Yuenglings Ice Cream Corp Files 10-Q

TL;DR

Yuenglings Ice Cream Corp filed its Q2 2024 10-Q. Financials inside.

AI Summary

Yuenglings Ice Cream Corp filed its 10-Q for the period ending June 30, 2024. The filing details financial information and operational updates for the company. Specific financial figures and operational highlights are not detailed in the provided header information.

Why It Matters

This 10-Q filing provides investors and stakeholders with an update on Yuenglings Ice Cream Corp's financial performance and business operations for the second quarter of 2024.

Risk Assessment

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

Key Numbers

• 20240630 — Period End Date (Quarterly financial reporting period)
• 20231231 — Previous Year End Date (Comparison point for financial data)

Key Players & Entities

• Yuenglings Ice Cream Corp (company) — Filer
• 0001829126-24-008430 (other) — Accession Number
• 20240630 (date) — Period of Report
• 20241219 (date) — Filed as of Date
• MOKENA, IL (location) — Business Address

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) — 1060KB
• yuenglingsice_ex31-1.htm (EX-31.1) — 8KB
• yuenglingsice_ex32-1.htm (EX-32.1) — 4KB
• 0001829126-24-008430.txt ( ) — 6565KB
• arsn-20240630.xsd (EX-101.SCH) — 78KB
• arsn-20240630_cal.xml (EX-101.CAL) — 77KB
• arsn-20240630_def.xml (EX-101.DEF) — 262KB
• arsn-20240630_lab.xml (EX-101.LAB) — 416KB
• arsn-20240630_pre.xml (EX-101.PRE) — 376KB
• yuenglingsice_10q_htm.xml (XML) — 877KB

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 36 Item 4.

Controls and Procedures

Controls and Procedures 37 PART II Item 1.

Legal Proceedings

Legal Proceedings 38 Item 1A.

Risk Factors

Risk Factors 38 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 38 Item 3. Defaults Upon Senior Securities 40 Item 4. Mine Safety Disclosures 40 Item 5. Other Information 40 Item 6 . Exhibits 41

SIGNATURES

SIGNATURES 42 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 June 30, 2024 (unaudited) and December 31, 2023 2 Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2024 and 2023 (Unaudited) 3 Condensed Consolidated Statement of Changes in Stockholders' Deficit for the three and six months ended June 30, 2024 and 2023 (Unaudited) 4 Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023 (Unaudited) 5 Notes to Condensed Consolidated Financial Statements (Unaudited) 6 1 YUENGLING'S ICE CREAM CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS June 30, 2024 December 31, 2023 (Unaudited) ASSETS Current Assets: Cash $ 82,374 $ 360,673 Accounts receivable 405,683 239,825 Prepaid expenses 62,579 275,780 Loans to related parties - - Inventory - - Total Current Assets 550,636 876,278 Other Assets: Deposits 8,688 8,618 Furniture and fixed assets, net 405,468 445,697 Goodwill 1,347,428 3,343,929 Customer list acquired 121,001 - Right of use asset 434,392 518,968 Total non-current assets 2,195,977 4,317,212 Total Assets $ 2,746,613 $ 5,193,490 LIABILITIES AND STOCKHOLDERS' DEFICIT Current Liabilities: Accounts payable and accrued expenses $ 2,268,678 $ 1,764,696 Deferred Revenues 17,912 68,618 Due to officers 407,225 309,725 Due to Affiliate 1,487,578 1,570,253 Due to financial institutions 1,130,229 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 310,481 336,610 Term note payable, related parties 1,175,000 1,175,000 Other loans and notes payable 315,676 202,206 Officer life insurance liability, current portion 450,000 450,000 Convertible

View Full Filing

View this 10-Q filing on SEC EDGAR