10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934   FOR THE QUARTERLY PERIOD ENDED JANUARY 31, 2023

Commission file number 333-180164

NFiniTi inc.

(Exact name of registrant as specified in its charter)

Nevada

(State or other jurisdiction of incorporation or organization)

Pampana 18

La Cruz, C.P. 63734

La Cruz de Huanacaxtle

Nayarit, Mexico

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

+523 221984348

(Telephone number, including area code)

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

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

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

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

Large accelerated filer	☐	Accelerated filer	☐
Non-Accelerated filer	☒	Smaller reporting company	☒
		Emerging growth company	☒

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

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

State the number of shares outstanding of each of the issuer’s classes of common equity, as of the latest practicable date: 120,000,000 shares as of March 6, 2023

ITEM 1. FINANCIAL INFORMATION

	Page
PART I – FINANCIAL INFORMATION
Item 1. Condensed Financial Statements	3
Item 2. Management’s Discussion and Analysis or Plan of Operation	12
Item 3. Quantitative and Qualitative Disclosures About Market Risk	13
Item 4. Controls and Procedures	13
PART II – OTHER INFORMATION
Item 1. Legal Proceedings	14
Item 1a. Risk Factors	14
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	14
Item 3. Defaults Upon Senior Securities	14
Item 4. Mine Safety Disclosures	14
Item 5. Other Information	14
Item 6. Exhibits	15

2

NFiniTi inc.
Condensed Balance Sheets (Unaudited)
	As of			As of
	January 31, 2023			October 31, 2022
ASSETS
Current Assets
Cash	$	-		$	-
Total Current Assets		-			-
Total Assets	$	-		$	-
LIABILITIES & STOCKHOLDERS' DEFICIT
Current Liabilities
Accounts Payable	$	11,298		$	10,201
Loan Payable - Shareholders		104,519			99,418
Loan Payable - Related Party		6,744			6,744
Total Current Liabilities		122,561			116,363
Commitments and Contingencies
Stockholders' Deficit
Common Stock, $0.001 par value, 450,000,000 shares authorized; 120,000,000 shares issued and outstanding	$	120,000		$	120,000
Additional Paid-In Capital		(60,000	)		(60,000	)
Accumulated Deficit		(182,561	)		(176,363	)
Total Stockholders' Deficit		(122,561	)		(116,363	)
Total Liabilities &
Stockholders' Deficit	$	-		$	-
The Accompanying Notes are an Integral Part of These Financial Statements

3

NFiniTi inc.
Condensed Statements of Operations
(Unaudited)
	Three Months			Three Months
	ended			ended
	January 31, 2023			January 31, 2022
Revenues	$	-		$	-
Expenses
Professional Fees		6,198			18,518
Total Expenses		6,198			18,518
Net Operating Loss		(6,198	)		(18,518	)
Net Loss	$	(6,198	)	$	(18,518	)
Net Loss Per Basic and
Diluted share	$	(0.00	)	$	(0.00	)
Weighted average number of Common Shares outstanding		120,000,000			120,000,000
The Accompanying Notes are an Integral Part of These Financial Statements

4

NFiniTi inc.
Condensed Statements of Changes in Stockholders' Deficit
(Unaudited)
			Common		Additional						Total
	Common		Stock		Paid-in			Accumulated			Stockholders'
	Stock		Amount		Capital			Deficit			Deficit
For the three months ended January 31, 2022
Balance, October 31, 2021		120,000,000	$	120,000	$	(60,000	)	$	(139,893	)	$	(79,893	)
Net loss									(18,518	)		(18,518	)
Balance, January 31, 2022		120,000,000	$	120,000	$	(60,000	)	$	(158,411	)	$	(98,411	)
For the three months ended January 31, 2023
Balance, October 31, 2022		120,000,000	$	120,000	$	(60,000	)	$	(176,363	)	$	(116,363	)
Net loss									(6,198	)		(6,198	)
Balance, January 31, 2023		120,000,000	$	120,000	$	(60,000	)	$	(182,561	)	$	(122,561	)
The Accompanying Notes are an Integral Part of These Financial Statements

