Form 10-Q - Quarterly report [Sections 13 or 15(d)]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

for the quarterly period ended September 30, 2024

☐ 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 000-54649

SAMSARA LUGGAGE, INC.

(Exact name of registrant as specified in its charter)

Nevada		26-0299456
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

135 E. 57^th Street, Suite 18-130 New York, New York		10022
(Address of principal executive offices)		(Zip Code)

(855)-256-7477

(Registrant’s telephone number, including area code)

(Former name, 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(s)		Name of each exchange on which registered

Indicate by check mark whether the registrant (1) has 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 and post such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, 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 7(a)(2)(B) of the Securities Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of shares of the registrant’s common stock outstanding as of November 19, 2024, was 213,730,601 shares.

EXPLANATORY NOTE

This Quarterly Report on Form 10-Q for the period ended September 30, 2024 (the “Report”) including, but not limited to the financial statements, related notes, and other information included herein, has not been reviewed by the Company’s independent public accounting firm prior to the filing of this Report. On August 19, 2024, the Company engaged a new independent registered public accounting firm. The new independent registered public accounting firm will review this Form 10-Q, and upon the completion of its review, the Company will file the requisite amendment to this Report.

SAMSARA LUGGAGE, INC.

INDEX TO QUARTERLY REPORT ON FORM 10-Q

		Page No.
PART I. FINANCIAL INFORMATION

Item 1.	Interim Financial Statements (unaudited)
	Condensed Balance Sheets at September 30, 2024 (Not Reviewed) and December 31, 2023 (audited)	1
	Condensed Statements of Operations for the Nine and Three Months Ended September 30, 2024 and 2023 (Not Reviewed)	2
	Condensed Consolidated Statements of Changes in Stockholders’ Deficit for the Nine and Three Months ended September 30, 2024 and 2023 (Not Reviewed)	3
	Condensed Statements of Cash Flows for the Nine Months Ended September 30, 2024 and 2023 (Not Reviewed)	4
	Notes to Condensed Financial Statements (Not Reviewed)	5
Item 2.	Management’s Discussion and Analysis	18
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	21
Item 4.	Controls and Procedures	21

PART II. OTHER INFORMATION

Item 1.	Legal Proceedings	22
Item 1A.	Risk Factors	22
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	22
Item 3.	Defaults upon Senior Securities	22
Item 4.	Mine Safety Disclosures	22
Item 5.	Other Information	22
Item 6.	Exhibits	22
	Signatures	23

SAMSARA LUGGAGE, INC.

CONDENSED BALANCE SHEETS

(Dollars in thousands, except per-share amounts)

	September 30, 2024			December 31, 2023
ASSETS	Not Reviewed			Audited
Current Assets
Cash and Cash Equivalents	$	102		$	12
Inventory		815			0
Accounts Receivable		852			0
Deposits		185			0
Other Current Assets		1831			0
Total Current Assets		3,785			12

Non-Current Assets
Property and Equipment		61			0
Right-of-Use assets		51			0
Capital Work in Progress		655			0
Goodwill		8,978			0
Total Non-current Assets		9,745			0
Total Assets	$	13,530		$	12
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current Liabilities
Accounts Payable	$	1,818		$	327
Lease Operating Liabilities		22			0
Related Party Payable		203			193
Convertible Notes, net of discount		1,598			1,398
Other Current Liabilities		1,662			146
Total Current Liabilities		5,303			2,064

Non-Current Liabilities
Lease Operating Non-Current Portion		31			0
Other Non-Current Liabilities		150			0
Total Long-Term Liabilities		181			0
Total Liabilities		5,484			2,064
Stockholders’ Equity
Convertible and redeemable preferred A shares, $0.0001 par value, 1,000,000 shares authorized, 0 and 0 shares outstanding as of September 30, 2024, and December 31, 2023, respectively		0			0
Preferred B shares, $0.0001 par value, 1,000,000 shares authorized, 480,580 and 0 shares outstanding as of September 30, 2024, and December 31, 2023, respectively		0			0
Common stock; $0.001 par value; Common Stock Shares Authorized 7,500,000,000; 213,730,601 and 13,922,414 shares issued and outstanding as of September 30, 2024, and December 31, 2023, respectively		21			1
Share Capital		-			66
Additional paid-in capital		22,563			10,625
Retained Earnings/ accumulated Deficit		(14,698	)		(12,744	)
Noncontrolling interest		160			-
Total stockholders’ Equity		8,046			(2,052	)
Total liabilities and stockholders’ Equity	$	13,530		$	12

The accompanying notes are an integral part of these unaudited and not reviewed condensed consolidated financial statements

SAMSARA LUGGAGE, INC.

CONDENSED STATEMENTS OF OPERATIONS

(Dollars in thousands, except per-share amounts)

(Unaudited)

	For the Three Months Ended						For the Nine Months Ended
	30-Sep-24			30-Sep-23			30-Sep-24			30-Sep-23
	Not Reviewed			Not Reviewed			Not Reviewed			Not Reviewed
Revenue	$	666		$	9		$	2,694		$	358

Cost of revenues		404			17			1,803			203

Gross profit		262			(8	)		891			155

Operating expenses
Professional fees		0			0			181			0
General and administrative		1,145			81			2,852			541
Total operating expenses		1,145			81			3,033			541

Income (loss) from operations		(883	)		(89	)		(2,142	)		(386	)

Other (income) expenses
Interest expense		4			37			7			200
Other Income		13			561			4			290
Total other (income) expense, net		17			598			11			490

Net Income (Loss)		(900	)		(687	)		(2,153	)		(876	)
Less: net income attributable to noncontrolling interest		20			-			51
Net income (loss) attributable to SAML stockholders	$	(920	)	$	(687	)	$	(2,204	)	$	(876	)

Weighted average common shares outstanding		555,630,725			10,480,891			555,630,725			7,538,709

Net income (loss) per common share - basic and diluted		(0.00	)		(0.07	)		(0.00	)		(0.12	)

The accompanying notes are an integral part of these unaudited and not reviewed condensed consolidated financial statements

SAMSARA LUGGAGE, INC.

