Cover
Cover - USD ($) | 12 Months Ended | ||
Oct. 31, 2022 | Mar. 07, 2023 | Apr. 30, 2022 | |
Cover [Abstract] | |||
Document Type | 10-K/A | ||
Amendment Flag | true | ||
Amendment Description | This Form 10-K/A is being filed to amend the original Form 10-K for the period ended October 31, 2022 filed with the Securities and Exchange Commission on March 15, 2023 to include additional directors of the company who were elected to serve prior to the end of the period covered by this Form 10-K and to update the financials to add details regarding related party transactions. | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Oct. 31, 2022 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2022 | ||
Current Fiscal Year End Date | --10-31 | ||
Entity File Number | 333-201215 | ||
Entity Registrant Name | PEDRO’S LIST, INC. | ||
Entity Central Index Key | 0001627554 | ||
Entity Tax Identification Number | 32-0450509 | ||
Entity Incorporation, State or Country Code | NV | ||
Entity Address, Address Line One | 11700 West Charleston Blvd. | ||
Entity Address, Address Line Two | Suite 170-174 | ||
Entity Address, City or Town | Las Vegas | ||
Entity Address, State or Province | NV | ||
Entity Address, Postal Zip Code | 89135 | ||
City Area Code | (702) | ||
Local Phone Number | 985-7544 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 0 | ||
Entity Common Stock, Shares Outstanding | 62,573,887 | ||
Auditor Name | Gries & Associates, LLC | ||
Auditor Location | Denver, Colorado | ||
Auditor Firm ID | 6778 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Oct. 31, 2022 | Oct. 31, 2021 |
Current Assets | ||
Cash | $ 17,518 | |
Note receivable | 6,000 | |
Total Current Assets | 23,518 | |
Total Assets | 23,518 | 0 |
Current Liabilities | ||
Notes payable | 296,829 | 17,150 |
Note payable- Related party | 37,500 | 12,500 |
Accounts payable and accrued expenses | 30,113 | 8,122 |
Accounts payable and accrued expenses- Related party | 5,363 | 26,155 |
Total Current Liabilities | 369,805 | 63,927 |
Total Liabilities | 369,805 | 63,927 |
Commitments and contingencies | ||
Stockholders (Deficit) | ||
Common stock, $0.001 par value, 750,000,000 shares authorized; 50,073,887 and 53,887 shares issued and outstanding at October 31, 2022 and 2021 | 50,074 | 54 |
Additional paid-in capital | 1,321,926 | 771,946 |
Accumulated (Deficit) | (1,718,287) | (835,927) |
Total Stockholders' (Deficit) | (346,287) | (63,927) |
Total Liabilities and Stockholders' (Deficit) | $ 23,518 | $ 0 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Oct. 31, 2022 | Oct. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 750,000,000 | 750,000,000 |
Common Stock, Shares, Issued | 50,073,887 | 53,887 |
Common Stock, Shares, Outstanding | 50,073,887 | 53,887 |
Consolidated Statement of Opera
Consolidated Statement of Operations - USD ($) | 12 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Operating Expenses | ||
General and administrative | $ 227,440 | $ 40,209 |
Total operating expenses | 227,440 | 40,209 |
(Loss) before other expenses | (227,440) | (40,209) |
Other (expense) | ||
Impairment (loss) | (647,739) | |
Debt forgiveness | 12,905 | |
Interest (expense) - Related party | (2,181) | |
Interest (expense) | (5,000) | |
Other Expenses | (654,920) | (12,905) |
Other Expenses | 654,920 | 12,905 |
(Loss) before income taxes | (882,360) | (27,304) |
Income taxes | ||
Net (loss) | $ (882,360) | $ (27,304) |
(Loss) per share -Basic and diluted | $ (0.31) | $ (0.51) |
Weighted average shares outstanding Basic and diluted | 2,802,435 | 53,887 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) | 12 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net (loss) | $ (882,360) | $ (27,304) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Impairment loss | 647,739 | |
Common stock issued for services | 50,000 | |
Changes in assets and liabilities: | ||
Increase in accounts payable and accrued expenses | 52,689 | (5,963) |
Increase in accounts payable and accrued expenses - Related party | 2,181 | 23,093 |
Net cash (used) in operating activities | (129,751) | (10,174) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Assumption of note payable by an outside party | (1,605) | |
Increase in notes payable | 147,269 | 11,000 |
Increase in notes payable - Related party | 779 | |
Net cash provided by financing activities | 147,269 | 10,174 |
Net increase in cash | 17,518 | |
CASH AT BEGINNING PERIOD | ||
CASH AT END OF PERIOD | 17,518 | |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Cash paid for interest | ||
