Yuenglings Ice Cream Corp Files 10-Q

TL;DR

Yuenglings Ice Cream Corp filed their Q1 2024 10-Q. Check financials.

AI Summary

Yuenglings Ice Cream Corp filed a 10-Q for the period ending March 31, 2024. The company, formerly known as Aureus, Inc., is incorporated in Nevada and headquartered in Mokena, Illinois. Their business address is 8910 West 192nd Street, Suite N, Mokena, IL 60448, with a phone number of 404-885-6045. The filing was made on November 18, 2024.

Why It Matters

This filing provides investors and stakeholders with a quarterly update on Yuenglings Ice Cream Corp's financial performance and operational status.

Risk Assessment

Risk Level: low — This is a standard quarterly filing with no immediate red flags or significant financial events indicated in the provided header information.

Key Numbers

• 20240331 — Reporting Period End Date (Quarterly financial reporting)
• 20241118 — Filing Date (Date the report was submitted to the SEC)
• 2024-01-01 — Quarter Start Date (Beginning of the reporting quarter)
• 2023-12-31 — Previous Year End Date (For comparative financial analysis)

Key Players & Entities

• Yuenglings Ice Cream Corp (company) — Filer
• Aureus, Inc. (company) — Former company name
• 0001624517 (company) — Central Index Key
• NV (company) — State of incorporation
• MOKENA (company) — City of business address
• IL (company) — State of business address
• 471893698 (company) — IRS Number

FAQ

Key Financial Figures

• $756,108 — cently completed second fiscal quarter. $756,108 Indicate the number of shares outstand
• $1 billion — r total annual revenues equal or exceed $1 billion (subject to adjustment for inflation),
• $700 million — large accelerated filer" (with at least $700 million in public float) under the Securities a
• $250 million — ny and have a public float of less than $250 million and annual revenues of less than $100 m
• $100 million — illion and annual revenues of less than $100 million during the most recently completed fisc
• $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
• $2,117,502 — e price adjustment reducing goodwill to $2,117,502. During the three months ended March 31

Filing Documents

• yuenglingsice_10q.htm (10-Q) — 937KB
• yuenglingsice_ex31-1.htm (EX-31.1) — 8KB
• yuenglingsice_ex32-1.htm (EX-32.1) — 4KB
• 0001829126-24-007616.txt ( ) — 6320KB
• arsn-20240331.xsd (EX-101.SCH) — 76KB
• arsn-20240331_cal.xml (EX-101.CAL) — 74KB
• arsn-20240331_def.xml (EX-101.DEF) — 273KB
• arsn-20240331_lab.xml (EX-101.LAB) — 409KB
• arsn-20240331_pre.xml (EX-101.PRE) — 382KB
• yuenglingsice_10q_htm.xml (XML) — 837KB

Financial Statements

Financial Statements 1 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 33 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 35 Item 4.

Controls and Procedures

Controls and Procedures 36 PART II Item 1.

Legal Proceedings

Legal Proceedings 37 Item 1A.

Risk Factors

Risk Factors 37 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 37 Item 3. Defaults Upon Senior Securities 39 Item 4. Mine Safety Disclosures 39 Item 5. Other Information 39 Item 6 . Exhibits 40

SIGNATURES

SIGNATURES 41 i Emerging Growth Company We are and we will remain an "emerging growth company" as defined under The Jumpstart Our Business Startups Act (the "JOBS Act"), until the earliest to occur of (i) the last day of the fiscal year during which our total annual revenues equal or exceed $1 billion (subject to adjustment for inflation), (ii) the last day of the fiscal year following the fifth anniversary of our initial public offering, (iii) the date on which we have, during the previous three-year period, issued more than $1 billion in non-convertible debt securities, or (iv) the date on which we are deemed a "large accelerated filer" (with at least $700 million in public float) under the Securities and Exchange Act of 1934, as amended (the "Exchange Act"). As an "emerging growth company", we may take advantage of specified reduced disclosure and other requirements that are otherwise applicable generally to public companies. These provisions include: only two years of audited financial statements in addition to any required unaudited interim financial statements with correspondingly reduced "Management's Discussion and Analysis" disclosure; reduced disclosure about our executive compensation arrangements; no requirement that we hold non-binding advisory votes on executive compensation or golden parachute arrangements; and exemption from the auditor attestation requirement in the assessment of our internal control over financial reporting. We have taken advantage of some of these reduced burdens, and thus the information we provide stockholders may be different from what you might receive from other public companies in which you hold shares. In addition, Section 107 of the JOBS Act also provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other words, an emerging growth company can delay the ado

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS YUENGLING'S ICE CREAM CORPORATION Index to Financial Statements Condensed Consolidated Balance Sheets as of March 31, 2024 (unaudited) and December 31, 2023 2 Condensed Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023 (Unaudited) 3 Condensed Consolidated Statement of Changes in Stockholders' Deficit for the three months ended March 31, 2024 and 2023 (Unaudited) 4 Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 (Unaudited) 5 Notes to Condensed Consolidated Financial Statements (Unaudited) 6 1 YUENGLING'S ICE CREAM CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS March 31, 2024 December 31, 2023 (Unaudited) ASSETS Current Assets: Cash $ 393,181 $ 360,673 Accounts receivable 268,337 239,825 Prepaid expenses 73,651 275,780 Loans to related parties - - Inventory - - Total Current Assets 735,169 876,278 Other Assets: Deposits 8,618 8,618 Furniture and fixed assets, net 480,308 445,697 Goodwill 1,226,427 3,343,929 Right of use asset 476,672 518,968 Total non-current assets 2,192,025 4,317,212 Total Assets $ 2,927,194 $ 5,193,490 LIABILITIES AND STOCKHOLDERS' DEFICIT Current Liabilities: Accounts payable and accrued expenses $ 1,846,236 $ 1,764,696 Deferred Revenues 17,912 68,618 Due to officers 407,225 309,725 Due to Affiliate 1,486,986 1,570,253 Due to financial institutions 1,121,354 1,649,134 Seller notes and loans payable, related parties current 623,101 1,175,124 SBA loan payable 423,300 1,012,392 Vehicle and equipment loans 372,731 336,610 Term note payable, related parties 1,175,000 1,175,000 Other loans and notes payable 202,206 202,206 Officer life insurance liability, current portion 450,000 450,000 Convertible notes payable, third parties, net of put premi

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View this 10-Q filing on SEC EDGAR