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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
   
  For the quarterly period ended June 30, 2023
   
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
   
  For the quarterly period ended

 

Commission File Number 000-214815

 

ZEUUS, INC.

(Exact name of registrant as specified in its charter)

 

Nevada   37-1830331

(State or other jurisdiction of

incorporation or organization)

  

(I.R.S. Employer

Identification No.)

 

9th Floor, 31 West 27th Street New York, NY, 10001

(Address of principal executive offices, including zip code)

 

(888) 469-3887 

(Registrant’s telephone number, including area code)

 

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

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
None   None   None

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (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 ☒ 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 ☒ No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

  Large accelerated filer ☐ Accelerated filer ☐
  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 Act). Yes ☐ No ☒

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. As of August 12, 2023, issuer had 105,515,460 outstanding shares of common stock, par value $0.001.

 

 

 

 

 

 

ZEUUS, INC.

 

FORM 10-Q

 

For the Quarterly Period Ended June 30, 2023

 

TABLE OF CONTENTS

 

PART I Financial Information 3
Item 1. Financial Statements (unaudited) 3
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 12
Item 3. Quantitative and Qualitative Disclosures about Market Risk 14
Item 4. Controls and Procedures 14
     
PART II Other Information 15
Item 1. Legal Proceedings 15
Item 1A. Risk Factors 15
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 15
Item 3. Defaults Upon Senior Securities 15
Item 4. Mine Safety Disclosures 15
Item 5. Other Information 15
Item 6. Exhibits 15
Signatures 16

 

2

 

 

PART I – FINANCIAL INFORMATION

 

Item 1. Financial Statements

 

ZEUUS, INC.

 

Condensed Consolidated Balance Sheets as of June 30, 2023 (unaudited) and September 30, 2022 (audited) 4
   
Condensed Consolidated Statements of Operations for the Three and Nine Months ended June 30, 2023 and 2022 (unaudited) 5
   
Condensed Consolidated Statement of Changes in Stockholders’ Equity (Deficit) for the Three and Nine Months ended June 30, 2023 and 2022 (unaudited) 6
   
Condensed Consolidated Statements of Cash Flows for the Nine Months ended June 30, 2023 and 2022 (unaudited) 7
   
Notes to Condensed Consolidated Financial Statements (unaudited) 8

 

3

 

 

ZEUUS, INC. AND SUBSIDIARY

CONDENSED CONSOLIDATED BALANCE SHEETS

 

 

   June 30, 2023   September 30, 2022 
   (Unaudited)     
ASSETS          
Current Assets:          
Cash  $28,422   $42,949 
Deposit and other assets   40,627    15,674 
Total current assets   69,049    58,623 
           
Property and equipment, net   89,759    83,191 
Intangible assets   765,000    900,000 
Total other assets   854,759    983,191 
           
Total Assets  $923,808   $1,041,814 
           
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)          
           
Current Liabilities:          
Accounts payable  $13,915   $45,846 
Accrued interest– related party   135,366    49,107 
Other current liabilities   3,724    60,197 
Due to related parties   1,600,663    1,159,584 
Total Current Liabilities   1,753,668    1,314,734 
Total Liabilities   1,753,668    1,314,734 
           
Commitments and contingencies   —    — 
           
Stockholders’ Equity (Deficit):          
Common Stock, par value $0.001, 200,000,000 shares authorized; 105,515,460 and 105,515,460 shares issued and outstanding, respectively   105,515    105,515 
Additional paid-in capital   889,435    888,061 
Accumulated other comprehensive income   2,120    17,060 
Accumulated deficit   (1,826,930)   (1,283,556)
Total Stockholders’ Equity (Deficit)   (829,860)   (272,920)
Total Liabilities and Stockholders’ Deficit  $923,808   $1,041,814 

 

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

 

4

 

 

ZEUUS, INC. AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

 

   2023   2022   2023   2022 
  

For the Three Months Ended

June 30,

  

For the Nine Months Ended

June 30,

 
   2023   2022   2023   2022 
Operating Expenses:                    
General and administrative  $133,216   $105,309   $341,043   $448,902 
Director compensation   —    —    —    34,650 
Professional fees   32,183    83,398    114,915    145,893 
Total operating expenses   165,399    188,707    455,958    629,445 
                     
Loss from operations   (165,399)   (188,707)   (455,958)   (629,445)
                     
Other expense:                    
Interest expense   (34,490)   (23,320)   (87,416)   (28,490)
Total other expense   (34,490)   (23,320)   (87,416)   (28,490)
                     
Loss before provision for income taxes   (199,889)   (212,027)   (543,374)   (657,935)
Provision for income taxes   —    —    —    — 
                     
Net Loss  $(199,889)  $(212,027)  $(543,374)  $(657,935)
                     
Other comprehensive income:                    
Foreign currency translation adjustment   1,684    (2,416)   (14,940)   (5,053)
Comprehensive Loss   (198,205)   (214,443)   (558,314)   (662,988)
                     
Loss per share, basic and diluted  $(0.00)  $(0.00)  $(0.01)  $(0.01)
                     
Weighted average common shares outstanding, basic and diluted   105,515,460    105,506,163    105,515,460    105,500,757 

 

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

 

5

 

 

ZEUUS, INC. AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIT

FOR THE THREE AND NINE MONTHS ENDED JUNE 30, 2022 AND 2023

(Unaudited)

 

 

                               
   Common Stock   Additional Paid in   Accumulated   Other Comprehensive   Total
Stockholders’
Equity		 
   Shares   Amount   Capital   Deficit   Income   (Deficit) 
Balance, September 30, 2021   105,442,890   $105,443   $727,857   $(449,634)  $2,062   $     385,728 
Common stock issued for director services   23,100    23    34,627    —    —    34,650 
Common stock issued for cash   33,730    34    51,966    —    —    52,000 
Net loss   —    —    —    (265,029)   (3,155)   (268,184)
Balance, December 31, 2021   105,499,720    105,500    814,450    (714,663)   (1,093)   204,194 
Common stock issued for cash   6,440    6    32,194    —    —    32,200 
Net loss   —    —    —    (180,879)   518    (180,361)
Balance, March 31, 2022   105,506,160    105,506    846,644    (895,542)   (575)   56,033 
Common stock issued for cash   3,500    4    17,496    —    —    17,500 
Net loss   —    —    —    (212,027)   (2,416)   (214,443)
Balance, June 30, 2022   105,509,660   $105,510   $864,140   $(1,107,569)  $(2,991)  $(140,910)

 

   Common Stock   Additional Paid in   Accumulated   Other Comprehensive   Total Stockholders’
Equity		 
   Shares   Amount   Capital   Deficit   Income   (Deficit) 
Balance, September 30, 2022   105,515,460   $105,515   $888,061   $(1,283,556)  $17,060   $(272,920)
Net loss   —    —    —    (173,772)   (17,341)   (191,113)
Balance, December 31, 2022   105,515,460    105,515    888,061    (1,457,328)   (281)   (464,033)
Cash from prior sale of stock   —    —    1,374    —    —    1,374 
Net loss   —    —    —    (169,713)   717    (168,996)
Balance, March 31, 2023   105,515,460    105,515    889,435    (1,627,041)   436    (631,655)
Net loss   —    —    —    (199,889)   1,684    (198,205)
Balance, June 30, 2023   105,515,460   $105,515   $889,435   $(1,826,930)  $2,120   $(829,860)

