What changed in this filing

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Item 9A. Controls and Procedures

2024-03-29 compared with 2023-02-16 · 69 added, 67 removed, 236 unchanged (37% of the section changed)

4 unchanged sentences

of the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange

Act of 1934, as amended (the “Exchange Act”) as of the end of the period covered by this annual report on Form 10-K.

on that evaluation, we concluded that because of the material weakness and significant deficiencies in our internal control over financial

3 unchanged sentences

OTHER INFORMATION

During the quarter ended December 31, 2023, no

director or officer adopted or terminated any Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement, as each term is

defined in Item 408(a) of Regulation S-K.

DISCLOSURE REGARDING FOREIGN JUSRISDICTIONS

THAT PREVENT INSPECTIONS.

Not applicable.

DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

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He was elected to the Board of Directors of California

First National Bancorp in June 2001.

First Leasing Corporation in June 2001.

In June 2020, he was elected to the Board of Directors of West Texas Resources.

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the University of California at Riverside with an M.B.A.

CONFLICTS OF INTEREST – GENERAL

CONFLICTS OF INTEREST –

Our sole director and officer is, or may become,

4 unchanged sentences

outside of our business, he devotes to our business such time as he believes to be necessary.

OF INTEREST – CORPORATE OPPORTUNITIES

OF INTEREST –

CORPORATE OPPORTUNITIES

no requirements in our Articles of Incorporation or Bylaws which requires officers and directors of the Company to disclose to us business

69 unchanged sentences

________________

** The SEC Financial Reporting Manual Section 1320.2 - Inactive

Registrants states that if Registrant has gross receipts or expenditures not over $100,000;

** The SEC Financial Reporting Manual Section 1320.2 - Inactive Registrants

states that if Registrant has gross receipts or expenditures not over $100,000;

no securities activity;

and no material

changes, it MAY PROVIDE UNAUDITED FINANCIAL STATEMENTS IN FORM 10-K.

XBRL requires auditor information and for this reason, this

filing does not contain xbrl as it would suspend.

and no material changes, it MAY

PROVIDE UNAUDITED FINANCIAL STATEMENTS IN FORM 10-K.

XBRL requires auditor information and for this reason, this filing does not contain

xbrl as it would suspend.

FORM 10-K SUMMARY

13 unchanged sentences

Accrued expenses

Advances from former officer

Accounts payable

Total current liabilities

1 unchanged sentence

Commitments and contingencies

Stockholders’ deficit

Stockholders’

Preferred stock - Class A, $1.00 par value;

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$ (32,280,543 )

Shares subscribed

Balance, December 31, 2022

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STATEMENTS OF CASH FLOWS

For the Years Ended September 30,

For the Years Ended December 31,

CASH FLOWS FROM OPERATING ACTIVITIES

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Accrued expenses

Advances from former officer

Accounts payable

Net cash used in operating activities

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Nature of business and organization

Corporation (the “Company”) was incorporated in Colorado on February 2, 1986, under the name Coastal Financial Corp.

5, 1994, Coastal Financial Corp.

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was engaged in the development of a low-cost automatic meter reading, or AMR, solution until it ceased all business activity in 2008.

was an SEC reporting company until 2008.

Its last Form 10-K, for the fiscal year 2007, was filed on Jan 4, 2008;

its last Form 10-Q, for

the three and nine months ended June 30, 2008, was filed on Sep.

Basis of Presentation and Summary of significant accounting policies

2 unchanged sentences

financial statements have been prepared in accordance with the generally accepted accounting principles in the United States of America

GAAP”) and pursuant to the rules and regulations of the Securities Exchange Commission (“SEC”).

changed its fiscal year end from September 30 to December 31 on January 31, 2023.

The change did not result in any material differences

in the Company’s financial statements because the Company has minimal activities and its quarterly operating results are immaterial

and comparable.

and cash equivalents

cash equivalents consist of amounts of cash on hand and bank deposits.

in the Company’s financial statements because the Company has minimal activities and its quarterly operating results are immaterial.

Cash and cash equivalents

Cash and cash equivalents consist of amounts of

cash on hand and bank deposits.

estimates and assumptions

The preparation

of financial statements in conformity with U.S.

