UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

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

 

For the quarterly period ended May 31, 2025

 

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

 

For the transition period from ____________ to ____________

 

Commission File Number: 333-194055

 

AMJ Global Technology

(Exact name of registrant as specified in its charter)

 

Nevada

 

33-1230169

(State or other jurisdiction

of incorporation)

 

(IRS Employer

Identification Number)

 

2470 E Flamingo Rd.Suite A

Las VegasNV  89121

(Address of principal executive offices)

 

(213709-4296

(Registrant’s telephone number, including area code)

 

______________________________________________

(Former name or former address, if changed since last report)

 

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

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for 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, smaller reporting company, or 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

 

As of September 29, 2025, the Company had 106,472,857shares of common stock outstanding.

 

 

 

 

AMJ Global Technology

 

INDEX

 

 

 

Page

PART I. FINANCIAL INFORMATION

 

 

 

 

 

 

 

Item 1.

Financial Statements

 

3

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

4

 

Item 3.

Quantitative and Qualitative Disclosures about Market Risks

 

9

 

Item 4.

Controls and Procedures

 

9

 

 

 

 

 

 

PART II. OTHER INFORMATION

 

 

 

 

 

 

 

 

Item 1.

Legal Proceedings

 

10

 

Item 1A.

Risk Factors

 

10

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

 

10

 

Item 3.

Defaults Upon Senior Securities

 

10

 

Item 4.

Mine Safety Disclosures

 

10

 

Item 5.

Other Information

 

10

 

Item 6.

Exhibits

 

11

 

 

 

 

 

 

SIGNATURES

 

12

 

 
2

 

 

PART I – FINANCIAL INFORMATION

 

Item 1. Financial Statements

 

AMJ Global Technology

 

Table of Contents

 

 

 

Page

 

 

 

 

 

Condensed Balance Sheets at May 31, 2025, and November 30, 2024 (unaudited)

 

F-1

 

 

 

 

 

Condensed Statements of Operations for the Three and Six months ended May 31, 2025, and May 31,2024 (unaudited)

F-2

 

 

 

 

 

Condensed Statements of Changes in Stockholders’ Deficit for the Three and Six months ended May 31, 2025, and May 31,2024 (unaudited)

 

F-3

 

 

 

 

 

Condensed Statements of Cash Flows for the Six months ended May 31, 2025, and May 31, 2024 (unaudited)

 

F-4

 

 

 

 

 

Notes to Unaudited Condensed Financial Statements

 

F-5

 

 

 
3

Table of Contents

 

AMJ Global Technology

Condensed Balance Sheets

(Unaudited)

 

 

 

May 31,

 

 

November 30,

 

 

 

2025

 

 

2024

 

ASSETS

 

 

 

 

 

 

Current Assets

 

 

 

 

 

 

Cash

 

$4

 

 

$226

 

Prepaid expenses

 

 

280

 

 

 

5,280

 

Total Current Assets

 

 

284

 

 

 

5,506

 

 

 

 

 

 

 

 

 

 

Equity investment -related party

 

 

886,664

 

 

 

376

 

Software and technology asset, net

 

 

-

 

 

 

3,371

 

TOTAL ASSETS

 

$886,948

 

 

$9,253

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ DEFICIT

 

 

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

 

 

Accounts payable and accrued liabilities

 

$20,591

 

 

$4,762

 

Accrued management fees - related party

 

 

240,000

 

 

 

180,000

 

Due to related party-current portion

 

 

27,568

 

 

 

16,166

 

Total Current Liabilities

 

 

288,159

 

 

 

200,928

 

 

 

 

 

 

 

 

 

 

Non-current liability

 

 

 

 

 

 

 

 

Due to related party, net debt discount of $97,751

 

 

902,249

 

 

 

-

 

Total Liabilities

 

 

1,190,408

 

 

 

200,928

 

 

 

 

 

 

 

 

 

 

Stockholders’ Deficit

 

 

 

 

 

 

 

 

Common stock, $0.001 par value, 750,000,000 shares authorized, 106,472,857 and 107,782,190 shares issued and outstanding at May 31, 2025 and November 30, 2024, respectively

 

 

106,473

 

 

 

107,782

 

Additional paid-in capital

 

 

200,755

 

 

 

176,817

 

Accumulated deficit

 

 

(610,688)

 

 

(476,274)

Total Stockholders’ Deficit

 

 

(303,460)

 

 

(191,675)

TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT

 

$886,948

 

 

$9,253

 

 

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

 

 
F-1

Table of Contents

 

AMJ Global Technology

Condensed Statements of Operations

 (Unaudited)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

May 31,

 

 

May 31,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$-

 

 

$-

 

 

$-

 

 

$-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative

 

 

1,880

 

 

 

1,500

 

 

 

3,425

 

 

 

3,000

 

Professional fees

 

 

16,137

 

 

 

11,499

 

 

 

35,077

 

 

 

29,673

 

Management compensation

 

 

50,000

 

 

 

32,095

 

 

 

80,000

 

 

 

62,095

 

Total operating expenses

 

 

68,017

 

 

 

45,094

 

 

 

118,502

 

 

 

94,768

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating loss

 

 

(68,017)

 

 

(45,094)

 

 

(118,502)

 

 

(94,768)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity investment income -related party

 

 

245

 

 

 

-

 

 

 

442

 

 

 

-

 

Interest expense

 

 

(11,280)

 

 

-

 

 

 

(16,354)

 

 

-

 

Gain on settlement of debt - related party

 

 

-

 

 

 

98,109

 

 

 

-

 

 

 

98,109

 

Total other income (expenses)

 

 

(11,035)

 

 

98,109

 

 

 

(15,912)

 

 

98,109

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss before income taxes

 

 

(79,052)

 

 

53,015

 

 

 

(134,414)

 

 

3,341

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision for income taxes

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income (Loss)

 

$(79,052)

 

$53,015

 

 

$(134,414)

 

$3,341

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted income (loss) per common share

 

$(0.00)

 

$0.00

 

 

$(0.00)

 

$0.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted weighted average common shares outstanding

 

 

107,454,484

 

 

 

103,594,288

 

 

 

107,617,507

 

 

 

103,313,806

 

 

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

 

 
F-2

Table of Contents

 

AMJ Global Technology

Condensed Statements of Changes in Stockholders’ Deficit

(Unaudited)

 For the Three and Six Months Ended May 31, 2025

 

 

 

 

 

 

 

 

 

 Additional

 

 

 

 

 

Total

 

 

 

Common Stock

 

 

 Paid in

 

 

 Accumulated

 

 

