Artisan Consumer Goods, Inc 10-Q for FY2022 Q1
Artisan Consumer Goods, Inc. (ARRT)
About this 10-Q
Artisan Consumer Goods, Inc filed this 10-Q on November 17, 2021, covering the quarter ended September 30, 2021 (FY2022 Q1).
Headline figures
Quarter ended September 30, 2021, as reported in this filing, compared with the same period a year earlier where the filing states it.
- Net loss
- $13.19K
- compared with net income of $45.44K a year earlier
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
(MARK ONE)
For the quarterly period ended
OR
For the transition period from _______ to ______
Commission File No.
(Exact name of registrant as specified in its charter) |
| None | |
(State or other jurisdiction of |
| (I.R.S. Employer |
incorporation or organization) |
| Identification No.) |
(Address of principal executive offices, zip code)
(
(Registrant’s telephone number, including area code)
__________________________________________________________
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| | OTC Markets |
Indicate by check mark whether the issuer (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (check one):
Large accelerated filer | ☐ | Accelerated filer | ☐ |
☒ | Smaller reporting company | ||
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| 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 Exchange Act Rule 12b-2 of the Exchange Act): Yes
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS:
Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes ☐ No ☐
APPLICABLE ONLY TO CORPORATE ISSUERS
As of November 17, 2021, there were
ARTISAN CONSUMER GOODS, INC.
QUARTERLY REPORT ON FORM 10-Q
FOR THE PERIOD ENDED SEPTEMBER 30, 2021
INDEX
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Part I. Financial Information |
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Item 1. | Financial Statements |
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| Balance Sheets as of September 30, 2021 (unaudited) and June 30, 2021. |
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| Statements of Operations for the three months ended September 30, 2021 and 2020 (unaudited). |
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| Statements of Cash Flow for the three months ended September 30, 2021 and 2020 (unaudited). |
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Management’s Discussion and Analysis of Financial Condition and Results of Operations. |
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Unregistered Sales of Equity Securities and Use of Proceeds. |
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| Table of Contents |
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q of Artisan Consumer Goods, Inc., a Nevada corporation (the “Company”), contains “forward-looking statements,” as defined in the United States Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terminology such as “may”, “will”, “should”, “could”, “expects”, “plans”, “intends”, “anticipates”, “believes”, “estimates”, “predicts”, “potential” or “continue” or the negative of such terms and other comparable terminology. These forward-looking statements include, without limitation, statements about our market opportunity, our strategies, competition, expected activities and expenditures as we pursue our business plan, and the adequacy of our available cash resources. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Actual results may differ materially from the predictions discussed in these forward-looking statements. The economic environment within which we operate could materially affect our actual results. Additional factors that could materially affect these forward-looking statements and/or predictions include, among other things to product demand, market and customer acceptance, competition, pricing, the exercise of the control over us by Amber Joy Finney, the Company’s sole officer and director and majority shareholder, and development difficulties, as well as general industry and market conditions and growth rates and general economic conditions; and other factors discussed in the Company’s filings with the Securities and Exchange Commission (“SEC”).
Our management has included projections and estimates in this Form 10-Q, which are based primarily on management’s experience in the industry, assessments of our results of operations, discussions and negotiations with third parties and a review of information filed by our competitors with the SEC or otherwise publicly available. We caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. We disclaim any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.
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| Table of Contents |
ARTISAN CONSUMER GOODS, INC. | ||||
Balance Sheets |
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Assets |
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| Current assets: |
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Cash |
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Inventory |
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Total current assets |
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| Other assets |
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Intellectual property (net of accumulated amortization of $ at September 30, 2021) |
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Trademarks |
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| Total other assets |
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Total Assets |
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| Liabilities and Stockholders' Deficiency |
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| Current liabilities: |
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Accounts payable |
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Accrued expenses |
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Related party loans |
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Total current liabilities |
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| Commitments and contingencies |
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Stockholders' deficiency: |
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Preferred stock, $ authorized, - and outstanding as of September 30, 2021 and June 30, 2021 |
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Common stock, $ authorized September 30, 2021 and June 30, 2021 |
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Additional paid-in capital |
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Stock to be issued |
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Accumulated deficit |
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Total stockholders' deficiency |
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Total Liabilities and Stockholders' Deficiency |
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The accompanying notes are an integral part of these financial statements.
