美國

證券和交易委員會

華盛頓特區 20549

 

表格 10-Q

 

1934年證券交易法第13或第15(d)條的季度報告

 

 

截至2022年1月31日的季度期2024年9月30日

 

 

根據1934年證券交易法第13條或第15(d)條進行的轉型報告

 

 

在_______到_______的過渡期間

 

佣金文件號 333-267995

 

JAAG企業有限公司。

(根據其章程規定的註冊人準確名稱)

 

內華達

(設立或組織的其他管轄區域)

 

1716 13 大道 NW

卡爾加里, AB, 加拿大 T2N 1L1

(主要執行辦公室地址,包括郵政編碼。)

 

 (403) –616-7221

(包括區號的電話號碼)

 

不適用

(前名稱、地址及財政年度,如果自上次報告以來有更改)

 

在法案第12(b)條的規定下注冊的證券:

 

每個類別的標題

交易標的

在其上註冊的交易所的名稱

不適用

不適用

不適用

 

請勾選男女註冊者是否在過去12個月內(或註冊者需要提交此類報告的較短期間內)提交了證券交易法第13節或15(d)所要求的所有報告,且在過去90天內是否受此提交要求的約束。 ☒     沒有 ☐

 

在過去的12個月內(或在註冊申報人需要提交這些文件的更短時間內),根據規則405的交互式數據文件提交要求,註冊申報人是否已經提交每個應提交的交互式數據文件。☒     不可以 ☐

 

請勾選標記以說明註冊人是大型快速申報人、加速申報人、非加速申報人、較小的報告公司還是新興成長型公司。請查看《交易所法》第120億.2條中「大型快速申報人」、「加速申報人」、「較小的報告公司」和「新興成長型公司」的定義。

 

大型加速報告人

加速文件提交人

非加速文件提交人

較小的報告公司

 

 

新興成長公司

 

如果是新興成長型企業,請勾選複選標記,表明註冊者已選擇不使用延長過渡期來符合根據證券交易法第13(a)條規定提供的任何新財務會計準則。

 

請在複選標誌處註明公司是否爲殼公司(根據交易所法令第12b-2條的定義)。0.0001

 

請說明截至最近實際可行日期,發行人每一類普通股的流通股數量: 11,208,000 截至2024年10月1日的股份。

 

 

 

 

目錄

 

第一部分 - 財務信息

 

 

 

 

 

 

 

 

項目1。

基本報表

 

4

 

 

 

 

 

 

 

截至2024年9月30日(未經審計)和2024年6月30日(已審計)的臨時合併資產負債表

 

4

 

 

截至2024年和2023年9月30日的三個月的臨時合併運營報表(未經審計)

 

5

 

 

截至2024年和2023年9月30日的三個月的臨時合併股東權益變動表(未經審計)

 

6

 

 

截至2024年和2023年9月30日的三個月的臨時合併現金流量表(未經審計)

 

7

 

 

未經審計的合併財務報表附註

 

8

 

 

 

 

 

 

項目2。

分銷計劃

 

13

 

 

 

 

 

 

第3項。

有關市場風險的定量和定性披露

 

14

 

 

 

 

 

 

第4項。

控制和程序

 

14

 

 

 

 

 

 

第二部分- 其他信息

 

 

 

 

 

 

 

 

項目1。

法律訴訟

 

16

 

 

 

 

 

 

1A項目。

風險因素

 

16

 

 

 

 

 

 

項目2。

未註冊的股票股權銷售和籌款用途

 

16

 

 

 

 

 

 

第3項。

對高級證券的違約。

 

16

 

 

 

 

 

 

第4項。

礦山安全披露

 

16

 

 

 

 

 

 

第5項。

其他信息

 

16

 

 

 

 

 

 

第6項。

展示資料

 

16

 

 

 

 

 

 

簽名

 

17

 

 

 
2

目錄

  

關於前瞻性聲明的注意事項

 

