UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON,Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒QUARTERLY REPORT PURSUANT TOUNDER SECTION 13 OR 15(D)15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.1934

For the Quarterly Period Ended December 31, 2016quarterly period ended September 30, 2021

or

☐TRANSITION REPORT PURSUANT TOUNDER SECTION 13 OR 15(D)15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______ to ______

Commission File Number: 333-199040Number 000-55849

LEGACY VENTURES INTERNATIONAL, INC.INC

(Exact name of registrant as specified in its charter)

2215-B Renaissance Drive

Las Vegas, Nevada 89119

(Address of principal executive offices)(Zip Code)

1-800-918-3362

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d)15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter periodsperiod 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 and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company filer.or, an emerging growth company. See definitionthe definitions of “large accelerated filer,” “accelerated filer” and, “smaller reporting company”, and “emerging growth company”, in ruleRule 12b-2 of the Exchange Act.

(Do

If an emerging growth company, indicate by check mark if the registrant has elected not check if a smaller reporting company)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 February 8, 2017, the registrant had 65,064November 15, 2021, there were 315,064 outstanding shares of itsthe registrant’s common stock, issued and outstanding.$0.0001 par value per share

LEGACY VENTURES INTERNATIONAL INC.

QUARTERLY REPORT ON FORM 10-Q

December 31, 2016

TABLE OF CONTENTS

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements.

The following unaudited interim consolidated financial statements of Legacy Ventures International Inc. (referred to herein as the "Company," "we," "us" or "our") are included in this quarterly report on Form 10-Q:

Interim Condensed Financial Statements (Unaudited)

LEGACY VENTURES INTERNATIONAL INC.

For the Period Ended December 31, 2016

LEGACY VENTURES INTERNATIONAL INC.PART I

For the Period Ended December 31, 2016

FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS REQUIRED BY FORM 10-Q

The Interim Condensed Financial Statements (Unaudited)of the Company are prepared as of September 30, 2021

LEGACY VENTURES INTERNATIONAL, INC.

INTERIM CONDENSED BALANCE SHEETS (Unaudited)

(unaudited)

Going concern(Note 2)Express in United States Dollars (“US dollars”), except for number of shares)

Subsequent events(Note 13)

See accompanying notes to the unaudited interim condensed financial statements

LEGACY VENTURES INTERNATIONAL, INC.

INTERIM CONDENSED STATEMENTS OF OPERATIONS ANDCOMPREHENSIVE LOSS (Unaudited)INCOME (LOSS)

(unaudited)

(Express in United States Dollars (“US dollars”), except for number of shares)

See accompanying notes to the unaudited interim condensed financial statements

LEGACY VENTURES INTERNATIONAL, INC.

INTERIM CONDENSED STATEMENTS OF CASH FLOWS (Unaudited)STOCKHOLDERS’ DEFICIENCY

(unaudited)

(Express in United States Dollars (“US dollars”), except for number of shares)

See accompanying notes to the unaudited interim condensed financial statements

LEGACY VENTURES INTERNATIONAL, INC.

NotesINTERIM CONDENSED STATEMENTS OF CASH FLOWS

(unaudited)

(Express in United States Dollars (“US dollars”), except for number of shares)

See accompanying notes to the Interim Condensed Financial Statements (Unaudited)unaudited interim condensed financial statements

As at December 31, 2016

1.   NATURE

LEGACY VENTURES INTERNATIONAL, INC.

NOTES TO THE UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS

(unaudited)

(Express in United States Dollars (“US dollars”), except for number of shares)

NOTE 1 - ORGANIZATION AND DESCRIPTION OF OPERATIONSBUSINESS

Legacy Ventures International, Inc. (the(“Legacy” or the “Company”) is a Management Company, was incorporated on March 4, 2014 whose principal place of business is located at 2215-B Renaissance Drive, Las Vegas, Nevada, 89119 USA. Upon its acquisition of RM Fresh Brands Inc. [“RM Fresh”], it was engaged in the food and beverage distribution. 

On September 30, 2015, the Company entered into a Share Exchange Agreement (the “Agreement”) with and among RM Fresh and its stockholders. Pursuant to the Agreement, the Company acquired 100% of the issued and outstanding shares of RM Fresh in exchange for the issuance of 2,000,000 of the Company’s common stock. As a result of this transaction, RM Fresh became a wholly owned subsidiary of the Company and the former stockholders of RM Fresh owned approximately 7% of the Company’s common stock. RM Fresh was incorporated on July 29, 2008 under the laws of the ProvinceState of Ontario, CanadaNevada. The Company currently has no ongoing operations except for the incurring of general and is engaged in the business of trading and distribution of food, beverages and body care products.administrative expenditures.

On August 31, 2016,9, 2018, the former holder of 91% of the outstanding shares of common stock of the Company, entered into a groupapproved the appointment of transactions related to RM Fresh. In order to fundPeter Sohn as the ongoing operationChief Executive Officer and further developmentChief Financial Officer and Director of RM Fresh,the Company. Effective December 17, 2018, and Mr. Sohn accepted the appointments as Chief Executive Officer and Chief Financial Officer and Director of the Company.

On December 17, 2018, the former of 91% of the outstanding shares of common stock of the Company consenteddelivered to new third party investments into RM FreshPeter Sohn an agreement for the acquisition by Mr. Sohn of the Shares from Mr. Letcavage, which agreement was dated August 9, 2018, but was delivered and deemed effective on December 17, 2018 (the “Agreement”). As a result, Mr. Sohn was able to unilaterally control the election of our Board of Directors, all matters upon which shareholder approval was required and, ultimately, the direction of the Company.

