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Myson, Inc. – ‘10-Q’ for 4/30/22

On:  Tuesday, 6/21/22, at 2:19pm ET   ·   For:  4/30/22   ·   Accession #:  1493152-22-17346   ·   File #:  0-56333

Previous ‘10-Q’:  ‘10-Q’ on 3/7/22 for 1/31/22   ·   Next:  ‘10-Q’ on 12/6/22 for 10/31/22   ·   Latest:  ‘10-Q’ on 2/12/24 for 9/30/23   ·   1 Reference:  To:  Mag Mile Capital, Inc. – ‘10-12G’ on 8/23/21

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

 6/21/22  Myson, Inc.                       10-Q        4/30/22   33:1.3M                                   M2 Compliance LLC/FA

Quarterly Report   —   Form 10-Q

Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Quarterly Report                                    HTML    222K 
 2: EX-31.1     Certification -- §302 - SOA'02                      HTML     17K 
 3: EX-32.1     Certification -- §906 - SOA'02                      HTML     13K 
 9: R1          Cover                                               HTML     66K 
10: R2          Condensed Balance Sheets                            HTML     66K 
11: R3          Condensed Balance Sheets (Parenthetical)            HTML     30K 
12: R4          Condensed Statements of Operations (Unaudited)      HTML     40K 
13: R5          Condensed Statement of Changes in Stockholders'     HTML     38K 
                Deficit (Unaudited)                                              
14: R6          Condensed Statements of Cash Flows (Unaudited)      HTML     51K 
15: R7          Nature of Operations                                HTML     17K 
16: R8          Summary of Significant Accounting Policies          HTML     25K 
17: R9          Going Concern                                       HTML     17K 
18: R10         Related Party Transactions                          HTML     16K 
19: R11         Common Stock                                        HTML     20K 
20: R12         Preferred Stock                                     HTML     17K 
21: R13         Subsequent Events                                   HTML     20K 
22: R14         Summary of Significant Accounting Policies          HTML     34K 
                (Policies)                                                       
23: R15         Summary of Significant Accounting Policies          HTML     20K 
                (Details Narrative)                                              
24: R16         Going Concern (Details Narrative)                   HTML     17K 
25: R17         Related Party Transactions (Details Narrative)      HTML     16K 
26: R18         Common Stock (Details Narrative)                    HTML     18K 
27: R19         Preferred Stock (Details Narrative)                 HTML     23K 
28: R20         Subsequent Events (Details Narrative)               HTML     29K 
31: XML         IDEA XML File -- Filing Summary                      XML     50K 
29: XML         XBRL Instance -- form10-q_htm                        XML    205K 
30: EXCEL       IDEA Workbook of Financial Reports                  XLSX     27K 
 5: EX-101.CAL  Inline XBRL Taxonomy Extension Calculation           XML     48K 
                Linkbase Document -- mysn-20220430_cal                           
 6: EX-101.DEF  Inline XBRL Taxonomy Extension Definition Linkbase   XML    136K 
                Document -- mysn-20220430_def                                    
 7: EX-101.LAB  Inline XBRL Taxonomy Extension Label Linkbase        XML    294K 
                Document -- mysn-20220430_lab                                    
 8: EX-101.PRE  Inline XBRL Taxonomy Extension Presentation          XML    235K 
                Linkbase Document -- mysn-20220430_pre                           
 4: EX-101.SCH  Inline XBRL Taxonomy Extension Schema Document --    XSD     44K 
                mysn-20220430                                                    
32: JSON        XBRL Instance as JSON Data -- MetaLinks              122±   157K 
33: ZIP         XBRL Zipped Folder -- 0001493152-22-017346-xbrl      Zip     51K 


‘10-Q’   —   Quarterly Report

Document Table of Contents

Page (sequential)   (alphabetic) Top
 
11st Page  –  Filing Submission
"Part I -- Financial Information
"Item 1. Financial Statements
"Condensed Balance Sheets as of April 30, 2022 (unaudited) and July 31, 2021 (audited)
"Condensed Statements of Operations for the Three and Nine Months ended April 30, 2022 and 2021 (unaudited)
"Condensed Statement of Changes in Stockholders' Deficit for the Three and Nine Months ended April 30, 2022 and 2021 (unaudited)
"Condensed Statements of Cash Flows for the Nine Months ended April 30, 2022 and 2021 (unaudited)
"Notes to Condensed Financial Statements (unaudited)
"Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
"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
"Signatures

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM  i 10-Q

 

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

 

For the quarterly period ended  i April 30, 2022

 

 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 Number  i 0-56333

 

 i MYSON, INC.

