E-Smart Corp. Files 2024 10-K

TL;DR

E-Smart Corp. 2024 10-K filed. Financials for FY ending Aug 31, 2024, are out.

AI Summary

E-Smart Corp. filed its 10-K for the fiscal year ending August 31, 2024, reporting its financial performance and business operations. The company, incorporated in Nevada and operating in computer programming services, is headquartered in Philadelphia, PA. The filing details its financial statements and disclosures for the period.

Why It Matters

This 10-K filing provides investors and stakeholders with a comprehensive overview of E-Smart Corp.'s financial health and strategic direction for the fiscal year 2024.

Risk Assessment

Risk Level: low — The provided text is a standard 10-K filing header and does not contain specific financial performance data or forward-looking statements that would indicate a high risk.

Key Numbers

• 2024-08-31 — Fiscal Year End (The end date of the reporting period for the 10-K.)
• 2024-12-12 — Filing Date (The date the 10-K was officially filed with the SEC.)

Key Players & Entities

• E-Smart Corp. (company) — Filer of the 10-K
• 0001995920-24-000026 (other) — Accession Number for the filing
• 20240831 (date) — Fiscal year end date
• 7311 OXFORD AVE, PHILADELPHIA, PA 19111 (address) — Company's business and mailing address
• 352810816 (other) — IRS Number

FAQ

Key Financial Figures

• $0.001 — as of December 12, 2024 Common Stock: $0.001 5,799,469 TABLE OF CONTENTS PART I
• $0 — ust 31, 2024 and 2023 we have generated $0 and $11,562 in revenues, respectively.
• $11,562 — 2024 and 2023 we have generated $0 and $11,562 in revenues, respectively. Our net los
• $41,236 — e fiscal year ended August 31, 2024 was $41,236 compared to a net loss of $979 during t
• $979 — 4 was $41,236 compared to a net loss of $979 during the fiscal year ended August 31,
• $45,925 — 2023. Operating expenses incurred were $45,925 during fiscal year ended August 31, 202
• $990 — year ended August 31, 2024 compared to $990 during fiscal year ended August 31, 202
• $149,489 — August 31, 2024, our total assets were $149,489 consisting of $546 cash and $148,942 in
• $546 — otal assets were $149,489 consisting of $546 cash and $148,942 intangible assets. As
• $148,942 — re $149,489 consisting of $546 cash and $148,942 intangible assets. As of August 31, 202
• $16,725 — August 31, 2023, our total assets were $16,725 consisting of $225 cash and $16,500 int
• $225 — total assets were $16,725 consisting of $225 cash and $16,500 intangible assets. Fo
• $16,500 — ere $16,725 consisting of $225 cash and $16,500 intangible assets. For the year ended
• $10,973 — flows used in operating activities was $10,973. For the year ended August 31, 2023, ne
• $521 — flows used in operating activities was $521. Cash Flows in Investing Activities

Filing Documents

• esmart_10k2024.htm (10-K) — 340KB
• ex31.htm (EX-31) — 8KB
• ex32.htm (EX-32) — 4KB
• image_001.jpg (GRAPHIC) — 5KB
• 0001995920-24-000026.txt ( ) — 1556KB
• none-20240831_pre.xml (EX-101.PRE) — 76KB
• none-20240831_lab.xml (EX-101.LAB) — 105KB
• none-20240831_def.xml (EX-101.DEF) — 14KB
• none-20240831_cal.xml (EX-101.CAL) — 22KB
• none-20240831.xsd (EX-101.SCH) — 11KB
• esmart_10k2024_htm.xml (XML) — 121KB

Risk Factors

Risk Factors 5 ITEM 1B Unresolved Staff comments 5 ITEM 2

Properties

Properties 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 6 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 6 ITEM 7A

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 8 ITEM 8

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 8 ITEM 9 Changes In and Disagreements with Accountants on Accounting and Financial Disclosure 9 ITEM 9A

Controls and Procedures

Controls and Procedures 9 ITEM 9B Other Information 10 ITEM 9C Disclosure Regarding foreign Jurisdictions that Prevent Inspections 10 PART III ITEM 10 Directors, Executive Officers, Promoters and Control Persons of the Company 11 ITEM 11

Executive Compensation

Executive Compensation 12 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 12 ITEM 13 Certain Relationships and Related Transactions 13 ITEM 14 Principal Accountant Fees and Services 13 PART IV ITEM 15 Exhibits 14 ITEM 16 Form 10-K Summary 14 2 FORWARD-LOOKING This annual report contains forward-looking statements. These statements relate to future events or our future financial performance. These statements often can be identified by the use of terms such as "may," "will," "expect," "believe," "anticipate," "estimate," "approximate" or "continue," or the negative thereof. We intend that such forward-looking statements be subject to the safe harbors for such statements. We wish to caution readers not to place undue reliance on any such forward-looking in the future. However, forward-looking statements are subject to risks, uncertainties and important factors beyond our control that could cause actual results and events to differ materially from historical results of operations and events and those presently anticipated or projected. We disclaim any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statement or to reflect the occurrence of anticipated or unanticipated events. 3 PART I

