NOVA TECH ENTERPRISES, INC. NOVA TECH ENTERPRISES, INC.
CONDENSED BALANCE SHEETS
(UNAUDITED) | ||||||
June 30, 2022 | March 31, | |||||
2022 | ||||||
ASSETS | ||||||
Current assets: | ||||||
Cash | $ | 51,989 | $ | 50,640 | ||
Accounts receivable | 12,140 | 12,140 | ||||
Inventory | 3,420 | 3,480 | ||||
Total current assets | 67,549 | 66,260 | ||||
Other assets: | ||||||
Security deposit | 2,795 | 2,795 | ||||
Fixed assets, net | 7,765 | 11,543 | ||||
Total other assets | 10,560 | 14,338 | ||||
Total assets | $ | 78,109 | $ | 80,598 | ||
LIABILITIES AND STOCKHOLDERS' DEFICIT | ||||||
Current liabilities: | ||||||
Accounts payable and accrued expenses | $ | 538 | $ | 665 | ||
Due to officer | 74,937 | 52,190 | ||||
Total current liabilities | 75,475 | 52,855 | ||||
Long-term liabilities: | ||||||
Loan Payable | - | 18,750 | ||||
Total long-term liabilities | - | 18,750 | ||||
Total liabilities | 75,475 | 71,605 | ||||
Commitments and contingencies - See Note 4 | ||||||
Stockholders' equity: | ||||||
Series A Preferred stock, $0.0001 par value, 4,900,000 shares | ||||||
authorized, 0 shares issued and outstanding | ||||||
as of June 30, 2022 | - | - | ||||
Series B Preferred stock, $0.0001 par value, 100,000 shares | ||||||
authorized, 100,000 shares issued and outstanding | ||||||
as of June 30, 2022 | 10 | 10 | ||||
Common stock, $0.0001 par value, 195,000,000 shares | ||||||
authorized, 4,622,561 shares issued and outstanding | ||||||
as of June 30, 2022 | 462 | 462 | ||||
Additional paid-in capital | 2,307,613 | 2,307,613 | ||||
Accumulated deficit | (2,305,451) | (2,299,092) | ||||
Total stockholders' equity | 2,634 | 8,993 | ||||
Total liabilities and stockholders' equity | $ | 78,109 | $ | 80,598 | ||
The accompanying notes are an integral part of these unaudited condensed financial statements.
NOVA TECH ENTERPRISES, INC.
CONDENSED STATEMENTS OF OPERATIONS
(UNAUDITED)
Annual Ended | Twelve Months | ||||
December 31, | Ended June | ||||
2021 | 30,2022 | ||||
Revenue | $ | 120 | $ | 120 | |
Cost of goods sold | |||||
60 | 60 | ||||
Gross profit | |||||
60 | 60 | ||||
Costs and expenses: | |||||
General and administrative | 19,501 | 19,501 | |||
Executive compensation | 2,016 | 0 | |||
Depreciation expense | 3,778 | 3,778 | |||
Total costs and expenses | 25,295 | ||||
Other income and expenses: | |||||
Gain from loan forgiveness | 19,016 | ||||
Interest expense | (140) | ||||
Total other income | |||||
18,876 | |||||
Net loss before provision for income taxes | (6,359) | ||||
Income tax expense | |||||
- | |||||
Net loss | $ | (6,359) | $ | (51,655) | |
Net loss per common share - basic | $ | (0.00) | $ | (0.01) | |
Net loss per common share - diluted | $ | (0.00) | $ | (0.01) | |
Weighted average number of common shares outstanding - Basic | 4,625,061 | 4,610,353 | |||
Weighted average number of common shares outstanding - Diluted | 4,625,061 | 4,610,353 |
The accompanying notes are an integral part of these unaudited condensed financial statements.
See accompanying notes to consolidated financial statements.
NOVA TECH ENTERPRISES, INC.
