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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 May 31, 2023
or
☐ |
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For
the transition period from to
Commission
file number 000-56175
BORROWMONEY.COM,
INC.
(Exact
name of registrant as specified in its charter)
Florida |
|
65-0981503 |
(State
or other jurisdiction of |
|
(IRS
Employer |
incorporation
or organization) |
|
Identification
Number) |
512
Bayshore Drive |
|
|
Ft.
Lauderdale, Florida |
|
33304 |
(Address
of principal executive offices) |
|
(Zip
Code) |
Registrant’s
telephone number, including area code: 1-212-265-2525
Securities
registered pursuant to Section 12(b) of the Act: None.
Securities
registered pursuant to Section 12(g) of the Act: None.
Indicate
by check if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No
☒
Indicate
by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☒ No ☐
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, or a smaller reporting
company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller
reporting company” in Rule 12b-2 of the Exchange Act.
Large
accelerated filer ☐ |
Accelerated
filer ☐ |
Non-accelerated
filer ☐ |
Smaller
reporting company ☒ |
Emerging
growth ☒ |
|
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 ☒
TABLE
OF CONTENTS
PART
I – FINANCIAL INFORMATION
ITEM
1. FINANCIAL STATEMENTS
BorrowMoney.com,
Inc.
Balance
Sheet
| |
(Unaudited) | | |
| |
| |
May 31, 2023 | | |
August 31, 2022 | |
Assets | |
| | |
| |
| |
| | |
| |
Cash | |
$ | 4,440 | | |
$ | 4,025 | |
| |
| | | |
| | |
Total current assets | |
| 4,440 | | |
| 4,025 | |
| |
| | | |
| | |
Total Assets | |
$ | 4,440 | | |
$ | 4,025 | |
| |
| | | |
| | |
Liabilities and Stockholder’s Deficit | |
| | | |
| | |
Current liabilities: | |
| | | |
| | |
Accounts payable and accrued expenses | |
$ | 29,387 | | |
$ | 31,075 | |
Line of credit – related party | |
| 13,033 | | |
| 13,033 | |
Accrued Interest | |
| 190,700 | | |
| 160,353 | |
Due to related party | |
| 14,738 | | |
| 14,738 | |
Note payable - related party, current portion | |
| 525,098 | | |
| 462,744 | |
Total current liabilities | |
| 772,956 | | |
| 681,943 | |
| |
| | | |
| | |
Total liabilities | |
$ | 772,956 | | |
$ | 681,943 | |
| |
| | | |
| | |
Commitments and Contingencies (see Note 6) | |
| | | |
| | |
| |
| | | |
| | |
Stockholders’ deficit: | |
| | | |
| | |
Preferred stock, 100,000,000 $0.001 par value shares authorized none issued or outstanding | |
| - | | |
| - | |
Common stock, 500,000,000 shares authorized $0.001 par value; 111,619,561 issued and outstanding | |
| 111,619 | | |
| 111,619 | |
Stock subscription receivable | |
| (4,000 | ) | |
| (4,000 | ) |
Additional paid-in capital | |
| 1,037,873 | | |
| 1,037,873 | |
Accumulated deficit | |
| (1,914,008 | ) | |
| (1,823,410 | ) |
Total stockholders’ deficit | |
| (768,516 | ) | |
| (677,918 | ) |
| |
| | | |
| | |
Total Liabilities and Stockholders’ Deficit | |
$ | 4,440 | | |
$ | 4,025 | |
See
notes to unaudited interim financial statements
BorrowMoney.com,
Inc.
Statements
of Operations
(unaudited)
| |
May 31, 2023 | | |
May 31, 2022 | | |
May 31, 2023 | | |
May 31, 2022 | |
| |
For the Three Months Ended | | |
For the Nine Months Ended | |
| |
May 31, 2023 | | |
May 31, 2022 | | |
May 31, 2023 | | |
May 31, 2022 | |
Revenue | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | 24,930 | |
| |
| | | |
| | | |
| | | |
| | |
Operating expenses: | |
| | | |
| | | |
| | | |
| | |
General and administrative | |
| 17,205 | | |
| 28,206 | | |
| 60,242 | | |
| 111,024 | |
Total operating expenses | |
| 17,205 | | |
| 28,206 | | |
| 60,242 | | |
| 111,024 | |
| |
| | | |
| | | |
| | | |
| | |
Income (loss) from operations | |
| (17,205 | ) | |
| (28,206 | ) | |
| (60,242 | ) | |
| (86,094 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other expense: | |
| | | |
| | | |
| | | |
| | |
Arbitration settlement | |
| - | | |
| - | | |
| - | | |
| (605,111 | ) |
Interest expense | |
| (10,367 | ) | |
| (9,450 | ) | |
| (30,356 | ) | |
| (28,455 | ) |
Total other expenses | |
| (10,367 | ) | |
| (9,450 | ) | |
| (30,356 | ) | |
| (633,566 | ) |
| |
| | | |
| | | |
| | | |
| | |
Income taxes | |
| - | | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | | |
| | |
Net loss | |
$ | (27,571 | ) | |
$ | (37,656 | ) | |
$ | (90,598 | ) | |
$ | (719,660 | ) |
| |
| | | |
| | | |
| | | |
| | |
Basic and diluted per common share amounts: | |
| | | |
| | | |
| | | |
| | |
Basic and diluted net loss | |
$ | (0.00 | ) | |
| (0.00 | ) | |
$ | (0.00 | ) | |
$ | (0.00 | ) |
| |
| | | |
| | | |
| | | |
| | |
Weighted average common shares outstanding (basic and diluted) | |
| 111,619,561 | | |
| 111,614,011 | | |
| 111,619,561 | | |
| 110,246,545 | |
See
notes to unaudited interim financial statements
BorrowMoney.com,
Inc.
Statements
of Changes in Stockholders’ Deficit
(Unaudited)
| |
Shares | | |
Stock | | |
Capital | | |
Receivable | | |
Deficit | | |
Deficit | |
| |
Common Stock | | |
Additional | | |
Stock | | |
| | |
Total | |
| |
| | |
Common | | |
Paid-In | | |
Subscription | | |
Accumulated | | |
Stockholders’ | |
| |
Shares | | |
Stock | | |
Capital | | |
Receivable | | |
Deficit | | |
Deficit | |
Balance at August 31, 2021 | |
| 109,475,000 | | |
$ | 109,475 | | |
$ | 350,475 | | |
$ | (4,000 | ) | |
$ | (1,081,936 | ) | |
$ | (625,986 | ) |
Shares issued for cash | |
| 20,000 | | |
| 20 | | |
| 9,980 | | |
| | | |
| | | |
| 10,000 | |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| (24,965 | ) | |
| (24,965 | ) |
Balance at November 30, 2021 | |
| 109,495,000 | | |
| 109,495 | | |
| 360,455 | | |
| (4,000 | ) | |
| (1,106,901 | ) | |
| (640,951 | ) |
Shares issued for cash, services and legal settlement | |
| 2,085,286 | | |
| 2,085 | | |
| 665,675 | | |
| - | | |
| - | | |
| 667,760 | |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| (657,038 | ) | |
| (657,038 | ) |
Balance at February 28, 2022 | |
| 111,580,286 | | |
$ | 111,580 | | |
$ | 1,026,130 | | |
$ | (4,000 | ) | |
$ | (1,763,939 | ) | |
$ | (630,229 | ) |
Balance | |
| 111,580,286 | | |
$ | 111,580 | | |
$ | 1,026,130 | | |
$ | (4,000 | ) | |
$ | (1,763,939 | ) | |
$ | (630,229 | ) |
Shares issued for services | |
| 39,275 | | |
| 39 | | |
| 11,743 | | |
| - | | |
| - | | |
| 11,782 | |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| (37,656 | ) | |
| (37,656 | ) |
Balance at May 31, 2022 | |
| 111,619,561 | | |
| 111,619 | | |
| 1,037,873 | | |
| (4,000 | ) | |
| (1,801,595 | ) | |
| (656,103 | ) |
Balance | |
| 111,619,561 | | |
| 111,619 | | |
| 1,037,873 | | |
| (4,000 | ) | |
| (1,801,595 | ) | |
| (656,103 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance at August 31, 2022 | |
| 111,619,561 | | |
$ | 111,619 | | |
$ | 1,037,873 | | |
$ | (4,000 | ) | |
$ | (1,823,410 | ) | |
$ | (677,918 | ) |
Net Loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| (37,916 | ) | |
| (37,916 | ) |
Balance at November 30, 2022 | |
| 111,619,561 | | |
| 111,619 | | |
| 1,037,873 | | |
| (4,000 | ) | |
| (1,861,326 | ) | |
| (715,834 | ) |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| (25,111 | ) | |
| (25,111 | ) |
Balance at February 28, 2023 | |
| 111,619,561 | | |
$ | 111,619 | | |
$ | 1,037,873 | | |
$ | (4,000 | ) | |
$ | (1,886,437 | ) | |
$ | (740,945 | ) |
Balance | |
| 111,619,561 | | |
$ | 111,619 | | |
$ | 1,037,873 | | |
$ | (4,000 | ) | |
$ | (1,886,437 | ) | |
$ | (740,945 | ) |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| (27,571 | ) | |
| (27,571 | ) |
Balance at May 31, 2023 | |
| 111,619,561 | | |
$ | 111,619 | | |
$ | 1,037,873 | | |
$ | (4,000 | ) | |
$ | (1,914,008 | ) | |
$ | (768,516 | ) |
Balance | |
| 111,619,561 | | |
$ | 111,619 | | |
$ | 1,037,873 | | |
$ | (4,000 | ) | |
$ | (1,914,008 | ) | |
$ | (768,516 | ) |
See
notes to unaudited interim financial statements
BorrowMoney.com,
Inc.
