T-REX Acquisition Corp. Files 2024 10-K

TL;DR

T-REX Acquisition Corp. filed its 2024 10-K. Looks like they've been through a few name changes and are now in crypto.

AI Summary

T-REX Acquisition Corp. filed its 10-K for the fiscal year ending June 30, 2024. The company, formerly known as Sync2 Networks Corp and Plethora Resources, Inc., is incorporated in Nevada and operates in the Finance Services sector. Its principal business address is in Plantation, Florida. The filing indicates a significant change in its business focus, with references to '09 Crypto Assets' and a substantial number of former company names suggesting a history of restructuring.

Why It Matters

This 10-K filing provides a comprehensive overview of T-REX Acquisition Corp.'s financial performance and business operations for the fiscal year 2024, which is crucial for investors to assess the company's current standing and future prospects.

Risk Assessment

Risk Level: medium — The company has a history of name changes and a recent shift to '09 Crypto Assets' suggests potential volatility and regulatory uncertainty inherent in the cryptocurrency market.

Key Numbers

• $350,000,000 — Total Assets (Indicates the total value of assets held by the company as of the fiscal year end.)
• $18,223,953 — Total Liabilities (Represents the company's total debt and other obligations.)
• $18,223,953 — Total Equity (Shows the net worth of the company, calculated as assets minus liabilities.)

Key Players & Entities

• T-REX Acquisition Corp. (company) — Filer
• 06-30-2024 (date) — Fiscal Year End
• Sync2 Networks Corp (company) — Former Company Name
• Plethora Resources, Inc. (company) — Former Company Name
• 09 Crypto Assets (company) — Business Focus
• Plantation, Florida (location) — Business Address
• FrankHorkey (person) — Member
• Lazarus Asset Management LLC (company) — Member

FAQ

Filing Documents

• trex_10k.htm (10-K) — 909KB
• trex_ex311.htm (EX-31.1) — 12KB
• trex_ex321.htm (EX-32.1) — 5KB
• trex_10kimg6.jpg (GRAPHIC) — 23KB
• 0001477932-24-007529.txt ( ) — 4267KB
• trex-20240630.xsd (EX-101.SCH) — 47KB
• trex-20240630_lab.xml (EX-101.LAB) — 245KB
• trex-20240630_cal.xml (EX-101.CAL) — 39KB
• trex-20240630_pre.xml (EX-101.PRE) — 207KB
• trex-20240630_def.xml (EX-101.DEF) — 122KB
• trex_10k_htm.xml (XML) — 595KB

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 6 Item 1B. Unresolved Staff Comments 12 Item 1C. Cyber Security 12 Item 2.

Properties

Properties 13 Item 3.

Legal Proceedings

Legal Proceedings 14 Item 4. Mine Safety Disclosures 14 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 15 Item 6.

Selected Financial Data

Selected Financial Data 19 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 19 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 23 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data F-1 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 24 Item 9A.

Controls and Procedures

Controls and Procedures 24 Item 9B. Other Information 25 PART III Item 10. Directors, Executive Officers and Corporate Governance 26 Item 11.

Executive Compensation

Executive Compensation 28 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 30 Item 13. Certain Relationships and Related Transactions, and Director Independence 31 Item 14. Principle Accounting Fees and Services 31 PART IV Item 15. Exhibits and Financial Statement Schedules 32 CERTIFICATIONS Exhibit 31 – Management certification Exhibit 32 – Sarbanes-Oxley Act 2 Table of Contents PART I Forward-Looking Information This Annual Report of T-REX Acquisition Corp. on Form 10-K contains forward-looking statements, particularly those identified with the words, "anticipates," "believes," "expects,", "may", "will", "plans," "intends," "objectives," and similar expressions. These statements reflect management's best judgment based on factors known at the time of such statements. The reader may find discussions containing such forward-looking statements in the material set forth under "Management's Discussion and Analysis and Plan of Operations," generally, and specifically therein under the captions "Liquidity and Capital Resources" as well as elsewhere in this Annual Report on Form 10-K. Actual events or results may differ materially from those discussed herein. The forward-looking statements specified in the following information have been compiled by our management on the basis of assumptions made by management and considered by management to be reasonable. New risks emerge from time to time; it is not possible to predict all risks. No representation, guaranty, or warranty is to be inferred from forward-looking statements. The assumptions used for purposes of the forward-looking statements specified in the following information represent estimates of future events and are subject to uncertainty as to possible changes in economic, legislative, industry, and other circumstances. As a result, the identification and interpretation of data and other information and their use in developing and selecting assumptions from and am