COVID-19

The outbreak of the novel strain of coronavirus, specifically identified as “COVID-19”, has resulted in governments worldwide enacting emergency measures to combat the approximate total amountspread of $175,000, madethe virus. These measures, which include the implementation of travel bans, self-imposed quarantine periods and social distancing, have caused material disruption to businesses globally resulting in an economic slowdown. Global equity markets have experienced significant volatility and weakness. Governments and central banks have reacted with significant monetary and fiscal interventions designed to stabilize economic conditions. The duration and impact of the formCOVID-19 outbreak is unknown at this time, as is the efficacy of cashthe government and retirementcentral bank interventions. It is not possible to reliably estimate the length and severity of indebtedness owed to it. Asthese developments and the impact on the financial results and conditions of the Company in future periods. To date the Company has not experienced any impacts as a result of these new investments, theCOVID-19.

NOTE 2 – GOING CONCERN AND BASIS OF PRESENTATION

The Company’s ownership percentage of RM Fresh has been reduced to twenty percent (20%). In addition, the Company entered into a new Shareholder Agreement with RM Fresh, under which the Company’s shares in RM Fresh are subject to certain restrictions on transfer until such time as the Company declares a stockholder dividend of its RM Fresh shares following a going public transaction by RM Fresh, or in the alternative, for one (1) year after RM Fresh completes a going public transaction.

2.   GOING CONCERN

The Company’sunaudited interim condensed financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. DuringAs of September 30, 2021, the current period, the Company has incurred recurring losses from operations and as at December 31, 2016 has a working capital deficiency of $53,516$95,154, and an accumulated deficit of $4,178,320. Further, as explained in Note 1, on August 31, 2016, the Company’s ownership percentage of RM Fresh has been reduced to 20%$6,489,957. The Company’s continued existence is dependent upon its ability to continue to execute its operating plan and to obtain additional debt or equity financing. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. There can be no assurance that the necessary debt or equity financing will be available, or will be available on terms acceptable to the Company, in which case the Company may be unable to meet its obligations. Should the Company be unable to realize its assets and discharge its liabilities in the normal course of business, the net realizable value of its assets may be materially less than the amounts recorded in the unaudited interim condensed financial statements. The unaudited interim condensed financial statements do not include any adjustments relating to the recoverability of recorded asset amounts that might be necessary should the Company be unable to continue in existence.

LEGACY VENTURES INTERNATIONAL INC.

Notes to the Interim Condensed Financial Statements (Unaudited)

As at December 31, 2016

3.   SUMMARY OF NOTE 3 – SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS

Basis of PresentationSIGNIFICANT ACCOUNTING POLICIES

The Company’s significant accounting policies have not changed from the year ended June 30, 2021.

The accompanying unaudited condensed interim financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10–Q and Rule 10 of Regulation S–X. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States of America (“US GAAP”) for interim financial information andAmerica. However, in the rules and regulationsopinion of the SECmanagement of the Company, all adjustments necessary for a fair presentation of the financial position and are expressedoperating results have been included in US dollars. Accordingly, thethese unaudited condensed interim financial statements do not include all information and footnotes required by US GAAP for complete annual financial statements. The unaudited condensed interim financial statements reflect all adjustments, consisting of only normal recurring adjustments, considered necessary for a fair presentation. Interim operating results are not necessarily indicative of results that may be expected for the year ending June 30, 2017 or for any other interim period. TheThese unaudited condensed interim financial statements should be read in conjunction with the audited consolidated financial statements of the Company and the notes thereto as of andincluded in the Company’s Annual Report on Form 10–K for the fiscal year ended June 30, 2016.

The condensed financial statements2021, as filed with the SEC on September 28, 2021. Operating results for the three months ended September 30, 2021, are not necessarily indicative of the Company as at, December 31, 2016, do not include the assets and liabilities of RM Fresh, which is no longer a wholly-owned subsidiary effective August 31, 2016, as described in Note 4. The comparative financial statements included the results of operations and financial position of the wholly owned subsidiary RM Fresh.

Use of Estimates

The preparation of the unaudited condensed interim financial statements in conformity with US GAAP 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 unaudited condensed financial statements and the reported amounts of revenues and expenses during the reporting periods. Estimates may include those pertaining to accruals. Actual results could materially differ from those estimates.

Recently Issued Accounting Standards

The Company evaluated all recent accounting pronouncements issued and determined that the adoption of these pronouncements would not have a material effect on the financial position, results of operationsbe expected for any subsequent quarter or cash flows of the Company.

4.   LOSS OF CONTROL IN SUBSIDIARY COMPANY

On September 30, 2015, the Company entered into a Share Exchange Agreement with and among RM Fresh and its shareholders, pursuant to which, the Company acquired 100% of the issued and outstanding shares of RM Fresh in exchange for the issuance of 2,000,000 shares of the Company’s common stock. As a result of this transaction, RM Fresh became a wholly owned subsidiary of the Company and the former shareholders of RM Fresh owned approximately 7% of the Company’s shares of common stock.year ending June 30, 2022.

LEGACY VENTURES INTERNATIONAL, INC.

NotesNOTES TO THE UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS

(Expressed in US dollars)

(Unaudited)

NOTE 4 – SECURED PROMISSORY AND CONVERTIBLE NOTES

Secured Promissory Note

On December 2, 2018, the Company issued a Secured Promissory Note (“Secured Note”) to an accredited investor. The Secured Note has an aggregate principal amount of $50,000, and is payable on December 2, 2019 (the “Maturity Date”), and bears an interest rate of 4% per annum and a default interest rate of 18% per annum. The amount owing under the Interim Condensed Financial Statements (Unaudited)Secured Note is secured by the assets of the Company. The Secured Note may be converted into shares of common stock of the Company, the terms of which are to be negotiated between the Company and the note holder. Interest expense for the three months ended September 30, 2021 and 2020 was $2,391 and $2,391, respectively.

