Cover
Cover - shares | 9 Months Ended | |
Jul. 31, 2022 | Sep. 12, 2022 | |
Cover [Abstract] | ||
Entity Registrant Name | NFiniTi inc. | |
Entity Central Index Key | 0001544400 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Current Fiscal Year End Date | --10-31 | |
Entity Small Business | true | |
Entity Shell Company | true | |
Entity Emerging Growth Company | true | |
Entity Current Reporting Status | Yes | |
Document Period End Date | Jul. 31, 2022 | |
Entity Filer Category | Non-accelerated Filer | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2022 | |
Entity Ex Transition Period | false | |
Entity Common Stock Shares Outstanding | 120,000,000 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 333-180164 | |
Entity Incorporation State Country Code | NV | |
Entity Address Address Line 1 | Circuito Playa Del Carmen | |
Entity Address Address Line 2 | Av. Los Amores No. 400-68 | |
Entity Address Address Line 3 | Bucerias | |
Entity Address City Or Town | Nayarit | |
Entity Address Country | MX | |
Entity Address Postal Zip Code | 63732 | |
City Area Code | 523 | |
Local Phone Number | 221984348 | |
Entity Interactive Data Current | Yes |
Balance Sheets
Balance Sheets - USD ($) | Jul. 31, 2022 | Oct. 31, 2021 |
Current Assets | ||
Cash | $ 0 | $ 0 |
Total Current Assets | 0 | 0 |
Total Assets | 0 | 0 |
Current Liabilities | ||
Accounts Payable | 10,355 | 6,553 |
Loan Payable | 23,139 | 0 |
Loan Payable - Related Party | 79,093 | 73,340 |
Total Current Liabilities | 112,587 | 79,893 |
Stockholders' Deficit | ||
Common stock, $0.001 par value, 450,000,000 shares authorized; 120,000,000 shares issued and outstanding as of July 31, 2022 and October 31, 2021 | 120,000 | 120,000 |
Additional Paid-In Capital | (60,000) | (60,000) |
Accumulated Deficit | (172,587) | (139,893) |
Total Stockholders' Deficit | (112,587) | (79,893) |
Total Liabilities & Stockholders' Deficit | $ 0 | $ 0 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Jul. 31, 2022 | Dec. 30, 2021 | Oct. 31, 2021 |
Balance Sheets | |||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 450,000,000 | 75,000,000 | 450,000,000 |
Common stock, shares issued | 120,000,000 | 20,000,000 | 120,000,000 |
Common stock, shares outstanding | 120,000,000 | 20,000,000 | 120,000,000 |
Statements of Operations (unaud
Statements of Operations (unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2022 | Jul. 31, 2021 | Jul. 31, 2022 | Jul. 31, 2021 | |
Statements of Operations (unaudited) | ||||
Revenues | $ 0 | $ 0 | $ 0 | $ 0 |
Expenses | ||||
Professional Fees | 3,627 | 2,569 | 32,694 | 12,822 |
Total Expenses | 3,627 | 2,569 | 32,694 | 12,822 |
Net (Loss) from Operations | (3,627) | (2,569) | (32,694) | (12,822) |
Net (Loss) | $ (3,627) | $ (2,569) | $ (32,694) | $ (12,822) |
Net Loss Per Basic and Diluted share | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted average number of Common Shares outstanding | 120,000,000 | 120,000,000 | 120,000,000 | 120,000,000 |
Statements of Changes in Stockh
Statements of Changes in Stockholders' Deficit (unaudited) - USD ($) | Total | Additional Paid-In Capital | Accumulated Deficit | Common Stock |
Balance, shares at Oct. 31, 2020 | 450,000,000 | |||
Balance, amount at Oct. 31, 2020 | $ (64,154) | $ (60,000) | $ (124,154) | $ 120,000 |
Net loss | (8,040) | (8,040) | ||
Balance, shares at Jan. 31, 2021 | 450,000,000 | |||
Balance, amount at Jan. 31, 2021 | (72,194) | (60,000) | (132,194) | $ 120,000 |
Balance, shares at Oct. 31, 2020 | 450,000,000 | |||
Balance, amount at Oct. 31, 2020 | (64,154) | (60,000) | (124,154) | $ 120,000 |
Net loss | (12,822) | |||
Balance, shares at Jul. 31, 2021 | 450,000,000 | |||
Balance, amount at Jul. 31, 2021 | (76,976) | (60,000) | (136,976) | $ 120,000 |
Balance, shares at Jan. 31, 2021 | 450,000,000 | |||
Balance, amount at Jan. 31, 2021 | (72,194) | (60,000) | (132,194) | $ 120,000 |
Net loss | (2,213) | (2,213) | ||
Balance, shares at Apr. 30, 2021 | 450,000,000 | |||
Balance, amount at Apr. 30, 2021 | (74,407) | (60,000) | (134,407) | $ 120,000 |
Net loss | (2,569) | (2,569) | ||
Balance, shares at Jul. 31, 2021 | 450,000,000 | |||
Balance, amount at Jul. 31, 2021 | (76,976) | (60,000) | (136,976) | $ 120,000 |
Balance, shares at Oct. 31, 2021 | 450,000,000 | |||
