U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
Mark One
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended April 30, 2023
☐ 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. 333-263739
RAPID LINE INC.
(Exact name of registrant as specified in its charter)
Wyoming (State or Other Jurisdiction of Incorporation or Organization) | 8200 (Primary Standard Industrial Classification Number) | EIN 98-1646802 (IRS Employer Identification Number) |
RAPID LINE INC.
Gieldowa 4A, Warsaw 01-211, Poland
Telephone: +48-222-196622
Email: info@kid-win.com
(Address and telephone number of principal executive offices)
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
| N/A | NONE | N/A |
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 ☒ 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 filer, an accelerated filer, a non-accelerated filer, smaller reporting Company, or an emerging growth Company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting Company”, and “emerging growth Company” in Rule 12b-2 of the Exchange
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
| Non-accelerated filer | ☒ | Smaller reporting Company | ☒ |
| Emerging growth Company | ☒ |
If an emerging growth Company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided 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 ☒
Applicable Only to Corporate Registrants
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the practicable date:
At April 30, 2023, the number of shares of the Registrant’s common stock outstanding was .
TABLE OF CONTENTS
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PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
RAPID LINE INC.
BALANCE SHEETS
| April 30, 2023 (Unaudited) | January 31, 2023 | |||||||
| ASSETS | ||||||||
| Current Assets | ||||||||
| Bank Account | $ | 18,869 | $ | 23,069 | ||||
| Prepaid Expenses | 1,096 | 1,687 | ||||||
| Total Current Assets | 19,965 | 24,756 | ||||||
| Non- Current Intangible Assets | ||||||||
| Mobile Application and Website Development | 41,000 | 41,000 | ||||||
| Accumulated Depreciation | (10,597 | ) | (8,548 | ) | ||||
| Total Non-Current Intangible Assets | 30,403 | 32,452 | ||||||
| Total Assets | $ | 50,368 | $ | 57,208 | ||||
| LIABILITIES | ||||||||
| Current Liabilities | ||||||||
| Interest Payable | 5,305 | 4,280 | ||||||
| Total Current Liabilities | 5,305 | 4,280 | ||||||
| Long term Liabilities | ||||||||
| Director Loan | 13,244 | 13,244 | ||||||
| Promissory Note | 41,000 | 41,000 | ||||||
| Total Long term Liabilities | 54,244 | 54,244 | ||||||
| Total Liabilities | 59,549 | 58,524 | ||||||
| Stockholders’ Equity | ||||||||
| Common stock, $ par value, shares authorized; and shares issued and outstanding respectively; | 364 | 357 | ||||||
| Additional paid-in-capital | 22,542 | 21,248 | ||||||
| Accumulated deficit | (32,087 | ) | (22,921 | ) | ||||
| Total Stockholders’ Equity | (9,182 | ) | (1,316 | ) | ||||
| Total Liabilities and Stockholders’ Equity | $ | 50,368 | $ | 57,208 | ||||
The accompanying notes are an integral part of these financial statements.
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RAPID LINE INC.
STATEMENT OF OPERATIONS (Unaudited)
Three Months | Three Months | |||||||
| REVENUES | $ | – | $ | – | ||||
| OPERATING EXPENSES | ||||||||
| General and Administrative Expenses | 9,165 | 10,947 | ||||||
| TOTAL OPERATING EXPENSES | 9,165 | 10,947 | ||||||
| NET INCOME (LOSS) FROM OPERATIONS | (9,165 | ) | (10,947 | ) | ||||
| PROVISION FOR INCOME TAXES | – | – | ||||||
| NET INCOME (LOSS) | $ | (9,165 | ) | $ | (10,947 | ) | ||
| NET LOSS PER SHARE: BASIC AND DILUTED | $ | ) | $ | ) | ||||
| WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED | ||||||||
The accompanying notes are an integral part of these financial statements.
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RAPID LINE INC.
