UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

☒

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

 

FOR THE QUARTERLY PERIOD ENDED JULY 31, 2022

 

Commission file number 333-180164

 

NFiniTi inc.

(Exact name of registrant as specified in its charter)

  

Nevada

(State or other jurisdiction of incorporation or organization)

 

Circuito Playa Del Carmen

Av. Los Amores No. 400-68

Bucerias, Nayarit

Mexico

63732

(Address of principal executive offices, including zip code.)

 

+523221984348

(Telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Exchange Act: None

 

Check whether the issuer (1) 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 last 90 days. Yes ☒      NO ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒      NO ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, an emerging growth company or a smaller reporting 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 

☐ 

Non-Accelerated filer

☒

Smaller reporting company

☒ 

 

Emerging growth company

☒ 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES ☒      NO ☐

 

State the number of shares outstanding of each of the issuer’s classes of common equity, as of the latest practicable date: 120,000,000 shares as of September 12, 2022

 

 

 

 

ITEM 1. FINANCIAL INFORMATION

 

 

 

Page

 

PART I – FINANCIAL INFORMATION

 

 

 

Item 1. Condensed Financial Statements

 

3

 

Item 2. Management’s Discussion and Analysis or Plan of Operation

 

  11

 

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 1a. Risk Factors

 

  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

 

 14

 

 

 
2

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NFiniTi inc.

 

Balance Sheets

 

 

 

 

 

 

 

 

As of

 

 

As of

 

 

 

July 31, 2022

 

 

October 31, 2021

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

Current Assets

 

 

 

 

 

 

Cash

 

$-

 

 

$-

 

 

 

 

 

 

 

 

 

 

Total Current Assets

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

Total Assets

 

$-

 

 

$-

 

 

 

 

 

 

 

 

 

 

LIABILITIES & STOCKHOLDERS' DEFICIT

 

 

 

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

 

 

Accounts Payable

 

$10,355

 

 

$6,553

 

Loan Payable

 

 

23,139

 

 

 

-

 

Loan Payable - Related Party

 

 

79,093

 

 

 

73,340

 

 

 

 

 

 

 

 

 

 

Total Current Liabilities

 

 

112,587

 

 

 

79,893

 

 

 

 

 

 

 

 

 

 

Commitments and Contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders' Deficit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock, $0.001 par value, 450,000,000 shares

 

 

 

 

 

 

 

 

authorized; 120,000,000 shares issued and outstanding

 

 

 

 

 

 

 

 

as of July 31, 2022 and October 31, 2021

 

$120,000

 

 

$120,000

 

Additional Paid-In Capital

 

 

(60,000)

 

 

(60,000)

Accumulated Deficit

 

 

(172,587)

 

 

(139,893)

 

 

 

 

 

 

 

 

 

Total Stockholders' Deficit

 

 

(112,587)

 

 

(79,893)

Total Liabilities &

 

 

 

 

 

 

 

 

Stockholders' Deficit

 

$-

 

 

$-

 

 

The Accompanying Notes are an Integral Part of These Condensed Unaudited Financial Statements

 

 
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NFiniTi inc.

Statements of Operations (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months

 

 

Three Months

 

 

Nine Months

 

 

Nine Months

 

 

 

ended

 

 

ended

 

 

ended

 

 

ended

 

 

 

July 31, 2022

 

 

July 31, 2021

 

 

July 31, 2022

 

 

July 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$-

 

 

$-

 

 

$-

 

 

$-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Professional Fees

 

 

3,627

 

 

 

2,569

 

 

 

32,694

 

 

 

12,822

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Expenses

 

 

3,627

 

 

 

2,569

 

 

 

32,694

 

 

 

12,822

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (Loss) from Operations

 

 

(3,627)

 

 

(2,569)

 

 

(32,694)

 

 

(12,822)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (Loss)

 

$(3,627)

 

$(2,569)

 

$(32,694)

 

$(12,822)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Loss Per Basic and Diluted share

 

$(0.00)

 

$(0.00)

 

$(0.00)

 

$(0.00)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of Common Shares outstanding

 

 

120,000,000

 

 

 

120,000,000

 

 

 

120,000,000

 

 

 

120,000,000

 

 

The Accompanying Notes are an Integral Part of These Condensed Unaudited Financial Statements

 

 
4

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NFiniTi inc.

