HOOPS SCOUTING USA Files 10-Q/A Amendment

TL;DR

HOOPS SCOUTING USA amended its 10-Q for Q3 2022, restating financials.

AI Summary

HOOPS SCOUTING USA filed an amended 10-Q for the period ending September 30, 2022. The filing indicates a restatement of financial information, with specific adjustments noted for the period July 1, 2022, to September 30, 2022. The company's principal executive offices are located at 63 Rocio Ct, Palm Desert, CA 92260.

Why It Matters

This amended filing suggests a correction or update to previously reported financial data, which could impact investors' understanding of the company's financial health and performance.

Risk Assessment

Risk Level: medium — Amendments to financial filings, especially 10-Q/A, often indicate that previously reported information was inaccurate, which can raise concerns about internal controls and financial reporting reliability.

Key Numbers

• 000-56389 — SEC File Number (Identifies the company's filings with the SEC.)
• 2022-09-30 — Reporting Period End Date (The end date for the financial period covered by the 10-Q/A.)

Key Players & Entities

• HOOPS SCOUTING USA (company) — Filer of the 10-Q/A
• 2022-09-30 (date) — Conformed period of report
• 2024-12-02 (date) — Filed as of date
• 63 ROCIO CT, PALM DESERT, CA 92260 (address) — Business and mailing address

FAQ

Key Financial Figures

• $0.0001 — he Registrant's common stock, par value $0.0001 per share, outstanding as of November 2
• $222 — had a cash balance and total assets of $222 compared to cash and total assets of $3
• $392 — 22 compared to cash and total assets of $392 as at June 30, 2022. The decrease in ca
• $82,727 — ne 30, 2022 we had total liabilities of $82,727 and $82,484 respectively. The increase
• $82,484 — we had total liabilities of $82,727 and $82,484 respectively. The increase in liabiliti
• $16,000 — oans payable to non-related parties for $16,000, which are unsecured, non-interest bear
• $66,505 — 2022. Our working capital deficit was $66,505 as at September 30, 2022 compared to $6
• $66,092 — 05 as at September 30, 2022 compared to $66,092 as at June 30, 2022 respectively. Duri
• $3,000 — ded June 30, 2022, the Company received $3,000 of share subscriptions relating to a pr
• $0.10 — a private placement of common shares at $0.10 per share. On October 15, 2021, the Com
• $35,000 — lating to private placement proceeds of $35,000 that was received as at September 30, 2
• $413 — s ended September 30, 2022, we incurred $413 of operating expenditures comprised of
• $16,830 — es, and transfer agent fees compared to $16,830 for general and administrative bank and
• $4,170 — onths ended September 30, 2022, we used $4,170 of cash for operating activities compar
• $13,435 — ating activities compared to the use of $13,435 for operating activities during the thr

Filing Documents

• hsct_10qa.htm (10-Q/A) — 311KB
• hsct_ex311.htm (EX-31.1) — 9KB
• hsct_ex321.htm (EX-32.1) — 7KB
• 0001477932-24-007763.txt ( ) — 1803KB
• hosu-20220930.xsd (EX-101.SCH) — 16KB
• hosu-20220930_lab.xml (EX-101.LAB) — 98KB
• hosu-20220930_cal.xml (EX-101.CAL) — 24KB
• hosu-20220930_pre.xml (EX-101.PRE) — 85KB
• hosu-20220930_def.xml (EX-101.DEF) — 40KB
• hsct_10qa_htm.xml (XML) — 240KB

Financial Statements

Financial Statements 3 Unaudited Balance Sheets as of September 30, 2022 (Restated) and June 30, 2022 4 Unaudited Statements of Operations for the three months ended September 30, 2022 (Restated), and 2021 5 Unaudited Statements of Stockholders' Deficit for the three months ended September 30, 2022 (Restated), and 2021 6 Unaudited Statements of Cash Flows for the three months ended September 30, 2022 (Restated), and 2021 7 Notes to the Financial Statements 8 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 14 Item 4.

Controls and Procedures

Controls and Procedures 14 PART II OTHER INFORMATION: 15 Item 1.

Legal Proceedings

Legal Proceedings 15 Item 1A.

