0001096906-22-002980.txt : 20221215 0001096906-22-002980.hdr.sgml : 20221215 20221215152152 ACCESSION NUMBER: 0001096906-22-002980 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 42 CONFORMED PERIOD OF REPORT: 20220531 FILED AS OF DATE: 20221215 DATE AS OF CHANGE: 20221215 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Victoria Lake, Inc. CENTRAL INDEX KEY: 0001874440 STANDARD INDUSTRIAL CLASSIFICATION: BLANK CHECKS [6770] IRS NUMBER: 000000000 STATE OF INCORPORATION: OK FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-56316 FILM NUMBER: 221464654 BUSINESS ADDRESS: STREET 1: 3625 COVE POINT DR. CITY: SALT LAKE CITY STATE: UT ZIP: 84109 BUSINESS PHONE: (801) 209-0740 MAIL ADDRESS: STREET 1: 3625 COVE POINT DR. CITY: SALT LAKE CITY STATE: UT ZIP: 84109 10-K 1 lvca-20220531.htm VICTORIA LAKE, INC. - FORM 10-K SEC FILING VICTORIA LAKE, INC. - Form 10-K SEC filing
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

———————

FORM 10-K

———————

 

 ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES

 

EXCHANGE ACT OF 1934

For the fiscal year ended: May 31, 2022

or

 

 

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

 

 EXCHANGE ACT OF 1934

For the transition period from: _____________ to _____________

 

———————

VICTORIA LAKE, INC.

(Exact name of registrant as specified in its charter)

———————

 

OKLAHOMA

000-56316

86-3939374

(State or Other Jurisdiction

(Commission

(I.R.S. Employer

of Incorporation)

File Number)

Identification No.)

3625 Cove Point Dr., Salt Lake City, UT 84109

(Address of Principal Executive Office) (Zip Code)

(801) 209-0740

(Registrant’s telephone number, including area code)

 

(Former name, former address and former fiscal year, if changed since last report)

———————

 

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

 

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

 

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. [  ] Yes  [ X ] No

 

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. [  ] Yes  [ X ] No

 

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

X

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

X

No


1


 

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

[X]

 

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 has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting fi rm that prepared or issued its audit report.   [  ] Yes  [X] No

 

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 November 30, 2021, the number of common shares held by non-affiliates was approximately 167,304,067 shares. The approximate market value based on the last business day of the second quarter of the Company’s Common Stock was approximately $16.73.

 

The number of shares of the issuer’s Common Stock outstanding as of December 15, is 167,304,067.


2


 

TABLE OF CONTENTS

 

 

 

 PART I

PAGE

 

 

 

ITEM 1

Business

3

 

 

 

ITEM 1A

Risk Factors

5

 

 

 

ITEM 1B

Unresolved Staff Comments

12

 

 

 

ITEM 2

Properties

12

 

 

 

ITEM 3

Legal Proceedings

12

 

 

 

ITEM 4

Mine Safety Disclosures

12

 

 

 

 

PART II

 

 

 

 

ITEM 5

Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. 

12

 

 

 

ITEM 7

Management’s Discussion and Analysis of Financial Conditions

and Results of Operations

13

 

 

 

ITEM 7A

Quantitative and Qualitative Disclosure About Market Risk 

19

 

 

 

ITEM 8

Financial Statements and Supplementary Data 

19

 

 

 

ITEM 9

Changes and Disagreements With Accountant or Accounting Disclosure

36

 

 

 

ITEM 9A

Control and Procedures

36

 

 

 

ITEM 9B

Other Information  

38

 

 

 

ITEM 9C

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

38

 

 

 

 

PART III

 

 

 

 

ITEM 10

Directors, Executing Officers and Corporate Governance

38

 

 

 

ITEM 11

Executive Compensation

40

 

 

 

ITEM 12

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

40

 

 

 

ITEM 13  

Certain Relationships and Related Transactions, and Director Independence

40

 

 

 

ITEM 14

Principal Accounting Fees and Services

42

 

 

 

 

PART IV

 

 

 

 

ITEM 15

Exhibit and Financial Statement Schedule

42


3


ITEM 1: DESCRIPTION OF BUSINESS

Our Company

 

Victoria Lake, Inc., an Oklahoma corporation, (“Victoria Lake,” “we," "us," “our,” or “Company”) is a publicly quoted shell company seeking to create value for its shareholders by merging with another entity with experienced management and opportunities for growth in return for shares of our common stock.

 

No potential merger candidate has been identified at this time.

 

We do not propose to restrict our search for a business opportunity to any particular industry or geographical area and may, therefore, engage in essentially any business in any industry. We have unrestricted discretion in seeking and participating in a business opportunity, subject to the availability of such opportunities, economic conditions, and other factors.

 

The selection of a business opportunity in which to participate is complex and risky. Additionally, we have only limited resources and may find it difficult to locate good opportunities. There can be no assurance that we will be able to identify and acquire any business opportunity which will ultimately prove to be beneficial to us and our shareholders. We will select any potential business opportunity based on our management's best business judgment.

 

Our activities are subject to several significant risks, which arise primarily as a result of the fact that we have no specific business and may acquire or participate in a business opportunity based on the decision of management, which potentially could act without the consent, vote, or approval of our shareholders. The risks faced by us are further increased as a result of our lack of resources and our inability to provide a prospective business opportunity with significant capital.

 

Our History

 

Our predecessor issuer was incorporated on March 14, 2007 as Lake Victoria Mining Company, Inc., and continued under that name until April 5, 2021.

 

Reorganization Activities:

 

Domiciliary Merger: On April 5, 2021, the predecessor issuer, Lake Victoria Mining Company, Inc. of Nevada, completed a domiciliary merger into Redo Development, Inc. of Oklahoma, with the Oklahoma company being the survivor under the name Lake Victoria Mining Company, Inc., pursuant to a concurrent name change.

 

Holding Company Parent/Subsidiary Formation: On May 7, 2021, Victoria Lake, Inc. an Oklahoma Corporation became the parent/successor issuer pursuant to Section 1081(g) of the Oklahoma General Corporation Act under an executed agreement titled “Agreement and Plan of Reorganization” (“Parent Subsidiary Formation”) which was executed by Lake Victoria Mining Company, Inc. (OK), Victoria Lake, Inc. (OK), and Lake Express, Inc. (OK). Under the terms of the Agreement, Lake Victoria Mining Company, Inc. (OK) merged into Lake Express, Inc. (OK) and Lake Victoria Mining Company, Inc. (OK). ceased to exist, wherein Lake Express, Inc. (OK) became the survivor and successor under Section 1088 of the Oklahoma Act, having acquired all of Lake Victoria Mining Company, Inc.’s (OK) assets, rights financial statements, obligations, and liabilities as the constituent or resulting corporation. Victoria Lake, Inc. (OK) became the parent and the holding company of Lake Express, Inc. (OK) under the Parent Subsidiary Formation which was in compliance with Section 1081(g) of the Oklahoma General Corporation Act.

 

Upon consummation of the Parent Subsidiary Formation, each issued and outstanding equity of the former Lake Victoria Mining Company, Inc. (OK) was transmuted into and represented the identical equity structure of Lake Victoria Mining Company, Inc. (NV) that existed prior to the domiciliary change and immediately prior to the Reorganization (on a share-for-share basis) having the same designations, rights, powers and preferences, and qualifications, limitations and restrictions. Upon consummation of the Agreement, Victoria Lake, Inc. (OK), was the issuer since the former Lake Victoria Mining Company, Inc. (OK) equity structure was transmuted pursuant to Section 1081(g) as the current issued and outstanding equities of Victoria Lake, Inc. (OK). The subsidiary, Lake Express, Inc.


4


was divested on May 7, 2021 and therefore is no longer consolidated into Victoria Lake, Inc. The shareholders of the Company became the shareholders of Lake Victoria Mining Company, Inc. (NV).

 

As a result of this reorganization, the resulting reorganized Company name became Victoria Lake, Inc.

 

The Company’s fiscal year end is May 31.

 

 

RISKS RELATED TO OUR COMPANY

 

ALTHOUGH WE HAVE NOT INCURRED SIGNIFICANT LOSSES, WE ANTICIPATE FUTURE LOSSES

 

As of May 31, 2022, we had an accumulated deficit of $17,744 and a stockholders’ deficit of approximately $17,744.

 

Future losses are likely to occur as, until we are able to merge with another entity with experienced management and opportunities for growth in return for shares of our common stock to create value for our shareholders as we have no sources of income to meet our operating expenses. Our auditor's going concern opinion and the notation in the financial statements indicate that we do not have significant cash or other material assets and that we are relying on advances from stockholders, officers and directors to meet our limited operating expenses. We are insolvent in that we are unable to pay our debts in the ordinary course of business as they become due. 

 

  

RISKS RELATED TO OUR SECURITIES

 

OTC MARKETS CURRENTLY DISPLAYS AN EXPERT SIGN

 

OTC Markets Group designates certain securities as “Expert” and places a Stop Sign icon next to the stock symbol to inform investors that there may be reason to exercise additional caution and perform thorough due diligence before making an investment decision in that security.

 

OTC Markets will continue to display Expert on its securities OTC Markets pages until adequate current information is made available by the issuer pursuant to the Alternative Reporting Standard or by the SEC Reporting Standard, and until OTC Markets believes there is no longer a public interest concern. Investors are encouraged to use caution and due diligence in their investment decisions.

 

RULE 144 SALES IN THE FUTURE MAY HAVE A DEPRESSIVE EFFECT ON OUR STOCK PRICE.

 

All of the outstanding shares of common stock held by our present officers, directors, and affiliate stockholders are "restricted securities" within the meaning of Rule 144 under the Securities Act of 1933, as amended.  We are a “shell company” as defined by the Securities Act, and therefore the resale provisions of Rule 144 are unavailable to our “restricted securities”.

 

LOSS OF CONTROL BY OUR PRESENT MANAGEMENT AND STOCKHOLDERS MAY OCCUR UPON ISSUANCE OF ADDITIONAL SHARES.

 

We may issue further shares as consideration for the cash or assets or services out of our authorized but unissued common stock that would, upon issuance, represent a majority of our voting power and equity. The result of such an issuance would be those new stockholders and management would control us, and persons unknown could replace our management at this time. Such an occurrence would result in a greatly reduced percentage of ownership of us by our current Shareholders.

 


5


 

IF THE REGISTRATION OF OUR COMMON STOCK IS REVOKED IN THE FUTURE, OUR BUSINESS OPPORTUNITIES WILL CEASE TO EXIST

 

In the event our securities registration was to be revoked, we would not have the ability to raise money through the issuance of shares and would lose the ability to continue the business plan set out in this filing. Common stock issued and outstanding at that time would no longer be tradable.

 

WE DO NOT ANTICIPATE PAYING CASH DIVIDENDS ON OUR COMMON STOCK

 

We do not anticipate paying any cash dividends on our common stock in the foreseeable future.

 

WE MAY BE UNSUCCESSFUL IN FINDING A MERGER THAT CAN BE ACCOMPLISHED WITH POSITIVE LONG-TERM RESULTS

 

The business of selecting and entering into a merger is fraught with all kinds of issues. For instance, the business may need capital that is never achieved, the management is not capable of carrying the business forward successfully, the business plan is ill conceived, and not executed, or competitive factors cause business failure. There are many other factors in addition to these, as may have been discussed above in “Risk Factors” which could cause our Company to fail and the investor’s capital will be at risk.

 

LOSS OF SECURITIES REGISTRATION EXEMPTION

 

Although we believe the exemptions utilized in relation to the disclosure of recent unregistered sales included in Item 10 to be applicable under Securities and Exchange Commission interpretations, should these exemptions be determined to not apply, the Company may be subject to civil and criminal liability as provided in the Securities Act. Furthermore, any loss of exemption or determination of a lack of an applicable exemption to the unregistered sales of the Company’s securities may adversely affect the Company in relation to the issuance and the resale of stock. At such time, the Company may be required to registered said securities, and any such violation of the Act could subject the Company to material adverse consequences including, the loss of your investment, the loss of the Company’s ability to register any securities in the future, or the ability to comply with any reporting requirements.

 

ITEM 1B: UNRESOLVED STAFF COMMENTS

 

Not applicable.

 

ITEM 2: PROPERTIES

 

We do not own or lease any properties.

 

Since May 7, 2021 and through the date of this filing, our corporate offices have been located at 3625 Cove Point Dr. Salt Lake City, Utah 84109 and are provided to us by our sole officer and director at no cost to us.

 

ITEM 3: LEGAL PROCEEDINGS 

 

Neither we nor our sole officer, director or holder of five percent or more of our common stock is a party to any pending legal proceedings and to the best of our knowledge, no such proceedings by or against us or our officers, or directors or holders of five percent or more of its common stock have been threatened or is pending against us.

 

ITEM 4. MINE SAFETY DISCLOSURES

 

Not Applicable.


6


 

PART II

 

ITEM 5: MARKET PRICE OF AND DIVIDENDS ON THE REGISTRANT'S COMMON EQUITY AND RELATED VICTORIA LAKE, INC. MATTERS

 

Market Price and Stockholder Matters

 

The Company’s common stock is listed on the OTC Markets Pink tier under the ticker “LVCA”.  Currently, the Company has a “Stop” warning from OTC Markets and there is only a limited, sporadic, and volatile market for our stock on the OTC.  

 

ITEM 7: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

 

Management’s Discussion and Analysis or Plan of Operation

 

The following information should be read in conjunction with the financial statements and notes thereto appearing elsewhere in this Form 10-K.

 

The Company is considered a start-up company with no assets and/or capital and no material operations or income. Ongoing expenses, including the costs associated with the preparation and filing of annual and quarterly reports, have been paid for by the Company’s sole officer and director, Reed Petersen, which are evidenced on the Company’s financial statements as accounts payable-related parties. It is anticipated that the Company will require only nominal capital to maintain its corporate viability. Additional necessary funds will most likely be provided by Mr. Petersen, although there is no agreement related to future funds and there is no assurance such funds will be available. However, unless the Company is able to facilitate an acquisition of or merger with an operating business or is able to obtain significant outside financing, there is substantial doubt about its ability to continue as a going concern.

 

PLAN OF OPERATION

 

Our plan of operations is to raise debt and/or equity to meet our ongoing operating expenses and attempt to merge with another entity with experienced management and opportunities for growth in return for shares of our common stock to create value for our shareholders. There can be no assurance that we will successfully complete this series of transactions. In particular, there is no assurance that any such business will be located or that any stockholder will realize any return on their shares after such a transaction. Any merger or acquisition completed by us can be expected to have a significant dilutive effect on the percentage of shares held by our current stockholders.

 

Our intended budget for the next twelve months is as follows:

 

 

 

Q1 three months ended August 31, 2022

 

Q2 three months ended November 30, 2022

 

Q3 three months  ended February 28, 2023

 

Q4 three months  ended May 31, 2023

 

Twelve Month
Total

 

 

 

 

 

 

 

 

 

 

 

Accounting

 

$

5,000

 

 

$

5,000

 

 

$

5,000

 

 

$

5,000

 

 

$

20,000

 

General and administrative

 

$

3,000

 

 

$

3,000

 

 

$

3,000

 

 

$

3,000

 

 

$

12,000

 

Miscellaneous

 

$

2,000

 

 

$

2,000

 

 

$

2,000

 

 

$

2,000

 

 

$

8,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Operating Expenses

 

$

10,000

 

 

$

10,000

 

 

$

10,000

 

 

$

10,000

 

 

$

40,000

 

 

At this time, we have no cash on hand, and we are dependent on advances from our shareholders or our sole officer/director. There can be no guarantee that we will be able to obtain sufficient funding these sources.

 


7


As of the date of this Report we intend to engage in what we believe to be synergistic acquisitions or joint ventures with a company or companies that we believe will enhance our business plan. The Company will not restrict its search to any specific business, industry, or geographical location and it may participate in a business venture of virtually any kind or nature. One of the benefits to our being a reporting and publicly traded company is to allow us to utilize our securities as consideration for some or all of the purchase price of these potential acquisitions. There are no assurances we will be able to consummate any acquisitions using our securities as consideration, or at all.

 

There are numerous things that will need to occur in order to allow us to implement this aspect of our business plan and there are no assurances that any of these developments will occur, or if they do occur, that we will be successful in fully implementing our plan.

 

Management will seek out and evaluate businesses for acquisition. The integrity and reputation of any potential acquisition candidate will first be thoroughly reviewed to ensure it meets with management’s standards. Once targeted as a potential acquisition candidate, we will enter into negotiations with the potential candidate and commence due diligence evaluation, including its financial statements, cash flow, debt, location and other material aspects of the candidate’s business. If we are successful in our attempts to acquire a company or companies utilizing our securities as part or all of the consideration to be paid, our current shareholders will incur dilution.

 

In implementing a structure for a particular acquisition, we may become a party to a merger, consolidation, reorganization, joint venture, asset purchase, or licensing agreement with another corporation or entity. We may also acquire stock or assets of an existing business. Upon the consummation of a transaction, it is likely that our present management and shareholders will no longer be in control of our Company.

