0001683168-23-001353.txt : 20230307 0001683168-23-001353.hdr.sgml : 20230307 20230307133039 ACCESSION NUMBER: 0001683168-23-001353 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 36 CONFORMED PERIOD OF REPORT: 20230131 FILED AS OF DATE: 20230307 DATE AS OF CHANGE: 20230307 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Tianci International, Inc. CENTRAL INDEX KEY: 0001557798 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 455440446 STATE OF INCORPORATION: NV FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-184061 FILM NUMBER: 23711958 BUSINESS ADDRESS: STREET 1: 20 HOLBECHE ROAD STREET 2: ARNDELL PARK CITY: NSW STATE: C3 ZIP: 2148 BUSINESS PHONE: 61-02-9672-1899 MAIL ADDRESS: STREET 1: 20 HOLBECHE ROAD STREET 2: ARNDELL PARK CITY: NSW STATE: C3 ZIP: 2148 FORMER COMPANY: FORMER CONFORMED NAME: Steampunk Wizards, Inc. DATE OF NAME CHANGE: 20150702 FORMER COMPANY: FORMER CONFORMED NAME: FREEDOM PETROLEUM INC. DATE OF NAME CHANGE: 20120910 10-Q 1 tianci_i10q-013123.htm QUARTERLY REPORT
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Table of Contents

 

U. S. 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

 

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

 

For the transition period from _____ to _____

 

Commission File No. 333-184061

 

  TIANCI INTERNATIONAL, INC.  
  (Exact Name of Registrant in its Charter)  
     
Nevada 45-5440446
(State or Other Jurisdiction of incorporation or organization) (I.R.S. Employer I.D. No.)
   
 

 

20 Holbeche Road, Arndell Park, NSW, Australia 2148

 
 

(Address of Principal Executive Offices)

 

 
  Issuer’s Telephone Number: 61-02-9672-1899  
  (Registrant's telephone number, including area code)  
       

 

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

 

Title of each class Trading Symbol Name of each exchange on which registered
None None Not Applicable

 

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

 

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

 

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

 

Large accelerated Filer ☐ Accelerated Filer ☐
Non-accelerated Filer Smaller reporting company
  Emerging growth company

 

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

 

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

 

APPLICABLE ONLY TO CORPORATE ISSUERS:  Indicate the number of shares outstanding of each of the Registrant's classes of common stock, as of the latest practicable date:

 

March 7, 2023

Common Voting Stock: 5,903,481

 

 

 

   

 

 

TIANCI INTERNATIONAL, INC.

QUARTERLY REPORT ON FORM 10-Q

FOR THE FISCAL QUARTER ENDED JANUARY 31, 2023

 

 

 

TABLE OF CONTENTS

 

Part I. Financial Information Page No.
     
Item 1. Financial Statements (unaudited): 1
     
  Condensed Balance Sheets – January 31, 2023 (Unaudited) and July 31, 2022 1
     
  Condensed Statements of Operations (Unaudited) - for the Three and Six Months Ended January 31, 2023 and 2022 2
     
  Condensed Statement of Changes in Stockholders' Deficit (Unaudited) for the Three and Six Months Ended January 31, 2023 and 2022 3
     
  Condensed Statements of Cash Flows (Unaudited) – for the Six Months Ended January 31, 2023 and 2022 4
     
  Notes to Condensed Financial Statements (Unaudited) 5
     
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 9
     
Item 3. Quantitative and Qualitative Disclosures about Market Risk 12
     
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 14
     
  Signatures 15

 

 

 

 i 

 

 

PART I  –  FINANCIAL INFORMATION

 

ITEM 1 FINANCIAL STATEMENTS

 

TIANCI INTERNATIONAL, INC.

CONDENSED BALANCE SHEETS

(UNAUDITED)

 

   January 31,   July 31, 
   2023   2022 
ASSETS          
Current Assets          
Cash  $13,164   $9,000 
Prepaid expenses   250    1,750 
Prepaid management compensation       11,500 
Total Current Assets   13,414    22,250 
           
TOTAL ASSETS  $13,414   $22,250 
           
LIABILITIES AND STOCKHOLDERS' DEFICIT          
Current Liabilities          
Accounts payable and accrued liabilities (including unpaid accrued compensation to officers and directors of $120,800 and $41,800, respectively)  $123,928   $50,499 
Due to related parties   250,909    194,888 
Total Current Liabilities   374,837    245,387 
           
Total Liabilities   374,837    245,387 
           
Commitments and Contingencies        
           
STOCKHOLDERS' DEFICIT          
Series A Preferred stock, $0.0001 par value; 80,000 shares authorized; 80,000 and 0 shares issued and outstanding as of January 31, 2023 and July 31, 2022, respectively   8     
Undesignated preferred stock, $0.0001 par value; 20,000,000 shares authorized; no shares issued and outstanding        
Common stock, $0.0001 par value, 100,000,000 shares authorized; 2,450,148 shares issued and outstanding   245    245 
Additional paid-in capital   1,501,014    1,477,022 
Accumulated deficit   (1,862,690)   (1,700,404)
Total Stockholders' Deficit   (361,423)   (223,137)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT  $13,414   $22,250 

 

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

 

 

 

 1 

 

 

TIANCI INTERNATIONAL, INC.

CONDENSED STATEMENTS OF OPERATIONS

(UNAUDITED)

                 
   Three Months Ended   Six Months Ended 
   January 31,   January 31, 
   2023   2022   2023   2022 
                 
Revenues  $   $   $   $ 
                     
Operating Expenses                    
General and administrative expenses   45,086    45,964    91,377    76,660 
Professional fees   60,133    11,993    70,909    28,443 
Total Operating Expenses   105,219    57,957    162,286    105,103 
                     
Loss from Operations   (105,219)   (57,957)   (162,286)   (105,103)
                     
Other Income (Expense)                    
Other expenses                
Total Other Income (Expense)                
                     
Loss before Income Taxes   (105,219)   (57,957)   (162,286)   (105,103)
Provision for income taxes                
Net Loss  $(105,219)  $(57,957)  $(162,286)  $(105,103)
                     
Basic and diluted loss per common share  $(0.04)  $(0.02)  $(0.07)  $(0.04)
Basic and diluted weighted average common shares outstanding   2,450,148    2,450,148    2,450,148    2,450,148 

 

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

 

 

 

 2 

 

 

TIANCI INTERNATIONAL, INC.

CONDENSED STATEMENTS OF CHANGES IN STOCKHOLDERS’ DEFICIT

(UNAUDITED)

 

For the Three and Six Months Ended January 31, 2023

                                           
   Common Stock   Series A Preferred Stock   Additional       Total 
   Number of Shares   Amount   Number of Shares   Amount  

Paid-in

Capital

  

Accumulated

Deficit

  

Shareholders’

Deficit

 
                             
Balance - July 31, 2022   2,450,148   $245       $   $1,477,022   $(1,700,404)  $(223,137)
Net loss for the period                       (57,067)   (57,067)
Balance - October 31, 2022   2,450,148    245            1,477,022    (1,757,471)   (280,204)
Net loss for the period                       (105,219)   (105,219)
Sale of preferred shares           80,000    8    23,992        24,000 
Balance - January 31, 2023   2,450,148   $245    80,000   $8   $1,501,014   $(1,862,690)  $(361,423)

 

For the Three and Six Months Ended January 31, 2022

                                     
   Common Stock                   Additional       Total 
  

Number of

Shares

   Amount                  

Paid-in

Capital

  

Accumulated

Deficit

  

Shareholders’

Deficit

 
                                     
Balance - July 31, 2021   2,450,148   $245     –            $1,127,306   $(1,452,661)  $(325,110)
Debt forgiveness by former related parties                       349,716        349,716 
Net loss for the period                           (47,146)   (47,146)
Balance - October 31, 2021   2,450,148    245                1,477,022    (1,499,807)   (22,540)
Net loss for the period                           (57,957)   (57,957)
Balance - January 31, 2022   2,450,148   $245               $1,477,022   $(1,557,764)  $(80,497)

 

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

 

 

 

 

 

 

 

 

 3 

 

 

TIANCI INTERNATIONAL, INC.

CONDENSED STATEMENTS OF CASH FLOWS

(UNAUDITED)

         
   Six Months Ended 
   January 31, 
   2023   2022 
         
CASH FLOWS FROM OPERATING ACTIVITIES          
Net loss  $(162,286)  $(105,103)
Adjustments to reconcile net loss to net cash used in operating activities:          
Changes in operating assets and liabilities:          
Prepaid expenses   1,500    7,000 
Prepaid management compensation   11,500    (11,500)
Accounts payable and accrued liabilities   73,429    11,294 
Net cash used in operating activities   (75,857)   (98,309)
           
CASH FLOWS FROM FINANCING ACTIVITIES          
Proceeds from related parties   56,021    95,560 
Repayment to related parties       (1,202)
Sale of preferred shares   24,000     
Net cash provided by financing activities   80,021    94,358 
           
Net change in cash   4,164    (3,951)
Cash - beginning of period   9,000    3,951 
Cash - end of period  $13,164   $ 
           
Supplemental Cash Flow Disclosures          
Cash paid for interest  $   $ 
Cash paid for income taxes  $   $ 
           
Non-cash financing and investing activities          
Debt forgiveness by related parties  $   $349,716 

 

The accompanying notes are an integral part of these unaudited condensed financial statement

 

 

 

 4 

 

 

TIANCI INTERNATIONAL, INC.