STATEMENT OF STOCKHOLDERS’ EQUITY (Unaudited)
| Common Stock | Additional Paid-in | Deficit Accumulated during the Development | Total Stockholders’ | |||||||||||||||||
| Shares | Amount | Capital | Stage | Equity | ||||||||||||||||
| Inception, January 10, 2022 | – | $ | – | $ | – | $ | – | $ | – | |||||||||||
| Shares issued for cash at $0.0001 per share on January 10, 2022 | 2,500,000 | 250 | – | – | 250 | |||||||||||||||
| Net loss for the year ended January 31, 2022 | – | – | – | (732 | ) | (732 | ) | |||||||||||||
| Balance, January 31, 2022 | 2,500,000 | $ | 250 | $ | – | $ | (732 | ) | $ | (481 | ) | |||||||||
| Net loss for the period ending April 30, 2022 | – | $ | – | $ | – | $ | (10,947 | ) | $ | (10,947 | ) | |||||||||
| Balance, April 30, 2022 | 2,500,000 | $ | 250 | $ | – | $ | (11,678 | ) | $ | (11,428 | ) | |||||||||
| Shares issued for cash at $0.02 per share in July, 2022 | 167,500 | 167 | 3,333 | – | 3,350 | |||||||||||||||
| Net loss for the period ending July 31, 2022 | – | $ | – | $ | – | $ | (6,407 | ) | $ | (6,407 | ) | |||||||||
| Balance, July 31, 2022 | 2,667,500 | $ | 267 | $ | 3,333 | $ | (18,085 | ) | $ | (14,485 | ) | |||||||||
| Shares issued for cash at $0.02 per share in October, 2022 | 625,250 | 625 | 15,776 | – | 12,505 | |||||||||||||||
| Net loss for the period ending October 31, 2022 | – | $ | – | $ | – | $ | (5,575 | ) | $ | (5,575 | ) | |||||||||
| Balance, October 31, 2022 | 3,292,750 | 329 | 15,776 | (23,659 | ) | (7,554 | ) | |||||||||||||
| Shares issued for cash at $0.02 per share in January, 2023 | 275,000 | 28 | 21,248 | – | 21,276 | |||||||||||||||
| Net loss for the period ending January 31, 2023 | – | $ | – | $ | – | $ | (22,190 | ) | $ | (22,190 | ) | |||||||||
| Balance, January 31, 2023 | 3,567,750 | 357 | 21,248 | (22,921 | ) | (1,316 | ) | |||||||||||||
| Shares issued for cash at $0.02 per share in April 30, 2023 | 65,000 | 7 | 22,542 | – | 22,549 | |||||||||||||||
| Net loss for the period ending April 30, 2023 | – | $ | – | $ | – | $ | (9,165 | ) | $ | (9,165 | ) | |||||||||
| Balance, April 30, 2023 | 3,632,750 | 364 | 22,542 | (32,087 | ) | (9,182 | ) | |||||||||||||
The accompanying notes are an integral part of these financial statements.
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RAPID LINE INC.
STATEMENT OF CASH FLOWS (Unaudited)
| Three Months Ended April 30, 2023 | Three Months Ended April 30, 2022 | |||||||
| CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
| Net income (loss) | $ | (9,165 | ) | $ | (10,947 | ) | ||
| Adjustment to reconcile net income (loss) to cash provided by operating activities | ||||||||
| Accumulated amortization | 2,049 | 2,049 | ||||||
| Increase/Decrease related to | ||||||||
| Prepaid Expenses | 591 | – | ||||||
| CASH FLOWS USED IN OPERATING ACTIVITIES | (6,525 | ) | (8,053 | ) | ||||
| CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
| Related Party Loans | – | 7,822 | ||||||
| Interest payable | 1,025 | 1,025 | ||||||
| Capital Stock | 1,300 | – | ||||||
| CASH FLOWS PROVIDED BY FINANCING ACTIVITIES | 2,325 | 8,847 | ||||||
| Net increase in cash and equivalents | (4,200 | ) | (51 | ) | ||||
| Cash and equivalents at beginning of the period | 23,069 | 51 | ||||||
| Cash and equivalents at end of the period | $ | 18,869 | $ | – | ||||
| Supplemental cash flow information: | ||||||||
| Cash paid for: | ||||||||
| Interest | $ | – | $ | – | ||||
| Taxes | $ | – | $ | – | ||||
The accompanying notes are an integral part of these financial statements.