本季度10-Q表格中包含"前瞻性陳述"。這些前瞻性陳述,包括但不限於在「管理層對財務狀況和經營業績的討論與分析」標題下所作的前瞻性陳述,涉及風險和不確定性。本季度報告中的任何非歷史事實表述均可能被視爲前瞻性陳述。前瞻性陳述包括但不限於關於我們未來經營業績的表述;服務營銷計劃;未來經濟狀況;我們市場和產品開發努力的影響;以及關於實施或實現我們戰略目標和未來增長,包括通過潛在未來收購的期望或計劃。前瞻性陳述可能包括但不限於有關未來銷售、收益、現金流、業績結果、現金使用和其他財務表現指標的表述,以及有關未來股利支付的表述。其他前瞻性陳述可通過使用諸如「相信」、「預期」、「可能」、「應當」、「將」、「計劃」、「項目」、「期望」、「預期」、「估計」、「預測」、「目標」、「預測」、「戰略」等詞語來識別,這些詞語的使用與討論未來經營或財務業績有關。這些陳述基於我們所從事行業的當前期望、估計和投射,以及管理層所作的信仰和假設。由於前瞻性陳述涉及未來,因此受到難以預測的固有風險、不確定性和環境變化的影響。因此,公司的實際結果可能與前瞻性陳述所考慮的情況存在實質性差異。因此,投資者應謹慎依賴任何這些前瞻性陳述。它們既不是歷史事實的陳述,也不是未來業績的保證或保證。

 

 
3

目錄

   

第一部分 財務信息

 

JAAG企業有限公司

合併資產負債表

(未經審計)

 

 

 

 

 

 

 

資產

 

 

 

 

 

 

 

 

 

9月30日

 

 

6月30日,

 

 

 

2024

 

 

2024

 

 

 

($)

 

 

($)

 

流動資產

 

 

 

 

 

 

現金及現金等價物

 

 

11,127

 

 

 

4,836

 

 

 

 

 

 

 

 

 

 

總資產

 

 

11,127

 

 

 

4,836

 

 

 

 

 

 

 

 

 

 

負債和股東權益

 

 

 

 

 

 

 

 

 

流動負債

 

 

 

 

 

 

 

 

應付賬款和應計費用

 

 

9,655

 

 

 

12,896

 

由於關聯方

 

 

33,711

 

 

 

14,929

 

總負債

 

 

43,366

 

 

 

27,825

 

 

 

 

 

 

 

 

 

 

股東權益

 

 

 

 

 

 

 

 

普通股($0.0001 面值, 100,000,000 授權股份 11,208,000 截至2024年9月30日和2024年6月30日已發行和流通股份

 

 

1,121

 

 

 

1,121

 

額外實收資本

 

 

104,343

 

 

 

104,343

 

累計虧損

 

 

(137,703)

 

 

(128,453)

股東權益總額

 

 

(32,239)

 

 

(22,989)

 

 

 

 

 

 

 

 

 

總負債及股東權益

 

 

11,127

 

 

 

4,836

 

 

 

 

 

 

 

 

 

 

附帶說明是本未經審計基本報表不可或缺的一部分

 

 

 

 

 

 

 

 

 

 
4

目錄

 

JAAG企業有限公司

合併運營報表

(未經審計)

 

 

截止三個月

9月30日

 

 

截止三個月

9月30日

 

 

 

2024

 

 

2023

 

 

 

($)

 

 

($)

 

營業收入

 

 

9,979

 

 

 

3,185

 

 

 

 

 

 

 

 

 

 

營業收入成本

 

 

5,757

 

 

 

1,613

 

毛利潤

 

 

4,222

 

 

 

1,572

 

 

 

 

 

 

 

 

 

 

銷售、一般和行政費用

 

 

13,295

 

 

 

15,011

 

 

 

 

 

 

 

 

 

 

營業虧損

 

 

(9,073)

 

 

(13,439)

 

 

 

 

 

 

 

 

 

其他項目

 

 

 

 

 

 

 

 

利息收入

 

 

4

 

 

 

3

 

交易所盈虧

 

 

(181)

 

 

-

 

 

 

 

 

 

 

 

 

 

淨虧損

 

 

(9,250)

 

 

(13,436)

 

 

 

 

 

 

 

 