As at December 31, 2016

On September 6, 2019, the Company issued a Secured Promissory Note (“Secured Note”) to an accredited investor. The Secured Note has an aggregate principal amount of $50,000, and is payable on September 6, 2020 (the “Maturity Date”), and bears an interest rate of 4% per annum and a default interest rate of 18% per annum. The amount owing under the Secured Note is secured by the assets of the Company. The note may be converted into shares of common stock of the Company, the terms of which are to be negotiated between the Company and the note holder. Interest expense for the three months ended September 30, 2021 and 2020, was $2,391 and $1,039, respectively.

4.   LOSS OF CONTROL IN SUBSIDIARY COMPANY(continued)

On October 1, 2020, the Company issued a Secured Promissory Note (“Secured Note”) to an accredited investor. The Secured Note has an aggregate principal amount of $65,000, and is payable on October 1, 2021, (the “Maturity Date”), and bears an interest rate of 4% per annum and a default interest rate of 18%. The amount owing under the Secured Note is secured by the assets of the Company. The note may be converted into shares of common stock of the Company, the terms of which are to be negotiated between the Company and the note holder. Interest expense for the three months ended September 30, 2021 and 2020, was $655 and $0, respectively.

Subsequently, On August 31, 2016,13, 2021, the Company issued a Secured Promissory Note (“Secured Note”) to an accredited investor. The Secured Note has an aggregate principal amount of $40,000, and is payable on August 13, 2022, (the “Maturity Date”), and bears an interest rate of 4% per annum and a default interest rate of 18% per annum. The amount owing under the Secured Note is secured by the assets of the Company. The note may be converted, the terms of which are to be negotiated between the Company and the note holder. Interest expense for the three months ended September 30, 2021 and 2020, was $470 and $nil, respectively.

As of September 30, 2021, each note holder has agreed to entered into a groupcancellation and release agreement to provide conclusive evidence of transactions relatedthe cancellation, settlement and full and final mutual release with respect to RM Fresh. In order to fundall and any rights, obligations and disputes among the ongoingParties arising under the Secured Note. There is no outstanding interest payable nor outstanding secured promissory note. The cancellation of secured promissory notes and the cancellation of interest payable were recorded as a gain on the statement of operation and further developmentcomprehensive income (loss). The principal amount of RM Fresh,$205,000, plus accumulated interest of $33,941, were forgiven.

Unsecured Convertible Promissory Notes

On June 28, 2017 the Company consentedissued $20,000 of unsecured convertible promissory notes (“Convertible Notes”). The notes were assigned to new third party investments5 different arm’s length parties, each holding $4,000. The Convertible Notes matured on June 27, 2018, and bear interest at a rate of 8% per annum, and 12% for amounts owing past the default date. The Convertible Notes are convertible into RM Fresh in the approximate total amount of $175,000, made in the form of cash and retirement of indebtedness owed by RM Fresh, reducing the Company’s ownership percentage of RM Fresh to twenty percent (20%) and is thus accounted for as an available for sale investment. As a result, the condensed financial statementsCommon Stock of the Company as at December 31, 2016, do not includea fixed conversion rate of $0.75 per share at any time prior to the assetsmaturity date. The Company evaluated the terms and liabilities of RM Fresh, which is no longer a wholly-owned subsidiary effective August 31, 2016, while the balance sheet as at June 30, 2016 is consolidated and contains the assets, liabilities and results of operations of RM Fresh. The condensed statement of operationsconditions of the Convertible Notes under the guidance of ASC 815, Derivatives and Hedging. The conversion feature met the definition of conventional convertible for purposes of applying the conventional convertible exemption. The definition of conventional contemplates a limitation on the number of shares issuable under the arrangement. The instrument was convertible into a fixed number of shares and there were no down round protection features contained in the contracts. The Company includeswas required to consider whether the resultshybrid contracts embodied a beneficial conversion feature (“BCF”). The calculation of the operations of RM Fresh up to August 31, 2016, which iseffective conversion amount resulted in a BCF because the effective date of change in control, due to loss of control in RM Fresh and consequent de-consolidation. The fair value of the assetsconversion was greater than the Company’s stock price on the date of issuance and liabilities as at August 31, 2016a BCF was recorded in the amount of $20,000 and accordingly the amount of $20,000 was credited to Additional Paid in Capital. The BCF which represents debt discount is accreted over the life of the loan using the effective interest rate. Interest expense for the three months ended September 30, 2021 and 2020 was $248 and $238, respectively.

As of September 30, 2021, each note holder has agreed to entered into a cancellation and release agreement to provide conclusive evidence of the cancellation, settlement and full and final mutual release with respect to all and any rights, obligations and disputes among the Parties arising under the Secured Note. Three is no outstanding interest payable nor outstanding secured promissory note. The cancellation of convertible promissory notes and the carrying valuecancellation of the investments, which resulted in the Company recordinginterest payable were recorded as a gain of $84,021 inon the statement of operations, is as follows:operation and comprehensive income (loss). The principal amount of $20,000, plus accumulated interest of $11,840, were forgiven.

Management has concluded that the entire available for sale investment in RM Fresh is impaired and hence the investment is written off.

5.   ACCOUNTS AND OTHER RECEIVABLES

Accounts and other receivables as at December 31, 2016 are nil. Accounts and other receivables as at June 30, 2016 represent trade accounts receivable of $130,343, net of allowance of $48,943, and other receivable of $134,537. Other receivable relates to a distributor listing fee recoverable from a supplier under an arrangement with the RM Fresh. All these balances related to RM Fresh.

6.   ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

Accounts payable and accrued liabilities as at December 31, 2016 include accrued liabilities amounting to $16,993 ($20,574 as at June 30, 2016).

LEGACY VENTURES INTERNATIONAL, INC.

NOTES TO THE UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS

Notes(Expressed in US dollars)

(Unaudited)

NOTE 5 – RELATED PARTY ADVANCES AND BALANCES, AND ADVANCES FROM THIRD PARTIES

The Company was previously advanced funds by a third party, the funds were used to pay certain professional fees including auditors, and accountants. The Company has agreed with the third party with respect to settlement of the amount advanced. As of September 30, 2021, there is no outstanding amount owe to third party.