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| Table of Contents |
ARTISAN CONSUMER GOODS, INC. | ||||
Statements of Operations (Unaudited) |
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| For the Three Months Ended |
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| Operating expenses: |
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Stock based compensation |
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Professional fees |
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General and administrative expenses |
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Total operating expenses |
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| Net operating income (loss) |
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| Other income (expense): |
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Other income |
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Gain in extinguishment of debt |
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Total Other income (expense) |
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| Net income (loss) |
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| Basic and diluted income (loss) per share |
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| Weighted average number of common |
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shares outstanding - basic and diluted |
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The accompanying notes are an integral part of these financial statements.
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| Table of Contents |
ARTISAN CONSUMER GOODS, INC. | ||||||||||||||||||||
Statement of Changes in Stockholders' Deficiency |
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| Common Stock |
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| Accumulated |
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| Shares |
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| Amount |
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| Capital |
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| To Be Issued |
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| Deficit |
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Balance at 6/30/2020 |
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| Common Stock to be issued |
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| Net loss |
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Balance at 9/30/2021 (Unaudited) |
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Balance at 6/30/2021 |
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| Common Stock to be issued |
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| Net loss |
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Balance at 09/30/2021 (Unaudited) |
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The accompanying notes are an integral part of these financial statements.
| 6 |
| Table of Contents |
ARTISAN CONSUMER GOODS, INC. | |||||
Statements of Cash Flow (Unaudited) |
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| Cash flows from operating activities: |
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| Net income (loss) |
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| Adjustments to reconcile net loss to net cash used in operating activities: |
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Amortization expense |
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Stock based compensation |
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Fair value adjustment for shares issued from settlement agreement (Note 3) |
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Changes in operating assets and liabilities: |
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Accounts payable |
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| Net cash used in operating activities |
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| Cash flows from investing activities: |
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Asset purchase of Within / Without Granola |
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| Net cash used in investing activities |
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| Cash flows from financing activities |
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Proceeds from related party advances |
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| Net cash provided by financing activities |
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| Net increase (decrease) in cash |
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| Cash - end of the year |
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| Supplemental disclosures: |
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Interest paid |
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Income taxes |
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The accompanying notes are an integral part of these financial statements.
| 7 |
| Table of Contents |
Artisan Consumer Group, Inc.
Notes to Financial Statements
As of September 30, 2021 and June 30, 2021
NOTE 1 ORGANIZATION AND DESCRIPTION OF BUSINESS
Artisan Consumer Goods, Inc. (the “Company”) was incorporated in the State of Nevada on September 14, 2009, and its year-end is June 30. The Company’s principle executive office address is 999 N Northlake Way Ste 203, Seattle, Washington 98103-3442.
The Company had previously acquired mineral properties located in the Thunder Bay mining district, Province of Ontario, Canada but never determined whether these properties contain reserves that are economically recoverable. As of June 30, 2015, the Company ceased our exploration operations in the Thunder Bay mining district due to a lack of funds. As of September 30, 2018, the Company ceased pursing all mining exploration.
The Company is currently working on restarting the Within / Without Granola (“WWG”) brand which was acquired on July 15, 2021 form Paleo Scavenger, LLC for $
NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The Company’s consolidated financial statements have been prepared on an accrual basis of accounting, in conformity with accounting principles generally accepted in the United States of America (US GAAP).
Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The Company provides estimates for its common stock valuations and valuation allowances for deferred taxes.
Cash Flow Reporting
The Company follows ASC 230, Statement of Cash Flows, for cash flows reporting, classifies cash receipts and payments according to whether they stem from operating, investing, or financing activities and provides definitions of each category, and uses the indirect or reconciliation method (“Indirect method”) as defined by ASC 230, Statement of Cash Flows, to report net cash flow from operating activities by adjusting net income to reconcile it to net cash flow from operating activities by removing the effects of (a) all deferrals of past operating cash receipts and payments and all accruals of expected future operating cash receipts and payments and (b) all items that are included in net income that do not affect operating cash receipts and payments.
