SEC Info - Pacific Sports Exchange Inc. - ‘10-Q’ for 5/31/20

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Pacific Sports Exchange Inc. – ‘10-Q’ for 5/31/20 – ‘XML’

On: Wednesday, 7/15/20, at 4:52pm ET · For: 5/31/20 · Accession #: 1640334-20-1792 · File #: 333-230690

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 7/15/20  Pacific Sports Exchange Inc.      10-Q        5/31/20   26:1M                                     Pubco Reporting … Inc/FA

Quarterly Report — Form 10-Q — Sect. 13 / 15(d) – SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Quarterly Report                                    HTML    240K 
 2: EX-31.1     Certification -- §302 - SOA'02                      HTML     14K 
 3: EX-32.1     Certification -- §906 - SOA'02                      HTML     11K 
10: R1          Cover                                               HTML     60K 
11: R2          Balance Sheets                                      HTML     43K 
12: R3          Balance Sheets (Parenthetical)                      HTML     19K 
13: R4          Statements of Operations (Unaudited)                HTML     42K 
14: R5          Statement of Changes in Stockholders Equity         HTML     37K 
                (Deficit) (Unaudited)                                            
15: R6          Statements of Cash Flows (Unaudited)                HTML     44K 
16: R7          Organization, Description of Business and Going     HTML     19K 
                Concern                                                          
17: R8          Summary of Significant Accounting Policies          HTML     19K 
18: R9          Common Stock Payable                                HTML     12K 
19: R10         Subsequent Events                                   HTML     12K 
20: R11         Summary of Significant Accounting Policies          HTML     24K 
                (Policies)                                                       
21: R12         Common Stock Payable (Details Narrative)            HTML     13K 
22: R13         Subsequent Events (Details Narrative)               HTML     14K 
24: XML         IDEA XML File -- Filing Summary                      XML     36K 
 9: XML         XBRL Instance -- pse_10q_htm                         XML    203K 
23: EXCEL       IDEA Workbook of Financial Reports                  XLSX     23K 
 6: EX-101.CAL  XBRL Calculations -- pse-20200531_cal                XML     52K 
 8: EX-101.DEF  XBRL Definitions -- pse-20200531_def                 XML     48K 
 5: EX-101.LAB  XBRL Labels -- pse-20200531_lab                      XML    206K 
 7: EX-101.PRE  XBRL Presentations -- pse-20200531_pre               XML    146K 
 4: EX-101.SCH  XBRL Schema -- pse-20200531                          XSD     38K 
25: JSON        XBRL Instance as JSON Data -- MetaLinks               68±    96K 
26: ZIP         XBRL Zipped Folder -- 0001640334-20-001792-xbrl      Zip     46K

‘XML’ — XBRL Instance — pse_10q_htm

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NOTE 1 - ORGANIZATION, DESCRIPTION OF BUSINESS AND GOING CONCERN Pacific Sports Exchange Inc., (“Pacific Sports Exchange,” “the Company,” “we” or “us”) was incorporated in the state of Delaware on July 2, 2018 and is based in Punta Gorda, Florida. The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America, and the Company’s fiscal year end is August 31. The Company operates as a sports equipment vendor, specializing in tennis and golf. The Company sources high value new and used equipment and sells it online. The target market is an avid domestic or international customer that is serious about his/her golf or tennis game and will return to the Company for future purchases. To date, the Company’s activities have been limited to generating revenue via www.ebay.com, as well as developing initial business contacts and services. Going Concern The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the liquidation of liabilities in the normal course of business. As of May 31, 2020, the Company has an accumulated deficit and has earned nominal revenues. The ability of the Company to obtain profitability is dependent upon, among other things, obtaining additional financing to continue operations, and development of its business plan. In response to these problems, 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. 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 or cease its operations. These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty. COVID-19 In March 2020, the World Health Organization declared the outbreak of COVID-19 as a pandemic based on the rapid increase in global exposure. COVID-19 continues to spread throughout the world and as a result of the outbreak, many companies have experienced disruptions in their operations and in markets served. The full extent of the future impacts of COVID-19 on the Company’s operations is uncertain. A prolonged outbreak could have a material adverse impact on financial results and business operations of the Company, including the timing and ability of the Company to collect accounts receivable and procure materials and supplies. As an online-only re-seller of new and used sports equipment we do not have employees or a physical retail location where customers shop. Those factors mitigate against the negative effects of COVID-19 on our operations. To the extent that we hold any inventory in any sporting equipment we intend to resell, such equipment is thoroughly cleaned and sanitized upon our receipt thereof and will be again immediately prior to shipping such equipment to any buyer. For any equipment sold through us, but not held as inventory by us, we request the originating source of such equipment to thoroughly clean and sanitize all equipment prior to shipping the equipment to a buyer, and we also caution all buyers (whether buying inventory directly from us, or equipment from third-parties through us) to thoroughly clean and sanitize all equipment upon receipt of the same. Although being an online only reseller of sports equipment with no physical “brick and mortar” retail site mitigates against the effects of COVID-19 on our operations, government issued “stay at home” orders, and the previous, and any ongoing or future, closure of gyms, athletic clubs, golf courses and other recreational facilities has and will continue to negatively impact our operations and ability to generate revenues from operations. The result of such orders and closures is that fewer people, both in the U.S. and around the World, are able (and/or willing) to engage in physical activities, and recreation, whether indoors or outdoors. Fewer people engaging in physical activities, and recreation, likely will mean fewer people in the market to purchase new and/or used sporting equipment which will have a materially negative affect on our ability to generate revenues from operations. If we are unable to generate sufficient revenues from operations to grow our business, or even sustain operations, we will be forced to rely on raising capital through debt financing and/or equity financing (such as through the sales of our Common Shares registered via a Form S-1 originally declared effective on September 30, 2019). There are no guarantees we will be able to raise additional capital through debt financing and/or equity financing (including through the sale of shares of our Common Stock previously registered via Form S-1).