Notes To Condensed Financial Statements

Three and Six Months Ended January 31, 2023 and 2022

(Unaudited)

 

NOTE 1 – DESCRIPTION OF BUSINESS

 

Tianci International, Inc. (the “Company”, “Tianci”) was incorporated under the laws of the State of Nevada as Freedom Petroleum, Inc. on June 13, 2012. In May 2015, the Company changed its name to Steampunk Wizards, Inc. and on November 9, 2016, the Company changed its name to Tianci International, Inc. The Company is a holding company and, as of January 31, 2023, it had no subsidiaries and no business operations. The Company’s fiscal year end is July 31.

 

NOTE 2 – GOING CONCERN MATTERS

 

As of January 31, 2023, the Company had $13,164 in cash. The Company incurred a net loss of $162,286 and used $75,857 in cash for operating activities during the six months ended January 31, 2023.

 

The Company’s insignificant cash balance at January 31, 2023 and its absence of revenues raised substantial doubt about the Company’s ability to continue as a going concern absent a significant change in its financial condition and business. Effective March 3, 2023, the Company acquired the capital stock of RQS United Group Limited, which owns 90% of the equity in Roshing International Co., Ltd., which is engaged in the business of distributing electronic components and providing software services. (See: Note 6 “Subsequent Events”.)

 

The ability of the Company to continue as a going concern will depend upon whether Roshing International Co., Ltd. can operate profitably and whether the Company’s management can expand the operations of Roshing International and/or complement them with additional acquisitions, as well as attract such financing as may be necessary for such business expansion. The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty.

 

NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Basis of Presentation

 

The interim financial information referred to above has been prepared and presented in U.S. dollars in conformity with accounting principles generally accepted in the United States applicable to interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. The interim financial information has been prepared on a basis consistent with prior interim periods and years and includes all disclosures that are necessary and required by applicable laws and regulations. These interim financial statements include all adjustments that, in the opinion of management, are necessary in order to make the financial statements not misleading. This report on Form 10-Q should be read in conjunction with the Company’s financial statements and notes thereto included in the Company’s Form 10-K for the fiscal year ended July 31, 2022, filed on October 31, 2022.

 

Results of the six months ended January 31, 2023 are not necessarily indicative of the results that may be expected for the year ended July 31, 2023 or any other future periods.

 

 

 

 5 

 

 

TIANCI INTERNATIONAL, INC.

Notes To Condensed Financial Statements

Three and Six Months Ended January 31, 2023 and 2022

(Unaudited)

 

Use of Estimates

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. The estimates and judgments will also affect the reported amounts for certain revenues and expenses during the reporting period. Actual results could differ from these good faith estimates and judgments.

 

Cash and Cash Equivalents

 

Cash and cash equivalents include cash on hand, cash in trust, and all highly liquid debt instruments with original maturities of six months or less. The Company had $13,164 and $9,000 in cash and cash equivalents as of January 31, 2023, and July 31, 2022, respectively.

 

Fair Value Measurements

 

The carrying amounts of the Company’s financial instruments, including cash and accounts payable and accrued liabilities, approximate fair value because of their short maturities.

  

Recent Accounting Pronouncements

 

Management has considered all recently issued accounting pronouncements and their potential effect on the financial statements. The Company's management believes that these recent pronouncements will not have a material effect on the Company's condensed financial statements.

 

NOTE 4 – DUE TO RELATED PARTIES AND RELATED PARTY TRANSACTIONS

 

Due to related parties consist of:

Schedule of due to related parties  January 31,   July 31, 
   2023   2022 
Due to Zhigang Pei, Tianci chief executive officer from August 26, 2021 to January 27, 2023  $220,909   $194,888 
           
Due to RQS Capital Limited, an entity which by its acquisition of 80,000 shares of the Company’s Series A Preferred Stock on January 27,2023 has voting control of the Company   30,000     
           
TOTAL  $250,909   $194,888 

 

These liabilities are unsecured, non-interest bearing, and due on demand.

 

On August 26, 2021, pursuant to a Stock Purchase Agreement dated on August 6, 2021, Chuah Su Mei, the Company’s former Chief Executive Officer, President and Director and all other former officers forgave all amounts due to them from the Company. In regard to this forgiveness, the Company recognized debt forgiveness by related parties of $349,716 as additional paid-in-capital during the quarter ended October 31, 2021.

 

Employment agreements and director retainer agreements

 

On August 27, 2021, the Company executed three employment agreements and three director retainer agreements with its officers and directors. The agreements have terms of 3 years and each provide for monthly compensation in amounts ranging from $1,300 per month to $3,900 per month.

 

For the six months ended January 31, 2023 and 2022, we accrued management compensation expenses of $90,500 and $76,500, respectively. These amounts are included in “general and administrative expenses” in the accompanying condensed statement of operations.

 

 

 6 

 

 

TIANCI INTERNATIONAL, INC.

Notes To Condensed Financial Statements

Three and Six Months Ended January 31, 2023 and 2022

(Unaudited)

 

NOTE 5 – STOCKHOLDERS EQUITY

 

On January 26, 2023 the Company filed with the Nevada Secretary of State a Certificate of Amendment of Articles of Incorporation (the “Amendment”). The Amendment amended Article 3 of the Company’s Articles of Incorporation to provide that the authorized capital stock of the Company will be 120,080,000 shares of capital stock consisting of 100,000,000 shares of common stock, $0.0001 par value, 80,000 shares of Series A Preferred Stock, $0.0001 par value, and 20,000,000 shares of undesignated preferred stock, $0.0001 par value.

 

The following table sets forth information, as of January 31, 2023, regarding the classes of capital stock that are authorized by the Articles of Incorporation of Tianci International, Inc.

           
Class  Shares Authorized   Shares Outstanding 
Common Stock, $.0001 par value   100,000,000    2,450,148 
Series A Preferred Stock, $.0001 par value   80,000    80,000 
Undesignated Preferred Stock, $.0001 par value   20,000,000    0 

 

Series A Preferred Stock

 

Each share of Series A Preferred Stock may be converted by the holder of the share into 100 shares of common stock, subject to equitable adjustment of the conversion rate. Each holder of Series A Preferred Stock will have voting rights equal to the holder of the number of shares of common stock into which the Series A Preferred Stock is convertible. Upon liquidation of the Company, each holder of Series A Preferred Stock will be entitled to receive, out of the net assets of the Company, $0.01 per share, then to share in the distribution on an as-converted basis.

 

Undesignated Preferred Stock

 

The Board of Directors has the authority, without shareholder approval, to amend the Company’s Articles of Incorporation to divide the class of undesignated Preferred Stock into series, and to determine the relative rights and preferences of the shares of each series, including (i) voting power, (ii) the rate of dividend, (iii) the price at which, and the terms and conditions on which, the shares may be redeemed, (iv) the amount payable upon the shares in the event of liquidation, (v) any sinking fund provision for the redemption or purchase of the shares, and (vi) the terms and conditions on which the shares may be converted to shares of another series or class, if the shares of any series are issued with the privilege of conversion.

 

Equity Transactions

 

On January 27, 2023, the Company sold 80,000 shares of Series A Preferred Stock to RQS Capital Limited. The shares were sold for a cash payment of $24,000.

 

 

 

 7 

 

 

TIANCI INTERNATIONAL, INC.

Notes To Condensed Financial Statements

Three and Six Months Ended January 31, 2023 and 2022

(Unaudited)

 

NOTE 6 – SUBSEQUENT EVENTS

 

Incorporation of Subsidiary Company

 

On February 13, 2023, the Company incorporated a fully owned subsidiary Tianci Group Holding Limited in the Republic of Seychelles.

 

Sale of Common Stock

 

On March 1, 2023 the Company entered into agreements to sell a total of 1,253,333 shares of our common stock to 13 investors for a price of U.S.$0.30 per share, i.e. an aggregate price of U.S. $376,000). The shares were issued in a private offering to investors that were acquiring the shares each for his or her own account. The offering, therefore, was exempt from registration under the Securities Act of 1933 pursuant to Section 4(a)(2) of the Securities Act. The sale was also exempt from registration pursuant to Rule 902(1)(i) of Regulation S, as the purchasers were non-U.S. persons and Rule 903 was complied with.

 

Acquisition of RQS United Group Limited.

 

On March 3, 2023 the Company entered into a Share Exchange Agreement with RQS United Group Limited (“RQS United”) and RQS Capital Limited (“RQS Capital”), which was the sole shareholder of RQS United (the “Exchange Agreement”). RQS United owns 90% of the equity in Roshing International Co., Ltd. (“Roshing”), which is engaged in the business of distributing electronic components and providing software services. Pursuant to the Exchange Agreement, on March 6, 2023 RQS Capital transferred all of the issued and outstanding capital stock of RQS United to the Company, and the Company issued to RQS Capital 1,500,000 shares of our common stock and paid a cash price of $350,000 (the “Share Exchange”). Pursuant to the Exchange Agreement, the Company also issued a total of 700,000 shares of our common stock to nine employees or affiliates of Roshing to induce continued services to Roshing.