Cash and Cash Equivalents
The Company considers all highly liquid debt instruments and other short-term investments with maturity of three months or less, when purchased, to be cash equivalents. There were no cash equivalents as of September 30, 2021.
The Company maintains its cash balance at one financial institution that is insured by the Federal Deposit Insurance Corporation.
Inventory
Inventory is stated at the lower of cost (FIFO: first-in, first-out) or market. The cost of inventory includes the cost of raw materials and freight. At March 31, 2021, the Company wrote-off the inventory as spoiled.
Basic Earnings (loss) per Share
The Company computes net income (loss) per share in accordance with ASC 260, Earnings per Share. ASC 260 specifies the computation, presentation and disclosure requirements for earnings (loss) per share for entities with publicly held common stock.
Basic net earnings (loss) per share amounts are computed by dividing the net earnings (loss) by the weighted average number of common shares outstanding. Diluted earnings (loss) per share are the same as basic earnings (loss) per share due to the lack of dilutive items in the Company.
Share Based Compensation
The Company accounts for share-based compensation in accordance with the fair value recognition provisions of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) No. 718 and No. 505. The Company issues restricted stock to employees and consultants for their services. Cost for these transactions are measured at the fair value of the equity instruments issued at the date of grant. These shares are considered fully vested and the fair market value is recognized as expense in the period granted. The Company recognized consulting expenses and a corresponding increase to additional paid-in-capital related to stock issued for services. For agreements requiring future services, the consulting expense is to be recognized ratably over the requisite service period. Stock based compensation amounted to $
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| Table of Contents |
Fair Value Measurements
In September 2006, the FASB issued ASC 820 which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. The provisions of ASC 820 were effective January 1, 2008.
As defined in ASC 820, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The Company utilizes market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable. The Company classifies fair value balances based on the observations of those inputs. ASC 820 establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurement) and the lowest priority to unobservable inputs (level 3 measurement).
The three levels of the fair value hierarchy defined by ASC 820 are as follows:
Level 1 – Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 1 primarily consists of financial instruments such as exchange-traded derivatives, marketable securities and listed equities.
Level 2 – Pricing inputs are other than quoted prices in active markets included in level 1, which are either directly or indirectly observable as of the reported date. Level 2 includes those financial instruments that are valued using models or other valuation methodologies. These models are primarily industry-standard models that consider various assumptions, including quoted forward prices for commodities, time value, volatility factors, and current market and contractual prices for the underlying instruments, as well as other relevant economic measures. Substantially all of these assumptions are observable in the marketplace throughout the full term of the instrument, can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace. Instruments in this category generally include non-exchange-traded derivatives such as commodity swaps, interest rate swaps, options and collars.
Level 3 – Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value.
The Company did not identify any assets or liabilities that are required to be adjusted on the balance sheet at fair value in accordance with ASC 825-10 as of September 30, 2021 and June 30, 2021.
Income Taxes
The Company’s policy is to provide for deferred income taxes based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates that will be in effect when the differences are expected to reverse. The U.S. Tax Cuts and Jobs Act (TCJA) legislation reduces the U.S. federal corporate income tax rate from 35.0% to 21.0% and is effective June 22, 2018 for the Company. We did not provide any current or deferred U.S. federal income tax provision or benefit for any of the periods presented because we have experienced operating losses since inception. When it is more likely than not that a tax asset cannot be realized through future income the Company must allow for this future tax benefit. We provided a full valuation allowance on the net deferred tax asset, consisting of net operating loss carryforwards, because management has determined that it is more likely than not that we will not earn income sufficient to realize the deferred tax assets during the carryforward period.
The Company’s policy is to provide for deferred income taxes based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates that will be in effect when the differences are expected to reverse. The U.S. Tax Cuts and Jobs Act (TCJA) legislation reduces the U.S. federal corporate income tax rate from 35.0% to 21.0% and is effective June 22, 2018 for the Company. We did not provide any current or deferred U.S. federal income tax provision or benefit for any of the periods presented because we have experienced operating losses since inception. When it is more likely than not that a tax asset cannot be realized through future income the Company must allow for this future tax benefit. We provided a full valuation allowance on the net deferred tax asset, consisting of net operating loss carryforwards, because management has determined that it is more likely than not that we will not earn income sufficient to realize the deferred tax assets during the carryforward period.
