0001096906-22-000491.txt : 20220307 0001096906-22-000491.hdr.sgml : 20220307 20220307131804 ACCESSION NUMBER: 0001096906-22-000491 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 37 CONFORMED PERIOD OF REPORT: 20220131 FILED AS OF DATE: 20220307 DATE AS OF CHANGE: 20220307 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Myson, Inc. CENTRAL INDEX KEY: 0001879293 STANDARD INDUSTRIAL CLASSIFICATION: INDUSTRIAL PROCESS FURNACES & OVENS [3567] IRS NUMBER: 871614433 STATE OF INCORPORATION: OK FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-56333 FILM NUMBER: 22717255 BUSINESS ADDRESS: STREET 1: 3625 COVE POINT DRIVE CITY: SALT LAKE CITY STATE: UT ZIP: 84109 BUSINESS PHONE: 801 209 0740 MAIL ADDRESS: STREET 1: 3625 COVE POINT DRIVE CITY: SALT LAKE CITY STATE: UT ZIP: 84109 10-Q 1 mysn-20220131.htm MYSON, INC. - FORM 10-Q SEC FILING MYSON, INC. - Form 10-Q SEC filing
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SECURITIES AND EXCHANGE COMMISSION 

 

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

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

For the quarterly period ended January 31, 2022 

 

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

for the transition period from __________________ to __________________

 

Commission File Number 0-56333 

 

MYSON, INC.

(Exact Name of registrant as specified in its charter)

 

 

 

Oklahoma

 

87-1614433

(State or other Jurisdiction of

 

I.R.S. Employer-

Incorporation or Organization

 

Identification No.)

 

 

 

3625 Cove Point Drive, Salt Lake City, UT 84109

(Address of Principal Executive Offices and zip code)

 

 

 

(801) 209-0740

(Registrant's Telephone Number, including Area Code)

 

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

 

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

 

 

 

 

 

Common Stock

Par $.00001

 

MYSN

 

OTC Link

 

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 (of for such shorter period that the Registrant was required to file such reports) and (ii) has been subject to such filing requirements for the past 90 days. Yes ☐  No

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this




chapter) during the preceding 12 months (or such shorter period that the registrant was required to submit such files). Yes No

 

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

 

Large accelerated filer Accelerated filer ☐  Non-accelerated filer  

Smaller reporting company  Emerging growth company

 

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

 

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

 

Indicate the number of shares outstanding of each of the issuer's classes of common equity, as of the latest practicable date.

 

As of March 9, 2022, there were 133,261 shares of Common Stock, $.00001 par value, and 1,000 shares of Series A Convertible Preferred Stock outstanding.


2



PART I FINANCIAL STATEMENTS

MYSON, INC.

Balance Sheets

 

 

 

 

 

 

 

 

 

 

 

January 31,

 

 

July 31,

 

 

2022

 

 

2021

 

 

 

(unaudited)

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

   Cash and cash equivalents

 

$

--

 

$

--

Total Current Assets

 

 

--

 

 

--

 

 

 

 

 

 

 

Total Assets

 

$

--

 

$

--

 

 

 

 

 

 

 

LIABILTITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts Payable

 

$

282

 

$

--

Total Current Liabilities

 

 

282

 

 

--

 

 

 

 

 

 

 

STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock, $0.00001 par value, 20,000,000 shares authorized, 1,000 shares issued or outstanding

 

 

1

 

 

1

Common stock, $0.00001 par value, 480,000,000 shares authorized; 133,261 shares outstanding

 

 

1

 

 

1

Additional paid in capital

 

 

24,520

 

 

99

Retained deficit

 

 

(24,804)

 

 

(101)

Total stockholders' equity (deficit)

 

 

(282)

 

 

--

Total Liabilities and Stockholders' Equity

 

$

--

 

$

--

 

 

 

 

 

 

 

The annexed notes form an integral part of these financial statements.

 

 

 

 




MYSON, INC.

Statements of Income

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three

 

For the six

 

 

Months Ended

 

Months Ended

 

 

January 31,

 

January 31,

 

2022

 

2022

 

 

 

 

 

OPERATING EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative

 

 

4,551

 

 

24,703

Total operating expenses

 

 

4,551

 

 

24,703

NET LOSS

 

$

(4,551)

 

$

(24,703)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share,

 

 

 

 

 

 

basic and diluted

 

$

(0.00)

 

$

(0.00)

 

 

 

 

 

 

 

Basic and diluted weighted average

 

 

 

 

 

 shares outstanding

 

 

10,133,261

 

 

10,133,261

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The annexed notes form an integral part of these financial statements.

 


4



MYSON, INC.

Statement of Changes in Stockholders' Equity

For the Six Months Ended January 31, 2022

(unaudited)

 

 

Common Stock

 

 

Preferred Stock

 

 

Additional

 

 

Retained

 

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Paid in Capital

 

 

Earnings

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balances, July 31, 2021

 

133,261

 

$

1

 

 

1,000

 

$

1

 

$

99

 

$

(101)

 

$

--

Contributions to capital

 

 

 

 

 

 

 

 

 

 

 

 

 

19,520

 

 

 

 

 

19,520

Net loss for three months ended October 31, 2021

--

 

 

--

 

 

--

 

 

--

 

 

--

 

 

(20,152)

 

 

(20,152)

Balances, October 31, 2021

 

133,261

 

 

1

 

 

1,000

 

 

1

 

 

19,619

 

 

(20,253)

 

 

(632)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contributions to capital

 

 

 

 

 

 

 

 

 

 

 

 

 

4,901

 

 

 

 

 

4,901

Net loss for three months ended January 31, 2022

--

 

 

--

 

 

--

 

 

--

 

 

--

 

 

(4,551)

 

 

(4,551)

Balances, January 31, 2022

 

133,261

 

$

1

 

 

1,000

 

$

1

 

$

24,520

 

$

(24,804)

 

$

(282)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The annexed notes form an integral part of these financial statements.

