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Artisan Consumer Goods, Inc. – ‘10-Q’ for 9/30/22

On:  Monday, 11/21/22, at 3:08pm ET   ·   For:  9/30/22   ·   Accession #:  1477932-22-8790   ·   File #:  0-54838

Previous ‘10-Q’:  ‘10-Q’ on 5/11/22 for 3/31/22   ·   Next:  ‘10-Q’ on 2/21/23 for 12/31/22   ·   Latest:  ‘10-Q’ on 2/20/24 for 12/31/23   ·   6 References:   To:  Artisan Consumer Goods, Inc. – ‘8-K’ on / for 5/23/18 To:  Artisan Consumer Goods, Inc. – ‘10-K’ on 10/16/17 for 6/30/17 To:  Artisan Consumer Goods, Inc. – ‘10-Q’ on 2/1/17 for 9/30/16 To:  Artisan Consumer Goods, Inc. – ‘10-K’ on 1/31/17 for 6/30/15 To:  Artisan Consumer Goods, Inc. – ‘10-K’ on 10/15/13 for 6/30/13 To:  Artisan Consumer Goods, Inc. – ‘S-1’ on 9/21/11 

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

11/21/22  Artisan Consumer Goods, Inc.      10-Q        9/30/22   34:1.6M                                   Discount Edgar/FA

Document/Exhibit                   Description                      Pages   Size 

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                (Unaudited)                                                      
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                (Details Narrative )                                             
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM  i 10-Q

(MARK ONE)

 i ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended  i September 30, 2022

OR

 i ☐ 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.  i 000-54838

 i 999 N Northlake WAy Ste 203

 i Seattle,  i Washington  i 98103-3442

(Address of principal executive offices, zip code)

( i 206)  i 517-7147

(Registrant’s telephone number, including area code)

____________________________________________________________ 

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Indicate by check mark whether the issuer (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 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.  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 such files).  i Yes ☒ No ☐

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

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 check mark whether the registrant is a shell company (as defined in Exchange Act Rule 12b-2 of the Exchange Act): Yes ☐ No ☒

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY

PROCEEDINGS DURING THE PRECEDING FIVE YEARS:

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes ☐     No ☐

APPLICABLE ONLY TO CORPORATE ISSUERS

As of November 21, 2022, there were  i 4,400,048 shares of common stock, $0.001 par value per share, outstanding.

ARTISAN CONSUMER GOODS, INC.

QUARTERLY REPORT ON FORM 10-Q

FOR THE PERIOD ENDED SEPTEMBER 30, 2022

INDEX

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q of Artisan Consumer Goods, Inc., a Nevada corporation (the “Company”), contains “forward-looking statements,” as defined in the United States Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terminology such as “may”, “will”, “should”, “could”, “expects”, “plans”, “intends”, “anticipates”, “believes”, “estimates”, “predicts”, “potential” or “continue” or the negative of such terms and other comparable terminology. These forward-looking statements include, without limitation, statements about our market opportunity, our strategies, competition, expected activities and expenditures as we pursue our business plan, and the adequacy of our available cash resources. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Actual results may differ materially from the predictions discussed in these forward-looking statements. The economic environment within which we operate could materially affect our actual results. Additional factors that could materially affect these forward-looking statements and/or predictions include, among other things to product demand, market and customer acceptance, competition, pricing, the exercise of the control over us by Amber Joy Finney, the Company’s sole officer and director and majority shareholder, and development difficulties, as well as general industry and market conditions and growth rates and general economic conditions; and other factors discussed in the Company’s filings with the Securities and Exchange Commission (“SEC”).

Our management has included projections and estimates in this Form 10-Q, which are based primarily on management’s experience in the industry, assessments of our results of operations, discussions and negotiations with third parties and a review of information filed by our competitors with the SEC or otherwise publicly available. We caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. We disclaim any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

ARTISAN CONSUMER GOODS, INC.

Balance Sheets (Unaudited)

The accompanying notes are an integral part of these financial statements.

ARTISAN CONSUMER GOODS, INC.

Statements of Operations (Unaudited)

The accompanying notes are an integral part of these financial statements.

The accompanying notes are an integral part of these financial statements.

ARTISAN CONSUMER GOODS, INC.

 Statements of Cash Flow (Unaudited)

The accompanying notes are an integral part of these financial statements.

Artisan Consumer Group, Inc.

Notes to Financial Statements (Unaudited)

As of September 30, 2022 and June 30, 2022

Basic Earnings (loss) per Share

Share Based Compensation

Fair Value Measurements

Income Taxes

Going Concern

Recently Issued Accounting Standards

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

The following information should be read in conjunction with (i) the financial statements of Artisan Consumer Goods, Inc., a Nevada corporation (the “Company”), and the notes thereto appearing elsewhere in this Form 10-Q together with (ii) the more detailed business information and the June 30, 2022 audited financial statements and related notes included in the Company’s Form 10-K (File No. 000-54838; the “Form 10-K”), as filed with the Securities and Exchange Commission on September 30, 2022. Statements in this section and elsewhere in this Form 10-Q that are not statements of historical or current fact constitute “forward-looking” statements

OVERVIEW

The Company was incorporated in the State of Nevada on September 14, 2009 and has established a fiscal year end of June 30.

