10-Q 1 kat_i10q-083123.htm QUARTERLY REPORT
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Table of Contents

NITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

☒     QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the Quarterly Period Ended: August 31, 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 001-08589

 

KAT EXPLORATION, INC.

(Exact Name of Registrant as Specified in Its Charter)

 

Nevada   87-2737873
(State or other jurisdiction of
incorporation or organization)		   (I.R.S. Employer
Identification No.)
     
323 Sunny Isles Blvd, Suite 745, Sunny Isles, Florida   33160
(Address of principal executive offices)   (Zip Code)

 

561-899-8518
(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act: 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. 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 October 12, 2023, the registrant had 1,834,271,048 shares of common stock issued and outstanding.

 

 

 

   

 

 

KAT EXPLORATION, INC. FORM 10-Q

 

Index

 

 

PART I. FINANCIAL INFORMATION  
     
Item 1. Condensed Financial Statements. 4
  CONDENSED BALANCE SHEETS 4
  CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED) 5
  CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) 6
  CONDENSED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED) 7
  NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED) 8
Item 2. Management’s Discussion and Analysis of Financial Conditions and Results of Operations. 9
Item 3. Quantitative and Qualitative Disclosures about Market Risk. 10
Item 4. Controls and Procedures. 11
     
PART II. OTHER INFORMATION  
     
Item 1. Legal Proceedings. 12
Item 1A. Risk Factors. 12
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 12
Item 3. Defaults Upon Senior Securities. 12
Item 4. Mine Safety Disclosures. 12
Item 5. Other Information. 12
Item 6. Exhibits. 12

 

 

 

 

 

 

 

 

 

 2 

 

 

SPECIAL NOTE REGARDING FORWARD-LOOKING INFORMATION

 

This quarterly report on Form 10-Q and other publicly available documents, including the documents incorporated herein by reference, contain, and our officers and representatives may from time to time make, “forward-looking” statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: “anticipate,” “believe,” “expect,” “future,” “likely,” “may,” “plan,” “seek,” “will” and similar references to future periods actions or results. Examples of forward-looking statements include our prospects for one or more future material transactions, potential sources of financing, and expenses for future periods.

 

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements.

 

Any forward-looking statement made by us in this quarterly report on Form 10-Q is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

 

Factors that could cause or contribute to such differences may include, but are not limited to, those described under the heading “Risk Factors” which may be included in the Company’s Annual Report on Form 10-K for the fiscal year ended November 30, 2022 as filed with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this report. The Company undertakes no obligation to revise any forward-looking statements in order to reflect events or circumstances that may subsequently arise. Readers are urged to carefully review and consider the various disclosures made by the Company in this report and in the Company’s other reports filed with the Commission that advise interested parties of the risks and factors that may affect the Company’s business.

 

 

 

 

 

 

 

 

 

 

 

 

 3 

 

 

PART I. FINANCIAL INFORMATION

 

Item 1. Condensed Financial Statements.

 

KAT EXPLORATION, INC.

 

BALANCE SHEETS

 

 

   August 31,
2023		   November 30,
2022		 
ASSETS          
Current Assets:          
Cash and bank  $–   $125 
           
Total Assets  $–   $125 
           
LIABILITIES AND STOCKHOLDERS' DEFICIT          
Current Liabilities:          
Due to Related Party  $560   $19,266 
Accrued Expense   6,000    3,000 
Total Liabilities   6,560    22,266 
           
Stockholders' Deficit:          
Common stock, $0.001 par value; 1,834,271,048 shares issued and outstanding as of August 31, 2023 and 1,794,271,048 as of November 30, 2022   1,834,271    1,794,271 
Additional paid-in capital   884,054    864,100 
Accumulated deficit   (2,724,885)   (2,680,513)
           
Total Stockholders’ Deficit   (6,560)   (22,142)
           
Total Liabilities and Stockholders' Deficit  $–   $125 

 

See accompanying notes to financial statements

 

 

 

 

 4 

 

 

KAT EXPLORATION, INC.

