FinanceLooker

Excrept from filing document 2024-04-30

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 No
The aggregate market value of the voting and non voting common equity held by non affiliates computed by reference to the price at which the common equity was last sold or the average bid and asked price of such common equity as of the last business day of the registrant s most recently completed second fiscal quarter was 0
This annual report contains forward looking statements These statements relate to future events or our future financial performance 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
Natics Corp is a development stage company formed to commence operations concerned with online workouts We were incorporated under the laws of the state of Wyoming on February 21 2022 We are providing the useful healthy and effective type of online sport service for adolescents and adults for men and women available from anywhere using the phone and internet connection Our online service provides a high quality sport trainings through our mobile application Sport Natics for Android and iOS mobile OS Our sport app offers a free trial and a paid one depending on the content
In 2024 we did not identify any cybersecurity threats that have materially affected or are reasonably likely to materially affect our business strategy results of operations or financial condition However despite our efforts we cannot eliminate all risks from cybersecurity threats or provide assurances that we have not experienced undetected cybersecurity incidents
We are a development stage corporation with limited operations and revenues from our business operations Our auditors have issued a going concern opinion This means that our auditors believe there is substantial doubt that we can continue as an on going business for the next twelve months We do not anticipate that we will generate significant revenues until we have raised the funds necessary to conduct a marketing program
There is no historical financial information about us upon which to base an evaluation of our performance We are in start up stage operations and have generated limited revenues We cannot guarantee we will be successful in our business operations Our business is subject to risks inherent in the establishment of a new business enterprise including limited capital resources and possible cost overruns due to price and cost increases in services and products
The extent of the impact of the coronavirus COVID 19 outbreak on the financial performance of the Company will depend on future developments including the duration and spread of the outbreak and related advisories and restrictions and the impact of COVID 19 on the overall economy all of which are highly uncertain and cannot be predicted If the overall economy is impacted for an extended period the Company s future operating results may be materially adversely affected
The discussion and analysis of our financial condition and results of operations are based upon our financial statements which have been prepared in accordance with the accounting principles generally accepted in the United States of America Preparing financial statements requires management to make estimates and assumptions that affect the reported amounts of assets liabilities and expenses These estimates and assumptions are affected by management s application of accounting policies We believe that understanding the basis and nature of the estimates and assumptions involved with the following aspects of our financial statements is critical to an understanding of our financial statements
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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 The estimates and judgments will also affect the reported amounts for certain expenses during the reporting period Actual results could differ from these good faith estimates and judgments
Disclosure controls and procedures are designed to ensure that information required to be disclosed in the reports filed or submitted under the Exchange Act is recorded processed summarized and reported within the time period specified in the SEC s rules and forms and that such information is accumulated and communicated to management including the CEO and CFO as appropriate to allow timely decisions regarding required disclosures Our management necessarily applied its judgment in assessing the costs and benefits of such controls and procedures which by their nature can provide only reasonable assurance regarding management s control objectives
Our management with the participation of our CEO evaluated the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the period covered by this Report Based upon this evaluation our CEO concluded that our disclosure controls and procedures were not effective because of the identification of a material weakness in our internal control over financial reporting which is described below
Our management is responsible for establishing and maintaining adequate internal control over financial reporting as such term is defined in Exchange Rule 13a 15 f Our internal control over financial reporting is a process designed to provide reasonable assurance to our management and board of directors regarding the reliability of financial reporting and the preparation of the financial statements for external purposes in accordance with U S GAAP
Our internal control over financial reporting includes those policies and procedures that i pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of our assets ii provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with U S GAAP and our receipts and expenditures are being made only in accordance with authorizations of our management and directors and iii provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition use or disposition of our assets that could have a material effect on our financial statements
Because of its inherent limitations internal control over financial reporting may not prevent or detect misstatements All internal control systems no matter how well designed have inherent limitations including the possibility of human error and the circumvention of overriding controls Accordingly even effective internal control over financial reporting can provide only reasonable assurance with respect to financial statement preparation Also projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions or that the degree of compliance with the policies or procedures may deteriorate
