Cover
Cover - shares | 3 Months Ended | |
Jan. 31, 2023 | Mar. 06, 2023 | |
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 | Jan. 31, 2023 | |
Entity Filer Category | Non-accelerated Filer | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2023 | |
Entity Ex Transition Period | false | |
Entity Common Stock Shares Outstanding | 120,000,000 | |
Document Quarterly Report | true | |
Entity File Number | 333-180164 | |
Entity Incorporation State Country Code | NV | |
Entity Address Address Line 1 | Pampana 18 | |
Entity Address Address Line 2 | La Cruz, C.P. 63734 | |
Entity Address Address Line 3 | La Cruz de Huanacaxtle | |
Entity Address City Or Town | Nayarit | |
Entity Address Country | MX | |
City Area Code | 523 | |
Local Phone Number | 221984348 | |
Entity Interactive Data Current | Yes |
Condensed Balance Sheets (Unaud
Condensed Balance Sheets (Unaudited) - USD ($) | Jan. 31, 2023 | Oct. 31, 2022 |
Current Assets | ||
Cash | $ 0 | $ 0 |
Total Current Assets | 0 | 0 |
Total Assets | 0 | 0 |
Current Liabilities | ||
Accounts Payable | 11,298 | 10,201 |
Loan Payable - Shareholders | 104,519 | 99,418 |
Loan Payable - Related Party | 6,744 | 6,744 |
Total Current Liabilities | 122,561 | 116,363 |
Stockholders' Deficit | ||
Common Stock, $0.001 par value, 450,000,000 shares authorized; 120,000,000 shares issued and outstanding | 120,000 | 120,000 |
Additional Paid-In Capital | (60,000) | (60,000) |
Accumulated Deficit | (182,561) | (176,363) |
Total Stockholders' Deficit | (122,561) | (116,363) |
Total Liabilities & Stockholders' Deficit | $ 0 | $ 0 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - $ / shares | Jan. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2021 |
Condensed Balance Sheets (Unaudited) | |||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 450,000,000 | 450,000,000 | 450,000,000 |
Common stock, shares issued | 120,000,000 | 120,000,000 | 120,000,000 |
Common stock, shares outstanding | 120,000,000 | 120,000,000 | 120,000,000 |
Condensed Statements of Operati
Condensed Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Jan. 31, 2023 | Jan. 31, 2022 | |
Condensed Statements of Operations (Unaudited) | ||
Revenues | $ 0 | $ 0 |
Expenses | ||
Professional Fees | 6,198 | 18,518 |
Total Expenses | 6,198 | 18,518 |
Net Operating Loss | (6,198) | (18,518) |
Net Loss | $ (6,198) | $ (18,518) |
Net Loss Per Basic and Diluted share | $ 0 | $ 0 |
Weighted average number of Common Shares outstanding | 120,000,000 | 120,000,000 |
Condensed Statements of Changes
Condensed Statements of Changes in Stockholders' Deficit (Unaudited) - USD ($) | Total | Common Stock | Additional Paid-In Capital | Retained Earnings (Accumulated Deficit) |
Balance, amount at Oct. 31, 2021 | $ (79,893) | $ 120,000 | $ (60,000) | $ (139,893) |
Balance, shares at Oct. 31, 2021 | 120,000,000 | |||
Net loss | (18,518) | (18,518) | ||
Balance, amount at Jan. 31, 2022 | (98,411) | $ 120,000 | (60,000) | (158,411) |
Balance, shares at Jan. 31, 2022 | 120,000,000 | |||
Balance, amount at Oct. 31, 2022 | (116,363) | $ 120,000 | (60,000) | (176,363) |
Balance, shares at Oct. 31, 2022 | 120,000,000 | |||
Net loss | (6,198) | (6,198) | ||
Balance, amount at Jan. 31, 2023 | $ (122,561) | $ 120,000 | $ (60,000) | $ (182,561) |
Balance, shares at Jan. 31, 2023 | 120,000,000 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Jan. 31, 2023 | Jan. 31, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net (loss) | $ (6,198) | $ (18,518) |
Changes in operating assets and liabilities: | ||
Accounts Payable | 1,097 | 12,765 |
Net cash (used in) operating activities | (5,101) | (5,753) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Loan Payable Shareholder | 5,101 | 0 |
Loan Payable - Related Party | 0 | 5,753 |
Net cash provided by financing activities | 5,101 | 5,753 |
Net change in cash | 0 | 0 |
Cash at beginning of period | 0 | 0 |
Cash at end of period | 0 | 0 |
Cash paid during year for : | ||
Interest | 0 | 0 |
Income Taxes | $ 0 | $ 0 |
ORGANIZATION AND DESCRIPTION OF
ORGANIZATION AND DESCRIPTION OF BUSINESS | 3 Months Ended |
Jan. 31, 2023 | |
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 | 3 Months Ended |
Jan. 31, 2023 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation In the opinion of management, all adjustments, which are of a normal recurring nature, considered necessary for the fair presentation of financial statements for the interim period, have been included. Basic Earnings (loss) Per Share 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 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 2022 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, 2022 and 2021, 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 October 31, 2022 or 2021, and have not recognized interest and/or penalties in the statement of operations for the years ended October 31, 2022 or 2021. 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 “Compensation - Stock Compensation.” |