 

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

 

6

 

 

ZEUUS, INC. AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

 

   2023   2022 
   For the Nine Months Ended
June 30,		 
   2023   2022 
Cash flows from operating activities:          
Net Loss  $(543,374)  $(657,935)
Adjustments to reconcile net loss to net cash used in operating activities:          
Depreciation and amortization expense   150,715    9,228 
Stock issued for director services   —    34,650 
Changes in operating assets and liabilities:          
Deposit and other assets   (24,953)   17,480 
Accounts payable   (31,931)   (8,063)
Accrued interest– related party   86,259    28,491 
Other current liabilities   (56,473)   (1,784)
Net cash used in operating activities   (419,757)   (577,933)
           
Cash flows from investing activities:          
Purchase of equipment   (22,284)   (21,800)
Net cash used in investing activities   (22,284)   (21,800)
           
Cash flows from financing activities:          
Proceeds from related party loans   441,080    424,900 
Proceeds from sale of stock   1,374    101,700 
Net cash provided by financing activities   442,454    526,600 
           
Net change in cash   413    (73,133)
Effects of currency translation   (14,940)   (5,053)
Cash, beginning of period   42,949    90,006 
           
Cash, end of period  $28,422   $11,820 
           
Supplemental disclosure of cash flow information:          
Cash paid for taxes  $—   $— 
Cash paid for interest  $—   $— 

 

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

 

7

 

 

ZEUUS, INC. AND SUBSIDIARY

NOTES TO THE CONDENSED CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS

JUNE 30, 2023

 

NOTE 1 – ORGANIZATION AND BUSINESS

 

ZEUUS, INC. (formerly Kriptech International Corp.) (the “Company”) is a corporation established under the corporation laws in the State of Nevada on March 20, 2016. The Company has adopted a September 30 fiscal year end.

 

On June 11, 2020, Meshal Al Mutawa, acquired control of 8,000,000 restricted shares of the Company’s issued and outstanding common stock, representing approximately 75.97% of the Company’s total issued and outstanding common stock, from Anatolii Antontcev and Aleksandr Zausayev in exchange for $270,000 under the terms of a Stock Purchase Agreement by and among Messrs. Al Mutawa, Zausayev and Antontcev.

 

On June 11, 2020, (i) Mr. Anatolii Antontcev resigned from all positions with the Company, including as President, Chief Executive Officer, Treasurer, Chief Financial Officer and as a Director, (ii) Aleksandr Zausayev resigned as the Secretary.

 

On June 11, 2020, Mr. Meshal Al Mutawa was appointed to the Company’s Board of Directors and as the Company’s President, Chief Executive Officer, Treasurer, Chief Financial Officer, and Secretary.

 

On August 31, 2020, Bassam A.I. Al-Mutawa, acquired control of eight million (8,000,000) restricted shares of the Company’s issued and outstanding common stock, representing approximately 75.97% of the Company’s total issued and outstanding common stock, from Meshal Al Mutawa through an Assignment by and between Mr. Meshal Al Mutawa, and Mr. Bassam A.I. Al-Mutawa.

 

On August 31, 2020, Mr. Bassam A.I. Al-Mutawa was appointed to the Company’s Board of Directors and as the Company’s President, Chief Executive Officer, Treasurer, Chief Financial Officer, and Secretary.

 

On March 9, 2021, the Financial Industry Regulatory Authority (“FINRA”) approved the Company’s name change to Zeuus, Inc. and its trading symbol to ZUUS. The market effective date of the name and trading symbol change was March 10, 2021.

 

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Basis of Presentation

 

The Company’s unaudited condensed consolidated 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 September 30, 2023. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended September 30, 2022.

 

Use of estimates

 

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates.

 

8

 

 

Concentrations of Credit Risk

 

We maintain our cash in bank deposit accounts, the balances of which at times may exceed federally insured limits. We continually monitor our banking relationships and consequently have not experienced any losses in our accounts. At times, such deposits may be in excess of the Federal Deposit Insurance Corporation insurable amount (“FDIC”).

 

Principles of Consolidation

 

The accompanying condensed consolidated unaudited financial statements for the nine months ended June 30, 2023 and 2022, include the accounts of the Company and its wholly owned subsidiary, Zeuus Energy. Zeuus Energy was incorporated on July 27, 2021, in Montenegro and is currently the only operating subsidiary.

 

Translation Adjustment

 

The accounts of the Company’s subsidiary Zeuus Energy, Inc, are maintained in Euros. According to the Codification, all assets and liabilities were translated at the current exchange rate at respective balance sheets dates, members’ capital are translated at the historical rates and income statement items are translated at the average exchange rate for the period. The resulting translation adjustments are reported under other comprehensive income in accordance with the Comprehensive Income Topic of the Codification (ASC 220), as a component of members’ capital. Transaction gains and losses are reflected in the income statement.

 

Comprehensive Income

 

The Company uses SFAS 130 “Reporting Comprehensive Income” (ASC Topic 220). Comprehensive income is comprised of net income and all changes to the statements of members’ capital, except those due to investments by members, changes in paid-in capital and distributions to members. Comprehensive income for the three and nine months ended June 30, 2023, is included in net loss and foreign currency translation adjustments.

 

Recently issued accounting pronouncements

 

The Company has implemented all new applicable 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 Company’s unaudited consolidated financial statements as of June 30, 2023, were prepared using generally accepted accounting principles in the United States of America applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has an accumulated deficit at June 30, 2023 of $1,826,930, a net loss of $543,374 and $419,757 of cash used in operations for the nine months ended June 30, 2023. The Company has not yet established a source of revenue. These factors raise substantial doubt about its ability to continue as a going concern.

 

In order to continue as a going concern, the Company will need, among other things, additional capital resources. Management’s plan is to obtain such resources for the Company by obtaining capital from management and significant shareholders sufficient to meet its minimal operating expenses and seeking third party equity and/or debt financing. However, management cannot provide any assurances that the Company will be successful in accomplishing any of its plans. These financial statements do not include any adjustments related 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.

 

NOTE 4 – INTANGIBLE ASSET

 

On June 1, 2021, the Company completed the closing of the transactions under the terms of the Asset Purchase Agreement with Andrei Seleznev, Nikolay Alekseev, and Ilia Alekseev (collectively, “Sellers”), dated May 12, 2021, to purchase the assets comprising the Wind Turbine Technology. In exchange for these assets, the Company paid $100,000 in cash, and issued 14,289 shares of its common stock to the Sellers. The shares were valued at $800,000 based on the average of the closing price per share of the Company’s common stock for the 30 trading days prior to the effective date of the agreement. In addition, the Company entered into employment agreements with each Seller to further develop the wind turbine technology and acquired assets. Before this transaction, the Company had no material relationship with any of the Sellers.

 

9

 

 

Intangible asset stated at cost, less accumulated amortization consisted of the following:

 

   June 30, 2023   September 30, 2022 
Wind Turbine Technology  $900,000   $900,000 
Less: accumulated amortization   (135,000)   — 
Intangible asset, net  $765,000   $900,000 

 

Amortization expense

 

Amortization expense for the nine months ended June 30, 2023 and 2022 was $135,000 and $0. respectively.

