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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 11/28/22 Eventiko Inc. 10-Q 10/31/22 32:1.2M GlobalOne Filings Inc/FA |
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U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Mark One
i ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended i October 31, 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 No. i 333-239589
(Exact name of registrant as specified in its charter)
i Nevada (State or Other Jurisdiction of Incorporation or Organization) |
(Primary Standard Industrial Classification Number) |
(IRS Employer Identification Number) |
i 54/27 Nawamin Rd, i Nuanchan, Bueng Kum, i Bangkok i 10230, i Thailand
(Address and telephone number of principal executive offices)
Indicate by checkmark whether the issuer: (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. i Yes ☒ No ☐
chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
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 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 checkmark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). i Yes ☒ No ☐
At October 31, 2022, the number of shares of the Registrant’s common stock outstanding was .
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PART 1 | FINANCIAL INFORMATION | |
Item 1 | Financial Statements (Unaudited) | 3 |
Balance Sheets | 3 | |
Statements of Operations | 4 | |
Statement of Stockholders’ Equity | 5 | |
Statements of Cash Flows | 6 | |
Notes to the Financial Statements | 7 | |
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 10 |
Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 12 |
Item 4. | Controls and Procedures | 12 |
PART II. | OTHER INFORMATION | |
Item 1 | Legal Proceedings | 13 |
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 13 |
Item 3 | Defaults Upon Senior Securities | 13 |
Item 4 | Mine safety disclosures | 13 |
Item 5 | Other Information | 13 |
Item 6 | Exhibits | 13 |
Signatures | 14 |
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Item 1. Financial Statements (Unaudited)
EVENTIKO INC.
The accompanying notes are an integral part of these financial statements.
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EVENTIKO INC.
(Unaudited)
The accompanying notes are an integral part of these financial statements.
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EVENTIKO INC.
STATEMENT OF STOCKHOLDERS’ EQUITY (UNAUDITED)
FOR THE QUARTER ENDED OCTOBER 31, 2022 & 2021
Common Stock | Additional Paid-in | Deficit | Total Stockholders’ | |||||||||||||||||
Shares | Amount | Capital | Accumulated | Equity | ||||||||||||||||
Inception, February 19, 2020 | i – | $ | i – | $ | i – | $ | i – | $ | i – | |||||||||||
Shares issued for services at $0.0001 per share | i 3,000,000 | i 300 | – | – | i 300 | |||||||||||||||
Net loss for the year ended April 30, 2020 | – | – | – | ( i 1,223 | ) | ( i 1,223 | ) | |||||||||||||
Balance, April 30, 2020 (Audited) | i 3,000,000 | $ | i 300 | $ | – | $ | ( i 1,223 | ) | $ | ( i 923 | ) | |||||||||
Shares issued for cash at $0.02 per share in October, 2021 | i 143,000 | i 14 | i 2,846 | – | i 2,860 | |||||||||||||||
Shares issued for cash at $0.02 per share in January, 2021 | i 1,049,500 | i 105 | i 20,885 | – | i 20,990 | |||||||||||||||
Net loss for the year ended April 30, 2021 | – | – | – | $ | ( i 10,643 | ) | ( i 10,643 | ) | ||||||||||||
Balance, April 30, 2021 (Audited) | i 4,192,500 | $ | i 419 | $ | i 23,731 | $ | ( i 11,866 | ) | $ | i 12,284 | ||||||||||
Net loss for the period ended April 30, 2022 | – | – | – | $ | ( i 20,832 | ) | ( i 20,832 | ) | ||||||||||||
Balance, April 30, 2022 | i 4,192,500 | $ | i 419 | $ | i 23,731 | $ | ( i 32,699 | ) | $ | ( i 8,549 | ) | |||||||||
Net loss for the period ended July 31, 2022 | – | – | – | $ | ( i 9,110 | ) | ( i 9,110 | ) | ||||||||||||
Balance, July 31, 2022 | i 4,192,500 | $ | i 419 | $ | i 23,731 | $ | ( i 41,809 | ) | $ | ( i 17,659 | ) | |||||||||
Net loss for the period ended October 31, 2022 | – | – | – | $ | ( i 3,236 | ) | ( i 3,236 | ) | ||||||||||||
Balance, October 31, 2022 | i 4,192,500 | $ | i 419 | $ | i 23,731 | $ | ( i 45,045 | ) | $ | ( i 20,895 | ) |
See accompanying notes, which are an integral part of these financial statements
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EVENTIKO INC.