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NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial statements and with the instructions to Form 10Q and Article 8 of Regulation SX of the United States Securities and Exchange Commission “SEC”). Accordingly, they do not contain all information and footnotes required by accounting principles generally accepted in the United States of America for annual financial statements. In the opinion of the Company’s management, the accompanying unaudited financial statements contain all the adjustments necessary consisting only of normal recurring accruals) to present the financial position of the Company as of May 31, 2020 and the results of operations and cash flows for the periods presented. The results of operations for the period ended May 31, 2020 are not necessarily indicative of the operating results for the full fiscal year or any future period. These unaudited financial statements should be read in conjunction with the financial statements and related notes thereto included in the Company’s Annual Report on Form 10K for the year ended August 31, 2019 filed with the SEC on November 27, 2019. Revenue Recognition Revenue is earned from the reselling of new and used sports equipment. The Company applies the following five steps in order to determine the appropriate amount of revenue to be recognized as it fulfills its obligations pursuant to each of its equipment sales transactions: <table cellpadding="0" style="border-spacing:0;font-size:10pt;width:100%;border-collapse:collapse;"><tbody><tr style="height:15px"><td style="width:4%;"> </td><td style="width:4%;vertical-align:top;">·</td><td style="vertical-align:top;">identify the contract with a customer;</td></tr><tr style="height:15px"><td> </td><td style="vertical-align:top;">·</td><td style="vertical-align:top;">identify the performance obligations in the contract;</td></tr><tr style="height:15px"><td> </td><td style="vertical-align:top;">·</td><td style="vertical-align:top;">determine the transaction price;</td></tr><tr style="height:15px"><td> </td><td style="vertical-align:top;">·</td><td style="vertical-align:top;">allocate the transaction price to performance obligations in the contract; and</td></tr><tr style="height:15px"><td> </td><td style="vertical-align:top;">·</td><td style="vertical-align:top;">recognize revenue as the performance obligation is satisfied.</td></tr></tbody></table> The Company operates as an online only retailer and utilizes eBay Inc. (“eBay”) as its prime marketing channel. The Company currently relies on eBay, a third party marketplace, to facilitate its sales. Such reliance on any third party platform to generate revenues carries with it certain risks, including but not necessarily limited to: the Company could violate the terms of service and lose its selling privileges, or the sites themselves could experience technical issues and/or fail. The Company always strives to abide by the policies of any third party platform and endeavors to provide superior customer service. Typical sales transactions are usually fulfilled within twenty four hours of completing the transaction online. Contracts stating the transaction price and our performance obligation to deliver the ordered products are deemed to be entered into on eBay at the time the customer submits payment, which is conducted through the PayPal payment platform. Due to the instantaneous nature of a customer submitting an order online at a stated price and the same or next) business day shipment of product, the Company does not anticipate that variable consideration or contract assets or liabilities will arise in the normal course of business. Revenues are recognized based on the sales contract price, net of sales taxes, when control of the promised goods are transferred to a customer, in an amount that reflects the consideration that the Company expects to receive in exchange for those goods. Our contracted prices primarily include cost of inventory, shipping and handling, eBay commission fee and our margin, which varies depending on each item. We may provide incentives to our customers from time to time, including discounts, coupons and rewards, which are treated as a reduction in revenue. We may provide sales under a consignment for a client. When acting as an agent, where we do not take delivery of the inventory, we record all costs of sales as a reduction in revenue. The Company does not accept returns and clearly indicates this in our listings. However, if a customer receives an item that is not as described in the eBay listing, we must follow the eBay moneyback guarantee policy which obligates us to issue a full refund within three 3) business days. We do not provide an estimate for returns as we do not anticipate any returns in the normal course of business. Cost of Goods Sold Cost of goods sold includes the following expenses; inventory costs and expenses related to eBay fees, repair and shipping services. Recent Accounting Pronouncements The Company adopts new pronouncements relating to generally accepted accounting principles applicable to the Company as they are issued, which may be in advance of their effective date. Management does not believe that any recently issued, but not yet effective accounting standards, if currently adopted, would have a material effect on the accompanying financial statements.

