UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

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

 

For the Quarterly Period Ended: March 31, 2025

 

OR

 

     TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the Transition Period From ____________ to ____________.

 

CATALYST CREW TECHNOLOGIES CORP.

(Exact name of registrant as specified in its charter)  

 

Nevada

 

000-52543

 

26-3670551

(State or other jurisdiction

of Incorporation)

 

(Commission

File Number)

 

(IRS Employer

Identification No.)

 

30 North Gould Street, Suite R

Sheridan, WY 82801

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

 

(307216-4405

(Telephone number, including area code)

 

Securities registered under Section 12(b) of the Act: None

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

 

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

 

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

 

Large accelerated filer 

Accelerated filer

Non-accelerated filer

Smaller reporting company

 

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the Company 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 ☒

 

As of May 14, 2025, the registrant had 29,276,895 shares of common stock issued and outstanding.

 

 

 

 

CATALYST CREW TECHNOLOGIES CORP.

 FORM 10-Q

 

Index

 

PART I. FINANCIAL INFORMATION

 

 

 

 

 

 

 

 

Item 1.

Condensed Financial Statements.

 

4

 

 

CONDENSED BALANCE SHEETS

 

4

 

 

CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED)

 

5

 

 

CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED)

 

6

 

 

CONDENSED STATEMENT OF CHANGES IN STOCKHOLDERS’ DEFICIT (UNAUDITED)

 

7

 

 

NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED)

 

8

 

Item 2.

Management’s Discussion and Analysis of Financial Conditions and Results of Operations.

 

14

 

Item 3.

Quantitative and Qualitative Disclosures about Market Risk.

 

15

 

Item 4.

Controls and Procedures.

 

15

 

 

 

 

 

 

PART II. OTHER INFORMATION

 

 

 

 

 

 

 

 

Item 1.

Legal Proceedings.

 

17

 

Item 1A.

Risk Factors.

 

17

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds.

 

17

 

Item 3.

Defaults Upon Senior Securities.

 

17

 

Item 4.

Mine Safety Disclosures.

 

17

 

Item 5.

Other Information.

 

17

 

Item 6.

Exhibits.

 

18

 

 

 
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SPECIAL NOTE REGARDING FORWARD-LOOKING INFORMATION

 

This quarterly report on Form 10-Q and other publicly available documents, including the documents incorporated herein by reference, contain, and our officers and representatives may from time to time make, “forward-looking” statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: “anticipate,” “believe,” “expect,” “future,” “likely,” “may,” “plan,” “seek,” “will” and similar references to future periods actions or results. Examples of forward-looking statements include our prospects for one or more future material transactions, potential sources of financing, and expenses for future periods.

 

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements.

 

Any forward-looking statement made by us in this quarterly report on Form 10-Q is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

 

Factors that could cause or contribute to such differences may include, but are not limited to, those described under the heading “Risk Factors” which may be included in the Company’s Registration Statement on Form 10 as previously filed with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this report. The Company undertakes no obligation to revise any forward-looking statements in order to reflect events or circumstances that may subsequently arise. Readers are urged to carefully review and consider the various disclosures made by the Company in this report and in the Company’s other reports filed with the Commission that advise interested parties of the risks and factors that may affect the Company’s business. 

 

 
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PART I. FINANCIAL INFORMATION

 

Item 1. Condensed Financial Statements.

 

CATALYST CREW TECHNOLOGIES CORP.

CONDENSED BALANCE SHEETS

(Unaudited)

 

 

 

March 31,

2025

 

 

December 31,

2024

 

ASSETS

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

Cash

 

$-

 

 

$-

 

Total current assets

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

Total assets

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' DEFICIT

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

Accounts payable and accrued liabilities

 

 

239,669

 

 

 

234,229

 

Notes payable - related party

 

 

88,042

 

 

 

88,042

 

Notes payable

 

 

235,728

 

 

 

216,713

 

Convertible notes payable

 

 

34,591

 

 

 

34,591

 

Total current liabilities

 

 

598,030

 

 

 

573,575

 

 

 

 

 

 

 

 

 

 

Total liabilities

 

 

598,030

 

 

 

573,575

 

 

 

 

 

 

 

 

 

 

Stockholders' deficit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock, $0.0001 par value, 280,000,000 shares authorized,

 

 

 

 

 

 

 

 

0 and 0 and shares issued and outstanding as of

 

 

 

 

 

 

 

 

March 31, 2025 and December 31, 2024, respectively

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

Series A Preferred stock, $0.0001 par value, 20,000,000 shares authorized,

 