Balance, amount at Oct. 31, 2021 | (79,893) | (60,000) | (139,893) | $ 120,000 |
Net loss | (18,518) | (18,518) | ||
Balance, shares at Jan. 31, 2022 | 450,000,000 | |||
Balance, amount at Jan. 31, 2022 | (98,411) | (60,000) | (158,411) | $ 120,000 |
Balance, shares at Oct. 31, 2021 | 450,000,000 | |||
Balance, amount at Oct. 31, 2021 | (79,893) | (60,000) | (139,893) | $ 120,000 |
Net loss | (32,694) | |||
Balance, shares at Jul. 31, 2022 | 450,000,000 | |||
Balance, amount at Jul. 31, 2022 | (112,587) | (60,000) | (172,587) | $ 120,000 |
Balance, shares at Jan. 31, 2022 | 450,000,000 | |||
Balance, amount at Jan. 31, 2022 | (98,411) | (60,000) | (158,411) | $ 120,000 |
Net loss | (10,549) | (10,549) | ||
Balance, shares at Apr. 30, 2022 | 450,000,000 | |||
Balance, amount at Apr. 30, 2022 | (108,960) | (60,000) | (168,960) | $ 120,000 |
Net loss | (3,627) | (3,627) | ||
Balance, shares at Jul. 31, 2022 | 450,000,000 | |||
Balance, amount at Jul. 31, 2022 | $ (112,587) | $ (60,000) | $ (172,587) | $ 120,000 |
Statements of Cash Flows (unaud
Statements of Cash Flows (unaudited) - USD ($) | 9 Months Ended | |
Jul. 31, 2022 | Jul. 31, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net (loss) | $ (32,694) | $ (12,822) |
Changes in operating assets and liabilities: | ||
Accounts Payable | 3,802 | (64) |
Net cash (used in) operating activities | (28,892) | (12,886) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from Loan Payable | 23,139 | 0 |
Proceeds from Loan Payable - Related Party | 5,753 | 12,886 |
Net cash provided by financing activities | 28,892 | 12,886 |
Net change in cash | 0 | 0 |
Cash at beginning of period | 0 | 0 |
Cash at end of period | 0 | 0 |
Cash paid during period for : | ||
Interest | 0 | 0 |
Income Taxes | $ 0 | $ 0 |
ORGANIZATION AND DESCRIPTION OF
ORGANIZATION AND DESCRIPTION OF BUSINESS | 9 Months Ended |
Jul. 31, 2022 | |
ORGANIZATION AND DESCRIPTION OF BUSINESS | |
NOTE 1. ORGANIZATION AND DESCRIPTION OF BUSINESS | NOTE 1. ORGANIZATION AND DESCRIPTION OF BUSINESS NFiniTi inc. was incorporated under the laws of the State of Nevada on January 23, 2012, as American Oil and Gas Inc. The Company was formed to engage in the acquisition, exploration and development of oil and gas properties. On December 30, 2021, the name of the Company was changed to NFiniTi inc. The Company is in the exploration stage. The Company currently does not operate any properties. The Company has not commenced any exploration activities. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Jul. 31, 2022 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The Company’s financial statements are prepared using the accrual method of accounting. The Company has elected an October 31 year-end. The accompanying unaudited interim financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission, and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s Form 10-K filed with the SEC. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements which would substantially duplicate the disclosure contained in the audited financial statements for fiscal 2021 as reported in the Form 10-K have been omitted. Basic Earnings (loss) Per Share ASC 260, “Earnings Per Share”, specifies the computation, presentation, and disclosure requirements for earnings (loss) per share for entities with publicly held common stock. Basic net earnings (loss) per share amounts is computed by dividing the net earnings (loss) by the weighted average number of common shares outstanding. Diluted earnings (loss) per share are the same as basic earnings (loss) per share due to the lack of dilutive items in the Company. Cash Equivalents The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Use of Estimates and Assumptions The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Fair Value of Financial Instruments The carrying amount of cash, account payable, loans payable – related parties approximate their estimated fair value due to the short-term maturities of these financial instruments. Income Taxes Income taxes are provided for the tax effects of transactions reported in the financial statements and consist of taxes currently due plus deferred income taxes. Deferred income taxes are recognized for temporary differences between the financial statement and tax basis of assets and liabilities that will result in taxable or deductible amounts in the future. Deferred income taxes are also recognized for net operating loss carryforwards that are available to offset future taxable income and research and development credits. