Groove Botanicals Inc. Files 10-Q for Period Ending December 31, 2023

TL;DR

<b>Groove Botanicals Inc. has filed its quarterly report (10-Q) for the period ending December 31, 2023, detailing its financial status and corporate history.</b>

AI Summary

GROOVE BOTANICALS INC. (GRVE) filed a Quarterly Report (10-Q) with the SEC on February 14, 2024. Groove Botanicals Inc. filed a 10-Q report for the period ending December 31, 2023. The company's fiscal year ends on March 31. The filing includes data for various preferred and common stock series. Previous company names include Avalon Oil & Gas, Inc., XDOGS COM INC, and SLED DOGS CO. The SIC code is 1311 for 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 update on the company's financial performance and position as of the end of the third quarter of its fiscal year. The historical company name changes and SIC code provide context for the company's 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, and no immediate red flags or significant financial distress indicators are apparent from the header information alone.

Analyst Insight

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

Key Numbers

• 20231231 — Period End Date (Conformed period of report)
• 20240214 — 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
• SLED DOGS CO (company) — Former company name
• 20231231 (date) — Conformed period of report
• 20240214 (date) — Filed as of date
• 1311 (industry_code) — Standard Industrial Classification
• MINNEAPOLIS (location) — Business address city

FAQ

Industry Context

The company is classified under Crude Petroleum & Natural Gas (SIC 1311), indicating its primary business operations are related to this sector.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial disclosures to the SEC.

What Investors Should Do

1. Analyze the detailed financial statements in the 10-Q for revenue, net income, and cash flow.
2. Examine any disclosed risk factors or management discussion and analysis sections.
3. Compare current period results with prior periods to identify trends and significant changes.

Key Dates

• 2023-12-31: Period End Date — End of the reporting quarter
• 2024-02-14: Filing Date — Date the 10-Q was filed with the SEC

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides an update on the company's financial performance between annual reports.)

SIC Code

Standard Industrial Classification code used to identify industries. (Helps categorize the company's primary business activities.)

Year-Over-Year Comparison

This is the first 10-Q filing reviewed for the period ending December 31, 2023. Previous filings would need to be consulted for comparison.

Filing Documents

• eps11166_grve.htm (10-Q) — 635KB
• ex31-1.htm (EX-31.1) — 11KB
• ex32-1.htm (EX-32.1) — 4KB
• 0001171520-24-000130.txt (&nbsp;) — 2947KB
• grve-20231231.xsd (EX-101.SCH) — 27KB
• grve-20231231_cal.xml (EX-101.CAL) — 34KB
• grve-20231231_def.xml (EX-101.DEF) — 93KB
• grve-20231231_lab.xml (EX-101.LAB) — 181KB
• grve-20231231_pre.xml (EX-101.PRE) — 154KB
• eps11166_grve_htm.xml (XML) — 326KB

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements 3 Condensed Consolidated Balance Sheets as of December 31, 2023 (Unaudited) and March 31, 2023 3 Condensed Consolidated Statements of Operations for the Three and Nine Months Ended December 31, 2022 and 2023 (Unaudited) 4 Condensed Consolidated Statements of Cash Flows for the Nine Months ended December 31, 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 15 Item 3. Qualitative and Quantitative Disclosures About Market Risk 21 Item 4.

Controls and Procedures

Controls and Procedures 21

OTHER INFORMATION

PART II OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 23 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 23 Item 3. Defaults upon Senior Securities 23 Item 4. Mine Safety Disclosures 23 Item 5. Other Information 23 Item 6. Exhibits 24

Signatures

Signatures 25 2 Groove Botanicals, Inc. Condensed Consolidated Balance Sheets (Unaudited) (Unaudited) (Audited) December 31, March 31, 2023 2023 ASSETS Current Assets: Cash and Cash Equivalents $ 2,150 $ 4,566 Accounts Receivable 25 25 Prepaid Expenses 330 390 Total Current Assets 2,505 4,982 TOTAL ASSETS $ 2,505 $ 4,982 LIABILITIES & STOCKHOLDERS' EQUITY Current Liabilities: Accounts Payable and Accrued Liabilities $ 76,694 $ 44,489 Interest Payable — 14,678 Related Party Payable 411,442 301,100 Convertible Notes Payable — 100,000 Dividends Payable - Related Party 163,853 — Total Current Liabilities 651,989 460,267 Total Liabilities 651,989 460,267 Stockholders' Deficit Preferred Stock, Series A, $ 0.10 par value, 100 shares authorized; 100 shares issued and outstanding as of December 31, 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 December 31, 2023, and March 31, 2023 198 198 Common Stock, $ 0.001 par value, 200,000,000 shares authorized; 59,643,062 and 57,643,062 shares issued and outstanding as of December 31, 2023 and March 31, 2023, respectively 59,643 57,643 Additional paid-in capital 33,951,511 33,903,511 Accumulated deficit ( 34,660,846 ) ( 34,416,648 ) Total stockholder's deficit ( 649,484 ) ( 455,285 ) TOTAL LIABILITIES AND STOCKHOLDER'S DEFICIT $ 2,505 $ 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 Nine Months ended December 31, December 31, 2023 2022 2023 2022 Expenses: Selling, General and Administrative Expenses $ 16,303 $ 15,467 $ 52,496 $ 54,706 Rent 4,644 4,644 13,932 13,152 Legal and Professional Expenses 34,525 7,504 58

View Full Filing

View this 10-Q filing on SEC EDGAR