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MVXM Moveix

Filed: 16 Jan 19, 4:37pm

 

U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 10-Q

 

Mark One

[ X]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended August 31, 2018

 

[   ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from ______ to _______

 

Commission File No. 333-214075

 

 

MOVEIX INC
(Exact name of registrant as specified in its charter)

 

Nevada

(State or Other Jurisdiction of Incorporation or Organization)

3790

(Primary Standard Industrial Classification Number)

EIN 35-2567439

(IRS Employer

Identification Number)

 

 

 

3773 Howard Hughes Pkwy. · Suite 500S

Las Vegas, Nevada 89169-6014

(Address and telephone number of principal executive offices)

Indicate by checkmark whether the issuer: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes [X ]   No[   ]


1



Indicate by check mark whether the registrant is a large accelerated filed, an accelerated filer, a non-accelerated filer, or a smaller reporting company.

Large accelerated filer [  ] Accelerated filer [   ] Non-accelerated filer [   ] Smaller reporting company [X]

Indicate by checkmark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  

[ ]  No [ X ]

Applicable Only to Issuer Involved in Bankruptcy Proceedings During the Preceding Five Years.

N/A

Indicate by checkmark whether the issuer has filed all documents and reports required to be filed by Section 12, 13 and 15(d) of the Securities Exchange Act of 1934 after the distribution of securities under a plan confirmed by a court.  Yes[   ]  No[ X  ]

Applicable Only to Corporate Registrants

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the most practicable date:

Class

Outstanding as August 31, 2018

Common Stock: $0.001

6,220,000


2



PART 1   

FINANCIAL INFORMATION

 

Item 1

Financial Statements (Unaudited)

4

   

  Condensed Balance Sheets

4

      

  Condensed Statements of Operations

5

 

  Condensed Statements of Cash Flows

6

 

  Notes to condensed unaudited Financial Statements

7

Item 2.   

Management’s Discussion and Analysis of Financial Condition and Results of Operations

10

Item 3.   

Quantitative and Qualitative Disclosures About Market Risk

12

Item 4.

Controls and Procedures

12

PART II.

OTHER INFORMATION

 

Item 1   

Legal Proceedings

14

Item 2.  

Unregistered Sales of Equity Securities and Use of Proceeds

14

Item 3   

Defaults Upon Senior Securities

14

Item 4      

Mine safety disclosures

14

Item 5  

Other Information

14

Item 6      

Exhibits

14

 

Signatures

15


3



MOVEIX INC.

BALANCE SHEETS

 

ASSETS

August 31, 2018

May 31, 2018

Current Assets

 

 

Cash and cash equivalents

42   

2,885   

Total Current Assets

42   

2,885   

 

 

 

Fixed Assets

 

 

Website development and maintenance

5,100   

5,350   

 

 

 

Total Assets

5,142   

8,235   

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ DEFICIT

 

 

Liabilities

 

 

Current Liabilities

 

 

Accounts payable

1,097   

1,097   

Total Current Liabilities

1,097   

1,097   

 

 

 

Long term Liabilities

 

 

Loan from director

11,261   

11,261   

   Customer deposit

14,960   

14,960   

Total Long Term Liabilities

26,821   

26,221   

 

 

 

Total Liabilities

27,318   

27,317   

 

 

 

Stockholders’ Deficit

 

 

Common stock, par value $0.001; 75,000,000 shares authorized, 6,220,000 shares issued and outstanding at August 31, 2018 and May 31, 2018, respectively;

6,220   

6,220   

Additional paid in capital

19,980   

19,980   

Accumulated deficit

(48,375)  

(45,282)  

Total Stockholders’ Deficit

(22,175)  

(19,082)  

 

 

 

Total Liabilities and Stockholders’ Deficit

$ 5,142   

$ 8,235   

 

 

 

 

 

 

 

See accompanying notes to the condensed financial statements.


4



MOVEIX INC.