CONDENSED STATEMENTS OF CHANGES IN STOCKHOLDERS’ DEFICIT

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023

(Dollars in thousands, except per-share amounts)

(Not Reviewed)

	Preferred Stock					Common Stock				Additional Paid-in Capital		Minority Interest			Retain Loss			Total Equity
	Shares		Amount			Shares		Amount		Amount		Amount			Amoun			Amount
Balance, December 31, 2023		0		66			13,922,414		1		10,626		0			(12,744	)		(2,052	)
Cancellation Series A		0		(66	)		0		0		0		0			0			(66	)
Conversion of Notes into shares		0		0			191,903,425		19		756		0			0			775
Issuance of shares for Services		0		0			3,333,334		0		83		0			0			84
Issuance of shares for Cash		0		0			4,571,428		0		80		0			0			80
Minority Interest		-		0			-		0		0		168			0			168
Issuance of Series B		352,500		35			0		0		8,428		0			0			8,463
Net Income		-		0			-		0		0		7			(1,000	)		(993	)
Balance March 31, 2024		352,500		35			213,730,601		20		19,972		175			(13,744	)		6,459

Issuance of shares for Services		63,500		0			0		0		1,905		0			0			1,905
Adjustment		-		(35	)		-		1		34		(57	)		249			193
Net Income		-		0			-		0		0		24			(284	)		(260	)
																			0
Balance June 30, 2024		416,000		0			213,730,601		21		21,911		142			(13,778	)		8,296

Issuance of shares for Services		64,580		0			0		0		652		0			0			652
Adjustment		-		0			-		0		0		(2	)		0			(2	)
Net Income		-		0			-		0		0		20			(920	)		(900	)
																			0
Balance September 30, 2024		480,580		0			213,730,601		21		22,563		160			(14,698	)		8,046

Financial Year 2023

	Preferred Stock				Common Stock				Additional Paid-in Capital		Minority Interest		Retain Loss			Total Equity
	Shares		Amount		Shares		Amount		Amount		Amount		Amount			Amount
Balance, December 31, 2022		0		0		4,406,312		0		10,464		0		(12,600	)		(2,136	)
Conversion of Preferred A shares into common shares		0		0		1,481,840		1		40		0		0			41
Net Loss		-		0										(238	)		(238	)
Balance, March 31, 2023		0		0		5,888,152		1		10,504		0		(12,838	)		(2,333	)

Conversion of Preferred A shares into common shares		0		0		2,049,297		0		35		0		0			35
Stock Based Compensation		0		0		1,666,666		0		46		0		0			46
Net income		-		0		-		0		0		0		49			49
Balance June 30, 2023		0		0		9,604,115		1		10,585		0		(12,789	)		(2,203	)

Conversion of Preferred A shares into common shares		0		0		2,018,299		0		20		0		0			20
Stock Based Compensation		0		0		0		0		0		0		0			0
Net income		-		0		-		0		0		0		(687	)		(687	)
Balance September 30, 2023		-		-		11,622,414		1		10,605		-		(13,476	)		(2,870	)

The accompanying notes are an integral part of these unaudited and not reviewed condensed consolidated financial statements

SAMSARA LUGGAGE, INC.

CONDENSED STATEMENTS OF CASH FLOWS

(Dollars in thousands, except per-share amounts)

(Not Reviewed)

	September 30, 2024			September 30, 2023
Cash flows from operating activities	Not Reviewed			Not Reviewed
Loss for the period		(2,153	)		(876	)

Adjustment to reconcile net gain (loss) to net cash
Finance cost		7			41
Non-Cash Stock Compensation Expense		1,905			46
Expenses in respect of warrants issued and convertible component in convertible loan, net interest expenses		0			290
Change in fair value of liability		0			(1	)
Non-controlling interest		(51	)		0
Depreciation - PPE		39			0
Other income		4			0
Amortization		58			0
Changes in Assets and Liabilities, net					0
Current Assets		(3,683	)		92
Other Current Liabilities		3,239			291
Net cash (used In) provided by operating activities		(635	)		(117	)

Cash flows from investing activities
Addition of Fixed Assets		(755	)		0
Right of use Assets		(51	)		0
Changes in Non-current assets		(8,978	)		0
Net cash used in investing activities		(9,784	)		0

Cash flows from financing activities

Common Stock issued		20			0
Lease Finance		31			0
Additional Paid-up Capital		11,872			0
Subsidiaries finances		(1,564	)		0
Note converted		150			(16	)
Net cash generated from financing activities		10,509			(16	)

Net increase/(decrease) in cash and cash equivalents		90			(133	)
Cash and cash equivalents at the beginning of the year		12			168
Cash and cash equivalents at end of the year		102			35

The accompanying notes are an integral part of these unaudited and not reviewed condensed consolidated financial statements

SAMSARA LUGGAGE, INC.

NOTES TO FINANCIAL STATEMENTS

(U.S. dollars in thousands, except per share data)

NOTE 1 – ORGANIZATION AND DESCRIPTION OF BUSINESS (OUR HISTORY)

On January 3, 2024, Ilustrato Pictures International Inc. (“ILUS”) acquired a convertible note from YAII PN, LTD with outstanding principal and accrued interest of $600,685 in the Company. On January 5, 2024, the Company reissued a convertible note to ILUS who on the same day converted the note into 150,753,425 shares of common stock in the Company pursuant to the terms of said exchange note filed as an exhibit to the Company’s Form 10-K filed with the SEC on April 2, 2024. As a result of such conversion, ILUS acquired control of 91.5% of the outstanding shares in SAML as of January 5, 2024.

New Business Direction — Emergency Response Technologies

As a result of these transactions, the Company is now focused on the global public safety and technology, engineering, and manufacturing industries. Historically, the company has evolved out of the public safety sector mainly through developing and manufacturing Emergency Services products, including Emergency Response vehicles, Special Vehicle conversions, Commercial EVs, and IoT Technology. The Company also intends to acquire complementary companies with disruptive technology, strong management, and potential for rapid growth that may benefit from cross-pollination of territories, products, and skills offered by our other group companies. We seek to pursue and execute acquisitions that accelerate our growth strategy.

On February 23, 2024, Ilustrato Pictures International, Inc., entered into a Stock Purchase Agreement with Samsara Luggage Inc., and sold all its equity interests in seven companies owned by the Company:

●

Firebug Mechanical Equipment LLC

●

Georgia Fire & Rescue Supply LLC

●

Bright Concept Detection and Protection System LLC

●

Bull Head Products Inc

●

E-Raptor

●

The Vehicle Converters

●

AL Shola Al Modea Safety and Security LLC.

The consideration for the sale of the equity interests in the above-mentioned companies was paid by SAML by the issuance of 350,000 restricted shares of Series B stock of SAML convertible into 350,000,000 common stock and further milestone payment/s should applicable performance targets referenced in the share purchase agreement.

●

Firebug Mechanical Equipment LLC (Firebug Group – U.A.E.) was incorporated on May 8, 2017. ILUS acquired 100% of this company on January 26, 2021, under a signed Share Purchase Agreement. This company is engaged in the business of research and development of firefighting technologies as well as the manufacturing firefighting equipment and firefighting vehicles for its customers in the Middle East, Asia, and Africa.

●

Georgia Fire & Rescue Supply LLC (Georgia Fire) was incorporated on the January 21, 2003. ILUS acquired 100% of this company on March 31, 2022, under a signed Share Purchase Agreement. This company is engaged in the business of sales, distribution and servicing/maintenance of Firefighting, Rescue and Emergency Medical Services equipment.

●

Bright Concept Detection and Protection System LLC (BCD Fire) was incorporated on March 18, 2014. ILUS acquired 100% of this company on April 13, 2021, in connection a signed Share Purchase Agreement. This company is engaged in the business of sales, distribution, installation and maintenance of Fire Protection and Security systems.