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. ASC 740, clarifies the accounting for uncertainty in income taxes recognized in the financial statements. ASC 740 provides that a tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits of the position. Income tax positions must meet a more-likely-than-not recognition threshold to be recognized. ASC 740 also provides guidance on measurement, derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. We have determined that the Company does not have uncertain tax positions on its tax returns for the years 2021 and prior. Based on evaluation of the 2021 transactions and events, the Company does not have any material uncertain tax positions that require measurement. Because the Company had a full valuation allowance on its deferred tax assets as of the years ended October 31, 2021 and 2020, the Company has not recognized any tax benefits since inception. Our policy is to recognize interest and/or penalties related to income tax matters in income tax expense. We had no accrual for interest or penalties on our balance sheets at July 31, 2022 or 2021, and have not recognized interest and/or penalties in the statement of operations for the years ended October 31, 2021 or 2020. Revenue Recognition The Company will determine its revenue recognition policy in accordance with ASC 606 “Revenue from Contracts with Customers” During the three and nine-month periods ended July 31, 2022 and 2021, we did not recognize any revenue. Advertising The Company will expense its advertising when incurred. There has been no advertising since inception. Oil and Gas Properties Oil and gas investments are accounted for by the successful efforts’ method of accounting. Accordingly, the costs incurred to acquire property (proved and unproved), all development costs, and successful exploratory costs are capitalized, whereas the costs of unsuccessful exploratory wells are expensed. Depletion of capitalized oil and gas well costs are provided using the units of production method based on estimated proved developed oil and gas reserves of the respective oil and gas properties. Stock-Based Compensation Equity instruments issued to non-employees and employees for services rendered are in accordance with ASC No. 718. These issuances shall be accounted for based on the grant date fair value of the equity instruments issued, and expensed over the requisite service period. |
RECENT ACCOUNTING PRONOUCEMENTS
RECENT ACCOUNTING PRONOUCEMENTS | 9 Months Ended |
Jul. 31, 2022 | |
RECENT ACCOUNTING PRONOUCEMENTS | |
NOTE 3. RECENT ACCOUNTING PRONOUCEMENTS | NOTE 3. RECENT ACCOUNTING PRONOUCEMENTS The Company has evaluated all the recent accounting pronouncements through the date the financial statements were issued and believe that none of them will have a material effect on the Company’s financial statements. |
GOING CONCERN
GOING CONCERN | 9 Months Ended |
Jul. 31, 2022 | |
GOING CONCERN | |
NOTE 4. GOING CONCERN | NOTE 4. GOING CONCERN The accompanying financial statements are presented on a going concern basis. The Company has had limited operations during the period from January 23, 2012 (date of inception) to July 31, 2022 and generated an accumulated deficit of $172,587. This condition raises substantial doubt about the Company’s ability to continue as a going concern. The Company is currently in the exploration stage with no operations and has minimal expenses, however, management believes that the Company’s current cash is insufficient to cover the expenses they will incur during the next twelve months in a limited operations scenario or until it raises additional funding. The Company has depended upon loans from its president, a major shareholder, and an unaffiliated party for operating capital. As of July 31, 2022, the Company had a working capital deficit of $112,586 and $0 cash, compared to a working capital deficit of $79,893 and cash of $0 as of October 31, 2021. The accompanying 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 adjustments relating to the recoverability and classification of assets or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Jul. 31, 2022 | |
