SEC Info  
    Home      Search      My Interests      Help      Sign In      Please Sign In

Anvi Global Holdings, Inc. – ‘10-Q’ for 11/30/20

On:  Thursday, 1/14/21, at 12:15pm ET   ·   For:  11/30/20   ·   Accession #:  1553350-21-39   ·   File #:  333-188648

Previous ‘10-Q’:  ‘10-Q’ on 10/15/20 for 8/31/20   ·   Next:  ‘10-Q’ on 7/20/21 for 5/31/21   ·   Latest:  ‘10-Q’ on 1/11/24 for 11/30/23

Find Words in Filings emoji
 
  in    Show  and   Hints

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

 1/14/21  Anvi Global Holdings, Inc.        10-Q       11/30/20   32:1.1M                                   Edgar Filing LLC/FA

Quarterly Report   —   Form 10-Q
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Quarterly Report                                    HTML    160K 
 2: EX-31.1     Certification -- §302 - SOA'02                      HTML     14K 
 3: EX-32.1     Certification -- §906 - SOA'02                      HTML     12K 
10: R1          Document and Entity Information                     HTML     43K 
11: R2          Condensed Balance Sheets                            HTML     70K 
12: R3          Condensed Balance Sheets (Parenthetical)            HTML     28K 
13: R4          Condensed Statements of Operations                  HTML     52K 
14: R5          Statements of Stockholders' Equity (Deficit)        HTML     37K 
15: R6          Condensed Statements of Cash Flows                  HTML     49K 
16: R7          Organization and Description of Business            HTML     20K 
17: R8          Summary of Significant Accounting Policies          HTML     15K 
18: R9          Going Concern                                       HTML     15K 
19: R10         Prepaid Transactions                                HTML     13K 
20: R11         Related Party Transactions                          HTML     16K 
21: R12         Restatement                                         HTML     22K 
22: R13         Subsequent Events                                   HTML     14K 
23: R14         Summary of Significant Accounting Policies          HTML     21K 
                (Policies)                                                       
24: R15         Restatement (Tables)                                HTML     22K 
25: R16         Organization and Description of Business (Details   HTML     35K 
                Narrative)                                                       
26: R17         Going Concern (Details Narrative)                   HTML     14K 
27: R18         Prepaid Transactions (Details Narrative)            HTML     12K 
28: R19         Related Party Transactions (Details Narrative)      HTML     26K 
29: R20         Restatement (Summary of Restatement Balance Sheet)  HTML     66K 
                (Details)                                                        
31: XML         IDEA XML File -- Filing Summary                      XML     49K 
30: EXCEL       IDEA Workbook of Financial Reports                  XLSX     28K 
 4: EX-101.INS  XBRL Instance -- anvi-20201130                       XML    258K 
 6: EX-101.CAL  XBRL Calculations -- anvi-20201130_cal               XML     67K 
 7: EX-101.DEF  XBRL Definitions -- anvi-20201130_def                XML    153K 
 8: EX-101.LAB  XBRL Labels -- anvi-20201130_lab                     XML    291K 
 9: EX-101.PRE  XBRL Presentations -- anvi-20201130_pre              XML    237K 
 5: EX-101.SCH  XBRL Schema -- anvi-20201130                         XSD     62K 
32: ZIP         XBRL Zipped Folder -- 0001553350-21-000039-xbrl      Zip     35K 


‘10-Q’   —   Quarterly Report
Document Table of Contents

Page (sequential)   (alphabetic) Top
 
11st Page  –  Filing Submission
"Item 1
"Condensed Balance Sheets
"Condensed Statements of Operations
"Condensed Statements of Stockholders' Deficit
"Condensed Statements of Cash Flows
"Notes to the Condensed Financial Statements
"Item 2
"Item 3
"Item 4
"Item 1A
"Item 5
"Item 6
"Signatures

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



 <! 
  Quarterly Report  
 <>   <> 

 



 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549


FORM 10-Q


þ

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

 

For the quarterly period ended November 30, 2020

 

 

¨

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: 333-188648


ANVI GLOBAL HOLDINGS, INC.