 

Prior to the Share Exchange, the Company was a shell company as defined in Rule 12b-2 under the Exchange Act. As a result of the transactions under the Exchange Agreement, the Company ceased to be a shell company.

 

 

* * * *

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 8 

 

 

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

 

Overview; Termination of Shell Company Status

 

From October 2016 until March 3, 2023 Tianci was a shell company, as defined in Rule 12b-2 under the Exchange Act. It had no subsidiaries and no business operations. On March 3, 2023, however, we acquired the outstanding capital stock of RQS United Group Limited ("RQS United"). RQS United owns 90% of the capital stock of Roshing International Co., Ltd. (“Roshing”), an operating company. As a result of the acquisition, we ceased to be a shell company.  

 

Roshing was incorporated on June 22, 2011 and is engaged in the sale of components to manufacturers of electronic devices as well as development of software and websites, technical consulting, and providing maintenance support on customized software. Roshing’s business is primarily carried out in Hong Kong, although it realizes a substantial portion of its software development and related services revenue in Singapore.

 

For information regarding the business carried on by Roshing, including the consolidated financial results of RQS United for the past two fiscal years and subsequent interim period, please see the Current Report on Form 8-K filed by Tianci on March 6, 2023.

 

Results of Operations

 

The following table provides selected financial data about Tianci as of January 31, 2023 and July 31, 2022 and for the six months ended January 31, 2023 and 2022.

 

Balance Sheet Data

 

   January 31,   July 31,     
   2023   2022   Change 
             
Cash  $13,164   $9,000   $4,164 
Total assets   13,414    22,250    (8,836)
Total liabilities   374,837    245,387    129,450 
Stockholders' deficit  $(361,423)  $(223,137)  $(138,286)

 

Summary Income Statement Data

 

Three Months Ended January 31, 2023, Compared to Three Months Ended January 31, 2022

 

   Three Months Ended     
   January 31     
   2023   2022   Change 
Net Revenue  $   $   $ 
Total Operating Expenses   105,219    57,957    47,262 
Loss From Operations   (105,219)   (57,957)   (47,262)
Net Loss  $(105,219)  $(57,957)  $(47,262)

 

 

 

 9 

 

 

Revenue. During the three months ended January 31, 2023, and 2022, we did not generate any revenues.

 

Operating Expenses. Operating expenses were $105,219 and $57,957 for the three months ended January 31, 2023 and 2022, respectively. Operating expenses mainly consisted of professional fees, executive compensation and office and miscellaneous expenses. The increase in operating expenses resulted primarily from the increase in accounting and legal related professional fees.

 

Loss from Operations. For the three months ended January 31, 2023, and 2022, we incurred a loss from operations of $105,219 and $57,957, respectively. The increase in loss from operations was attributable to the increase in our operating expenses. 

 

Net Loss. For the three months ended January 31, 2023, and 2022, we incurred a net loss of $105,219 and $57,957, respectively. The increase in net loss was primarily attributable to the increase in our operating expenses.

 

Six Months Ended January 31, 2023, Compared to Six Months Ended January 31, 2022

 

   Six Months Ended     
   January 31,     
   2023   2022   Change 
Net Revenue  $   $   $ 
Total Operating Expenses   162,286    105,103    57,183 
Loss From Operations   (162,286)   (105,103)   (57,183)
Other Expenses            
Net Loss  $(162,286)  $(105,103)  $(57,183)

 

Revenue. During the six months ended January 31, 2023, and 2022, we did not generate any revenues.

 

Operating Expenses. Operating expenses were $162,286 and $105,103 for the six months ended January 31, 2023 and 2022, respectively. Operating expenses mainly consisted of executive compensation, professional fees, and office and miscellaneous expenses. The increase in operating expenses resulted primarily from the increase in accounting and legal related professional fees.

 

Loss from Operations. For the six months ended January 31, 2023, and 2022, we incurred a loss from operations of $162,286 and $105,103, respectively. The increase in loss from operations was attributable to the increase in our operating expenses.

 

Other expenses. For the six months ended January 31, 2023, and 2022, we did not incur any other expenses. Other expenses consisted of an income tax penalty.

 

Net Loss. For the six months ended January 31, 2023, and 2022, we incurred a net loss of $162,286 and $105,103, respectively. The increase in net loss was primarily attributable to the increase in our operating expenses.

 

 

 

 10 

 

 

Liquidity and Capital Resources

 

Working Capital

 

   January 31,   July 31,     
   2023   2022   Change 
Current Assets  $13,414   $22,250   $8,836)
Current Liabilities   374,837    245,387    129,450 
Working Capital (Deficiency)  $(361,423)  $(223,137)  $(138,286)

 

As of January 31, 2023, we had a working capital deficit of $361,423 as compared to a working capital deficit of $223,137 as of July 31, 2022. The increase in working capital deficit was mainly due to the increase in accounts payable and accrued liabilities and due to related parties.

 

Cash Flows

 

   Six Months Ended 
   January 31, 
   2023   2022 
Cash used in operating activities  $(75,857)  $(98,309)
Cash provided by investing activities        
Cash provided by financing activities   80,021    94,358 
Net change in cash and cash equivalents  $4,164   $(3,951)

 

Cash Flow from Operating Activities

 

During the six months ended January 31, 2023, net cash used in operating activities was $75,857, compared to $98,309 for the six months ended January 31, 2022. The decrease in net cash used in operating activities was mainly due to the increase in accounts payable and accrued liabilities offset by the increase in net loss.

 

Cash Flow from Investing Activities

 

During the six months ended January 31, 2023 and 2022, we had no cash flow from investing activities.

  

 

 

 11 

 

 

Cash Flow from Financing Activities

 

During the six months ended January 31, 2023, net cash provided by financing activities was $80,021, compared to $94,358 for the six months ended January 31, 2022. The decrease in net cash provided by financing activities was mainly due to the decrease in proceeds from related parties offset by cash received from the sale of preferred shares.

 

On January 27, 2023, we sold 80,000 shares of Series A Preferred Stock to RQS Capital Limited. The shares were sold for a cash payment of $24,000, which was contributed to our capital on behalf of RQS Capital Limited by members of its management. Each share of Series A Preferred Stock may be converted by the holder of the share into 100 shares of common stock, subject to equitable adjustment of the conversion rate. The holder of Series A Preferred Stock will have voting rights equal to the holder of the number of shares of common stock into which the Series A Preferred Stock is convertible. The Series A Preferred Stock purchased by RQS Capital Limited helds 76.55% of the aggregate voting power of the Company on January 27, 2023. As a result of its ownership of the Series A Shares, RQS Capital holds a controlling interest in the Company.

 

Off-Balance Sheet Arrangements

 

We do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, revenues or expenses, results of operations, liquidity, capital expenditures, or capital resources.

 

Critical Accounting Policies

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities in the financial statements and accompanying notes. The SEC has defined a company’s critical accounting policies as the ones that are most important to the portrayal of the company’s financial condition and results of operations, and which require the company to make its most difficult and subjective judgments, often as a result of the need to make estimates of matters that are inherently uncertain. Based on this definition, we have not identified any additional critical accounting policies and judgments. We also have other key accounting policies, which involve the use of estimates, judgments and assumptions that are significant to understanding our results, which are described in Note 3 to our financial statements. Although we believe that our estimates, assumptions and judgments are reasonable, they are based upon information presently available. Actual results may differ significantly from these estimates under different assumptions, judgments or conditions.

 

Impact of Accounting Pronouncements

 

There were no recent accounting pronouncements that have or will have a material effect on the Corporation’s financial position or results of operations.

 

ITEM 3QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

Not applicable.

 

 

 

 12 

 

 

ITEM 4CONTROLS AND PROCEDURES

 

Evaluation of Disclosure Controls and Procedures.

 

Our management is responsible for establishing and maintaining a system of disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act) that is designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Commission’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated and communicated to the issuer’s management, including its principal executive officer or officers and principal financial officer or officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

 

An evaluation was conducted under the supervision and with the participation of our management of the effectiveness of the design and operation of our disclosure controls and procedures as of January 31, 2023. Based on that evaluation, our management concluded that our disclosure controls and procedures were not effective as of such date to ensure that information required to be disclosed in the reports that we file or submit under the Exchange Act, is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms as a result of the following material weaknesses:

 

  · Because of the company’s limited resources, there are limited controls over information processing.
     
  · There is an inadequate segregation of duties consistent with control objectives. Our Company’s management is limited in number, resulting in a situation where limitations on segregation of duties exist. In order to remedy this situation, we would need to hire additional staff to provide greater segregation of duties. Currently, it is not feasible to hire additional staff to obtain optimal segregation of duties. Management will reassess this matter in the following year to determine whether improvement in segregation of duty is feasible.
     
  · The Company does not have a sitting audit committee financial expert, and thus the Company lacks the board oversight role within the financial reporting process.
     
  · There is a lack of formal policies and procedures necessary to adequately review significant accounting transactions. The Company utilizes a third-party independent contractor for the preparation of its financial statements. Although the financial statements and footnotes are reviewed by our management, we do not have a formal policy to review significant accounting transactions and the accounting treatment of such transactions. The third-party independent contractor is not involved in the day to day operations of the Company and may not be provided information from management on a timely basis to allow for adequate reporting/consideration of certain transactions.