Our management assessed the effectiveness of our internal control over financial reporting as of April 30 2024 In making this assessment it used the criteria set forth by the Committee of Sponsoring Organizations of the Tread way Commission COSO in Internal Control Integrated Framework 2013 Based on this evaluation management concluded that that our internal control over financial reporting was not effective as of April 30 2024 Our CEO concluded we have a material weakness due to lack of segregation of duties a limited corporate governance structure and a lack of a formal management review process over preparation of financial information A material weakness is a deficiency or a combination of control deficiencies in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected on a timely basis
Our size has prevented us from being able to employ sufficient resources to enable us to have an adequate level of supervision and segregation of duties within our system of internal control Therefore while there are some compensating controls in place it is difficult to ensure effective segregation of accounting and financial reporting duties Management reported the following material weaknesses
While we strive to segregate duties as much as practicable there is an insufficient volume of transactions at this point in time to justify additional full time staff We believe that this is typical in many development stage companies We may not be able to fully remediate the material weakness until we commence operations at which time we would expect to hire more staff We will continue to monitor and assess the costs and benefits of additional staffing
This Annual Report does not include an attestation report of our registered public accounting firm regarding internal control over financial reporting Management s report was not subject to attestation by our registered public accounting firm pursuant to the SEC rules that permit us to provide only management s report in this Annual Report
Directors of the corporation are elected by the stockholders to a term of 1 one year and serve until a successor is elected and qualified Officers of the corporation are appointed by the Board of Directors to a term of one year and serves until a successor is duly appointed and qualified or until he or she is removed from office The Board of Directors has no nominating auditing or compensation committees
Our Company currently does not have nominating compensation or audit committees or committees performing similar functions nor does our Company have a written nominating compensation or audit committee charter Our director believes that it is not necessary to have such committees at this time because the functions of such committees can be adequately performed by the sole director
Our Company does not have any defined policy or procedural requirements for shareholders to submit recommendations or nominations for Directors The sole director believes that given the stage of our development a specific nominating policy would be premature and of little assistance until our business operations develop to a more advanced level Our Company does not currently have any specific or minimum criteria for the election of nominees to the sole director and we do not have any specific process or procedure for evaluating such nominees The sole director will assess all candidates whether submitted by management or shareholders and make recommendations for election or appointment
The Company promotes accountability for adherence to honest and ethical conduct endeavors to provide full fair accurate timely and understandable disclosure in reports and documents that the Company files with the Securities and Exchange Commission the SEC and in other public communications made by the Company and strives to be compliant with applicable governmental laws rules and regulations The Company has not formally adopted a written code of business conduct and ethics that governs the Company s employees officers and directors as the Company is not required to do so
In lieu of an Audit Committee the Company s sole director is responsible for reviewing and making recommendations concerning the selection of outside auditors reviewing the scope results and effectiveness of the annual audit of the Company s financial statements and other services provided by the Company s independent public accountants The sole director reviews the Company s internal accounting controls practices and policies
In the event that we register under the Securities Exchange Act of 1934 the Exchange Act or 1934 Act Section 16 a of that act will require our directors and executive officers and persons who own more than ten percent of our common stock to file with the Securities and Exchange Commission initial reports of ownership and reports of changes of ownership of our common stock Officers directors and greater than ten percent stockholders will be required by SEC regulation to furnish us with copies of all Section 16 a forms they file
Our securities are not currently traded on any public exchange and as such we are not currently subject to corporate governance standards of listed companies which require among other things that the majority of the board of directors be independent We are not currently subject to corporate governance standards defining the independence of our directors and we have chosen to define an independent director in accordance with the NASDAQ Global Market s requirements for independent directors
The following table sets forth the beneficial ownership and the percentages of outstanding shares represented by such beneficial ownership as of April 30 2024 of i each director ii the current NEOs named in the Summary Compensation Table contained in this Form 10 K and iii all current directors and executive officers as a group Except as otherwise indicated we believe that the beneficial owners of the common stock listed below based on information provided by such owners have sole investment and voting power with respect to such shares subject to community property laws where applicable Persons who have the power to vote or dispose of common stock of the Company either alone or jointly with others are deemed to be beneficial owners of such common stock
