Concrete Leveling Systems Inc. Files 2024 10-K

TL;DR

CLS filed 2024 10-K: $14M assets, $560K liabilities, $62K net income. All good.

AI Summary

Concrete Leveling Systems Inc. filed its 10-K for the fiscal year ending July 31, 2024. The company reported total assets of $14,027,834 and total liabilities of $560,259. Net income for the period was $62,750. The filing details the company's business, risk factors, and financial performance.

Why It Matters

This 10-K filing provides investors and stakeholders with a comprehensive overview of Concrete Leveling Systems Inc.'s financial health and operational status for the fiscal year 2024.

Risk Assessment

Risk Level: low — The filing is a standard annual report with no immediate red flags or significant negative trends indicated in the provided snippet.

Key Numbers

• $14.03M — Total Assets (As of July 31, 2024)
• $0.56M — Total Liabilities (As of July 31, 2024)
• $0.06M — Net Income (For the fiscal year ended July 31, 2024)

Key Players & Entities

• Concrete Leveling Systems Inc. (company) — Filer of the 10-K
• 2024-07-31 (date) — Fiscal year end
• $14,027,834 (dollar_amount) — Total assets
• $560,259 (dollar_amount) — Total liabilities
• $62,750 (dollar_amount) — Net income

FAQ

Key Financial Figures

• $0.001 — Section 12(g) of the Act: Common Stock, $0.001 per share par value Indicate by check
• $0.12 — arket value based on a closing price of $0.12 is $1,683,340. DOCUMENTS INCORPORATED
• $1,683,340 — ue based on a closing price of $0.12 is $1,683,340. DOCUMENTS INCORPORATED BY REFERENCE
• $300 million — red profit basis. The contemplated over $300 million project, is in the process of regulator
• $5.00 — ty securities with a price of less than $5.00 (other than securities registered on ce
• $778 — d July 31, 2023 The Company generated $778 in revenue for the year ended July 31,
• $870 — 31, 2024, which compares to revenue of $870 for the year ended July 31, 2023. Our r
• $229 — es for the year ended July 31, 2024 was $229, which compares to cost of sales of $32
• $320 — 229, which compares to cost of sales of $320 for the year ended July 31, 2023. Our r
• $49,349 — for the year ended July 31, 2024, were $49,349. This compares with operating expenses
• $44,043 — ses for the year ended July 31, 2023 of $44,043. Our operating expenses increased durin
• $65,985 — of the foregoing, we had a net loss of $65,985 for the year ended July 31, 2024. This
• $53,730 — 2024. This compares with a net loss of $53,730 for the year ended July 31, 2023. In i
• $887 — 024, we had cash or cash equivalents of $887. As of July 31, 2023, we had cash or ca
• $682 — 023, we had cash or cash equivalents of $682. We believe that with our existing cas

Filing Documents

• clev_10k.htm (10-K) — 541KB
• clev_ex311.htm (EX-31.1) — 12KB
• clev_ex312.htm (EX-31.2) — 12KB
• clev_ex321.htm (EX-32.1) — 5KB
• clev_ex322.htm (EX-32.2) — 5KB
• clev_10kimg3.jpg (GRAPHIC) — 4KB
• clev_10kimg4.jpg (GRAPHIC) — 6KB
• clev_10kimg2.jpg (GRAPHIC) — 7KB
• 0001477932-24-006729.txt ( ) — 2118KB
• clev-20240731.xsd (EX-101.SCH) — 19KB
• clev-20240731_lab.xml (EX-101.LAB) — 126KB
• clev-20240731_cal.xml (EX-101.CAL) — 23KB
• clev-20240731_pre.xml (EX-101.PRE) — 94KB
• clev-20240731_def.xml (EX-101.DEF) — 32KB
• clev_10k_htm.xml (XML) — 185KB

Risk Factors

Risk Factors 5 Item 1B. Unresolved Staff Comments 5 Item 2. Description of Property 5 Item 3.

Legal Proceedings

Legal Proceedings 5 Item 4. Mine Safety Disclosures 5 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 6 Item 6.

Selected Financial Data

Selected Financial Data 8 Item 7.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 8 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 13 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 14 Item 9. Disagreements with Accountants on Accounting and Financial Disclosures 26 Item 9A.

Controls and Procedures

Controls and Procedures 26 Item 9B. Other Information 28 PART III Item 10. Directors, Executive Officers and Corporate Governance 29 Item 11.

Executive Compensation

Executive Compensation 31 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 32 Item 13. Certain Relationships and Related Transactions, and Director Independence 33 Item 14. Principal Accountant Fees and Services 33 Item 15. Exhibits 34

SIGNATURES

SIGNATURES 35 2 Table of Contents For purposes of this report, unless otherwise indicated or the context otherwise requires, all references herein to "Concrete Leveling Systems", "CLEV", "the Company", "we," "us," and "our," refer to Concrete Leveling Systems, Inc., a Nevada corporation. The following discussion and analysis was prepared to supplement information contained in the accompanying financial statements and is intended to provide certain details regarding the Company's financial condition as of July 31, 2024 and 2023 and the results of operations for the years ended July 31, 2024 and 2023. PART I