For the three months ended September 30, 2021, there were 0 related party transactions.

For the three months ended September 30, 2020, $3,000 was paid to the Interim Condensed Financial Statements (Unaudited)Company’s sole Director and Officer, the amount expensed is in Professional fees in the interim unaudited condensed statements of operations and comprehensive income (loss). There were 0 other related party transactions.

As at December 31, 2016

NOTE 6 - BASIC AND DILUTED NET INCOME (LOSS) PER SHARE

7.   DUE TO STOCKHOLDER

Amount dueThe Company follows ASC Topic 260 to stockholder is unsecured, interest free and is repayable on demand.

8.   NOTES PAYABLE

Outstanding note payableaccount for the income (loss) per share. Basic income (loss) per common share (“EPS”) calculations are determined by dividing net income (loss) by the weighted average number of $51,794 on June 30, 2016 represents unsecured promissory notes amounting to $26,000 and $25,794 issued on April 1, 2015 and March 4, 2016, respectively bearing interest at 20% and 12% per annum, respectively, repayable within a year from issuance date. Interest accrued on these notesshares of common stock outstanding during the yearyear. Diluted income (loss) per common share calculations are determined by dividing net loss by the weighted average number of common shares and dilutive common share equivalents (if dilutive) outstanding. All dilutive common share equivalents were anti-dilutive for the three months ended JuneSeptember 30, 2016 amounted to $6,218. These notes are no longer reported in the balance sheet as they pertained to RM Fresh, as explained in Note 4.2021 and 2020.

Further, on August 21, 2015NOTE 7 - COMMON AND PREFERRED STOCK TRANSACTIONS

As of September 30, 2021, the Company issued $180,000 convertible notes payable bearing interest at 10% p.a. repayable on February 21, 2017. The principal amount and accrued interest were convertible into common stock of the Company at the option of the holder at any time from the date of issuance at $1. The Company concluded that there is no beneficial conversion feature determined in accordance with the guidance provided in ASC 470. Accordingly, these notes were recognized as liability at the time of issuance. On September 30, 2015, all the Holders exercised their right to convert the outstanding principal amount of these notes, into the Company’s common stock at a price of $1.00 per stock (Note 9).

9.   STOCKHOLDERS’ DEFICIENCY

COMMON STOCK - AUTHORIZED

As at December 31, 2016, the Companywas authorized to issue 10,000,000 of preferred stock, with a par value of $0.0001$0.0001 and 100,000,000 shares of common stock, with a par value of $0.0001.$0.0001.

COMMON STOCK - ISSUED AND OUTSTANDINGThere were no common stock transactions in the three months ended September 30, 2021 and 2020.

OnAs of September 9, 2015, the Board of Directors30, 2021, and stockholders ofJune 30, 2021, the Company approved a Certificate of Amendment to its Articles of Incorporation to increase the par value of Company’shad 315,064 common stock and preferred stock from no par value to $0.0001 per stock and approved a 1:7 forward split upon the increase of the par value. As a result, the issued and outstanding common stockoutstanding.

NOTE 8 - SUBSEQUENT EVENTS

In accordance with ASC Topic 855, “Subsequent Events”, which establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued, the Company increased from 7,400,000 (7,400 post reverse split, as explained below) shares prior to the Forward Split to 51,800,000 (51,800 post reverse split) shares following the Forward Split. Prior year numbers have been adjusted from the earliest period presented, to reflect the effect of the forward split.

Onhas evaluated all events or transactions that occurred after September 30, 20152021 up through the date the Company issued 2,000,000 (2,000 post reverse split) shares of common stock to the former stockholders of RM Fresh pursuant to Share Exchange Agreement. Further, the Principal stockholder of the Company agreed to cancel 25,800,000 (25,800 post reverse split) shares of common stock in accordance with the Cancellation Agreement.interim condensed financial statements.

As explained in Note 8, on September 30, 2015 the holders of convertible notes payable exercised their option to convert the notes payable including interest into shares at a price of $1 per stock with the resultant issuance of 180,000 (180 post reverse split) shares.

LEGACY VENTURES INTERNATIONAL INC.

Notes to the Interim Condensed Financial Statements (Unaudited)

As at December 31, 2016

9.   STOCKHOLDERS’ EQUITY (DEFICIENCY)(continued)

COMMON STOCK - ISSUED AND OUTSTANDING (continued)

During October and December 2015, the Company issued 92,000 (92 post reverse split) shares of common stock to three investors at a price of $1.25 per common stock and received gross proceeds of $115,000.

On October 1, 2015, the Company issued 250,000 (250 post reverse split) shares of common stock to a director in connection with joining the board of directors. These shares were fair valued at $337,500, determined based on the market price on the date of issuance, and recorded as expense under professional fees in the statement of operations.

During October and December 2015, the Company issued 335,000 (335 post reverse split) shares of common stock to various third parties in connection with providing consulting services. These shares were fair valued at $452,350, and expensed during the year ended June 30, 2016. 

During February 2016, the Company issued 70,000 (70 post reverse split) shares of common stock to one investor at a cash price of $0.50 per common stock and received gross proceeds of $35,000.

On January 8, 2016 and March 31, 2016, the Company issued 250,000 (250 post reverse split) shares of common stock each to two directors in connection with joining the board of directors. These shares were fair valued at $290,000 and $22,500 respectively, determined based on the market price on the date of issuance, and expensed during the year ended June 30, 2016.

On January 26, 2016, the Company issued 100,000 (100 post reverse split) shares of common stock to third parties in connection with providing consulting services. These shares were fair valued at $89,000, determined based on the market price on the date of issuance, and expensed during the year ended June 30, 2016.

On October 28, 2016, the Company issued 35,537,000 (35,537 post reverse split) shares of common stock to the CEO, as consideration for management services. These shares were fair valued at $355,370, determined based on the market price on the date of issuance, and recorded in the statement of operations as management fees during the quarter ended June 30, 2016.

