Conectisys (CONC) 10-K 10 Nov 21 2021 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Sep. 30, 2021	Nov. 09, 2021	Mar. 31, 2021
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2021
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2021
Current Fiscal Year End Date	--09-30
Entity File Number	033-03560-D
Entity Registrant Name	CONECTISYS CORPORATION
Entity Central Index Key	0000790273
Entity Tax Identification Number	84-1017107
Entity Incorporation, State or Country Code	CO
Entity Address, Address Line One	14308 S. Goss Road
Entity Address, City or Town	Cheney
Entity Address, State or Province	WA
Entity Address, Postal Zip Code	99004
City Area Code	949
Local Phone Number	929-5455
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	No
Entity Interactive Data Current	No
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	true
Entity Shell Company	true
Entity Public Float			$ 0
Entity Common Stock, Shares Outstanding		888,579
ICFR Auditor Attestation Flag	false

Unaudited Balance Sheets

Unaudited Balance Sheets - USD ($)	Sep. 30, 2021	Sep. 30, 2020
Current assets
Cash and cash equivalents	$ 0	$ 0
Total current assets	0	0
Property and equipment, net	0	0
Total assets	0	0
Current liabilities
Accrued expenses	10,656	9,921
Advances from former officer	20,884	17,445
Total current liabilities	31,540	27,366
Total liabilities	31,540	27,366
Commitments and contingencies
Stockholders’ deficit
Preferred Stock, Value, Issued	0	0
Common stock - no par value; 250,000,000 shares authorized 888,579 and 888,579 shares issued and outstanding, respectively*	32,246,441	32,246,441
Subscription receivable	0	(100)
(Accumulated deficit)	(32,277,981)	(32,273,707)
Accumulated other comprehensive income (loss)	0	0
Total deficit	(31,540)	(27,366)
Total liabilities and deficit	0	0
Preferred Class A [Member]
Stockholders’ deficit
Preferred Stock, Value, Issued	0	0
Convertible Preferred Stock [Member]
Stockholders’ deficit
Preferred Stock, Value, Issued	$ 0	$ 0

Unaudited Statements of Operati

Unaudited Statements of Operations and Comprehensive (Loss) - USD ($)	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Income Statement [Abstract]
REVENUE	$ 0	$ 0
COST OF REVENUE	0	0
GROSS PROFIT	0	0
OPERATING EXPENSES
General and administrative	4,274	5,941
Total operating expenses	4,274	5,941
(LOSS) FROM OPERATIONS	(4,274)	(5,941)
(LOSS) BEFORE INCOME TAXES	(4,274)	(5,941)
PROVISION FOR INCOME TAXES	0	0
NET (LOSS)	(4,274)	(5,941)
OTHER COMPREHENSIVE INCOME (LOSS)	0	0
COMPREHENSIVE INCOME (LOSS)	$ (4,274)	$ (5,941)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES*
Basic and diluted	888,579	215,675
(LOSS) PER SHARE*
Basic and diluted	$ 0	$ (0.03)

Unaudited Statements of Changes

Unaudited Statements of Changes in Equity (Deficit) - USD ($)	Common Stock [Member]	Subscription Receivable [Member]	Retained Earnings [Member]	Total
Beginning balance, value at Sep. 30, 2019	$ 32,246,341	$ 0	$ (32,267,766)	$ (21,425)
Shares, Outstanding, Beginning Balance at Sep. 30, 2019	88,579
Shares subscribed	$ 100	(100)
Stock Issued During Period, Shares, New Issues	800,000
Net loss			(5,941)	(5,941)
Ending balance, value at Sep. 30, 2020	$ 32,246,441	(100)	(32,273,707)	(27,366)
Shares, Outstanding, Ending Balance at Sep. 30, 2020	888,579
Shares subscribed		100		100
Net loss	0	0	(4,274)	(4,274)
Ending balance, value at Sep. 30, 2021	$ 32,246,441	$ 0	$ (32,277,981)	$ (31,540)
Shares, Outstanding, Ending Balance at Sep. 30, 2021	888,579

Unaudited Statements of Cash Fl

Unaudited Statements of Cash Flows - USD ($)	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Net (loss)	$ (4,274)	$ (5,941)
Adjustments to reconcile net (loss) to cash (used in) operating activities:
Accrued expenses	735	2,150
Advances from former officer	3,439	3,791
Net cash used in operating activities	(100)
CASH FLOWS FROM INVESTING ACTIVITIES	100	0
CASH FLOWS FROM FINANCING ACTIVITIES	0	0
CHANGES IN CASH	0	0
CASH AND CASH EQUIVALENT, beginning of year	0	0
CASH AND CASH EQUIVALENT, end of year	0	0
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for income tax	0	0
Cash paid for interest	$ 0	$ 0