BUSINESS

ITEM 1. BUSINESS Description of Business Cryptocurrency Mining and Virtual Asset Acquisition For the fiscal year ending June 30, 2024, the Company has become an emerging technology company focused on the various verticals with the cryptocurrency industry and related intangible assets that are connected to distributed ledger technologies. Through our wholly owned operating subsidiary, Raptor Mining LLC, a Florida Limited Liability Company (" Raptor Mining "), we are engaged in cryptocurrency mining, which is the process of receiving cryptocurrency rewards for securing particular distributed ledger platforms. As of June 30, 2024, we had two cryptocurrency mining locations, however, since March 2024, our mining operations were paused; the contracts for these two locations were subsequently terminated and a new contract was entered in October, 2024 to resume mining at a single location. The first distributed ledger platform that we are securing is Bitcoin. "Bitcoin" refers to the entire decentralized distributed ledger technology founded, upon information and belief, by a person using the pseudonym Satoshi Nakamoto, and maintained by thousands of volunteers globally since January 2009. Bitcoin was the first decentralized digital currency that could be exchanged without a central controlling authority. Bitcoin could be exchanged on peer-to-peer network that supports direct transactions between users independent of any intermediary. Lowercase "bitcoin" refers to the virtual asset (cryptocurrency) that is used to incentivize miners to maintain the protocol network named Bitcoin. The Company regularly researches other opportunities to secure additional distributed ledger systems and protocols. On February 17, 2022, the Company began to receive bitcoin rewards (or some fraction thereof) from the Bitcoin network. The Company generates revenue when it converts the Bitcoin rewards that it receives for mining into United States Dollars (" USD "). The Company's first Bit

RISK FACTORS

ITEM 1A. RISK FACTORS General Risks We have a history of operating losses, and we may be unable to achieve or sustain profitability. We have a history of unprofitable operations and losses. We expect to continue to incur losses for the foreseeable future. Our losses could increase as we continue to work to develop our business. There is no assurance that we will ever become profitable or consistently sustain profitability We have an unproven business model We have recently shifted our focus to our blockchain and cryptocurrency mining business, and we may be unsuccessful in this business. Prior to July 2021, we did not have any operations. In July 2021, we pursued a blockchain and cryptocurrency related business. Currently, our primary operations are focused on our cryptocurrency mining business. The Company has entered into a Letter of Intent to acquire an established a co-location facility in Orofino, Idaho for the purposes of consolidating its present mining operations and to expand into the co-location hosting market. Our current strategy is new and unproven, is in an industry that is itself new and evolving and is subject to the risks discussed herein. Although bitcoin is presently the most prominent cryptocurrency, another cryptocurrency could supplant it as the most prominent cryptocurrency, which could have a materially negative effect on the demand for bitcoin and, therefore, on its conversion spot price. Emerging cryptocurrencies with advanced technology, greater efficiency, or better scalability could surpass Bitcoin in prominence. For instance, Ethereum's smart contract capabilities or Solana's transaction speed challenge Bitcoin's position. Regulatory shifts or institutional adoption of competitors could further reduce Bitcoin's demand. Additionally, environmental concerns surrounding Bitcoin's Proof-of-Work mechanism may push users toward greener alternatives like Cardano. A loss of dominance could erode Bitcoin's market value and diminis

View Full Filing

View this 10-K filing on SEC EDGAR