 

(Exact Name of registrant as specified in its charter)

 

 i Oklahoma    i 87-1614433
(State or other Jurisdiction of   I.R.S. Employer-
Incorporation or Organization   Identification No.)

 

 i 7950 W. Sunset Blvd.,  i Ste 629  i Los Angeles  i CA  i 90046

 

(Address of Principal Executive Offices and zip code)

 

 i (310)  i 666-0750

 

(Registrant’s Telephone Number, including Area Code)

 

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

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
   
 i Common Stock    i MYSN  

 

Indicate by check mark whether the registrant (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 (of for such shorter period that the Registrant was required to file such reports) and (ii) 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 (Section 232.405 of this chapter) during the preceding 12 months (or 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, a 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 Act:

 

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

 

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).  i Yes☒ No ☐

 

Indicate the number of shares outstanding of each of the issuer’s classes of common equity, as of the latest practicable date.

 

As of June 13, 2022, there were  i 10,133,284 shares of Common Stock, $.00001 par value.

 

 

 

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MYSON, INC.

 

FORM 10-Q

 

For the Period ended April 30, 2022

 

TABLE OF CONTENTS

 

PART I – FINANCIAL INFORMATION 3
   
Item 1. Financial Statements 3
   
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 10
   
Item 3. Quantitative and Qualitative Disclosures About Market Risk 11
   
Item 4. Controls and Procedures 11
   
PART II – OTHER INFORMATION 12
   
Item 1. Legal Proceedings 12
   
Item 1A. Risk Factors 12
   
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 12
   
Item 3. Defaults Upon Senior Securities 12
   
Item 4. Mine Safety Disclosures 12
   
Item 5. Other Information 12
   
Item 6. Exhibits 13
   
SIGNATURES 14

 

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PART I – FINANCIAL INFORMATION

 

Item 1. Financial Statements

 

Condensed Balance Sheets as of April 30, 2022 (unaudited) and July 31, 2021 (audited) 4
   
Condensed Statements of Operations for the Three and Nine Months ended April 30, 2022 and 2021 (unaudited) 5
   
Condensed Statement of Changes in Stockholders’ Deficit for the Three and Nine Months ended April 30, 2022 and 2021 (unaudited) 6
   
Condensed Statements of Cash Flows for the Nine Months ended April 30, 2022 and 2021 (unaudited) 7
   
Notes to Condensed Financial Statements (unaudited) 8

 

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3
 

 

MYSON, INC.

CONDENSED BALANCE SHEETS

 

 

   April 30, 2022   July 31, 2021 
   (Unaudited)   (Audited) 
ASSETS          
Current Assets:          
Cash  $   $ 
Total Current Assets        
           
Total Assets  $   $ 
           
LIABILITIES AND STOCKHOLDERS’ DEFICIT          
           
Current Liabilities:          
Accounts payable  $ i 282   $ 
Total Current Liabilities    i 282     
           
Stockholders’ Deficit:          
Preferred stock, $ i  i 0.00001 /  par value,  i  i 20,000,000 /  shares authorized        
Series A Preferred stock, $ i  i 0.00001 /  par value,  i  i 1,000,000 /  shares designated,  i  i  i  i 1,000 /  /  /  shares issued and outstanding        
Preferred stock, value   -    - 
Common stock, $ i  i 0.00001 /  par value,  i  i 480,000,000 /  shares authorized;  i  i  i  i 133,284 /  /  /  shares issued and outstanding    i 1     i 1 
Additional paid in capital    i 27,739     i 100 
Accumulated deficit   ( i 28,022)   ( i 101)
Total stockholders’ deficit   ( i 282)    
Total Liabilities and Stockholders’ Deficit  $   $ 

 

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

 

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4
 

 

MYSON, INC.

CONDENSED STATEMENTS OF OPERATIONS

(Unaudited)

 

 

   2022   2021   2022   2021 
   For the Three Months Ended
April 30,
   For the Nine Months Ended
April 30,
 
   2022   2021   2022   2021 
Operating expenses:                     
General and administrative     i 3,218         i 27,921     
Total operating expenses     i 3,218         i 27,921     
Loss from operations    ( i 3,218)       ( i 27,921)    
                     
Net Loss   $( i 3,218)  $   $( i 27,921)  $ 
                     
Loss per share, basic & diluted   $( i 0.02)  $   $( i 0.21)  $ 
                     
Weighted average shares outstanding, basic & diluted     i 133,284     i 133,284     i 133,284     i 133,284 

 

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

 

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5
 

 

MYSON, INC.

