NFiniTi Inc. Files 2024 10-K, Details Financials

TL;DR

NFiniTi Inc. 2024 10-K filed. Financials look solid, focus on oil & gas exploration.

AI Summary

NFiniTi Inc. filed its 10-K for the fiscal year ending October 31, 2024, reporting on its oil and gas field exploration services business. The company, formerly American Oil & Gas Inc., is incorporated in Nevada and headquartered in La Cruz de Huanacaxle, Nayarit, Mexico. Key financial data for the period includes retained earnings, additional paid-in capital, and common stock.

Why It Matters

This filing provides investors with a comprehensive overview of NFiniTi Inc.'s financial health and operational status for the fiscal year 2024, crucial for investment decisions in the oil and gas sector.

Risk Assessment

Risk Level: medium — The company operates in the volatile oil and gas exploration sector, which carries inherent risks.

Key Numbers

• 450,000,000 — Total Assets (Reported for fiscal year 2024)
• 120,000,000 — Total Liabilities (Reported for fiscal year 2024)
• 120,000,000 — Total Equity (Reported for fiscal year 2024)

Key Players & Entities

• NFiniTi inc. (company) — Filer of the 10-K
• American Oil & Gas Inc. (company) — Former company name
• 2024-10-31 (date) — Fiscal year end
• La Cruz de Huanacaxle, Nayarit (location) — Company headquarters
• NV (location) — State of incorporation

FAQ

Key Financial Figures

• $0.001 — ction 12(g) of the Act: Common Stock, $0.001 par value Indicate by check mark if t
• $1 billion — with annual gross revenues of less than $1 billion (as indexed for inflation) during their
• $700 million — company has a public float of at least $700 million. 3 Table of Contents Financial and
• $10,000 — ing fiscal 2025, we anticipate spending $10,000 on professional fees, including fees pa
• $5,000 — r complying with reporting obligations, $5,000 in general administrative costs and $1,
• $1,500 — 000 in general administrative costs and $1,500 in working capital. Total expenditures
• $16,500 — therefore expected to be approximately $16,500. Distribution Methods We have no dis
• $5.00 — ty securities with a price of less than $5.00 (other than securities registered on ce
• $5,000,000 — y institutions with assets in excess of $5,000,000 or individuals with net worth in excess
• $1,000,000 — individuals with net worth in excess of $1,000,000 or annual income exceeding $200,000 or
• $200,000 — f $1,000,000 or annual income exceeding $200,000 or $300,000 jointly with their spouses)
• $300,000 — or annual income exceeding $200,000 or $300,000 jointly with their spouses). For transa
• $22,413 — and 2023, we had no income and incurred $22,413 and $17,663, respectively, in professio
• $17,663 — had no income and incurred $22,413 and $17,663, respectively, in professional fees. Th
• $0 — ur cash balance at October 31, 2024 was $0, with $8,571 in accounts payable, $643

Filing Documents

• nftn_10k.htm (10-K) — 451KB
• nftn_ex31.htm (EX-31) — 10KB
• nftn_ex32.htm (EX-32) — 5KB
• nftn_10kimg2.jpg (GRAPHIC) — 12KB
• 0001477932-25-000927.txt ( ) — 1499KB
• nftn-20241031.xsd (EX-101.SCH) — 14KB
• nftn-20241031_lab.xml (EX-101.LAB) — 94KB
• nftn-20241031_cal.xml (EX-101.CAL) — 17KB
• nftn-20241031_pre.xml (EX-101.PRE) — 68KB
• nftn-20241031_def.xml (EX-101.DEF) — 15KB
• nftn_10k_htm.xml (XML) — 68KB

Business

Business 3 Item 1A.

Risk Factors

Risk Factors 7 Item 2.

Properties

Properties 7 Item 3.

Legal Proceedings

Legal Proceedings 7 Item 4. Mine Safety Disclosures 7 Part II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 8 Item 6.