 

STATEMENTS OF OPERATIONS (UNAUDITED)

 

 

                             
   For the Three Months Ended   For the Nine Months Ended 
   August 31,   August 31,   August 31,   August 31, 
   2023   2022   2023   2022 
Income  $–   $–   $–   $– 
                     
Cost of Sales   –    –    –    – 
Gross Margin   –    –    –    – 
                     
Operating Expenses                    
Advertising and promotion   –    –    –    – 
Consulting expenses   –    10    43,510    39,636 
General and administrative expenses   560    –    862    – 
Sales incentives   –    –    –    – 
Travel and entertainment   –    –    –    – 
Depreciation expense   –    –    –    – 
Total Operating Expenses   560    10    44,372    39,636 
                     
Loss from operations   (560)   (10)   (44,372)   (39,636)
                     
Other Income (Expenses)                    
Other Income   –    –    –    – 
Total Other Expenses   –    –    –    – 
                     
Net Loss before Income Taxes   (560)   (10)   (44,372)   (39,636)
                     
Income Tax Benefit   –    –    –    – 
                     
Net Loss  $(560)  $(10)  $(44,372)  $(39,636)
                     
Net Loss per Common Share - Basic and Diluted  $–   $–   $–   $– 
                     
Weighted Average Number of Common Shares Outstanding - Basic and Diluted   1,834,271,048    1,794,271,048    1,834,271,048    1,794,271,048 

 

See accompanying notes to financial statements

 

 

 

 5 

 

 

KAT EXPLORATION, INC.

 

STATEMENTS OF CASH FLOWS

(Unaudited)

 

 

               
   For the Nine Months Ended
August 31,		 
   2023   2022 
Cash flows from operating activities:          
           
Net loss  $(44,372)  $(39,636)
Adjustments to reconcile net loss to net cash used in operating activities:          
Changes in assets and liabilities:   (15,707)   4,636 
           
Net cash used in operating activities   (60,079)   (35,000)
           
Cash flows from investing activities   –    – 
           
Cash flows from financing activities   59,954    35,000 
           
Net increase (decrease) in cash   (125)   – 
           
Cash, beginning of period   125    – 
           
Cash, end of period  $–   $– 

 

See accompanying notes to financial statements

 

 

 

 

 

 6 

 

 

KAT EXPLORATION INC.

 

STATEMENTS OF STOCKHOLDERS' DEFICIT

 

 

                     
           Additional       Total 
   Common Stock   Paid in   Accumulated   Shareholders' 
   Shares   Amount   Capital   Deficit   Deficit 
                     
Balance - December 1, 2019   1,759,271,048   $1,759,271   $864,100   $(2,623,371)  $– 
                          
Loss for the year   –    –    –    –    – 
Balance - November 30, 2020   1,759,271,048   $1,759,271   $864,100   $(2,623,371)  $– 
                          
Net loss for the year   –    –    –    (13,000)   (13,000)
Balance - November 30, 2021   1,759,271,048   $1,759,271   $864,100   $(2,636,371)  $(13,000)
                          
Net loss for the period February 28, 2022   –    –    –    (1,125)   (1,125)
Balance - February 28, 2022   1,759,271,048   $1,759,271   $864,100   $(2,637,496)  $(14,125)
                          
Stock issued new   35,000,000    35,000    –    –    35,000 
Net loss for the period May 31, 2022   –    –    –    (38,501)   (38,501)
Balance – May 31, 2022   1,794,271,048   $1,794,271   $864,100   $(2,675,997)  $(17,626)
                          
Stock issued new   –    –    –    –    – 
Net loss for the period August 31, 2022   –    –    –    (10)   (10)
Balance – August 31, 2022   1,794,271,048   $1,794,271   $864,100   $(2,676,007)  $(17,636)

 