Statements of Changes in Stockholders' Deficit

For the three and nine months ended July 31, 2022 and 2021 (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common

 

 

Additional

 

 

 

 

 

Total

 

 

 

Common

 

 

Stock

 

 

Paid-in

 

 

Accumulated

 

 

Stockholders'

 

 

 

Stock

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

Deficit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, October 31, 2020

 

 

450,000,000

 

 

$120,000

 

 

$(60,000)

 

$(124,154)

 

$(64,154)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(8,040)

 

 

(8,040)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, January 31, 2021

 

 

450,000,000

 

 

$120,000

 

 

$(60,000)

 

$(132,194)

 

$(72,194)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,213)

 

 

(2,213)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, April 30, 2021

 

 

450,000,000

 

 

$120,000

 

 

$(60,000)

 

$(134,407)

 

$(74,407)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,569)

 

 

(2,569)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, July 31, 2021

 

 

450,000,000

 

 

$120,000

 

 

$(60,000)

 

$(136,976)

 

$(76,976)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, October 31, 2021

 

 

450,000,000

 

 

$120,000

 

 

$(60,000)

 

$(139,893)

 

$(79,893)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(18,518)

 

 

(18,518)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, January 31, 2022

 

 

450,000,000

 

 

$120,000

 

 

$(60,000)

 

$(158,411)

 

$(98,411)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(10,549)

 

 

(10,549)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, April 30, 2022

 

 

450,000,000

 

 

$120,000

 

 

$(60,000)

 

$(168,960)

 

$(108,960)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,627

) 

 

 

(3,627

) 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, July 31, 2022

 

 

450,000,000

 

 

$120,000

 

 

$(60,000)

 

$(172,587)

 

$(112,587)

 

The Accompanying Notes are an Integral Part of These Unaudited Financial Statements

 

 
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NFiniTi, inc.

Statements of Cash Flows (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months

 

 

Nine Months

 

 

 

ended

 

 

ended

 

 

 

July 31, 2022

 

 

July 31, 2021

 

 

 

 

 

 

 

 

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss)

 

$(32,694)

 

$(12,822)

Adjustments to reconcile net loss to net cash

 

 

 

 

 

 

 

 

used in operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Accounts Payable

 

 

3,802

 

 

 

(64)

 

 

 

 

 

 

 

 

 

Net cash (used in) operating activities

 

 

(28,892)

 

 

(12,886)

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

 

 

 

 

 

Proceeds from Loan Payable

 

 

23,139

 

 

 

-

 

Proceeds from Loan Payable - Related Party

 

 

5,753

 

 

 

12,886

 

 

 

 

 

 

 

 

 

 

Net cash provided by financing activities

 

 

28,892

 

 

 

12,886

 

 

 

 

 

 

 

 

 

 

Net change in cash

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

Cash at beginning of period

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

Cash at end of period

 

$-

 

 

$-

 

 

 

 

 

 

 

 

 

 

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash paid during period for:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

$-

 

 

$-

 

 

 

 

 

 

 

 

 

 

Income Taxes

 

$-

 

 

$-

 

 

The Accompanying Notes are an Integral Part of These Condensed Unaudited Financial Statements

 

 
6

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NFiniTi inc.

Notes to Condensed Financial Statements

July 31, 2022 (unaudited)

 

NOTE 1. ORGANIZATION AND DESCRIPTION OF BUSINESS

 

NFiniTi inc. was incorporated under the laws of the State of Nevada on January 23, 2012, as American Oil and Gas Inc. The Company was formed to engage in the acquisition, exploration and development of oil and gas properties. On December 30, 2021, the name of the Company was changed to NFiniTi inc.

 

The Company is in the exploration stage. The Company currently does not operate any properties. The Company has not commenced any exploration activities.

 

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Basis of Presentation

 

The Company’s financial statements are prepared using the accrual method of accounting. The Company has elected an October 31 year-end.

 

The accompanying unaudited interim financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission, and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s Form 10-K filed with the SEC. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein.

 

The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements which would substantially duplicate the disclosure contained in the audited financial statements for fiscal 2021 as reported in the Form 10-K have been omitted.

 

Basic Earnings (loss) Per Share

 

ASC 260, “Earnings Per Share”, specifies the computation, presentation, and disclosure requirements for earnings (loss) per share for entities with publicly held common stock.

