SEC Info - Pacific Sports Exchange Inc. - ‘10-Q’ for 2/28/21

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Pacific Sports Exchange Inc. – ‘10-Q’ for 2/28/21 – ‘XML’

On: Monday, 4/12/21, at 7:39pm ET · As of: 4/13/21 · For: 2/28/21 · Accession #: 1640334-21-844 · File #: 333-230690

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

 4/13/21  Pacific Sports Exchange Inc.      10-Q        2/28/21   25:1.4M                                   Pubco Reporting … Inc/FA

Quarterly Report — Form 10-Q
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Quarterly Report                                    HTML    285K 
 2: EX-31       Exhibit 31.1                                        HTML     17K 
 3: EX-32       Exhibit 32.1                                        HTML     13K 
10: R1          Document and Entity Information                     HTML     59K 
11: R2          Balance Sheets                                      HTML     51K 
12: R3          Balance Sheets (Parentheticals)                     HTML     18K 
13: R4          Statements of Operations (Unaudited)                HTML     56K 
14: R5          Statement of Changes in Stockholders' Equity        HTML     39K 
                (Unaudited)                                                      
15: R6          Statements of Cash Flows (Unaudited)                HTML     48K 
16: R7          Organization, Description of Business and Going     HTML     22K 
                Concern                                                          
17: R8          Summary of Significant Accounting Policies          HTML     27K 
18: R9          Equity                                              HTML     15K 
19: R10         Subsequent Events                                   HTML     13K 
20: R11         Summary of Significant Accounting Policies          HTML     35K 
                (Policies)                                                       
21: R12         Equity (Detail Textuals)                            HTML     26K 
23: XML         IDEA XML File -- Filing Summary                      XML     34K 
 9: XML         XBRL Instance -- pse-20210228_htm                    XML    207K 
22: EXCEL       IDEA Workbook of Financial Reports                  XLSX     24K 
 5: EX-101.CAL  XBRL Calculations -- pse-20210228_cal                XML     40K 
 6: EX-101.DEF  XBRL Definitions -- pse-20210228_def                 XML     39K 
 7: EX-101.LAB  XBRL Labels -- pse-20210228_lab                      XML    406K 
 8: EX-101.PRE  XBRL Presentations -- pse-20210228_pre               XML    156K 
 4: EX-101.SCH  XBRL Schema -- pse-20210228                          XSD     40K 
24: JSON        XBRL Instance as JSON Data -- MetaLinks               85±   115K 
25: ZIP         XBRL Zipped Folder -- 0001640334-21-000844-xbrl      Zip     61K