5

NFiniTi inc.
Condensed Statements of Cash Flows
(Unaudited)
	Three Months			Three Months
	ended			ended
	January 31, 2023			January 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$	(6,198	)	$	(18,518	)
Adjustments to reconcile net loss to net cash used in operating activities:
Changes in operating assets and liabilities:
Accounts Payable		1,097			12,765
Net cash used in operating activities		(5,101)			(5,753	)
CASH FLOWS FROM INVESTING ACTIVITIES
CASH FLOWS FROM FINANCING ACTIVITIES
Loan Payable - Shareholder		5,101			-
Loan Payable - Related Party		-			5,753
Net cash provided by financing activities		5,101			5,753
Net change in cash		-			-
Cash at beginning of period		-			-
Cash at end of period	$	-		$	-
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid during year for:
Interest	$	-		$	-
Income Taxes	$	-		$	-
The Accompanying Notes are an Integral Part of These Financial Statements

6

NFiniTi inc.

Notes to Condensed Financial Statements

January 31, 2023

(Unaudited)

NOTE 1. ORGANIZATION AND DESCRIPTION OF BUSINESS

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

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

NOTE 2.   SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying unaudited condensed financial statements of the Company have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”), including the instructions to Form 10-Q and Regulation S-X. Certain information and note disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”), have been condensed or omitted from these statements pursuant to such rules and regulations and, accordingly, they do not include all the information and notes necessary for comprehensive financial statements and should be read in conjunction with our audited financial statements included in our Annual Report on Form 10-K for the year ended October 31, 2022.

In the opinion of management, all adjustments, which are of a normal recurring nature, considered necessary for the fair presentation of financial statements for the interim period, have been included.

Basic Earnings (loss) Per Share

ASC No. 260, “Earnings Per Share,” specifies the computation, presentation, and disclosure requirements for earnings (loss) per share for entities with publicly held common stock.   

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

Cash Equivalents

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

Use of Estimates and Assumptions

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

Fair Value of Financial Instruments

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

Income Taxes

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

7

NFiniTi inc.

Notes to Condensed Financial Statements

January 31, 2023

(Unaudited)

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

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

ASC 740, clarifies the accounting for uncertainty in income taxes recognized in the financial statements. ASC 740 provides that a tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits of the position. Income tax positions must meet a more-likely-than-not recognition threshold to be recognized. ASC 740 also provides guidance on measurement, derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. We have determined that the Company does not have uncertain tax positions on its tax returns for the years 2022 and prior. Based on evaluation of the 2021 transactions and events, the Company does not have any material uncertain tax positions that require measurement. Because the Company had a full valuation allowance on its deferred tax assets as of the years ended October 31, 2022 and 2021, the Company has not recognized any tax benefits since inception.

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

Advertising

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

Oil and Gas Properties

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

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

Stock -Based Compensation

The Company accounts for equity awards issued to employees and non-employees for services rendered in accordance with the provisions of ASC 718, “Compensation - Stock Compensation.” These transactions are accounted for based on the grant date fair value of the equity award issued. A resulting compensation expense is recorded over the requisite service period, which is typically the vesting period.

8

NFiniTi inc.

Notes to Condensed Financial Statements

January 31, 2023

(Unaudited)

NOTE 3. RECENT ACCOUNTING PRONOUCEMENTS

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

NOTE 4. GOING CONCERN

The accompanying financial statements are presented on a going concern basis.  The Company has had limited operations during the period from January 23, 2012 (date of inception) to January 31, 2023 and generated an accumulated deficit of $182,561.  This condition raises substantial doubt about the Company’s ability to continue as a going concern.  The Company is currently in the exploration stage with no operations and has minimal expenses, however, management believes that the Company’s current cash is insufficient to cover the expenses they will incur during the next twelve months in a limited operations scenario or until it raises additional funding. The Company has depended upon loans from its president and shareholders for operating capital.  As of January 31, 2023, the Company had a working capital deficit of $122,561 and $0 cash, compared to a working capital deficit of $116,363 and cash of $0 as of October 31, 2022.

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

NOTE 5.   RELATED PARTY TRANSACTIONS

As of January 31, 2023 and October 31, 2022, $6,744 is owed to Michael Noble, current president of the Company from funds loaned by him to the Company and is non-interest bearing with no specific repayment terms.   