 

Our management will continue to monitor and evaluate the effectiveness of our internal controls and procedures and our internal controls over financial reporting on an ongoing basis and is committed to taking further action and implementing additional enhancements or improvements, as necessary and as funds allow.

 

Changes in Internal Controls

 

There have been no changes in our internal controls over financial reporting identified in connection with the evaluation required by paragraph (d) of Securities Exchange Act Rule 13a-15 or Rule 15d-15 that occurred in the quarter ended January 31, 2023 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

 

 

 13 

 

 

PART II  –  OTHER INFORMATION

 

Item 1. Legal Proceedings
  None.
   
Item 1A Risk Factors
  As a “smaller reporting company”, we are not required to provide the information required by this Item.
   
Item 2 Unregistered Sale of Securities and Use of Proceeds
  (a) Unregistered sales of equity securities 
  There were no unregistered sales of equity securities by the Company during the second quarter of fiscal year 2023, other than those reported in Current Reports on Form 8-K.
   
  (c) Purchases of equity securities
  The Company did not repurchase any of its equity securities that were registered under Section 12 of the Securities Exchange Act during the second quarter of fiscal year 2023.
   
Item 3. Defaults Upon Senior Securities.
  None.
   
Item 4. Mine Safety Disclosures.
  Not Applicable.
   
Item 5.  Other Information.
  None.
   
Item 6. Exhibits

  

  31-a(1) Rule 13a-14(a) Certification of CEO
  31-a(2) Rule 13a-14(a) Certification of CFO
  32-a(1) Rule 13a-14(b) Certification of CEO
  32-a(2) Rule 13a-14(b) Certification of CFO
  101.INS Inline XBRL Instance Document—the instance document does not appear in the Interactive Data File as its XBRL tags are embedded within the Inline XBRL document
  101.SCH Inline XBRL Schema
  101.CAL Inline XBRL Calculation
  101.DEF Inline XBRL Definition
  101.LAB Inline XBRL Label
  101.PRE Inline XBRL Presentation
  104 Cover page formatted as inline XBRL and contained in Exhibit 101

 

 

 

 

 

 

 

 14 

 

 

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.

 

  TIANCI INTERNATIONAL, INC.
   
Date: March 7, 2023

By: /s/ Shufang Gao

Shufang Gao, Chief Executive Officer

   
   
  TIANCI INTERNATIONAL, INC.
   
Date: March 7, 2023

By: /s/ Zhigang Pei

Zhigang Pei, Chief Financial and Accounting Officer

 

 

 

 

* * * * *

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 15 

EX-31.1 2 tianci_ex31a1.htm CERTIFICATION

EXHIBIT 31-a(1)

 

Rule 13a-14(a) Certification of CEO

 

 

I, Shufang Gao, certify that:

 

1. I have reviewed this quarterly report on Form 10-Q of Tianci International, 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 officers 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 controls 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 controls over financial reporting, or caused such internal controls 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 officers and I have disclosed, based on our most recent evaluation of internal controls over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

a) All significant deficiencies and material weaknesses in the design or operation of internal controls 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 controls over financial reporting.

 

 

Date: March 7, 2023 By: /s/ Shufang Gao
  Shufang Gao, Chief Executive Officer

 

 

* * * * *

 

EX-31.2 3 tianci_ex31a2.htm CERTIFICATION

EXHIBIT 31-a(2)

 

Rule 13a-14(a) Certification of CFO

 

I, Zhigang Pei, certify that:

 

1. I have reviewed this quarterly report on Form 10-Q of Tianci International, 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 officers 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 controls 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 controls over financial reporting, or caused such internal controls 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 officers and I have disclosed, based on our most recent evaluation of internal controls over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

a) All significant deficiencies and material weaknesses in the design or operation of internal controls 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 controls over financial reporting.

 

 

Date: March 7, 2023 By: /s/ Zhigang Pei
  Zhigang Pei, Chief Financial Officer

 

 

 

 

* * * * *

EX-32.1 4 tianci_ex32a1.htm CERTIFICATION

EXHIBIT 32-a(1)

 

Rule 13a-14(b) Certification of CEO

 

 

Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned officer of Tianci International, Inc. (the “Company”) certifies that:

 

1.       The Quarterly Report on Form 10-Q of the Company for the period ended January 31, 2023 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and

 

2.       The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

 

Date: March 7, 2023 By: /s/ Shufang Gao
  Shufang Gao, Chief Executive Officer

 

 

 

 

* * * * *

 

EX-32.2 5 tianci_ex32a2.htm CERTIFICATION

EXHIBIT 32-a(2)

 

Rule 13a-14(b) Certification of CFO

 

 

Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned officer of Tianci International, Inc. (the “Company”) certifies that:

 

1.       The Quarterly Report on Form 10-Q of the Company for the period ended January 31, 2023 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and

 

2.       The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

 

Date: March 7, 2023 By: /s/ Zhigang Pei
  Zhigang Pei, Chief Financial Officer

 

 

 

* * * * *

 

