The accompanying notes are an integral part of
these financial statements.
The accompanying notes are an integral part of
these financial statements.
The accompanying notes are an integral part of
these financial statements.
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
FOR QUARTER ENDED JULY 31, 2022 AND 2021
Note 1 – ORGANIZATION AND NATURE
OF BUSINESS
We were incorporated in the State of Nevada on February 19, 2022 (Inception).
We maintain our statutory registered agent’s office at 3773 Howard Hughes Pkwy – Suite 500s, Las Vegas, NV 89169-6014. Our
principal executive offices are located 54/27 Nawamin Rd, Nuanchan, Bueng Kum, Bangkok 10230, Thailand.
Eventiko Inc. will organize fashion events, parties, exhibitions, festivals
and ceremonies initially in Thailand, but with plans at a later stage to spread our business to other Asian countries such as: Vietnam,
Cambodia etc. Our main source of revenue from operations will be generated from customers paying a fee for our services. Our fee service
will be 10-20% from the total price. We will be dedicated to work on client’s event from conception through to final delivery. We
will work with each and every client to develop a concept that provides a holistic solution for his needs, focusing on time management,
target audience, budget and his overall vision.
Note 2 – 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.
The Company had accumulated deficit of $41,809 as of July 31, 2022 and $32,699 as of April 30, 2022. The Company currently has loses
and has not completed its efforts to establish a stabilized source of revenues sufficient to cover operating costs over an extended period
of time. Therefore, there is substantial doubt about the Company’s ability to continue as a going concern. Management anticipates
that the Company will be dependent, for the near future, on additional investment capital to fund operating expenses The Company intends
to position itself so that it will be able to raise additional funds through the capital markets. In light of management’s efforts,
there are no assurances that the Company will be successful in this or any of its endeavors or become financially viable and continue
as a going concern.
Note 3 – SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES
Basis of presentation
The accompanying financial statements have been
prepared in accordance with generally accepted accounting principles in the United States of America. The Company’s year-end is
April 30.
Use of Estimates
The preparation of financial statements in conformity
with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of
assets and liabilities and disclosure of contingent assets and liabilities at the date the financial statements and the reported amount
of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Cash and Cash Equivalents
The Company considers all highly liquid investments
with the original maturities of three months or less to be cash equivalents. The Company had $(42) of cash as of July 31, 2022.
Fair Value of Financial Instruments
AS topic 820 “Fair Value Measurements and
Disclosures” establishes a three-tier fair value hierarchy, which prioritizes the inputs in measuring fair value. The hierarchy prioritizes
the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market.
These tiers include:
| Level 1: |
defined as observable inputs such as quoted prices in active markets; |
| Level 2: |
defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and |
| Level 3: |
defined as unobservable inputs in which little
or no market data exists, therefore requiring an entity to develop its own
assumptions. |
The carrying value of cash and the Company’s
loan from shareholder approximates its fair value due to their short-term maturity.
Income Taxes
Income taxes are computed using the asset and
liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences
between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws.
A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized.
Revenue Recognition
We adopted Accounting Standards Codification (“ASC”)
Topic 606, “Revenue from Contracts with Customers”, and all related interpretations for recognition of our revenue from tours
and services. Previously we recorded revenue based on ASC Topic 605. Adoption of new accounting standard did not have any material impact
on our reported revenue.
Revenue is recognized when the following criteria
are met:
| • |
Identification of the contract, or contracts, with customer; |
| • |
Identification of the performance obligations
in the contract; |
| • |
Determination of the transaction price; |
| • |
Allocation of the transaction price to the performance
obligations in the contract; and |
| • |
Recognition of revenue when, or as, we satisfy
performance obligation. |
As of July 31, 2022 and April 30, 2022 the Company
has not generated any revenue.
Basic Income (Loss) Per Share
The Company computes income (loss) per share in
accordance with FASB ASC 260 “Earnings per Share”. Basic loss per share is computed by dividing net income (loss) available
to common shareholders by the weighted average number of outstanding common shares during the period. Diluted income (loss) per share
gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common
shares if their effect is anti-dilutive. As of July 31, 2022 there were no potentially dilutive debt or equity instruments issued or outstanding.
