CONECTISYS CORP 10-Q

CONECTISYS CORPORATION 10-Q Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ______________ Commission file number: 033-03560-D CONECTISYS CORPORATION (Name of registrant as specified in its charter) Colorado 84-1017107 (State or other jurisdiction of Incorporation or Organization) (I.R.S. Employer Identification No.) 14308 S. Goss Road , Cheney , WA 99004 (Address of principal executive offices) (Zip Code) (949) 929-5455 (Registrant’s telephone number, including area code) (Former name or former address and former fiscal year, if changed since last report) Securities registered pursuant to Section 12(b) of the Act: Title of Each Class Trading Symbol Name of Each Exchange on Which Registered N/A N/A N/A Indicate by check mark whether the registrant (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act: Large accelerated Filer ☐ Accelerated Filer ☐ Non-accelerated Filer ☒ Smaller reporting company ☒ Emerging Growth Company ☒ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☒ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☒ No ☐ As of July 15, 2025, there are 1,388,579 shares of common stock issued and outstanding. Conectisys Corporation Table of Contents Page PART I - FINANCIAL INFORMATION Item 1 Unaudited Financial Statements 3 Item 2 Management’s Discussion and Analysis of Financial Condition and Results of Operations 9 Item 3 Quantitative and Qualitative Disclosures About Market Risk 10 Item 4 Controls and Procedures 10 PART II - OTHER INFORMATION Item 1 Legal Proceedings 11 Item 1A Risk Factors 11 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 11 Item 3 Defaults Upon Senior Securities 11 Item 4 Mine Safety Procedures 11 Item 5 Other Information 12 Item 6 Exhibits 12 Signatures 13 2 Part I - Financial Information Item 1. Unaudited Financial Statements CONECTISYS CORPORATION UNAUDITED BALANCE SHEETS June 30, 2025 December 31, 2024 ASSETS Current assets Cash and cash equivalents $ 8,391 $ – Total current assets 8,391 – Property and equipment, net – – TOTAL ASSETS $ 8,391 $ – LIABILITIES AND EQUITY Current liabilities Accounts payable $ 5,000 $ 24,906 Advances from officer – 29,089 Total current liabilities 5,000 53,995 Total liabilities 5,000 53,995 Commitments and contingencies – – Stockholders' Equity post-quasi-reorganization effected on March 31, 2025 Preferred stock – – Common stock - no par value; 250,000,000 shares authorized, 1,388,579 and 888,579 shares issued and outstanding 3,819 32,246,441 (Accumulated deficit) ( 428 ) ( 32,300,436 ) Total Stockholders’ Equity (Deficit) 3,391 ( 53,995 ) TOTAL LIABILITIES AND EQUITY $ 8,391 $ – See notes to the unaudited financial statements. 3 CONECTISYS CORPORATION UNAUDITED STATEMENTS OF OPERATIONS For the Three Months Ended June 30, For the Six Months Ended June 30, 2025 2024 2025 2024 REVENUE $ – $ – $ – $ – COST OF REVENUE – – – – GROSS PROFIT (LOSS) – – – – GENERAL AND ADMINISTRATIVE EXPENSES 428 6,411 1,518 7,328 NET (LOSS) $ ( 428 ) $ ( 6,411 ) $ ( 1,518 ) $ ( 7,328 ) WEIGHTED AVERAGE NUMBER OF COMMON SHARES Basic 1,388,579 888,579 1,138,579 888,579 Diluted 1,388,579 888,579 1,138,579 888,579 (LOSS) PER SHARE Basic $ ( 0.00 ) $ ( 0.00 ) $ ( 0.00 ) $ ( 0.00 ) Diluted $ ( 0.00 ) $ ( 0.00 ) $ ( 0.00 ) $ ( 0.00 ) See notes to the unaudited financial statements. 4 CONECTISYS CORPORATION UNAUDITED STATEMENT OF CHANGES IN EQUITY/(DEFICIT) Common Stock Accumulated Shares Amount Deficit Total Balances, December 31, 2024, pre-quasi-reorganization 888,579 $ 32,246,441 $ ( 32,300,436 ) $ ( 53,995 ) Net loss for the quarter ended March 31, 2025 – – ( 1,090 ) ( 1,090 ) Balances, March 31, 2025, pre-quasi-reorganization 888,579 $ 32,246,441 $ ( 32,301,526 ) $ ( 55,085 ) Quasi-reorganization effected on March 31, 2025: Common shares issued in satisfaction of amounts owed to: Former legal consultant 200,000 17,638 – 17,638 Officer 200,000 17,638 – 17,638 Readjustments to reflect liabilities at their fair value – – 14,809 14,809 Shares issued to officer for cash @ $.08819/share 100,000 8,819 – 8,819 Elimination of accumulated deficit for “fresh start” – ( 32,286,717 ) 32,286,717 – Net loss for the quarter ended June 30, 2025 – – ( 428 ) ( 428 ) Balances, June 30, 2025, post-quasi-reorganization 1,388,579 $ 3,819 $ ( 428 ) $ 3,391 See notes to the unaudited financial statements. 