CONDENSED STATEMENT OF CHANGES IN STOCKHOLDERS’ DEFICIT

FOR THE THREE AND NINE MONTHS ENDED APRIL 30, 2022

(Unaudited)

 

 

   Shares   Amount   Shares   Amount   Capital   Deficit   Deficit 
   Common Stock   Series A
Preferred Stock
   Additional Paid in    Accumulated   Total Stockholders’ 
   Shares   Amount   Shares   Amount   Capital   Deficit   Deficit 
Balances, July 31, 2021    i 133,284   $ i 1     i 1,000   $   $ i 100   $( i 101)  $ 
Contributions to capital                    i 19,520         i 19,520 
Net loss                       ( i 20,152)   ( i 20,152)
Balances, October 31, 2021    i 133,284     i 1     i 1,000         i 19,210    ( i 20,253)   ( i 632)
Contributions to capital                    i 4,901         i 4,901 
Net loss                       ( i 4,551)   ( i 4,551)
Balances, January 31, 2022    i 133,284     i 1     i 1,000         i 24,521    ( i 24,804)   ( i 282)
Contributions to capital                    i 3,218         i 3,218 
Net loss                       ( i 3,218)   ( i 3,218)
Balances, April 30, 2022    i 133,284   $ i 1     i 1,000       $ i 27,739   $( i 28,022)  $( i 282)

 

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

 

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6
 

 

MYSON, INC.

CONDENSED STATEMENTS OF CASH FLOWS

(Unaudited)

 

 

   2022   2021 
   For the Nine Months Ended
April 30,
 
   2022   2021 
Cash Flows from Operating Activities:          
Net loss  $( i 27,921)  $ 
Adjustments to reconcile net loss to net cash used in Operating activities:          
Changes in Operating Assets and Liabilities:          
Accounts payable    i 282     
Net cash used by operating activities   ( i 27,639)    
           
Cash Flows from Financing Activities:          
Contributions to capital by controlling shareholder    i 27,639     
Net cash provided by financing activities    i 27,639     
           
Net increase (decrease) in cash        
Cash, at beginning of period        
Cash, at end of period  $   $ 
           
Supplemental Non-Cash Disclosure:          
Cash paid for interest  $   $ 
Cash paid for taxes  $   $ 

 

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

 

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7
 

 

MYSON, INC.

NOTES TO UNAUDITED FINANCIAL STATEMENTS

APRIL 30, 2022

 

 i 

NOTE 1 – NATURE OF OPERATIONS

 

Myson, Inc. (“Myson”, or the “Company”) is an Oklahoma corporation formed on July 8, 2021. The Company was formed for the purpose of entering into a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses (a “Business Combination”). The Company is not limited to a particular industry or geographic region for purposes of consummating a Business Combination. The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies.

 

As of April 30, 2022, the Company had not commenced any operations. All activity for the period from July 8, 2021 (inception) through April 30, 2022 relates to the Company’s formation and the filing of its Registration Statement on Form 10, which was effective on October 23, 2021, and the search for a prospective initial Business Combination. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest.

 

 i 

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

 i 

Basis of Presentation

 

The accompanying unaudited condensed financial statements of the Company are presented in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the SEC. Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a comprehensive presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. The accompanying unaudited condensed financial statements should be read in conjunction with the Company’s Registration Statement on Form 10 as filed with the SEC on August 23, 2021, as amended on September 19, 2021, as well as the Company’s future filings with the SEC. The interim results for the nine months ended April 30, 2022 are not necessarily indicative of the results to be expected for the year ending July 31, 2022 or for any future periods.

 

 i 

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 of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates.

 

 i 

Cash and Cash Equivalents

 

The Company considers all cash accounts, which are not subject to withdrawal restrictions or penalties, and all highly liquid debt instruments purchased with a maturity of three months or less as cash and cash equivalents. The carrying amount of financial instruments included in cash and cash equivalents approximates fair value because of the short maturities for the instruments held. The Company had no cash equivalents as of April 30, 2022 and July 31, 2021.