 

Basic net earnings (loss) per share amounts is computed by dividing the net earnings (loss) by the weighted average number of common shares outstanding. Diluted earnings (loss) per share are the same as basic earnings (loss) per share due to the lack of dilutive items in the Company.

 

Cash Equivalents

 

The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents.

 

 
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NFiniTi inc.

Notes to Condensed Financial Statements

July 31, 2022 (unaudited)

 

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

 

 

Use of Estimates and Assumptions

 

The preparation of financial statements in conformity with U.S. 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 could differ from those estimates.

 

Fair Value of Financial Instruments

 

The carrying amount of cash, account payable, loans payable – related parties approximate their estimated fair value due to the short-term maturities of these financial instruments.

 

Income Taxes

 

Income taxes are provided for the tax effects of transactions reported in the financial statements and consist of taxes currently due plus deferred income taxes. Deferred income taxes are recognized for temporary differences between the financial statement and tax basis of assets and liabilities that will result in taxable or deductible amounts in the future. Deferred income taxes are also recognized for net operating loss carryforwards that are available to offset future taxable income and research and development credits.

 

Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized.

 

ASC 740, clarifies the accounting for uncertainty in income taxes recognized in the financial statements. ASC 740 provides that a tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits of the position. Income tax positions must meet a more-likely-than-not recognition threshold to be recognized. ASC 740 also provides guidance on measurement, derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. We have determined that the Company does not have uncertain tax positions on its tax returns for the years 2021 and prior. Based on evaluation of the 2021 transactions and events, the Company does not have any material uncertain tax positions that require measurement. Because the Company had a full valuation allowance on its deferred tax assets as of the years ended October 31, 2021 and 2020, the Company has not recognized any tax benefits since inception.

 

Our policy is to recognize interest and/or penalties related to income tax matters in income tax expense. We had no accrual for interest or penalties on our balance sheets at July 31, 2022 or 2021, and have not recognized interest and/or penalties in the statement of operations for the years ended October 31, 2021 or 2020.

 

Revenue Recognition

 

The Company will determine its revenue recognition policy in accordance with ASC 606 “Revenue from Contracts with Customers” when it commences revenue-generating operations.

 

During the three and nine-month periods ended July 31, 2022 and 2021, we did not recognize any revenue.

 

 
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NFiniTi inc.

Notes to Condensed Financial Statements

July 31, 2022 (unaudited)

 

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

 

 

Advertising

 

The Company will expense its advertising when incurred. There has been no advertising since inception.

 

Oil and Gas Properties

 

Oil and gas investments are accounted for by the successful efforts’ method of accounting. Accordingly, the costs incurred to acquire property (proved and unproved), all development costs, and successful exploratory costs are capitalized, whereas the costs of unsuccessful exploratory wells are expensed.

 

Depletion of capitalized oil and gas well costs are provided using the units of production method based on estimated proved developed oil and gas reserves of the respective oil and gas properties.

 

Stock-Based Compensation

 

Equity instruments issued to non-employees and employees for services rendered are in accordance with ASC No. 718. These issuances shall be accounted for based on the grant date fair value of the equity instruments issued, and expensed over the requisite service period.

 

NOTE 3. RECENT ACCOUNTING PRONOUCEMENTS

 

The Company has evaluated all the recent accounting pronouncements through the date the financial statements were issued and believe that none of them will have a material effect on the Company’s financial statements.

 

NOTE 4. GOING CONCERN

 

The accompanying financial statements are presented on a going concern basis. The Company has had limited operations during the period from January 23, 2012 (date of inception) to July 31, 2022 and generated an accumulated deficit of $172,587. This condition raises substantial doubt about the Company’s ability to continue as a going concern. The Company is currently in the exploration stage with no operations and has minimal expenses, however, management believes that the Company’s current cash is insufficient to cover the expenses they will incur during the next twelve months in a limited operations scenario or until it raises additional funding. The Company has depended upon loans from its president, a major shareholder, and an unaffiliated party for operating capital. As of July 31, 2022, the Company had a working capital deficit of $112,586 and $0 cash, compared to a working capital deficit of $79,893 and cash of $0 as of October 31, 2021.

 

The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The financial statements do not include any adjustments relating to the recoverability and classification of assets or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

 

 
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NFiniTi inc.