           Additional       Total 
   Common Stock   Paid in   Accumulated   Shareholders' 
   Shares   Amount   Capital   Deficit   Deficit 
                     
Balance - December 1, 2021   1,759,271,048   $1,759,271   $864,100   $(2,636,371)  $(13,000)
                          
Common Stock issued for consulting services   30,000,000    30,000    –    –    30,000 
Common Stock issued for employee compensation   5,000,000    5,000    –    –    5,000 
Loss for the year   –    –    –    (44,142)   (44,142)
Balance - November 31, 2022   1,794,271,048   $1,794,271   $864,100   $(2,680,513)  $(22,142)
                          
Additional paid-in capital   –    –    19,854    –    19,854 
Net loss for the period February 28, 2023   –    –    –    (712)   (712)
Balance - February 28, 2023   1,794,271,048   $1,794,271   $883,954   $(2,681,225)  $(3,000)
                          
Additional paid-in capital   –    –    100    –    100 
Stock issued new   40,000,000    40,000    –    –    40,000 
Net loss for the period May 31, 2023   –    –    –    (43,100)   (43,100)
Balance – May 31, 2023   1,834,271,048   $1,834,271   $884,054   $(2,724,325)  $(6,000)
                          
Additional paid-in capital   –    –         –    – 
Stock issued new   –    –    –    –    – 
Net loss for the period August 31, 2023   –    –    –    (560)   (560)
Balance – August 31, 2023   1,834,271,048   $1,834,271   $884,054   $(2,724,885)  $(6,560)

 

See accompanying notes to financial statements

 

 

 7 

 

 

KAT EXPLORATION, INC.

 

NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED)

August 31, 2023

 

 

NOTE 1 – BASIS OF PRESENTATION

 

The accompanying unaudited condensed financial statements of KAT Exploration, Inc. (the “Company”), have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Regulation S-X, promulgated by the Securities and Exchange Commission. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements.

 

In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair representation have been included herein. Operating results are not necessarily indicative of the results which may be expected for the year ending November 30, 2022 or other future periods. For further information, refer to the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended November 30, 2022.

 

NOTE 2 – RELATED PARTY TRANSACTIONS

 

Since the beginning of the fiscal years ended November 30, 2022, the Company’s related party has been funding the monthly expenses.

 

NOTE 3 – EARNINGS PER SHARE

 

The Company follows FASB ASC 260, Earnings Per Share. Basic earnings per share (“EPS”) is based on the weighted average number of common shares outstanding for the period, excluding the effects of any potentially dilutive securities. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted. Net income (loss) per share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding during the period.

 

Basic and diluted loss per common share was calculated using the following number of shares for the nine months ended August 31, 2023 and 2022:

Schedule of weighted average number of shares outstanding        
Nine Months Ended August 31:  2023   2022 
Weighted average number of common shares outstanding - Basic   1,834,271,048    1,794,271,048 
Weighted average number of common shares outstanding - Diluted   1,834,271,048    1,794,271,048 

 

NOTE 4 – INDEBTEDNESS

 

The related party expenses is $560.

 

 

 

 

 

 

 8 

 

 

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

 

FORWARD-LOOKING STATEMENTS

 

The following discussion may contain forward-looking statements regarding the Company, its business prospects and its results of operations that are subject to certain risks and uncertainties posed by many factors and events that could cause the Company’s actual business, prospects and results of operations to differ materially from those that may be anticipated by such forward-looking statements. The risks and uncertainties may be summarized in other documents that the Company may file with the Securities Exchange Commission, such as our Annual Report on Form 10-K for the year ended November 30, 2022. These forward-looking statements reflect our view only as of the date of this report. The Company cannot guarantee future results, levels of activity, performance, or achievement. The Company does not undertake any obligation to update or correct any forward-looking statements.

