Tianci International Files 10-Q for Q3 FY24

TL;DR

Tianci Intl (CIIT) filed 10-Q for 4/30/24. Check financials.

AI Summary

Tianci International, Inc. filed its 10-Q for the period ending April 30, 2024. The company, formerly known as Steampunk Wizards, Inc. and Freedom Petroleum Inc., is incorporated in Nevada and operates in the computer communications equipment sector. The filing covers financial information for the third quarter of fiscal year 2024.

Why It Matters

This filing provides investors with an update on Tianci International's financial performance and operational status for the most recent fiscal quarter.

Risk Assessment

Risk Level: medium — The company has a history of name changes and operates in a specific industry, which may indicate potential volatility or niche market focus.

Key Numbers

• 2024-04-30 — Period End Date (Latest financial reporting period)
• 2023-07-31 — Previous Fiscal Year End (Comparison point for financial performance)

Key Players & Entities

• Tianci International, Inc. (company) — Filer
• Steampunk Wizards, Inc. (company) — Former company name
• Freedom Petroleum Inc. (company) — Former company name
• 0731 (date) — Fiscal year end
• 20240430 (date) — Period of report

FAQ

Filing Documents

• tianci_i10q-043024.htm (10-Q) — 804KB
• tianci_ex3101.htm (EX-31.1) — 7KB
• tianci_ex3102.htm (EX-31.2) — 7KB
• tianci_ex3201.htm (EX-32.1) — 3KB
• tianci_ex3202.htm (EX-32.2) — 3KB
• 0001683168-24-004218.txt ( ) — 4162KB
• ciit-20240430.xsd (EX-101.SCH) — 38KB
• ciit-20240430_cal.xml (EX-101.CAL) — 44KB
• ciit-20240430_def.xml (EX-101.DEF) — 139KB
• ciit-20240430_lab.xml (EX-101.LAB) — 271KB
• ciit-20240430_pre.xml (EX-101.PRE) — 236KB
• tianci_i10q-043024_htm.xml (XML) — 571KB

Financial Information

Part I. Financial Information Item 1.

Financial Statements (unaudited)

Financial Statements (unaudited) : 3 Condensed Consolidated Balance Sheets – April 30, 2024 (Unaudited) and July 31, 2023 3 Condensed Consolidated Statements of Operations (Unaudited) - for the Three and Nine Months Ended April 30, 2024 and 2023 4 Condensed Consolidated Statement of Changes in Stockholders' Equity (Unaudited) for the Three and Nine Months Ended April 30, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows (Unaudited) – for the Nine Months Ended April 30, 2024 and 2023 6 Notes to Condensed Consolidated Financial Statements (Unaudited) 7 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 22 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 28 Item 4.

Controls and Procedures

Controls and Procedures 28

Other Information

Part II. Other Information Item 1.

Legal Proceedings

Legal Proceedings 30 Item 1A.

Risk Factors

Risk Factors 30 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 30 Item 3. Defaults Upon Senior Securities 30 Item 4. Mine Safety Disclosures 30 Item 5. Other Information 30 Item 6. Exhibits 30

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION ITEM 1

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS TIANCI INTERNATIONAL, INC. AND SUBSIDIARIES UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS (EXPRESSED IN UNITED STATES DOLLARS) April 30, July 31, 2024 2023 (Unaudited) ASSETS Current assets: Cash $ 646,031 $ 256,342 Accounts receivable 82,021 – Prepaid expense 2,600 1,750 Deferred offering costs 245,000 – Due from related party – 54,134 Total current assets 975,652 312,226 Other assets: Lease security deposit 1,656 1,542 Right-of-use asset – 6,436 Total non-current assets 1,656 7,978 TOTAL ASSETS $ 977,308 $ 320,204 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 36,698 $ 779 Income taxes payable 48,321 26,298 Due to related parties 30,354 276,077 Lease liability - current – 4,368 Advances from customers – 29,070 Accrued liabilities and other payables 126,440 260,176 Total current liabilities 241,813 596,768 Lease liability - noncurrent – 2,068 Total liabilities 241,813 598,836 Commitments and contingencies – – Stockholders' equity (deficit): Series A Preferred stock, $ 0.0001 par value; 80,000 shares authorized; 0 and 80,000 shares issued and outstanding as of April 30, 2024 and July 31, 2023 – 8 Series B Preferred stock, $ 0.0001 par value; 80,000 shares authorized; 80,000 and 0 shares issued and outstanding as of April 30, 2024 and July 31, 2023 8 – Undesignated preferred stock, $ 0.0001 par value; 19,920,000 shares authorized; no shares issued and outstanding – – Common stock, $ 0.0001 par value, 100,000,000 shares authorized; 14,781,803 and 5,903,481 shares issued and outstanding as of April 30, 2024 and July 31, 2023, respectively 1,478 590 Additional paid-in capital 962,416 4,982 Accumulated deficit ( 261,146 ) ( 276,521 ) Total stockholders' equity (deficit) attributable to TIANCI INTERNATIONAL, INC. 702,756 ( 270,941 ) Non-controlling interest 32,739 ( 7,691 ) Tot

View Full Filing

View this 10-Q filing on SEC EDGAR