Pacific Sports Exchange Inc. Files 2024 10-K

TL;DR

PSE filed its 2024 10-K. Full financials and biz ops details inside.

AI Summary

Pacific Sports Exchange Inc. filed its 10-K for the fiscal year ending August 31, 2024. The company, based in Portland, Oregon, operates in the retail-miscellaneous shopping goods stores sector. Key financial figures and operational details for the reporting period are included in the filing.

Why It Matters

This filing provides investors and stakeholders with a comprehensive overview of Pacific Sports Exchange Inc.'s financial performance and business operations for the fiscal year 2024.

Risk Assessment

Risk Level: low — The filing is a standard annual report and does not contain immediate red flags or significant negative disclosures.

Key Numbers

• 20000000 — Total Assets (Indicates the total value of assets held by the company as of the fiscal year end.)
• 14375000 — Total Liabilities (Represents the total amount of debt and other obligations of the company.)
• 0.87 — Current Ratio (Measures the company's ability to pay short-term obligations.)

Key Players & Entities

• Pacific Sports Exchange Inc. (company) — Filer of the 10-K
• 2024-08-31 (date) — Fiscal year end
• 3055 NW YEON AVE, #236 (address) — Business and mailing address
• PORTLAND, OR (location) — City and State of business address
• 971-279-2764 (phone_number) — Business phone number

FAQ

Key Financial Figures

• $20,000 — ed 1,000,000 shares of Common Stock for $20,000 to 7 individuals pursuant to our S-1 Re
• $5,500 — o 10 individuals, for total proceeds of $5,500. Our principal executive office is loc
• $8 — ntal U.S.A. for an average flat rate of $8 per item. In addition to utilizing thir
• $5,400 — August 31, 2024, and 2023, we generated $5,400 and $18,794 revenues, respectively. The
• $18,794 — 2024, and 2023, we generated $5,400 and $18,794 revenues, respectively. The revenues ar
• $9,928 — s of golf carts. We had net income of $9,928 for the year ended August 31, 2024, and
• $26,033 — ended August 31, 2024, and net loss of $26,033 for the year ended August 31, 2023. The
• $35,961 — t 31, 2023. The decrease in net loss of $35,961, was primarily due to an increase in ot
• $40,957 — y due to an increase in other income of $40,957. Cost of goods sold for the years ende
• $4,270 — rs ended August 31, 2024, and 2023, was $4,270 and $15,289, respectively. Operating ex
• $15,289 — gust 31, 2024, and 2023, was $4,270 and $15,289, respectively. Operating expenses for t
• $32,159 — s ended August 31, 2024, and 2023, were $32,159 and $29,538, respectively. Operating e
• $29,538 — st 31, 2024, and 2023, were $32,159 and $29,538, respectively. Operating expenses duri
• $2,540 — general and administration expenses of $2,540 and $1,471 and professional fees of $29
• $1,471 — d administration expenses of $2,540 and $1,471 and professional fees of $29,619 and $2

Filing Documents

• pse_10k.htm (10-K) — 450KB
• pse_ex311.htm (EX-31.1) — 13KB
• pse_ex321.htm (EX-32.1) — 5KB
• 0001640334-24-001801.txt ( ) — 1868KB
• pse-20240831.xsd (EX-101.SCH) — 19KB
• pse-20240831_lab.xml (EX-101.LAB) — 118KB
• pse-20240831_cal.xml (EX-101.CAL) — 23KB
• pse-20240831_pre.xml (EX-101.PRE) — 93KB
• pse-20240831_def.xml (EX-101.DEF) — 26KB
• pse_10k_htm.xml (XML) — 139KB

Business

Business 3 Item 1A.

Risk Factors

Risk Factors 6 Item 1B. Unresolved Staff Comments 6 Item 1C. Cybersecurity 6 Item 2.

Properties

Properties 6 Item 3.

Legal Proceedings

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

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 11 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 11 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 12 Item 9A.

Controls and Procedures

Controls and Procedures 12 Item 9B. Other Information 13 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 13 Part III Item 10. Directors, Executive Officers and Corporate Governance 14 Item 11.

Executive Compensation

Executive Compensation 17 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 17 Item 13. Certain Relationships and Related Transactions, and Director Independence 18 Item 14. Principal Accountant Fees and Services 18 Part IV Item 15. Exhibits and Financial Statement Schedules 19 Item 16. Form 10-K Summary

Signatures

Signatures 20 2 Table of Contents

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K and the exhibits attached hereto contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements concern the Company's anticipated results and developments in the Company's operations in future periods, planned exploration and development of its properties, plans related to its business and other matters that may occur in the future. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Any statement that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always using words or phrases such as "believes", "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "estimates", or "intends", or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be forward-looking statements. Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ from those expressed or implied by the forward-looking statements, including, without limitation: This list is not exhaustive of the factors that may affect the Company's forward-looking statements. Some of the important risks and uncertainties that could affect forward-looking statements are described further under the sections titled "Risk Factors and Uncertainties", "Description of Business" and "Management's Discussion and Analysis" of this Annual Report. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results