Statements
of Cash Flows
(unaudited)
| |
For the nine | | |
For the nine | |
| |
months ended | | |
months ended | |
| |
May 31, 2023 | | |
May 31, 2022 | |
Cash flows from operating activities: | |
| | | |
| | |
Net loss | |
$ | (90,598 | ) | |
$ | (719,660 | ) |
Adjustments to reconcile net loss to net cash used in operating activities | |
| | | |
| | |
Stock based compensation – arbitration settlement | |
| | | |
| 605,111 | |
Stock based compensation - other | |
| | | |
| 39,332 | |
| |
| | | |
| | |
Changes in net assets and liabilities | |
| | | |
| | |
Accounts payable and accrued expenses | |
| (1,687 | ) | |
| (2,276 | ) |
Accrued interest | |
| 30,346 | | |
| 27,219 | |
Cash used in operating activities: | |
| (61,939 | ) | |
| (50,274 | ) |
| |
| | | |
| | |
Cash flows from financing activities: | |
| | | |
| | |
Proceeds from line of credit – related party | |
| - | | |
| 1,236 | |
Proceeds from sale of common stock | |
| - | | |
| 45,100 | |
Advances-related party | |
| - | | |
| 1,995 | |
Proceed/(Payments) on note payable-related party | |
| 62,354 | | |
| (3,760 | ) |
| |
| | | |
| | |
Cash provided by financing activities | |
| 62,354 | | |
| 44,571 | |
| |
| | | |
| | |
Change in cash | |
| 415 | | |
| (5,703 | ) |
Cash- beginning of period | |
| 4,025 | | |
| 9,316 | |
Cash-end of period | |
$ | 4,440 | | |
$ | 3,613 | |
| |
| | | |
| | |
Cash paid for interest | |
$ | - | | |
$ | - | |
Cash paid for taxes | |
$ | - | | |
$ | - | |
See
notes to unaudited interim financial statements
BORROWMONEY.COM,
INC.
Notes
to the Financial Statements
May
31, 2023
(Unaudited)
NOTE
1 – ORGANIZATION AND NATURE OF BUSINESS
BorrowMoney.com,
Inc. (the “Company”), a Florida corporation formed in 2015, provides an internet-based platform that can match mortgage and
loan providers with prospective borrowers. The Company offers to borrowers “screened lenders” and ensures the lenders trustworthiness
and legitimacy. The Company provides institutional lenders with innovative digital solutions by offering fintech technologically advanced
gathered leads through an exclusive proprietary platform.
NOTE
2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis
of presentation -The accompanying financial statements have been prepared in accordance with United States generally accepted
accounting principles (“U.S. GAAP”).
The
interim unaudited financial statements as of May 31, 2023, and for the three and nine months then
ended, have been prepared in accordance with accounting principles generally accepted in the United States for interim financial
information on the same basis as the annual financial statements and in the opinion of management, reflect all adjustments, which include
only normal recurring adjustments, necessary to present fairly the Company’s financial position, results of operations and cash
flows for the periods shown. The results of operations for such periods are not necessarily indicative of the results expected for a
full year or for any future period. They do not include all of the information and footnotes required by GAAP for complete financial
statements. Therefore, these financial statements should be read in conjunction with the Company’s financial statements and notes
filed with the SEC for the year ended August 31, 2022.
Going
Concern - The Company adopted Accounting Standards Update No. 2014-15, “Presentation of Financial Statements—Going
Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”).
The accompanying unaudited interim financial statements have been prepared assuming the Company will continue as a going concern, which
contemplates, among other things, the realization of assets and satisfaction of liabilities in the normal course of business. The Company
has earned limited revenue since inception and lacks any significant operational history. These matters, among others, raise substantial
doubt about our ability to continue as a going concern.
The
Company is commencing operations to generate sufficient revenue, however the Company’s cash position may not be sufficient to support
the Company’s daily operations. Management intends to raise additional funds by way of a private or public offering. While the
Company believes in the viability of its strategy to commence operations and generate sufficient revenue and in its ability to raise
additional funds, there can be no assurances to that effect. The ability of the Company to continue as a going concern is dependent upon
the Company’s ability to further implement its business plan and generate sufficient revenue and its ability to raise additional
funds by way of private offerings. The financial statements do not include any adjustments related to the recoverability and classification
of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue
as a going concern.
Accounting
Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the
United States of America, requires management to make estimates and assumptions that affect certain reported amounts and disclosures.
These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent liabilities and the
reported amounts of revenues and expenses. Accordingly, actual results could differ from those estimates.
Risks
and Uncertainties - The Company intends to operate in a highly competitive industry that is subject to intense competition, government
regulation and rapid technological change. The Company’s operations are subject to significant risk and uncertainties including
financial, operational, technological, regulatory and other risks associated with an emerging business, including the potential risk
of business failure.
Cash
and Cash Equivalents - For financial statement presentation purposes, the Company considers those short-term, highly liquid investments
with original maturities of three months or less to be cash or cash equivalents. There were no cash equivalents on May 31, 2023 and August
31, 2022.
Concentrations
of Credit Risk - Accounts which potentially subject the Company to concentrations of credit risk consist of cash and cash equivalents.
The Company considers all highly liquid instruments with an original purchased maturity of three months or less to be cash equivalents.
The Company maintains its cash and equivalents at insured financial institutions. The balances of which, at times may exceed the FDIC
insured limits. Management believes the risk of loss is minimal.
Fair
Value of Financial Instruments - The Company’s financial instruments consist of cash and notes payable. Management estimates
that the fair value of the notes payable does not differ materially from the aggregate carrying value of these financial instruments
recorded (at cost) in the accompanying balance sheets. We have financial assets and liabilities, not required to be measured at fair
value on a recurring basis, which primarily consist of cash, payables, and debt. The carrying value of cash and payables, approximate
their fair values due to their short-term nature. Considerable judgment is required in interpreting market data to develop the estimates
of fair value and, accordingly, the estimates are not necessarily indicative of the amounts that the Company could realize in a current
market exchange.
Fair
Value Measurements - The Company measures fair value under a framework that utilizes a fair value hierarchy that prioritizes
the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in
active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements).
The
three levels of inputs which prioritize the inputs used in measuring fair value are:
Level
1: Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Company
has the ability to access.
Level
2: Inputs to the valuation methodology include:
|
● |
Quoted
prices for similar assets or liabilities in active markets; |
|
● |
Quoted
prices for identical or similar assets or liabilities in inactive markets; |
|
● |
Inputs
other than quoted prices that are observable for the asset or liability; and |
|
● |
Inputs
that are derived principally from or corroborated by observable market data by correlation or other means. |
If
the asset or liability has a specified (contractual) term, the level 2 input must be observable for substantially the full term of the
asset or liability.
Level
3: Inputs to the valuation methodology are unobservable and significant to the fair value measurement.
The
assets or liabilities fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is
significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use
of unobservable inputs.
When
the Company changes its valuation inputs for measuring financial assets and liabilities at fair value, either due to changes in current
market conditions or other factors, it may need to transfer those assets or liabilities to another level in the hierarchy based on the
new inputs used. The Company recognizes these transfers at the end of the reporting period that the transfers occur. There were no significant
transfers of financial assets or financial liabilities between the hierarchy levels.
Revenue
Recognition – The Company recognizes revenue in accordance with Accounting Standards Update (“ASU”) No. 2014-09,
“Revenue from Contracts with Customer”. The Company applies the following five steps in order to determine the appropriate
amount of revenue to be recognized as it fulfills its obligations under each of its agreements:
|
● |
Identification
of the contract with a customer |
|
● |
Identification
of the performance obligations in the contract |
|
● |
Determination
of the transaction price |
|
● |
Allocation
of the transaction price to the performance obligations in the contract |
|
● |
Recognition
of revenue when, or as, the Company satisfies a performance obligation |
Costs
to Obtain Customer Contracts
Sales
commissions and related expenses are considered incremental and recoverable costs of acquiring customer contracts. These costs are capitalized
and amortized on a straight-line basis over the anticipated period of benefit. We determined the period of benefit by taking into consideration
the length of our customer contracts, our technology lifecycle, and other factors. Amortization expense is recorded in sales and marketing
expense within our statement of operations. Historically we have not incurred incremental cost to acquire customer contracts.
Stock-Based
Awards - The Company measures the cost of employee services received in exchange for an award of equity instruments, including
stock options, based on the grant date fair value of the award and to recognize it as compensation expense over the period the employee
is required to provide service in exchange for the award, usually the vesting period. The Company estimates the fair value of share-based
payment awards on the date of grant using an option-pricing model. The value of the portion of the award that is ultimately expected
to vest is recognized as expense over the requisite service periods in the Company’s statement of operations. The forfeitures are
estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. No
awards were granted for the three months ended May 31, 2023 and the year ended August 31, 2022.
Income
Taxes - The Company accounts for deferred income taxes on the asset and liability method whereby deferred tax assets are recognized
for deductible temporary differences and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences
are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets and liabilities are
adjusted for the effects of changes in tax laws and rates on the date of enactment.
Deferred
tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion of all
of the deferred tax assets will not be realized.
When
tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities,
while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately
sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available
evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution
of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that
meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely
of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken
that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits along with any associated
interest and penalties that would be payable to the taxing authorities upon examination. As of November 30, 2021 the Company had no unrecognized
tax benefits, and the Company had no positions which, in the opinion of management, would be reversed if challenged by a taxing authority.