Going Concern

To date the Company has little operations or revenues and consequently has incurred recurring losses from operations. The Company has incurred a loss since inception resulting in an accumulated deficit of $19,236,338 at September 30, 2022 and further losses are anticipated in the development of its business raising substantial doubt about the Company’s ability to continue as a going concern. The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or obtaining the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management intends to finance operating costs over the next twelve months with existing cash on hand, loans from directors and/or private placement of common stock. 

The Company plans to raise additional funds through debt or equity offerings. There is no guarantee that the Company will be able to raise any capital through this or any other offerings. The Company is optimistic about the Within / Without Granola (“WWG”) brand will generate cash in the next year.

CRITICAL ACCOUNTING POLICIES

Please refer to Note 2 - Summary of Significant Accounting Policies in the accompanying Notes to the Financial Notes.

PLAN OF OPERATION

Our plan of operation for the following twelve months is as follows:

On July 15, 2021, we acquired the assets of Paleo Scavenger, LLC for $10,000. Paleo owns the Within / Without Granola (“WWG”) brand. The purchase price includes the WWG trademarks, brands, books, records, intellectual property, commercial sales channel, customer lists and manufacturing rights. Early in 2021, WWG ceased operations and we restarted the manufacturing process in June 2022.

We generated our first sales since inception during August 2022. We are currently selling our original and maple flavored granola products on Shopify. In addition, we are in the process of qualifying to sell our products on Amazon.

We must raise at least $100,000 to commence our plan of operation, described above, and fund our ongoing operational expenses. We have no assurance that future financing will materialize. If that financing is not available, we may be unable to continue our operations. Management believes that if we are successful in raising $100,000, we will be able to generate sales revenue within the following twelve months thereof. However, if such financing is not available, we could fail to satisfy our future cash requirements. We have no assurance that future financing will materialize. Management believes that if subsequent private placements are successful, we will be able to generate sales revenue within the following twelve months thereof. However, additional equity financing may not be available to us on acceptable terms or at all, and thus we could fail to satisfy our future cash requirements.

If we are unsuccessful in raising at least $100,000 through a private placement, we will then have to seek additional funds through debt financing, which would be highly difficult for a new, development stage business to obtain. Therefore, the Company is highly dependent upon the success of an anticipated private placement offering and failure thereof would result in the Company having to seek capital from other sources such as debt financing, which may not even be available to the Company. However, if such financing were available, because we are a development stage company with little in the way of operations to date, we would likely have to pay additional costs associated with high-risk loans and be subject to an above market interest rate. If and when these funds are obtained, management would evaluate the terms of such debt financing and determine whether the business could sustain operations and growth and manage the debt load. If we cannot raise additional proceeds via a private placement of our common stock or secure debt financing, we would be required to cease business operations and as a result, investors in our common stock would lose all of their investment.

Results of Operations for the Three months Ended September 30, 2022 and 2021

Overview. Artisan Consumer Goods, Inc. is a Nevada corporation, originally formed on September 19, 2009. We are attempting to restart the Within / Without Granola (“WWG”) brand acquired on July 15, 2021. We generated our first sales in August 2022. We generated sales of $865 and $-0- for the nine months ended September 30, 2022 and 2021, respectively. The Company has generated net losses of $20,912 and $13,190 for the nine months ended September 30, 2022 and 2021, respectively. The increase in net loss of $7,772 is attributable to the factor discussed below.

Revenues. We had had revenues of $865 and $-0- for the three months ended September 30, 2022 and 2021, respectively. We had our first sales of our original and maple flavored granola products in August 2022.

Gross Margin. Once cost of revenue and other expenses to generate revenue are considered, we had reported gross margins of $431 or 50% of sales and $-0- for the three months ended September 30, 2022 and 2021, respectively.

Expenses. For the three months ended September 30, 2022 and 2021, respectively, we incurred total operating expenses of $21,358 and $15,747. The increase of 5,611 was primarily a result from our July 15, 2021 acquisition of the Within / Without Granola brand, which resulted in an increase in stock-based compensation fees of $385, an increase of $6,103 of general and administrative expenses and an increase in amortization expense of $125 offset, by a decrease in professional fees of $1,002.

Other Income (Expense). Our total other income (expense) was $15 and $2,557 for the three months ended September 30, 2022 and 2021, respectively. The decrease of $2,542 was attributable to a $2,542 decrease in other expense related to the change in market value of shares issued to Mr. Drury but not yet sold (See Note 3 – Related Party Transaction in the accompanying notes to the financial statements). 