Cash paid for income taxes |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders Equity (Deficit) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance - October 31, 2021 at Oct. 31, 2020 | $ 54 | $ 771,946 | $ (808,623) | $ (36,623) |
Shares, Issued at Oct. 31, 2020 | 53,887 | |||
Net (los | (27,304) | (27,304) | ||
Balance - October 31, 2022 at Oct. 31, 2021 | $ 54 | 771,946 | (835,927) | (63,927) |
Shares, Issued at Oct. 31, 2021 | 53,887 | |||
Issuance of common stock for acquisition | $ 20 | 549,980 | $ 550,000 | |
Issuance of common stock for acquisition, shares | 20,000 | 20,000 | ||
Issuance of common stock for services | $ 50,000 | $ 50,000 | ||
Issuance of common stock for sevices, shares | 50,000,000 | 50,000,000 | ||
Net (los | (882,360) | $ (882,360) | ||
Balance - October 31, 2022 at Oct. 31, 2022 | $ 50,074 | $ 1,321,926 | $ (1,718,287) | $ (346,287) |
Shares, Issued at Oct. 31, 2022 | 50,073,887 |
NOTE 1- Business, Basis of Pres
NOTE 1- Business, Basis of Presentation and Significant Accounting Policies | 12 Months Ended |
Oct. 31, 2022 | |
Accounting Policies [Abstract] | |
NOTE 1- Business, Basis of Presentation and Significant Accounting Policies | NOTE 1- Business, Basis of Presentation and Significant Accounting Policies Nature of Operations Pedro’s List, Inc., formerly known as Quest Management, Inc. (the “Company”) was incorporated in the State of Nevada on October 12, 2014. The Company originally intended to engage in the business of development of marketing channels to distribute fitness equipment to the wholesale market in the United States. The Company acquired Pedro’s List U.S. L.L.C. on May 23, 2022 through the exchange of 20,000 The Company may continue to seek the acquisition of other business activities and the related capital needed to enter into an activity to bring operations that would be profitable and increase the value to the shareholders. The activities may be in the industries currently or previously pursued, but it is not known at this point in time, and the current operations will be financed by its parent company and/or debts incurred by the Company. 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. The Financial Statements and related disclosures as of October 31, 2022 and 2021 are audited pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”). All other periods presented in these financial statements are unaudited pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”). Unless the context otherwise requires, all references to “Quest Management,” “we,” “us,” “our” or the “Company” are to Pedro’s List, Inc. Cash and Cash Equivalents The Company considers all highly liquid investments purchased with original maturities of three months or less to be cash equivalents. Revenue Recognition The Company applies ASC 606, Revenue from Contracts with Customers Advertising Advertising costs are expensed as incurred. Advertising expenses for the years ended October 31, 2022 and 2021 were $ 0 Intangibles with Finite Lives The Company applies the provisions of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 360-10, Property, Plant and Equipment, The Company does not amortize any intangible assets with finite lives. Goodwill and intangible assets are reviewed for potential impairment whenever events or circumstances indicate that their carrying amounts may not be recoverable. Management determined an impairment adjustment related to these intangibles was necessary at October 31, 2022. The Company impaired the goodwill allocated from the purchase of its Subsidiary in the amount of $647,739. Fair Value of Financial Instruments The Company adopted ASC 820, Fair Value Measurements and Disclosures Level 1 — Quoted prices for identical assets and liabilities in active markets; Level 2 — Quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets; and Level 3 — Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. Use of Estimates The preparation of financial statements in conformity with US 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 periods. Management makes these estimates using the best information available at the time the estimates are made; however actual results could differ materially from those estimates. Emerging Growth Company Critical Accounting Policy Disclosure The Company qualifies as an “emerging growth company” under the 2012 JOBS Act. Section 107 of the JOBS Act provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. As an emerging grown company, the Company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. The Company . Income Taxes The Company accounts for income taxes under ASC 740-10-30, Income Taxes The Company adopted ASC 740-10-25, which addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under ASC 