CONDENSED STATEMENTS OF OPERATIONS

 

 

 

 

 

 

 

 

Three months ended

August 31, 2018

(unaudited)

Three months ended

August 31, 2017

(unaudited)

 

 

 

REVENUES

Sales (Scooters)

$ -   

$ 3,000   

COGS

-   

1,398   

Gross Profit

-   

1,602   

 

 

 

General and Administrative Expenses

3,093   

2,230   

OPERATING EXPENSES

3,093   

2,230   

 

 

 

TOTAL OPERATING EXPENSES

3,093   

2,230   

 

 

 

NET LOSS FROM OPERATIONS

(3,093)  

(628)  

 

 

 

PROVISION FOR INCOME TAXES

-   

-   

 

 

 

NET LOSS

$ (3,093)  

$ (628)  

 

 

 

NET LOSS PER SHARE: BASIC AND DILUTED

$ (0.00)  

$ (0.00)  

 

 

 

WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED

6,220,000   

4,058,456   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to the condensed financial statements.

 

 

MOVEIX INC.

CONDENSED STATEMENTS OF CASH FLOWS


5



 

For the three months ended August 31, 2018

(unaudited)

For the three months ended August 31, 2017

(unaudited)

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

Net loss for the period

$ (3,093)  

$ (628)  

Changes in assets and liabilities:

 

 

Expenses paid on behalf of the company

-   

 

Expenses paid on behalf of the company for Subscription receivable

 

-   

Deposit for Inventory

$ -   

$ 1,398   

Prepaid Expense

-   

 

Depreciation

250   

 

Accounts Payable

-   

 

CASH FLOWS USED IN OPERATING ACTIVITIES

$ (2,843)  

$ 770   

 

CASH FLOWS FROM FINANCING ACTIVITIES  

 

 

Capital Stock

-   

4,900   

Expenses paid on behalf of the Company

-   

100   

Expenses paid on behalf of the Company – subscription receivable

-   

-   

CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES

$ -   

$ 5,000   

 

 

 

 

 

Net Cash Change for Period

$ (2,843)  

$ 5,770   

Cash at beginning of period

2,885   

-   

Cash at end of Period

$ 42   

$ 5,770   

 

 

 

SUPPLEMENTAL CASH FLOW INFORMATION:

 

 

Interest paid

$ -   

$ -   

Income taxes paid

$ -   

$ -   

 

 

 

 

See accompanying notes to the condensed financial statements.

 

 

MOVEIX INC.

NOTES TO THE CONDENSED FINANCIAL STATEMENTS

AUGUST 31, 2018


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NOTE 1 – Condensed Interim Financial Statements

 

 

Moveix Inc. (the “Company”) was incorporated in Nevada on May 5, 2016. The Company is in the start up stage and intends to resell various types of electric transportation. Electric transportation is a vehicle using electricity as a transportation fuel. Our products will include electric bikes, scooters, Segway, and hover boards sold to anybody around the world via our web site platform. Also we intend to sell wholesale. The company is located at STRADA VERONICA MICLE 15 BL.17 SC A ET 1 ATP 6 SUCEAVA S5 72021.

The accompanying unaudited condensed financial statements include the accounts of Moveix Inc. (the “Company”). These financial statements are condensed and, therefore, do not include all disclosures normally required by accounting principles generally accepted in the United States of America. Therefore, these statements should be read in conjunction with the most recent annual financial statements of Moveix Inc. for the year ended May 31, 2017. In particular, the Company’s significant accounting principles were presented as Note 2 to the Financial Statements in that report. In the opinion of management, all adjustments necessary for a fair presentation have been included in the accompanying condensed consolidated financial statements and consist of only normal recurring adjustments. The results of operations presented in the accompanying condensed financial statements are not necessarily indicative of the results that may be expected for the full year ending May 31, 2018.

 

 

 

NOTE 2- SIGNIFICANT AND CRITICAL ACCOUNTING POLICIES AND PRACTICES

 

Basis of Presentation

 

The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”) and are presented in US dollars.  

 

Fiscal Year-End

 

The Company elected May 31 as its fiscal year ending date.

 

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 Measurements

 

The Company adopted the provisions of ASC Topic 820, “Fair Value Measurements and Disclosures”, which defines fair value as used in numerous accounting pronouncements, establishes a framework for measuring fair value and expands disclosure of fair value measurements.

