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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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 March 31, 2024
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: 033-03560-D
CONECTISYS CORPORATION
(Name of registrant as specified in its charter)
Colorado |
84-1017107 |
(State or other jurisdiction of Incorporation or Organization) |
(I.R.S. Employer identification No.) |
14308 S. Goss Road, Cheney, WA |
99004 |
(Address of principal executive offices |
(Zip Code) |
(949) 929-5455
(Registrant’s telephone number, including
area code)
(Former name or former address and former fiscal
year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class |
Trading Symbol |
Name of Each Exchange on Which Registered |
N/A |
N/A |
N/A |
Indicate by check mark whether the registrant (1) 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.
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, 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 ☒ |
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.
Indicate by check mark whether the registrant is a shell company (as
defined in Rule 12b-2 of the Exchange Act). Yes ☒ No
☐
As of May 1, 2024, there are 888,579 shares of
common stock issued and outstanding.
Conectisys Corporation
Table of Contents
Part I - Financial Information
Item 1. Unaudited Financial Statements
CONECTISYS CORPORATION
UNAUDITED BALANCE SHEETS
| |
March 31, 2024 | | |
December 31, 2023 | |
ASSETS | |
| | | |
| | |
Current assets | |
| | | |
| | |
Cash and cash equivalents | |
$ | – | | |
$ | – | |
| |
| | | |
| | |
Total current assets | |
| – | | |
| – | |
Property and equipment, net | |
| – | | |
| – | |
| |
| | | |
| | |
TOTAL ASSETS | |
$ | – | | |
$ | – | |
| |
| | | |
| | |
LIABILITIES AND DEFICIT | |
| | | |
| | |
Current liabilities | |
| | | |
| | |
Accounts payable | |
$ | 31,994 | | |
$ | 31,694 | |
Advances from officer | |
| 18,629 | | |
| 18,012 | |
| |
| | | |
| | |
Total current liabilities | |
| 50,623 | | |
| 49,706 | |
| |
| | | |
| | |
Total liabilities | |
| 50,623 | | |
| 49,706 | |
| |
| | | |
| | |
Commitments and contingencies | |
| – | | |
| – | |
| |
| | | |
| | |
Stockholders' Deficit | |
| | | |
| | |
Preferred stock | |
| – | | |
| – | |
Common stock - no par value; 250,000,000 shares authorized, 888,579 shares issued and outstanding | |
| 32,246,441 | | |
| 32,246,441 | |
(Accumulated deficit) | |
| (32,297,064 | ) | |
| (32,296,147 | ) |
Total deficit | |
| (50,623 | ) | |
| (49,706 | ) |
| |
| | | |
| | |
TOTAL LIABILITIES AND DEFICIT | |
$ | – | | |
$ | – | |
See notes to the unaudited financial statements.
CONECTISYS CORPORATION
UNAUDITED STATEMENTS OF OPERATIONS
|
|
|
|
| |
|
|
|
|
|
|
For the Three Months Ended
March 31,
|
|
|
2024 |
| |
2023 | |
|
|
|
|
| |
| |
REVENUE |
|
$ |
– |
| |
$ | – | |
|
|
|
|
| |
| | |
COST OF REVENUE |
|
|
– |
| |
| – | |
|
|
|
|
| |
| | |
GROSS PROFIT (LOSS) |
|
|
– |
| |
| – | |
|
|
|
|
| |
| | |
GENERAL AND ADMINISTRATIVE EXPENSES |
|
|
917 |
| |
| 2,087 | |
|
|
|
|
| |
| | |
NET (LOSS) |
|
$ |
(917 |
) | |
$ | (2,087 | ) |
|
|
|
|
| |
| | |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES |
|
|
|
| |
| | |
Basic |
|
|
888,579 |
| |
| 888,579 | |
Diluted |
|
|
888,579 |
| |
| 888,579 | |
|
|
|
|
| |
| | |
(LOSS) PER SHARE |
|
|
|
| |
| | |
Basic |
|
$ |
(0.00 |
) | |
$ | (0.00 | ) |
Diluted |
|
$ |
(0.00 |
) | |
$ | (0.00 | ) |
See notes to the unaudited financial statements.