5 CONECTISYS CORPORATION UNAUDITED STATEMENTS OF CASH FLOWS For the Six Months Ended June 30, 2025 2024 CASH FLOWS FROM OPERATING ACTIVITIES Net (loss) $ ( 1,518 ) $ ( 7,328 ) Adjustments to reconcile net (loss) to cash (used in) operating activities: Change in operating assets and liabilities Accounts payable – 550 Advances from officer 1,090 6,778 Net cash used in operating activities ( 428 ) – CASH FLOWS FROM INVESTING ACTIVITIES – – CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from issuance of 100,000 common shares 8,819 – Net cash provided by financing activities 8,819 – CHANGES IN CASH 8,391 – CASH AND CASH EQUIVALENT, beginning of period – – CASH AND CASH EQUIVALENT, end of period $ 8,391 $ – SUPPLEMENTAL CASH FLOW INFORMATION: Cash paid for income tax $ – $ – Cash paid for interest $ – $ – See notes to the unaudited financial statements 6 Conectisys Corporation Notes to Unaudited Financial Statements June 30, 2024 Note 1 - Nature of Business and Organization Conectisys Corporation (the “Company”) was incorporated in Colorado on February 2, 1986, under the name Coastal Financial Corp. On December 5, 1994, Coastal Financial Corp. changed its name to BDR Industries, Inc., which changed its name on October 16, 1995, to Conectisys Corporation. The Company has not generated revenues since 2008. Operations: None Customers: None Employees: None Note 2 - Basis of Presentation and Summary of Significant Accounting Policies Basis of presentation The accompanying unaudited financial statements have been prepared in accordance with the generally accepted accounting principles in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities Exchange Commission (“SEC”). Cash and cash equivalents Cash and cash equivalents consist of amounts of cash on hand and bank deposits. Use of 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. Actual results could differ from these estimates. 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. Commitments 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. 7 Loss per share Basic loss per share is computed by dividing net loss by the weighted average number of common stock outstanding during the period. Recently issued accounting pronouncements The Company does not believe that the implementation of recently issued accounting standards would have a material effect on its financial position, statements of operations, and cash flows. Subsequent events The Company evaluated subsequent events and transactions after June 30, 2025, through the date that these unaudited financial statements are available to be issued. There are no material subsequent events that required recognition or additional disclosure in the financial statements. 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 operations. This factor raises substantial doubt about the Company’s ability to continue as a going concern. Quasi-reorganization On March 31, 2025, the Company implemented a quasi-reorganization to eliminate its accumulated deficits and reflect fresh-start accounting, in accordance with ASC 852-20. The Board of directors and a majority of the shareholders approved the readjustment. The conditions that gave rise to nearly all of the Company’s accumulated deficits have not existed for more than fifteen years. As indicated in the accompanying statement of shareholders’ equity, the quasi-reorganization was implemented with the following steps: a) the issuance of common shares to the Company’s former legal consultant and its sole officer, in satisfaction of amounts owed to them; b) the revaluation of balance sheet liabilities; c) the issuance of common shares to the Company’s officer for cash at the same share value evidenced by the issuances at a) above; d) the above steps resulted in a positive shareholders’ equity after the elimination of the entire balance of historical deficits. 8 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations Conectisys Corporation, a Colorado corporation (“Conectisys”, the “Company, “we”, us” or “our”) is a shell company seeking to create value for its shareholders by merging with another entity with experienced management and opportunities for growth in return for shares of our Common Stock. No potential merger candidate has been identified at this time. Our recurring expenses consist of minor administrative charges. We have no assets. We have minor unsecured liabilities. CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This report contains forward-looking statements. Except as required by law, we undertake no duty to update any forward-looking