Treasure & Shipwreck Recovery, Inc. Files 10-Q for Period Ending January 31, 2024

TL;DR

<b>Treasure & Shipwreck Recovery, Inc. has filed its quarterly report (10-Q) for the period ending January 31, 2024.</b>

AI Summary

Treasure & Shipwreck Recovery, Inc. (BLIS) filed a Quarterly Report (10-Q) with the SEC on March 25, 2024. The company filed a 10-Q report for the period ending January 31, 2024. The filing date was March 25, 2024. The company's fiscal year ends on April 30. The company was formerly known as BELISS CORP. and changed its name on April 12, 2017. The company is incorporated in Nevada.

Why It Matters

For investors and stakeholders tracking Treasure & Shipwreck Recovery, Inc., this filing contains several important signals. This 10-Q filing provides an update on the company's financial performance and operational status for the specified quarter. Investors and stakeholders can use this report to assess the company's current financial health and make informed decisions.

Risk Assessment

Risk Level: low — Treasure & Shipwreck Recovery, Inc. shows low risk based on this filing. The filing is a standard 10-Q, providing routine financial updates without immediate indicators of significant risk or opportunity.

Analyst Insight

Monitor future filings for revenue growth, profitability, and any changes in operational strategy.

Key Numbers

• 2024-01-31 — Period End Date (Quarterly report period)
• 2024-03-25 — Filing Date (Date the 10-Q was filed)
• 04-30 — Fiscal Year End (Company's fiscal year end)
• 2017-04-12 — Name Change Date (Date the company changed its name from BELISS CORP.)

Key Players & Entities

• Treasure & Shipwreck Recovery, Inc. (company) — Filer name
• BELISS CORP. (company) — Former company name
• 2024-01-31 (date) — Period of report
• 2024-03-25 (date) — Filing date
• NV (location) — State of incorporation
• FL (location) — Business address state
• Tampa (location) — Business address city
• 8777235477 (phone) — Business phone number

FAQ

Industry Context

The company operates in the services sector, specifically advertising, according to its SIC code.

Regulatory Implications

The filing is a 10-Q, a quarterly report required by the Securities and Exchange Commission (SEC) under the Securities Exchange Act of 1934.

What Investors Should Do

1. Review the full 10-Q document for detailed financial statements and management discussion.
2. Track future SEC filings for updates on revenue, expenses, and strategic initiatives.
3. Research the company's business model and market position within the services sector.

Year-Over-Year Comparison

This is the first 10-Q filing analyzed for Treasure & Shipwreck Recovery, Inc. in the current review period.

Key Financial Figures

• $0.001 — nge on which registered Common stock, $0.001 par value BLIS Pink Indicate by che
• $2.75 — o common shares of the Company stock at $2.75 per share and due on demand. The balanc
• $0.05 — on shares at a fixed conversion rate of $0.05. The conversion of the note into shares
• $0.01 — on shares at a fixed conversion rate of $0.01. The conversion of the note into shares

Filing Documents

• blis-10q.htm (10-Q) — 581KB
• blis-ex31_1.htm (EX-31.1) — 13KB
• blis-ex32_1.htm (EX-32.1) — 6KB
• 0001199835-24-000125.txt (&nbsp;) — 2594KB
• blis-20240131.xsd (EX-101.SCH) — 21KB
• blis-20240131_cal.xml (EX-101.CAL) — 29KB
• blis-20240131_def.xml (EX-101.DEF) — 61KB
• blis-20240131_lab.xml (EX-101.LAB) — 167KB
• blis-20240131_pre.xml (EX-101.PRE) — 135KB
• blis-10q_htm.xml (XML) — 300KB

Financial Statements

Financial Statements 3 Condensed Consolidated Balance Sheets as of January 31, 2024 (Unaudited) and April 30, 2023 4 Unaudited Condensed Consolidated Statements of Operations for the three and nine months ended January 31, 2024 and 2023 5 Unaudited Condensed Consolidated Statements of Changes in Stockholders Deficit for the three and nine months ended January 31, 2024 and 2023 6 Unaudited Condensed Consolidated Statements of Cash Flows for the nine months ended January 31, 2024 and 2023 7 Notes to the Condensed Consolidated Unaudited Financial Statements 8 Item 2.