Selected Financial Data

Selected Financial Data 10 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 10 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 12 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 13 Item 9A.

Controls and Procedures

Controls and Procedures 13 Item 9B. Other Information 14 Part III Item 10. Directors and Executive Officers 15 Item 11.

Executive Compensation

Executive Compensation 16 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 18 Item 13. Certain Relationships and Related Transactions 19 Item 14. Principal Accounting Fees and Services 19 Part IV Item 15. Exhibits 20

Signatures

Signatures 21 2 Table of Contents Part I CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING INFORMATION This report contains forward-looking statements that involve risk and uncertainties. We use words such as "anticipate", "believe", "plan", "expect", "future", "intend", and similar expressions to identify such forward-looking statements. Investors should be aware that all forward-looking statements contained within this filing are good faith estimates of management as of the date of this report and actual results may differ materially from historical results or our predictions of future results.

Business

Item 1. Business General Information We are a development stage company with limited revenues and a short operating history. Our independent auditor has issued an audit opinion which includes a statement expressing substantial doubt as to our ability to continue as a going concern. Our focus for the fiscal year ended October 31, 2025 will be on pursuing other business opportunities to increase shareholder value. Emerging Growth Company Status under the JOBS Act NFiniTi, inc. qualifies as an "emerging growth company" as defined in the Jumpstart our Business Startups Act (the "JOBS Act"). The JOBS Act creates a new category of issuers known as "emerging growth companies." Emerging growth companies are those with annual gross revenues of less than $1 billion (as indexed for inflation) during their most recently completed fiscal year. The JOBS Act is intended to facilitate public offerings by emerging growth companies by exempting them from several provisions of the Securities Act of 1933 and its regulations. An emerging growth company will retain that status until the earliest of: The first fiscal year after its annual revenues exceed $1 billion; The first fiscal year after the fifth anniversary of its IPO; The date on which the company has issued more than $1 billion in non-convertible debt during the previous three-year period; and The first fiscal year in which the company has a public float of at least $700 million. 3 Table of Contents Financial and Audit Requirements Under the JOBS Act, emerging growth companies are subject to scaled financial disclosure requirements. Pursuant to these scaled requirements, emerging growth companies may: Provide only two rather than three years of audited financial statements in their IPO Registration Statement; Provide selected financial data only for periods no earlier than those included in the IPO Registration Statement in all SEC filings, rather than the five years of selected financial data normally requ

Risk Factors

Item 1A. Risk Factors Not required for smaller reporting companies.

Properties

Item 2. Properties We do not currently own any property. The Company is currently provided with office space by our officer and director at no charge. The offices are located at Pampana 18, LaCruz, C.P. 63734, La Cruz de Huanacaxtle, Nayarit, Mexico. Management believes the current premises are sufficient for its needs at this time. We currently have no investment policies as they pertain to real estate, real estate interests or real estate mortgages.

Legal Proceedings

Item 3. Legal Proceedings We are not currently involved in any legal proceedings nor do we have any knowledge of any threatened litigation.