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Jul. 31, 2022
Current Assets    
Cash $ 13,164 $ 9,000
Prepaid expenses 250 1,750
Prepaid management compensation 0 11,500
Total Current Assets 13,414 22,250
TOTAL ASSETS 13,414 22,250
Current Liabilities    
Accounts payable and accrued liabilities (including unpaid accrued compensation to officers and directors of $120,800 and $41,800, respectively) 123,928 50,499
Due to related parties 250,909 194,888
Total Current Liabilities 374,837 245,387
Total Liabilities 374,837 245,387
Commitments and Contingencies
STOCKHOLDERS' DEFICIT    
Common stock, $0.0001 par value, 100,000,000 shares authorized; 2,450,148 shares issued and outstanding 245 245
Additional paid-in capital 1,501,014 1,477,022
Accumulated deficit (1,862,690) (1,700,404)
Total Stockholders' Deficit (361,423) (223,137)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT 13,414 22,250
Series A Preferred Stock [Member]    
STOCKHOLDERS' DEFICIT    
Preferred Stock, Value, Issued 8 0
Undesignated Preferred Stock [Member]    
STOCKHOLDERS' DEFICIT    
Preferred Stock, Value, Issued $ 0 $ 0
XML 13 R3.htm IDEA: XBRL DOCUMENT v3.22.4
Condensed Balance Sheets (Unaudited) (Parenthetical) - $ / shares
Jan. 31, 2023
Jul. 31, 2022
Common Stock, Par or Stated Value Per Share $ 0.0001 $ 0.0001
Common Stock, Shares Authorized 100,000,000 100,000,000
Common Stock, Shares, Issued 2,450,148 2,450,148
Common Stock, Shares, Outstanding 2,450,148 2,450,148
Series A Preferred Stock [Member]    
Preferred Stock, Par or Stated Value Per Share $ 0.0001 $ 0.0001
Preferred Stock, Shares Authorized 80,000 80,000
Preferred Stock, Shares Issued 80,000 0
Preferred Stock, Shares Outstanding 80,000 0
Undesignated Preferred Stock [Member]    
Preferred Stock, Par or Stated Value Per Share $ 0.0001 $ 0.0001
Preferred Stock, Shares Authorized 20,000,000 20,000,000
Preferred Stock, Shares Issued 0 0
Preferred Stock, Shares Outstanding 0 0
XML 14 R4.htm IDEA: XBRL DOCUMENT v3.22.4
Condensed Statements of Operations (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jan. 31, 2023
Jan. 31, 2022
Jan. 31, 2023
Jan. 31, 2022
Income Statement [Abstract]        
Revenues $ 0 $ 0 $ 0 $ 0
Operating Expenses        
General and administrative expenses 45,086 45,964 91,377 76,660
Professional fees 60,133 11,993 70,909 28,443
Total Operating Expenses 105,219 57,957 162,286 105,103
Loss from Operations (105,219) (57,957) (162,286) (105,103)
Other Income (Expense)        
Other expenses 0 0 0 0
Total Other Income (Expense) 0 0 0 0
Loss before Income Taxes (105,219) (57,957) (162,286) (105,103)
Provision for income taxes 0 0 0 0
Net Loss $ (105,219) $ (57,957) $ (162,286) $ (105,103)
XML 15 R5.htm IDEA: XBRL DOCUMENT v3.22.4
Condensed Statements of Operations (Unaudited) (Parenthetical) - $ / shares
3 Months Ended 6 Months Ended
Jan. 31, 2023
Jan. 31, 2022
Jan. 31, 2023
Jan. 31, 2022
Income Statement [Abstract]        
Earnings Per Share, Diluted $ 0.04 $ 0.02 $ 0.07 $ 0.04
Earnings Per Share, Basic $ 0.04 $ 0.02 $ 0.07 $ 0.04
Weighted Average Number of Shares Outstanding, Basic 2,450,148 2,450,148 2,450,148 2,450,148
Weighted Average Number of Shares Outstanding, Diluted 2,450,148 2,450,148 2,450,148 2,450,148
XML 16 R6.htm IDEA: XBRL DOCUMENT v3.22.4
Condensed Statements of Changes in Stockholders' Deficit (Unaudited) - USD ($)
Common Stock [Member]
Preferred Stock Series A [Member]
Additional Paid-in Capital [Member]
Retained Earnings [Member]
Total
Balance - October 31, 2021 at Jul. 31, 2021 $ 245 $ 1,127,306 $ (1,452,661) $ (325,110)
Shares, Outstanding, Beginning Balance at Jul. 31, 2021 2,450,148        
Net loss for the period (47,146) (47,146)
Debt forgiveness by former related parties 349,716 349,716
Balance - January 31, 2022 at Oct. 31, 2021 $ 245 1,477,022 (1,499,807) (22,540)
Shares, Outstanding, Ending Balance at Oct. 31, 2021 2,450,148        
Balance - October 31, 2021 at Jul. 31, 2021 $ 245 1,127,306 (1,452,661) (325,110)
Shares, Outstanding, Beginning Balance at Jul. 31, 2021 2,450,148        
Net loss for the period         (105,103)
Debt forgiveness by former related parties         349,716
Balance - January 31, 2022 at Jan. 31, 2022 $ 245 1,477,022 (1,557,764) (80,497)
Shares, Outstanding, Ending Balance at Jan. 31, 2022 2,450,148        
Balance - October 31, 2021 at Oct. 31, 2021 $ 245 1,477,022 (1,499,807) (22,540)
Shares, Outstanding, Beginning Balance at Oct. 31, 2021 2,450,148        
Net loss for the period (57,957) (57,957)
Balance - January 31, 2022 at Jan. 31, 2022 $ 245 1,477,022 (1,557,764) (80,497)
Shares, Outstanding, Ending Balance at Jan. 31, 2022 2,450,148        
Balance - October 31, 2021 at Jul. 31, 2022 $ 245 1,477,022 (1,700,404) (223,137)
Shares, Outstanding, Beginning Balance at Jul. 31, 2022 2,450,148 0      
Net loss for the period (57,067) (57,067)
Balance - January 31, 2022 at Oct. 31, 2022 $ 245 1,477,022 (1,757,471) (280,204)
Shares, Outstanding, Ending Balance at Oct. 31, 2022 2,450,148 0      
Balance - October 31, 2021 at Jul. 31, 2022 $ 245 1,477,022 (1,700,404) (223,137)
Shares, Outstanding, Beginning Balance at Jul. 31, 2022 2,450,148 0      
Net loss for the period         (162,286)
Debt forgiveness by former related parties         0
Balance - January 31, 2022 at Jan. 31, 2023 $ 245 $ 8 1,501,014 (1,862,690) (361,423)
Shares, Outstanding, Ending Balance at Jan. 31, 2023 2,450,148 80,000      
Balance - October 31, 2021 at Oct. 31, 2022 $ 245 1,477,022 (1,757,471) (280,204)
Shares, Outstanding, Beginning Balance at Oct. 31, 2022 2,450,148 0      
Net loss for the period (105,219) (105,219)
Sale of preferred shares $ 8 23,992 24,000
Sale of preferred shares   80,000      
Balance - January 31, 2022 at Jan. 31, 2023 $ 245 $ 8 $ 1,501,014 $ (1,862,690) $ (361,423)
Shares, Outstanding, Ending Balance at Jan. 31, 2023 2,450,148 80,000      
XML 17 R7.htm IDEA: XBRL DOCUMENT v3.22.4
Condensed Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Oct. 31, 2021
Jan. 31, 2023
Jan. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES      
Net loss $ (47,146) $ (162,286) $ (105,103)
Changes in operating assets and liabilities:      
Prepaid expenses   1,500 7,000
Prepaid management compensation   11,500 (11,500)
Accounts payable and accrued liabilities   73,429 11,294
Net cash used in operating activities   (75,857) (98,309)
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from related parties   56,021 95,560
Repayment to related parties   0 (1,202)
Sale of preferred shares   24,000
Net cash provided by financing activities   80,021 94,358
Net change in cash   4,164 (3,951)
Cash - beginning of period 3,951 9,000 3,951
Cash - end of period   13,164 0
Supplemental Cash Flow Disclosures      
Cash paid for interest   0 0
Cash paid for income taxes   0 0
Non-cash financing and investing activities      
Debt forgiveness by related parties $ 349,716 $ 0 $ 349,716
XML 18 R8.htm IDEA: XBRL DOCUMENT v3.22.4
DESCRIPTION OF BUSINESS
6 Months Ended
Jan. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
DESCRIPTION OF BUSINESS

NOTE 1 – DESCRIPTION OF BUSINESS

 

Tianci International, Inc. (the “Company”, “Tianci”) was incorporated under the laws of the State of Nevada as Freedom Petroleum, Inc. on June 13, 2012. In May 2015, the Company changed its name to Steampunk Wizards, Inc. and on November 9, 2016, the Company changed its name to Tianci International, Inc. The Company is a holding company and, as of January 31, 2023, it had no subsidiaries and no business operations. The Company’s fiscal year end is July 31.

 

XML 19 R9.htm IDEA: XBRL DOCUMENT v3.22.4
GOING CONCERN MATTERS
6 Months Ended
Jan. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
GOING CONCERN MATTERS

NOTE 2 – GOING CONCERN MATTERS

 

As of January 31, 2023, the Company had $13,164 in cash. The Company incurred a net loss of $162,286 and used $75,857 in cash for operating activities during the six months ended January 31, 2023.

 

The Company’s insignificant cash balance at January 31, 2023 and its absence of revenues raised substantial doubt about the Company’s ability to continue as a going concern absent a significant change in its financial condition and business. Effective March 3, 2023, the Company acquired the capital stock of RQS United Group Limited, which owns 90% of the equity in Roshing International Co., Ltd., which is engaged in the business of distributing electronic components and providing software services. (See: Note 6 “Subsequent Events”.)

 

The ability of the Company to continue as a going concern will depend upon whether Roshing International Co., Ltd. can operate profitably and whether the Company’s management can expand the operations of Roshing International and/or complement them with additional acquisitions, as well as attract such financing as may be necessary for such business expansion. The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty.

 

XML 20 R10.htm IDEA: XBRL DOCUMENT v3.22.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
6 Months Ended
Jan. 31, 2023
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Basis of Presentation

 

The interim financial information referred to above has been prepared and presented in U.S. dollars in conformity with accounting principles generally accepted in the United States applicable to interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. The interim financial information has been prepared on a basis consistent with prior interim periods and years and includes all disclosures that are necessary and required by applicable laws and regulations. These interim financial statements include all adjustments that, in the opinion of management, are necessary in order to make the financial statements not misleading. This report on Form 10-Q should be read in conjunction with the Company’s financial statements and notes thereto included in the Company’s Form 10-K for the fiscal year ended July 31, 2022, filed on October 31, 2022.

 

Results of the six months ended January 31, 2023 are not necessarily indicative of the results that may be expected for the year ended July 31, 2023 or any other future periods.

 

 

Use of Estimates

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. The estimates and judgments will also affect the reported amounts for certain revenues and expenses during the reporting period. Actual results could differ from these good faith estimates and judgments.

 

Cash and Cash Equivalents

 

Cash and cash equivalents include cash on hand, cash in trust, and all highly liquid debt instruments with original maturities of six months or less. The Company had $13,164 and $9,000 in cash and cash equivalents as of January 31, 2023, and July 31, 2022, respectively.

 

Fair Value Measurements

 

The carrying amounts of the Company’s financial instruments, including cash and accounts payable and accrued liabilities, approximate fair value because of their short maturities.

  

Recent Accounting Pronouncements

 

Management has considered all recently issued accounting pronouncements and their potential effect on the financial statements. The Company's management believes that these recent pronouncements will not have a material effect on the Company's condensed financial statements.

 

XML 21 R11.htm IDEA: XBRL DOCUMENT v3.22.4
DUE TO RELATED PARTIES AND RELATED PARTY TRANSACTIONS
6 Months Ended
Jan. 31, 2023
Related Party Transactions [Abstract]  
DUE TO RELATED PARTIES AND RELATED PARTY TRANSACTIONS

NOTE 4 – DUE TO RELATED PARTIES AND RELATED PARTY TRANSACTIONS

 

Due to related parties consist of:

Schedule of due to related parties  January 31,   July 31, 
   2023   2022 
Due to Zhigang Pei, Tianci chief executive officer from August 26, 2021 to January 27, 2023  $220,909   $194,888 
           
Due to RQS Capital Limited, an entity which by its acquisition of 80,000 shares of the Company’s Series A Preferred Stock on January 27,2023 has voting control of the Company   30,000     
           
TOTAL  $250,909   $194,888 

 

These liabilities are unsecured, non-interest bearing, and due on demand.

 

On August 26, 2021, pursuant to a Stock Purchase Agreement dated on August 6, 2021, Chuah Su Mei, the Company’s former Chief Executive Officer, President and Director and all other former officers forgave all amounts due to them from the Company. In regard to this forgiveness, the Company recognized debt forgiveness by related parties of $349,716 as additional paid-in-capital during the quarter ended October 31, 2021.

