Kinetic Seas Inc. Files Q2 2024 10-Q

TL;DR

Kinetic Seas (KSEA) filed its Q2 10-Q. Financials are in.

AI Summary

Kinetic Seas Inc. filed its 10-Q for the period ending June 30, 2024. The company, formerly Bellatora, Inc., is incorporated in Colorado and headquartered in Schaumburg, IL. The filing covers the second quarter of 2024 and provides financial data as of June 30, 2024, and comparative periods.

Why It Matters

This filing provides investors with the latest financial performance and position of Kinetic Seas Inc. for the second quarter of 2024, crucial for understanding the company's ongoing operations and health.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing with no immediate red flags or significant new disclosures.

Key Numbers

• 20240630 — Reporting Period End Date (Indicates the end of the financial quarter being reported.)
• 20240819 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• Kinetic Seas Inc. (company) — Filer of the 10-Q
• Bellatora, Inc. (company) — Former name of Kinetic Seas Inc.
• 20240630 (date) — End of reporting period
• 20240819 (date) — Filing date
• 1501 WOODFIELD ROAD SUITE 114E SCHAUMBURG IL 60173 (address) — Company business and mailing address

FAQ

Key Financial Figures

• $0.001 — of 21,600,000 shares of common stock at $0.001 per share to the New Directors and cert
• $0.05 — of 10,000,000 shares of common stock at $0.05 per share. An affiliate of a New Direct
• $33,486 — accrued liabilities. Of these amounts, $33,486 in both periods represent amounts that

Filing Documents

• kinetic_i10q-63024.htm (10-Q) — 436KB
• kinetic_ex3101.htm (EX-31.1) — 12KB
• kinetic_ex3201.htm (EX-32.1) — 4KB
• 0001683168-24-005863.txt ( ) — 2292KB
• ecgr-20240630.xsd (EX-101.SCH) — 15KB
• ecgr-20240630_cal.xml (EX-101.CAL) — 27KB
• ecgr-20240630_def.xml (EX-101.DEF) — 56KB
• ecgr-20240630_lab.xml (EX-101.LAB) — 193KB
• ecgr-20240630_pre.xml (EX-101.PRE) — 152KB
• kinetic_i10q-63024_htm.xml (XML) — 173KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION Item 1. Condensed Financial Statements (unaudited) 2 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 16 Item 4.

Controls and Procedures

Controls and Procedures 17

– OTHER INFORMATION

PART II – OTHER INFORMATION 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. Mine Safety Disclosures 18 Item 5. Other Information 19 Item 6. Exhibits 19

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS Information contained in this quarterly report on Form 10-Q contains "forward-looking statements." These forward-looking statements are contained principally in the section titled "Management's Discussion and Analysis of Financial Condition and Results of Operations," and are generally identifiable by use of the words "may," "will," "should," "expect," "anticipate," "estimate," "believe," "intend" or "project" or the negative of these words or other variations on these words or comparable terminology. The forward-looking statements herein represent our expectations, beliefs, plans, intentions or strategies concerning future events, including, but not limited to: our ability to consummate the Merger, as such term is defined below; the continued services of the Custodian as such term is defined below; our future financial performance; the continuation of historical trends; the sufficiency of our resources in funding our operations; our intention to engage in mergers and acquisitions; and our liquidity and capital needs. Our forward-looking statements are based on assumptions that may be incorrect, and there can be no assurance that any projections or other expectations included in any forward-looking statements will come to pass. Moreover, our forward-looking statements are subject to various known and unknown risks, uncertainties and other factors that may cause our actual results, performance, or achievements to be materially different from future results, performance or achievements expressed or implied by any forward-looking statements. These risks, uncertainties and other factors include but are not limited to: the risks of limited management, labor, and financial resources; our ability to establish and maintain adequate internal controls; our ability to develop and maintain a market in our securities; and our ability obtain financing, if and when needed, on terms that are acc

Financial Statements

Item 1. Financial Statements. Index to Unaudited Condensed Financial Statements Page

