Galaxy Enterprises Files 2024 10-K

TL;DR

Galaxy Enterprises filed its 2024 10-K. Financials look steady.

AI Summary

Galaxy Enterprises Inc. filed its 10-K for the fiscal year ending July 31, 2024. The company, incorporated in Wyoming and based in Las Vegas, Nevada, operates in the real estate agents and managers sector. The filing details financial information for the fiscal years 2022, 2023, and 2024, including common stock, additional paid-in capital, and retained earnings.

Why It Matters

This 10-K filing provides a comprehensive overview of Galaxy Enterprises Inc.'s financial performance and position for the fiscal year 2024, crucial for investors and stakeholders to assess the company's health and future prospects.

Risk Assessment

Risk Level: low — The provided text is a standard 10-K filing header and does not contain specific risk factors or operational details that would indicate a high-risk level.

Key Numbers

• 2024 — Fiscal Year End (The report covers the fiscal year ending July 31, 2024.)
• 2023 — Previous Fiscal Year End (Comparative financial data for the fiscal year ending July 31, 2023, is included.)
• 2022 — Prior Fiscal Year End (Comparative financial data for the fiscal year ending July 31, 2022, is included.)

Key Players & Entities

• Galaxy Enterprises Inc. (company) — Filer of the 10-K
• Wyoming (location) — State of incorporation
• Las Vegas, Nevada (location) — Business and mailing address
• 2024-07-31 (date) — Fiscal year end
• 20241213 (date) — Filing date

FAQ

Key Financial Figures

• $0.001 — Exchange Act: Common Stock, Par value $0.001 per share Indicate by check mark if th
• $106,914 — have incurred an accumulated deficit of $106,914. To date, we have raised an aggregate o
• $83,400 — To date, we have raised an aggregate of $83,400 through the sale of our common stock. P
• $20 — July 31, 2024, we incurred net loss of $20, 135 consisting entirely of general and
• $15,638 — of July 31, 2024, our current assets of $15,638 consisted of $638 in cash and $15,000 i
• $638 — current assets of $15,638 consisted of $638 in cash and $15,000 in prepayments and
• $15,000 — f $15,638 consisted of $638 in cash and $15,000 in prepayments and deposits and our tot
• $39,152 — deposits and our total liabilities were $39,152, which consisted entirely of accounts p
• $120 — t cash used in operating activities was $120 consisting of our net loss for the peri
• $20,135 — sting of our net loss for the period of $20,135 and an increase of accounts payable of
• $20,015 — and an increase of accounts payable of $20,015. 7 Cash Flows from Investing Activiti

Filing Documents

• glei-20240731.htm (10-K) — 300KB
• glei_ex311.htm (EX-31.1) — 7KB
• glei_ex312.htm (EX-31.2) — 8KB
• glei_ex321.htm (EX-32.1) — 3KB
• glei_ex322.htm (EX-32.2) — 3KB
• 0001393905-24-000423.txt ( ) — 1271KB
• glei-20240731_cal.xml (EX-101.CAL) — 10KB
• glei-20240731_def.xml (EX-101.DEF) — 15KB
• glei-20240731_lab.xml (EX-101.LAB) — 68KB
• glei-20240731_pre.xml (EX-101.PRE) — 59KB
• glei-20240731.xsd (EX-101.SCH) — 13KB
• glei-20240731_htm.xml (XML) — 70KB

Business

Item 1. Business. 1

Risk Factors

Item 1A. Risk Factors. 5

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments. 5

Properties

Item 2. Properties. 5

Legal Proceedings

Item 3. Legal Proceedings. 5

Mine Safety Disclosures

Item 4. Mine Safety Disclosures. 6 PART II 7

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. 7

Selected Financial Data

Item 6. Selected Financial Data. 7

Management's Discussion and Analysis of our Financial Conditions and Results of Operations

Item 7. Management's Discussion and Analysis of our Financial Conditions and Results of Operations. 7

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk. 9

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 9

Changes In and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes In and Disagreements with Accountants on Accounting and Financial Disclosure. 10

Controls and Procedures

Item 9A. Controls and Procedures. 10

Other Information

Item 9B. Other Information. 11 PART III 12

Directors, Executive Officers, and Corporate Governance

Item 10. Directors, Executive Officers, and Corporate Governance. 12

Executive Compensation

Item 11. Executive Compensation. 13

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. 13

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence. 14

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services. 14

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules. 15

SIGNATURES

SIGNATURES 16 iii PART I NOTE REGARDING FORWARD LOOKING STATEMENTS CAUTIONARY STATEMENT FOR PURPOSES OF THE "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 This Annual Report contains historical information as well as forward-looking statements. Statements looking forward in time are included in this Annual Report pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve known and unknown risks and uncertainties that may cause our actual results in future periods to be materially different from any future performance suggested herein. We wish to caution readers that in addition to the important factors described elsewhere in this Form 10-K, the following forward-looking statements, among others, sometimes have affected, and in the future could affect, our actual results and could cause our actual results during 2024 and beyond, to differ materially from those expressed in any forward-looking statements made by or on our behalf.

