Conectisys Corp. Files Q3 2024 10-Q

TL;DR

Conectisys Corp. dropped its Q3 2024 10-Q. Check financials.

AI Summary

Conectisys Corp. filed its 10-Q for the period ending September 30, 2024. The filing details financial information for the company, which operates in the Radio & TV Broadcasting & Communications Equipment sector. Specific financial figures and operational details for the third quarter of 2024 are presented within the report.

Why It Matters

This filing provides investors and analysts with the latest financial performance and operational status of Conectisys Corp., crucial for understanding its current market position and future prospects.

Risk Assessment

Risk Level: medium — As a 10-Q filing, it contains detailed financial information that could reveal significant performance changes or risks for Conectisys Corp.

Key Numbers

• 20240930 — Reporting Period End Date (The 10-Q covers financial activities up to this date.)
• 20241112 — Filing Date (This is when the 10-Q was officially submitted to the SEC.)
• 1231 — Fiscal Year End (Indicates the end of the company's annual accounting period.)

Key Players & Entities

• CONECTISYS CORP (company) — Filer
• 0000790273 (company) — Central Index Key
• RADIO & TV BROADCASTING & COMMUNICATIONS EQUIPMENT (company) — Standard Industrial Classification
• BDR INDUSTRIES INC (company) — Former Company Name
• COASTAL FINANCIAL CORP (company) — Former Company Name

FAQ

Key Financial Figures

• $100 — se 800,000 post-split common shares for $100 cash payable upon the effectiveness of

Filing Documents

• conectisys_i10q-093024.htm (10-Q) — 170KB
• conectisys_ex3101.htm (EX-31.1) — 7KB
• conectisys_ex3102.htm (EX-31.2) — 7KB
• conectisys_ex3201.htm (EX-32.1) — 5KB
• 0001683168-24-007847.txt ( ) — 992KB
• conc-20240930.xsd (EX-101.SCH) — 7KB
• conc-20240930_cal.xml (EX-101.CAL) — 14KB
• conc-20240930_def.xml (EX-101.DEF) — 9KB
• conc-20240930_lab.xml (EX-101.LAB) — 82KB
• conc-20240930_pre.xml (EX-101.PRE) — 57KB
• conectisys_i10q-093024_htm.xml (XML) — 55KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Item 1 Unaudited Financial Statements 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 9 Item 3

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 10 Item 4

Controls and Procedures

Controls and Procedures 10

- OTHER INFORMATION

PART II - OTHER INFORMATION Item 1

Legal Proceedings

Legal Proceedings 11 Item 1A

Risk Factors

Risk Factors 11 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 11 Item 3 Defaults Upon Senior Securities 12 Item 4 Mine Safety Procedures 12 Item 5 Other Information 12 Item 6 Exhibits 12

- Financial Information

Part I - Financial Information

Unaudited Financial Statements

Item 1. Unaudited Financial Statements CONECTISYS CORPORATION UNAUDITED BALANCE SHEETS September 30, 2024 December 31, 2023 ASSETS Current assets Cash and cash equivalents $ – $ – Total current assets – – Property and equipment, net – – TOTAL ASSETS $ – $ – LIABILITIES AND DEFICIT Current liabilities Accounts payable $ 17,638 $ 31,694 Advances from officer 28,076 18,012 Total current liabilities 45,714 49,706 Total liabilities 45,714 49,706 Commitments and contingencies – – Stockholders' Deficit Preferred stock – – Common stock - no par value; 250,000,000 shares authorized, 888,579 shares issued and outstanding 32,246,441 32,246,441 (Accumulated deficit) ( 32,292,155 ) ( 32,296,147 ) Total deficit ( 45,714 ) ( 49,706 ) TOTAL LIABILITIES AND DEFICIT $ – $ – See notes to the unaudited financial statements. 3 CONECTISYS CORPORATION UNAUDITED STATEMENTS OF OPERATIONS For the Three Months Ended September 30, For the Nine Months Ended September 30, 2024 2023 2024 2023 REVENUE $ – $ – $ – $ – COST OF REVENUE – – – – GROSS PROFIT (LOSS) – – – – GENERAL AND ADMINISTRATIVE EXPENSES ( 11,320 ) 1,300 ( 3,992 ) 5,600 NET EARNINGS/(LOSS) $ 11,320 $ ( 1,300 ) $ 3,992 $ ( 5,600 ) WEIGHTED AVERAGE NUMBER OF COMMON SHARES Basic 888,579 888,579 888,579 888,579 Diluted 888,579 888,579 888,579 888,579 EARNINGS/(LOSS) PER SHARE Basic $ 0.01 $ ( 0.00 ) $ ( 0.0 ) $ ( 0.01 ) Diluted $ 0.01 $ ( 0.00 ) $ ( 0.0 ) $ ( 0.01 ) See notes to the unaudited financial statements. 4 CONECTISYS CORPORATION UNAUDITED STATEMENT OF CHANGES IN DEFICIT Common Stock Accumulated Shares Amount Deficit Total Balances, December 31, 2023 888,579 $ 32,246,441 $ ( 32,296,147 ) $ ( 49,706 ) Net loss – – ( 917 ) ( 917 ) Balances, March 31, 2024 888,579 $ 32,246,441 $ ( 32,297,064 ) $ ( 50,623 ) Net loss – – ( 6,411 ) ( 6,411 )