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RAPID LINE INC.
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
SINCE INCEPTION ON JANUARY 10, 2022 TO APRIL 30, 2023
NOTE 1 – ORGANIZATION AND BASIS OF PRESENTATION
RAPID LINE INC. (referred as the “Company”, “we”, “our”) is a development stage company formed to commence operations concerned with online education. We were incorporated under the laws of the state of Wyoming on January 10, 2022. From our formation we were engaged in the business of namely the development, marketing and business process analysis, problem solving and general business services by our CEO, sole Officer and Director Mr. Moroz.
Our executive and business office is located at Gieldowa 4A, Warsaw 01-211, Poland, and our telephone number is +48222196622.
NOTE 2 – GOING CONCERN
The Company’s financial statements have been prepared assuming that it will continue as a going concern, which contemplates continuity 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 from Inception of $32,087 at April 30, 2023. The Company had net loss of $9,165 for the three months ended April 30, 2023. The Company has Promissory Notes on a balance sheet of $41,000 at April 30, 2023. 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.
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.
The extent of the impact of the coronavirus (“COVID-19”) outbreak on the financial performance of the Company will depend on future developments, including the duration and spread of the outbreak and related advisories and restrictions and the impact of COVID-19 on the overall economy, all of which are highly uncertain and cannot be predicted. If the overall economy is impacted for an extended period, the Company’s future operating results may be materially adversely affected.
NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The accompanying financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America.
The Company’s year-end is January 31.
The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and with the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all of the information and notes required by US GAAP for complete financial statements of the Company. In the opinion of management, these financial statements reflect all adjustments of a normal recurring nature necessary for the fair presentation of the Company’s financial position, results of operations and cash flows for the interim periods presented in conformity with US GAAP. These unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto for the year ended January 31, 2023. Interim results are not necessarily indicative of the results that may be expected for a full year or any other interim period.
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Use of Estimates
The preparation of financial statements in conformity with generally accepted accounting principles 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 the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Cash and Cash Equivalents
The Company considers all highly liquid investments with the original maturities of three months or less to be cash equivalents. The Company issued 2,500,000 common shares for $250 at par value $0.0001 for the purpose of taking care of financial operations for the Company by the director Wiktor Moroz.
Mobile Application and Website development - amortization
The Company is using straight - line amortization for our mobile application and website since they are fully operational as of January 15, 2022.
Mobile Application and Website – $41,000
Term of amortization – 60 months (5 years)
Since Inception to April 30, 2023 the company’s accumulated amortization was $10,597.
Interest Payable Note
The Company holds Promissory note payable of $41,000, as per contract the company has to pay interest of 10% annually. As of April 30, 2023 the Company’s Interest payable is $5,305.
Fair Value of Financial Instruments
AS topic 820 “Fair Value Measurements and Disclosures” establishes a three-tier fair value hierarchy, which prioritizes the inputs in measuring fair value. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market.
These tiers include:
| Level 1: | defined as observable inputs such as quoted prices in active markets; |
| Level 2: | defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and |
| Level 3: | defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. |
The carrying value of cash and the Company’s loan from shareholder approximates its fair value due to their short-term maturity.
Income Taxes
Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized.
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The Company computes income (loss) per share in accordance with FASB ASC 260 “Earnings per Share”. Basic loss per share is computed by dividing net income (loss) available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted income (loss) per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive.
As of April 30, 2023, there were potentially dilutive debt or equity instruments issued or outstanding.
Stock-Based Compensation
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.
Recent Accounting Pronouncements
Management does not believe that any recently issued, but not yet effective accounting pronouncements, when adopted, will have a material effect on the accompanying financial statements.
NOTE 4 – LOAN FROM DIRECTOR
As of April 30, 2023, the Company owed $13,244 to the Company’s sole director, Wiktor Moroz for the Company’s working capital purposes. The amount is outstanding and payable upon request. The company compensated the director by issuing common shares at par value $ towards incurred company’s expenses as of January 10, 2022.
