10-Q 1 bfyw-20231130.htm FORM 10-Q Better For You Wellness, Inc
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

x
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED NOVEMBER 30, 2023
 
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: 000-56262
 
Better For You Wellness, Inc.
(Exact name of registrant as specified in its charter)
 
Nevada
 
87-2903933
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification No.)
 
c/o Ian James 1349 East Broad Street
Columbus,
OH
 
 
43205
(Address of Principal Executive Offices)
 
(Zip Code)
 
(614) 368-9898
(registrant’s telephone number, including area code)
 
N/A
(former name or former mailing address, if changed since last report)
 
Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbols
     
Name of each exchange on which registered
None
 
None
 
None

Indicate by check mark whether the registrant (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act 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 and posted on its corporate web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
x
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
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
 
 No


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

As of January
 1
9
, 202
4
, there were 419,209,183 shares of Common Stock and
700,000
shares of Series A Preferred Stock issued and outstanding.

 

 

 

INDEX

Page


 
 
 
ITEM 1
FINANCIAL STATEMENTS – UNAUDITED






i
 
 
 
PART I - FINANCIAL INFORMATION

BETTER FOR YOU WELLNESS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
 
 
 
(Unaudited)
 
 
 
 
 
 
November 30, 2023
 
 
February 28, 2023
 
ASSETS
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
386
 
 
$
13,773
 
Accounts receivable
 
 
2,506
 
 
 
1,460
 
Prepaid expenses
 
 
2,661
 
 
 
18,493
 
Other receivable
 
 
29,324
 
 
 
 
Inventory
 
 
582
 
 
 
979
 
Total current assets
 
 
35,459
 
 
 
34,705
 
Equipment, net
 
 
965
 
 
 
1,547
 
Goodwill
 
 
583,484
 
 
 
583,484
 
Right-of-use assets - operating leases
 
 
177,894
 
 
 
 
Total assets
 
$
797,802
 
 
$
619,736
 
 
 
 
 
 
 
 
 
 
LIABILITIES AND STOCKHOLDER’S DEFICIT
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
Accounts payable and accrued expenses
 
$
722,868
 
 
$
393,777
 
Deferred compensation
 
 
349,135
 
 
 
379,759
 
Notes payable- related party
 
 
309,500
 
 
 
293,000
 
Accrued interest
 
 
135,236
 
 
 
60,243
 
Operating lease liabilities - current portion
 
 
74,311
 
 
 
 
Convertible notes payable, net of discount
 
 
700,914
 
 
 
594,804
 
Total current liabilities
 
 
2,291,964
 
 
 
1,721,583
 
Long-term liabilities
 
 
 
 
 
 
 
 
Lease liability- net of current portion
 
 
103,583
 
 
 
 
Total long-term liabilities
 
 
103,583
 
 
 
 
Total liabilities
 
 
2,395,547
 
 
 
1,721,583
 
 
 
 
 
 
 
 
 
 
Commitments and contingencies (Note 14)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
STOCKHOLDERS' DEFICIT:
 
 
 
 
 
 
 
 
Preferred stock ($0.0001 par value, 200,000,000 shares authorized; 700,000 shares issued and outstanding as of November 30, 2023 and February 28, 2023)
 
 
70
 
 
 
70
 
Common stock ($0.0001 par value, 500,000,000 shares authorized, 419,209,183 and 404,014,987 issued and outstanding as of November 30, 2023 and February 28, 2023, respectively)
 
 
41,923
 
 
 
40,403
 
Additional paid
-
in capital
 
 
6,067,423
 
 
 
4,933,281
 
Share issuable
 
 
83
 
 
 
 
 
Accumulated deficit
 
 
(7,707,244
)
 
 
(6,075,601
)
Total stockholders' deficit
 
 
(1,597,745
)
 
 
(1,101,847
)
TOTAL LIABILITIES & EQUITY (DEFICIT)
 
$
797,802
 
 
$
619,736
 
 
The accompanying notes are an integral part of these condensed unaudited consolidated financial statements.
 
 
1
 
 
BETTER FOR YOU WELLNESS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
(Unaudited)
 
 
 
For the Three Months Ended
November 30,
 
 
For the Nine Months Ended
November 30,
 
 
 
 
 
 
As Restated
 
 
 
 
 
As Restated
 
 
 
2023
 
 
2022
 
 
2023
 
 
2022
 
Revenue
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Merchandise sales
 
$
995
 
 
$
6,986
 
 
$
4,649
 
 
$
9,008
 
Cost of goods sold
 
 
(583
)
 
 
(5,823
)
 
 
(1,896
)
 
 
(15,381
)
Gross profit (loss)
 
 
412
 
 
 
1,163
 
 
 
2,753
 
 
 
(6,373
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating expenses
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Share based expenses
 
 
54,467
 
 
 
457,174
 
 
 
628,135
 
 
 
1,453,106
 
Selling, general and administrative
 
 
231,708
 
 
 
258,401
 
 
 
825,158
 
 
 
852,184
 
Total operating expenses
 
 
286,175
 
 
 
715,575
 
 
 
2,036,777
 
 
 
2,305,290
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating loss
 
 
(285,763
)
 
 
(714,412
)
 
 
(2,034,024
)
 
 
(2,311,663
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other expense
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense
 
 
(30,888
)
 
 
(55,935
)
 
 
(100,189
)
 
 
(128,453
)
Loss on debt extinguishment
 
 
(80,914
)
 
 
 
 
 
 
(80,914
)
 
 
 
 
Total other expense
 
 
(111,802
)
 
 
(55,935
)
 
 
(181,103
)
 
 
(128,453
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net loss
 
$
(397,565
)
 
$
(770,347
)
 
$
(1,631,643
)
 
$
(2,440,116
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net loss per common shares outstanding – basic and diluted
 
$
(0.00
)
 
$
(0.00
)
 
$
(0.00
)
 
$
(0.01
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted average common shares outstanding – basic and diluted
 
 
419,209,183
 
 
 
372,031,446
 
 
 
411,671,232
 
 
 
372,031,446
 
 
The accompanying notes are an integral part of these condensed unaudited consolidated financial statements.
 
 
2
 
 
BETTER FOR YOU
WELLNESS
,
INC
.
CONSOLIDATED AND CONDENSED STATEMENTS OF CHANGES IN STOCKHOLDER'S (DEFICIT)
FOR THE THREE AND NINE MONTHS ENDED NOVEMBER 30,
2023
AND 2022
(
Unaudited
)
 

 
 
Common Shares
 
 
Class A Preferred
Shares
 
 
Additional

Paid- In
 
 
Shares
 
Shares
 
Accumulated
 
 
 
 
 
 
Shares
 
 
Amount
 
 
Shares
 
 
Amount
 
 
Capital
 
 
Cancellable
 
Issuable
 
Deficit
 
 
Total
 
THREE MONTHS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance August 31, 2023
 
 
419,209,183
 
 
$
41,923
 
 
 
700,000
 
 
$
70
 
 
$
6,016,408
 
 
$
 
$
 
$
(7,309,679
)
 
$
(1,251,278
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Stock Option Expense
 
 
 
 
 
 
 
 
 
 
 
 
 
 
51,015
 
 
 
 
 
 
 
 
 
 
51,015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Common shares issuable for services to the company
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
83
 
 
 
 
 
83