Londax Corp. Files 2024 10-K

TL;DR

Londax Corp. 2024 10-K filed. Financials for FY ending 05/31/24 out.

AI Summary

Londax Corp. filed its 10-K for the fiscal year ending May 31, 2024. The company, primarily involved in computer programming services, is incorporated in Wyoming with its principal business address in Cheyenne. The filing includes financial data for the periods ending May 31, 2024, and May 31, 2023, detailing common stock, additional paid-in capital, and retained earnings.

Why It Matters

This 10-K filing provides a comprehensive overview of Londax Corp.'s financial health and operational status for the fiscal year 2024, crucial for investors and stakeholders.

Risk Assessment

Risk Level: low — The filing is a standard annual report with no immediate indicators of significant financial distress or unusual risk factors.

Key Numbers

• 2024-05-31 — Fiscal Year End (End date of the reporting period)
• 2023-05-31 — Prior Fiscal Year End (Comparison period for financial data)

Key Players & Entities

• Londax Corp. (company) — Filer of the 10-K
• 0001985554 (company) — Central Index Key for Londax Corp.
• 7371 (company) — Standard Industrial Classification for Computer Programming Services
• Cheyenne, WY (location) — Business Address
• Riga, LV (location) — Mail Address
• Olegs Pavlovs (person) — Mentioned in filing data

FAQ

Key Financial Figures

• $5 — ty securities with a price of less than $5.00, other than securities registered on
• $0.001 — ECURITIES The Company has 75,000,000, $0.001 par value shares of common stock author
• $4,000 — tock to a director for consideration of $4,000 at par value $0.001 per share. In Janu
• $21,156 — es of common stock for consideration of $21,156 at par value $0.03 per share. In Febru
• $0.03 — r consideration of $21,156 at par value $0.03 per share. In February 2024 the Compan
• $12,606 — es of common stock for consideration of $12,606 at par value $0.03 per share. In March
• $3,172 — es of common stock for consideration of $3,172 at par value $0.03 per share. There we
• $25,297 — the Company generated total revenue of $25,297 and $0, respectively, from providing se
• $0 — generated total revenue of $25,297 and $0, respectively, from providing services
• $27,179 — es for the year ended May 31, 2024 were $27,179 ($199 for the year ended May 31, 2023)
• $199 — e year ended May 31, 2024 were $27,179 ($199 for the year ended May 31, 2023) consis
• $1,100 — ) consisting of depreciation expense of $1,100 ($0 for the year ended May 31, 2023); g
• $4,271 — general and administrative expenses of $4,271 ($0 for the year ended May 31, 2023); p
• $21,808 — ded May 31, 2023); professional fees of $21,808 ($199 for the year ended May 31, 2023).
• $1,882 — es The company recorded a net loss of $1,882 for the years ended May 31, 2024, and $

Filing Documents

• londax_10k-053124.htm (10-K) — 310KB
• londax_ex3101.htm (EX-31.1) — 8KB
• londax_ex3201.htm (EX-32.1) — 4KB
• image_001.jpg (GRAPHIC) — 35KB
• 0001683168-24-005873.txt ( ) — 1887KB
• none-20240531.xsd (EX-101.SCH) — 15KB
• none-20240531_cal.xml (EX-101.CAL) — 23KB
• none-20240531_def.xml (EX-101.DEF) — 36KB
• none-20240531_lab.xml (EX-101.LAB) — 164KB
• none-20240531_pre.xml (EX-101.PRE) — 135KB
• londax_10k-053124_htm.xml (XML) — 94KB

Selected Financial Data

Selected Financial Data. 6 Item 7.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations. 6 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk. 8 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data. 8 Item 9. Changes In and Disagreements with Accountants on Accounting and Financial Disclosure. 18 Item 9A.

Controls and Procedures

Controls and Procedures. 18 Item 9B. Other Information. 19 PART III Item 10 Directors, Executive Officers, and Control Persons of the Company. 20 Item 11.