The Company intends to file income tax returns in the U.S. federal tax jurisdiction and various state tax jurisdictions. The tax years for 2010 to 2018 remain open for examination by federal and/or state tax jurisdictions. The Company is currently not under examination by any other tax jurisdictions for any tax year.
Going Concern
These financial statements have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The Company has incurred a loss since inception resulting in an accumulated deficit of $
There is no guarantee that the Company will be able to raise any capital through any type of offering.
Recently Issued Accounting Standards
There have been no new accounting pronouncements during the year ended September 30, 2021 that we believe would have a material impact on our financial position or results of operations.
NOTE 3 ACQUISITIION AND INTANGIBLE ASSETS
On July 15, 2021, the Company acquired the assets of Paleo Scavenger, LLC (Paleo) for $
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The purchase price has been allocated to the net assets acquired based upon their estimated fair values as follows:
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WWG Trademark |
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Commercial Sales Channel |
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Customer List |
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Other Intellectual Property |
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Total |
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The fair value of the Intangible assets: commercial sales channel, customer list and other intangible assets was calculated using the net present value of the projected gross profit to be generated over the next 36 months beginning on July 15, 2021 with quarterly amortization of $
Proforma information has not been presented as it has been deemed immaterial.
NOTE 4 RELATED PARTY TRANSACTIONS
On February 1, 2015, the Company entered into a
Since September 2016, the Company’s President, Amber Finney, advanced the Company $
The officers of the Company could become involved in other business activities as they become available. This could create a conflict between the Company and the other business interests. The Company has not formulated a policy for the resolution of such a conflict should one arise.
NOTE 5 EQUITY TRANSACTIONS
On September 19, 2016, the shareholders of Company approved an increase to the number of authorized shares from
On February 14, 2017, the Company received final approval for a 1-for-70 reverse stock split of its common stock. Immediately after effecting the subject
As of September 30, 2021, there are
NOTE 6 SUBSEQUENT EVENTS
The Company evaluated all events or transactions that occurred after September 30, 2021 up through November 17, 2021. During this period, the Company did not have any material recognizable subsequent events.
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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
The following information should be read in conjunction with (i) the financial statements of Artisan Consumer Goods, Inc., a Nevada corporation (the “Company”), and the notes thereto appearing elsewhere in this Form 10-Q together with (ii) the more detailed business information and the June 30, 2021 audited financial statements and related notes included in the Company’s Form 10-K (File No. 000-54838; the “Form 10-K”), as filed with the Securities and Exchange Commission on September 29, 2021. Statements in this section and elsewhere in this Form 10-Q that are not statements of historical or current fact constitute “forward-looking” statements
OVERVIEW
The Company was incorporated in the State of Nevada on September 14, 2009, and has established a fiscal year end of June 30.
Going Concern
To date the Company has little operations or revenues and consequently has incurred recurring losses from operations. No revenues are anticipated until we complete the financing we endeavor to obtain, as described in the Form 10-K, and implement our initial business plan. The ability of the Company to continue as a going concern is dependent on raising capital to fund our business plan and ultimately to attain profitable operations. Accordingly, these factors raise substantial doubt as to the Company’s ability to continue as a going concern.
The Company plans to raise additional funds through debt or equity offerings. There is no guarantee that the Company will be able to raise any capital through this or any other offerings.
CRITICAL ACCOUNTING POLICIES
Please refer to Note 2 - Summary of Significant Accounting Policies in the accompanying Notes to the Financial Notes.
PLAN OF OPERATION
Our plan of operation for the following twelve months is as follows:
On July 15, 2021, we acquired the assets of Paleo Scavenger, LLC for $10,000. Paleo owns the Within / Without Granola (“WWG”) brand. The purchase price includes the WWG trademarks, brands, books, records, intellectual property, commercial sales channel, customer lists and manufacturing rights. Early in 2021, WWG ceased operations and we intend to restart the manufacturing process in the near future.