The
Company’s evaluation of tax positions was performed for those tax years which remain open to audit. The Company may, from time
to time, be assessed interest or penalties by the taxing authorities, although any such assessments historically have been minimal and
immaterial to the Company’s financial results. In the event the Company is assessed interest and/or penalties, such amounts will
be classified as income tax expense in the financial statements.
Loss
Per Common Share - The basic earnings (loss) per common share is computed by dividing net income (loss) available to common stockholders
by the weighted average number of common shares outstanding. Diluted loss per share is computed similarly to basic loss per share except
that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential
common shares had been issued and if the additional common shares were dilutive. As of May 31, 2023 and August 31, 2022, there were 50,000
warrants and no potentially dilutive securities outstanding, respectively, all of which were excluded from loss per share calculation
due to their anti-dilutive effect.
Related
Party Transactions - The Company follows subtopic 850-10 of the FASB Accounting Standards Codification for the identification
of related parties and disclosure of related party transactions. Pursuant to Section 850-10-20 the related parties include (a) affiliates
of the Company (“Affiliate” means, with respect to any specified Person, any other Person that, directly or indirectly through
one or more intermediaries, controls, is controlled by or is under common control with such Person, as such terms are used in and construed
under Rule 405 under the Securities Act); (b) entities for which investments in their equity securities would be required, absent the
election of the fair value option under the Fair Value Option Subsection of Section 825–10–15, to be accounted for by the
equity method by the investing entity; (c) trusts for the benefit of employees, such as pension and profit-sharing trusts that are managed
by or under the trusteeship of management; (d) principal owners of the Company; (e) management of the Company; (f) other parties with
which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to
an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests; and (g) other parties
that can significantly influence the management or operating policies of the transacting parties or that have an ownership interest in
one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might
be prevented from fully pursuing its own separate interests. The financial statements shall include disclosures of material related party
transactions, other than compensation arrangements, expense allowances, and other similar items in the ordinary course of business. However,
disclosure of transactions that are eliminated in the preparation of consolidated or combined financial statements is not required in
those statements. The disclosures shall include: (a) the nature of the relationship(s) involved; (b) a description of the transactions,
including transactions to which no amounts or nominal amounts were ascribed, for each of the periods for which income statements are
presented, and such other information deemed necessary to an understanding of the effects of the transactions on the financial statements;
(c) the dollar amounts of transactions for each of the periods for which income statements are presented and the effects of any change
in the method of establishing the terms from that used in the preceding period; and (d) amounts due from or to related parties as of
the date of each balance sheet presented and, if not otherwise apparent, the terms and manner of settlement.
Recently
issued accounting pronouncements – The Company does not believe that any recently issued effective pronouncements, or pronouncements
issued but not yet effective, if adopted, would have a material effect on the accompanying financial statements.
NOTE
3 - RELATED PARTY TRANSACTIONS
In
connection with a related party promissory note, the Company has an accrued interest obligation as of May 31, 2023, and August 31, 2022
of $190,700 and $160,353, respectively. The note was due on September 1, 2021 and was not paid off due to limited capital. As such, the
parties agreed to continue the note at 8% until sufficient funds are available to pay off the loan. As of May 31, 2023 and August 31,
2022, the outstanding principal balance was $525,098 and $462,744, respectively.
The
Company utilizes approximately 1,500 square feet of office space in 512 Bayshore Dr, Fort Lauderdale Florida. The space is owned by the
President and is provided without charge to the Company.
The
Company obtained a line of credit from a Delaware Corporation (owned by the outgoing CFO) on November 30, 2020. Total advanced and accrued
interest under this line of credit is $13,033 for the period ending May 31, 2023 and $13,033 for the year ending August 31, 2022. The
line matured on November 25, 2021 and carries a default interest rate of 17%.
NOTE
4 - EQUITY
Common
Stock Warrants
In
July 2019, the Company granted common stock warrants to purchase 50,000 shares of common stock to a service provider. The warrants have
a 4.4 year term and an exercise price of $0.10 per share. The warrants are fully earned upon issuance and become exercisable on January
1, 2020. As of May 31, 2023, the warrants have not been exercised. The Company initially valued the warrants using the Black-Scholes
model with the following key assumptions: stock price, $1.00, exercise price, $0.10, term remaining, 4.4 years, volatility, 292%, annual
risk-free interest rate, 1.8%.
As
of May 31, 2023, the Company valued the warrants using the Black-Scholes model with the following key assumptions: stock price, $0.0115,
exercise price, $0.10, term remaining 0.583 years, volatility 52.5%, annual risk-free interest rate, 0.5%, exercise period; this warrant
shall be exercisable, in whole or in part, on or after 9:00 am Eastern Time, January 1st, 2020, and until 5:00 pm Eastern Time, December
29th, 2023 (the “Exercise Period”). At May 31, 2023 there was $0 in intrinsic value of outstanding stock warrants.
The
Company has not declared or paid any dividends or returned any capital to common stock shareholders as of May 31, 2023 and May
31, 2022.
NOTE
5 – INCOME TAXES
The
Company has approximately $1,793,429 in available net operating loss (NOL) carryovers available to reduce future income taxes as of May
31, 2023. These carryovers expire at various dates through the year 2040.
Future
utilization of currently generated federal and state NOL and tax credit carry forwards may be subject to a substantial annual limitation
due to the ownership change limitations provided by the Internal Revenue Code of 1986, as amended and similar state provisions. The annual
limitation may result in the expiration of NOL and tax credit carryforwards before full utilization.
The
Company determines whether it is more likely than not that a tax position will be sustained upon examination based upon the technical
merits of the position. If the more likely than not threshold is met, the Company measures the tax position to determine the amount to
recognize in the financial statements. The Company performed a review of its material tax positions in accordance with these recognition
and measurement standards. The Company has concluded that there are no significant uncertain tax positions requiring disclosure and there
are not material amounts of unrecognized tax benefits.
We
use the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized
for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities
and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable
income in the years in which those temporary differences are expected to reverse.
NOTE
6 – COMMITMENTS AND CONTINGENCIES
During
the normal course of business, the Company may be exposed to litigation. When the Company becomes aware of potential litigation, it evaluates
the merits of the case in accordance with FASB ASC 450-20-50, “Contingencies”. The Company evaluates its exposure
to the matter, possible legal or settlement strategies and the likelihood of an unfavorable outcome. If the Company determines that an
unfavorable outcome is probable and can be reasonably estimated, it establishes the necessary accruals. As of May 31, 2023, the Company
is not aware of any contingent liabilities that should be reflected in the consolidated financial statements.
NOTE
7 – SUBSEQUENT EVENTS
The
Company has evaluated all subsequent events through July 10, 2023, the date the financial statements were available to be issued. There
are no subsequent events to report.
ITEM
2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
The
following information specifies certain forward-looking statements of management of the Company. Forward-looking statements are statements
that estimate the happening of future events are not based on historical fact. Forward-looking statements may be identified by the use
of forward-looking terminology such as, “may,” “shall,” “could,” “expect,” “estimate,”
“anticipate,” “predict,” “probable,” “possible,” “should,” “continue,”
or similar terms, variations of those terms or the negative of those terms. The forward-looking statements specified in the following
information have been complied by our management and considered by management to be reasonable. Our future operating results, however,
are impossible to predict and no representation, guaranty, or warranty is to be inferred from those forward-looking statements.
The
assumptions used for purposes of the forward-looking statements specified in the following information represent estimates of future
events and are subject to uncertainty as to possible changes in economic, legislative, industry and other circumstances. As a result,
the identification and interpretation of data and other information and their use in developing and selecting assumptions from and among
reasonable alternatives require the exercise of judgment. To the extent that the assumed events do not occur, the outcome may vary substantially
from anticipated or projected results, and accordingly, no opinion is expressed on the achievability of these forward-looking statements.
No assurance can be given that any of the assumptions relating to the forward-looking statements specified in the following information
are accurate, and we assume no obligation to update any such forward-looking statements.
Overview
BorrowMoney.com,
Inc. operates what we believe to be the leading online loan marketplace for consumers seeking loans and other credit-based offerings.
The Company offers borrowers “screened lenders” and takes steps to ensure the lender’s trustworthiness and legitimacy.
The Company provides institutional lenders with innovative digital solutions by offering fintech technologically advanced gathered leads
through an exclusive proprietary platform. Our online marketplace provides consumers with access to product offerings from our Network
Lenders, including mortgage loans, home equity loans and lines of credit, reverse mortgage loans, auto loans, credit cards, deposit accounts,
personal loans, student loans, small business loans and other related offerings. In addition, we offer tools and resources, including
free credit scores that facilitate comparison shopping for these loans, deposits and other credit-based offerings. We seek to match consumers
with multiple lenders, who can provide them with competing quotes for the product they are seeking.
We
also serve as a valued partner to lenders seeking an efficient, scalable and flexible source of customer acquisition with directly measurable
benefits, by matching the consumer inquiries we generate with these lenders.
Our
BorrowMoney.com platform offers a personalized loan comparison-shopping experience by providing free credit scores and credit score analysis.
This platform enables us to observe consumers’ credit profiles and then identify and alert them to loan and other credit-based
opportunities on our marketplace that may be more favorable than the loans they may have at a given point in time. This is designed to
provide consumers with measurable savings opportunities over their lifetimes.
In
addition to operating our core mortgage inquiry and leads business, we are focused on growing our non-mortgage lending businesses and
developing new product offerings and enhancements to improve the experiences that consumers and lenders have as they interact with us.
By expanding our portfolio of loans and other product offerings, we are growing and diversifying our business and sources of revenue.
We intend to capitalize on our expertise in performance marketing, product development and technology, and to leverage the widespread
recognition of the BorrowMoney.com brand to affect this strategy.