 

Employment agreements and director retainer agreements

 

On August 27, 2021, the Company executed three employment agreements and three director retainer agreements with its officers and directors. The agreements have terms of 3 years and each provide for monthly compensation in amounts ranging from $1,300 per month to $3,900 per month.

 

For the six months ended January 31, 2023 and 2022, we accrued management compensation expenses of $90,500 and $76,500, respectively. These amounts are included in “general and administrative expenses” in the accompanying condensed statement of operations.

 

XML 22 R12.htm IDEA: XBRL DOCUMENT v3.22.4
STOCKHOLDERS EQUITY
6 Months Ended
Jan. 31, 2023
Equity [Abstract]  
STOCKHOLDERS EQUITY

NOTE 5 – STOCKHOLDERS EQUITY

 

On January 26, 2023 the Company filed with the Nevada Secretary of State a Certificate of Amendment of Articles of Incorporation (the “Amendment”). The Amendment amended Article 3 of the Company’s Articles of Incorporation to provide that the authorized capital stock of the Company will be 120,080,000 shares of capital stock consisting of 100,000,000 shares of common stock, $0.0001 par value, 80,000 shares of Series A Preferred Stock, $0.0001 par value, and 20,000,000 shares of undesignated preferred stock, $0.0001 par value.

 

The following table sets forth information, as of January 31, 2023, regarding the classes of capital stock that are authorized by the Articles of Incorporation of Tianci International, Inc.

           
Class  Shares Authorized   Shares Outstanding 
Common Stock, $.0001 par value   100,000,000    2,450,148 
Series A Preferred Stock, $.0001 par value   80,000    80,000 
Undesignated Preferred Stock, $.0001 par value   20,000,000    0 

 

Series A Preferred Stock

 

Each share of Series A Preferred Stock may be converted by the holder of the share into 100 shares of common stock, subject to equitable adjustment of the conversion rate. Each holder of Series A Preferred Stock will have voting rights equal to the holder of the number of shares of common stock into which the Series A Preferred Stock is convertible. Upon liquidation of the Company, each holder of Series A Preferred Stock will be entitled to receive, out of the net assets of the Company, $0.01 per share, then to share in the distribution on an as-converted basis.

 

Undesignated Preferred Stock

 

The Board of Directors has the authority, without shareholder approval, to amend the Company’s Articles of Incorporation to divide the class of undesignated Preferred Stock into series, and to determine the relative rights and preferences of the shares of each series, including (i) voting power, (ii) the rate of dividend, (iii) the price at which, and the terms and conditions on which, the shares may be redeemed, (iv) the amount payable upon the shares in the event of liquidation, (v) any sinking fund provision for the redemption or purchase of the shares, and (vi) the terms and conditions on which the shares may be converted to shares of another series or class, if the shares of any series are issued with the privilege of conversion.

 

Equity Transactions

 

On January 27, 2023, the Company sold 80,000 shares of Series A Preferred Stock to RQS Capital Limited. The shares were sold for a cash payment of $24,000.

 

XML 23 R13.htm IDEA: XBRL DOCUMENT v3.22.4
SUBSEQUENT EVENTS
6 Months Ended
Jan. 31, 2023
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 6 – SUBSEQUENT EVENTS

 

Incorporation of Subsidiary Company

 

On February 13, 2023, the Company incorporated a fully owned subsidiary Tianci Group Holding Limited in the Republic of Seychelles.

 

Sale of Common Stock

 

On March 1, 2023 the Company entered into agreements to sell a total of 1,253,333 shares of our common stock to 13 investors for a price of U.S.$0.30 per share, i.e. an aggregate price of U.S. $376,000). The shares were issued in a private offering to investors that were acquiring the shares each for his or her own account. The offering, therefore, was exempt from registration under the Securities Act of 1933 pursuant to Section 4(a)(2) of the Securities Act. The sale was also exempt from registration pursuant to Rule 902(1)(i) of Regulation S, as the purchasers were non-U.S. persons and Rule 903 was complied with.

 

Acquisition of RQS United Group Limited.

 

On March 3, 2023 the Company entered into a Share Exchange Agreement with RQS United Group Limited (“RQS United”) and RQS Capital Limited (“RQS Capital”), which was the sole shareholder of RQS United (the “Exchange Agreement”). RQS United owns 90% of the equity in Roshing International Co., Ltd. (“Roshing”), which is engaged in the business of distributing electronic components and providing software services. Pursuant to the Exchange Agreement, on March 6, 2023 RQS Capital transferred all of the issued and outstanding capital stock of RQS United to the Company, and the Company issued to RQS Capital 1,500,000 shares of our common stock and paid a cash price of $350,000 (the “Share Exchange”). Pursuant to the Exchange Agreement, the Company also issued a total of 700,000 shares of our common stock to nine employees or affiliates of Roshing to induce continued services to Roshing.

 

Prior to the Share Exchange, the Company was a shell company as defined in Rule 12b-2 under the Exchange Act. As a result of the transactions under the Exchange Agreement, the Company ceased to be a shell company.

 

XML 24 R14.htm IDEA: XBRL DOCUMENT v3.22.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
6 Months Ended
Jan. 31, 2023
Accounting Policies [Abstract]  
Basis of Presentation

Basis of Presentation

 

The interim financial information referred to above has been prepared and presented in U.S. dollars in conformity with accounting principles generally accepted in the United States applicable to interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. The interim financial information has been prepared on a basis consistent with prior interim periods and years and includes all disclosures that are necessary and required by applicable laws and regulations. These interim financial statements include all adjustments that, in the opinion of management, are necessary in order to make the financial statements not misleading. This report on Form 10-Q should be read in conjunction with the Company’s financial statements and notes thereto included in the Company’s Form 10-K for the fiscal year ended July 31, 2022, filed on October 31, 2022.

 

Results of the six months ended January 31, 2023 are not necessarily indicative of the results that may be expected for the year ended July 31, 2023 or any other future periods.

 

 

Use of Estimates

Use of Estimates

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. The estimates and judgments will also affect the reported amounts for certain revenues and expenses during the reporting period. Actual results could differ from these good faith estimates and judgments.

 

Cash and Cash Equivalents

Cash and Cash Equivalents

 

Cash and cash equivalents include cash on hand, cash in trust, and all highly liquid debt instruments with original maturities of six months or less. The Company had $13,164 and $9,000 in cash and cash equivalents as of January 31, 2023, and July 31, 2022, respectively.

 

Fair Value Measurements

Fair Value Measurements

 

The carrying amounts of the Company’s financial instruments, including cash and accounts payable and accrued liabilities, approximate fair value because of their short maturities.

  

Recent Accounting Pronouncements

Recent Accounting Pronouncements

 

Management has considered all recently issued accounting pronouncements and their potential effect on the financial statements. The Company's management believes that these recent pronouncements will not have a material effect on the Company's condensed financial statements.

 

XML 25 R15.htm IDEA: XBRL DOCUMENT v3.22.4
DUE TO RELATED PARTIES AND RELATED PARTY TRANSACTIONS (Tables)
6 Months Ended
Jan. 31, 2023
Related Party Transactions [Abstract]  
DUE TO RELATED PARTIES AND RELATED PARTY TRANSACTIONS
Schedule of due to related parties  January 31,   July 31, 
   2023   2022 
Due to Zhigang Pei, Tianci chief executive officer from August 26, 2021 to January 27, 2023  $220,909   $194,888 
           
Due to RQS Capital Limited, an entity which by its acquisition of 80,000 shares of the Company’s Series A Preferred Stock on January 27,2023 has voting control of the Company   30,000     
           