CONECTISYS CORPORATION
UNAUDITED STATEMENT OF CHANGES IN DEFICIT
| |
| | |
| | |
| | |
| |
| |
Common Stock | | |
Accumulated | | |
| |
| |
Shares | | |
Amount | | |
Deficit | | |
Total | |
Balances, December 31, 2023 | |
| 888,579 | | |
$ | 32,246,441 | | |
$ | (32,296,147 | ) | |
$ | (49,706 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net loss | |
| – | | |
| – | | |
| (917 | ) | |
| (917 | ) |
Balances, March 31, 2024 | |
| 888,579 | | |
$ | 32,246,441 | | |
$ | (32,297,064 | ) | |
$ | (50,623 | ) |
See notes to the unaudited financial statements.
CONECTISYS CORPORATION
UNAUDITED STATEMENTS OF CASH FLOWS
| |
| | |
| |
| |
For the Three Months Ended
March 31,
| |
| |
2024 | | |
2023 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |
| | | |
| | |
Net (loss) | |
$ | (917 | ) | |
$ | (2,087 | ) |
Adjustments to reconcile net (loss) to cash (used in) operating activities: | |
| | | |
| | |
Change in operating assets and liabilities | |
| | | |
| | |
Accounts payable | |
| 300 | | |
| 200 | |
Advances from officer | |
| 617 | | |
| 1,887 | |
Net cash used in operating activities | |
| – | | |
| – | |
| |
| | | |
| | |
CASH FLOWS FROM INVESTING ACTIVITIES | |
| – | | |
| – | |
| |
| | | |
| | |
CASH FLOWS FROM FINANCING ACTIVITIES | |
| – | | |
| – | |
| |
| | | |
| | |
CHANGES IN CASH | |
| – | | |
| – | |
| |
| | | |
| | |
CASH AND CASH EQUIVALENT, beginning of period | |
| – | | |
| – | |
| |
| | | |
| | |
CASH AND CASH EQUIVALENT, end of period | |
$ | – | | |
$ | – | |
| |
| | | |
| | |
SUPPLEMENTAL CASH FLOW INFORMATION: | |
| | | |
| | |
Cash paid for income tax | |
$ | – | | |
$ | – | |
Cash paid for interest | |
$ | – | | |
$ | – | |
See notes to the unaudited financial statements
Conectisys Corporation
Notes to Unaudited Financial Statements
March 31, 2024
Note 1 - Nature of Business and Organization
Conectisys Corporation (the “Company”) was incorporated
in Colorado on February 2, 1986, under the name Coastal Financial Corp. On December 5, 1994, Coastal Financial Corp. changed its name
to BDR Industries, Inc., which changed its name on October 16, 1995, to Conectisys Corporation.
The Company has not generated revenues since 2008.
Operations: None
Customers: None
Employees: None
Note 2 - Basis of Presentation and Summary of Significant Accounting
Policies
Basis of presentation
The accompanying unaudited financial statements have been prepared
in accordance with the generally accepted accounting principles in the United States of America (“U.S. GAAP”) and pursuant
to the rules and regulations of the Securities Exchange Commission (“SEC”).
Cash and cash equivalents
Cash and cash equivalents consist of amounts of cash on hand and bank
deposits.
Use of estimates and assumptions
The preparation of financial statements in conformity with U.S. GAAP
requires management to make estimates and assumptions that affect the amounts of assets and liabilities reported and disclosures of contingent
assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the periods
presented. Actual results could differ from these estimates.
Income taxes
The Company accounts for income taxes under the asset and liability
method. Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial
statement carrying amounts of existing assets and liabilities and their perspective tax bases. Deferred tax assets and liabilities are
measured using enacted tax rates expected to apply to taxable income in the years in which the temporary differences are expected to be
recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period
that includes the enactment date. Valuation allowances are recorded, when necessary, to reduce deferred tax assets to the amount expected
to be realized.