 

基本和攤薄每股收益

 

 

(0.00)

 

 

(0.00)

 

 

 

 

 

 

 

 

 

加權平均股數流通普通股

 

 

11,208,000

 

 

 

10,208,000

 

 

 

 

 

 

 

 

 

 

附註是這些未經審計的基本報表的組成部分

 

 

 

 

 

 

 

 

 

 
5

目錄

 

JAAG企業有限公司

合併股東權益變動表

(未經審計)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

額外

 

 

 

 

 

 

 

 

 

普通股

 

 

實收資本

 

 

累計

 

 

 

 

 

 

Shares

 

 

金額

 

 

資本

 

 

Deficit

 

 

總計

 

 

 

 

 

 

($)

 

 

($)

 

 

($)

 

 

($)

 

餘額,2024年6月30日

 

 

11,208,000

 

 

 

1,121

 

 

 

104,343

 

 

 

(128,453)

 

 

(22,989)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

淨虧損

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(9,250)

 

 

(9,250)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

餘額,2024年9月30日

 

 

11,208,000

 

 

 

1,121

 

 

 

104,343

 

 

 

(137,703)

 

 

(32,239)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

額外

 

 

 

 

 

 

 

 

 

 

 

普通股

 

 

實收資本

 

 

累計

 

 

 

 

 

 

 

 

Shares

 

 

金額

 

 

資本

 

 

Deficit

 

 

總計

 

 

 

 

 

 

 

($)

 

 

($)

 

 

($)

 

 

($)

 

截至2023年6月30日的餘額

 

 

10,208,000

 

 

 

1,021

 

 

 

54,443

 

 

 

(65,994)

 

 

(10,530)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

淨利潤(虧損)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(13,436)

 

 

(13,436)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

截至2023年9月30日的餘額

 

 

10,208,000

 

 

 

1,021

 

 

 

54,443

 

 

 

(79,430)

 

 

(23,966)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

附帶的說明是這些未經審計的基本報表的重要組成部分

 

 

 

 

 

 

 
6

目錄

 

JAAG企業有限公司

 

合併現金流量表

 

(未經審計)

 

 

 

截至三個月

9月30日

 

 

截至三個月

9月30日

 

 

 

2024

 

 

2023

 

 

 

($)

 

 

($)

 

經營活動產生的現金流量

 

淨虧損

 

 

(9,250)

 

 

(13,436)

經營資產和負債的變動

 

 

 

 

 

 

 

 

應付賬款和應計費用的變動

 

 

(3,241)

 

 

4,758

 

用於經營活動的淨現金

 

 

(12,491)

 

 

(8,678)

 

 

 

 

 

 

 

 

 

投資活動的現金流量

 

 

 

 

 

 

 

 

投資活動使用的淨現金

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

融資活動的現金流

 

 

 

 

 

 

 

 

來自關聯方的預付款

 

 

18,782

 

 

 

11,750

 

融資活動提供的淨現金

 

 

18,782

 

 

 

11,750

 

 

 

 

 

 

 

 

 

 

現金淨增加

 

 

6,291

 

 

 

3,072

 

年初現金(期間)

 

 

4,836

 

 

 

2,138

 

年末現金(期間)

 

 

11,127

 

 

 

5,210

 

 

 

 

 

 

 

 

 

 

現金流信息的補充披露

 

 

 

 

 

 

 

 

期間支付的現金:

 

 

 

 

 

 

 

 

利息

 

 

-

 

 

 

-

 

所得稅

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

附註是這些未經審計的基本報表的重要組成部分

 

 

 

 

 

 

 

 

 

 
7

目錄

 

JAAG企業有限公司

附註 未經審計的合併財務報表 基本報表

截至2024年9月30日的期間

 

注意 1. 組織和業務描述

 

JAAG企業有限公司(「JAAG企業」)於2022年1月25日在美國內華達州註冊成立。JAAG企業收購了 100%的香港JAAG制服有限公司(「JAAG制服」)的全資子公司,於2022年5月27日完成。JAAG制服於2021年11月4日在香港註冊成立,是一家初創制服供應商,專注於設計、供應和分銷各種制服服裝和配件。它與香港和中國的品牌服飾製造商合作,生產其產品。