‘XML’ — XBRL Instance — pse-20210228_htm

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<div> <div> NOTE 1 - ORGANIZATION, DESCRIPTION OF BUSINESS AND GOING CONCERN Pacific Sports Exchange Inc., (“Pacific Sports” “the Company,” “we” or “us”) was incorporated in the State of Delaware on July 2, 2018 and is based in Cape Coral, Florida. The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America, and the Company’s fiscal year end is August 31. The Company operates as a sports equipment vendor, specializing in tennis and golf. The Company sources high value new and used equipment and sells it online. The target market is an avid domestic or international customer that is serious about his/her golf or tennis game and will return to the Company for future purchases. To date, the Company’s activities have been limited to generating revenue via www.ebay.com, as well as developing initial business contacts and services. Going Concern The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the liquidation of liabilities in the normal course of business. As of February 28, 2021, the Company has an accumulated deficit and has earned nominal operating revenues. The ability of the Company to obtain profitability is dependent upon, among other things, obtaining additional financing to continue operations, and development of its business plan. In response to these problems, management intends to raise additional operating funds through equity and/or debt financing. However, there can be no assurance management will be successful in its endeavors. There are no assurances that the Company will be able to either 1) achieve a level of revenues adequate to generate sufficient cash flow from operations; or 2) obtain additional financing through either private placement, public offerings and/or bank financing necessary to support its working capital requirements. To the extent that funds generated from operations and any private placements, public offerings and/or bank financing are insufficient, the Company will have to raise additional working capital. No assurance can be given that additional financing will be available, or if available, will be on terms acceptable to the Company. If adequate working capital is not available to the Company, it may be required to curtail or cease its operations. These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty. COVID-19 In March 2020, the World Health Organization declared the outbreak of COVID-19 as a pandemic based on the rapid increase in global exposure. COVID-19 continues to spread throughout the world and as a result of the outbreak, many companies have experienced disruptions in their operations and in markets served. The full extent of the future impacts of COVID-19 on the Company’s operations is uncertain. A prolonged outbreak could have a material adverse impact on financial results and business operations of the Company, including the timing and ability of the Company to collect accounts receivable and procure materials and supplies. As an online-only re-seller of new and used sports equipment we do not have employees or a physical retail location where customers shop. Those factors somewhat mitigate against the negative effects of COVID-19 on our operations. To the extent that we hold any inventory in any sporting equipment we intend to resell, such equipment is thoroughly cleaned and sanitized upon our receipt thereof and will be again immediately prior to shipping such equipment to any buyer. For any equipment sold through us, but not held as inventory by us, we request the originating source of such equipment to thoroughly clean and sanitize all equipment prior to shipping the equipment to a buyer, and we also caution all buyers (whether buying inventory directly from us, or equipment from third-parties through us) to thoroughly clean and sanitize all equipment upon receipt of the same. </div></div> Although being an online-only reseller of sports equipment with no physical “brick and mortar” retail site mitigates against the effects of COVID-19 on our operations, government issued “stay at home” orders, and the previous, and any ongoing or future, closure of gyms, athletic clubs, golf courses and other recreational facilities has and will continue to negatively impact our operations and ability to generate revenues from operations. The result of such orders and closures is that fewer people, both in the U.S. and around the World, are able (and/or willing) to engage in physical activities, and recreation, whether indoors or outdoors. Fewer people engaging in physical activities, and recreation, likely will mean fewer people in the market to purchase new and/or used sporting equipment which will have a materially negative affect on our ability to generate revenues from operations. If we are unable to generate sufficient revenues from operations to grow our business, or even sustain operations, we will be forced to rely on raising capital through debt and/or equity financing. There are no guarantees we will be able to raise additional capital through debt and/or equity financing.