 

NOTE 5 – PROPERTY AND EQUIPMENT

 

Property and equipment are recorded at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the various classes of assets as follows between three and five years.

 

Long lived assets, including property and equipment, to be held and used by the Company are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of the assets may not be recoverable. Impairment losses are recognized if expected future cash flows of the related assets are less than their carrying values. Measurement of an impairment loss is based on the fair value of the asset. Long-lived assets to be disposed of are reported at the lower of carrying amount or fair value less cost to sell.

 

Maintenance and repair expenses, as incurred, are charged to expense. Betterments and renewals are capitalized in plant and equipment accounts. Cost and accumulated depreciation applicable to items replaced or retired are eliminated from the related accounts with any gain or loss on the disposition included as income.

 

Property and equipment stated at cost, less accumulated depreciation consisted of the following:

 

   June 30, 2023   September 30, 2022 
Property and equipment  $127,474   $100,293 
Less: accumulated depreciation   (37,715)   (17,102)
Property and equipment, net  $89,759   $83,191 

 

Depreciation expense

 

Depreciation expense for the nine months ended June 30, 2023 and 2022 was $15,715 and $9,228. respectively.

 

NOTE 6 – COMMON STOCK

 

On July 25, 2022, the Company was advised by FINRA that the 10:1 forward stock split of the Company’s common stock was effective July 25, 2022. Immediately following the effectiveness of the forward stock split, there were 105,509,660 shares of the Company’s common stock issued and outstanding, as compared to 10,550,966 shares of the Company’s common stock issued and outstanding immediately prior to the forward stock split. All shares throughout these financial statements and Form 10-Q have been retroactively adjusted to reflect the forward stock split.

 

10

 

 

NOTE 7 – RELATED PARTY TRANSACTIONS

 

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 officers, directors, or shareholders. Amounts represent advances or amounts paid in satisfaction of liabilities. The advances are considered temporary in nature and have not been formalized by a promissory note.

 

Since March 20, 2016, (inception) through June 30, 2023, Meshal Al Mutawa, the Company’s former president, treasurer and director, and son of Bassam Al-Mutawa, has loaned the Company funds to pay for incorporation costs and operating expenses. The following is summary of the loans as of June 30, 2023.

 

Date  Maturity  Rate   Default Rate   Balance 9/30/2022   Additions   Balance 6/30/2023 
8/30/2021  10/31/2022   8%   16%  $100,000   $—   $100,000 
2020  n/a   n/a    n/a   $13,823   $—   $13,823 
10/12/2021  10/12/2022   8%   16%  $100,000   $—   $100,000 
10/25/2021  10/25/2022   8%   16%  $150,000   $—   $150,000 
3/24/2022  3/24/2023   8%   16%  $45,000   $—   $45,000 
4/11/2022  4/11/2023   8%   16%  $80,000   $—   $80,000 
6/6/2022  6/6/2023   8%   16%  $50,000   $—   $50,000 
7/18/2022  7/18/2023   8%   16%  $100,000   $—   $100,000 
9/20/2022  9/20/2023   8%   16%  $60,000   $—   $60,000 
11/22/2022  11/22/2022   8%   16%  $—   $151,974   $151,974 
1/24/2023  1/24/2024   8%   16%  $—   $97,758   $97,758 
3/16/2023  3/16/2024   8%   16%  $—   $50,000   $50,000 
5/16/2023  5/16/2024   8%   16%  $—   $27,374   $27,374 
6/5/2023  6/5/2024   8%   16%  $—   $113,974   $113,974 
Balance               $698,823   $441,080   $1,139,903 

 

Total accrued interest on the above notes as of June 30, 2023 and December 31, 2022, is $116,573 and $36,002, respectively.

 

On January 7, 2021, Bassam Al-Mutawa, CEO, loaned the Company $240,000. On January 8, 2021, the Company issued Mr. Al-Mutawa, a Promissory Note in the principal amount of $150,000 (the “Note”) in consideration of cash in the amount of $150,000. The Note accrues interest at the rate of 5% per annum and matures January 8, 2022. In addition to the Note, Mr. Al-Mutawa, has advanced additional funds to the Company. As of June 30, 2023, the Company owes total principal and interest of $460,761 and $18,792, respectively.

 

During the year ended September 30, 2022, the Company granted 23,100 shares of common stock to its directors for services. The shares were valued at $1.50 per share for a total non-cash expense of $34,650.

 

NOTE 8 - SUBSEQUENT EVENTS

 

Management has evaluated subsequent events pursuant to the requirements of ASC Topic 855, from the balance sheet date through the date the financial statements were issued and has determined that there are no material subsequent events.

 

11

 

 

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

 

FORWARD-LOOKING STATEMENTS

 

This quarterly report contains forward-looking statements. These statements relate to future events or our future financial performance. 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.

 

Overview of Operations

 

We are a Data Centric company with business activities focused three main areas:

 

ZEUUS Data Centers

ZEUUS Energy

ZEUUS Cyber Security

 

All three divisions work synergistically with each other in an synergetic ecosystem which enables growth and business protection. These technologies and divisions all stem from the massive requirements in our Data Centers.

 

While we are currently negotiating for the purchase of three data centers, the recent acquisition by our ZEUUS Energy division of a unique, and scalable Wind Turbine technology has us very excited. We have recently opened a 500 sqm, brand new research and development facility in Montenegro where the final designs for the Wind Turbines are being tested and refined. We expect full commercial production of the Wind Turbines by the end of 4th Quarter 2023.

 

We are also in negotiations for the acquisition of two cyber security companies and will update the market after we enter into definitive acquisition agreements.

 

Our mandate and focus are to harness the Cloud and provide all aspects of Data Services from protection to facilitation, to storage, to the sustainable energy consumption at all our Data Center locations.

 

Results of Operation for the Three Months Ended June 30, 2023, Compared to the Three Months Ended June 30, 2022

 

Revenue

 

During the three months ended June 30, 2023 and 2022 we did not generate any revenue.

 

General and Administrative Expenses

 

For the three months ended June 30, 2023, we had $133,216 in general and administrative expenses compared to $105,309 for the three months ended June 30, 2022, respectively, an increase of $27,907 or 26.5%. Our primary expense in the prior period was for consulting, which decreased approximately $66,500 in the current period. In the prior period we were utilizing the services of a consultant to help with the day-to-day operation of the Company. Those services were not provided in the current period. We also had a decrease of investor relation expense of $7,000. These decreases were offset by an increase of $45,000 of amortization expense and $40,000 for outside services.

 

Professional Fees

 

For the three months ended June 30, 2023, we had $32,183 in professional fees compared to $83,398 for the three months ended June 30, 2022, a decrease of $51,215 or 61.4%. Professional fees consist of legal, audit and accounting fees. In the current three-month period, we had a decrease of approximately $29,000 in legal fees and $17,400 in audit fees. Both fees decreased in conjunction with less operational activity.

 

12

 

 

Other Expense

 

For the three months ended June 30, 2023, we had interest expense of $34,490 compared to $23,320 in the prior period. Our interest expense has increased due to the additional related party loans.

 

Net Loss

 

Our net loss for the three months ended June 30, 2023, was $199,889 compared to $212,027 for the three months ended June 30, 2022, a decrease of $12,138 or 5.7%.