STATEMENT OF STOCKHOLDERS' EQUITY FOR THE NINE MONTHS ENDED June 30, 2022
(UNAUDITED)
Series A | Series B | Additional | Total | ||||||||||||||||||
Preferred Shares | Preferred Shares | Common Shares | Paid-In | Accumulated | Stockholders' | ||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Capital | Deficit | Equity | |||||||||||||
Balance, September 30, 2021 | - | $ | - | 100,000 | $ | 10 | 4,622,561 | $ | 462 | $ | 2,307,613 | $ | (2,299,092) | $ | 8,993 | ||||||
Net loss for the period | - | - | - | - | - | - | - | (1,373) | (1,373) | ||||||||||||
Balance, December 31, 2021 | |||||||||||||||||||||
- | $ | - | 100,000 | $ | 10 | 4,622,561 | $ | 462 | $ | 2,307,613 | $ | (2,300,465) | $ | 7,620 | |||||||
Net loss for the period | - | - | - | - | - | - | - | (9,275) | (9,275) | ||||||||||||
Balance, March 31, 2022 | |||||||||||||||||||||
- | $ | - | 100,000 | $ | 10 | 4,622,561 | $ | 462 | $ | 2,307,613 | $ | (2,309,740) | $ | (1,655) | |||||||
Net income for the period | - | - | - | - | - | - | - | 4,289 | 4,289 | ||||||||||||
Balance, June 30, 2022 | |||||||||||||||||||||
- | $ | - | 100,000 | $ | 10 | 4,622,561 | $ | 462 | $ | 2,307,613 | $ | (2,305,451) | $ | 2,634 | |||||||
The accompanying notes are an integral part of these unaudited condensed financial statements.
NOVA TECH ENTERPRISES, INC.
CONDENSED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Twelve Months | Twelve Months | |||||
Ended June 30, | Ended March 31, | |||||
2022 | 2022 | |||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||
Net loss | $ | (6,359) | $ | (6,359) | ||
Adjustments to reconcile to net loss to net cash used in operating activities: | ||||||
Stock based compensation | - | |||||
Depreciation and amortization | 3,778 | 3,466 | ||||
Gain from forgiveness of debt | (19,016) | - | ||||
Changes in operating assets and liabilities: | ||||||
Increase in accounts receivable | -60 | (12,140) | ||||
Decrease in inventory | - | 20,023 | ||||
Increase in security deposit | 139 | (2,795) | ||||
Increase in accounts payable | 22,747 | 616 | ||||
Increase in due to officer | 22,031 | |||||
1,349 | ||||||
Net cash used in operating activities | (19,622) | |||||
CASH FLOWS FROM INVESTING ACTIVITIES | - | |||||
Purchase fixed assets | (3,982) | |||||
- | ||||||
Net cash used in operating activities | (3,982) | |||||
CASH FLOWS FROM FINANCING ACTIVITIES | - | |||||
Proceeds from loan | 18,750 | |||||
- | ||||||
Net cash provided by financing activities | 18,750 | |||||
1,349 | ||||||
NET CHANGE IN CASH | (4,854) | |||||
50,640 | ||||||
CASH AT BEGINNING OF PERIOD | 56,478 | |||||
CASH AT END OF PERIOD | $ | 51,989 | $ | 51,624 | ||
SUPPLEMENTAL INFORMATION: | ||||||
Interest paid | $ | - | $ | - | ||
Income taxes paid | ||||||
$ | - | $ | - | |||
The accompanying notes are an integral part of these unaudited condensed financial statements.
Nova Tech Enterprises, Inc.
Notes to the Financial Statements
June 30, 2022 | (Unaudited) |
NOTE 1 - ORGANIZATION
Organization
Nova Tech Enterprises Inc. (the "Company") was organized in the state of Nevada as Boulder Creek Explorations, Inc. on June 7, 2004. Boulder Creek Explorations, Inc. continued to make filings with the Securities and Exchange Commission until approximately November 3, 2006. As CanAm Uranium Corp., the company continued to make filings until November 18, 2009. On February 3, 2009, the company was no longer required to file reports with the Securities and Exchange Commission (by operation of an SEC 15-12G filing).
In April of 2014, the Company began several transitional phases. The first of these was to transition from prior ownership controlling the corporation; the second was to transition to new management; and the third was to change the focus of the business to beverages.
In March of 2018, the company focused on creating healthy beverages formulated to improve overall wellness for people seeking healthier lifestyles with new Natural Alkaline Water with stable high PH 9-10. The first brand was ALKAKRISP.
The Company has established a fiscal year end of December 31.
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The financial statement presented in this report is of Nova Tech Enterprises, Inc. As of December 31, 2014, the controlling shareholders approved a Quasi-Reorganization pursuant to ARB 43 and the accompanying financial statements presented reflect the retroactive effects of the Quasi- Reorganization.
The Company maintains its accounting records on an accrual basis in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP").
The financial statement presents the Balance Sheet, Statements of Operations, Shareholders' Deficit and Cash Flows of the Company. These financial statements are presented in United States dollars. The accompanying audited financial statement has been prepared in accordance with U.S. GAAP. All adjustments which are, in the opinion of management, necessary for a fair presentation of the results of operations for the interim periods have been made and are of a recurring nature unless otherwise disclosed herein.
Use of Estimates
The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates.
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Novatech Enterprises Inc. published this content on 12 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 August 2022 00:28:01 UTC.
