Nika Pharmaceuticals Files Q2 2024 10-Q

TL;DR

Nika Pharma's Q2 10-Q is in. Check financials for 2024 vs 2023.

AI Summary

Nika Pharmaceuticals, Inc. filed its 10-Q for the period ending June 30, 2024. The company, formerly Centennial Growth Equities Inc., is based in Henderson, NV. The filing details financial information for the second quarter and first half of 2024, comparing it to the same periods in 2023.

Why It Matters

This filing provides investors with a detailed look at Nika Pharmaceuticals' financial performance and position as of the second quarter of 2024.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing with no immediate red flags or significant new risks indicated.

Key Numbers

• Q2 2024 — Reporting Period (Financials for the second quarter of 2024 are detailed.)
• 20240630 — Fiscal Year End (The company's fiscal year ends on December 31st.)
• 2023-12-31 — Prior Year End (Comparative financial data from the end of 2023 is included.)

Key Players & Entities

• NIKA PHARMACEUTICALS, INC (company) — Filer
• CENTENNIAL GROWTH EQUITIES INC (company) — Former Company Name
• 20240630 (date) — Period of Report
• 20240918 (date) — Filing Date
• 7023263615 (phone_number) — Business Phone

FAQ

Key Financial Figures

• $0.0001 — The number of shares of Common Stock, $0.0001 par value of the registrant outstanding
• $156 — Company recognized its first revenue of $156 in the second quarter from the sale of
• $1,848,030 — As a result, the revaluation reserve of $1,848,030, recorded in the standalone financial s
• $168,259 — en reported at their historical cost of $168,259. Additionally, any subsequent depreciat

Filing Documents

• form-10q.htm (10-Q) — 369KB
• exhibit31-1.htm (EX-31.1) — 7KB
• exhibit32-1.htm (EX-32.1) — 3KB
• 0001826466-24-000120.txt ( ) — 2308KB
• nkph-20240630.xsd (EX-101.SCH) — 20KB
• nkph-20240630_cal.xml (EX-101.CAL) — 31KB
• nkph-20240630_def.xml (EX-101.DEF) — 79KB
• nkph-20240630_lab.xml (EX-101.LAB) — 173KB
• nkph-20240630_pre.xml (EX-101.PRE) — 151KB
• form-10q_htm.xml (XML) — 202KB

Financial

Item 1. Financial 3 Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 (Unaudited) 3 Condensed Consolidated Statements of Operations for the three months Ended June 30, 2024 and 2023 (Unaudited) 4 Condensed Consolidated Statements of Stockholders Deficit for the three months Ended June 30, 2024 and 2023 (Unaudited) 5 Condensed Consolidated Statements of Cash Flows for the three months Ended June 30, 2024 and 2023 (Unaudited) 6 Notes to Unaudited Condensed Consolidated Financial Statements 7

Managements Discussion and

Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations 13

Quantitative and

Item 3. Quantitative and Qualitative Disclosures About Market Risks. 16

Controls and Procedures

Item 4. Controls and Procedures 16 PART II. 17

Legal Proceedings

Item 1. Legal Proceedings. 17 17

Risk Factors

Item 1A. Risk Factors . 17

Unregistered Sales of

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 17

Defaults Upon Senior

Item 3. Defaults Upon Senior Securities. 17

Mine Safety Disclosures

Item 4. Mine Safety Disclosures. 17

Other Information

Item 5. Other Information. 17

Exhibits

Item 6. Exhibits. 17 EXHIBIT INDEX 17

Consolidated Financial Statements

Item 1. Consolidated Financial Statements NIKA PHARMACEUTICALS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS June 30, 2024 December 31, 2023 ASSETS (Unaudited) Current Assets: Cash $ 7,485 $ 19,596 Inventory 14,104 Accounts receivable 196,394 Other receivables 4,080 Total current assets 222,063 19,596 Property, plant, and equipment: Property $ 168,259 Total Property, plant, and equipment: $ 168,259 $ Total assets: $ 390,322 $ 19,596 LIABILITIES AND STOCKHOLDERS DEFICIT Current Liabilities: Accounts payable and other liabilities $ 4,638 $ Due to related parties $ 632,297 $ 101,745 Total Current Liabilities $ 636,935 $ 101,745 Total Liabilities $ 636,935 $ 101,745 Commitments and contingencies Stockholders' Deficit: Preferred Stock; par value $ 0.0001 ; 15,000,000 shares authorized; 15,000,000 and 10,000,000 shares issued and outstanding, respectively 1,500 1,000 Common Stock; par value $ 0.0001 ; 2,700,000,000 shares authorized; 1,018,519,500 and 876,090,000 shares issued and outstanding, respectively 101,851 87,609 Additional paid-in capital 8,606,040 3,229,489 Accumulated other comprehensive income Accumulated deficit ( 8,956,004 ) ( 3,400,247 ) Total Stockholders' Deficit ( 246,613 ) ( 82,149 ) Total Liabilities and Stockholders' Deficit $ 390,322 $ 19,596 The accompanying notes are an integral part of these unaudited consolidated financial statements. 3 NIKA PHARMACEUTICALS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) For the Three Months Ended For the Six Months Ended June 30, June 30, 2024 2023 2024 2023 Revenue $ 156 $ $ 156 $ Operating Expenses: General and administrative $ 39,999 $ 21,001 $ 61,724 $ 21,871 Professional fees 14,957 6,805 52,457 25,505 Total operating expenses 54,956 27,806 114,181 47,376 Loss from operations (

financial statements of Nika Pharmaceuticals, Inc. are prepared on a historical

financial statements of Nika Pharmaceuticals, Inc. are prepared on a historical cost basis for property, plant, and equipment. Certain subsidiaries, which report under International Financial Reporting Standards (IFRS), apply the revaluation model to measure their property, plant, and equipment at fair value, with the resulting revaluation surplus recognized in equity as a revaluation reserve. For the purposes of consolidation into the Group's US GAAP

financial statements, any revaluation reserves recognized under IFRS are

financial statements, any revaluation reserves recognized under IFRS are eliminated, and the affected assets are adjusted back to their historical cost basis in accordance with US GAAP. As a result, the revaluation reserve of $1,848,030, recorded in the standalone financial statements of the subsidiary, has been removed in the consolidated financial statements, and the related assets have been reported at their historical cost of $168,259. Additionally, any subsequent depreciation, amortization, or gains/losses on disposal of these assets are calculated based on the adjusted historical cost in compliance with US GAAP. 10 Property and equipment stated at cost, less accumulated depreciation consisted of the following: June 30, 2024 Land $ 467,990 Buildings 2,955,328 Total $ 3,423,319 NOTE 6 COMMON STOCK During the six months ended June 30, 2024,

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