740-10-25, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent (50%) likelihood of being realized upon ultimate settlement. ASC 740-10-25 also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures. The Company had no material adjustments to its liabilities for unrecognized income tax benefits according to the provisions of ASC 740-10-25. Loss Per Share Net loss per common share is computed pursuant to ASC 260-10-45, Earnings Per Share. Basic net loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by dividing net loss by the weighted average number of shares of common stock and potentially outstanding shares of common stock during each period, unless their effect is anti-dilutive due to continuing losses. There were no potentially dilutive shares outstanding as of October 31, 2022 and 2021, respectively Principles of Consolidation The consolidated financial statements include the accounts of Pedro’s List, Inc. and its wholly-owned Subsidiary Pedro’s List U.S. L.L.C. All intercompany transactions are eliminated in consolidation. Recent Accounting Pronouncements We do not expect the adoption of recently issued accounting pronouncements to have a significant impact on our results of operations or financial position. |
NOTE 2 _ Financial Condition an
NOTE 2 – Financial Condition and Going Concern | 12 Months Ended |
Oct. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
NOTE 2 – Financial Condition and Going Concern | NOTE 2 – Financial Condition and Going Concern The Company’s financial statements have been presented on the basis that it is a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company had limited operations during the period from October 12, 2014 (date of inception) to October 31, 2022 resulted in accumulated deficit of $ 1,718,287 346,287 Management intends to raise additional operating funds through equity and/or debt offerings. However, there can be no assurance management will be successful in its endeavors. Ultimately, the Company will need to achieve profitable operations in order to continue as a going concern. There are no assurances that the Company will be able to either (1) achieve a level of revenues adequate to generate sufficient cash flow from operations; or (2) obtain additional financing through either private placement, public offerings and/or bank financing necessary to support its working capital requirements. To the extent that funds generated from operations and any private placements, public offerings and/or bank financing are insufficient, the Company will have to raise additional working capital. No assurance can be given that additional financing will be available, or if available, will be on terms acceptable to the Company. If adequate working capital is not available to the Company, it may be required to curtail its operations. |
NOTE 3 _ Acquisition from BSLLC
NOTE 3 – Acquisition from BSLLC to PLLLC | 12 Months Ended |
Oct. 31, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
NOTE 3 – Acquisition from BSLLC to PLLLC | NOTE 3 – Acquisition from BSLLC to PLLLC Effective May 23, 2022 acquired all membership interests in Pedro’s List U.S. L.L.C.(“PLLLC”). The purchase price for the acquisition of PLLLC was the issuance of 20,000 27.50 The allocation of the purchase price and the estimated fair market values of the assets acquired, and liabilities assumed are shown below. Cash $ 45,198 Intercompany debt offset 18,155 Note receivable 6,000 Total assets acquired 69,353 Accounts payable and accrued expenses 9,682 Notes payable 157,410 Total liabilities assumed 167,092 Net debt assumed 97,439 Common stock issued 550,000 Amount allocated to goodwill (impaired) $ 647,439 |
NOTE 4 _ Notes Payable
NOTE 4 – Notes Payable | 12 Months Ended |
Oct. 31, 2022 | |
Debt Disclosure [Abstract] | |
NOTE 4 – Notes Payable | NOTE 4 – Notes Payable The Company’s debt consists of the following: October 31, 2022 October 31, 2021 Notes payable, non-interest bearing, due upon demand, unsecured. $ 53,269 $ 5,000 Note payable, non-interest bearing, due upon demand, unsecured. 32,410 — Note payable, 10% 50,000 — Note payable, non-interest bearing, due upon demand, unsecured, convertible at $.50 45,000 — Note payable, non-interest bearing, due upon demand, unsecured. 100,000 — Note payable, non-interest bearing, due upon demand, unsecured. 6,150 6,150 Notes payable, non-interest bearing, due upon demand, unsecured 10,000 6,000 Total due 296,829 17,150 Current Portion 296,829 17,150 Long-term portion $ — $ — Interest expense was $ 5,000 |
NOTE 5 _ Note Payable -Related
NOTE 5 – Note Payable -Related Party | 12 Months Ended |
Oct. 31, 2022 | |
Note 5 Note Payable -related Party | |