On November 16, 2016, the Board of Directors and stockholders of the Company approved a 1:1000 reverse split. As a result, the issued and outstanding common stock of the Company decreased from 65,064,000 shares prior to the reverse split to 65,064 shares following the reverse split. Prior year numbers have been adjusted from the earliest period presented, to reflect the effect of the reverse split.

LEGACY VENTURES INTERNATIONAL INC.

Notes to the Interim Condensed Financial Statements (Unaudited)

As at December 31, 2016

9.   STOCKHOLDERS’ EQUITY (DEFICIENCY)(continued)

COMMON STOCK - ISSUED AND OUTSTANDING (continued)

At December 31, 2016, there were 65,064 shares of common stock issued and outstanding of which 50,247 shares are restricted while 14,817 shares are unrestricted (June 30, 2016 – 29,527 shares of common stock - 15,247 shares restricted and 14,280 shares unrestricted).

The restricted shares have been issued to various parties through private placements, as start-up capital or as consideration for professional services. These restricted shares will be available for sale under Rule 144 of the Securities Act of 1933, as amended, when the conditions of Rule 144 have been met.

10.   GOODWILL AND INTANGIBLE ASSETS

Business Acquisition

ASC Topic 805, “Business Combinations” requires that all business combinations be accounted for using the acquisition method and that certain identifiable intangible assets acquired in a business combination be recognized as assets apart from goodwill. ASC Topic 350, “Intangibles-Goodwill and Other” (“ASC 350”) requires goodwill and other identifiable intangible assets with indefinite useful lives not be amortized, such as trade names, but instead tested at least annually for impairment (which the Company tests each year end, absent any impairment indicators) and be written down if impaired. ASC 350 requires that goodwill be allocated to its respective reporting unit and that identifiable intangible assets with finite lives be amortized over their useful lives.

As detailed in Note 4, the Company acquired control in RM Fresh, giving rise to goodwill and intangible assets.

Goodwill

The Company tests for impairment of goodwill at the reporting unit level. In assessing whether goodwill is impaired, the Company utilizes the two-step process as prescribed by ASC 350. The first step of this test compares the fair value of the reporting unit, determined based upon discounted estimated future cash flows, to the carrying amount, including goodwill. If the fair value exceeds the carrying amount, no further work is required and no impairment loss is recognized. If the carrying amount of the reporting unit exceeds the fair value, the goodwill of the reporting unit is potentially impaired and step two of the goodwill impairment test would need to be performed to measure the amount of an impairment loss, if any. In the second step, the impairment is computed by comparing the implied fair value of the reporting unit’s goodwill with the carrying amount of the goodwill. If the carrying amount of the reporting unit’s goodwill is greater than the implied fair value of its goodwill, an impairment loss in the amount of the excess is recognized and charged to statement of operations.

Goodwill amounting to $1,394,135 was immediately impaired based on the implied fair value of goodwill determined based on the enterprise value of the acquiree.

Intangible assets

Amortization expense of $23,450 on these intangible assets were recorded for the six months ended December 31, 2015.

11.   FORGIVENESS OF LOAN

Loan amounting to $17,974 provided by a related party to RM Fresh before acquisition to meet the working capital requirements and was unsecured, interest free and was repayable on demand. During six months ended December 31, 2015 the related party agreed to forgive the loan in favor of the Company

12.   RELATED PARTY TRANSACTIONS AND BALANCES

The Company’s transactions with related parties were, in the opinion of the management, carried out on normal commercial terms and in the ordinary course of the Company’s business.

Other than disclosed elsewhere in the condensed financial statements, the other related party transactions are:

Shares of common stock issued to the CEO, as consideration for management services. These shares were fair valued at $355,370, determined based on the market price on the date of issuance as explained in Note 9.

Management fees of $13,824 charged by entities owned by the stockholders of the Company for providing warehousing and other logistic services up to August 31, 2016, the date of disposal of RM Fresh (quarter ended September 30, 2015: $nil). These were recorded at fair value. Amounts owed to entities owned by the stockholders in respect of these services as at December 31, 2016 was $nil due to de-consolidation of RM Fresh ($60,145 as at June 30, 2016).

13.   SUBSEQUENT EVENTS

The Company’s management has evaluated subsequent events up to February 8, 2017, the date the condensed financial statements were issued, pursuant to the requirements of ASC Topic 855 and has determined that there is no significant subsequent event to report.

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

The information set forth in this Management's Discussion and Analysis of Financial Condition and Results of  Operations (“MD&A”)Forward-Looking Statements

This report contains certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, including, among others (i) expected changes in our revenue and profitability, (ii) prospective business opportunities and (iii) our strategy for financing our business. Forward-looking statements are statements other than historical information or statements of current condition. Some forward-looking statements may be identified bythat involve risks and uncertainties. We use of termswords such as “believes”, “anticipates”, “intends” or “expects”. Theseanticipate, believe, plan, expect, future, intend and similar expressions to identify such forward-looking statements relate to our plans, liquidity, ability to complete financing and purchase capital expenditures, growth of our business including entering into future agreements with companies, and plans to successfully develop and obtain approval to market our product. We have basedstatements. You should not place too much reliance on these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs.

Although we believe that our expectations with respect to the forward-looking statements are based upon reasonable assumptions within the bounds of our knowledge of our business and operations, in light of the risks and uncertainties inherent in all future projections, the inclusion of forward-looking statements in this Quarterly Report should not be regarded as a representation by us or any other person that our objectives or plans will be achieved.

We assume no obligation to update these forward-looking statements to reflectstatements. The Company’s actual results or changes in factors or assumptions affecting forward-looking statements.

Our revenues and results of operations couldare likely to differ materially from those projectedanticipated in thethese forward-looking statements as a resultfor many reasons.

