Groove Botanicals Files 10-Q, Details Preferred Stock

TL;DR

Groove Botanicals 10-Q out: Preferred stock details for Series A & B updated as of Sept 30, 2024.

AI Summary

Groove Botanicals Inc. filed its 10-Q for the period ending September 30, 2024. The company, formerly Avalon Oil & Gas, Inc., is listed under the Crude Petroleum & Natural Gas industry. Financial details for Series A and Series B Preferred Stock are provided for the periods ending March 31, 2024, and September 30, 2024.

Why It Matters

This filing provides investors with an update on Groove Botanicals' financial position, particularly concerning its preferred stock, which can impact future equity and dividend distributions.

Risk Assessment

Risk Level: medium — The company's industry (Crude Petroleum & Natural Gas) is subject to significant market volatility and regulatory changes.

Key Numbers

• 0000918573 — Central Index Key (Unique identifier for Groove Botanicals Inc.)
• 000-23476 — SEC File Number (SEC's file number for Groove Botanicals Inc.)

Key Players & Entities

• Groove Botanicals Inc. (company) — Filer of the 10-Q
• Avalon Oil & Gas, Inc. (company) — Former name of Groove Botanicals Inc.
• September 30, 2024 (date) — End of the reporting period
• March 31, 2024 (date) — Previous reporting period end

FAQ

Key Financial Figures

• $48,000 — On an annual basis the Company accrues $48,000 of wages payable to its CEO, Kent Rodri
• $4,000 — ents due Mr. Rodriguez in the amount of $4,000. On July 30, 2024, the Company and Mr.
• $0.02 — note has a fixed conversion feature of $0.02 per share, and therefore the Convertibl
• $10,000.00 — ed through settlement date, as follows: $10,000.00 to be paid to Hymers upon execution of
• $40,000 — greement, with an additional payment of $40,000 30 days after GRVE's Form 10 has gone e
• $500,000 — it would result in an aggregate of the $500,000 liquidation preference, on a per share

Filing Documents

• eps11602_grve.htm (10-Q) — 458KB
• ex31.htm (EX-31) — 11KB
• ex32.htm (EX-32) — 4KB
• 0001171520-24-000360.txt ( ) — 2228KB
• grve-20240930.xsd (EX-101.SCH) — 18KB
• grve-20240930_cal.xml (EX-101.CAL) — 25KB
• grve-20240930_def.xml (EX-101.DEF) — 66KB
• grve-20240930_lab.xml (EX-101.LAB) — 182KB
• grve-20240930_pre.xml (EX-101.PRE) — 147KB
• eps11602_grve_htm.xml (XML) — 179KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION Item 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited) 3 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 12 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 17 Item 4.

Controls and Procedures

Controls and Procedures 18

– OTHER INFORMATION

PART II – OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 18 Item 1A.

Risk Factors

Risk Factors 19 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 19 Item 3. Defaults Upon Senior Securities 19 Item 4. Mine Safety Disclosures 19 Item 5. Other Information 19 Item 6. Exhibits 20

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS Groove Botanicals, Inc. Condensed Consolidated Balance Sheets (Unaudited) September 30, 2024 March 31, 2024 ASSETS Current Assets: Cash $ 6,133 $ 1,688 Accounts Receivable — — Prepaid Expenses 4,992 454 Total Current Assets 11,125 2,142 TOTAL ASSETS $ 11,125 $ 2,142 LIABILITIES & STOCKHOLDERS' EQUITY Current Liabilities: Accounts Payable and Accrued Liabilities $ 74,614 $ 91,172 Interest Payable — — Related Party Payable 544,970 453,057 Convertible Notes Payable — — Dividends payable 267,705 178,470 Dividends payable, related party 60,000 40,000 Total Current Liabilities 947,289 762,699 Total Liabilities 947,289 762,699 Stockholders' Equity Preferred Stock, Series A, $ 0.10 par value, 100 shares authorized; 100 shares issued and outstanding as of September 30, 2024, and March 31, 2024 10 10 Preferred Stock, Series B, $ 0.10 par value, 2,000 shares authorized; 1,983 shares issued and outstanding as of September 30, 2024, and March 31, 2023 198 198 Common Stock, $ 0.001 par value, 200,000,000 shares authorized. and 59,643,062 shares issued and outstanding as of September 30, 2024, and March 31, 2024, respectively 59,643 59,643 Additional paid-in capital 34,026,869 34,026,869 Accumulated deficit ( 35,022,884 ) ( 34,847,277 ) Total stockholder's equity ( 936,164 ) ( 760,557 ) TOTAL LIABILITIES AND STOCKHOLDER'S DEFICIT $ 11,125 $ 2,142 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, 2024 2023 2024 2023 Expenses: Selling, General and Administrative Expenses $ 18,332 $ 21,852 $ 34,931 $ 38,816 Rent 3,591 4,644 8,235 9,288 Legal and Professional Expenses 7,410 1,298 21,956 25,368 Consulting Expense 5

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND SIX MONTHS ENDED SEPTEMBER 30, 2024 AND 2023 NOTE 1 - ORGANIZATION AND OPERATIONS Current Operations Groove Botanicals, Inc. (the "Company"), (formerly known as Avalon Oil & Gas, Inc.), was originally incorporated in Colorado on April 25, 1991, under the name Snow Runner (USA), Inc. The Company was the general partner of Snow Runner (USA) Ltd.; a Colorado limited partnership to sell proprietary snow skates under the name "Sled Dogs" which was dissolved in August 1992. In late 1993, the Company relocated its operations to Minnesota and in January 1994 changed our name to Snow Runner, Inc. In November 1994 we changed our name to the Sled Dogs Company. On May 25, 1999, we filed articles of merger with Xdogs.com Inc., changing our state of domicile to Nevada. On June 22, 2005, the Corporation changed our name from XDOGS.com, Inc. to Avalon Oil and Gas, Inc. On May 14, 2018, the Corporation changed our name from Avalon Oil and Gas, Inc., to Groove Botanicals, Inc. Until August 2, 2021, when we filed a 15-12B to suspend duty to file reports under sections 13 and 15(d) of the securities exchange act of 1934, we were a reporting company. Subsequently, on September 14, 2023 we filed a Form 10 with the Securities and Exchange Commission, which became effective 60 days later. Since inception we have operated, unsuccessfully, in various different industries. Currently, we plan to assemble a portfolio of early-stage EV Battery Technologies developed from Universities in Norway, Sweden and Finland, and seek grants from the State of Minnesota Department of Economic Development to find and identify corporate partners to commercialize these technologies and ultimately produce revenues for the Company. The Company does not currently own any patents or technologies related to the EV battery industry, and the process to acquire patents and technologies can be costly, and as such, the Company is not guaranteed to acqu

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