The sole officer and director of the Company may, in the future, become involved in other business opportunities as they become available, he may face a conflict in selecting between the Company and his other business opportunities.  The Company has not formulated a policy for the resolution on such conflicts.

9

NOTE 6.  STOCKHOLDERS’ DEFICIT

The stockholders’ deficit section of the Company contains the following classes of capital stock as of January 31, 2023 and October 31, 2022:

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

10

NFiniTi inc.

Notes to Condensed Financial Statements

January 31, 2023

(unaudited)

NOTE 7.  SUBSEQUENT EVENTS

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

11

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

Forward Looking Statements

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

Results of Operations

We generated no revenue for the three-month periods ended January 31, 2023 and 2022.

We incurred operating expenses of $6,198 and $18,518 for the three-month periods ended January 31, 2023 and 2022, respectively. The operating expenses were comprised of professional fees. The decrease was due to the company being current in its filings with the SEC and no additional professional fees were required to bring the company current as in previous periods.

Our net loss for the three months ended January 31, 2023 and 2022 was $6,198 and $18,518, respectively.

Liquidity and Capital Resources

Our cash balance at January 31, 2023 was $0, with $11,298 in accounts payable, $104,519 in loans payable and $6,744 in loans payable to related parties. If we experience a shortage of funds in the next twelve months, we may utilize additional funds from our director, Michael Noble, and our major shareholder, Robert Gelfand, who have agreed to advance funds for operations, however they have no formal commitment, arrangement or legal obligation to advance or loan funds to us.

Net cash used in operating activities was $5,101 during the three months ended January 31, 2023 and net cash used in operating activities was $5,753 during the three months ended January 31, 2022.

Net cash used in investing activities was $0 during the three months ended January 31, 2023 and 2022.

Net cash provided by financing activities was $5,101 during the three months ended January 31, 2023 and net cash provided by financing activities was $5,753 during the three months ended January 31, 2022.

Plan of Operation

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

Our focus for the fiscal year ending October 31, 2023 will be on pursuing other business opportunities to increase shareholder value.

During fiscal 2023, we anticipate spending $10,000 on professional fees, including fees payable for complying with reporting obligations, $5,000 in general administrative costs and $1,500 in working capital. Total expenditures over the next 12 months are therefore expected to be approximately $16,500.

Off-Balance Sheet Arrangements

We have no off-balance sheet arrangements.

12

Going Concern

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

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

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

ITEM 4. CONTROLS AND PROCEDURES.

Evaluation of Disclosure Controls and Procedures

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

In connection with the preparation of this quarterly report on Form 10-Q, an evaluation was carried out by management, with the participation of the Chief Executive Officer and the Chief Financial Officer, of the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of January 31, 2023.

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

Changes in Internal Controls over Financial Reporting

As of the end of the period covered by this report, there have been no changes in the internal controls over financial reporting during the quarter ended January 31, 2023, that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting subsequent to the date of management’s last evaluation.

13

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

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

ITEM 1A. RISK FACTORS

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

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

None.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

There were no defaults upon senior securities during the period ended January 31, 2023.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

None.

14

ITEM 6. EXHIBITS.

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

Exhibit No.	Description
3.1	Articles of Incorporation*
3.2	Bylaws*
31	Sec. 302 Certification of Chief Executive Officer and Chief Financial Officer
32	Sec. 906 Certification of Chief Executive Officer and Chief Financial Officer
101.INS	Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document).
101.SCH	Inline XBRL Taxonomy Extension Schema Document.
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB	Inline XBRL Taxonomy Extension Labels Linkbase Document.
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104	Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101).

15

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	NFiniTi inc. Registrant
Date March 10, 2023	By:	/s/ Michael Noble
		Michael Noble, Chief Executive Officer, Chief Financial Officer and Director

16

EX-31

EXHIBIT 31

Certification of Chief Executive Officer and Chief Financial Officer

pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Michael Noble, certify that:

1.	I have reviewed this report on Form 10-Q of NFiniTi 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 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: March 10, 2023

/s/ Michael Noble

Michael Noble

Chief Executive Officer and Chief Financial Officer

EX-32

EXHIBIT 32

CERTIFICATION OF CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER

PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of NFiniTi inc. (the “Company”) on Form 10-Q for the period ending January 31, 2023 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Michael Noble, Chief Executive Officer and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that:

(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 result of operations of the Company.