 




 

MYSON, INC.

Statements of Cash Flows

(unaudited)

 

 

 

 

 

 

 

 

For the Three

 

For the Six

 

 

Months Ended

 

Months Ended

 

 

January 31,

 

January 31,

 

2022

 

2022

 

 

 

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

 

Net loss from operations

 

$

(4,551)

 

$

(24,703)

 

 

 

 

 

 

 

Adjustments to reconcile net loss to

 

 

 

 

 

 

 net cash used in operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

 

--

 

 

--

 

 

 

 

 

 

 

Changes in operating assets and liabilities

 

 

 

 

 

 

Increase (decrease) in accounts payable

 

 

(350)

 

 

282

Net cash provided (used) by operating activities

 

 

(4,901)

 

 

(24,421)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

 

Contribution to capital by controlling shareholder

 

 

4,901

 

 

24,421

 

 

 

 

 

 

 

Net cash provided (used) by financing activities

 

 

4,901

 

 

24,421

 

 

 

 

 

 

 

Net increase (decrease) in cash

 

 

--

 

 

--

Cash, at beginning of period

 

 

--

 

 

--

Cash, at end of period

 

$

--

 

$

--

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental Non-Cash Disclosure

 

 

 

 

 

 

 Cash paid for interest

 

$

--

 

$

--

 Cash paid for taxes

 

$

--

 

$

--

 

 

 

 

 

 

 

The annexed notes form an integral part of these financial statements.

 

 

 

 




MYSON, INC. 

NOTES TO UNAUDITED FINANCIAL STATEMENTS 

For the Six Months January 31, 2022 

 

NOTE 1 – NATURE OF OPERATIONS

 

Myson, Inc. (“Myson”, or the “Company”) is an Oklahoma corporation formed on July 8, 2021. As of January 31, 2022 and July 31, 2021, the Company did not have any subsidiaries. The Company was formed for the purpose of entering into a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses (a “Business Combination”). The Company is not limited to a particular industry or geographic region for purposes of consummating a Business Combination. The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies.

 

As of January 31, 2022, the Company had not commenced any operations. All activity for the period from July 8, 2021 (inception) through January 31, 2022 relates to the Company’s formation and the filing of its Registration Statement on Form 10, which was effective on October 23, 2021, and the search for a prospective initial Business Combination. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest.

 

Liquidity and Capital Resources

 

As of January 31, 2022, the Company had no cash on hand, all operating expenses being provided by its sole officer and director. That officer and director intends to continue providing such resources until the initial Business Combination is effected. Based on the foregoing, management believes that the Company will have sufficient working capital and borrowing capacity to meet its needs through the earlier of the consummation of a Business Combination or one year from this filing. Expenses anticipated including existing accounts payable and accrued liabilities, identifying and evaluating prospective initial Business Combination candidates, performing due diligence on prospective target businesses, paying for travel expenditures, selecting the target business to merge with or acquire, and structuring, negotiating and consummating the Business Combination.

 

Risks and Uncertainties

 

Management continues to evaluate the impact of the COVID-19 pandemic on the industry and has concluded that while it is reasonably possible that the virus could have a negative effect on the Company’s financial position, results of its operations, and/or search for a target company, the specific impact is not readily determinable as of the date of these financial statements. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

 

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Basis of Presentation

 

The accompanying unaudited condensed financial statements of the Company are presented in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the SEC. Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a comprehensive presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. The accompanying unaudited condensed financial statements should be read in conjunction with the Company’s Registration Statement on Form 10 as filed with the SEC on August 23, 2021, as amended on September 19, 2021, as well as the Company’s future filings with the SEC. The interim results for the three and six months ended January 31, 2022 are not necessarily indicative of the results to be expected for the year ending July 31, 2022 or for any future periods.




 

Use of Estimates and Assumptions

 

The preparation of financial statements in conformity with 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. The Company's most significant estimates relate to the valuation of its contingent liabilities and the valuation of its common stock.

 

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.

 

As a result of the implementation of certain provisions of ASC 740, Income Taxes ("ASC 740"), which clarifies the accounting and disclosure for uncertainty in tax positions, as defined, 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 adopted the provisions of ASC 740 and 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. We have identified the U.S. federal as our "major" tax jurisdictions. 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 computed using the weighted average number of shares outstanding during the period. Diluted loss per share has not been provided as it would be anti-dilutive.

 

Stock-Based Compensation

 

We periodically issue stock options and warrants to employees and non-employees in non-capital raising transactions for services and for financing costs. We account for stock option and warrant grants issued and vesting to employees based on Financial Accounting Standards Board (FASB) ASC Topic 718, "Compensation-Stock Compensation", whereas the award is measured at its fair value at the date of grant and is amortized ratably over the service period. We account for stock option and warrant grants issued and vesting to non-employees in accordance with ASC Topic 505, "Equity", whereas the value of the stock compensation is based upon the measurement date as determined at either (a) the date at which a performance commitment is reached, or (b) at the date at which the necessary performance to earn the equity instruments is complete.

 


8



 

Fair Value of Financial Instruments

 

The Company's financial instruments consist primarily of accounts payable and accrued expenses. 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

 

Management does not believe that there are any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company’s financial statements.

 

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. At January 31, 2022, the Company had not yet achieved profitable operations, has accumulated losses of $24,804 since its inception, has no working capital  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

 

As of January 31, 2022 and July 31, 2021, a related party has paid various expenses on behalf of the Company. The related party does not expect to be reimbursed for those expenses.