 

As part of our investigation, our officers and directors will meet personally with management and key personnel, may visit and inspect material facilities, obtain independent analysis of verification of certain information provided, check references of management and key personnel, and take other reasonable investigative measures, to the extent of our limited financial resources and management expertise. The manner in which we participate in an acquisition will depend on the nature of the opportunity, the respective needs and desires of us and other parties, the management of the acquisition candidate and our relative negotiation strength.

 

We will participate in an acquisition only after the negotiation and execution of appropriate written agreements. Although the terms of such agreements cannot be predicted, generally such agreements will require some specific representations and warranties by all of the parties thereto, will specify certain events of default, will detail the terms of closing and the conditions which must be satisfied by each of the parties prior to and after such closing, will outline the manner of bearing costs, including costs associated with our attorneys and accountants, will set forth remedies on default and will include miscellaneous other terms.

 

Depending upon the nature of the acquisition, including the financial condition of the acquisition company, as a reporting company under the Securities Exchange Act of 1934 (“34 Act “), it will be necessary for such acquisition candidate to provide independent audited financial statements. We will not acquire any entity which cannot provide independent audited financial statements within a reasonable period of time after closing of the proposed transaction. If such audited financial statements are not available at closing, or within time parameters necessary to ensure our compliance with the requirements of the 34 Act, or if the audited financial statements provided do not conform to the representations made by the candidate to be acquired in the closing documents, the closing documents will provide that the proposed transaction will be voidable, at the discretion of our present management. If such transaction is voided, the agreement will also contain a provision providing for the acquisition entity to reimburse us for all costs associated with the proposed transaction.

 

As of the date of this Report we are not engaged in discussions with any concerning any potential merger or acquisition. We will not engage in any discussions concerning any merger or acquisition until a minimum of sixty (60) days has elapsed since the filing of our annual report. There are no assurances that any material acquisition will occur in the future.

 


8


 

We believe there are certain perceived benefits to being a public company whose securities are publicly traded, including the following:

 

 

·

increased visibility in the financial community;

 

 

·

increased valuation;

 

 

·

greater ease in raising capital;

 

 

·

compensation of key employees through stock options for which there may be a market valuation; and

 

 

·

enhanced corporate image.

 

There are also certain perceived disadvantages to being a trading company including the following:

 

 

·

required publication of corporate information;

 

 

·

required filings of periodic and episodic reports with the Securities and Exchange Commission.

 

Business entities, if any, which may be interested in a combination with us may include the following:

 

 

·

a company for which a primary purpose of becoming public is the use of its securities for the acquisition of assets or businesses;

 

 

·

a company which is unable to find an underwriter of its securities or is unable to find an underwriter of securities on terms acceptable to it;

 

 

·

a company which wishes to become public with less dilution of its securities than would occur upon an underwriting;

 

 

·

a company which believes that it will be able to obtain investment capital on more favorable terms after it has become public;

 

 

·

a foreign company which may wish an initial entry into the United States securities market;

 

 

·

a special situation company, such as a company seeking a public market to satisfy redemption requirements under a qualified Employee Stock Option Plan;

 

 

·

a company seeking one or more of the other perceived benefits of becoming a public company.

 

A business combination with a private company will normally involve the transfer to the private company of the majority of the issued and outstanding common stock of the Company, and the substitution by the private company of its own management and board of directors.

 

The proposed business activities described herein classify us as a “shell company.” The Securities and Exchange Commission and certain states have enacted statutes, rules and regulations regarding the sales of securities of shell companies, as well as limitations on a shareholder’s ability to sell their “restricted” securities. Rule 144 is not available to a shareholder of a shell company unless and until the Company files a registration statement with the SEC that includes certain specific information about existing business operations of a registrant and thereafter must wait an additional one year to take advantage of that exemption from registration.

 


9


 

RESULTS OF OPERATIONS FOR THE PERIOD BEGINNING AT MAY 7, 2021 (INCEPTION), THROUGH MAY 31, 2021 COMPARED TO THE YEAR ENDED MAY 31, 2022.

 

Revenue

 

We recognized no revenue during the year ended May 31, 2022 or from May 7, 2021 (inception) through May 31, 2021. We had no business from which to generate revenues in the fiscal years 2021 and 2020.

 

Cost of Revenue

 

We recognized no cost of revenue during the year ended May 31, 2022 or from May 7, 2021 (inception) through May 31, 2021.

 

General and Administrative Expenses

 

During the year ended May 31, 2022, we incurred administrative expenses of $13,410 as compared to the year ended May 7, 2021 (inception) through May 31, 2021 of $1,445.  

 

Professional Fees

 

During the year ended May 31, 2022, we incurred professional fees of $2,264 as compared to the year ended May 7, 2021 (inception) through May 31, 2021 of $625.  

 

Operating Loss

 

During the year ended May 31, 2022, we incurred an operating loss of $15,674, an increase of $13,604 due to an increase in general, selling and administrative expenses as stated above, as compared to May 7, 2021 (inception) through May 31, 2021 of $2,070.

 

Interest and Other Income (Expenses)

 

During the year ended May 31, 2022 and from May 7, 2021 (inception) through May 31, 2021, we recognized no interest expense or other income (expenses).

 

Net Loss

 

During the year ended May 31, 2022, we incurred a net loss of $15,674, an increase of $13,604, due to the factors discussed above as compared to May 7, 2021 (inception) through May 31, 2021 of $2,070.

 

LIQUIDITY AND CAPITAL RESOURCES

 

At May 31, 2022, we had cash of $0, no assets, no operating business or other source of income, liabilities of $17,744, and a stockholders’ deficit of $17,744, as compared to at May 31, 2021, we did not have any assets, no operating business or other source of income, liabilities of $2,070, and a stockholders’ deficit of $2,070.

 

We are now focused raising debt and/or equity financing to meet ongoing operating expenses and attempting to merge with another entity with experienced management and opportunities for growth in return for shares of our common stock to create value for our shareholders. There is no assurance that this series of events will be satisfactorily completed.

 

Consequently, we are now dependent on raising additional equity and/or debt to meet our ongoing operating expenses. There is no assurance that we will be able to raise the necessary equity and/or debt that we will need to fund our ongoing operating expenses.

 

It is our current intention to seek to raise debt and/or equity financing to meet ongoing operating expenses and attempt to merge with another entity with experienced management and opportunities for growth in return for shares of our


10


common stock to create value for our shareholders. There is no assurance that this series of events will be satisfactorily completed.

 

Future losses are likely to occur as, until we are able to merge with another entity with experienced management and opportunities for growth in return for shares of our common stock to create value for our shareholders as we have no sources of income to meet our operating expenses. As a result of these, among other factors, we received from our registered independent public accountants in their report for the financial statements for the period ended May 31, 2022 and 2021, an explanatory paragraph stating that there is substantial doubt about our ability to continue as a going concern.

 

 

 

 

 

From Inception on

 

 

 

 

 

May 7, 2021

 

 

Year Ended

 

Through

 

 

May 31, 2022

 

May 31, 2021

Net Cash from Operating Activities

 

$

-

 

$

-

Net Cash from Investing Activities

 

 

-

 

 

-

Net Cash from Financing Activities

 

 

-

 

 

-

Net change in Cash and Cash Equivalents

 

$

-

 

$

-

 

Operating Activities

 

From inception on May 7, 2021 through May 31, 2021, and during the year ended May 31, 2022, we used $0 and $0 in operating activities, respectively.

  

Investing Activities

 

From inception on May 7, 2021 through May 31, 2021, and during the year ended May 31, 2022, we used $0 and $0 in investing activities, respectively.

 

Financing Activities

 

From inception on May 7, 2021 through May 31, 2021, and during the year ended May 31, 2022, we used $0 and $0 in financing activities, respectively.

 

We are dependent upon the receipt of capital investment or other financing to fund our ongoing operations and to execute our business plan of seeking a combination with a private operating company. In addition, we are dependent upon our controlling shareholder to provide continued funding and capital resources. If continued funding and capital resources are unavailable at reasonable terms, we may not be able to implement our plan of operations.

 

CRITICAL ACCOUNTING POLICIES

 

All companies are required to include a discussion of critical accounting policies and estimates used in the preparation of their financial statements. On an on-going basis, we evaluate our critical accounting policies and estimates. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances, the results of which form our basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

 

Inflation

 

In the opinion of management, inflation has not and will not have a material effect on our operations in the immediate future.

 

Management will continue to monitor inflation and evaluate the possible future effects of inflation on our business and operations.

 


11


 

Off-Balance Sheet Arrangements

 

Per SEC regulations, we are required to disclose our off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, such as changes in financial condition, revenues, expenses, results of operations, liquidity, capital expenditures, or capital resources that are material to investors. As of May 31, 2022, we have no off-balance sheet arrangements.

 

Recently Issued Accounting Pronouncements

  

Management has evaluated other recently issued accounting pronouncements and does not believe that any of these pronouncements will have a significant impact on our consolidated financial statements and related disclosures.

  

ITEM 7A: QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

Not required

 

ITEM 8: FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

 

ITEM 9:  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

 

None.

 

ITEM 9A: CONTROLS AND PROCEDURES

 

Evaluation of Disclosure Controls and Procedures

 

Our management conducted an evaluation, with the participation of our Chief Executive Officer, who is our principal executive officer and our principal financial and accounting officer, of the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)). Based on that evaluation, we concluded that because of the material weakness in our internal control over financial reporting described below, our disclosure controls and procedures were not sufficient as of May 31, 2022.

 

Management’s Annual Report on Internal Control over Financial Reporting

 

Management is responsible for the preparation of our financial statements and related information. Management uses its best judgment to ensure that the financial statements present accurately, in material respects, our financial position and results of operations in fairness and conformity with generally accepted accounting principles.

 

Management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in the Exchange Act. These internal controls are designed to provide reasonable assurance that the reported financial information is presented fairly, that disclosures are adequate, and that the assumptions and opinions in the preparation of financial statements are reasonable. There are inherent limitations in the effectiveness of any system of internal controls, including the possibility of human error and overriding of controls. Consequently, an ineffective internal control system can only provide reasonable, not absolute, assurance with respect to reporting financial information.

 

Our internal control over financial reporting includes policies and procedures that: (i) pertain to maintaining records that, in reasonable detail, accurately and fairly reflect our transactions; (ii) provide reasonable assurance that transactions are recorded as necessary for preparation of our financial statements in accordance with generally accepted accounting principles and that the receipts and expenditures of company assets are made in accordance with our management’s and directors’ authorization; and (iii) provide reasonable assurance regarding the prevention or timely detection of unauthorized acquisition, use, or disposition of assets that could have a material effect on our financial statements.

 


12


We conducted an evaluation of the effectiveness of our internal control over financial reporting, based on the framework in “Internal Control Integrated Framework” issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) and published in 2013, and subsequent guidance prepared by COSO specifically for smaller public companies. Based on that evaluation, management concluded that our internal control over financial reporting was not sufficient as of May 31, 2022.

 

A significant deficiency is a deficiency, or combination of deficiencies in internal control over financial reporting, that adversely affects the entity’s ability to initiate, authorize, record, process, or report financial data reliably in accordance with generally accepted accounting principles such that there is more than a remote likelihood that a misstatement of the entity’s financial statements that is more than inconsequential will not be prevented or detected by the entity’s internal control. A material weakness is a deficiency or a combination of deficiencies in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of the annual or interim consolidated financial statements will not be prevented or detected on a timely basis. Management identified the following material weakness in its assessment of the effectiveness of internal control over financial reporting as of May 31, 2022:

 

 

·

The Company did not maintain effective controls over certain aspects of the financial reporting process because we lacked personnel with accounting expertise and an adequate supervisory review structure that is commensurate with our financial reporting requirements.

 

 

·

Material Weakness – Inadequate segregation of duties.

 

We expect to be materially dependent on a third party that can provide us with accounting consulting services for the foreseeable future. Until such time as we have a chief financial officer with the requisite expertise in U.S. GAAP, there are no assurances that the material weaknesses in our disclosure controls and procedures and internal control over financial reporting will not result in errors in our financial statements, which could lead to a restatement of those financial statements. Our management does not expect that our disclosure controls and procedures or our internal controls will prevent all error and all fraud. A control system, no matter how well conceived and maintained, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must account for resource constraints. In addition, the benefits of controls must be considered relative to their costs. Due to the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, can and will be detected.

 

Changes in Internal Controls over Financial Reporting

 

There have been no changes in our internal control over financial reporting during the period ended May 31, 2022 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

Item 9B: OTHER INFORMATION

 

None.

 

Item 9C: DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

 

Not Applicable.


13


REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Stockholders

Victoria Lake, Inc.

Salt Lake City, UT

Opinion on the Financial Statements

We have audited the accompanying balance sheets of Victoria Lake, Inc. (the Company) as of May 31, 2022 and 2021, and the related statements of operations, changes in stockholders’ deficit, and cash flows for the year ended May 31, 2022 and from May 7, 2021 (inception) through May 31, 2021, and the related notes (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of May 31, 2022 and 2021, and the results of its operations and its cash flows for the year ended May 31, 2022 and from May 7, 2021 (inception) through May 31, 2021, in conformity with accounting principles generally accepted in the United States of America.

Consideration of the Company’s Ability to Continue as a Going Concern

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The Company has no operations which raises substantial doubt about its ability to continue as a going concern.  Management’s plans in regard to these matters are described in Note 3. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Basis for Opinion

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

 

 

/s/ Pinnacle Accountancy Group of Utah

 

We have served as the Company’s auditor since 2021.

 

Pinnacle Accountancy Group of Utah

(a dba of Heaton & Company, PLLC)

PCAOB ID: 6117

Farmington, Utah

December 15, 2022


14


VICTORIA LAKE, INC.

Balance Sheets

 

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

From Inception on May 7, 2021 through

 

 

 

 

May 31

 

May 31,

2022

 

2021

 

 

 

 

 

 

 

CURRENT ASSETS 

 

 

 

 

Cash 

$

-   

 

$

-   

 

 

 

 

 

 

 

 

 

 

 

Total Current Assets

 

-   

 

 

-   

 

 

 

 

 

 

 

 

 

 

 

TOTAL ASSETS

 $

-   

   

$

-   

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' DEFICIT

 

 

 

 

 

 

 

 

 

CURRENT LIABILITIES 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable and accrued expenses

$

5,395

 

$

-   

 

Accounts payable - related party

 

12,349

 

 

2,070

 

 

 

 

 

 

 

 

 

 

 

Total Current Liabilities

 

17,744

 

 

2,070

 

 

 

 

 

 

 

 

 

 

 

Total  Liabilities

 

17,744

 

 

2,070

 

 

 

 

 

 

 

 

 

STOCKHOLDERS' DEFICIT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Series B Convertible Preferred stock: 100,000,000 shares authorized,

   at $0.00001 par value, 3,000,051 shares issued and outstanding.

 

30

 

 

30

 

Common stock: 500,000,000 shares authorized,

   at $0.00001 par value, 167,304,067 shares issued and outstanding.

 

1,673

 

 

1,673

 

Additional paid-in capital

 

(1,703)

 

 

(1,703)

 

Accumulated deficit 

 

(17,744)

 

 

(2,070)

 

 

Total Stockholders' Deficit

 

(17,744)

 

 

(2,070)

 

 

 

 

 

 

 

 

 

 

 

TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT

$

-   

 

$

-

 

 

 

 

 

    

 

 

 

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


15


VICTORIA LAKE, INC.

Statements of Operations

 

 

 

 

 

 

 

 

 

For the Year Ended

 

From Inception on May 7, 2021 through

 

 

May 31,

 

May 31,

  

2022

 

2021

 

 

 

 

 

 

 

REVENUES

 

 

 

 

 

 

Revenue

 $

-   

 

 $

-   

 

 

 

 

 

 

 

OPERATING EXPENSES

 

 

 

 

 

 

Professional fees

 

13,410

 

 

1,445

 

General and administrative

 

2,264

 

 

625

Total Operating Expenses

 

15,674

 

 

2,070

 

 

 

 

 

 

 

OPERATING LOSS

 

(15,674)

 

 

(2,070)

 

 

 

 

 

 

 

LOSS BEFORE INCOME TAXES

 

(15,674)

 

 

(2,070)

 

 

 

 

 

 

 

 

Provision for income taxes

 

-   

 

 

-   

NET LOSS

$

(15,674)

 

$

(2,070)

 

 

 

 

 

 

 

  

 

 

 

 

 

 

BASIC AND DILUTED LOSS PER SHARE

$

(0.00)

 

$

(0.00)

 

BASIC AND DILUTED WEIGHTED AVERAGE

 

 

 

 

 

 

NUMBER OF SHARES OUTSTANDING

 

167,304,067

 

 

167,304,067

 

 

 

 

 

 

 

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


16


VICTORIA LAKE, INC.