 

JAAG企業和JAAG制服將統稱爲「公司」。

 

注意 2. 呈現基礎

 

公司在此包含的中期合併基本報表是根據美國通用會計原則,在權責發生制基礎上編制的。這些中期合併基本報表遵循與公司2024年6月30日年度合併基本報表相同的會計政策和應用方法。

 

這些合併基本報表包括本公司的全資子公司JAAG服裝,以及 100 其資產、負債和淨利潤或損失的百分比。所有板塊之間的帳戶和交易均已被消除。

 

雖然附隨的臨時基本報表所呈現的信息未經審計,但它包括所有的調整,這些調整在管理層看來是必要的,以公正地呈現所示臨時期間的財務狀況、經營結果和現金流量。所有調整均爲正常的經常性性質。截止2024年9月30日的期間的經營結果不一定能反映預計在截止2025年6月30日的年度結果。

 

功能貨幣和報告貨幣

 

公司的外國業務是使用實體運營的主要經濟環境的貨幣(「功能貨幣」)進行計量的。公司使用美元作爲其功能和展示貨幣。

 

注意 3. 持續經營

 

這些合併基本報表是根據適用於持續經營的公認會計原則編制的,該原則假設公司及其子公司將能夠履行義務並在下一個財政年度內繼續運營。實現價值可能與所示的賬面價值存在顯著差異,這些簡明合併中期基本報表未考慮如公司無法繼續作爲持續經營實體所需的對賬面價值和資產負債分類的調整。

 

截至2024年9月30日,公司擁有$11,127 現金,尚未償還的負債爲$43,366。管理層認爲,公司當前的現金狀況不足以覆蓋在未來十二個月內將產生的費用。該控件引發了對公司繼續作爲持續經營實體的能力的重大懷疑。管理層預計,公司在不久的將來將依賴額外的投資資本來資助營業費用。公司打算定位自己,以便能夠通過資本市場籌集額外的所有基金類型。

 

鑑於管理層的努力,無法保證公司在這項或任何其他事業中會取得成功,或實現財務可持續性並繼續作爲持續經營的企業。這些基本報表未包含任何與資產的恢復或分類以及可能必要的負債金額和分類相關的調整,這些調整可能是在公司無法繼續作爲持續經營的企業時所需的。

 

 
8

目錄

 

NOTE 4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

a. Use of Estimates and Assumptions

 

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

 

Due to the limited level of operations, the Company has not had to make material assumptions or estimates other than the assumption that the Company is a going concern.

 

b. Fair Value of Financial Instruments

 

ASC 825, “Disclosures about Fair Value of Financial Instruments”, requires disclosure of fair value information about financial instruments. ASC 820, “Fair Value Measurements” defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosures about fair value measurements. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of September 30, 2024.

 

Fair values were assumed to approximate carrying values of on-balance-sheet financial instruments since they are short term in nature. These financial instruments include cash and accounts payables.

 

c. Earnings per Share

 

ASC No. 260, “Earnings Per Share”, specifies the computation, presentation and disclosure requirements for earnings (loss) per share for entities with publicly held common stock. The Company has adopted the provisions of ASC No. 260.

 

Basic net loss per share amounts is computed by dividing the net loss by the weighted average number of common shares outstanding. Diluted earnings per share are the same as basic earnings per share due to the lack of dilutive items in the Company.

 

d. Cash and Equivalents

 

The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents.

 

e. Income Taxes

 

Income taxes are provided in accordance with ASC No. 740, Accounting for Income Taxes. A deferred tax asset or liability is recorded for all temporary differences between financial and tax reporting and net operating loss carry forwards. Deferred tax expense (benefit) results from the net change during the year of deferred tax assets and liabilities.

 

Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion of all of the deferred tax assets will be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.