NOTE 5 – COMMON STOCK
The Company has , $ par value shares of common stock authorized.
On January 10, 2022 the Company issued shares of common stock to a director for services rendered estimated to be $ at $0.0001 per share.
In July, the Company issued common shares to few individuals at $0.02 per share in consideration of $3,350.
There were shares of common stock issued and outstanding as of July 31, 2022.
In October, the Company issued common shares to few individuals at $0.02 per share in consideration of $12,505.
There were shares of common stock issued and outstanding as of October 31, 2022.
In January, the Company issued common shares to few individuals at $0.02 per share in consideration of $5,500.
There were shares of common stock issued and outstanding as of January 31, 2023.
In April, the Company issued common shares to few individuals at $0.02 per share in consideration of $1,300.
There were shares of common stock issued and outstanding as of April 30, 2023.
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NOTE 6 – COMMITMENTS AND CONTINGENCIES
Our sole officer and director, Wiktor Moroz, has agreed to provide his own premise under office needs. He will not take any fee for these premises, it is for free use.
NOTE 7 – INCOME TAXES
On December 22, 2017, the President of the United States signed into law the Tax Cuts and Jobs Act (“Tax Reform Act”). The legislation significantly changes U.S. tax law by, among other things, lowering corporate income tax rates, implementing a territorial tax system and imposing a transition tax on deemed repatriated earnings of foreign subsidiaries. The Tax Reform Act permanently reduces the U.S. corporate income tax rate from a maximum of 35% to a flat 21% rate, effective January 1, 2018.
The reconciliation of income tax benefit (expenses) at the U.S. statutory rate at 21% for the period ended as follows:
| Schedule of income tax benefit (expense) | April 30, 2023 | |||
| Tax benefit (expenses) at U.S. statutory rate | $ | (1,925 | ) | |
| Change in valuation allowance | 1,925 | |||
| Tax benefit (expenses), net | $ | – | ||
The tax effects of temporary differences that give rise to significant portions of the net deferred tax assets are as follows:
| Schedule of deferred tax assets | April 30, 2023 | |||
| Net operating loss | $ | 6,738 | ||
| Valuation allowance | (6,738 | ) | ||
| Deferred tax assets, net | $ | – | ||
The Company has accumulated approximately $32,087 of net operating losses (“NOL”) carried forward to offset future taxable income up to 20 years, if any, in future years which begin to expire in year 2038. In assessing the realization of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent 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 all of the deferred tax asset relating to NOLs for every period because it is more likely than not that all of the deferred tax asset will not be realized.
NOTE 8 – SUBSEQUENT EVENTS
In accordance with ASC 855-10 the Company has analyzed its operations subsequent to April 30, 2023 to the date these financial statements were issued, and has determined that it does not have any material subsequent events to disclose in these financial statements.
The extent of the impact of the coronavirus ("COVID-19") outbreak on the financial performance of the Company will depend on future developments, including the duration and spread of the outbreak and related advisories and restrictions and the impact of COVID-19 on the overall economy, all of which are highly uncertain and cannot be predicted. If the overall economy is impacted for an extended period, the Company’s future operating results may be materially adversely affected.
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
FORWARD LOOKING STATEMENTS
Statements made in this Form 10-Q that are 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 "August," "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 on 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 April occurs in the future. However, forward-looking statements are subject to risks, uncertainties and important factors beyond our control that could cause actual results and 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.
Employees and Employment Agreements
At present, we have no employees other than our officer and director. We presently do not have pension, health, annuity, insurance, stock options, profit sharing or similar benefit plans; however, we August adopt such plans in the future. There are presently no personal benefits available to any officers, directors or employees.
Results of Operation
Our financial statements have been prepared assuming that we will continue as a going concern and, accordingly, do not include adjustments relating to the recoverability and realization of assets and classification of liabilities that might be necessary should we be unable to continue in operation.
We expect 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 Months Ended April 30, 2023:
During the three months ended April 30, 2023, we have not generated any revenues.
Our net loss for the three months ended April 30, 2023 was $9,165. Operating expenses consist of mainly professional fees, consulting expenses and depreciation expenses.
