10-Q

Galaxy Enterprises Inc. /WY/ (GLEI)

10-Q 2025-12-15 For: 2025-10-31
View Original
Added on April 06, 2026

UNITED STATES

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 October 31, 2025

Or

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 333-258034

GALAXY ENTERPRISES INC.

(Name of Registrant as Specified in Its Charter)

Wyoming 86-1370102
(State or other jurisdiction of incorporation) (IRS Employer Identification Number)
1701 Charles Iam Court, Las Vegas, NV 89117
(Address of Principal Executive Offices) (Zip Code)

(702) 596-9628

(Issuer’s Telephone Number, Including Area Code)

N/A

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

Securities registered under Section 12(b) of the Exchange Act:

None

Indicate by check mark whether the issuer: (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes   ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files) ☐ Yes   ☒ No

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.

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. ☐


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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 stock, as of the latest practicable date.

4,170,000 shares of common stock are issued and outstanding as of December 10, 2025.


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Table of Contents

PART I - FINANCIAL INFORMATION 1
Item 1. Financial Statements (unaudited). 1
BALANCE SHEETS as of October 31, 2025 and July 31, 2025 F-1
STATEMENTS OF OPERATIONS for the three months ended October 31, 2025 and 2024 F-2
STATEMENT OF EQUITY for the three months ended October 31, 2025 and 2024 F-3
STATEMENT OF CASH FLOWS for three months ended October 31, 2025 and 2024 F-4
NOTES TO THE UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS F-5
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations. 2
Item 3. Quantitative and Qualitative Disclosures About Market Risk. 5
Item 4. Controls and Procedures. 5
PART II - OTHER INFORMATION 6
Item 1. Legal Proceedings. 6
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 6
Item 3. Defaults Upon Senior Securities. 6
Item 4. Mine Safety Disclosures. 6
Item 5. Other Information. 6
Item 6. Exhibits. 6
SIGNATURES 7

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PART I - FINANCIAL INFORMATION

Certain information and footnote disclosures required under accounting principles generally accepted in the United States of America have been condensed or omitted from the following financial statements pursuant to the rules and regulations of the Securities and Exchange Commission. It is suggested that the following financial statements be read in conjunction with the year-end financial statements and notes thereto included in the Company’s Annual Report on Form 10K for the year ended July 31, 2025. In the opinion of management, all adjustments considered necessary for a fair presentation of the results of operations and financial position have been included and all such adjustments are of a normal recurring nature.

The results of operations for the three months ended October 31, 2025 are not necessarily indicative of the results for the entire fiscal year or for any other period.


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Item 1. Financial Statements (unaudited)

GALAXY ENTERPRISES INC.

BALANCE SHEET

(Unaudited)

July 31,<br>2025
ASSETS
Current assets:
Cash
Prepayment & deposits
Total current assets:
Total Assets:
LIABILITIES AND STOCKHOLDER’S EQUITY
Current liabilities:
Accounts payable and accrued liabilities
Total current liabilities:
Total Liabilities:
Stockholder’s Equity
Common stock: 0.0001 par value, 100,000,000 authorized,<br> 4,170,000 issued and outstanding as of October 31, 2025 and<br>July 31, 2025, respectively.
Additional paid in capital
Accumulated deficit
Total Stockholder’s Equity:
Total Liabilities and Stockholder’s Equity:

All values are in US Dollars.

(The accompanying notes are an integral part of these condensed financial statements)


F-1


GALAXY ENTERPRISES INC.

STATEMENT OF COMPREHENSIVE LOSS

(Unaudited)

For the three months ended<br>October 31,
2025 2024
Expenses:
General and administrative
Net Loss:
Net loss per share - basic and diluted
Weighted average shares outstanding - basic and diluted

All values are in US Dollars.

(The accompanying notes are an integral part of these condensed financial statements)


F-2


GALAXY ENTERPRISES INC.

STATEMENT OF STOCKHOLDER’S EQUITY

For the three month periods ended October 31, 2025 and 2024

(Unaudited)

Common Stock
Number Par Value Paid in Capital Accumulated Deficit Total
Opening Balance, July 31, 2024 4,170,000
Issuance of common stock -
Net Loss -
Closing Balance, October 31, 2024 4,170,000
Opening Balance, July 31, 2025 4,170,000
Issuance of common stock -
Net Loss -
Closing Balance, October 31, 2025 4,170,000

All values are in US Dollars.

(The accompanying notes are an integral part of these condensed financial statements)


F-3


GALAXY ENTERPRISES INC.

STATEMENT OF CASH FLOWS

(Unaudited)

For the three months ended
October 31,
2025 2024
Cash flows from operating activities:
Net loss for the period
Change in operating assets and liabilities:
Accounts payable and accrued liabilities
Net cash used in operating activities:
Cash flows from financing activities:
Proceeds from issuance of common stock
Additional paid in capital
Net cash used in financing activities:
Change in cash
Cash - beginning of period
Cash - end of period
Supplemental cash flow disclosures
Cash paid for:
Interest
Income tax

All values are in US Dollars.