 


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The estimated fair value of certain financial instruments, including cash and cash equivalents are carried at historical cost basis, which approximates their fair values because of the short-term nature of these instruments.

 

ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 describes three levels of inputs that August be used to measure fair value:

 

Level 1 — quoted prices in active markets for identical assets or liabilities

Level 2 — quoted prices for similar assets and liabilities in active markets or inputs that are observable

Level 3 — inputs that are unobservable (for example cash flow modeling inputs based on assumptions)

 

The Company has no assets or liabilities valued at fair value on a recurring basis.

 

Cash and Equivalents

 

The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents.  The Company had no cash equivalents as of August 31, 2018.

 

Stock-Based Compensation

 

Stock-based compensation is accounted for at fair value in accordance with ASC Topic 718.  To date, the Company has not adopted a stock option plan and has not granted any stock options.

 

Advertising

 

The Company will expense its advertising when incurred. There has been no advertising since inception.

 

Start-Up Costs

 

In accordance with ASC 720, “Start-up Costs”, the Company expenses all costs incurred in connection with the start-up and organization of the Company.

 

Income Taxes


8



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

 

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

 

Earnings per Share

 

The Company has adopted ASC No. 260, “Earnings Per Share” which specifies the computation, presentation and disclosure requirements for earnings (loss) per share for entities with publicly held common stock. Basic net loss per share amounts is computed by dividing the net loss by the weighted average number of common shares outstanding.  Diluted earnings per share are the same as basic earnings per share due to the lack of dilutive items in the Company.

 

Recently Issued Accounting Pronouncements

 

The Company has evaluated all the recent accounting pronouncements and determined that there are no other accounting pronouncements that will have a material effect on the Company’s financial statements.

 

NOTE 3 – GOING CONCERN

 

The Company’s financial statements have been prepared assuming that it will continue as a going concern, which contemplates continuity of operations, realization of assets, and liquidation of liabilities in the normal course of business.

 

As reflected in the financial statements, the Company had an accumulated deficit of $48,375 and negative working capital at August 31, 2018 and a net loss of $3,093 for the period then ended. These factors raise substantial doubt about the Company’s ability to continue as a going concern.

 

The Company is attempting to commence operations and generate sufficient revenue; however, the Company’s cash position may not be sufficient to support the Company’s daily operations.  Management intends to raise additional funds by way of a private or public offering.  While the Company believes in the viability of its strategy to commence operations and generate sufficient revenue and in its ability to raise additional funds, there can be no assurances to that effect.  The ability of the Company to continue as a going concern is dependent upon the Company’s ability to further implement its business plan and generate sufficient revenue and its ability to raise additional funds by way of a public or private offering.

 

The financial statements do not include any adjustments related to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.


9



NOTE 4 – LOAN FROM DIRECTOR

 

As of August 31, 2018, the Company owed $11,261 to the CEO and Director for expenses paid by him on behalf of the Company. The amounts are unsecured, non-interest bearing and due on demand.

 

NOTE 5 – STOCKHOLDER’S EQUITY

 

The Company has 75,000,000, $0.001 par value shares of common stock authorized.

 

During the prior year, the Company issued 4,000,000 shares of common stock to the CEO and Director for a subscription receivable of $4,000 at $0.001 per share. During the three months ending August 31, 2017, the CEO and director paid for expenses and inventory deposits in satisfaction of the subscription receivable.

 

In September and October the Company issued 2,220,000 shares of common stock to shareholders at $0.01 per share for a total price of $22,200.

 

As of August 31, 2018, the Company’s issued and outstanding shares were at 6,220,000.

