chief Financial Officer, President, Treasurer, Secretary, and a Director of the Company.

The evaluation and selection of a business opportunity is a complex and uncertain process, and we have not yet identified a target operating business for acquisition. Business opportunities that we believe are in the best interests of the Company and its shareholders may be scarce, or we may be unable to obtain the businesses we identify as viable for our objectives, including due to competitive forces in the marketplace beyond our control. There can be no employeesassurance that we will be able to locate compatible business opportunities for the Company. See –“Risk Factors” in our annual report on Form 10-K for the fiscal year ended December 31, 2023.

Plan of Operation

The Company has no operations from a continuing business other than expenditures related to running the Company as of the date of this Report. We are currently in the process of developing a business plan. Management intends to explore and identify viable business opportunities within the U.S. including seeking to acquire a business in a reverse merger. Our ability to effectively identify, develop and implement a viable plan for our sole officerbusiness may be hindered by risks and director. We presently do not have pension, health, annuity, insurance, stock options, profit sharing or similar benefit plans; however,uncertainties which are beyond our control, including without limitation, the continued negative effects of the coronavirus pandemic on the U.S. and global economies.

During the remainder of the fiscal year ending December 31, 2024, we anticipate incurring costs in connection with investigating, evaluating, and negotiating potential business combinations, filing SEC reports, and consummating an acquisition of an operating business.

Given our limited capital resources, we may adopt such plansconsider a business combination with an entity that has recently commenced operations, is a developing company or is otherwise in need of additional funds for the future. There are presently no personal benefits availabledevelopment of new products or services or expansion into new markets, or is an established business experiencing financial or operating difficulties and is in need of additional capital. Alternatively, a business combination may involve the acquisition of, or a merger with, an entity that desires access to any officers, directors or employees.

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Results of Operationthe U.S. capital markets.

 

Our financial statements have been prepared assumingmanagement anticipates that we will continue aslikely only be able to effect one business combination due to our limited capital. This lack of diversification will likely pose a going concern and, accordingly, dosubstantial risk in investing in the Company for the indefinite future because it will not include adjustments relatingpermit us to offset potential losses from one venture or operating territory against gains from another. The risks we face will likely be heightened to the recoverability and realization of assets and classification of liabilities that might be necessary shouldextent we be unable to continueacquire a business operating in operation.a single industry or geographical region.

 

We expectanticipate that the selection of a business combination will be a complex and risk-prone process. Because of general economic conditions, including unfavorable conditions caused by the coronavirus pandemic, rapid technological advances being made in some industries, and shortages of available capital, management believes that there are a number of firms seeking business opportunities at this time at discounted rates with which we will require additional capital to meet our long term operating requirements. We expect to raise additional capital through, among other things, the sale of equity or debt securities.

Three and Six Months Period Ended November 30, 2017 and 2016

Our net loss for the three months periods ended November 30, 2017 and 2016 were $3,999 and $1,949 respectively. During the three months period ended November 30, 2017 and 2016, we have not generated any revenue.

Our net loss for the six months periods ended November 30, 2017 and 2016 were $4,627 and $5,814 respectively. During the six months period ended November 30, 2017 we sold $3,000 worth of scooters that generated gross profit of $1,602; and during six months period ended November 30, 2016 we have not generated any revenue.

Liquidity and Capital Resources

Three Months Period Ended November 30, 2017

As of November 30, 2017, our total assets were $14,271 consisting of Cash and cash equivalents. As of November 30, 2017, our current liabilities were $11,016 owning to our director $10,216 and $800 to one shareholder for cancelled shares, and our stockholders’ deficit was $8,856.

Cash Flows from Operating Activities

For the six months periods ended November 30, 2017our net cash flows provided by operating activities was $2,429. For the six months periods ended November 30, 2016our net cash flows provided by operating activities was $0.

Cash Flows from Investing Activities

We invested $5,600 to website development in the three months period ended November 30, 2017.

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We did not use or generate any cash flows from investing activities in the three months periods ended November 30, 2016.

Cash Flows from Financing Activities

We generated $22,300 in cash flows from financing activities for the six month period ended November 30, 2017 by means of issuing $22,200 of common stock and $100 was loaned to the Company by our director to open bank account. We have not generated any cash flows from financing activities for the six months ended November 30, 2016.

Plan of Operation and Funding

compete. We expect that any potentially available business combinations may appear in a variety of different industries or regions and at various stages of development, all of which will likely render the task of comparative investigation and analysis of such business opportunities extremely difficult and complicated.

Once we have developed and begun to implement our business plan, management intends to fund our working capital requirements will continue to be funded through a combination of our existing funds and furtherfuture issuances of debt or equity securities. Our working capital requirements are expected to increase in line with the growthimplementation of a business plan and commencement of operations.


Based on our business.

Existingcurrent operations, we do not have sufficient working capital further advances and debt instruments, and anticipated cash flow are expected to be adequate to fund our operations over the next three12 months. We have no linesIf we are able to close a reverse merger, it is likely we will need capital as a condition of credit or other bank financing arrangements. Generally, we have financed operations to date through the proceedsclosing that acquisition. Because of the private placementuncertainties, we cannot be certain as to how much capital we need to raise or the type of equity and debt instruments.securities we will be required to issue. In connection with our business plan, management anticipates additional increases in operating expenses and capital expenditures relating to: (i) acquisition of inventory; (ii) developmental expenses associated with a start-up business; and (iii) marketing expenses. We intend to finance these expenses with further issuances of securities, and debt issuances. Thereafter, we expectreverse merger, we will needbe required to raise additional capital and generate revenuesissue a controlling block of our securities to meet long-term operating requirements. the target’s shareholders which will be very dilutive.