 

Results of Operation for the Nine Months Ended June 30, 2023, compared to the Nine Months Ended June 30, 2022

 

Revenue

 

During the nine months ended June 30, 2023 and 2022 we did not generate any revenue.

 

General and Administrative Expenses

 

For the nine months ended June 30, 2023, we had $341,043 in general and administrative expenses compared to $448,902 for the nine months ended June 30, 2022, a decrease of $107,859 or 24% respectively. Our primary expense in the prior period was for consulting, which decreased approximately $234,000 in the current period. n the prior period we were utilizing the services of a consultant to help with the day-to-day operation of the Company. Those services were not provided in the current period. We also had a decrease of investor relation expense of $48,000. These decreases were offset by an increase of $135,000 of amortization expense.

 

Director Compensation

 

For the nine months ended June 30, 2023, we had $0 in director compensation compared to $34,650 for the nine months ended June 30, 2022, for the issuance of common stock,

 

Professional Fees

 

For the nine months ended June 30, 2023, we had $114,915 in professional fees compared to $145,893 for the nine months ended June 30, 2022, a decrease of $30,978 or 21.2%. Professional fees consist of legal, audit and accounting fees. In the current period our audit fees increased $38,600, which was offset by a decrease of legal fees of approximately $73,000. Both fees decreased in conjunction with less operational activity.

 

Other Expense

 

For the nine months ended June 30, 2023, we had interest expense of $87,416 compared to $28,490 in the prior period. Our interest expense has increased due to the additional related party loans.

 

Net Loss

 

Our net loss for the nine months ended June 30, 2023, was $543,374 compared to $657,935 for the nine months ended June 30, 2022, a decrease of $114,561 or 17.4%.

 

Liquidity and Capital Resources

 

At June 30, 2023, we had total current assets of $69,049, consisting mostly of cash and deposits. We had total current liabilities of $1,753,668 consisting mostly of loans from related parties.

 

Cash Flows from Operating Activities

 

For the nine months ended June 30, 2023, we used $419,757 of cash in operating activities compared to $577,933 for the nine months ended June 30, 2022.

 

13

 

 

Cash Flows from Investing Activities

 

During the nine months ended June 30, 2023, Zeuus Energy used $22,284 for the purchase of property and equipment. During the nine months ended June 30, 2022, we purchased property and equipment for a total of $21,800.

 

Cash Flows from Financing Activities

 

We have financed our operations primarily from loans from related parties and the sale of common stock. For the nine months ended June 30, 2023, net cash provided by financing activities was $442,454. During the nine months ended June 30, 2022, we received $424,900 from related party loans and $101,700 from the sale of common stock.

 

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.

 

Going Concern

 

We have not attained profitable operations and are dependent upon obtaining financing to pursue any extensive activities. For these reasons, our auditors stated in their report on our audited financial statements that they have substantial doubt that we will be able to continue as a going concern without further financing.

 

The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs for the next fiscal year and allow it to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it becomes profitable.

 

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

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

 

ITEM 4. CONTROLS AND PROCEDURES

 

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 June 30, 2023. 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 period ended June 30, 2023, that have materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

 

14

 

 

PART II. OTHER INFORMATION

 

ITEM 1. LEGAL PROCEEDINGS

 

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 1A. RISK FACTORS

 

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

 

ITEM 5. OTHER INFORMATION

 

On March 9, 2023, the Board of Directors (the “Board”) of the Company dismissed BF Borgers CPA PC (“Borgers”), as the Company’s independent registered public accounting firm, effective immediately. On the same day the Board approved the engagement of Fruci & Associates II, PLLC (“Fruci”) as the Company’s new independent registered public accounting firm, effective immediately.

 

ITEM 6. EXHIBITS

 

Exhibit Number   Description
31.1   Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (*)
32.1   Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (*)
101.INS*   Inline XBRL Instance 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 Label 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).

 

15

 

 

SIGNATURES

 

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.

 

  ZEUUS, INC.
   
Dated: August 14, 2023 By: /s/ Bassam A.I. Al-Mutawa
    Bassam A.I. Al-Mutawa, President and Chief Executive Officer and Chief Financial Officer

 

16

 

Exhibit 31.1

CERTIFICATION PURSUANT TO
18 U.S.C. ss 1350, AS ADOPTED PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

 

I, Bassam A.I. Al-Mutawa, certify that:

 

1. I have reviewed this Quarterly Report on Form 10-Q of Zeuus, Inc.;
     
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
     
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
     
4. I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a- 15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
     
  a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
     
  b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
     
  c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
     
  d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
     
5. I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
     
  a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
     
  b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: August 14, 2023  
   
/s/ Bassam A.I. Al-Mutawa  
Bassam A.I. Al-Mutawa  
President, Chief Executive Officer, Chief Financial Officer, Treasurer and Director  
(Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer)  

 

 

 

Exhibit 32.1

 

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

I, Bassam A.I. Al-Mutawa, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

 

(1) the Quarterly Report on Form 10-Q of Zeuus, Inc. for the period ended June 30, 2023 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
   
(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Zeuus, Inc.

 

Dated: August 14, 2023

 

  /s/ Bassam A.I. Al-Mutawa
  Bassam A.I. Al-Mutawa
  President, Chief Executive Officer, Chief Financial
  Officer, Treasurer and Director
  (Principal Executive Officer, Principal Financial
  Officer and Principal Accounting Officer)

 

 

 

