Pacific Sports Exchange Inc. Files 10-Q for Period Ended November 30, 2023

TL;DR

<b>Pacific Sports Exchange Inc. filed its quarterly report (10-Q) for the period ending November 30, 2023, detailing its financial status and operations.</b>

AI Summary

Pacific Sports Exchange Inc. (PSPX) filed a Quarterly Report (10-Q) with the SEC on January 16, 2024. Filed a 10-Q report for the quarterly period ended November 30, 2023. The company's principal executive offices are located at 2149 Rio De Janeiro Ave., Punta Gorda, FL 33983. The registrant's telephone number is (877) 571-5562. Incorporated in Delaware with IRS Employer Identification No. 83-1189007. No securities registered pursuant to Section 12(b) of the Act.

Why It Matters

For investors and stakeholders tracking Pacific Sports Exchange Inc., this filing contains several important signals. This filing provides investors and stakeholders with an update on the company's financial performance and position as of November 30, 2023. The 10-Q report is a standard SEC filing that offers detailed financial information, including balance sheets, income statements, and cash flow statements, crucial for evaluating the company's health.

Risk Assessment

Risk Level: low — Pacific Sports Exchange Inc. shows low risk based on this filing. The filing is a routine 10-Q report, indicating standard disclosure practices rather than significant events.

Analyst Insight

Review the detailed financial statements within the 10-Q to assess Pacific Sports Exchange Inc.'s revenue, expenses, and overall financial health for the reported quarter.

Key Numbers

• 2023-11-30 — Quarterly Period End Date (Reported period)
• 000-56466 — Commission File Number (SEC filing identifier)
• 83-1189007 — IRS Employer Identification No. (Tax identification number)

Key Players & Entities

• Pacific Sports Exchange Inc. (company) — Registrant name
• November 30, 2023 (date) — Quarterly period ended
• 2149 Rio De Janeiro Ave. (address) — Principal executive offices street
• Punta Gorda (location) — Principal executive offices city
• FL (location) — Principal executive offices state
• 33983 (postal_code) — Principal executive offices zip code
• 877-571-5562 (phone_number) — Registrant's telephone number
• Delaware (location) — State of incorporation

Forward-Looking Statements

• The number of common shares outstanding will remain stable in the near term. (Pacific Sports Exchange Inc.) — medium confidence, target: 2024-05-31

FAQ

Industry Context

Pacific Sports Exchange Inc. operates in the retail-miscellaneous shopping goods stores sector (SIC 5940).

Regulatory Implications

The filing is made under Section 13 or 15(d) of the Securities Exchange Act of 1934, requiring quarterly reports.

What Investors Should Do

1. Analyze the financial statements (balance sheet, income statement, cash flow) for the period ended November 30, 2023.
2. Check for any disclosures regarding material changes or significant events since the last filing.
3. Verify compliance with SEC reporting requirements for quarterly filings.

Key Dates

• 2023-11-30: Quarterly period ended — End date for the reported financial period in the 10-Q filing.
• 2024-01-16: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial 10-Q filing for the period ending November 30, 2023, as indicated by the absence of prior period comparative data within the provided header information.

Key Financial Figures

• $5,634 — $ (2,489 ) $ (3,145 ) Net loss was $5,634 for the three months ended November 30,
• $2,489 — ree months ended November 30, 2023, and $2,489 net loss for the three months ended Nov
• $503 — ly due to a decrease in gross profit of $503 and an increase in operating expenses o
• $2,642 — nd an increase in operating expenses of $2,642. Cost of goods sold for the three mont
• $1,740 — ths ended November 30,2023 and 2022 was $1,740 and $5,789, respectively. Operating exp
• $5,789 — ovember 30,2023 and 2022 was $1,740 and $5,789, respectively. Operating expenses for t
• $6,194 — hs ended November 30,2023 and 2022 were $6,194 and $3,552, respectively. Operating exp
• $3,552 — vember 30,2023 and 2022 were $6,194 and $3,552, respectively. Operating expenses durin
• $296 — general and administration expenses of $296 and $946, and professional fees of $5,8
• $946 — and administration expenses of $296 and $946, and professional fees of $5,898and $2,
• $5,898 — $296 and $946, and professional fees of $5,898and $2,606, respectively. Liquidity and
• $2,606 — 946, and professional fees of $5,898and $2,606, respectively. Liquidity and Capital

Filing Documents

• pse_10q.htm (10-Q) — 297KB
• pse_ex311.htm (EX-31.1) — 13KB
• pse_ex321.htm (EX-32.1) — 6KB
• 0001640334-24-000057.txt (&nbsp;) — 1291KB
• pse-20231130.xsd (EX-101.SCH) — 14KB
• pse-20231130_lab.xml (EX-101.LAB) — 87KB
• pse-20231130_cal.xml (EX-101.CAL) — 18KB
• pse-20231130_pre.xml (EX-101.PRE) — 65KB
• pse-20231130_def.xml (EX-101.DEF) — 17KB
• pse_10q_htm.xml (XML) — 78KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements F-1 Item 2.