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The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial statements and with the instructions to Form 10Q and Article 8 of Regulation SX of the United States Securities and Exchange Commission “SEC”). Accordingly, they do not contain all information and footnotes required by accounting principles generally accepted in the United States of America for annual financial statements. In the opinion of the Company’s management, the accompanying unaudited financial statements contain all the adjustments necessary consisting only of normal recurring accruals) to present the financial position of the Company as of May 31, 2020 and the results of operations and cash flows for the periods presented. The results of operations for the period ended May 31, 2020 are not necessarily indicative of the operating results for the full fiscal year or any future period. These unaudited financial statements should be read in conjunction with the financial statements and related notes thereto included in the Company’s Annual Report on Form 10K for the year ended August 31, 2019 filed with the SEC on November 27, 2019.

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Revenue is earned from the reselling of new and used sports equipment. The Company applies the following five steps in order to determine the appropriate amount of revenue to be recognized as it fulfills its obligations pursuant to each of its equipment sales transactions: <table cellpadding="0" style="border-spacing:0;font-size:10pt;width:100%;border-collapse:collapse;"><tbody><tr style="height:15px"><td style="width:4%;"> </td><td style="width:4%;vertical-align:top;">·</td><td style="vertical-align:top;">identify the contract with a customer;</td></tr><tr style="height:15px"><td> </td><td style="vertical-align:top;">·</td><td style="vertical-align:top;">identify the performance obligations in the contract;</td></tr><tr style="height:15px"><td> </td><td style="vertical-align:top;">·</td><td style="vertical-align:top;">determine the transaction price;</td></tr><tr style="height:15px"><td> </td><td style="vertical-align:top;">·</td><td style="vertical-align:top;">allocate the transaction price to performance obligations in the contract; and</td></tr><tr style="height:15px"><td> </td><td style="vertical-align:top;">·</td><td style="vertical-align:top;">recognize revenue as the performance obligation is satisfied.</td></tr></tbody></table> The Company operates as an online only retailer and utilizes eBay Inc. (“eBay”) as its prime marketing channel. The Company currently relies on eBay, a third party marketplace, to facilitate its sales. Such reliance on any third party platform to generate revenues carries with it certain risks, including but not necessarily limited to: the Company could violate the terms of service and lose its selling privileges, or the sites themselves could experience technical issues and/or fail. The Company always strives to abide by the policies of any third party platform and endeavors to provide superior customer service. Typical sales transactions are usually fulfilled within twenty four hours of completing the transaction online. Contracts stating the transaction price and our performance obligation to deliver the ordered products are deemed to be entered into on eBay at the time the customer submits payment, which is conducted through the PayPal payment platform. Due to the instantaneous nature of a customer submitting an order online at a stated price and the same or next) business day shipment of product, the Company does not anticipate that variable consideration or contract assets or liabilities will arise in the normal course of business. Revenues are recognized based on the sales contract price, net of sales taxes, when control of the promised goods are transferred to a customer, in an amount that reflects the consideration that the Company expects to receive in exchange for those goods. Our contracted prices primarily include cost of inventory, shipping and handling, eBay commission fee and our margin, which varies depending on each item. We may provide incentives to our customers from time to time, including discounts, coupons and rewards, which are treated as a reduction in revenue. We may provide sales under a consignment for a client. When acting as an agent, where we do not take delivery of the inventory, we record all costs of sales as a reduction in revenue. The Company does not accept returns and clearly indicates this in our listings. However, if a customer receives an item that is not as described in the eBay listing, we must follow the eBay moneyback guarantee policy which obligates us to issue a full refund within three 3) business days. We do not provide an estimate for returns as we do not anticipate any returns in the normal course of business.

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Cost of goods sold includes the following expenses; inventory costs and expenses related to eBay fees, repair and shipping services.

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The Company adopts new pronouncements relating to generally accepted accounting principles applicable to the Company as they are issued, which may be in advance of their effective date. Management does not believe that any recently issued, but not yet effective accounting standards, if currently adopted, would have a material effect on the accompanying financial statements.

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NOTE 3 - COMMON STOCK PAYABLE During May 2020, the Company received $3,000 for Common Stock subscriptions for 150,000 shares of Common Stock. The Company accepted the subscriptions and issued the shares on June 19, 2020 (see Note 4).

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<pse:ProceedsFromCommonStockPayable contextRef="From2019-09-01to2020-05-31" decimals="0" id="fid_400" unitRef="USD"> 3000 </pse:ProceedsFromCommonStockPayable>

<pse:CommonStockSharesIssuedForSubscription contextRef="From2019-09-01to2020-05-31" decimals="INF" id="fid_432" unitRef="Shares"> 150000 </pse:CommonStockSharesIssuedForSubscription>

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NOTE 4 - SUBSEQUENT EVENTS On June 19, 2020, the Company issued 1,000,000 shares of Common Stock to unaffiliated individuals, for total proceeds of $20,000. The Company has evaluated events occurring subsequent to May 31, 2020 through the issuance of the financials and determined that there are no additional events requiring disclosure.

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Filing Submission 0001640334-20-001792 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

Pacific Sports Exchange Inc. – ‘10-Q’ for 5/31/20 – ‘XML’

On: Wednesday, 7/15/20, at 4:52pm ET · For: 5/31/20 · Accession #: 1640334-20-1792 · File #: 333-230690

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