We
believe the consumer and small business financial services industry is in the early stages of a fundamental shift to online product offerings,
similar to the shift that started in retail and travel many years ago and is now well established. We believe that like retail and travel,
as consumers continue to move towards online shopping and transactions for financial services, suppliers will increasingly shift their
product offerings and advertising budgets toward the online channel. We believe the strength of our brands and of our lender network,
place us in a strong position to continue to benefit from this market shift.
BorrowMoney.com,
Inc.’s main objective is to provide lead generation services to the mortgage and loan lenders. BorrowMoney.com, Inc.’s business
model envisions providing current, qualified leads to local lending institutions nationwide. These leads will represent qualified borrowers
in targeted zip code locations where the lender conducts business. Our internet platform offers a portal geared toward providing services
to lending institutions who would be our customers. The key function of our platform is to provide qualified leads to local mortgage
and lending professionals. The Company generates customer inquiries using various marketing methods. The Company also sells advertising
space on its website and creates revenue through the sale of advertisement space, membership fees and lead packages.
We
are an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business
Startups Act of 2012, or the JOBS Act. As such, we are eligible to take advantage of certain exemptions from various reporting requirements
that are applicable to other public companies that are not “emerging growth companies” including, but not limited to, not
being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, or the Sarbanes-Oxley
Act, reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements, and exemptions from
the requirements of holding a non-binding advisory vote on executive compensation and stockholder approval of any golden parachute payments
not previously approved. If some investors find our securities less attractive as a result, there may be a less active trading market
for our securities and the prices of our securities may be more volatile.
In
addition, Section 107 of the JOBS Act also provides that an “emerging growth company” can take advantage of the extended
transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other
words, an “emerging growth company” can delay the adoption of certain accounting standards until those standards would otherwise
apply to private companies. We intend to take advantage of the benefits of this extended transition period until we are no longer an
“emerging growth company.”
The
Company will remain an emerging growth company until the earlier of (1) the last day of the fiscal year (a) in which the Company has
total annual gross revenue of at least $1.07 billion, or (b) in which is deemed to be a large accelerated filer, which means the market
value of common stock that is held by non-affiliates exceeds $700 million, and (2) the date on which the Company has issued more than
$1.0 billion in non-convertible debt during the prior three-year period.
Limited
Operating History
We
have not previously demonstrated that we will be able to expand our business through an increased investment in our product line and/or
marketing efforts. We cannot guarantee that the expansion efforts described in this report will be successful. Our business is subject
to risks inherent in growing an enterprise, including limited capital resources and possible rejection of our products and/or sales methods.
Plan
of Operations
We
have completed our technology platform. We are now entering our operational phase which includes contracting business loan, mortgage
and personal loan lenders for geographic areas using ZIP Codes. In addition to expanding our network of lenders over the next 12 months,
we intend to continue optimizing and enhancing our Internet-based platform to focus on lead generation and generating additional revenues
for our marketplace services. Our mission is to be the premier loan lead generation company. The budget for the next 12 months is estimated
to be $394,000, which is expected to come from friends, family, and officers. A breakdown of the estimated cost for our next 12 months
of operation are as follows.
| |
(000’s) | |
Legal and Professional Fees | |
$ | 50.0 | |
Web Hosting Service, and Maintenance | |
| 8.0 | |
Subcontracting Services | |
| 280.0 | |
Office Expenses | |
| 2.0 | |
IT Maintenance and Service | |
| 2.0 | |
Domain Names Hosting, Service, and Maintenance | |
| 1.0 | |
Website Development and Related Service | |
| 15.0 | |
Licenses and Permits | |
| 1.0 | |
Marketing and Advertising | |
| 20.0 | |
Bank Charges and Credit Card Processing Fees | |
| 2.0 | |
Rent | |
| 0.0 | |
Dues and Subscriptions | |
| 4.0 | |
Computer Expenses | |
| 5.0 | |
Transfer and Recording Costs | |
| 1.0 | |
Office Space Rent | |
| 1.0 | |
Telephone Service | |
| 2.0 | |
Total | |
$ | 394.0 | |
Revenues
are expected to be minimal as the volume of lender agreements during this stage of operation is expected to increase at a gradual pace
throughout the year. We expect to operate at a loss during our initial growth/operating period.
Contingent
upon the successful completion of our next 12 months of operation, we plan to aggressively expand our operation and business from existing
revenues. Our expansion would be accompanied by an increase in the number of personnel to obtain lender agreements for ever-expanding
geographic areas.
Channels
of Distribution; Marketing Costs
BorrowMoney.com
markets and offers services directly to customers through its branded website allowing customers to be pre-qualified in a one stop platform
and have access to all the major lenders and loan programs. 28The need for online mortgages and personal money loan platform is driven
not only by the millennium generation that are moving away from traditional brick and mortar banks but also from the new lifestyle changes
caused by the Covid-19 pandemic. BorrowMoney.com expects to take advantage of this opportunity to capture a large portion of this “new”
marketplace demand and increase its revenue exponentially.
Results
of Operations
Three
Months ended May 31, 2023, as compared to May 31, 2022
The
Company had $0 in revenue for the three-month period ended May 31, 2023, and $0 in the three months ended May
31, 2022. Operating expenses for the three-month period ended May 31, 2023, were $17,205 compared to $28,206 for the three-month
period ending May 31, 2022. Other expense (interest expense) for the three-month period
ended May 31, 2023, was $10,367 compared to 9,450 for the three-month period ending May 31, 2022.
Financial
Position, Liquidity and Capital Resource
As
of May 31, 2023, all cash loaned to the Company to pay its operating and development expenses has been furnished by loans from its founder
and President, Aldo Piscitello, as well as from the sale of equity and advances by related parties and advances from a line of credit.
Additionally, the Company anticipates selling shares of the Company through a private offering of its securities to supplement its capital
requirements in the future, as funding is needed.
Critical
Accounting Policies
Our
critical accounting policies, including the assumptions and judgments underlying them, are disclosed in the notes to the financial statements.
We have consistently applied these policies in all material respects. We do not believe that our operations to date have involved uncertainty
of accounting treatment, subjective judgment, or estimates, to any significant degree.
Item
3. Quantitative and Qualitative Disclosures About Market Risk
As
a smaller reporting company, as defined by Rule 229.10(f) (1) of Regulation S-K, we are not required to provide the information required
by this Item. We have chosen to disclose, however, that we have not engaged in any transactions, issued or bought any financial instruments
or entered into any contracts that are required to be disclosed in response to this item.
Item
4. Controls and Procedures
Evaluation
of Disclosure Controls and Procedure.
As
of the end of the period covered by this report, the Company carried out an evaluation, under the supervision and with the participation
of Aldo Piscitello, who is the Company’s Principal Executive Officer and acting Chief Financial Officer, of the effectiveness of
the design and operation of the Company’s disclosure controls and procedures. The Company’s disclosure controls and procedures
are designed to provide a reasonable level of assurance of achieving the Company’s disclosure control objectives. The Company’s
Principal Executive Officer/Principal Financial Officer has concluded that the Company’s disclosure controls and procedures are,
in fact, not effective.
Changes
in Internal Controls over Financial Reporting
In
connection with the evaluation of the Company’s internal controls during the period, Aldo Piscitello, who is the Company’s
Principal Executive Officer and acting Chief Financial Officer, has determined that there were no changes to the Company’s internal
controls over financial reporting that have been materially affected, or is reasonably likely to materially effect, the Company’s
internal controls over financial reporting.
PART
II - OTHER INFORMATION
Item
1. Legal Proceedings
A
claim was made against Borrowmoney.com by William Coburn, a former officer of Borrowmoney.com, related to a contractual dispute over
compensation. Borrowmoney.com, Inc. decided to engage in arbitration with Mr. Coburn in order to reduce legal expenses associated with
his claim. On February 23, 2022, the Company entered into a settlement agreement with William Coburn. The settlement included issuance
of 1,467,647 shares of the Company’s common stock to William Coburn in addition to the issuance of 484,323 shares of the Company’s
common stock to Mr. Coburn’s attorney’s, LaGarde Law Firm P.C. The issuance of the shares, represent the complete and final
settlement of the claims Mr. Coburn had against the Company.
On
March 22, 2022 the Company was served a summons, filed March 18, 2022, related to a civil lawsuit by Ajuni Properties, LLC. (plaintiff)
versus BorrowMoney.Com, Inc. (defendant). The claim relates to the nonpayment of leased office space and the amount of claim is between
$15,000 - $30,000. The Company has reflected an accrual on its balance sheet of approximately $13,000 included in Due to Related Party.
On
March 27, 2022 the Company was served a summons, filed March 18, 2022, related to a civil lawsuit by Harthorne Capital, Inc. (plaintiff)
versus BorrowMoney.Com, Inc. (defendant). The claim relates to the outstanding line of credit, and the amount of claim is between $8,000
- $15,000. The Company currently reflects the outstanding balance of $13,033 on its balance sheet under the line item – Line of
credit – related party.
The
Company is disputing both claims and has recently filed a written response.
On
June 21, 2022, Andrew Trumbach filed an action against BorrowMoney.Com for breach of contract and unpaid wages arising out of an alleged
business arrangement between himself and BorrowMoney.Com. Mr. Trumbach’s amount of claim is over $100,000. The Company has decided
not to accrue any amount related to the claim, as it believes the claim lacks any arguable basis.
Item
1A. Risk Factors
Not
applicable for smaller reporting company.
Item
2. Unregistered Sales of Equity Securities and Use of Proceeds
None
Item
3. Defaults Upon Senior Securities
None
Item
4. Reserved
None.