NOTE 5 – Note Payable -Related Party | NOTE 5 – Note Payable -Related Party The Company’s related party debt consists of the following: October 31, 2022 October 31, 2021 Notes payable, non-interest bearing, due upon demand, unsecured $ 12,500 $ 12,500 Note payable, 15% 25,000 — Total due 37,500 12,500 Current Portion 37,500 12,500 Long-term portion $ — $ — Interest expense was $ 2,181 5,363 |
NOTE 6 _ Income Taxes
NOTE 6 – Income Taxes | 12 Months Ended |
Oct. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
NOTE 6 – Income Taxes | NOTE 6 – Income Taxes The Company adopted the provisions of ASC 740-10 (formerly known as FIN No. 48, Accounting for Uncertainty in Income Taxes). ASC 740-10 clarifies the accounting for uncertainty in income taxes recognized in a company’s financial statements. ASC 740-10 requires a company to determine whether it is more likely than not that a tax position will be sustained upon examination based upon the technical merits of the position. If the more-likely-than-not threshold is met, a company must measure the tax position to determine the amount to recognize in the financial statements. The application of income tax law is inherently complex. Laws and regulation in this area are voluminous. and are often ambiguous. As such, we are required to make many subjective assumptions and judgments regarding the income tax exposures. Interpretations and guidance surrounding income tax laws and regulations change over time. As such, changes in the subjective assumptions and judgments can materially affect amounts recognized in the balance sheets and statements of income. The Company has no unrecognized tax benefit, which would affect the effective tax rate if recognized. There has been no significant change in the unrecognized tax benefit during the period ended October 31, 2022. We classify interest and penalties arising from the underpayment of income taxes in the statement of income under general and administrative expenses. As of October 31, 2022, we had no accrued interest or penalties related to uncertain tax positions. Deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carry forwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. The components of deferred income tax assets (liabilities) at October 31, 2022, were as follows: Balance Rate Tax Federal loss carryforward $ 1,718,287 21 % $ 360,840 Valuation allowance (360,840 ) Deferred tax asset $ — |
NOTE 7 _ Capital Stock
NOTE 7 – Capital Stock | 12 Months Ended |
Oct. 31, 2022 | |
Equity [Abstract] | |
NOTE 7 – Capital Stock | NOTE 7 – Capital Stock The Company on May 23, 2022 issued 20,000 The Company on October 11, 2022 issued 50,000,000 $.001 The Company reverse split its common stock on a one for five thousand basis in early August. This split has been retroactively reflected in these financial statements. |
NOTE 8 _ Contingencies and Comm
NOTE 8 – Contingencies and Commitments | 12 Months Ended |
Oct. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
NOTE 8 – Contingencies and Commitments | NOTE 8 – Contingencies and Commitments The Company follows ASC 440 & ASC 450, subtopic 450-20 of the FASB Accounting Standards Codification to report accounting for contingencies and commitments respectively. Certain conditions may exist as of the date the financial statements are issued, which may result in a loss to the Company, but which will only be resolved when one or more future events occur or fail to occur. The Company assesses such contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that are pending against the Company or un-asserted claims that may result in such proceedings, the Company evaluates the perceived merits of any legal proceedings or un-asserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein. If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company’s financial statements. If the assessment indicates that a potentially material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, and an estimate of the range of possible losses, if determinable and material, would be disclosed. Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed. Management does not believe, based upon information available at this time, that these matters will have a material adverse effect on the Company’s consolidated financial position, results of operations or cash flows. However, there is no assurance that such matters will not materially and adversely affect the Company’s business, financial position, and results of operations or cash flows. Management of the Company has conducted a diligent search and concluded that there were no commitments, contingencies, or legal matters pending at the balance sheet dates. The effects of Covid -19 could impact our ability to operate under the going concern and maintain sufficient liquidity to continue operations. The impact of Covid-19 on companies is evolving rapidly and its future effects are uncertain. There are material uncertainties from Covid-19 that cast significant doubt on the company’s ability to operate under the going concern. It is highly likely that our company will have issues relating to the current situation that need to be considered by management. There will be a wide range of factors to take into account in going concern judgments and financial projections including travel bans, restrictions, government assistance and potential sources of replacement financing, financial health of suppliers and customers and their effect on expected profitability and other key financial performance ratios including information that shows whether there will be sufficient liquidity to continue to meet obligations when they are due. |
NOTE 9 _ Related Party Transact
NOTE 9 – Related Party Transactions | 12 Months Ended |
Oct. 31, 2022 | |
Related Party Transactions [Abstract] | |
NOTE 9 – Related Party Transactions | NOTE 9 – Related Party Transactions A loan amount of $ 12,500 The Company issued 10,000,000 .001 |
NOTE 10 _ Subsequent Events
NOTE 10 – Subsequent Events | 12 Months Ended |
Oct. 31, 2022 | |
Subsequent Events [Abstract] | |
NOTE 10 – Subsequent Events | NOTE 10 – Subsequent Events In accordance with ASC 855-10, the Company has analyzed its operations subsequent to October 31, 2022 through the date these financial statements were issued and has determined that it has two material subsequent events to disclose in these financial statements. The Company issued 12,500,000 $4,375 On January 20, 2023, the Company borrowed $ 53,986 $.50 |
NOTE 1- Business, Basis of Pr_2
NOTE 1- Business, Basis of Presentation and Significant Accounting Policies (Policies) | 12 Months Ended |
Oct. 31, 2022 | |
Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations Pedro’s List, Inc., formerly known as Quest Management, Inc. (the “Company”) was incorporated in the State of Nevada on October 12, 2014. The Company originally intended to engage in the business of development of marketing channels to distribute fitness equipment to the wholesale market in the United States. The Company acquired Pedro’s List U.S. L.L.C. on May 23, 2022 through the exchange of 20,000 The Company may continue to seek the acquisition of other business activities and the related capital needed to enter into an activity to bring operations that would be profitable and increase the value to the shareholders. The activities may be in the industries currently or previously pursued, but it is not known at this point in time, and the current operations will be financed by its parent company and/or debts incurred by the Company. |
Basis of Presentation | 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. The Financial Statements and related disclosures as of October 31, 2022 and 2021 are audited pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”). All other periods presented in these financial statements are unaudited pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”). Unless the context otherwise requires, all references to “Quest Management,” “we,” “us,” “our” or the “Company” are to Pedro’s List, Inc. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments purchased with original maturities of three months or less to be cash equivalents. |
Revenue Recognition | Revenue Recognition The Company applies ASC 606, Revenue from Contracts with Customers |
Advertising | Advertising Advertising costs are expensed as incurred. Advertising expenses for the years ended October 31, 2022 and 2021 were $ 0 |
Intangibles with Finite Lives | Intangibles with Finite Lives The Company applies the provisions of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 360-10, Property, Plant and Equipment, The Company does not amortize any intangible assets with finite lives. Goodwill and intangible assets are reviewed for potential impairment whenever events or circumstances indicate that their carrying amounts may not be recoverable. Management determined an impairment adjustment related to these intangibles was necessary at October 31, 2022. The Company impaired the goodwill allocated from the purchase of its Subsidiary in the amount of $647,739. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company adopted ASC 820, Fair Value Measurements and Disclosures Level 1 — Quoted prices for identical assets and liabilities in active markets; Level 2 — Quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets; and Level 3 — Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with US 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 periods. Management makes these estimates using the best information available at the time the estimates are made; however actual results could differ materially from those estimates. |