Liquidity and Capital Resources

Our cash balance was $3,483 and working capital deficit was $245,765 at September 30, 2022. Total expenditures over the next 12 months are expected to be approximately $100,000. If we experience a shortage of funds prior to generating revenues from operations we may utilize funds from our directors, who have informally agreed to advance funds to allow us to pay for operating costs, however they have no formal commitment, arrangement or legal obligation to advance or loan funds to us. Management believes our current cash balance will not be sufficient to fund our operations for the next twelve months.

As at September 30, 2022, our total assets were $18,289 were comprised of cash for $3,483, $508 for accounts receivable, $7,923 for inventory, intellectual property of $5,375 (net of accumulated amortization) and trademarks for $1,000. The intellectual property and trademarks resulted from our July 15, 2021 acquisition of the Within / Without Granola brand.

As at September 30, 2022, our current liabilities of $257,697 were comprised of account payable of $55,192, accrued liabilities for $48,271 and related party loans of $154,216. As at September 30, 2022, our stockholders’ deficiency was $239,794.

Cash Flows from Operating Activities

We have not generated positive cash flows from operating activities. Net cash used in operations was $10,072 and $12,245 for the three months ended September 30, 2022 and 2021, respectively.

Cash Flows from Investing Activities

For the three months ended September 30, 2022 and 2021, net cash flows used by investing activities was $-0- and $10,000, respectively, from our asset purchase of Within / Without Granola on July 15, 2021.

Cash Flows from Financing Activities

For the fiscal years ended September 30, 2022 and 2021, net cash flows provided by financing activities was $-0- and $51,719, respectively from cash advances from our CEO.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

As a smaller reporting company (as defined in Rule 12b-2 of the Exchange Act), we are not required to provide the information called for by this Item 3.

ITEM 4. CONTROLS AND PROCEDURES.

DISCLOSURE CONTROLS AND PROCEDURES

Under the supervision and with the participation of our management, our principal executive officer and our principal financial officer is responsible for conducting an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as of the end of the fiscal year covered by this report. Disclosure controls and procedures means that the material information required to be included in our Securities and Exchange Commission reports is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms relating to our company, including any consolidating subsidiaries, and was made known to us by others within those entities, particularly during the period when this report was being prepared. Based on this evaluation, our principal executive officer and principal financial officer concluded as of the evaluation date that our disclosure controls and procedures were not effective as of September 30, 2022.

There were no changes in the Company’s internal controls over financial reporting during the most recently completed fiscal quarter that have materially affected or are reasonably likely to materially affect the Company’s internal control over financial reporting.

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS.

The Company is not currently subject to any legal proceedings. From time to time, the Company may become subject to litigation or proceedings in connection with its business, as either a plaintiff or defendant. There are no such pending legal proceedings to which the Company is a party that, in the opinion of management, is likely to have a material adverse effect on the Company’s business, financial condition or results of operations.

ITEM 1A. RISK FACTORS

As a smaller reporting company (as defined in Rule 12b-2 of the Exchange Act), we are not required to provide the information called for by this Item 1A.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

None.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES.

None.

ITEM 4. MINE SAFETY DISCLOSURES.

None.

ITEM 5. OTHER INFORMATION.

None.

ITEM 6. EXHIBITS.

(a) Exhibits required by Item 601 of Regulation SK.:

_________________

_______________

* XBRL (Extensible Business Reporting Language) information is furnished and not filed or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.

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.

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Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘10-Q’ Filing		Date		Other Filings
Filed on:		11/21/22
For Period end:		9/30/22		10-K,  NT 10-Q
		6/30/22		10-K,  NT 10-K
		12/31/21		10-Q,  NT 10-Q
		9/30/21		10-Q,  NT 10-Q
		7/15/21
		6/30/21		10-K,  NT 10-K
		9/30/18		10-Q
		6/22/18
		5/23/18		8-K
		10/16/17		10-K
		2/1/17		10-K,  10-Q
		1/31/17		10-K,  10-Q,  3,  8-K,  SC 13D
		10/24/16
		10/5/16
		10/2/16
		9/30/16		10-Q
		9/29/16
		9/28/16		3
		9/19/16
		6/30/15		10-K
		2/1/15
		10/15/13		10-K
		9/21/11		S-1
		9/19/09
		9/14/09
		1/1/08
				List all Filings

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6 Previous Filings that this Filing References

As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 5/23/18 Artisan Consumer Goods, Inc. 8-K:5,8,9 5/23/18 2:144K Discount Edgar/FA 10/16/17 Artisan Consumer Goods, Inc. 10-K 6/30/17 36:1.3M Discount Edgar/FA 2/01/17 Artisan Consumer Goods, Inc. 10-Q 9/30/16 31:1M Discount Edgar/FA 1/31/17 Artisan Consumer Goods, Inc. 10-K 6/30/15 42:1.9M Discount Edgar/FA 10/15/13 Artisan Consumer Goods, Inc. 10-K 6/30/13 38:2.5M Discount Edgar/FA 9/21/11 Artisan Consumer Goods, Inc. S-1 6:1.7M Discount Edgar/FA

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Filing Submission 0001477932-22-008790   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

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