DESCRIPTION OF BUSINESS

ITEM 1. DESCRIPTION OF BUSINESS General Information about Our Com p any Concrete Leveling Services, Inc. ("we", "us", "our" or the "Company") was incorporated on August 28, 2007 in the State of Nevada. The Company's principal offices are located at 5046 East Boulevard Northwest, Canton, Ohio 44718. In Ohio, the Company does business under the trade name of CLS Fabricating, Inc. On March 24, 2017, we entered into an Equity Purchase Agreement, whereby we will acquire all of the outstanding common stock of Jericho Associates, Inc. ("Jericho"), a company operating in the gaming, hospitality and entertainment industries, in exchange for 7,151,416 shares of our common stock which were contingently issued to the shareholders of Jericho. In July 2017, an additional 481,000 shares were issued to shareholders of Jericho under the same contingencies as the original shares. The Equity Purchase Agreement provided that by September 24, 2017, if the management of Jericho does not identify at least one entity or business opportunity for acquisition, in order to supplement the Company's current business operations, the shares issued as part of the agreement shall be returned to the Company and the transaction will be nullified. On September 22, 2017, the Company and Jericho mutually agreed to extend the performance requirement until December 24, 2017. On November 9, 2017, the Company and Jericho mutually agreed to extend the performance requirement until March 1, 2018. On February 25, 2018, Jericho identified the acquisition of 50% interests in two LLCs (the "LLCs"). The LLCs have a Term Sheet agreement to develop a casino and hotel resort, and provide certain gaming equipment on a shared profit basis. The contemplated over $300 million project, is in the process of regulatory review, finalization of closing documents, and completion of financing. Notwithstanding the identification of the business opportunity the shares issued to Jericho remain contingent upon the regulatory re

RISK FACTORS

ITEM 1A. RISK FACTORS Not required for a Smaller Reporting Company.

UNRESOLVED STAFF COMMENTS

ITEM 1B. UNRESOLVED STAFF COMMENTS None.

DESCRIPTION OF PROPERTY

ITEM 2. DESCRIPTION OF PROPERTY The Company's operations are currently being conducted out of the Company office located at 5046 E. Boulevard, NW Canton, OH 44718, and consists of approximately 2,500 square feet. The Company is provided with this commercial location rent-free from the Company's President, Edward A. Barth. The Company considers that the current principal office space arrangement is adequate and will reassess its needs based upon the future growth of the Company.

LEGAL PROCEEDINGS

ITEM 3. LEGAL PROCEEDINGS None.

MINE SAFETY DISCLOSURES

ITEM 4. MINE SAFETY DISCLOSURES Not applicable. 5 Table of Contents PART II

MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES Market Information Since June 25, 2010, our common stock has been quoted on the OTC Pink marketplace, under the trading symbol CLEV. Prior to June 25, 2010, our common stock was not quoted on any stock exchange. The following table sets forth, for the calendar periods indicated, the range of the high and low prices reported for our common stock. The quotations represent inter-dealer prices without retail mark- ups, mark-downs, or commissions, and may not necessarily represent actual transactions. The quotations may be rounded for presentation. Fiscal year ended July 31, 2024 High Low First Quarter 2.23 0.90 Second Quarter 1.34 0.70 Third Quarter 1.00 0.46 Fourth Quarter 0.79 0.12 Fiscal year ended July 31, 2023 High Low First Quarter 3.87 2.43 Second Quarter 3.20 1.51 Third Quarter 3.05 1.54 Fourth Quarter 3.54 1.80 Holders As of October 28, 2024, there were 36 recorded holders of our common stock, and there were 14,027,834 shares of our common stock outstanding. The Securities Enforcement and Penny Stock Reform Act of 1990 The Securities and Exchange Commission has also adopted rules that regulate broker-dealer practices in connection with transactions in penny stocks. Penny stocks are generally equity securities with a price of less than $5.00 (other than securities registered on certain national securities exchanges or quoted on the Nasdaq system, provided that current price and volume information with respect to transactions in such securities is provided by the exchange or system). 6 Table of Contents A purchaser is purchasing penny stock which limits the ability to sell the stock. The Company's shares constitute penny stock under the Securities and Exchange Act. The shares will remain penny stocks for the foreseeable future. The classification of penny stock makes it more difficu

SELECTED FINANCIAL DATA

ITEM 6. SELECTED FINANCIAL DATA A smaller reporting company is not required to provide the information in this Item.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Cautionary Statement Concerning Forward-Looking Statements This report contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are subject to risks and uncertainties and are based on the beliefs and assumptions of management and information currently available to management. The use of words such as "believes", "expects", "anticipates", "intends", "plans", "estimates", "should", "likely" or similar expressions, indicates a forward-looking statement. The identification in this report of factors that may affect our future performance and the accuracy of forward-looking statements is meant to be illustrative and by no means exhaustive. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty. 8 Table of Contents Factors that could cause our actual results to differ materially from those expressed or implied by forward-looking statements include, but are not limited to: Trends affecting the Company's financial condition, results of operations, or future prospects; The Company's business and growth strategies; The Company's financing plans and forecasts; The factors that we expect to contribute to our success and the Company's ability to be successful in the future; The Company's business model and strategy for realizing positive results as sales increase; Competition, including the Company's ability to respond to such competition and its expectations regarding continued competition in the market in which the Company competes; Expenses; The Company's ability to meet its projected operating expenditures and the costs associated with development of new projects; The Company's ability to pay dividends or to pay any specific rate of dividends, if declared; The impact of new accounting pronouncements on its financial statements; That the Compa

View Full Filing

View this 10-K filing on SEC EDGAR