SEC Info - NFiniTi inc. - ‘10-Q’ for 7/31/22

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		Alternative Formats (Word, et al.) Condensed Financial Statements Controls and Procedures Defaults Upon Senior Securities Exhibits Legal Proceedings Management's Discussion and Analysis or Plan of Operation Mine Safety Disclosures Other Information Part Ii -- Other Information Quantitative and Qualitative Disclosures About Market Risk Risk Factors Table of Contents Unregistered Sales of Equity Securities and Use of Proceeds
1	1st Page – Filing Submission
"	Table of Contents
"	Item 1. Condensed Financial Statements
"	Item 2. Management's Discussion and Analysis or Plan of Operation
"	Item 3. Quantitative and Qualitative Disclosures About Market Risk
"	Item 4. Controls and Procedures
"	Part Ii -- Other Information
"	Item 1. Legal Proceedings
"	Item 1a. Risk Factors
"	Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
"	Item 3. Defaults Upon Senior Securities
"	Item 4. Mine Safety Disclosures
"	Item 6. Exhibits

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Check whether the issuer (1) 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 last 90 days. i 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 and post such files). i Yes ☒ NO ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, an emerging growth company or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

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. i ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES i ☒ NO ☐

State the number of shares outstanding of each of the issuer’s classes of common equity, as of the latest practicable date: i 120,000,000 shares as of September 12, 2022

The Accompanying Notes are an Integral Part of These Condensed Unaudited Financial Statements

The Accompanying Notes are an Integral Part of These Unaudited Financial Statements

The Accompanying Notes are an Integral Part of These Condensed Unaudited Financial Statements

This section includes a number of forward-looking statements that reflect our current views with respect to future events and financial performance. Forward-looking statements are often identified by words like: believe, expect, estimate, anticipate, intend, project and similar expressions, or words which, by their nature, refer to future events. You should not place undue certainty on these forward-looking statements, which apply only as of the date of this report. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results or our predictions.

We generated no revenue for the three and nine-month periods ended July 31, 2022 and 2021.

We incurred operating expenses of $3,627 and $2,569 for the three-month periods ended July 31, 2022 and 2021, respectively. The operating expenses were comprised of professional fees. The increase was due to the professional fees associated with keeping the Company current in its filings with the SEC.

We incurred operating expenses of $32,694 and $12,822 for the nine-month periods ended July 31, 2022 and 2021, respectively. The operating expenses were comprised of professional fees. The increase was due to the professional fees associated with keeping the Company current in its filings with the SEC.

Our net loss for the three months ended July 31, 2022 and 2021 was $3,627 and $2,569, respectively. Our net loss for the nine months ended July 31, 2022 and 2021 was $32,694 and $12,822, respectively.

Effective December 30, 2021, the Company effected a six for one forward stock split of its issued and outstanding common stock. As a result, its authorized capital increased from 75,000,000 to 450,000,000 shares of common stock with a par value of $0.001 and it’s issued and outstanding shares increased from 20,000,000 shares of common stock to 120,000,000 shares of common stock. All share amounts have been retroactively adjusted for all periods presented.

Our cash balance at July 31, 2022 was $0, with $10,355 in accounts payable, $23,139 in loans payable and $79,093 in loans payable to related parties. If we experience a shortage of funds in the next twelve months, we may utilize additional funds from our director, Michael Noble, and our major shareholder, Robert Gelfand, who have agreed to advance funds for operations, however they have no formal commitment, arrangement or legal obligation to advance or loan funds to us.

Net cash used in operating activities was $28,892 during the nine months ended July 31, 2022 and net cash used in operating activities was $12,822 during the six months ended July 31, 2021.

Net cash used in investing activities was $0 during the nine months ended July 31, 2022 and 2021.

Net cash provided by financing activities was $28,892 during the nine months ended July 31, 2022 and net cash provided by financing activities was $12,886 during the nine months ended July 31, 2021.

We are an exploration stage company with no revenues and a short operating history. Our independent auditor has issued an audit opinion which includes a statement expressing substantial doubt as to our ability to continue as a going concern.

Our focus for the fiscal year ending October 31, 2022 will be on pursuing other business opportunities to increase shareholder value.

During fiscal 2022, we anticipate spending $10,000 on professional fees, including fees payable for complying with reporting obligations, $5,000 in general administrative costs and $1,500 in working capital. Total expenditures over the next 12 months are therefore expected to be approximately $16,500.

Our auditor has issued a going concern opinion. The continuation of the Company is dependent upon the continued financial support from our shareholders, our ability to obtain necessary equity financing to continue operations and the attainment of profitable operations.

Not required under Rule 12b-2 of the Securities Exchange Act of 1934 for “smaller reporting companies.”

Management maintains “disclosure controls and procedures,” as such term is defined in Rule 13a-15(e) under the Securities Exchange Act of 1934 (the “Exchange Act”), that are designed to ensure that information required to be disclosed in our Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission rules and forms, and that such information is accumulated and communicated to management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

In connection with the preparation of this quarterly report on Form 10-Q, an evaluation was carried out by management, with the participation of the Chief Executive Officer and the Chief Financial Officer, of the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of July 31, 2022.

Based on that evaluation, management concluded, as of the end of the period covered by this report, that our disclosure controls and procedures were not effective in recording, processing, summarizing, and reporting information required to be disclosed, within the time periods specified in the Securities and Exchange Commission’s rules and forms.