Commitments and Contingencies
In the ordinary course of business, the Company is subject to certain
contingencies, including legal proceedings and claims arising out of the business that relate to a wide range of matters, such as government
investigations and tax matters. The Company recognizes a liability for such contingency if it determines it is probable that a loss has
occurred and a reasonable estimate of the loss can be made. The Company may consider many factors in making these assessments including
historical and specific facts and circumstances of each matter.
Loss per share
Basic loss per share is computed by dividing net loss by the weighted
average number of common stock outstanding during the period.
Recently issued accounting pronouncements
The Company does not believe that the implementation of recently issued
accounting standards would have a material effect on its financial position, statements of operations, and cash flows.
Subsequent events
The Company evaluated subsequent events and transactions after June
30, 2022, through the date that these unaudited financial statements are available to be issued. There are no material subsequent events
that required recognition or additional disclosure in the financial statements.
Going concern
The accompanying financial statements have been prepared in conformity
with generally accepted accounting principles, which contemplate continuation of the Company as a going concern. Additional capital infusion
is necessary in order to fund current expenditures, acquire business opportunities and achieve profitable operations. This factor raises
substantial doubt about the Company’s ability to continue as a going concern.
Item 2. Management’s Discussion and Analysis of Financial
Condition and Results of Operations
Conectisys Corporation, a Colorado corporation (“Conectisys”,
the “Company, “we”, us” or “our”) is a shell company seeking to create value for its shareholders
by merging with another entity with experienced management and opportunities for growth in return for shares of our Common Stock.
No potential merger candidate has been identified at this time.
Our recurring expenses consist of minor administrative charges.
We have no assets.
We have minor unsecured liabilities.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This report contains forward-looking statements. Except as required
by law, we undertake no duty to update any forward-looking statement after the date of this report, either to conform any statement to
reflect actual results or to reflect the occurrence of unanticipated
events.
General Business Plan
Our business plan to seek a merger has many uncertainties which pose
risks to investors.
We intend to seek, investigate and, if such investigation warrants,
acquire an interest in business opportunities presented to us by persons or firms which desire to seek the advantages of an issuer who
has complied with the Securities Act of 1934 (the “1934 Act”). We will not restrict our search to any specific business, industry
or geographical location, and we may participate in business ventures of virtually any nature. This discussion of our proposed business
is purposefully general and is not meant to be restrictive of our unlimited discretion to search for and enter into potential business
opportunities. We anticipate that we may be able to participate in only one potential business venture because of our lack of financial
resources. We may seek a business opportunity with entities which have recently commenced operations, or that desire to utilize the public
marketplace in order to raise additional capital in order to expand into new products or markets, to develop a new product or service,
or for other corporate purposes. All of these activities have risk to investors including dilution and management.
Intellectual Property
We own no intellectual property.
Employees
We presently have no full time executive, operational, or clerical
staff. Mr. Cacciamatta has been the sole director and sole officer of the Company since August 1, 2020.
Factors Affecting Future Performance
Rather than an operating business, our goal is to obtain debt and/or
equity financing to meet our ongoing operating expenses and attempt to merge with another entity with experienced management and opportunities
for growth in return for shares of our Common Stock to create value for our shareholders.
Although there is no assurance that this series of events will be successfully
completed, we believe we can successfully complete an acquisition or merger which will enable us to continue as a going concern. Any acquisition
or merger will most likely be dilutive to our existing stockholders.
Plan of Operations
We are currently investigating to identify and acquire a target company
or business seeking the perceived advantages of being a publicly held corporation. Our principal business objective for the next 12 months
and beyond such time will be to achieve long-term growth potential through a combination with a business rather than immediate, short-term
earnings. The Company will not restrict our potential candidate target companies to any specific business, industry or geographical location
and, thus, may acquire any type of business.