 

 

 

 

 

 

 

0 and 0 and shares issued and outstanding as of

 

 

 

 

 

 

 

 

March 31, 2025 and December 31, 2024, respectively

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

Series B Preferred stock, $0.0001 par value, 20,000,000 shares authorized,

 

 

 

 

 

 

 

 

0 and 0 and shares issued and outstanding as of

 

 

 

 

 

 

 

 

March 31, 2025 and December 31, 2024, respectively

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

Common stock, $0.001 par value, 700,000,000 shares authorized,

 

 

 

 

 

 

 

 

29,276,895 and 243,632 and shares issued and outstanding as of

 

 

 

 

 

 

 

 

March 31, 2025 and December 31, 2024, respectively

 

 

29,278

 

 

 

29,278

 

Additional paid in capital

 

 

28,790,448

 

 

 

28,790,448

 

Accumulated deficit

 

 

(29,417,756)

 

 

(29,393,301)

Total stockholders' deficit

 

 

(598,030)

 

 

(573,575)

 

 

 

 

 

 

 

 

 

Total liabilities and stockholders' deficit

 

$-

 

 

$-

 

 

See accompanying notes to the condensed financial statements

 

 
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CATALYST CREW TECHNOLOGIES CORP.

CONDENSED STATEMENTS OF OPERATIONS

(Unaudited)

 

 

 

 For the three months ended 

 

 

 

March 31,

2025

 

 

March 31,

2024

 

 

 

 

 

 

 

 

Revenue

 

$-

 

 

$-

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

 

General and administrative

 

 

967

 

 

 

700

 

Professional fees

 

 

15,000

 

 

 

32,354

 

Total operating expenses

 

 

15,967

 

 

 

33,054

 

 

 

 

 

 

 

 

 

 

Loss from operations

 

 

(15,967)

 

 

(33,054)

 

 

 

 

 

 

 

 

 

Other income (expenses)

 

 

 

 

 

 

 

 

Interest expense

 

 

(8,488)

 

 

(9,166)

Total other expenses

 

 

(8,488)

 

 

(9,166)

 

 

 

 

 

 

 

 

 

Net loss before tax provision

 

 

(24,455)

 

 

(42,220)

Tax provision

 

 

-

 

 

 

-

 

Net loss

 

$(24,455)

 

$(42,220)

 

 

 

 

 

 

 

 

 

Net loss per common share - basic and diluted

 

$(0.00)

 

$(0.16)

 

 

 

 

 

 

 

 

 

Weighted average number of common shares outstanding - basic and diluted

 

 

29,276,895

 

 

 

256,332

 

 

See accompanying notes to the condensed financial statements

 

 
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CATALYST CREW TECHNOLOGIES CORP.

CONDENSED STATEMENTS OF CASH FLOWS

(Unaudited)

 

 

 

 For the three months ended 

 

 

 

March 31,

2025

 

 

March 31,

2024

 

Cash Flows from Operating Activities

 

 

 

 

 

 

Net loss

 

$(24,455)

 

$(42,220)

Adjustments to reconcile net loss to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Changes in assets and liabilities

 

 

 

 

 

 

 

 

Accounts payable and accrued liabilities

 

 

5,440

 

 

 

9,166

 

Net cash used in continuing operating activities

 

 

(19,015)

 

 

(33,054)

 

 

 

 

 

 

 

 

 

Cash Flows from Financing Activities:

 

 

 

 

 

 

 

 

Proceeds from notes payable

 

 

19,015

 

 

 

33,054

 

Net cash provided by financing activities

 

 

19,015

 

 

 

33,054

 

 

 

 

 

 

 

 

 

 

Net decrease in cash

 

 

-

 

 

 

-

 

Cash, beginning of period

 

 

-

 

 

 

-

 

Cash, end of period

 

$-

 

 

$-

 

 

 

 

 

 

 

 

 

 

Supplemental disclosure of cash flow information

 

 

 

 

 

 

 

 

Cash paid for interest

 

$-

 

 

$-

 

Cash paid for taxes

 

$-

 

 

$-

 

 

 

 

 

 

 

 

 

 

SUPPLEMENTARY DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares issued for intangible assets

 

$-

 

 

$875,000

 

 

See accompanying notes to the condensed financial statements

 

 
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CATALYST CREW TECHNOLOGIES CORP.

