LAMY Files 2024 10-K Annual Report

TL;DR

LAMY's 2024 10-K is in, check financials for educational services firm.

AI Summary

LAMY filed its 10-K for the fiscal year ending May 31, 2024, reporting its financial performance and business operations. The company, incorporated in Wyoming, operates in the educational services sector. LAMY's principal executive offices are located at Bardsley Lane, London, SE10 9RQ.

Why It Matters

This filing provides investors and stakeholders with a comprehensive overview of LAMY's financial health and strategic direction for the past fiscal year.

Risk Assessment

Risk Level: low — The provided text is a standard SEC filing header and does not contain specific financial performance data or forward-looking statements that would indicate a high risk.

Key Players & Entities

• LAMY (company) — Filer of the 10-K
• 0001683168-24-006126 (dollar_amount) — Accession Number for the filing
• 20240531 (date) — Fiscal year end date
• 20240830 (date) — Filing date
• Wyoming (company) — State of incorporation
• London (company) — City of business address
• SE10 9RQ (company) — ZIP code of business address

FAQ

Key Financial Figures

• $2,500 — n Townsend, in a stock-based payment of $2,500 for his executive services. No stock-ba
• $25,807 — r the fiscal year ended May 31, 2024 is $25,807 compared to a net loss of $56,421 durin
• $56,421 — 24 is $25,807 compared to a net loss of $56,421 during the fiscal year ended May 31, 20
• $11,500 — ded May 31, 2023. The company generated $11,500 in revenue during the year ended May 31
• $0 — year ended May 31, 2024 as compared to $0 revenue during the fiscal year ended Ma
• $17,269 — incurred legal and professional fees of $17,269, depreciation & amortization expense of
• $14,700 — depreciation & amortization expense of $14,700, Interest expense of $5,656 and general
• $5,656 — expense of $14,700, Interest expense of $5,656 and general and administrative expense
• $118 — d general and administrative expense of $118 compared to legal and professional fees
• $33,545 — pared to legal and professional fees of $33,545 and depreciation & amortization expense
• $5,089 — expense of $14,700, Interest expense of $5,089 and general and administrative expense
• $3,087 — d general and administrative expense of $3,087 incurred during fiscal year ended May 3
• $436 — t income against revenue receivables is $436 as compared to $0 for the fiscal year e
• $27,453 — of May 31, 2024, our total assets were $27,453 comprised of cash and cash equivalents
• $1,028 — mprised of cash and cash equivalents of $1,028, Accounts receivables $11,500, interest

Filing Documents

• lamy_i10k-053124.htm (10-K) — 370KB
• lamy_ex2301.htm (EX-23.1) — 3KB
• lamy_ex3100.htm (EX-31.1) — 10KB
• lamy_ex3200.htm (EX-32) — 4KB
• image_001.jpg (GRAPHIC) — 4KB
• image_002.jpg (GRAPHIC) — 9KB
• image_003.jpg (GRAPHIC) — 2KB
• image_006.jpg (GRAPHIC) — 35KB
• 0001683168-24-006126.txt ( ) — 2399KB
• lamy-20240531.xsd (EX-101.SCH) — 19KB
• lamy-20240531_cal.xml (EX-101.CAL) — 31KB
• lamy-20240531_def.xml (EX-101.DEF) — 47KB
• lamy-20240531_lab.xml (EX-101.LAB) — 192KB
• lamy-20240531_pre.xml (EX-101.PRE) — 159KB
• lamy_i10k-053124_htm.xml (XML) — 143KB

Risk Factors

Risk Factors 2 ITEM 1C Cybersecurity 2 ITEM 2 Description of Property 2 ITEM 3

Legal Proceedings

Legal Proceedings 2 ITEM 4 Mine Safety Disclosures 2 PART II ITEM 5 Market for Common Equity and Related Stockholder Matters 3 ITEM 6

Selected Financial Data

Selected Financial Data 3 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 4 ITEM 7A

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 6 ITEM 8

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 6 ITEM 9 Changes In and Disagreements with Accountants on Accounting and Financial Disclosure 7 ITEM 9A

Controls and Procedures

Controls and Procedures 7 ITEM 9B Other Information 7 PART III ITEM 10 Directors, Executive Officers, Promoters and Control Persons of the Company 8 ITEM 11

Executive Compensation

Executive Compensation 11 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 12 ITEM 13 Certain Relationships and Related Transactions 12 ITEM 14 Principal Accountant Fees and Services 12 PART IV ITEM 15 Exhibits, Financial Statement Schedules 13 ITEM 16 Form 10-K Summary 13

Signatures

Signatures 14 i CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K (this "Annual Report") contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the Private Securities Litigation Reform Act of 1995. The statements contained in this report that are not purely historical are forward-looking statements. Our forward-looking statements include, but are not limited to, statements regarding our or our management's expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words "anticipates," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this report may include, for example, statements about: our ability to select an appropriate target business or businesses; our ability to complete our initial business combination; our expectations around the performance of the prospective target business or businesses; our success in retaining or recruiting, or changes required in, our officers, key employees or directors following our initial business combination; our officers and directors allocating their time to other businesses and potentially having conflicts of interest with our business or in approving our initial business combination, as a result of which they would then receive expense reimbursements; our potential ability to obtain additional financing to comp