Executive Compensation

Executive Compensation. 22 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. 22 Item 13. Certain Relationships and Related Transactions, and Director Independence. 23 Item 14. Principal Accounting Fees and Services. 23 PART IV Item 15. Exhibits. 24

Signatures

Signatures 25 i PART I

Description of Business

Item 1. Description of Business DESCRIPTION OF BUSINESS Our company was established as a Wyoming corporation on May 19, 2023. As a developmental-stage enterprise, our primary focus is on offering IT consulting services and software development solutions. Our web site is https://londaxcorp.com/. We have developed and implemented our flagship product https://londax.ai/, which comprises a Customer Relationship Management (CRM) System, Applicant Tracking Systems (ATS), and out-staffing services. Our aim is to provide high-quality and innovative business solutions to our clients while ensuring superior customer satisfaction. Our principal executive office is located at Puces iela 47, Riga, Latvia LV-1082. Our phone number is +372 712 1419. Our company has developed and implemented a customized Customer Relationship Management (CRM) System that facilitates out-staffing for our future clients. Our software is designed to seamlessly integrate into our clients' corporate structure, enabling them to hire and manage their staff, including top managers and IT specialists, with ease. We are operating in Europe with potential for working worldwide. From a technical perspective, londax.ai is a web application consisting of Frontend and Backend components hosted on cloud services provided by AWS. Londax.ai CRM system is developed for analyzing and monitoring the recruitment process using a funnel (hiring stages) and analyzing the KPIs of the already hired personnel. Currently, our main dashboard consists of: 1) Segment for Recruitment: funnel, creating job postings (manual \ AI) and portal for applicants.2) Segment for Employees: Profile, password and personal data change and Help. For the Artificial Intelligence functionality (advertisement generation), the OpenAI API is used. Revenue Our possible revenue streams are following: 1. Subscription-Based Revenue Model: This revenue stream involves charging clients a monthly or annual fee for access to our CRM system. We ca

Risk Factors

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

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments Not applicable to smaller reporting companies.

Cybersecurity

Item 1C. Cybersecurity None. 3

Properties

Item 2. Properties. We do not own any real estate or other properties.

Legal Proceedings

Item 3. Legal Proceedings During the past ten years, none of the following occurred with respect to the President of the Company: (1) any bankruptcy petition filed by or against any business of which such person was a general partner or executive officer either at the time of the bankruptcy or within two years prior to that time; (2) any conviction in a criminal proceeding or being subject to a pending criminal proceeding (excluding traffic violations and other minor offenses); (3) being subject to any order, judgment or decree, not subsequently reversed, suspended or vacated, of any court of any competent jurisdiction, permanently or temporarily enjoining, barring, suspending or otherwise limiting his involvement in any type of business, securities or banking activities; and (4) being found by a court of competent jurisdiction (in a civil action), the SEC or the commodities futures trading commission to have violated a federal or state securities or commodities law, and the judgment has not been reversed, suspended or vacated. We are not currently a party to any legal proceedings, and we are not aware of any pending or potential legal actions.

Mine Safety Disclosures

Item 4. Mine Safety Disclosures Not applicable. 4 PART II

Market for Common Equity and Related

Item 5. Market for Common Equity and Related Stockholder Matters MARKET INFORMATION There is presently no public market for our common stock. We anticipate making an application for trading of our common stock on the OTC Link upon the effectiveness of the registration that a public market will materialize. The Securities Exchange Commission has adopted rules that regulate broker-dealer practices in connection with transactions in penny stocks. Penny stocks are generally equity securities with a price of less than $5.00, other than securities registered on certain national securities exchanges or quoted on the NASDAQ system, provided that current price and volume information with respect to transactions in such securities is provided by the exchange or system. The penny stock rules require a broker-dealer, prior to a transaction in a penny stock, to deliver a standardized risk disclosure document prepared by the Commission, that: (a) contains a description of the nature and level of risk in the market for penny stocks in both public offerings and secondary trading;(b) contains a description of the broker's or dealer's duties to the customer and of the rights and remedies available to the customer with respect to a violation to such duties or other requirements of Securities' laws; (c) contains a brief, clear, narrative description of a dealer market, including bid and ask prices for penny stocks and the significance of the spread between the bid and ask price;(d) contains a toll-free telephone number for inquiries on disciplinary actions;(e) defines significant terms in the disclosure document or in the conduct of trading in penny stocks; and;(f) contains such other information and is in such form, including language, type, size and format, as the Commission shall require by rule or regulation. The broker-dealer also must pr

Selected Financial Data

Item 6. Selected Financial Data Not applicable to smaller reporting companies .

