Kenilworth Systems Corp Files 10-Q/A with Financial Updates

TL;DR

Kenilworth Systems Corp (KENS) filed a 10-Q/A on 7/9/24 updating Q1 2024 financials - check the balance sheet!

AI Summary

Kenilworth Systems Corp filed an amended 10-Q on July 9, 2024, for the period ending March 31, 2024. The filing details changes to its financial statements, including common stock, preferred stock A, additional paid-in capital, noncontrolling interest, and retained earnings for both the quarter ended March 31, 2024, and the year-to-date period. Specific dollar amounts for these accounts are provided, such as $63,749,525 for common stock and $69,699,525 for preferred stock A as of March 31, 2024.

Why It Matters

This amended filing provides updated financial details for Kenilworth Systems Corp, crucial for investors and analysts to assess the company's financial health and make informed decisions.

Risk Assessment

Risk Level: low — This filing is an amendment to a previous report, primarily providing updated financial statement details without indicating new material risks or significant operational changes.

Key Numbers

• 20240331 — Reporting Period End Date (The 10-Q/A provides updated financial data as of this date.)
• 20240709 — Filing Date (This is the date the amended 10-Q filing was submitted to the SEC.)
• $63,749,525 — Common Stock Value (Represents the value of common stock as of March 31, 2024.)
• $69,699,525 — Preferred Stock A Value (Represents the value of preferred stock A as of March 31, 2024.)

Key Players & Entities

• KENILWORTH SYSTEMS CORP (company) — Filer of the 10-Q/A
• 0000055234 (company) — Central Index Key for Kenilworth Systems Corp
• 20240331 (date) — Period of report for the 10-Q/A
• 20240709 (date) — Filing date of the 10-Q/A
• $63,749,525 (dollar_amount) — Common stock value as of March 31, 2024
• $69,699,525 (dollar_amount) — Preferred Stock A value as of March 31, 2024

FAQ

Key Financial Figures

• $0.01 — he registrant's common stock, par value $0.01 per share, outstanding. EXPLANATORY NO
• $59,500 — nvestors for aggregate consideration of $59,500. ITEM 3. DEFAULTS UPON SENIOR SECURITI

Filing Documents

• kenilworth_10qa.htm (10-Q/A) — 316KB
• kenilworth_ex311.htm (EX-31.1) — 12KB
• kenilworth_ex312.htm (EX-31.2) — 10KB
• kenilworth_ex321.htm (EX-32.1) — 4KB
• 0001477932-24-004128.txt ( ) — 1451KB
• kenilworth-20240331.xsd (EX-101.SCH) — 16KB
• kenilworth-20240331_lab.xml (EX-101.LAB) — 105KB
• kenilworth-20240331_cal.xml (EX-101.CAL) — 26KB
• kenilworth-20240331_pre.xml (EX-101.PRE) — 76KB
• kenilworth-20240331_def.xml (EX-101.DEF) — 35KB
• kenilworth_10qa_htm.xml (XML) — 83KB

Financial Information

Part I. Financial Information Item 1. Consolidated Financial Statements Condensed Consolidated Statements of Operations for the Three months ended March 31, 2024 and 2023 (unaudited) 6 Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023. (unaudited) 5 Condensed Consolidated Statements of Cash Flows for the Three months ended March 31, 2024and Three months ended March 31, 2023 (unaudited) 8 Condensed Consolidated Statements of Changes in Stockholders Equity (Deficit) from December 31, 2023 to March 31, 2024 (unaudited) 7 Notes to the Condensed Consolidated Financial Statements. (unaudited) 9 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. 13 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk. Item 4.

Controls and Procedures

Controls and Procedures.