 

f. Revenue Recognition

 

The Company recognizes revenues when its customers obtain control of promised goods or services, in an amount that reflects the consideration which it expects to receive in exchange for those goods. The Company recognizes revenues following the five-step model prescribed under ASU No. 2014-09: (i) identifies contract(s) with a customer; (ii) identifies the performance obligations in the contract; (iii) determines the transaction price; (iv) allocates the transaction price to the performance obligations in the contract; and (v) recognizes revenues when (or as) it satisfies the performance obligation.

 

Under ASC 606 guidelines, a performance obligation is a promise to transfer to the customer a good or service that is separately identifiable and has standalone value. In our case, the sale of uniform products satisfies both criteria and is considered a single performance obligation. This performance obligation is considered satisfied upon the delivery of the uniform products to the customer, as this is when the customer obtains control of the goods.

 

 
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To allocate the transaction price, we consider the standalone selling price of the uniform products themselves. We take into account various factors such as market conditions and competitive pricing when determining the standalone selling price. Once we have determined the standalone selling price, we allocate the transaction price to the uniform products, accordingly, as required by ASC 606-10-32-29 and 606-10-50-13. Revenues from product sales are recorded net of applicable discounts and allowances that are offered within contracts with the Company’s customers.

 

The Company expenses incremental costs of obtaining a contract as and when incurred if the expected amortization period of the asset that it would have recognized is one year or less or the amount is immaterial.

 

g. Cost of Sales

 

Amounts that will be recorded as cost of sales relate to direct expenses incurred in order to fulfill orders of our customers. Such costs are recorded and allocated as incurred. Our cost of sales will consist primarily of the cost of product and shipping expenses.

 

h. Fixed Assets

 

Fixed assets are stated at cost, net of accumulated depreciation and accumulated impairment losses, (if any). The Company utilizes straight-line depreciation over the estimated useful life of the asset.

 

Property – 40 years

Office Equipment – 5 years

 

i. Foreign Currency Translation and Balances

 

Transactions in foreign currencies are initially recorded by the Company at their respective functional currency rates prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rate of exchange at the reporting date. Exchange gains or losses arising from translation are recognized in the statement of operation.

 

Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates as at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value is determined.

 

j. Foreign operations

 

The assets and liabilities of foreign operations are translated to U.S. dollars at exchange rates at the reporting date. The income and expenses of foreign operations are translated into U.S. dollars at exchange rates at the dates of the transactions. Foreign currency differences are recognized in other comprehensive income in the accumulated other comprehensive income (loss).

 

Foreign exchange gains or losses arising from a monetary item receivable from or payable to a foreign operation, the settlement of which is neither planned nor likely to occur in the foreseeable future and which in substance is considered to form part of the net investment in the foreign operation, are recognized in other comprehensive income in the cumulative amount of foreign currency translation differences.

 

k. Segment Reporting

 

Operating segments are defined as components of an enterprise engaging in business activities for which separate financial information is available that is regularly evaluated by the Group’s chief operating decision makers (“CODM”). Based on the criteria established by ASC280 “Segment Reporting”, the Group’s CODM has been identified as the Chief Executive Officer, who reviews consolidated results of the Company when making decisions about allocating resources and assessing performance.

 

The Company’s CODM reviewed consolidated results including revenue and operating income at a consolidated level and concluded that there is only one operating and reportable segment in the Company.

 

The Company’s revenues are derived from within Hong Kong. Therefore, no geographical segments are presented.

 

l. Recently Issued Accounting Guidance

 

The Company has evaluated all the recent accounting pronouncements through the date the financial statements were issued and filed with the Securities and Exchange Commission and believe that none of them will have a material effect on the company’s financial statements.

 

 
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NOTE 5. RELATED PARTY TRANSACTIONS

 

During the three months ended September 30, 2024, the Company’s subsidiary, JAAG Uniform Limited incurred management fee of $1,923 or HK$15,000 (2023 - $1,923 or HK$15,000), pertaining to the services agreement entered on November 1, 2021, with the company’s President, Jeffrey Anthony Chau, whereby the company agreed to pay a management fee of HK$5,000 monthly to Mr. Chau.