Management's Discussion and Analysis of Financial Condition

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations Results of Operations for the years ended May 31, 2024 and 2023: Revenue For the years ended May 31, 2024 and 2023, the Company generated total revenue of $25,297 and $0, respectively, from providing services to its customers. Operating expenses Total expenses for the year ended May 31, 2024 were $27,179 ($199 for the year ended May 31, 2023) consisting of depreciation expense of $1,100 ($0 for the year ended May 31, 2023); general and administrative expenses of $4,271 ($0 for the year ended May 31, 2023); professional fees of $21,808 ($199 for the year ended May 31, 2023). Net Losses The company recorded a net loss of $1,882 for the years ended May 31, 2024, and $199 for the year ended May 31, 2023. 6 LIQUIDITY AND CAPITAL RESOURCES As of May 31, 2024, the Company had $1,664 in cash and our liabilities were $18,772, comprising $14,512 in accounts payable and $4,260 owed to Olegs Pavlovs, our sole officer and director. As of May 31, 2023, the Company had $4,000 in cash and our liabilities were $760, comprising $760 owed to Olegs Pavlovs, our sole officer and director. Since inception, we have sold 5,231,135 shares of common stock to our director and shareholders. Cash Flows from Operating Activities For the year ended May 31, 2024 net cash flows used in operating activities was $53,782. For the year ended May 31, 2023 net cash flows used in operating activities was $199. Cash Flows from Investing Activities For the year ended May 31, 2024 net cash flows provided by or used in investing activities was $3,500. For the year ended May 31, 2023 net cash flows provided by or used in investing activities was $561. Cash Flows from Financing Activities For the year ended May 31, 2024 net cash flows provided by financing activities was $54,946. For the year ended May 31, 2023 net cash flows provided by financing activities was $4,760. Recent Accounting

Quantitative and Qualitative Disclosures

Item 7A. Quantitative and Qualitative Disclosures about Market Risk. Not applicable for smaller reporting companies.

Financial Statements and Supplementary

Item 8. Financial Statements and Supplementary Data . INDEX TO FINANCIAL STATEMENTS Reports of Independent Registered Public Accounting Firms 9 Balance Sheets – May 31, 2024 and 2023 10 11 12 13

Notes to Financial Statements

Notes to Financial Statements 14 8 Report of the Independent Registered Public Accounting Firm To the Shareholders and the Board of Directors of Londax Corp. Opinion on the Financial Statements We have audited the accompanying balance sheets of Londax Corp as of May 31, 2024, and 2023, and the related statements of operations, changes in stockholders' equity, and cash flows for each of the two years then ended May 31, 2024, and 2023, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of May 31, 2024, and 2023, and the results of its operations and its cash flows for each of the two years in the period ended May 31, 2024 and 2023, in conformity with accounting principles generally accepted in the United States of America. Going Concern The accompanying financial statements have been prepared assuming the Company will continue as a going concern as disclosed in Note 2 to the financial statement, the Company incurred a net loss of $1,882 and an accumulated deficit of $2,081 as of May 31, 2024, the Company currently have limited revenue. The continuation of the Company as a going concern through May 31, 2024, is dependent upon improving the profitability and the continuing financial support from its stockholders and lenders. Management believes the existing shareholders or external fund providers will provide the additional cash to meet the Company's obligations as they become due. These factors raise substantial doubt about the Company ability to continue as a going concern. These financial statements do not include any adjustments that might result from the outcome of the uncertainty. Basis for Opinion These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audit. We are a public ac

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