STATEMENTS OF STOCKHOLDERS' DEFICIT

(Unaudited)

 

 

 

 

 

 

 

 

 

 Additional

 

 

 

 

 

 Total 

 

 

 

 Common Stock

 

 

Paid-in

 

 

 Accumulated

 

 

 Stockholders'

 

 

 

 Shares

 

 

 Amount

 

 

 Capital

 

 

 Deficit

 

 

 Deficit

 

Balance, December 31, 2024

 

 

29,276,895

 

 

 

29,278

 

 

 

28,790,448

 

 

 

(29,393,301)

 

 

(573,575)

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(24,455)

 

 

(24,455)

Balance, March 31, 2025

 

 

29,276,895

 

 

 

29,278

 

 

 

28,790,448

 

 

 

(29,417,756)

 

 

(598,030)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, December 31, 2023

 

 

256,332

 

 

 

257

 

 

 

25,631,643

 

 

 

(26,132,263)

 

 

(500,363)

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(42,220)

 

 

(42,220)

Balance, March 31, 2024

 

 

256,332

 

 

 

257

 

 

 

25,631,643

 

 

 

(26,174,483)

 

 

(542,583)

 

See accompanying notes to the condensed financial statements

 

 
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CATALYST CREW TECHNOLOGIES CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

MARCH 31, 2025

 

NOTE 1 – NATURE OF BUSINESS AND OPERATIONS

 

Organization

 

Catalyst Crew Technologies Corp. (Blue Chip Technologies Corp.) (the “Company or “CBBB”) was incorporated in the State of Nevada on September 11, 2008. At that time the primary business of the Company was to act as a global broker for business and private jets by connecting travelers (corporations, institutions and wealthy private individuals) with executive aircraft that are independently owned and operated by third party companies or individuals. On February 5, 2015, the Company changed its name to better reflect its anticipated new business direction. The Company had received approval of its Federal Permit to distribute alcoholic beverages, which would be accomplished, through its subsidiaries, Continental Beverage Inventory and Warehousing Ltd., and promotional activities through Continental Beverage Marketing and Promotion Inc. In early 2016, the Company abandoned its activities and ceased to operate.

 

On March 20, 2023, the “Company entered into an Asset Purchase Agreement by and among the Company, on the one hand and JT Technologies LLC (“JTLLC”) and Nitish Sharma, an individual and the sole managing member of JTLLC, on the other hand whereby the Company acquired various big data analytics related assets from the Seller for use in the gaming and gambling industry to analyze player behavior and fraud protection, among other similar information. Collectively, al intellectual property, proprietary and non-proprietary technology, know-how, and all other assets of the seller that maybe, directly, or indirectly, applied to big data analytics in the gaming and gaming industry are referred to hereinafter as the “Acquired Assets”. In exchange for the Acquired Assets, the Company issued 5,000,000 restricted shares of the 2. Buyer’s common stock to Seller.

 

On May 26, 2023, the Company changed its name to Blue Chip Technologies Corporation.

 

On September 18, 2023, the Company received notice of resignation from Mr. Andrew Gaudet from the positions of President, Chief Executive Officer, Treasurer, Chief Financial Officer, and Secretary. Mr. Gaudet retained his position as a member of the Company’s Board of Directors.

 

Effective the same day, the Company entered into an Executive Employment with Gurneet Kaur whereby Ms. Kaur agreed to serve as the Company’s Chief Executive Officer, President, Chief Financial Officer, Treasurer, Secretary, and as Chairman of the Company’s Board of Directors. On the same day, and pursuant to a Stock Purchase Agreement, Ms. Kaur acquired 48,944,965 shares of common stock from Nitish Sharma. Accordingly, Ms. Kaur now owns 72,944,965 restricted shares of our common stock, which represents approximately 66.53% of the total issued and outstanding shares of common stock.

 

On June 5, 2024, Ms. Kaur sold, by way of Stock Purchase Agreement (the “SPA”), 72,944,965 restricted shares of the Company’s common stock to Waqas Nakhwa. As a result of this SPA, Nakhwa is now deemed our controlling shareholder by virtue of his purchase of the Shares and holds 66.53% of our total voting stock.

 

Additionally, on June 7, 2024, the Company received notice of resignation from Ms. Kaur from the positions of President, Chief Executive Officer, Treasurer, Chief Financial Officer, Secretary and Director of the Company. Ms. Kaur’s resignation was not the result of any disagreements between Ms. Kaur and the Company relating to the Company’s operations, policies, or practices.

 

Effective immediately upon the resignation of Ms. Kaur, the Company’s Board of Directors appointed Mr. Nakhwa to serve as President, Chief Executive Officer, Treasurer, Chief Financial Officer, Secretary and Chairman of the Board of Directors to serve until the next annual meeting of the Company or until his respective successor is duly appointed. Mr. Nakhwa accepted all such appointments, effective as of June 7, 2024.