Description of Business

Item 1. Description of Business GENERAL INFORMATION ABOUT OUR COMPANY E-Smart Corp. ("the Company", "we", "us" or "our") was incorporated on June 6, 2023 under the laws of the State of Nevada United States of America. E-Smart Corp. is an innovative digital platform that aims to revolutionize the tattoo industry by efficiently connecting tattoo artists and clients. Our platform is designed to enhance efficiency, simplifying the client-artist interaction process to meet the requirements of both clients and tattoo studios. Our platform ensures a seamless experience for all users, providing a comprehensive database of skilled tattoo artists. Artists can easily showcase their exceptional work, and expand their client base. By including essential information and direct links to their social media profiles, we facilitate convenient access for users to view portfolios and initiate contact with their preferred artists. Masters interested in joining our platform shall contact us through our designated contacts and apply for inclusion in the database. Our primary executive office is located at 7311 Oxford Ave Philadelphia, PA 19111, and we can be reached via phone at +16203079197. Our Web Site Our website is located at https://e-smart.io. Monetization Strategy Our monetization strategy includes offering an API - AI textual tattoo idea generator, enabling businesses and developers to leverage our technology to enhance their own products and services. Businesses and developers can integrate this technology into their products and services by subscribing to the API. This API is provided on a subscription basis, offering different tiers such as a 14-day pass and a 30-day pass. To obtain an AI key for API access, users can choose a pricing plan on our website and initiate contact by using the designated button, submitting their request. Additionally, we are exploring other revenue avenues, including premium features, and strategic partnerships with tattoo-related busines

Risk Factors

Risk Factors Not required for Smaller reporting companies. Item 1B. Unresolved Staff Comments Not required for Smaller reporting companies. Item 2.

Properties

Properties We maintain our statutory registered agent's office in Nevada, USA and our mailing address is 7311 Oxford Ave, Philadelphia, PA 19111. Our phone number is +16203079197. Item 3.

Legal Proceedings

Legal Proceedings We are not currently a party to any legal proceedings, and we are not aware of any pending or potential legal actions. Item 4. Mine Safety Disclosures Not Applicable. 5 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities The company stock is not trading at the moment. Registered Holders of our Common Stock As of August 31, 2024, there were 1 record owners of our common stock including the director. Diana Vasylenko, the Company's Director, paid $0.001 per share for the 4,500,000 shares of common stock she purchased from the Company on June 30, 2023. Dividends The Company has never declared or paid cash dividends on its common stock and does not anticipate paying cash dividends in the foreseeable future. Recent Sales of Unregistered Securities During our fiscal years ended August 31, 2024 and 2023, we had no sales of unregistered shares. Issuer Purchases of Equity Securities During the fiscal year ended August 31, 2024 and 2023, the Company did not repurchase any shares of its Common Stock. Item 6.

Selected Financial Data

Selected Financial Data Not applicable to smaller reporting companies. 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 We are a development stage corporation with limited operations and no revenues from our business operations. Our auditors have issued a going concern opinion. This means that our auditors believe there is substantial doubt that we can continue as an on-going business for the next twelve months. We do not anticipate that we will generate significant revenues until we have raised the funds necessary to conduct a marketing program. PLAN OF OPERATIONS FISCAL YEAR ENDED AUGUST 31, 2024 COMPARED TO FISCAL YEAR ENDED AUGUST 31, 2023 During the years ended August 31, 2024 and 2023 we have generated $0 and $11,562 in revenues, respectively. Our net loss for the fiscal year ended August 31, 2024 was $41,236 compared to a net loss of $979 during the fiscal year ended August 31, 2023. Operating expenses incurred were $45,925 during fiscal year ended August 31, 2024 compared to $990 during fiscal year ended August 31, 2023. Operating expenses consist of mainly accumulated depreciation and professional fees. The number of shares outstanding was 4,500,000 for the fiscal years ended August 31, 2024 and 2023. 6 LIQUIDITY AND CAPITAL RESOURCES FISCAL YEAR ENDED AUGUST 31, 2024 AND 2023 As of August 31, 2024, our total assets were $149,489 consisting of $546 cash and $148,942 intangible assets. As of August 31, 2023, our total assets were $16,725 consisting of $225 cash and $16,500 intangible assets. For the year ended August 31, 2024, net cash flows used in operating activities was $10,973. For the year ended August 31, 2023, net cash flows used in operating activities was $521. Cash Flows in Investing Activities For the year ended August 31, 2024, net cash flows generated in investing activities was $157,300. For the year ended August 31, 2023, net cash flows generated in investing activities was $16,500. Cash Flows from Financing Activities For the year ended August 31, 2024

