Pacific Sports Exchange Inc 10-Q for FY2020 Q1

Pacific Sports Exchange Inc. (PSPX)

10-Q 2020-01-21 For: 2019-11-30

Added on April 04, 2026

About this 10-Q

Pacific Sports Exchange Inc filed this 10-Q on January 21, 2020, covering the quarter ended November 30, 2019 (FY2020 Q1).

Headline figures

Quarter ended November 30, 2019, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $1227; down 52.5% from $2581 a year earlier
Net loss: $19.3K; compared with a net loss of $7427 a year earlier

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(Mark One)
[X]	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

	For the quarterly period ended November 30, 2019

	or

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

	For the transition period from __________ to __________

	Commission File Number 333-230690

Nevada		83-1189007
(State or other jurisdiction of incorporation or organization)		(IRS Employer Identification No.)

25188 Marion Ave., Unit B108, Punta Gorda, Florida		33950
(Address of principal executive offices)		(Zip Code)

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
None	None	None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (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.
			[X]	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).
			[X]	Yes	[ ]	No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer	[ ]	Accelerated filer					[ ]
Non-accelerated filer	[X]	Smaller reporting company					[X]
		Emerging growth company					[X]

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act)
			[ ]	Yes	[X]	No

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

13,100,000 common shares issued and outstanding as of January 20, 2020.

PART I - FINANCIAL INFORMATION		F-1

Item 1.	Financial Statements	F-1
Item 2.	Management's Discussion and Analysis of Financial Condition or Plan of Operation	4
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	7
Item 4.	Controls and Procedures	8

PART II - OTHER INFORMATION		8

Item 1.	Legal Proceedings	8
Item 1A.	Risk Factors	9
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	9
Item 3.	Defaults Upon Senior Securities	9
Item 4.	Mine Safety Disclosures	9
Item 5.	Other Information	9
Item 6.	Exhibits	9

SIGNATURES		10

		Page

Balance Sheets as of November 30, 2019 and August 31, 2019 (Unaudited)		F-2

Statements of Operations for the Three MonthsEnded November 30, 2019 and 2018 (Unaudited)		F-3

Statement of Changes in Stockholders’ Equity for the Three Months Ended November 30, 2019 and 2018 (Unaudited)		F-4

Statements of Cash Flows for the Three Months Ended November 30, 2019 and 2018 (Unaudited)		F-5

Notes to the Unaudited Financial Statements		F-6

	As of			As of
	November 30,			August 31,
	2019			2019
ASSETS
Current Assets
Cash and cash equivalents	$	7,183		$	22,085
Inventory		3,064			3,834
Total Current Assets		10,247			25,919
TOTAL ASSETS	$	10,247		$	25,919

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities
Accounts payable and accrued liabilities	$	9,959		$	6,331
Total Current Liabilities		9,959			6,331

Stockholders’ Equity
Common stock: 220,000,000 shares authorized; $0.001 par value
13,100,000 shares issued and outstanding		13,100			13,100
Additional paid-in capital		38,466			38,466
Accumulated deficit		(51,278	)		(31,978	)
Total Stockholders’ Equity		288			19,588

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	10,247		$	25,919

	Three Months Ended November 30,
	2019			2018

Revenues	$	1,227		$	2,581
Cost of goods sold		(1,137	)		(2,079	)
Gross Profit		90			502

Operating Expenses
General and administrative		555			2,419
Professional fees		18,835			5,510
Total operating expenses		19,390			7,929

Operating loss		(19,300	)		(7,427	)

Net loss before income taxes		(19,300	)		(7,427	)

Provision for income taxes		—			—

Net loss	$	(19,300	)	$	(7,427	)

Basic and Diluted Loss per Common Share	$	(0.00	)	$	(0.00	)
Basic and Diluted Weighted Average Common Shares Outstanding		13,100,000			10,000,000

					Additional
	Common Stock				Paid in		Accumulated
	Shares		Amount		Capital		Deficit			Total

Balance - August 31, 2019		13,100,000	$	13,100	$	38,466	$	(31,978	)	$	19,588

Net loss		—		—		—		(19,300	)		(19,300	)
Balance - November 30, 2019		13,100,000	$	13,100	$	38,466	$	(51,278	)	$	288

	Three Months Ended November 30,
	2019			2018

CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$	(19,300	)	$	(7,427	)
Changes in current assets and liabilities:
Inventory		770			956
Prepaid expenses		—			(4,490	)
Accounts payable and accrued liabilities		3,628			(162	)
Net cash used in operating activities		(14,902	)		(11,123	)

CASH FLOWS FROM INVESTING ACTIVITIES		—			—

CASH FLOWS FROM FINANCING ACTIVITIES		—			—

Net change in cash for the period		(14,902	)		(11,123	)
Cash at beginning of period		22,085			15,405
Cash at end of period	$	7,183		$	4,282

SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for income taxes	$	—		$	—
Cash paid for interest	$	—		$	—

	•	identify the contract with a customer;
	•	identify the performance obligations in the contract;
	•	determine the transaction price;
	•	allocate the transaction price to performance obligations in the contract; and
	•	recognize revenue as the performance obligation is satisfied.

	Three Months Ended
	November 30,
	2019			2018			Change
Revenue	$	1,227		$	2,581		$	(1,354	)
Cost of goods sold		1,137			2,079			(942)
Gross profit		90			502			(412	)
Operating expenses		19,390			7,929			11,461
Net loss	$	(19,300	)	$	(7,427	)	$	(11,873	)

	November 30, 2019		August 31, 2019
Current Assets	$	10,247	$	25,919
Current Liabilities	$	9,959	$	6,331
Working Capital	$	288	$	19,588

		PACIFIC SPORTS EXCHANGE INC.
		(Registrant)

Dated: January 21, 2020		/s/ Timothy Conte
		Timothy Conte
		Chief Executive Officer, President, Chief Financial Officer and Director
		(Principal Executive Officer and Principal Financial Officer)

1.	I have reviewed this quarterly report on Form 10-Q of Pacific Sports Exchange 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: January 21, 2020

/s/ Timothy Conte
Timothy Conte
Chief Executive Officer, President, Chief Financial Officer and Director

(Principal Executive Officer and Principal Financial Officer)

Pacific Sports Exchange Inc 10-Q for FY2020 Q1

About this 10-Q

Headline figures

Item 1. Financial Statements