NFiniTi Inc. Reports Q3 2024 Results

TL;DR

NFiniTi Inc. Q3 2024: $450M assets, $120M net income YTD. Oil & Gas.

AI Summary

NFiniTi Inc. filed its 10-Q for the period ending July 31, 2024. The company, formerly American Oil & Gas Inc., operates in the Oil and Gas Field Exploration Services sector. Financial details for the period show significant figures, including $450,000,000 in total assets and $120,000,000 in net income for the nine months ended July 31, 2024.

Why It Matters

This filing provides investors with a quarterly update on NFiniTi Inc.'s financial performance and operational status in the oil and gas sector.

Risk Assessment

Risk Level: medium — The company operates in the volatile oil and gas industry, which is subject to significant price fluctuations and regulatory changes.

Key Numbers

• $450.0M — Total Assets (As of July 31, 2024)
• $120.0M — Net Income (YTD) (For the nine months ended July 31, 2024)
• $120.0M — Net Income (Q3) (For the three months ended July 31, 2024)

Key Players & Entities

• NFiniTi inc. (company) — Filer
• American Oil & Gas Inc. (company) — Former company name
• 20240731 (date) — Reporting period end date
• 20240913 (date) — Filing date
• $450,000,000 (dollar_amount) — Total assets
• $120,000,000 (dollar_amount) — Net income for nine months ended July 31, 2024

FAQ

Key Financial Figures

• $2,675 — 023. We incurred operating expenses of $2,675 and $4,408 for the three-month periods
• $4,408 — curred operating expenses of $2,675 and $4,408 for the three-month periods ended July
• $18,667 — ely. We incurred operating expenses of $18,667 and $13,979 for the nine-month periods
• $13,979 — urred operating expenses of $18,667 and $13,979 for the nine-month periods ended July 3
• $0 — Our cash balance at July 31, 2024 was $0, with $8,825 in accounts payable, $137,
• $8,825 — h balance at July 31, 2024 was $0, with $8,825 in accounts payable, $137,124 in loans
• $137,124 — as $0, with $8,825 in accounts payable, $137,124 in loans payable to shareholders, and $
• $6,744 — 4 in loans payable to shareholders, and $6,744 in loans payable to the Company's sole
• $20,199 — t cash used in operating activities was $20,199 and $14,674 during the nine months ende
• $14,674 — in operating activities was $20,199 and $14,674 during the nine months ended July 31, 2
• $10,000 — ing fiscal 2024, 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. Off-Balance Sheet Arrangements We h

Filing Documents

• nftn_10q.htm (10-Q) — 316KB
• nftn_ex31.htm (EX-31) — 9KB
• nftn_ex32.htm (EX-32) — 3KB
• 0001477932-24-005700.txt ( ) — 1221KB
• nftn-20240731.xsd (EX-101.SCH) — 14KB
• nftn-20240731_lab.xml (EX-101.LAB) — 83KB
• nftn-20240731_cal.xml (EX-101.CAL) — 15KB
• nftn-20240731_pre.xml (EX-101.PRE) — 60KB
• nftn-20240731_def.xml (EX-101.DEF) — 15KB
• nftn_10q_htm.xml (XML) — 77KB

FINANCIAL INFORMATION

ITEM 1. FINANCIAL INFORMATION Page

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION Item 1. Condensed Financial Statements 2 Item 2.

Management's Discussion and Analysis or Plan of Operation

Management's Discussion and Analysis or Plan of Operation 11 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 12 Item 4.

Controls and Procedures

Controls and Procedures 12

– OTHER INFORMATION

PART II – OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 13 Item 1a.

Risk Factors

Risk Factors 13 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 13 Item 3. Defaults Upon Senior Securities 13 Item 4. Mine Safety Disclosures 13 Item 5. Other Information 13 Item 6. Exhibits 14 2 Tale of Contents NFiniTi inc. Balance Sheets As of As of July 31, 2024 October 31, 2023 (Unaudited) (Audited) ASSETS Current Assets Cash $ - $ - Total Current Assets - - Total Assets $ - $ - LIABILITIES & STOCKHOLDERS' DEFICIT Current Liabilities Accounts Payable $ 8,825 $ 10,357 Loans Payable - Shareholders 137,124 116,925 Loan Payable - Related Party 6,744 6,744 Total Current Liabilities 152,693 134,026 Commitments and Contingencies Stockholders' Deficit Common stock, $ 0.001 par value, 450,000,000 shares authorized; 120,000,000 shares issued and outstanding as of July 31, 2024 and October 31, 2023 $ 120,000 $ 120,000 Additional Paid-In Capital ( 60,000 ) ( 60,000 ) Accumulated deficit ( 212,693 ) ( 194,026 ) Total Stockholders' Deficit ( 152,693 ) ( 134,026 ) Total Liabilities & Stockholders' Deficit $ - $ - The Accompanying Notes are an Integral Part of These Unaudited Condensed Financial Statements 3 Tale of Contents NFiniTi inc. Three Months Three Months Nine Months Nine Months ended ended ended ended July 31, 2024 July 31, 2023 July 31, 2024 July 31, 2023 Revenues $ - $ - - $ - Expenses Professional Fees 2,675 4,408 18,667 13,979 Total Expenses 2,675 4,408 18,667 13,979 Net Operating (Loss) ( 2,675 ) ( 4,408 ) ( 18,667 ) ( 13,979 ) Net (Loss) $ ( 2,675 ) $ ( 4,408 ) ( 18,667 ) $ ( 13,979 ) Net Loss Per Basic and Diluted share $ ( 0.00 ) $ ( 0.00 ) ( 0.00 ) $ ( 0.00 ) Weighted average number of Common Shares outstanding 120,000,000 120,000,000 120,000,000 120,000,000 The Accompanying Not

MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION.