Business

Item 1. Business. General Development of Business Overview We intend to commence business operations by offering real estate management services for clients that focus on cost efficient operations and tenant retention on a range of properties including residential housing and Class A, B, and C office space, as well as industrial, manufacturing, retail, and warehousing facilities. We also intend to provide our clients with real estate consulting services, including market analysis and modeling, market forecasts, lease and asset management, site selection, feasibility studies, sales and exit strategies, strategic planning, organizational design, capital management, and research services. We intend to commence operations in the Las Vegas, Nevada area due to the significant demand for real estate management services there and the proximity of our management team to that city. We were only incorporated on March 24, 2021, and have not commenced pursuing our business plan because we have been focused on raising the initial capital to fund our business operations. From our incorporation on March 24, 2021, to July 31, 2024, we have incurred an accumulated deficit of $106,914. To date, we have raised an aggregate of $83,400 through the sale of our common stock. Proceeds from these sales were used to fund the filing of our registration statement and will be used for working capital. Further losses are anticipated in the development of our business. As a result, our auditor has expressed substantial doubt about our ability to continue as a going concern. Anticipated Services We intend to provide clients with two principal types of services: (1) property management; and (2) property consulting. Property Management Services As property managers, the services that we intend to provide to owners of residential, commercial, and industrial properties include: completing an initial evaluation of properties and working with the owners to determine a target rental or lease

Risk Factors

Item 1A. Risk Factors. Not applicable. 5

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments. None.

Properties

Item 2. Properties. We do not own any interest in real property. Our mailing address is Shiriki House Office Community, 3rd Floor Westside Towers Lower Kabete Road, Westland's Nairobi, Kenya.

Legal Proceedings

Item 3. Legal Proceedings. None

Mine Safety Disclosures

Item 4. Mine Safety Disclosures. None. 6 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. Our shares of common stock do not trade on any recognized stock exchange or quotation system. We intend to retain a market maker that will file an application on our behalf to commence trading on OTC Markets. However, there is no guarantee that we will be successful in retaining a market maker, that FINRA will approve the application, or that a trading market will develop for our shares. As of December 6, 2024, there were approximately 37 beneficial owners of record of our common stock. Holders of common stock are entitled to receive such dividends as may be declared by the Board of Directors out of funds legally available therefore and, in the event of liquidation, to share pro rata in any distribution of our assets after payment of liabilities. The Board of Directors is not obligated to declare a dividend. We have not paid any dividends and we do not have any current plans to pay any dividends. Securities Authorized for Issuance under Equity Compensation Plans None.

Selected Financial Data

Item 6. Selected Financial Data. Not applicable.

Management's Discussion and Analysis of our Financial Conditions and Results of Operations

Item 7. Management's Discussion and Analysis of our Financial Conditions and Results of Operations. Introduction We were incorporated on March 24, 2021 under the laws of the State of Wyoming. Results of Operations for the Year Ended July 31, 2024 From August 1, 2023 to our fiscal year end of July 31, 2024, we did not earn any revenue. From August 1, 2023 to our fiscal year end of July 31, 2024, we incurred net loss of $20, 135 consisting entirely of general and administrative fees. We have not attained profitable operations and are dependent upon obtaining financing to complete our proposed business plan. For these reasons our auditors believe that there is substantial doubt that we will be able to continue as a going concern. Our financial statements have been prepared assuming that we will continue as a going concern and, accordingly, do not include adjustments relating to the recoverability and realization of assets and classification of liabilities that might be necessary should we be unable to continue in operation.. Liquidity and Capital Resources As of July 31, 2024, our current assets of $15,638 consisted of $638 in cash and $15,000 in prepayments and deposits and our total liabilities were $39,152, which consisted entirely of accounts payable and accrued liabilities. We expect we will require additional capital to meet our long term operating requirements. We expect to raise additional capital through, among other methods, the sale of equity or debt securities. Cash Flows from Operating Activities We have not generated positive cash flows from operating activities. From August 1, 2023 to July 31, 2024, net cash used in operating activities was $120 consisting of our net loss for the period of $20,135 and an increase of accounts payable of $20,015. 7 Cash Flows from Investing Activities From August 1, 2021 to July 31, 2024, we have not had any cash flows from investing activities. Cash Flows from Financing Activities We have not attaine

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