 

 i 

Basic and Diluted Earnings Per Share

 

Net income (loss) per common share is computed pursuant to ASC 260-10-45, Earnings per Share—Overall—Other Presentation Matters. Basic net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock and potentially outstanding shares of common stock during the period. As of April 30, 2022 and July 31, 2021, we had  i  i 10,000,000 /  potentially dilutive shares of common stock from convertible preferred stock. As of April 30, 2022, the dilutive shares are not included in the loss per share as their inclusion would be anti-dilutive due to the Company’s net loss.

 

 / 
 i 

Recent Accounting Pronouncements

 

The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

 

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8
 

 

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 i 

NOTE 3 – GOING CONCERN

 

These unaudited financial statements have been prepared in accordance with generally accepted accounting principles applicable to a going concern, which assumes that the Company will be able to meet its obligations and continue its operations for its next fiscal year. Realization values may be substantially different from carrying values as shown and these financial statements do not give effect to adjustments that would be necessary to the carrying values and classification of assets and liabilities should the Company be unable to continue as a going concern. At April 30, 2022, the Company has not yet achieved profitable operations, has accumulated losses of $ i 28,022 since its inception, has  i no working capital, and expects to incur further losses in the development of its business, all of which raise substantial doubt about the Company’s ability to continue as a going concern. The Company’s ability to continue as a going concern is dependent upon its ability to generate future profitable operations and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management has no formal plan in place to address this concern but considers that the Company will be able to obtain additional funds by equity financing and/or related party advances, however, there is no assurance of additional funding being available or on terms acceptable to the Company.

 

 / 
 i 

NOTE 4 - RELATED PARTY TRANSACTIONS

 

During the nine months ended April 30, 2022, the previous majority shareholder paid $ i 27,639 of expenses on behalf of the Company for which there is no expectation for reimbursement. The amount has been accounted for as contributed capital.

 

 / 
 i 

NOTE 5 – COMMON STOCK

 

The Company has authorized  i 480,000,000 shares of common stock, par value $ i 0.00001.

 

Effective February 24, 2022, the Company effectuated a  i 1 for 10,000 reverse stock split. All share numbers throughout these financial statements have been retroactively restated.

 

 / 
 i 

NOTE 6 – PREFERRED STOCK

 

The Company has authorized  i 20,000,000 shares of preferred stock, par value $ i 0.00001. The Preferred Stock authorized by these Articles of Incorporation may be issued in one or more series. The Board of Directors of the Corporation is authorized to determine or alter the rights, preferences, privileges, and restrictions granted or imposed upon any wholly unissued series of Preferred Stock, and within the limitations or restrictions stated in any resolution or resolutions of the Board of Directors originally fixing the number of shares constituting any series, to increase or decrease (but not below the number of shares of any such series then outstanding) the number of shares of any such series subsequent to the issue of shares of that series, to determine the designation and par value of any series and to fix the numbers of shares of any series.

 

Of the authorized preferred stock  i 1,000 shares have been designated as Series A Convertible Preferred Stock. Each share of Series A Convertible Preferred Stock is convertible into  i 10,000 shares of common stock and has  i 100,000 voting rights per share.

 

 / 
 i 

NOTE 7 - SUBSEQUENT EVENTS

 

Management has evaluated subsequent events pursuant to the requirements of ASC Topic 855, from the balance sheet date through the date the financial statements were issued and has determined that the following material subsequent events exist.

 

On May 11, 2022, G. Reed Petersen Irrevocable Trust (the “Seller”), agreed to sell all  i 1,000 issued and outstanding Series A Preferred Shares of the Company to Reddington Partners LLC (the “Purchaser”), thus constituting a change of control of the Company, for $ i 495,000, pursuant to a Stock Purchase Agreement (the “Stock Purchase Agreement”). The Preferred Shares were convertible into  i 10,000,000 common shares which, upon conversion, represent approximately  i 98.7% of the Company’s outstanding common shares.

 

The sale of the Shares to the Purchaser was completed on May 17, 2022. As part of the Stock Purchase Agreement, G. Reed Petersen agreed to resign as the Company’s sole officer and director; and the change of management was completed on June 5, 2022. On June 6, 2022, Henrik Rouf became the Company’s sole officer and director.

 

On June 8, 2022, the Reddington Partners LLC converted the Series A Preferred Shares into  i 10,000,000 common shares.