To the extent that the Company's capital resources are insufficient
to meet current or planned operating requirements, the Company will seek additional funds through equity or debt financing, collaborative
or other arrangements with corporate partners, licensees or others, and from other sources, which may have the effect of diluting the
holdings of existing shareholders. The Company has no current arrangements with respect to, or sources of, such additional financing and
the Company does not anticipate that existing shareholders will provide any portion of the Company's future financing requirements.
No assurance can be given that additional financing will be available
when needed or that such financing will be available on terms acceptable to the Company. If adequate funds are not available, the Company
may be required to delay or terminate expenditures for certain of its programs that it would otherwise seek to develop and commercialize.
This would have a material adverse effect on the Company. These factors raise substantial doubt about the ability of the Company to continue
as a going concern.
Off-Balance Sheet Arrangements
Per SEC regulations, we are required to disclose our off-balance sheet
arrangements that have or are reasonably likely to have a current or future effect on our financial condition, such as changes in financial
condition, revenues, expenses, results of operations, liquidity, capital expenditures, or capital resources that are material to investors.
We have no off-balance sheet arrangements.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
This Item does not apply to smaller reporting companies.
Item 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
Our Chief Executive Officer, who is our principal executive officer
and our principal financial and accounting officer, conducted an evaluation of the effectiveness of our disclosure controls and procedures
(as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act” as
of the end of the period covered by this registration statement on Form 10. Based on that evaluation, we concluded that because of the
material weakness and significant deficiencies in our internal control over financial reporting, our disclosure controls and procedures
are not sufficient as of December 31, 2021. All such weaknesses and deficiencies are principally due to our lack of employees and financial
resources.
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
Neither we nor any of our officers, directors, or holders of five percent
or more of our Common Stock is a party to any pending legal proceedings and to the best of our knowledge, no such proceedings by or against
us or our officers, or directors or holders of five percent or more of our Common Stock have been threatened or is pending against us.
Item 1A. Risk Factors
This Item does not apply to smaller reporting companies.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
On August 1, 2020, our sole director and officer agreed to purchase
800,000 post-split common shares for $100 cash payable upon the effectiveness of the 10,000 for 1 reverse split which occurred on March
10, 2021.
Description of Common Stock
We are authorized to issue 250,000,000 shares of our Common Stock,
no par value (the "Common Stock"). Each share of the Common Stock is entitled to share equally with each other share of Common
Stock in dividends from sources legally available therefor, when, and if, declared by our board of directors and, upon our liquidation
or dissolution, whether voluntary or involuntary, to share equally in the assets of the Company that are available for distribution to
the holders of the Common Stock. Each holder of Common Stock is entitled to one vote per share for all purposes, except that in the election
of directors, each holder shall have the right to vote such number of shares for as many persons as there are directors to be elected.
Cumulative voting shall not be allowed in the election of directors or for any other purpose, and the holders of Common Stock have no
preemptive rights, redemption rights or rights of conversion with respect to the Common Stock. Our board of directors is authorized to
issue additional shares of our Common Stock within the limits authorized by our Articles of Incorporation and without stockholder action.
All shares of Common Stock have equal voting rights, and voting rights are not cumulative.
As of May 1, 2024, there are 888,579 shares of our common stock issued
and outstanding.
Description of Preferred Stock
Of the 50,000,000 authorized shares of preferred stock, 1,000,000 shares
have been designated as Class A, 1,000,000 shares as Class B, and the remaining 48,000,000 shares are undesignated.
Each share of Class A preferred is entitled to 100 votes on all matters
presented to the Company’s shareholders for action. The Class A does not have any liquidation preference, additional voting rights,
anti-dilution rights, or any other preferential rights.
Each share of Class B preferred is convertible into 10 shares of the
Company’s Common Stock. The Class B preferred does not have any liquidation preference, voting rights, other conversion rights,
anti-dilution rights, or any other preferential rights.
There are no preferred shares issued and outstanding.
Item 3. Defaults upon Senior Securities
None.
Item 4. Mine Safety Disclosures
Not applicable.
