KENILWORTH SYSTEMS CORP Files Quarterly Report

TL;DR

<b>KENILWORTH SYSTEMS CORP files its Q1 2024 10-Q report.</b>

AI Summary

KENILWORTH SYSTEMS CORP (GAMG) filed a Quarterly Report (10-Q) with the SEC on May 13, 2024. Filing is a Form 10-Q for the quarterly period ended March 31, 2024. The company was incorporated in Wyoming. Principal executive offices are located at 721 Beach Street, Daytona Beach, FL 32114. The company's telephone number is (516) 741-1352. The filing is a quarterly report pursuant to Section 13 or 15(D) of the Securities Exchange Act of 1934.

Why It Matters

For investors and stakeholders tracking KENILWORTH SYSTEMS CORP, this filing contains several important signals. This filing provides an update on the company's financial performance and operational status for the first quarter of 2024. As a public company, KENILWORTH SYSTEMS CORP is required to file regular reports like this 10-Q to keep investors informed about its financial health and business activities.

Risk Assessment

Risk Level: — KENILWORTH SYSTEMS CORP shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain significant new financial data or strategic shifts that would indicate a change in risk profile.

Analyst Insight

Review the detailed financial statements and management discussion within the 10-Q to understand the company's performance and outlook.

Key Numbers

• 2024-03-31 — Quarterly Period End Date (Form 10-Q)
• 2024-05-13 — Filing Date (Form 10-Q)
• 1934 Act — SEC Act (Form 10-Q)

Key Players & Entities

• KENILWORTH SYSTEMS CORP (company) — Registrant
• Wyoming (location) — State of incorporation
• 721 Beach Street, Daytona Beach, FL 32114 (location) — Business address
• 0-08962 (other) — Commission File Number

FAQ

Industry Context

The company operates in the Services-Miscellaneous Amusement & Recreation sector (SIC 7990).

Regulatory Implications

The filing is made pursuant to Section 13 or 15(D) of the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the financial statements for Q1 2024.
2. Review any management discussion and analysis provided.
3. Compare Q1 2024 results to previous periods if available in the full filing.

Key Dates

• 2024-03-31: Quarterly Period End — The end date for the financial reporting period covered by the 10-Q.
• 2024-05-13: Filing Date — The date the 10-Q was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial review of the Q1 2024 10-Q filing; comparison to prior filings would require access to those documents.

Key Financial Figures

• $0.01 — he registrant's common stock, par value $0.01 per share, outstanding. CAUTIONARY NOT
• $184,288 — s from operating expenses amounting to ($184,288) for the year ended December 31, 2023 a
• $65,677 — r the year ended December 31, 2023 and ($65,677) for the three months ended March 31, 2

Filing Documents

• kens_10q.htm (10-Q) — 298KB
• kens_ex311.htm (EX-31.1) — 11KB
• kens_ex312.htm (EX-31.2) — 13KB
• kens_ex321.htm (EX-32.1) — 5KB
• 0001477932-24-002744.txt (&nbsp;) — 1389KB
• kenilworth-20240331.xsd (EX-101.SCH) — 15KB
• kenilworth-20240331_lab.xml (EX-101.LAB) — 100KB
• kenilworth-20240331_cal.xml (EX-101.CAL) — 24KB
• kenilworth-20240331_pre.xml (EX-101.PRE) — 74KB
• kenilworth-20240331_def.xml (EX-101.DEF) — 34KB
• kens_10q_htm.xml (XML) — 76KB

Financial Information

Part I. Financial Information Item 1. Consolidated Financial Statements Consolidated Balance Sheets as of March 31, 2024 (unaudited) and December 31, 2023. (Audited) 5 Consolidated Statements of Operations for the Three months ended March 31, 2024 and 2023 (unaudited) 6 Consolidated Statements of Changes in Stockholders Equity (Deficit) from December 31, 2018 to March 31, 2024 (unaudited) 7 Consolidated Statements of Cash Flows for the Three months ended March 31, 2024 and Three months ended March 31, 2023 (unaudited) 8 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. 14 Item 4.

Controls and Procedures

Controls and Procedures. 14

Other Information

Part II. Other Information 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 5 Consolidated Statements of Operations for the years ended MARCH 31, 2024 and 2023 6 Consolidated Statements of Shareholders' Equity for the years ended MARCH 31, 2024 and 2023 7 Consolidated Statements of Cash Flows for the years ended MARCH 31, 2024 and 2023 8

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 9 4 Table of Contents KENILWORTH SYSTEMS CORPORATION CONSOLIDATED BALANCE SHEETS ASSETS Current Assets MARCH 31, 2024 (Unaudited) DECEMBER 31, 2023 (Audited) 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 $ - $ 270 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 $ 104,168 $ 104,168 Note Payable $ 97,900 $ 68,900 Deferred Income $ 16,000 Total current liabilities $ 222,068 $ 177,068 Total other liabilities $ - $ - TOTAL LIABILITIES $ 222,068 $ 177,068 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, 69,712,025 and 50,516,685 shares issued and outstanding, respectively as of March 31, 2024, and 2023 respectively $ 696,995 $ 637,495 Additional paid-in-capital $ 38,717,734 $ 38,717,734 Accumulated deficit $ ( 39,584,415 ) $ ( 39,464,238 ) $ - $ - TOTAL STOCKHOLDERS' EQUITY $ ( 169,561 ) $ ( 108,884 ) TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 52,507 $ 68,184 The accompanying notes are an integral part of these financial statements. 5

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 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 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 forward-l

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: specific and overall impacts of the COVID-19 pandemic on our financial condition and results of operations; 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 t RESULTS OF OPERATIONS Since we exited from bankruptcy proceedings on September 28, 1998, we have had limited revenues from operations, and therefore sustained losses from operating expenses amounting to ($184,288) for the year ended December 31, 2023 and ($65,677) for the three months ended March 31, 2024. 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 co

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK. 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 3.

CONTROLS AND PROCEDURES

ITEM 4. CONTROLS AND PROCEDURES. DISCLOSURE CONTROLS AND PROCEDURES Under the supervision and with the participation of our management, our principal executive officer and principal financial officer, who are the same person, are responsible for conducting an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rules 13a- 15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as of the end of the fiscal quarter covered by this report. Disclosure controls and procedures means that the material information required to be included in our Securities and Exchange Commission reports is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms relating to our company, particularly during the period when this report was being prepared. Based on this evaluation, our principal executive officer and principal financial officer concluded as of the evaluation date that our disclosure controls and procedures were not effective as of March 31, 2024. The ineffectiveness of our internal control over financial reporting was due to deficiencies that existed in the design or operation of our internal control over financial reporting that adversely affected our internal control over financial reporting and that may be considered to be material weaknesses. The matters involving internal control over financial reporting that our management considered to be material weaknesses under the standards of the Public Company Accounting Oversight Board were: (i) lack of a functioning audit committee due to a lack of a majority of independent members and a lack of a majority of outside directors on our board of directors, resulting in ineffective oversight in the establishment and monitoring of required internal control over financial reporting; (ii) inadequate segregation of duties consistent with control objectives; and (iii) ineffective controls over period end financial discl

- 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 C

View Full Filing

View this 10-Q filing on SEC EDGAR