Item
5. Other Information
None
Item
6. Exhibits
SIGNATURES
In
accordance with the requirements of the Exchange Act, the Company caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
|
BorrowMoney.com,
Inc. |
|
a
Florida corporation |
|
|
|
Dated:
July 13, 2023 |
By: |
/s/
Aldo Piscitello |
|
|
Aldo
Piscitello |
|
|
President,
Chief Executive Officer, Chief Financial Officer, Principal Accounting |
|
|
Officer,
Secretary, Treasurer, and Chairman of Board of Directors |
Exhibit
31.1
CERTIFICATION
OF CHIEF EXECUTIVE OFFICER PURSUANT TO
SECTION
302 OF THE SARBANES-OXLEY ACT OF 2002
I,
Aldo Piscitello, certify that:
1.
I have reviewed this Quarterly Report on Form 10-Q of BorrowMoney.com, 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.
The registrant’s other certifying officer(s) and I are 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.
The registrant’s other certifying officer(s) and I have disclosed, based on our 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:
July 13, 2023 |
By:
|
/s/
Aldo Piscitello |
|
|
Aldo
Piscitello |
|
|
Chief
Executive Officer |
Exhibit
31.2
CERTIFICATION
OF ACTING CHIEF FINANCIAL OFFICER PURSUANT TO
SECTION
302 OF THE SARBANES-OXLEY ACT OF 2002
I,
Aldo Piscitello, certify that:
1.
I have reviewed this Quarterly Report on Form 10-Q of BorrowMoney.com, 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.
The registrant’s other certifying officer(s) and I are 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.
The registrant’s other certifying officer(s) and I have disclosed, based on our 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:
July 13, 2023 |
By:
|
/s/
Aldo Piscitello |
|
|
Aldo
Piscitello |
Exhibit
32.1
CERTIFICATION
OF CHIEF EXECUTIVE OFFICER
PURSUANT
TO 18 U.S.C. SECTION 1350
AS
ADOPTED PURSUANT TO SECTION 906
OF
THE SARBANES-OXLEY ACT OF 2002
In
connection with the Quarterly report of BorrowMoney.com, Inc. (the “Company”) on Form 10-Q for the quarter ended May 31,
2023 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, in the capacities
and on the dates indicated below, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002, that to his knowledge:
1.
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 the Company.
Dated:
July 13, 2023 |
|
|
|
By:
|
/s/
Aldo Piscitello |
|
|
Aldo
Piscitello |
|
|
Chief
Executive Officer |
A
signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002, or other document authentications,
acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement
required by Section 906, has been provided to BorrowMoney.com, Inc and will be retained by BorrowMoney.com, Inc. and furnished to the
Securities and Exchange Commission or its staff upon request.
Exhibit
32.2
CERTIFICATION
OF CHIEF FINANCIAL OFFICER
PURSUANT
TO 18 U.S.C. SECTION 1350
AS
ADOPTED PURSUANT TO SECTION 906
OF
THE SARBANES-OXLEY ACT OF 2002
In
connection with the Quarterly report of BorrowMoney.com, Inc. (the “Company”) on Form 10-Q for the quarter ended May 31,
2023 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, in the capacities
and on the dates indicated below, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002, that to her knowledge:
1.
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 the Company.
Dated:
July 13, 2023 |
|
|
|
|
|
|
By:
|
/s/
Aldo Piscitello |
|
|
Aldo
Piscitello |
A
signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002, or other document authentications,
acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement
required by Section 906, has been provided to BorrowMoney.com, Inc. and will be retained by BorrowMoney.com, Inc. and furnished to the
Securities and Exchange Commission or its staff upon request.
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v3.23.2
Balance Sheet - USD ($)
|
May 31, 2023 |
Aug. 31, 2022 |
Assets |
|
|
Cash |
$ 4,440
|
$ 4,025
|
Total current assets |
4,440
|
4,025
|
Total Assets |
4,440
|
4,025
|
Current liabilities: |
|
|
Accounts payable and accrued expenses |
29,387
|
31,075
|
Line of credit – related party |
13,033
|
13,033
|
Accrued Interest |
190,700
|
160,353
|
Due to related party |
14,738
|
14,738
|
Note payable - related party, current portion |
525,098
|
462,744
|
Total current liabilities |
772,956
|
681,943
|
Total liabilities |
772,956
|
681,943
|
Stockholders’ deficit: |
|
|
Preferred stock, 100,000,000 $0.001 par value shares authorized none issued or outstanding |
|
|
Common stock, 500,000,000 shares authorized $0.001 par value; 111,619,561 issued and outstanding |
111,619
|
111,619
|
Stock subscription receivable |
(4,000)
|
(4,000)
|
Additional paid-in capital |
1,037,873
|
1,037,873
|
Accumulated deficit |
(1,914,008)
|
(1,823,410)
|
Total stockholders’ deficit |
(768,516)
|
(677,918)
|
Total Liabilities and Stockholders’ Deficit |
$ 4,440
|
$ 4,025
|
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v3.23.2
Balance Sheet (Parenthetical) - $ / shares
|
May 31, 2023 |
Aug. 31, 2022 |
Statement of Financial Position [Abstract] |
|
|
Preferred stock, shares authorized |
100,000,000
|
100,000,000
|
Preferred stock, par value |
$ 0.001
|
$ 0.001
|
Preferred stock, shares issued |
0
|
0
|
Preferred stock, shares outstanding |
0
|
0
|
Common stock, shares authorized |
500,000,000
|
500,000,000
|
Common stock, par value |
$ 0.001
|
$ 0.001
|
Common stock, shares issued |
111,619,561
|
111,619,561
|
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111,619,561
|
111,619,561
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.23.2
Statements of Operations (Unaudited) - USD ($)
|
3 Months Ended |
9 Months Ended |
May 31, 2023 |
May 31, 2022 |
May 31, 2023 |
May 31, 2022 |
Income Statement [Abstract] |
|
|
|
|
Revenue |
|
|
|
$ 24,930
|
Operating expenses: |
|
|
|
|
General and administrative |
17,205
|
28,206
|
60,242
|
111,024
|
Total operating expenses |
17,205
|
28,206
|
60,242
|
111,024
|
Income (loss) from operations |
(17,205)
|
(28,206)
|
(60,242)
|
(86,094)
|
Other expense: |
|
|
|
|
Arbitration settlement |
|
|
|
(605,111)
|
Interest expense |
(10,367)
|
(9,450)
|
(30,356)
|
(28,455)
|
Total other expenses |
(10,367)
|
(9,450)
|
(30,356)
|
(633,566)
|
Net loss before income taxes |
(27,571)
|
(37,656)
|
(90,598)
|
(719,660)
|
Income taxes |
|
|
|
|
Net loss |
$ (27,571)
|
$ (37,656)
|
$ (90,598)
|
$ (719,660)
|
Basic and diluted per common share amounts: |
|
|
|
|
Basic and diluted net loss |
$ (0.00)
|
$ (0.00)
|
$ (0.00)
|
$ (0.00)
|
Weighted average common shares outstanding (basic and diluted) |
111,619,561
|
111,614,011
|
111,619,561
|
110,246,545
|
X |
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v3.23.2
Statements of Changes in Stockholders' Deficit (Unaudited) - USD ($)
|
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Stock Subscription Receivable [Member] |
Retained Earnings [Member] |
Total |
Balance at Aug. 31, 2021 |
$ 109,475
|
$ 350,475
|
$ (4,000)
|
$ (1,081,936)
|
$ (625,986)
|
Balance, shares at Aug. 31, 2021 |
109,475,000
|
|
|
|
|
Shares issued for cash |
$ 20
|
9,980
|
|
|
10,000
|
Shares issued for cash, shares |
20,000
|
|
|
|
|
Net loss |
|
|
|
(24,965)
|
(24,965)
|
Balance at Nov. 30, 2021 |
$ 109,495
|
360,455
|
(4,000)
|
(1,106,901)
|
(640,951)
|
Balance, shares at Nov. 30, 2021 |
109,495,000
|
|
|
|
|
Balance at Aug. 31, 2021 |
$ 109,475
|
350,475
|
(4,000)
|
(1,081,936)
|
(625,986)
|
Balance, shares at Aug. 31, 2021 |
109,475,000
|
|
|
|
|
Net loss |
|
|
|
|
(719,660)
|
Balance at May. 31, 2022 |
$ 111,619
|
1,037,873
|
(4,000)
|
(1,801,595)
|
(656,103)
|
Balance, shares at May. 31, 2022 |
111,619,561
|
|
|
|
|
Balance at Nov. 30, 2021 |
$ 109,495
|
360,455
|
(4,000)
|
(1,106,901)
|
(640,951)
|
Balance, shares at Nov. 30, 2021 |
109,495,000
|
|
|
|
|
Net loss |
|
|
|
(657,038)
|
(657,038)
|
Shares issued for services |
$ 2,085
|
665,675
|
|
|
667,760
|
Shares issued for services, shares |
2,085,286
|
|
|
|
|
Balance at Feb. 28, 2022 |
$ 111,580
|
1,026,130
|
(4,000)
|
(1,763,939)
|
(630,229)
|
Balance, shares at Feb. 28, 2022 |
111,580,286
|
|
|
|
|
Net loss |
|
|
|
(37,656)
|
(37,656)
|
Shares issued for services |
$ 39
|
11,743
|
|
|
11,782
|
Shares issued for services, shares |
39,275
|
|
|
|
|
Balance at May. 31, 2022 |
$ 111,619
|
1,037,873
|
(4,000)
|
(1,801,595)
|
(656,103)
|
Balance, shares at May. 31, 2022 |
111,619,561
|
|
|
|
|
Balance at Aug. 31, 2022 |
$ 111,619
|
1,037,873
|
(4,000)
|
(1,823,410)
|
(677,918)
|
Balance, shares at Aug. 31, 2022 |
111,619,561
|
|
|
|
|
Net loss |
|
|
|
(37,916)
|
(37,916)
|
Balance at Nov. 30, 2022 |
$ 111,619
|
1,037,873
|
(4,000)
|
(1,861,326)
|
(715,834)
|
Balance, shares at Nov. 30, 2022 |
111,619,561
|
|
|
|
|
Balance at Aug. 31, 2022 |
$ 111,619
|
1,037,873
|
(4,000)
|
(1,823,410)
|
(677,918)
|
Balance, shares at Aug. 31, 2022 |
111,619,561
|
|
|
|
|
Net loss |
|
|
|
|
(90,598)
|
Balance at May. 31, 2023 |
$ 111,619
|
1,037,873
|
(4,000)
|
(1,914,008)
|
(768,516)
|
Balance, shares at May. 31, 2023 |
111,619,561
|
|
|
|
|
Balance at Nov. 30, 2022 |
$ 111,619
|
1,037,873
|
(4,000)
|
(1,861,326)
|
(715,834)
|
Balance, shares at Nov. 30, 2022 |
111,619,561
|
|
|
|
|
Net loss |
|
|
|
(25,111)
|
(25,111)
|
Balance at Feb. 28, 2023 |
$ 111,619
|
1,037,873
|
(4,000)
|
(1,886,437)
|
(740,945)
|
Balance, shares at Feb. 28, 2023 |
111,619,561
|
|
|
|
|
Net loss |
|
|
|
(27,571)
|
(27,571)
|
Balance at May. 31, 2023 |
$ 111,619
|
$ 1,037,873
|
$ (4,000)
|
$ (1,914,008)
|
$ (768,516)
|
Balance, shares at May. 31, 2023 |
111,619,561
|
|
|
|
|
X |
- DefinitionThe portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
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v3.23.2
Statements of Cash Flows (Unaudited) - USD ($)
|
3 Months Ended |
9 Months Ended |
May 31, 2023 |
May 31, 2022 |
May 31, 2023 |
May 31, 2022 |
Cash flows from operating activities: |
|
|
|
|
Net loss |
$ (27,571)
|
$ (37,656)
|
$ (90,598)
|
$ (719,660)
|
Adjustments to reconcile net loss to net cash used in operating activities |
|
|
|
|