●

Bull Head Products Inc. was incorporated on June 8, 2007. ILUS acquired 100% of this company on January 1, 2022, under a signed Share Purchase Agreement. This company is engaged in the business of manufacturing of aluminum truck beds and brush truck skid units for firefighting purposes including wildland firefighting.

●

The Vehicle Converters (TVC) was incorporated in 2006. ILUS owns 100% of the company. Ownership was transferred to ILUS after ILUS acquired the brand name, intellectual property, and employees of the company on March 25, 2022. Following ongoing due diligence which determined that the company was in a difficult financial position due to the Covid-19 pandemic, ILUS agreed to take ownership of the company from previous management in order to restructure and rebuild it so that it would cooperate with Firebug Mechanical Equipment LLC out of Dubai, United Arab Emirates. This company is engaged in the business of specialist vehicle conversions and as planned, collaborates closely with Firebug Mechanical Equipment LLC to deliver converted vehicles to their customers. This transaction is classified as an acquisition of an assembled workforce rather than a business acquisition.

●

Emergency Response Technologies, Inc. This company was incorporated by ILUS on February 22, 2022, as the company’s Emergency Response Subsidiary. This company is engaged in the business of public safety and emergency response focused mergers and acquisitions.

●

E-Raptor. This company was incorporated by ILUS as the company’s Commercial Electric Utility Vehicle manufacturer on February 22, 2022. This company is engaged in the business of manufacturing electric utility vehicles for the emergency response, agricultural, industrial, hospitality and transport sectors.

●

AL Shola Al Modea Safety and Security LLC is a fire safety company registered in the United Arab Emirates. The company has signed a Share Purchase Agreement to acquire 51% control of AL Shola Al Modea Safety and Security LLC (ASSS) on December 13, 2022.

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION

Basis of Presentation and Principles of Consolidation

The accompanying consolidated financial statements represent the results of operations, financial position, and cash flows of SAML, and all of its majority-owned or controlled subsidiaries are prepared in conformity with generally accepted accounting principles in the United States of America (U.S. GAAP). All significant inter-company accounts and transactions have been eliminated.

Use of Estimates

A critical accounting estimate is an estimate that: (i) is made in accordance with generally accepted accounting principles, (ii) involves a significant level of estimation uncertainty and (iii) has had or is reasonably likely to have a material impact on the Company’s financial condition or results of operations.

The Company’s Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America (U.S. GAAP). The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and judgments that affect reported amounts and related disclosures. On an ongoing basis, management evaluates and updates its estimates. Management employs judgment in making its estimates but they are based on historical experience and currently available information and various other assumptions that the Company believes to be reasonable under the circumstances. The results of these estimates form the basis for making judgments about the carrying values of assets and liabilities that are not readily available from other sources. Actual results could differ from those estimates. Management believes that its judgment is applied consistently and produces financial information that fairly depicts the results of operations for all periods presented.

Significant estimates include estimates used to review the Company’s, impairments and estimations of long-lived assets, revenue recognition of Contract-based revenue, allowances for uncollectible accounts, and the valuations of non-cash capital stock issuances. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable in the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

Fair value of financial instruments

The carrying value of cash, accounts payable, warrants, accrued expenses, and debt, short-term as well as long-term, is recorded at fair value. Management believes the Company is not exposed to significant interest or credit risks arising from these financial instruments.

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value maximize the use of observable inputs and minimize the use of unobservable inputs. The Company utilizes a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable.

●	Level 1.	Quoted prices in active markets for identical assets or liabilities. These are typically obtained from real-time quotes for transactions in active exchange markets involving identical assets.

●	Level 2.	Quoted prices for similar assets and liabilities in active markets; quoted prices included for identical or similar assets and liabilities that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. These are typically obtained from readily available pricing sources for comparable instruments.

●	Level 3.	Unobservable inputs, where there is little or no market activity for the asset or liability. These inputs reflect the reporting entity’s own beliefs about the assumptions that market participants would use in pricing the asset or liability, based on the best information available in the circumstances.

Accounts receivable

Accounts receivables are recorded at the invoice amount less an allowance for credit losses. The allowance is an estimate based on historical collection experience, current and future economic and market conditions, and a review of the current status of each customer’s trade accounts receivable. Management evaluates the aging of the accounts receivable balances and the financial condition of its customers and all other forward-looking information that is reasonably available to estimate the amount of accounts receivable that may not be collected in the future and before recording the appropriate provision.

The duration of such receivables extends from 30 days to beyond 90 days. Payments are received only when a project is completed, and approvals are obtained. Provisions are created based on the estimated irrecoverable amounts determined by referring to past default experience and future economic and market conditions.

Inventories

In accordance with ASC 330, the Company states inventories at the lower of cost or net realizable value. Cost, which includes material, labor and overhead, is determined on a first-in, first-out basis. The Company makes adjustments to reduce the cost of inventory to its net realizable value, if required, for estimated excess, obsolete, zero usage or impaired balances. Factors influencing these adjustments include changes in market demand, product life cycle and engineering changes.

Property, Plant & Equipment

Property, Plant and Equipment are recorded at cost, except when acquired in a business combination where property, plant and equipment are recorded at fair value. Depreciation of property, plant and equipment is recognized over the estimated useful lives of the respective assets using the straight-line method. The estimated useful lives are as follows:

Property, Plant and Equipment		Years
Machinery		5 – 15
Vehicles		5 – 10
Furniture, Fixtures & Office Equipment		3 – 5

Expenditures that extend the useful life of existing property, plant and equipment are capitalized and depreciated over the remaining useful life of the related asset. Expenditures for repairs and maintenance are expensed as incurred. When property, plant and equipment are retired or sold, the cost and related accumulated depreciation is removed from the Company’s balance sheet, with any gain or loss reflected in operations.

Depreciation

Depreciation of property, plant and equipment is recognized over the estimated useful lives of the respective assets using the straight-line method. Depreciation expense for the period ended June 30, 2024, belongs to Depreciation accounted for on Plant, Property and Equipment obtained as part of our subsidiary acquisition.

Deposits, Prepayments, & Advances

Advances have been paid to the suppliers in the ordinary course of business for the procurement of specialized services and equipment required to perform business activities. Prepayments are relating to trade license, rent and visa, payments are made in advance at time of issuance for different periods and then expense out monthly. Deposits are relating to refundable security payment of office& warehouse spaces and different utilities.

Stock-based compensation

The Company recognizes all stock-based compensation using the fair value provisions prescribed by ASC Topic 718, Compensation - Stock Compensation. Accordingly, compensation costs for awards of stock-based compensation settled in shares are determined based on the fair value of the share-based instrument at the time of grant and are recognized as expense over the vesting period of the share-based instrument, net of estimated forfeitures.

In accordance with ASC 718, the Company will generally apply the same guidance to both employee and non-employee share-based awards. However, the Company will also follow specific guidance for share-based awards to non-employees related to the attribution of compensation cost and the inputs to the option-pricing model for the expected term. Non-employee share-based payment equity awards are measured at the grant-date fair value of the equity instruments, similar to employee share-based payment equity awards.