 

As the Company’s office space needs are limited at the current time, the officer and director 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 500,000,000 shares, all par value $0.00001 per share, of which 480,000,000 shares are designated as Common Stock and 20,000,000 shares are 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. The Company has 133,261 shares of Common Stock and 1,000 shares of Series A Convertible Preferred Stock outstanding. Each share of Series A Convertible Preferred Stock is convertible into 10,000 shares of Common Stock and has 100,000 voting rights per share. The number of shares of Common Stock outstanding increased from 69,778 to 133,261 in February 2022 in connection with the effectuation of our 1-for 10,000 reverse stock split as the result of the issuance of rounding shares to record holders as of February 24, 2022. All share numbers have been retroactively restated. The total number of shares of Common Stock could further increase as a result of rounding shares issued in lieu of fractional share to holders in street name.

 

NOTE 6 - SUBSEQUENT EVENTS

 

The Company has evaluated all events that occurred after the balance sheet date through the date when financial statements were issued to determine if they must be reported. The management of the Company determined that there were no reportable subsequent events to be disclosed.

 

 

Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION

 

The following discussion and analysis of the Company’s financial condition and results of operations should be read in conjunction with the unaudited condensed financial statements and the notes thereto contained elsewhere in this Quarterly Report. Certain information contained in the discussion and analysis set forth below includes forward-looking statements that involve risks and uncertainties.

Special Note Regarding Forward-Looking Statements

This Quarterly Report includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Exchange Act that are not historical facts, and involve risks and uncertainties that could cause actual results to differ materially from those expected and projected. All statements, other than statements of historical fact included in this Form 10-Q including, without limitation, statements in this “Management’s Discussion and Analysis of Financial Condition and Results of Operations” regarding the Company’s financial position, business strategy and the plans and objectives of management for future operations, are forward-looking statements. Words such as “expect,” “believe,” “anticipate,” “intend,” “estimate,” “seek” and variations and similar words and expressions are intended to identify such forward-looking statements. Such forward-looking statements relate to future events or future performance, but reflect management’s current beliefs, based on information currently available. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements. For information identifying important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, please refer to the Risk Factors section of the Company’s Form 10, as amended, filed with the U.S. Securities and Exchange Commission (the “SEC”). The Company’s securities filings can be accessed on the EDGAR section of the SEC’s website at www.sec.gov. Except as expressly required by applicable securities law, the Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.


10



Overview

We were incorporated on July 8, 2021 as an Oklahoma corporation and formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. We have not selected any specific business combination target and we have not, nor has anyone on our behalf, engaged in any substantive discussions, directly or indirectly, with any business combination target with respect to an initial business combination with us. We intend to effectuate our initial business combination using our capital stock, debt or a combination of cash, stock and debt.

Results of Operations

We have neither engaged in any operations nor generated any operating revenues to date. Our only activities for the period from July 8, 2021 (inception) through January 31, 2022 were organizational activities, preparing and filing a Form 10 with the SEC, and then identifying a target company for a business combination. We will not generate any operating revenues until after completion of our initial business combination. There has been no significant change in our financial or trading position and no material adverse change has occurred since the date of our audited financial statements. We expect to incur increased expenses as a result of being a public company (for legal, financial reporting, accounting and auditing compliance), as well as for due diligence expenses. We expect our expenses to increase substantially in the year ended July 31, 2022.

For the three months ended January 31, 2022, we had a net loss of $4,551, resulting from accounting fees, transfer agent fees, edgarization fees  and postage expenses, primarily related to the costs of maintaining our company current with the transfer agent and with our filing obligations with the Securities and Exchange Commission.

For the six months ended January 31, 2022, we had a net loss of $24,703, resulting from accounting fees, transfer agent fees, edgarization fees  and postage expenses, primarily related to the costs of maintaining our company current with the transfer agent and with our filing obligations with the Securities and Exchange Commission. and expenses related to the notice of corporate action filed with FINRA to effect a reverse split and name change. FINRA has approved the reverse split and name change which was  effective on the over the counter market on February 24, 2022.

Liquidity and capital resources.

 

The Company has no working capital, with all of its foreseeable capital needs being met by contributions or loans from its sole officer and director.  The Company has no business at this time and is seeking to acquire another business.  

 

Cash flows

 

Our operating activities resulted in a net loss of $24,703 for the six months ended January 31, 2022, and $4,551 for the three months then ended. Our accounts payable increased by $282 for the six months, but decreased by $350 for the three months ended January 31, 2022. Our officer and director contributed cash of $24,421 for the six months ended January 31, 2022 and $4,901 for the January 31, 2022 quarter. We expect that we will require an additional $10,000 to be either contributed or loaned by the officer and director during the remainder of the year ended July 31, 2022. We did not use any funds for investing activities and do not expect to do so during the remainder of the year ended July 31, 2022.

 

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.

 




Our significant accounting policies are described in Note 2 to our Financial Statements on page F-7. These policies were selected because they represent the more significant accounting policies and methods that are broadly applied in the preparation of our financial statements. However, it should be noted that we intend to acquire a new operating business. The critical accounting policies and estimates for such new operations will, in all likelihood, be significantly different from our current policies and estimates.

 

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.

 

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 October 31, 2021, we have no off-balance sheet arrangements.

 

Contractual Obligations

 

We have no contractual obligations at this time other than the agreement with our transfer agent for services at $350 per month.