Plan of numerous factors, including, but not limited to,Operation

Legacy Ventures International, Inc. (“Legacy” or the following: the risk of significant natural disaster, the inability of our company to insure against certain risks, inflationary and deflationary conditions and cycles, currency exchange rates, and changing government regulations domestically and internationally affecting our products and businesses.

You should read the following discussion and analysis in conjunction with the Financial Statements and Notes attached hereto, and the other financial data appearing elsewhere in this Quarterly Report.

US Dollars are denoted herein by “USD”“Company”), "$" and "dollars".

Overview

We werewas incorporated on March 4, 2014 under the laws of the State of Nevada. Since

Liquidity and Capital Resources

As of September 15, 2015, we have operated30, 2021, the Company’s primary source of liquidity consisted of $0 (June 30, 2021 - $22,780) in cash. The Company financed its operations through a wholly-owned subsidiary RM Fresh Brands Inc.combination of advances from third parties and the issuance of secured promissory notes and convertible promissory notes.

On August 13, 2021, the Company issued a Secured Promissory Note (“RM Fresh”Secured Note”), who services food and beverage retailers and distributors who are looking for innovative, trend-setting products across North America and in international markets. With a focus on sustainable, category changing consumables, RM Fresh acquired the rights to distribute an extensive portfolio of highly desirable brands, including Boxed Water, Cleansify, Uncle Si’s Iced Tea, Chef 5-Minute Meals, Gurkha Cigars, Shimla Foods, Aloe Gloe and Arriba Horchata. Through a network of sub-distribution partners across Canada, RM Fresh provides national product distribution and brokerage services. RM Freshaccredited investor. The Secured Note has an emerging focus on the United States and Middle East through the establishment of sub-distribution partners.

On August 31, 2016, in order to fund the ongoing operation and further development of RM, we consented to new third party investments into RM in the approximate totalaggregate principal amount of $175,000, made in$40,000, and is payable on August 13, 2022, (the “Maturity Date”), and bears an interest rate of 4% per annum and a default interest rate of 18% per annum. The amount owing under the form of cash and retirement of indebtedness owedSecured Note is secured by RM. As result of these new investments into RM, our ownership percentagethe assets of the company has been reducedCompany. The note may be converted, the terms of which are to twenty percent (20%). In addition, we entered into a new Shareholder Agreement with RM, under which our shares in RM are subject to certain restrictions on transfer until such time as we declare a shareholder dividend of our RM shares following a going public transaction by RM, or inbe negotiated between the alternative, for one (1) year after RM completes a going public transaction. Further, we disposed of an inter-company liability owed to us by RM in the amount of CDN$166,961.70. The liability was documented under a Demand Promissory Note issued to us by RM. We then assignedCompany and the note to an investorholder.

The Company has sustained net losses which have resulted in RMa total stockholders’ deficiency at September 30, 2021, and is currently experiencing a shortfall in exchange for $3,000. Finally, we entered into a mutual Release agreement with RM. Underoperating capital which raises substantial doubt about the Release, we released and discharged all liabilities owed to us by RM (with the exception of the Demand Promissory Note). RM in turn released us of all liabilities owing to RM and released us all ongoing contractual and financial responsibilities to RM, including our contractual obligation to further fund management fees or other expenses to be incurred by RM.

Going forward, we are continuing a 20% ownership stake in RM. Our management is also reviewing additional opportunities for new business.

On November 16, 2016, the Company amended its Articles of Incorporation with the State of Nevada in order to effectuate a 1 for 1000 reverse stock split and to keep the authorized shares of common stock at 100,000,000 (the “Amendment”). The board of directors of the Company approved the Amendment on November 15, 2016. The shareholders of the Company approved of the Amendment by written consent on November 15, 2016.

Results of Operations – Three Months Ended December 31, 2016 and December 31, 2015

For the three months ended December 31, 2016, the Company generated no revenue. For the three months ended December 31, 2015, the Company generated $37,418 in revenue, which pertained to the previously wholly owned subsidiary company RM Fresh. The Company's financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The financial statements do not include any adjustment relating to recoverability and classification of recorded amounts of assets and liabilities that might be necessary should the Company be unableCompany’s ability to continue as a going concern.

The Company hasanticipates a minimumnet loss for the year ending June 30, 2022 and with the expected cash balance availablerequirements for payment of ongoing operating expenses, has experienced lossesthe coming months, without additional cash inflows from operations, and it does not have a source of revenue. Its continued existencecorporate transaction, there is dependent upon itssubstantial doubt as to the Company’s ability to continue operations.

We may seek to execute its operating plan and to obtainsecure additional debt or equity financing.capital to finance substantial business development initiatives. There is presently no agreement in place with any source of financing for the Company and there can be no assurance that the necessary debt or equity financingCompany will be available,able to raise any additional funds, or that such funds will be available on terms acceptable to the Company.

Revenue and gross profit

The Company had no revenue during the three months ended December 31, 2016. The Company had $37,418 in revenue during the three months ended December 31, 2015 from sales made by RM Fresh. The Company made $0 in gross profit during the three months ended December 31, 2016, as compared to ($15,409) gross loss during the three months ended December 31, 2015, pertaining to the operations of RM Fresh.

Operating Expenses

Our total operating expenses were $375,069 and $670,864 for the three months ended December 31, 2016 and 2015, respectively. The decrease is primarily due to a decrease of $544,079 in professional fees, partially offset by the increase in management fee by $301,455.

The high professional expenses during three and six months ended December 31, 2015 pertained to the activities as a result of acquisition of RM Fresh on September 30, 2015. These were attributable to the following factors:

Management fee during the three months ended December 31, 2016 pertained to shares of common stock issued to the CEO, as consideration for management services. These shares were fair valued at $355,370, determined based on the market price on the date of issuance. Management fee during three months ended December 31, 2015, pertained to fees of $53,915 charged by entities owned by the shareholders of the Company for providing warehousing and other logistics services.