(Exact name of registrant as specified in its Charter)


Nevada

33-1226144

(State or other jurisdiction of

(I.R.S. Employer

incorporation or organization)

Identification No.)


1135 Kildaire Farm Road, Suite 319-4

Cary, NC

27511

(Address of principal executive offices)

(Zip Code)


Registrant's telephone number, including area code: (408) 821-4491


N/A

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


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


Title of each class

Trading Symbol(s)

Name of each exchange on which registered

N/A

N/A

N/A


Indicate by check mark whether the registrant (1) has 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 past 90 days. Yes þ 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). Yes þ No ¨


Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, 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   ¨

Non-accelerated filer     þ

Smaller reporting company  þ

 

Emerging growth company  ¨


If an emerging growth company, indicate by checkmark 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 Rule 12b-2 of the Exchange Act). Yes ¨ No þ


State the number of shares outstanding of each of the issuers classes of common equity, as of the latest practicable date: As of January 8, 2021, the issuer had 119,950,000 shares of its common stock issued and outstanding.

 

 

 




 


TABLE OF CONTENTS



 

Page

PART I. FINANCIAL INFORMATION

 

 

 

ITEM 1.

FINANCIAL STATEMENTS

1

 

 

Condensed Balance Sheets as of November 30, 2020 and February 29, 2020 (unaudited)

1

Condensed Statements of Operations for the Three and Nine Months Ended November 30, 2020 and 2019 (unaudited)

2

Condensed Statements of Stockholders’ Deficit for the Nine Months Ended November 30, 2020 and 2019 (unaudited)

3

Condensed Statements of Cash Flows for the Nine Months Ended November 30, 2020 and 2019 (unaudited)

4

Notes to the Condensed Financial Statements (unaudited)

5

 

 

ITEM 2.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

8

 

 

ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

9

 

 

ITEM 4.

CONTROLS AND PROCEDURES

9

 

 

PART II. OTHER INFORMATION

 

 

 

ITEM 1.

LEGAL PROCEEDINGS

11

 

 

ITEM 1A.

RISK FACTORS

11

 

 

ITEM 2.

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

11

 

 

ITEM 3.

DEFAULTS UPON SENIOR SECURITIES

11

 

 

ITEM 4.

MINE SAFETY DISCLOSURES

11

 

 

ITEM 5.

OTHER INFORMATION

11

 

 

ITEM 6.

EXHIBITS

11

 

 

SIGNATURES

12







 


PART I. FINANCIAL INFORMATION


ITEM 1. FINANCIAL STATEMENTS


ANVI GLOBAL HOLDINGS, INC.

CONDENSED BALANCE SHEETS

(Unaudited)

 

 

 

 

November 30,

2020

 

 

February 29,
2020

 

 

 

 

 

 

(Restated)

 

ASSETS

  

                        

  

  

                        

  

Current Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash

 

$

18,186

 

 

$

493

 

Prepaids

 

 

1,000

 

 

 

10,000

 

 

 

 

 

 

 

 

 

 

Total Current Assets

 

 

19,186

 

 

 

10,493

 

 

 

 

 

 

 

 

 

 

Total Assets

 

$

19,186

 

 

$

10,493

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' DEFICIT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

24,248

 

 

$

39,873

 

Accounts payable, related party

 

 

36,000

 

 

 

 

Accrued liabilities, related party

 

 

900,000

 

 

 

828,000

 

Due to an officer

 

 

302,648

 

 

 

221,565

 

Total current

 

 

1,262,896

 

 

 

1,089,438

 

 

 

 

 

 

 

 

 

 

Total Liabilities

 

 

1,262,896

 

 

 

1,089,438

 

 

 

 

 

 

 

 

 

 

Stockholders' Deficit:

  

 

 

  

  

 

 

 

Preferred stock, $0.001 par value; 50,000,000 shares authorized no shares issued and outstanding

 

 

 

 

 

 

Common stock, $0.001 par value; 500,000,000 shares authorized,119,950,000 shares issued and outstanding

 

 

119,950

 

 

 

119,950

 

Additional paid-in capital

 

 

(61,450

)

 

 

(61,450

)

Accumulated deficit

 

 

(1,302,210

)

 

 

(1,137,445

)

 

 

 

 

 

 

 

 

 

Total Stockholders’ Deficit

 

 

(1,243,710

)

 

 

(1,078,945

)

 

 

 

 

 

 

 

 

 

Total Liabilities and Stockholders' Deficit

 

$

19,186

 

 

$

10,493

 



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





1



 


ANVI GLOBAL HOLDINGS, INC.

