Yuenglings Ice Cream Corp Files 10-Q/A for Q1 2024

TL;DR

Yuenglings Ice Cream Corp filed an amended Q1 report. Check financials.

AI Summary

Yuenglings Ice Cream Corp filed a 10-Q/A on May 17, 2024, for the period ending January 31, 2024. The company, formerly known as Aureus, Inc., is incorporated in Nevada and headquartered in Atlanta, Georgia. This filing provides updated information for the first quarter of their fiscal year, which ends on October 31st.

Why It Matters

This amended filing provides updated financial information for Yuenglings Ice Cream Corp, which is crucial for investors and stakeholders to assess the company's performance and financial health.

Risk Assessment

Risk Level: low — This is a routine amended filing (10-Q/A) and does not appear to contain significant new negative information.

Key Numbers

• 20240131 — Period End Date (The filing covers financial information up to this date.)
• 20240517 — Filing Date (This is the date the amended filing was submitted to the SEC.)

Key Players & Entities

• Yuenglings Ice Cream Corp (company) — Filer
• Aureus, Inc. (company) — Former company name
• 20240517 (date) — Filing date
• 20240131 (date) — Period of report end date
• Atlanta, GA (location) — Business address city and state

FAQ

Key Financial Figures

• $0.0001 — 32,488,710 and 24,907,279 shares (par $0.0001) issued and outstanding at January 31,
• $3,025,249 — onsideration given for the purchase was $3,025,249 The purchase price was allocated to net
• $54,006 — was allocated to net tangible assets of $54,006 with the balance of $2,510,0291 allocat
• $2,510,0291 — e assets of $54,006 with the balance of $2,510,0291 allocated to goodwill, which is not amo

Filing Documents

• yuenglingsice_10qa.htm (10-Q/A) — 856KB
• yuenglingsice_ex31-1.htm (EX-31.1) — 9KB
• yuenglingsice_ex32-1.htm (EX-32.1) — 4KB
• 0001829126-24-003460.txt ( ) — 5987KB
• arsn-20240131.xsd (EX-101.SCH) — 62KB
• arsn-20240131_cal.xml (EX-101.CAL) — 81KB
• arsn-20240131_def.xml (EX-101.DEF) — 261KB
• arsn-20240131_lab.xml (EX-101.LAB) — 355KB
• arsn-20240131_pre.xml (EX-101.PRE) — 342KB
• yuenglingsice_10qa_htm.xml (XML) — 814KB

- FINANCIAL INFORMATION

PART I. - FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements. 1 Item 2.

Management's Discussion and Analysis of Financial Condition and Plan of Operations

Management's Discussion and Analysis of Financial Condition and Plan of Operations. 31 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk. 33 Item 4

Controls and Procedures

Controls and Procedures. 34

- OTHER INFORMATION

PART II - OTHER INFORMATION Item 1. Legal Proceedings. 35 Item 1A. Risk Factors. 35 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 35 Item 3. Defaults Upon Senior Securities. 37 Item 4. Mine Safety Disclosures. 37 Item 5. Other Information. 37 Item 6. Exhibits. 37

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Explanatory Note: This Quarterly Report on Form 10-Q for the period ended 1/31/24 has not been reviewed by an independent registered public accounting firm in accordance with the rules and regulations of the Securities and Exchange Commission. As a result, this report is considered deficient and may not fully comply with all applicable requirements of the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder. The Company plans to actively work with its independent registered public accounting firm to remedy the deficiency by completing the necessary review as soon as practicable. Once the review is completed, the Company will file an amendment to this Form 10-Q to include the reviewed financial statements and any additional disclosures as necessary. ii

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS YUENGLING'S ICE CREAM CORPORATION Condensed Consolidated Balance Sheets as of January 31, 2024 (unaudited) and October 31, 2023 2 Condensed Consolidated Statements of Operations for the Three Months Ended January 31, 2024 and 2023 (unaudited) 3 Condensed Consolidated Statements of Stockholders' Deficit for the Three Months Ended January 31, 2024 and 2023 (unaudited) 4 Condensed Consolidated Statements of Cash Flows for the Three Months Ended January 31, 2024 and 2023 (unaudited) 5 Notes to the Condensed Consolidated Financial Statements (unaudited) 6 1 YUENGLING'S ICE CREAM CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited and Not Reviewed) January 31, 2024 October 31, 2023 (Unaudited and Not Reviewed) (Unaudited and Not Reviewed) ASSETS Current Assets: Cash $ 219,530 $ 130,835 Accounts receivable 508,499 292,097 Inventory 52,886 58,832 Prepaid expenses and other current assets 483,278 45,360 Due from officer 140,000 - Other receivable – affiliate 126,738 126,738 Total Current Assets 1,530,931 653,862 Other Assets: Other non-current assets 8,618 140,502 Property and equipment, net 618,435 629,954 Right of use asset 518,968 702,426 Goodwill 7,873,202 7,873,202 Total Assets $ 10,550,154 $ 9,999,946 LIABILITIES AND STOCKHOLDERS' DEFICIT Current Liabilities: Accounts payable and accrued expenses $ 1,336,473 $ 551,929 Due to affiliates 1,508,980 1,109,419 Due to officers 347,243 228,058 Due to financial institutions 1,168,948 1,314,485 Notes payable 202,206 - Seller notes payable 2,844,040 1,669,040 Vehicle and equipment loans 430,967 366,371 SBA loans payable 423,300 423,300 Convertible note payable, net of $ 920,993 discount 118,007 - Derivative liability 30,070,971 - Life insurance payable – sellers, current portion 450,000 450,000 Lease liabilities, current portion 171,618 171,618 To

financial statements

financial statements. Convertible Notes with Fixed Rate Conversion Options The Company may enter into convertible notes, some of which contain, predominantly, fixed rate conversion features, whereby the outstanding principal and accrued interest may be converted by the holder, into common shares at a fixed discount to the market price of the common stock at the time of conversion. This results in a fair value of the convertible note being equal to a fixed monetary amount. The Company records the convertible note liability at its fixed monetary amount by measuring and recording a premium, as applicable, on the Note date with a charge to interest expense in accordance with ASC 480 - "Distinguishing Liabilities from Equity". Derivative Financial Instruments The Company evaluates its convertible notes to determine if such instruments have derivatives or contain features that qualify as embedded derivatives. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported in the statements of operations. For stock-based derivative financial instruments, the Company uses a weighted-average Black-Scholes-Merton option pricing model to value th

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