Legend Spices Files Q2 2024 10-Q

TL;DR

Legend Spices dropped its Q2 2024 10-Q. Financials look stable.

AI Summary

Legend Spices, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial position, including retained earnings and additional paid-in capital as of June 30, 2024, and comparative figures from December 31, 2023, and June 30, 2023. The company is incorporated in Nevada and operates in the canned, frozen & preserved fruit, veg & food specialties sector.

Why It Matters

This filing provides investors with an update on Legend Spices, Inc.'s financial health and performance for the second quarter of 2024, crucial for investment decisions.

Risk Assessment

Risk Level: low — The filing is a standard quarterly report with no immediately apparent significant negative events or disclosures.

Key Numbers

• 50,000,000 — Authorized Shares (Indicates the maximum number of shares the company can issue.)
• 6,850,000 — Common Stock Issued (Represents the par value of common stock issued.)

Key Players & Entities

• LEGEND SPICES, INC. (company) — Filer
• 20240630 (date) — Reporting Period End Date
• 20240819 (date) — Filing Date
• NV (state) — State of Incorporation
• YEREVAN (city) — Business Address City

FAQ

Key Financial Figures

• $0.001 — 0 5,000,000 * Net loss is less than $0.001 per share. The accompanying notes are
• $100,000 — and Europe and we anticipate requiring $100,000 to be able to execute the business plan
• $2,986 — June 30, 2024, we generated revenues of $2,986 (122.83% comparing to previous year) wi
• $2,058 — to previous year) with cost of sales of $2,058, resulting in gross margin of $928, 79.
• $928 — of $2,058, resulting in gross margin of $928, 79.67% of six-monthly revenues and 610
• $18,788 — June 30, 2024, we incurred expenses of $18,788, primarily consisting of general and ad
• $1,217 — June 30, 2024, we generated revenues of $1,217 (101.08% comparing to previous year) wi
• $767 — to previous year) with cost of sales of $767, resulting in gross margin of $450, 67.
• $450 — s of $767, resulting in gross margin of $450, 67.40% of three-monthly revenues and 6
• $13,134 — June 30, 2024, we incurred expenses of $13,134 respectively, primarily consisting of g
• $601 — ) As at June 30, 2024, we had cash of $601 and working capital of $1,062. We have
• $1,062 — had cash of $601 and working capital of $1,062. We have incurred operating losses sinc

Filing Documents

• leg_10q.htm (10-Q) — 381KB
• leg_ex311.htm (EX-31.1) — 10KB
• leg_ex321.htm (EX-32.1) — 6KB
• 0001640334-24-001311.txt ( ) — 1581KB
• leg-20240630.xsd (EX-101.SCH) — 18KB
• leg-20240630_lab.xml (EX-101.LAB) — 105KB
• leg-20240630_cal.xml (EX-101.CAL) — 26KB
• leg-20240630_pre.xml (EX-101.PRE) — 74KB
• leg-20240630_def.xml (EX-101.DEF) — 15KB
• leg_10q_htm.xml (XML) — 129KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements 3 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 11 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 16

- OTHER INFORMATION

PART II - OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 17 Item 1A.

Risk Factors

Risk Factors 17 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 17 Item 3. Defaults Upon Senior Securities 17 Item 4. Mine Safety Disclosures 17 Item 5. Other Information 17 Item 6. Exhibits 17

SIGNATURES

SIGNATURES 18 2 Table of Contents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Our unaudited condensed financial statements for the three-months and six-months period ended June 30, 2024 form part of this quarterly report. They are stated in United States Dollars (US$) and are prepared in accordance with United States Generally Accepted Accounting Principles. Legend Spices, Inc. Unaudited Condensed Consolidated Balance Sheets June 30, 2024 (Unaudited) December 31, 2023 ASSETS Current assets Cash in Bank $ 601 $ 16 Accounts Receivable 1,812 2,539 Inventories 3,081 2,391 Total current assets 5,494 4,946 Total assets $ 5,494 $ 4,946 LIABILITIES AND STOCKHOLDERS' DEFICIT LIABILITIES Income and other taxes payable $ 149 $ 112 Accounts payable 4,283 5,050 Total current liabilities 4,432 5,162 Long-term liabilities Due to related parties 57,381 36,833 Total long-term liabilities 57,381 36,833 Total liabilities 61,813 41,995 Commitments and Contingencies - - STOCKHOLDERS' DEFICIT Preferred stock, $ 0.0001 par value; 50,000,000 shares authorized zero shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively - - Common stock, $ 0.0001 par value; 500,000,000 shares authorized; 6,850,000 and 6,850,000 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively. 2,350 2,350 Additional paid in capital 39,554 39,554 Other comprehensive loss ( 19,270 ) ( 801 ) Accumulated deficit ( 78,953 ) ( 78,152 ) Total stockholders' deficit ( 56,319 ) ( 37,049 ) Total liabilities and stockholders' deficit $ 5,494 $ 4,946 The accompanying notes are an integral part of these unaudited condensed financial statements. 3 Table of Contents Legend Spices, Inc. Unaudited Condensed Consolidated Statements of Operations Period ended June 30, 2024 (3 months) June 30, 2023 (3 months) June 30, 2024 (6 months) June 30, 2023 (6 months) Sales $ 1,217 1,204 $ 2,986 2,431 Co

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 quarterly report contains forward-looking statements. These statements relate to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology such as "may", "should", "expects", "plans", "anticipates", "believes", "estimates", "predicts", "potential" or "continue" or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry's 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 these forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Except as required by applicable law, including the securities laws of the United States, we do not intend to update any of the forward-looking statements to conform these statements to actual results. Our unaudited condensed financial statements are stated in United States Dollars (US$) and are prepared in accordance with United States Generally Accepted Accounting Principles. The following discussion should be read in conjunction with our financial statements and the related notes that appear elsewhere in this quarterly report. The following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed below and elsewhere in this quarterly report. Our financial statements are stated in United States Dollars (US$) and are prepared in accordance with United States Gener

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View this 10-Q filing on SEC EDGAR