Stockholders’

 

 

 

 Shares

 

 

 Amount

 

 

 Capital

 

 

 Deficit

 

 

 Deficit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance - November 30, 2024

 

 

107,782,190

 

 

$107,782

 

 

$176,817

 

 

$(476,274)

 

$(191,675)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock issued in cash

 

 

3,000

 

 

 

3

 

 

 

2,997

 

 

 

-

 

 

 

3,000

 

Net loss for the period

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(55,362)

 

 

(55,362)

Balance - February 28, 2025

 

 

107,785,190

 

 

 

107,785

 

 

 

179,814

 

 

 

(531,636)

 

 

(244,037)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock issued in cash

 

 

3,000

 

 

 

3

 

 

 

2,997

 

 

 

-

 

 

 

3,000

 

Common stock cancelled for termination software and technology asset

 

 

(1,333,333)

 

 

(1,333)

 

 

(2,038)

 

 

-

 

 

 

(3,371)

Common stock issued for services -related party

 

 

20,000

 

 

 

20

 

 

 

19,980

 

 

 

-

 

 

 

20,000

 

Common stock cancelled by one stockholder

 

 

(2,000)

 

 

(2)

 

 

2

 

 

 

-

 

 

 

-

 

Net loss for the period

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(79,052)

 

 

(79,052)

Balance - May 31, 2025

 

 

106,472,857

 

 

$106,473

 

 

$200,755

 

 

$(610,688)

 

$(303,460)

 

For the Three and Six Months Ended May 31, 2024

 

 

 

 

 

 

 

 

 

 Additional

 

 

 

 

 

Total

 

 

 

Common Stock

 

 

 Paid in

 

 

 Accumulated

 

 

Stockholders’

 

 

 

 Shares

 

 

 Amount

 

 

 Capital

 

 

 Deficit

 

 

 Deficit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance - November 30, 2023

 

 

103,033,323

 

 

$103,033

 

 

$169,469

 

 

$(390,577)

 

$(118,075)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss for the period

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(49,674)

 

 

(49,674)

Balance - February 29, 2024

 

 

103,033,323

 

 

 

103,033

 

 

 

169,469

 

 

 

(440,251)

 

 

(167,749)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock issued for settlement of debt- related party

 

 

202,200

 

 

 

203

 

 

 

327

 

 

 

-

 

 

 

530

 

Common stock issued for compensation - related party

 

 

400,000

 

 

 

400

 

 

 

648

 

 

 

-

 

 

 

1,048

 

Common stock issued for services - related party

 

 

400,000

 

 

 

400

 

 

 

648

 

 

 

-

 

 

 

1,048

 

Net income for the period

 

 

-

 

 

 

-

 

 

 

-

 

 

 

53,015

 

 

 

53,015

 

Balance - May 31, 2024

 

 

104,035,523

 

 

$104,036

 

 

$171,092

 

 

$(387,236)

 

$(112,108)

 

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

 

 
F-3

Table of Contents

 

AMJ Global Technology

Condensed Statements of Cash Flows

(Unaudited)

 

 

 

Six Months Ended

 

 

 

May 31,

 

 

 

2025

 

 

2024

 

 

 

 

 

 

 

 

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

 

 

 

Net (loss) income

 

$(134,414)

 

$3,341

 

Adjustments to reconcile net (loss) income to net cash used in operating activities:

 

 

 

 

 

 

 

 

Imputed interest

 

 

16,354

 

 

 

-

 

Equity investment income-related party

 

 

(442)

 

 

-

 

Stock based compensation - related party

 

 

20,000

 

 

 

2,096

 

Gain on settlement of debt - related party

 

 

-

 

 

 

(98,109)

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Prepaid expenses

 

 

5,000

 

 

 

473

 

Accounts payable and accrued liabilities

 

 

12,813

 

 

 

525

 

Accrued expenses - related party

 

 

3,000

 

 

 

-

 

Accrued management fee - related party

 

 

60,000

 

 

 

60,000

 

Net cash used in operating activities

 

 

(17,689)

 

 

(31,674)

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

 

 

 

 

 

 

Distribution from equity investments -related party

 

 

49

 

 

 

-

 

Net cash provided by investing activities

 

 

49

 

 

 

-

 

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

 

 

 

 

 

Bank overdraft

 

 

16

 

 

 

-

 

Proceeds from advances from related party

 

 

13,728

 

 

 

32,174

 

Repayment of advances to related party

 

 

(2,326)

 

 

-

 

Contribution from common stock issued

 

 

6,000

 

 

 

-

 

Net cash provided by financing activities

 

 

17,418

 

 

 

32,174

 

 

 

 

 

 

 

 

 

 

Net change in cash for the period

 

 

(222)

 

 

500

 

Cash at beginning of period

 

 

226

 

 

 

-

 

Cash at end of period

 

$4

 

 

$500

 

 

 

 

 

 

 

 

 

 

SUPPLEMENTAL CASH FLOW INFORMATION:

 

 

 

 

 

 

 

 

Cash paid for income taxes

 

$-

 

 

$-

 

Cash paid for interest

 

$-

 

 

$-

 

 

 

 

 

 

 

 

 

 

NON-CASH INVESTING AND FINANCING ACTIVITIES

 

 

 

 

 

 

 

 

Acquisition equity investment -related party

 

$1,000,000

 

 

$-

 

Recognition debt discount for acquisition equity investment

 

$114,105

 

 

$-

 

Common stock issued for settlement of debt - related party

 

$-

 

 

$530

 

Common stock issued for compensation - related party

 

$-

 

 

$1,048

 

Common stock issued for services - related party

 

$20,000

 

 

$1,048

 

Cancellation software and technology asset, net

 

$3,371

 

 

$-

 

Cancellation common stock

 

$2

 

 

$-

 

 

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

 

 
F-4

Table of Contents

 

AMJ Global Technology

Notes to Unaudited Condensed Financial Statements

May 31, 2025

 

NOTE 1 – ORGANIZATION, BUSINESS AND LIQUIDITY

 

Business

 

AMJ Global Technology (the “Company”) was incorporated under the laws of the State of Nevada on August 16, 2013, originally incorporated as Kange Corp. Effective April 22, 2023, the Company filed with the State of Nevada a Certificate of Amendment to its Articles of Incorporation, changing the name of the Company to AMJ Global Technology. We are a start-up company developing mobile software products, starting in Estonia and Europe, which is our initial intended market. During year 2017, we began focusing on the intersection of technology and wholistic technology-based health treatments. We retained an advisor having substantial experience in the technology sector, and two former professional athletes to advise us regarding sports health issues and treatments. We intend to provide services to formulate a treatment model to meet the needs of professional athletes that suffer from PTSD and the early onset of dementia and Alzheimer’s. The Company is currently evaluating operations in the wholistic health industry, revenue sharing generated from Medicare enrollees, life and annuity insurance sales.