v3.23.2
Cover - shares
 9 Months Ended
Jun. 30, 2023
Aug. 12, 2023
Cover [Abstract]    
Document Type 10-Q  
Amendment Flag false  
Document Quarterly Report true  
Document Transition Report false  
Document Period End Date Jun. 30, 2023  
Document Fiscal Period Focus Q3  
Document Fiscal Year Focus 2023  
Current Fiscal Year End Date --09-30  
Entity File Number 000-214815  
Entity Registrant Name ZEUUS, INC.  
Entity Central Index Key 0001687926  
Entity Tax Identification Number 37-1830331  
Entity Incorporation, State or Country Code NV  
Entity Address, Address Line One 9th Floor  
Entity Address, Address Line Two 31 West 27th Street  
Entity Address, City or Town New York  
Entity Address, State or Province NY  
Entity Address, Postal Zip Code 10001  
City Area Code (888)  
Local Phone Number 469-3887  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Non-accelerated Filer  
Entity Small Business true  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   105,515,460
v3.23.2
Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2023
Sep. 30, 2022
Current Assets:    
Cash $ 28,422 $ 42,949
Deposit and other assets 40,627 15,674
Total current assets 69,049 58,623
Property and equipment, net 89,759 83,191
Intangible assets 765,000 900,000
Total other assets 854,759 983,191
Total Assets 923,808 1,041,814
Current Liabilities:    
Accounts payable 13,915 45,846
Accrued interest– related party 135,366 49,107
Total Current Liabilities 1,753,668 1,314,734
Total Liabilities 1,753,668 1,314,734
Commitments and contingencies
Stockholders’ Equity (Deficit):    
Common Stock, par value $0.001, 200,000,000 shares authorized; 105,515,460 and 105,515,460 shares issued and outstanding, respectively 105,515 105,515
Additional paid-in capital 889,435 888,061
Accumulated other comprehensive income 2,120 17,060
Accumulated deficit (1,826,930) (1,283,556)
Total Stockholders’ Equity (Deficit) (829,860) (272,920)
Total Liabilities and Stockholders’ Deficit 923,808 1,041,814
Nonrelated Party [Member]    
Current Liabilities:    
Other current liabilities 3,724 60,197
Related Party [Member]    
Current Liabilities:    
Other current liabilities $ 1,600,663 $ 1,159,584
v3.23.2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
Jun. 30, 2023
Sep. 30, 2022
Statement of Financial Position [Abstract]    
Common stock, par value $ 0.001 $ 0.001
Common stock, shares authorized 200,000,000 200,000,000
Common stock, shares outstanding 105,515,460 105,515,460
Common stock, shares issued 105,515,460 105,515,460
v3.23.2
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
 3 Months Ended 9 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Operating Expenses:        
General and administrative $ 133,216 $ 105,309 $ 341,043 $ 448,902
Director compensation 34,650
Professional fees 32,183 83,398 114,915 145,893
Total operating expenses 165,399 188,707 455,958 629,445
Loss from operations (165,399) (188,707) (455,958) (629,445)
Other expense:        
Interest expense (34,490) (23,320) (87,416) (28,490)
Total other expense (34,490) (23,320) (87,416) (28,490)
Loss before provision for income taxes (199,889) (212,027) (543,374) (657,935)
Provision for income taxes
Net Loss (199,889) (212,027) (543,374) (657,935)
Other comprehensive income:        
Foreign currency translation adjustment 1,684 (2,416) (14,940) (5,053)
Comprehensive Loss $ (198,205) $ (214,443) $ (558,314) $ (662,988)
Loss per share, basic $ (0.00) $ (0.00) $ (0.01) $ (0.01)
Loss per share, diluted $ (0.00) $ (0.00) $ (0.01) $ (0.01)
Weighted average common shares outstanding, basic 105,515,460 105,506,163 105,515,460 105,500,757
Weighted average common shares outstanding, diluted 105,515,460 105,506,163 105,515,460 105,500,757
v3.23.2
Condensed Consolidated Statements of Stockholders' Deficit (Unaudited) - USD ($)
Common Stock [Member]
Additional Paid-in Capital [Member]
Retained Earnings [Member]
AOCI Attributable to Parent [Member]
Total
Balance at Sep. 30, 2021 $ 105,443 $ 727,857 $ (449,634) $ 2,062 $ 385,728
Balance, shares at Sep. 30, 2021 105,442,890        
Common stock issued for director services $ 23 34,627 34,650
Common stock issued for director services, shares 23,100        
Common stock issued for cash $ 34 51,966 52,000
Common stock issued for cash, shares 33,730        
Net loss (265,029) (3,155) (268,184)
Balance at Dec. 31, 2021 $ 105,500 814,450 (714,663) (1,093) 204,194
Balance, shares at Dec. 31, 2021 105,499,720        
Balance at Sep. 30, 2021 $ 105,443 727,857 (449,634) 2,062 385,728
Balance, shares at Sep. 30, 2021 105,442,890        
Net loss         (662,988)
Balance at Jun. 30, 2022 $ 105,510 864,140 (1,107,569) (2,991) (140,910)
Balance, shares at Jun. 30, 2022 105,509,660        
Balance at Dec. 31, 2021 $ 105,500 814,450 (714,663) (1,093) 204,194
Balance, shares at Dec. 31, 2021 105,499,720        
Common stock issued for cash $ 6 32,194 32,200
Common stock issued for cash, shares 6,440        
Net loss (180,879) 518 (180,361)
Balance at Mar. 31, 2022 $ 105,506 846,644 (895,542) (575) 56,033
Balance, shares at Mar. 31, 2022 105,506,160        
Common stock issued for cash $ 4 17,496 17,500
Common stock issued for cash, shares 3,500        
Net loss (212,027) (2,416) (214,443)
Balance at Jun. 30, 2022 $ 105,510 864,140 (1,107,569) (2,991) (140,910)
Balance, shares at Jun. 30, 2022 105,509,660        
Balance at Sep. 30, 2022 $ 105,515 888,061 (1,283,556) 17,060 (272,920)
Balance, shares at Sep. 30, 2022 105,515,460        
Net loss (173,772) (17,341) (191,113)
Balance at Dec. 31, 2022 $ 105,515 888,061 (1,457,328) (281) (464,033)
Balance, shares at Dec. 31, 2022 105,515,460        
Balance at Sep. 30, 2022 $ 105,515 888,061 (1,283,556) 17,060 (272,920)
Balance, shares at Sep. 30, 2022 105,515,460        
Net loss         (558,314)
Balance at Jun. 30, 2023 $ 105,515 889,435 (1,826,930) 2,120 (829,860)
Balance, shares at Jun. 30, 2023 105,515,460        
Balance at Dec. 31, 2022 $ 105,515 888,061 (1,457,328) (281) (464,033)
Balance, shares at Dec. 31, 2022 105,515,460        
Net loss (169,713) 717 (168,996)
Cash from prior sale of stock 1,374 1,374
Balance at Mar. 31, 2023 $ 105,515 889,435 (1,627,041) 436 (631,655)
Balance, shares at Mar. 31, 2023 105,515,460        
Net loss (199,889) 1,684 (198,205)
Balance at Jun. 30, 2023 $ 105,515 $ 889,435 $ (1,826,930) $ 2,120 $ (829,860)
Balance, shares at Jun. 30, 2023 105,515,460        
v3.23.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities:    
Net Loss $ (543,374) $ (657,935)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization expense 150,715 9,228
Stock issued for director services 34,650
Changes in operating assets and liabilities:    
Deposit and other assets (24,953) 17,480
Accounts payable (31,931) (8,063)
Accrued interest– related party 86,259 28,491
Other current liabilities (56,473) (1,784)
Net cash used in operating activities (419,757) (577,933)
Cash flows from investing activities:    
Purchase of equipment (22,284) (21,800)
Net cash used in investing activities (22,284) (21,800)
Cash flows from financing activities:    
Proceeds from related party loans 441,080 424,900
Proceeds from sale of stock 1,374 101,700
Net cash provided by financing activities 442,454 526,600
Net change in cash 413 (73,133)
Effects of currency translation (14,940) (5,053)
Cash, beginning of period 42,949 90,006
Cash, end of period 28,422 11,820
Supplemental disclosure of cash flow information:    
Cash paid for taxes
Cash paid for interest
v3.23.2
ORGANIZATION AND BUSINESS
 9 Months Ended
Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
ORGANIZATION AND BUSINESS

NOTE 1 – ORGANIZATION AND BUSINESS

 

ZEUUS, INC. (formerly Kriptech International Corp.) (the “Company”) is a corporation established under the corporation laws in the State of Nevada on March 20, 2016. The Company has adopted a September 30 fiscal year end.

 

On June 11, 2020, Meshal Al Mutawa, acquired control of 8,000,000 restricted shares of the Company’s issued and outstanding common stock, representing approximately 75.97% of the Company’s total issued and outstanding common stock, from Anatolii Antontcev and Aleksandr Zausayev in exchange for $270,000 under the terms of a Stock Purchase Agreement by and among Messrs. Al Mutawa, Zausayev and Antontcev.

 

On June 11, 2020, (i) Mr. Anatolii Antontcev resigned from all positions with the Company, including as President, Chief Executive Officer, Treasurer, Chief Financial Officer and as a Director, (ii) Aleksandr Zausayev resigned as the Secretary.