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<div> NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES <div> Basis of Presentation The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial statements and with the instructions to Form 10-Q and Article 8 of Regulation S-X of the United States Securities and Exchange Commission (“SEC”). Accordingly, they do not contain all information and footnotes required by accounting principles generally accepted in the United States of America for annual financial statements. In the opinion of the Company’s management, the accompanying unaudited financial statements contain all the adjustments necessary (consisting only of normal recurring accruals) to present the financial position of the Company as of February 28, 2021 and the results of operations and cash flows for the periods presented. The results of operations for the period ended February 28, 2021 are not necessarily indicative of the operating results for the full fiscal year or any future period. These unaudited financial statements should be read in conjunction with the financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended August 31, 2020 filed with the SEC on December 14, 2020. </div> <div> <div> Revenue Recognition Revenue is earned from the reselling of new and used sports equipment. The Company applies the following five steps in order to determine the appropriate amount of revenue to be recognized as it fulfills its obligations pursuant to each of its equipment sales transactions: <table style="width:100%;border:0px" width="100%"> <tbody> <tr> <td style="width:26px;padding:0in 0in 0in 0in;height:30px"> </td> <td style="width:33px;padding:0in;height:30px" valign="top"> <div style="font-size:10pt;font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt">·</div> </td> <td style="width:932px;padding:0in;height:30px" valign="top"> <div style="margin-top:0pt;margin-bottom:11px;text-align:justify;font-size:10pt;font-family:Times New Roman, Times, serif">identify the contract with a customer;</div> </td> </tr> <tr> <td style="width:26px;padding:0in 0in 0in 0in;height:30px"> </td> <td style="width:33px;padding:0in;height:30px" valign="top"> <div style="font-size:10pt;font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt">·</div> </td> <td style="width:932px;padding:0in;height:30px" valign="top"> <div style="margin-top:0pt;margin-bottom:11px;text-align:justify;font-size:10pt;font-family:Times New Roman, Times, serif">identify the performance obligations in the contract;</div> </td> </tr> <tr> <td style="width:26px;padding:0in 0in 0in 0in;height:30px"> </td> <td style="width:33px;padding:0in;height:30px" valign="top"> <div style="font-size:10pt;font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt">·</div> </td> <td style="width:932px;padding:0in;height:30px" valign="top"> <div style="margin-top:0pt;margin-bottom:11px;text-align:justify;font-size:10pt;font-family:Times New Roman, Times, serif">determine the transaction price;</div> </td> </tr> <tr> <td style="width:26px;padding:0in 0in 0in 0in;height:30px"> </td> <td style="width:33px;padding:0in;height:30px" valign="top"> <div style="font-size:10pt;font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt">·</div> </td> <td style="width:932px;padding:0in;height:30px" valign="top"> <div style="margin-top:0pt;margin-bottom:11px;text-align:justify;font-size:10pt;font-family:Times New Roman, Times, serif">allocate the transaction price to performance obligations in the contract; and</div> </td> </tr> <tr> <td style="width:26px;padding:0in 0in 0in 0in;height:30px"> </td> <td style="width:33px;padding:0in;height:30px" valign="top"> <div style="font-size:10pt;font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt">·</div> </td> <td style="width:932px;padding:0in;height:30px" valign="top"> <div style="margin-top:0pt;margin-bottom:11px;text-align:justify;font-size:10pt;font-family:Times New Roman, Times, serif">recognize revenue as the performance obligation is satisfied.</div> </td> </tr> </tbody> </table> The Company operates as an online-only retailer and utilizes eBay Inc. (“eBay”) as its prime marketing channel. The Company currently relies on eBay, a third-party marketplace, to facilitate its sales. Such reliance on any third-party platform to generate revenues carries with it certain risks, including but not necessarily limited to: the Company could violate the terms of service and lose its selling privileges, or the sites themselves could experience technical issues and/or fail. The Company always strives to abide by the policies of any third-party platform and endeavors to provide superior customer service. </div> </div></div> Typical sales transactions are usually fulfilled within twenty-four (24) hours of completing the transaction online. Contracts stating the transaction price and our performance obligation to deliver the ordered products are deemed to be entered into via eBay at the time the customer submits payment, which is conducted through the PayPal payment platform. Due to the instantaneous nature of a customer submitting an order online at a stated price and the same or next business day shipment of product, the Company does not anticipate that variable consideration or contract assets or liabilities will arise in the normal course of business. Revenues are recognized based on the sales contract price, net of sales taxes, when control of the promised goods are transferred to a customer, in an amount that reflects the consideration that the Company expects to receive in exchange for those goods. Our contracted prices primarily include cost of inventory, shipping and handling, eBay commission fee and our margin, which varies depending on each item. We may provide incentives to our customers from time to time, including discounts, coupons and rewards, which are treated as a reduction in revenue. We may provide sales under a consignment for a client. When acting as an agent, where we do not take delivery of the inventory, we record all costs of sales as a reduction in revenue. The Company does not accept returns and clearly indicates this in our listings. However, if a customer receives an item that is not as described in the eBay listing, we must follow the eBay moneyback guarantee policy which obligates us to issue a full refund within three (3) business days. We do not provide an estimate for returns as we do not anticipate any returns in the normal course of business. <div> Consignment Sales The Company, as a consignee, provides a service to sell tennis racquets through its online marketplace with eBay. The Company retains a percentage of the proceeds received as payment for its consignment items, which the Company refers to as its ''take rate.'' The Company recognizes consignment revenue upon shipment of the consigned good to a customer as its performance obligation of providing consignment services to the consignor is satisfied at that point. The Company reports consignment revenue on a net basis as an agent and not the gross amount collected from a customer. Title to the consigned goods remain with the consignor until transferred to a customer subsequent to purchase of the consigned goods. In any event of damage or loss of consignment items, the Company will recognize an expense and will pay all related disbursements. The Company does not take title of consigned goods at any time. </div> <div> Other Sales The Company purchases used golf carts as their own inventory for resale. The Company reports revenue on a gross basis from amounts collected from the customer upon transferring the product to the buyer. </div> <div> Cost of Goods Sold Cost of goods sold includes the following expenses: inventory costs and expenses related to eBay fees, repair and shipping services. </div> <div> Recent Accounting Pronouncements The Company adopts new pronouncements relating to generally accepted accounting principles applicable to the Company as they are issued, which may be in advance of their effective date. Management does not believe that any recently issued, but not yet effective accounting standards, if currently adopted, would have a material effect on the accompanying financial statements. </div>