 

On April 26, 2023, the Company entered into an assignment agreement with AMJ Global Entertainment, LLC, a Nevada limited liability company controlled by the Company’s CEO and director., pursuant to which AMJ Global Entertainment, LLC assigned to the Company 25% of the ownership rights to AMJ Global Entertainment’s intellectual property in connection with the “Blabeey” platform, including software, code and trade secrets at zero cost.

 

Basis of Presentation

 

The accompanying unaudited interim financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, the financial statements are condensed and do not include all of the information and footnotes required by GAAP for complete financial statements.

 

In the opinion of management, all adjustments consisting of normal recurring entries necessary for a fair statement of the periods presented for: (a) the financial position; (b) the results of operations; and (c) cash flows, have been made in order to make the financial statements presented not misleading. The results of operations for such interim periods are not necessarily indicative of operations for a full year. The accompanying unaudited interim financial statements should be read in conjunction with the financial statements and related notes included in the Company’s Annual Report on Form 10-K, for the year ended November 30, 2024, as filed with the SEC on March 3, 2025.

 

Use of Estimates

 

The preparation of financial statements in conformity with GAAP 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 expenses during the reporting period. Actual results could differ from these good faith estimates and judgments.

 

Accounts Receivable

 

Accounts receivables are recorded in accordance with Financial Accounting Standards Board Accounting Standards Codification (ASC) 310, ”Receivables.” Accounts receivables are recorded at the invoiced amount or agreement and do not bear interest. The Company does not currently have any amount recorded as an allowance for doubtful accounts. Based on the management’s estimate and based on all accounts being current, the Company has not deemed it necessary to reserve for doubtful accounts at this time.

 

 
F-5

Table of Contents

 

 

Revenue Recognition

 

During the periods presented, the Company had no revenue from contracts with customers under ASC 606. Economic interests arising from investees are recognized within equity in earnings (losses) of equity-method investees under ASC 323 (Note 3). The Company had no trade receivables at May 31, 2025

 

Financial Instruments and Fair Value Measurements

 

As defined in ASC 820” Fair Value Measurements,” fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The Company utilizes market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable. The Company classifies fair value balances based on the observability of those inputs. ASC 820 establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurement), other inputs that are directly or indirectly observable in the market place (level 2 measurement) and the lowest priority to unobservable inputs (level 3 measurement).

 

Fair Value of Financial Instruments

 

The Financial Instruments (“ASC 825-10”) requires disclosure of the fair value of certain financial instruments. The carrying value of cash and cash equivalents, accounts payable and accrued liabilities as reflected in the balance sheets, approximate fair value because of the short-term maturity of these instruments. All other significant financial assets, financial liabilities and equity instruments of the Company are either recognized or disclosed in financial statements together with other information relevant for making a reasonable assessment of future cash flows, interest rate risk and credit risk. Where practicable the fair values of financial assets and financial liabilities have been determined and disclosed; otherwise only available information pertinent to fair value has been disclosed.

 

The Company follows ASC subtopic 820-10, Fair Value Measurements and Disclosures (“ASC 820-10”) and ASC 825-10, which permits entities to choose to measure many financial instruments and certain other items at fair value.

 

The following table summarizes fair value measurements by level as of May 31, 2025 and November 30, 2024, measured at fair value on a recurring basis:

 

May 31, 2025

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Equity Investment

 

$-

 

 

$-

 

 

$886,664

 

 

$886,664

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

None

 

$-

 

 

$-

 

 

$-

 

 

$-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

November 30, 2024

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity investment

 

$-

 

 

$-

 

 

$376

 

 

$376

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

None

 

$-

 

 

$-

 

 

$-

 

 

$-

 

 

 
F-6

Table of Contents

 

 

Equity Investment – Related Party

 

Equity investments with readily determinable fair values are measured at fair value. Equity investments without readily determinable fair values are measured using the equity method or measured at cost with adjustments for observable changes in price or impairments (referred to as the measurement alternative). We perform a qualitative assessment on a periodic basis and recognize an impairment if there are sufficient indicators that the fair value of the investment is less than carrying value. Changes in value are recorded in other income (expenses). The Company recognized the net loss (income) generated from equity investment based on investee net loss (income) by using equity method accounting.

 

 

(i)

The 25% Equity Investment in AMJ Global Entertainment, LLC (“AMJ”) acquired on April 26, 2023, a related party controlled by the Company’s CEO and director, is accounted for under the equity method as the investment provides us with the ability to exercise significant influence over operating and financial policies of AMJ. On acquisition of AMJ, the investment had no value and as of May 31, 2025, AMJ has sustained losses. The carrying amount of this investment as of May 31, 2025, is $0.

 

 

 

 

(ii)

The Equity Investments for 30% equity stake in a company controlled by a related party (“Target”) acquired on July 13,2024 and January 24,2025, is accounted for under the equity method as the investment provides the Company with the ability to exercise significant influence over operating and financial policies of Target. The carrying amount of this investment as of May 31, 2025, is $886,664.

 

Intangible Assets.

 

Intangible assets with finite lives are initially recorded at cost and amortized on a straight-line basis over the estimated economic useful lives of the respective assets. Acquired intangible assets from business combinations and asset acquisitions are recognized and measured at fair value at the time of acquisition. Those assets represent assets with finite lives and are further amortized on a straight-line basis over the estimated economic useful lives of the respective assets.

 

On May 7, 2025, the Company entered into an unwinding agreement with the owner of software and technology assets to terminate the agreement dated August 25, 2024 (Note 4).

 

Net Loss Per Share of Common Stock

 

The Company has adopted ASC Topic 260, “Earnings per Share” which requires presentation of basic earnings per share on the face of the statements of operations for all entities with complex capital structures and requires a reconciliation of the numerator and denominator of the basic earnings per share computation. In the accompanying financial statements, basic loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per share is computed by dividing net income by the weighted average number of shares of common stock and potentially dilutive outstanding shares of common stock during the period to reflect the potential dilution that could occur from common shares issuable through contingent share arrangements, stock options and warrants unless the result would be antidilutive. There are no dilutive or potentially dilutive securities outstanding during the periods presented.