 

During the three months ended September 30, 2024, the Company’s subsidiary, JAAG Uniform Limited incurred management fee of $1,923 or HK$15,000 (2023 - $1,923 or HK$15,000), pertaining to the consulting services agreement entered on November 1, 2021, with Bonaventure Trading House Ltd., whereby the company agreed to pay a fee of HK$5,000 monthly to Bonaventure Trading House Ltd. for performing various administrative functions for the company. The company’s President, Jeffrey Anthony Chau, is a director of Bonaventure Trading House Ltd.

 

During the quarter ended September 30, 2024, the Company received $18,782 in cash advances from stockholders. These advances are non-interest bearing and do not have a maturity date. The proceeds were used for day-to-day operations. As of September 30, 2024, the balance of $33,711 from cash advances is classified as due to related parties.

 

NOTE 6. SHARE CAPITAL

 

On January 25, 2022, the Company incorporated with seed capital of $78 (CAD$100) for 200,000 shares of common stock.

 

On May 27, 2022, the Company issued 7,500,000 shares of common stock to acquire 100% interest of JAAG Uniform as its wholly owned subsidiary (See Note 5).

 

On June 26, 2022, the Company closed a private placement and issued 2,508,000 shares of common stock for gross proceeds of $58,640.

 

On November 29, 2023, the Company closed a private placement and issued 1,000,000 shares of common stock for gross proceeds of $50,000.

 

As of September 30, 2024, the Company had 11,208,000 shares of common stock issued and outstanding.

 

NOTE 7. WARRANTS AND OPTIONS

 

There are no warrants or options outstanding to acquire any additional shares of common.

 

NOTE 8. INCOME TAXES

 

We use the asset and liability method of accounting for income taxes in accordance with ASC Topic 740, “Income Taxes.” Under this method, income tax expense is recognized for the amount of: (i) taxes payable or refundable for the current year and (ii) deferred tax consequences of temporary differences resulting from matters that have been recognized in an entity’s financial statements or tax returns. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those 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 the results of operations in the period that includes the enactment date. A valuation allowance is provided to reduce the deferred tax assets reported if based on the weight of the available positive and negative evidence, it is more likely than not some portion or all of the deferred tax assets will not be realized.

 

ASC Topic 740.10.30 clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC Topic 740.10.40 provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. We have no material uncertain tax positions for any of the reporting periods presented.

 

The Company operates in the United States and the Company’s subsidiary, JAAG Uniform, operates in Hong Kong, with statutory income tax rates of 21% and 16.5%, respectively. The Company incurred losses and JAAG Uniform incurred profit during the three months ended September 30, 2024.

 

 
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There was no income tax expense for the three months ended September 30, 2024 and 2023. The reconciliation and the tax effects of temporary differences that give rise to significant portions of the net deferred tax assets on September 30, 2024 and 2023 are as follows:

 

Period ended September 30, 2024

 

Amount

 

 

Rate

 

 

 

($)

 

 

(%)

 

US federal statutory rate on US operations

 

 

(1,943)

 

 

21.0

 

Effect of foreign operations

 

 

(3)

 

 

0.3

 

Valuation allowance for deferred tax assets

 

 

1,946

 

 

 

(21.3)

 

 

 

 

 

 

 

 

 

Total tax expenses at effective tax rate

 

 

-

 

 

 

-

 

 

Period ended September 30, 2023

 

Amount

 

 

Rate

 

 

 

($)

 

 

(%)

 

US federal statutory rate on US operations

 

 

(2,822)

 

 

21.0

 

Effect of foreign operations

 

 

105

 

 

 

(0.8)

Valuation allowance for deferred tax assets

 

 

2,717

 

 

 

(20.2)

 

 

 

 

 

 

 

 

 

Total tax expenses at effective tax rate

 

 

-

 

 

 

-

 

 

NOTE 9. SEGMENT INFORMATION

 

The Company’s source of revenue is from uniform products and all revenues are derived from Hong Kong region locally. Therefore, the Company has only one operating segment and one geographic segment.