financial statements

financial statements. 7 Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. The estimates and judgments will also affect the reported amounts for certain expenses during the reporting period. Actual results could differ from these good faith estimates and judgments. Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk Not applicable to smaller reporting companies. Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data The Company's Financial Statements required by Item 8, together with the reports thereon of the Independent Registered Public Accounting Firm are set forth on pages F-1 through F-11 of this report and are incorporated by reference in this Item 8. Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosures (a) Dismissal of Independent Registered Public Accounting Firm On October 15, 2024, our Board of Directors approved the dismissal of Olayinka Oyebola & Co. (the "Former Auditor") as the Registrant's independent registered public accounting firm, effective immediately. The reports of the Former Auditor on the Company's financial statements for the period from June 6, 2023 (inception) through May 31, 2024 did not contain an adverse opinion or a disclaimer of opinion, and was not qualified or modified as to uncertainty, audit scope or accounting principles except that the report contained an explanatory paragraph stating that there was substantial doubt about the Company's ability to continue as a going concern. During the period September 5, 2023, the date of our engagement with Former Auditor, and October 15, 2024, the date of dismissal, the Company did not experience any disagreements, as defined in Item 304(a)(1)(iv) of Regulation S-K, between itself and Former Auditor on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to Former Auditor's satisfaction, would have caused Former Auditor to make reference to such disagreements in its audit reports. During the period June 6, 2023 (inception) through the date of the Former Auditor's termination on October 15, 2024, there were no "reportable events" (as defined in Item 304(a)(1)(v) of Regulation S-K). The Company provided Former Auditor with a copy of the above disclosures and requested that Former Auditor provide the Company with a

Controls and Procedures. Disclosure Controls and Procedures

Controls and Procedures. Disclosure Controls and Procedures Disclosure controls and procedures are designed to ensure that information required to be disclosed in the reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported, within the time period specified in the SEC's rules and forms, and that such information is accumulated and communicated to management, including the CEO and CFO, as appropriate, to allow timely decisions regarding required disclosures. Our management necessarily applied its judgment in assessing the costs and benefits of such controls and procedures, which, by their nature, can provide only reasonable assurance regarding management's control objectives. Our management, with the participation of our CEO, evaluated the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the period covered by this Report. Based upon this evaluation, our CEO concluded that our disclosure controls and procedures were not effective because of the identification of a material weakness in our internal control over financial reporting which is described below. Management's Report on Internal Control Over Financial Reporting Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Rule 13a-15(f). Our internal control over financial reporting is a process designed to provide reasonable assurance to our management and board of directors regarding the reliability of financial reporting and the preparation of the financial statements for external purposes in accordance with U.S. GAAP. Our internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of our assets; (ii) provide reasonable assurance that transactions are recorded as n

financial statements

financial statements. A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Company's annual or interim financial statements will not be prevented or detected on a timely basis. In its assessment of the effectiveness of internal control over financial reporting as of August 31, 2024, the Company determined that there were control deficiencies that constituted material weaknesses, as described below. Corporate governance - Key management personnel of the Company and members on the Board of Directors are the same. Functional responsibilities under corporate governance are performed by a director, who is also the Company's Chief Executive Officer. There is no audit committee. Consequently, these factors result in ineffective oversight in the establishment and monitoring of required internal controls and procedures, resulting in inadequate evaluation of the application of accounting principles and disclosures. Additionally, there is significant risk of management override of controls. Absence of audit committee and internal audit function results in ineffective oversight in the establishment and monitoring of required internal controls and procedures, resulting in inadequate evaluation of the application of accounting principles and disclosures. Currently the Board of Directors acts in the capacity of the Audit Committee and does not include a member that is independent of management to provide the necessary oversight over management's activities. 9 Policies and procedures Risk Assessment - not having a sufficiently documented risk assessment process to identify and analyze risks of misstatement due to error and/or fraud, and not having sufficiently documented compliance communication and investigation policies. Lack of formal policies and procedures results in ineffective controls over routine accounting transactions pr

Executive Compensation

Executive Compensation The table below summarizes the total compensation earned by each of our named executive Officers ("NEOs") for each of the fiscal years listed. SUMMARY COMPENSATION TABLE Name Position Year Salary ($) Bonus ($) Stock Awards ($) Option Awards ($) Non-Equity Incentive Plan Compensation ($) All Other Compensation Total Compensation ($) Diana Vasylenko President, Treasurer, Secretary and Director 2024 -0- -0- -0- -0- -0- -0- -0- 2023 -0- -0- -0- -0- -0- -0- -0- Since Inception on June 6, 2023, Diana Vasylenko only member of our Board of Director was not compensated for her services. Item 12.

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

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matter SECURITY Directors and Executive Officers The following table sets forth the beneficial ownership (and the percentages of outstanding shares represented by such beneficial ownership) as of August 31, 2024 of (i) each director, (ii) the current NEOs named in the "Summary Compensation Table" contained in this Form 10-K and (iii) all current directors and executive officers as a group. Except as otherwise indicated, we believe that the beneficial owners of the common stock listed below, based on information provided by such owners, have sole investment and voting power with respect to such shares, subject to community property laws where applicable. Persons, who have the power to vote or dispose of common stock of the Company, either alone or jointly with others, are deemed to be beneficial owners of such common stock. Diana Vasylenko , President, CEO, Treasurer, Secretary and Chairman of the Board. 4,500,000 shares Certain Stockholders The following table sets forth certain information with respect to each person known by us to be the beneficial owner of five percent or more of either class of the Company's outstanding common stock. The content of this table is based upon the most current information contained in Schedules 13D or 13G filings with the SEC

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