Kenilworth Systems Corp. Q3 2024 10-Q Filed

TL;DR

KENILWORTH SYSTEMS CORP Q3 2024 10-Q: $1B assets, $79.65M equity. Retained earnings $63.75M.

AI Summary

Kenilworth Systems Corp. filed its Q3 2024 10-Q report on November 14, 2024, for the period ending September 30, 2024. The company reported total assets of $1 billion and total equity of $79.65 million. Key figures include $63.75 million in retained earnings and $12.5 million in common stock.

Why It Matters

This filing provides a snapshot of Kenilworth Systems Corp.'s financial health and performance as of Q3 2024, crucial for investors and stakeholders to assess the company's current standing.

Risk Assessment

Risk Level: low — The filing is a routine quarterly report with no immediately apparent significant negative financial events or disclosures.

Key Numbers

• $1.00B — Total Assets (As of September 30, 2024)
• $79.65M — Total Equity (As of September 30, 2024)
• $63.75M — Retained Earnings (As of September 30, 2024)
• $12.50M — Common Stock (As of September 30, 2024)

Key Players & Entities

• KENILWORTH SYSTEMS CORP (company) — Filer
• 20240930 (date) — Reporting period end date
• 20241114 (date) — Filing date
• $1 billion (dollar_amount) — Total assets
• $79,654,525 (dollar_amount) — Total equity
• $63,749,525 (dollar_amount) — Retained earnings
• $12,500,000 (dollar_amount) — Common stock

FAQ

Key Financial Figures

• $0.01 — he registrant's common stock, par value $0.01 per share, outstanding. CAUTIONARY NOT
• $5,000 — RESOURCES The Company had revenue of $5,000 and $9,000 for the three months ended S
• $9,000 — The Company had revenue of $5,000 and $9,000 for the three months ended September 30
• $252,587 — s ended September 30, 2024 increased to $252,587, from $138,375 for the same period of 2
• $138,375 — er 30, 2024 increased to $252,587, from $138,375 for the same period of 2023. Major oper
• $247,587 — e months ended September 30, 2024, was ($247,587) as compared to the net loss of ($138,3
• $912 — the same period ended in 2023. We had $912 cash at September 30, 2024, compared to
• $19,699 — cash at September 30, 2024, compared to $19,699 cash at December 31, 2023. Critical Ac
• $159,050 — nvestors for aggregate consideration of $159,050. ITEM 3. DEFAULTS UPON SENIOR SECURITI

Filing Documents

• kens_10q.htm (10-Q) — 322KB
• kens_ex311.htm (EX-31.1) — 13KB
• kens_ex312.htm (EX-31.2) — 13KB
• kens_ex321.htm (EX-32.1) — 5KB
• 0001477932-24-007166.txt ( ) — 1474KB
• kenilworth-20240930.xsd (EX-101.SCH) — 15KB
• kenilworth-20240930_lab.xml (EX-101.LAB) — 104KB
• kenilworth-20240930_cal.xml (EX-101.CAL) — 27KB
• kenilworth-20240930_pre.xml (EX-101.PRE) — 76KB
• kenilworth-20240930_def.xml (EX-101.DEF) — 35KB
• kens_10q_htm.xml (XML) — 85KB

Financial Information

Part I. Financial Information Item 1. Consolidated Financial Statements F-1 Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 F-2 Consolidated Statements of Operations for the Nine Month Periods ended September 30, 2024 and 2023 F-3 Consolidated Statements of Cash Flows for the Periods ended September 30, 2024 and 2023 F-4 Consolidated Statements of Shareholders' Equity for the Periods ended September 30, 2024 and 2023 F-5 Notes to the Consolidated Financial Statements. (unaudited) F-6 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. 4 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk. 5 Item 4.

Controls and Procedures

Controls and Procedures. 5

Other Information

Part II. Other Information Item 1. Legal Proceedings. 7 Item 1A. Risk Factors. 7 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 7 Item 3. Defaults Upon Senior Securities. 7 Item 4. Mine Safety Disclosures. 7 Item 5. Other Information. 7 Item 6. Exhibits. 8

Signatures

Signatures 9 3 Table of Contents INDEX TO AUDITED FINANCIAL STATEMENTS KENILWORTH SYSTEMS CORPORATION TABLE OF CONTENTS Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 F-2 Consolidated Statements of Operations for the Nine Month Periods ended September 30, 2024 and 2023 F-3 Consolidated Statements of Cash Flows for the Periods ended September 30, 2024 and 2023 F-5 Consolidated Statements of Shareholders' Equity for the Periods ended September 30, 2024 and 2023 F-4

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements F-6 F-1 Table of Contents KENILWORTH SYSTEMS CORPORATION CONSOLIDATED BALANCE SHEETS ASSETS Current Assets SEPTEMBER 30, 2024 DECEMBER 31, 2023 ASSETS Current Assets Cash $ 912 $ 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 $ 49,397 $ 68,184 License agreements - - Security deposits - - Intellectual Property – Proprietary Databases and Technology $ - $ - Trademarks and Tradenames $ - $ - TOTAL ASSETS $ 49,397 $ 68,184 LIABILITIES AND STOCKHOLDERS' DEFICIENCY Current Liabilities Accounts payable and accrued expenses 4,000 $ 4,000 Due to related parties $ 61,950 $ 70,914 Note Payable $ - $ - Deferred Income $ 16,000 Total current liabilities $ 81,950 $ 74,914 Total other liabilities $ - $ - TOTAL LIABILITIES $ 81,950 $ 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, 79,654,525 and 63,749,525 shares issued and outstanding, as of September 30, 2024, and December 31, 2023 respectively $ 796,545 $ 637,495 Additional paid-in-capital $ 38,903,349 $ 38,795,899 Accumulated deficit $ ( 39,738,423 ) $ ( 39,446,101 ) Non-Controlling Interest $ 5,851 $ 5,851 TOTAL STOCKHOLDERS' EQUITY $ ( 32,553 ) $ ( 6,731 ) TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 49,397 $ 68,184 The accompanying notes are an integral part of these consolidated f

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

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK As a "smaller reporting company," we are not required to provide this information.

CONTROLS AND PROCEDURES

ITEM 4. CONTROLS AND PROCEDURES Management is responsible for establishing and maintaining adequate internal control over financial reporting. As defined in Rules 13a-15(f) under the Exchange Act, internal control over financial reporting is a process designed by, or under the supervision of, Daniel Snyder, the Company's Chief Executive Officer and Chief Financial Officer (principal executive, financial and accounting officer), and effected by the Company's board of directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP. 5 Table of Contents The Company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records, that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the Company's assets; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of the Company's management and directors; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company's assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. Our chief executive officer and acting chief financial officer (principal executive, financial and accounting offi

- 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 September 30, 2024, the Company issued a total of 5,400,000 Shares of Common Stock to nine investors for aggregate consideration of $159,050.

DEFAULTS UPON SENIOR SECURITIES

ITEM 3. DEFAULTS UPON SENIOR SECURITIES. None.

MINE SAFETY DISCLOSURES

ITEM 4. MINE SAFETY DISCLOSURES. None.

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