 

On June 11, 2020, Mr. Meshal Al Mutawa was appointed to the Company’s Board of Directors and as the Company’s President, Chief Executive Officer, Treasurer, Chief Financial Officer, and Secretary.

 

On August 31, 2020, Bassam A.I. Al-Mutawa, acquired control of eight million (8,000,000) restricted shares of the Company’s issued and outstanding common stock, representing approximately 75.97% of the Company’s total issued and outstanding common stock, from Meshal Al Mutawa through an Assignment by and between Mr. Meshal Al Mutawa, and Mr. Bassam A.I. Al-Mutawa.

 

On August 31, 2020, Mr. Bassam A.I. Al-Mutawa was appointed to the Company’s Board of Directors and as the Company’s President, Chief Executive Officer, Treasurer, Chief Financial Officer, and Secretary.

 

On March 9, 2021, the Financial Industry Regulatory Authority (“FINRA”) approved the Company’s name change to Zeuus, Inc. and its trading symbol to ZUUS. The market effective date of the name and trading symbol change was March 10, 2021.

 
v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 9 Months Ended
Jun. 30, 2023
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Basis of Presentation

 

The Company’s unaudited condensed consolidated 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 September 30, 2023. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended September 30, 2022.

 

Use of estimates

 

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates.

 

 

Concentrations of Credit Risk

 

We maintain our cash in bank deposit accounts, the balances of which at times may exceed federally insured limits. We continually monitor our banking relationships and consequently have not experienced any losses in our accounts. At times, such deposits may be in excess of the Federal Deposit Insurance Corporation insurable amount (“FDIC”).

 

Principles of Consolidation

 

The accompanying condensed consolidated unaudited financial statements for the nine months ended June 30, 2023 and 2022, include the accounts of the Company and its wholly owned subsidiary, Zeuus Energy. Zeuus Energy was incorporated on July 27, 2021, in Montenegro and is currently the only operating subsidiary.

 

Translation Adjustment

 

The accounts of the Company’s subsidiary Zeuus Energy, Inc, are maintained in Euros. According to the Codification, all assets and liabilities were translated at the current exchange rate at respective balance sheets dates, members’ capital are translated at the historical rates and income statement items are translated at the average exchange rate for the period. The resulting translation adjustments are reported under other comprehensive income in accordance with the Comprehensive Income Topic of the Codification (ASC 220), as a component of members’ capital. Transaction gains and losses are reflected in the income statement.

 

Comprehensive Income

 

The Company uses SFAS 130 “Reporting Comprehensive Income” (ASC Topic 220). Comprehensive income is comprised of net income and all changes to the statements of members’ capital, except those due to investments by members, changes in paid-in capital and distributions to members. Comprehensive income for the three and nine months ended June 30, 2023, is included in net loss and foreign currency translation adjustments.

 

Recently issued accounting pronouncements

 

The Company has implemented all new applicable 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.

 
v3.23.2
GOING CONCERN
 9 Months Ended
Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
GOING CONCERN

NOTE 3 – GOING CONCERN

 

The Company’s unaudited consolidated financial statements as of June 30, 2023, were prepared using generally accepted accounting principles in the United States of America applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has an accumulated deficit at June 30, 2023 of $1,826,930, a net loss of $543,374 and $419,757 of cash used in operations for the nine months ended June 30, 2023. The Company has not yet established a source of revenue. These factors raise substantial doubt about its ability to continue as a going concern.

 

In order to continue as a going concern, the Company will need, among other things, additional capital resources. Management’s plan is to obtain such resources for the Company by obtaining capital from management and significant shareholders sufficient to meet its minimal operating expenses and seeking third party equity and/or debt financing. However, management cannot provide any assurances that the Company will be successful in accomplishing any of its plans. These financial statements do not include any adjustments related 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.

 
v3.23.2
INTANGIBLE ASSET
 9 Months Ended
Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSET

NOTE 4 – INTANGIBLE ASSET

 

On June 1, 2021, the Company completed the closing of the transactions under the terms of the Asset Purchase Agreement with Andrei Seleznev, Nikolay Alekseev, and Ilia Alekseev (collectively, “Sellers”), dated May 12, 2021, to purchase the assets comprising the Wind Turbine Technology. In exchange for these assets, the Company paid $100,000 in cash, and issued 14,289 shares of its common stock to the Sellers. The shares were valued at $800,000 based on the average of the closing price per share of the Company’s common stock for the 30 trading days prior to the effective date of the agreement. In addition, the Company entered into employment agreements with each Seller to further develop the wind turbine technology and acquired assets. Before this transaction, the Company had no material relationship with any of the Sellers.

 

 

Intangible asset stated at cost, less accumulated amortization consisted of the following:

 

   June 30, 2023   September 30, 2022 
Wind Turbine Technology  $900,000   $900,000 
Less: accumulated amortization   (135,000)   — 
Intangible asset, net  $765,000   $900,000 

 

Amortization expense

 

Amortization expense for the nine months ended June 30, 2023 and 2022 was $135,000 and $0. respectively.

 
v3.23.2
PROPERTY AND EQUIPMENT
 9 Months Ended
Jun. 30, 2023
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT

NOTE 5 – PROPERTY AND EQUIPMENT

 

Property and equipment are recorded at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the various classes of assets as follows between three and five years.

 

Long lived assets, including property and equipment, to be held and used by the Company are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of the assets may not be recoverable. Impairment losses are recognized if expected future cash flows of the related assets are less than their carrying values. Measurement of an impairment loss is based on the fair value of the asset. Long-lived assets to be disposed of are reported at the lower of carrying amount or fair value less cost to sell.

 

Maintenance and repair expenses, as incurred, are charged to expense. Betterments and renewals are capitalized in plant and equipment accounts. Cost and accumulated depreciation applicable to items replaced or retired are eliminated from the related accounts with any gain or loss on the disposition included as income.

 

Property and equipment stated at cost, less accumulated depreciation consisted of the following:

 

   June 30, 2023   September 30, 2022 
Property and equipment  $127,474   $100,293 
Less: accumulated depreciation   (37,715)   (17,102)
Property and equipment, net  $89,759   $83,191 

 

Depreciation expense

 

Depreciation expense for the nine months ended June 30, 2023 and 2022 was $15,715 and $9,228. respectively.

 
v3.23.2
COMMON STOCK
 9 Months Ended
Jun. 30, 2023
Equity [Abstract]  
COMMON STOCK

NOTE 6 – COMMON STOCK

 

On July 25, 2022, the Company was advised by FINRA that the 10:1 forward stock split of the Company’s common stock was effective July 25, 2022. Immediately following the effectiveness of the forward stock split, there were 105,509,660 shares of the Company’s common stock issued and outstanding, as compared to 10,550,966 shares of the Company’s common stock issued and outstanding immediately prior to the forward stock split. All shares throughout these financial statements and Form 10-Q have been retroactively adjusted to reflect the forward stock split.

 

 
v3.23.2
RELATED PARTY TRANSACTIONS
 9 Months Ended
Jun. 30, 2023
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

NOTE 7 – RELATED PARTY TRANSACTIONS

 

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 officers, directors, or shareholders. Amounts represent advances or amounts paid in satisfaction of liabilities. The advances are considered temporary in nature and have not been formalized by a promissory note.