TOTAL  $250,909   $194,888 
XML 26 R16.htm IDEA: XBRL DOCUMENT v3.22.4
GOING CONCERN MATTERS (Details Narrative) - USD ($)
3 Months Ended 6 Months Ended
Jan. 31, 2023
Oct. 31, 2022
Jan. 31, 2022
Oct. 31, 2021
Jan. 31, 2023
Jan. 31, 2022
Jul. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]              
Cash $ 13,164       $ 13,164   $ 9,000
Net Income (Loss) Attributable to Parent $ 105,219 $ 57,067 $ 57,957 $ 47,146 162,286 $ 105,103  
Net Cash Provided by (Used in) Operating Activities         $ 75,857 $ 98,309  
XML 27 R17.htm IDEA: XBRL DOCUMENT v3.22.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)
Jan. 31, 2023
Jul. 31, 2022
Accounting Policies [Abstract]    
Cash and Cash Equivalents, at Carrying Value $ 13,164 $ 9,000
XML 28 R18.htm IDEA: XBRL DOCUMENT v3.22.4
DUE TO RELATED PARTIES AND RELATED PARTY TRANSACTIONS (Details) - USD ($)
Jan. 31, 2023
Jul. 31, 2022
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]    
TOTAL $ 250,909 $ 194,888
Zhigang Pei C E O [Member]    
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]    
TOTAL 220,909 194,888
Rqs Capital Limited [Member]    
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]    
TOTAL $ 30,000 $ 0
XML 29 R19.htm IDEA: XBRL DOCUMENT v3.22.4
DUE TO RELATED PARTIES AND RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)
3 Months Ended 6 Months Ended
Aug. 26, 2021
Jan. 31, 2023
Jan. 31, 2022
Oct. 31, 2021
Jan. 31, 2023
Jan. 31, 2022
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]            
Debt forgiveness by related parties $ 349,716     $ 349,716 $ 0 $ 349,716
General and Administrative Expense   $ 45,086 $ 45,964   91,377 76,660
Management Compensation [Member]            
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]            
General and Administrative Expense         $ 90,500 $ 76,500
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NV 45-5440446 20 Holbeche Road Arndell Park AU 2148 61 02 9672 Yes Yes Non-accelerated Filer true false false 5903481 13164 9000 250 1750 0 11500 13414 22250 13414 22250 123928 50499 250909 194888 374837 245387 374837 245387 0.0001 0.0001 80000 80000 80000 80000 8 0 0.0001 0.0001 20000000 20000000 0 0 0 0 0 0 0.0001 0.0001 100000000 100000000 2450148 2450148 2450148 2450148 245 245 1501014 1477022 -1862690 -1700404 -361423 -223137 13414 22250 0 0 0 0 45086 45964 91377 76660 60133 11993 70909 28443 105219 57957 162286 105103 -105219 -57957 -162286 -105103 0 0 0 0 0 0 0 0 -105219 -57957 -162286 -105103 0 0 0 0 -105219 -57957 -162286 -105103 0.04 0.04 0.02 0.02 0.07 0.07 0.04 0.04 2450148 2450148 2450148 2450148 2450148 2450148 2450148 2450148 2450148 245 0 1477022 -1700404 -223137 -57067 -57067 2450148 245 0 1477022 -1757471 -280204 -105219 -105219 80000 8 23992 24000 2450148 245 80000 8 1501014 -1862690 -361423 2450148 245 1127306 -1452661 -325110 349716 349716 -47146 -47146 2450148 245 1477022 -1499807 -22540 -57957 -57957 2450148 245 1477022 -1557764 -80497 -162286 -105103 -1500 -7000 -11500 11500 73429 11294 -75857 -98309 56021 95560 -0 1202 24000 80021 94358 4164 -3951 9000 3951 13164 0 0 0 0 0 0 349716 <p id="xdx_803_eus-gaap--OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_zGvhPUHdSGea" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span><b>NOTE 1 – <span id="xdx_823_ziKhd5a2OvC6">DESCRIPTION OF BUSINESS</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span>Tianci International, Inc. (the “Company”, “Tianci”) was incorporated under the laws of the State of Nevada as Freedom Petroleum, Inc. on June 13, 2012. In May 2015, the Company changed its name to Steampunk Wizards, Inc. and on November 9, 2016, the Company changed its name to Tianci International, Inc. The Company is a holding company and, as of January 31, 2023, it had no subsidiaries and no business operations. The Company’s fiscal year end is July 31.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_80D_eus-gaap--SubstantialDoubtAboutGoingConcernTextBlock_z7DyQ3h1LISj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span><b>NOTE 2 – <span id="xdx_827_zHJyGHRSdLf7">GOING CONCERN MATTERS</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of January 31, 2023, the Company had $<span id="xdx_907_eus-gaap--Cash_iI_c20230131_z5WD5N3SE9Ua">13,164</span> in cash. The Company incurred a net loss of $<span id="xdx_905_eus-gaap--NetIncomeLoss_iN_di_c20220801__20230131_zNVj41KlOf57">162,286</span> and used $<span id="xdx_909_eus-gaap--NetCashProvidedByUsedInOperatingActivities_iN_di_c20220801__20230131_z9233Q7YjGp">75,857</span> in cash for operating activities during the six months ended January 31, 2023.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company’s insignificant cash balance at January 31, 2023 and its absence of revenues raised substantial doubt about the Company’s ability to continue as a going concern absent a significant change in its financial condition and business. Effective March 3, 2023, the Company acquired the capital stock of RQS United Group Limited, which owns 90% of the equity in Roshing International Co., Ltd., which is engaged in the business of distributing electronic components and providing software services. (See: Note 6 “Subsequent Events”.) </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The ability of the Company to continue as a going concern will depend upon whether Roshing International Co., Ltd. can operate profitably and whether the Company’s management can expand the operations of Roshing International and/or complement them with additional acquisitions, as well as attract such financing as may be necessary for such business expansion. The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> 13164 -162286 -75857 <p id="xdx_809_eus-gaap--SignificantAccountingPoliciesTextBlock_zH1s2gV7e2qd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 3 – <span id="xdx_825_zC8InRhFFj4c">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_84E_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_z7Pr23aeCiA7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i><span id="xdx_860_z59VUYr76GH6">Basis of Presentation</span></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The interim financial information referred to above has been prepared and presented in U.S. dollars in conformity with accounting principles generally accepted in the United States applicable to interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. The interim financial information has been prepared on a basis consistent with prior interim periods and years and includes all disclosures that are necessary and required by applicable laws and regulations. These interim financial statements include all adjustments that, in the opinion of management, are necessary in order to make the financial statements not misleading. This report on Form 10-Q should be read in conjunction with the Company’s financial statements and notes thereto included in the Company’s Form 10-K for the fiscal year ended July 31, 2022, filed on October 31, 2022.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Results of the six months ended January 31, 2023 are not necessarily indicative of the results that may be expected for the year ended July 31, 2023 or any other future periods.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><b/></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> </p> <p id="xdx_84F_eus-gaap--UseOfEstimates_zebP8rEo7PEe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i><span id="xdx_860_z80fqaLWKTCj">Use of Estimates</span></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. The estimates and judgments will also affect the reported amounts for certain revenues and expenses during the reporting period. Actual results could differ from these good faith estimates and judgments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_843_eus-gaap--CashAndCashEquivalentsPolicyTextBlock_zl041ZQNfoek" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i><span id="xdx_860_zBEaJ7XBCNxd">Cash and Cash Equivalents</span></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cash and cash equivalents include cash on hand, cash in trust, and all highly liquid debt instruments with original maturities of six months or less. The Company had $<span id="xdx_90A_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_c20230131_zKaZBRPVV3c2">13,164</span> and $<span id="xdx_90B_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_c20220731_zMZg4OKFLhs7">9,000</span> in cash and cash equivalents as of January 31, 2023, and July 31, 2022, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_84E_eus-gaap--FairValueMeasurementPolicyPolicyTextBlock_zos68iXHXh25" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i><span id="xdx_867_zZFxQuATeIvh">Fair Value Measurements</span></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The carrying amounts of the Company’s financial instruments, including cash and accounts payable and accrued liabilities, approximate fair value because of their short maturities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 7.5pt">  </p> <p id="xdx_846_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zsnJnlQYqCIa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i><span id="xdx_862_zHX0aykFsecd">Recent Accounting Pronouncements</span></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Management has considered all recently issued accounting pronouncements and their potential effect on the financial statements. The Company's management believes that these recent pronouncements will not have a material effect on the Company's condensed financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_84E_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_z7Pr23aeCiA7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i><span id="xdx_860_z59VUYr76GH6">Basis of Presentation</span></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The interim financial information referred to above has been prepared and presented in U.S. dollars in conformity with accounting principles generally accepted in the United States applicable to interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. The interim financial information has been prepared on a basis consistent with prior interim periods and years and includes all disclosures that are necessary and required by applicable laws and regulations. These interim financial statements include all adjustments that, in the opinion of management, are necessary in order to make the financial statements not misleading. This report on Form 10-Q should be read in conjunction with the Company’s financial statements and notes thereto included in the Company’s Form 10-K for the fiscal year ended July 31, 2022, filed on October 31, 2022.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Results of the six months ended January 31, 2023 are not necessarily indicative of the results that may be expected for the year ended July 31, 2023 or any other future periods.