 

Accounting for Acquisitions

 

In accordance with the guidance for business combinations, we determine whether a transaction or other event is a business combination, which requires the assets acquired and liabilities assumed constitute a business. Each business combination is then accounted for by applying the acquisition method. If the assets acquired are not a business, we account for the transaction or other event as an asset acquisition. Under both methods, we recognize the identifiable assets acquired, the liabilities assumed, and any noncontrolling interest in the acquired entity. In addition, for transactions that are business combinations, we evaluate the existence of goodwill or a gain from a bargain purchase. We capitalize acquisition-related costs and fees associated with asset acquisitions and immediately expense acquisition-related costs and fees associated with business combinations.

 

Revenue Recognition

 

We recognize revenue in accordance with Accounting Standards Codification No. 605, “Revenue Recognition” (“ASC-605”). ASC-605 requires that four basic criteria must be met before revenue can be recognized: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred; (3) the selling price is fixed and determinable; and (4) collectability is reasonably assured. Determination of criteria (3) and (4) are based on management’s judgments regarding the fixed nature of the selling prices of the products delivered and the collectability of those amounts. Provisions for discounts and rebates to customers, estimated returns and allowances, and other adjustments are provided for in the same period that the related sales are recorded. We will defer any revenue for which the product or servicers has not been delivered or provided, or is subject to refund, until such time that we and the customer jointly determine that the product has been delivered or that no refund will be required.

 


12



Income Taxes

 

We account for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. We have incurred net operating loss for financial-reporting and tax-reporting purposes. Accordingly, for Federal and state income tax purposes, the benefit for income taxes has been offset entirely by a valuation allowance against the related federal and state deferred tax asset for the three months ended October 31, 2021.

 

Distinguishing Liabilities from Equity

 

We rely on the guidance provided by ASC Topic 480,Distinguishing Liabilities from Equity, to classify certain redeemable and/or convertible instruments. We first determine whether a financial instrument should be classified as a liability. We will determine the liability classification if the financial instrument is mandatorily redeemable, or if the financial instrument, other than outstanding shares, embodies a conditional obligation that we must or may settle by issuing a variable number of its equity shares.

 

Once we determine that a financial instrument should not be classified as a liability, we determine whether the financial instrument should be presented between the liability section and the equity section of the balance sheet (“temporary equity”). We will determine temporary equity classification if the redemption of the financial instrument is outside the control of our Company (i.e. at the option of the holder). Otherwise, we account for the financial instrument as permanent equity.

 

Initial Measurement

 

We record our financial instruments classified as liability, temporary equity or permanent equity at issuance at the fair value, or cash received.

 

Subsequent Measurement - Financial instruments classified as liabilities

 

We record the fair value of our financial instruments classified as liabilities at each subsequent measurement date. The changes in fair value of our financial instruments classified as liabilities are recorded as other expense/income.

 

Share-based Compensation

 

In accordance with ASC 718, Compensation – Stock Based Compensation, and ASC 505, Equity Based Payments to Non-Employees, we account for share-based payment using the fair value method. Common shares issued to third parties for non-cash consideration are valued based on the fair market value of the services provided or the fair market value of the common stock on the measurement date, whichever is readily determinable.

 

Recently Issued Accounting Pronouncements

 

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

 

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

 

This item is not applicable as we are a smaller reporting company.




ITEM 4. CONTROLS AND PROCEDURES.

 

Disclosure controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed in our reports filed or submitted under Securities Exchange Act of 1934, as amended (the “Exchange Act”) is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure.

 

Evaluation of Disclosure Controls and Procedures

 

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 the three months ended October 31, 2021.

 

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 and significant deficiencies in its assessment of the effectiveness of internal control over financial reporting as of October 1, 2021:

 

 

·

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 and significant deficiencies 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.

 

This Quarterly Report on Form 10-Q does not include an attestation report from our registered public accounting firm regarding internal control over financial reporting. Management’s report was not subject to attestation by the Company’s registered public accounting firm pursuant to rules of the Commission that permit us to provide only management’s report in this Quarterly Report on Form 10-Q.

 


14



Changes in Internal Controls over Financial Reporting

 

During the most recently completed fiscal quarter, there has been no change in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

 




PART II.  OTHER INFORMATION 

 

Item 1.Legal Proceedings  -  None. 

 

Item 1A.Risk Factors  -  This item is inapplicable since we are a “smaller reporting company.”

 

Item 2.Unregistered Sales of Equity Securities and Use of Proceed – None. 

 

Item 3.Defaults Upon Senior Securities – None. 

 

Item 4.Mine Safety Disclosures – Not applicable 

 

Item 5.Other Information - None 

 

Item 6.Exhibits 

 

Exhibit No.

Description

Note

2.1

Agreement and Plan of Merger dated July 8, 2021

Note 1

3.(i) 1

Articles of Incorporation

Note 1

3.(i)2

Bylaws  

Note 1

31

Certification of Chief Executive and Financial Officer (Rule 13a-14(a))

Filed herewith

32

Certification of Chief Executive and Financial Officer (18 USC 1350)

Filed herewith

101 INS

Inline XBRL Instance Document

Filed herewith

101 SCH

Inline XBRL Taxonomy Extension Schema Document.

Filed herewith

101 Cal

Inline XBRL Taxonomy Extension Calculation Linkbase Document.

Filed herewith

101 DEF

Inline XBRL Taxonomy Extension Definition Linkbase Document.

Filed herewith

101 LAB

Inline XBRL Taxonomy Extension Label Linkbase Document.

Filed herewith

101 PRE

Inline XBRL Taxonomy Extension Presentation Linkbase Document.

Filed herewith

104

Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

Filed herewith

 

(1)  Incorporated by reference to such exhibit as filed with  the Registration Statement on Form 10 filed on August 23, 2021.


16



SIGNATURES 

 

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

 

 

MYSON, INC. 