CONDENSED STATEMENTS OF OPERATIONS

(Unaudited)

 

 

 

For the Three Months Ended

 

For the Nine Months Ended

 

 

 

November 30,

 

November 30,

 

 

 

2020

 

2019

 

2020

 

2019

 

 

 

 

 

 

 

 

 

 

 

Revenue:

 

$

 

$

 

$

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative expenses

 

 

60,590

 

 

53,977

 

 

164,765

 

 

182,506

 

Total operating expenses

 

 

60,590

 

 

53,977

 

 

164,765

 

 

182,506

 

 

  

 

                      

    

 

                      

    

 

                      

    

 

                      

  

Loss from operations

 

 

(60,590

)

 

(53,977

)

 

(164,765

)

 

(182,506

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss before income taxes

 

 

(60,590

)

 

(53,977

)

 

(164,765

)

 

(182,506

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision for income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(60,590

)

$

(53,977

)

$

(164,765

)

$

(182,506

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic loss per share

 

$

(0.00

)

$

(0.00

)

$

(0.00

)

$

(0.00

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted average shares

 

 

119,950,000

 

 

119,950,000

 

119,950,000

 

119,950,000

 

 

 

 

 

 

 

 

 

 

 

 

 



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






2



 


ANVI GLOBAL HOLDINGS, INC.

STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)

(Unaudited)


 

 

Common Stock

 

 

Additional

Paid in

 

 

Accumulated

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

Total

 

Balance, February 28, 2019

 

 

119,950,000

 

 

$

119,950

 

 

$

(61,450

)

 

$

(919,033

)

 

$

(860,533

)

Net Loss

 

 

 

 

 

 

 

 

 

 

 

(58,963

)

 

 

(58,963

)

Balance, May 31, 2019

 

 

119,950,000

 

 

 

119,950

 

 

 

(61,450

)

 

 

(977,996

)

 

 

(919,496

)

Net Loss

 

 

 

 

 

 

 

 

 

 

 

(69,566

)

 

 

(69,566

)

Balance, August 31, 2019

 

 

119,950,000

 

 

 

119,950

 

 

 

(61,450

)

 

 

(1,047,562

)

 

 

(989,062

)

Net Loss

 

 

 

 

 

 

 

 

 

 

 

(53,977

)

 

 

(53,977

)

Balance, November 30, 2019

 

 

119,950,000

 

 

$

119,950

 

 

$

(61,450

)

 

$

(1,101,539

)

 

$

(1,043,039

)

 

  

  

                      

  

  

 

                      

  

  

 

                      

  

  

 

                      

  

  

 

                      

  



 

 

Common Stock

 

 

Additional

Paid in

 

 

Accumulated

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

Total

 

Balance, February 29, 2020 (restated)

 

 

119,950,000

 

 

$

119,950

 

 

$

(61,450

)

 

$

(1,137,445

)

 

$

(1,078,945

)

Net Loss

 

 

 

 

 

 

 

 

 

 

 

(53,833

)

 

 

(53,833

)

Balance, May 31, 2020

 

 

119,950,000

 

 

 

119,950

 

 

 

(61,450

)

 

 

(1,191,278

)

 

 

(1,132,778

)

Net Loss

 

 

 

 

 

 

 

 

 

 

 

(50,342

)

 

 

(50,342

)

Balance, August 31, 2020

 

 

119,950,000

 

 

 

119,950

 

 

 

(61,450

)

 

 

(1,241,620

)

 

 

(1,183,120

)

Net Loss

 

 

 

 

 

 

 

 

 

 

 

(60,590

)

 

 

(60,590

)

Balance, November 30, 2020

 

 

119,950,000

 

 

$

119,950

 

 

$

(61,450

)

 

$

(1,302,210

)

 

$

(1,243,710

)

 

  

  

                      

  

  

 

                      

  

  

 

                      

  

  

 

                      

  

  

 

                      

  





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





3



 




ANVI GLOBAL HOLDINGS, INC.

