Yuenglings Ice Cream Corp. Files 10-K for Fiscal Year Ended October 31, 2023

TL;DR

<b>Yuenglings Ice Cream Corp. has filed its annual 10-K report for the fiscal year ending October 31, 2023, detailing its financial performance and corporate information.</b>

AI Summary

Yuenglings Ice Cream Corp (FRQN) filed a Annual Report (10-K) with the SEC on February 15, 2024. Yuenglings Ice Cream Corp. filed its 10-K report for the fiscal year ending October 31, 2023. The company was formerly known as Aureus, Inc. and Aureus Inc. The company's business address is One Glendale Parkway, #650, Atlanta, GA 30328. The filing is a public document with 71 pages. The company is incorporated in Nevada.

Why It Matters

For investors and stakeholders tracking Yuenglings Ice Cream Corp, this filing contains several important signals. This filing provides a comprehensive overview of Yuenglings Ice Cream Corp.'s financial health and operational status for the fiscal year 2023, crucial for investors and stakeholders to assess performance. The 10-K report contains detailed financial statements, risk factors, and management's discussion, offering insights into the company's strategies and challenges in the food and kindred products sector.

Risk Assessment

Risk Level: low — Yuenglings Ice Cream Corp shows low risk based on this filing. The filing is a standard 10-K, and no immediate red flags or significant negative indicators are present in the provided header information.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K filing to understand Yuenglings Ice Cream Corp.'s performance and outlook.

Key Numbers

• 2023-10-31 — Fiscal Year End (Conformed period of report)
• 2024-02-15 — Filing Date (As of date)
• 71 — Public Document Count (Total number of documents in the filing)
• 2000 — SIC Code (Standard Industrial Classification for Food & Kindred Products)

Key Players & Entities

• Yuenglings Ice Cream Corp. (company) — Filer name
• Aureus, Inc. (company) — Former company name
• Aureus Inc (company) — Former company name
• 2023-10-31 (date) — Fiscal year end
• 2024-02-15 (date) — Filing date
• 471893698 (identifier) — IRS number
• NV (location) — State of incorporation
• Atlanta, GA (location) — Business address city and state

FAQ

Industry Context

Yuenglings Ice Cream Corp. operates within the Food & Kindred Products industry, classified under SIC code 2000.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit annual reports like the 10-K.

What Investors Should Do

1. Analyze the full 10-K document for detailed financial statements and operational data.
2. Investigate the risk factors section to understand potential challenges and mitigation strategies.
3. Compare the current fiscal year's performance with previous years using the comparative financial statements provided.

Year-Over-Year Comparison

This is the initial filing information for Yuenglings Ice Cream Corp. for the fiscal year 2023; historical comparison data is not available in this snippet.

Key Financial Figures

• $100 million — of over 20 businesses, each surpassing $100 million in revenue, showcasing his remarkable a
• $2M — development, boosting its revenue from $2M to over $100M, demonstrating her except
• $100 — , boosting its revenue from $2M to over $100M, demonstrating her exceptional ability
• $0 — ommon stock, for total cash proceeds of $0. 5 On August 10, 2023, Device Corp co
• $8,000 — August 10, 2023, Device Corp converted $8,000 of the amount due in Series A preferred
• $0.0004 — to 20,000,000 (based on stock price of $0.0004) shares of common stock. On September
• $7,000 — ptember 21, 2023, Device Corp converted $7,000 of the amount due in Series A preferred
• $0.00035 — to 20,000,000 (bases on stock price of $0.00035) shares of common stock On October 16,
• $27,000 — On November 6, 2023, Device converted $27,000 of the amount due in Series A preferred
• $0.0009 — to 30,000,000 (based on stock price of $0.0009) shares of common stock. These shares a
• $33,830 — g Q1 2023, Quick Capital LLC, converted $33,830 of principal and $4,034 of interest, re
• $4,034 — LLC, converted $33,830 of principal and $4,034 of interest, respectively, into 10,337,
• $50,483 — g Q2 2023, Quick Capital LLC, converted $50,483 of principal and $1,212 of interest, re
• $1,212 — LLC, converted $50,483 of principal and $1,212 of interest, respectively, into 56,000,
• $8,108 — g Q3 2023, Quick Capital LLC, converted $8,108 of principal and $69.19 of interest, re