 

 

 

Date:March 7, 2022By:/s/ G. Reed Petersen 

G. Reed Petersen, 

President and Chief Financial 

Officer (chief financial officer 

and accounting officer and duly 

authorized officer) 


EX-31.1 2 mysn_ex31z1.htm CERTIFICATION

Exhibit 31.1

 

I, G. Reed Petersen, certify that:

 

1.I have reviewed this report on Form 10-Q of Myson, Inc.; 

 

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;  

 

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;  

 

4.I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal controls over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the registrant and have: 

 

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; 

 

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

 

c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and 

 

d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and 

 

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

 

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and  

 

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. 

 

 

Myson, Inc.

 

 

Date:  March 3, 2022

By /s/ G. Reed Petersen

 

G. Reed Petersen

 

President, and

 

Chief Financial Officer

 

(Principal Executive and Financial Officer)

 

EX-32.1 3 mysn_ex32z1.htm CERTIFICATION

Exhibit 32.1

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report of Myson, Inc., (the “Company”) on Form 10-Q for the fiscal quarter ended January 31, 2022 as filed with the Securities and Exchange Commission on or about the date hereof (the “Report”), I, G. Reed Petersen, President, Chief Executive Officer and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that: 

       

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and 

 

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

 

 

Myson, Inc.

 

 

Date:  March 3, 2022

By /s/ G. Reed Petersen

 

G. Reed Petersen

 

President, and

 

Chief Financial Officer

 

(Principal Executive and Financial Officer)

 

 

 

 

 

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NOTE 1 - NATURE OF OPERATIONS
6 Months Ended
Jan. 31, 2022
Notes  
NOTE 1 - NATURE OF OPERATIONS

NOTE 1 – NATURE OF OPERATIONS

 

Myson, Inc. (“Myson”, or the “Company”) is an Oklahoma corporation formed on July 8, 2021. As of January 31, 2022 and July 31, 2021, the Company did not have any subsidiaries. The Company was formed for the purpose of entering into a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses (a “Business Combination”). The Company is not limited to a particular industry or geographic region for purposes of consummating a Business Combination. The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies.

 

As of January 31, 2022, the Company had not commenced any operations. All activity for the period from July 8, 2021 (inception) through January 31, 2022 relates to the Company’s formation and the filing of its Registration Statement on Form 10, which was effective on October 23, 2021, and the search for a prospective initial Business Combination. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest.

 

Liquidity and Capital Resources

 

As of January 31, 2022, the Company had no cash on hand, all operating expenses being provided by its sole officer and director. That officer and director intends to continue providing such resources until the initial Business Combination is effected. Based on the foregoing, management believes that the Company will have sufficient working capital and borrowing capacity to meet its needs through the earlier of the consummation of a Business Combination or one year from this filing. Expenses anticipated including existing accounts payable and accrued liabilities, identifying and evaluating prospective initial Business Combination candidates, performing due diligence on prospective target businesses, paying for travel expenditures, selecting the target business to merge with or acquire, and structuring, negotiating and consummating the Business Combination.

 

Risks and Uncertainties

 

Management continues to evaluate the impact of the COVID-19 pandemic on the industry and has concluded that while it is reasonably possible that the virus could have a negative effect on the Company’s financial position, results of its operations, and/or search for a target company, the specific impact is not readily determinable as of the date of these financial statements. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

XML 16 R8.htm IDEA: XBRL DOCUMENT v3.22.0.1
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
6 Months Ended
Jan. 31, 2022
Notes  
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Basis of Presentation

 

The accompanying unaudited condensed financial statements of the Company are presented in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the SEC. Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a comprehensive presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. The accompanying unaudited condensed financial statements should be read in conjunction with the Company’s Registration Statement on Form 10 as filed with the SEC on August 23, 2021, as amended on September 19, 2021, as well as the Company’s future filings with the SEC. The interim results for the three and six months ended January 31, 2022 are not necessarily indicative of the results to be expected for the year ending July 31, 2022 or for any future periods.

 

Use of Estimates and Assumptions

 

The preparation of financial statements in conformity with 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. The Company's most significant estimates relate to the valuation of its contingent liabilities and the valuation of its common stock.

 

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.

 

As a result of the implementation of certain provisions of ASC 740, Income Taxes ("ASC 740"), which clarifies the accounting and disclosure for uncertainty in tax positions, as defined, 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 adopted the provisions of ASC 740 and 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. We have identified the U.S. federal as our "major" tax jurisdictions. 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 computed using the weighted average number of shares outstanding during the period. Diluted loss per share has not been provided as it would be anti-dilutive.

 

Stock-Based Compensation

 

We periodically issue stock options and warrants to employees and non-employees in non-capital raising transactions for services and for financing costs. We account for stock option and warrant grants issued and vesting to employees based on Financial Accounting Standards Board (FASB) ASC Topic 718, "Compensation-Stock Compensation", whereas the award is measured at its fair value at the date of grant and is amortized ratably over the service period. We account for stock option and warrant grants issued and vesting to non-employees in accordance with ASC Topic 505, "Equity", whereas the value of the stock compensation is based upon the measurement date as determined at either (a) the date at which a performance commitment is reached, or (b) at the date at which the necessary performance to earn the equity instruments is complete.

 

 

Fair Value of Financial Instruments

 

The Company's financial instruments consist primarily of accounts payable and accrued expenses. 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

 

Management does not believe that there are any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company’s financial statements.

XML 17 R9.htm IDEA: XBRL DOCUMENT v3.22.0.1
NOTE 3 - GOING CONCERN
6 Months Ended
Jan. 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. At January 31, 2022, the Company had not yet achieved profitable operations, has accumulated losses of $24,804 since its inception, has no working capital  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.