statement after the date of this report, either to conform any statement to reflect actual results or to reflect the occurrence of unanticipated events. General Business Plan Our business plan to seek a merger has many uncertainties which pose risks to investors. We intend to seek, investigate and, if such investigation warrants, acquire an interest in business opportunities presented to us by persons or firms which desire to seek the advantages of an issuer who has complied with the Securities Act of 1934 (the “1934 Act”). We will not restrict our search to any specific business, industry or geographical location, and we may participate in business ventures of virtually any nature. This discussion of our proposed business is purposefully general and is not meant to be restrictive of our unlimited discretion to search for and enter into potential business opportunities. We anticipate that we may be able to participate in only one potential business venture because of our lack of financial resources. We may seek a business opportunity with entities which have recently commenced operations, or that desire to utilize the public marketplace in order to raise additional capital in order to expand into new products or markets, to develop a new product or service, or for other corporate purposes. All of these activities have risk to investors including dilution and management. Intellectual Property We own no intellectual property. Employees We presently have no full time executive, operational, or clerical staff. Mr. Cacciamatta has been the sole director and sole officer of the Company since August 1, 2020. Factors Affecting Future Performance Rather than an operating business, our goal is to obtain debt and/or equity financing to meet our ongoing operating expenses and attempt to merge with another entity with experienced management and opportunities for growth in return for shares of our Common Stock to create value for our shareholders. Although there is no assurance that this series of events will be successfully completed, we believe we can successfully complete an acquisition or merger which will enable us to continue as a going concern. Any acquisition or merger will most likely be dilutive to our existing stockholders. 9 Plan of Operations We are currently investigating to identify and acquire a target company or business seeking the perceived advantages of being a publicly held corporation. Our principal business objective for the next 12 months and beyond such time will be to achieve long-term growth potential through a combination with a business rather than immediate, short-term earnings. The Company will not restrict our potential candidate target companies to any specific business, industry or geographical location and, thus, may acquire any type of business. To the extent that the Company's capital resources are insufficient to meet current or planned operating requirements, the Company will seek additional funds through equity or debt financing, collaborative or other arrangements with corporate partners, licensees or others, and from other sources, which may have the effect of diluting the holdings of existing shareholders. The Company has no current arrangements with respect to, or sources of, such additional financing and the Company does not anticipate that existing shareholders will provide any portion of the Company's future financing requirements. No assurance can be given that additional financing will be available when needed or that such financing will be available on terms acceptable to the Company. If adequate funds are not available, the Company may be required to delay or terminate expenditures for certain of its programs that it would otherwise seek to develop and commercialize. This would have a material adverse effect on the Company. These factors raise substantial doubt about the ability of the Company to continue as a going concern. Off-Balance Sheet Arrangements We have no off-balance sheet arrangements. Item 3. Quantitative and Qualitative Disclosures About Market Risk This Item does not apply to smaller reporting companies. Item 4. Controls and Procedures Evaluation of Disclosure Controls and Procedures Our Chief Executive Officer, who is our principal executive, financial, and accounting officer, conducted an evaluation 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, as of the end of the period covered by this report. Based on that evaluation, we concluded that because of the material weakness and significant deficiencies in our internal control over financial reporting, our disclosure controls and procedures are not sufficient. All such weaknesses and deficiencies are principally due to our lack of employees and financial resources. 