The Company calculates the fair value of option grants and warrant issuances utilizing the Binomial pricing model. The amount of stock-based compensation recognized during a period is based on the value of the portion of the awards that are ultimately expected to vest. ASC 718 requires forfeitures to be estimated at the time stock options are granted and warrants are issued to employees and non-employees, and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The term “forfeiture” is distinct from “cancellations” or “expirations” and represents only the unvested portion of the surrendered stock option or warrant. The Company estimates forfeiture rates for all unvested awards when calculating the expenses for the period. In estimating the forfeiture rate, the Company monitors both stock option and warrant exercises as well as employee termination patterns. The resulting stock-based compensation expense for both employee and non-employee awards is generally recognized on a straight-line basis over the period in which the Company expects to receive the benefit, which is generally the vesting period.

Earnings (loss) per share

The Company reports earnings (loss) per share in accordance with the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) 260-10 “Earnings Per Share,” which provides for the calculation of “basic” and “diluted” earnings per share. Basic earnings per share includes no dilution and is computed by dividing net income or loss available to common stockholders by the weighted average common shares outstanding for the period. Diluted earnings per share reflect the potential dilution of securities that could share in the earnings of an entity. The calculation of diluted net loss per share gives effect to common stock equivalents; however, potential common shares are excluded if their effect is anti-dilutive.

Particulars	September 30, 2024			September 30, 2023
Basic and diluted EPS*
Numerator
Net income/(loss)		(2,204	)		(876	)
Net Income attributable to common stockholders		(2,204	)		(876	)
Denominator
Weighted average common shares outstanding		555,630,725			7,538,709
Number of shares used for basic EPS computation
Basic EPS		(0.00	)		(0.12	)
Number of shares used for diluted EPS computation*		694,337,153			7,538,709
Diluted EPS		(0.00	)		(0.12	)

Includes 26,552 issued warrants as of September 30, 2023.

Includes 26,552 issued warrants 480,580 Series B stocks converting into 480,580,000 common stocks as of September 30, 2024.

Income taxes

The Company accounts for income tax positions in accordance with Accounting Standards Codification Topic 740-10-50, “Income Taxes” (“ASC Topic 740”). This standard prescribes a recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. There was no material impact on the Company’s financial position or results of operations as a result of the application of this standard. Deferred tax assets have not been created as the major income of the company belongs to the subsidiary, which is registered in income tax-free jurisdiction since the losses incurred cannot be utilized in the future, rendering deferred tax assets irrelevant, The profits of a foreign subsidiary corporation are ordinarily not subject to tax in the United States as in accordance with the general Internal Revenue Service rule, foreign subsidiaries are not considered U.S. corporations even if they are wholly owned.

Recently issued accounting pronouncements

The Company has evaluated all other recent accounting pronouncements and believes that none of them are expected to have a material effect on the Company’s financial position, results of operations, or cash flows.

Off-Balance Sheet Arrangements

We have no significant off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to stockholders.

Lease liabilities

At the commencement date of the lease, the Company recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include, if any, the exercise price of a purchase option reasonably certain to be exercised by the Company and payments of penalties for terminating a lease, if the lease term reflects the Company exercising the option to terminate.

The variable lease payments that do not depend on an index or a rate are recognized as expense in the period on which the event or condition that triggers the payment occurs.

In calculating the present value of lease payments, the Company uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the in-substance fixed lease payments or a change in the assessment to purchase the underlying asset.

The Company’s subsidiary, Al Shola Safety & Security (ASSS), has entered into commercial leases of vehicles. These leases generally have a lease term of 4 years. The Company’s obligations under its leases are secured by the lessor’s title to the leased assets. There are no restrictions placed upon the Company by entering into these leases. The Company also has leases with terms of 12 months or less and leases with low value.

The Company has a Lease arrangement for which the liability has been recorded separately. The Company determines whether an arrangement contains a lease at inception. A lease liability and corresponding right of use (ROU) asset are recognized for qualifying leased assets based on the present value of fixed and certain index-based lease payments at lease commencement.

The Company’s obligations under its leases are secured by the lessor’s title to the leased assets. There are no restrictions placed upon the Company by entering into these leases. The Company determines if an arrangement is or contains a lease at contract inception and recognizes an ROU asset and a lease liability based on the present value of fixed, and certain index-based lease payments at the lease commencement date. Variable payments are excluded from the present value of lease payments and are recognized in the period in which the payment is made.

The Company generally uses its incremental borrowing rate as the discount rate for measuring its lease liabilities, as the Company cannot determine the interest rate implicit in the lease because it does not have access to certain lessor-specific information. Lease expense is recognized on a straight-line basis over the lease term. The Company does not have significant finance leases. The Company has elected not to separate payments for lease components from payments for non-lease components for all classes of leases. Additionally, the Company has elected the short-term lease recognition exemption for all leases that qualify, which means ROU assets and lease liabilities will not be recognized for leases with an initial term of twelve months or less.

When accounting for finance leases in accordance with ASC 842, an entity recognizes interest on the lease liability and amortization of the ROU asset in the income statement and classifies payments of the principal portion of the lease liability as financing activities and payments of interest on the lease liability as operating activities.

As of September 30, 2024, Lease liabilities are presented in the statement of financial position as:

	September 30, 2024		December 31, 2023
Lease - Current portion		22		0
Lease - Non-current portion		31		0
Total		53		0

Right of Use Assets

The Company accounts for leases with escalation clauses in accordance with Accounting Standards Codification (ASC) 842, “Lease”.

In accordance with the principles of ASC 842, the Company recognizes both the assets and the liabilities arising from their leases. The lease liability is measured as the present value of lease payments while the lease assets is equal to the lease liability adjusted for certain items like prepaid rent and lease incentives.

The Company applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Company recognizes lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets.

The Company’s subsidiary Al Shola Safety & Security (ASSS), has entered into commercial leases of vehicles. The lease term is 4 years. The Company’s obligations under its leases are secured by the lessor’s title to the leased assets. There are no restrictions placed upon the Company by entering into these leases. The Company also has leases with lease terms of 12 months or less and leases with low value.

The Company has Lease arrangements for which the liability has been recorded separately. The Company determines whether an arrangement contains a lease at inception. A lease liability and corresponding right of use (ROU) asset are recognized for qualifying leased assets based on the present value of fixed and certain index-based lease payments at lease commencement.

The Company determines whether an arrangement contains a lease at inception. A lease liability and corresponding right of use (ROU) asset are recognized for qualifying leased assets based on the present value of fixed and certain index-based lease payments at lease commencement. To determine the present value of lease payments, the Company uses the stated interest rate in the lease, when available, or more commonly a secured incremental borrowing rate that reflects the risk, term, and economic environment in which the lease is denominated. The Company has elected not to recognize ROU assets or lease liabilities for leases with a term of twelve months or less. Expense is recognized on a straight-line basis over the lease term for operating leases.

