Concrete Leveling Systems Q1 2025 Filing

TL;DR

**CLS has $14M in assets and liabilities as of Oct 31, 2024. FY ends July 31.**

AI Summary

Concrete Leveling Systems Inc. filed its 10-Q for the period ending October 31, 2024. The company reported total assets of $14,027,834 and total liabilities of $14,027,834 for the fiscal quarter. The filing indicates a fiscal year end of July 31.

Why It Matters

This 10-Q filing provides a snapshot of Concrete Leveling Systems Inc.'s financial position as of October 31, 2024, which is crucial for investors to assess the company's health and performance.

Risk Assessment

Risk Level: low — The filing is a routine quarterly report with no immediately apparent significant negative financial events or disclosures.

Key Numbers

• $14.03M — Total Assets (As of October 31, 2024)
• $14.03M — Total Liabilities (As of October 31, 2024)
• 2024-10-31 — Reporting Period End (Quarterly financial snapshot)
• 0731 — Fiscal Year End (Annual financial cycle)
• 2024-12-16 — Filing Date (When the report was submitted)

Key Players & Entities

• Concrete Leveling Systems Inc. (company) — Filer of the 10-Q
• 2024-10-31 (date) — End of the reporting period
• $14,027,834 (dollar_amount) — Total assets and total liabilities
• 2024-12-16 (date) — Filing date
• 0731 (date) — Fiscal year end

FAQ

Filing Documents

• clev_10q.htm (10-Q) — 363KB
• clev_ex311.htm (EX-31.1) — 11KB
• clev_ex312.htm (EX-31.2) — 10KB
• clev_ex32.htm (EX-32) — 5KB
• 0001477932-24-008118.txt ( ) — 1789KB
• clev-20241031.xsd (EX-101.SCH) — 19KB
• clev-20241031_lab.xml (EX-101.LAB) — 120KB
• clev-20241031_cal.xml (EX-101.CAL) — 23KB
• clev-20241031_pre.xml (EX-101.PRE) — 90KB
• clev-20241031_def.xml (EX-101.DEF) — 31KB
• clev_10q_htm.xml (XML) — 184KB

– FINANCIAL INFORMATION

Part I – FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements 3 Balance Sheets as of October 31, 2024 (unaudited) and July 31, 2024 (audited) 3 4 5 6

Notes to Financial Statements (unaudited)

Notes to 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 11 Item 3. Quantitative and Qualitative Disclosure About Market Risk 14 Item 4.

Controls and Procedures

Controls and Procedures 14

- OTHER INFORMATION

Part II - OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 16 Item 1A.

Risk Factors

Risk Factors 16 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 16 Item 3. Defaults Upon Senior Securities 16 Item 4. Mine Safety Disclosures 16 Item 5. Other Information 16 Item 6. Exhibits 17

SIGNATURES

SIGNATURES 18 2 Table of Contents

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

- FINANCIAL STATEMENTS

ITEM 1 - FINANCIAL STATEMENTS Concrete Leveling Systems, Inc. Balance Sheets October 31, 2024 and July 31, 2024 October 31, 2024 July 31, 2024 (Unaudited) (Audited) Assets Current Assets Cash $ 761 $ 887 Inventory 16,817 16,876 Prepaid expenses - 903 Total Current Assets 17,578 18,666 Property, Plant and Equipment Equipment 700 700 Less: Accumulated depreciation ( 700 ) ( 700 ) Total Property, Plant and Equipment, net - - Total Assets $ 17,578 $ 18,666 Liabilities and Stockholders' Deficit Current Liabilities Accounts payable and accrued expenses $ 28,008 $ 28,038 Accrued interest - stockholders 49,661 47,410 Advances - stockholders 338,004 316,510 Notes payable - stockholders 186,967 186,967 Total Current Liabilities 602,640 578,925 Commitments and Contingencies (Note 4) Stockholders' Deficit Common stock (par value $ 0.001 ) 100,000,000 shares authorized: 14,027,834 shares issued and outstanding 14,027 14,027 Additional paid-in capital 433,209 433,209 Accumulated deficit ( 1,032,298 ) ( 1,007,495 ) Total Stockholders' Deficit ( 585,062 ) ( 560,259 ) Total Liabilities and Stockholders' Deficit $ 17,578 $ 18,666 See accompanying notes to unaudited financial statements. 3 Table of Contents Concrete Leveling Systems, Inc. For the Three Months October 31, 2024 and 2023 (Unaudited) 2024 2023 Equipment and parts sales $ 183 $ 175 Cost of sales 59 59 Gross margin 124 116 Operating expenses Legal and professional fees 19,954 20,976 Selling, general and administration 2,377 2,723 Total operating expenses 22,331 23,699 Loss from Operations ( 22,207 ) ( 23,583 ) Other income (expense) Interest expense ( 2,596 ) ( 2,601 ) Total other expense ( 2,596 ) ( 2,601 ) Net loss before income taxes ( 24,803 ) ( 26,184 ) Provision for Income Taxes - - Net loss $ ( 24,803 ) $

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) OCTOBER 31, 2024 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES This summary of significant accounting policies of Concrete Leveling Systems, Inc. (hereinafter the "Company"), is presented to assist in understanding the financial statements. The financial statements and notes are representations of the Company's management, which is responsible for their integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States of America ("GAAP") and have been consistently applied in the preparation of the financial statements. Nature of Operations The Company manufactures for sale specialized equipment for use in the concrete leveling industry. The Company's product is sold primarily to end users. On March 24, 2017, the Company entered into an agreement with Jericho Associates, Inc. ("Jericho"), a start-up company which plans to operate in the gaming, hospitality and entertainment industries. The Company issued Jericho 7,151,416 shares of the Company's common stock, subject to a performance requirement, which provides that by March 1, 2018, 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. In July 2017, an additional 481,000 shares were issued to shareholders of Jericho under the same contingencies as the original shares. 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 "Project"). The 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

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

ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 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. 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. 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

View Full Filing

View this 10-Q filing on SEC EDGAR