10 PART II - OTHER INFORMATION Item 1. Legal Proceedings Neither we nor any of our officers, directors, or holders of five percent or more of our Common Stock is a party to any pending legal proceedings and to the best of our knowledge, no such proceedings by or against us or our officers, or directors or holders of five percent or more of our Common Stock have been threatened or is pending against us. Item 1A. Risk Factors This Item does not apply to smaller reporting companies. Item 2. Unregistered Sales of Equity Securities and Use of Proceeds On August 1, 2020, our sole director and officer agreed to purchase 800,000 post-split common shares for $100 cash payable upon the effectiveness of the 10,000 for 1 reverse split which occurred on March 10, 2021. Description of Common Stock We are authorized to issue 250,000,000 shares of our Common Stock, no par value (the "Common Stock"). Each share of the Common Stock is entitled to share equally with each other share of Common Stock in dividends from sources legally available therefor, when, and if, declared by our board of directors and, upon our liquidation or dissolution, whether voluntary or involuntary, to share equally in the assets of the Company that are available for distribution to the holders of the Common Stock. Each holder of Common Stock is entitled to one vote per share for all purposes, except that in the election of directors, each holder shall have the right to vote such number of shares for as many persons as there are directors to be elected. Cumulative voting shall not be allowed in the election of directors or for any other purpose, and the holders of Common Stock have no preemptive rights, redemption rights or rights of conversion with respect to the Common Stock. Our board of directors is authorized to issue additional shares of our Common Stock within the limits authorized by our Articles of Incorporation and without stockholder action. All shares of Common Stock have equal voting rights, and voting rights are not cumulative. As of July 15, 2025, there are 1,388,579 shares of our common stock issued and outstanding. Description of Preferred Stock Of the 50,000,000 authorized shares of preferred stock, 1,000,000 shares have been designated as Class A, 1,000,000 shares as Class B, and the remaining 48,000,000 shares are undesignated. Each share of Class A preferred is entitled to 100 votes on all matters presented to the Company’s shareholders for action. The Class A does not have any liquidation preference, additional voting rights, anti-dilution rights, or any other preferential rights. Each share of Class B preferred is convertible into 10 shares of the Company’s Common Stock. The Class B preferred does not have any liquidation preference, voting rights, other conversion rights, anti-dilution rights, or any other preferential rights. There are no preferred shares issued and outstanding. Item 3. Defaults upon Senior Securities None. Item 4. Mine Safety Disclosures Not applicable. 11 Item 5. Other Information During the quarter ended June 30, 2025, 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. Item 6. Exhibits Exhibit Number Description 31.1 Certification Required by Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended, as Adopted Pursuant to Section 302 of the Sarbanes- Oxley Act of 2002 31.2 Certification Required by Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 32.1 Certification of Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 101.INS Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document) 101.SCH Inline XBRL Taxonomy Extension Schema Document 101.CAL Inline XBRL Taxonomy Extension Calculation Linkbase Document 101.DEF Inline XBRL Taxonomy Extension Definition Linkbase Document 101.LAB Inline XBRL Taxonomy Extension Label Linkbase Document 101.PRE Inline XBRL Taxonomy Extension Presentation Linkbase Document 104 Cover Page Interactive Data File (formatted in inline XBRL and included in exhibit 101). 12 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Date: July 22, 2025 Conectisys Corporation /s/ Danilo Cacciamatta (Registrant) Danilo Cacciamatta (Chief Executive Officer) 13