GAAP requires management to make estimates and assumptions that affect the amounts of

assets and liabilities reported and disclosures of contingent assets and liabilities as of the date of the financial statements and the

reported amounts of revenues and expenses during the periods presented.

The preparation of financial statements in conformity

GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities reported and disclosures

of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during

the periods presented.

Actual results could differ from these estimates.

accounts for income taxes under the asset and liability method.

Deferred tax assets and liabilities are recognized for future tax consequences

attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their perspective

Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in

which the temporary differences are expected to be recovered or settled.

The effect on deferred tax assets and liabilities of a change

in tax rates is recognized in income in the period that includes the enactment date.

Valuation allowances are recorded, when necessary,

to reduce deferred tax assets to the amount expected to be realized.

has adopted the provisions of ASC 740, Income Taxes.

The Company accounts for income taxes under the

asset and liability method.

Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences

between the financial statement carrying amounts of existing assets and liabilities and their perspective tax bases.

Deferred tax assets

and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which the temporary differences

are expected to be recovered or settled.

The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income

in the period that includes the enactment date.

Valuation allowances are recorded, when necessary, to reduce deferred tax assets to the

amount expected to be realized.

The Company has adopted the provisions of ASC

740, Income Taxes.

and Contingencies

In the ordinary

course of business, the Company is subject to certain contingencies, including legal proceedings and claims arising out of the business

that relate to a wide range of matters, such as government investigations and tax matters.

The Company recognizes a liability for such

contingency if it determines it is probable that a loss has occurred and a reasonable estimate of the loss can be made.

The Company may

consider many factors in making these assessments including historical and specific facts and circumstances of each matter.

Basic earnings

per share are computed by dividing net income attributable to holders of Common Stock by the weighted average number of Common Stock outstanding

during the year.

Diluted earnings per share reflect the potential dilution that could occur if securities to issue Common Stock were issued.

In the ordinary course of business, the Company

is subject to certain contingencies, including legal proceedings and claims arising out of the business that relate to a wide range of

matters, such as government investigations and tax matters.

The Company recognizes a liability for such contingency if it determines it

is probable that a loss has occurred and a reasonable estimate of the loss can be made.

The Company may consider many factors in making

these assessments including historical and specific facts and circumstances of each matter.

Basic earnings per share are computed by dividing

net income attributable to holders of Common Stock by the weighted average number of Common Stock outstanding during the year.

earnings per share reflect the potential dilution that could occur if securities to issue Common Stock were issued.

issued accounting pronouncements

does not believe that recently issued accounting standards will have a material effect on its financial statements.

evaluated subsequent events and transactions that occurred after the balance sheet date through the date that the financial statements

are available to be issued.

There are no material subsequent events that required recognition or additional disclosure.

The accompanying

financial statements have been prepared in conformity with generally accepted accounting principles, which contemplate continuation of

the Company as a going concern.

Additional capital infusion is necessary in order to fund current expenditures, acquire business opportunities

and achieve profitable operations.

This factor raises substantial doubt about the Company’s ability to continue as a going concern.

The Company’s

management intends to continue funding current expenditures and to raise additional funds.

However, there can be no assurance that management

will be successful in this endeavor.

The Company does not believe that recently issued

accounting standards will have a material effect on its financial statements.

The Company evaluated subsequent events and transactions

that occurred after the balance sheet date through the date that the financial statements are available to be issued.

There are no material

subsequent events that required recognition or additional disclosure.

Going concern

The accompanying financial statements have been

prepared in conformity with generally accepted accounting principles, which contemplate continuation of the Company as a going concern.

Additional capital infusion is necessary in order to fund current expenditures, acquire business opportunities and achieve profitable

This factor raises substantial doubt about the Company’s ability to continue as a going concern.

The Company’s management intends to continue

funding current expenditures and to raise additional funds.

However, there can be no assurance that management will be successful in this

Loss Per Share

1 unchanged sentence

table sets forth the computation of basic and diluted loss per share for the years presented:

Computation of basic and diluted loss per share

Years ended December 31,

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Principal Accounting Officer

February 16, 2023

March 29, 2024

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 9A. Controls and Procedures