Rapid Line Inc. Files Q2 2024 10-Q

TL;DR

Rapid Line Inc. 10-Q filed: Q2 2024 financials out.

AI Summary

Rapid Line Inc. filed its 10-Q for the period ending July 31, 2024. The company, incorporated in Wyoming and based in Warsaw, Poland, operates in the educational services sector. Financial details and specific performance metrics for the quarter and year-to-date are presented within the filing.

Why It Matters

This filing provides investors and stakeholders with the latest financial performance and operational updates for Rapid Line Inc. during the second quarter of fiscal year 2024.

Risk Assessment

Risk Level: low — This is a standard quarterly filing with no immediate red flags or significant negative disclosures apparent from the provided header information.

Key Numbers

• 2024-07-31 — Reporting Period End Date (Indicates the end of the financial quarter being reported.)
• 2024-08-23 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• Rapid Line Inc. (company) — Filer of the 10-Q
• 2024-07-31 (date) — End of the reporting period
• 0001910975 (company) — Central Index Key for Rapid Line Inc.
• Warsaw (location) — City of business and mailing address

FAQ

Key Financial Figures

• $0.0001 — – $ – $ – Shares issued for cash at $0.0001 per share on January 10, 2022 2,500,00
• $0.02 — $ ( 481 ) Shares issued for cash at $0.02 per share in July, 2022 167,500 167
• $2,254 — and six months ended July 31, 2024 was $2,254 and $21,876. Operating expenses consist
• $21,876 — nths ended July 31, 2024 was $2,254 and $21,876. Operating expenses consist of mainly p
• $25,847 — and six months ended July 31, 2023 was $25,847 and $35,012. Operating expenses consist
• $35,012 — ths ended July 31, 2023 was $25,847 and $35,012. Operating expenses consist of mainly p
• $28,735 — of July 31, 2024, our total assets were $28,735 consisting of Mobile Application and We
• $25,974 — flows used in operating activities was $25,974 consisting of: CASH FLOWS FROM OPERATI
• $21,850 — onths ended July 31, 2024, we generated $21,850 consisting of: CASH FLOWS FROM FINANCI

Filing Documents

• rapidline_i10q-73124.htm (10-Q) — 314KB
• rapidline_ex3101.htm (EX-31.1) — 12KB
• rapidline_ex3201.htm (EX-32.1) — 5KB
• 0001683168-24-005989.txt ( ) — 1954KB
• none-20240731.xsd (EX-101.SCH) — 15KB
• none-20240731_cal.xml (EX-101.CAL) — 22KB
• none-20240731_def.xml (EX-101.DEF) — 41KB
• none-20240731_lab.xml (EX-101.LAB) — 170KB
• none-20240731_pre.xml (EX-101.PRE) — 139KB
• rapidline_i10q-73124_htm.xml (XML) — 137KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) 3 Balance Sheets 3 4 5 6 Notes to the Financial Statements 7 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 12 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 14 Item 4.

Controls and Procedures

Controls and Procedures 14 PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 15 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 15 Item 3. Defaults Upon Senior Securities 15 Item 4. Mine safety disclosures 15 Item 5. Other Information 15 Item 6. Exhibits 15

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) RAPID LINE INC. BALANCE SHEETS July 31, 2024 (Unaudited) January 31, 2024 (Audited) ASSETS Current Assets Bank Account $ 328 $ 4,452 Prepaid Expenses 53 53 Total Current Assets 381 4,505 Non- Current Intangible Assets Mobile Application and Website Development 41,000 41,000 Accumulated Depreciation ( 12,646 ) ( 16,744 ) Total Non-Current Intangible Assets 28,354 24,256 Total Assets $ 28,735 $ 28,761 LIABILITIES Current Liabilities Interest Payable $ 10,430 $ 8,380 Total Current Liabilities 10,430 8,380 Long term Liabilities Director Loan 39,444 19,644 Promissory Note 41,000 41,000 Total Long term Liabilities 80,444 60,644 Total Liabilities 90,874 69,024 Stockholders' Equity Common stock, $ 0.0001 par value, 75,000,000 shares authorized; 3,632,750 shares issued and outstanding July 31, 2024 and January 31, 2024 respectively; 364 364 Additional paid-in-capital 22,542 22,542 Accumulated deficit ( 85,044 ) ( 63,168 ) Total Stockholders' Equity ( 62,139 ) ( 40,263 ) Total Liabilities and Stockholders' Equity $ 28,735 $ 28,761 The accompanying notes are an integral part of these financial statements. 3 RAPID LINE INC. Three Months Ended July 31, 2024 Three Months Ended July 31, 2023 Six Months Ended July 31, 2024 Six Months Ended July 31, 2023 REVENUES $ – $ – $ – $ – OPERATING EXPENSES General and Administrative Expenses 2,254 25,847 21,876 35,012 TOTAL OPERATING EXPENSES 2,254 25,847 21,876 35,012 NET INCOME (LOSS) FROM OPERATIONS ( 2,254 ) ( 25,847 ) ( 21,876 ) ( 35,012 ) PROVISION FOR INCOME TAXES – – – – NET INCOME (LOSS) $ ( 2,254 ) $ ( 25,847 ) $ ( 21,876 ) $ ( 35,012 ) NET LOSS PER SHARE: BASIC AND DILUTED $ ( 0.00 ) $ ( 0.00 ) $ ( 0.00 ) $ ( 0.00 ) WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED 3,632,750

Management's Discussion and Analysis of Financial

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

FORWARD LOOKING STATEMENTS

FORWARD LOOKING STATEMENTS historical or current facts are "forward-looking statements" made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 (the "Act") and Section 21E of the Securities Exchange Act of 1934. These statements often can be identified by the use of terms such as "August," "will," "expect," "believe," "anticipate," "estimate," "approximate" or "continue," or the negative thereof. We intend that such forward-looking statements be subject to the safe harbors for such statements. We wish to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Any forward-looking statements represent management's best judgment as to what April occurs in the future. However, forward-looking statements are subject to risks, uncertainties and important factors beyond our control that could cause actual results and events to differ materially from historical results of operations and events and those presently anticipated or projected. We disclaim any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statement or to reflect the occurrence of anticipated or unanticipated events. Employees and Employment Agreements At present, we have no employees other than our officer and director. We presently do not have pension, health, annuity, insurance, stock options, profit sharing or similar benefit plans; however, we August adopt such plans in the future. There are presently no personal benefits available to any officers, directors or employees. Results of Operation Our financial statements have been prepared assuming that we will continue as a going concern and, accordingly, do not include adjustments relating to the recoverability and realization of assets and classification of liabilities that might be necessary should we be unable to continue in operati

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk No report required.

Controls and Procedures

Item 4. Controls and Procedures Our management is responsible for establishing and maintaining a system of disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act) that is designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Commission's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated and communicated to the issuer's management, including its principal executive officer or officers and principal financial officer or officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. An evaluation was conducted under the supervision and with the participation of our management of the effectiveness of the design and operation of our disclosure controls and procedures as of July 31, 2024. Based on that evaluation, our management concluded that our disclosure controls and procedures were not effective as of such date to ensure that information required to be disclosed in the reports that we file or submit under the Exchange Act, is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms. Such officer also confirmed that there was no change in our internal control over financial reporting since Inception on January 10, 2022 ended July 31, 2024 that has materially affected, or is reasonably like

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