DESCRIPTION OF BUSINESS

Item 1. DESCRIPTION OF BUSINESS The Company was incorporated in Wyoming in January of 2022. We are a startup developing a business taping the eLearning market and the gaming market by teaching financial knowledge and resource management to children. The product is to be delivered through an educational platform and, in particular, a video game marketed as which for a competitive subscription fee will provide an immersive learning experience in finance and real estate. The game will a number of revenue-generating features deployed in the game, including a possibility to trade virtual property from which LAMY intends to generate monetary commissions. Our business has not suffered any bankruptcy, receivership or similar proceeding at any time. There have not been any material reclassification, merger, consolidation, or purchase or sale of a significant amount of assets in or out of the ordinary course of business. The business model of our Company is deploying new technologies and trying to use innovations to reduce costs, gain competitive advantages to significantly affect the overcoming the inertia of developing economies. The relatively small costs for starting our business, ease of launching and being "closer" to the client than larger companies lower the barrier to creating and penetrating into the already narrow niche of numerous competitors in our target markets. Please use the following link to our registration statement that includes the full discussion of the general development of the business. To buttress our steady development in March of 2023, LAMY has brought on board a new executive officer, Mr. Stephen Townsend. Mr. Townsend is an officer with extensive experience in the fields of finance and real estate. He now commands our key executive operations. This addition contributed to the start of the production new revenue generating features on our platform . We have trademark protected of brand in the United Kingdom, and are in the process of

Risk Factors

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

Cybersecurity

Item 1C. Cybersecurity. None

Description of Property

Item 2. Description of Property In the US our executive offices are located at 201 Allen Street Unit 10104 New York, New York 10002. In the United Kingdom at 10 Sextons House, Bardsley Lane, London, SE10 9RQ. Other office spaces are currently being considered for our operations.

Legal Proceedings

Item 3. Legal Proceedings We are not subject to any material legal proceedings, nor, to our knowledge, is any material legal proceeding threatened against us or any of our officers or directors.

Mine Safety Disclosures

Item 4. Mine Safety Disclosures. None. 2 PART II

Market for Common Equity and Related

Item 5. Market for Common Equity and Related Stockholder Matters (a) Market Information There was no established public trading market for our common shares during the given reporting period, year ending May 31, 2024. (b) Holders As of May 31, 2024, there were approximately 30 holders of record of our shares of Class A common stock, holding the total of 7,777,000 shares. (c) Dividend Policy We have never declared or paid any cash dividends on our common stock to date and do not intend to pay cash dividends. We anticipate that we will retain all available funds and any future earnings, if any, for use in the operation of our business and do not anticipate paying cash dividends in the foreseeable future. In addition, future debt instruments may materially restrict our ability to pay dividends on our common stock. Payment of future cash dividends, if any, will be at the discretion of the board of directors after taking into account various factors, including our financial condition, operating results, current and anticipated cash needs, the requirements of then-existing debt instruments and other factors the board of directors deems relevant. (d) Securities Authorized for Issuance Under Equity Compensation Plans On March 16, 2023, an amount of 250,000 shares were granted to Mr. Stephen Townsend, in a stock-based payment of $2,500 for his executive services. No stock-based payment was issued during the year ended May 31, 2024. (e) Performance Graph The performance graph has been omitted as permitted under rules applicable to smaller reporting companies. (f) Recent Sales of Unregistered Securities There were no recent sales of unregistered shares.

[Reserved]

Item 6. [Reserved]. 3

Management's Discussion and Analysis

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion should be read in conjunction with our financial statements, including the notes thereto, appearing elsewhere in this annual 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. Our audited financial statements are stated in United States Dollars and are prepared in accordance with United States Generally Accepted Accounting Principles. RESULTS OF OPERATIONS We have incurred recurring losses to date. Our financial statements have been prepared assuming that we will continue as a going concern and, accordingly, do not include adjustments relating to the recoverability and realization of assets and classification of liabilities that might be necessary should we be unable to continue operations. We expect we will require additional capital to meet our long-term operating requirements. We expect to raise additional capital through, among other things, the sale of equity or debt securities. FISCAL YEAR ENDED MAY 31, 2024 COMPARED TO FISCAL YEAR ENDED MAY 31, 2023. Our net loss for the fiscal year ended May 31, 2024 is $25,807 compared to a net loss of $56,421 during the fiscal year ended May 31, 2023. The company generated $11,500 in revenue during the year ended May 31, 2024 as compared to $0 revenue during the fiscal year ended May 31, 2023. During the fiscal year ended May 31, 2024, we incurred legal and professional fees of $17,269, depreciation & amortization expense of $14,700, Interest expense of $5,656 and general and administrative expense of $118 compared to legal and professional fees of $33,545 and depreciation & amortization expense of $14,700, Interest expense of $5,089 and general and administrative expense of $3,087 incurred during fiscal year ended May 31, 2023. As of Ma

Quantitative and Qualitative Disclosures

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

Financial Statements and Supplementary

Item 8. Financial Statements and Supplementary Data LAMY ANNUAL FINANCIAL STATEMENT FOR THE YEAR ENDED MAY 31, 2024 INDEX TO AUDITED FINANCIAL Report of Independent Registered Public Accounting Firm (May 31, 2024) F- 1 Report of Independent Registered Public Accounting Firm (May 31, 2023) F-2 Balance sheets as on May 31, 2024 and May 31, 2023 F-4 F- 5 F-6 F-7 Notes to the Audited Financial Statements F-8 6 Report of Independent Registered Public Accounting Firm The Board of Directors and Stockholders of LAMY Opinion on the Financial Statements We have audited the accompanying balance sheets of Lamy (the Company') as of May 31, 2024, and the related statements of operations, changes in stockholders' deficit and cash flows for the year ended May 31, 2024, 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 the results of its operations and its cash flows for the year ended May 31, 2024, in conformity with accounting principles generally accepted in the United States of America. Going Concern The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 2, the Company suffered an accumulated deficit of $(83,165), net loss of $(25,807) and a negative working capital of $(1,205). The Company is dependent on obtaining additional working capital funding from the sale of equity and/or debt securities to execute its plans and continue operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. These financial statements do not i

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