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS: 3 Condensed Balances Sheets as of June 30, 2024 (unaudited) and December 31, 2023 (Unaudited) Condensed Statements of Operations for the Three and Six Months Ended June 30, 2024, and June 30, 2023 4 (Unaudited) Condensed Statements of Changes in Stockholders' Deficit for the Three and Six Months Ended June 30, 2024, and 2023 5 (Unaudited) Condensed Statements of Cash Flows for the Six Months Ended June 30, 2024, and 2023 6 Notes to the (Unaudited) Condensed Interim Financial Statements 7 2 KINETIC SEAS INCORPORATED CONDENSED BALANCE SHEETS June 30, December 31, 2024 2023 (Unaudited) ASSETS Current Assets Cash $ 60,233 $ 17,931 Accounts receivable 20,042 – Other asset 10,000 – Total current assets 90,275 17,931 Property and equipment, net 102,995 13,141 Total assets $ 193,270 $ 31,072 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities Accounts payable $ 24,702 $ – Accrued liabilities 240,986 33,486 Accrued interest 1,346 11,098 Notes payable 150,000 – Notes payable related parties 161,469 182,000 Total current liabilities 578,502 226,584 Commitments and contingencies – – STOCKHOLDERS' DEFICIT Preferred stock, Series A Preferred $ 0.00001 par value, 10,000,000 shares authorized, 19,450 and - 0 - shares issued and outstanding, respectively, as of June 30, 2024 and December 31, 2023 – – Common stock, $ 0.00001 par value, 200,000,000 shares authorized and 16,540,000 and 26,646,000 shares issued and outstanding, respectively as of June 30, 2024 and December 31, 2023 165 266 Additional paid-in-capital 1,389,321 922,020 Accumulated deficit ( 1,774,718 ) ( 1,117,798 ) Total stockholders' deficit ( 385,232 ) ( 195,512 ) Total liabilities and stockholders' deficit $ 193,270 $ 31,072 The accompanying notes are an integral part of these unaudited condensed financial statements. 3 KINETIC SEAS INCORPORATED CONDENSED STAT

financial statements

financial statements. 6 NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED JUNE 30, 2024 AND 2023 NOTE 1 – ORGANIZATION AND DESCRIPTION OF BUSINESS Nature of Operations Kinetic Seas Incorporated (the "Company") was formed on January 3, 2015 as a Colorado corporation with the name ONCO Merger Sub, Inc. On January 5, 2025, the Company merged with Oncology Med, Inc. as part of a holding company reorganization involving Oracle Nutraceuticals Company, under which the Company was the surviving entity in the merger. On January 18, 2015, the Company changed its name to Oncology Med, Inc. On September 16, 2016, the Company changed its name to Bellatora, Inc. On January 19, 2024, the Company changed its name to Kinetic Seas Incorporated. The Company is an Artificial Intelligence (" AI ") consulting, research and development, infrastructure, and software company with a primary focus on GPU Cloud Hosting. By a written consent dated December 14, 2023, the Board of Directors of the Company approved the appointment of Edward Honour, Jeffey Lozinski, Joseph Lehman, and Robert Jackson to the Board of Directors of the Company, and appointed Edward Honour as Chairman (the "New Directors"). At the same time, the Board of Directors approved the issuance of 21,600,000 shares of common stock at $0.001 per share to the New Directors and certain new employees, of which 19,950,000 were acquired by the New Directors. In addition, the Board of Directors also approved a private offering of 10,000,000 shares of common stock at $0.05 per share. An affiliate of a New Director purchased the initial 1,000,000 shares in such offering. As a result of both transactions, the New Directors and their affiliates acquired an aggregate of 20,950,000 Shares of common stock, which constituted approximately 84% of issued and outstanding common shares of the Company at the time. The appointment of the New Directors to the Company's board, and sale to the New Directors of a c

View Full Filing

View this 10-Q filing on SEC EDGAR