We must raise at least $87,300 to commence our plan of operation, described above, and fund our ongoing operational expenses. We have no assurance that future financing will materialize. If that financing is not available, we may be unable to continue our operations. Management believes that if we are successful in raising $87,300, we will be able to generate sales revenue within the following twelve months thereof. However, if such financing is not available, we could fail to satisfy our future cash requirements. We have no assurance that future financing will materialize. Management believes that if subsequent private placements are successful, we will be able to generate sales revenue within the following twelve months thereof. However, additional equity financing may not be available to us on acceptable terms or at all, and thus we could fail to satisfy our future cash requirements.
If we are unsuccessful in raising at least $87,300 through a private placement, we will then have to seek additional funds through debt financing, which would be highly difficult for a new, development stage business to obtain. Therefore, the Company is highly dependent upon the success of an anticipated private placement offering and failure thereof would result in the Company having to seek capital from other sources such as debt financing, which may not even be available to the Company. However, if such financing were available, because we are a development stage company with little in the way of operations to date, we would likely have to pay additional costs associated with high-risk loans and be subject to an above market interest rate. If and when these funds are obtained, management would evaluate the terms of such debt financing and determine whether the business could sustain operations and growth and manage the debt load. If we cannot raise additional proceeds via a private placement of our common stock or secure debt financing, we would be required to cease business operations and as a result, investors in our common stock would lose all of their investment.
Results of Operations for the Three months Ended September 30, 2021 and 2020
The Company had no revenues for the three months ended September 30, 2021 and 2020.
For the three-month period ended September 30, 2021, we incurred total operating expenses of $15,747, consisting of stock-based compensation of $420, professional fees of $14,535 and general and administrative expenses of $167. For the three-month period ended September 30, 2020, we incurred total operating expenses of ($19,006), consisting of stock-based compensation of ($25,290) from a consultant which released the Company from issuing 50,000 shares of the Company’s unregistered common stock earned under a January 15, 2019 agreement for $25,500 and general and administrative expenses of ($105), offset by professional fees of $6,389.
We reported a net loss of $13,190 for the three months ended September 30, 2021, compared to net income of $45,435 for the three months ended September 30, 2020. The $58,625 increase in net loss was primarily a result of an increase in other income of $26,429 from the marking of the shares issued buy not sold by Mr. Drury, the Company’s former CEO, to fair value subsequent to issuance. Please refer to Note 3 – Related Party Transactions in the accompanying Notes to the Financial Notes during the three months ended September 30, 2020. In addition, on August 16, 2020, a consultant released the Company from issuing 50,000 shares of the Company’s unregistered common stock earned under a January 15, 2019 agreement for $25,500.
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Liquidity and Capital Resources
At September 30, 2021, we had a cash balance of $30,195 and total current liabilities of 234,556. Our working capital balance at September 30, 2021, was $(204,361). We do not have sufficient cash on hand to fund our ongoing operational expenses at all. We will need to raise at least $87,300 to commence our plan of operation and fund our ongoing operational expenses. Additional funding will likely come from equity financing from the sale of our common stock or a debt financing. If we are successful in completing an equity financing, existing shareholders will experience dilution of their interest in our Company. We do not have any financing arranged and we cannot provide investors with any assurance that we will be able to raise sufficient funding from the sale of our common stock to fund our ongoing operational expenses. In the absence of such financing, our business will likely fail. There are no assurances that we will be able to achieve further sales of our common stock or any other form of additional financing. If we are unable to achieve the financing necessary to continue our plan of operations, then we will not be able to continue our operations and our business will fail.
As at September 30, 2021, our total assets were $39,570, consisting of $30,195 of cash, intellectual property (net of accumulated amortization) for $8,375 and trademarks of 1,000.
As at September 30, 2021, our current liabilities were $234,556 and stockholders’ deficiency was $(194,986).
Cash Flows from Operating Activities
We have not generated positive cash flows from operating activities. Net cash used in operations was $12,425 and $4,203 for the three months ended September 30, 2021 and 2020, respectively.