 

Uniform products segment

 

Uniform Products

 

Three months ended

September 30,

 

 

Three months ended

September 30,

 

 

 

2024

 

 

2023

 

 

 

 

 

 

 

 

Segment revenue

 

$9,979

 

 

 

3,185

 

Segment loss

 

$(9,250)

 

 

(13,436)

 

NOTE 10. COMMITMENTS AND CONTINGENCIES

 

The Company has no commitments and contingencies liabilities to be disclosed.

 

NOTE 11. CONCENTRATIONS

 

During the quarter ended September 30, 2024, the Company sold its product to one customer. There were no uncollected balances from these customers.

 

During the quarter ended September 30, 2024, the Company purchased all its supplies from one major supplier and the amounts due to this company represent approximately 60% of the total accounts payable.

 

NOTE 12. LEGAL MATTERS

 

The Company has no known legal issues pending.

 

NOTE 13. SUBSEQUENT EVENT

 

In accordance with ASC 855-10 management has performed an evaluation of subsequent events from September 30, 2024, through the date the financial statements were issued and has determined that it does not have any material subsequent events to disclose in these financial statements.

 

 
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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

General Overview

 

We were incorporated on January 25, 2022, in the state of Nevada, USA. We acquired 100% interest of JAAG Uniform Limited of Hong Kong (“JAAG Uniform”) on May 27, 2022, as our wholly owned subsidiary. JAAG Uniform, which was incorporated on November 4, 2021, in Hong Kong, is a start-up uniform supplier, specializing in the design, supply, and distribution of a wide range of uniform garments and accessories. It works with clothing manufacturers in Hong Kong and China on the fabrication of its products.

 

Results of Operations

 

Three months ended September 30, 2024, compared to the three months ended September 30, 2023:

 

Revenues and Sale Expenses:

 

We generated $9,979 in revenues, $4,222 in gross profit and incurred $5,757 in cost of sales for the three months ended September 30, 2024 compared to $3,185 in revenues, $1,572 in gross profit and $1,613 in cost of sales for the three months ended September 30, 2023.

 

Other Operating and General and Administrative Expenses:

 

During the three months ended September 30, 2024, we incurred $13,295 in selling, general and administration expenses compared to $15,011 in selling, general and administration expenses for the three months ended September 30, 2023. General and administrative expenses primarily consist of legal, accounting, consulting and other professional services fees.

 

Net Loss:

 

Net loss was $9,250 for the three months ended September 30, 2024 compared to a net loss of $13,436 for the three months ended September 30, 2023.

 

Cash Used in Operating Activities

 

Net cash used in operating activities for the three months ended September 30, 2024 was $12,491 compared to net cash used in operating activities of $8,678 for the three months ended September 30, 2023.

 

Cash Provided by Financing Activities

 

Net cash provided by financing activities for the three months ended September 30, 2024, was $18,782 consisting of advance from related party compared to net cash provided by financing activities of $11,750 consisting of advance from related party for the three months ended September 30, 2023.

 

Total Assets:

 

The Company’s total assets were $11,127 as of September 30, 2024 and $4,836 as of June 30, 2024.

 

Total Liabilities:

 

The Company’s total liabilities were $43,366 as of September 30, 2024 compared to total liabilities of $27,825 as of June 30, 2024.

 

Stockholders’ Deficit:

 

The Company’s shareholders’ deficit was $32,239 as of September 30, 2024 compared to a shareholder’s deficit of $22,989 as of June 30, 2024.

 

 
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Liquidity and Capital Resources

 

As of September 30, 2024, we had $11,127 in current assets and total current liabilities of $43,366.

 

We had a working capital deficiency of $32,239 as of September 30, 2024 compared to a working capital deficiency of $22,989 as of June 30, 2024.

 

Capital Resources

 

We anticipate we will need $50,000 for operations for the next 12 months, which includes $15,000 for selling, general and administrative purposes; $20,000 for professional fees, including legal and audit fees; $5,000 for consulting fees; and $10,000 for working capital. Based on the foregoing, our cash on hand will not be adequate to satisfy our ongoing cash requirements.