Statements of Changes in Stockholders' Deficit

 

 

For the Year Ended May 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

 

Common Stock

 

Series B Convertible Preferred Stock

 

Paid-In

 

Accumulated

 

 

 

Shares

 

Amount

 

Shares

 

Amount

 

Capital

 

Deficit

 

Total Stockholders’ Deficit

Balance, May 31, 2021

        167,304,067

 

$

                    1,673

 

            3,000,051

 

$

                         30

$

             (1,703)

 

$

                 (2,070)

 

$

             (2,070)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss for the year ended

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      May 31, 2022

                        -   

 

 

                          -   

 

                        -   

 

 

                          -   

 

                    -   

 

 

               (15,674)

 

 

           (15,674)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, May 31, 2022

        167,304,067

 

$

                    1,673

 

            3,000,051

 

$

                         30

$

             (1,703)

 

$

               (17,744)

 

 

           (17,744)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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


17


VICTORIA LAKE, INC.

Statements of Changes in Stockholders' Deficit

 

 

From Inception on May 7, 2021 through May 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

 

Common Stock

 

Series B Convertible Preferred Stock

 

Paid-In

 

Accumulated

 

 

 

Shares

 

Amount

 

Shares

 

Amount

 

Capital

 

Deficit

 

Total Stockholders’ Deficit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, May 7, 2021

                        -   

 

$

                          -   

 

                        -   

 

$

                          -   

$

                    -   

 

$

                        -   

 

$

                     -   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock issued as part of Merger

        167,304,067

 

 

                    1,673

 

                        -   

 

 

                          -   

 

             (1,703)

 

 

                        -   

 

 

                  (30)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Series B Convertible Preferred stock issued in

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 exchange for series L preferred stock

                        -   

 

 

                          -   

 

               3,000,051

 

 

                         30

 

                    -   

 

 

                        -   

 

 

                    30

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss for the period ended May 31, 2021

                        -   

 

 

                          -   

 

                        -   

 

 

                          -   

 

                    -   

 

 

                 (2,070)

 

 

             (2,070)

Balance, May 31, 2021

        167,304,067

 

$

                    1,673

 

               3,000,051

 

$

                         30

$

             (1,703)

 

$

                 (2,070)

 

 

             (2,070)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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


18


VICTORIA LAKE, INC. 

Statements of Cash Flows 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

From Inception on

 

 

 

 

For the Year Ended

 

May 7, 2021 through

 

 

 

 

May 31,

 

May 31,

  

2022

 

2021

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

 

 

 

Net loss

$

(15,674)

 

$

(2,070)

 

Adjustments to reconcile net loss to net cash

 

 

 

 

 

 

  used by operating activities:

 

 

 

 

 

 

 

Accounts payable and accrued expenses

 

5,395

 

 

-

 

 

Accounts payable – related party

 

10,279

 

 

2,070

 

 

 

Net Cash Used in Operating Activities

 

-

 

 

-

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

 

 

 

 

 

 

Net Cash Used in Investing Activities

 

-

 

 

-

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

 

 

 

 

 

Net Cash Provided by Financing Activities

 

-

 

 

-

 

 

 

 

 

 

 

 

 

 

NET CHANGES IN CASH

 

-

 

 

-

 

CASH AT BEGINNING OF PERIOD

 

-

 

 

-

 

 

 

 

 

 

 

 

 

 

CASH AT END OF PERIOD

$

-

 

$

-

 

 

 

 

 

 

 

 

 

 

CASH FLOW INFORMATION

 

 

 

 

 

 

CASH PAID FOR:

 

 

 

 

 

 

 

Interest

$

-

 

$

-

 

 

Income Taxes

$

-

 

$

-

 

 

 

 

 

 

 

 

 

NON-CASH INVESTING AND FINANCING ACTIVITIES

 

 

 

 

 

 

 

Issuance of Series B Preferred Stock in exchange for Series L Preferred Stock

$

-

 

$

30

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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


19


VICTORIA LAKE, INC.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEARS ENDED MAY 31, 2022 & 2021


NOTE 1 – NATURE OF OPERATIONS

 

Reorganization Activities:

 

Domiciliary Merger: On April 5, 2021, the predecessor issuer, Lake Victoria Mining Company, Inc. of Nevada, completed a domiciliary merger into Redo Development, Inc. of Oklahoma, with the Oklahoma company being the survivor under the name Lake Victoria Mining Company, Inc., pursuant to a concurrent name change.

 

Holding Company Parent/Subsidiary Formation: On May 7, 2021, Victoria Lake, Inc. an Oklahoma Corporation became the parent/successor issuer pursuant to Section 1081(g) of the Oklahoma General Corporation Act under an executed agreement titled “Agreement and Plan of Reorganization” (“Parent Subsidiary Formation”) which was executed by Lake Victoria Mining Company, Inc. (OK), Victoria Lake, Inc. (OK), and Lake Express, Inc. (OK). Under the terms of the Agreement, Lake Victoria Mining Company, Inc. (OK) merged into Lake Express, Inc. (OK) and Lake Victoria Mining Company, Inc. (OK) ceased to exist, wherein Lake Express, Inc. (OK) became the survivor and successor under Section 1088 of the Oklahoma Act, having acquired all of Lake Victoria Mining Company, Inc.’s (OK) assets, rights financial statements, obligations, and liabilities as the constituent or resulting corporation. Victoria Lake, Inc. (OK) became the parent and the holding company of Lake Express, Inc. (OK) under the Parent Subsidiary Formation which was in compliance with Section 1081(g) of the Oklahoma General Corporation Act.

 

Upon consummation of the Parent Subsidiary Formation, each issued and outstanding equity of the former Lake Victoria Mining Company, Inc. (OK) was transmuted into and represented the identical equity structure of Lake Victoria Mining Company, Inc. (NV) that existed prior to the domiciliary change and immediately prior to the Reorganization (on a share-for-share basis) having the same designations, rights, powers and preferences, and qualifications, limitations and restrictions. Upon consummation of the Agreement, Victoria Lake, Inc. (OK), was the issuer since the former Lake Victoria Mining Company, Inc. (OK) equity structure was transmuted pursuant to Section 1081(g) as the current issued and outstanding equities of Victoria Lake, Inc. (OK). The subsidiary, Lake Express, Inc. was divested on May 7, 2021 and therefore is no longer consolidated into Victoria Lake, Inc. The shareholders of the Company became the shareholders of Lake Victoria Mining Company, Inc. (NV).

 

As a result of this reorganization, the resulting reorganized Company name became Victoria Lake, Inc. (“Victoria Lake,” “the Company,” “we,” or “us”).

 

The Company’s fiscal year-end is May 31.

 

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

  

Use of Estimates and Assumptions

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States ("GAAP") requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) the disclosure of contingent assets and liabilities known to exist as of the date the financial statements are published, and (iii) the reported amount of net revenues and expenses recognized during the periods presented. Adjustments made with respect to the use of estimates often relate to improved information not previously available. Uncertainties with respect to such estimates and assumptions are inherent in the preparation of financial statements; accordingly, actual results could differ from these estimates.

 

Cash and Cash Equivalents

 

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

 


20


VICTORIA LAKE, INC.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEARS ENDED MAY 31, 2022 & 2021


 

 

Income Taxes

 

We account for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which the temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are recorded, when necessary, to reduce deferred tax assets to the amount expected to be realized.

 

The Company follows ASC 740, Income Taxes ("ASC 740"), which clarifies the accounting and disclosure for uncertainty in tax positions.  ASC 740 seeks to reduce the diversity in practice associated with certain aspects of the recognition and measurement related to accounting for income taxes. We have analyzed filing positions in each of the federal and state jurisdictions where we are required to file income tax returns, as well as all open tax years in these jurisdictions, and identified the U.S. federal as our "major" tax jurisdiction. However, we have certain tax attribute carryforwards which will remain subject to review and adjustment by the relevant tax authorities until the statute of limitations closes with respect to the year in which such attributes are utilized.

 

Basic and Diluted Loss Per Share

 

Basic loss per share is calculated using the weighted average number of common shares outstanding for the period presented. Diluted loss per share is computed using the weighted-average number of common shares and, if dilutive, potential common shares outstanding during the period. The dilutive effect of potential common shares is not reflected in diluted earnings per share because the Company incurred a net loss and the effect of including these potential common shares in the net loss per share calculations would be anti-dilutive.

 

The total potential common shares for the years ended May 31, 2022 and 2021 include 300,005,100 shares for Series B convertible preferred stock.

 

Stock-Based Compensation

 

The Company accounts for share-based compensation under the provisions of ASC 718, Compensation-Stock Compensation. Stock-based compensation expense for employees and nonemployees is measured at the fair value of the equity award on the grant date. Share-based compensation for all stock-based awards to employees and directors is recognized as an expense over the requisite service period, which is generally the vesting period.

 

Fair Value of Financial Instruments

 

The Company's financial instruments consist of accounts payable and accrued expenses and accounts payable – related party. The carrying amounts of such financial instruments approximate their respective estimated fair value due to the short-term maturities and approximate market interest rates of these instruments.

 

The Company adopted ASC Topic 820, Fair Value Measurements ("ASC Topic 820"), which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. The standard provides a consistent definition of fair value which focuses on an exit price that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The standard also prioritizes, within the measurement of fair value, the use of market-based information over entity-specific information and establishes a three-level hierarchy for fair value measurements based on the nature of inputs used in the valuation of an asset or liability as of the measurement date.

 


21


VICTORIA LAKE, INC.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEARS ENDED MAY 31, 2022 & 2021


 

 

The three-level hierarchy for fair value measurements is defined as follows:

 

 

·

Level 1 - inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets; liabilities in active markets;

 

 

 

 

·

Level 2 - inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability other than quoted prices, either directly or indirectly, including inputs in markets that are not considered to be active; or directly or indirectly including inputs in markets that are not considered to be active;

 

 

 

 

·

Level 3 - inputs to the valuation methodology are unobservable and significant to the fair value measurement

 

Recent Accounting Pronouncements

 

The Company has evaluated other recently issued accounting pronouncements and does not believe that any of these pronouncements will have a significant impact on our financial statements and related disclosures.

 

NOTE 3 – GOING CONCERN

 

These financial statements have been prepared in accordance with generally accepted accounting principles applicable to a going concern, which assumes that the Company will be able to meet its obligations and continue its operations for its next fiscal year. Realization values may be substantially different from carrying values as shown and these financial statements do not give effect to adjustments that would be necessary to the carrying values and classification of assets and liabilities should the Company be unable to continue as a going concern. As of May 31, 2022, the Company had not yet achieved profitable operations, has accumulated losses of $17,744 since its inception, has a working capital deficiency of $17,744 and expects to incur further losses in the development of its business, all of which raise substantial doubt about the Company's ability to continue as a going concern. The Company's ability to continue as a going concern is dependent upon its ability to generate future profitable operations and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management has no formal plan in place to address this concern but considers that the Company will be able to obtain additional funds by equity financing and/or related party advances, however, there is no assurance of additional funding being available or on terms acceptable to the Company.

 

NOTE 4 - RELATED PARTY TRANSACTIONS

 

During the periods ended May 31, 2022 and 2021, our sole officer and director, G. Reed Petersen, paid various expenses on behalf of the Company totaling $10,279 and $2,070, respectively, resulting in amounts owed to Mr. Petersen of $12,349 and $2,070 at May 31, 2022 and 2021, respectively.

 

As the Company’s office space needs are limited at the current time, Mr. Petersen is currently providing space to the Company at no cost.

 

NOTE 5 – EQUITY

 

The total number of shares of stock which the corporation shall have authority to issue is 600,000,000 shares, of which 500,000,000 shares of $0.00001 par value shall be designated as Common Stock and 100,000,000 shares of $0.00001 shall be designated as Preferred Stock. The Preferred Stock authorized by these Articles of Incorporation may be issued in one or more series. The Board of Directors of the Corporation is authorized to determine or alter the rights, preferences, privileges, and restrictions granted or imposed upon any wholly unissued series of Preferred Stock, and within the limitations or restrictions stated in any resolution or resolutions of the Board of Directors originally fixing the number of shares constituting any series, to increase or decrease (but not below the number of shares of any such series then outstanding) the number of shares of any such series subsequent to the issue of shares of that series, to determine the designation and par value of any series and to fix the numbers of shares of any series.

 


22


VICTORIA LAKE, INC.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEARS ENDED MAY 31, 2022 & 2021


 

Common Stock

 

The Company has authorized 500,000,000 common shares with a par value of $0.00001 per share. Each common share entitles the holder to one vote, in person or proxy, on any matter on which action of the stockholders of the corporation is sought.

 

Series A Convertible Preferred Stock

 

The Company designated 1,000,000 shares of Series A Convertible Preferred Stock with a par value of $0.00001 per share.

 

Initially, there will be no dividends due or payable on the Series A Convertible Preferred Stock. Any future terms with respect to dividends shall be determined by the Board consistent with the Corporation’s Certificate of Incorporation (“Certificate”). Any and all such future terms concerning dividends shall be reflected in an amendment to the Certificate, which the Board shall promptly file or cause to be filed.  All shares of the Series A Convertible Preferred Stock shall rank pari passu with the Company’s common stock and the Series A Convertible Preferred shall have no liquidation preference over any other class of stock.

 

Each holder of outstanding shares of Series A Convertible Preferred Stock shall be entitled to the number of votes equal to one hundred (1,000) votes for each share held of record on all matters submitted to a vote of the shareholders. Except as provided by law, or by the provisions establishing any other series of Preferred Stock, holders of Series A Convertible Preferred Stock and of any other outstanding series of Preferred Stock shall vote together with the holders of Common Stock as a single class.

 

Each holder of shares of Series A Convertible Preferred Stock may, at any time and from time to time, convert (an “Optional Conversion”) each of their shares of Series A Convertible Preferred Stock into one fully paid and nonassessable share of Common Stock.  In the event of a reverse split or a forward split shall occur, then in each instance the Conversion Rate shall be adjusted such that the number of shares issued upon conversion of one share of Series A Convertible Preferred Stock will equal the number of shares of Common Stock that would otherwise be issued but for such Event.

 

As of May 31, 2022 and 2021, there were 0 shares of Series A Convertible Preferred outstanding.

 

Series B Convertible Preferred Stock

 

The Company designated 3,000,051 shares of Series B Convertible Preferred Stock with a par value of $0.00001 per share.

 

Initially, there will be no dividends due or payable on the Series B Convertible Preferred Stock. Any future terms with respect to dividends shall be determined by the Board consistent with the Corporation’s Certificate of Incorporation (“Certificate”). Any and all such future terms concerning dividends shall be reflected in an amendment to the Certificate, which the Board shall promptly file or cause to be filed.  All shares of the Series B Convertible Preferred Stock shall rank pari passu with the Company’s common stock and the Series B Convertible Preferred shall have no liquidation preference over any other class of stock.

 

Each holder of outstanding shares of Series B Convertible Preferred Stock shall be entitled to the number of votes equal to one hundred (100) votes for each share held of record on all matters submitted to a vote of the shareholders. Except as provided by law, or by the provisions establishing any other series of Preferred Stock, holders of Series B Convertible Preferred Stock and of any other outstanding series of Preferred Stock shall vote together with the holders of Common Stock as a single class.

 


23


VICTORIA LAKE, INC.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEARS ENDED MAY 31, 2022 & 2021


 

 

Each Series B Convertible Preferred Stock has a conversion rate of 100 shares of Common Stock for each Series B Convertible Preferred Stock. Each holder of shares of Series B Convertible Preferred Stock may, at any time and from time to time, convert (an “Optional Conversion”) each of their shares of Series B Convertible Preferred Stock into one hundred fully paid and nonassessable shares of Common Stock.  In the event of a reverse split or a forward split shall occur, then in each instance the Conversion Rate shall be adjusted such that the number of shares issued upon conversion of one share of Series B Convertible Preferred Stock will equal the number of shares of Common Stock that would otherwise be issued but for such Event.

 

As of May 31, 2022 and 2021, there were 3,000,051 shares of Series B Preferred issued and outstanding. 

 

Series L Convertible Preferred Stock

 

On May 19, 2021, the Company entered into a Stock Cancellation Agreement with the G. Reed Petersen Revocable Trust and Jeff Holmes for the cancellation of the 2,000 outstanding Series L Preferred stock owned by the G. Reed Petersen Revocable Trust and Jeff Holmes.

 

As of May 19, 2021, the Series L Preferred Stock had been retired to treasury.

 

As of May 31, 2021, there were 0 shares of Series L Preferred outstanding.

 

On the 22nd day of June 2021, the Series L Preferred Stock Designation was terminated.

 

NOTE 6 – INCOME TAXES

 

The Company recognizes interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses.  The Company had no accruals for interest and penalties since inception.

 

Future tax benefits which may arise as a result of these losses have not been recognized in these financial statements, as their realization is determined not likely to occur and accordingly, the Company has recorded a valuation allowance for the deferred tax asset relating to these tax losses.

 

The Company’s federal income tax returns since inception remain subject to examination by the Internal Revenue Service as of May 31, 2022.