The Company recognizes right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the number of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received and estimate of costs to be incurred by the lessee in dismantling and removing the underlying asset, restoring the site on which it is located or restoring the underlying asset to the condition required by the terms and conditions of the lease unless those costs are incurred to produce inventories. Unless the Company is reasonably certain to obtain ownership of the leased asset at the end of the lease term, the recognized right-of-use assets are depreciated on a straight-line basis over the shorter of its estimated useful life and the lease term as follows:

When accounting for finance leases in accordance with ASC 842, the entity recognizes interest on the lease liability and amortization of the ROU asset in the income statement and classifies payments of the principal portion of the lease liability as financing activities and payments of interest on the lease liability as operating activities.

Vehicles: 4 years

Right-of-use assets are subject to impairment review, amounts in thousands.

	Buildings		Vehicles		Total
Carrying value as of January 1, 2024		0		0		0
Addition Jan to Sep 2024		0		60		60
Disposal/Transfer Jan to Sep 2024		0		0		0
Charged Depreciation Jan to Sep 2024		0		9		9
Carrying value September 30, 2024		0		51		51

Goodwill

Goodwill represents the cost of acquired companies in excess of the fair value of the net assets at the acquisition date and is subject to annual impairment. Goodwill is the excess of the purchase price paid for an acquired entity and the amount of the price not assigned to acquired assets and liabilities. It arises when an acquirer pays a high price to acquire a business. This asset only arises from an acquisition, and it cannot be generated internally. Goodwill is an intangible asset, and so is listed within the long-term assets section of the acquirers’ balance sheet.

The Company accounts for business combinations by estimating the fair value of the consideration paid for acquired businesses and assigning that amount to the fair values of assets acquired and liabilities assumed, with the remainder assigned to goodwill. If the fair value of assets acquired and liabilities assumed exceeds the fair value of consideration paid, a gain on bargain purchase is recognized. The estimates of fair values are determined utilizing customary valuation procedures and techniques, which require us, among other things, to estimate future cash flows and discount rates. Such analyses involve significant judgments and estimations.

The Company follows the guidance prescribed in Accounting Standards Codification (“ASC”) 350, Goodwill and Other Intangible Assets, to test goodwill and intangible assets for impairment annually if an event occurs or circumstances change which indicates that its carrying amount may not exceed its fair value.

The Company acquired 100% of Emergency Response Technologies Inc. on February 23, 2024. The consideration for the assets was 350,000 restricted shares of Series B stock of SAML convertible into 350,000,000 common stocks with a fair market value of $8,072,580. The company holds long-term investments of 8,400,000 as of September 30, 2024, and $0 as of December 31, 2023. The net value of ERT assets acquisition ($577,129) against the purchase price, difference move to goodwill $8,977,877.

Revenue Recognition

The Company recognizes revenue in accordance with Accounting Standards Codification (ASC) Topic 606, Revenue from Contracts with Customers (ASC 606).

The principal activity of the Company is to engage in general trading, manufacturing and fabrication or steel and steel products and mainly manufacturing of pressure vessels, tanks, heat exchangers and construction of storage tanks and piping. Revenue from contracts with customers is recognized when control of the goods or services are transferred to the customer at an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. The Company has generally concluded that it is the principal in its revenue arrangements because it typically controls the goods or services before transferring them to the customer.

NOTE 3. GOING CONCERN

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business.

Management evaluated all relevant conditions and events that are reasonably known or reasonably knowable, in the aggregate, as of the date the consolidated financial statements are issued and determined. The Company’s ability to continue as a going concern is dependent on the Company’s ability to continue to generate sufficient revenues and raise capital within one year from the date of filing.

SAML has planned future acquisitions, and we intend to disclose these acquisitions, as they happen, in our ongoing reports with the Securities and Exchange Commission. Over the next twelve months management plans to use borrowings and security sales to mitigate the effects of cash flow deficits; however, no assurance can be given that debt or equity financing, if and when required, will be available.

NOTE 4. CURRENT ASSETS

Other Current Assets

Year	September 30, 2024 (unaudited)		December 31, 2023
Discount on Advance Receipts		144		0
Accrual of discount on notes		15		0
Deferred Expenses – Consultancy		1,667		0
Misc. Other Current Assets		3		0
Promotional Items on Hand		2		0
Total other current assets		1,831		0

Accounts Receivables:

Accounts receivables are recorded at face value less an allowance for credit losses. The allowance is an estimate based on historical collection experience, current and future economic and market conditions, and a review of the current status of each customer’s trade accounts receivable. Management evaluates the aging of the accounts receivable balances the financial condition of its customers and all other forward-looking information that is reasonably available to estimate the amount of accounts receivable that may not be collected in the future and before recording the appropriate provision.

Accounts receivable arise from our subsidiaries in ERT consolidated as of September 30, 2024. The duration of such receivables extends from 30 days to beyond 90 days. Payments are received only when a project is completed, and approvals are obtained. Provisions are created based on the estimated irrecoverable amounts determined by referring to past default experiences.

Accounts Receivables Ageing	September 30, 2024 (Not Reviewed)
1-30 days		141
31-60 days		35
61-90 days		60
+90 days		616
Total		852

NOTE 5. NON-CURRENT ASSETS

Property, Plant and Equipment

Depreciation on tangible assets in accordance with ASC 360.

	Plant & Machinery		Furniture, Fixtures & Office Equipment		Vehicles		Total
Carrying value as of January 1, 2024		41		14		34		89
Addition during Q1 2024		0		0		0		0
Charged Depreciation Q1 2024		4		2		5		11
Carrying value March 31, 2024		37		12		29		78
Addition during Q2 2024		0		0		0		0
Charged Depreciation Q2 2024		3		2		5		10
Carrying value June 30, 2024		34		11		24		69
Addition during Q3 2024
Charged Depreciation Q3 2024		3		2		3		8
Carrying value September 30, 2024		31		9		21		61

NOTE 6. CURRENT LIABILITIES

Accounts Payable

Current liabilities with a total of $5,303K as of September 30, 2024, include accounts payable of $1,818K with aging as per below and related parties amounting to $203K.

Accounts Payables Ageing	September 30, 2024 (Not Reviewed) (U.S. dollars in thousands)

0-30 days		93
31-60 days		44
61-90 days		30
+90 days		1,651
Total		1,818

Related Parties Payable

	September 30, 2024			December 31, 2023
	(U.S. dollars in thousands)
Ilustrato Pictures International Inc.		217			0
Related parties payable due to previous CEO		(14	)		193
Total		203			193

On March 28, 2024, the company entered into an Asset Purchase Agreement of the luggage company’s legacy assets with Atara Feiglin Dzikowski. The legacy assets had an audited book value of $78,754.69 as of December 31, 2023, consisting of luggage inventory and cash or cash equivalents. The consideration paid by the Buyer for the sale of the legacy assets was a cancellation of 1,666,666 common stock granted for consultancy in an agreement dated January 8, 2024. Further, a liability of $186,200 to Ms. Dzikowski was settled as part of the consideration for the legacy assets purchase and removal of liability for design boxes amounting to $7,500.