CONDENSED STATEMENTS OF CASH FLOWS

(Unaudited)

 

 

 

For the Nine Months Ended

 

 

 

November 30,

 

 

 

2020

 

2019

 

Cash flows from operating activities:

 

 

 

 

 

Net loss

 

$

(164,765

)

$

(182,506

)

Adjustments to reconcile net cash used in operating activities:

 

 

 

 

 

 

 

Changes in assets and liabilities:

 

 

 

 

 

 

 

Prepaids

 

 

9,000

 

 

(82,200

)

Accounts payable

 

 

(15,625

)

 

12,702

 

Accounts payable, related party

 

 

36,000

 

 

 

Deferred revenue

 

 

 

 

137,910

 

Accrued liabilities, related party

 

 

72,000

 

 

108,000

 

Net cash used in operating activities

 

 

(63,390

)

 

(6,094

)

                                                                                                                                     

  

 

                     

    

 

                     

  

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

 

Advances from an officer

 

 

81,083

 

 

6,800

 

Net cash provided by financing activities

 

 

81,083

 

 

6,800

 

 

 

 

 

 

 

 

 

Net increase in cash

 

 

17,693

 

 

706

 

 

 

 

 

 

 

 

 

Cash, beginning of period

 

 

493

 

 

553

 

 

 

 

 

 

 

 

 

Cash, end of period

 

$

18,186

 

$

1,259

 


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



4



 


ANVI GLOBAL HOLDINGS, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

November 30, 2020

(Unaudited)


NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS


Anvi Global Holdings, Inc., (the “Company” “AGH”) was incorporated under the laws of the State of Nevada on August 15, 2012 and was initially intended to sell crepes in Czech Republic. That proposed business was abandoned when a change of control of the Company was effected May 6, 2014.


On April 30, 2014, Tatiana Fumioka (the “Seller”), entered into a Common Stock Purchase Agreement (the “Stock Purchase Agreement”) pursuant to which the Seller agreed to sell to Mr. Rama Mohan R. Busa (the “Purchaser”), with his principal place of business in Cary, NC, the 72,000,000 shares of common stock of the Company owned by Ms. Fumioka, constituting approximately 75.83% of the Company’s outstanding common stock at that time, to be transferred to the name of Mr. Rama Mohan R. Busa, for $375,000. The sale was consummated on May 6, 2014. As a result of the sale, there was a change of control of the Registrant. This was a private transaction between the Seller and Purchaser, and no new shares of the Company were sold or issued.


On September 27, 2017 the Company changed its name from Vetro Inc. to Anvi Global Holdings, Inc. On November 21, 2017, FINRA approved the new symbol ANVI, and a 9-for-1 forward split of the Company’s common shares. The Company’s corporate office is at 1135 Kildaire Farm Rd., Suite 319-4, Cary, NC 27511.


As reported in a Form 8-K filed with the SEC on May 24, 2018, the Company entered into a Memorandum of Business Association (“MOA”) with Team Universal Infratech Pvt. Ltd (“TUI”), pursuant to which TUI, a 12-year old Indian infrastructure development company based in Hyderabad, agreed to enter into a Joint Venture (the “JV”) with the Registrant, to execute certain projects TUI is currently holding, and also which may include TUI’s future projects which are in the pipeline. The Company and TUI have agreed and proposed to create a legally valid joint venture entity (JV), with the Company having majority control of the JV stock and control of all operations of the specified projects which are executed pursuant to the JV. Because of the signing of that MOA, the Company also announced that it was no longer a “shell,” as that term is defined in the SEC’s Rule 12b-2.