Management's Discussion and Analysis of Financial Condition or Plan of Operation

Management's Discussion and Analysis of Financial Condition or Plan of Operation 4 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 8 Item 4.

Controls and Procedures

Controls and Procedures 8

- OTHER INFORMATION

PART II - OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 10 Item 1A.

Risk Factors

Risk Factors 10 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 10 Item 3. Defaults Upon Senior Securities 10 Item 4. Mine Safety Disclosures 10 Item 5. Other Information 10 Item 6. Exhibits 11

SIGNATURES

SIGNATURES 12 2 Table of Contents

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This quarterly report on Form 10-Q, 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 in this "Management's Discussion and Analysis" section of this Quarterly Report. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, believed, estimated or

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements INTERIM FINANCIAL STATEMENTS For the Three Months Ended November 30, 2023 (Unaudited) INDEX TO UNAUDITED FINANCIAL STATEMENTS Page Balance Sheets as of November 30,2023 and August 31, 2023 (Unaudited) F-2 F-3 F-4 F-5 Notes to the Unaudited Financial Statements F-6 F-1 Table of Contents PACIFIC SPORTS EXCHANGE INC. BALANCE SHEETS (UNAUDITED) As of As of November 30, August 31, 2023 2023 Assets Current Assets Cash $ 1,890 $ 2,151 Inventory 269 269 Total Current Assets 2,159 2,420 Total Assets $ 2,159 $ 2,420 Liabilities and Stockholders' Deficit Current Liabilities Accounts payable $ 79,476 $ 74,103 Due to related parties 17,400 17,400 Total Current Liabilities 96,876 91,503 Stockholders' Deficit Preferred stock: 20,000,000 shares authorized; $ 0.001 par value; no shares issued and outstanding - - Common stock: 200,000,000 shares authorized; $ 0.001 par value; 14,375,000 shares issued and outstanding, respectively. 14,375 14,375 Additional paid-in capital 62,691 62,691 Accumulated deficit ( 171,783 ) ( 166,149 ) Total Stockholders' Deficit ( 94,717 ) ( 89,083 ) Total Liabilities and Stockholders' Deficit $ 2,159 $ 2,420 The accompanying notes are an integral part of these unaudited condensed financial statements. F-2 Table of Contents PACIFIC SPORTS EXCHANGE INC. (UNAUDITED) Three Months Ended November 30, 2023 2022 Revenues $ 2,300 $ 6,852 Cost of goods sold ( 1,740 ) ( 5,789 ) Gross profit 560 1,063 Operating Expenses General and administrative 296 946 Professiona

Management's Discussion and Analysis of Financial Condition or Plan of Operation

Item 2. Management's Discussion and Analysis of Financial Condition or Plan of Operation General Overview The Company was incorporated in Delaware on July 2, 2018, to engage in the business of re-selling 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 and golf carts. 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 an online-only entity and utilize eBay Inc. ("eBay") as our primary marketing channel. We will also optimize our own website for global' search terms and internally vend equipment through an expanding referral network of repeat customers. Our principal executive office is located at 2149 Rio De Janeiro Ave., Punta Gorda, FL 33983, and our telephone number is (877) 571-5562. Our corporate website is www.pacificsportsexchange.com. We have not been subject to any bankruptcy, receivership, or similar proceeding. We do not have any subsidiaries. Description of Business We specialize in the reselling of new and used tennis and golf equipment, including reselling used golf carts and engaging in consignment sales of tennis rackets and golf carts. The concept is to source top-quality, in-demand equipment and resell it to both domestic and international customers. We have identified popular brands and models that retain their value in new and used conditions. To source in-demand equipment, our Company has established relationships with local Southwest Florida sports retailers to purchase their surplus end-of-season inventory and trade-ins. The Company also attends golf and tennis trade shows and monitors re-seller equipment events to pin-point trends in high-demand used equipment. Both Florida and California h

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View this 10-Q filing on SEC EDGAR