NEXT-ChemX Corp. Files Q2 2024 10-Q

TL;DR

NEXT-ChemX filed its Q2 10-Q. Financials and operations update.

AI Summary

NEXT-ChemX Corporation filed its 10-Q for the period ending June 30, 2024. The company, formerly known as AllyMe Group, Inc./NV, is incorporated in Nevada and operates in the miscellaneous chemical products sector. Its principal executive offices are located in Austin, Texas.

Why It Matters

This filing provides investors with an update on NEXT-ChemX Corporation's financial performance and operational status for the second quarter of 2024.

Risk Assessment

Risk Level: low — This is a standard quarterly filing providing basic company information and financial reporting periods.

Key Numbers

• 20240630 — Period End Date (Financial reporting period)
• 20240819 — Filing Date (Date the report was submitted)

Key Players & Entities

• NEXT-ChemX Corporation (company) — Filer
• AllyMe Group, Inc./NV (company) — Former company name
• Austin, Texas (location) — Business address
• 20240630 (date) — Period of report

FAQ

Key Financial Figures

• $5 million — either (i) achieved an annual EBITDA of $5 million per annum as indicated by reference to
• $12 m — ) achieved a quarterly income figure of $12 million, or, (iii) the Board of Directors
• $3 million — which the Company shall raise more than $3 million in equity or debt finance, or (b) the d

Filing Documents

• form-10q.htm (10-Q) — 410KB
• form-10q_002.jpg (GRAPHIC) — 4KB
• ex31-1.htm (EX-31.1) — 10KB
• ex31-2.htm (EX-31.2) — 10KB
• ex32-1.htm (EX-32.1) — 8KB
• 0001493152-24-033069.txt ( ) — 2309KB
• chmx-20240630.xsd (EX-101.SCH) — 20KB
• chmx-20240630_cal.xml (EX-101.CAL) — 32KB
• chmx-20240630_def.xml (EX-101.DEF) — 76KB
• chmx-20240630_lab.xml (EX-101.LAB) — 170KB
• chmx-20240630_pre.xml (EX-101.PRE) — 134KB
• form-10q_htm.xml (XML) — 182KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements F-3 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 3 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 5 Item 4.

Controls and Procedures

Controls and Procedures 6

– OTHER INFORMATION

PART II – OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 7 Item 1A.

Risk Factors

Risk Factors 7 Item 2. Unregistered Sale of Equity Securities and Use of Proceeds 7 Item 3. Defaults Upon Senior Securities 7 Item 4. Mine Safety Disclosures 7 Item 5. Other Information 7 Item 6. Exhibits 8

Signatures

Signatures 9 2 NEXT-CHEMX CORPORATION INTERIM

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS (UNAUDITED) Table of Contents Page Condensed balance sheets at March 31, 2024 and December 31, 2023 F-3 Condensed Statements of Operations for the three months ended March 31, 2024 and 2023 F-4 Condensed Statements of Changes in Stockholders' Equity (Deficit) for the three months ended March 31, 2024 and 2023 F-5 Condensed Statements of Cash Flows for the three months ended March 31, 2024 and 2023 F-6 Notes to Unaudited Condensed Financial Statements F-7 F-1 PART I FINANCIAL INFORMATION Important Notice: Deficient Report The financial statements that form part of the present Quarterly Report on Form 10-Q for the period covering the second quarter of 2024 (the "2024 10-Q") have not been reviewed by a registered public accounting firm. This filing must therefore be considered as substantially deficient. On May 3, 2024, the Company was made aware that its auditor, BF Borgers CPA PC, had been denied the privilege of appearing or practicing before the Securities and Exchange Commission (the "SEC") as an accountant. The Company has appointed a new registered public accounting firm: Fruci & Associates II PLLC, Certified Public Accountants based in Spokane, Washington ("Fruci & Associates") to replace BF Borgers. However, due to a vastly increased workload as well as the necessity of reauditing the 2023 Annual Report filed on Form 10-K (the "2023 10-K"), Fruci & Associates has been unable to complete the review of either the present 2024 10-Q or the previous 10-Q filed for the first quarter of 2024 on July 15, 2024, as required. The present deficiency is entirely due to circumstances beyond the control of the Company. The Company has no reason to believe that either this present 2024 10-Q or any of the previously issued financial statements cannot be relied upon because of an error in the statements. The Company has appointed and continues to work with Fruci & Associates to carry out the audit and reviews and will make e

Financial Statements

Financial Statements The accompanying unaudited condensed interim financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information, and in accordance with the rules and regulations of the United States Securities and Exchange Commission with respect to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited interim financial statements furnished reflect all adjustments (consisting of normal recurring adjustments) that are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. Interim results are not necessarily indicative of the results for the full year. These unaudited interim financial statements should be viewed in conjunction with the audited

financial statements of the Company for the year ended December 31, 2023

financial statements of the Company for the year ended December 31, 2023. F-8 Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. 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 of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could and likely will differ from those estimates. Intangible asset The iTDE Technology is classified as an indefinite intangible asset by the Company based on it being a fundamental stem technology that has applications in numerous fields and that is anticipated to give rise to other applications and techniques. As a result, no amortization has been recorded against the asset which remains at its October 1, 2021, value of $ 3,150,114 (see Note 5 to these unaudited condensed financial statements). The Company conducts regular assessments of the iTDE Technology to identify if its value is impaired in any way, (i) on an annual basis and (ii) if, in the opinion of Management, there exists any reason external or internal why the asset might be impaired. In the opinion of management, as at the date of this report, there exists no reason external or internal why the asset might be impaired. Revenue Recognition The Company utilizes a five-step process when assessing the recognition of revenue from contractual obligations. (i) Identification of the type and binding nature of the contract as well as an identification and assessment of the goods and services undertaken with specific reference to the intangible nature of the intellectual property rights sold; (ii) Identification of specific performance obligations within the overall contract that are distinct. (iii) Determination of the specific price or value of the specific performance obligation. (

View Full Filing

View this 10-Q filing on SEC EDGAR