Stock based compensation – arbitration settlement |
|
|
|
605,111
|
Stock based compensation - other |
|
|
|
39,332
|
Changes in net assets and liabilities |
|
|
|
|
Accounts payable and accrued expenses |
|
|
(1,687)
|
(2,276)
|
Accrued interest |
|
|
30,346
|
27,219
|
Cash used in operating activities: |
|
|
(61,939)
|
(50,274)
|
Cash flows from financing activities: |
|
|
|
|
Proceeds from line of credit – related party |
|
|
|
1,236
|
Proceeds from sale of common stock |
|
|
|
45,100
|
Advances-related party |
|
|
|
1,995
|
Proceed/(Payments) on note payable-related party |
|
|
62,354
|
(3,760)
|
Cash provided by financing activities |
|
|
62,354
|
44,571
|
Change in cash |
|
|
415
|
(5,703)
|
Cash- beginning of period |
|
|
4,025
|
9,316
|
Cash-end of period |
$ 4,440
|
$ 3,613
|
4,440
|
3,613
|
Cash paid for interest |
|
|
|
|
Cash paid for taxes |
|
|
|
|
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v3.23.2
ORGANIZATION AND NATURE OF BUSINESS
|
9 Months Ended |
May 31, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
ORGANIZATION AND NATURE OF BUSINESS |
NOTE
1 – ORGANIZATION AND NATURE OF BUSINESS
BorrowMoney.com,
Inc. (the “Company”), a Florida corporation formed in 2015, provides an internet-based platform that can match mortgage and
loan providers with prospective borrowers. The Company offers to borrowers “screened lenders” and ensures the lenders trustworthiness
and legitimacy. The Company provides institutional lenders with innovative digital solutions by offering fintech technologically advanced
gathered leads through an exclusive proprietary platform.
|
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
9 Months Ended |
May 31, 2023 |
Accounting Policies [Abstract] |
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
NOTE
2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis
of presentation -The accompanying financial statements have been prepared in accordance with United States generally accepted
accounting principles (“U.S. GAAP”).
The
interim unaudited financial statements as of May 31, 2023, and for the three and nine months then
ended, have been prepared in accordance with accounting principles generally accepted in the United States for interim financial
information on the same basis as the annual financial statements and in the opinion of management, reflect all adjustments, which include
only normal recurring adjustments, necessary to present fairly the Company’s financial position, results of operations and cash
flows for the periods shown. The results of operations for such periods are not necessarily indicative of the results expected for a
full year or for any future period. They do not include all of the information and footnotes required by GAAP for complete financial
statements. Therefore, these financial statements should be read in conjunction with the Company’s financial statements and notes
filed with the SEC for the year ended August 31, 2022.
Going
Concern - The Company adopted Accounting Standards Update No. 2014-15, “Presentation of Financial Statements—Going
Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”).
The accompanying unaudited interim financial statements have been prepared assuming the Company will continue as a going concern, which
contemplates, among other things, the realization of assets and satisfaction of liabilities in the normal course of business. The Company
has earned limited revenue since inception and lacks any significant operational history. These matters, among others, raise substantial
doubt about our ability to continue as a going concern.
The
Company is commencing operations to generate sufficient revenue, however the Company’s cash position may not be sufficient to support
the Company’s daily operations. Management intends to raise additional funds by way of a private or public offering. While the
Company believes in the viability of its strategy to commence operations and generate sufficient revenue and in its ability to raise
additional funds, there can be no assurances to that effect. The ability of the Company to continue as a going concern is dependent upon
the Company’s ability to further implement its business plan and generate sufficient revenue and its ability to raise additional
funds by way of private offerings. The financial statements do not include any adjustments related to the recoverability and classification
of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue
as a going concern.
Accounting
Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the
United States of America, requires management to make estimates and assumptions that affect certain reported amounts and disclosures.
These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent liabilities and the
reported amounts of revenues and expenses. Accordingly, actual results could differ from those estimates.
Risks
and Uncertainties - The Company intends to operate in a highly competitive industry that is subject to intense competition, government
regulation and rapid technological change. The Company’s operations are subject to significant risk and uncertainties including
financial, operational, technological, regulatory and other risks associated with an emerging business, including the potential risk
of business failure.
Cash
and Cash Equivalents - For financial statement presentation purposes, the Company considers those short-term, highly liquid investments
with original maturities of three months or less to be cash or cash equivalents. There were no cash equivalents on May 31, 2023 and August
31, 2022.
Concentrations
of Credit Risk - Accounts which potentially subject the Company to concentrations of credit risk consist of cash and cash equivalents.
The Company considers all highly liquid instruments with an original purchased maturity of three months or less to be cash equivalents.
The Company maintains its cash and equivalents at insured financial institutions. The balances of which, at times may exceed the FDIC
insured limits. Management believes the risk of loss is minimal.
Fair
Value of Financial Instruments - The Company’s financial instruments consist of cash and notes payable. Management estimates
that the fair value of the notes payable does not differ materially from the aggregate carrying value of these financial instruments
recorded (at cost) in the accompanying balance sheets. We have financial assets and liabilities, not required to be measured at fair
value on a recurring basis, which primarily consist of cash, payables, and debt. The carrying value of cash and payables, approximate
their fair values due to their short-term nature. Considerable judgment is required in interpreting market data to develop the estimates
of fair value and, accordingly, the estimates are not necessarily indicative of the amounts that the Company could realize in a current
market exchange.
Fair
Value Measurements - The Company measures fair value under a framework that utilizes a fair value hierarchy that prioritizes
the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in
active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements).
The
three levels of inputs which prioritize the inputs used in measuring fair value are:
Level
1: Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Company
has the ability to access.
Level
2: Inputs to the valuation methodology include:
|
● |
Quoted
prices for similar assets or liabilities in active markets; |
|
● |
Quoted
prices for identical or similar assets or liabilities in inactive markets; |
|
● |
Inputs
other than quoted prices that are observable for the asset or liability; and |
|
● |
Inputs
that are derived principally from or corroborated by observable market data by correlation or other means. |
If
the asset or liability has a specified (contractual) term, the level 2 input must be observable for substantially the full term of the
asset or liability.
Level
3: Inputs to the valuation methodology are unobservable and significant to the fair value measurement.
The
assets or liabilities fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is
significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use
of unobservable inputs.
When
the Company changes its valuation inputs for measuring financial assets and liabilities at fair value, either due to changes in current
market conditions or other factors, it may need to transfer those assets or liabilities to another level in the hierarchy based on the
new inputs used. The Company recognizes these transfers at the end of the reporting period that the transfers occur. There were no significant
transfers of financial assets or financial liabilities between the hierarchy levels.
Revenue
Recognition – The Company recognizes revenue in accordance with Accounting Standards Update (“ASU”) No. 2014-09,
“Revenue from Contracts with Customer”. The Company applies the following five steps in order to determine the appropriate
amount of revenue to be recognized as it fulfills its obligations under each of its agreements:
|
● |
Identification
of the contract with a customer |
|
● |
Identification
of the performance obligations in the contract |
|
● |
Determination
of the transaction price |
|
● |
Allocation
of the transaction price to the performance obligations in the contract |
|
● |
Recognition
of revenue when, or as, the Company satisfies a performance obligation |
Costs
to Obtain Customer Contracts
Sales
commissions and related expenses are considered incremental and recoverable costs of acquiring customer contracts. These costs are capitalized
and amortized on a straight-line basis over the anticipated period of benefit. We determined the period of benefit by taking into consideration
the length of our customer contracts, our technology lifecycle, and other factors. Amortization expense is recorded in sales and marketing
expense within our statement of operations. Historically we have not incurred incremental cost to acquire customer contracts.
