LAMY Files 10-Q for Period Ending Aug 31, 2024

TL;DR

LAMY's Q2 2024 10-Q is in. Check financials.

AI Summary

LAMY filed its 10-Q for the period ending August 31, 2024. The company, incorporated in Wyoming, operates in educational services. Its principal executive offices are located at Bardsley Lane, London.

Why It Matters

This filing provides investors with an update on LAMY's financial performance and position for the most recent fiscal quarter.

Risk Assessment

Risk Level: low — This is a routine quarterly filing with no immediate red flags.

Key Numbers

• 2024-08-31 — Reporting Period End Date (Indicates the end of the fiscal quarter covered by the report.)
• 2024-10-11 — Filing Date (Shows when the report was officially submitted to the SEC.)

Key Players & Entities

• LAMY (company) — Filer
• 0001939937 (company) — Central Index Key
• 8200 (company) — Standard Industrial Classification Code
• Wyoming (company) — State of Incorporation
• Bardsley Lane, London (company) — Business Address

FAQ

Key Financial Figures

• $0.0001 — ,000,000 shares of its common stock at $0.0001 per share for total proceeds of $ 500 .
• $0.01 — ts common stock at an offering price of $0.01 per share for total proceeds of $ 25,27
• $3,000.00 — ing agreed schedule: 1 st installment: $3,000.00 on or before July 1, 2023, 2 nd instal
• $4,000.00 — before July 1, 2024, 3 rd installment: $4,000.00 on or before July 1, 2025, The interes
• $3,000 — he interest amount is expected to be at $3,000; due with the final payment thereto. A
• $5,100.00 — ing agreed schedule: 1 st installment: $5,100.00 on or before September 20, 2023, 2 nd
• $5,000.00 — September 20, 2023, 2 nd installment: $5,000.00 on or before September 20, 2024, 3 rd
• $4,530 — he interest amount is expected to be at $4,530; due with the final payment thereto. A
• $3,750 — ended August 31, 2024 we have generated $3,750 in revenue as compared to $0 revenue du
• $0 — erated $3,750 in revenue as compared to $0 revenue during the three months ended A
• $12,161 — three months ended August 31, 2023 was $12,161. Operating expenses consist of mainly l
• $27,958 — August 31, 2024, our total assets were $27,958 consisting of intangibles $7,120, equip
• $7,120 — were $27,958 consisting of intangibles $7,120, equipment $3,693 and cash and cash equ
• $3,693 — isting of intangibles $7,120, equipment $3,693 and cash and cash equivalents of $1,028
• $1,028 — $3,693 and cash and cash equivalents of $1,028, account receivables of $15,250 and int

Filing Documents

• lamy_i10q-083124.htm (10-Q) — 258KB
• lamy_ex3101.htm (EX-31.1) — 10KB
• lamy_ex3102.htm (EX-31.2) — 10KB
• lamy_ex3201.htm (EX-32.1) — 4KB
• lamy_ex3202.htm (EX-32.2) — 4KB
• 0001683168-24-007084.txt ( ) — 2101KB
• lamy-20240831.xsd (EX-101.SCH) — 19KB
• lamy-20240831_cal.xml (EX-101.CAL) — 30KB
• lamy-20240831_def.xml (EX-101.DEF) — 45KB
• lamy-20240831_lab.xml (EX-101.LAB) — 187KB
• lamy-20240831_pre.xml (EX-101.PRE) — 154KB
• lamy_i10q-083124_htm.xml (XML) — 140KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) Condensed Balance Sheets as of August 31, 2024 (Unaudited) and May 31, 2024 (Audited) 4 Condensed Statements of Operations for the three months ended August 31, 2024 and 2023 (Unaudited) 5 6 Condensed Statements of Cash Flows for the three months ended August 31, 2024 and 2023 (Unaudited) 7 Notes to condensed Financial Statements (Unaudited) 8 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 14 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 PART II. OTHER INFORMATION Item 1 .