Note 1 - Nature of business and

Note 1 - Nature of business and organization	12 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Note 1 - Nature of business and organization	Note 1 - Nature of business and organization ConectiSys Corporation (the “Company”) was incorporated in Colorado on February 2, 1986 under the name Coastal Financial Corp. On December 5, 1994, Coastal Financial Corp. changed its name to BDR Industries, Inc. which changed its name on October 16, 1995, to ConectiSys Corporation. The Company was engaged in the development of a low-cost automatic meter reading, or AMR, solution until it ceased all business activity in 2008. Conectisys was an SEC reporting company until 2008. Its last Form 10-K, for the fiscal year 2007, was filed on Jan 4, 2008; its last Form 10-Q, for the three and nine months ended June 30, 2008, was filed on Sep. 15, 2008. As of June 30, 2008, Conectisys had notes payable aggregating $6,633,312. Of this total, several five-year notes aggregating $3,082,655 were payable to NIR & Affiliates. NIR was a mutual fund run by Corey Ribotsky. NIR provided Conectisys with significant funding from 2002 through 2008 in the form of convertible notes with stock conversion at a significant discount to the market (up to 80% at times) commonly known as a “pipe”. In March 2008 NIR provided the last of its funding to Conectisys. In the 3rd quarter of 2008 Conectisys was in default on its obligations to NIR by (1) failure to pay interest and (2) failure to maintain an active SB-2 filing for issuance of the convertible shares. In 2009, Conectisys failed to timely file its 2008 10-K Report. Conectisys was removed from trading on the OTC and began trading on the Pink Sheets. The balance of the convertible notes, aggregating $ 3.550,657, were payable to AJW, New Millennium Capital Partners and Laurus Master Fund. All the notes were due at various times from 2002 to 2008. There were no repayments and, after the six-year statute of limitations, all the notes and the related accrued interest, $498,132 as of June 30, 2008, became null and void at various times through April 2017. Conectisys was a victim of predatory lending by Corey Ribotsky and his NIR Group, as evidenced by a civil complaint filed by the U.S, Securities & Exchange Commission (“SEC”) against Mr. Ribotsky, NIR and others on September 28, 2011 in Federal Court in the Eastern District of New York. To settle the SEC's related administrative proceedings, Ribotsky consented to be barred from any future association with any broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent, or nationally recognized statistical rating organization. The statute of limitations to sue in contract matters or debt collection is 6 years in the State of New York which was the agreed upon jurisdiction by both Conectisys and NIR. Further, NIR and all its affiliates ceased to operate as a result of the SEC enforcement actions. As of April 2017, all obligations, notes, debt, warrants, and options are past their due dates and barred from any collection efforts since the time frame allowed by the statute of limitations for a legal action has expired. From November 2002 to March 2008, Conectisys issued an aggregate of 67,620,000 five-year and seven-year Common Stock warrants to accredited investors in connection with several convertible debenture financing arrangements. All such warrants and all stock options expired unexercised. All assets as of June 30, 2008, $172,581, were fully amortized or realized by the end of fiscal 2008. As of June 30, 2008, the Company had $2,418,148 in accrued compensation and $40,174 due to officers. None of these obligations were paid and became null and void after the six-year statute of limitations. Accounts payable and other current liabilities were either partially paid or became null and void after the six-year statute of limitations. From its inception in 1990 through June 30, 2008, Conectisys had aggregate revenues of approximately $524,000 from the sale of its H-NET AMR systems. Operations: None Customers: None Employees: None

Note 2 _ Basis of Presentation

Note 2 – Basis of Presentation and Summary of significant accounting policies	12 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Note 2 – Basis of Presentation and Summary of significant accounting policies	Note 2 – Basis of Presentation and Summary of significant accounting policies Basis of presentation The accompanying financial statements have been prepared in accordance with the generally accepted accounting principles in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities Exchange Commission (“SEC”). The Company’s fiscal year ends on September 30. Cash and cash equivalents Cash and cash equivalents consist of amounts of cash on hand and bank deposits. Use of estimates and assumptions The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities reported and disclosures of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the periods presented. Actual results could differ from these estimates. Income taxes The Company accounts for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their perspective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which the temporary differences are expected to be recovered or settled. 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. Valuation allowances are recorded, when necessary, to reduce deferred tax assets to the amount expected to be realized. The Company has adopted the provisions of ASC 740, Income Taxes, since its inception on April 11, 2018. Commitments and Contingencies In the ordinary course of business, the Company is subject to certain contingencies, including legal proceedings and claims arising out of the business that relate to a wide range of matters, such as government investigations and tax matters. The Company recognizes a liability for such contingency if it determines it is probable that a loss has occurred and a reasonable estimate of the loss can be made. The Company may consider many factors in making these assessments including historical and specific facts and circumstances of each matter. Earnings per share Basic earnings per share are computed by dividing net income attributable to holders of Common Stock by the weighted average number of Common Stock outstanding during the year. Diluted earnings per share reflect the potential dilution that could occur if securities to issue Common Stock were exercised. Recently issued accounting pronouncements The Company does not believe that recently issued accounting standards will have a material effect on its financial statements. Subsequent events The Company evaluated subsequent events and transactions that occurred after the balance sheet date through the date that the financial statements are available to be issued. There are no material subsequent events that required recognition or additional disclosure. Going concern The accompanying financial statements have been prepared in conformity with generally accepted accounting principles, which contemplate continuation of the Company as a going concern. Additional capital infusion is necessary in order to fund current expenditures, acquire business opportunities and achieve profitable operations. This factor raises substantial doubt about the Company’s ability to continue as a going concern. The Company’s management intends to continue funding current expenditures and to raise additional funds. However, there can be no assurance that management will be successful in this endeavor.