Risk Factors

Risk Factors 15 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 15 Item 3. Defaults Upon Senior Securities 15 Item 4. Submission of Matters to a Vote of Securities Holders 15 Item 5. Other Information 15 Item 6. Exhibits 16

Signatures

Signatures 17 2 Table of Contents

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements The accompanying interim financial statements of Hoops Scouting USA. ("the Company", "we", "us" or "our"), have been prepared without audit pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with United States generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. The interim financial statements should be read in conjunction with the Company's latest annual financial statements. In the opinion of management, the financial statements contain all material adjustments, consisting only of normal adjustments considered necessary to present fairly the financial condition, results of operations, and cash flows of the Company for the interim periods presented. 3 Table of Contents HOOPS SCOUTING USA Condensed Balance Sheets (Unaudited) September 30, 2022 June 30, 2022 (Restated) Assets Current assets Cash $ 222 $ 392 Total current assets 222 392 Total assets $ 222 $ 392 Liabilities and stockholders' deficit Current liabilities Accounts payable and accrued liabilities $ 1,146 $ 4,903 Due to related party (Note 3) 65,581 61,581 Total current liabilities 66,727 66,484 Non-current liabilities Loans payable (Note 5) 16,000 16,000 Total liabilities $ 82,727 $ 82,484 Stockholders' deficit Common stock authorized: 10,000,000,000 common shares, $ 0.0001 par value 63,750,000 shares issued and outstanding as of September 30, 2022 and June 30, 2022 $ 6,375 $ 6,375 Additional paid-in capital 28,675 28,675 Accumulated deficit ( 117,555 ) ( 117,142 ) Total stockholders' deficit $ ( 82,505 ) $ ( 82,092 ) Total liabilities and stockholders' deficit $ 222 $ 392 (The accompanying notes are an integral part of these unaudited condensed financial statements) 4 Table of Contents HO

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

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A) contains forward-looking statements that involve known and unknown risks, significant uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed, or implied, by those forward-looking statements. You can identify forward-looking statements by the use of the words may, will, should, could, expects, plans, anticipates, believes, estimates, predicts, intends, potential, proposed, or continue or the negative of those terms. These statements are only predictions. In evaluating these statements, you should consider various factors which may cause our actual results to differ materially from any forward-looking statements. Although we believe that the exceptions reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Therefore, actual results may differ materially and adversely from those expressed in any forward-looking statements. We undertake no obligation to revise or update publicly any forward-looking statements for any reason. Liquidity and Capital Resources As of September 30, 2022, we had a cash balance and total assets of $222 compared to cash and total assets of $392 as at June 30, 2022. The decrease in cash and total assets was due to an increase in activity and an increase in general and administrative fees. As at September 30, 2022, and June 30, 2022 we had total liabilities of $82,727 and $82,484 respectively. The increase in liabilities was due to an increase in amounts due to a related party. Our liabilities at September 30, 2022 and June 30, 2022 were comprised of amounts due to our President and Director and for two loans payable to non-related parties for $16,000, which are u

Quantitative and Qualitative Disclosure about Market Risk

Item 3. Quantitative and Qualitative Disclosure about Market Risk None

Controls and Procedures

Item 4. Controls and Procedures Evaluation of Disclosure Controls and Procedures As of the end of the period covered by this report, we carried out an evaluation, under the supervision and with the participation of our Principal Executive Officer and Principal Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures. Based on the evaluation, both the Principal Executive Officer and the Principal Financial Officer concluded that our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) promulgated under the Securities Exchange Act of 1934, were not effective as of September 30, 2022. Internal Control over Financial Reporting There was no change in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) promulgated under the Securities Act of 1934) that materially affected, or is reasonably likely to materially affect, such internal control over financial reporting during the quarter ended September 30, 2022. Sadler, Gibb & Associates LLC, our independent auditors, were not required and have not performed an assessment of our internal controls over financial reporting for effectiveness. 14 Table of Contents

— OTHER INFORMATION

Part II — OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings None.

Risk Factors

Item 1A. Risk Factors Not applicable to smaller reporting companies.

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds None.

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities None.

Mine Safety Disclosures

Item 4. Mine Safety Disclosures. Not applicable.

Other Information

Item 5. Other Information None. 15 Table of Contents

Exhibits

Item 6. Exhibits No. Description 31.1 Certification of Chief Executive Officer and Chief Financial Officer pursuant to Securities Exchange Act of 1934 Rule13a-14(a)or 15d-14(a). 32.1 Certifications pursuant to Securities Exchange Act of 1934 Rule 13a-14(b)or 15d-14(b)and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes- Oxley Act of 2002. 101.INS Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document) 101.SCH Inline XBRL Taxonomy Extension Schema Document 101.CAL Inline XBRL Taxonomy Calculation Linkbase Document 101.DEF Inline XBRL Taxonomy Extension Definition Linkbase Document 101.LAB Inline XBRL Taxonomy Label Linkbase Document 101.PRE Inline XBRL Taxonomy Presentation Linkbase Document 104 Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) 16 Table of Contents

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. HOOPS SCOUTING USA Date: November 27, 2024 By: /s/ Jamie Oei Jamie Oei - Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer 17

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View this 10-Q/A filing on SEC EDGAR