The Company’s obligation under the MOA is to raise $6,000,000 within 60 days of the signing of the MOA; however, on February 14, 2019, the date by which the Registrant was required to raise these funds, the date was extended by mutual agreement for nine months, to November 14, 2019. To date, the Company has not raised any of the funds required by the MOA. However, due to recent developments in economic conditions arisen by the Covid-19 pandemic, we are expecting considerable delays and are planning to re-establish the proceedings with new association terms.


As part of the trading in African region, Registrant had received a sales advance of $137,910 in two deposits of $102,170 on 04-18-2019 and $35,740 on 05-29-2019 towards the supply of chromium ore from the unaffiliated South African-based company. As of February 29, 2020, the Company was able to fulfill that sale and recognize the $137,910 as revenue.


To enable wider reach to different markets, to increase visibility and demonstrate good corporate governance and to enhance investment opportunities, AGH has initiated a listing process at Dutch Caribbean Securities Exchange (DCSX).  On January 28, 2020, we received notice that the Dutch Securities Exchange certified that Anvi Global Holding, Inc. was admitted as a technical listing on the exchange’s facility as per April 5, 2019. The Company will be listed under the DCXS symbol ANVGH-US.


Notwithstanding the risks, the registrant, through its affiliates, is exploring new business opportunities in mining operations in the country of Brazil. As of the date of filing, discussions are underway, and no documents have been signed.





5



ANVI GLOBAL HOLDINGS, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

November 30, 2020

(Unaudited)

 


NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES


Basis of Presentation

The Company’s unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The accompanying unaudited condensed financial statements reflect all adjustments, consisting of only normal recurring items, which, in the opinion of management, are necessary for a fair statement of the results of operations for the periods shown and are not necessarily indicative of the results to be expected for the full year ending February 28, 2021. These unaudited condensed financial statements should be read in conjunction with the financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended February 29, 2020.


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.  Significant estimates include the estimated useful lives of property and equipment.  Actual results could differ from those estimates.


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.


NOTE 3 - GOING CONCERN


The accompanying unaudited financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has had no revenue and has accumulated a deficit of $1,302,210 as of November 30, 2020. The Company requires capital for its contemplated operational and marketing activities. The Company’s ability to raise additional capital through the future issuances of common stock is unknown. The obtainment of additional financing, the successful development of the Company’s contemplated plan of operations, and its transition, ultimately, to the attainment of profitable operations are necessary for the Company to continue operations. These conditions and the ability to successfully resolve these factors raise substantial doubt about the Company’s ability to continue as a going concern. The financial statements of the Company do not include any adjustments that may result from the outcome of these uncertainties.


The Company has discussed ways in order to mitigate conditions or events that may raise substantial doubt about its ability to continue as a going concern, there are no assurances that any of these measures will successfully mitigate or be effective at all. (1) The Company shall pursue financing plans to raise funds to judiciously spend towards operational expenses, (2) The Company shall continue to employ low cost measures to operate its business and analyze any unnecessary cost or expense, (3) The Company will seek to avoid unnecessary expenditures, travel, and lodging costs that are not mission critical to its business.


NOTE 4 – PREPAID TRANSACTIONS


As of November 30, 2020 and February 29, 2020, the Company had $1,000 and $10,000 of prepaid expenses, respectively, which is being amortized over the next month for OTC Market’s annual fee.




6



ANVI GLOBAL HOLDINGS, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

November 30, 2020

(Unaudited)

 


NOTE 5 - RELATED PARTY TRANSACTIONS


On May 28, 2014, the Company executed a service agreement with Strategic-IT Group Inc. Strategic-IT Group Inc. is owned and operated by Rama Mohan R. Busa, CEO. Services to be provided at $12,000 a month include, but are not limited to, providing office space, IT and related services, business consulting, and investor relations. On July 27, 2020, the service agreement was assigned to Anvi Global Inc (a company owned by the CEO). As of November 30, 2020, and February 29, 2020, the Company has an accrued, unpaid balance due of $900,000 and $828,000, respectively.


On July 27, 2020, Strategic-IT Group Inc., assigned their service agreement with the Company to Anvi Global, Inc. All terms under the original agreement remain the same. Anvi Global, Inc. is owned by the CEO. As of November 30, 2020, the Company has accounts payable due to Anvi Global, Inc. of $36,000.