During the three months ended April 30, 2022, we have not generated any revenues.
Our net loss for the three months ended April 30, 2022was $10,947. Operating expenses consist of mainly professional fees, consulting expenses and depreciation expenses.
Liquidity and Capital Resources
As of April 30, 2023, our total assets were $50,368 consisting of Mobile Application and Website Development and Accumulated amortization and Prepaid Expenses and Issuances of Common Shares.
| Current Liabilities | ||||
| Interest Payable | $ | 5,305 | ||
| Total Current Liabilities | 5,305 | |||
| Long term Liabilities | ||||
| Director Loan | 13,244 | |||
| Promissory Note | 41,000 | |||
| Total Long term Liabilities | 54,244 | |||
| Total Liabilities | $ | 59,549 | ||
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Cash Flows from Operating Activities
We have not generated positive cash flows from operating activities. For three months ended April 30, 2023, net cash flows used in operating activities was $6,525 consisting of:
| CASH FLOWS FROM OPERATING ACTIVITIES | ||||
| Net income (loss) | $ | (9,165 | ) | |
| Accumulated amortization | 2,049 | |||
| Prepaid Expenses | 591 | |||
| CASH FLOWS USED IN OPERATING ACTIVITIES | $ | (6,525 | ) | |
Cash Flows from Investing Activities
We have not generated any cash flows from investing activities as of April 30, 2023.
Cash Flows from Financing Activities
We have generated positive cash flows from financing activities. For three months ended April 30, 2023, we generated $2,325 consisting of:
| CASH FLOWS FROM FINANCING ACTIVITIES | ||||
| Related Party Loans | $ | – | ||
| Interest payable | 1,025 | |||
| Capital Stock | 1,300 | |||
| CASH FLOWS PROVIDED BY FINANCING ACTIVITIES | $ | 2,325 | ||
Plan of Operation and Funding
We expect that working capital requirements will continue to be funded through a combination of our existing funds and further issuances of securities. Our working capital requirements are expected to increase in line with the growth of our business.
Existing working capital, further advances and debt instruments, and anticipated cash flow are expected to be adequate to fund our operations over the next three months. We have no lines of credit or other bank financing arrangements. Generally, we have financed operations to date through the proceeds of the private placement of equity and debt instruments. 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 expect we will need to raise additional capital and generate revenues to meet long-term operating requirements. 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 August not be available upon acceptable terms, or at all. If adequate funds are not available or are not available on acceptable terms, we August not be able to take advantage of prospective new business endeavors or opportunities, which could significantly and materially restrict our business operations. We will have to raise additional funds in the next twelve months in order to sustain and expand our operations. We currently do not have a specific plan of how we will obtain such funding; however, we anticipate that additional funding 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-term 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.
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.
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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.
Item 4. Controls and Procedures
Our management is responsible for establishing and maintaining a system of disclosure controls and procedures (as 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 the 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, 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 effectiveness of the design and operation of our disclosure controls and procedures as of April 30, 2023. Based on that evaluation, our management concluded that our disclosure controls and procedures were not effective as of such date to ensure that information required to be disclosed in the reports that we file or submit under the Exchange Act, is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms. Such officer also confirmed that there was no change in our internal control over financial reporting since Inception on January 10, 2022 ended April 30, 2023 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
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PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
Management is 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 against us or our properties.
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 5. OTHER INFORMATION
No report required.
ITEM 6. EXHIBITS
| Exhibit | Description | |
| 31.1 | Certification of the Company’s Principal Executive Officer and Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002* | |
| 32.1 | Certification of the Company’s Principal Executive Officer and Principal Financial pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002** | |
| 101.INS | Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document)* | |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document* | |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document* | |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document* | |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document* | |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document* | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document)* |
_____________
| * | Filed herewith. | |
| ** | Furnished and not filed |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| June 05, 2023 | Rapid Line Inc. | |
| By: | /s/ Wiktor Moroz | |
| Wiktor Moroz, President, Secretary, | ||
| Treasurer, Principal Executive Officer, | ||
| Principal Financial Officer and | ||
| Principal Accounting Officer and | ||
| Sole Director |
| 15 |