XML 18 R10.htm IDEA: XBRL DOCUMENT v3.22.0.1
NOTE 4 - RELATED PARTY TRANSACTIONS
6 Months Ended
Jan. 31, 2022
Notes  
NOTE 4 - RELATED PARTY TRANSACTIONS

NOTE 4 - RELATED PARTY TRANSACTIONS

 

As of January 31, 2022 and July 31, 2021, a related party has paid various expenses on behalf of the Company. The related party does not expect to be reimbursed for those expenses.

 

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

XML 19 R11.htm IDEA: XBRL DOCUMENT v3.22.0.1
NOTE 5 - EQUITY
6 Months Ended
Jan. 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 500,000,000 shares, all par value $0.00001 per share, of which 480,000,000 shares are designated as Common Stock and 20,000,000 shares are 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. The Company has 133,261 shares of Common Stock and 1,000 shares of Series A Convertible Preferred Stock outstanding. Each share of Series A Convertible Preferred Stock is convertible into 10,000 shares of Common Stock and has 100,000 voting rights per share. The number of shares of Common Stock outstanding increased from 69,778 to 133,261 in February 2022 in connection with the effectuation of our 1-for 10,000 reverse stock split as the result of the issuance of rounding shares to record holders as of February 24, 2022. All share numbers have been retroactively restated. The total number of shares of Common Stock could further increase as a result of rounding shares issued in lieu of fractional share to holders in street name.

XML 20 R12.htm IDEA: XBRL DOCUMENT v3.22.0.1
NOTE 6 - SUBSEQUENT EVENTS
6 Months Ended
Jan. 31, 2022
Notes  
NOTE 6 - SUBSEQUENT EVENTS

NOTE 6 - SUBSEQUENT EVENTS

 

The Company has evaluated all events that occurred after the balance sheet date through the date when financial statements were issued to determine if they must be reported. The management of the Company determined that there were no reportable subsequent events to be disclosed.

XML 21 R13.htm IDEA: XBRL DOCUMENT v3.22.0.1
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Basis of Presentation (Policies)
6 Months Ended
Jan. 31, 2022
Policies  
Basis of Presentation

Basis of Presentation

 

The accompanying unaudited condensed financial statements of the Company are presented in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the SEC. Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a comprehensive presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. The accompanying unaudited condensed financial statements should be read in conjunction with the Company’s Registration Statement on Form 10 as filed with the SEC on August 23, 2021, as amended on September 19, 2021, as well as the Company’s future filings with the SEC. The interim results for the three and six months ended January 31, 2022 are not necessarily indicative of the results to be expected for the year ending July 31, 2022 or for any future periods.

XML 22 R14.htm IDEA: XBRL DOCUMENT v3.22.0.1
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Use of Estimates and Assumptions (Policies)
6 Months Ended
Jan. 31, 2022
Policies  
Use of Estimates and Assumptions

Use of Estimates and Assumptions

 

The preparation of financial statements in conformity with 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. The Company's most significant estimates relate to the valuation of its contingent liabilities and the valuation of its common stock.

XML 23 R15.htm IDEA: XBRL DOCUMENT v3.22.0.1
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Cash and Cash Equivalents (Policies)
6 Months Ended
Jan. 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 v3.22.0.1
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Income Taxes (Policies)
6 Months Ended
Jan. 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.

 

As a result of the implementation of certain provisions of ASC 740, Income Taxes ("ASC 740"), which clarifies the accounting and disclosure for uncertainty in tax positions, as defined, 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 adopted the provisions of ASC 740 and 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. We have identified the U.S. federal as our "major" tax jurisdictions. 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 v3.22.0.1
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Basic and Diluted Loss Per Share (Policies)
6 Months Ended
Jan. 31, 2022
Policies  
Basic and Diluted Loss Per Share

Basic and Diluted Loss Per Share

 

Basic loss per share is computed using the weighted average number of shares outstanding during the period. Diluted loss per share has not been provided as it would be anti-dilutive.

XML 26 R18.htm IDEA: XBRL DOCUMENT v3.22.0.1
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Stock-Based Compensation (Policies)
6 Months Ended
Jan. 31, 2022
Policies  
Stock-Based Compensation

Stock-Based Compensation

 

We periodically issue stock options and warrants to employees and non-employees in non-capital raising transactions for services and for financing costs. We account for stock option and warrant grants issued and vesting to employees based on Financial Accounting Standards Board (FASB) ASC Topic 718, "Compensation-Stock Compensation", whereas the award is measured at its fair value at the date of grant and is amortized ratably over the service period. We account for stock option and warrant grants issued and vesting to non-employees in accordance with ASC Topic 505, "Equity", whereas the value of the stock compensation is based upon the measurement date as determined at either (a) the date at which a performance commitment is reached, or (b) at the date at which the necessary performance to earn the equity instruments is complete.

XML 27 R19.htm IDEA: XBRL DOCUMENT v3.22.0.1
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Fair Value of Financial Instruments (Policies)
6 Months Ended
Jan. 31, 2022
Policies  
Fair Value of Financial Instruments

Fair Value of Financial Instruments

 

The Company's financial instruments consist primarily of accounts payable and accrued expenses. 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 v3.22.0.1
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Recent Accounting Pronouncements (Policies)
6 Months Ended
Jan. 31, 2022
Policies  
Recent Accounting Pronouncements

Recent Accounting Pronouncements

 

Management does not believe that there are any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company’s financial statements.