Item 5. Other Information
During the quarter ended March 31, 2024, no director
or officer adopted or terminated any Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement, as each term is defined in
Item 408(a) of Regulation S-K.
Item 6. Exhibits
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). |
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Date: May 13, 2024
Conectisys Corporation |
/s/ Danilo Cacciamatta |
(Registrant) |
Danilo Cacciamatta |
|
(Chief Executive Officer) |
Exhibit 31.1
CERTIFICATION
I, Danilo Cacciamatta, certify that:
1. I have reviewed this Form 10-Q of Conectisys
Corporation;
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 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 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
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 functions):
(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.
|
|
Date: May 13, 2024 |
/s/ Danilo Cacciamatta |
|
Danilo Cacciamatta |
|
Chief Executive Officer
(Principal Executive Officer) |
Exhibit 31.2
CERTIFICATION
I, Danilo Cacciamatta, certify that:
1. I have reviewed this Form 10-Q of Conectisys
Corporation;
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 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 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
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 functions):
(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.
|
|
Date: May 13, 2024 |
/s/ Danilo Cacciamatta |
|
Danilo Cacciamatta |
|
Chief Financial Officer
(Principal Financial Officer) |
Exhibit 32.1
CERTIFICATION OF CHIEF EXECUTIVE OFFICER
AND CHIEF FINANCIAL OFFICER
PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED
PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report on Form
10-Q of Conectisys Corporation (the “Company”) for the quarter ended March 31, 2024, (the “Report”), the undersigned
hereby certifies in his capacity as Chief Executive Officer and Chief Financial Officer of the Company pursuant to 18 U.S.C. section 1350,
as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that
(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 results of operations of the Company.
A signed original of this written
statement has been provided to the Company and will be retained by the Company and furnished to the SEC or its staff upon request.
Date: May 13, 2024 |
/s/ Danilo Cacciamatta |
|
Danilo Cacciamatta |
|
Chief Executive Officer
(Principal Executive Officer) |
Date: May 13, 2024 |
/s/ Danilo Cacciamatta |
|
Danilo Cacciamatta |
|
Chief Financial Officer
(Principal Financial Officer) |
v3.24.1.1.u2
Cover - shares
|
3 Months Ended |
|
Mar. 31, 2024 |
May 01, 2024 |
Cover [Abstract] |
|
|
Document Type |
10-Q
|
|
Amendment Flag |
false
|
|
Document Quarterly Report |
true
|
|
Document Transition Report |
false
|
|
Document Period End Date |
Mar. 31, 2024
|
|
Document Fiscal Period Focus |
Q1
|
|
Document Fiscal Year Focus |
2024
|
|
Current Fiscal Year End Date |
--12-31
|
|
Entity File Number |
033-03560-D
|
|
Entity Registrant Name |
CONECTISYS CORPORATION
|
|
Entity Central Index Key |
0000790273
|
|
Entity Tax Identification Number |
84-1017107
|
|
Entity Incorporation, State or Country Code |
CO
|
|
Entity Address, Address Line One |
14308 S. Goss Road
|
|
Entity Address, City or Town |
Cheney
|
|
Entity Address, State or Province |
WA
|
|
Entity Address, Postal Zip Code |
99004
|
|
City Area Code |
(949)
|
|
Local Phone Number |
929-5455
|
|
Entity Current Reporting Status |
Yes
|
|
Entity Interactive Data Current |
Yes
|
|
Entity Filer Category |
Non-accelerated Filer
|
|
Entity Small Business |
true
|
|
Entity Emerging Growth Company |
true
|
|
Elected Not To Use the Extended Transition Period |
true
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Entity Shell Company |
true
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Entity Common Stock, Shares Outstanding |
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888,579
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v3.24.1.1.u2
Unaudited Balance Sheets - USD ($)
|
Mar. 31, 2024 |
Dec. 31, 2023 |
Current assets |
|
|
Cash and cash equivalents |
$ 0
|
$ 0
|
Total current assets |
0
|
0
|
Property and equipment, net |
0
|
0
|
TOTAL ASSETS |
0
|
0
|
Current liabilities |
|
|
Accounts payable |
