Groove Botanicals Inc. Files 10-Q for Period Ending September 30, 2023

TL;DR

<b>Groove Botanicals Inc. has filed its quarterly report (10-Q) for the period ending September 30, 2023, revealing its financial status and operational details.</b>

AI Summary

GROOVE BOTANICALS INC. (GRVE) filed a Quarterly Report (10-Q) with the SEC on January 11, 2024. Groove Botanicals Inc. filed a 10-Q report for the period ending September 30, 2023. The company's fiscal year ends on March 31. The filing was made on January 11, 2024. The company was formerly known as Avalon Oil & Gas, Inc. and XDOGS COM INC. The SIC code for the company is 1311 (Crude Petroleum & Natural Gas).

Why It Matters

For investors and stakeholders tracking GROOVE BOTANICALS INC., this filing contains several important signals. This filing provides investors with an updated view of Groove Botanicals Inc.'s financial performance and position as of Q3 2023. Understanding the company's historical name changes and its SIC code provides context for its business evolution and industry classification.

Risk Assessment

Risk Level: low — GROOVE BOTANICALS INC. shows low risk based on this filing. The filing is a standard 10-Q, which typically contains routine financial information and does not indicate any immediate or significant risks.

Analyst Insight

Review the detailed financial statements within the 10-Q to assess the company's revenue, expenses, and overall financial health.

Key Numbers

• 2023-09-30 — Reporting Period End Date (Conformed period of report)
• 2024-01-11 — Filing Date (Filed as of date)
• 0331 — Fiscal Year End (Fiscal year end)
• 1311 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• GROOVE BOTANICALS INC. (company) — Filer name
• Avalon Oil & Gas, Inc. (company) — Former company name
• XDOGS COM INC (company) — Former company name
• MINNEAPOLIS (company) — Business address city
• CO (company) — State of incorporation

Forward-Looking Statements

• GROOVE BOTANICALS INC. will likely need to clarify its current business operations to align with its name or update its SIC code. (GROOVE BOTANICALS INC.) — medium confidence, target: within 12 months
• Investor scrutiny regarding the company's business model and strategic direction will increase due to the historical discrepancies. (investors) — high confidence, target: within 6 months

FAQ

Industry Context

Groove Botanicals Inc. operates within the Crude Petroleum & Natural Gas industry, as indicated by its SIC code.

Regulatory Implications

The filing adheres to SEC regulations requiring quarterly financial reporting for public companies.

What Investors Should Do

1. Analyze the financial statements for revenue trends and profitability.
2. Investigate the company's historical name changes for insights into its business evolution.
3. Compare current financial data with previous periods to identify performance changes.

Key Dates

• 2023-09-30: Period End Date — Financial reporting period
• 2024-01-11: Filing Date — Date the 10-Q was officially filed

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides a comprehensive overview of a company's financial performance during the quarter.)

SIC Code

Standard Industrial Classification code used to identify industries. (Helps categorize Groove Botanicals Inc. within the Crude Petroleum & Natural Gas sector.)

Year-Over-Year Comparison

This is the first 10-Q filing analyzed for Groove Botanicals Inc. in this format, so direct comparison to a prior filing's specific data points is not available.

Key Financial Figures

• $4,000 — to CEO Kent Rodriguez in the amount of $4,000 each month. This agreement shall contin

Filing Documents

• eps11092_grve.htm (10-Q) — 558KB
• ex31-1.htm (EX-31.1) — 11KB
• ex32-1.htm (EX-32.1) — 4KB
• 0001171520-24-000017.txt (&nbsp;) — 2889KB
• grve-20230930.xsd (EX-101.SCH) — 27KB
• grve-20230930_cal.xml (EX-101.CAL) — 35KB
• grve-20230930_def.xml (EX-101.DEF) — 104KB
• grve-20230930_lab.xml (EX-101.LAB) — 183KB
• grve-20230930_pre.xml (EX-101.PRE) — 165KB
• eps11092_grve_htm.xml (XML) — 303KB

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements 3 Condensed Consolidated Balance Sheets as of September 30, 2023 (Unaudited) and March 31, 2023 3 Condensed Consolidated Statements of Operations for the Three and Six Months Ended September 30, 2022 and 2023 (Unaudited) 4 Condensed Consolidated Statements of Cash Flows for the Six Months ended September 30, 2022 and 2023 (Unaudited) 6 Notes to Condensed Consolidated Financial Statements (Unaudited) 7 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operation

Management's Discussion and Analysis of Financial Condition and Results of Operation 16 Item 3. Qualitative and Quantitative Disclosures About Market Risk 23 Item 4.

Controls and Procedures

Controls and Procedures 23

OTHER INFORMATION

PART II OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 24 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 24 Item 3. Defaults upon Senior Securities 24 Item 4. Mine Safety Disclosures 24 Item 5. Other Information 24 Item 6. Exhibits 25

Signatures

Signatures 26 Groove Botanicals, Inc. Condensed Consolidated Balance Sheets (Unaudited) (Unaudited) (Audited) September 30, March 31, 2023 2023 ASSETS Current Assets: Cash and Cash Equivalents $ 2,846 $ 4,566 Accounts Receivable 25 25 Prepaid Expenses 352 390 Total Current Assets 3,223 4,982 TOTAL ASSETS $ 3,223 $ 4,982 LIABILITIES & STOCKHOLDERS' EQUITY Current Liabilities: Accounts Payable and Accrued Liabilities $ 44,940 $ 44,489 Interest Payable 19,678 14,678 Related Party Payable 368,442 301,100 Convertible Notes Payable 100,000 100,000 Dividends Payable - Related Party 109,235 — Total Current Liabilities 642,295 460,267 Total Liabilities 642,295 460,267 Stockholders' Deficit Preferred Stock, Series A, $ 0.10 par value, 100 shares authorized; 100 shares issued and outstanding as of September 30, 2023, and March 31, 2023 10 10 Preferred Stock, Series B, $ 0.10 par value, 2,000 shares authorized; 1,983 shares issued and outstanding as of September 30, 2023, and March 31, 2023 198 198 Common Stock, $ 0.001 par value, 200,000,000 shares authorized; 58,643,062 and 57,643,062 shares issued and outstanding as of September 30, 2023 and March 31, 2023, respectively 58,643 57,643 Additional paid-in capital 33,932,511 33,903,511 Accumulated deficit ( 34,630,434 ) ( 34,416,648 ) Total stockholder's deficit ( 639,072 ) ( 455,285 ) TOTAL LIABILITIES AND STOCKHOLDER'S DEFICIT $ 3,223 $ 4,982 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements 3 Groove Botanicals, Inc. Condensed Consolidated Statements of Operations (Unaudited) Three Months ended Six Months ended September 30, September 30, 2023 2022 2023 2022 Expenses: Selling, General and Administrative Expenses $ 19,434 $ 21,305 $ 36,193 $ 39,973 Rent 4,644 4,581 9,288 8,508 Legal and Professional Expenses 828 19,611 24,070 38,169

View Full Filing

View this 10-Q filing on SEC EDGAR