 

 
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On June 9, 2024, the Company entered into an Asset Transfer Agreement with Mr. Nakhwa pursuant to which Mr. Nakhwa assigned to the Company all of Mr. Nakhwa’s interest in Facial Recognition Technology (FRT) solutions and intellectual property associated therewith in exchange for $1.00.

 

On June 11, 2024, as a result of this change in management, the Company’s Board of Directors voted to (i) cease all prior operations of the Company involving big data analytics software for use in the gaming and financial technology industries, (ii) relinquish and disavow any and all interest in existing subsidiaries as of June 11, 2024 and (iii) amend the Company’s Articles of Incorporation to change the name of the Company to “Catalyst Crew Technologies Corp.” to more accurately reflect the Company’s new business direction.  The Company will endeavor to affect the name change in near future or at such time management deems the name change appropriate. In the interim period until we affect this proposed name change, we will be operating as “Catalyst Crew Technologies.

 

On July 1, 2024, the Company’s Board of Directors approved a Change to its Articles of Incorporation, as amended, with the Secretary of Nevada to change the Company’s corporate name to “Catalyst Crew Technologies Corp.”

 

BASIS OF PRESENTATION

 

The accompanying condensed financial statements have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States. Management is of the opinion that all necessary adjustments have been made to make these interim condensed financial statements not misleading.

 

NOTE 2 – GOING CONCERN

 

The accompanying financial statements have been prepared in US dollars and in accordance with accounting principles generally accepted in the United States (“GAAP”) on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. During three months ended March 31, 2025, the Company incurred net losses of $24,455 and accumulated deficits of $29,417,756. These conditions raise substantial doubt about the Company's ability to continue as a going concern.

 

We are entirely dependent on our ability to attract and receive funding from either the sale of securities or outside sources such as private investment or a strategic partner. We currently have no firm agreements or arrangements with respect to any such financing and there can be no assurance that any needed funds will be available to us on acceptable terms or at all. The inability to obtain sufficient funding of our operations in the future will restrict our ability to grow and reduce our ability to continue to conduct business operations. Our failure to raise additional funds will adversely affect our business, and may require us to suspend our operations, which in turn may result in a loss to the purchasers of our common stock. If we are unable to obtain necessary financing, we will likely be required to curtail our development plans. Any additional equity financing may involve substantial dilution to our then existing stockholders.

 

NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Use of Estimates

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

 

Cash and Cash Equivalents

For purposes of the statement of cash flows, the Company considers all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents to the extent the funds are not being held for investment purposes.

 

 
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Stock-based compensation

The Company follows ASC 718-10, “Stock Compensation”, which addresses the accounting for transactions in which an entity exchanges its equity instruments for goods or services, with a primary focus on transactions in which an entity obtains employee services in share-based payment transactions. ASC 718-10 is a revision to SFAS No. 123, “Accounting for Stock-Based Compensation,” and supersedes Accounting Principles Board (“APB”) Opinion No. 25, “Accounting for Stock Issued to Employees,” and its related implementation guidance. ASC 718-10 requires measurement of the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award (with limited exceptions). Incremental compensation costs arising from subsequent modifications of awards after the grant date must be recognized.

 

Concentration of Credit Risk

The Company has no off-balance-sheet concentrations of credit risk such as foreign exchange contracts, options contracts or other foreign hedging arrangements. The Company maintains all of its cash balances with two financial institutions in the form of demand deposits.

 

Earnings per share

The Company follows ASC Topic 260 to account for the earnings per share. Basic earnings per common share (“EPS”) calculations are determined by dividing net income by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per common share calculations are determined by dividing net income by the weighted average number of common shares and dilutive common share equivalents outstanding. During periods when common stock equivalents, if any, are anti-dilutive they are not considered in the computation.

 

Revenue Recognition

The Company recognizes revenue from its contracts with customers in accordance with ASC 606 – Revenue from Contracts with Customers. The Company recognizes revenues when satisfying the performance obligation of the associated contract that reflects the consideration expected to be received based on the terms of the contract.

 

Revenue related to contracts with customers is evaluated utilizing the following steps: (i) Identify the contract, or contracts, with a customer; (ii) Identify the performance obligations in the contract; (iii) Determine the transaction price; (iv) Allocate the transaction price to the performance obligations in the contract; (v) Recognize revenue when the Company satisfies a performance obligation.