 

The income tax provision differs from the amount of income tax determined by applying the Federal income tax at the expected rate of 21% due to the following:

 

 

Year Ended

May 31,

From Inception on May 7, 2021 through May 31,

 

2022

2021

Income tax provision

 $ (3,292)

 $ (435)

Change in Valuation allowance

  3,292 

  435 

Net provision for Federal income taxes

 $ - 

 $ - 

 

Net deferred tax assets are comprised as follows:

 

 

2022

2021

Deferred tax asset attributable to:

 

 

Net operating loss carryover

 $ 3,727 

 $ 435 

Less: valuation allowance

  (3,727)

  (435)

Net deferred tax asset

 $ - 

 $ - 


24


VICTORIA LAKE, INC.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEARS ENDED MAY 31, 2022 & 2021


 

 

As of May 31, 2022 and 2021, the Company has taxable net loss carryovers of approximately $17,744 and $2,070, respectively, that may be offset against future taxable income.

 

NOTE 7 - SUBSEQUENT EVENTS

 

The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that these financial statements were issued. Based upon this review, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements.


25



PART III

 

 

ITEM 10: DIRECTORS AND EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

 

Directors and Executive Officers

The following table sets forth the names, ages, and positions with us for each of our directors and officers as May 31, 2022:

Name

 

Age

 

Position

G. Reed Petersen

 

 

76

 

 

President, CFO, Director, Secretary and Treasurer

 

G. Reed Petersen, President, Director, Secretary, and Treasurer  

 

Mr. G Reed Petersen, our sole officer and director, was appointed as President, Director, Secretary, and Treasurer on May 7, 2021. He is the sole officer and director of our Company.

 

G. Reed Petersen, age 76, and a resident of the State of Nevada, has been a private investor since 1995. From January 2016 until November 29, 2016, Mr. Peterson was the controlling stockholder and sole executive officer and director of Allied Ventures Holding Corp., which at the time was inactive and deemed to be a public shell company. In connection with the change of control, Mr. Petersen sold all his shares to the new control group for approximately $75,000, and Allied changed its name to Longwen Group Corp. Mr. Petersen was the controlling stockholder and sole officer and director of Kreido Biofuels, Inc., which at the time was inactive and deemed to be a public shell company, from November 2017 to June 5, 2018, when he sold control of that company for $320,000. Mr. Petersen gained control of a small public company, whereafter he redomiciled the corporation to Nevada, and changed the name to Revival Inc. In June 2019, he was involved with the acquisition of a private company by Revival Inc. while he was President. Mr. Petersen retained his 660,001 shares of common stock in Revival but otherwise received no consideration for the change of control. After his resignation as president, that company, now Farmhouse Inc. completed an S-1 offering. Mr. Petersen is the promotor of our Company as defined in Item 401(g). Within the past ten years, Mr. Petersen has not been involved in any legal proceeding identified in Item 401(F) of Regulation S-K.

 

Mr. Petersen is currently the Director of Entertainment Holdings, Inc., an Oklahoma Company with a Form 10 undergoing current comments by the SEC. Mr. Petersen has been the sole director and majority shareholder holding 87% of Entertainment Holdings, Inc.’s outstanding common shares, since he acquired its predecessor issuer, XRX International Entertainment Holding Group, Inc. on May 5, 2021. Entertainment Holdings, Inc. is the successor issuer of XRX International Entertainment Holding Group, Inc. since the two companies executed and entered into a parent subsidiary formation on June 30, 2021. Mr. Petersen is currently the Director of Myson, Inc., an Oklahoma Company with a Form 10 undergoing current comments by the SEC. Mr. Petersen has been the sole director and majority shareholder holding 99% of Myson, Inc.’s outstanding shares, since he acquired its predecessor issuer Myson Group, Inc. on June 20, 2021. Myson, Inc. is the successor issuer of Myson Group, Inc. since the two companies executed and entered into a parent subsidiary formation on July 8, 2021.

 

Conflicts Of Interest - General

 

Our directors and officers are, or may become, in their individual capacities, officers, directors, controlling shareholder and/or partners of other entities engaged in a variety of businesses. Thus, there exist potential conflicts of interest including, among other things, time, efforts and corporation opportunity, involved in participation with such other business entities. While our sole officer and director of our business is engaged in business activities outside of our business, he devotes to our business such time as he believes to be necessary. At this time, G. Reed Petersen has conflicts of interest with Entertainment Holdings, Inc., and Myson, Inc. of which he is director and president of both companies. There exist specific conflicts of interest between Mr. Petersen, the above companies, and our Company. Our Company and the above listed companies are held and controlled by Mr. Petersen as shell companies that will seek to acquire target operating businesses at a future date. At that time, Mr. Petersen will have to use his discretion and sound judgment in matching our Company with the right operating business and may weight the use of any corporate opportunity to choose one of the other companies as a more viable candidate.


26



 

Conflicts Of Interest - Corporate Opportunities

 

Presently no requirement contained in our Articles of Incorporation, Bylaws, or minutes which requires officers and directors of our business to disclose to us business opportunities which come to their attention. Our officers and directors do, however, have a fiduciary duty of loyalty to us to disclose to us any business opportunities which come to their attention, in their capacity as an officer and/or director or otherwise. Excluded from this duty would be opportunities which the person learns about through his involvement as an officer and director of another company. We have no intention of merging with or acquiring an affiliate, associate person or business opportunity from any affiliate or any client of any such person.

 

Committees Of The Board Of Directors

 

In the ordinary course of business, the board of directors maintains a compensation committee and an audit committee.

 

The primary function of the compensation committee is to review and make recommendations to the board of directors with respect to the compensation, including bonuses, of our officers and to administer the grants under our stock option plan.

 

The functions of the audit committee are to review the scope of the audit procedures employed by our independent auditors, to review with the independent auditors our accounting practices and policies and recommend to whom reports should be submitted, to review with the independent auditors their final audit reports, to review with our internal and independent auditors our overall accounting and financial controls, to be available to the independent auditors during the year for consultation, to approve the audit fee charged by the independent auditors, to report to the board of directors with respect to such matters and to recommend the selection of the independent auditors.

 

In the absence of a separate audit committee our board of directors’ functions as audit committee and performs some of the same functions of an audit committee, such as recommending a firm of independent certified public accountants to audit the annual financial statements; reviewing the independent auditor’s independence, the financial statements and their audit report; and reviewing management's administration of the system of internal accounting controls.

 

ITEM 11: EXECUTIVE COMPENSATION

 

As of the date of this filing, Mr. G. Reed Petersen was our sole director and officer.

 

Executive compensation from inception on May 7, 2021 through May 31, 2021, and the year ended May 31, 2022 was as follows: 

NAME AND PRINCIPAL POSITION

 

 

YEAR

 

 

SALARY

 

BONUS

 

STOCK AWARDS

 

OPTIONS AWARDS

 

NONQUALIFIED DEFERRED COMPENS-

 

ALL OTHER COMP

 

TOTAL

 

($)

($)

($)

($)

 

ATION ($)

($)

G. Reed Petersen,

 

2022

 

$

-

 

$

-

 

$

-

 

$

-

 

$

-

 

$

-

 

$

-

President, Director, Secretary, & Treasurer

 

2021

 

$

-

 

$

-

 

$

-

 

$

-

 

$

-

 

$

-

 

$

-

 

ITEM 12: SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

 

The following tables set forth as of May 31, 2021 the class, number, and percentage of the outstanding shares of voting stock, which according to the information available to us, were beneficially owned by:

 

 

(i)

each person who is currently a director,

 

(ii)

each executive officer,

 

(iii)

all current directors and executive officers as a group, and

 

(iv)

each person who is known by us to own beneficially more than 5% of our outstanding common stock.

Except as otherwise indicated, the persons named in the table have sole voting and dispositive power with respect to all shares beneficially owned, subject to community property laws where applicable.


27



 

OFFICERS AND DIRECTORS

 

Title of Class

 

Name and Address of Beneficial Owner

 

Amount and Nature of Beneficial Owner

 

Percent of Class Outstanding (2)

 

Preferred Shares

 

 

G. Reed Petersen, (1) (2)
President, Director, Secretary, and Treasure

 

 

1,500,026

 

 

 

50

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred Shares

 

 

All Directors and Executive Officers as a Group (1 person)

 

 

1,500,026

 

 

 

50

%

 

 

(1)

The address of each person listed above, unless otherwise indicated, is c/o Victoria Lake, Inc. 3625 Cove Point Dr., Salt Lake City, Utah 84109.

 

(2)

Mr. Petersen holds all of his shares of Series B Convertible Preferred Stock in the G. Reed Petersen Revocable Trust of which he is the trustee. Mr. Petersen is deemed to own the indicated number of shares of preferred stock by virtue of his indirect ownership of 1,500,026 shares of Series B Convertible Preferred Stock. Each share of the Series B Convertible Preferred Stock is convertible at any time into, and has the voting rights, of 100 shares of common stock equal to 32% of all voting stock.

 

GREATER THAN 5% STOCKHOLDERS

 

The following table sets forth the number and percentage of outstanding shares of Series B Convertible Preferred Stock and Common Stock, the only classes of shares outstanding, beneficially owned by (a) each Officer and Director; (b) all Officers and Directors as a group; and (c) all other persons who beneficially own more that 5% of each named class of securities. The percentage for Common Shares is based on the 167,304,067 outstanding shares of common stock. The percentage for Preferred Shares is based on the 3,000,051 outstanding shares of Preferred Shares.

 

Title of Class

 

Name and Address of Beneficial Owner

 

Amount and Nature of Beneficial Owner (3)

 

Percent of Class Outstanding (2)

 

Preferred Shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

G. Reed Petersen Revocable Trust,
Direct Owner (1) (2)

 

 

1,500,026

 

 

 

50

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Jeff Holmes, Direct Owner (3)

 

 

1,500,025

 

 

 

50

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Directors and Officers as a group (5)

 

 

1,500,026

 

 

 

50

%

 

 

(1)

The address of each person listed above, unless otherwise indicated, is c/o Lake Victoria Mining Company 3625 Cove Point Dr., Salt Lake City, Utah 84109.

 

 

(2)

Mr. Petersen holds all of his shares of Series B Convertible Preferred Stock in the R. Reed Petersen Revocable Trust of which he is the trustee. Mr. Petersen is deemed to own the indicated number of shares of preferred stock by virtue of his indirect ownership of 1,500,026 shares of Series B Convertible Preferred Stock. Each share of the Series B Convertible Preferred Stock is convertible at any time into, and has the voting rights, of 100 shares of common stock equal to 32% of all voting stock.

 

 

(3)

Mr. Holmes is deemed to own the indicated number of shares of preferred stock by virtue of his direct ownership of 1,500,025 shares of Series B Convertible Preferred Stock. Each share of the Series B Convertible Preferred Stock is convertible at any time into, and has the voting rights, of 100 shares of common stock equal to 32% of all voting stock. Mr. Holmes is not a director, advisor, or employee of the Company, but is an affiliate as defined in Rule 405 by virtue of his voting control of 32% the Company’s outstanding securities.

 

 


28



 

(4)

Please note that at this time, no Series B Convertible Preferred Stock have been converted. The tabular listing of the above beneficial owners is listed in compliance with the Securities Exchange Act of 1934, as amended, to disclose those percentage of common stock that would be owned by those beneficial owners in the event said Series B Convertible Preferred Stock were converted upon the exercise of that right.

 

 

(5)

Mr. Petersen is the sole Director of the Company indicated in “Directors and Officers as a group”

 

 

Rule 13d-3 under the Securities Exchange Act of 1934 governs the determination of beneficial ownership of securities. That rule provides that a beneficial owner of a security includes any person who directly or indirectly has or shares voting power and/or investment power with respect to such security. Rule 13d-3 also provides that a beneficial owner of a security includes any person who has the right to acquire beneficial ownership of such security within sixty days, including through the exercise of any option, warrant or conversion of a security. Any securities not outstanding which are subject to such options, warrants or conversion privileges are deemed to be outstanding for the purpose of computing the percentage of outstanding securities of the class owned by such person. Those securities are not deemed to be outstanding for the purpose of computing the percentage of the class owned by any other person.

 

As of the date of this filing and since May 31, 2022, there have been no issuances of any class of stock, or any other security. 

 

ITEM 13: CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

 

During the periods ended May 31, 2022 and 2021, our sole officer and director, G. Reed Petersen, paid various expenses on behalf of the Company totaling $10,279 and $2,070, respectively, resulting in amounts owed to Mr. Petersen of $12,349 and $2,070 at May 31, 2022 and 2021, respectively.

 

As the Company’s office space needs are limited at the current time, G. Reed Petersen is currently providing space to the Company at no cost.

 

Stock Options

 

The Company has no stock option plan at this time.


29



ITEM 15: Exhibits, Financial Statement Schedule

EXHIBITS

 

Exhibit No.

Description

 

3(i).1

Articles of Incorporation (Oklahoma) – Victoria Lake, Inc. – 5.7.2021

Incorporated by refence (see 10-12G filed 7/29/2021)

 

 

 

3(i).2

Bylaws  – 5.7.2021

Incorporated by refence (see 10-12G filed 7/29/2021)

 

 

 

3(i).3

Certificate of Designation  – 5.7. 2021 – Series A

Incorporated by refence (see 10-12G filed 7/29/2021)

 

 

 

31.1

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

Attached

 

 

 

32.1

Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Attached

 

 


30



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 hereunto duly authorized. 

 

 

 

VICTORIA LAKE, INC.

         

Date:     December 15, 2022

 

/s/ Reed Petersen

                        

 

 

                                      

 

Reed Petersen

                                      

 

President, CFO, Secretary, Treasurer and

 

 

Director


31

EX-31.1 2 lvca_ex31z1.htm CERTIFICATION

CERTIFICATION

 

 

I, G. Reed Petersen, Chief Executive Officer and Chief Financial Officer of Victoria Lake, Inc., (the “Company”), certify that:

 

1.   I have reviewed this annual report on Form 10-K of the Company;

 

2.   Based on my knowledge, this report does not contain any untrue statement of 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 Company as of, and for, the periods presented in this report;

 

4.   I am responsible for establishing and maintaining disclosure controls and  procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) 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 Company, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting  and the preparation of financial statements for external purposes in accordance  with generally accepted accounting principles;

 

(c) evaluated the effectiveness of the Company'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 Company’s intternal control over financial reporting that occurred during the Company’s most recent fiscal quarter (the registrant’s fourth quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting; and

 

5.   I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the Company’s auditors and the audit committee of  the  Company’s board of directors (or persons performing the equivalent functions):

 

(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Company’s ability trecord, 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 Company’s internal control over financial reporting.

 

Date:     December 15, 2022        

 

/s/ G. Reed Petersen

                                       

 

Reed Petersen-

                                       

 

President, Secretary, Treasurer, Chief Executive Officer,

 

 

And Chief Financial Officer

 

EX-32.1 3 lvca_ex32z1.htm CERTIFICATION

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

AS ADOPTED PURSUANT TO SECTION 906
OF THE SARBANES-OXLEY ACT OF 2002

 

The undersigned, G. Reed Petersen, Chief Executive Officer and Chief Financial Officer Victoria Lake, Inc. (the “Company”), DOES HEREBY CERTIFY that:

 

1. The Company’s Annual Report on Form 10-K for the quarter ended May 31, 2022 (the “Report”), fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934; and

 

2. Information contained in the Report fairly presents, in all material respects, the financial condition and results of operation of the Company.

 

IN WITNESS WHEREOF, the undersigned has executed this statement this 15th day of December 2022.