Filing Documents

• yuenglingsice_10k.htm (10-K) — 852KB
• yuenglingsice_ex31-1.htm (EX-31.1) — 8KB
• yuenglingsice_ex32-1.htm (EX-32.1) — 4KB
• img_001.jpg (GRAPHIC) — 6KB
• img_002.jpg (GRAPHIC) — 4KB
• 0001829126-24-000965.txt (&nbsp;) — 4845KB
• arsn-20231031.xsd (EX-101.SCH) — 39KB
• arsn-20231031_cal.xml (EX-101.CAL) — 52KB
• arsn-20231031_def.xml (EX-101.DEF) — 147KB
• arsn-20231031_lab.xml (EX-101.LAB) — 326KB
• arsn-20231031_pre.xml (EX-101.PRE) — 286KB
• yuenglingsice_10k_htm.xml (XML) — 575KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 4 Item 2.

Properties

Properties 4 Item 3.

Legal Proceedings

Legal Proceedings 4 Item 4. Mine Safety Disclosures 4 PART II Item 5. Market for Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 5 Item 6 [Reserved] 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 7 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 8 Item 8.

Financial Statements

Financial Statements F-1 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 and Corporate Governance 11 Item 11.

Executive Compensation

Executive Compensation 15 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 16 Item 13. Certain Relationships and Related Transactions, and Director Independence 17 Item 14. Principal Accountant Fees and Services 17 PART IV Item 15. Exhibits 18

Forward Looking Statements

Forward Looking Statements Except for statements of historical fact, the information presented herein constitutes forward-looking statements. These forward-looking statements generally can be identified by phrases such as "anticipates," "believes," "estimates," "expects," "forecasts," "foresees," "intends," "plans," or other words of similar import. Similarly, statements herein that describe our business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, but are not limited to, our ability to: successfully commercialize our technology; generate revenues and achieve profitability in an intensely competitive industry; compete in products and prices with substantially larger and better capitalized competitors; secure, maintain and enforce a strong intellectual property portfolio; attract additional capital sufficient to finance our working capital requirements, as well as any investment of plant, property and equipment; develop a sales and marketing infrastructure; identify and maintain relationships with third party suppliers who can provide us a reliable source of raw materials; acquire, develop, or identify for our own use, a manufacturing capability; attract and retain talented individuals; continue operations during periods of uncertain general economic or market conditions, and; other events, factors and risks previously and from time to time disclosed in our filings with the Securities and Exchange Commission, including, specifically, the "Risk Factors" enumerated herein. Although we believe the expectations reflected in our forward-looking statements are reasonable, we cannot guarantee future results,

DESCRIPTION OF BUSINESS

ITEM 1. DESCRIPTION OF BUSINESS Yuengling's Ice Cream Corporation, (f/k/a Aureus, Inc.) (" Yuengling's ," " YCRM ," " we ," " us ," or the " Company ") was incorporated in Nevada on April 19, 2013, under the name "Aureus Incorporated." We were initially organized to develop and explore mineral properties in the state of Nevada. Effective December 15, 2017, we changed our name to "Hohme, Inc.," and, effective February 7, 2019, we changed our name to "Aureus, Inc. and on September 14, 2021, the Company changed their name to Yuengling's Ice Cream Corporation". We are currently active in the state of Nevada. In November, 2023, after the close of the 2023 fiscal year, YCRM completed its acquisition of ReachOut Technology ("ReachOut"). ReachOut is a Managed Service Provider (MSP) that provides cybersecurity and IT services to Small to Medium Sized Businesses (SMBs). Management is highly experiences with business operation as well as acquisition and integration. After the closing of the ReachOut transaction, the Company agreed to assign the ice cream assets to Mid Penn Bank in return for the cancellation of the bank debt. The Company also ceased its Aureus Micro Markets operations at the time the ReachOut agreement was signed. Our Website The Company's primary web site is: www.reachoutit.com Business Objectives ReachOut is on a relentless pursuit to revolutionize the Cybersecurity & IT Service Provider landscape for SMBs, with the goal of creating the first nationwide brand in its sector. The company is leveling the playing field, ensuring that businesses, regardless of size or location, have access to top-tier security solutions. Business Overview Founded in 2010 by Rick Jordan to fill a critical gap in the IT services market, ReachOut is evolving into a formidable nationwide cybersecurity entity. We are not your typical MSP. We are a transformative force in cybersecurity and IT services, dedicated to serving SMBs with unparalleled excellence. Our innovative

RISK FACTORS

ITEM 1A. RISK FACTORS We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and, as such, are not required to provide the information under this Item.