Emerging Growth Company Critical Accounting Policy Disclosure | Emerging Growth Company Critical Accounting Policy Disclosure The Company qualifies as an “emerging growth company” under the 2012 JOBS Act. Section 107 of the JOBS Act provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. As an emerging grown company, the Company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. The Company . |
Income Taxes | Income Taxes The Company accounts for income taxes under ASC 740-10-30, Income Taxes The Company adopted ASC 740-10-25, which addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under ASC 740-10-25, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent (50%) likelihood of being realized upon ultimate settlement. ASC 740-10-25 also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures. The Company had no material adjustments to its liabilities for unrecognized income tax benefits according to the provisions of ASC 740-10-25. |
Loss Per Share | Loss Per Share Net loss per common share is computed pursuant to ASC 260-10-45, Earnings Per Share. Basic net loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by dividing net loss by the weighted average number of shares of common stock and potentially outstanding shares of common stock during each period, unless their effect is anti-dilutive due to continuing losses. There were no potentially dilutive shares outstanding as of October 31, 2022 and 2021, respectively |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of Pedro’s List, Inc. and its wholly-owned Subsidiary Pedro’s List U.S. L.L.C. All intercompany transactions are eliminated in consolidation. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements We do not expect the adoption of recently issued accounting pronouncements to have a significant impact on our results of operations or financial position. |
NOTE 3 _ Acquisition from BSL_2
NOTE 3 – Acquisition from BSLLC to PLLLC (Tables) | 12 Months Ended |
Oct. 31, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisition | Cash $ 45,198 Intercompany debt offset 18,155 Note receivable 6,000 Total assets acquired 69,353 Accounts payable and accrued expenses 9,682 Notes payable 157,410 Total liabilities assumed 167,092 Net debt assumed 97,439 Common stock issued 550,000 Amount allocated to goodwill (impaired) $ 647,439 |
NOTE 4 _ Notes Payable (Tables)
NOTE 4 – Notes Payable (Tables) | 12 Months Ended |
Oct. 31, 2022 | |
Debt Disclosure [Abstract] | |
Notes Payable | October 31, 2022 October 31, 2021 Notes payable, non-interest bearing, due upon demand, unsecured. $ 53,269 $ 5,000 Note payable, non-interest bearing, due upon demand, unsecured. 32,410 — Note payable, 10% 50,000 — Note payable, non-interest bearing, due upon demand, unsecured, convertible at $.50 45,000 — Note payable, non-interest bearing, due upon demand, unsecured. 100,000 — Note payable, non-interest bearing, due upon demand, unsecured. 6,150 6,150 Notes payable, non-interest bearing, due upon demand, unsecured 10,000 6,000 Total due 296,829 17,150 Current Portion 296,829 17,150 Long-term portion $ — $ — |
NOTE 5 _ Note Payable -Relate_2
NOTE 5 – Note Payable -Related Party (Tables) | 12 Months Ended |
Oct. 31, 2022 | |
Note 5 Note Payable -related Party | |
Note Payable - Related Party | October 31, 2022 October 31, 2021 Notes payable, non-interest bearing, due upon demand, unsecured $ 12,500 $ 12,500 Note payable, 15% 25,000 — Total due 37,500 12,500 Current Portion 37,500 12,500 Long-term portion $ — $ — |
NOTE 6 _ Income Taxes (Tables)
NOTE 6 – Income Taxes (Tables) | 12 Months Ended |
Oct. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Deferred income tax assets (liabilities) | Balance Rate Tax Federal loss carryforward $ 1,718,287 21 % $ 360,840 Valuation allowance (360,840 ) Deferred tax asset $ — |
NOTE 1- Business, Basis of Pr_3
NOTE 1- Business, Basis of Presentation and Significant Accounting Policies (Details Narrative) - USD ($) | 12 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Accounting Policies [Abstract] | ||
Stock Issued During Period, Shares, Purchase of Assets | 20,000 | |
Advertising Expense | $ 0 | $ 0 |
NOTE 2 _ Financial Condition _2
NOTE 2 – Financial Condition and Going Concern (Details Narrative) - USD ($) | Oct. 31, 2022 | Oct. 31, 2021 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Retained Earnings (Accumulated Deficit) | $ 1,718,287 | $ 835,927 |