(The accompanying notes are an integral part of these condensed financial statements)


F-4


GALAXY ENTERPRISES INC.

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

As of and for the three months ended October 31, 2025, and 2024

1. NATURE AND CONTINUANCE OF OPERATIONS

Galaxy Enterprises Inc. (the “Company”) was incorporated in the state of Wyoming on March 24, 2021. The Company is a development stage company that intends to commence business operations by offering real estate management services for clients that focus on cost-efficient operations and tenant retention on a range of properties including Class A, B, and C office space, as well as industrial, manufacturing, retail, and warehousing facilities. The Company’s fiscal year-end is July 31.

2. 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 losses since inception resulting in an accumulated deficit of $118,241 for the three months ended October 31, 2025, the Company incurred a net loss of $1,580 and negative operating cash outflows of $80. Further losses are anticipated in the development of its business raising substantial doubt about the Company’s ability to continue as a going concern for a period no less than 12 months from the date of this report. In order to remain in business, the Company will need to raise capital in the next twelve months. The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or obtaining the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management intends to finance operating costs over the next twelve months with existing cash on hand and proceeds from its public offering. The Company has no written or verbal commitments from shareholders, director or officer to provide the Company with any form of cash advances, loans or other sources of liquidity to meet its working capital needs. The accompanying financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result from the possible inability of the Company to continue as a going concern.

3. INTERIM REPORTING

The unaudited interim financial statements are prepared under the accrual basis of accounting in accordance with accounting principles generally accepted (GAAP) in the United States of America for the interim information. Accordingly, the financial statements do not include all of the information and notes required by GAAP for the complete financial statements. While the information presented is unaudited, it includes all adjustments, which are, in the opinion of management, necessary to present fairly the financial position, result of operation and cash flows for the interim periods presented in accordance with accounting principles generally accepted in the United States of America. All adjustments are of a normal recurring nature. It is suggested that the interim financial statements be read in conjunction with the Company’s year-end July 31, 2025 financial statements. Operating results for the three-month period ended October 31, 2025 are not necessarily indicative of the results that can be expected for the fiscal year ended July 31, 2026.

There have been no changes in the accounting policies from those disclosed in the notes to the audited financial statements for the period ended July 31, 2025.

4. CAPITAL STOCK

The total number of common shares authorized that may be issued by the Company is 100,000,000 shares with a par value of $0.0001 per share.

There was no capital stock activity during the Nine months ended October 31, 2025 and 2024.

As of October 31, 2025, there were no issued and outstanding stock options or warrants.


F-5


5. RELATED PARTY TRANSACTIONS

None.

6. SUBSEQUENT EVENTS

None.


F-6


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

Forward Looking Statements

This quarterly report contains forward-looking statements that involve risks and uncertainties.  We use words such as anticipate, believe, plan, expect, future, intend and similar expressions to identify such forward-looking statements. You should not place too much reliance on these forward-looking statements. Our actual results are likely to differ materially from those anticipated in these forward-looking statements for many reasons, including the risks faced by us described in this section.

Overview

We intend to commence business operations by offering real estate management services for clients that focus on cost-efficient operations and tenant retention on a range of properties including residential housing and Class A, B, and C office space, as well as industrial, manufacturing, retail, and warehousing facilities. We also intend to provide our clients with real estate consulting services, including market analysis and modeling, market forecasts, lease and asset management, site selection, feasibility studies, sales and exit strategies, strategic planning, organizational design, capital management, and research services. We intend to commence operations in the Las Vegas, Nevada area due to the significant demand for real estate management services there and the proximity of our management team to that city.

We were only incorporated on March 24, 2021 and have not commenced pursuing our business plan because we have been focused on raising the initial capital to fund our business operations. As of October 31, 2025, we have incurred an accumulated deficit of $118,241. To date, we have raised an aggregate of $83,400 through the sale of our common stock. Proceeds from these sales were used to fund the filing of this registration statement and will be used for future working capital requirements. Further losses are anticipated in the development of our business. As a result, our auditor has expressed substantial doubt about our ability to continue as a going concern.

Anticipated Services

We intend to provide clients with two principal types of services: (1) property management; and (2) property consulting.

