NOTES TO THE AUDITED FINANCIAL STATEMENTS
FOR THE YEARS ENDED APRIL 30, 2023 and 2022
Note 1 – ORGANIZATION AND NATURE
OF BUSINESS
We were incorporated in the State of Nevada on
February 19, 2020 (Inception). We maintain our statutory registered agent’s office at 3773 Howard Hughes Pkwy – Suite 500s,
Las Vegas, NV 89169-6014. Our principal executive office is located at 54/27 Nawamin Rd, Nuanchan, Bueng Kum, Bangkok 10230, Thailand.
Our phone number is +1(702) 605-4808
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. 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 net loss during the year of $9,936 and accumulated deficit of $42,635 as of April 30, 2023. The Company has not yet 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.
Further, the effects of COVID-19 could also impact
our ability to operate under the going concern and maintain sufficient liquidity to continue operations. The impact of COVID-19 on companies
is evolving rapidly and its future effects are uncertain. There are material uncertainties from COVID-19 that cast significant doubt on
the company’s ability to operate under the going concern. It is possible that our company will have issues relating to the current
situation that will need to be considered by management in the future. There will be a wide range of factors to take into account in going
concern judgments and financial projections including travel bans, restrictions, government assistance and potential sources of replacement
financing, financial health of suppliers and customers and their effect on expected profitability and other key financial performance
ratios including information that shows whether there will be sufficient liquidity to continue to meet obligations when they are
due.
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 and are presented in US dollars.
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.
Due to the limited level of operations, the Company
has not had to make material assumptions or estimates other than the assumption that the Company is a going concern.
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 $5,530 of cash as of April 30, 2023.
Depreciation, Amortization, and Capitalization
The Company records depreciation and amortization
when appropriate using straight-line balance method over the estimated useful life of the assets. We estimate that the useful life of
PC is 5 years. Expenditures for maintenance and repairs are charged to expense as incurred. Additions, major renewals and replacements
that increase the property's useful life are capitalized. Property sold or retired, together with the related accumulated depreciation
is removed from the appropriated accounts and the resultant gain or loss is included in net income.
Fair Value of Financial Instruments
AS topic 820 "Fair Value Measurements and
Disclosures" establishes a six-tier fair value hierarchy, which prioritizes the inputs in measuring fair value. The hierarchy prioritizes
the inputs into six 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, accrued 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.
During the year ended April 30, 2023, we generated total revenue of
$11,350 from organizing event services: birthday parties, corporate and private events.
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 April 30, 2023 there were no potentially dilutive debt or equity instruments issued or
outstanding.
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.
From Inception and as of April 30, 2023, our sole director has loaned
to the Company $24,039. 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 2021, 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 and December of 2020 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 April 30, 2023 and 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 – INCOME TAXES
As of April 30, 2023, the Company had net operating
loss carry forwards of $42,635 that may be available to reduce future years' taxable income in varying amounts through 2041.
As of April 30, 2022, the Company had net operating
loss of $32,699 that may be available to reduce future years' taxable income in varying amounts through 2040.
Future tax benefits which arise as a result of
these losses have not been recognized in these financial statements, as their realization is determined not likely to occur and accordingly,
the Company has recorded a valuation allowance for the deferred tax asset relating to these tax loss carry-forwards.
The 21% tax rate provision for Federal income
tax consists of the following:
| Schedule of provision for taxes | |
April 30,
2023 | | |
April 30,
2022 | |
| Federal income tax benefit attributable to: | |
| | | |
| | |
| Current operations | |
$ | 2,087 | | |
$ | 4,374 | |
| Less: change in valuation allowance | |
| (2,087 | ) | |
| (4,374 | ) |
| Net provision for Federal income taxes | |
$ | – | | |
$ | – | |
The cumulative tax effect at the expected rate
of 35% of significant items comprising our net deferred tax amount is as follows:
| Schedule of net deferred taxes | |
April 30,
2023 | | |
April 30,
2022 | |
| | |
| | |
| |
| Deferred tax asset attributable to: | |
| | | |
| | |
| Net operating loss carry over | |
$ | 14,922 | | |
$ | 11,445 | |
| Less: valuation allowance | |
| (14,922 | ) | |
| (11,445 | ) |
| Net deferred tax asset | |
$ | – | | |
$ | – | |
The Company has approximately $42,635 of net operating
losses (“NOL”) carried forward to offset taxable income, if any, in future years which expire in fiscal 2041. In assessing
the realization of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred
tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income
during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax
liabilities, projected future taxable income and tax planning strategies in making this assessment. Based on the assessment, management
has established a full valuation allowance against all of the deferred tax asset relating to NOLs for every period because it is more
likely than not that all of the deferred tax asset will not be realized.
Note 8 – SUBSEQUENT EVENTS
In accordance with SFAS 165 (ASC 855-10) the Company
has analyzed its operations subsequent to April 30, 2023 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
and adversely affected.
