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Nfiniti Inc (NFTN0.00%) has submitted its annual report on Form 10-K filing for the fiscal year ended October 31, 2024.
The company is classified as a development stage company with limited revenues and a short operating history. The independent auditor has expressed substantial doubt about the company's ability to continue as a going concern.
Nfiniti Inc qualifies as an emerging growth company under the JOBS Act, which allows for reduced reporting requirements and exemptions from certain regulations.
The company reported no revenue for the fiscal year and incurred $22,413 in professional fees, an increase from $17,663 in the previous year. This increase is attributed to compliance with reporting requirements.
The balance sheet as of October 31, 2024, shows total liabilities of $156,439 and a shareholders' deficit of the same amount. The company had no cash on hand at the end of the fiscal year.
Nfiniti Inc's plan for fiscal year 2025 includes pursuing new business opportunities and incurring approximately $16,500 in total expenditures.
The company's common stock is traded on the OTC Pink tier of the OTC Marketplace under the symbol 'NFTN'. There is no established active trading market for the shares.
The company has not declared or paid any cash dividends on its common stock and does not anticipate doing so in the foreseeable future.
The filing notes a material weakness in internal control over financial reporting due to insufficient resources and inadequate segregation of duties.
Michael Noble, the company's sole officer and director, owns 54% of the company's common stock. He has provided loans to the company for operating expenses.
The company has no current legal proceedings and has not been involved in any bankruptcy or similar proceedings.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Nfiniti Inc annual 10-K report dated February 13, 2025. To report an error, please email earnings@qz.com.