Property Management Services

As property managers, the services that we intend to provide to owners of residential, commercial, and industrial properties include:

·completing an initial evaluation of properties and working with the owners to determine a target rental or lease rate;

·gathering comparable rental and lease rates in the area of the properties;

·reviewing the properties to determine if any repairs or upgrades should be recommended to the owners to increase rental or lease value;

·gathering detailed information regarding the features of the properties, including interior and exterior photographs;

·discussing with the owners the policies that they would like to implement with respect to the rental or lease arrangements (e.g., acceptability of pets in a residential property; acceptable uses for commercial and industrial properties);

·marketing the properties for rent or lease by creating advertisements in various media including online, print, on-site signage, and fliers depending on the suitability of each medium for the type of property involved;

·answering potential tenant and lessee inquiries; meeting with them to view properties; and collecting applications and deposits;


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·performing background and credit checks on prospective tenants and lessees;

·communicating with the property owners regarding prospective tenants and lessees;

·preparing and overseeing the execution of lease agreements;

·performing move-in inspections with tenants and lessees and having them execute a report verifying the condition of the property prior to the lease commencement date;

·collecting security deposits, rents, and lease payments;

·pursuing late payments and fees;

·where necessary, preparing the necessary paperwork to evict or commence an unlawful detainer action;

·performing periodic property inspections and providing the results of each inspection to the owner if there are concerns regarding the condition of the property;

·providing accounting services to document and record cash inflows and outflows, as well as related invoices, receipts, and payment information;

·preparing monthly cash flow statements and annual reports of financial results including required tax documents for the owners;

·overseeing maintenance and repairs on properties; and

·managing tenant and lessee move-out including inspections, damage assessment, and damage deposit returns.

We intend to generate revenue by charging owners a set monthly fee for our property management services, which will usually be based on a percentage of the revenue that a rented or leased property generates. Such fees will vary depending on the type of property involved, the amount of work that we will have to perform, and the rates that competitors charge for similar services.

Property Consulting Services

As property consultants, the services that we intend to provide include:

·preparing plans of action and evaluation for clients considering real estate acquisitions and development;

·interpreting relevant real estate market data concerning price, yield, market stability, investment risks and trends, regulation, and economic influences;

·searching public records for transactions such as sales, leases, and assessments;

·computing property values while considering factors such as depreciation, replacement cost, comparable properties, and income potential;

·obtaining county land values and sales information in support of value assessments;

·checking building codes and zoning bylaws that may impact appraisal and development;

·estimating building replacement costs using building valuation manuals and professional cost estimators;

·inspecting properties to evaluate construction, condition, features, and functional design;

·evaluating land and neighborhoods where properties are situated including assessing locations, trends, and pending changes that could influence present and developed land value;


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·providing market analysis and modelling for properties, as well as market forecasts and research; and

·providing advice on site selection, feasibility studies, sales and exit strategies, strategic planning, organizational design, and capital management.

We intend to generate revenue by charging owners either an hourly rate for our services or a set price for certain service that we reach through negotiation with the clients. Initially, two of our directors, Gregory Navone, and James C. Shaw will provide these services to clients. As our operations expand, we will need to retain additional staff in order to provide all of the above-noted services.

Demand for Property Management and Consulting Services

According to the University of Nevada – Las Vegas Center for Business and Economic Research’s 2024 forecast, the population of Clark County in which Las Vegas is situated is expected to grow from about 2.40 million and is projected to reach approximately 2.97 million by 2040, with over 3.34 million by 2060. Cumming Corporation, an international construction management company that provides forecasts regarding construction trends in various jurisdictions, projects that the residential construction will increase in Q3 2025 by almost 5.4% with multi-family rather than single-family residences driving this growth. However, the firm foresees that demand will outpace supply due to labor and supply chain constraints. These trends will likely increase demand for residential, commercial, and industrial real estate in the area, as well as increase demand for property management and consulting services.

Marketing Strategy

While we intend to offer our services to all sectors of the property management and consulting markets, we will initially focus on commercial real and multi-unit residential estate given our president’s experience in developing and operating shopping centers and apartment buildings in Las Vegas. We believe that we will be able to charge higher rates for our services in these sectors because they tend to generate relatively higher profit margins for owners and often require significant professional management and advice due to the large scale of construction and operations.

In order to reach our target market sectors, we intend to rely upon the real estate and other business relationships that our directors have established in the Las Vegas area and also focus our marketing efforts on our Internet presence, electronic brochures, and as our business develops, print media advertising. We believe that social media tools are critically important to building our brand and awareness of our business and will focus on online video advertising, client testimonials, and virtual tours of available properties that we manage. We also intend to select and place advertising on those social media platforms that will be effective in reaching our target clients.

Results of Operations for the Three months ended October 31, 2025 and 2024

Our net loss for the three-month period ended October 31, 2025 and 2024 was $1,580 and $2,955, respectively, which consisted entirely of general and administrative fees. We did not generate any revenue to date.

LIQUIDITY AND CAPITAL RESOURCES

As at October 31, 2025, our current assets were $15,105 compared to $15,185 as of July 31, 2025. The slight decrease in current assets in the current fiscal year is due to use of cash to pay ordinary business expenses.

