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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

 

  Page
PART I - FINANCIAL INFORMATION  
   
Item 1 Unaudited Financial Statements 3
Item 2 Management’s Discussion and Analysis of Financial Condition and Results of Operations 9
Item 3 Quantitative and Qualitative Disclosures About Market Risk 10
Item 4 Controls and Procedures 10
     
PART II - OTHER INFORMATION  
   
Item 1 Legal Proceedings 11
Item 1A Risk Factors 11
Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 11
Item 3 Defaults Upon Senior Securities 12
Item 4 Mine Safety Procedures 12
Item 5 Other Information 12
Item 6 Exhibits 12
     
  Signatures 13

 

 

 

 

 

 

 

 

 

 

 

 

 

 2 

 

 

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.

 

 

 

 3 

 

 

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.

 

 

 

 

 

 

 

 

 

 

 

 4 

 

 

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.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 5 

 

 

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

 

 

 

 

 6 

 

 

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.

 

 

 

 7 

 

 

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.

 

 

 

 

 

 

 

 

 

 

 

 

 8 

 

 

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.

 

 

 

 9 

 

 

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.

 

 

 

 10 

 

 

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.

 

 

 

 11 

 

 

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

 

Exhibit Number Description
31.1 Certification Required by Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended, as Adopted Pursuant to Section 302 of the Sarbanes- Oxley Act of 2002
   
31.2 Certification Required by Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
   
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

  

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).

 

 

 

 

 12 

 

 

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)

 

 

 

 

 

 

 

 

 

 

 

 

 13 

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)

 

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Unaudited Balance Sheets - USD ($)
Mar. 31, 2024
Dec. 31, 2023
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Total current assets 0 0
Property and equipment, net 0 0
TOTAL ASSETS 0 0
Current liabilities    
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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
v3.24.1.1.u2
Unaudited Balance Sheets (Parenthetical) - $ / shares
Mar. 31, 2024
Dec. 31, 2023
Statement of Financial Position [Abstract]    
Common Stock, Par or Stated Value Per Share $ 0 $ 0
Common Stock, Shares Authorized 250,000,000 250,000,000
Common Stock, Shares, Issued 888,579 888,579
Common Stock, Shares, Outstanding 888,579 888,579
v3.24.1.1.u2
Unaudited Statements of Operations - USD ($)
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Income Statement [Abstract]    
REVENUE $ 0 $ 0
COST OF REVENUE 0 0
GROSS PROFIT (LOSS) 0 0
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)
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  
v3.24.1.1.u2
Unaudited Statements of Cash Flows - USD ($)
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES    
Net (loss) $ (917) $ (2,087)
Change in operating assets and liabilities    
Accounts payable 300 200
Advances from officer 617 1,887
Net cash used in operating activities 0 0
CASH FLOWS FROM INVESTING ACTIVITIES 0 0
CASH FLOWS FROM FINANCING ACTIVITIES 0 0
CHANGES IN CASH 0 0
CASH AND CASH EQUIVALENT, beginning of period 0 0
CASH AND CASH EQUIVALENT, end of period 0 0
SUPPLEMENTAL CASH FLOW INFORMATION:    
Cash paid for income tax 0 0
Cash paid for interest $ 0 $ 0
v3.24.1.1.u2
Pay vs Performance Disclosure - USD ($)
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Pay vs Performance Disclosure [Table]    
Net Income (Loss) $ (917) $ (2,087)
v3.24.1.1.u2
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2024
Trading Arrangements, by Individual [Table]  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
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

 
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.

 
v3.24.1.1.u2
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.

 
ConectiSys (PK) (USOTC:CONC)
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