Notes to Condensed Financial Statements

July 31, 2022 (unaudited)

 

NOTE 5. RELATED PARTY TRANSACTIONS

 

As of July 31, 2022, $18,577 is owed to Shane Reeves, a former president of the Company, $6,744 is owed to Michael Noble, current president of the Company and $53,772 is owed to Robert Gelfand, a major shareholder, from funds loaned by them to the Company and are non-interest bearing with no specific repayment terms. At October 31, 2021, $18,577 was owed to Shane Reeves, a former president of the Company, $4,991 is owed to Michael Noble, current president of the Company and $49,772 was owed to Robert Gelfand, a major shareholder, from funds loaned by them to the Company and are non-interest bearing with no specific repayment terms.

 

NOTE 6.  SHAREHOLDER LOAN

 

During the quarter ended April 30, 2022, a shareholder, Mike Baron who owns 2.5% of the Company’s outstanding stock, paid Company expenses totaling $23,139.  The amount is being carried as a Loan Payable, there are no specific terms of repayment and is non-interest bearing.

 

NOTE 7. STOCKHOLDERS’ DEFICIT

 

The stockholders’ deficit section of the Company contains the following classes of capital stock as of July 31, 2022 and October 31, 2021:

 

Common stock, $ 0.001 par value: 450,000,000 shares authorized; 120,000,000 shares issued and outstanding.

 

Effective December 30, 2021, the Company effected a six for one forward stock split of its issued and outstanding common stock. As a result, its authorized capital increased from 75,000,000 to 450,000,000 shares of common stock with a par value of $0.001 and it's issued and outstanding shares increased from 20,000,000 shares of common stock to 120,000,000 shares of common stock. All share amounts have been retroactively adjusted for all periods presented.

 

NOTE 8. SUBSEQUENT EVENTS

 

The Company has evaluated events subsequent to the date these financial statements were issued to assess the need for potential recognition or disclosure in this report. Based upon this evaluation, it was determined that no subsequent events occurred that require recognition or disclosure in the financial statements.

 

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION.

 

Forward Looking Statements

 

This section includes a number of forward-looking statements that reflect our current views with respect to future events and financial performance. Forward-looking statements are often identified by words like: believe, expect, estimate, anticipate, intend, project and similar expressions, or words which, by their nature, refer to future events. You should not place undue certainty on these forward-looking statements, which apply only as of the date of this report. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results or our predictions.

 

Results of Operations

 

We generated no revenue for the three and nine-month periods ended July 31, 2022 and 2021.

 

We incurred operating expenses of $3,627 and $2,569 for the three-month periods ended July 31, 2022 and 2021, respectively. The operating expenses were comprised of professional fees. The increase was due to the professional fees associated with keeping the Company current in its filings with the SEC.

 

We incurred operating expenses of $32,694 and $12,822 for the nine-month periods ended July 31, 2022 and 2021, respectively. The operating expenses were comprised of professional fees. The increase was due to the professional fees associated with keeping the Company current in its filings with the SEC.

 

Our net loss for the three months ended July 31, 2022 and 2021 was $3,627 and $2,569, respectively. Our net loss for the nine months ended July 31, 2022 and 2021 was $32,694 and $12,822, respectively.

 

Effective December 30, 2021, the Company effected a six for one forward stock split of its issued and outstanding common stock. As a result, its authorized capital increased from 75,000,000 to 450,000,000 shares of common stock with a par value of $0.001 and it’s issued and outstanding shares increased from 20,000,000 shares of common stock to 120,000,000 shares of common stock. All share amounts have been retroactively adjusted for all periods presented.

 

Liquidity and Capital Resources

 

Our cash balance at July 31, 2022 was $0, with $10,355 in accounts payable, $23,139 in loans payable and $79,093 in loans payable to related parties. If we experience a shortage of funds in the next twelve months, we may utilize additional funds from our director, Michael Noble, and our major shareholder, Robert Gelfand, who have agreed to advance funds for operations, however they have no formal commitment, arrangement or legal obligation to advance or loan funds to us.

 

Net cash used in operating activities was $28,892 during the nine months ended July 31, 2022 and net cash used in operating activities was $12,822 during the six months ended July 31, 2021.