 

Date:     December 15, 2022        

 

/s/ G. Reed Petersen

                                       

 

Reed Petersen-

                                       

 

President, Secretary, Treasurer, Chief Executive Officer,

 

 

And Chief Financial Officer

 

A signed original of this written statement required by Section 906 has been provided to Entertainment Holdings, Inc. and will be retained by Entertainment Holdings, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

 

The forgoing certification is being furnished to the Securities and Exchange Commission pursuant to § 18 U.S.C. Section 1350. It is not being filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not to be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

 

 

 

 

 

 

 

EX-101.CAL 4 lvca-20220531_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE DOCUMENT EX-101.DEF 5 lvca-20220531_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE DOCUMENT EX-101.LAB 6 lvca-20220531_lab.xml XBRL TAXONOMY EXTENSION LABELS LINKBASE DOCUMENT Net Cash Provided by Financing Activities Revenue Auditor Firm ID Related Party Tables/Schedules Policies NOTE 3 - GOING CONCERN NET CHANGES IN CASH NET CHANGES IN CASH Preferred Stock TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT LIABILITIES AND STOCKHOLDERS' DEFICIT Total Current Assets Total Current Assets Related Party [Axis] Preferred Stock, Shares Authorized Document Fiscal Year Focus Entity Current Reporting Status Entity Address, Postal Zip Code Details Net deferred tax asset Net deferred tax asset Change in Valuation allowance Change in Valuation allowance NOTE 7 - SUBSEQUENT EVENTS Net Cash Used in Operating Activities Net Cash Used in Operating Activities Exchange for series L preferred stock {1} Exchange for series L preferred stock Represents the Series B Convertible Preferred Stock issued in Exchange for Series L Preferred Stock, Shares (number of shares), during the indicated time period. REVENUES Common Stock, Shares, Outstanding Less: valuation allowance Less: valuation allowance Basic and Diluted Loss Per Share Common Stock OPERATING EXPENSES Auditor Name Entity Address, Address Description Schedule of Deferred Tax Assets NOTE 1 - NATURE OF OPERATIONS Retained Earnings BASIC AND DILUTED LOSS PER SHARE Represents the per-share monetary value of BASIC AND DILUTED LOSS PER SHARE, as of the indicated date. General and administrative Common Stock, Shares, Issued Entity Shell Company Phone Fax Number Description Document Annual Report Net operating loss carryover Fair Value of Financial Instruments Interest CASH FLOWS FROM INVESTING ACTIVITIES CASH FLOWS FROM OPERATING ACTIVITIES Shares, Outstanding, Beginning Balance Shares, Outstanding, Beginning Balance Shares, Outstanding, Ending Balance Provision for income taxes Preferred Stock, Shares Issued Additional paid-in capital Accounts payable - related party Entity Common Stock, Shares Outstanding Entity Emerging Growth Company Document Period End Date Notes Adjustments to reconcile net loss to net cash used by operating activities: Statement [Line Items] Equity Component BASIC AND DILUTED WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING Represents the BASIC AND DILUTED WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING (number of shares), as of the indicated date. Accumulated deficit Accumulated deficit Common shares Amendment Flag Entity File Number Net provision for Federal income taxes Net provision for Federal income taxes Officer and Director Represents the Officer and Director, during the indicated time period. Income Taxes {1} Income Taxes Income Taxes Entity Filer Category Local Phone Number Entity Address, City or Town Entity Incorporation, State or Country Code Stock-Based Compensation NOTE 4 - RELATED PARTY TRANSACTIONS NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Accounts payable - related party {1} Accounts payable - related party OPERATING LOSS OPERATING LOSS STOCKHOLDERS' DEFICIT Document Fiscal Period Focus Working Capital Deficit Represents the monetary amount of Working Capital Deficit, as of the indicated date. Recent Accounting Pronouncements Accounts payable and accrued expenses {1} Accounts payable and accrued expenses Stock issued as part of Merger {1} Stock issued as part of Merger Common Stock, Par or Stated Value Per Share Preferred Stock, Par or Stated Value Per Share Total Liabilities Total Liabilities Accounts payable and accrued expenses TOTAL ASSETS TOTAL ASSETS Entity Small Business Entity Tax Identification Number NET LOSS NET LOSS Entity Voluntary Filers Stock issued as part of Merger Stock issued as part of Merger Statement LOSS BEFORE INCOME TAXES LOSS BEFORE INCOME TAXES Auditor Location Use of Estimates and Assumptions NOTE 6 - INCOME TAXES Preferred shares Current Assets Entity Registrant Name Document Type Exchange for series L preferred stock Represents the monetary amount of Series B Convertible Preferred Stock issued in Exchange for Series L Preferred Stock, Value, during the indicated time period. 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Document and Entity Information - USD ($)
12 Months Ended
May 31, 2022
Dec. 15, 2022
Nov. 30, 2021
Details      
Registrant CIK 0001874440    
Fiscal Year End --05-31    
Document Type 10-K    
Document Annual Report true    
Document Period End Date May 31, 2022    
Document Transition Report false    
Entity Registrant Name VICTORIA LAKE, INC.    
Entity Incorporation, State or Country Code OK    
Entity File Number 000-56316    
Entity Tax Identification Number 86-3939374    
Entity Address, Address Line One 3625 Cove Point Dr.    
Entity Address, City or Town Salt Lake City    
Entity Address, State or Province UT    
Entity Address, Postal Zip Code 84109    
Entity Address, Address Description Address of Principal Executive Office    
City Area Code 801    
Local Phone Number 209-0740    
Phone Fax Number Description Registrant’s telephone number, including area code    
Entity Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
Entity Current Reporting Status No    
Entity Interactive Data Current Yes    
Entity Filer Category Non-accelerated Filer    
Entity Small Business true    
Entity Emerging Growth Company false    
Entity Shell Company true    
Entity Public Float     $ 16.73
Entity Common Stock, Shares Outstanding   167,304,067  
Amendment Flag false    
Document Fiscal Year Focus 2022    
Document Fiscal Period Focus FY    
Auditor Name Pinnacle Accountancy Group of Utah    
Auditor Firm ID 6117    
Auditor Location Farmington, Utah    
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Balance Sheets - USD ($)
May 31, 2022
May 31, 2021
Current Assets    
Cash $ 0 $ 0
Total Current Assets 0 0
TOTAL ASSETS 0 0
CURRENT LIABILITIES    
Accounts payable and accrued expenses 5,395 0
Accounts payable - related party 12,349 2,070
Total Current Liabilities 17,744 2,070
Total Liabilities 17,744 2,070
STOCKHOLDERS' DEFICIT    
Preferred shares 30 30
Common shares 1,673 1,673
Additional paid-in capital (1,703) (1,703)
Accumulated deficit (17,744) (2,070)
Total Stockholders' Deficit (17,744) (2,070)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 0 $ 0
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Balance Sheets - Parenthetical - $ / shares
May 31, 2022
May 31, 2021
Details    
Preferred Stock, Shares Authorized 100,000,000 100,000,000
Preferred Stock, Par or Stated Value Per Share $ 0.00001 $ 0.00001
Preferred Stock, Shares Issued 3,000,051 3,000,051
Preferred Stock, Shares Outstanding 3,000,051 3,000,051
Common Stock, Par or Stated Value Per Share $ 0.00001 $ 0.00001
Common Stock, Shares, Issued 167,304,067 167,304,067
Common Stock, Shares, Outstanding 167,304,067 167,304,067
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Statements of Operations - USD ($)
12 Months Ended
May 31, 2022
May 31, 2021
REVENUES    
Revenue $ 0 $ 0
OPERATING EXPENSES    
Professional fees 13,410 1,445
General and administrative 2,264 625
Total Operating Expenses 15,674 2,070
OPERATING LOSS (15,674) (2,070)
LOSS BEFORE INCOME TAXES (15,674) (2,070)
Provision for income taxes 0 0
NET LOSS $ (15,674) $ (2,070)
BASIC AND DILUTED LOSS PER SHARE $ (0.00) $ (0.00)
BASIC AND DILUTED WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING 167,304,067 167,304,067
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Statements of Changes in Shareholders' Deficit - USD ($)
Common Stock
Preferred Stock
Additional Paid-in Capital
Retained Earnings
Total
Stockholders' Equity Attributable to Parent, Beginning Balance at May. 31, 2020 $ 0 $ 0 $ 0 $ 0 $ 0
Shares, Outstanding, Beginning Balance at May. 31, 2020 0 0      
NET LOSS $ 0 $ 0 0 (2,070) (2,070)
Stockholders' Equity Attributable to Parent, Ending Balance at May. 31, 2021 $ 1,673 $ 30 (1,703) (2,070) (2,070)
Shares, Outstanding, Ending Balance at May. 31, 2021 167,304,067 3,000,051      
Stock issued as part of Merger $ 1,673 $ 0 (1,703) 0 (30)
Stock issued as part of Merger 167,304,067        
Exchange for series L preferred stock $ 0 $ 30 0 0 30
Exchange for series L preferred stock   3,000,051      
NET LOSS 0 $ 0 0 (15,674) (15,674)
Stockholders' Equity Attributable to Parent, Ending Balance at May. 31, 2022 $ 1,673 $ 30 $ (1,703) $ (17,744) $ (17,744)
Shares, Outstanding, Ending Balance at May. 31, 2022 167,304,067 3,000,051      
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Statements of Cash Flows - USD ($)
12 Months Ended
May 31, 2022
May 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES    
NET LOSS $ (15,674) $ (2,070)
Adjustments to reconcile net loss to net cash used by operating activities:    
Accounts payable and accrued expenses 5,395 0
Accounts payable - related party 10,279 2,070
Net Cash Used in Operating Activities 0 0
CASH FLOWS FROM INVESTING ACTIVITIES    
Net Cash Used in Investing Activities 0 0
CASH FLOWS FROM FINANCING ACTIVITIES    
Net Cash Provided by Financing Activities 0 0
NET CHANGES IN CASH 0 0
CASH AT BEGINNING OF PERIOD 0 0
CASH AT END OF PERIOD 0 0
CASH FLOW INFORMATION    
Interest 0 0
Income Taxes 0 0
NON-CASH INVESTING AND FINANCING ACTIVITIES    
Issuance of Series B Preferred Stock in exchange for Series L Preferred Stock $ 0 $ 30
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NOTE 1 - NATURE OF OPERATIONS
12 Months Ended
May 31, 2022
Notes  
NOTE 1 - NATURE OF OPERATIONS

NOTE 1 – NATURE OF OPERATIONS

 

Reorganization Activities:

 

Domiciliary Merger: On April 5, 2021, the predecessor issuer, Lake Victoria Mining Company, Inc. of Nevada, completed a domiciliary merger into Redo Development, Inc. of Oklahoma, with the Oklahoma company being the survivor under the name Lake Victoria Mining Company, Inc., pursuant to a concurrent name change.

 

Holding Company Parent/Subsidiary Formation: On May 7, 2021, Victoria Lake, Inc. an Oklahoma Corporation became the parent/successor issuer pursuant to Section 1081(g) of the Oklahoma General Corporation Act under an executed agreement titled “Agreement and Plan of Reorganization” (“Parent Subsidiary Formation”) which was executed by Lake Victoria Mining Company, Inc. (OK), Victoria Lake, Inc. (OK), and Lake Express, Inc. (OK). Under the terms of the Agreement, Lake Victoria Mining Company, Inc. (OK) merged into Lake Express, Inc. (OK) and Lake Victoria Mining Company, Inc. (OK) ceased to exist, wherein Lake Express, Inc. (OK) became the survivor and successor under Section 1088 of the Oklahoma Act, having acquired all of Lake Victoria Mining Company, Inc.’s (OK) assets, rights financial statements, obligations, and liabilities as the constituent or resulting corporation. Victoria Lake, Inc. (OK) became the parent and the holding company of Lake Express, Inc. (OK) under the Parent Subsidiary Formation which was in compliance with Section 1081(g) of the Oklahoma General Corporation Act.

 

Upon consummation of the Parent Subsidiary Formation, each issued and outstanding equity of the former Lake Victoria Mining Company, Inc. (OK) was transmuted into and represented the identical equity structure of Lake Victoria Mining Company, Inc. (NV) that existed prior to the domiciliary change and immediately prior to the Reorganization (on a share-for-share basis) having the same designations, rights, powers and preferences, and qualifications, limitations and restrictions. Upon consummation of the Agreement, Victoria Lake, Inc. (OK), was the issuer since the former Lake Victoria Mining Company, Inc. (OK) equity structure was transmuted pursuant to Section 1081(g) as the current issued and outstanding equities of Victoria Lake, Inc. (OK). The subsidiary, Lake Express, Inc. was divested on May 7, 2021 and therefore is no longer consolidated into Victoria Lake, Inc. The shareholders of the Company became the shareholders of Lake Victoria Mining Company, Inc. (NV).

 

As a result of this reorganization, the resulting reorganized Company name became Victoria Lake, Inc. (“Victoria Lake,” “the Company,” “we,” or “us”).

 

The Company’s fiscal year-end is May 31.

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NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
12 Months Ended
May 31, 2022
Notes  
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

  

Use of Estimates and Assumptions

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States ("GAAP") requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) the disclosure of contingent assets and liabilities known to exist as of the date the financial statements are published, and (iii) the reported amount of net revenues and expenses recognized during the periods presented. Adjustments made with respect to the use of estimates often relate to improved information not previously available. Uncertainties with respect to such estimates and assumptions are inherent in the preparation of financial statements; accordingly, actual results could differ from these estimates.

 

Cash and Cash Equivalents

 

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

 

 

 

Income Taxes

 

We account for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which the temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are recorded, when necessary, to reduce deferred tax assets to the amount expected to be realized.

 

The Company follows ASC 740, Income Taxes ("ASC 740"), which clarifies the accounting and disclosure for uncertainty in tax positions.  ASC 740 seeks to reduce the diversity in practice associated with certain aspects of the recognition and measurement related to accounting for income taxes. We have analyzed filing positions in each of the federal and state jurisdictions where we are required to file income tax returns, as well as all open tax years in these jurisdictions, and identified the U.S. federal as our "major" tax jurisdiction. However, we have certain tax attribute carryforwards which will remain subject to review and adjustment by the relevant tax authorities until the statute of limitations closes with respect to the year in which such attributes are utilized.

 

Basic and Diluted Loss Per Share

 

Basic loss per share is calculated using the weighted average number of common shares outstanding for the period presented. Diluted loss per share is computed using the weighted-average number of common shares and, if dilutive, potential common shares outstanding during the period. The dilutive effect of potential common shares is not reflected in diluted earnings per share because the Company incurred a net loss and the effect of including these potential common shares in the net loss per share calculations would be anti-dilutive.

 

The total potential common shares for the years ended May 31, 2022 and 2021 include 300,005,100 shares for Series B convertible preferred stock.

 

Stock-Based Compensation

 

The Company accounts for share-based compensation under the provisions of ASC 718, Compensation-Stock Compensation. Stock-based compensation expense for employees and nonemployees is measured at the fair value of the equity award on the grant date. Share-based compensation for all stock-based awards to employees and directors is recognized as an expense over the requisite service period, which is generally the vesting period.

 

Fair Value of Financial Instruments

 

The Company's financial instruments consist of accounts payable and accrued expenses and accounts payable – related party. The carrying amounts of such financial instruments approximate their respective estimated fair value due to the short-term maturities and approximate market interest rates of these instruments.

 

The Company adopted ASC Topic 820, Fair Value Measurements ("ASC Topic 820"), which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. The standard provides a consistent definition of fair value which focuses on an exit price that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The standard also prioritizes, within the measurement of fair value, the use of market-based information over entity-specific information and establishes a three-level hierarchy for fair value measurements based on the nature of inputs used in the valuation of an asset or liability as of the measurement date.

 

 

 

The three-level hierarchy for fair value measurements is defined as follows:

 

 

·

Level 1 - inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets; liabilities in active markets;

 

 

 

 

·

Level 2 - inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability other than quoted prices, either directly or indirectly, including inputs in markets that are not considered to be active; or directly or indirectly including inputs in markets that are not considered to be active;

 

 

 

 

·

Level 3 - inputs to the valuation methodology are unobservable and significant to the fair value measurement

 

Recent Accounting Pronouncements

 

The Company has evaluated other recently issued accounting pronouncements and does not believe that any of these pronouncements will have a significant impact on our financial statements and related disclosures.

XML 17 R9.htm IDEA: XBRL DOCUMENT v3.22.2.2
NOTE 3 - GOING CONCERN
12 Months Ended
May 31, 2022
Notes  
NOTE 3 - GOING CONCERN

NOTE 3 – GOING CONCERN

 

These financial statements have been prepared in accordance with generally accepted accounting principles applicable to a going concern, which assumes that the Company will be able to meet its obligations and continue its operations for its next fiscal year. Realization values may be substantially different from carrying values as shown and these financial statements do not give effect to adjustments that would be necessary to the carrying values and classification of assets and liabilities should the Company be unable to continue as a going concern. As of May 31, 2022, the Company had not yet achieved profitable operations, has accumulated losses of $17,744 since its inception, has a working capital deficiency of $17,744 and expects to incur further losses in the development of its business, all of which raise substantial doubt about the Company's ability to continue as a going concern. The Company's ability to continue as a going concern is dependent upon its ability to generate future profitable operations and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management has no formal plan in place to address this concern but considers that the Company will be able to obtain additional funds by equity financing and/or related party advances, however, there is no assurance of additional funding being available or on terms acceptable to the Company.

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NOTE 4 - RELATED PARTY TRANSACTIONS
12 Months Ended
May 31, 2022
Notes  
NOTE 4 - RELATED PARTY TRANSACTIONS

NOTE 4 - RELATED PARTY TRANSACTIONS

 

During the periods ended May 31, 2022 and 2021, our sole officer and director, G. Reed Petersen, paid various expenses on behalf of the Company totaling $10,279 and $2,070, respectively, resulting in amounts owed to Mr. Petersen of $12,349 and $2,070 at May 31, 2022 and 2021, respectively.

 

As the Company’s office space needs are limited at the current time, Mr. Petersen is currently providing space to the Company at no cost.