Since 2018 Rama Mohan R. Busa, CEO, has advanced funds to the Company from his personal account and related companies. The advances are to pay for operating expenses, are unsecured, non-interest bearing and due on demand. As of November 30, 2020 and February 29, 2020, the balance due was $302,648 and $221,565, respectively.


NOTE 6 – RESTATEMENT


Per ASC 250-10 Accounting Changes and Error Corrections, the February 29, 2020 financial statements are being restated to account for an invoice that was not recorded into accounts payable as of February 29, 2020.


The following table summarizes changes made to the February 29, 2020 balance sheet.


 

 

February 29, 2020

 

Balance Sheet:

 

As Reported

 

 

Adjustment

 

 

As Restated

 

Cash

 

$

493

 

 

$

 

 

$

493

 

Prepaids

 

 

10,000

 

 

 

 

 

 

10,000

 

Total assets

 

$

10,493

 

 

$

 

 

$

10,493

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

 

$

21,733

 

 

$

18,140

 

 

$

39,873

 

Accrued liabilities, related party

 

 

828,000

 

 

 

 

 

 

828,000

 

Due to an officer

 

 

221,565

 

 

 

 

 

 

221,565

 

Total liabilities

 

 

1,071,298

 

 

 

18,140

 

 

 

1,089,438

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

 

119,950

 

 

 

 

 

 

119,950

 

Additional paid-in capital

 

 

(61,450

)

 

 

 

 

 

(61,450

)

Accumulated deficit

 

 

(1,119,305

)

 

 

(18,140

)

 

 

(1,137,445

)

Total Stockholders’ Equity

 

 

(1,060,805

)

 

 

(18,140

)

 

 

(1,078,945

)

Total liabilities and stockholders’ equity

 

$

10,493

 

 

$

 

 

$

10,493

 


NOTE 7 – SUBSEQUENT EVENTS


In accordance with SFAS 165 (ASC 855-10) management has performed an evaluation of subsequent events through the date that the financial statements were available to be issued and has determined that it does not have any material subsequent events to disclose in these financial statements.





7



 


Special Note Regarding Forward-Looking Statements

 

The following discussion should be read in conjunction with our unaudited financial statements, which are included elsewhere in this Form 10-Q (the “Report”). This Report contains forward-looking statements which relate to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors that may cause our or our industry’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested herein. Except as required by applicable law, including the securities laws of the United States, we do not intend to update any of the forward-looking statements to conform these statements to actual results.

 

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


Anvi Global Holdings, Inc., formerly Vetro Inc, (the “Company”) was incorporated under the laws of the State of Nevada on August 15, 2012 and intended to sell crepes in Czech Republic. That proposed business was abandoned when a change of control of the Company was effected May 6, 2014.


Anvi Global Holdings, Inc now intends to become a diversified, global holdings company with interest in a suite of businesses in various key segments, including mining, infrastructure, heavy earthworks, health services and aerospace engineering, positioned globally. The Company’s objective is to maximize shareholder value through investing in and/or acquiring a portfolio of companies in emerging global markets like India, South America and Africa, adding value to the operating enterprises. The Company plans to invest in or acquire businesses which offer strategic market position, strong cash flows and robust future potential growth, which are complementary to each other. The Company intends to broaden and intensify positions in carefully selected investment areas and is poised to have strong presence across these countries. As of the date of this Quarterly Report, the Company has not invested in or acquired any assets or company.


Results of Operations

 

The three months ended November 30, 2020 compared to the three months ended November 30, 2019

 

Operating Expenses

General and administrative expenses were $60,590 for the three months ended November 30, 2020 compared to $53,977 for the three months ended November 30, 2019, an increase of $6,613 or 12.2%. In the current period, we incurred $36,000 of expense from our service agreement with Anvi Global Inc. (previously with Strategic-IT Group Inc) (Note 5), professional fees of $8,700 and other general expenses of $15,890. In the prior period, we incurred $36,000 from our service agreements with Strategic-IT Group Inc, professional fees of $7,450 and other general expenses of $10,527.