 / 

 

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

 

The following discussion and analysis of the Company’s financial condition and results of operations should be read in conjunction with the unaudited condensed financial statements and the notes thereto contained elsewhere in this Quarterly Report. Certain information contained in the discussion and analysis set forth below includes forward-looking statements that involve risks and uncertainties.

 

Special Note Regarding Forward-Looking Statements

 

This Quarterly Report includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Exchange Act that are not historical facts, and involve risks and uncertainties that could cause actual results to differ materially from those expected and projected. All statements, other than statements of historical fact included in this Form 10-Q including, without limitation, statements in this “Management’s Discussion and Analysis of Financial Condition and Results of Operations” regarding the Company’s financial position, business strategy and the plans and objectives of management for future operations, are forward-looking statements. Words such as “expect,” “believe,” “anticipate,” “intend,” “estimate,” “seek” and variations and similar words and expressions are intended to identify such forward-looking statements. Such forward-looking statements relate to future events or future performance, but reflect management’s current beliefs, based on information currently available. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements. For information identifying important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, please refer to the Risk Factors section of the Company’s Form 10, as amended, filed with the U.S. Securities and Exchange Commission (the “SEC”). The Company’s securities filings can be accessed on the EDGAR section of the SEC’s website at www.sec.gov. Except as expressly required by applicable securities law, the Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

 

General Overview

 

We were incorporated on July 8, 2021 as an Oklahoma corporation and formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. We have not selected any specific business combination target and we have not, nor has anyone on our behalf, engaged in any substantive discussions, directly or indirectly, with any business combination target with respect to an initial business combination with us. We intend to effectuate our initial business combination using our capital stock, debt or a combination of cash, stock and debt.

 

Current Business

 

We have neither engaged in any operations nor generated any operating revenues to date. Our only activities for the period from July 8, 2021 (inception) through April 30, 2022 were organizational activities, preparing and filing a Form 10 with the SEC, and then identifying a target company for a business combination. We will not generate any operating revenues until after completion of our initial business combination. There has been no significant change in our financial or trading position and no material adverse change has occurred since the date of our audited financial statements. We expect to incur increased expenses as a result of being a public company (for legal, financial reporting, accounting and auditing compliance), as well as for due diligence expenses.

 

Results of Operations

 

Results of Operations for the Three Months Ended April 30, 2022 and 2021

 

For the three months ended April 30, 2022, we had a net loss of $3,218, resulting from transfer agent fees. As the Company was formed on July 8, 2021, we had no operations to report as of April 30, 2021.

 

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Results of Operations for the Nine Months Ended April 30, 2022 and 2021

 

For the nine months ended April 30, 2022, we had a net loss of $27,921, resulting from accounting fees, transfer agent fees, edgarization fees and postage expenses, primarily related to the costs of maintaining our company current with the transfer agent and with our filing obligations with the Securities and Exchange Commission. and expenses related to the notice of corporate action filed with FINRA to effect a reverse split and name change. As the Company was formed on July 8, 2021, we had no operations to report as of April 30, 2021.

 

Liquidity and capital resources.

 

The Company has no working capital, with all of its foreseeable capital needs being met by contributions or loans from its sole officer and director. The Company has no business at this time and is seeking to acquire another business.

 

Cash flows

 

For the nine months ended April 30, 2022, we used $27,639 of cash in operations, all of which was contributed by the former majority shareholder.

 

We expect that we will require an additional $35,000 to be either contributed or loaned by the officer and director during the remainder of the year ending July 31, 2022.

 

CRITICAL ACCOUNTING POLICIES

 

Refer to Note 2 of our financial statements contained elsewhere in this Form 10-Q for a summary of our critical accounting policies and recently adopting and issued accounting standards.

 

Off-Balance Sheet Arrangements

 

We have no 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 is material to stockholders.

 

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

 

We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and, as such, are not required to provide the information under this Item.

 

ITEM 4. CONTROLS AND PROCEDURES.

 

Disclosure controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed in our reports filed or submitted under Securities Exchange Act of 1934, as amended (the “Exchange Act”) is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure.

 

Evaluation of Disclosure Controls and Procedures

 

We conducted an evaluation of the effectiveness of our internal control over financial reporting, based on the framework in “Internal Control Integrated Framework” issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) and published in 2013, and subsequent guidance prepared by COSO specifically for smaller public companies. Based on that evaluation, management concluded that our internal control over financial reporting was not sufficient as of the nine months ended April 30, 2022.