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<div> NOTE 3 – EQUITY Common Stock The Company has authorized 220,000,000 shares of Common Stock with a par value of $0.001 per share. Each Common share entitles the holder to one vote, in person or proxy, on any matter on which action of the stockholders of the corporation is sought. On September 6, 2020, pursuant to our S-1 Registration Statement declared effective on September 30, 2019, the Company issued 275,000 shares of Common Stock to unaffiliated individuals, for total proceeds of $5,500, of which $1,500 was received prior to year-end and reported as Common Stock payable in the August 31, 2020 balance sheet. As of February 28, 2021 and August 31, 2020, the Company had 14,375,000 and 14,100,000 shares of Common Stock issued and outstanding, respectively. </div>

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<us-gaap:CommonStockSharesAuthorized contextRef="C_20210228" decimals="INF" id="Fxbrl_20210408233105713" unitRef="shares"> 220000000 </us-gaap:CommonStockSharesAuthorized>

<us-gaap:CommonStockParOrStatedValuePerShare contextRef="C_20210228" decimals="3" id="Fxbrl_20210408233130831" unitRef="USD_per_Share"> 0.001 </us-gaap:CommonStockParOrStatedValuePerShare>

<us-gaap:StockIssuedDuringPeriodSharesIssuedForServices contextRef="C_20200901to20200906_srtTitleOfIndividualAxis_pseUnaffiliatedIndividualsMember" decimals="INF" id="Fxbrl_20210408234142404" unitRef="shares"> 275000 </us-gaap:StockIssuedDuringPeriodSharesIssuedForServices>

<us-gaap:StockIssuedDuringPeriodValueIssuedForServices contextRef="C_20200901to20200906_srtTitleOfIndividualAxis_pseUnaffiliatedIndividualsMember" decimals="0" id="Fxbrl_20210408234551676" unitRef="USD"> 5500 </us-gaap:StockIssuedDuringPeriodValueIssuedForServices>

<pse:CommonStockPayable contextRef="C_20200831" decimals="0" id="Fxbrl_20210408235101976" unitRef="USD"> 1500 </pse:CommonStockPayable>

<us-gaap:CommonStockSharesIssued contextRef="C_20210228" decimals="INF" id="Fxbrl_202104082353538310" unitRef="shares"> 14375000 </us-gaap:CommonStockSharesIssued>

<us-gaap:CommonStockSharesIssued contextRef="C_20210228" decimals="INF" id="Fxbrl_20210408235353831" unitRef="shares"> 14375000 </us-gaap:CommonStockSharesIssued>

<us-gaap:CommonStockSharesOutstanding contextRef="C_20200831" decimals="INF" id="Fxbrl_202104082354252170" unitRef="shares"> 14100000 </us-gaap:CommonStockSharesOutstanding>

<us-gaap:CommonStockSharesOutstanding contextRef="C_20200831" decimals="INF" id="Fxbrl_20210408235425217" unitRef="shares"> 14100000 </us-gaap:CommonStockSharesOutstanding>

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<div> NOTE 4 - SUBSEQUENT EVENTS The Company has evaluated events occurring subsequent to February 28, 2021 through the issuance of the financials and determined that there are no additional events requiring disclosure. </div>

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2 Previous Filings that this Filing References

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

12/11/19  Pacific Sports Exchange Inc.      POS AM                 4:708K                                   Pubco Reporting … Inc/FA
 9/30/19  Pacific Sports Exchange Inc.      S-1/A                  3:543K                                   Pubco Reporting … Inc/FA

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Filing Submission 0001640334-21-000844 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

Pacific Sports Exchange Inc. – ‘10-Q’ for 2/28/21 – ‘XML’

On: Monday, 4/12/21, at 7:39pm ET · As of: 4/13/21 · For: 2/28/21 · Accession #: 1640334-21-844 · File #: 333-230690

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2 Previous Filings that this Filing References

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Quarterly Report — Form 10-Q
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