Stock-Based
Awards - The Company measures the cost of employee services received in exchange for an award of equity instruments, including
stock options, based on the grant date fair value of the award and to recognize it as compensation expense over the period the employee
is required to provide service in exchange for the award, usually the vesting period. The Company estimates the fair value of share-based
payment awards on the date of grant using an option-pricing model. The value of the portion of the award that is ultimately expected
to vest is recognized as expense over the requisite service periods in the Company’s statement of operations. The forfeitures are
estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. No
awards were granted for the three months ended May 31, 2023 and the year ended August 31, 2022.
Income
Taxes - The Company accounts for deferred income taxes on the asset and liability method whereby deferred tax assets are recognized
for deductible temporary differences and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences
are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets and liabilities are
adjusted for the effects of changes in tax laws and rates on the date of enactment.
Deferred
tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion of all
of the deferred tax assets will not be realized.
When
tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities,
while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately
sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available
evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution
of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that
meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely
of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken
that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits along with any associated
interest and penalties that would be payable to the taxing authorities upon examination. As of November 30, 2021 the Company had no unrecognized
tax benefits, and the Company had no positions which, in the opinion of management, would be reversed if challenged by a taxing authority.
The
Company’s evaluation of tax positions was performed for those tax years which remain open to audit. The Company may, from time
to time, be assessed interest or penalties by the taxing authorities, although any such assessments historically have been minimal and
immaterial to the Company’s financial results. In the event the Company is assessed interest and/or penalties, such amounts will
be classified as income tax expense in the financial statements.
Loss
Per Common Share - The basic earnings (loss) per common share is computed by dividing net income (loss) available to common stockholders
by the weighted average number of common shares outstanding. Diluted loss per share is computed similarly to basic loss per share except
that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential
common shares had been issued and if the additional common shares were dilutive. As of May 31, 2023 and August 31, 2022, there were 50,000
warrants and no potentially dilutive securities outstanding, respectively, all of which were excluded from loss per share calculation
due to their anti-dilutive effect.
Related
Party Transactions - The Company follows subtopic 850-10 of the FASB Accounting Standards Codification for the identification
of related parties and disclosure of related party transactions. Pursuant to Section 850-10-20 the related parties include (a) affiliates
of the Company (“Affiliate” means, with respect to any specified Person, any other Person that, directly or indirectly through
one or more intermediaries, controls, is controlled by or is under common control with such Person, as such terms are used in and construed
under Rule 405 under the Securities Act); (b) entities for which investments in their equity securities would be required, absent the
election of the fair value option under the Fair Value Option Subsection of Section 825–10–15, to be accounted for by the
equity method by the investing entity; (c) trusts for the benefit of employees, such as pension and profit-sharing trusts that are managed
by or under the trusteeship of management; (d) principal owners of the Company; (e) management of the Company; (f) other parties with
which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to
an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests; and (g) other parties
that can significantly influence the management or operating policies of the transacting parties or that have an ownership interest in
one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might
be prevented from fully pursuing its own separate interests. The financial statements shall include disclosures of material related party
transactions, other than compensation arrangements, expense allowances, and other similar items in the ordinary course of business. However,
disclosure of transactions that are eliminated in the preparation of consolidated or combined financial statements is not required in
those statements. The disclosures shall include: (a) the nature of the relationship(s) involved; (b) a description of the transactions,
including transactions to which no amounts or nominal amounts were ascribed, for each of the periods for which income statements are
presented, and such other information deemed necessary to an understanding of the effects of the transactions on the financial statements;
(c) the dollar amounts of transactions for each of the periods for which income statements are presented and the effects of any change
in the method of establishing the terms from that used in the preceding period; and (d) amounts due from or to related parties as of
the date of each balance sheet presented and, if not otherwise apparent, the terms and manner of settlement.
Recently
issued accounting pronouncements – The Company does not believe that any recently issued effective pronouncements, or pronouncements
issued but not yet effective, if adopted, would have a material effect on the accompanying financial statements.
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v3.23.2
RELATED PARTY TRANSACTIONS
|
9 Months Ended |
May 31, 2023 |
Related Party Transactions [Abstract] |
|
RELATED PARTY TRANSACTIONS |
NOTE
3 - RELATED PARTY TRANSACTIONS
In
connection with a related party promissory note, the Company has an accrued interest obligation as of May 31, 2023, and August 31, 2022
of $190,700 and $160,353, respectively. The note was due on September 1, 2021 and was not paid off due to limited capital. As such, the
parties agreed to continue the note at 8% until sufficient funds are available to pay off the loan. As of May 31, 2023 and August 31,
2022, the outstanding principal balance was $525,098 and $462,744, respectively.
The
Company utilizes approximately 1,500 square feet of office space in 512 Bayshore Dr, Fort Lauderdale Florida. The space is owned by the
President and is provided without charge to the Company.
The
Company obtained a line of credit from a Delaware Corporation (owned by the outgoing CFO) on November 30, 2020. Total advanced and accrued
interest under this line of credit is $13,033 for the period ending May 31, 2023 and $13,033 for the year ending August 31, 2022. The
line matured on November 25, 2021 and carries a default interest rate of 17%.
|
X |
- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.23.2
EQUITY
|
9 Months Ended |
May 31, 2023 |
Equity [Abstract] |
|
EQUITY |
NOTE
4 - EQUITY
Common
Stock Warrants
In
July 2019, the Company granted common stock warrants to purchase 50,000 shares of common stock to a service provider. The warrants have
a 4.4 year term and an exercise price of $0.10 per share. The warrants are fully earned upon issuance and become exercisable on January
1, 2020. As of May 31, 2023, the warrants have not been exercised. The Company initially valued the warrants using the Black-Scholes
model with the following key assumptions: stock price, $1.00, exercise price, $0.10, term remaining, 4.4 years, volatility, 292%, annual
risk-free interest rate, 1.8%.
As
of May 31, 2023, the Company valued the warrants using the Black-Scholes model with the following key assumptions: stock price, $0.0115,
exercise price, $0.10, term remaining 0.583 years, volatility 52.5%, annual risk-free interest rate, 0.5%, exercise period; this warrant
shall be exercisable, in whole or in part, on or after 9:00 am Eastern Time, January 1st, 2020, and until 5:00 pm Eastern Time, December
29th, 2023 (the “Exercise Period”). At May 31, 2023 there was $0 in intrinsic value of outstanding stock warrants.
The
Company has not declared or paid any dividends or returned any capital to common stock shareholders as of May 31, 2023 and May
31, 2022.
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- DefinitionThe entire disclosure for equity.
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v3.23.2
INCOME TAXES
|
9 Months Ended |
May 31, 2023 |
Income Tax Disclosure [Abstract] |
|
INCOME TAXES |
NOTE
5 – INCOME TAXES
The
Company has approximately $1,793,429 in available net operating loss (NOL) carryovers available to reduce future income taxes as of May
31, 2023. These carryovers expire at various dates through the year 2040.
Future
utilization of currently generated federal and state NOL and tax credit carry forwards may be subject to a substantial annual limitation
due to the ownership change limitations provided by the Internal Revenue Code of 1986, as amended and similar state provisions. The annual
limitation may result in the expiration of NOL and tax credit carryforwards before full utilization.
The
Company determines whether it is more likely than not that a tax position will be sustained upon examination based upon the technical
merits of the position. If the more likely than not threshold is met, the Company measures the tax position to determine the amount to
recognize in the financial statements. The Company performed a review of its material tax positions in accordance with these recognition
and measurement standards. The Company has concluded that there are no significant uncertain tax positions requiring disclosure and there
are not material amounts of unrecognized tax benefits.
We
use the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized
for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities
and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable
income in the years in which those temporary differences are expected to reverse.
|
X |
- DefinitionThe entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
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v3.23.2
COMMITMENTS AND CONTINGENCIES
|
9 Months Ended |
May 31, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
COMMITMENTS AND CONTINGENCIES |
NOTE
6 – COMMITMENTS AND CONTINGENCIES
During
the normal course of business, the Company may be exposed to litigation. When the Company becomes aware of potential litigation, it evaluates
the merits of the case in accordance with FASB ASC 450-20-50, “Contingencies”. The Company evaluates its exposure
to the matter, possible legal or settlement strategies and the likelihood of an unfavorable outcome. If the Company determines that an
unfavorable outcome is probable and can be reasonably estimated, it establishes the necessary accruals. As of May 31, 2023, the Company
is not aware of any contingent liabilities that should be reflected in the consolidated financial statements.
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- DefinitionThe entire disclosure for commitments and contingencies.
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v3.23.2
SUBSEQUENT EVENTS
|
9 Months Ended |
May 31, 2023 |
Subsequent Events [Abstract] |
|
SUBSEQUENT EVENTS |
NOTE
7 – SUBSEQUENT EVENTS
The
Company has evaluated all subsequent events through July 10, 2023, the date the financial statements were available to be issued. There
are no subsequent events to report.
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- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
9 Months Ended |
May 31, 2023 |
Accounting Policies [Abstract] |
|
Basis of presentation |
Basis
of presentation -The accompanying financial statements have been prepared in accordance with United States generally accepted
accounting principles (“U.S. GAAP”).