 

A significant deficiency is a deficiency, or combination of deficiencies in internal control over financial reporting, that adversely affects the entity’s ability to initiate, authorize, record, process, or report financial data reliably in accordance with generally accepted accounting principles such that there is more than a remote likelihood that a misstatement of the entity’s financial statements that is more than inconsequential will not be prevented or detected by the entity’s internal control. A material weakness is a deficiency or a combination of deficiencies in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of the annual or interim financial statements will not be prevented or detected on a timely basis. Management identified the following material weakness and significant deficiencies in its assessment of the effectiveness of internal control over financial reporting as of April 30, 2022:

 

  The Company did not maintain effective controls over certain aspects of the financial reporting process because we lacked personnel with accounting expertise and an adequate supervisory review structure that is commensurate with our financial reporting requirements.
     
  Material Weakness – Inadequate segregation of duties.

 

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We expect to be materially dependent on a third party that can provide us with accounting consulting services for the foreseeable future. Until such time as we have a chief financial officer with the requisite expertise in U.S. GAAP, there are no assurances that the material weaknesses and significant deficiencies in our disclosure controls and procedures and internal control over financial reporting will not result in errors in our financial statements, which could lead to a restatement of those financial statements. Our management does not expect that our disclosure controls and procedures or our internal controls will prevent all error and all fraud. A control system, no matter how well conceived and maintained, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must account for resource constraints. In addition, the benefits of controls must be considered relative to their costs. Due to the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, can and will be detected.

 

This Quarterly Report on Form 10-Q does not include an attestation report from our registered public accounting firm regarding internal control over financial reporting. Management’s report was not subject to attestation by the Company’s registered public accounting firm pursuant to rules of the Commission that permit us to provide only management’s report in this Quarterly Report on Form 10-Q.

 

Changes in Internal Controls over Financial Reporting

 

During the most recently completed fiscal quarter, there has been no change in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

 

PART II. OTHER INFORMATION

 

Item 1. Legal Proceedings

 

We know of no material, existing or pending legal proceedings against us, nor are we involved as a plaintiff in any material proceeding or pending litigation. There are no proceedings in which any of our directors, officers or affiliates, or any registered or beneficial shareholder, is an adverse party or has a material interest adverse to our company.

 

Item 1A. Risk Factors

 

We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and, as such, are not required to provide the information under this Item.

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceed

 

None.

 

Item 3. Defaults Upon Senior Securities

 

None.

 

Item 4. Mine Safety Disclosures

 

Not applicable

 

Item 5. Other Information

 

None

 

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Item 6. Exhibits

 

Exhibit No.   Description   Note
2.1   Agreement and Plan of Merger dated July 8, 2021   (1)
3.(i)1   Articles of Incorporation   (1)
3.(i)2   Bylaws   (1)
31   Certification of Chief Executive and Financial Officer (Rule 13a-14(a))   Filed herewith
32   Certification of Chief Executive and Financial Officer (18 USC 1350)   Filed herewith
101 INS   Inline XBRL Instance Document   Filed herewith
101 SCH   Inline XBRL Taxonomy Extension Schema Document.   Filed herewith
101 Cal   Inline XBRL Taxonomy Extension Calculation Linkbase Document.   Filed herewith
101 DEF   Inline XBRL Taxonomy Extension Definition Linkbase Document.   Filed herewith
101 LAB   Inline XBRL Taxonomy Extension Label Linkbase Document.   Filed herewith
101 PRE   Inline XBRL Taxonomy Extension Presentation Linkbase Document.   Filed herewith
104   Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).   Filed herewith

 

(1) Incorporated by reference to such exhibit as filed with the Company’s Registration Statement on Form 10 filed on August 23, 2021.

 

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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.

 

MYSON, INC.  
   
Date: June 21, 2022  
   
By /s/ Henrik Rouf  
  Henrik Rouf  
  Chief Executive Officer and Chief Financial Officer  

 

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 C: 

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘10-Q’ Filing    Date    Other Filings
7/31/22
Filed on:6/21/22
6/13/224
6/8/224
6/6/228-K
6/5/22
5/17/223
5/11/22
For Period end:4/30/22NT 10-Q
2/24/228-K
1/31/2210-Q
10/31/2110-Q
10/23/21
9/19/21
8/23/2110-12G
7/31/21
7/8/21
4/30/21
 List all Filings 


1 Previous Filing that this Filing References

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

 8/23/21  Myson, Inc.                       10-12G                 4:840K
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