 

Future Financings

 

We anticipate we will need additional financing to fund our business operations in the future and will primarily rely on equity sales of our common stock and loans from related parties. We presently do not have any arrangements or commitments for additional financing in place. There is no assurance that we will achieve additional financing by either the sale of our equity securities or by debt financing. In addition, the issuance of additional shares will result in dilution to our existing stockholders.

 

Off-Balance Sheet Arrangements

 

As of September 30, 2024, we did not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial conditions, changes in financial conditions, revenues or expenses, results of operations, liquidity capital expenditures, or capital resources that is material to investors.

 

Contractual Obligations and Commitments

 

As of September 30, 2024, we did not have any contractual obligations and commitments.

 

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK

 

As a “small reporting issuer”, the Company is not required to provide the information required by this Item.

 

ITEM 4. CONTROLS AND PROCEDURES

 

Evaluation of Disclosure Controls and Procedures

 

As required by Rule 13a-15 under the Exchange Act, our management evaluated the effectiveness of the design and operation of our disclosure controls and procedures as of September 30, 2024.

 

Our management, with the participation of our president (our principal executive officer, our principal accounting officer and our principal financial officer), evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of the end of the period covered by this report.

 

 
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Based on this evaluation, our management has concluded that, as of the end of such period, our disclosure controls and procedures were not effective to ensure that information that is required to be disclosed by us in the reports we file or submit under the Exchange Act is (i) recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms and (ii) accumulated and communicated to our management, including our president (our principal executive officer, our principal accounting officer and our principal financial officer), to allow timely decisions regarding required disclosure. The reason or these deficiencies are as follows:

 

 

1)

We have an inadequate number of personnel.

 

2)

We do not have sufficient segregation of duties within our accounting functions.

 

3)

We have insufficient written policies and procedure over our disclosures.

 

Evaluation of Internal Control over Financial Reporting

 

Management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act). Internal control over financial reporting is a process designed by, or under the supervision of, our president (our principal executive officer and our principal accounting officer and principal financial officer), to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements in accordance with GAAP. Internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of our company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and that receipts and expenditures of our company are being made only in accordance with authorizations of management and directors of our company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of our company’s assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not provide absolute assurance that a misstatement of our financial statements would be prevented or detected.

 

Further, the evaluation of the effectiveness of internal control over financial reporting was made as of a specific date, and continued effectiveness in future periods is subject to the risks that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

 

Management has conducted, with the participation of our president (our principal executive officer, our principal accounting officer and our principal financial officer), an evaluation of the effectiveness of our internal control over financial reporting as of September 30, 2024 in accordance with the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO") in Internal Control — Integrated Framework. Based on this assessment, management concluded that as of September 30, 2024, our company’s internal control over financial reporting was not effective based on present company activity. Our Company is in the process of adopting specific internal control mechanisms. Future controls, among other things, will include more checks and balances and communication strategies between the management and the board to ensure efficient and effective oversight over company activities as well as more stringent accounting policies to track and update our financial reporting.

 

Changes in Internal Controls over Financial Reporting

 

As of the end of the period covered by this report, there have been no changes in the internal controls over financial reporting, that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting subsequent to the date of management’s last evaluation.

 

 
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PART II. OTHER INFORMATION

 

ITEM 1. LEGAL PROCEEDINGS

 

To the best knowledge of the Company’s directors and officers, the Company is currently not a party to any material pending legal proceeding.

 

ITEM 1A: RISK FACTORS

 

As a “smaller reporting company”, we are not required to provide the information required by 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

 

The following exhibits are included with this quarterly filing:

 

Exhibit No.

 

Description

31.1

 

Sec. 302 Certification of Chief Executive Officer/Chief Financial Officer

32.1

 

Sec. 906 Certification of Chief Executive Officer/Chief Financial Officer

101

 

Interactive data files pursuant to Rule 405 of Regulation S-T

 

 
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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.

 

 

 

JAAG Enterprises Ltd.

Registrant

    

Date: November 8, 2024

By:

/s/ Jeffrey Chau

 

 

Jeffrey Chau

 
  

Chief Executive Officer and Chief Financial Officer

 
  

Principal Executive Officer,

Principal Financial Officer and Principal Accounting Officer

 

 

 
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