 

Since March 20, 2016, (inception) through June 30, 2023, Meshal Al Mutawa, the Company’s former president, treasurer and director, and son of Bassam Al-Mutawa, has loaned the Company funds to pay for incorporation costs and operating expenses. The following is summary of the loans as of June 30, 2023.

 

Date  Maturity  Rate   Default Rate   Balance 9/30/2022   Additions   Balance 6/30/2023 
8/30/2021  10/31/2022   8%   16%  $100,000   $—   $100,000 
2020  n/a   n/a    n/a   $13,823   $—   $13,823 
10/12/2021  10/12/2022   8%   16%  $100,000   $—   $100,000 
10/25/2021  10/25/2022   8%   16%  $150,000   $—   $150,000 
3/24/2022  3/24/2023   8%   16%  $45,000   $—   $45,000 
4/11/2022  4/11/2023   8%   16%  $80,000   $—   $80,000 
6/6/2022  6/6/2023   8%   16%  $50,000   $—   $50,000 
7/18/2022  7/18/2023   8%   16%  $100,000   $—   $100,000 
9/20/2022  9/20/2023   8%   16%  $60,000   $—   $60,000 
11/22/2022  11/22/2022   8%   16%  $—   $151,974   $151,974 
1/24/2023  1/24/2024   8%   16%  $—   $97,758   $97,758 
3/16/2023  3/16/2024   8%   16%  $—   $50,000   $50,000 
5/16/2023  5/16/2024   8%   16%  $—   $27,374   $27,374 
6/5/2023  6/5/2024   8%   16%  $—   $113,974   $113,974 
Balance               $698,823   $441,080   $1,139,903 

 

Total accrued interest on the above notes as of June 30, 2023 and December 31, 2022, is $116,573 and $36,002, respectively.

 

On January 7, 2021, Bassam Al-Mutawa, CEO, loaned the Company $240,000. On January 8, 2021, the Company issued Mr. Al-Mutawa, a Promissory Note in the principal amount of $150,000 (the “Note”) in consideration of cash in the amount of $150,000. The Note accrues interest at the rate of 5% per annum and matures January 8, 2022. In addition to the Note, Mr. Al-Mutawa, has advanced additional funds to the Company. As of June 30, 2023, the Company owes total principal and interest of $460,761 and $18,792, respectively.

 

During the year ended September 30, 2022, the Company granted 23,100 shares of common stock to its directors for services. The shares were valued at $1.50 per share for a total non-cash expense of $34,650.

 
v3.23.2
SUBSEQUENT EVENTS
 9 Months Ended
Jun. 30, 2023
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 8 - SUBSEQUENT EVENTS

 

Management has evaluated subsequent events pursuant to the requirements of ASC Topic 855, from the balance sheet date through the date the financial statements were issued and has determined that there are no material subsequent events.
v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 9 Months Ended
Jun. 30, 2023
Accounting Policies [Abstract]  
Basis of Presentation

Basis of Presentation

 

The Company’s unaudited condensed consolidated 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 September 30, 2023. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended September 30, 2022.

 
Use of estimates

Use of estimates

 

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates.

 

 
Concentrations of Credit Risk

Concentrations of Credit Risk

 

We maintain our cash in bank deposit accounts, the balances of which at times may exceed federally insured limits. We continually monitor our banking relationships and consequently have not experienced any losses in our accounts. At times, such deposits may be in excess of the Federal Deposit Insurance Corporation insurable amount (“FDIC”).

 
Principles of Consolidation

Principles of Consolidation

 

The accompanying condensed consolidated unaudited financial statements for the nine months ended June 30, 2023 and 2022, include the accounts of the Company and its wholly owned subsidiary, Zeuus Energy. Zeuus Energy was incorporated on July 27, 2021, in Montenegro and is currently the only operating subsidiary.

 
Translation Adjustment

Translation Adjustment

 

The accounts of the Company’s subsidiary Zeuus Energy, Inc, are maintained in Euros. According to the Codification, all assets and liabilities were translated at the current exchange rate at respective balance sheets dates, members’ capital are translated at the historical rates and income statement items are translated at the average exchange rate for the period. The resulting translation adjustments are reported under other comprehensive income in accordance with the Comprehensive Income Topic of the Codification (ASC 220), as a component of members’ capital. Transaction gains and losses are reflected in the income statement.

 
Comprehensive Income

Comprehensive Income

 

The Company uses SFAS 130 “Reporting Comprehensive Income” (ASC Topic 220). Comprehensive income is comprised of net income and all changes to the statements of members’ capital, except those due to investments by members, changes in paid-in capital and distributions to members. Comprehensive income for the three and nine months ended June 30, 2023, is included in net loss and foreign currency translation adjustments.

 
Recently issued accounting pronouncements

Recently issued accounting pronouncements

 

The Company has implemented all new applicable 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.
v3.23.2
INTANGIBLE ASSET (Tables)
 9 Months Ended
Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
SCHEDULE OF INTANGIBLE ASSET

Intangible asset stated at cost, less accumulated amortization consisted of the following:

 

   June 30, 2023   September 30, 2022 
Wind Turbine Technology  $900,000   $900,000 
Less: accumulated amortization   (135,000)   — 
Intangible asset, net  $765,000   $900,000 
v3.23.2
PROPERTY AND EQUIPMENT (Tables)
 9 Months Ended
Jun. 30, 2023
Property, Plant and Equipment [Abstract]  
SCHEDULE OF PROPERTY AND EQUIPMENT

Property and equipment stated at cost, less accumulated depreciation consisted of the following:

 

   June 30, 2023   September 30, 2022 
Property and equipment  $127,474   $100,293 
Less: accumulated depreciation   (37,715)   (17,102)
Property and equipment, net  $89,759   $83,191 
v3.23.2
RELATED PARTY TRANSACTIONS (Tables)
 9 Months Ended
Jun. 30, 2023
Related Party Transactions [Abstract]  
SCHEDULE OF SUMMARY OF THE LOANS

 