 

Cash and Cash Equivalents

 

For purposes of balance sheet presentation and reporting of cash flows, the Company considers all unrestricted demand deposits, money market funds and highly liquid debt instruments with an original maturity of less than 90 days to be cash and cash equivalents. The Company did not have any cash equivalents at May 31, 2025, and November 30, 2024. The Company had cash of $4 and $226 at May 31, 2025, and November 30, 2024, respectively.

 

Recent Accounting Pronouncements

 

The Company has implemented all the new pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial statements or results of operations.

 

Income Taxes

 

Deferred tax assets and liabilities are recognized for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The deferred tax assets of the Company relate primarily to operating loss carryforwards for federal income tax purposes. A full valuation allowance for deferred tax assets has been provided because the Company believes it is not more likely than not that the deferred tax asset will be realized. Realization of deferred tax assets is dependent on the Company generating sufficient taxable income in future periods.

 

 
F-7

Table of Contents

 

 

The Company periodically evaluates its tax positions to determine whether it is more likely than not that such positions would be sustained upon examination by a tax authority for all open tax years, as defined by the statute of limitations, based on their technical merits. As of May 31, 2025, and November 30,2024, the Company has not established a liability for uncertain tax positions.

 

Reclassification

 

Certain amounts from prior periods have been reclassified to conform to the current period presentation.

 

NOTE 2 – GOING CONCERN AND LIQUIDITY CONSIDERATION

 

Going Concern

 

The accompanying condensed financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company used cash in operating activities of $17,689 for the six months ended May 31, 2025. The Company had an accumulated deficit of $610,688 at May 31, 2025. These factors raise substantial doubt about the ability of the Company to continue as a going concern for a reasonable period of time. The Company’s continuation as a going concern is dependent upon its ability to generate revenues and its ability to continue receiving investment capital and loans from related parties to sustain its current level of operations. The Company is in the process of securing working capital from investors for common stock, convertible notes payable, and/or strategic partnerships. No assurance can be given that the Company will be successful in these efforts.

 

The condensed financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

 

NOTE 3 – EQUITY INVESTMENT - RELATED PARTY

 

On July 13, 2024, the Company entered into a Revenue Sharing agreement with a company controlled by a Target, a related party for acquisition of 5% of Target’s issued and outstanding stock, pursuant to which the Company will receive 5% of net revenue generated from two contracts with (i) ESS in connection with Medicare enrollees, and (ii) The Agency of North Georgia in connection with Medicare, life and annuity insurance sales in exchange for 133,334 shares of common stock for a unlimited period. The Company issued 133,334 shares of common stock issued on July 10, 2024, valued at $337. During the six months ended May 31, 2025, the Company recognized $96 equity investment income in connection with 5% net revenue generated from two contracts.

 

On January 24, 2025, the Company entered into a binding Letter of Intent (LOI) with AMJ Global Entertainment, LLC (“Seller”), controlled by the Company’s CEO and director for acquisition 100% of AMJ Global Entertainment’s 25% of target’s equity stake in a company controlled by a Target, a related party for amount of $1,000,000 in cash with payment term of two years with an extension of four months to pay the unpaid balance. Should the Company not be able to pay the outstanding balance at the end of twenty- eight (28) months, the Seller has agreed to take any outstanding unpaid balance in restricted stock of the Company at the price at of the stock at the time of signing agreement, which would be $1.00 per share. The Company recognized discount on non-interest-bearing loan issued by using Applicable Federal Rate (AFR) of 5.20% during the current period for amount of $114,105 and recognized the asset at fair value. During the six months ended May 31, 2025, the Company recognized $346 equity investment revenue in connection with 25% net revenue generated from Target’s contracts

 

 
F-8

Table of Contents

 

 

The Company accounts for the equity investment under the equity method as the investment provides us with the ability to exercise significant influence over operating and financial policies of Target. As of May 31, 2025, the Company had equity investments as follows:

 

 

 

As of May 31, 2025

 

 

 

Acquisition #1

 

 

Acquisition #2

 

 

Total

 

Acquisition amount

 

$337

 

 

$1,000,000

 

 

$1,000,337

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

Discount on non-interest -bearing loan for acquisition

 

 

-

 

 

 

(114,105 )

 

 

(114,105 )

Equity investment income net of distributions received

 

 

86

 

 

 

346

 

 

 

432

 

 

 

$423

 

 

$886,241

 

 

$886,664

 

 

NOTE 4 – SOFTWARE AND TECHNOLOGY ASSET

 

As of May 31, 2025, and November 30, 2024, the Company had software and technology asset as follows:

 

 

 

May 31,

 

 

November 30,

 

 

 

2025

 

 

2024

 

Software and technology assets

 

$3,371

 

 

$3,371

 

Accumulated amortization

 

 

(348)

 

 

-

 

 

 

 

3,023

 

 

 

3,371

 

Terminated agreement

 

 

(3,371)

 

 

-

 

Reversed accumulated amortization

 

 

348

 

 

 

-

 

 

 

$-

 

 

$3,371

 

 

On August 25, 2024, the Company entered into a Software Purchase and Development agreement, pursuant to which the Company acquired an 8% interest in database software and related technology assets in exchange for 1,333,333 shares of common stock. The Company issued 1,333,333 shares of common stock on August 26, 2024, valued at $3,371. This asset represent asset with finite lives 5 years and are further amortized on a straight-line basis over the estimated economic useful lives of the respective assets. During the six months ended May 31, 2025, the Company recognized and reversed amortization expenses of $348. The Company did not earn revenue for six months ended May 31, 2025.

 

On May 7, 2025, the Company entered into an unwinding agreement with the owner of software and technology assets to terminate the agreement dated August 25, 2024. Upon the termination of the original agreement, neither party shall have any further obligations or liabilities under the original agreement. The Company received irrevocable cancellation 1,333,333 shares of common stock on May 7, 2025, which were transferred back to the Company as treasury stock and was cancelled and reversed the accumulated amortization expenses of $348.

 

NOTE 5 – RELATED PARTY TRANSACTIONS

 

In support of the Company’s efforts and cash requirements, it may rely on advances from related parties until such a time that the Company can support its operations or attain adequate financing through sales of its equity or traditional debt financing. There is no formal written commitment for continued support by shareholders. Amounts represent advances or amounts paid in satisfaction of liabilities. The advances are non-interest bearing, considered temporary in nature, and have not been formalized by a promissory note.

 

During the six months ended May 31, 2025, and 2024, AMJ Global Entertainment LLC, a related party controlled by the Company’s CEO and director advanced to the Company an amount of $11,333 and $31,674 by paying for operating expenses on behalf of the Company, $2,395 and $500 in cash and the Company repaid advances to a related party of $2,326 and $0, respectively.