 

Fair Value of Financial Instruments

The Company measures fair value in accordance with ASC 820 - Fair Value Measurements. ASC 820 defines fair value and establishes a three-level valuation hierarchy for disclosures of fair value measurements. ASC 820 establishes a framework for measuring fair value in generally accepted accounting principles and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements and related disclosures, ASC 820 establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three (3) broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three (3) levels of fair value hierarchy defined by ASC 820 are:

 

Level 1 - Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.

 

Level 2 - Inputs (other than quoted market prices included in Level 1) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life.

 

Level 3 - Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. Valuation of instruments includes unobservable inputs to the valuation methodology that are significant to the measurement of fair value of assets or liabilities.

 

 
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As defined by ASC 820, the fair value of a financial instrument is the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale, which was further clarified as the price that would be received to sell an asset or paid to transfer a liability (“an exit price”) in an orderly transaction between market participants at the measurement date

 

The reported fair values for financial instruments that use Level 2 and Level 3 inputs to determine fair value are based on a variety of factors and assumptions. Accordingly, certain fair values may not represent actual values of the Company’s financial instruments that could have been realized as of March 31, 2025 and December 31, 2024 or that will be recognized in the future, and do not include expenses that could be incurred in an actual settlement. The carrying amounts of the Company’s financial assets and liabilities, such as cash, accounts receivable, receivables from related parties, prepaid expenses and other, accounts payable, accrued liabilities, and related party and third-party notes payables approximate fair value due to their relatively short maturities. The Company’s notes payable approximates the fair value of such instrument based upon management’s best estimate of terms that would be available to the Company for similar financial arrangements on March 31, 2025 and December 31, 2024.

 

Recent Accounting Pronouncements

 

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments in this ASU require disclosures, on an annual and interim basis, of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”), as well as the aggregate amount of other segment items included in the reported measure of segment profit or loss. This ASU requires that a public entity disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. This ASU is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years, with early adoption permitted. The amendments in this ASU should be applied retrospectively to all prior periods presented in the financial statements. The Company adopted the ASU and determined that its adoption did not have a material impact on the Company’s condensed financial statements and related disclosures. As defined in the ASU, operating segments are components of an enterprise about which discrete financial information is regularly provided to the CODM in making decisions on how to allocate resources and assess performance for the organization. The Company operates and manages its business as one reportable and operating segment. The Company’s CODM is the Chief Executive Officer. The Company’s CODM reviews condensed operating results to make decisions about allocating resources and assessing performance for the entire Company.

 

The Company does not believe that other standards, which have been issued but are not yet effective, will have a significant impact on its financial statements.

 

 
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NOTE 4 –NOTES PAYABLE

 

Promissory notes payable as of March 31, 2025 and December 31, 2024 consists of the following:

 

March 31, 2025

 

 

December 31, 2024

 

$

73,228

 

 

$73,228

 

 

2,500

 

 

 

2,500

 

 

20,000

 

 

 

20,000

 

 

4,571

 

 

 

4,571

 

 

763

 

 

 

763

 

 

7,341

 

 

 

7,341

 

 

2,500

 

 

 

2,500

 

 

5,000

 

 

 

5,000

 

 

13,000

 

 

 

13,000

 

 

8,000

 

 

 

8,000

 

 

976

 

 

 

976

 

 

12,000

 

 

 

12,000

 

 

3,500

 

 

 

3,500

 

 

5,000

 

 

 

5,000

 

 

6,123

 

 

 

6,123

 

 

5,000

 

 

 

5,000

 

 

12,000

 

 

 

12,000

 

 

1,341

 

 

 

1,341

 

 

1,498

 

 

 

1,498

 

 

5,300

 

 

 

5,300

 

 

3,000

 

 

 

3,000

 

 

1,791

 

 

 

1,791

 

 

7,500

 

 

 

7,500

 

 

4,500

 

 

 

4,500

 

 

668

 

 

 

668

 

 

6,500

 

 

 

6,500

 

 

3,113

 

 

 

3,113

 

 

250

 

 

 

-

 

 

6,500

 

 

 

-

 

 

10,000

 

 

 

-

 

 

2,265

 

 

 

-

 

$

235,728

 

 

$216,713

 

 

During the three months ended March 31, 2025, the Company has issued various promissory notes amounting to $19,015 for general operating purposes. The notes carry an interest rate of 10% and are due upon demand.

 

During the three months ended March 31, 2025 and 2024, the Company recorded interest expense related to these notes of $4,547 and $7,710, respectively.

