VitaNova Life Sciences Corp 10-Q for FY2024 Q2

VitaNova Life Sciences Corp (VNOV)

10-Q 2023-12-15 For: 2023-10-31

Added on April 06, 2026

About this 10-Q

VitaNova Life Sciences Corp filed this 10-Q on December 15, 2023, covering the quarter ended October 31, 2023 (FY2024 Q2).

Headline figures

Quarter ended October 31, 2023, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $0; compared with $10K a year earlier
Net loss: $8755; compared with net income of $2601 a year earlier
Diluted EPS: $0.00; compared with $0.00 a year earlier

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Nevada	35-2583762
(State or Other Jurisdiction of Incorporation or Organization)	(IRS Employer Identification Number)

39 E Broadway, Ste 603, New York, NY	10002
(Address of principal executive offices)	(Zip Code)

Title of each class	Name of each exchange on which registered
N/A	N/A

		Page
PART I	FINANCIAL INFORMATION:

Item 1.	Financial Statements (Unaudited)	3

	Condensed Balance Sheets as of October 31, 2023 (Unaudited) and April 30, 2023 (Audited)	4

	Condensed Statements of Operations for the Three and Six Months ended October 31, 2023 and 2022 (Unaudited)	5

	Condensed Statements of Changes in Stockholders’ Deficit for the Six Months Ended October 31, 2023 and 2022 (Unaudited)	6

	Condensed Statements of Cash Flows for the Six Months ended October 31, 2023 and 2022 (Unaudited)	7

	Notes to the Condensed Financial Statements (Unaudited)	8

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

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	16

Item 4.	Controls and Procedures	16

PART II	OTHER INFORMATION:

Item 1.	Legal Proceedings	17

Item 1A	Risk Factors	17

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	17

Item 3.	Defaults Upon Senior Securities	17

Item 4.	Mine Safety Disclosures	17

Item 5.	Other Information	17

Item 6.	Exhibits	17

	Signatures	18

	October 31, 2023 (Unaudited)			April 30, 2023 (Audited)

ASSETS
Current assets:
Cash and cash equivalents	$	–		$	8,728
Total Current Assets		–			8,728

TOTAL ASSETS	$	–		$	8,728

LIABILITIES AND STOCKHOLDERS’ DEFICIT
Liabilities
Current Liabilities
Accrued liabilities and other payable	$	50,707		$	51,843
Amount due to a related party		16,237			16,100
Amount due to a director		25,273			–
Total Current Liabilities		92,217			67,943

Total Liabilities		92,217			67,943

Commitments and Contingencies		–			–

Stockholders’ Deficit
Common stock, par value $0.001; 75,000,000 shares authorized, 5,871,250 and 5,871,250 shares issued and outstanding, respectively		5,871			5,871
Additional paid in capital		58,824			58,824
Accumulated deficit		(156,912	)		(123,910	)
Total Stockholders’ Deficit		(92,217	)		(59,215	)

TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT	$	–		$	8,728


	For the three months ended October 31,						For the six months ended October 31,
	2023			2022			2023			2022

Revenue	$	–		$	10,000		$	–		$	25,000

OPERATING EXPENSES
General and Administrative Expenses		8,755			7,399			33,002			20,265
TOTAL OPERATING EXPENSES		(8,755	)		(7,399	)		(33,002	)		(20,265	)

(LOSS) INCOME BEFORE INCOME TAX		(8,755	)		2,601			(33,002	)		4,735

PROVISION FOR INCOME TAXES		–			–			–			–

NET (LOSS) INCOME	$	(8,755	)	$	2,601		$	(33,002	)	$	4,735

NET (LOSS) INCOME PER SHARE - BASIC AND DILUTED	$	(0.00	)	$	0.00		$	(0.01	)	$	0.00

WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING - BASIC AND DILUTED		5,871,250			5,871,250			5,871,250			5,871,250


	Common Stock				Additional Paid-in		Accumulated			Total Stockholders’
	Shares		Amount		Capital		Deficit			Deficit

Balance, May 1, 2023 (Audited)		5,871,250	$	5,871	$	58,824	$	(123,910	)	$	(59,215	)

Net loss for the period		–		–		–		(24,247	)		(24,247	)

Balance, July 31, 2023		5,871,250	$	5,871	$	58,824	$	(148,157	)	$	(83,462	)

Net loss for the period		–		–		–		(8,755	)		(8,755	)

Balance, October 31, 2023		5,871,250	$	5,871	$	58,824	$	(156,912	)	$	(92,217	)


Balance, May 1, 2022 (Audited)		5,871,250	$	5,871	$	58,824	$	(99,683	)	$	(34,988	)

Net income for the period		–		–		–		2,134			2,134

Balance, July 31, 2022		5,871,250	$	5,871	$	58,824	$	(97,549	)	$	(32,854	)

Net income for the period		–		–		–		2,601			2,601

Balance, October 31, 2022		5,871,250	$	5,871	$	58,824	$	(94,948	)	$	(30,253	)

	Six months ended October 31, 2023			Six months ended October 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net (loss) income	$	(33,002	)	$	4,735
Changes in operating assets and liabilities:
Accrued liabilities and other payable		(1,136	)		7,352
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES		(34,138	)		12,087

CASH FLOWS FROM FINANCING ACTIVITIES
Proceed from a related party		25,410			–
NET CASH PROVIDED BY FINANCING ACTIVITIES		25,410			–

NET CHANGE IN CASH AND CASH EQUIVALENTS		(8,728	)		12,087

Cash and cash equivalents, beginning of period		8,728			23,103

Cash and cash equivalents, end of period	$	–		$	36,190

SUPPLEMENTAL CASH FLOW INFORMATION:
Interest paid	$	–		$	–
Income taxes paid	$	–		$	–

·	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.

Level 1:	defined as observable inputs such as quoted prices in active markets;
Level 2:	defined as inputs other than quoted prices in active markets that are either directly or indirectly observable;
Level 3:	defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.

Schedule of deferred taxes	As of October 31, 2023 (Unaudited)			As of April 30, 2023 (Audited)
Non-current deferred tax assets:
Net operating loss carryforward	$	(156,912	)	$	(123,910	)

Total deferred tax assets		(32,952	)		(26,021	)
Valuation allowance		32,952			26,021
Net deferred tax assets	$	–		$	–

	Three Months Ended October 31,
	2023			2022
Revenues	$	–		$	10,000
General and administrative expenses		(8,755	)		(7,399	)
(Loss) Income from operation		(8,755	)		2,601
Income tax expense		–			–
Net (loss) income		(8,755	)		2,601

	Six Months Ended October 31,
	2023			2022
Revenues	$	–		$	25,000
General and administrative expenses		(33,002	)		(20,265	)
(Loss) Income from operation		(33,002	)		4,735
Income tax expense		–			–
Net (loss) income		(33,002	)		4,735

	Six Months ended
	October 31, 2023			October 31, 2022
Net cash (used in) provided by operating activities	$	(34,138	)	$	12,087
Net cash used in investing activities		–			–
Net cash provided financing activities		25,410			–

31.1	Certification of Chief Executive Officer and Chief Financial Officer pursuant to Securities Exchange Act of 1934 Rule 13a-14(a) or 15d-14(a)

32.1	Certification pursuant to Securities Exchange Act of 1934 Rule 13a-14(b) or 15d-14(b) and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes- Oxley Act of 2002

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 Label Linkbase Document
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document
104	Cover Page Interactive Data File (formatted in inline XBRL, and included in exhibit 101).

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

(1)	The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)	The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

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.