IN WITNESS WHEREOF, the undersigned has executed this certification as of the 10^th day of March, 2023.

/s/ Michael Noble

Chief Executive Officer and Chief Financial Officer

XML

Cover - shares	3 Months Ended
	Jan. 31, 2023	Mar. 06, 2023
Cover [Abstract]
Entity Registrant Name	NFiniTi inc.
Entity Central Index Key	0001544400
Document Type	10-Q
Amendment Flag	false
Current Fiscal Year End Date	--10-31
Entity Small Business	true
Entity Shell Company	true
Entity Emerging Growth Company	true
Entity Current Reporting Status	Yes
Document Period End Date	Jan. 31, 2023
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2023
Entity Ex Transition Period	false
Entity Common Stock Shares Outstanding		120,000,000
Document Quarterly Report	true
Entity File Number	333-180164
Entity Incorporation State Country Code	NV
Entity Address Address Line 1	Pampana 18
Entity Address Address Line 2	La Cruz, C.P. 63734
Entity Address Address Line 3	La Cruz de Huanacaxtle
Entity Address City Or Town	Nayarit
Entity Address Country	MX
City Area Code	523
Local Phone Number	221984348
Entity Interactive Data Current	Yes

XML

Condensed Balance Sheets (Unaudited) - USD ($)	Jan. 31, 2023	Oct. 31, 2022
Current Assets
Cash	$ 0	$ 0
Total Current Assets	0	0
Total Assets	0	0
Current Liabilities
Accounts Payable	11,298	10,201
Loan Payable - Shareholders	104,519	99,418
Loan Payable - Related Party	6,744	6,744
Total Current Liabilities	122,561	116,363
Stockholders' Deficit
Common Stock, $0.001 par value, 450,000,000 shares authorized; 120,000,000 shares issued and outstanding	120,000	120,000
Additional Paid-In Capital	(60,000)	(60,000)
Accumulated Deficit	(182,561)	(176,363)
Total Stockholders' Deficit	(122,561)	(116,363)
Total Liabilities & Stockholders' Deficit	$ 0	$ 0

XML

Condensed Balance Sheets (Parenthetical) - $ / shares	Jan. 31, 2023	Oct. 31, 2022	Oct. 31, 2021
Condensed Balance Sheets (Unaudited)
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001	$ 0.001
Common stock, shares authorized	450,000,000	450,000,000	450,000,000
Common stock, shares issued	120,000,000	120,000,000	120,000,000
Common stock, shares outstanding	120,000,000	120,000,000	120,000,000

XML

Condensed Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Jan. 31, 2023	Jan. 31, 2022
Condensed Statements of Operations (Unaudited)
Revenues	$ 0	$ 0
Expenses
Professional Fees	6,198	18,518
Total Expenses	6,198	18,518
Net Operating Loss	(6,198)	(18,518)
Net Loss	$ (6,198)	$ (18,518)
Net Loss Per Basic and Diluted share	$ (0.00)	$ (0.00)
Weighted average number of Common Shares outstanding	120,000,000	120,000,000

XML

Condensed Statements of Changes in Stockholders' Deficit (Unaudited) - USD ($)	Total	Common Stock	Additional Paid-In Capital	Retained Earnings (Accumulated Deficit)
Balance, amount at Oct. 31, 2021	$ (79,893)	$ 120,000	$ (60,000)	$ (139,893)
Balance, shares at Oct. 31, 2021		120,000,000
Net loss	(18,518)			(18,518)
Balance, amount at Jan. 31, 2022	(98,411)	$ 120,000	(60,000)	(158,411)
Balance, shares at Jan. 31, 2022		120,000,000
Balance, amount at Oct. 31, 2022	(116,363)	$ 120,000	(60,000)	(176,363)
Balance, shares at Oct. 31, 2022		120,000,000
Net loss	(6,198)			(6,198)
Balance, amount at Jan. 31, 2023	$ (122,561)	$ 120,000	$ (60,000)	$ (182,561)
Balance, shares at Jan. 31, 2023		120,000,000