Managements Discussion and Analysis of Financial Condition and Results of Operations

Managements Discussion and Analysis of Financial Condition and Results of Operations 14 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 18 Item 4.

Controls and Procedures

Controls and Procedures 18 PART II OTHER INFORMATION: Item 1.

Legal Proceedings

Legal Proceedings 19 Item 1A.

Risk Factors

Risk Factors 19 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 19 Item 3. Defaults Upon Senior Securities 19 Item 4. Submission of Matters to a Vote of Securities Holders 19 Item 5. Other Information 20 Item 6. Exhibits 20

Signatures

Signatures 21 2 PART I - FINANCIAL INFORMATION Item 1. Financial Statements The accompanying interim condensed consolidated financial statements of Treasure & Shipwreck Recovery, Inc., formerly Beliss Corp. (the Company, we, us or our), have been prepared without audit pursuant to the rules and regulations of the Securities and Exchange Commission. The interim condensed consolidated financial statements are condensed and should be read in conjunction with the companys latest annual consolidated financial statements. The accompanying condensed consolidated financial statements have been prepared in accordance with GAAP for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, since they are interim statements, the accompanying condensed consolidated financial statements do not include all the information and notes required by GAAP for a complete financial statement presentation. In the opinion of management, the condensed consolidated financial statements contain all material adjustments, consisting only of normal adjustments considered necessary to present fairly the financial condition, results of operations, and cash flows of the Company for the interim periods presented. 3 Treasure & Shipwreck Recovery, Inc. CONDENSED CONSOLIDATED BALANCE SHEETS As of January 31, 2024 and April 30, 2023 January 31, 2024 (Unaudited) April 30, 2023 ASSETS Current Assets Cash $ - $ 206,722 Total current assets - 206,722 Fixed Assets Fixed assets, net of depreciation 148,038 161,095 Total fixed assets 148,038 161,095 Other Assets Security deposit 1,000 1,000 Total other assets 1,000 1,000 Total Assets $ 149,038 $ 368,817 LIABILITIES AND STOCKHOLDERS DEFICIT Current liabilities Accounts payable $ 38,827 $ 12,942 Accrued expenses 299,955 399,065 Customer deposits 8,700 8,700 Convertible notes payable, in default 483,834 583,641 Sho

financial statements. The Companys year-end is April 30

financial statements. The Companys year-end is April 30. 8 Principles of Consolidation The condensed consolidated financial statements of the Company include the accounts of TSR Holdings, Inc. and TSR Media, which are wholly owned subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation. Use of Estimates The process of preparing consolidated financial statements in conformity with GAAP requires the use of estimates and assumptions regarding certain types of assets, liabilities, revenues, and expenses. Significant estimates for the nine month periods ended January 31, 2024 and 2023 include the useful life of fixed assets, valuation allowances against deferred tax assets and fair value of non cash equity transactions. Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. There were no cash equivalents at January 31, 2024 and April 30, 2023. Financial instruments that potentially subject the Company to concentration of credit risk consist principally of cash deposits. Accounts at each institution are insured by the Federal Deposit Insurance Corporation (FDIC) up to $ 250,000 . As of January 31, 2024, the Company had $ 0 in excess of the FDIC insured limit. Research and Development Expenses Expenditures for research and development are expensed as incurred. Revenue Recognition The Company recognizes revenue in accordance with Accounting Standards Codification (ASC) 606, Revenue from contracts with customers . The core principle of ASC 606 is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. An entity recognizes revenue in accordance with that core principle by applying the following steps: Step 1: Identify the contract(s) with a customer, Step

View Full Filing

View this 10-Q filing on SEC EDGAR