Global Asset Management Group, Inc 10-Q for FY2022 Q1

Global Asset Management Group, Inc. (GAMG)

10-Q 2022-07-27 For: 2022-03-31

Added on April 06, 2026

About this 10-Q

Global Asset Management Group, Inc filed this 10-Q on July 27, 2022, covering the quarter ended March 31, 2022 (FY2022 Q1).

Headline figures

Quarter ended March 31, 2022, 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: $45; compared with a net loss of $45 a year earlier

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New York		84-1641415
(State of incorporation)		(I.R.S. employer identification no.)

185 Willis Avenue, Mineola, New York		11501
(Address of principal executive offices)		(Zip Code)

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

Index		Page

Part I. Financial Information		4

Item 1.	Consolidated Financial Statements	4

	Condensed Consolidated Statements of Operations for the Three months ended March 31, 2022 and 2021 (unaudited)	4

	Condensed Consolidated Balance Sheets as of March 31, 2022 and December 31, 2021. (unaudited)	5

	Condensed Consolidated Statements of Cash Flows for the Three months ended March 31, 2022 and Three months ended March 31, 2021 (unaudited)	6

	Condensed Consolidated Statements of Changes in Stockholders Equity (Deficit) from December 31, 2018 to March 31, 2021 (unaudited)	7

	Notes to the Condensed Consolidated Financial Statements. (unaudited)	10

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations.	13

Item 3.	Quantitative and Qualitative Disclosures About Market Risk.	14

Item 4.	Controls and Procedures.	14

Part II. Other Information		15

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

	PERIOD ENDING			PERIOD ENDING
	MARCH 31ST, 2022*			MARCH 31, 2021
Operating revenue:
Revenue	$	—		$	—
Total revenue	$	—		$	—

Operating expenses:

Bank Charges & Fees	$	45		$	45
Legal & Professional Services	$
Miscellaneous
Total operating expenses	$	45		$	45

Loss from operations	$	(45	)	$	(45	)

Other Income (expenses)
Total other income/(expense)	$			$

Net Income/ loss	$	(45	)	$	(45	)

Earnings per share
Basic	$	(0.0000	)	$	(0.0000	)
*unaudited

ASSETS Current Assets	As of March 31, 2022*		As of December 31, 2021
*unaudited
ASSETS
Current Assets
Cash
SunTrust - Checking 1032	$	765	$	810
Due from Related Party *	$	40,000	$	40,000
Subscription Receivable
Due from Officer
Prepaid Expenses	$	3,485	$	3,485
Due from other
Notes Receivable (including accrued interest)
Notes Receivable from Officer (including accrued interest)
Total current assets	$	44,250	$	44,295

License agreements
Security deposits
Intellectual Property – Proprietary Databases and Technology	$	270,450,011	$	270,450,011
Trademarks and Tradenames	$	30,000,000	$	30,000,000

TOTAL ASSETS	$	300,494,261	$	300,494,306

LIABILITIES AND STOCKHOLDERS' DEFICIENCY
Current Liabilities
Accounts payable and accrued expenses		4,000		4,000
Due to related parties	$	42,585	$	42,585
Due to others
Due to employees
Loans payable to Officers
Payroll tax liabilities	$	-	$
Note Payable September 28, 2022	$	300,000,000	$	300,000,000

Total current liabilities	$	300,046,585	$	300,046,585

Total other liabilities	$	-	$	-
TOTAL LIABILITIES	$	300,046,585	$	300,046,585

Stockholders' Equity
Series A convertible preferred stock, par value $.01 - authorized 21,050,000 shares, 21,025,000 shares issued and outstanding	$	210,250	$	210,250
Series B convertible preferred stock, par value $.01 - authorized 300,000 shares, and 300,000 shares issued and outstanding, respectively	$	10	$	10
Series C convertible preferred stock, par value $.01 - authorized 10,000 shares, 1,000 and 1,000 shares issued and outstanding, respectively	$	10	$	10
Common stock, par value $.01 - authorized 1,000,000,000 shares, 49,504,185 shares issued and outstanding, respectively	$	495,042	$	495,042
Additional paid-in-capital	$	39,009,001	$	39,009,001

Accumulated deficit	$	(39,266,637)	$	(39,266,592)
	$		$
TOTAL STOCKHOLDERS' EQUITY	$	447,676	$	447,721
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	300,494,261	$	300,494,306

☒	Quarterly report pursuant to Section 13 OR 15(D) of the Securities Exchange Act of 1934

☐	Transition report pursuant to Section 13 or 15(D) of the Securities Exchange Act of 1934