31,994
|
31,694
|
Advances from officer |
18,629
|
18,012
|
Total current liabilities |
50,623
|
49,706
|
Total liabilities |
50,623
|
49,706
|
Commitments and contingencies |
|
|
Stockholders' Deficit |
|
|
Preferred stock |
0
|
0
|
Common stock - no par value; 250,000,000 shares authorized, 888,579 shares issued and outstanding |
32,246,441
|
32,246,441
|
(Accumulated deficit) |
(32,297,064)
|
(32,296,147)
|
Total deficit |
(50,623)
|
(49,706)
|
TOTAL LIABILITIES AND DEFICIT |
$ 0
|
$ 0
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|
|
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v3.24.1.1.u2
Unaudited Statement of Changes in Deficit - 3 months ended Mar. 31, 2024 - USD ($)
|
Total |
Common Stock [Member] |
Retained Earnings [Member] |
Balances, December 31, 2023 at Dec. 31, 2023 |
$ (49,706)
|
$ 32,246,441
|
$ (32,296,147)
|
Shares, Outstanding, Beginning Balance at Dec. 31, 2023 |
|
888,579
|
|
Net loss |
(917)
|
|
(917)
|
Balances, March 31, 2024 at Mar. 31, 2024 |
$ (50,623)
|
$ 32,246,441
|
$ (32,297,064)
|
Shares, Outstanding, Ending Balance at Mar. 31, 2024 |
|
888,579
|
|
X |
- DefinitionThe portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
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v3.24.1.1.u2
Nature of Business and Organization
|
3 Months Ended |
Mar. 31, 2024 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Nature of Business and Organization |
Note 1 - Nature of Business and Organization
Conectisys Corporation (the “Company”) was incorporated
in Colorado on February 2, 1986, under the name Coastal Financial Corp. On December 5, 1994, Coastal Financial Corp. changed its name
to BDR Industries, Inc., which changed its name on October 16, 1995, to Conectisys Corporation.
The Company has not generated revenues since 2008.
Operations: None
Customers: None
Employees: None
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v3.24.1.1.u2
Basis of Presentation and Summary of Significant Accounting Policies
|
3 Months Ended |
Mar. 31, 2024 |
Accounting Policies [Abstract] |
|
Basis of Presentation and Summary of Significant Accounting Policies |
Note 2 - Basis of Presentation and Summary of Significant Accounting
Policies
Basis of presentation
The accompanying unaudited financial statements have been prepared
in accordance with the generally accepted accounting principles in the United States of America (“U.S. GAAP”) and pursuant
to the rules and regulations of the Securities Exchange Commission (“SEC”).
Cash and cash equivalents
Cash and cash equivalents consist of amounts of cash on hand and bank
deposits.
Use of estimates and assumptions
The preparation of financial statements in conformity with U.S. GAAP
requires management to make estimates and assumptions that affect the amounts of assets and liabilities reported and disclosures of contingent
assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the periods
presented. Actual results could differ from these estimates.
Income taxes
The Company accounts for income taxes under the asset and liability
method. Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial
statement carrying amounts of existing assets and liabilities and their perspective tax bases. Deferred tax assets and liabilities are
measured using enacted tax rates expected to apply to taxable income in the years in which the temporary differences are expected to be
recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period
that includes the enactment date. Valuation allowances are recorded, when necessary, to reduce deferred tax assets to the amount expected
to be realized.
Commitments and Contingencies
In the ordinary course of business, the Company is subject to certain
contingencies, including legal proceedings and claims arising out of the business that relate to a wide range of matters, such as government
investigations and tax matters. The Company recognizes a liability for such contingency if it determines it is probable that a loss has
occurred and a reasonable estimate of the loss can be made. The Company may consider many factors in making these assessments including
historical and specific facts and circumstances of each matter.
Loss per share
Basic loss per share is computed by dividing net loss by the weighted
average number of common stock outstanding during the period.