Management's Discussion and Analysis of Financial

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Conectisys Corporation, a Colorado corporation ("Conectisys", the "Company, "we", us" or "our") 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. Our recurring expenses consist of minor administrative charges. We have no assets. We have minor unsecured liabilities. 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. General Business Plan Our business plan to seek a merger has many uncertainties which pose risks to investors. We intend to seek, investigate and, if such investigation warrants, acquire an interest in business opportunities presented to us by persons or firms which desire to seek the advantages of an issuer who has complied with the Securities Act of 1934 (the "1934 Act"). We will not restrict our search to any specific business, industry or geographical location, and we may participate in business ventures of virtually any nature. This discussion of our proposed business is purposefully general and is not meant to be restrictive of our unlimited discretion to search for and enter into potential business opportunities. We anticipate that we may be able to participate in only one potential business venture because of our lack of financial resources. We may seek a business opportunity with entities which have recently commenced operations, or that desire to utilize the public marketplace in order to raise additional capital in order to expand into new products or market

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk This Item does not apply to smaller reporting companies.

Controls and Procedures

Item 4. Controls and Procedures Evaluation of Disclosure Controls and Procedures Our Chief Executive Officer, who is our principal executive, financial, and accounting officer, conducted an evaluation of the effectiveness of our disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended, as of the end of the period covered by this report. Based on that evaluation, we concluded that because of the material weakness and significant deficiencies in our internal control over financial reporting, our disclosure controls and procedures are not sufficient. All such weaknesses and deficiencies are principally due to our lack of employees and financial resources. 10

- OTHER INFORMATION

PART II - OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings Neither we nor any of our officers, directors, or holders of five percent or more of our Common Stock is a party to any pending legal proceedings and to the best of our knowledge, no such proceedings by or against us or our officers, or directors or holders of five percent or more of our Common Stock have been threatened or is pending against us.

Risk Factors

Item 1A. Risk Factors This Item does not apply to smaller reporting companies.

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds On August 1, 2020, our sole director and officer agreed to purchase 800,000 post-split common shares for $100 cash payable upon the effectiveness of the 10,000 for 1 reverse split which occurred on March 10, 2021.

Description of Common Stock

Description of Common Stock We are authorized to issue 250,000,000 shares of our Common Stock, no par value (the "Common Stock"). Each share of the Common Stock is entitled to share equally with each other share of Common Stock in dividends from sources legally available therefor, when, and if, declared by our board of directors and, upon our liquidation or dissolution, whether voluntary or involuntary, to share equally in the assets of the Company that are available for distribution to the holders of the Common Stock. Each holder of Common Stock is entitled to one vote per share for all purposes, except that in the election of directors, each holder shall have the right to vote such number of shares for as many persons as there are directors to be elected. Cumulative voting shall not be allowed in the election of directors or for any other purpose, and the holders of Common Stock have no preemptive rights, redemption rights or rights of conversion with respect to the Common Stock. Our board of directors is authorized to issue additional shares of our Common Stock within the limits authorized by our Articles of Incorporation and without stockholder action. All shares of Common Stock have equal voting rights, and voting rights are not cumulative. As of November 1, 2024, there are 888,579 shares of our common stock issued and outstanding. Description of Preferred Stock Of the 50,000,000 authorized shares of preferred stock, 1,000,000 shares have been designated as Class A, 1,000,000 shares as Class B, and the remaining 48,000,000 shares are undesignated. Each share of Class A preferred is entitled to 100 votes on all matters presented to the Company's shareholders for action. The Class A does not have any liquidation preference, additional voting rights, anti-dilution rights, or any other preferential rights. Each share of Class B preferred is convertible into 10 shares of the Company's Common Stock. The Class B preferred does not have any liquidation preferen

Defaults upon Senior Securities

Item 3. Defaults upon Senior Securities None. 11

Mine Safety Disclosures

Item 4. Mine Safety Disclosures Not applicable.

Other Information

Item 5. Other Information During the quarter ended September 30, 2024, no director or officer adopted or terminated any Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement, as each term is defined in Item 408(a) of Regulation S-K.

Exhibits

Item 6. Exhibits Exhibit Number Description 31.1 Certification Required by Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended, as Adopted Pursuant to Section 302 of the Sarbanes- Oxley Act of 2002 31.2 Certification Required by Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 32.1 Certification of Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 101.INS Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document) 101.SCH Inline XBRL Taxonomy Extension Schema Document 101.CAL Inline XBRL Taxonomy Extension Calculation Linkbase Document 101.DEF Inline XBRL Taxonomy Extension Definition Linkbase Document 101.LAB Inline XBRL Taxonomy Extension Label Linkbase Document 101.PRE Inline XBRL Taxonomy Extension Presentation Linkbase Document 104 Cover Page Interactive Data File (formatted in inline XBRL and included in exhibit 101). 12

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Date: November 12, 2024 Conectisys Corporation /s/ Danilo Cacciamatta (Registrant) Danilo Cacciamatta (Chief Executive Officer) 13

View Full Filing

View this 10-Q filing on SEC EDGAR