Other Income / Expenses

During the three months ended December 31, 2016, we had immaterial other expenses/income. During the three months ended December 31, 2015, other expenses mainly comprised amortization of intangible asset amounting to $23,450, partially offset by income arising from forgiveness of loan provided by a related party to RM Fresh amounting to $17,974.

Translation Adjustment

Translation adjustment as a result of the currency exchange rate between U.S. Dollar and Canadian Dollar was $0 for the three months ended December 31, 2016, compared to $20,807 for the three months ended December 31, 2015.

Comprehensive Loss

We reported a comprehensive loss of $375,127 and $657,285 for the three months ended December 31, 2016 and 2015, respectively. The decrease is primarily due to a significant decrease in professional fees partially offset by increase in management fee.

Results of Operations – Six Months Ended December 31, 2016 and December 31, 2015

For the six months ended December 31, 2016, the Company generated $74,042 in revenue, pertaining to operations of RM Fresh upto August 31, 2016 (the date of de-consolidation). For the six months ended December 31, 2015, the Company generated $37,418 in revenue. The Company's financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The financial statements do not include any adjustment relating to recoverability and classification of recorded amounts of assets and liabilities that might be necessary should the Company be unable to continue as a going concern.

The Company has a minimum cash balance available for payment of ongoing operating expenses, has experienced losses from operations, and it does not have a source of revenue. Its continued existence is dependent upon its ability to continue to execute its operating plan and to obtain additional debt or equity financing. There can be no assurance the necessary debt orterms. Funds raised through future equity financing will likely be available, orsubstantially dilutive to current shareholders. Lack of additional funds will be available on terms acceptablematerially affect the Company and its business, and may cause the Company to cease operations. Consequently, shareholders could incur a loss of their entire investment in the Company.

Revenue and gross profit

Revenue of $74,042 during the six months ended December 31, 2016, represents sales made by RM Fresh. Revenue of $37,418 during the six months ended December 31, 2016, represents sales made by RM Fresh. The Company made a gross profit of $23,377 during the six months ended December 31, 2016, as compared to a gross loss of $15,409 during the six months ended December 31, 2015, mainly through increased sales and a relatively favorable exchange rate.

Operating Expenses

Our total operating expenses were $382,207 and $728,583 for the six months ended December 31, 2016 and 2015, respectively. The decrease is primarily due to a decrease of $584,379 in professional fees partially offset by the increase in management fee by $315,279.

The high professional expenses during three and six months ended December 31, 2015 pertained to the activities as a result of acquisition of RM Fresh on September 30, 2015. These were attributable to the following factors:

Management fee during the six months ended December 31, 2016 mainly pertained to shares of common stock issued to the CEO, as consideration for management services. These shares were fair valued at $355,370, determined based on the market price on the date of issuance. Management fee during six months ended December 31, 2015, pertained to fees of $53,915 charged by entities owned by the shareholders of the Company for providing warehousing and other logistics services.

Other Income / Expenses

During the six months ended December 31, 2016, we recorded a gain amounting to $84,021, which resulted due to the write-off of our remaining investment in RM Fresh. During the six months ended December 31, 2015, other expenses mainly comprised immediate impairment of goodwill amounting to $1,394,135 and amortization of intangible asset amounting to $23,450.

Translation Adjustment

Translation adjustment as a result of the currency exchange rate between U.S. Dollar and Canadian Dollar was $0 for the six months ended December 31, 2016, compared to $14,103 for the six months ended December 31, 2015.

Comprehensive Loss

We reported a comprehensive loss of $298,984 and $2,117,956 for the six months ended December 31, 2016 and 2015, respectively. The decrease is primarily due to higher level of expense (mainly impairment of goodwill) pertaining to RM Fresh.

Liquidity and Capital Resources

As of December 31, 2016, we had cash balance of $4,405. As of June 30, 2016, we had cash balance of $2,993. Increase in cash is in line with normal business activities.

The following is a summary of the Company's cash flows provided by (used in) operating, investing, and financing activities for the six months ended December 31, 2016 and 2015 respectively:

Net Cash Used in Operating Activities

ForDuring the sixthree months ended December 31, 2016, netSeptember 30, 2021, cash used in operations was $62,780 and $1,979 for the three months ended September 30, 2020, respectively. Cash used in operating activities was $27,590, primarily attributable to the expenses incurred during the period.result of settlement of accrual liabilities.

For the six months ended December 31, 2015, netNet Cash Used in Investing Activities

There was no cash used in operatingor provided from investing activities was $237,371, primarily attributable to our net loss from operations and other expenses.

Net Cash Provided by Investing Activities

Forfor the sixthree months ended December 31, 2016, net cash provided by investing activities was $0, compared to $3,671 for the six months ended December 31, 2015.September 30, 2021 and 2020.

Net Cash Provided by Financing ActivitiesActivity

ForThere was cash provided from financing activity of $40,000 and $0, respectively for the sixthree months ended December 31, 2016, net cash provided by financing activities was $29,002, compared to $267,697 for the six months ended December 31, 2015. The in-flow during the comparative period wasSeptember 30, 2021 and 2020, as a result of issuancesthe proceeds received from the issuance of common stock for cash and convertiblea secured promissory notes.note.

We have limited assets and have generated no revenues since inception. We are also dependent upon the receipt of capital investment or other financing to fund our ongoing operations and to execute our business plan of seeking a combination with a private operating company. In addition, we are dependent upon certain related parties to provide continued funding and capital resources.

Results of Operations

Going Concern

Operating expenses. Operating expenses for the three months ended September 30, 2021, was $9,160 compared with $14,566 for the three months ended September 30, 2020. Operating expenses were lower with the three months ended September 30, 2020 largely due to lower professional fees.

Other income (expenses). Other income was higher for the three months ended September 30, 2021, compared with the other expenses for the three months ended September 30, 2020, primarily due to gain on cancellation of secured promissory notes and convertible notes, gain on cancellation of interest payable and gain on cancellation of third party advances and accrued liabilities.