Comprehensive Income
Comprehensive income is defined as all changes
in stockholders’ equity (deficit), exclusive of transactions with owners, such as capital investments. Comprehensive income includes
net income or loss, changes in certain assets and liabilities that are reported directly in equity such as translation adjustments on
investments in foreign subsidiaries and unrealized gains (losses) on available-for-sale securities. As of July 31, 2022 were no differences
between our comprehensive loss and net loss.
Stock-Based Compensation
Stock-based compensation is accounted for at fair
value in accordance with ASC Topic 718. To date, the Company has not adopted a stock option plan and has not granted any stock options.
Recent Accounting Pronouncements
We have reviewed all the recently issued, but
not yet effective, accounting pronouncements and we do not believe any of these pronouncements will have a material impact on the Company.
Risks and Uncertainties
In December 2019, a novel strain of coronavirus
(COVID-19) emerged in Wuhan, Hubei Province, China. While initially the outbreak was largely concentrated in China and caused significant
disruptions to its economy, it has now spread to several other countries and infections have been reported globally.
The ultimate impact
of the COVID-19 pandemic on the Company’s operations is unknown and will depend on future developments, which are highly uncertain
and cannot be predicted with confidence, including the duration of the COVID-19 outbreak, new information which may emerge concerning
the severity of the COVID-19 pandemic, and any additional preventative and protective actions that governments, or the Company, may direct,
which may result in an extended period of continued business disruption, reduced customer traffic and reduced operations. Any resulting
financial impact cannot be reasonably estimated at this time but is anticipated to have a material adverse impact on our business, financial
condition and results of operations.
The measures taken to date will impact the Company’s
business for the fiscal fourth quarter and potentially beyond. Management expects that all of its business segments, across all of its
geographies, will be impacted to some degree, but the significance of the impact of the COVID-19 outbreak on the Company’s business
and the duration for which it may have an impact cannot be determined at this time.
Note 4 – RELATED PARTY TRANSACTIONS
(LOAN FROM DIRECTOR)
In support of the Company’s efforts and
cash requirements, it may rely on advances from related parties until such time that the Company can support its operations or attains
adequate financing through sales of its equity or traditional debt financing. There is no formal written commitment for continued support
by shareholders or director. Amounts represent advances or amounts paid in satisfaction of liabilities. The advances were considered temporary
in nature and were not formalized by a signed promissory note.
As of July 31, 2022, our sole director has loaned
to the Company $17,067. This loan is unsecured, non-interest bearing and due on demand.
Note 5 – COMMON STOCK
The Company has 75,000,000, $0.0001 par value
shares of common stock authorized.
On February 21, 2020 the Company issued 3,000,000
shares of common stock to a director for services of $300 at $0.0001 per share.
In October 2020, the Company issued 143,000 shares
of common stock to 4 shareholders for cash proceeds of $2,860 at $0.02 per share.
In November, December and January 2021, the Company
issued 1,049,500 shares of common stock to 30 shareholders for cash proceeds of $20,990 at $0.02 per share.
There were 4,192,500 shares of common stock issued
and outstanding as of July 31, 2022.
Note 6 – COMMITMENTS AND CONTINGENCIES
Our sole officer and director, Miklos Pal Auer,
has agreed to provide her own premise under office needs. He will not take any fee for these premises; it is for free use.
Note 7 – SUBSEQUENT EVENTS
In accordance with SFAS 165 (ASC 855-10) the Company
has analyzed its operations subsequent to July 31, 2022 to the date these financial statements were issued, and has determined that it
does not have any material subsequent events to disclose in these financial statements.
The extent of the impact of the coronavirus ("COVID-19")
outbreak on the financial performance of the Company will depend on future developments, including the duration and spread of the outbreak
and related advisories and restrictions and the impact of COVID-19 on
the overall economy, all of which are highly uncertain and cannot be predicted. If the overall economy is impacted for an extended period,
the Company’s future operating results may be materially adversely affected.
FORWARD LOOKING STATEMENTS
Statements made in this Form 10-Q that are not
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 "may," "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 may occur 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.