 

 
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NOTE 5 –CONVERTIBLE NOTES PAYABLE

 

Convertible notes payable as of March 31, 2025 and December 31, 2024 consists of the following:

 

March 31, 2025

 

 

December 31, 2024

 

$

15,487

 

 

$15,487

 

 

11,103

 

 

 

11,103

 

 

8,000

 

 

 

8,000

 

$

34,591

 

 

$34,591

 

 

During the three months ended March 31, 2025 and 2024, the Company recorded interest expense of $1,771 and $6,313, respectively.

 

NOTE 6 – RELATED PARTY TRANSACTIONS

 

As of March 31, 2025 and December 31, 2024, the Company had notes due to the shareholder of $88,042 and 88,042, respectively.  The notes carry an interest rate of 10% and are due upon demand.

 

During the three months ended March 31, 2025 and 2024, the Company recorded interest expense of $2,171 and 2,195 respectively.

 

NOTE 7 - COMMITMENTS AND CONTINGENCIES

 

From time to time, the Company may become involved in various lawsuits and legal proceedings, which arise in the ordinary course of business. Litigation is subject to inherent uncertainties, and an adverse result in these or other matters may arise from time to time that may harm business. Management is currently not aware of any such legal proceedings or claims that could have, individually or in the aggregate, a material adverse effect on our business, financial condition, or operating results.

 

NOTE 8 – STOCKHOLDERS’ EQUITY

 

As of March 31, 2025 and December 31, 2024, the Company had 29,276,895 shares of common stock issued and outstanding.

 

NOTE 9 – SUBSEQUENT EVENTS

 

In accordance with ASC Topic 855-10, the Company has analyzed its operations subsequent to March 31, 2025 to May 15, 2025 these financial statements were available to be issued and has determined that it does not have any material subsequent events to disclose in these financial statements.  

 

 
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Item 2. Management’s Discussion and Analysis of Financial Conditions and Results of Operations.

 

FORWARD-LOOKING STATEMENTS

 

The following discussion may contain forward-looking statements regarding the Company, its business prospects and its results of operations that are subject to certain risks and uncertainties posed by many factors and events that could cause the Company’s actual business, prospects and results of operations to differ materially from those that may be anticipated by such forward-looking statements. These forward-looking statements reflect our view only as of the date of this report. The Company cannot guarantee future results, levels of activity, performance, or achievement. The Company does not undertake any obligation to update or correct any forward-looking statements.

 

Results of Operations for the Three Months Ended March 31, 2025 and 2024

 

Revenues

 

We had no revenue for three months ended March 31, 2025 and 2024. 

 

Operating Expenses

 

Operating expenses increased to $24,455 for the three months ended March 31, 2025, from $42,220 for the same period ended March 31, 2024.

 

The decrease in operating expenses is the result of fewer professional fees incurred during the three months ended March 31, 2025.

 

Other Income (Expenses)

 

We had other income of $8,488 for the three months ended March 31, 2025, as compared with other expenses of $9,166 for the three months ended March 31, 2024. The increase in other expenses is the result of decreased interest expense incurred during the three months ended March 31, 2025.

 

Net Loss

 

We recorded a net loss of $24,455 for the three months ended March 31, 2025, as compared with a net loss of $42,220 for the three months ended March 31, 2024.

 

Liquidity and Capital Resources

 

Going concern – The accompanying condensed financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has incurred cumulative net losses of $29,417,756 since its inception and requires capital for its contemplated operational and marketing activities to take place. The Company’s ability to generate the necessary funds through licensing of its core products or the ability to raise additional capital through the future issuances of common stock or debt is unknown. The obtainment of additional financing, the successful development of the Company’s contemplated plan of operations, and its transition, ultimately, to the attainment of profitable operations are necessary for the Company to continue operations. These factors, among others, raises substantial doubt about the Company’s ability to continue as a going concern. The condensed financial statements of the Company do not include any adjustments that may result from the outcome of these aforementioned uncertainties.

 

As of March 31, 2025, we had total current assets of $0 and total assets in the amount of $0. Our total current liabilities as of March 31, 2025 were $598,030. We had a working capital deficit of $598,030 as of March 31, 2025, compared with a working capital deficit of $573,575 as of December 31, 2024.

 

 
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Operating activities used $19,015 in cash for the three months ended March 31, 2025, as compared with $33,054 used for the three months ended March 31, 2024. Our negative operating cash flows for 2024 and 2025 was largely the result of our net loss for those quarters, mainly offset by changes in operating assets and liabilities.

 

We used no cash in investing activities for the three months ended March 31, 2025 and 2024.