 

During the six months ended May 31, 2025, and 2024, the Company recognized management compensation of $60,000 and $60,000, respectively.

 

 
F-9

Table of Contents

 

 

During the six months ended May 31, 2025, and 2024, in connection with a month-to-month lease agreement with a company controlled by a related party, the Company recognized office rent expenses of $3,000 and $3,000, respectively. As of May 31, 2025, and November 30, 2024, the Company had a payable rent of $4,500 and $1,500, respectively.

 

On July 13, 2024, the Company acquired 5% equity and revenue sharing agreement in a related party company (see Note 3 above).

 

On January 24, 2025, the Company acquired from AMJ Global Entertainment LLC, a related party, its 25% equity interest in another company controlled by a related party (see Note 3 above)

 

During the six months ended May 31,2025 and 2024, the Company issued 20,000 shares and 40,000 shares of common stock to one and four advisory board members. The shares were valued and recognized compensation of $20,000 and $1,048, respectively.

 

During the six months ended May 31, 2024, the Company issued 400,000 shares of common stock to four board of directors’ members, the shares were valued and recognized compensation of $1,048.

 

During the six months ended May 31, 2024, the Company’s board of directors approved the issuance of 100,000 shares of common stock for settlement of $50,000 management fees payable to the Company’s CEO and director. The shares were valued at $262, resulting in a gain of settlement on debt of $49,738.

 

During the six months ended May 31, 2024, the Company’s board of directors approved the issuance of 102,200 shares of common stock for settlement of $48,639 due to AMJ Global Entertainment, LLC, a related party controlled by the Company’s CEO. The shares were valued at $268, resulting in a gain of settlement on debt of $48,371.

 

As of May 31, 2025, and November 30, 2024, the Company owed $27,568 and $16,166, respectively, to AMJ Global Entertainment LLC, a related party controlled by the Company’s CEO and director, respectively. The amount is unsecured, non-interest bearing and due on demand.

 

As of May 31, 2025, the Company owed $1,000,000 to AMJ Global Entertainment LLC, a related party controlled by the Company’s CEO and director with payment term of twenty-eight (28) months. The amount is secured with restricted 1,000,000 shares of common stock. The Company recognized discount on non-interest-bearing loan issued by using Applicable Federal Rate (AFR) of 5.20% during the current period for amount of $114,105. During the six months ended May 31, 2025, the Company recognized amortization debt discount of $16,354. As of May 31, 2025, the Company owed $902,249 net of discount of $97,751 to AMJ Global Entertainment LLC.

 

NOTE 6 – COMMON STOCK

 

Common Stock

 

The Company has authorized common shares of 750,000,000, par value $0.001 per share. Each outstanding share of common stock entitles the holder to one vote per share on all matters submitted to a stockholder vote. All shares of common stock are non-assessable and non-cumulative, with no pre-emptive rights.

 

During the six months ended May 31, 2024, the Company issued following shares:

 

 

·

400,000 shares of common stock to the Company’s board of directors, valued at $1,048.

 

·

400,000 shares of common stock to the Company’s advisory board members, valued at $1,048.

 

·

100,000 shares of common stock against management fees payable to the Company’s CEO and director, valued at $262.

 

·

102,200 shares of common stock against amounts owed to AMJ Global Entertainment LLC, a related party controlled by the Company’s CEO and director, valued at $268.

 

 
F-10

Table of Contents

 

 

During the six months ended May 31, 2025, the Company issued and cancelled following shares:

 

 

·

6,000 shares of common stock issued for contribution of $6,000 in cash.

 

·

20,000 shares of common stock issued to the Company’s advisory board member, valued at $20,000.

 

·

1,333,333 shares of common stock cancelled for unwinding and termination software and technology asset agreement, valued at $3,371 (see Note 4 above).

 

·

2,000 shares of common stock were cancelled based on stockholder request.

 

There were 106,472,857 and 107,782,190 shares of common stock issued and outstanding as of May 31, 2025, and November 30, 2024, respectively.

 

NOTE 7 – COMMITMENTS AND CONTINGENCIES

 

On January 27, 2025, the Company entered into a share exchange agreement with an entity for selling 5,000,000 shares of common restricted stock for $1.00 per share with 2,000,000 shares of common stock of Diamond Lake Mineral, Inc., a public company under laws of the state of Utah for $2.50 per share. On May 7, 2025, both parties agreed to unwind and terminate the original agreement dated January 27, 2025.

 

NOTE 8 – SUBSEQUENT EVENTS

 

The Company has evaluated events occurring subsequent to the balance sheet date through the date these unaudited condensed financial statements were issued and determined there are no additional events requiring disclosure.

 

 
F-11

Table of Contents

 

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

 

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Rule 175 under the Securities Act of 1933, and Rule 3b-6 under the Securities Exchange Act of 1934, as amended, that involve substantial risks and uncertainties. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about our industry, our beliefs and our assumptions. Words such as “anticipate,” “expects,” “intends,” “plans,” “believes,” “seeks” and “estimates” and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this Form 10-Q. Investors should carefully consider all of such risks before making an investment decision with respect to the Company’s stock. The following discussion and analysis should be read in conjunction with our financial statements and summary of selected financial data for AMJ Global Technology. Such a discussion represents only the best present assessment from our Management.

  

Description of Company

  

AMJ Global Technology (the “Company”) was incorporated under the laws of the State of Nevada on August 16, 2013, originally as “Kange Corp.” Effective April 22, 2023, the Company filed with the State of Nevada a Certificate of Amendment to its Articles of Incorporation, changing the name of the Company to “AMJ Global Technology.”

  

We previously focused on developing mobile software. During 2017, we began focusing on the intersection of technology and holistic technology-based health treatments. We retained an advisor having substantial experience in the technology sector, and two former professional athletes to advise us regarding sports health issues and treatments. We focused on formulating a treatment model to meet the needs of professional athletes that suffer from PTSD and the early onset of dementia and Alzheimer’s.

 

On April 26, 2023, the Company entered into an assignment agreement with AMJ Global Entertainment, LLC, a Nevada limited liability company controlled by the Company’s CEO and director, pursuant to which AMJ Global Entertainment assigned to the Company 25% of the ownership rights to AMJ Global Entertainment’s intellectual property in connection with the “Blabeey” platform, including software, code and trade secrets at zero cost.