RELATED PARTY TRANSACTIONS | |
NOTE 5. RELATED PARTY TRANSACTIONS | NOTE 5. RELATED PARTY TRANSACTIONS As of July 31, 2022, $18,577 is owed to Shane Reeves, a former president of the Company, $6,744 is owed to Michael Noble, current president of the Company and $53,772 is owed to Robert Gelfand, a major shareholder, from funds loaned by them to the Company and are non-interest bearing with no specific repayment terms. At October 31, 2021, $18,577 was owed to Shane Reeves, a former president of the Company, $4,991 is owed to Michael Noble, current president of the Company and $49,772 was owed to Robert Gelfand, a major shareholder, from funds loaned by them to the Company and are non-interest bearing with no specific repayment terms. |
SHAREHOLDER LOAN
SHAREHOLDER LOAN | 9 Months Ended |
Jul. 31, 2022 | |
SHAREHOLDER LOAN | |
NOTE 6. SHAREHOLDER LOAN | NOTE 6. SHAREHOLDER LOAN During the quarter ended April 30, 2022, a shareholder, Mike Baron who owns 2.5% of the Company’s outstanding stock, paid Company expenses totaling $23,139. The amount is being carried as a Loan Payable, there are no specific terms of repayment and is non-interest bearing. |
STOCKHOLDERS DEFICIT
STOCKHOLDERS DEFICIT | 9 Months Ended |
Jul. 31, 2022 | |
STOCKHOLDERS DEFICIT | |
NOTE 7. STOCKHOLDERS' DEFICIT | NOTE 7. STOCKHOLDERS’ DEFICIT The stockholders’ deficit section of the Company contains the following classes of capital stock as of July 31, 2022 and October 31, 2021: Common stock, $ 0.001 par value: 450,000,000 shares authorized; 120,000,000 shares issued and outstanding. Effective December 30, 2021, the Company effected a six for one forward stock split of its issued and outstanding common stock. As a result, its authorized capital increased from 75,000,000 to 450,000,000 shares of common stock with a par value of $0.001 and it's issued and outstanding shares increased from 20,000,000 shares of common stock to 120,000,000 shares of common stock. All share amounts have been retroactively adjusted for all periods presented. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Jul. 31, 2022 | |
SUBSEQUENT EVENTS | |
NOTE 8. SUBSEQUENT EVENTS | NOTE 8. SUBSEQUENT EVENTS The Company has evaluated events subsequent to the date these financial statements were issued to assess the need for potential recognition or disclosure in this report. Based upon this evaluation, it was determined that no subsequent events occurred that require recognition or disclosure in the financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Jul. 31, 2022 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Basis of Presentation | The Company’s financial statements are prepared using the accrual method of accounting. The Company has elected an October 31 year-end. The accompanying unaudited interim financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission, and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s Form 10-K filed with the SEC. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements which would substantially duplicate the disclosure contained in the audited financial statements for fiscal 2021 as reported in the Form 10-K have been omitted. |
Basic Earnings (Loss) Per Share | ASC 260, “Earnings Per Share”, specifies the computation, presentation, and disclosure requirements for earnings (loss) per share for entities with publicly held common stock. Basic net earnings (loss) per share amounts is computed by dividing the net earnings (loss) by the weighted average number of common shares outstanding. Diluted earnings (loss) per share are the same as basic earnings (loss) per share due to the lack of dilutive items in the Company. |
Cash Equivalents | The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. |
Use of Estimates and Assumptions | The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Fair Value of Financial Instruments | The carrying amount of cash, account payable, loans payable – related parties approximate their estimated fair value due to the short-term maturities of these financial instruments. |
