HOOPS SCOUTING USA Files 10-Q/A with Financial Restatements

TL;DR

HSCT restates financials for 2022 periods in new 10-Q/A filing.

AI Summary

HOOPS SCOUTING USA (HSCT) filed an amended 10-Q for the period ending December 31, 2022. The filing indicates a restatement of financial information, with specific adjustments noted for the periods of July 1, 2022, to December 31, 2022, and October 1, 2022, to December 31, 2022. The company's fiscal year ends on June 30.

Why It Matters

This amended filing suggests that previous financial reports may have contained errors, requiring correction. Investors should review the restated figures to understand the company's accurate financial position.

Risk Assessment

Risk Level: medium — Financial restatements can indicate internal control weaknesses or accounting errors, which may pose risks to investors.

Key Numbers

• 10000000000 — Total Assets (Implied) (Appears in the filing, likely a placeholder or significant figure before restatement.)
• 63750000 — Loans Payable (Appears multiple times, indicating a significant liability that may have been subject to restatement.)

Key Players & Entities

• HOOPS SCOUTING USA (company) — Filer of the 10-Q/A
• 0001721056 (company) — Central Index Key for HOOPS SCOUTING USA
• 2022-12-31 (date) — Conformed Period of Report and As Previously Reported date
• 2022-06-30 (date) — As Restated date and Fiscal Year End
• 2022-07-01 (date) — Start date for reporting periods

FAQ

Key Financial Figures

• $0.0001 — he Registrant's common stock, par value $0.0001 per share, outstanding as of December 1
• $28 — had a cash balance and total assets of $28 compared to cash and total assets of $3
• $392 — 28 compared to cash and total assets of $392 as at June 30, 2022. The decrease in ca
• $92,884 — ne 30, 2022 we had total liabilities of $92,884 and $82,484 respectively. The increase
• $82,484 — we had total liabilities of $92,884 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
• $76,856 — 2022. Our working capital deficit was $76,856 as at December 31, 2022 compared to $66
• $66,092 — 856 as at December 31, 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 December 31, 20
• $10,351 — hs ended December 31, 2022, we incurred $10,351 of operating expenditures comprised of
• $8,632 — es, and transfer agent fees compared to $8,632 for general and administrative bank and
• $10,764 — hs ended December 31, 2022, we incurred $10,764 of operating expenditures comprised of
• $25,462 — ees and transfer agent fees compared to $25,462 for general and administrative, profess

Filing Documents

• hsct_10qa.htm (10-Q/A) — 439KB
• hsct_ex311.htm (EX-31.1) — 11KB
• hsct_ex321.htm (EX-32.1) — 7KB
• 0001477932-24-008052.txt ( ) — 2291KB
• hosu-20221231.xsd (EX-101.SCH) — 17KB
• hosu-20221231_lab.xml (EX-101.LAB) — 110KB
• hosu-20221231_cal.xml (EX-101.CAL) — 18KB
• hosu-20221231_pre.xml (EX-101.PRE) — 97KB
• hosu-20221231_def.xml (EX-101.DEF) — 45KB
• hsct_10qa_htm.xml (XML) — 373KB

Financial Statements

Financial Statements 3 Unaudited Balance Sheets as of December 31, 2022 (Restated) and June 30, 2022 4 Unaudited Statements of Operations for the three and six months ended December 31, 2022 (Restated), and 2021 5 Unaudited Statements of Stockholders' Deficit for the three and six months ended December 31, 2022 (Restated), and 2021 6 Unaudited Statements of Cash Flows for the six months ended December 31, 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 15 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 17 PART II OTHER INFORMATION: 18 Item 1.

Legal Proceedings

Legal Proceedings 18 Item 1A.

Risk Factors

Risk Factors 18 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 18 Item 3. Defaults Upon Senior Securities 18 Item 4. Submission of Matters to a Vote of Securities Holders 18 Item 5. Other Information 18 Item 6. Exhibits 19

Signatures

Signatures 20 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) December 31, 2022 June 30, 2022 (Restated) Assets Current assets Cash $ 28 $ 392 Total current assets 28 392 Total assets $ 28 $ 392 Liabilities and stockholders' deficit Current liabilities Accounts payable and accrued liabilities $ 3,503 $ 4,903 Due to related party (Note 3) 73,381 61,581 Total current liabilities 76,884 66,484 Non-current liabilities Loans payable (Note 5) 16,000 16,000 Total liabilities $ 92,884 $ 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 December 31, 2022 and June 30, 2022 $ 6,375 $ 6,375 Additional paid-in capital 28,675 28,675 Accumulated deficit ( 127,906 ) ( 117,142 ) Total stockholders' deficit $ ( 92,856 ) $ ( 82,092 ) Total liabilities and stockholders' deficit $ 28 $ 392 (The accompanying notes are an integral part of these unaudited condensed financial statements) 4 Table of Contents HOOPS

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, expe cts, 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 achievement s. 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 December 31, 2022, we had a cash balance and total assets of $28 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 December 31, 2022, and June 30, 2022 we had total liabilities of $92,884 and $82,484 respectively. The increase in liabilities was due to an increase in amounts due to a related party. Our liabilities at December 31, 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 uns

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 th

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