XML

Condensed Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Jan. 31, 2023	Jan. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net (loss)	$ (6,198)	$ (18,518)
Changes in operating assets and liabilities:
Accounts Payable	1,097	12,765
Net cash (used in) operating activities	(5,101)	(5,753)
CASH FLOWS FROM FINANCING ACTIVITIES
Loan Payable Shareholder	5,101	0
Loan Payable - Related Party	0	5,753
Net cash provided by financing activities	5,101	5,753
Net change in cash	0	0
Cash at beginning of period	0	0
Cash at end of period	0	0
Cash paid during year for :
Interest	0	0
Income Taxes	$ 0	$ 0

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ORGANIZATION AND DESCRIPTION OF BUSINESS

3 Months Ended

Jan. 31, 2023

ORGANIZATION AND DESCRIPTION OF BUSINESS

NOTE 1. ORGANIZATION AND DESCRIPTION OF BUSINESS

NOTE 1. ORGANIZATION AND DESCRIPTION OF BUSINESS

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

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

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

Jan. 31, 2023

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 2.   SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying unaudited condensed financial statements of the Company have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”), including the instructions to Form 10-Q and Regulation S-X. Certain information and note disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”), have been condensed or omitted from these statements pursuant to such rules and regulations and, accordingly, they do not include all the information and notes necessary for comprehensive financial statements and should be read in conjunction with our audited financial statements included in our Annual Report on Form 10-K for the year ended October 31, 2022.

In the opinion of management, all adjustments, which are of a normal recurring nature, considered necessary for the fair presentation of financial statements for the interim period, have been included.

Basic Earnings (loss) Per Share

ASC No. 260, “Earnings Per Share,” specifies the computation, presentation, and disclosure requirements for earnings (loss) per share for entities with publicly held common stock.   

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

Cash Equivalents

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

Use of Estimates and Assumptions

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

Fair Value of Financial Instruments

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

Income Taxes

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

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

ASC 740, clarifies the accounting for uncertainty in income taxes recognized in the financial statements. ASC 740 provides that a tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits of the position. Income tax positions must meet a more-likely-than-not recognition threshold to be recognized. ASC 740 also provides guidance on measurement, derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. We have determined that the Company does not have uncertain tax positions on its tax returns for the years 2022 and prior. Based on evaluation of the 2021 transactions and events, the Company does not have any material uncertain tax positions that require measurement. Because the Company had a full valuation allowance on its deferred tax assets as of the years ended October 31, 2022 and 2021, the Company has not recognized any tax benefits since inception.

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

Advertising

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

Oil and Gas Properties

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

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

Stock -Based Compensation

The Company accounts for equity awards issued to employees and non-employees for services rendered in accordance with the provisions of ASC 718, “Compensation - Stock Compensation.” These transactions are accounted for based on the grant date fair value of the equity award issued. A resulting compensation expense is recorded over the requisite service period, which is typically the vesting period.

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RECENT ACCOUNTING PRONOUCEMENTS

3 Months Ended

Jan. 31, 2023

RECENT ACCOUNTING PRONOUCEMENTS

NOTE 3. RECENT ACCOUNTING PRONOUCEMENTS

NOTE 3. RECENT ACCOUNTING PRONOUCEMENTS

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

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GOING CONCERN

3 Months Ended

Jan. 31, 2023

GOING CONCERN

NOTE 4. GOING CONCERN

NOTE 4. GOING CONCERN

The accompanying financial statements are presented on a going concern basis.  The Company has had limited operations during the period from January 23, 2012 (date of inception) to January 31, 2023 and generated an accumulated deficit of $182,561.  This condition raises substantial doubt about the Company’s ability to continue as a going concern.  The Company is currently in the exploration stage with no operations and has minimal expenses, however, management believes that the Company’s current cash is insufficient to cover the expenses they will incur during the next twelve months in a limited operations scenario or until it raises additional funding. The Company has depended upon loans from its president and shareholders for operating capital.  As of January 31, 2023, the Company had a working capital deficit of $122,561 and $0 cash, compared to a working capital deficit of $116,363 and cash of $0 as of October 31, 2022.