Cash Flows from Investing Activities
For the three months ended September 30, 2021 and 2020, net cash flows provided by investing activities was $10,000 and $-0-, respectively, from our asset purchase of Within / Without Granola.
Cash Flows from Financing Activities
For the three months ended September 30, 2021 and 2020, net cash flows provided by financing activities was $51,719 and $-0-, respectively, from advances from our CEO.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
As a smaller reporting company (as defined in Rule 12b-2 of the Exchange Act), we are not required to provide the information called for by this Item 3.
ITEM 4. CONTROLS AND PROCEDURES.
DISCLOSURE CONTROLS AND PROCEDURES
Under the supervision and with the participation of our management, our principal executive officer and our principal financial officer is responsible for conducting an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as of the end of the fiscal year covered by this report. Disclosure controls and procedures means that the material information required to be included in our Securities and Exchange Commission reports is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms relating to our company, including any consolidating subsidiaries, and was made known to us by others within those entities, particularly during the period when this report was being prepared. Based on this evaluation, our principal executive officer and principal financial officer concluded as of the evaluation date that our disclosure controls and procedures were not effective as of September 30, 2021.
There were no changes in the Company’s internal controls over financial reporting during the most recently completed fiscal quarter that have materially affected or are reasonably likely to materially affect the Company’s internal control over financial reporting.
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PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS.
The Company is not currently subject to any legal proceedings. From time to time, the Company may become subject to litigation or proceedings in connection with its business, as either a plaintiff or defendant. There are no such pending legal proceedings to which the Company is a party that, in the opinion of management, is likely to have a material adverse effect on the Company’s business, financial condition or results of operations.
ITEM 1A. RISK FACTORS
As a smaller reporting company (as defined in Rule 12b-2 of the Exchange Act), we are not required to provide the information called for by this Item 1A.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.
None.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES.
None.
ITEM 4. MINE SAFETY DISCLOSURES.
None.
ITEM 5. OTHER INFORMATION.
None.
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ITEM 6. EXHIBITS.
(a) Exhibits required by Item 601 of Regulation SK.:
Number |
| Description |
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| Asset Purchase and Sale Agreement between Artisan Consumer Goods and Paleo Scavenger, LLC. | |
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101* |
| Interactive Data File |
101.INS |
| Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document). |
101.SCH |
| INLINE XBRL Taxonomy Extension Schema Document |
101.CAL |
| INLINE XBRL Taxonomy Extension Calculation Linkbase Document |
101.DEF |
| INLINE XBRL Taxonomy Extension Definition Linkbase Document |
101.LAB |
| INLINE XBRL Taxonomy Extension Labels Linkbase Document |
101.PRE |
| INLINE XBRL Taxonomy Extension Presentation Linkbase Document |
104 |
| Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101). |
_________________
(1) | Incorporated by reference to the Registrant’s Form S-1 (File No. 333-176939), filed with the Commission on September 21, 2011. |
(2) | Incorporated by reference to the Registrant’s Form 10-K (File No. 000-54838), filed with the Commission on October 15, 2013. |
(3) | Incorporated by reference to the Registrant’s Form 10-K (File No. 000-54838), filed with the Commission on January 31, 2017. |
(4) | Incorporated by reference to the Registrant’s Form 10-Q for the fiscal quarter ended September 30, 2016 (File No. 000-54838), filed with the Commission on February 1, 2017. |
(5) | Incorporated by reference to the Registrant’s Form 10-K (File No. 000-54838), filed with the Commission on October 16, 2017. |
(6) | Incorporated by reference to the Registrant’s Form 8-K (File No. 000-54838), filed with the Commission on May 23, 2018. |
_______________
* XBRL (Extensible Business Reporting Language) information is furnished and not filed or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.
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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.
| ARTISAN CONSUMER GOODS, INC. | ||
| (Name of Registrant) | ||
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Date: November 17, 2021 | By: | /s/ Amber Joy Finney |
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| Name: Amber Joy Finney |
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| Title: President and Chief Executive Officer (principal executive officer, principal accounting officer and principal financial officer) |
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