 

Net cash used in investing activities was $0 during the nine months ended July 31, 2022 and 2021.

 

Net cash provided by financing activities was $28,892 during the nine months ended July 31, 2022 and net cash provided by financing activities was $12,886 during the nine months ended July 31, 2021.

 

Plan of Operation

 

We are an exploration stage company with no revenues and a short operating history. Our independent auditor has issued an audit opinion which includes a statement expressing substantial doubt as to our ability to continue as a going concern.

 

Our focus for the fiscal year ending October 31, 2022 will be on pursuing other business opportunities to increase shareholder value.

 

During fiscal 2022, we anticipate spending $10,000 on professional fees, including fees payable for complying with reporting obligations, $5,000 in general administrative costs and $1,500 in working capital. Total expenditures over the next 12 months are therefore expected to be approximately $16,500.

 

Off-Balance Sheet Arrangements

 

We have no off-balance sheet arrangements.

 

 
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Going Concern

 

Our auditor has issued a going concern opinion. The continuation of the Company is dependent upon the continued financial support from our shareholders, our ability to obtain necessary equity financing to continue operations and the attainment of profitable operations.

 

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

 

Not required under Rule 12b-2 of the Securities Exchange Act of 1934 for “smaller reporting companies.”

 

ITEM 4. CONTROLS AND PROCEDURES.

 

Evaluation of Disclosure Controls and Procedures

 

Management maintains “disclosure controls and procedures,” as such term is defined in Rule 13a-15(e) under the Securities Exchange Act of 1934 (the “Exchange Act”), that are designed to ensure that information required to be disclosed in our Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission rules and forms, and that such information is accumulated and communicated to management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

 

In connection with the preparation of this quarterly report on Form 10-Q, an evaluation was carried out by management, with the participation of the Chief Executive Officer and the Chief Financial Officer, of the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of July 31, 2022.

 

Based on that evaluation, management concluded, as of the end of the period covered by this report, that our disclosure controls and procedures were not effective in recording, processing, summarizing, and reporting information required to be disclosed, within the time periods specified in the Securities and Exchange Commission’s rules and forms.

 

Changes in Internal Controls over Financial Reporting

 

As of the end of the period covered by this report, there have been no changes in the internal controls over financial reporting during the quarter ended July 31, 2022, that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting subsequent to the date of management’s last evaluation.

 

 
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PART II. OTHER INFORMATION

 

ITEM 1. LEGAL PROCEEDINGS

 

Our Company is not involved in any material litigation and we are unaware of any threatened material litigation. From time to time, we may become involved in litigation relating to claims arising from the ordinary course of our business.

 

ITEM 1A. RISK FACTORS

 

Not required under Rule 12b-2 of the Securities Exchange Act of 1934 for “smaller reporting companies.”

 

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

 

None.

 

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

 

There were no defaults upon senior securities during the period ended July 31, 2022.

 

ITEM 4. MINE SAFETY DISCLOSURES

 

Not applicable.

 

ITEM 5. OTHER INFORMATION

 

None.

 

 
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ITEM 6. EXHIBITS.

 

The following exhibits are included with this quarterly filing. Those marked with an asterisk and required to be filed hereunder, are incorporated by reference and can be found in their entirety in our original Registration Statement on Form S-1, filed under SEC File Number 333-180164, at the SEC website at www.sec.gov:

 

Exhibit No.

 

Description

3.1

 

Articles of Incorporation*

3.2

 

Bylaws*

31

 

Sec. 302 Certification of Chief Executive Officer and Chief Financial Officer

32

 

Sec. 906 Certification of Chief Executive Officer and Chief Financial Officer

101.INS

 

Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document).

101.SCH

 

Inline XBRL Taxonomy Extension Schema Document.

101.CAL

 

Inline XBRL Taxonomy Extension Calculation Linkbase Document.

101.DEF

 

Inline XBRL Taxonomy Extension Definition Linkbase Document.

101.LAB

 

Inline XBRL Taxonomy Extension Labels Linkbase Document.

101.PRE

 

Inline XBRL Taxonomy Extension Presentation Linkbase Document.

104

 

Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101).

 

 
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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.

 

NFiniTi inc.

Registrant

Date September 16, 2022

By:

/s/ Michael Noble

Michael Noble, Chief Executive Officer,

Chief Financial Officer and Director

 

 
15

 

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