LSEB Creative Corp. Files 10-Q for Q2 FY2025

TL;DR

LSEB Creative Corp. 10-Q filed for Q2 FY2025. Financials updated.

AI Summary

LSEB Creative Corp. filed its 10-Q for the period ending September 30, 2024. The filing covers the second quarter of their fiscal year, which runs until March 31, 2025. The company is incorporated in Wyoming and operates in the Men's & Boys' Furnishings industry.

Why It Matters

This filing provides investors with an update on LSEB Creative Corp.'s financial performance and position for the second quarter of their fiscal year, crucial for understanding the company's ongoing operations and future prospects.

Risk Assessment

Risk Level: low — This filing is a standard quarterly report and does not contain immediate red flags or significant new risks.

Key Numbers

• 2024-09-30 — Reporting Period End Date (This is the end date for the financial information presented in the 10-Q.)
• 2025-03-31 — Fiscal Year End Date (Indicates when the company's current fiscal year concludes.)

Key Players & Entities

• LSEB Creative Corp. (company) — Filer of the 10-Q report
• 2024-09-30 (date) — End of the reporting period
• 2025-03-31 (date) — Fiscal year end
• Wyoming (location) — State of incorporation
• Sheridan (location) — City of business and mailing address

FAQ

Key Financial Figures

• $800 — he current term of lease is approx. USD $800 (CAD $1,000) per month for 8 months sta
• $1,000 — term of lease is approx. USD $800 (CAD $1,000) per month for 8 months starting from J

Filing Documents

• lseb-10q.htm (10-Q) — 521KB
• lseb-ex31_1.htm (EX-31.1) — 20KB
• lseb-ex31_2.htm (EX-31.2) — 20KB
• lseb-ex32_1.htm (EX-32.1) — 7KB
• lseb-ex32_2.htm (EX-32.2) — 7KB
• 0001199835-24-000522.txt ( ) — 2428KB
• lseb-20240930.xsd (EX-101.SCH) — 20KB
• lseb-20240930_cal.xml (EX-101.CAL) — 27KB
• lseb-20240930_def.xml (EX-101.DEF) — 34KB
• lseb-20240930_lab.xml (EX-101.LAB) — 139KB
• lseb-20240930_pre.xml (EX-101.PRE) — 112KB
• lseb-10q_htm.xml (XML) — 291KB

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 5-15 3 LSEB Creative Corp. CONSOLIDATED BALANCE SHEETS (Expressed in US dollars) September 30, March 31, 2024 2024 (Unaudited) (Audited) $ $ ASSETS Current assets Cash 1,988 4,448 Advances to suppliers 15,143 15,143 Accounts Receivable 1,783 1,731 Inventory 125,697 129,992 Prepayments and Other Receivables [Note 6] — 178 Total current assets 144,611 151,492 Non-current assets Equipment, net [Note 7] 2,774 3,242 Total assets 147,385 154,734 LIABILITIES AND STOCKHOLDERS DEFICIENCY Current liabilities Accounts payable 16,773 5,881 Accrued liabilities 4,626 11,877 Shares to be issued — 2,000 Advances from a related party [Note 8] 82,816 69,470 Total current liabilities 104,215 89,228 Stockholders deficiency Preferred stock, $ 0.0001 par value, 5,000,000 shares authorized, Nil preferred shares outstanding at September 30 2024 (March 31, 2024: Nil ), — — Common stock, $ 0.0001 par value, 500,000,000 shares authorized, 15,686,300 common shares outstanding as at September 30, 2024 (March 31, 2024 : 15,036,300 ) [Note 10] 1,569 1,504 Additional paid-in capital [Note 10] 683,471 618,536 Accumulated deficit ( 641,870 ) ( 554,534 ) Total stockholders deficiency 43,170 65,506 Total liabilities and stockholders deficiency 147,385 154,734 See accompanying notes Going concern (Note 3) Related party transactions (Note 9) Contingencies and Commitments (Note 13) Subsequent events (Note 14) Page1 LSEB Creative Corp. CONSOLIDATED (Expressed in US dollars) For the For the For the For the Quarter ended Quarter ended six months ended six months ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 (Unaudited) (Unaudited) (Unaudited) (Unaudited) $ $ $ $ Sales 2,574 — 8,856 — Cost of Goods Sold 1,061 — 3,701 — Gross Profit 1,513 — 5,

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS The accompanying consolidated financial statements of the Company should be read in conjunction with the financial statements and accompanying notes filed with the U.S. Securities and Exchange Commission in the Companys Annual Report on Form 10-K for the fiscal year ended March 31, 2024. In the opinion of management, the accompanying financial statements reflect all adjustments of a recurring nature considered necessary to present fairly the Companys financial position and the results of its operations and its cash flows for the periods shown. The preparation of these financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported. Actual results could differ materially from those estimates. The results of operations and cash flows for the periods shown are not necessarily indicative of the results to be expected for the full year. Page5 LSEB Creative Corp. Notes to Consolidated Financial Statements For the Quarters Ending September 30, 2024 and 2023 5. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Cash As of September 30, 2024, the Company had a cash balance of $ 1,988 (March 31, 2024: $ 4,448 ). Cash includes cash on hand and balances with banks. Reclassification Certain prior year amounts have been reclassified for comparative purposes to conform to the current year financial statement presentation. These reclassifications had no effect on previous reported results of operations. Leases At the lease commencement date, right-of-use (ROU) assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term, which includes all fixed obligations arising from the lease contract. If an interest rate is not explicit in a lease, the Company utilizes its incremental borrowing rate for a period that closely matches the lease term. The Company has elect

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