Kenilworth Systems Corp. Q2 2024 10-Q Filed

TL;DR

**Kenilworth Systems Corp. Q2 2024: $0.01 revenue, $1B assets, $63.7M current liabilities. Minimal earnings.**

AI Summary

Kenilworth Systems Corp. filed its 10-Q for the period ending June 30, 2024. The company reported minimal revenue of $0.01 for the quarter and year-to-date. Total assets were $1,000,000,000, with current assets at $69,712,025 and current liabilities at $63,749,525. Retained earnings stood at $0.01 as of June 30, 2024.

Why It Matters

This filing provides a snapshot of Kenilworth Systems Corp.'s financial health for the second quarter of 2024, indicating minimal revenue and a significant asset base relative to its reported earnings.

Risk Assessment

Risk Level: medium — The company reports extremely low revenue and minimal retained earnings, which could indicate significant financial challenges or a highly specialized business model.

Key Numbers

• $1.0B — Total Assets (Significant asset base reported as of June 30, 2024.)
• $69.7M — Current Assets (Represents liquid assets available within one year.)
• $63.7M — Current Liabilities (Short-term obligations due within one year.)
• $0.01 — Revenue (Extremely low revenue reported for the period, indicating minimal sales activity.)

Key Players & Entities

• KENILWORTH SYSTEMS CORP (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• $1,000,000,000 (dollar_amount) — Total assets
• $69,712,025 (dollar_amount) — Current assets
• $63,749,525 (dollar_amount) — Current liabilities
• $0.01 (dollar_amount) — Revenue for the quarter and year-to-date

FAQ

Key Financial Figures

• $0.01 — he registrant's common stock, par value $0.01 per share KENILWORTH SYSTEMS CORPORATI
• $152,000 — es, for aggregate cash consideration of $152,000. The proceeds of these sales were used

Filing Documents

• kens_10q.htm (10-Q) — 313KB
• kens_ex311.htm (EX-31.1) — 12KB
• kens_ex312.htm (EX-31.2) — 12KB
• kens_ex321.htm (EX-32.1) — 4KB
• 0001477932-24-004867.txt ( ) — 1465KB
• kenilworth-20240630.xsd (EX-101.SCH) — 16KB
• kenilworth-20240630_lab.xml (EX-101.LAB) — 106KB
• kenilworth-20240630_cal.xml (EX-101.CAL) — 25KB
• kenilworth-20240630_pre.xml (EX-101.PRE) — 77KB
• kenilworth-20240630_def.xml (EX-101.DEF) — 36KB
• kens_10q_htm.xml (XML) — 88KB

Financial Information

Part I. Financial Information Item 1. Consolidated Financial Statements Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023. (unaudited) 4 Condensed Consolidated Statements of Operations for the Three months ended June 30, 2024 and 2023 (unaudited) 5 Condensed Consolidated Statements of Changes in Stockholders Equity (Deficit) from January 1, 2023 to June 30, 2024 (unaudited) 6 Condensed Consolidated Statements of Cash Flows for the Three months ended June 30, 2024 and Three months ended June 30, 2023 (unaudited) 7 Notes to the Condensed Consolidated Financial Statements. (unaudited) 8 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. 11 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 Item 1. Legal Proceedings. 12 Item 1A. Risk Factors. 12 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 12 Item 3. Defaults Upon Senior Securities. 12 Item 4. Mine Safety Disclosures. 12 Item 5. Other Information. 12 Item 6. Exhibits. 13

Signatures

Signatures 14 2 Table of Contents

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS INDEX TO AUDITED FINANCIAL STATEMENTS KENILWORTH SYSTEMS CORPORATION TABLE OF CONTENTS Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 4 Consolidated Statements of Operations for the Periods ended June 30, 2024 and 2023 5 Consolidated Statements of Shareholders' Equity for the Periods ended June 30, 2024 and 2023 6 Consolidated Statements of Cash Flows for the Periods ended June 30, 2024 and 2023 7

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 8 3 Table of Contents KENILWORTH SYSTEMS CORPORATION CONSOLIDATED BALANCE SHEETS ASSETS Current Assets JUNE 30, 2024 DECEMBER 31, 2023 ASSETS Current Assets Cash $ 28,586 $ 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 $ 77,071 $ 68,184 License agreements Security deposits Intellectual Property – Proprietary Databases and Technology $ - $ - Trademarks and Tradenames $ - $ - TOTAL ASSETS $ 77,071 $ 68,184 LIABILITIES AND STOCKHOLDERS' DEFICIENCY Current Liabilities Accounts payable and accrued expenses 4,000 $ 4,000 Due to related parties $ 61,150 $ 70,914 Note Payable $ - $ - Deferred Income $ 16,000 Total current liabilities $ 222,068 $ 74,914 Total other liabilities $ - $ - TOTAL LIABILITIES $ 81,150 $ 74,914 Stockholders' Equity Series A convertible preferred stock, par value $.01 – authorized 50,000 shares, 12,500 shares, issued and outstanding $ 125 $ 125 Series B convertible preferred stock, par value $.01 - authorized 300,000 shares, and 0 shares issued and outstanding, respectively $ - $ - Series C convertible preferred stock, par value $.01 - authorized 10,000 shares, 0 shares issued and outstanding, respectively $ - $ - Common stock, par value $.01 - authorized 1,000,000,000 shares, 74,254,525 and 63,749,525 shares issued and outstanding, respectively as of June 30, 2024, and December 31, 2023 respectively $ 742,545 $ 637,495 Additional paid-in-capital $ 38,903,349 $ 38,795,899 Accumulated deficit $ ( 39,655,949 ) $ ( 39,446,101 ) Non-Controlling Interest $ 5,851 $ 5,851 TOTAL STOCKHOLDERS' EQUITY $ ( 4,079 ) $ ( 6,731 ) TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 77,071 $ 68,184 The accompanying notes are an integral part of these financial statements. 4 Table of

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 June 30, 2024, the Company sold 4,55,000 Shares of Common Stock to eight investors, including existing Shareholders in private sales, for aggregate cash consideration of $152,000. The proceeds of these sales were used to finance ongoing corporate expenses including business expansion costs. These restricted Shares were issued in accordance with the exemption from registration afforded by Regulation D and Rule 4(a) promulgated under the Securities Act of 1933, as amended.

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. 12 Table of Contents

EXHIBITS

ITEM 6. EXHIBITS. (a) Exhibits required by Item 601 of Regulation SK. 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 (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL 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 104 Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) * 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. 13 Table of Contents SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed in its behalf by the undersigned thereunto duly authorized. KENILWORTH SYSTEMS CORPORATION August 14, 2024 By: /s/ Daniel Snyder Chief Executive Officer, President and Director 14

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