 

In August of 2024, the Company entered into a Software Purchase and Development Agreement with Dataark Systems LLC, a Texas LLC (“Dataark”), pursuant to which the Company acquired an 8% interest in Dataark’s ElephantSqlDB® database software in consideration of the issuance of 1,333,333 shares of Company common stock to Dataark. The ElephantSqlDB® database software is designed to leverage AI and quantum computing performance through a specialized architecture and algorithm called the Grover’s Algorithm. The ElephantSqlDB® database is differentiated from its competitors in that is a single database that performs multiple database functions such as supporting 11 SQL dialects in addition to artificial intelligence (AI) data storage, SQL and NoSQL queries. The objective of this technology is to target and cut cloud infrastructure costs significantly while providing immutable security in order to combat evolving threats such as ransomware attacks. On May 7, 2025, the Company entered into an unwinding agreement with the owner of software and technology assets to terminate the agreement dated August 25, 2024. Upon the termination of the original agreement, neither party shall have any further obligations or liabilities under the original agreement, except as expressly provided in the unwinding agreement. The Company received 1,333,333 shares of common stock for cancellation on or about May 7, 2025, which shares were transferred back to the Company and were cancelled.

 

On July 13, 2024, the Company entered into a entered into a Revenue Sharing Agreement with Dark Bull Capital, Inc., a Nevada corporation (“Dark Bull”) and related party controlled by a shareholder and Board member of the Company, Vern Barkdull, pursuant to which the Company would issue 133,334 shares of Company common stock to Dark Bull, and the Company will receive 5% of net revenue generated by Dark Bull from Dark Bull’s contracts with (i) ESS in connection with Medicare enrollees, and (ii) The Agency of North Georgia in connection with Medicare, life and annuity insurance sales.

 

 
4

Table of Contents

 

On January 24, 2025, the Company entered into a purchase agreement with AMJ Global Entertainment, LLC (the “Seller”), an entity controlled by the Company’s CEO and director, Dr. Malone, for the acquisition of the Seller’s 25% equity stake in Dark Bull for $1,000,000 in cash, with a payment term of two years and with an extension of four months to pay the unpaid balance. Should the Company not be able to pay the outstanding balance at the end of twenty-eight (28) months, the Seller has agreed to be paid any outstanding unpaid balance in the form of restricted common stock of the Company at the price of the Company’s common stock at the time of signing agreement, which was $1.00 per share.

  

On January 27, 2025, the Company entered into a Stock Purchase Agreement with JP Michael LLC, pursuant to which the Company would sell 5,000,000 shares of Company common stock to JP Michael LLC in consideration of 2,000,000 shares of common stock of Diamond Lake Minerals, Inc. On May 7, 2025, both parties agreed to unwind and terminate the original agreement dated January 27, 2025.

  

We have had limited operations and have been issued a “going concern” opinion by our auditor on our November 30, 2024, audited financial statements based upon our reliance on related party (AMJ Global Entertainment, controlled by the Company’s CEO and director) advances and the sale of our common stock as the sole source of funds for our operations for the near future.

 

The following Management Discussion and Analysis should be read in conjunction with the financial statements and accompanying notes included in this Form 10-Q.

 

Reports to Security Holders

 

We intend to furnish our shareholders annual reports containing financial statements audited by our independent registered public accounting firm and to make available quarterly reports containing unaudited financial statements for each of the first three quarters of each year. We voluntarily file Quarterly Reports on Form 10-Q, Annual Reports on Form 10-K and Current Reports on Form 8-K with the Securities and Exchange Commission in order to disclose relevant information regarding the Company. We may also file additional documents with the Commission if they become necessary in the course of our company’s operations.

 

The SEC maintains an Internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC. The address of that site is www.sec.gov.

 

Results of Operations

 

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the condensed financial statements and notes thereto for the period ended May 31, 2025, which are included herein.

 

Our operating results for the three and six months ended May 31, 2025, and 2024, and the changes between those periods for the respective items are summarized as follows.

 

For the Three Months Ended May 31, 2025, and 2024

 

 

 

Three Months Ended

 

 

 

 

 

 

May 31,

 

 

Change

 

 

 

2025

 

 

2024

 

 

Amount

 

Revenue

 

$-

 

 

$-

 

 

$-

 

Operating loss

 

 

68,017

 

 

 

45,094

 

 

 

22,923

 

Other expenses (income)

 

 

11,035

 

 

 

(98,109)

 

 

109,144

 

Net loss (income)

 

$79,052

 

 

$(53,015)

 

$132,067

 

 

During the three months ended May 31, 2025, and 2024, we did not have any operating revenues.

 

 
5

Table of Contents

 

The Company incurred a net loss of $79,052 during the three months ended May 31, 2025, compared to a net income of $53,015 for the three months ended May 31, 2024. The decrease in net income was primarily due to other income for a gain on settlement of debt-related party of $98,109 and an increase in operating expenses of $22,923 and interest expenses of $11,628.

 

Operating expenses for the three months ended May 31, 2025, and 2024, were $68,017 and $45,094 respectively. For the three months ended May 31, 2025, and 2024, the operating expenses were primarily attributed to management compensation of $50,000 and $32,095, professional fees of $16,137 and $11,499, and general and administrative expenses of $1,880 and $1,500, respectively.

 

Other expenses (income) for the three months ended May 31, 2025, and 2024, were $11,035 and ($98,109) respectively. For the three months ended May 31, 2025, the other expenses consist of interest expenses of $11,280 and equity investments income-related party of $245. For the three months ended May 31, 2024, the other income was $98,109 for a gain on settlement of debt -related party.

 

The equity investments income of $245 is related to 30% equity stake in a company controlled by a related party (the Company’s shareholder and Board’s member) “Target” acquired on July 13, 2024, and January 24, 2025, is accounted for under the equity method as the investment provides the Company with the ability to exercise significant influence over operating and financial policies of Target.

 

The interest expenses of $11,628 are related to loan payable to a related party in connection with acquisition equity investment dated January 24, 2025, The Company recognized discount on non-interest-bearing loan issued by using Applicable Federal Rate (AFR) of 5.20% for amount of $114,105 for period of loan (twenty-eight months) and recognized interest of $11,628 for three months ended May 31, 2025.

 

For the Six Months Ended May 31, 2025, and 2024

 

 

 

Six Months Ended

 

 

 

 

 

 

May 31,

 

 

Change

 

 

 

2025

 

 

2024

 

 

Amount

 

Revenue

 

$-

 

 

$-

 

 

$-

 

Operating loss

 

 

118,502

 

 

 

94,768

 

 

 

23,734

 

Other expenses (income)

 

 

15,912

 

 

 

(98,109)

 

 

114,021

 

Net loss (income)

 

$134,414

 

 

$(3,341)

 

$137,755

 

 

During the six months ended May 31, 2025, and 2024, we did not have any operating revenues.

