T-REX Acquisition Corp. Files Q3 2024 10-Q
Ticker: TRXA · Form: 10-Q · Filed: Dec 27, 2024 · CIK: 1437750
Sentiment: neutral
Topics: 10-Q, financials, acquisition-corp
TL;DR
**T-REX Acquisition Corp. Q3 2024 10-Q filed. $18.2M net assets.**
AI Summary
T-REX Acquisition Corp. filed a 10-Q for the period ending September 30, 2024. The company, formerly Sync2 Networks Corp and Plethora Resources, Inc., is involved in finance services. Key financial figures include $350 million in authorized shares and $18.2 million in net assets for the period.
Why It Matters
This filing provides a quarterly update on T-REX Acquisition Corp.'s financial health and operational status, which is crucial for investors to assess the company's performance and future prospects.
Risk Assessment
Risk Level: medium — As a SPAC, T-REX Acquisition Corp. faces inherent risks related to finding and completing a business combination within its timeframe.
Key Numbers
- $350.0M — Authorized Shares (Indicates the maximum number of shares the company can issue.)
- $18.2M — Net Assets (Represents the company's total assets minus liabilities as of the reporting period.)
Key Players & Entities
- T-REX Acquisition Corp. (company) — Filer of the 10-Q
- Sync2 Networks Corp (company) — Former name of T-REX Acquisition Corp.
- Plethora Resources, Inc. (company) — Former name of T-REX Acquisition Corp.
- 0630 (date) — Fiscal year end
- 20240930 (date) — Period of report
- 20241227 (date) — Filing date
- 350000000 (dollar_amount) — Authorized shares
- 18223953 (dollar_amount) — Net assets
FAQ
What is the primary business of T-REX Acquisition Corp.?
T-REX Acquisition Corp. is classified under 'FINANCE SERVICES' with SIC code 6199.
When is T-REX Acquisition Corp.'s fiscal year end?
The company's fiscal year ends on June 30 (0630).
What was the total number of shares authorized by T-REX Acquisition Corp. as of the filing date?
The company had 350,000,000 authorized shares.
What were the net assets of T-REX Acquisition Corp. for the period ending September 30, 2024?
The net assets for the period ending September 30, 2024, were $18,223,953.
What is the filing date of this 10-Q report?
This 10-Q report was filed on December 27, 2024.
Filing Stats: 4,462 words · 18 min read · ~15 pages · Grade level 15.7 · Accepted 2024-12-27 17:27:45
Key Financial Figures
- $0.0001 — e 18,223,953 shares of the Registrant's $0.0001 par value common stock issued and outst
Filing Documents
- trex_10q.htm (10-Q) — 792KB
- trex_ex311.htm (EX-31.1) — 9KB
- trex_ex321.htm (EX-32.1) — 4KB
- 0001477932-24-008351.txt ( ) — 4331KB
- trex-20240930.xsd (EX-101.SCH) — 53KB
- trex-20240930_lab.xml (EX-101.LAB) — 260KB
- trex-20240930_cal.xml (EX-101.CAL) — 41KB
- trex-20240930_pre.xml (EX-101.PRE) — 221KB
- trex-20240930_def.xml (EX-101.DEF) — 139KB
- trex_10q_htm.xml (XML) — 679KB
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS F-1 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 3 ITEM 3.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 6 ITEM 4.
CONTROLS AND PROCEDURES
CONTROLS AND PROCEDURES 6
OTHER INFORMATION
PART II. OTHER INFORMATION ITEM 1.
LEGAL PROCEEDINGS
LEGAL PROCEEDINGS 8 ITEM 1A.
RISK FACTORS
RISK FACTORS 8 ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 8 ITEM 3. DEFAULTS UPON SENIOR SECURITIES 8 ITEM 4. MINE SAFETY DISCLOSURES 8 ITEM 5. OTHER INFORMATION 8 ITEM 6. EXHIBITS 9 2 Table of Contents
– FINANCIAL INFORMATION
PART I – FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements. T-REX ACQUISITION CORP. September 30, 2024 Consolidated Balance Sheets F-2 Consolidated Statements of Operations F-3 Consolidated Statements of Stockholders' Equity F-4 Consolidated Statements of Cash Flows F-5 Notes to the Consolidated Financial Statements F-6 F-1 Table of Contents T-REX ACQUISITION CORP. CONSOLIDATED BALANCE SHEETS September 30, 2024 June 30, 2024 (Unaudited) (Restated) ASSETS CURRENT ASSETS: Cash $ 103 $ 36 Prepaid consulting - current 140,826 152,213 Other assets 66,500 TOTAL CURRENT ASSETS 207,429 152,249 NON CURRENT ASSETS: Plant and equipment - - Prepaid consulting - noncurrent 46,667 - TOTAL NON CURRENT ASSETS 46,667 - TOTAL ASSETS $ 254,096 $ 152,249 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) CURRENT LIABILITIES: Accounts payable and accrued expenses $ 59,834 $ 57,950 Due to related party- accrued compensation 757,655 664,430 Due to related party- advances 9,467 13,602 Note payable 185,998 134,375 Interest payable 8,465 4,961 Notes payable - related parties 357,500 357,500 Interest payable - related parties 8,006 12,043 Deposit payable 165,000 15,000 TOTAL CURRENT LIABILITIES 1,551,925 1,259,861 NON CURRENT LIABILITIES: TOTAL NON CURRENT LIABILITIES - - TOTAL LIABILITIES 1,551,925 1,259,861 Commitments and contingencies (Note 9) $ - $ - STOCKHOLDERS' EQUITY (DEFICIT) Common stock, 0.0001 par value, authorized 350,000,000 shares and 18,223,953 and 18,223,953 issued and outstanding as of September 30, 2024, and June 30, 2024, respectively 1,822 1,822 Additional paid in capital 6,009,302 5,899,164 Stock subscription payable 26,660 15,200 Accumulated deficit ( 7,335,613 ) ( 7,023,798 ) TOTAL STOCKHOLDERS' EQUITY (DEFICIT) ( 1,297,829 ) ( 1,107,612 ) TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) $ 254,096 $ 152,249 The accompanying foot
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS September 30, 2024 NOTE 1 – ORGANIZATION AND DESCRIPTION OF BUSINESS In July 2021, T-REX Acquisition Corp. (The " Company ") became an emerging technology company focused on the various verticals within the cryptocurrency industry and related intangible assets that are connected to distributed ledger technologies. Through the Company's wholly owned operating subsidiary, Raptor Mining LLC, a Florida Limited Liability Company (" Raptor Mining "), the Company is 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 in Orofino, Idaho. The Company's initial objective is to secure a Bitcoin distribution leger platform. "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 from