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><b/></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> </p> <p id="xdx_84F_eus-gaap--UseOfEstimates_zebP8rEo7PEe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i><span id="xdx_860_z80fqaLWKTCj">Use of Estimates</span></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. The estimates and judgments will also affect the reported amounts for certain revenues and expenses during the reporting period. Actual results could differ from these good faith estimates and judgments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_843_eus-gaap--CashAndCashEquivalentsPolicyTextBlock_zl041ZQNfoek" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i><span id="xdx_860_zBEaJ7XBCNxd">Cash and Cash Equivalents</span></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cash and cash equivalents include cash on hand, cash in trust, and all highly liquid debt instruments with original maturities of six months or less. The Company had $<span id="xdx_90A_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_c20230131_zKaZBRPVV3c2">13,164</span> and $<span id="xdx_90B_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_c20220731_zMZg4OKFLhs7">9,000</span> in cash and cash equivalents as of January 31, 2023, and July 31, 2022, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> 13164 9000 <p id="xdx_84E_eus-gaap--FairValueMeasurementPolicyPolicyTextBlock_zos68iXHXh25" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i><span id="xdx_867_zZFxQuATeIvh">Fair Value Measurements</span></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The carrying amounts of the Company’s financial instruments, including cash and accounts payable and accrued liabilities, approximate fair value because of their short maturities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 7.5pt">  </p> <p id="xdx_846_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zsnJnlQYqCIa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i><span id="xdx_862_zHX0aykFsecd">Recent Accounting Pronouncements</span></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Management has considered all recently issued accounting pronouncements and their potential effect on the financial statements. The Company's management believes that these recent pronouncements will not have a material effect on the Company's condensed financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_803_eus-gaap--RelatedPartyTransactionsDisclosureTextBlock_zZA0Uf2SuTpb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 4 – <span id="xdx_82A_zhkHMS6UJiYi">DUE TO RELATED PARTIES AND RELATED PARTY TRANSACTIONS</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Due to related parties consist of:</p> <table cellpadding="0" cellspacing="0" id="xdx_88E_eus-gaap--ScheduleOfRelatedPartyTransactionsTableTextBlock_zpufkitMhu1b" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - DUE TO RELATED PARTIES AND RELATED PARTY TRANSACTIONS (Details)"> <tr style="vertical-align: bottom"> <td><b style="display: none">Schedule of due to related parties</b></td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49D_20230131_zeQqjzdelNUi" style="font-weight: bold; text-align: center">January 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49D_20220731_zEA7q7nXJ7z1" style="font-weight: bold; text-align: center">July 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40C_eus-gaap--DueToRelatedPartiesCurrent_iI_hsrt--CounterpartyNameAxis__custom--ZhigangPeiCEOMember_zmomyaNT8LTf" style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-indent: -10pt; padding-left: 10pt; width: 66%; text-align: left">Due to Zhigang Pei, Tianci chief executive officer from August 26, 2021 to January 27, 2023</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">220,909</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">194,888</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--DueToRelatedPartiesCurrent_iI_d0_hsrt--CounterpartyNameAxis__custom--RqsCapitalLimitedMember_zwzErivBxCah" style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-indent: -10pt; padding-left: 10pt; text-align: left">Due to RQS Capital Limited, an entity which by its acquisition of 80,000 shares of the Company’s Series A Preferred Stock on January 27,2023 has voting control of the Company</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">30,000</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">–</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--DueToRelatedPartiesCurrent_iI_zs36JMshFxvi" style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="padding-bottom: 2.5pt">TOTAL</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">250,909</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">194,888</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These liabilities are unsecured, non-interest bearing, and due on demand.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On August 26, 2021, pursuant to a Stock Purchase Agreement dated on August 6, 2021, Chuah Su Mei, the Company’s former Chief Executive Officer, President and Director and all other former officers forgave all amounts due to them from the Company. In regard to this forgiveness, the Company recognized debt forgiveness by related parties of $<span id="xdx_909_ecustom--DebtForgivenessByRelatedParties_c20210825__20210826_zWfNKk8t8bL2">349,716</span> as additional paid-in-capital during the quarter ended October 31, 2021.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Employment agreements and director retainer agreements</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On August 27, 2021, the Company executed three employment agreements and three director retainer agreements with its officers and directors. The agreements have terms of 3 years and each provide for monthly compensation in amounts ranging from $1,300 per month to $3,900 per month.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the six months ended January 31, 2023 and 2022, we accrued management compensation expenses of $<span id="xdx_900_eus-gaap--GeneralAndAdministrativeExpense_c20220801__20230131__srt--CounterpartyNameAxis__custom--ManagementCompensationMember_zLfjAEMeJaU6">90,500</span> and $<span id="xdx_90E_eus-gaap--GeneralAndAdministrativeExpense_c20210801__20220131__srt--CounterpartyNameAxis__custom--ManagementCompensationMember_ziU2dQ48v2i4">76,500</span>, respectively. These amounts are included in “general and administrative expenses” in the accompanying condensed statement of operations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> </p> <table cellpadding="0" cellspacing="0" id="xdx_88E_eus-gaap--ScheduleOfRelatedPartyTransactionsTableTextBlock_zpufkitMhu1b" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - DUE TO RELATED PARTIES AND RELATED PARTY TRANSACTIONS (Details)"> <tr style="vertical-align: bottom"> <td><b style="display: none">Schedule of due to related parties</b></td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49D_20230131_zeQqjzdelNUi" style="font-weight: bold; text-align: center">January 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49D_20220731_zEA7q7nXJ7z1" style="font-weight: bold; text-align: center">July 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40C_eus-gaap--DueToRelatedPartiesCurrent_iI_hsrt--CounterpartyNameAxis__custom--ZhigangPeiCEOMember_zmomyaNT8LTf" style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-indent: -10pt; padding-left: 10pt; width: 66%; text-align: left">Due to Zhigang Pei, Tianci chief executive officer from August 26, 2021 to January 27, 2023</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">220,909</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">194,888</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--DueToRelatedPartiesCurrent_iI_d0_hsrt--CounterpartyNameAxis__custom--RqsCapitalLimitedMember_zwzErivBxCah" style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-indent: -10pt; padding-left: 10pt; text-align: left">Due to RQS Capital Limited, an entity which by its acquisition of 80,000 shares of the Company’s Series A Preferred Stock on January 27,2023 has voting control of the Company</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">30,000</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">–</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--DueToRelatedPartiesCurrent_iI_zs36JMshFxvi" style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="padding-bottom: 2.5pt">TOTAL</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">250,909</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">194,888</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 220909 194888 30000 0 250909 194888 349716 90500 76500 <p id="xdx_80A_eus-gaap--StockholdersEquityNoteDisclosureTextBlock_zHpQQClNCWh8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 5 – <span id="xdx_826_ztvczx1tmEZi">STOCKHOLDERS EQUITY</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On January 26, 2023 the Company filed with the Nevada Secretary of State a Certificate of Amendment of Articles of Incorporation (the “Amendment”). The Amendment amended Article 3 of the Company’s Articles of Incorporation to provide that the authorized capital stock of the Company will be 120,080,000 shares of capital stock consisting of 100,000,000 shares of common stock, $0.0001 par value, 80,000 shares of Series A Preferred Stock, $0.0001 par value, and 20,000,000 shares of undesignated preferred stock, $0.0001 par value.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table sets forth information, as of January 31, 2023, regarding the classes of capital stock that are authorized by the Articles of Incorporation of Tianci International, Inc.</p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: left; width: 66%"> </td><td style="width: 2%"> </td> <td style="text-align: left; width: 1%"> </td><td style="text-align: right; width: 13%"> </td><td style="text-align: left; width: 1%"> </td><td style="width: 2%"> </td> <td style="text-align: left; width: 1%"> </td><td style="text-align: right; width: 13%"> </td><td style="text-align: left; width: 1%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid">Class</td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Shares Authorized</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Shares Outstanding</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 66%">Common Stock, $.0001 par value</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: right">100,000,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: right">2,450,148</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Series A Preferred Stock, $.0001 par value</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">80,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">80,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td>Undesignated Preferred Stock, $.0001 par value</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">20,000,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0</td><td style="text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Series A Preferred Stock</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each share of Series A Preferred Stock may be converted by the holder of the share into 100 shares of common stock, subject to equitable adjustment of the conversion rate. Each holder of Series A Preferred Stock will have voting rights equal to the holder of the number of shares of common stock into which the Series A Preferred Stock is convertible. Upon liquidation of the Company, each holder of Series A Preferred Stock will be entitled to receive, out of the net assets of the Company, $0.01 per share, then to share in the distribution on an as-converted basis.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Undesignated Preferred Stock</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board of Directors has the authority, without shareholder approval, to amend the Company’s Articles of Incorporation to divide the class of undesignated Preferred Stock into series, and to determine the relative rights and preferences of the shares of each series, including (i) voting power, (ii) the rate of dividend, (iii) the price at which, and the terms and conditions on which, the shares may be redeemed, (iv) the amount payable upon the shares in the event of liquidation, (v) any sinking fund provision for the redemption or purchase of the shares, and (vi) the terms and conditions on which the shares may be converted to shares of another series or class, if the shares of any series are issued with the privilege of conversion.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Equity Transactions</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On January 27, 2023, the Company sold 80,000 shares of Series A Preferred Stock to RQS Capital Limited. The shares were sold for a cash payment of $24,000.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> </p> <p id="xdx_80B_eus-gaap--SubsequentEventsTextBlock_zdMuPFvokKi7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 6 – <span id="xdx_826_zAigmOcO5q26">SUBSEQUENT EVENTS</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Incorporation of Subsidiary Company</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February 13, 2023, the Company incorporated a fully owned subsidiary Tianci Group Holding Limited in the Republic of Seychelles.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Sale of Common Stock</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March 1, 2023 the Company entered into agreements to sell a total of 1,253,333 shares of our common stock to 13 investors for a price of U.S.$0.30 per share, i.e. an aggregate price of U.S. $376,000). The shares were issued in a private offering to investors that were acquiring the shares each for his or her own account. The offering, therefore, was exempt from registration under the Securities Act of 1933 pursuant to Section 4(a)(2) of the Securities Act. The sale was also exempt from registration pursuant to Rule 902(1)(i) of Regulation S, as the purchasers were non-U.S. persons and Rule 903 was complied with.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Acquisition of RQS United Group Limited.</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March 3, 2023 the Company entered into a Share Exchange Agreement with RQS United Group Limited (“RQS United”) and RQS Capital Limited (“RQS Capital”), which was the sole shareholder of RQS United (the “Exchange Agreement”). RQS United owns 90% of the equity in Roshing International Co., Ltd. (“Roshing”), which is engaged in the business of distributing electronic components and providing software services. 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