Working Capital Deficit | $ 346,287 |
Acquisition (Details)
Acquisition (Details) | 1 Months Ended |
May 23, 2022 USD ($) | |
Business Combination and Asset Acquisition [Abstract] | |
Cash | $ 45,198 |
Intercompany debt offset | 18,155 |
Note receivable | 6,000 |
Total assets acquired | 69,353 |
Accounts payable and accrued expenses | 9,682 |
Notes payable | 157,410 |
Total liabilities assumed | 167,092 |
Net debt assumed | 97,439 |
Common stock issued | 550,000 |
Other Asset Impairment Charges | $ 647,439 |
NOTE 3 _ Acquisition from BSL_3
NOTE 3 – Acquisition from BSLLC to PLLLC (Details Narrative) | 12 Months Ended |
Oct. 31, 2022 $ / shares shares | |
Business Combination and Asset Acquisition [Abstract] | |
Stock Issued During Period, Shares, Purchase of Assets | shares | 20,000 |
Business Acquisition, Share Price | $ / shares | $ 27.50 |
Notes Payable (Details)
Notes Payable (Details) - USD ($) | Jan. 20, 2023 | Oct. 31, 2022 | Oct. 31, 2021 |
Short-Term Debt [Line Items] | |||
Total due | $ 296,829 | $ 17,150 | |
Debt Instrument, Convertible, Conversion Price | $ 0.50 | ||
Current Portion | 296,829 | 17,150 | |
Long-term portion | |||
Debt [Member] | |||
Short-Term Debt [Line Items] | |||
Total due | 53,269 | 5,000 | |
Debt 2 [Member] | |||
Short-Term Debt [Line Items] | |||
Total due | 32,410 | ||
Debt 3 [Member] | |||
Short-Term Debt [Line Items] | |||
Total due | $ 50,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 10% | ||
Debt 4 [Member] | |||
Short-Term Debt [Line Items] | |||
Total due | $ 45,000 | ||
Debt Instrument, Convertible, Conversion Price | $ 0.50 | ||
Debt 6 [Member] | |||
Short-Term Debt [Line Items] | |||
Total due | $ 100,000 | ||
Debt 7 [Member] | |||
Short-Term Debt [Line Items] | |||
Total due | 6,150 | 6,150 | |
Debt 8 [Member] | |||
Short-Term Debt [Line Items] | |||
Total due | $ 10,000 | $ 6,000 |
NOTE 4 _ Notes Payable (Details
NOTE 4 – Notes Payable (Details Narrative) - USD ($) | 12 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Debt Disclosure [Abstract] | ||
Interest Expense | $ 5,000 |
Note Payable - Related Party (D
Note Payable - Related Party (Details) - USD ($) | Oct. 31, 2022 | Oct. 31, 2021 |
Short-Term Debt [Line Items] | ||
Note payable, 15% interest, due upon demand, unsecured. | $ 296,829 | $ 17,150 |
Current Portion | 37,500 | 12,500 |
Debt Related Party 1 [Member] | ||
Short-Term Debt [Line Items] | ||
Note payable, 15% interest, due upon demand, unsecured. | 12,500 | 12,500 |
Debt Related Party 2 [Member] | ||
Short-Term Debt [Line Items] | ||
Note payable, 15% interest, due upon demand, unsecured. | $ 25,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 15% |
NOTE 5 _ Note Payable -Relate_3
NOTE 5 – Note Payable -Related Party (Details Narrative) - USD ($) | 12 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Note 5 Note Payable -related Party | ||
[custom:InterestExpenseRelatedParty1] | $ 2,181 | |
[custom:AccountsPayableRelatedPartiesCurrent1-0] | $ 5,363 | $ 26,155 |
Deferred income tax assets (lia
Deferred income tax assets (liabilities) (Details) | 12 Months Ended |
Oct. 31, 2022 USD ($) | |
Income Tax Disclosure [Abstract] | |
Deferred Tax Assets, Operating Loss Carryforwards | $ 1,718,287 |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% |
Deferred Tax Assets, Valuation Allowance | $ 360,840 |
Deferred Tax Assets, Net of Valuation Allowance | $ (360,840) |
NOTE 7 _ Capital Stock (Details
NOTE 7 – Capital Stock (Details Narrative) - $ / shares | 12 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Equity [Abstract] | ||
Stock Issued During Period, Shares, Purchase of Assets | 20,000 | |
Stock Issued During Period, Shares, Issued for Services | 50,000,000 | |
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
NOTE 9 _ Related Party Transa_2
NOTE 9 – Related Party Transactions (Details Narrative) | 12 Months Ended |
Oct. 31, 2022 USD ($) $ / shares | |
Related Party Transactions [Abstract] | |
Note Payable related party | $ 12,500 |
Employee Benefit and Share-Based Payment Arrangement, Noncash | $ 10,000,000 |
Share Price | $ / shares | $ 0.001 |
NOTE 10 _ Subsequent Events (De
NOTE 10 – Subsequent Events (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |
Nov. 22, 2022 | Jan. 20, 2023 | Oct. 31, 2022 | Oct. 31, 2021 | |
Subsequent Events [Abstract] | ||||
Debt Conversion, Converted Instrument, Shares Issued | 12,500,000 | |||
Debt Conversion, Converted Instrument, Amount | $ 4,375 | |||
Proceeds from Notes Payable | $ 53,986 | $ 147,269 | $ 11,000 | |
Debt Instrument, Convertible, Conversion Price | $ 0.50 |