XML 29 R21.htm IDEA: XBRL DOCUMENT v3.22.0.1
NOTE 3 - GOING CONCERN (Details) - USD ($)
Jan. 31, 2022
Jul. 31, 2021
Details    
Retained deficit $ 24,804 $ 101
XML 30 R22.htm IDEA: XBRL DOCUMENT v3.22.0.1
NOTE 5 - EQUITY (Details) - $ / shares
6 Months Ended
Jan. 31, 2022
Jul. 31, 2021
Preferred Stock, Par or Stated Value Per Share $ 0.00001 $ 0.00001
Common Stock, Par or Stated Value Per Share $ 0.00001 $ 0.00001
Common Stock, Shares Authorized 480,000,000 480,000,000
Preferred Stock, Shares Authorized 20,000,000 20,000,000
Common Stock, Shares, Outstanding 133,261 133,261
Stockholders' Equity, Reverse Stock Split 1-for 10,000 reverse stock split as the result of the issuance of rounding shares to record holders as of February 24, 2022  
Series A Preferred Stock    
Common Stock, Shares, Outstanding 1,000 1,000
XML 31 mysn-20220131_htm.xml IDEA: XBRL DOCUMENT 0001879293 2021-08-01 2022-01-31 0001879293 2022-01-31 0001879293 2022-03-09 0001879293 2021-07-31 0001879293 2021-11-01 2022-01-31 0001879293 us-gaap:CommonStockMember 2021-07-31 0001879293 us-gaap:PreferredStockMember 2021-07-31 0001879293 us-gaap:AdditionalPaidInCapitalMember 2021-07-31 0001879293 us-gaap:RetainedEarningsMember 2021-07-31 0001879293 2021-08-01 2021-10-31 0001879293 us-gaap:CommonStockMember 2021-08-01 2021-10-31 0001879293 us-gaap:PreferredStockMember 2021-08-01 2021-10-31 0001879293 us-gaap:AdditionalPaidInCapitalMember 2021-08-01 2021-10-31 0001879293 us-gaap:RetainedEarningsMember 2021-08-01 2021-10-31 0001879293 2021-10-31 0001879293 us-gaap:CommonStockMember 2021-10-31 0001879293 us-gaap:PreferredStockMember 2021-10-31 0001879293 us-gaap:AdditionalPaidInCapitalMember 2021-10-31 0001879293 us-gaap:RetainedEarningsMember 2021-10-31 0001879293 us-gaap:CommonStockMember 2021-11-01 2022-01-31 0001879293 us-gaap:PreferredStockMember 2021-11-01 2022-01-31 0001879293 us-gaap:AdditionalPaidInCapitalMember 2021-11-01 2022-01-31 0001879293 us-gaap:RetainedEarningsMember 2021-11-01 2022-01-31 0001879293 us-gaap:CommonStockMember 2022-01-31 0001879293 us-gaap:PreferredStockMember 2022-01-31 0001879293 us-gaap:AdditionalPaidInCapitalMember 2022-01-31 0001879293 us-gaap:RetainedEarningsMember 2022-01-31 0001879293 us-gaap:SeriesAPreferredStockMember 2022-01-31 0001879293 us-gaap:SeriesAPreferredStockMember 2021-07-31 iso4217:USD shares iso4217:USD shares 0001879293 --07-31 false 2022 Q2 10-Q true 2022-01-31 false 0-56333 MYSON, INC. OK 87-1614433 3625 Cove Point Drive Salt Lake City UT 84109 Address of Principal Executive Offices and zip code 801 209-0740 Registrant's Telephone Number, including Area Code No Yes Non-accelerated Filer true true false true 133261 0 0 0 0 0 0 282 0 282 0 0.00001 0.00001 20000000 20000000 1000 1000 1000 1000 1 1 0.00001 0.00001 480000000 480000000 133261 133261 1 1 24520 99 -24804 -101 -282 0 0 0 4551 24703 4551 24703 -4551 -24703 -0.00 -0.00 10133261 10133261 133261 1 1000 1 99 -101 0 -19520 -19520 0 0 0 0 0 -20152 -20152 133261 1 1000 1 19619 -20253 -632 -4901 -4901 0 0 0 0 0 -4551 -4551 133261 1 1000 1 24520 -24804 -282 -4551 -24703 0 0 -350 282 -4901 -24421 -4901 -24421 4901 24421 0 0 0 0 0 0 0 0 0 0 <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">Myson, Inc. (“Myson”, or the “Company”) is an Oklahoma corporation formed on July 8, 2021. As of January 31, 2022 and July 31, 2021, the Company did not have any subsidiaries. The Company was formed for the purpose of entering into a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses (a “Business Combination”). The Company is not limited to a particular industry or geographic region for purposes of consummating a Business Combination. The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies. </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 January 31, 2022, the Company had not commenced any operations. All activity for the period from July 8, 2021 (inception) through January 31, 2022 relates to the Company’s formation and the filing of its Registration Statement on Form 10, which was effective on October 23, 2021, and the search for a prospective initial Business Combination. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. </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>Liquidity and Capital Resources</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">As of January 31, 2022, the Company had no cash on hand, all operating expenses being provided by its sole officer and director. That officer and director intends to continue providing such resources until the initial Business Combination is effected. Based on the foregoing, management believes that the Company will have sufficient working capital and borrowing capacity to meet its needs through the earlier of the consummation of a Business Combination or one year from this filing. Expenses anticipated including existing accounts payable and accrued liabilities, identifying and evaluating prospective initial Business Combination candidates, performing due diligence on prospective target businesses, paying for travel expenditures, selecting the target business to merge with or acquire, and structuring, negotiating and consummating the Business Combination.</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>Risks and Uncertainties</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">Management continues to evaluate the impact of the COVID-19 pandemic on the industry and has concluded that while it is reasonably possible that the virus could have a negative effect on the Company’s financial position, results of its operations, and/or search for a target company, the specific impact is not readily determinable as of the date of these financial statements. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.</p> <p style="font:12pt 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">  </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"><i>Basis of Presentation</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 accompanying unaudited condensed financial statements of the Company are presented in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the SEC. Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a comprehensive presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. The accompanying unaudited condensed financial statements should be read in conjunction with the Company’s Registration Statement on Form 10 as filed with the SEC on August 23, 2021, as amended on September 19, 2021, as well as the Company’s future filings with the SEC. The interim results for the three and six months ended January 31, 2022 are not necessarily indicative of the results to be expected for the year ending July 31, 2022 or for any future periods.</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>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 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. The Company's most significant estimates relate to the valuation of its contingent liabilities and the valuation of its common 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>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;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">As a result of the implementation of certain provisions of ASC 740, Income Taxes ("ASC 740"), which clarifies the accounting and disclosure for uncertainty in tax positions, as defined, 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 adopted the provisions of ASC 740 and 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. We have identified the U.S. federal as our "major" tax jurisdictions. 