RECENT ACCOUNTING PRONOUCEMENTS
RECENT ACCOUNTING PRONOUCEMENTS | 3 Months Ended |
Jan. 31, 2023 | |
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 believes that none of them will have a material effect on the Company’s financial statements. |
GOING CONCERN
GOING CONCERN | 3 Months Ended |
Jan. 31, 2023 | |
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 January 31, 2023 and generated an accumulated deficit of $182,561. 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 and shareholders for operating capital. As of January 31, 2023, the Company had a working capital deficit of $122,561 and $0 cash, compared to a working capital deficit of $116,363 and cash of $0 as of October 31, 2022. 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 | 3 Months Ended |
Jan. 31, 2023 | |
RELATED PARTY TRANSACTIONS | |
NOTE 5. RELATED PARTY TRANSACTIONS | NOTE 5. RELATED PARTY TRANSACTIONS As of January 31, 2023 and October 31, 2022, $6,744 is owed to Michael Noble, current president of the Company from funds loaned by him to the Company and is non-interest bearing with no specific repayment terms. The sole officer and director of the Company may, in the future, become involved in other business opportunities as they become available, he may face a conflict in selecting between the Company and his other business opportunities. The Company has not formulated a policy for the resolution on such conflicts. |
STOCKHOLDERS DEFICIT
STOCKHOLDERS DEFICIT | 3 Months Ended |
Jan. 31, 2023 | |
STOCKHOLDERS DEFICIT | |
NOTE 6. STOCKHOLDERS' DEFICIT | NOTE 6. STOCKHOLDERS’ DEFICIT The stockholders’ deficit section of the Company contains the following classes of capital stock as of January 31, 2023 and October 31, 2022: Common stock, $0.001 par value: 450,000,000 shares authorized; 120,000,000 shares issued and outstanding. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Jan. 31, 2023 | |
SUBSEQUENT EVENTS | |
NOTE 8. SUBSEQUENT EVENTS | NOTE 7. SUBSEQUENT EVENTS The Company has evaluated events subsequent to the date these financial statements have been issued to assess the need for potential recognition or disclosure in this report. Such events were evaluated through the date these financial statements were available to be issued. 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) | 3 Months Ended |
Jan. 31, 2023 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Basis of Presentation | The accompanying unaudited condensed financial statements of the Company have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”), including the instructions to Form 10-Q and Regulation S-X. Certain information and note disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”), have been condensed or omitted from these statements pursuant to such rules and regulations and, accordingly, they do not include all the information and notes necessary for comprehensive financial statements and should be read in conjunction with our audited financial statements included in our Annual Report on Form 10-K for the year ended October 31, 2022. In the opinion of management, all adjustments, which are of a normal recurring nature, considered necessary for the fair presentation of financial statements for the interim period, have been included. |
Basic Earnings (Loss) Per Share | ASC No. 260, “Earnings Per Share,” specifies the computation, presentation, and disclosure requirements for earnings (loss) per share for entities with publicly held common stock. 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 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 2022 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, 2022 and 2021, 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 October 31, 2022 or 2021, and have not recognized interest and/or penalties in the statement of operations for the years ended October 31, 2022 or 2021. |
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 | The Company accounts for equity awards issued to employees and non-employees for services rendered in accordance with the provisions of ASC 718, “Compensation - Stock Compensation.” |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | Jan. 31, 2023 | Oct. 31, 2022 |
GOING CONCERN | ||
Working capital deficits | $ (122,561) | $ 116,363 |
Cash | 0 | 0 |
Accumulated Deficit | $ (182,561) | $ (176,363) |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | Jan. 31, 2023 | Oct. 31, 2022 |
RELATED PARTY TRANSACTIONS | ||
Loan Payable - Related Party | $ 6,744 | $ 6,744 |
STOCKHOLDERS EQUITY (Details Na
STOCKHOLDERS EQUITY (Details Narrative) - $ / shares | Jan. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2021 |
STOCKHOLDERS DEFICIT | |||
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 450,000,000 | 450,000,000 | 450,000,000 |
Common stock, shares issued | 120,000,000 | 120,000,000 | 120,000,000 |
Common stock, shares outstanding | 120,000,000 | 120,000,000 | 120,000,000 |