CONECTISYS CORP Files 10-K Annual Report for Fiscal Year Ended December 31, 2023

TL;DR

<b>CONECTISYS CORPORATION has filed its 2023 annual 10-K report, detailing its corporate information and filing status.</b>

AI Summary

CONECTISYS CORP (CONC) filed a Annual Report (10-K) with the SEC on March 29, 2024. CONECTISYS CORPORATION filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The company is incorporated in Colorado and its principal executive offices are located in Cheney, Washington. CONECTISYS CORPORATION was formerly known as BDR INDUSTRIES INC and COASTAL FINANCIAL CORP. The company's common stock is registered under Section 12(g) of the Act. CONECTISYS CORPORATION is classified as a non-accelerated filer, a smaller reporting company, and an emerging growth company.

Why It Matters

For investors and stakeholders tracking CONECTISYS CORP, this filing contains several important signals. This filing provides the official record of CONECTISYS CORPORATION's financial and operational status for the fiscal year 2023, crucial for investors and stakeholders to assess performance and future outlook. The classification as a non-accelerated, smaller reporting, and emerging growth company indicates specific regulatory considerations and reporting requirements that may differ from larger, more established corporations.

Risk Assessment

Risk Level: low — CONECTISYS CORP shows low risk based on this filing. The filing is a standard 10-K report with no immediate indicators of significant financial distress or major operational changes, suggesting a low level of immediate risk based solely on this document.

Analyst Insight

Review the full 10-K filing for detailed financial statements, management discussion, and risk factors to form a comprehensive investment thesis.

Key Numbers

• 20231231 — Fiscal Year End (CONFORMED PERIOD OF REPORT: 20231231)
• 20240329 — Filing Date (FILED AS OF DATE: 20240329)
• 3663 — SIC Code (STANDARD INDUSTRIAL CLASSIFICATION: RADIO & TV BROADCASTING & COMMUNICATIONS EQUIPMENT [3663])
• 841017107 — IRS Number (I.R.S. Employer Identification No. 841017107)
• 99004 — ZIP Code (ZIP: 99004)
• 949 929-5455 — Business Phone (BUSINESS PHONE: 949 929-5455)

Key Players & Entities

• CONECTISYS CORP (company) — CONECTISYS CORP Files 10-K Annual Report
• CONECTISYS CORPORATION (company) — CONECTISYS CORPORATION (Exact Name of Registrant as Specified in Its Charter)
• BDR INDUSTRIES INC (company) — FORMER CONFORMED NAME: BDR INDUSTRIES INC
• COASTAL FINANCIAL CORP (company) — FORMER COMPANY: FORMER CONFORMED NAME: COASTAL FINANCIAL CORP
• Colorado (jurisdiction) — State or Other Jurisdiction of Incorporation or Organization
• Cheney, Washington (location) — Address of Principal Executive Offices
• 033-03560-D (filing_id) — Commission file number
• 1934 Act (regulation) — SEC ACT: 1934 Act

FAQ

Industry Context

The company operates within the Radio & TV Broadcasting & Communications Equipment industry (SIC 3663).

Regulatory Implications

The filing is made pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

What Investors Should Do

1. Thoroughly review the financial statements and Management's Discussion and Analysis (MD&A) section of the 10-K.
2. Investigate the company's historical performance and any disclosed risk factors.
3. Compare CONECTISYS CORP's current filing with previous filings to identify trends and changes.

Year-Over-Year Comparison

This is the initial review of the 2023 10-K filing; a comparison to prior filings would require access to those documents.

Key Financial Figures

• $0 — t recently completed fiscal quarter was $0. As of January 31, 2024, there were 88
• $172,581 — sheet reported miscellaneous assets of $172,581, accounts payable of $383,404, accrued
• $383,404 — assets of $172,581, accounts payable of $383,404, accrued compensation of $2,458,322, co
• $2,458,322 — le of $383,404, accrued compensation of $2,458,322, convertible notes payable aggregating
• $6,633,312 — , convertible notes payable aggregating $6,633,312, and related accrued interest of $498,1
• $498,132 — 33,312, and related accrued interest of $498,132. All assets were fully amortized or r
• $12,500,000 — ct of 1940. Ribotsky also agreed to pay $12,500,000 in disgorgement, $1,000,000 in prejudgm
• $1,000,000 — eed to pay $12,500,000 in disgorgement, $1,000,000 in prejudgment interest, and a $1,000,0
• $9,591,024 — decrease of its accumulated deficit of $9,591,024. As of the end of fiscal 2017, the only
• $32,246,341 — uo;s balance sheet were Common Stock of $32,246,341 and an equal amount of Accumulated Defi
• $26 million — tax loss carryforward of approximately $26 million became severely limited. 2 General
• $32,296,147 — 2023, we had an accumulated deficit of $32,296,147 and a stockholders&rsquo; deficit of $4
• $49,706 — 47 and a stockholders&rsquo; deficit of $49,706. Future losses are likely to occur un

Filing Documents

• conectisys_10k-123123.htm (10-K) — 248KB
• conectisys_ex3101.htm (EX-31.1) — 8KB
• conectisys_ex3102.htm (EX-31.2) — 7KB
• conectisys_ex3201.htm (EX-32.1) — 5KB
• 0001683168-24-001844.txt (&nbsp;) — 269KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 5 Item 1B. Unresolved Staff Comments 9 Item C. Cybersecurity 9 Item 2.