As of the end of the period covered by this report, there have been no changes in the internal controls over financial reporting during the quarter ended July 31, 2022, that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting subsequent to the date of management’s last evaluation.

Our Company is not involved in any material litigation and we are unaware of any threatened material litigation. From time to time, we may become involved in litigation relating to claims arising from the ordinary course of our business.

Not required under Rule 12b-2 of the Securities Exchange Act of 1934 for “smaller reporting companies.”

There were no defaults upon senior securities during the period ended July 31, 2022.

The following exhibits are included with this quarterly filing. Those marked with an asterisk and required to be filed hereunder, are incorporated by reference and can be found in their entirety in our original Registration Statement on Form S-1, filed under SEC File Number 333-180164, at the SEC website at www.sec.gov:

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.

NFiniTi inc.
Balance Sheets

	As of			As of
	July 31, 2022			October 31, 2021

ASSETS

Current Assets
Cash	$	i -		$	i -

Total Current Assets		i -			i -

Total Assets	$	i -		$	i -

LIABILITIES & STOCKHOLDERS' DEFICIT

Current Liabilities
Accounts Payable	$	i 10,355		$	i 6,553
Loan Payable		i 23,139			i -
Loan Payable - Related Party		i 79,093			i 73,340

Total Current Liabilities		i 112,587			i 79,893

Commitments and Contingencies

Stockholders' Deficit

Common stock, $ i 0.001 par value, i 450,000,000 shares
authorized; i 120,000,000 shares issued and outstanding
as of July 31, 2022 and October 31, 2021	$	i 120,000		$	i 120,000
Additional Paid-In Capital		( i 60,000	)		( i 60,000	)
Accumulated Deficit		( i 172,587	)		( i 139,893	)

Total Stockholders' Deficit		( i 112,587	)		( i 79,893	)
Total Liabilities &
Stockholders' Deficit	$	i -		$	i -

NFiniTi, inc.
Statements of Cash Flows (unaudited)


	Nine Months			Nine Months
	ended			ended
	July 31, 2022			July 31, 2021

CASH FLOWS FROM OPERATING ACTIVITIES

Net (loss)	$	( i 32,694	)	$	( i 12,822	)
Adjustments to reconcile net loss to net cash
used in operating activities:

Changes in operating assets and liabilities:
Accounts Payable		i 3,802			( i 64	)

Net cash (used in) operating activities		( i 28,892	)		( i 12,886	)

CASH FLOWS FROM INVESTING ACTIVITIES

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from Loan Payable		i 23,139			i -
Proceeds from Loan Payable - Related Party		i 5,753			i 12,886

*Net cash provided by financing activities*		i 28,892			i 12,886

*Net change in cash*		i -			i -

*Cash at beginning of period*		i -			i -

*Cash at end of period*	$	i -		$	i -

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION

Cash paid during period for:

Interest	$	i -		$	i -

Income Taxes	$	i -		$	i -

Exhibit No.		Description
3.1		Articles of Incorporation*
3.2		Bylaws*
31		Sec. 302 Certification of Chief Executive Officer and Chief Financial Officer
32		Sec. 906 Certification of Chief Executive Officer and Chief Financial Officer
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 Labels Linkbase Document.
101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104		Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101).

	NFiniTi inc. Registrant

Date September 16, 2022	By:	/s/ *Michael Noble*
		Michael Noble, Chief Executive Officer, Chief Financial Officer and Director

This ‘10-Q’ Filing	Date	Other Filings

	10/31/22
Filed on:	9/16/22
	9/12/22
For Period end:	7/31/22	NT 10-Q
	4/30/22	10-Q, NT 10-Q
	1/31/22	10-Q, NT 10-Q
	12/30/21
	10/31/21	10-K
	7/31/21	10-Q
	4/30/21	10-Q
	1/31/21	10-Q, NT 10-Q
	10/31/20	10-K
	1/23/12
		List all Filings

NFiniTi inc. – ‘10-Q’ for 7/31/22

On: Friday, 9/16/22, at 2:41pm ET · For: 7/31/22 · Accession #: 1477932-22-6980 · File #: 333-180164

Previous ‘10-Q’: ‘10-Q’ on 6/21/22 for 4/30/22 · Next: ‘10-Q’ on 3/14/23 for 1/31/23 · Latest: ‘10-Q’ on 3/13/24 for 1/31/24 · 1 Reference: To: NFiniTi inc. – ‘S-1’ on 3/16/12

Quarterly Report — Form 10-Q

Filing Table of Contents

‘10-Q’ — Quarterly Report

Document Table of Contents

This is an HTML Document rendered as filed. [ Alternative Formats ]

Dates Referenced Herein and Documents Incorporated by Reference

1 Previous Filing that this Filing References

Large accelerated filer	☐	Accelerated filer	☐
i Non-Accelerated filer	☒	Smaller reporting company	i ☒
		Emerging growth company	i ☒

		Page
PART I – FINANCIAL INFORMATION
Item 1. Condensed Financial Statements		3
Item 2. Management’s Discussion and Analysis or Plan of Operation		11
Item 3. Quantitative and Qualitative Disclosures About Market Risk		12
Item 4. Controls and Procedures		12

PART II – OTHER INFORMATION
Item 1. Legal Proceedings		13
Item 1a. Risk Factors		13
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		13
Item 3. Defaults Upon Senior Securities		13
Item 4. Mine Safety Disclosures		13
Item 5. Other Information		13
Item 6. Exhibits		14