Other Information

Part II. Other Information 15 Item 1. Legal Proceedings. 15 Item 1A. Risk Factors. 15 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 15 Item 3. Defaults Upon Senior Securities. 15 Item 4. Mine Safety Disclosures. 15 Item 5. Other Information. 15 Item 6. Exhibits. 16 S ig natures 17 3 Table of Contents INDEX TO FINANCIAL STATEMENTS KENILWORTH SYSTEMS CORPORATION TABLE OF CONTENTS Consolidated Balance Sheets as of MARCH 31, 2024 and 2023 Consolidated Statements of Operations for the years ended MARCH 31, 2024 and 2023 Consolidated Statements of Cash Flows for the years ended MARCH 31, 2024 and 2023 Consolidated Statements of Shareholders' Equity for the years ended MARCH 31, 2024 and 2023

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 4 Table of Contents KENILWORTH SYSTEMS CORPORATION CONSOLIDATED BALANCE SHEETS MARCH 31, 2024 December 31, 2023 ASSETS Current Assets Cash $ 4,022 $ 19,699 Due from Related Party $ 40,000 $ 40,000 Subscription Receivables $ 5,000 $ 5,000 Prepaid expense $ 3,485 $ 3,485 Total current assets $ 52,507 $ 68,184 License agreements Security deposits Intellectual Property – Proprietary Databases and Technology $ - $ - Trademarks and Tradenames $ - $ - TOTAL ASSETS $ 52,507 $ 68,184 LIABILITIES AND STOCKHOLDERS' DEFICIENCY Current Liabilities Accounts payable and accrued expenses 4,000 $ 4,000 Due to related parties $ 6,035 $ 17,729 Note Payable $ 55,115 $ 53,185 Deferred Income $ 16,000 Total current liabilities $ 81,150 $ 74,914 Total other liabilities $ - $ - TOTAL LIABILITIES $ 81,150 $ 74,914 Stockholders' Equity Series A convertible preferred stock, par value $ 0.01 – authorized 50,000 shares, 12,500 shares, issued and outstanding $ 125 $ 125 Series B convertible preferred stock, par value $ 0.01 - authorized 300,000 shares, and 0 shares issued and outstanding, respectively $ - $ - Series C convertible preferred stock, par value $ 0.01 - authorized 10,000 shares, 0 shares issued and outstanding, respectively $ - $ - Common stock, par value $ 0.01 - authorized 1,000,000,000 shares, 69,699,525 and 63,749,525 shares issued and outstanding, respectively as of March 31, 2024, and 2023 respectively $ 696,995 $ 637,495 Additional paid-in-capital $ 38,795,899 $ 38,795,899 Accumulated deficit $ ( 39,527,513 ) $ ( 39,446,101 ) Non-Controlling Interest $ 5,851 $ 5,851 TOTAL STOCKHOLDERS' EQUITY $ ( 28,643 ) $ ( 6,731 ) TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 52,507 $ 68,184 The accompanying notes are an integral part of these financial statements. 5 Table of Contents KENILWORTH S

Forward-Looking Statements

Forward-Looking Statements The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain information included in this Quarterly Report on this Form 10-Q/A contains statements that are forward-looking, including, but not limited to, statements relating to our business strategy and development activities as well as other capital spending, financing sources, the effects of regulation (including gaming and tax regulations), expectations concerning future operations, margins, profitability and competition. Any statements contained in this Form 10-Q/A that are not statements of historical fact may be deemed to be forward- looking statements. Without limiting the generality of the foregoing, in some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "would," "could," "believe," "expect," "anticipate," "estimate," "intend," "plan," "continue" or the negative of these terms or other comparable terminology. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ from those expressed in any forward-looking statements made by us. These risks and uncertainties include, but are not limited to, our lack of recent operating history, existing management, general domestic or international economic conditions, pending or future legal proceedings, changes in federal or state tax laws or the administration of such laws, changes in gaming laws or regulations (including the legalization of gaming in certain jurisdictions), applications for licenses and approvals under applicable jurisdictional laws and regulations (including gaming laws and regulations). You should not place undue reliance on any forward-looking statements, which are based only on information currently available to us. We undertake no obligation to publicly release any revisions to such forwa

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A") and other parts of this report include "forward- looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements other than historical facts and often address future events or our future performance. Words such as "anticipate," "estimate," "expect," "project," "intend," "may," "will," "might," "plan," "predict," "believe," "should," "could" and similar words or expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words.