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

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RELATED PARTY TRANSACTIONS

3 Months Ended

Jan. 31, 2023

RELATED PARTY TRANSACTIONS

NOTE 5. RELATED PARTY TRANSACTIONS

NOTE 5.   RELATED PARTY TRANSACTIONS

As of January 31, 2023 and October 31, 2022, $6,744 is owed to Michael Noble, current president of the Company from funds loaned by him to the Company and is non-interest bearing with no specific repayment terms.   

The sole officer and director of the Company may, in the future, become involved in other business opportunities as they become available, he may face a conflict in selecting between the Company and his other business opportunities.  The Company has not formulated a policy for the resolution on such conflicts.

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STOCKHOLDERS DEFICIT

3 Months Ended

Jan. 31, 2023

STOCKHOLDERS DEFICIT

NOTE 6. STOCKHOLDERS' DEFICIT

NOTE 6.  STOCKHOLDERS’ DEFICIT

The stockholders’ deficit section of the Company contains the following classes of capital stock as of January 31, 2023 and October 31, 2022:

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

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SUBSEQUENT EVENTS

3 Months Ended

Jan. 31, 2023

SUBSEQUENT EVENTS

NOTE 8. SUBSEQUENT EVENTS

NOTE 7.  SUBSEQUENT EVENTS

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

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

3 Months Ended

Jan. 31, 2023

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying unaudited condensed financial statements of the Company have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”), including the instructions to Form 10-Q and Regulation S-X. Certain information and note disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”), have been condensed or omitted from these statements pursuant to such rules and regulations and, accordingly, they do not include all the information and notes necessary for comprehensive financial statements and should be read in conjunction with our audited financial statements included in our Annual Report on Form 10-K for the year ended October 31, 2022.

In the opinion of management, all adjustments, which are of a normal recurring nature, considered necessary for the fair presentation of financial statements for the interim period, have been included.

Basic Earnings (Loss) Per Share

ASC No. 260, “Earnings Per Share,” specifies the computation, presentation, and disclosure requirements for earnings (loss) per share for entities with publicly held common stock.   

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

Cash Equivalents

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

Use of Estimates and Assumptions

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

Fair Value of Financial Instruments

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

Income Taxes

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

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

ASC 740, clarifies the accounting for uncertainty in income taxes recognized in the financial statements. ASC 740 provides that a tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits of the position. Income tax positions must meet a more-likely-than-not recognition threshold to be recognized. ASC 740 also provides guidance on measurement, derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. We have determined that the Company does not have uncertain tax positions on its tax returns for the years 2022 and prior. Based on evaluation of the 2021 transactions and events, the Company does not have any material uncertain tax positions that require measurement. Because the Company had a full valuation allowance on its deferred tax assets as of the years ended October 31, 2022 and 2021, the Company has not recognized any tax benefits since inception.

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

Advertising

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

Oil and Gas Properties

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

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

Stock Based Compensation

The Company accounts for equity awards issued to employees and non-employees for services rendered in accordance with the provisions of ASC 718, “Compensation - Stock Compensation.” These transactions are accounted for based on the grant date fair value of the equity award issued. A resulting compensation expense is recorded over the requisite service period, which is typically the vesting period.

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GOING CONCERN (Details Narrative) - USD ($)	Jan. 31, 2023	Oct. 31, 2022
GOING CONCERN
Working capital deficits	$ (122,561)	$ 116,363
Cash	0	0
Accumulated Deficit	$ (182,561)	$ (176,363)

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RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	Jan. 31, 2023	Oct. 31, 2022
RELATED PARTY TRANSACTIONS
Loan Payable - Related Party	$ 6,744	$ 6,744

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STOCKHOLDERS EQUITY (Details Narrative) - $ / shares	Jan. 31, 2023	Oct. 31, 2022	Oct. 31, 2021
STOCKHOLDERS DEFICIT
Common stock, par value	$ 0.001	$ 0.001	$ 0.001
Common stock, shares authorized	450,000,000	450,000,000	450,000,000
Common stock, shares issued	120,000,000	120,000,000	120,000,000
Common stock, shares outstanding	120,000,000	120,000,000	120,000,000