 

Net Loss

Our net loss for the three months ended November 30, 2020 was $60,590 compared to $53,977 for the three months ended November 30, 2019.


The nine months ended November 30, 2020 compared to the nine months ended November 30, 2019

 

Operating Expenses

General and administrative expenses were $164,765 for the nine months ended November 30, 2020 compared to $182,506 for the nine months ended November 30, 2019, a decrease of $17,741 or 9.7%. In the current period, we incurred $108,000 of expense from our service agreement with Anvi Global Inc. (previously with Strategic-IT Group Inc) (Note 5), professional fees of $28,460 and other general expenses of $28,305. In the prior period, we incurred $108,000 from our service agreements with Strategic-IT Group Inc, professional fees of $43,785 and other general expenses of $30,721. We saw a decrease of our expenses in the current period due to a decrease in professional fees as well as travel expense.

 

Net Loss

Our net loss for the nine months ended November 30, 2020 was $164,765 compared to $182,506 for the nine months ended November 30, 2019.



8



 


Liquidity and Capital Resources

 

Cash Flows from Operating Activities

For the nine-month period ended November 30, 2020, net cash flows used in operating activities was $63,390 compared to $6,094 used by operating activities in the prior period.


Cash Flows from Financing Activities

For the nine-month period ended November 30, 2020 and 2019, our CEO advanced the Company $81,083 and $6,800, respectively.


Plan of Operation and Funding


We are no longer a “shell,” as that term is defined in Rule 12b-2 under the Securities and Exchange Act of 1934. However, we expect that working capital requirements, except for our requirement to provide the financing for the MOA with TUI described in Note 1, will continue to be funded through a combination of related party loans and issuances of securities for cash.


We have no lines of credit or other bank financing arrangements capital and generate revenues to meet long-term operating requirements. If and when we commence any operations, additional issuances of equity or convertible debt securities will result in dilution to our current shareholders. Further, such securities might have rights, preferences or privileges senior to our common stock. Additional financing may not be available upon acceptable terms, or at all. If adequate funds are not available or are not available on acceptable terms, we may not be able to take advantage of prospective new business endeavors or opportunities, which could significantly and materially restrict our business operations.


We do not currently engage in enough business activities that provide cash flow. During the next twelve months we anticipate incurring costs related to:


 

(i)

filing of Exchange Act reports, and

 

(ii)

costs relating to developing our business plan


We believe we will be able to meet these costs through amounts, as necessary, to be loaned to or invested in us by our controlling shareholder. Other than the Company’s attempt to raise capital for the TUI transaction, the Company believes that, upon successful conclusion and satisfied legal compliance of respective regulatory bodies, its planning of new business operations in the area of mining in the Brazil and African regions, the Company will be able to be self-funding from its operations.


To enable wider reach to different markets, to increase visibility and demonstrate good corporate governance and to enhance investment opportunities, AGH has initiated listing process at Dutch Caribbean Securities Exchange (DCSX).  In the process, on January 28, 2020, we received notice that the Dutch Securities Exchange certified that Anvi Global Holding, Inc. was admitted as a technical listing on the exchange’s facility as per April 5, 2019. The Company will be listed under the DCXS symbol ANVGH-US.


ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK


None.


ITEM 4. CONTROLS AND PROCEDURES


Evaluation of Disclosure Controls and Procedures

 

As required by Rule 13a-15 under the Securities Exchange Act of 1934, we have carried out an evaluation of the effectiveness of our disclosure controls and procedures as of the end of the period covered by this quarterly report, November 30, 2020. This evaluation was carried out under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer.

 



9



 


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 the Securities Exchange Act of 1934 is recorded, processed, summarized and reported, within the time periods specified in the Securities and Exchange Commission’s rules and forms. Disclosure controls and procedures include controls and procedures designed to ensure that information required to be disclosed in our company’s reports filed under the Securities Exchange Act of 1934 is accumulated and communicated to management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure.

 

Based upon that evaluation, including our Chief Executive Officer and Chief Financial Officer, we have concluded that our disclosure controls and procedures were ineffective as of the end of the period covered by this report due to a material weakness in our internal control over financial reporting, which is described below.