Properties

Properties 10 Item 3.

Legal Proceedings

Legal Proceedings 10 Item 4. Mine Safety Disclosures 10 PART II Item 5. Market for Registrant&rsquo;s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 11 Item 6.

Selected Financial Data

Selected Financial Data 12 Item 7. Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations 12 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 12 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 12 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 12 Item 9A.

Controls and Procedures

Controls and Procedures 12 Item 9B. Other Information 12 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections PART III Item 10. Directors, Executive Officers and Corporate Governance 13 Item 11.

Executive Compensation

Executive Compensation 14 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 14 Item 13. Certain Relationships and Related Transactions, and Director Independence 14 Item 14. Principal Accountant Fees and Services 14 PART IV Item 15. Exhibits, Financial Statement Schedules 15 Item 16. Form 10-K Summary 15 i PART I CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This report contains forward-looking statements. Except as required by law, we undertake no duty to update any forward-looking statement after the date of this report, either to conform any statement to reflect actual results or to reflect the occurrence of unanticipated events.

BUSINESS

ITEM 1. BUSINESS Our Company Conectisys Corporation, a Colorado corporation (&ldquo;Conectisys&rdquo;, the &ldquo;Company&rdquo;, &ldquo;we&rdquo;, &ldquo;us&rdquo; or &ldquo;our&rdquo;) is a shell company seeking to create value for its shareholders by merging with another entity with experienced management and opportunities for growth in return for shares of our Common Stock. No potential merger candidate has been identified at this time. We do not propose to restrict our search for a business opportunity to any particular industry or geographical area and may, therefore, engage in essentially any business in any industry. We have unrestricted discretion in seeking and participating in a business opportunity, subject to the availability of such opportunities, economic conditions, and other factors. The selection of a business opportunity in which to participate is complex and risky. Additionally, we have only limited resources and may find it difficult to locate good opportunities. There can be no assurance that we will be able to identify and acquire any business opportunity which will ultimately prove to be beneficial to us and our shareholders. We will select any potential business opportunity based on our management's best business judgment. Our activities are subject to several significant risks, which arise primarily as a result of the fact that we have no specific business, and may acquire or participate in a business opportunity based on the decision of management, which potentially could act without the consent, vote, or approval of our shareholders. The risks faced by us are further increased as a result of a lack of resources and our inability to provide a prospective business opportunity with significant capital. Our History The Company was incorporated in Colorado on February 2, 1986, under the name Coastal Financial Corp. On December 5, 1994, Coastal Financial Corp. changed its name to BDR Industries, Inc., which changed its name on O

BUSINESS

BUSINESS Our sole strategy is to acquire an operating business. Successful implementation of this strategy depends on our ability to identify a suitable acquisition candidate, acquire such company on acceptable terms and integrate its operations. In pursuing acquisition opportunities, we compete with other companies with similar strategies. Competition for acquisition targets may result in increased prices of acquisition targets and a diminished pool of companies available for acquisition. Acquisitions involve a number of other risks, including risks of acquiring undisclosed or undesired liabilities, acquired in-process technology, stock compensation expense, diversion of management attention, potential disputes with the seller of one or more acquired entities and possible failure to retain key acquired personnel. Any acquired entity or assets may not perform relative to our expectations. Our ability to meet these challenges has not been established. SCARCITY OF, AND COMPETITION FOR, BUSINESS OPPORTUNITIES AND COMBINATIONS We believe we are an insignificant participant among the firms which engage in the acquisition of business opportunities. There are many established venture capital and financial concerns that have significantly greater financial and personnel resources and technical expertise than we have. Nearly all such entities have significantly greater financial resources, technical expertise and managerial capabilities than us and, consequently, we will be at a competitive disadvantage in identifying possible business opportunities and successfully completing a business combination. Moreover, we will also compete in seeking merger or acquisition candidates with numerous other small public companies. In view of our limited financial resources and limited management availability, we will continue to be at a significant competitive disadvantage compared to our competitors. WE HAVE NOT EXECUTED ANY FORMAL AGREEMENT FOR A BUSINESS COMBINATION OR OTHER TRA

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