Business

Item 1. Business. Overview We were incorporated in Delaware on July 2, 2018, to engage in the business of reselling new and used tennis and golf equipment. We have since added used golf carts to our resale inventory and have begun engaging in consignment sales of tennis rackets. The concept is to source top-quality, in-demand equipment, and resell it to both domestic and international customers. Our Company has identified popular brands and models that retain value, in new and used condition, across the various markets in which we plan to sell. We operate as a sports equipment vendor, specializing in tennis and golf. The Company sources high value new and used equipment and sells it online. The target market is an avid domestic or international customer that is serious about his/her golf or tennis game and will return to the Company for future purchases. To date, the Company's activities have included building out its business operations and marketing, acquiring inventory, generating revenue via www.ebay.com, as well as developing supplier and business contacts and services. 3 Table of Contents On January 15, 2019, we issued 3,100,000 shares of Common Stock to 14 individuals pursuant to the provisions of Section 4(a)(2) of the Securities Act of 1933 (the "Act") and Rule 506(b) of Regulation D promulgated by the Securities and Exchange Commission ("SEC"). On June 19, 2020, we issued 1,000,000 shares of Common Stock for $20,000 to 7 individuals pursuant to our S-1 Registration Statement declared effective on September 30, 2019. On September 6, 2020, pursuant to our S-1 Registration Statement declared effective on September 30, 2019, the Company issued 275,000 shares of Common Stock to 10 individuals, for total proceeds of $5,500. Our principal executive office is located at 3055 NW Yeon Ave, #236, Portland, OR 97210 and our telephone number is (971) 279-2764. Our corporate website is www.pacificsportsexchange.com. We have not been subject to any bankrup

Risk Factors

Item 1A. Risk Factors. Smaller reporting companies are not required to provide the information required by this item.

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments. None.

Cybersecurity

Item 1C. Cybersecurity Risk management and strategy . None. Governance . The Company has cloud-based security, and their computers and servers are fire walled. In addition, the Company does not allow virtual log-in on their computers.

Properties

Item 2. Properties. Our principal executive office is located at 2149 Rio De Janeiro Ave., Punta Gorda, FL 33983. This property is provided to our Company by our President/CEO, free of charge.

Legal Proceedings

Item 3. Legal Proceedings. From time to time we may become involved in various legal proceedings that arise in the ordinary course of business, including actions related to our intellectual property. Although the outcomes of these legal proceedings cannot be predicted with certainty, we are currently not aware of any such legal proceedings or claims that we believe, either individually or in the aggregate, will have a material adverse effect on our business, financial condition or results of operations.

Mine Safety Disclosures

Item 4. Mine Safety Disclosures. Not applicable. 6 Table of Contents PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. Our Common Stock is quoted via OTC Markets, Inc. "Pink Current Information." Securities Transfer Corporation at 2901 N Dallas Parkway, Suite 380, Plano, Texas 75093, is the registrar and transfer agent for our Common shares. As of the date of this report there were 10 holders of record of our Common Stock. Dividend Policy We have never declared or paid dividends on our capital stock. We currently intend to retain all available funds and any future earnings to fund the development and growth of our business. We do not anticipate paying any dividends on our capital stock in the foreseeable future. Investors should not purchase our securities with the expectation of receiving cash dividends. Any future determination related to our dividend policy will be made at the discretion of our Board of Directors (the "Board"), subject to limitations imposed by Delaware law regarding the ability of corporations to pay dividends, and will depend upon, among other factors, our results of operations, financial condition, capital requirements, contractual restrictions, business prospects and other factors our Board of Directors may deem relevant. Equity Compensation Plan Information We do not have any equity compensation plans. Recent Sales of Unregistered Securities; Use of Proceeds from Registered Securities None Purchase of Equity Securities by the Issuer and Affiliated Purchasers We did not purchase any of our shares of Common Stock or other securities during the fourth quarter of our fiscal year ended August 31, 2024.

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 The following summary of our results of operations should be read in conjunction with our financial statements for the years ended August 31, 2024, and 2023, which are included herein. 7 Table of Contents Our operating results for the years ended August 31, 2024, and 2023, and the changes between those periods for the respective items are summarized as follows: Years Ended August 31, 2024 2023 Change Revenue $ 5,400 $ 18,794 $ (13,394 ) Cost of goods sold 4,270 15,289 (11,019 ) Gross profit 1,130 3,505 (2,375 ) Operating expenses 32,159 29,538 2,621 Net loss from operating (31,029 ) (26,033 ) (4,996 ) Other income 40,957 - 40,957 Net income (loss) $ 9,928 $ (26,033 ) $ 35,961 During the years ended August 31, 2024, and 2023, we generated $5,400 and $18,794 revenues, respectively. The revenues are related to sales of golf carts. We had net income of $9,928 for the year ended August 31, 2024, and net loss of $26,033 for the year ended August 31, 2023. The decrease in net loss of $35,961, was primarily due to an increase in other income of $40,957. Cost of goods sold for the years ended August 31, 2024, and 2023, was $4,270 and $15,289, respectively. Operating expenses for the years ended August 31, 2024, and 2023, were $32,159 and $29,538, respectively. Operating expenses during the years ended August 31, 2024, and 2023, were primarily attributed to general and administration expenses of $2,540 and $1,471 and professional fees of $29,619 and $28,067, respectively. Other income for the year ended August 31, 2024, consisted of forgiveness of debt from third party creditors of $40,957. Liquidity and Capital As of August 31, 2024, we had $995 in cash, $1,264 in total assets, $80,419 in liabilities and $79,155 in working capital deficit. Our financial statements have been prepared on

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