Legal Proceedings

Legal Proceedings 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 PART I

FINANCIAL STATEMENTS (UNAUDITED)

ITEM 1. FINANCIAL STATEMENTS (UNAUDITED) L A M Y CONDENSED UNAUDITED FINANCIAL STATEMENT FOR THE QUARTER ENDED AUGUST 31, 2024 INDEX TO UNAUDITED

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS Balance sheets as on August 31, 2024 (Unaudited) and May 31, 2024 (Audited) 4 5 6 7 Notes to the Unaudited Financial Statements 8 3 L A M Y BALANCE SHEETS AUGUST 31, 2024 (Unaudited) MAY 31, 2024 (Audited) ASSETS Current Assets Cash & cash equivalents $ 1,028 $ 1,028 Accounts receivable 15,250 11,500 Interest receivable 867 436 Total current assets 17,145 12,964 Non-Current assets Intangibles (net) 7,120 9,537 Equipment (net) 3,693 4,952 Total non-current assets 10,813 14,489 TOTAL ASSETS $ 27,958 $ 27,453 LIABILITIES AND STOCKHOLDERS' DEFICIT Current Liabilities Accrued expenses $ 1,211 $ 1,211 Advances from related parties 15,958 12,958 Total current liabilities 17,169 14,169 Non-Current Liabilities Loans from related parties 18,100 18,100 Note payable – related party 10,000 10,000 Note payable – others 29,000 29,000 Accrued Interest 12,495 11,079 Total non-current liabilities 69,595 68,179 Total Liabilities 86,764 82,348 Stockholders' Equity (Deficit) Common stock, $ 0.0001 par value, 100,000,000 shares authorized; 7,777,000 shares issued and outstanding as of August 31, 2024 & May 31, 2024 778 778 Additional Paid-In-Capital 27,492 27,492 Accumulated Deficit ( 87,075 ) ( 83,165 ) Total Stockholders' (deficit) ( 58,805 ) ( 54,895 ) TOTAL LIABILITIES AND STOCKHOLDERS' (DEFICIT) $ 27,958 $ 27,453 The accompanying notes are an integral part of these financial statements. 4 L A M Y (UNAUDITED) THREE MONTHS ENDED AUGUST 31, 2024 THREE MONTHS ENDED AUGUST 31, 2023 Revenue $ 3,750 $ – Cost of revenue – – Gross Profit 3,750

financial statements

financial statements. Fixed Assets Fixed assets are stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. The cost comprises purchase price, borrowing costs, if capitalization criteria are met and directly attributable cost of bringing the asset to its working condition for the intended use. Any subsidy/reimbursement/contribution received for installation and acquisition of any fixed assets is shown as deduction in the year of receipt. Capital work- in progress is stated at cost. Subsequent expenditure related to an item of fixed assets is added to its book value only if it increases the future benefits from the existing asset beyond its previously assessed standard of performance. All other expenses on existing fixed assets, including day-to-day repairs and maintenance expenditure and cost of replacing parts, are charged to the Statement of Profit and Loss for the period during which such expenses are incurred. Gains or losses arising from de-recognition of fixed assets are measured as the difference between the net disposal proceeds and the carrying amount of the assets derecognized. The Company utilizes straight-line depreciation over the estimated useful life of the asset. Office Equipment – 3 years Earnings per Share ASC No. 260, "Earnings Per Share", specifies the computation, presentation and disclosure requirements for earnings (loss) per share for entities with publicly held common stock. The Company has adopted the provisions of ASC No. 260. Basic net loss per share amounts is computed by dividing the net loss by the weighted average number of common shares outstanding. Diluted earnings per share are the same as basic earnings per share due to the lack of dilutive items in the Company. NOTE 4 – EQUIPMENT (NET) Company acquired equipment as on May 25, 2022 for $ 15,100 . The Company depreciates its property using straight-line depreciation over the estimated useful life of 3 years. 10 For the quarter en

MANAGEMENT'S DISCUSSION AND ANALYSIS

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION

FORWARD LOOKING STATEMENTS

FORWARD LOOKING STATEMENTS historical or current facts are "forward-looking statements" made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 (the "Act") and Section 21E of the Securities Exchange Act of 1934. These statements often can be identified by the use of terms such as "may," "will," "expect," "believe," "anticipate," "estimate," "approximate" or "continue," or the negative thereof. We intend that such forward-looking statements be subject to the safe harbors for such statements. We wish to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Any forward-looking statements represent management's best judgment as to what occur in the future. However, forward-looking statements are subject to risks, uncertainties and important factors beyond our control that could cause actual results and events to differ materially from historical results of operations and events and those presently anticipated or projected. We disclaim any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statement or to reflect the occurrence of anticipated or unanticipated events. EMPLOYEES AND EMPLOYMENT AGREEMENTS At present we have to employees. Beside our officer and director Mr. Witmer, we also have an executive employee Mr. Stephen Townsend. We presently do not have pension, health, annuity, insurance, stock options, profit sharing or similar benefit plans; however, we intend to adopt such plans in the near future. On top of the employment agreements compensations of these two employees, there are presently no additional personal bonuses available to any officers, directors or employees. Results of Operation Our financial statements have been prepared assuming that we will continue as a going concern and, accordingly, do not include adjustments relating to

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