PROPERTIES

ITEM 2. PROPERTIES ReachOut's principal executive office is 8910 W. 192 nd Street N, Mokena, IL 60448. Our primary phone number is (312-288-8000)

LEGAL PROCEEDINGS

ITEM 3. LEGAL PROCEEDINGS None

MINE SAFETY DISCLOSURES

ITEM 4. MINE SAFETY DISCLOSURES None. 4 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 Our Common Stock is quoted on the Over-the-Counter (OTC) Markets Pink Current Information under the symbol "YCRM." The range of reported high and reported low sales prices per share for our common stock for each fiscal quarter during fiscal year 2023 and 2022, as reported, is set forth below. Quarterly common stock Price Ranges Fiscal Year 2023, Quarter Ended: High Low January 31, 2023 $ 0.01755 $ 0.00385 April 30, 2023 $ 0.0088 $ 0.00081 July 31, 2023 $ 0.0017 $ 0.0006 October 31, 2023 $ 0.0169 $ 0.0006 Fiscal Year 2022, Quarter Ended: High Low January 31, 2022 $ 0.13499 $ 0.11999 April 30, 2022 $ 0.08999 $ 0.08099 July 31, 2022 $ 0.07499 $ 0.05999 October 31, 2022 $ 0.01000 $ 0.01000 (a) Holders At September 12, 2023 there were approximately 1,386 active holders of record of our common stock, although we believe that there are other persons who are beneficial owners of our common stock held in street name. Transfer Agent The transfer agent and registrar for our common stock is Pacific Stock Transfer Company, 6725 Via Austi Pkwy, Suite 300, Las Vegas, Nevada 89119. Their telephone number is (800) 785-7782. (b) Dividends. We have not paid any cash dividends to date and do not anticipate or contemplate paying dividends in the foreseeable future. It is the present intention of management to utilize all available funds for the development of the Registrant's business. (c) Securities authorized for issuance under equity compensation plans None Recent Issuances of Unregistered Securities During the year ended October 31, 2023, the Company sold 0 shares of common stock, for total cash proceeds of $0. 5 On August 10, 2023, Device Corp converted $8,000 of the amount due in Series A preferred stock to 20,000,000 (based on stock price of $0.0004)

[Reserved]

ITEM 6. [Reserved] Not applicable since we are a smaller reporting company as defined under the applicable SEC rules. 6

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 Results of Operations for the Year Ended October 31, 2023, compared to the Year Ended October 31, 2022 Revenue We had $20 in revenue for the year ended October 31, 2023, compared to $0 for the year ended October 31, 2022. This is a very small increase in revenue and the overall lack of sales is due to a loss in retail food service customers. As the Company reorganized, it sold through its remaining inventory and did not produce additional product while it worked on plans to relaunch the Yuengling's Ice Cream brand. Cost of Goods Sold We incurred $56,211 in costs of goods sold for the year ended October 31, 2023, compared to $0 for the year ended October 31, 2022. In the current period we had a large write down of our inventory due to expired or goods sold below cost. General and administrative expenses We had $23,200 of general and administrative expenses ("G&A") for the year ended October 31, 2023, compared to $89,687 for the year ended October 31, 2022, a decrease of $66,487 or 74.13% Bad debt expense We had $0 in bad debt expense during the year ended October 31, 2023 compared to $80,000 of bad debt expense written off in the year ended October 31, 2022. Officer compensation We had $7,000 in officer compensation for the year ended October 31, 2023 compared to $63,000 of officer compensation for the year ended October 31, 2022. During this period, we compensated Mr. Bohorad, CEO, $5,000 per month. The remaining $53,000 in accrued compensation was forgiven by Mr. Bohorad during the year ended October 31, 2023. Professional fees We incurred $79,522 of professional fees for the year ended October 31, 2023, compared to $107,583 for the year ended October 31, 2022, a decrease of $28,061 or 26.08%. Professional fees generally consist of audit, legal, accounting and investor relation service fees. The decrease is due to a decrease in investor relation expens

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK Not applicable to smaller reporting companies. 8

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA YUENGLING'S ICE CREAM CORPORATION Index to Financial Statements Report of Independent Registered Public Accounting Firm (PCAOB #5525) F-2 Consolidated Balance Sheets as of October 31, 2023 and 2022 F-3 Consolidated Statements of Operations for the Years ended Octo

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View this 10-K filing on SEC EDGAR