CitroTech Inc 10-Q/A for FY2021 Q3

CitroTech Inc. (CITR)

10-Q/A 2022-03-22 For: 2021-09-30

Added on April 06, 2026

About this 10-Q/A

CitroTech Inc filed this 10-Q/A on March 22, 2022, covering the quarter ended September 30, 2021 (FY2021 Q3).

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.

Revenue: $0; compared with $0 a year earlier
Net loss: $20.57K; compared with net income of $0 a year earlier

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Wyoming		87-0485313
(State or other jurisdiction of incorporation or organization)		(IRS Employer Identification No.)

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
		Emerging growth company	☐

PART I - FINANCIAL INFORMATION

Item 1.	Financial Statements	3
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	10
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	13
Item 4.	Controls and Procedures	13

PART II - OTHER INFORMATION

Item 1.	Legal Proceedings	15
Item 1A.	Risk Factors	15
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	15
Item 3.	Defaults Upon Senior Securities	15
Item 4.	Mine Safety Disclosures	15
Item 5.	Other Information	15
Item 6.	Exhibits	16

SIGNATURES		17

	September 30,			December 31,
	2021			2020
	(Restated)
Assets
Current Assets
Cash	$	686		$	-
Total Current Assets		686			-

Total Assets	$	686		$	-

Liabilities and Stockholders' Deficit
Accounts payable and accrued liabilities	$	1,469		$	-
Loan payable		20,260			-
Note payable - related party		50,000			-
Due to related parties		22,605			9,355
Total Current Liabilities		94,334			9,355

Total Liabilities		94,334			9,355

Stockholders' Deficit

Convertible Series A Preferred Stock, par value $0.001, authorized 10,000,000 shares, 10,000,000 shares and 0 shares issued and outstanding, respectively		10,000			10,000
Common Stock par value $0.001, authorized 1,000,000,000 shares, 22,945,388 shares issued and outstanding		22,945			22,945
Additional paid-in capital		56,336,299			56,336,299
Accumulated deficit		(56,462,892	)		(56,378,599	)
Total Stockholders' Deficit		(93,648	)		(9,355	)

Total Liabilities and Stockholders' Deficit	$	686		$	-

	Three Months Ended					Nine Months Ended
	September 30,					September 30,
	2021			2020		2021			2020
	(Restated)					(Restated)

Revenues	$	-		$	-	$	-		$	-
Cost of Goods Sold		-			-		-			-
Gross Profit		-			-		-			-

Operating Expenses
General and administration		13			-		100			-
Management compensation		6,358			-		16,498			-
Impairment of goodwill		-			-		52,976			-
Professional fees		13,250			-		13,250			-
Total operating expenses		19,621			-		82,824			-

Loss from Operations		(19,621	)		-		(82,824	)		-

Other Income (Expense)
Interest expense		(945	)		-		(1,469	)		-
Total other expense		(945	)		-		(1,469	)		-

Net Loss before Taxes		(20,566	)		-		(84,293	)		-

Provision for income taxes		-			-		-			-
Net Loss	$	(20,566	)	$	-	$	(84,293	)	$	-

Net Loss Per Common Share – Basic and Diluted	$	(0.00	)	$	-	$	(0.00	)	$	-
Basic and Diluted Weighted Average Number of Common Shares Outstanding		22,945,388			22,945,388		22,945,388			22,945,388

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

	For the quarterly period ended: September 30, 2021

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

	For the transition period from ___________ to ___________

	Convertible Series A													Total
	Preferred stock				Common Stock				Additional					Stockholders'
	Shares		Amount		Shares		Amount		Paid-In Capital		Accumulated Deficit			Equity (Deficit)
Balance - December 31, 2020		10,000,000	$	10,000		22,945,388	$	22,945	$	56,336,299	$	(56,378,599	)	$	(9,355	)

Net loss		-		-		-		-		-		-			-
Balance - March 31, 2021		10,000,000		10,000		22,945,388		22,945		56,336,299		(56,378,599	)		(9,355	)

Net loss		-		-		-		-		-		(63,727	)		(63,727	)
Balance - June 30, 2021		10,000,000		10,000		22,945,388		22,945		56,336,299		(56,442,326	)		(73,082	)

Net loss		-		-		-		-		-		(20,566	)		(20,566	)
Balance - September 30, 2021		10,000,000	$	10,000		22,945,388	$	22,945	$	56,336,299	$	(56,462,892	)	$	(93,648	)

	Originally			Restatement			As
	Reported			Adjustment			Restated
Liabilities and Stockholders' Deficit
Current Liabilities
Due to related party	$	11,094		$	11,511		$	22,605

Total Liabilities		82,823			11,511			94,334

Stockholders' Deficit
Accumulated deficit		(56,451,381	)		(11,511	)		(56,462,892	)
Total Stockholders' Deficit		(82,137	)		(11,511	)		(93,648	)

Total Liabilities and Stockholders' Deficit	$	686		$	-		$	686

Three Months Ended September 30, 2021
	Originally			Restatement			As
	Reported			Adjustment			Restated
Operating Expenses
General and administration	$	2,015		$	(2,002	)	$	13
Management compensation		6,095			263			6,358
Professional fees		-			13,250			13,250

Total operating expenses		8,110			11,511			19,621

Loss from Operations		(8,110	)		(11,511	)		(19,621	)

Net Loss	$	(9,055	)	$	(11,511	)	$	(20,566	)

Nine Months Ended September 30, 2021
	Originally			Restatement			As
	Reported			Adjustment			Restated
Operating Expenses
General and administration	$	5,837		$	(5,737	)	$	100
Management compensation		12,500			3,998			16,498
Professional fees		-			13,250			13,250

Total operating expenses		71,313			11,511			82,824

Loss from Operations		(71,313	)		(11,511	)		(82,824	)

Net Loss	$	(72,782	)	$	(11,511	)	$	(84,293	)

Cash Flows from Operating Activities
	Originally			Restatement			As
	Reported			Adjustment			Restated
Net loss	$	(72,782	)	$	(11,511	)	$	(84,293	)
Due to related party		(552	)		11,511			10,959
Net Cash Used in Operating Activities	$	(18,889	)	$	-		$	(18,889	)

Exhibit Number		Description

31.1*		Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer and Chief Financial Officer
32.1*		Section 1350 Certification of Chief Executive Officer and Chief Financial Officer
101.INS*		XBRL INSTANCE DOCUMENT
101.SCH*		XBRL TAXONOMY EXTENSION SCHEMA
101.CAL*		XBRL TAXONOMY EXTENSION CALCULATION LINKBASE
101.DEF*		XBRL TAXONOMY EXTENSION DEFINITION LINKBASE
101.LAB*		XBRL TAXONOMY EXTENSION LABEL LINKBASE
101.PRE*		XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE

		General Entertainment Ventures, Inc.
		(Registrant)

Dated: March 22, 2022		/s/ Joshua Ralston
		Joshua Ralston
		President, Chief Executive Officer, Chief Financial Officer, Treasurer and Director
		(Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer)

1.	I have reviewed this quarterly report on Form 10-Q/A of General Entertainment Ventures, Inc.;

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

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

4.	The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control 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

	(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.

Date: March 22, 2022	By:	/s/ Joshua Ralston
		Joshua Ralston
		Chief Executive Officer and Chief Financial Officer