 

The Company incurred a net loss of $134,414 during the six months ended May 31, 2025, compared to a net income of $3,341for the six months ended May 31, 2024. The decrease in net income was primarily due to other income for a gain on settlement of debt-related party of $98,109 and an increase in operating expenses of $23,734 and interest expenses of $16,354.

 

Operating expenses for the six months ended May 31, 2025, and 2024, were $118,502 and $94,768 respectively. For the six months ended May 31, 2025, and 2024, the operating expenses were primarily attributed to management compensation of $80,000 and $62,095, professional fees of $35,077 and $29,673, and general and administrative expenses of $3,425 and $3,000, respectively.

 

Other expenses (income) for the six months ended May 31, 2025, and 2024, were $15,912 and ($98,109) respectively. For the six months ended May 31, 2025, the other expenses consist of interest expenses of $16,354 and equity investments income-related party of $442. For the six months ended May 31, 2024, the other income was $98,109 for a gain on settlement of debt -related party.

 

 
6

Table of Contents

 

The equity investments income of $442 is related to 30% equity stake in a company (“Dark Bull Capital Inc.”) controlled by a related party (the Company’s shareholder and Board’s member) (“Target”) acquired on July 13, 2024 and January 24, 2025, is accounted for under the equity method as the investment provides the Company with the ability to exercise significant influence over operating and financial policies of Target.

 

The interest expenses of $16,354 are related to loan payable to a related party in connection with acquisition equity investment dated January 24, 2025, The Company recognized discount on non-interest-bearing loan issued by using Applicable Federal Rate (AFR) of 5.20% for amount of $114,105 for period of loan (twenty-eight months) and recognized interest of $16,354 for six months ended May 31, 2025.

 

Balance Sheet Data

 

 

 

May 31,

 

 

November 30,

 

 

Increase

 

 

 

2025

 

 

2024

 

 

(Decrease)

 

Cash

 

$4

 

 

$226

 

 

$(222)

Total Assets

 

$886,948

 

 

$9,253

 

 

$877,695

 

Total Liabilities

 

$1,190,408

 

 

$200,928

 

 

$989,480

 

Working capital (deficiency)

 

$(287,875)

 

$(195,422)

 

$(92,453)

 

Liquidity and Capital Resources

 

Based upon our current financial condition, we do not have sufficient cash to operate our business at the current level for the next twelve months. We intend to fund operations through debt and/or equity financing arrangements, which may be insufficient to fund expenditures or other cash requirements. We plan to seek additional financing in a private equity offering to secure funding for operations. There can be no assurance that we will be successful in raising additional funding. If we are not able to secure additional funding, the implementation of our business plan will be impaired. There can be no assurance that such additional financing will be available to us on acceptable terms or at all.

 

The Company is currently evaluating operations in the holistic health industry, revenue sharing generated from Medicare enrollees, life and annuity insurance sales. This operation will generate revenue and cashflow for the Company.

 

Working Capital

 

As of May 31, 2025, our current assets were $284, and our current liabilities were $288,159, which resulted in working capital deficiency of $287,875.

 

As of May 31, 2025, current assets were comprised of $4 in cash and $280 in prepaid expenses, compared to $226 in cash and $5,280 in prepaid expenses as of November 30, 2024. As of May 31, 2025, current liabilities were comprised of $20,591 in accounts payable and accrued liabilities, $240,000 in accrued management fees - related party, and $27,568 in due to related party, compared to $4,762 in accounts payable and accrued liabilities, $180,000 in accrued management fees - related party, and $16,166 in amounts due to a related party as of November 30, 2024.

 

Our increase in working capital deficiency is primarily due to an increase in amounts due to a related party, management fees accrual and a decrease in cash and prepaid expenses.

 

 
7

Table of Contents

 

Cash Flow Data

 

 

 

Six Months Ended

 

 

 

May 31,

 

 

 

2025

 

 

2024

 

Cash used in operating activities

 

$(17,689)

 

$(31,674)

Cash provided by investing activities

 

 

49

 

 

 

-

 

Cash provided by financing activities

 

 

17,418

 

 

 

32,174

 

Net change in cash for the period

 

$(222)

 

$500

 

 

Cash Flows from Operating Activities

 

We did not generate positive cash flows from operating activities for the six months ended May 31, 2025, and 2024.

 

For the six months ended May 31, 2025, net cash flows used in operating activities were $17,689, consisting of a net loss of $134,414, increased by equity investments income -related party of $442 and reduced by imputed interest of $16,354, accrued management fees - related party of $60,000, stock-based compensation-related party of $20,000, changes in operating assets and liabilities of $20,813.

 

For the six months ended May 31, 2024, net cash flows used in operating activities was $31,674 consisting of a net income of $3,341, increased by stock-based compensation – related party of $2,096, accrued management fees -related party of $60,000, changes in operating assets and liabilities of $998 and reduced by a gain on settlement of debt – related party of $98,109.

 

Cash Flows from Investing Activities

 

For the six months ended May 31, 2025, and 2024, net cashflows provided by investing activities were $49 and $0, consisting of $49 and $0 distribution from equity investments-related party, respectively.

 

Cash Flows from Financing Activities

 

We fund our operations with cash received from advances from officers and related parties and issuances of equity.

 

For the six months ended May 31, 2025, and 2024, AMJ Global Entertainment LLC, a related party controlled by the Company’s CEO and director, advanced to the Company $13,728 and $32,174, by paying for operating expenses on behalf of the Company and the Company repaid advances to related party of $2,326 and $0, respectively.

 

During the six months ended May 31, 2025, the Company received $6,000 for issuance of 6,000 shares of common restricted stock.

 

Critical Accounting Policies

 

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 and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

 

Going Concern

 

The accompanying condensed financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company used cash in operating activities of $17,689 for the six months ended May 31, 2025. The Company had an accumulated deficit of $610,688 at May 31, 2025. These factors raise substantial doubt about the ability of the Company to continue as a going concern for a reasonable period of time. The Company’s continuation as a going concern is dependent upon its ability to generate revenues and its ability to continue receiving investment capital and loans from related parties to sustain its current level of operations. The Company is in the process of securing working capital from investors for common stock, convertible notes payable, and/or strategic partnerships. No assurance can be given that the Company will be successful in these efforts.

 

 
8

Table of Contents

 

The condensed financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

 

Off-Balance Sheet Arrangements

 

The Company does not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on the Company’s financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors.

 

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

 

As the Company is a “smaller reporting company,” this item is inapplicable.

 

ITEM 4. CONTROLS AND PROCEDURES.