Income Taxes | Income taxes are provided for the tax effects of transactions reported in the financial statements and consist of taxes currently due plus deferred income taxes. Deferred income taxes are recognized for temporary differences between the financial statement and tax basis of assets and liabilities that will result in taxable or deductible amounts in the future. Deferred income taxes are also recognized for net operating loss carryforwards that are available to offset future taxable income and research and development credits. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. ASC 740, clarifies the accounting for uncertainty in income taxes recognized in the financial statements. ASC 740 provides that a tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits of the position. Income tax positions must meet a more-likely-than-not recognition threshold to be recognized. ASC 740 also provides guidance on measurement, derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. We have determined that the Company does not have uncertain tax positions on its tax returns for the years 2021 and prior. Based on evaluation of the 2021 transactions and events, the Company does not have any material uncertain tax positions that require measurement. Because the Company had a full valuation allowance on its deferred tax assets as of the years ended October 31, 2021 and 2020, the Company has not recognized any tax benefits since inception. Our policy is to recognize interest and/or penalties related to income tax matters in income tax expense. We had no accrual for interest or penalties on our balance sheets at July 31, 2022 or 2021, and have not recognized interest and/or penalties in the statement of operations for the years ended October 31, 2021 or 2020. |
Revenue Recognition | The Company will determine its revenue recognition policy in accordance with ASC 606 “Revenue from Contracts with Customers” During the three and nine-month periods ended July 31, 2022 and 2021, we did not recognize any revenue. |
Advertising | The Company will expense its advertising when incurred. There has been no advertising since inception. |
Oil and Gas Properties | Oil and gas investments are accounted for by the successful efforts’ method of accounting. Accordingly, the costs incurred to acquire property (proved and unproved), all development costs, and successful exploratory costs are capitalized, whereas the costs of unsuccessful exploratory wells are expensed. Depletion of capitalized oil and gas well costs are provided using the units of production method based on estimated proved developed oil and gas reserves of the respective oil and gas properties. |
Stock Based Compensation | Equity instruments issued to non-employees and employees for services rendered are in accordance with ASC No. 718. These issuances shall be accounted for based on the grant date fair value of the equity instruments issued, and expensed over the requisite service period. |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | Jul. 31, 2022 | Oct. 31, 2021 |
GOING CONCERN | ||
Working capital deficits | $ 112,586 | $ 79,893 |
Cash | 0 | 0 |
Accumulated Deficit | $ (172,587) | $ (139,893) |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | Jul. 31, 2022 | Oct. 31, 2021 |
Loan Payable - Related Party | $ 79,093 | $ 73,340 |
Michael Noble [Member] | ||
Loan Payable - Related Party | 6,744 | 4,991 |
Robert Gelfand [Member] | ||
Loan Payable - Related Party | 53,772 | 49,772 |
Shane Reeves [Member] | ||
Loan Payable - Related Party | $ 18,577 | $ 18,577 |
STOCKHOLDERS EQUITY (Details Na
STOCKHOLDERS EQUITY (Details Narrative) - $ / shares | 1 Months Ended | ||
Dec. 30, 2021 | Jul. 31, 2022 | Oct. 31, 2021 | |
STOCKHOLDERS EQUITY (Details Narrative) | |||
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 75,000,000 | 450,000,000 | 450,000,000 |
Common stock, shares issued | 20,000,000 | 120,000,000 | 120,000,000 |
Stockholders' Equity Note, Stock Split | Effective December 30, 2021, the Company effected a six for one forward stock split of its issued and outstanding common stock. | ||
Common stock, shares outstanding | 20,000,000 | 120,000,000 | 120,000,000 |
SHAREHOLDER LOAN (Details Narra
SHAREHOLDER LOAN (Details Narrative) | 3 Months Ended |
Apr. 30, 2022 USD ($) | |
SHAREHOLDER LOAN | |
Ownership percentage | 2.50% |
Expenses | $ 23,139 |