The
interim unaudited financial statements as of May 31, 2023, and for the three and nine months then
ended, have been prepared in accordance with accounting principles generally accepted in the United States for interim financial
information on the same basis as the annual financial statements and in the opinion of management, reflect all adjustments, which include
only normal recurring adjustments, necessary to present fairly the Company’s financial position, results of operations and cash
flows for the periods shown. The results of operations for such periods are not necessarily indicative of the results expected for a
full year or for any future period. They do not include all of the information and footnotes required by GAAP for complete financial
statements. Therefore, these financial statements should be read in conjunction with the Company’s financial statements and notes
filed with the SEC for the year ended August 31, 2022.
|
Going Concern |
Going
Concern - The Company adopted Accounting Standards Update No. 2014-15, “Presentation of Financial Statements—Going
Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”).
The accompanying unaudited interim financial statements have been prepared assuming the Company will continue as a going concern, which
contemplates, among other things, the realization of assets and satisfaction of liabilities in the normal course of business. The Company
has earned limited revenue since inception and lacks any significant operational history. These matters, among others, raise substantial
doubt about our ability to continue as a going concern.
The
Company is commencing operations to generate sufficient revenue, however the Company’s cash position may not be sufficient to support
the Company’s daily operations. Management intends to raise additional funds by way of a private or public offering. While the
Company believes in the viability of its strategy to commence operations and generate sufficient revenue and in its ability to raise
additional funds, there can be no assurances to that effect. The ability of the Company to continue as a going concern is dependent upon
the Company’s ability to further implement its business plan and generate sufficient revenue and its ability to raise additional
funds by way of private offerings. The financial statements do not include any adjustments related to the recoverability and classification
of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue
as a going concern.
|
Accounting Estimates |
Accounting
Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the
United States of America, requires management to make estimates and assumptions that affect certain reported amounts and disclosures.
These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent liabilities and the
reported amounts of revenues and expenses. Accordingly, actual results could differ from those estimates.
|
Risks and Uncertainties |
Risks
and Uncertainties - The Company intends to operate in a highly competitive industry that is subject to intense competition, government
regulation and rapid technological change. The Company’s operations are subject to significant risk and uncertainties including
financial, operational, technological, regulatory and other risks associated with an emerging business, including the potential risk
of business failure.
|
Cash and Cash Equivalents |
Cash
and Cash Equivalents - For financial statement presentation purposes, the Company considers those short-term, highly liquid investments
with original maturities of three months or less to be cash or cash equivalents. There were no cash equivalents on May 31, 2023 and August
31, 2022.
|
Concentrations of Credit Risk |
Concentrations
of Credit Risk - Accounts which potentially subject the Company to concentrations of credit risk consist of cash and cash equivalents.
The Company considers all highly liquid instruments with an original purchased maturity of three months or less to be cash equivalents.
The Company maintains its cash and equivalents at insured financial institutions. The balances of which, at times may exceed the FDIC
insured limits. Management believes the risk of loss is minimal.
|
Fair Value of Financial Instruments |
Fair
Value of Financial Instruments - The Company’s financial instruments consist of cash and notes payable. Management estimates
that the fair value of the notes payable does not differ materially from the aggregate carrying value of these financial instruments
recorded (at cost) in the accompanying balance sheets. We have financial assets and liabilities, not required to be measured at fair
value on a recurring basis, which primarily consist of cash, payables, and debt. The carrying value of cash and payables, approximate
their fair values due to their short-term nature. Considerable judgment is required in interpreting market data to develop the estimates
of fair value and, accordingly, the estimates are not necessarily indicative of the amounts that the Company could realize in a current
market exchange.
|
Fair Value Measurements |
Fair
Value Measurements - The Company measures fair value under a framework that utilizes a fair value hierarchy that prioritizes
the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in
active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements).
The
three levels of inputs which prioritize the inputs used in measuring fair value are:
Level
1: Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Company
has the ability to access.
Level
2: Inputs to the valuation methodology include:
|
● |
Quoted
prices for similar assets or liabilities in active markets; |
|
● |
Quoted
prices for identical or similar assets or liabilities in inactive markets; |
|
● |
Inputs
other than quoted prices that are observable for the asset or liability; and |
|
● |
Inputs
that are derived principally from or corroborated by observable market data by correlation or other means. |
If
the asset or liability has a specified (contractual) term, the level 2 input must be observable for substantially the full term of the
asset or liability.
Level
3: Inputs to the valuation methodology are unobservable and significant to the fair value measurement.
The
assets or liabilities fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is
significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use
of unobservable inputs.
When
the Company changes its valuation inputs for measuring financial assets and liabilities at fair value, either due to changes in current
market conditions or other factors, it may need to transfer those assets or liabilities to another level in the hierarchy based on the
new inputs used. The Company recognizes these transfers at the end of the reporting period that the transfers occur. There were no significant
transfers of financial assets or financial liabilities between the hierarchy levels.
|
Revenue Recognition |
Revenue
Recognition – The Company recognizes revenue in accordance with Accounting Standards Update (“ASU”) No. 2014-09,
“Revenue from Contracts with Customer”. The Company applies the following five steps in order to determine the appropriate
amount of revenue to be recognized as it fulfills its obligations under each of its agreements:
|
● |
Identification
of the contract with a customer |
|
● |
Identification
of the performance obligations in the contract |
|
● |
Determination
of the transaction price |
|
● |
Allocation
of the transaction price to the performance obligations in the contract |
|
● |
Recognition
of revenue when, or as, the Company satisfies a performance obligation |
Costs
to Obtain Customer Contracts
Sales
commissions and related expenses are considered incremental and recoverable costs of acquiring customer contracts. These costs are capitalized
and amortized on a straight-line basis over the anticipated period of benefit. We determined the period of benefit by taking into consideration
the length of our customer contracts, our technology lifecycle, and other factors. Amortization expense is recorded in sales and marketing
expense within our statement of operations. Historically we have not incurred incremental cost to acquire customer contracts.
|
Stock-Based Awards |
Stock-Based
Awards - The Company measures the cost of employee services received in exchange for an award of equity instruments, including
stock options, based on the grant date fair value of the award and to recognize it as compensation expense over the period the employee
is required to provide service in exchange for the award, usually the vesting period. The Company estimates the fair value of share-based
payment awards on the date of grant using an option-pricing model. The value of the portion of the award that is ultimately expected
to vest is recognized as expense over the requisite service periods in the Company’s statement of operations. The forfeitures are
estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. No
awards were granted for the three months ended May 31, 2023 and the year ended August 31, 2022.
|
Income Taxes |
Income
Taxes - The Company accounts for deferred income taxes on the asset and liability method whereby deferred tax assets are recognized
for deductible temporary differences and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences
are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets and liabilities are
adjusted for the effects of changes in tax laws and rates on the date of enactment.
Deferred
tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion of all
of the deferred tax assets will not be realized.
When
tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities,
while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately
sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available
evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution
of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that
meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely
of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken
that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits along with any associated
interest and penalties that would be payable to the taxing authorities upon examination. As of November 30, 2021 the Company had no unrecognized
tax benefits, and the Company had no positions which, in the opinion of management, would be reversed if challenged by a taxing authority.
The
Company’s evaluation of tax positions was performed for those tax years which remain open to audit. The Company may, from time
to time, be assessed interest or penalties by the taxing authorities, although any such assessments historically have been minimal and
immaterial to the Company’s financial results. In the event the Company is assessed interest and/or penalties, such amounts will
be classified as income tax expense in the financial statements.
|
Loss Per Common Share |
Loss
Per Common Share - The basic earnings (loss) per common share is computed by dividing net income (loss) available to common stockholders
by the weighted average number of common shares outstanding. Diluted loss per share is computed similarly to basic loss per share except
that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential
common shares had been issued and if the additional common shares were dilutive. As of May 31, 2023 and August 31, 2022, there were 50,000
warrants and no potentially dilutive securities outstanding, respectively, all of which were excluded from loss per share calculation
due to their anti-dilutive effect.
|
Related Party Transactions |
Related
Party Transactions - The Company follows subtopic 850-10 of the FASB Accounting Standards Codification for the identification
of related parties and disclosure of related party transactions. Pursuant to Section 850-10-20 the related parties include (a) affiliates
of the Company (“Affiliate” means, with respect to any specified Person, any other Person that, directly or indirectly through
one or more intermediaries, controls, is controlled by or is under common control with such Person, as such terms are used in and construed
under Rule 405 under the Securities Act); (b) entities for which investments in their equity securities would be required, absent the
election of the fair value option under the Fair Value Option Subsection of Section 825–10–15, to be accounted for by the
equity method by the investing entity; (c) trusts for the benefit of employees, such as pension and profit-sharing trusts that are managed
by or under the trusteeship of management; (d) principal owners of the Company; (e) management of the Company; (f) other parties with
which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to
an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests; and (g) other parties
that can significantly influence the management or operating policies of the transacting parties or that have an ownership interest in
one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might
be prevented from fully pursuing its own separate interests. The financial statements shall include disclosures of material related party
transactions, other than compensation arrangements, expense allowances, and other similar items in the ordinary course of business. However,
disclosure of transactions that are eliminated in the preparation of consolidated or combined financial statements is not required in
those statements. The disclosures shall include: (a) the nature of the relationship(s) involved; (b) a description of the transactions,
including transactions to which no amounts or nominal amounts were ascribed, for each of the periods for which income statements are
presented, and such other information deemed necessary to an understanding of the effects of the transactions on the financial statements;
(c) the dollar amounts of transactions for each of the periods for which income statements are presented and the effects of any change
in the method of establishing the terms from that used in the preceding period; and (d) amounts due from or to related parties as of
the date of each balance sheet presented and, if not otherwise apparent, the terms and manner of settlement.
|
Recently issued accounting pronouncements |
Recently
issued accounting pronouncements – The Company does not believe that any recently issued effective pronouncements, or pronouncements
issued but not yet effective, if adopted, would have a material effect on the accompanying financial statements.
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