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NOTE 5 - EQUITY
12 Months Ended
May 31, 2022
Notes  
NOTE 5 - EQUITY

NOTE 5 – EQUITY

 

The total number of shares of stock which the corporation shall have authority to issue is 600,000,000 shares, of which 500,000,000 shares of $0.00001 par value shall be designated as Common Stock and 100,000,000 shares of $0.00001 shall be designated as Preferred Stock. The Preferred Stock authorized by these Articles of Incorporation may be issued in one or more series. The Board of Directors of the Corporation is authorized to determine or alter the rights, preferences, privileges, and restrictions granted or imposed upon any wholly unissued series of Preferred Stock, and within the limitations or restrictions stated in any resolution or resolutions of the Board of Directors originally fixing the number of shares constituting any series, to increase or decrease (but not below the number of shares of any such series then outstanding) the number of shares of any such series subsequent to the issue of shares of that series, to determine the designation and par value of any series and to fix the numbers of shares of any series.

 

 

Common Stock

 

The Company has authorized 500,000,000 common shares with a par value of $0.00001 per share. Each common share entitles the holder to one vote, in person or proxy, on any matter on which action of the stockholders of the corporation is sought.

 

Series A Convertible Preferred Stock

 

The Company designated 1,000,000 shares of Series A Convertible Preferred Stock with a par value of $0.00001 per share.

 

Initially, there will be no dividends due or payable on the Series A Convertible Preferred Stock. Any future terms with respect to dividends shall be determined by the Board consistent with the Corporation’s Certificate of Incorporation (“Certificate”). Any and all such future terms concerning dividends shall be reflected in an amendment to the Certificate, which the Board shall promptly file or cause to be filed.  All shares of the Series A Convertible Preferred Stock shall rank pari passu with the Company’s common stock and the Series A Convertible Preferred shall have no liquidation preference over any other class of stock.

 

Each holder of outstanding shares of Series A Convertible Preferred Stock shall be entitled to the number of votes equal to one hundred (1,000) votes for each share held of record on all matters submitted to a vote of the shareholders. Except as provided by law, or by the provisions establishing any other series of Preferred Stock, holders of Series A Convertible Preferred Stock and of any other outstanding series of Preferred Stock shall vote together with the holders of Common Stock as a single class.

 

Each holder of shares of Series A Convertible Preferred Stock may, at any time and from time to time, convert (an “Optional Conversion”) each of their shares of Series A Convertible Preferred Stock into one fully paid and nonassessable share of Common Stock.  In the event of a reverse split or a forward split shall occur, then in each instance the Conversion Rate shall be adjusted such that the number of shares issued upon conversion of one share of Series A Convertible Preferred Stock will equal the number of shares of Common Stock that would otherwise be issued but for such Event.

 

As of May 31, 2022 and 2021, there were 0 shares of Series A Convertible Preferred outstanding.

 

Series B Convertible Preferred Stock

 

The Company designated 3,000,051 shares of Series B Convertible Preferred Stock with a par value of $0.00001 per share.

 

Initially, there will be no dividends due or payable on the Series B Convertible Preferred Stock. Any future terms with respect to dividends shall be determined by the Board consistent with the Corporation’s Certificate of Incorporation (“Certificate”). Any and all such future terms concerning dividends shall be reflected in an amendment to the Certificate, which the Board shall promptly file or cause to be filed.  All shares of the Series B Convertible Preferred Stock shall rank pari passu with the Company’s common stock and the Series B Convertible Preferred shall have no liquidation preference over any other class of stock.

 

Each holder of outstanding shares of Series B Convertible Preferred Stock shall be entitled to the number of votes equal to one hundred (100) votes for each share held of record on all matters submitted to a vote of the shareholders. Except as provided by law, or by the provisions establishing any other series of Preferred Stock, holders of Series B Convertible Preferred Stock and of any other outstanding series of Preferred Stock shall vote together with the holders of Common Stock as a single class.

 

 

 

Each Series B Convertible Preferred Stock has a conversion rate of 100 shares of Common Stock for each Series B Convertible Preferred Stock. Each holder of shares of Series B Convertible Preferred Stock may, at any time and from time to time, convert (an “Optional Conversion”) each of their shares of Series B Convertible Preferred Stock into one hundred fully paid and nonassessable shares of Common Stock.  In the event of a reverse split or a forward split shall occur, then in each instance the Conversion Rate shall be adjusted such that the number of shares issued upon conversion of one share of Series B Convertible Preferred Stock will equal the number of shares of Common Stock that would otherwise be issued but for such Event.

 

As of May 31, 2022 and 2021, there were 3,000,051 shares of Series B Preferred issued and outstanding. 

 

Series L Convertible Preferred Stock

 

On May 19, 2021, the Company entered into a Stock Cancellation Agreement with the G. Reed Petersen Revocable Trust and Jeff Holmes for the cancellation of the 2,000 outstanding Series L Preferred stock owned by the G. Reed Petersen Revocable Trust and Jeff Holmes.

 

As of May 19, 2021, the Series L Preferred Stock had been retired to treasury.

 

As of May 31, 2021, there were 0 shares of Series L Preferred outstanding.

 

On the 22nd day of June 2021, the Series L Preferred Stock Designation was terminated.

XML 20 R12.htm IDEA: XBRL DOCUMENT v3.22.2.2
NOTE 6 - INCOME TAXES
12 Months Ended
May 31, 2022
Notes  
NOTE 6 - INCOME TAXES

NOTE 6 – INCOME TAXES

 

The Company recognizes interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses.  The Company had no accruals for interest and penalties since inception.

 

Future tax benefits which may arise as a result of these losses have not been recognized in these financial statements, as their realization is determined not likely to occur and accordingly, the Company has recorded a valuation allowance for the deferred tax asset relating to these tax losses.

 

The Company’s federal income tax returns since inception remain subject to examination by the Internal Revenue Service as of May 31, 2022.

 

The income tax provision differs from the amount of income tax determined by applying the Federal income tax at the expected rate of 21% due to the following:

 

 

Year Ended

May 31,

From Inception on May 7, 2021 through May 31,

 

2022

2021

Income tax provision

 $ (3,292)

 $ (435)

Change in Valuation allowance

  3,292 

  435 

Net provision for Federal income taxes

 $ - 

 $ - 

 

Net deferred tax assets are comprised as follows:

 

 

2022

2021

Deferred tax asset attributable to:

 

 

Net operating loss carryover

 $ 3,727 

 $ 435 

Less: valuation allowance

  (3,727)

  (435)

Net deferred tax asset

 $ - 

 $ - 

 

 

As of May 31, 2022 and 2021, the Company has taxable net loss carryovers of approximately $17,744 and $2,070, respectively, that may be offset against future taxable income.

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NOTE 7 - SUBSEQUENT EVENTS
12 Months Ended
May 31, 2022
Notes  
NOTE 7 - SUBSEQUENT EVENTS

NOTE 7 - SUBSEQUENT EVENTS

 

The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that these financial statements were issued. Based upon this review, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements.

XML 22 R14.htm IDEA: XBRL DOCUMENT v3.22.2.2
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Use of Estimates and Assumptions (Policies)
12 Months Ended
May 31, 2022
Policies  
Use of Estimates and Assumptions

Use of Estimates and Assumptions

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States ("GAAP") requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) the disclosure of contingent assets and liabilities known to exist as of the date the financial statements are published, and (iii) the reported amount of net revenues and expenses recognized during the periods presented. Adjustments made with respect to the use of estimates often relate to improved information not previously available. Uncertainties with respect to such estimates and assumptions are inherent in the preparation of financial statements; accordingly, actual results could differ from these estimates.

XML 23 R15.htm IDEA: XBRL DOCUMENT v3.22.2.2
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Cash and Cash Equivalents (Policies)
12 Months Ended
May 31, 2022
Policies  
Cash and Cash Equivalents

Cash and Cash Equivalents

 

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

XML 24 R16.htm IDEA: XBRL DOCUMENT v3.22.2.2
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Income Taxes (Policies)
12 Months Ended
May 31, 2022
Policies  
Income Taxes

Income Taxes

 

We account for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which the temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are recorded, when necessary, to reduce deferred tax assets to the amount expected to be realized.

 

The Company follows ASC 740, Income Taxes ("ASC 740"), which clarifies the accounting and disclosure for uncertainty in tax positions.  ASC 740 seeks to reduce the diversity in practice associated with certain aspects of the recognition and measurement related to accounting for income taxes. We have analyzed filing positions in each of the federal and state jurisdictions where we are required to file income tax returns, as well as all open tax years in these jurisdictions, and identified the U.S. federal as our "major" tax jurisdiction. However, we have certain tax attribute carryforwards which will remain subject to review and adjustment by the relevant tax authorities until the statute of limitations closes with respect to the year in which such attributes are utilized.

XML 25 R17.htm IDEA: XBRL DOCUMENT v3.22.2.2
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Basic and Diluted Loss Per Share (Policies)
12 Months Ended
May 31, 2022
Policies  
Basic and Diluted Loss Per Share

Basic and Diluted Loss Per Share

 

Basic loss per share is calculated using the weighted average number of common shares outstanding for the period presented. Diluted loss per share is computed using the weighted-average number of common shares and, if dilutive, potential common shares outstanding during the period. The dilutive effect of potential common shares is not reflected in diluted earnings per share because the Company incurred a net loss and the effect of including these potential common shares in the net loss per share calculations would be anti-dilutive.

 

The total potential common shares for the years ended May 31, 2022 and 2021 include 300,005,100 shares for Series B convertible preferred stock.

XML 26 R18.htm IDEA: XBRL DOCUMENT v3.22.2.2
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Stock-Based Compensation (Policies)
12 Months Ended
May 31, 2022
Policies  
Stock-Based Compensation

Stock-Based Compensation

 

The Company accounts for share-based compensation under the provisions of ASC 718, Compensation-Stock Compensation. Stock-based compensation expense for employees and nonemployees is measured at the fair value of the equity award on the grant date. Share-based compensation for all stock-based awards to employees and directors is recognized as an expense over the requisite service period, which is generally the vesting period.

XML 27 R19.htm IDEA: XBRL DOCUMENT v3.22.2.2
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Fair Value of Financial Instruments (Policies)
12 Months Ended
May 31, 2022
Policies  
Fair Value of Financial Instruments

Fair Value of Financial Instruments

 

The Company's financial instruments consist of accounts payable and accrued expenses and accounts payable – related party. The carrying amounts of such financial instruments approximate their respective estimated fair value due to the short-term maturities and approximate market interest rates of these instruments.

 

The Company adopted ASC Topic 820, Fair Value Measurements ("ASC Topic 820"), which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. The standard provides a consistent definition of fair value which focuses on an exit price that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The standard also prioritizes, within the measurement of fair value, the use of market-based information over entity-specific information and establishes a three-level hierarchy for fair value measurements based on the nature of inputs used in the valuation of an asset or liability as of the measurement date.

 

 

 

The three-level hierarchy for fair value measurements is defined as follows:

 

 

·

Level 1 - inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets; liabilities in active markets;

 

 

 

 

·

Level 2 - inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability other than quoted prices, either directly or indirectly, including inputs in markets that are not considered to be active; or directly or indirectly including inputs in markets that are not considered to be active;

 

 

 

 

·

Level 3 - inputs to the valuation methodology are unobservable and significant to the fair value measurement

XML 28 R20.htm IDEA: XBRL DOCUMENT v3.22.2.2
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Recent Accounting Pronouncements (Policies)
12 Months Ended
May 31, 2022
Policies  
Recent Accounting Pronouncements

Recent Accounting Pronouncements

 

The Company has evaluated other recently issued accounting pronouncements and does not believe that any of these pronouncements will have a significant impact on our financial statements and related disclosures.

XML 29 R21.htm IDEA: XBRL DOCUMENT v3.22.2.2
NOTE 6 - INCOME TAXES: Schedule of Components of Income Tax Expense (Benefit) (Tables)
12 Months Ended
May 31, 2022
Tables/Schedules  
Schedule of Components of Income Tax Expense (Benefit)

 

 

Year Ended

May 31,

From Inception on May 7, 2021 through May 31,

 

2022

2021

Income tax provision

 $ (3,292)

 $ (435)

Change in Valuation allowance

  3,292 

  435 

Net provision for Federal income taxes

 $ - 

 $ - 

XML 30 R22.htm IDEA: XBRL DOCUMENT v3.22.2.2
NOTE 6 - INCOME TAXES: Schedule of Deferred Tax Assets (Tables)
12 Months Ended
May 31, 2022
Tables/Schedules  
Schedule of Deferred Tax Assets

 

 

2022

2021

Deferred tax asset attributable to:

 

 

Net operating loss carryover

 $ 3,727 

 $ 435 

Less: valuation allowance

  (3,727)

  (435)