Forward-looking statements contained in this MD&A include statements about, among other things

Forward-looking statements contained in this MD&A include statements about, among other things: our beliefs regarding the market and demand for our products or the component products we resell; our ability to develop and launch new products that are attractive to the market and stimulate customer demand for these products; our plans relating to our intellectual property, including our goals of monetizing, licensing, expanding and defending our patent portfolio; our expectations and strategies regarding outstanding legal proceedings and patent reexaminations relating to our intellectual property portfolio; our expectations with respect to any strategic partnerships or other similar relationships we may pursue; the competitive landscape of our industry; general market, economic and political conditions; our business strategies and objectives; our expectations regarding our future operations and financial position, including revenues, costs and prospects, and our liquidity and capital resources, including cash flows, sufficiency of cash resources, efforts to reduce expenses and the potential for future financings; our ability to remediate any material weakness and maintain effective internal control over financial reporting; and the impact of the above factors and other future events on the market price and the liquidity of our Common Stock. RESULTS OF OPERATIONS On September 30, 2023, the Company completed a Share Exchange in which it acquired a 60% controlling equity interest in Regenecell, Inc., a Florida corporation which has been newly-formed and is engaged in the business of medical travel consulting and referral services. The Founder and President of Regenecell, Steven Swank, exchanged 600,000 of his Shares of Common Stock of Regenecell, Inc. for 2,000,000 Shares of Common Stock of the Company in a tax-free exchange. As a result of this transaction, of the total 1,000,000 Shares of Common Stock of Regenecell, Inc. authorized, issued, and outstandin

- OTHER INFORMATION

PART II- OTHER INFORMATION

LEGAL PROCEEDINGS

ITEM 1. LEGAL PROCEEDINGS. The Company is not currently subject to any legal proceedings. From time to time, the Company may become subject to litigation or proceedings in connection with its business, as either a plaintiff or defendant. There are no such pending legal proceedings to which the Company is a party that, in the opinion of management, is likely to have a material adverse effect on the Company's business, financial condition or results of operations.

RISK FACTORS

ITEM 1A. RISK FACTORS As a smaller reporting company (as defined in Rule 12b-2 of the Exchange Act), we are not required to provide the information called for by this Item 1A.

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS. During the Quarter Ended March 31, 2024, the Company issued a total of 5,950,000 Shares of Common Stock, including 4,250,000 Shares to its Directors for services rendered in lieu of cash compensation, and 1,700,000 Shares to three investors for aggregate consideration of $59,500.

DEFAULTS UPON SENIOR SECURITIES

ITEM 3. DEFAULTS UPON SENIOR SECURITIES. None.

MINE SAFETY DISCLOSURES

ITEM 4. MINE SAFETY DISCLOSURES. None.

OTHER INFORMATION

ITEM 5. OTHER INFORMATION. The Company plans to hold its next Annual Meeting of Shareholders as soon as practicable with proxy materials mailed to shareholders of record at least twenty (20) days prior to the proposed meeting date. Our new management team, auditors and counsel are anticipating a number of issues to be voted on at that time. 15 Table of Contents

EXHIBITS

ITEM 6. EXHIBITS. (a) Exhibits required by Item 601 of Regulation SK. Number Description Number Description 31.1 Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. 31.2 Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. 32.1 Certification of Principal Executive Officer and Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. 101.INS * Inline XBRL Instance Document 101.SCH * Inline XBRL Taxonomy Extension Schema Document 101.CAL * Inline XBRL Taxonomy Extension Calculation Linkbase Document 101.DEF * Inline XBRL Taxonomy Extension Definition Linkbase Document 101.LAB * Inline XBRL Taxonomy Extension Label Linkbase Document 101.PRE * Inline XBRL Taxonomy Extension Presentation Linkbase Document _____________ * XBRL (Extensible Business Reporting Language) information is furnished and not filed or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections. 16 Table of Contents SIGNATURE Pursuant t

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