(Unaudited)
The accompanying notes are an integral part of these financial statements.
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EVENTIKO INC.
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
FOR QUARTER ENDED OCTOBER 31, 2022 AND 2021
i
Note 1 – ORGANIZATION AND NATURE OF BUSINESS
We were incorporated in the State of Nevada on February 19, 2020 (Inception). We maintain our statutory registered agent’s office at 3773 Howard Hughes Pkwy – Suite 500s, Las Vegas, NV 89169-6014. Our principal executive offices are located 54/27 Nawamin Rd, Nuanchan, Bueng Kum, Bangkok 10230, Thailand.
Eventiko Inc. will organize fashion events, parties, exhibitions, festivals and ceremonies initially in Thailand, but with plans at a later stage to spread our business to other Asian countries such as: Vietnam, Cambodia etc. Our main source of revenue from operations will be generated from customers paying a fee for our services. Our fee service will be 10-20% from the total price. We will be dedicated to work on client’s event from conception through to final delivery. We will work with each and every client to develop a concept that provides a holistic solution for his needs, focusing on time management, target audience, budget and his overall vision.
i
The accompanying financial statements have been prepared in conformity with generally accepted accounting principles, which contemplate continuation of the Company as a going concern. The Company had accumulated deficit of $ i 45,045 as of October 31, 2022 and $ i 32,699 as of April 30, 2022. The Company currently has loses and has not completed its efforts to establish a stabilized source of revenues sufficient to cover operating costs over an extended period of time. Therefore, there is substantial doubt about the Company’s ability to continue as a going concern. Management anticipates that the Company will be dependent, for the near future, on additional investment capital to fund operating expenses The Company intends to position itself so that it will be able to raise additional funds through the capital markets. In light of management’s efforts, there are no assurances that the Company will be successful in this or any of its endeavors or become financially viable and continue as a going concern.
/ i
Note 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
i
The accompanying financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America. The Company’s year-end is April 30.
i
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 the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.
i
The Company considers all highly liquid investments with the original maturities of three months or less to be cash equivalents. The Company had $ i 26 of cash as of October 31, 2022.
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Fair Value of Financial Instruments
AS topic 820 "Fair Value Measurements and Disclosures" establishes a three-tier fair value hierarchy, which prioritizes the inputs in measuring fair value. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market.
These tiers include:
Level 1: | defined as observable inputs such as quoted prices in active markets; |
Level 2: | defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and |
Level 3: |
defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. |
The carrying value of cash and the Company’s loan from shareholder approximates its fair value due to their short-term maturity.
i
Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized.
i
We adopted Accounting Standards Codification (“ASC”) Topic 606, “Revenue from Contracts with Customers”, and all related interpretations for recognition of our revenue from tours and services. Previously we recorded revenue based on ASC Topic 605. Adoption of new accounting standard did not have any material impact on our reported revenue.
Revenue is recognized when the following criteria are met:
· | Identification of the contract, or contracts, with customer; | |
· | Identification of the performance obligations in the contract; | |
· | Determination of the transaction price; | |
· | Allocation of the transaction price to the performance obligations in the contract; and | |
· | Recognition of revenue when, or as, we satisfy performance obligation. |
As of October 31, 2022 and April 30, 2022 the Company has i i no / t generated any revenue.
/ i
The Company computes income (loss) per share in accordance with FASB ASC 260 “Earnings per Share”. Basic loss per share is computed by dividing net income (loss) available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted income (loss) per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. As of October 31, 2022 there were potentially dilutive debt or equity instruments issued or outstanding.
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Comprehensive income is defined as all changes in stockholders’ equity (deficit), exclusive of transactions with owners, such as capital investments. Comprehensive income includes net income or loss, changes in certain assets and liabilities that are reported directly in equity such as translation adjustments on investments in foreign subsidiaries and unrealized gains (losses) on available-for-sale securities. As of October 31, 2022 were no differences between our comprehensive loss and net loss.
i
Stock-based compensation is accounted for at fair value in accordance with ASC Topic 718. To date, the Company has not adopted a stock option plan and has not granted any stock options.
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Recent Accounting Pronouncements
We have reviewed all the recently issued, but not yet effective, accounting pronouncements and we do not believe any of these pronouncements will have a material impact on the Company.
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In December 2019, a novel strain of coronavirus (COVID-19) emerged in Wuhan, Hubei Province, China. While initially the outbreak was largely concentrated in China and caused significant disruptions to its economy, it has now spread to several other countries and infections have been reported globally.
