Pacific Sports Exchange Inc. Files Quarterly Report (10-Q)

TL;DR

<b>Pacific Sports Exchange Inc. has filed its Q2 2024 10-Q report, detailing financial information and company data.</b>

AI Summary

Pacific Sports Exchange Inc. (PSPX) filed a Quarterly Report (10-Q) with the SEC on April 15, 2024. Pacific Sports Exchange Inc. filed a 10-Q report on April 15, 2024, for the period ending February 29, 2024. The company's fiscal year ends on August 31. The filing covers the second quarter of fiscal year 2024. The company's business address is located in Punta Gorda, Florida. The filing includes data related to common stock, additional paid-in capital, and retained earnings as of various dates in 2022, 2023, and 2024.

Why It Matters

For investors and stakeholders tracking Pacific Sports Exchange Inc., this filing contains several important signals. This filing provides investors with an update on the company's financial performance and position for the second quarter of fiscal year 2024. The detailed financial data, including stock and capital information, allows for analysis of the company's financial health and trends.

Risk Assessment

Risk Level: low — Pacific Sports Exchange Inc. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate red flags or significant negative developments, indicating a low level of immediate risk from this specific filing.

Analyst Insight

Review the detailed financial statements and disclosures within the 10-Q to assess the company's operational performance and financial health.

Key Numbers

• 2024-02-29 — Period End Date (Quarterly Report)
• 2024-04-15 — Filing Date (Quarterly Report)
• 0831 — Fiscal Year End (Company's fiscal year end)

Key Players & Entities

• Pacific Sports Exchange Inc. (company) — Filer of the 10-Q report
• 2024-02-29 (date) — End of the reporting period
• 2024-04-15 (date) — Filing date of the 10-Q
• Punta Gorda, FL (location) — Business and mailing address
• 877-571-5562 (phone_number) — Business phone number

FAQ

Industry Context

Pacific Sports Exchange Inc. operates in the Miscellaneous Shopping Goods Stores sector, which involves the retail sale of a variety of goods not elsewhere classified.

Regulatory Implications

Companies are required to file quarterly reports (Form 10-Q) with the SEC to provide ongoing disclosure of financial information and material business developments.

What Investors Should Do

1. Analyze the financial statements for the quarter ended February 29, 2024.
2. Review any Management's Discussion and Analysis of Financial Condition and Results of Operations sections for insights into performance drivers.
3. Check for any new risk factors or legal proceedings disclosed in the filing.

Key Dates

• 2024-02-29: Quarter End — End of the reporting period for the 10-Q
• 2024-04-15: Filing Date — Date the 10-Q was submitted to the SEC

Year-Over-Year Comparison

This is the initial filing analyzed, so no comparison to a previous filing is available.

Key Financial Figures

• $6,055 — ) $ (9,298 ) $ 3,243 Net loss was $6,055 for the three months ended February 29,
• $9,298 — ree months ended February 29, 2024, and $9,298 net loss for the three months ended Feb
• $237 — ly due to a decrease in gross profit of $237 offset by a decrease in operating expen
• $3,480 — by a decrease in operating expenses of $3,480. Cost of goods sold for the three mont
• $800 — ry 29, 2024, and February 28, 2023, was $800 and $3,523, respectively. Operating exp
• $3,523 — 24, and February 28, 2023, was $800 and $3,523, respectively. Operating expenses for t
• $6,355 — y 29, 2024, and February 28, 2023, were $6,355 and $9,835, respectively. Operating exp
• $9,835 — and February 28, 2023, were $6,355 and $9,835, respectively. Operating expenses durin
• $162 — general and administration expenses of $162 and $136, and professional fees of $6,1
• $136 — and administration expenses of $162 and $136, and professional fees of $6,193 and $9
• $6,193 — $162 and $136, and professional fees of $6,193 and $9,699, respectively. 4 Table of
• $9,699 — 36, and professional fees of $6,193 and $9,699, respectively. 4 Table of Contents

Filing Documents

• pse_10q.htm (10-Q) — 361KB
• pse_ex311.htm (EX-31.1) — 13KB
• pse_ex321.htm (EX-32.1) — 5KB
• 0001640334-24-000665.txt (&nbsp;) — 1428KB
• pse-20240229.xsd (EX-101.SCH) — 15KB
• pse-20240229_lab.xml (EX-101.LAB) — 93KB
• pse-20240229_cal.xml (EX-101.CAL) — 19KB
• pse-20240229_pre.xml (EX-101.PRE) — 69KB
• pse-20240229_def.xml (EX-101.DEF) — 19KB
• pse_10q_htm.xml (XML) — 100KB

- 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 Six Months Ended February 29, 2024 (Unaudited) INDEX TO UNAUDITED FINANCIAL STATEMENTS Page Balance Sheets as of February 29, 2024, 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 February 29, August 31, 2024 2023 Assets Current Assets Cash $ 555 $ 2,151 Inventory 1,069 269 Total Current Assets 1,624 2,420 Total Assets $ 1,624 $ 2,420 Liabilities and Stockholders' Deficit Current Liabilities Accounts payable and accrued liabilities $ 84,996 $ 74,103 Due to related parties 17,400 17,400 Total Current Liabilities 102,396 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 ( 177,838 ) ( 166,149 ) Total Stockholders' Deficit ( 100,772 ) ( 89,083 ) Total Liabilities and Stockholders' Deficit $ 1,624 $ 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 Six Months Ended February 29, February 28, February 29, February 28, 2024 2023 2024 2023 Revenues $ 1,100 $ 4,

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

View Full Filing

View this 10-Q filing on SEC EDGAR