NOTE 7. NON-CURRENT LIABILITIES

Convertible notes

In the latter part of the fourth quarter of 2023, YAII PN, LTD transferred ownership of its notes/debentures to three distinct investors. These notes were acquired under similar terms, with the remaining principal and accrued interest. Subsequently, on December 13, 2023, the company reissued convertible notes to the investors and retired existing SAML 3-1-1, 4-1-1 and 4-2-3 notes. The new notes and Debenture were issued with the remaining Principal and Accumulated Interest and at a fixed conversion price of $0.004 and filed as exhibits to the Company’s Form 10-K

The company amended its accounting policy and reversed the derivative liability previously recorded in its financial records. Under the revised policy, the company records convertible notes/debentures as a liability on its balance sheet as convertible notes payable. In the event of a conversion, the company will record the transaction by transferring the carrying amount of the liability component (the convertible note payable) to equity, and the balance is recognized in accordance with fair market value as additional paid-in capital.

Details of Convertible notes/Debentures outstanding as of September 30, 2024:

One-year convertible debenture reissued on December 12, 2023, in the principal amount of $627,400 to Enza International ltd. The debenture bears interest at 10% per annum. All principal along with accrued interest on the debenture is convertible into shares of our common stock at a fixed conversion price equal to $0.004 per share.

One-year convertible debenture reissued on December 12, 2023, in the principal amount of $187,685 to Sky Holdings Limited. The debenture bears interest at 10% per annum. All principal along with accrued interest on the debenture is convertible into shares of our common stock at a fixed conversion price equal to $0.004 per share.

One-year convertible debenture reissued on December 12, 2023, in the principal amount of $82,663 to Mechtech Industrial (Asia) Limited. The debenture bears interest at 10% per annum. All principal along with accrued interest on the debenture is convertible into shares of our common stock at a fixed conversion price equal to $0.004 per share.

On January 3, 2024, Ilustrato Pictures International Inc. acquired a convertible note from YAII PN, LTD with outstanding principal and accrued interest of $600,685 in Samsara Luggage Inc. (SAML). On the January 5, 2024, SAML reissued a convertible note to ILUS who on the same day converted the note into 150,753,425 shares of common stock in the Company pursuant to the terms of said exchange note. As a result of such conversion, Ilustrato acquired control of 91.5% of the outstanding shares in SAML as of January 5, 2024.

On April 3, 2024, we issued a one-year convertible note to Enza International Ltd. for the aggregate principal amount of up to $500,000. The note bears an interest of 7% per annum and matures on November 13, 2024.

On April 3, 2024, we issued a one-year convertible note to Mechtech Industrial Ltd. for the aggregate principal amount of up to $500,000. The note bears an interest of 7% per annum and matures on November 13, 2024.

On May 9, 2024, the Company issued a promissory note to 1800 Diagonal Lending LLC in the principal amount of $77,050 (the “Diagonal Lending Note”). The Diagonal Lending Note had a one-time interest amount of $11,557. The Company will prepay the Diagonal Lending Note in four payments and matures on February 15, 2024, with a total payback to the Holder of $88,607. All principal on the Diagonal Lending Note is convertible into shares of our common stock in the event of default with a conversion price of 65% multiplied by the lowest Trading Price for the Common Stock during the ten (10) Trading Days before the Conversion Date.

On June 21, 2024, the Company issued a promissory note to 1800 Diagonal Lending LLC in the principal amount of $117,300 (the “Diagonal Lending Note”). The Diagonal Lending Note had a one-time interest amount of $15,249. The Company will prepay the Diagonal Lending Note in nine payments and matures on March 30, 2025, with a total payback to the Holder of $132,549. All principal on the Diagonal Lending Note is convertible into shares of our common stock in the event of default with a conversion price of 65% multiplied by the lowest Trading Price for the Common Stock during the ten (10) Trading Days before the Conversion Date.

Options and Warrants

In accordance with ASC 470, warrants have been classified as a liability and recorded at their exercise price. The Company had 26,552 issued warrants as of September 30, 2024:

Warrants	# Warrant shares		Conversion/price
Yorkville 3A		13,095		21
Yorkville 3B		2,619		21
Yorkville 3C		10,838		3.46
Total		26,552

NOTE 8 – STOCKHOLDERS’ EQUITY

Minority Interest

The Company acquired 100% of Emergency Response Technologies of which 51% of Al Shola Mechanicals LLC is owned with a minority interest of $168,000 as of the transaction date of Emergency Response Technologies.

Common and Preferred Stock

From January 1, 2023, to June 30, 2023, we made the following issuances:

On January 20, 2023, and pursuant to the SPA, the Preferred A Investor exercised its option to convert 10,000 shares of Series A Preferred Stock into 219,710 shares of Common Stock of the Company.

On February 2, 2023, and pursuant to the SPA, the Preferred A Investor exercised its option to convert 9,300 shares of Series A Preferred Stock into 229,163 shares of Common Stock of the Company.

On February 17, 2023, and pursuant to the SPA, the Preferred A Investor exercised its option to convert 9,000 shares of Series A Preferred Stock into 240,155 shares of Common Stock of the Company.

On March 2, 2023, and pursuant to the SPA, the Preferred A Investor exercised its option to convert 6,262 shares of Series A Preferred Stock into 250,000 shares of Common Stock of the Company.

On March 13, 2023, and pursuant to the SPA, the Preferred A Investor exercised its option to convert 6,650 shares of Series A Preferred Stock into 265,504 shares of Common Stock of the Company.

On March 28, 2023, and pursuant to the SPA, the Preferred A Investor exercised its option to convert 7,000 shares of Series A Preferred Stock into 277,308 shares of Common Stock of the Company.

During the six months ended June 30, 2023, and pursuant to the Series A SPA, the Preferred A Investor exercised its option to convert 89,532 shares of Series A Preferred Stock into 3,531,137 shares of Common Stock of the Company.

On June 6, 2023, the Company issued 1,666,666 shares of Common Stock to executives on the Company as Stock-based compensation with a fair value of $46.

On May 12, 2022, the Company established a series of redeemable convertible preferred stock (the “Series A Preferred Stock”), par value $0.0001 per share, stated value $1.0 per share, pursuant to a Certificate of Designation, Preference and Rights of Series A Preferred Stock of the Company (the “Certificate of Designation”).

On May 17, 2022, the Company entered into a Series A Preferred Stock Purchase Agreement (the “Series A SPA”) with 1800 Diagonal Lending LLC f/k/a Sixth Street Lending LLC, a Virginia limited liability company (the “Preferred A Investor”) pursuant to which the Company issued and sold to the Preferred A Investor 148,062 shares of Series A Preferred Stock for a purchase price of $129, of which the Company received proceeds of $125, net of issuance costs. The Company has accounted for the Series A Preferred Stock as mezzanine equity.

From January 1, 2024, to September 30, 2024, we made the following issuances:

On January 16, 2024, we issued 15,000,000 common stocks to Enza International pursuant to a convertible note dated December 12, 2023, with a fair market value of $501,000.

On January 18, 2024, we issued 1,150,000 common stocks to Mechtech International pursuant to a convertible note dated December 12, 2023, with a fair market value of $40,595.

