HOOPS SCOUTING USA Files 10-Q for Period Ending December 31, 2023

TL;DR

<b>HOOPS SCOUTING USA filed its quarterly 10-Q report for the period ending December 31, 2023.</b>

AI Summary

HOOPS SCOUTING USA (HSCT) filed a Quarterly Report (10-Q) with the SEC on March 13, 2024. HOOPS SCOUTING USA filed a 10-Q report for the period ending December 31, 2023. The filing covers the second quarter of fiscal year 2024. The company's fiscal year ends on June 30. The business address is 63 ROCIO CT, PALM DESERT, CA 92260. The company's phone number is 760-636-4353.

Why It Matters

For investors and stakeholders tracking HOOPS SCOUTING USA, this filing contains several important signals. This filing provides investors with an update on the company's financial performance and operational status for the most recent quarter. Understanding the details within this 10-Q is crucial for assessing the company's current financial health and future prospects.

Risk Assessment

Risk Level: low — HOOPS SCOUTING USA shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate red flags or significant new disclosures that would indicate high risk.

Analyst Insight

Review the detailed financial statements and management discussion within the 10-Q to understand the company's performance and any potential risks or opportunities.

Key Numbers

• 20231231 — CONFORMED PERIOD OF REPORT (20231231)
• 20240313 — FILED AS OF DATE (20240313)
• 0630 — FISCAL YEAR END (0630)
• 10-Q — FORM TYPE (10-Q)

Key Players & Entities

• HOOPS SCOUTING USA (company) — CONFORMED NAME
• 0001721056 (company) — CENTRAL INDEX KEY
• 7374 (company) — STANDARD INDUSTRIAL CLASSIFICATION
• WY (company) — STATE OF INCORPORATION
• 63 ROCIO CT (company) — BUSINESS ADDRESS STREET 1
• PALM DESERT (company) — BUSINESS ADDRESS CITY
• CA (company) — BUSINESS ADDRESS STATE
• 92260 (company) — BUSINESS ADDRESS ZIP

FAQ

Industry Context

The company operates within the Services-Computer Processing & Data Preparation industry (SIC 7374).

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring regular reporting of financial information.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and cash flow.
2. Review any management discussion and analysis (MD&A) for insights into business operations.
3. Check for any new risk factors or legal proceedings disclosed in the report.

Key Dates

• 2023-12-31: Period End Date — End of the reporting period for the 10-Q filing.
• 2024-03-13: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is a 10-Q filing, which is a standard quarterly report. No prior filing data is available in the provided text for comparison.

Key Financial Figures

• $0.0001 — he Registrant's common stock, par value $0.0001 per share, outstanding as of March 12,
• $100,000 b — y purchased intangible assets valued at $100,000 by issuing the promissory note. This prom
• $172 — mber 31, 2023, we had a cash balance of $172 and total assets of $14,463 compared to
• $14,463 — ash balance of $172 and total assets of $14,463 compared to cash and total assets of $4
• $44,623 — 63 compared to cash and total assets of $44,623 as at June 30, 2023. The decrease in to
• $216,304 — ne 30, 2023 we had total liabilities of $216,304 and $168,172 respectively. The increase
• $168,172 — e had total liabilities of $216,304 and $168,172 respectively. The increase in liabiliti
• $16,000 — oans payable to non-related parties for $16,000, which are unsecured, non-interest bear
• $156,003 — 2024. Our working capital deficit was $156,003 as at December 31, 2023 compared to $10
• $107,549 — 003 as at December 31, 2023 compared to $107,549 as at June 30, 2023 respectively. Dur
• $29,838 — hs ended December 31, 2023, we incurred $29,838 of operating expenditures comprised of
• $10,351 — es, and transfer agent fees compared to $10,351 for general and administrative bank and
• $78,292 — hs ended December 31, 2023, we incurred $78,292 of operating expenditures comprised of
• $13,764 — es, and transfer agent fees compared to $13,764 for general and administrative, profess
• $152 — months ended December 31, 2023, we used $152 of cash for operating activities compar

Filing Documents

• hsct_10q.htm (10-Q) — 330KB
• hsct_ex311.htm (EX-31.1) — 12KB
• hsct_ex321.htm (EX-32.1) — 7KB
• 0001477932-24-001163.txt (&nbsp;) — 1581KB
• hsct-20231231.xsd (EX-101.SCH) — 19KB
• hsct-20231231_lab.xml (EX-101.LAB) — 108KB
• hsct-20231231_cal.xml (EX-101.CAL) — 21KB
• hsct-20231231_pre.xml (EX-101.PRE) — 84KB
• hsct-20231231_def.xml (EX-101.DEF) — 25KB
• hsct_10q_htm.xml (XML) — 118KB

Financial Statements

Financial Statements HOOPS SCOUTING USA Condensed Balance Sheets (Expressed in U.S. dollars) December 31, 2023 June 30, 2023 (unaudited) $ $ Assets Current assets Cash 172 20 Inventory net 14,291 42,483 Advances - 2,120 Total current asset 14,463 44,623 Total assets 14,463 44,623 Liabilities and stockholders' deficit Current liabilities Accounts payable and accrued liabilities 14,164 16,487 Due to related party (Note 3) 186,140 135,685 Total current liabilities 200,304 152,172 Non-current liabilities Loans payable (Note 5) 16,000 16,000 Total liabilities 216,304 168,172 Nature of operations and continuance of business (Note 1) Stockholders' deficit Common stock Authorized: 10,000,000,000 common shares, $ 0.0001 par value 101,250,000 shares issued and outstanding 10,125 10,125 Additional paid-in capital 124,925 124,925 Deficit ( 336,891 ) ( 258,599 ) Total stockholders' deficit ( 201,841 ) ( 123,549 ) Total liabilities and stockholders' deficit 14,463 44,623 (The accompanying notes are an integral part of these condensed financial statements) F-1 HOOPS SCOUTING USA Condensed statements of operations and comprehensive loss (Expressed in U.S. dollars) (unaudited) For the three months ended December 31, 2023 For the three months ended December 31, 2022 For the six months ended December 31, 2023 For the six months ended December 31, 2022 $ $ $ $ Expenses Inventory valuation adjustment 19,057 - 49,917 - General and administrative 48 48 212 151 Professional fees 7,700 8,800 13,700 11,800 Transfer agent and filing fees 3,033 1,503 14,463 1,813 Total expenses 29,838 10,351 78,292 13,764 Net loss and comprehensive loss for the period ( 29,838 ) ( 10,351 ) ( 78,292 ) ( 13,764 ) Loss per share, basic and diluted ( 0.00 ) ( 0.00 ) ( 0.00 ) ( 0.00 ) Weighted average shares outstanding 101,250,000 63,

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

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 December 31, 2023, we had a cash balance of $172 and total assets of $14,463 compared to cash and total assets of $44,623 as at June 30, 2023. The decrease in total assets was due to inventory impairment. As at December 31, 2023, and June 30, 2023 we had total liabilities of $216,304 and $168,172 respectively. The increase in liabilities was due amounts due to a related party for operating costs and the purchase of inventory. Our liabilities at December 31, 2023 and June 30, 2023 were comprised of amounts due to our President and Director and for two loans payable to non-related parties for $16,000, which are unsecured, non-in

Controls and Procedures

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 December 31, 2023. 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 materi

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View this 10-Q filing on SEC EDGAR