Our unaudited condensed interim consolidated

Net income (Loss). Net income for the three months ended September 30, 2021, was $263,018, compared with net loss of $18,213 for the three months ended September 30, 2020.

Off-Balance Sheet Arrangements

We do not have any off balance sheet arrangements that have or are reasonably likely to have a current or future effect on the Company’s financial statements have been preparedcondition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures, or capital resources that is material to investors.

Personnel

The Company has no full-time employees, but utilizes other project-based contract personnel to carry out the Company’s business. We utilize contract personnel on a going concerncontinuous basis, primarily in connection with the filing of reports with the Securities and Exchange Commission which contemplates the realizationrequire a high level of assets and satisfaction of liabilities in the normal course of business. We have incurred recurring losses from operations and as at December 31, 2016 have an accumulated deficit of $4,178,320 which has primarily arisen from losses from operations and a non-cash goodwill impairment charge in the current and previous periods. The Company’s continued existence is dependent upon its ability to continue to execute its operating plan and to obtain additional debtspecialization for one or equity financing. There can be no assurance that the necessary debt or equity financing will be available, or will be available on terms acceptable to us, in which case we may be unable to meet our obligations. Should we be unable to realize our assets and discharge our liabilities in the normal course of business, the net realizable value of its assets may be materially less than the amounts recorded in the financial statements. The financial statements do not include any adjustments relating to the recoverability of recorded asset amounts that might be necessary should the Company be unable to continue in existence.

Critical Accounting Policies and Estimates

There were no changes in accounting policies used by us in preparationmore of the financial statements.  service components offered.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

Not applicable because we are a smaller reporting company.Required.

Item 4. Controls and Procedures.

Disclosure ControlsThe Securities and Procedures

Pursuant to Rule 13a-15(b) underExchange Commission defines the Securities Exchange Act of 1934 (“Exchange Act”), the Company carried out an evaluation, with the participation of the Company’s management, including the Company’s Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”) (the Company’s principal financial and accounting officer), of the effectiveness of the Company’s disclosureterm “disclosure controls and procedures (as defined under Rule 13a-15(e) under the Exchange Act) as of the end of the period covered by this report. Based upon that evaluation, theprocedures” to mean a Company’s CEO and CFO concluded that the Company’s disclosure controls and other procedures of an issuer that are not effective as of December 31, 2016designed to ensure that information required to be disclosed by the Company in the reports that the Companyit files or submits under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported, within the time periods specified in the SEC’sSecurities and Exchange Commission’s rules and forms,forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that such information required to be disclosed by an issuer in the reports that it files or submits under the Securities Exchange Act of 1934 is accumulated and communicated to the Company’sissuer’s management, including the Company’s CEOits principal executive and CFO,principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. The Company maintains such a system of controls and procedures in an effort to ensure that all information which it is required to disclose in the reports it files under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified under the SEC’s rules and forms and that information required to be disclosed is accumulated and communicated to principal executive and principal financial officers to allow timely decisions regarding disclosure.

As of the end of the period covered by this Quarterly Report, the Company carried out an evaluation, under the supervision and with the participation of the Company’s chief executive officer and chief financial officer, of the effectiveness of the design and operation of the Company’s disclosure forcontrols and procedures pursuant to Exchange Act Rules 13a-15(b) and 15d-15(b). Based upon this evaluation, the reason described below.

BecauseCompany’s chief executive officer and chief financial officer concluded that the Company’s disclosure controls and procedures as of our limited operations, we have only one which prohibitsthe end of the period covered by this Quarterly Report were ineffective due to a lack of segregation of duties. In addition, we lack a formal audit committee with aduties, due to limited administrative and financial expert. As we growpersonnel and expand our operations we will engage additional employeesrelated resources and experts as needed. However, there can be no assurance that our operations will expand.the Company only has one director.

Changes in Internal Control Overover Financial Reporting

There werehave been no significant changes in ourthe Company’s internal controlcontrols over financial reporting that occurred during the period covered by this reportended September 30, 2021, that have materially affected, or are reasonably likely to materially affect, ourthe Company’s internal controlcontrols over financial reporting.

PART II – OTHER INFORMATION

Item 1. Legal Proceedings.Proceedings

From timeWe are not currently subject to time, we may become involved in various lawsuits andany legal proceedings, and to the best of our knowledge, no such proceeding is threatened, the results of which arise, in the ordinary course of business. However, litigation is subject to inherent uncertainties, and an adverse result in these or other matters may arise from time to time that may harm our business. We are currently not aware of any such legal proceedings or claims that we believe willwould have a material impact on the Company’s properties, results of operations, or financial condition. Nor, to the best of our knowledge, are any of the Company’s officers or directors involved in any legal proceedings in which we are an adverse effect on our business, financial condition or operating results.party.

Item 1A. Risk Factors.Factors

Not required forSince we are a smaller reporting companies.company, we are not required to provide the information required by this Item.

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

On October 28, 2016,August 13, 2021, the Company issued 35,537,000 (35,537 post reverse split) sharesa Secured Promissory Note (“Secured Note”) to an accredited investor. The Secured Note has an aggregate principal amount of common stock to$40,000, and is payable on August 13, 2022, (the “Maturity Date”), and bears an interest rate of 4% per annum and a default interest rate of 18% per annum. The amount owing under the CEO, as consideration for management services. These shares were fair valued at $355,370, determined basedSecured Note is secured by the assets of the Company. The note was cancelled on the market price on the date of issuance.September 30, 2021.

Item 3. Defaults Upon Senior Securities.Securities

None.

Item 4. Mine Safety Disclosures.

Not applicable.Applicable.

Item 5. Other Information.

None.

Item 6. Exhibits.

The following exhibits are filed with or incorporated by reference in this report:

+ In accordance with the SEC Release 33-8238, deemed being furnished and not filed.* filed herewith

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: February 8, 2017

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