 

NOTE 6 - INCOME TAXES

 

The reconciliation of income tax benefit at the U.S. statutory rate of 21% for the period from inception to August 31, 2018 to the Company’s effective tax rate is as follows:

 

 

August 31, 2018

 

 

May 31, 2018

 

Tax benefit at U.S. statutory rate

 

$

650   

 

 

$

6,776   

 

Change in valuation allowance

 

 

(650   

)

 

 

(6,776   

)

Tax benefit, net

 

$

-   

 

 

$

-   

 

 

 

 

 

 

 

 

 

 

 

The tax effects of temporary differences that give rise to significant portions of the net deferred tax assets at August 31, 2018 are as follows:

 

Deferred tax assets

 

August 31, 2018

 

 

May 31, 2018

 

Net operating loss

 

$

10,158   

 

 

$

9,509   

 

Valuation allowance

 

 

(10,158   

)

 

 

(9,509   

)

Net deferred tax assets

 

$

-   

 

 

$

-   

 

 

The Company has approximately $48,375 of net operating losses (“NOL”) carried forward to offset taxable income, if any, in future years which begin to expire in fiscal 2036. In assessing the realization of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. Based on the assessment, management has established a full valuation allowance against all of the deferred tax asset relating to NOLs for every period because it is more likely than not that all of the deferred tax asset will not be realized.

 

 

NOTE 7 - COMMITMENT & CONTINGENCIES

 

The Company does not own or lease any real or personal property and does not have any capital commitments.


10



NOTE 8 – SUBSEQUENT EVENTS

 

The Company has evaluated subsequent events through the date that these financial statements were available to be issued.

 

 

 

 

FORWARD LOOKING STATEMENTS

 

Statements made in this Form 10-Q that are not historical or current facts are "forward-looking statements" made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 (the "Act") and Section 21E of the Securities Exchange Act of 1934. These statements often can be identified by the use of terms such as "may," "will," "expect," "believe," "anticipate," "estimate," "approximate" or "continue," or the negative thereof. We intend that such forward-looking statements be subject to the safe harbors for such statements. We wish to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Any forward-looking statements represent management's best judgment as to what may occur in the future. However, forward-looking statements are subject to risks, uncertainties and important factors beyond our control that could cause actual results and events to differ materially from historical results of operations and events and those presently anticipated or projected. We disclaim any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statement or to reflect the occurrence of anticipated or unanticipated events.

 

 

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

 

 

 

EMPLOYEES AND EMPLOYMENT AGREEMENTS

 

At present, we have no employees other than our sole officer and director.  We presently do not have pension, health, annuity, insurance, stock options, profit sharing or similar benefit plans; however, we may adopt such plans in the future.  There are presently no personal benefits available to any officers, directors or employees.

 

 

Results of Operation

 

Our financial statements have been prepared assuming that we will continue as a going concern and, accordingly, do not include adjustments relating to the recoverability and realization of assets and classification of liabilities that might be necessary should we be unable to continue in operation.

 

We expect we will require additional capital to meet our long term operating requirements. We expect to raise additional capital through, among other things, the sale of equity or debt securities.

 

Three and Three Months Period Ended August 31, 2018 and 2016

 

Our net loss for the three months periods ended August 31, 2018 and 2017 were $3,093 and $628 respectively. During the three months period ended August 31, 2018 we have not generated any revenue and during period ended August 31, 2017, we have generated $1,602 in gross profit.  

 

 

Liquidity and Capital Resources


11



Three Months Period Ended August 31, 2018  

 

As of August 31, 2018, our total assets were $5,142 consisting of Cash and cash equivalents of $42 and fixed assets of $5,100.   As of August 31, 2018, our total liabilities were $27,318 comprised of current liabilities of $1,097 for accounts payable and long-term liabilities owning to our director $11,261 and customer deposit of $14,960.   

 

 

Cash Flows from Operating Activities

 

For the three months periods ended August 31, 2018 our net cash flows used by operating activities was ($2,843).  For the three months periods ended August 31, 2017 our net cash flows provided by operating activities was $770.

 

 

Cash Flows from Investing Activities

 

We did not use or generate any cash flows from investing activities in the three months periods ended August 31, 2018 and 2017..

Cash Flows from Financing Activities

We have not generated any cash flows from financing activities for the three months ended August 31, 2018.

We generated $5,000 in cash flows from financing activities for the three month period ended August 31, 2017 by issuing common stock $4,900 and expenses paid on behalf of the company of $100.  

 

Plan of Operation and Funding

 

We expect that working capital requirements will continue to be funded through a combination of our existing funds and further issuances of securities. Our working capital requirements are expected to increase in line with the growth of our business.