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 computed using the weighted average number of shares outstanding during the period. Diluted loss per share has not been provided as it 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"><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;text-align:justify">We periodically issue stock options and warrants to employees and non-employees in non-capital raising transactions for services and for financing costs. We account for stock option and warrant grants issued and vesting to employees based on Financial Accounting Standards Board (FASB) ASC Topic 718, "Compensation-Stock Compensation", whereas the award is measured at its fair value at the date of grant and is amortized ratably over the service period. We account for stock option and warrant grants issued and vesting to non-employees in accordance with ASC Topic 505, "Equity", whereas the value of the stock compensation is based upon the measurement date as determined at either (a) the date at which a performance commitment is reached, or (b) at the date at which the necessary performance to earn the equity instruments is complete.</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"><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 primarily of accounts payable and accrued expenses. 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;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;text-align:justify">Management does not believe that there are any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company’s financial statements. </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"><i>Basis of Presentation</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 accompanying unaudited condensed financial statements of the Company are presented in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the SEC. Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a comprehensive presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. The accompanying unaudited condensed financial statements should be read in conjunction with the Company’s Registration Statement on Form 10 as filed with the SEC on August 23, 2021, as amended on September 19, 2021, as well as the Company’s future filings with the SEC. The interim results for the three and six months ended January 31, 2022 are not necessarily indicative of the results to be expected for the year ending July 31, 2022 or for any future periods.</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 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. The Company's most significant estimates relate to the valuation of its contingent liabilities and the valuation of its common stock.</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">As a result of the implementation of certain provisions of ASC 740, Income Taxes ("ASC 740"), which clarifies the accounting and disclosure for uncertainty in tax positions, as defined, 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 adopted the provisions of ASC 740 and 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. We have identified the U.S. federal as our "major" tax jurisdictions. 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 computed using the weighted average number of shares outstanding during the period. Diluted loss per share has not been provided as it would be anti-dilutive.</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;text-align:justify">We periodically issue stock options and warrants to employees and non-employees in non-capital raising transactions for services and for financing costs. We account for stock option and warrant grants issued and vesting to employees based on Financial Accounting Standards Board (FASB) ASC Topic 718, "Compensation-Stock Compensation", whereas the award is measured at its fair value at the date of grant and is amortized ratably over the service period. We account for stock option and warrant grants issued and vesting to non-employees in accordance with ASC Topic 505, "Equity", whereas the value of the stock compensation is based upon the measurement date as determined at either (a) the date at which a performance commitment is reached, or (b) at the date at which the necessary performance to earn the equity instruments is complete.</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 primarily of accounts payable and accrued expenses. 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;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;text-align:justify">Management does not believe that there are any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company’s financial statements. </p> <p style="font:12pt 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. At January 31, 2022, the Company had not yet achieved profitable operations, has accumulated losses of $24,804 since its inception, has no working capital  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> -24804 <p style="font:12pt 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">As of January 31, 2022 and July 31, 2021, a related party has paid various expenses on behalf of the Company. The related party does not expect to be reimbursed for those expenses.<span style="background-color:#FFFF00"> </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">As the Company’s office space needs are limited at the current time, the officer and director is currently providing space to the Company at no cost.</p> <p style="font:12pt Times New Roman;margin:0;text-align:justify"><b>NOTE 5 – EQUITY</b></p> <p style="font:12pt 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 500,000,000 shares, all par value $0.00001 per share, of which 480,000,000 shares are designated as Common Stock and 20,000,000 shares are 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. The Company has 133,261 shares of Common Stock and 1,000 shares of Series A Convertible Preferred Stock outstanding. Each share of Series A Convertible Preferred Stock is convertible into 10,000 shares of Common Stock and has 100,000 voting rights per share. The number of shares of Common Stock outstanding increased from 69,778 to 133,261 in February 2022 in connection with the effectuation of our 1-for 10,000 reverse stock split as the result of the issuance of rounding shares to record holders as of February 24, 2022. All share numbers have been retroactively restated. The total number of shares of Common Stock could further increase as a result of rounding shares issued in lieu of fractional share to holders in street name.</p> 0.00001 0.00001 0.00001 0.00001 480000000 480000000 20000000 20000000 133261 133261 1000 1000 133261 1-for 10,000 reverse stock split as the result of the issuance of rounding shares to record holders as of February 24, 2022 <p style="font:12pt Times New Roman;margin:0;text-align:justify"><b>NOTE 6 - 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:0;text-align:justify"><span style="background-color:#FFFFFF">The Company has evaluated all events that occurred after the balance sheet date through the date when financial statements were issued to determine if they must be reported. 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