The ultimate impact of the COVID-19 pandemic on the Company’s operations is unknown and will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the duration of the COVID-19 outbreak, new information which may emerge concerning the severity of the COVID-19 pandemic, and any additional preventative and protective actions that governments, or the Company, may direct, which may result in an extended period of continued business disruption, reduced customer traffic and reduced operations. Any resulting financial impact cannot be reasonably estimated at this time but is anticipated to have a material adverse impact on our business, financial condition and results of operations.
The measures taken to date will impact the Company’s business for the fiscal fourth quarter and potentially beyond. Management expects that all of its business segments, across all of its geographies, will be impacted to some degree, but the significance of the impact of the COVID-19 outbreak on the Company’s business and the duration for which it may have an impact cannot be determined at this time.
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Note 4 – RELATED PARTY TRANSACTIONS (LOAN FROM DIRECTOR)
In support of the Company’s efforts and cash requirements, it may rely on advances from related parties until such time that the Company can support its operations or attains adequate financing through sales of its equity or traditional debt financing. There is no formal written commitment for continued support by shareholders or director. Amounts represent advances or amounts paid in satisfaction of liabilities. The advances were considered temporary in nature and were not formalized by a signed promissory note.
As of October 31, 2022, our sole director has loaned to the Company $ i 20,371. This loan is unsecured, non-interest bearing and due on demand.
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The Company has , $ par value shares of common stock authorized.
On February 21, 2020 the Company issued shares of common stock to a director for services of $ i 300 at $0.0001 per share.
In October 2020, the Company issued shares of common stock to 4 shareholders for cash proceeds of $ at $0.02 per share.
In November, December and January 2021, the Company issued shares of common stock to 30 shareholders for cash proceeds of $ at $0.02 per share.
There were shares of common stock issued and outstanding as of October 31, 2022.
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Note 6 – COMMITMENTS AND CONTINGENCIES
Our sole officer and director, Miklos Pal Auer, has agreed to provide her own premise under office needs. He will not take any fee for these premises; it is for free use.
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In accordance with SFAS 165 (ASC 855-10) the Company has analyzed its operations subsequent to October 31, 2022 to the date these financial statements were issued, and has determined that it does not have any material subsequent events to disclose in these financial statements.
The extent of the impact of the coronavirus ("COVID-19") outbreak on the financial performance of the Company will depend on future developments, including the duration and spread of the outbreak and related advisories and restrictions and the impact of COVID-19 on the overall economy, all of which are highly uncertain and cannot be predicted. If the overall economy is impacted for an extended period, the Company’s future operating results may be materially adversely affected.
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FORWARD LOOKING STATEMENTS
Statements made in this Form 10-Q that are not historical or current facts are "forward-looking statements" made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 (the "Act") and Section 21E of the Securities Exchange Act of 1934. These statements often can be identified by the use of terms such as "may," "will," "expect," "believe," "anticipate," "estimate," "approximate" or "continue," or the negative thereof. We intend that such forward-looking statements be subject to the safe harbors for such statements. We wish to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Any forward-looking statements represent management's best judgment as to what may occur in the future. However, forward-looking statements are subject to risks, uncertainties and important factors beyond our control that could cause actual results and events to differ materially from historical results of operations and events and those presently anticipated or projected. We disclaim any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statement or to reflect the occurrence of anticipated or unanticipated events.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION
Employees and Employment Agreements
At present, we have no employees other than our officer and director. We presently do not have pension, health, annuity, insurance, stock options, profit sharing or similar benefit plans; however, we may adopt such plans in the future. There are presently no personal benefits available to any officers, directors or employees.
Results of Operation
Our financial statements have been prepared assuming that we will continue as a going concern and, accordingly, do not include adjustments relating to the recoverability and realization of assets and classification of liabilities that might be necessary should we be unable to continue in operation.
We expect we will require additional capital to meet our long term operating requirements. We expect to raise additional capital through, among other things, the sale of equity or debt securities.
Results of Operations Three months Ended October 31, 2022 & October 31, 2021
Revenue
We have not generated any revenues since our inception.
Operating Expenses
Our operating expenses for the three months ended October 31, 2022 and six months ended October 31, 2022 are summarized as follows:
Three Months Ended | Six Months Ended | |||||||
Revenue | – | – | ||||||
General and administrative | 3,236 | 12,346 | ||||||
Total Operating Expenses | $ | (3,236 | ) | $ | (12,346 | ) |
We have incurred expenses of $3,236 and $12,346 for professional fees and incorporation fees.