Recently issued accounting pronouncements
The Company does not believe that the implementation of recently issued
accounting standards would have a material effect on its financial position, statements of operations, and cash flows.
Subsequent events
The Company evaluated subsequent events and transactions after June
30, 2022, through the date that these unaudited financial statements are available to be issued. There are no material subsequent events
that required recognition or additional disclosure in the financial statements.
Going concern
The accompanying financial statements have been prepared in conformity
with generally accepted accounting principles, which contemplate continuation of the Company as a going concern. Additional capital infusion
is necessary in order to fund current expenditures, acquire business opportunities and achieve profitable operations. This factor raises
substantial doubt about the Company’s ability to continue as a going concern.
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Basis of Presentation and Summary of Significant Accounting Policies (Policies)
|
3 Months Ended |
Mar. 31, 2024 |
Accounting Policies [Abstract] |
|
Basis of presentation |
Basis of presentation
The accompanying unaudited financial statements have been prepared
in accordance with the generally accepted accounting principles in the United States of America (“U.S. GAAP”) and pursuant
to the rules and regulations of the Securities Exchange Commission (“SEC”).
|
Cash and cash equivalents |
Cash and cash equivalents
Cash and cash equivalents consist of amounts of cash on hand and bank
deposits.
|
Use of estimates and assumptions |
Use of estimates and assumptions
The preparation of financial statements in conformity with U.S. GAAP
requires management to make estimates and assumptions that affect the amounts of assets and liabilities reported and disclosures of contingent
assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the periods
presented. Actual results could differ from these estimates.
|
Income taxes |
Income taxes
The Company accounts for income taxes under the asset and liability
method. Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial
statement carrying amounts of existing assets and liabilities and their perspective tax bases. Deferred tax assets and liabilities are
measured using enacted tax rates expected to apply to taxable income in the years in which the temporary differences are expected to be
recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period
that includes the enactment date. Valuation allowances are recorded, when necessary, to reduce deferred tax assets to the amount expected
to be realized.
|
Commitments and Contingencies |
Commitments and Contingencies
In the ordinary course of business, the Company is subject to certain
contingencies, including legal proceedings and claims arising out of the business that relate to a wide range of matters, such as government
investigations and tax matters. The Company recognizes a liability for such contingency if it determines it is probable that a loss has
occurred and a reasonable estimate of the loss can be made. The Company may consider many factors in making these assessments including
historical and specific facts and circumstances of each matter.
|
Loss per share |
Loss per share
Basic loss per share is computed by dividing net loss by the weighted
average number of common stock outstanding during the period.
|
Recently issued accounting pronouncements |
Recently issued accounting pronouncements
The Company does not believe that the implementation of recently issued
accounting standards would have a material effect on its financial position, statements of operations, and cash flows.
|
Subsequent events |
Subsequent events
The Company evaluated subsequent events and transactions after June
30, 2022, through the date that these unaudited financial statements are available to be issued. There are no material subsequent events
that required recognition or additional disclosure in the financial statements.
|
Going concern |
Going concern
The accompanying financial statements have been prepared in conformity
with generally accepted accounting principles, which contemplate continuation of the Company as a going concern. Additional capital infusion
is necessary in order to fund current expenditures, acquire business opportunities and achieve profitable operations. This factor raises
substantial doubt about the Company’s ability to continue as a going concern.
|
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- DefinitionThe entire disclosure when substantial doubt is raised about the ability to continue as a going concern. Includes, but is not limited to, principal conditions or events that raised substantial doubt about the ability to continue as a going concern, management's evaluation of the significance of those conditions or events in relation to the ability to meet its obligations, and management's plans that alleviated or are intended to mitigate the conditions or events that raise substantial doubt about the ability to continue as a going concern.
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ConectiSys (PK) (USOTC:CONC)
過去 株価チャート
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ConectiSys (PK) (USOTC:CONC)
過去 株価チャート
から 11 2023 まで 11 2024