On January 26, 2024, we issued 1,714,286 common stocks to Kyle Edward Comerford pursuant to a Share Purchase Agreement dated December 12, 2023, for an aggregate purchase price of $30,000.

On February 2, 2024, we issued 1,666,667 common stocks to Atara Feiglin Dzikowski pursuant to a consultancy agreement dated January 8, 2023, with a fair market value of $41,667.

On February 5, 2024, we issued 15,000,000 common stocks to Sky Holdings pursuant to a convertible note dated December 12, 2023, with a fair market value of $586,500.

On February 7, 2024, 80,698 shares of Series A stocks held by 1800 Diagonal Lending LLC were cancelled as were fully redeemed and returned to treasury.

On February 7, 2024, we issued 2,857,142 common stocks to Cameron Canzellarini pursuant to a Share Purchase Agreement dated December 12, 2023, for an aggregate purchase price of $50,000.

On February 21, 2024, we issued 10,000,000 common stocks to Mechtech International pursuant to a convertible note dated December 12, 2023, with a fair market value of $281,750.

●

Firebug Mechanical Equipment LLC

●

Georgia Fire & Rescue Supply LLC

●

Bright Concept Detection and Protection System LLC

●

Bull Head Products Inc

●

E-Raptor

●

The Vehicle Converters

●

AL Shola Al Modea Safety and Security LLC, the only entity in which the Company does not own 100% but only 51% of the membership interests

The consideration for the sale of the equity interests in the foregoing companies was paid by SAML by the issuance of 350,000 restricted shares of Series B stock of SAML convertible into 350,000,000 common stock and further milestone payment/s should applicable performance targets be referenced.

On February 28, 2024, we issued 2,500 Series B preferred stock to Sanjeeb Safir pursuant to a consultancy agreement dated January 8, 2023, with a fair market value of $62,750.

On March 15, 2024, we issued 1,666,667 common stocks to Atara Feiglin Dzikowski pursuant to a consultancy agreement dated January 8, 2023, with a fair market value of $41,667.

On April 3, 2024, we issued 15,000 shares of Series B preferred stock to Carsten Kjems Falk pursuant to a consultancy agreement dated January 5, 2023, with a fair market value of $450,000.

On April 3, 2024, we issued 30,000 shares of Series B preferred stock to John-Paul Backwell pursuant to his employment agreement dated January 5, 2023, with a fair market value of $900,000.

On April 3, 2024, we issued 10,000 shares of Series B preferred stock to Daniel Link pursuant to a consultancy agreement dated January 5, 2023, with a fair market value of $300,000

On April 3, 2024, we issued 5,000 shares of Series B preferred stock to Daniel Thomas Peters pursuant to a consultancy agreement dated January 5, 2023, with a fair market value of $150,000.

On April 3, 2024, we issued 2,500 shares of Series B preferred stock to Annemarie Leo-Smith pursuant to a consultancy agreement dated January 5, 2023, with a fair market value of $75,000.

On April 3, 2024, we issued 1,000 shares of Series B preferred stock to Aleksandar Savic pursuant to a consultancy agreement dated January 5, 2023, with a fair market value of $30,000.

On July 05, 2024, we issued 15,000 shares of Pref B stock to Louise Bennett pursuant to a consultancy agreement dated January 5, 2023, with a fair market value of $151,000

On July 05, 2024, we issued 35,000 shares of Pref B stock to Nicolas Link pursuant to a consultancy agreement dated January 5, 2023, with a fair market value of $353,500

On July 05, 2024, we issued 4,580 shares of Pref B stock to Narinder Chadha pursuant to a loan agreement with Bright Concept Detection & Protection System LLC, with a fair market value of $46,258

On July 05, 2024, we issued 10,000 shares of Pref B stock to Jason Brown pursuant to a consultancy agreement dated January 5, 2023, with a fair market value of $101,000

NOTE 10 – SUBSEQUENT EVENTS

In accordance with ASC 855 “Subsequent Events,” Company management reviewed all material events through the date this report was issued, and the following subsequent events took place.

Certain statements, other than purely historical information, including estimates, projections, statements relating to our business plans, objectives, and expected operating results, and the assumptions upon which those statements are based, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements generally are identified by the words “believes,” “project,” “expects,” “anticipates,” “estimates,” “intends,” “strategy,” “plan,” “may,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. We intend such forward-looking statements to be covered by the safe-harbour provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and are including this statement for purposes of complying with those safe-harbour provisions. Forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties which may cause actual results to differ materially from the forward-looking statements. Our ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors that could have a material adverse effect on our operations and prospects on a consolidated basis include but are not limited to changes in economic conditions, incorporating acquisitions, changes in the supply chain for raw materials, effects of Covid and wars, including the Ukraine war, legislative/regulatory changes, availability of capital, interest rates, competition, and generally accepted accounting principles. These risks and uncertainties should also be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Further information concerning our business, including additional factors that could materially affect our financial results, is included herein and in our other filings with the SEC.

ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations Forward-Looking Statements

Certain statements, other than purely historical information, including estimates, projections, statements relating to our business plans, objectives, and expected operating results, and the assumptions upon which those statements are based, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements generally are identified by the words “believes,” “project,” “expects,” “anticipates,” “estimates,” “intends,” “strategy,” “plan,” “may,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. We intend such forward-looking statements to be covered by the safe-harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and are including this statement for purposes of complying with those safe-harbor provisions. Forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties which may cause actual results to differ materially from the forward-looking statements. Our ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse effect on our operations and future prospects on a consolidated basis include but are not limited to changes in economic conditions, incorporating acquisitions, changes in the supply chain for raw materials, effects of Covid and wars, including the Ukraine war, legislative/regulatory changes, availability of capital, interest rates, competition, and generally accepted accounting principles. These risks and uncertainties should also be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Further information concerning our business, including additional factors that could materially affect our financial results, is included herein and in our other filings with the SEC.

General

The following is a discussion by management of its view of the Company’s business, financial condition, and corporate performance for the past year. The purpose of this information is to give management’s recap of the past year, and to give an understanding of management’s current outlook for the near future. This section is meant to be read in conjunction with the Financial Statements of the period Report on Form 10-Q.

Overview

SAML is a Nevada Corporation that is majority-owned by ILUS. SAML functions as the Emergency & Response subsidiary of ILUS and provides strategic management oversight to its operating businesses, which includes but is not limited to, financial and administrative management, sales, marketing, and human resources support.

Factors Affecting Our Performance

The primary factors affecting our results of operations include but not limited to:

General Macro Economic Conditions

Our business is impacted by the global economic environment, employment levels, consumer confidence, government, and municipal spending. Global instability in securities markets and the Russian invasion of Ukraine are among other factors that can impact our financial performance. In particular, changes in the U.S. economic climate can impact the demand of our product range. The Industrial and Manufacturing sectors are impacted by the overall economic environment as addressed in the risk factors. Tenders can be withdrawn and lead times for the manufacturing can be affected which can result in cancellation of orders if not delivered on time.