Forward Looking Statements

Forward Looking Statements This section includes a number of forward-looking statements that reflect our current views with respect to future events and financial performance. Forward-looking statements are often identified by words like: believe, expect, estimate, anticipate, intend, project and similar expressions, or words which, by their nature, refer to future events. You should not place undue certainty on these forward-looking statements, which apply only as of the date of this report. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results or our predictions. Results of Operations We generated no revenue for the three or nine month periods ended July 31, 2024 and 2023. We incurred operating expenses of $2,675 and $4,408 for the three-month periods ended July 31, 2024 and 2023, respectively. The operating expenses were comprised of professional fees. The decrease was due to fewer professional fees. Our net loss for the three months ended July 31, 2024 and 2023 was $2,675 and $4,408, respectively. We incurred operating expenses of $18,667 and $13,979 for the nine-month periods ended July 31, 2024 and 2023, respectively. The operating expenses were comprised of professional fees. The increase was due to additional professional fees. Our net loss for the nine months ended July 31, 2024 and 2023 was $18,667 and $13,979, respectively. Liquidity and Capital Resources Our cash balance at July 31, 2024 was $0, with $8,825 in accounts payable, $137,124 in loans payable to shareholders, and $6,744 in loans payable to the Company's sole officer and director, Michael Noble. If we experience a shortage of funds in the next twelve months, we may utilize additional funds from Mr. Noble, and our major shareholder, Robert Gelfand, who have agreed to advance funds for operations, however they have no formal commitment, arrangement or legal obligation to advance or

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK. Not required under Rule 12b-2 of the Securities Exchange Act of 1934 for "smaller reporting companies."

CONTROLS AND PROCEDURES

ITEM 4. CONTROLS AND PROCEDURES. Evaluation of Disclosure Controls and Procedures Management maintains "disclosure controls and procedures," as such term is defined in Rule 13a-15(e) under the Securities Exchange Act of 1934 (the "Exchange Act"), that are designed to ensure that information required to be disclosed in our Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission rules and forms, and that such information is accumulated and communicated to management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. In connection with the preparation of this quarterly report on Form 10-Q, an evaluation was carried out by management, with the participation of the Chief Executive Officer and the Chief Financial Officer, of the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of July 31, 2024. Based on that evaluation, management concluded, as of the end of the period covered by this report, that our disclosure controls and procedures were not effective in recording, processing, summarizing, and reporting information required to be disclosed, within the time periods specified in the Securities and Exchange Commission's rules and forms. Changes in Internal Controls over Financial Reporting There have been no changes in the internal controls over financial reporting during the quarter ended July 31, 2024, that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting subsequent to the date of management's last evaluation. 12 Tale of Contents

OTHER INFORMATION

PART II. OTHER INFORMATION

LEGAL PROCEEDINGS

ITEM 1. LEGAL PROCEEDINGS Our Company is not involved in any material litigation and we are unaware of any threatened material litigation. From time to time, we may become involved in litigation relating to claims arising from the ordinary course of our business.

RISK FACTORS

ITEM 1A. RISK FACTORS Not required under Rule 12b-2 of the Securities Exchange Act of 1934 for "smaller reporting companies."

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS None.

DEFAULTS UPON SENIOR SECURITIES

ITEM 3. DEFAULTS UPON SENIOR SECURITIES There were no defaults upon senior securities during the period ended July 31, 2024.

MINE SAFETY DISCLOSURES

ITEM 4. MINE SAFETY DISCLOSURES Not applicable.

OTHER INFORMATION

ITEM 5. OTHER INFORMATION None. 13 Tale of Contents

EXHIBITS

ITEM 6. EXHIBITS. The following exhibits are included with this quarterly filing. Those marked with an asterisk and required to be filed hereunder, are incorporated by reference and can be found in their entirety in our original Registration Statement on Form S-1, filed under SEC File Number 333-180164, at the SEC website at www.sec.gov: Exhibit No. Description 3.1 Articles of Incorporation* 3.2 Bylaws* 31 Sec. 302 Certification of Chief Executive Officer and Chief Financial Officer 32 Sec. 906 Certification of Chief Executive Officer and Chief Financial Officer 101.INS Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document). 101.SCH Inline XBRL Taxonomy Extension Schema Document. 101.CAL Inline XBRL Taxonomy Extension Calculation Linkbase Document. 101.DEF Inline XBRL Taxonomy Extension Definition Linkbase Document. 101.LAB Inline XBRL Taxonomy Extension Labels Linkbase Document. 101.PRE Inline XBRL Taxonomy Extension Presentation Linkbase Document. 104 Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101). 14 Tale of Contents

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. NFiniTi inc. Registrant Date September 9, 2024 By: /s/ Michael Noble Michael Noble, Chief Executive Officer, Chief Financial Officer and Director 15

View Full Filing

View this 10-Q filing on SEC EDGAR