The following table sets forth certain information with respect to each person known by us to be the beneficial owner of five percent or more of either class of the Company s outstanding common stock The content of this table is based upon the most current information contained in Schedules 13D or 13G filings with the SEC unless more recent information was obtained
The following table sets forth certain information concerning the number of shares of our common stock owned beneficially as of April 30 2024 by i each person including any group known to us to own more than five percent 5 of any class of our voting securities ii our director and or iii our officer Unless otherwise indicated the stockholder listed possesses sole voting and investment power with respect to the shares shown
A total of 3 000 000 common shares at 0 0001 per share have been issued to our sole stockholder They are restricted securities as that term is defined in Rule 144 of the Rules and Regulations of the SEC promulgated under the Act Under Rule 144 such shares can be publicly sold subject to volume restrictions and certain restrictions on the manner of sale commencing six months after their acquisition
Any sale of shares held by the existing stockholder after applicable restrictions expire and or the sale of shares purchased in this offering which would be immediately resalable after the offering may have a depressive effect on the price of our common stock in any market that may develop of which there can be no assurance
The Board of Directors has considered whether the services provided under other non audit services are compatible with maintaining the auditor s independence and has determined that such services are compatible The Board of Directors has adopted policies and procedures for pre approving all non audit work performed by the external auditors The Board of Directors will annually pre approve services in specified accounting areas The Board of Directors also annually approves the budget for the annual generally accepted accounting principles GAAP audit
We have audited the accompanying balance sheet of Natics Corp the Company as of April 30 2024 and 2023 the related statements of operations changes in stockholders equity from inception to the period ended April 30 2023 and the related notes collectively referred to as the financial statements In our opinion the financial statements present fairly in all material respects the financial position of the Company as of April 30 2024 and 2023 and the results of its operations and its cash flows from inception to the period ended April 30 2024 in conformity with accounting principles generally accepted in the United States of America
The Company s financial statements are prepared using the generally accepted accounting principles applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business The Company has an accumulated deficit of 34 162 and a negative cash flow from operations amounting to 7 860 from inception to the period ended April 30 2024 These factors as discussed in Note 2 of the financial statements raise substantial doubt about the Company s ability to continue as a going concern Management s plans in regard to these matters are also described in Note 2 The financial statements do not include any adjustments that might result from the outcome of these uncertainties
These financial statements are the responsibility of the Company s management Our responsibility is to express an opinion on the Company s financial statements based on our audits We are a public accounting firm registered with the Public Company Accounting Oversight Board United States PCAOB and are required to be independent with respect to the Company in accordance with the U S federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB
We conducted our audits in accordance with the standards of the PCAOB Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud The Company is not required to have nor were we engaged to perform an audit of its internal control over financial reporting As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company s internal control over financial reporting Accordingly we express no such opinion
Our audits included performing procedures to assess the risks of material misstatement of the financial statements whether due to error or fraud and performing procedures that respond to those risks Such procedures included examining on a test basis evidence regarding the amounts and disclosures in the financial statements Our audits also included evaluating the accounting principles used and significant estimates made by management as well as evaluating the overall presentation of the financial statements We believe that our audits provide a reasonable basis for our opinion
Critical audit matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that 1 relate to accounts or disclosure that are material to the financial statements and 2 involve especially challenging subjective or complex judgements The communication of critical audit matters does not alter in any way our opinion on the financial statements taken as a whole and we are not by communicating the critical audit matters below providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate
NATICS CORP referred as the Company we our is a development stage company formed to commence operations concerned with online workouts We were incorporated under the laws of the state of Wyoming on February 21 2022 From our formation we were engaged in the business of namely the development marketing and business process analysis problem solving and general business services by our CEO sole Officer and Director Mr Pirotsky
The accompanying financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America GAAP which contemplate continuation of the Company as a going concern The Company has an accumulated deficit of 34 162 as of April 30 2024 The Company currently has losses and has not completed its efforts to establish a stabilized source of revenues sufficient to cover operating costs over an extended period of time Therefore there is substantial doubt about the Company s ability to continue as a going concern Management anticipates that the Company will be dependent for the near future on additional investment capital to fund operating expenses The Company intends to position itself so that it will be able to raise additional funds through the capital markets In light of management s efforts there are no assurances that the Company will be successful in this or any of its endeavors or become financially viable and continue as a going concern