 

Cash flow provided from financing activities was $19,015 for the three months ended March 31, 2025, as compared with $33,054 provided by cash flows for financing activities during the three months ended March 31, 2024.

 

Based upon our current financial condition, we do not have sufficient cash to operate our business at the current level for the next twelve months. We intend to fund operations through increased sales and debt and/or equity financing arrangements, which may be insufficient to fund expenditures or other cash requirements. We plan to seek additional financing in a private equity offering to secure funding for operations. There can be no assurance that we will be successful in raising additional capital.

 

Item 3. Quantitative and Qualitative Disclosures about Market Risk

 

As a smaller reporting company, we are not required to provide the information required by this Item.

 

ITEM 4. CONTROLS AND PROCEDURES

 

Management’s Responsibility for Controls and Procedures

 

The Company’s management is responsible for establishing and maintaining adequate internal control over the Company’s financial reporting. The Company’s controls over financial reporting are designed under the supervision of the Company’s Principal Executive Officer and Principal Financial Officer to ensure that information required to be disclosed by the Company in the reports that the Company files or submits under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), is accumulated and communicated to the Company’s management, including the Company’s principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

 

Evaluation of Disclosure Controls and Procedures

 

Under the supervision and with the participation of our Principal Executive Officer and Chief Financial Officer, the Company conducted an evaluation of the effectiveness of the design and operation of its disclosure controls and procedures, as such term is defined under Rule 13a-15(e) promulgated under the Exchange Act, as of March 31, 2025. Based on this evaluation, management concluded that our financial disclosure controls and procedures were not effective so as to timely record, process, summarize and report financial information required to be included on our SEC reports due to the Company’s limited internal resources and lack of ability to have multiple levels of transaction review. However, as a result of our evaluation and review process, management believes that the financial statements and other information presented herewith are materially correct.

 

Internal Control Over Financial Reporting

 

As of March 31, 2025, under the supervision and with the participation of our management, we conducted an evaluation of the effectiveness of the design and operations of our internal control over financial reporting, as defined in Rules 13a-15(f) or 15d-15(f) promulgated under the Securities Exchange Act of 1934 and based on the criteria for effective internal control described in Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (as revised). Based on our evaluation, management concluded that our internal control over financial reporting was not effective so as to timely record, process, summarize and report financial information required to be included on our Securities and Exchange Commission (“SEC”) reports due to the Company’s limited internal resources and lack of ability to have multiple levels of transaction review. However, as a result of our evaluation and review process, management believes that the financial statements and other information presented herewith are materially correct.

 

The management including its Principal Executive Officer/Principal Financial Officer, does not expect that its disclosure controls and procedures, or its internal controls over financial reporting will prevent all error and all fraud. A control system no matter how well conceived and operated, can provide only reasonable not absolute assurance that the objectives of the control system are met. Further, the design of the control system must reflect the fact that there are resource constraints, and the benefit of controls must be considered relative to their costs.

 

Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected.

 

 
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Table of Contents

 

The Company has limited resources and as a result, a material weakness in financial reporting currently exists, because of our limited resources and personnel, including those described below.

 

*

The Company has an insufficient quantity of dedicated resources and experienced personnel involved in reviewing and designing internal controls. As a result, a material misstatement of the interim and annual financial statements could occur and not be prevented or detected on a timely basis.

 

 

*

We have not achieved the optimal level of segregation of duties relative to key financial reporting functions.

 

 

*

We do not have an audit committee or an independent audit committee financial expert. While not being legally obligated to have an audit committee or independent audit committee financial expert, it is management’s view that to have an audit committee, comprised of independent board members, and an independent audit committee financial expert is an important entity-level control over the Company’s financial statements.

 

A material weakness is a deficiency (within the meaning of the Public Company Accounting Oversight Board (PCAOB) auditing standard 5) or combination of deficiencies in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of the Company’s annual or interim financial statements will not be prevented or detected on a timely basis. Management has determined that a material weakness exists due to a lack of segregation of duties, resulting from the Company’s limited resources and personnel.

 

Remediation Efforts to Address Deficiencies in Internal Control Over Financial Reporting

 

As a result of these findings, management, upon obtaining sufficient capital and operations, intends to take practical, cost-effective steps in implementing internal controls, including the possible remedial measures set forth below. As of March 31, 2025, we did not have sufficient capital and/or operations to implement any of the remedial measures described below.