Cash flows from operating activities:	THREE MONTHS ENDED MARCH 31st 2022			THREE MONTHS ENDED MARCH 31st, 2021
Net loss from continuing operations attributable to	$	(45	)	$	(45	)
common stockholders
Adjustments to reconcile net loss to net
cash used in operating activities:
Preferred stock issued for services	$	—		$	—
Changes in:
Receivables	$			$	(900	)

Net cash used in operating activities	$	(45	)		(945	)

Cash flows from investing activities	$	—			—

Net cash used in investing activities	$	—		$	—

Cash flows from financing activities

Net cash provided by financing activities	$	—		$	—

Net increase in cash	$	(45	)		(945	)

Cash, beginning of period	$	810			990
Cash, end of period	$	765			45
*unaudited

	Common Stock				Series A Preferred Stock				Series B Preferred Stock				Series C Preferred Stock				Additional Paid				Total
	No. of shares		Amount		No. of shares		Amount		No. of shares		Amount		No. of shares		Amount		in Capital		Accumulated Deficit		shareholders’ equity

Balance as of December 31, 2020,		6,818,435	$	68,184		25,000	$	250		-	$	-	$	1,000	$	10	$	39,195,859	$	(39,262,412)	$	1,890
Subscription Receivables																		100				100
Net Loss for the period		-		-		-		-		-		-		-		-		-		(45)		(45)
Balance as of March 31, 2021		6,818,435	$	68,184		25,000	$	250		-	$	-	$	1,000	$	10	$	39,195,959	$	(39,262,457)	$	1,946

Balance as of December 31, 2021		49,504,185	$	495,042		21,025,000	$	210,250		1,000	$	10	$	1,000		10	$	39,009,001	$	(39,266,592)	$	447,721
Net loss for the period		-		-		-		-		-		-		-		-		-		(45)		(45)

Balance as of March 31, 2022		49,504,185	$	495,042		21,025,000	$	210,250		1,000	$	10	$	1,000	$	10	$	39,009,001	$	(39,266,637)	$	447,676

·	specific and overall impacts of the COVID-19 pandemic on our financial condition and results of operations;
·	our beliefs regarding the market and demand for our products or the component products we resell;
·	our ability to develop and launch new products that are attractive to the market and stimulate customer demand for these products;
·	our plans relating to our intellectual property, including our goals of monetizing, licensing, expanding and defending our patent portfolio;
·	our expectations and strategies regarding outstanding legal proceedings and patent reexaminations relating to our intellectual property portfolio;
·	our expectations with respect to any strategic partnerships or other similar relationships we may pursue;
·	the competitive landscape of our industry;
·	general market, economic and political conditions;
·	our business strategies and objectives;
·	our expectations regarding our future operations and financial position, including revenues, costs and prospects, and our liquidity and capital resources, including cash flows, sufficiency of cash resources, efforts to reduce expenses and the potential for future financings;
·	our ability to remediate any material weakness and maintain effective internal control over financial reporting; and
·	the impact of the above factors and other future events on the market price and t

	a.)	Review the books and records of the Company for the previous six (6) years, have all necessary filings updated and/or restated as needed, reach agreements with all authorities and present audited financials.

	b.)	Protect the valuable intellectual properties assets (patents, etc.).

	c.)	Foster aggressive growth by acquisition and development of our core capabilities.

Number		Description

31.1		Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2		Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1		Certification of Principal Executive Officer and Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS *		XBRL Instance Document

101.SCH *		XBRL Taxonomy Extension Schema Document

101.CAL *		XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF *		XBRL Taxonomy Extension Definition Linkbase Document

101.LAB *		XBRL Taxonomy Extension Label Linkbase Document

101.PRE *		XBRL Taxonomy Extension Presentation Linkbase Document

	KENILWORTH SYSTEMS CORPORATION

July 26, 2022	By:	/s/ Neil Kleinman
		Chief Executive Officer, President and Director

1.	I have reviewed this quarterly report on Form 10-Q of Kenilworth Systems Corporation.

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

3.	Based on my knowledge, the financial statements, and other financial information included in this quarterly 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 quarterly 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 material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

	KENILWORTH SYSTEMS CORPORATION

Dated: July 26, 2022	By:	/s/ Neil Kleinman
	Name:	Neil Kleinman
		(Principal Executive Officer and Principal Financial/Accounting Officer)

	(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.

(1)	such Quarterly Report on Form 10-Q for the quarter ended March 31, 2022 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2)	the information contained in such Quarterly Report on Form 10-Q for the quarter ended March 31, 2022 fairly presents, in all material respects, the financial condition and results of operations of Kenilworth Systems Corporation.