 

Existing working capital, further advances and debt instruments, and anticipated cash flow are expected to be adequate to fund our operations over the next three months. We have no lines of credit or other bank financing arrangements. Generally, we have financed operations to date through the proceeds of the private placement of equity and debt instruments. In connection with our business plan, management anticipates additional increases in operating expenses and capital expenditures relating to: (i) acquisition of inventory; (ii) developmental expenses associated with a start-up business; and (iii) marketing expenses. We intend to finance these expenses with further issuances of securities, and debt issuances. Thereafter, we expect we will need to raise additional capital and generate revenues to meet long-term operating requirements. Additional issuances of equity or convertible debt securities will result in dilution to our current shareholders. Further, such securities might have rights, preferences or privileges senior to our common stock. Additional financing may not be available upon acceptable terms, or at all. If adequate funds are not available or are not available on acceptable terms, we may not be able to take advantage of prospective new business endeavors or opportunities, which could significantly and materially restrict our business operations. We will have to raise additional funds in the next twelve months in order to sustain and expand our operations. We currently do not have a specific plan of how we will obtain such funding; however, we anticipate that additional funding will be in the form of equity financing from the sale of our common stock. We have and will continue to seek to obtain short-term loans from our directors, although no future arrangement for additional loans has been made. We do not have any agreements with our directors concerning these loans. We do not have any arrangements in place for any future equity financing.

 

Off-Balance Sheet Arrangements


12



As of the date of this quarterly report, we do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors.

 

Going Concern

 

The independent auditors' review report accompanying our May 31, 2017 financial statements contained an explanatory paragraph expressing substantial doubt about our ability to continue as a going concern. The financial statements have been prepared assuming that we will continue as a going concern, which contemplates that we will realize our assets and satisfy our liabilities and commitments in the ordinary course of business.

 

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

 

No report required.

 

 

ITEM 4. CONTROLS AND PROCEDURES

 

Our management is responsible for establishing and maintaining a system of disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act) that is designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Commission’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated and communicated to the issuer’s management, including its principal executive officer or officers and principal financial officer or officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

 

An evaluation was conducted under the supervision and with the participation of our management of the effectiveness of the design and operation of our disclosure controls and procedures as of August 31, 2018. Based on that evaluation, our management concluded that our disclosure controls and procedures were not effective as of such date to ensure that information required to be disclosed in the reports that we file or submit under the Exchange Act, is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms. Such officer also confirmed that there was no change in our internal control over financial reporting during the three-month period ended August 31, 2018 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

 

 

 

 

PART II. OTHER INFORMATION

 

 

ITEM 1. LEGAL PROCEEDINGS

 

Management is not aware of any legal proceedings contemplated by any governmental authority or any other party involving us or our properties. As of the date of this Quarterly Report, no director, officer or affiliate is (i) a party adverse to us in any legal proceeding, or (ii) has an adverse interest to us in any legal proceedings. Management is not aware of any other legal proceedings pending or that have been threatened against us or our properties.

 

 

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

 

No report required.


13



ITEM 3. DEFAULTS UPON SENIOR SECURITIES

 

No report required.

 

 

ITEM 4. MINE SAFETY DISCLOSURES

 

Not applicable.

 

 

ITEM 5. OTHER INFORMATION

 

No report required.

 

 

ITEM 6. EXHIBITS

 

Exhibits:

 

 

31.1 Certification of Chief Executive Officer pursuant to Securities Exchange Act of 1934 Rule 13a-14(a) or 15d-14(a).

 

31.2 Certification of Chief Financial Officer pursuant to Securities Exchange Act of 1934 Rule 13a-14(a) or 15d-14(a).

 

32.1 Certifications pursuant to Securities Exchange Act of 1934 Rule 13a-14(b) or 15d-14(b) and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes- Oxley Act of 2002.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SIGNATURES

 

In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


14



 

Dated: January 16, 2018

 

Moveix Inc.

 

 

 

 

 

 

By:

/s/ Alexandru Curiliuc

 

Name:

 Alexandru Curiliuc

 

Title:

President


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