Note 3 _ Loss Per Share

Note 3 – Loss Per Share	12 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Note 3 – Loss Per Share	Note 3 – Loss Per Share The following table sets forth the computation of basic and diluted loss per share for the years presented: Earnings per share calculation Years ended September 30, 2020 2021 Numerator: Net loss $ (5,941 ) $ (4,274 ) Denominator: Weighted average shares outstanding * 215,675 888,579 Net loss per share $ (0.03 ) $ (0.00 ) *Effective March 10, 2021, the Company implemented a 10,000 to 1 reverse split On August 1, 2020, the newly elected sole director and officer purchased 800,000 post-split common shares for $100 payable upon the effectiveness of such split. Such shares are included in the computation of the weighted average shares outstanding for the two months they were deemed outstanding in fiscal 2020.

Note 4 - Equity

Note 4 - Equity	12 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Note 4 - Equity	Note 4 - Equity The total number of authorized shares of capital stock, as amended, is currently 300,000,000, consisting of 250,000,000 common shares, no par value, and 50,000,000 shares of preferred stock. The number of post-split common shares outstanding is 888,579, of which 838,100 are owned by our sole director and officer. Of the 50,000,000 shares of preferred stock, 1,000,000 shares are designated Class A, $1.00 par value per share, with each share having voting rights equal to 100 common shares. In addition, 1,000,000 shares are designated Class B, $1.00 par value per share, with each share convertible into 10 common shares. The remaining 48,000,000 preferred shares authorized are undesignated. None of the preferred shares are issued and outstanding.

Note 2 _ Basis of Presentatio_2

Note 2 – Basis of Presentation and Summary of significant accounting policies (Policies)	12 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The accompanying financial statements have been prepared in accordance with the generally accepted accounting principles in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities Exchange Commission (“SEC”). The Company’s fiscal year ends on September 30.
Cash and cash equivalents	Cash and cash equivalents Cash and cash equivalents consist of amounts of cash on hand and bank deposits.
Use of estimates and assumptions	Use of estimates and assumptions The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities reported and disclosures of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the periods presented. Actual results could differ from these estimates.
Income taxes	Income taxes The Company accounts for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their perspective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which the temporary differences are expected to be recovered or settled. 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. Valuation allowances are recorded, when necessary, to reduce deferred tax assets to the amount expected to be realized. The Company has adopted the provisions of ASC 740, Income Taxes, since its inception on April 11, 2018.
Commitments and Contingencies	Commitments and Contingencies In the ordinary course of business, the Company is subject to certain contingencies, including legal proceedings and claims arising out of the business that relate to a wide range of matters, such as government investigations and tax matters. The Company recognizes a liability for such contingency if it determines it is probable that a loss has occurred and a reasonable estimate of the loss can be made. The Company may consider many factors in making these assessments including historical and specific facts and circumstances of each matter.
Earnings per share	Earnings per share Basic earnings per share are computed by dividing net income attributable to holders of Common Stock by the weighted average number of Common Stock outstanding during the year. Diluted earnings per share reflect the potential dilution that could occur if securities to issue Common Stock were exercised.
Recently issued accounting pronouncements	Recently issued accounting pronouncements The Company does not believe that recently issued accounting standards will have a material effect on its financial statements.
Subsequent events	Subsequent events The Company evaluated subsequent events and transactions that occurred after the balance sheet date through the date that the financial statements are available to be issued. There are no material subsequent events that required recognition or additional disclosure.
Going concern	Going concern The accompanying financial statements have been prepared in conformity with generally accepted accounting principles, which contemplate continuation of the Company as a going concern. Additional capital infusion is necessary in order to fund current expenditures, acquire business opportunities and achieve profitable operations. This factor raises substantial doubt about the Company’s ability to continue as a going concern. The Company’s management intends to continue funding current expenditures and to raise additional funds. However, there can be no assurance that management will be successful in this endeavor.

Note 3 _ Loss Per Share (Tables

Note 3 – Loss Per Share (Tables)	12 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Earnings per share calculation	Earnings per share calculation Years ended September 30, 2020 2021 Numerator: Net loss $ (5,941 ) $ (4,274 ) Denominator: Weighted average shares outstanding * 215,675 888,579 Net loss per share $ (0.03 ) $ (0.00 )

Earnings per share calculation

Earnings per share calculation (Details) - USD ($)	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Earnings Per Share [Abstract]
Numerator: Net loss	$ (4,274)	$ (5,941)
Denominator: Weighted average shares outstanding*	888,579	215,675
Net loss per share	$ 0	$ (0.03)

Note 3 _ Loss Per Share (Detail

Note 3 – Loss Per Share (Details Narrative)	5 Months Ended
	Mar. 10, 2021
Earnings Per Share [Abstract]
Stockholders' Equity, Reverse Stock Split	10,000 to 1 reverse split