 

Disclosure Controls and Procedures

 

The Securities and Exchange Commission defines the term “disclosure controls and procedures” to mean the company’s controls and other procedures of an issuer that are designed to ensure that information required to be disclosed in the reports that it files or submits under the Securities Exchange Act of 1934 (the “Exchange Act”) is recorded, processed, summarized and reported, within the time periods specified in the Securities and Exchange 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 Securities Exchange Act of 1934 is accumulated and communicated to the issuer’s management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. The Company maintains such a simple system of controls and procedures in an effort to ensure that all information which it is required to disclose in the reports it files under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified under the SEC’s rules and forms and that information required to be disclosed is accumulated and communicated to principal executive and principal financial officers to allow timely decisions regarding disclosure.

 

As of the end of the period covered by this report, we carried out an evaluation, under the supervision and with the participation of our chief executive officer and chief financial officer, of the effectiveness of the design and operation of our disclosure controls and procedures. As of May 31, 2025, our disclosure controls and procedures were not effective due to (i) limited accounting personnel, resulting in insufficient segregation of duties, and (ii) lack of formalized period-end close and review controls. There were no changes in our Internal Control Over Financial Reporting (‘ICFR”) during the quarter that materially affected, or are reasonably likely to materially affect, our ICFR.

 

Changes in Internal Control over Financial Reporting

 

There were no changes in the Company’s internal control over financial reporting identified in connection with the evaluation required by paragraph (d) of Rule 13a-15 or 15d-15 of the Exchange Act that occurred during the quarter ended May 31, 2025, that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

 

On March 5, 2025, the Company notified Green Growth, CPA of its dismissal as the Company’s independent registered public accounting firm. On March 5, 2025, the Company engaged Barton CPA PLLC of Cypress, Texas as the Company’s independent registered public accounting firm.

 

 
9

Table of Contents

 

PART II - OTHER INFORMATION

 

ITEM 1. LEGAL PROCEEDINGS.

 

The Company is not a party to any significant pending legal proceedings other than as disclosed below, and no other such proceedings are known to be contemplated. No director, officer or affiliate of the Company, and no owner of record or beneficial owner of more than 5.0% of the securities of the Company, or any associate of any such director, officer or security holder is a party adverse to the Company or has a material interest adverse to the Company in reference to pending litigation.

 

ITEM 1A. RISK FACTORS.

 

Not applicable.

 

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

  

The following issuances were made in reliance on Section 4(a)(2) of the Securities Act and/or Rule 506(b) of Regulation D, based on the recipient’s accredited investor status, no general solicitation, and investment intent. Securities were issued as restricted securities and bear the appropriate restrictive legends.

 

On March 18, 2025, the Company issued 6,000 shares of common stock to two third-party investors for $6,000 in cash.

 

On March 18, 2025, the Company issued 20,000 shares of common stock to advisory board member Jahmall Ellis for compensation valued at $20,000. Pursuant to his agreement with the Company, he was entitled to an equity aware of 20,000 shares on the one-year anniversary of the agreement.

 

On March 18, 2025, a stockholder returned and cancelled 2,000 shares of common stock that had been gifted to the stockholder by another stockholder.

 

On May 8, 2025, 1,333,333 shares of common stock were returned to the Company and cancelled pursuant to the termination of the Software Purchase and Development Agreement with Dataark described above, valued at $3,371.

 

ITEM 3. DEFAULTS UPON SENIOR SECURITIES.

 

None.

 

ITEM 4. MINE SAFETY DISCLOSURES.

 

None.

 

ITEM 5. OTHER INFORMATION.

 

None.

 

 
10

Table of Contents

 

ITEM 6. EXHIBITS.

 

Exhibit

 

Description

 

 

 

3.1

 

Articles of Incorporation (incorporated by reference to our Registration Statement on Form S-1, filed on February 21, 2014)

3.2

 

Bylaws (incorporated by reference to our Registration Statement on Form S-1, filed on February 21, 2014)

3.3

 

Bylaws (incorporated by reference to our Registration Statement on Form S-1, filed on February 21, 2014)

10.1

 

Assignment of Rights Agreement between the Company and AMJ Global (incorporated by reference to our Current Report on Form 8-K filed on November 12, 2015)

10.2

 

Board Member Agreement, by and between the Company and Robert Stutman, dated March 26, 2024 (incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K filed on April 1, 2024)

10.3

 

Board Member Agreement, by and between the Company and Adrian Neilan, dated March 26, 2024 (incorporated by reference to Exhibit 10.2 to our Current Report on Form 8-K filed on April 1, 2024)

10.4

 

Board Member Agreement, by and between the Company and Jesse Anglen, dated March 26, 2024 (incorporated by reference to Exhibit 10.3 to our Current Report on Form 8-K filed on April 1, 2024)

10.5

 

Board Member Agreement, by and between the Company and Vern Barkdull, dated March 26, 2024 (incorporated by reference to Exhibit 10.4 to our Current Report on Form 8-K filed on April 1, 2024)

10.6

 

Revenue Sharing Agreement, by and between the Company and Dark Bull, dated July 13, 2024 (incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K filed on July 18, 2024)

10.7

 

Software Purchase and Development Agreement between AMJ Global Technology and Dataark Systems LLC, dated August 25, 2024 (incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K filed on August 27, 2024)

10.8

 

Purchase Agreement, by and between the Company and AMJ Global Entertainment LLC, dated January 24, 2025 (incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K filed on January 27, 2025)

10.9

 

Stock Purchase Agreement, by and between the Company and JP Michael LLC, dated January 27, 2025 (incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K filed on January 28, 2025)

31.1/31.2*

 

Certification of Chief Executive Officer and Chief Executive Financial Officer required by Rule 13a-14(1) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32.1/32.2*

 

Certification of Chief Executive Officer and Chief Executive Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and Section 1350 of 18 U.S.C. 63

101*

 

Inline XBRL Document Set for the condensed financial statements and accompanying notes in Part I, Item 1, “Financial Statements” of this Quarterly Report on Form 10-Q.

104*

 

Inline XBRL for the cover page of this Quarterly Report on Form 10-Q, included in the Exhibit 101 Inline XBRL Document Set.

____________

* Filed herewith.

 

 
11

Table of Contents

 

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.

 

 

AMJ Global Technology

 

 

 

 

 

Date: September 29, 2025

By:

/s/ Dr. Arthur Malone, Jr.

 

 

 

Dr. Arthur Malone, Jr.

 

 

 

Chief Executive Officer,

Chief Financial Officer and Director

 

 

 
12