Additional issuances of equity or convertible debt securities will result in dilution to our current shareholders. Further, such securities might have rights, preferences, or privileges senior to our common stock. Additional financing may not be available upon acceptable terms, or at all. If adequate funds are not available or are not available on acceptable terms, we may not be able to take advantage of prospective new business endeavors or opportunities, which could significantly and materially restrict our business operations. We

Our prospects must be considered in light of the risks, expenses, and difficulties frequently encountered by companies in their early stage of development. Such risks for us include but are not limited to, an evolving and unpredictable business model, recognition of revenue sources, and the management of growth. To address these risks, we must, among other things, develop, implement, and successfully execute our business and marketing strategy, respond to competitive developments, and attract, retain, and motivate qualified personnel. There can be no assurance that we will havebe successful in addressing such risks, and the failure to raise additional funds in the next twelve months in order to sustain and expand our operations. We currently do notso could have a specific planmaterial adverse effect on our business prospects, financial condition, and results of how we will obtain such funding; however, we anticipate that additional fundingoperations.

Liquidity and Capital Resources

We have $-0- cash on hand as of March 31, 2024, and will be in the form of equity financing from the sale of our common stock. We have and will continue to seek to obtain short-termdependent upon loans from our directors, although no future arrangement for additional loans has been made. We do not have any agreements with our directors concerning these loans. We do not have any arrangements in place for any future equity financing.new principal shareholder to remain operational.

 

Off-Balance Sheet Arrangements

As of the date of this quarterly report, we do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors.

Going Concern

The independent auditors’ review report accompanying our May 31, 2017 financial statements contained an explanatory paragraph expressing substantial doubt about our ability to continue as a going concern. The financial statements have been prepared assuming that we will continue as a going concern, which contemplates that we will realize our assets and satisfy our liabilities and commitments in the ordinary course of business.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

 

No report required.Not applicable.

 

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ITEM 4. CONTROLS AND PROCEDURES

 

Our management is responsible for establishingEvaluation of Disclosure Controls and maintaining a system of disclosureProcedures.

We are required to maintain “disclosure controls and procedures (asprocedures” as such term is defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act) that is designed to ensure that information required to be disclosed by us in the reports that we file or submit under theSecurities Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Commission’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated and communicated to the issuer’s management, including its principal executive officer or officers and principal financial officer or officers, or persons performing similar functions,of 1934. Based on his evaluation as appropriate to allow timely decisions regarding required disclosure.

An evaluation was conducted under the supervision and with the participation of our management of the effectivenessend of the designperiod covered by this Quarterly Report on Form 10-Q, Mr. Brandon Dawson, who is presently serving as our Chief Executive Officer and operation of our disclosure controls and procedures as of November 30, 2017. Based on that evaluation, our managementChief Financial Officer has concluded that our disclosure controls and procedures were not effective as of such date to ensure that the information relating to our company, required to be disclosed in theour SEC reports that we file or submit under the Exchange Act,(i) is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms. Such officer also confirmed that there wasforms, and (ii) is accumulated and communicated to our management, including our Chief Executive Officer, to allow timely decisions regarding required disclosure as a result of material weaknesses in our internal control over financial reporting. Our disclosure controls and procedures were not effective as of March 31, 2024.

Changes in Internal Controls over Financial Reporting

There have been no changechanges in ourthe Company’s internal control over financial reporting during the three-month period ended November 30, 2017nine months covered by this report that hashave materially affected or isare reasonably likely to materially affect, ourthe Company’s internal control over financial reporting.

Our internal controls over financial reporting were not effective as of March 31, 2024.

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PART II. OTHER INFORMATION

 

ITEM 1. LEGAL PROCEEDINGS

 

Management isWe are not currently involved in any legal proceedings and we are not aware of any legal proceedings contemplated by any governmental authority or any other party involving us or our properties. As of the date of this Quarterly Report, no director, officer or affiliate is (i) a party adverse to us in any legal proceeding, or (ii) has an adverse interest to us in any legal proceedings. Management is not aware of any other legal proceedings pending or that have been threatened legal actions against us or our properties.the Company.

 

ITEM 1A. RISK FACTORS

Not applicable.

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

No report required.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

No report required.

ITEM 4. MINE SAFETY DISCLOSURES

 

Not applicable.

 

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

 

No report required.None.


ITEM 6. EXHIBITS

 

Exhibits:

Exhibit NumberDescription
31.1 Certification of Chief Executive Officer pursuant to Securities Exchange Act of 1934 Rule 13a-14(a) or /15d-14(a)., as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2 Certification of Chief Financial Officer pursuant to Securities Exchange Act Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1 CertificationsCertification of Chief Executive Officer and Chief Financial Officer pursuant to Securities Exchange Act of 1934 Rule 13a-14(b) or 15d-14(b) and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes- OxleySarbanes-Oxley Act of 2002.2002

101.INS 14Inline XBRL Instance Document.
101.SCHInline XBRL Taxonomy Extension Schema Document.
101.CALInline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEFInline XBRL Taxonomy Extension Definition Linkbase Document.
101.LABInline XBRL Taxonomy Extension Label Linkbase Document.
101.PREInline XBRL Taxonomy Extension Presentation Linkbase Document.
104Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).


SIGNATURES

 

In accordance with the requirements of the Securities Exchange Act of 1934, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Dated: January 19, 2017

Moveix Inc.MOVEIX INC.
   
May 1, 2024By:/s/ Alexandru CuriliucBrandon Dawson
Name:Alexandru Curiliuc
Title:President

  15Brandon Dawson
Chief Executive Officer
(Principal Executive Officer)

 

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