Net deferred tax asset

 $ - 

 $ - 

XML 31 R23.htm IDEA: XBRL DOCUMENT v3.22.2.2
NOTE 3 - GOING CONCERN (Details) - USD ($)
May 31, 2022
May 31, 2021
Details    
Accumulated deficit $ 17,744 $ 2,070
Working Capital Deficit $ 17,744  
XML 32 R24.htm IDEA: XBRL DOCUMENT v3.22.2.2
NOTE 4 - RELATED PARTY TRANSACTIONS (Details) - USD ($)
12 Months Ended
May 31, 2022
May 31, 2021
Accounts payable - related party $ 10,279 $ 2,070
Accounts payable - related party 12,349 2,070
Officer and Director    
Accounts payable - related party $ 12,349 $ 2,070
XML 33 R25.htm IDEA: XBRL DOCUMENT v3.22.2.2
NOTE 5 - EQUITY (Details) - $ / shares
May 31, 2022
May 31, 2021
Details    
Common Stock, Shares Authorized 500,000,000 500,000,000
Common Stock, Par or Stated Value Per Share $ 0.00001 $ 0.00001
Preferred Stock, Shares Authorized 100,000,000 100,000,000
Preferred Stock, Par or Stated Value Per Share $ 0.00001 $ 0.00001
Preferred Stock, Shares Issued 3,000,051 3,000,051
Preferred Stock, Shares Outstanding 3,000,051 3,000,051
XML 34 R26.htm IDEA: XBRL DOCUMENT v3.22.2.2
NOTE 6 - INCOME TAXES: Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($)
12 Months Ended
May 31, 2022
May 31, 2021
Details    
Income tax provision $ (3,292) $ (435)
Change in Valuation allowance 3,292 435
Net provision for Federal income taxes $ 0 $ 0
XML 35 R27.htm IDEA: XBRL DOCUMENT v3.22.2.2
NOTE 6 - INCOME TAXES: Schedule of Deferred Tax Assets (Details) - USD ($)
May 31, 2022
May 31, 2021
Details    
Net operating loss carryover $ 3,727 $ 435
Less: valuation allowance (3,727) (435)
Net deferred tax asset $ 0 $ 0
XML 36 lvca-20220531_htm.xml IDEA: XBRL DOCUMENT 0001874440 2021-06-01 2022-05-31 0001874440 2022-05-31 0001874440 2021-11-30 0001874440 2022-12-15 0001874440 2021-05-31 0001874440 2020-06-01 2021-05-31 0001874440 us-gaap:CommonStockMember 2021-06-01 2022-05-31 0001874440 us-gaap:PreferredStockMember 2021-06-01 2022-05-31 0001874440 us-gaap:AdditionalPaidInCapitalMember 2021-06-01 2022-05-31 0001874440 us-gaap:RetainedEarningsMember 2021-06-01 2022-05-31 0001874440 us-gaap:CommonStockMember 2021-05-31 0001874440 us-gaap:PreferredStockMember 2021-05-31 0001874440 us-gaap:AdditionalPaidInCapitalMember 2021-05-31 0001874440 us-gaap:RetainedEarningsMember 2021-05-31 0001874440 us-gaap:CommonStockMember 2022-05-31 0001874440 us-gaap:PreferredStockMember 2022-05-31 0001874440 us-gaap:AdditionalPaidInCapitalMember 2022-05-31 0001874440 us-gaap:RetainedEarningsMember 2022-05-31 0001874440 2020-05-31 0001874440 us-gaap:CommonStockMember 2020-05-31 0001874440 us-gaap:PreferredStockMember 2020-05-31 0001874440 us-gaap:AdditionalPaidInCapitalMember 2020-05-31 0001874440 us-gaap:RetainedEarningsMember 2020-05-31 0001874440 us-gaap:CommonStockMember 2020-06-01 2021-05-31 0001874440 us-gaap:PreferredStockMember 2020-06-01 2021-05-31 0001874440 us-gaap:AdditionalPaidInCapitalMember 2020-06-01 2021-05-31 0001874440 us-gaap:RetainedEarningsMember 2020-06-01 2021-05-31 0001874440 fil:OfficerAndDirectorMember 2022-05-31 0001874440 fil:OfficerAndDirectorMember 2021-05-31 iso4217:USD shares iso4217:USD shares 0001874440 --05-31 false 2022 FY 10-K true 2022-05-31 false VICTORIA LAKE, INC. OK 000-56316 86-3939374 3625 Cove Point Dr. Salt Lake City UT 84109 Address of Principal Executive Office 801 209-0740 Registrant’s telephone number, including area code No No No Yes Non-accelerated Filer true false true 16.73 167304067 Pinnacle Accountancy Group of Utah 6117 Farmington, Utah 0 0 0 0 0 0 5395 0 12349 2070 17744 2070 17744 2070 100000000 100000000 0.00001 0.00001 3000051 3000051 3000051 3000051 30 30 0.00001 0.00001 167304067 167304067 167304067 167304067 1673 1673 -1703 -1703 -17744 -2070 -17744 -2070 0 0 0 0 13410 1445 2264 625 15674 2070 -15674 -2070 -15674 -2070 0 0 -15674 -2070 -0.00 -0.00 167304067 167304067 167304067 1673 3000051 30 -1703 -2070 -2070 0 0 0 0 0 -15674 -15674 167304067 1673 3000051 30 -1703 -17744 -17744 0 0 0 0 0 0 0 -167304067 -1673 0 0 1703 0 30 0 0 3000051 30 0 0 30 0 0 0 0 0 -2070 -2070 167304067 1673 3000051 30 -1703 -2070 -2070 -15674 -2070 5395 0 10279 2070 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 30 <p style="font:10pt Times New Roman;margin:0;text-align:justify"><b>NOTE 1 – NATURE OF OPERATIONS</b></p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"><span style="background-color:#FFFFFF">Reorganization Activities:</span></p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"><span style="background-color:#FFFFFF;border-bottom:1px solid #000000">Domiciliary Merger</span><span style="background-color:#FFFFFF">: On April 5, 2021, the predecessor issuer, Lake Victoria Mining Company, Inc. of Nevada, completed a domiciliary merger into Redo Development, Inc. of Oklahoma, with the Oklahoma company being the survivor under the name Lake Victoria Mining Company, Inc., pursuant to a concurrent name change.</span></p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"><span style="background-color:#FFFFFF;border-bottom:1px solid #000000">Holding Company Parent/Subsidiary Formation:</span><span style="background-color:#FFFFFF"> On May 7, 2021, Victoria Lake, Inc. an Oklahoma Corporation became the parent/successor issuer pursuant to Section 1081(g) of the Oklahoma General Corporation Act under an executed agreement titled “Agreement and Plan of Reorganization” (“Parent Subsidiary Formation”) which was executed by Lake Victoria Mining Company, Inc. (OK), Victoria Lake, Inc. (OK), and Lake Express, Inc. (OK). Under the terms of the Agreement, Lake Victoria Mining Company, Inc. (OK) merged into Lake Express, Inc. (OK) and Lake Victoria Mining Company, Inc. (OK) ceased to exist, wherein Lake Express, Inc. (OK) became the survivor and successor under Section 1088 of the Oklahoma Act, having acquired all of Lake Victoria Mining Company, Inc.’s (OK) assets, rights financial statements, obligations, and liabilities as the constituent or resulting corporation. Victoria Lake, Inc. (OK) became the parent and the holding company of Lake Express, Inc. (OK) under the Parent Subsidiary Formation which was in compliance with Section 1081(g) of the Oklahoma General Corporation Act. </span></p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"><span style="background-color:#FFFFFF">Upon consummation of the Parent Subsidiary Formation, each issued and outstanding equity of the former Lake Victoria Mining Company, Inc. (OK) was transmuted into and represented the identical equity structure of Lake Victoria Mining Company, Inc. (NV) that existed prior to the domiciliary change and immediately prior to the Reorganization (on a share-for-share basis) having the same designations, rights, powers and preferences, and qualifications, limitations and restrictions. Upon consummation of the Agreement, Victoria Lake, Inc. (OK), was the issuer since the former Lake Victoria Mining Company, Inc. (OK) equity structure was transmuted pursuant to Section 1081(g) as the current issued and outstanding equities of Victoria Lake, Inc. (OK). The subsidiary, Lake Express, Inc. was divested on May 7, 2021 and therefore is no longer consolidated into Victoria Lake, Inc. The shareholders of the Company became the shareholders of Lake Victoria Mining Company, Inc. (NV).</span></p> <p style="font:10pt Times New Roman;margin:0"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify">As a result of this reorganization, the resulting reorganized Company name became Victoria Lake, Inc. (“Victoria Lake,” “the Company,” “we,” or “us”).</p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify">The Company’s fiscal year-end is May 31.</p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"><b>NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</b></p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> <i> </i></p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"><i>Use of Estimates and Assumptions</i></p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify">The preparation of financial statements in conformity with accounting principles generally accepted in the United States ("GAAP") requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) the disclosure of contingent assets and liabilities known to exist as of the date the financial statements are published, and (iii) the reported amount of net revenues and expenses recognized during the periods presented. Adjustments made with respect to the use of estimates often relate to improved information not previously available. Uncertainties with respect to such estimates and assumptions are inherent in the preparation of financial statements; accordingly, actual results could differ from these estimates. </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"><i>Cash and Cash Equivalents</i></p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify">The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents.</p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"><i>Income Taxes</i></p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify">We account for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which the temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are recorded, when necessary, to reduce deferred tax assets to the amount expected to be realized.</p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify">The Company follows ASC 740, Income Taxes ("ASC 740"), which clarifies the accounting and disclosure for uncertainty in tax positions.  ASC 740 seeks to reduce the diversity in practice associated with certain aspects of the recognition and measurement related to accounting for income taxes. We have analyzed filing positions in each of the federal and state jurisdictions where we are required to file income tax returns, as well as all open tax years in these jurisdictions, and identified the U.S. federal as our "major" tax jurisdiction. However, we have certain tax attribute carryforwards which will remain subject to review and adjustment by the relevant tax authorities until the statute of limitations closes with respect to the year in which such attributes are utilized.</p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"><i>Basic and Diluted Loss Per Share</i></p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify">Basic loss per share is calculated using the weighted average number of common shares outstanding for the period presented. Diluted loss per share is computed using the weighted-average number of common shares and, if dilutive, potential common shares outstanding during the period. The dilutive effect of potential common shares is not reflected in diluted earnings per share because the Company incurred a net loss and the effect of including these potential common shares in the net loss per share calculations would be anti-dilutive. </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify">The total potential common shares for the years ended May 31, 2022 and 2021 include 300,005,100 shares for Series B convertible preferred stock. </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"><i>Stock-Based Compensation</i></p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;margin-left:0.7pt;text-align:justify">The Company accounts for share-based compensation under the provisions of ASC 718, <i>Compensation-Stock Compensation</i>. Stock-based compensation expense for employees and nonemployees is measured at the fair value of the equity award on the grant date. Share-based compensation for all stock-based awards to employees and directors is recognized as an expense over the requisite service period, which is generally the vesting period. </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"><i>Fair Value of Financial Instruments</i></p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify">The Company's financial instruments consist of accounts payable and accrued expenses and accounts payable – related party. The carrying amounts of such financial instruments approximate their respective estimated fair value due to the short-term maturities and approximate market interest rates of these instruments.</p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify">The Company adopted ASC Topic 820, <i>Fair Value Measurements</i> ("ASC Topic 820"), which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. The standard provides a consistent definition of fair value which focuses on an exit price that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The standard also prioritizes, within the measurement of fair value, the use of market-based information over entity-specific information and establishes a three-level hierarchy for fair value measurements based on the nature of inputs used in the valuation of an asset or liability as of the measurement date.</p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify">The three-level hierarchy for fair value measurements is defined as follows:</p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <table style="border-collapse:collapse;width:100%"><tr><td style="width:2%" valign="middle"><p style="font:10pt Times New Roman;margin:0"> </p> </td><td style="width:2%" valign="top"><p style="font:10pt Times New Roman;margin:0;text-align:justify">·</p> </td><td style="width:96%" valign="top"><p style="font:10pt Times New Roman;margin:0;text-align:justify">Level 1 - inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets; liabilities in active markets;</p> </td></tr> <tr><td valign="middle"><p style="font:10pt Times New Roman;margin:0"> </p> </td><td valign="top"><p style="font:10pt Times New Roman;margin:0"> </p> </td><td valign="top"><p style="font:10pt Times New Roman;margin:0"> </p> </td></tr> <tr><td valign="middle"><p style="font:10pt Times New Roman;margin:0"> </p> </td><td valign="top"><p style="font:10pt Times New Roman;margin:0;text-align:justify">·</p> </td><td valign="top"><p style="font:10pt Times New Roman;margin:0;text-align:justify">Level 2 - inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability other than quoted prices, either directly or indirectly, including inputs in markets that are not considered to be active; or directly or indirectly including inputs in markets that are not considered to be active;</p> </td></tr> <tr><td valign="middle"><p style="font:10pt Times New Roman;margin:0"> </p> </td><td valign="top"><p style="font:10pt Times New Roman;margin:0"> </p> </td><td valign="top"><p style="font:10pt Times New Roman;margin:0"> </p> </td></tr> <tr><td valign="middle"><p style="font:10pt Times New Roman;margin:0"> </p> </td><td valign="top"><p style="font:10pt Times New Roman;margin:0;text-align:justify">·</p> </td><td valign="top"><p style="font:10pt Times New Roman;margin:0;text-align:justify">Level 3 - inputs to the valuation methodology are unobservable and significant to the fair value measurement</p> </td></tr> </table> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"><i>Recent Accounting Pronouncements</i></p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0">The Company has evaluated other recently issued accounting pronouncements and does not believe that any of these pronouncements will have a significant impact on our financial statements and related disclosures.</p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"><i>Use of Estimates and Assumptions</i></p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify">The preparation of financial statements in conformity with accounting principles generally accepted in the United States ("GAAP") requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) the disclosure of contingent assets and liabilities known to exist as of the date the financial statements are published, and (iii) the reported amount of net revenues and expenses recognized during the periods presented. Adjustments made with respect to the use of estimates often relate to improved information not previously available. Uncertainties with respect to such estimates and assumptions are inherent in the preparation of financial statements; accordingly, actual results could differ from these estimates. </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"><i>Cash and Cash Equivalents</i></p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify">The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents.</p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"><i>Income Taxes</i></p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify">We account for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which the temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are recorded, when necessary, to reduce deferred tax assets to the amount expected to be realized.</p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify">The Company follows ASC 740, Income Taxes ("ASC 740"), which clarifies the accounting and disclosure for uncertainty in tax positions.  ASC 740 seeks to reduce the diversity in practice associated with certain aspects of the recognition and measurement related to accounting for income taxes. We have analyzed filing positions in each of the federal and state jurisdictions where we are required to file income tax returns, as well as all open tax years in these jurisdictions, and identified the U.S. federal as our "major" tax jurisdiction. However, we have certain tax attribute carryforwards which will remain subject to review and adjustment by the relevant tax authorities until the statute of limitations closes with respect to the year in which such attributes are utilized.</p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"><i>Basic and Diluted Loss Per Share</i></p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify">Basic loss per share is calculated using the weighted average number of common shares outstanding for the period presented. Diluted loss per share is computed using the weighted-average number of common shares and, if dilutive, potential common shares outstanding during the period. The dilutive effect of potential common shares is not reflected in diluted earnings per share because the Company incurred a net loss and the effect of including these potential common shares in the net loss per share calculations would be anti-dilutive. </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify">The total potential common shares for the years ended May 31, 2022 and 2021 include 300,005,100 shares for Series B convertible preferred stock. </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"><i>Stock-Based Compensation</i></p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;margin-left:0.7pt;text-align:justify">The Company accounts for share-based compensation under the provisions of ASC 718, <i>Compensation-Stock Compensation</i>. Stock-based compensation expense for employees and nonemployees is measured at the fair value of the equity award on the grant date. Share-based compensation for all stock-based awards to employees and directors is recognized as an expense over the requisite service period, which is generally the vesting period. </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"><i>Fair Value of Financial Instruments</i></p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify">The Company's financial instruments consist of accounts payable and accrued expenses and accounts payable – related party. The carrying amounts of such financial instruments approximate their respective estimated fair value due to the short-term maturities and approximate market interest rates of these instruments.</p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify">The Company adopted ASC Topic 820, <i>Fair Value Measurements</i> ("ASC Topic 820"), which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. The standard provides a consistent definition of fair value which focuses on an exit price that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The standard also prioritizes, within the measurement of fair value, the use of market-based information over entity-specific information and establishes a three-level hierarchy for fair value measurements based on the nature of inputs used in the valuation of an asset or liability as of the measurement date.</p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify">The three-level hierarchy for fair value measurements is defined as follows:</p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <table style="border-collapse:collapse;width:100%"><tr><td style="width:2%" valign="middle"><p style="font:10pt Times New Roman;margin:0"> </p> </td><td style="width:2%" valign="top"><p style="font:10pt Times New Roman;margin:0;text-align:justify">·</p> </td><td style="width:96%" valign="top"><p style="font:10pt Times New Roman;margin:0;text-align:justify">Level 1 - inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets; liabilities in active markets;</p> </td></tr> <tr><td valign="middle"><p style="font:10pt Times New Roman;margin:0"> </p> </td><td valign="top"><p style="font:10pt Times New Roman;margin:0"> </p> </td><td valign="top"><p style="font:10pt Times New Roman;margin:0"> </p> </td></tr> <tr><td valign="middle"><p style="font:10pt Times New Roman;margin:0"> </p> </td><td valign="top"><p style="font:10pt Times New Roman;margin:0;text-align:justify">·</p> </td><td valign="top"><p style="font:10pt Times New Roman;margin:0;text-align:justify">Level 2 - inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability other than quoted prices, either directly or indirectly, including inputs in markets that are not considered to be active; or directly or indirectly including inputs in markets that are not considered to be active;</p> </td></tr> <tr><td valign="middle"><p style="font:10pt Times New Roman;margin:0"> </p> </td><td valign="top"><p style="font:10pt Times New Roman;margin:0"> </p> </td><td valign="top"><p style="font:10pt Times New Roman;margin:0"> </p> </td></tr> <tr><td valign="middle"><p style="font:10pt Times New Roman;margin:0"> </p> </td><td valign="top"><p style="font:10pt Times New Roman;margin:0;text-align:justify">·</p> </td><td valign="top"><p style="font:10pt Times New Roman;margin:0;text-align:justify">Level 3 - inputs to the valuation methodology are unobservable and significant to the fair value measurement</p> </td></tr> </table> <p style="font:10pt Times New Roman;margin:0;text-align:justify"><i>Recent Accounting Pronouncements</i></p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0">The Company has evaluated other recently issued accounting pronouncements and does not believe that any of these pronouncements will have a significant impact on our financial statements and related disclosures.