Date  Maturity  Rate   Default Rate   Balance 9/30/2022   Additions   Balance 6/30/2023 
8/30/2021  10/31/2022   8%   16%  $100,000   $—   $100,000 
2020  n/a   n/a    n/a   $13,823   $—   $13,823 
10/12/2021  10/12/2022   8%   16%  $100,000   $—   $100,000 
10/25/2021  10/25/2022   8%   16%  $150,000   $—   $150,000 
3/24/2022  3/24/2023   8%   16%  $45,000   $—   $45,000 
4/11/2022  4/11/2023   8%   16%  $80,000   $—   $80,000 
6/6/2022  6/6/2023   8%   16%  $50,000   $—   $50,000 
7/18/2022  7/18/2023   8%   16%  $100,000   $—   $100,000 
9/20/2022  9/20/2023   8%   16%  $60,000   $—   $60,000 
11/22/2022  11/22/2022   8%   16%  $—   $151,974   $151,974 
1/24/2023  1/24/2024   8%   16%  $—   $97,758   $97,758 
3/16/2023  3/16/2024   8%   16%  $—   $50,000   $50,000 
5/16/2023  5/16/2024   8%   16%  $—   $27,374   $27,374 
6/5/2023  6/5/2024   8%   16%  $—   $113,974   $113,974 
Balance               $698,823   $441,080   $1,139,903 
v3.23.2
ORGANIZATION AND BUSINESS (Details Narrative) - USD ($)
Aug. 31, 2020
Jun. 11, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Controlling shares purchased, shares 8,000,000 8,000,000
Controlling shares purchased, percent of total outstanding 75.97% 75.97%
Controlling shares purchased, price   $ 270,000
v3.23.2
GOING CONCERN (Details Narrative) - USD ($)
 3 Months Ended 9 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]          
Accumulated deficit $ 1,826,930   $ 1,826,930   $ 1,283,556
Net loss $ 199,889 $ 212,027 543,374 $ 657,935  
Net cash used in operating activities     $ 419,757 $ 577,933  
v3.23.2
SCHEDULE OF INTANGIBLE ASSET (Details) - USD ($)
Jun. 30, 2023
Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]    
Wind Turbine Technology $ 900,000 $ 900,000
Less: accumulated amortization (135,000)
Intangible asset, net $ 765,000 $ 900,000
v3.23.2
INTANGIBLE ASSET (Details Narrative) - USD ($)
 9 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 01, 2021
Goodwill and Intangible Assets Disclosure [Abstract]      
Cash     $ 100,000
Shares, issued     14,289
Other intangible assets, net     $ 800,000
Amortization expense $ 135,000 $ 0  
v3.23.2
SCHEDULE OF PROPERTY AND EQUIPMENT (Details) - USD ($)
Jun. 30, 2023
Sep. 30, 2022
Property, Plant and Equipment [Abstract]    
Property and equipment $ 127,474 $ 100,293
Less: accumulated depreciation (37,715) (17,102)
Property and equipment, net $ 89,759 $ 83,191
v3.23.2
PROPERTY AND EQUIPMENT (Details Narrative) - USD ($)
 9 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Property, Plant and Equipment [Line Items]    
Depreciation expense $ 15,715 $ 9,228
Minimum [Member]    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, estimated useful Life 3 years  
Maximum [Member]    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, estimated useful Life 5 years  
v3.23.2
COMMON STOCK (Details Narrative)
Jul. 25, 2022
shares
Equity [Abstract]  
Forward stock split 10:1 forward stock split of the Company’s common stock was effective July 25, 2022.
Shares stock splits 105,509,660
Excess stock, shares outstanding 10,550,966
v3.23.2
SCHEDULE OF SUMMARY OF THE LOANS (Details) - USD ($)
 9 Months Ended
Jun. 30, 2023
Sep. 30, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Debt instrument face amount $ 1,139,903 $ 698,823
Additions of loans $ 441,080  
August Thirty Two Thousand Twenty One [Member]    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Debt instrument, maturity date Oct. 31, 2022  
Debt instrument, interest rate, effective percentage 8.00%  
Debt instrument, interest rate, stated percentage 16.00%  
Debt instrument face amount $ 100,000 100,000
Additions of loans  
Two Thousand Twenty [Member]    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Debt instrument face amount 13,823 13,823
Additions of loans  
October Twelve Two Thousand Twenty One [Member]    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Debt instrument, maturity date Oct. 12, 2022  
Debt instrument, interest rate, effective percentage 8.00%  
Debt instrument, interest rate, stated percentage 16.00%  
Debt instrument face amount $ 100,000 100,000
Additions of loans  
October Twenty Five Two Thousand Twenty One [Member]    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Debt instrument, maturity date Oct. 25, 2022  
Debt instrument, interest rate, effective percentage 8.00%  
Debt instrument, interest rate, stated percentage 16.00%  
Debt instrument face amount $ 150,000 150,000
Additions of loans  
March Twenty Four Two Thousand Twenty Two [Member]    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Debt instrument, maturity date Mar. 24, 2023  
Debt instrument, interest rate, effective percentage 8.00%  
Debt instrument, interest rate, stated percentage 16.00%  
Debt instrument face amount $ 45,000 45,000
Additions of loans  
April Eleven Two Thousand Twenty Two [Member]    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Debt instrument, maturity date Apr. 11, 2023  
Debt instrument, interest rate, effective percentage 8.00%  
Debt instrument, interest rate, stated percentage 16.00%  
Debt instrument face amount $ 80,000 80,000
Additions of loans  
June Six Two Thousand Twenty Two [Member]    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Debt instrument, maturity date Jun. 06, 2023  
Debt instrument, interest rate, effective percentage 8.00%  
Debt instrument, interest rate, stated percentage 16.00%  
Debt instrument face amount $ 50,000 50,000
Additions of loans  
July Eighteen TwoThousand Twenty Two [Member]    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Debt instrument, maturity date Jul. 18, 2023  
Debt instrument, interest rate, effective percentage 8.00%  
Debt instrument, interest rate, stated percentage 16.00%  
Debt instrument face amount $ 100,000 100,000
Additions of loans  
September Twenty Two Thousand Twenty Two [Member]    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Debt instrument, maturity date Sep. 20, 2023  
Debt instrument, interest rate, effective percentage 8.00%  
Debt instrument face amount $ 60,000 60,000
Additions of loans  
November Twenty Two Two Thousand Twenty Two [Member]    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Debt instrument, maturity date Nov. 22, 2022  
Debt instrument, interest rate, effective percentage 8.00%  
Debt instrument, interest rate, stated percentage 16.00%  
Debt instrument face amount $ 151,974
Additions of loans $ 151,974  
January Twenty Four Two Thousand Twenty Three [Member]    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Debt instrument, maturity date Jan. 24, 2024  
Debt instrument, interest rate, effective percentage 8.00%  
Debt instrument, interest rate, stated percentage 16.00%  
Debt instrument face amount $ 97,758
Additions of loans $ 97,758  
March Sixteen Two Thousand Twenty Three [Member]    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Debt instrument, maturity date Mar. 16, 2024  
Debt instrument, interest rate, effective percentage 8.00%  
Debt instrument, interest rate, stated percentage 16.00%  
Debt instrument face amount $ 50,000
Additions of loans $ 50,000  
May Sixteen Two Thousand Twenty Three [Member]    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Debt instrument, maturity date May 16, 2024  
Debt instrument, interest rate, effective percentage 8.00%  
Debt instrument, interest rate, stated percentage 16.00%  
Debt instrument face amount $ 27,374
Additions of loans $ 27,374  
June Five Two Thousand Twenty Three [Member]    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Debt instrument, maturity date Jun. 05, 2024  
Debt instrument, interest rate, effective percentage 8.00%  
Debt instrument, interest rate, stated percentage 16.00%  
Debt instrument face amount $ 113,974
Additions of loans $ 113,974  
v3.23.2
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)
 12 Months Ended
Jan. 08, 2021
Sep. 30, 2022
Jun. 30, 2023
Dec. 31, 2022
Jan. 07, 2021
Related Party Transaction [Line Items]          
Accrued Income Taxes     $ 116,573 $ 36,002  
Principal amount   $ 698,823 1,139,903    
Common stock granted for services   23,100      
Share price   $ 1.50      
Other noncash expense   $ 34,650      
Bassam Al-Mutawa [Member]          
Related Party Transaction [Line Items]          
Principal amount $ 150,000   460,761   $ 240,000
Principal amount $ 150,000        
Interest rate 5.00%        
Maturity date Jan. 08, 2022        
Interest     $ 18,792    
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