Management’s Report on Internal Control over Financial Reporting

 

Our management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rule 13a-15(f) under the Securities Exchange Act of 1934). Management has assessed the effectiveness of our internal control over financial reporting as of November 30, 2020, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission. As a result of this assessment, management concluded that, as of November 30, 2020, our internal control over financial reporting was not effective. Our management identified the following material weaknesses in our internal control over financial reporting, which are indicative of many small companies with small staff: (i) inadequate segregation of duties and effective risk assessment; and (ii) insufficient written policies and procedures for accounting and financial reporting with respect to the requirements and application of both US GAAP and SEC guidelines.

 

We plan to take steps to enhance and improve the design of our internal control over financial reporting. During the period covered by this quarterly report on Form 10-Q, we have not been able to remediate the material weaknesses identified above. To remediate such weaknesses, we hope to implement the following changes during our fiscal year ending February 28, 2021: (i) appoint additional qualified personnel to address inadequate segregation of duties and ineffective risk management; and (ii) adopt sufficient written policies and procedures for accounting and financial reporting. The remediation efforts set out in (i) and (ii) are largely dependent upon our securing additional financing to cover the costs of implementing the changes required. If we are unsuccessful in securing such funds, remediation efforts may be adversely affected in a material manner.

 

Changes in Internal Control over Financial Reporting


There were no changes in our internal control over financial reporting during the quarter ended November 30, 2020 that have materially affected or are reasonably likely to materially affect, our internal control over financial reporting.




10



 


PART II. OTHER INFORMATION


ITEM 1. LEGAL PROCEEDINGS


There are not presently any material pending legal proceedings to which the Registrant is a party or as to which any of its property is subject, and no such proceedings are known to the Registrant to be threatened or contemplated against it.


ITEM 1A. RISK FACTORS


A smaller reporting company is not required to provide the information required by this Item.


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


None.


ITEM 3. DEFAULTS UPON SENIOR SECURITIES


None.


ITEM 4. MINE SAFETY DISCLOSURES


Not applicable.


ITEM 5. OTHER INFORMATION


None.


ITEM 6. EXHIBITS


Exhibit

Exhibit Description

Filed
herewith

Form

Period
ending

Exhibit

Filing
date

31.1

Certification of the Chief Executive Officer and Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

X

 

 

 

 

32.1

Certification of the Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

X

 

 

 

 

101.INS

XBRL Instance Document

X

 

 

 

 

101.SCH

XBRL Taxonomy Extension Schema Document

X

 

 

 

 

101.CAL

XBRL Taxonomy Extension Calculation Linkbase Document

X

 

 

 

 

101.LAB

XBRL Taxonomy Extension Label Linkbase Document

X

 

 

 

 

101.PRE

XBRL Taxonomy Extension Presentation Linkbase Document

X

 

 

 

 

101.DEF

XBRL Taxonomy Extension Definition Linkbase Definition

X

 

 

 

 




11



 


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.


 

ANVI GLOBAL HOLDINGS, INC.

 

 

 

Dated: January 14, 2021

By:

/s/ Rama Mohan R. Busa

 

 

Rama Mohan R. Busa

 

 

President, Chief Executive Officer, Chief Financial Officer and Chairman of the Board of Directors








12


 C: 

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘10-Q’ Filing    Date    Other Filings
2/28/2110-K,  NT 10-K
Filed on:1/14/21
1/8/21
For Period end:11/30/20
8/31/2010-Q
7/27/20
5/31/2010-Q,  NT 10-Q
2/29/2010-K,  10-K/A
1/28/20
11/30/1910-Q,  NT 10-Q
11/14/19
8/31/1910-Q
5/31/1910-Q
4/5/19
2/28/1910-K,  NT 10-K
2/14/19
5/24/188-K
11/21/178-K
9/27/178-K
5/28/14
5/6/148-K
4/30/14
8/15/12
 List all Filings 
Top
Filing Submission 0001553350-21-000039   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

Copyright © 2024 Fran Finnegan & Company LLC – All Rights Reserved.
AboutPrivacyRedactionsHelp — Thu., Apr. 25, 1:21:57.1am ET