</p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"><b>NOTE 3 – GOING CONCERN</b></p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify">These financial statements have been prepared in accordance with generally accepted accounting principles applicable to a going concern, which assumes that the Company will be able to meet its obligations and continue its operations for its next fiscal year. Realization values may be substantially different from carrying values as shown and these financial statements do not give effect to adjustments that would be necessary to the carrying values and classification of assets and liabilities should the Company be unable to continue as a going concern. As of May 31, 2022, the Company had not yet achieved profitable operations, has accumulated losses of $17,744 since its inception, has a working capital deficiency of $17,744 and expects to incur further losses in the development of its business, all of which raise substantial doubt about the Company's ability to continue as a going concern. The Company's ability to continue as a going concern is dependent upon its ability to generate future profitable operations and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management has no formal plan in place to address this concern but considers that the Company will be able to obtain additional funds by equity financing and/or related party advances, however, there is no assurance of additional funding being available or on terms acceptable to the Company.</p> -17744 17744 <p style="font:10pt Times New Roman;margin:0;text-align:justify"><b>NOTE 4 - RELATED PARTY TRANSACTIONS </b></p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify">During the periods ended May 31, 2022 and 2021, our sole officer and director, G. Reed Petersen, paid various expenses on behalf of the Company totaling $10,279 and $2,070, respectively, resulting in amounts owed to Mr. Petersen of $12,349 and $2,070 at May 31, 2022 and 2021, respectively. </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify">As the Company’s office space needs are limited at the current time, Mr. Petersen is currently providing space to the Company at no cost.</p> 10279 2070 12349 2070 <p style="font:10pt Times New Roman;margin:0;text-align:justify"><b>NOTE 5 – EQUITY</b></p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify">The total number of shares of stock which the corporation shall have authority to issue is 600,000,000 shares, of which 500,000,000 shares of $0.00001 par value shall be designated as Common Stock and 100,000,000 shares of $0.00001 shall be designated as Preferred Stock. The Preferred Stock authorized by these Articles of Incorporation may be issued in one or more series. The Board of Directors of the Corporation is authorized to determine or alter the rights, preferences, privileges, and restrictions granted or imposed upon any wholly unissued series of Preferred Stock, and within the limitations or restrictions stated in any resolution or resolutions of the Board of Directors originally fixing the number of shares constituting any series, to increase or decrease (but not below the number of shares of any such series then outstanding) the number of shares of any such series subsequent to the issue of shares of that series, to determine the designation and par value of any series and to fix the numbers of shares of any series.</p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"><b><i>Common Stock </i></b></p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify">The Company has authorized 500,000,000 common shares with a par value of $0.00001 per share. Each common share entitles the holder to one vote, in person or proxy, on any matter on which action of the stockholders of the corporation is sought.</p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"><b><i>Series A Convertible Preferred Stock</i></b></p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify">The Company designated 1,000,000 shares of Series A Convertible Preferred Stock with a par value of $0.00001 per share.</p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify">Initially, there will be no dividends due or payable on the Series A Convertible Preferred Stock. Any future terms with respect to dividends shall be determined by the Board consistent with the Corporation’s Certificate of Incorporation (“Certificate”). Any and all such future terms concerning dividends shall be reflected in an amendment to the Certificate, which the Board shall promptly file or cause to be filed.  All shares of the Series A Convertible Preferred Stock shall rank pari passu with the Company’s common stock and the Series A Convertible Preferred shall have no liquidation preference over any other class of stock.</p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify">Each holder of outstanding shares of Series A Convertible Preferred Stock shall be entitled to the number of votes equal to one hundred (1,000) votes for each share held of record on all matters submitted to a vote of the shareholders. Except as provided by law, or by the provisions establishing any other series of Preferred Stock, holders of Series A Convertible Preferred Stock and of any other outstanding series of Preferred Stock shall vote together with the holders of Common Stock as a single class.</p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify">Each holder of shares of Series A Convertible Preferred Stock may, at any time and from time to time, convert (an “Optional Conversion”) each of their shares of Series A Convertible Preferred Stock into one fully paid and nonassessable share of Common Stock.  In the event of a reverse split or a forward split shall occur, then in each instance the Conversion Rate shall be adjusted such that the number of shares issued upon conversion of one share of Series A Convertible Preferred Stock will equal the number of shares of Common Stock that would otherwise be issued but for such Event. </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify">As of May 31, 2022 and 2021, there were 0 shares of Series A Convertible Preferred outstanding.</p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"><b><i>Series B Convertible Preferred Stock</i></b></p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify">The Company designated 3,000,051 shares of Series B Convertible Preferred Stock with a par value of $0.00001 per share.</p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify">Initially, there will be no dividends due or payable on the Series B Convertible Preferred Stock. Any future terms with respect to dividends shall be determined by the Board consistent with the Corporation’s Certificate of Incorporation (“Certificate”). Any and all such future terms concerning dividends shall be reflected in an amendment to the Certificate, which the Board shall promptly file or cause to be filed.  All shares of the Series B Convertible Preferred Stock shall rank pari passu with the Company’s common stock and the Series B Convertible Preferred shall have no liquidation preference over any other class of stock.</p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify">Each holder of outstanding shares of Series B Convertible Preferred Stock shall be entitled to the number of votes equal to one hundred (100) votes for each share held of record on all matters submitted to a vote of the shareholders. Except as provided by law, or by the provisions establishing any other series of Preferred Stock, holders of Series B Convertible Preferred Stock and of any other outstanding series of Preferred Stock shall vote together with the holders of Common Stock as a single class.</p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify">Each Series B Convertible Preferred Stock has a conversion rate of 100 shares of Common Stock for each Series B Convertible Preferred Stock. Each holder of shares of Series B Convertible Preferred Stock may, at any time and from time to time, convert (an “Optional Conversion”) each of their shares of Series B Convertible Preferred Stock into one hundred fully paid and nonassessable shares of Common Stock.  In the event of a reverse split or a forward split shall occur, then in each instance the Conversion Rate shall be adjusted such that the number of shares issued upon conversion of one share of Series B Convertible Preferred Stock will equal the number of shares of Common Stock that would otherwise be issued but for such Event. </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify">As of May 31, 2022 and 2021, there were 3,000,051 shares of Series B Preferred issued and outstanding. </p> <p style="font:10pt Times New Roman;margin:0"> </p> <p style="font:10pt Times New Roman;margin:0"><b><i>Series L Convertible Preferred Stock</i></b></p> <p style="font:10pt Times New Roman;margin:0"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify">On May 19, 2021, the Company entered into a Stock<span style="background-color:#FFFFFF"> Cancellation Agreement with the G. Reed Petersen Revocable Trust and Jeff Holmes for the cancellation of the 2,000 outstanding Series L Preferred stock owned by the G. Reed Petersen Revocable Trust and Jeff Holmes.</span></p> <p style="font:10pt Times New Roman;margin:0"> </p> <p style="font:10pt Times New Roman;margin:0">As of May 19, 2021, the Series L Preferred Stock had been retired to treasury.</p> <p style="font:10pt Times New Roman;margin:0"> </p> <p style="font:10pt Times New Roman;margin:0">As of May 31, 2021, there were 0 shares of Series L Preferred outstanding.</p> <p style="font:10pt Times New Roman;margin:0"> </p> <p style="font:10pt Times New Roman;margin:0">On the 22<span style="vertical-align:super">nd</span> day of June 2021, the Series L Preferred Stock Designation was terminated.</p> 500000000 0.00001 0.00001 100000000 100000000 0.00001 0.00001 500000000 500000000 0.00001 0.00001 3000051 3000051 3000051 3000051 0.00001 0.00001 3000051 3000051 3000051 3000051 <p style="font:10pt Times New Roman;margin:0;text-align:justify"><b>NOTE 6 – INCOME TAXES</b></p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify">The Company recognizes interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses.  The Company had no accruals for interest and penalties since inception.</p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify">Future tax benefits which may arise as a result of these losses have not been recognized in these financial statements, as their realization is determined not likely to occur and accordingly, the Company has recorded a valuation allowance for the deferred tax asset relating to these tax losses.</p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify">The Company’s federal income tax returns since inception remain subject to examination by the Internal Revenue Service as of May 31, 2022.</p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify">The income tax provision differs from the amount of income tax determined by applying the Federal income tax at the expected rate of 21% due to the following:</p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <table style="margin:0 auto;border-collapse:collapse;width:100%"><tr style="height:7.2pt"><td style="width:61.34%;padding-left:7.2pt;padding-right:7.2pt" valign="top"><p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> </td><td style="width:19.34%;padding-left:7.2pt;padding-right:7.2pt" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:center">Year Ended</p> <p style="font:10pt Times New Roman;margin:0;text-align:center">May 31,</p> </td><td style="width:19.32%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:center">From Inception on May 7, 2021 through May 31,</p> </td></tr> <tr style="height:7.2pt"><td style="width:61.34%;padding-left:7.2pt;padding-right:7.2pt" valign="top"><p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> </td><td style="width:19.34%;padding-left:7.2pt;padding-right:7.2pt;border-bottom:0.75pt solid #000000" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:center">2022</p> </td><td style="width:19.32%;border-bottom:0.75pt solid #000000" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:center">2021</p> </td></tr> <tr style="height:7.2pt"><td style="background-color:#D3F0FE;width:61.34%;padding-left:7.2pt;padding-right:7.2pt" valign="bottom"><p style="font:10pt Times New Roman;margin:0">Income tax provision</p> </td><td style="background-color:#D3F0FE;width:19.34%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;margin-right:8.25pt;text-align:right"> $ (3,292)</p> </td><td style="background-color:#D3F0FE;width:19.32%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;margin-right:4.5pt;text-align:right"> $ (435)</p> </td></tr> <tr style="height:7.2pt"><td style="width:61.34%;padding-left:7.2pt;padding-right:7.2pt" valign="bottom"><p style="font:10pt Times New Roman;margin:0">Change in Valuation allowance</p> </td><td style="width:19.34%;padding-left:7.2pt;padding-right:7.2pt;border-bottom:0.75pt solid #000000" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">  3,292 </p> </td><td style="width:19.32%;border-bottom:0.75pt solid #000000" valign="bottom"><p style="font:10pt Times New Roman;margin:0;margin-right:4.5pt;text-align:right">  435 </p> </td></tr> <tr style="height:7.2pt"><td style="background-color:#D3F0FE;width:61.34%;padding-left:7.2pt;padding-right:7.2pt" valign="bottom"><p style="font:10pt Times New Roman;margin:0">Net provision for Federal income taxes</p> </td><td style="background-color:#D3F0FE;width:19.34%;padding-left:7.2pt;padding-right:7.2pt;border-bottom:3px double #000000" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> $ - </p> </td><td style="background-color:#D3F0FE;width:19.32%;border-bottom:3px double #000000" valign="bottom"><p style="font:10pt Times New Roman;margin:0;margin-right:4.5pt;text-align:right"> $ - </p> </td></tr> </table> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify">Net deferred tax assets are comprised as follows:</p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <table style="margin:0 auto;border-collapse:collapse;width:100%"><tr style="height:7.2pt"><td style="width:53.32%;padding-left:7.2pt;padding-right:7.2pt" valign="top"><p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> </td><td style="width:23.44%;padding-left:7.2pt;padding-right:7.2pt;border-bottom:0.75pt solid #000000" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:center">2022</p> </td><td style="width:23.24%;border-bottom:0.75pt solid #000000" valign="top"><p style="font:10pt Times New Roman;margin:0;text-align:center">2021</p> </td></tr> <tr style="height:7.2pt"><td style="width:53.32%;padding-left:7.2pt;padding-right:7.2pt" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:justify">Deferred tax asset attributable to:</p> </td><td style="width:23.44%;padding-left:7.2pt;padding-right:7.2pt" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> </td><td style="width:23.24%" valign="top"><p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> </td></tr> <tr style="height:7.2pt"><td style="background-color:#D3F0FE;width:53.32%;padding-left:7.2pt;padding-right:7.2pt" valign="bottom"><p style="font:10pt Times New Roman;margin:0">Net operating loss carryover</p> </td><td style="background-color:#D3F0FE;width:23.44%;padding-left:7.2pt;padding-right:7.2pt;border-top:0.75pt solid #000000" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> $ 3,727 </p> </td><td style="background-color:#D3F0FE;width:23.24%;border-top:0.75pt solid #000000" valign="bottom"><p style="font:10pt Times New Roman;margin:0;margin-right:4.5pt;text-align:right"> $ 435 </p> </td></tr> <tr style="height:7.2pt"><td style="width:53.32%;padding-left:7.2pt;padding-right:7.2pt" valign="bottom"><p style="font:10pt Times New Roman;margin:0">Less: valuation allowance</p> </td><td style="width:23.44%;padding-left:7.2pt;padding-right:7.2pt;border-bottom:0.75pt solid #000000" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">  (3,727)</p> </td><td style="width:23.24%;border-bottom:0.75pt solid #000000" valign="bottom"><p style="font:10pt Times New Roman;margin:0;margin-right:4.5pt;text-align:right">  (435)</p> </td></tr> <tr style="height:7.2pt"><td style="background-color:#D3F0FE;width:53.32%;padding-left:7.2pt;padding-right:7.2pt" valign="bottom"><p style="font:10pt Times New Roman;margin:0">Net deferred tax asset</p> </td><td style="background-color:#D3F0FE;width:23.44%;padding-left:7.2pt;padding-right:7.2pt;border-bottom:3px double #000000" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> $ - </p> </td><td style="background-color:#D3F0FE;width:23.24%;border-bottom:3px double #000000" valign="bottom"><p style="font:10pt Times New Roman;margin:0;margin-right:4.5pt;text-align:right"> $ - </p> </td></tr> </table> <p style="font:10pt Times New Roman;margin:0"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify">As of May 31, 2022 and 2021, the Company has taxable net loss carryovers of approximately $17,744 and $2,070, respectively, that may be offset against future taxable income.</p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <table style="margin:0 auto;border-collapse:collapse;width:100%"><tr style="height:7.2pt"><td style="width:61.34%;padding-left:7.2pt;padding-right:7.2pt" valign="top"><p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> </td><td style="width:19.34%;padding-left:7.2pt;padding-right:7.2pt" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:center">Year Ended</p> <p style="font:10pt Times New Roman;margin:0;text-align:center">May 31,</p> </td><td style="width:19.32%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:center">From Inception on May 7, 2021 through May 31,</p> </td></tr> <tr style="height:7.2pt"><td style="width:61.34%;padding-left:7.2pt;padding-right:7.2pt" valign="top"><p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> </td><td style="width:19.34%;padding-left:7.2pt;padding-right:7.2pt;border-bottom:0.75pt solid #000000" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:center">2022</p> </td><td style="width:19.32%;border-bottom:0.75pt solid #000000" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:center">2021</p> </td></tr> <tr style="height:7.2pt"><td style="background-color:#D3F0FE;width:61.34%;padding-left:7.2pt;padding-right:7.2pt" valign="bottom"><p style="font:10pt Times New Roman;margin:0">Income tax provision</p> </td><td style="background-color:#D3F0FE;width:19.34%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;margin-right:8.25pt;text-align:right"> $ (3,292)</p> </td><td style="background-color:#D3F0FE;width:19.32%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;margin-right:4.5pt;text-align:right"> $ (435)</p> </td></tr> <tr style="height:7.2pt"><td style="width:61.34%;padding-left:7.2pt;padding-right:7.2pt" valign="bottom"><p style="font:10pt Times New Roman;margin:0">Change in Valuation allowance</p> </td><td style="width:19.34%;padding-left:7.2pt;padding-right:7.2pt;border-bottom:0.75pt solid #000000" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">  3,292 </p> </td><td style="width:19.32%;border-bottom:0.75pt solid #000000" valign="bottom"><p style="font:10pt Times New Roman;margin:0;margin-right:4.5pt;text-align:right">  435 </p> </td></tr> <tr style="height:7.2pt"><td style="background-color:#D3F0FE;width:61.34%;padding-left:7.2pt;padding-right:7.2pt" valign="bottom"><p style="font:10pt Times New Roman;margin:0">Net provision for Federal income taxes</p> </td><td style="background-color:#D3F0FE;width:19.34%;padding-left:7.2pt;padding-right:7.2pt;border-bottom:3px double #000000" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> $ - </p> </td><td style="background-color:#D3F0FE;width:19.32%;border-bottom:3px double #000000" valign="bottom"><p style="font:10pt Times New Roman;margin:0;margin-right:4.5pt;text-align:right"> $ - </p> </td></tr> </table> -3292 -435 -3292 -435 0 0 <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <table style="margin:0 auto;border-collapse:collapse;width:100%"><tr style="height:7.2pt"><td style="width:53.32%;padding-left:7.2pt;padding-right:7.2pt" valign="top"><p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> </td><td style="width:23.44%;padding-left:7.2pt;padding-right:7.2pt;border-bottom:0.75pt solid #000000" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:center">2022</p> </td><td style="width:23.24%;border-bottom:0.75pt solid #000000" valign="top"><p style="font:10pt Times New Roman;margin:0;text-align:center">2021</p> </td></tr> <tr style="height:7.2pt"><td style="width:53.32%;padding-left:7.2pt;padding-right:7.2pt" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:justify">Deferred tax asset attributable to:</p> </td><td style="width:23.44%;padding-left:7.2pt;padding-right:7.2pt" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> </td><td style="width:23.24%" valign="top"><p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> </td></tr> <tr style="height:7.2pt"><td style="background-color:#D3F0FE;width:53.32%;padding-left:7.2pt;padding-right:7.2pt" valign="bottom"><p style="font:10pt Times New Roman;margin:0">Net operating loss carryover</p> </td><td style="background-color:#D3F0FE;width:23.44%;padding-left:7.2pt;padding-right:7.2pt;border-top:0.75pt solid #000000" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> $ 3,727 </p> </td><td style="background-color:#D3F0FE;width:23.24%;border-top:0.75pt solid #000000" valign="bottom"><p style="font:10pt Times New Roman;margin:0;margin-right:4.5pt;text-align:right"> $ 435 </p> </td></tr> <tr style="height:7.2pt"><td style="width:53.32%;padding-left:7.2pt;padding-right:7.2pt" valign="bottom"><p style="font:10pt Times New Roman;margin:0">Less: valuation allowance</p> </td><td style="width:23.44%;padding-left:7.2pt;padding-right:7.2pt;border-bottom:0.75pt solid #000000" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">  (3,727)</p> </td><td style="width:23.24%;border-bottom:0.75pt solid #000000" valign="bottom"><p style="font:10pt Times New Roman;margin:0;margin-right:4.5pt;text-align:right">  (435)</p> </td></tr> <tr style="height:7.2pt"><td style="background-color:#D3F0FE;width:53.32%;padding-left:7.2pt;padding-right:7.2pt" valign="bottom"><p style="font:10pt Times New Roman;margin:0">Net deferred tax asset</p> </td><td style="background-color:#D3F0FE;width:23.44%;padding-left:7.2pt;padding-right:7.2pt;border-bottom:3px double #000000" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> $ - </p> </td><td style="background-color:#D3F0FE;width:23.24%;border-bottom:3px double #000000" valign="bottom"><p style="font:10pt Times New Roman;margin:0;margin-right:4.5pt;text-align:right"> $ - </p> </td></tr> </table> 3727 435 3727 435 0 0 <p style="font:10pt Times New Roman;margin:0;text-align:justify"><b>NOTE 7 - SUBSEQUENT EVENTS</b></p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin-top:0.35pt;margin-bottom:0pt;text-align:justify"><span style="background-color:#FFFFFF">The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that these financial statements were issued. 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