As at October 31, 2025, our liabilities were $49,947 compared to $48,447 at July 31, 2025, which comprised entirely of accounts payable and accrued liabilities. The increase in liabilities in the current fiscal year is due to accruing for accounting and professional fees.

We expect we will require additional capital to meet our long-term operating requirements. We expect to raise additional capital through, among other methods, the sale of equity or debt securities.

Cash Flows from Operating Activities

For the three-month period ended October 31, 2025, net cash flows generated from operating activities were $(80) consisting of a net loss of $1,580, which was offset by non-cash components of accounts payable and accrued liabilities of $1,500 from the accrual of the accounting and professional fees.


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Cash Flows from Investing Activities

For the period ended October 31, 2025, we did not generate or use cash flows in relation to investing activities.

Cash Flows from Financing Activities

For the period ended October 31, 2025, we did not generate or use cash flows in relation to financing activities.

OFF-BALANCE SHEET ARRANGEMENTS

As of the date of this report, we do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors.

GOING CONCERN

The independent auditors’ report accompanying our July 31, 2025 financial statements contained an explanatory paragraph expressing substantial doubt about our ability to continue as a going concern. The financial statements have been prepared “assuming that we will continue as a going concern,” which contemplates that we will realize our assets and satisfy our liabilities and commitments in the ordinary course of business.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

During the three months ended October 31, 2025, there were no material changes in the market risks described in the “Quantitative and Qualitative Disclosures About Market Risk” section of our Annual Report on Form 10-K.

Item 4. Controls and Procedures.

As supervised by our board of directors and our principal executive and principal financial officer, management has established a system of disclosure, controls and procedures and has evaluated the effectiveness of that system. The system and its evaluation are reported on in the below Management’s Annual Report on Internal Control over Financial Reporting. Our principal executive and financial officer has concluded that our disclosure, controls and procedures (as defined in Securities Exchange Act of 1934 (“Exchange Act”) Rule 13a-15(e)) as of October 31, 2025, were not effective, based on the evaluation of these controls and procedures required by paragraph (b) of Rule 13a-15.

Management’s Annual Report on Internal Control over Financial Reporting

Management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Rule 13a-15(f) of the Exchange Act. Internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. generally accepted accounting principles.

Management assessed the effectiveness of internal control over financial reporting as of October 31, 2025. We carried out this assessment using the criteria of the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control—Integrated Framework.

This annual report does not include an attestation report of our registered public accounting firm regarding internal control over financial reporting. Management’s report was not subject to attestation by our registered public accounting firm, pursuant to rules of the Securities and Exchange Commission that permit us to provide only management’s report in this annual report. Management concluded in this assessment that as of October 31, 2025, our internal control over financial reporting is not effective.

There have been no significant changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the first quarter of our 2026 fiscal year that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.


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PART II - OTHER INFORMATION

Item 1. Legal Proceedings.

None

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

None

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety

Not Applicable.

Item 5. Other Information

None.

Item 6. Exhibits.

Exhibit<br><br><br>Number Description
31.1 Section 302 Certification by Principal Executive and Financial Officer
32.1 Section 906 Certification by Principal Executive and Financial Officer

Copies of the following documents are included as exhibits to this report pursuant to Item 601 of Regulation S-K.

SEC Ref. No. Title of Document
101. INS XBRL Instance Document
101. SCH XBRL Taxonomy Extension Schema Document
101. CAL XBRL Taxonomy Calculation Linkbase Document
101. DEF XBRL Taxonomy Extension Definition Linkbase Document
101. LAB XBRL Taxonomy Label Linkbase Document
101. PRE XBRL Taxonomy Presentation Linkbase Document

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SIGNATURES

In accordance with Section 13 or 15(d) of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Galaxy Enterprises Inc.
Dated: December 11, 2025 By: /s/ Gregory Navone
Gregory Navone
President, Chief Executive Officer, Chief Financial Officer and Director

7

Certification of CEO

Exhibit 31.1

CERTIFICATION

I, Gregory Navone, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Galaxy Enterprises Inc. (the “registrant”);

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 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 the 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.

5.The registrant’s other certifying officer and 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 function):

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:  December 11, 2025

/s/ Gregory Navone

Gregory Navone

Chief Executive Officer and Chief Financial Officer

(Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer)

Certification of CEO and CFO

Exhibit 32.1

CERTIFICATION PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

The undersigned, Gregory Navone, Chief Executive Officer and Chief Financial Officer of Galaxy Enterprises Inc. (the “Company”) hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(a)The Quarterly Report on Form 10-Q of the Company for the period ended October 31, 2025 (the “Report”) fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

(b)The information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: December 11, 2025

/s/ Gregory Navone

Gregory Navone

President, Chief Executive Officer, Chief Financial Officer, and director