 

ANALYSIS OF OPERATIONS AND FINANCIAL CONDITION

 

The Company has limited operations and is actively seeking a merger, reverse merger, acquisition or business combination opportunities with an operating business or other financial transaction opportunities. Until a transaction is effectuated, the Company does not expect to have significant operations. Accordingly, during this period the Company does not expect to achieve sufficient income to offset the Company’s operating expenses, resulting in operating losses that may require the Company to use and thereby reduce the Company’s limited cash balance. The Company’s prepaid expenses during the nine-months ended August 31, 2023 remained unchanged. Until the Company completes a merger, reverse merger or other financial transaction, and unless interest rates increase dramatically, the Company expects to continue to incur losses between $1,000 to $2,000 per quarter. The Company does not have any arrangements with banks or financial institutions with respect to the availability of financing in the future.

 

The payment of any cash distributions is subject to the discretion of our board of directors. At this time, the Company has no plans to pay any additional cash distributions in the foreseeable future.

 

CURRENT BUSINESS

 

Since November 30, 2015, the Company’s operations consist of a search for a merger, acquisition, reverse merger or a business transaction opportunity with an operating business or other financial transaction; however, there can be no assurance that this plan will be successfully implemented. Until a transaction is effectuated, the Company does not expect to have significant operations. At this time, the Company has no arrangements or understandings with respect to any potential merger, acquisition, reverse merger or business combination candidate pursuant to which the Company may become an operating company.

 

Opportunities may come to the Company’s attention from various sources, including our management, our stockholders, professional advisors, securities broker dealers, venture capitalists and private equity funds, members of the financial community and others who may present unsolicited proposals. At this time, the Company has no plans, understandings, agreements, or commitments with any individual or entity to act as a finder in regard to any business opportunities. While it is not currently anticipated that the Company will engage unaffiliated professional firms specializing in business acquisitions, reorganizations or other such transactions, such firms may be retained if such arrangements are deemed to be in the best interest of the Company. Compensation to a finder or business acquisition firm may take various forms, including one-time cash payments, payments involving issuance of securities (including those of the Company), or any combination of these or other compensation arrangements. Consequently, the Company is currently unable to predict the cost of utilizing such services.

 

The Company has not restricted its search to any particular business, industry, or geographical location. In evaluating a potential transaction, the Company analyzes all available factors and make a determination based on a composite of available facts, without reliance on any single factor.

 

 

 

 9 

 

 

It is not possible at this time to predict the nature of a transaction in which the Company may participate. Specific business opportunities would be reviewed as well as the respective needs and desires of the Company and the legal structure or method deemed by management to be suitable would be selected. In implementing a structure for a particular transaction, the Company may become a party to a merger, consolidation, reorganization, tender offer, joint venture, license, purchase and sale of assets, or purchase and sale of stock, or other arrangement the exact nature of which cannot now be predicted. Additionally, the Company may act directly or indirectly through an interest in a partnership, corporation or other form of organization. Implementing such structure may require the merger, consolidation or reorganization of the Company with other business organizations and there is no assurance that the Company would be the surviving entity. In addition, our present management and stockholders may not have control of a majority of the voting shares of the Company following reorganization or other financial transaction. As part of such a transaction, some or all of the Company’s existing directors may resign and new directors may be appointed. The Company’s operations following the consummation of a transaction will be dependent on the nature of the transaction. There may also be various risks inherent in the transaction, the nature and magnitude of which cannot be predicted.

 

The Company may also be subject to increased governmental regulation following a transaction; however, it is not possible at this time to predict the nature or magnitude of such increased regulation, if any.

 

The Company expects to continue to incur moderate losses each quarter until a transaction considered appropriate by management is effectuated.

 

RESULTS OF OPERATIONS AND FINANCIAL CONDITION

 

During the quarter ended August 31, 2023, the Company had a loss from operations of $560. During the quarter ended August 31, 2022, the loss from operations was $10. No taxes were paid in the quarters ended August 31, 2023 or 2022.