The preparation of 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 the financial statements and the reported amount of revenues and expenses during the reporting period Actual results could differ from those estimates
FASB ASC Topic 820 Fair Value Measurement defines fair value as the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date The standards apply to recurring and nonrecurring fair value measurements of financial and non financial assets and liabilities The Company determines the fair values of its assets and liabilities based on a fair value hierarchy that includes three levels of inputs that may be used to measure fair value
All income tax amounts reflect the use of the liability method under accounting for 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 taxes arising primarily from differences between financial and tax reporting purposes Current year expense represents the amount of income taxes paid payable or refundable for the period
Deferred income taxes net of appropriate valuation allowances are determined using the tax rates expected to be in effect when the taxes are actually paid Valuation allowances are recorded against deferred tax assets when it is more likely than not that such assets will not be realized When an uncertain tax position meets the more likely than not recognition threshold the position is measured to determine the amount of benefit or expense to recognize in the financial statements
The Company s income tax returns are subject to review and examination by federal state and local governmental authorities As of April 30 2024 our April 30 2023 tax return was open to examination with federal state and local governmental authorities To the extent penalties and interest are incurred through an examination they would be included as part of operations in the statement of operations
We account for our intangible assets in accordance with ASC Subtopic 350 30 General Intangibles Other Than Goodwill and ASC Subtopic 360 10 05 Accounting for the Impairment or Disposal of Long Lived Assets ASC Subtopic 350 30 requires assets to be measured based on the fair value of the consideration given or the fair value of the assets or net assets acquired whichever is more clearly evident and thus more reliably measurable Further ASC Subtopic 350 30 requires an intangible asset to be amortized over its useful life and for the useful life to be evaluated every reporting period to determine whether events or circumstances warrant a revision to the remaining period of amortization If the estimate of useful life is changed the remaining carrying amount of the intangible asset is amortized prospectively over the revised remaining useful life Costs of internally developing maintaining or restoring intangible assets are recognized as an expense when incurred
The Company computes income loss per share in accordance with FASB ASC 260 Earnings per Share Basic loss per share is computed by dividing net income loss available to common shareholders by the weighted average number of outstanding common shares during the period Diluted income loss per share gives effect to all dilutive potential common shares outstanding during the period Dilutive loss per share excludes all potential common shares if their effect is anti dilutive As of April 30 2024 there were no potentially dilutive debt or equity instruments issued or outstanding
Comprehensive income is defined as all changes in stockholders equity exclusive of transactions with owners such as capital investments Comprehensive income includes net income or loss changes in certain assets and liabilities that are reported directly in equity such as translation adjustments on investments in foreign subsidiaries and unrealized gains losses on available for sale securities As of April 30 2024 were no differences between our comprehensive loss and net loss
The ultimate impact of the COVID 19 pandemic on the Company s operations is unknown and will depend on future developments which are highly uncertain and cannot be predicted with confidence including the duration of the COVID 19 outbreak new information which may emerge concerning the severity of the COVID 19 pandemic and any additional preventative and protective actions that governments or the Company may direct which may result in an extended period of continued business disruption reduced customer traffic and reduced operations Any resulting financial impact cannot be reasonably estimated at this time but is anticipated to have a material adverse impact on our business financial condition and results of operations
The extent of the impact of the coronavirus COVID 19 outbreak on the financial performance of the Company will depend on future developments including the duration and spread of the outbreak and related advisories and restrictions and the impact of COVID 19 on the overall economy all of which are highly uncertain and cannot be predicted If the overall economy is impacted for an extended period the Company s future operating results may be materially and adversely affected
The sole officer and director Guy Pirotsky is the only related party with whom the Company had transactions with during the period from inception on February 21 2022 through April 30 2024 During the year ended April 30 2024 Mr Pirotsky paid 14 352 for operating expenses on behalf of the Company The amounts due to the related party are unsecured and non interest bearing with no set terms of repayment
Future tax benefits which arise as a result of these losses have not been recognized in these financial statements as their realization is determined not likely to occur and accordingly the Company has recorded a valuation allowance for the deferred tax asset relating to these tax loss carry forwards

Company Name	Natics Corp. Vist SEC web-site
Category	SERVICES-COMPUTER PROCESSING & DATA PREPARATION