 

*

Assessing the current duties of existing personnel and consultants, assigning additional duties to existing personnel and consultants, and, in a cost effective manner, potentially hiring additional personnel to assist with the preparation of the Company’s financial statements to allow for proper segregation of duties, as well as additional resources for control documentation.

 

 

*

Assessing the duties of the existing officers of the Company and, in a cost effective manner, possibly promote or hire additional personnel to diversify duties and responsibilities of such executive officers.

 

 

*

Board to review and make recommendations to shareholders concerning the composition of the Board of Directors, with particular focus on issues of independence. The Board of Directors will consider nominating an audit committee and audit committee financial expert, which may or may not consist of independent members.

 

 

*

Interviewing and potentially hiring outside consultants that are experts in designing internal controls over financial reporting based on criteria established in Internal Control Integrated Framework issued by Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) (as revised).

 

(b) Change in Internal Control Over Financial Reporting

 

The Company has not made any change in our internal control over financial reporting during the period ended March 31, 2025.

 

 
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Table of Contents

 

PART II. OTHER INFORMATION

 

Item 1. Legal Proceedings.

 

We are not party to any material legal proceedings. From time to time, we may be involved in legal proceedings or subject to claims incident to the ordinary course of business. The outcome of litigation is inherently uncertain, and there can be no assurances that favorable outcomes will be obtained. In addition, regardless of the outcome, such proceedings or claims can have an adverse impact on us, which may be material because of defense and settlement costs, diversion of resources and other factors.

 

Item 1A. Risk Factors. 

 

The risks described under the heading “Risk Factors” in our Factors that could cause or contribute to such differences may include, but are not limited to, those described under the heading “Risk Factors” which are included in the Company’s Registration Statement on Form 10, as amended, which was previously filed with the Securities and Exchange Commission. The risks and uncertainties described therein are not the only ones we face. Additional risks and uncertainties that we are unaware of or that we currently deem immaterial may also become important factors that adversely affect our business.

 

You should carefully read and consider such risks, together with all of the other information in our Registration Statement on Form 10 and in this Quarterly Report on Form 10-Q (including the disclosures in the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and in our condensed condensed financial statements and related notes), and in the other documents that we file with the SEC.

 

There have been no material changes from the risk factors previously disclosed under the heading “Risk Factors” in our Registration Statement on Form 10, as amended.

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

 

(a) During the quarter ended March 31, 2025, there were no unregistered sales of our securities that were not reported in a Current Report on Form 8-K, if any.

 

(b) Not applicable.

 

(c) None.

 

Item 3. Defaults Upon Senior Securities.

 

None.

 

Item 4. Mine Safety Disclosures.

 

Not Applicable.

 

Item 5. Other Information.

 

None

 

 
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Table of Contents

 

ITEM 6 - EXHIBITS

 

Number Description of Exhibit

 

3.1

 

Articles of Incorporation, as amended (1)

3.2

 

Certificate of Amendment to the Articles of Incorporation of Catalyst Crew Technologies Corp.(2)

3.3

 

Certificate of Change Reflecting Reverse Stock Split(2)

3.4

 

Bylaws(1)

31.1

 

Certification of Principal Executive Officer Pursuant to Rule 13A-14(A) Under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.**

32.1

 

Certification pursuant to Securities Exchange Act of 1934 Rule 13a-14(b) or 15d-14(b) and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes- Oxley Act of 2002. **

101.INS

 

Inline XBRL Instance Document# 

101.SCH 

 

Inline XBRL Taxonomy Extension Schema# 

101.CAL 

 

Inline XBRL Taxonomy Extension Calculation Linkbase#  

101.DEL

 

Inline XBRL Taxonomy Extension Definition Linkbase#   

101.LAB

 

Inline XBRL Taxonomy Extension Labels Linkbase#   

101.PRE 

 

Inline XBRL Taxonomy Extension Presentation Linkbase#   

104 

 

Cover Page Interactive Data File (Embedded within the Inline XBRL document) 

 

(1) Filed with the SEC on February 5, 2024 as an exhibit to our Registration Statement on Form 10-12G

(2) Filed with the SEC on August 16, 2024 as an exhibit to Current Report on Form 8-K

** Filed herewith

# The XBRL related information in Exhibit 101 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to liability of that section and shall not be incorporated by reference into any filing or other document pursuant to the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing or document.

 

 
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SIGNATURES

 

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

Catalyst Crew Technologies Corp.

 

 

 

 

 

Date: May 19, 2025

By:

/s/ Waqas Nakhwa

 

 

Name:

Waqas Nakhwa

 

 

Title:

Chief Executive Officer & Chief Financial Officer

 

 

 
19