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Liquidity and Financial Condition
Working Capital
At 2022 | At 2022 | |||||||
Current assets | $ | 26 | $ | 1,899 | ||||
Current liabilities | (20,921 | ) | (10,448 | ) | ||||
Working capital | $ | (20,895 | ) | $ | (8,549 | ) |
Our total current assets as of October 31, 2022 and April 30, 2022 were 26 and $1,899. Our total current liabilities as of October 31, 2022 were $20,921 as compared to total current liabilities $10,448 of as of April 30, 2022. The increase in current liabilities was attributed to director loan and paying company’s expenses mainly professional fees.
Cash Flows from Operating Activities
We used cash of $12,550 and $14,520 for operating activities for six months ended October 31, 2022 and 2021.
Cash Flows from Financing Activities
We have financed our operations primarily from either advancements or the issuance of equity and related party advances.
For the six months ended October 31, 2022, net cash from financing activities was $10,676 consisting of director loan;
For the six months ended October 31, 2021, net cash from financing activities was $1,591 consisting of director loan.
Plan of Operation and Funding
We expect that working capital requirements will continue to be funded through a combination of our existing funds and further issuances of securities. Our working capital requirements are expected to increase in line with the growth of our business.
Existing working capital, further advances and debt instruments, and anticipated cash flow are expected to be adequate to fund our operations over the next six months. We have no lines of credit or other bank financing arrangements. Generally, we have financed operations to date through the proceeds of the private placement of equity and debt instruments. In connection with our business plan, management anticipates additional increases in operating expenses and capital expenditures relating to: (i) acquisition of inventory; (ii) developmental expenses associated with a start-up business; and (iii) marketing expenses. We intend to finance these expenses with further issuances of securities, and debt issuances. Thereafter, we expect we will need to raise additional capital and generate revenues to meet long-term operating requirements. 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 will have to raise additional funds in the next twelve months in order to sustain and expand our operations. We currently do not have a specific plan of how we will obtain such funding; however, we anticipate that additional funding will be in the form of equity financing from the sale of our common stock. We have and will continue to seek to obtain short-term loans from our directors, although no future arrangement for additional loans has been made. We do not have any agreements with our directors concerning these loans. We do not have any arrangements in place for any future equity financing.
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Off-Balance Sheet Arrangements
As of the date of this Quarterly Report, we do not have any 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 are material to investors.
Going Concern
The financial statements have been prepared "assuming that we will continue as a going concern," which contemplates that we will realize our assets and satisfy our liabilities and commitments in the ordinary course of business.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
No report required.
ITEM 4. CONTROLS AND PROCEDURES
Our management is responsible for establishing and maintaining a system of disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act) that is designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Commission’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated and communicated to the issuer’s management, including its principal executive officer or officers and principal financial officer or officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.
An evaluation was conducted under the supervision and with the participation of our management of the effectiveness of the design and operation of our disclosure controls and procedures as of October 31, 2022. Based on that evaluation, our management concluded that our disclosure controls and procedures were not effective as of such date to ensure that information required to be disclosed in the reports that we file or submit under the Exchange Act, is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms. Such officer also confirmed that there was no change in our internal control over financial reporting during the three-months period ended October 31, 2022 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
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Management is not aware of any legal proceedings contemplated by any governmental authority or any other party involving us or our properties. As of the date of this Quarterly Report, no director, officer or affiliate is (i) a party adverse to us in any legal proceeding, or (ii) has an adverse interest to us in any legal proceedings. Management is not aware of any other legal proceedings pending or that have been threatened against us or our properties.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
No report required.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
No report required.
ITEM 4. MINE SAFETY DISCLOSURES
Not applicable.
No report required.
Exhibits:
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In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Eventiko Inc. | |
Dated: November 28, 2022 | By: /s/ Miklos Pal Auer Miklos Pal Auer, President, Treasurer, Secretary and Director (Principal Executive, Financial and Accounting Officer) |
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This ‘10-Q’ Filing | Date | Other Filings | ||
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Filed on: | 11/28/22 | |||
For Period end: | 10/31/22 | |||
7/31/22 | 10-Q | |||
4/30/22 | 10-K | |||
10/31/21 | 10-Q | |||
4/30/21 | 10-K | |||
4/30/20 | ||||
2/21/20 | ||||
2/19/20 | ||||
List all Filings |