 

LIQUIDITY AND CAPITAL RESOURCES

 

Stockholders’ equity as of August 31, 2023, was $6,560, compared to $22,142 at November 30, 2022. The attributable net loss was incurred by normal general and administrative operating procedures during the nine months ended August 31, 2023.

 

Net cash used in operating activities was $Nil during the nine months ended August 31, 2023, compared to net cash used in operating activities of $NIL in the nine

 

Cash on hand at August 31, 2023 was $NIL, compared to $125 at November 30, 2022.

 

The Company has no material off-balance sheet arrangements. There has been no material change in any contractual obligation as reported in the Company’s Annual Report on Form 10-K for the fiscal year ended November 30, 2022.

 

Item 3. Quantitative and Qualitative Disclosures about Market Risk.

 

Smaller reporting companies are not required to provide the information required under this Item.

 

 

 

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Item 4. Controls and Procedures.

 

Evaluation of Disclosure Controls and Procedures

 

As of the end of the period covered by this Quarterly Report on Form 10-Q, the Company’s management has evaluated, under the supervision and with the participation of the Company’s Chief Executive Officer and Chief Financial Officer, 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). Disclosure controls and procedures are designed to ensure that information required to be disclosed in the Company’s reports filed under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms and that such information is accumulated and communicated to the Company’s management, including the Company’s Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure. Based on this evaluation, the Company’s Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures were effective as of August 31, 2023.

 

Changes in Internal Control over Financial Reporting

 

There were no changes in the Company’s internal control over financial reporting during the quarter ended August 31, 2023 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting. Management does not believe that there are significant deficiencies in the design or operation of the Company’s internal controls that could adversely affect the Company’s ability to record, process, summarize and report financial data.

 

 

 

 

 

 

 

 

 

 

 

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PART II. OTHER INFORMATION

 

Item 1. Legal Proceedings.

 

None.

 

Item 1A. Risk Factors.

 

Smaller reporting companies are not required to provide the information required under this Item.

 

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

 

None.

 

Item 3. Defaults Upon Senior Securities.

 

None.

 

Item 4. Mine Safety Disclosures.

 

Not Applicable.

 

Item 5. Other Information.

 

None.

 

Item 6. Exhibits.

 

Exhibit

Number

   Description
     
3.1   Composite Amended and Restated Certificate of Incorporation, as amended through January 23, 2004 (incorporated by reference to Exhibit 3.1 to Annual Report on Form 10-K for year ended March 31, 2015)
     
3.2   Composite Amended and Restated By-Laws, as amended through November 27, 2007 (incorporated by reference to Exhibit 3.2 to Annual Report on Form 10-K for year ended March 31, 2015)
     
31.1   Certification of Principal Executive Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended
     
31.2   Certification of Principal Financial Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended
     
32.1   Certification of Chief Executive Officer pursuant to 18 U.S.C. Sec. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
     
32.2   Certification of Chief Financial Officer pursuant to 18 U.S.C. Sec. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
     
101    The following materials from KAT Exploration, Inc.’s Quarterly Report on Form 10-Q for the fiscal period ended August 31, 2023, as filed with the Security and Exchange Commission, formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) Condensed Balance Sheets; (ii) Condensed Statements of Operations; (iii) Condensed Statements of Cash Flows; (iv) Condensed Statements of Stockholders’ Equity; and (vi) the Notes to the Condensed Financial Statements.
     
104   Cover Page formatted in iXBRL (included in Exhibit 101)

 

 

 

 

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SIGNATURES

 

In accordance with Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  KAT EXPLORATION, INC.  
       
Date: October 17, 2023 By: /s/ Gregory Klok  
    Gregory Klok  
    Chief Executive Officer and Vice President  
    (duly authorized officer)  
       
Date: October 17, 2023 By: /s/ Gregory Klok  
    Chief Financial Officer  
    (principal financial officer)  

 

 

 

 

 

 

 

 

 

 

 

 

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