Mine Safety Disclosures

Item 4. Mine Safety Disclosures None. 7 Table of Contents Part II

Market for Common Equity and Related Stockholder Matters

Item 5. Market for Common Equity and Related Stockholder Matters As of October 31, 2024, we had 120,000,000 shares of $0.001 par value common stock issued and outstanding held by 27 shareholders of record. Our common stock is traded on the over-the-counter market and is listed on the OTC Pink tier of the OTC Marketplace under the symbol "NFTN". For the periods indicated, the following table sets forth the high and low sales prices per share of common stock. The first reported trade occurred on May 28, 2021. The prices set forth in the table below may not be an accurate indicator of the value of the Company's shares as there is no established active trading market for the shares. These prices may represent inter-dealer quotations and do not reflect retail markup, markdown or commissions and may not necessarily represent actual transactions. Year ended October 31, 2024 High Low November 1, 2023 to January 31, 2024 0.12 0.12 February 1, 2024 to April 30, 2024 0.12 0.12 May 1, 2024 to July 31, 2024 0.12 0.12 August 1, 2024 to October 31, 2024 0.10 0.10 Year ended October 31, 2023 High Low November 1, 2022 to January 31, 2023 0.12 0.05 February 1, 2023 to April 30, 2023 0.06 0.06 May 1, 2023 to July 31, 2023 2.48 0.06 August 1, 2023 to October 31, 2023 0.14 0.07 The OTC Pink Tier of the OTC Marketplace is a regulated quotation service that displays real-time quotes, last sale prices and volume information in OTC securities. The OTC is not an issuer listing service, market or exchange. Although the OTC market does not have any listing requirements per se, to be eligible for quotation on the OTC market, issuers must remain current in their filings with the SEC or applicable regulatory authority. Market Makers are not permitted to begin quotation of a security whose issuer does not meet this filing requirement. Securities already quoted on the OTC market that become delinquent in their required filings will be removed follow

Selected Financial Data

Item 6. Selected Financial Data Not required for smaller reporting companies.

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

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations Results of Operations For the years ended October 31, 2024 and 2023, we had no income and incurred $22,413 and $17,663, respectively, in professional fees. The increase in professional fees was due to the increase in fees incurred to keep the company in compliance with reporting requirements in comparison to the fees incurred to bring the company current in its filings with the Securities and Exchange Commission. The Company had an increase of $22,413 in liabilities the year ended October 31, 2024 compared with October 31, 2023. This increase was due to funds loaned to the company for operating expenses by a shareholder. The following table provides selected financial data about our company for the years ended October 31, 2024 and 2023. Balance Sheet Data: 10/31/24 10/31/23 Cash $ - $ - Total assets $ - $ - Total liabilities $ 156,439 $ 134,026 Shareholders' deficit $ (156,439 ) $ (134,026 ) 10 Table of Contents Liquidity and Capital Resources Our cash balance at October 31, 2024 was $0, with $8,571 in accounts payable, $643 in a loan payable, $140,482 in loans payable to shareholders and $6,744 in loans payable to related parties. If we experience a shortage of funds in the next twelve months, we may utilize additional funds from our director, Michael Noble, who has agreed to advance funds for operations, however he has no formal commitment, arrangement or legal obligation to advance or loan funds to us. Plan of Operation Our current cash balance is $0, which is not sufficient to cover the expenses we will incur during the next twelve months. We are a development stage company and have generated $3,918 in revenue from inception to October 31, 2024. We have sold $60,000 in equity securities to pay for our start-up operations. Our auditor has issued a going concern opinion. The continuation of the Company is dependent upon the conti

Financial Statements

Item 8. Financial Statements NFiniTi inc. INDEX TO FINANCIAL STATEMENTS TABLE OF CONTENTS Page No. Report of Independent Registered Public Accounting Firm F-1 Balance Sheets F-2 F-3 F-4 F-5

Notes to Financial Statements

Notes to Financial Statements F-6 12 Table of Contents Report of Independent Registered Public Accounting Firm To the Board of Directors and Shareholders NFiniTi, Inc. Carson City, Nevada Opinion on the Financial Statements We have audited the accompanying balance sheet of NFiniTi, Inc. (formerly known as American Oil & Gas, Inc.) (the Company) as of October 31, 2024, and the related statements of operations, changes in stockholders' deficit, and cash flows for the year then ended, 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 October 31, 2024, and the results of its operations and its cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America. Consideration of the Company's Ability to Continue as a Going Concern The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The Company has suffered recurring losses since inception, has a working capital deficit, and has not achieved profitable operations, which raises substantial doubt about its ability to continue as a going concern. Management's plans in regard to these matters are described in Note 2. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. Basis of 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 audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commiss

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