New Business Direction — Emergency Response Technologies

On January 3, 2024, Ilustrato Pictures International Inc. (“ILUS”) acquired a convertible note from YAII PN, LTD with outstanding principal and accrued interest of $600,685 in the Company. On January 5, 2024, the Company reissued a convertible note to ILUS who on the same day converted the note into 150,753,425 shares of common stock in the Company. As a result of such conversion, Ilustrato acquired control of 91.5% of the outstanding shares in SAML as of January 5, 2024.

As a result of these transactions, the Company is now focused on the public safety and emergency response sector. Historically, the company has evolved out of the emergency response sector mainly through developing and manufacturing Emergency Services products, including Emergency Response vehicles, Special Vehicle conversions, Commercial EVs, and IoT Technology. The Company also intends to acquire complementary companies with disruptive technology, strong management, and potential for rapid growth that may benefit from our other group companies' cross-pollination of territories, products, and skills.

As a result of these transactions the results of Operations for the three and nine months ended September 30, 2023, are comparing the results of the legacy luggage business with Emergency Response Technologies for the three and nine months ended September 30, 2024.

Planned Developments

In the final quarter of 2024, the Company will allocate resources to its operating subsidiaries in a continued effort to increase efficiency, drive increased sales, and positively impact its financial results.

Results of Operations for the Nine & Three months ended September 30, 2024, and September 30, 2023

Revenue

The Company generated revenues through the sale and distribution of smart luggage products and following the aforementioned change in business direction, through the sale of public safety and emergency response products and services. Revenues during the nine months ended September 30, 2024, totaled $26,94k compared to $358k for the nine months ended September 30, 2023. The increase in the total revenue is due to the acquisitions.

The Company generated revenues through the sale and distribution of smart luggage products and following the aforementioned change in business direction, through the sale of public safety and emergency response products and services. Revenues during the three months ended September 30, 2024, totaled $666k compared to $9k for the three months ended September 30, 2023. The increase in the total revenue is due to the acquisitions.

Costs of Sales

Costs of sales consist of the purchase of raw materials, the cost of production and labor. Cost of revenues during the nine months ended September 30, 2024, totaled $1,803k compared to $203K for the nine months ended September 30, 2023. The increase in the costs due to the acquisitions.

Costs of sales consist of the purchase of raw materials, the cost of production and labor. Cost of revenues during the three months ended September 30, 2024, totaled $404k compared to $17K for the three months ended September 30, 2023. The increase in the costs due to the acquisitions.

Gross Profit

During the nine months ended September 30, 2024, Gross Profit totaled $891K, representing a Gross Profit margin of 33%. During the nine months ended September 30, 2023, Gross Profit totaled $155K.

During the three months ended September 30, 2024, Gross Profit totaled $262K, representing a Gross Profit margin of 39%. During the three months ended September 30, 2023, Gross loss totaled $8K.

Operating Expenses

Operating expenses totaled $3,033K during the nine months ended September 30, 2024, compared to $541K during the nine months ended September 30, 2023. The increase in operating expenses is due to acquisitions.

Operating expenses totaled $1,145K during the three months ended September 30, 2024, compared to $81K during the three months ended September 30, 2023. The increase in operating expenses is due to acquisitions.

Net Profit/Loss

Company realized a net loss of $2,153K for the nine months ended September 30, 2024, as compared to a net loss of $876K for the nine months ended September 30, 2023.

Company realized a net loss of $900K for the three months ended September 30, 2024, as compared to a net loss of $687K for the three months ended September 30, 2023.

The increased Net Loss is due to the change in business direction, decreased sales in certain operating businesses and increased operating expenses in 2024.

Liquidity and Capital Resources

Liquidity is the ability of a company to generate funds to support its current and future operations, satisfy its obligations, and otherwise operate on an ongoing basis. Significant factors in the management of liquidity are funds generated by operations, levels of accounts receivable and accounts payable and capital expenditure.

As of September 30, 2024, the Company had $102K of cash, total current assets of $3,785K and total current liabilities of $5,303K creating a working capital deficit of $1,518K. As of December 31, 2023, the Company had $12K of cash, total current assets of $12K, and total current liabilities of 2,064K, creating a working capital deficit of $2,052K.

The working capital deficit was mainly attributable to a change in business acquisitions and legacy receivables from subsidiaries transferred from ILUS to SAML with the acquisition of the subsidiaries collectively called Emergency Response Technologies as well as the conversion of notes.

Net cash generated from operating activities was $(635)K for the nine months ended September 30, 2024, as compared to cash used in operating activities of $(117)K for the nine months ended September 30, 2023. The Company generates cash through revenue and uses cash for general and administrative expenses and other working capital purposes.

Net cash used in investing activities was $9,784K for the nine months ended September 30, 2024, as compared to cash used in investing activities of $0 for the nine months ended September 30, 2023. The Company’s primary uses of cash have been for acquisition of the subsidiary collectively known as Emergency Response Technologies.

Net cash in from finance activities was $10,509K for the nine months ended September 30, 2024, as compared to cash finance activities of $(16)K, for the nine months ended September 30, 2023. The Company primarily generated cash from issuance of shares and loans.

We have principally financed our operations through the sale of our common stock and the issuance of debt. Due to our operational losses, we relied to a large extent on financing our cash flow requirements through the issuance of common stock and debt. There can be no assurance we will be successful in raising the necessary funds to execute our business plan.

Necessity of Additional Financing

Securing additional financing is critical to the implementation of our business plan. If and when we obtain the required additional financing, we should be able to fully implement our business plan. In the event we are unable to raise any additional funds we will not be able to pursue our business plan, and we may fail entirely. We currently have limited committed sources of financing.

Going Concern Consideration

The above conditions raise substantial doubt about our ability to continue as a going concern. Our independent auditors included an explanatory paragraph in their report on the accompanying financial statements regarding concerns about our ability to continue as a going concern. Our financial statements contain additional note disclosures describing the circumstances that led to this disclosure by our independent auditors. Although we anticipate that our current operations will provide us with cash resources, we believe existing cash will not be sufficient to fund planned operations and projects through the next 12 months. Therefore, we believe we will need to increase our sales, attain profitability, and raise additional funds to finance our future operations. Any meaningful equity or debt financing will likely result in significant dilution to our existing stockholders. There is no assurance that additional funds will be available on terms acceptable to us, or at all.

To address these risks, we must, among other things, implement and successfully execute our business and marketing strategy surrounding our products, continually develop and upgrade our operating business websites, respond to competitive developments, lower our financing costs, and attract, retain and motivate qualified personnel. There can be no assurance that we will be successful in addressing such risks, and the failure to do so can have a material adverse effect on our business prospects, financial condition and results of operations.

Seasonality

We do not expect our sales to be impacted by seasonal demands for our products.

Off-Balance Sheet Arrangements

We have no off-balance sheet arrangements.

Item 3. - Quantitative and Qualitative Disclosures about Market Risk

We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information necessary under this item.

Item 4. - Controls and Procedures

Evaluation of Disclosure Controls and Procedures

We evaluated the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the period covered by this Quarterly Report on Form 10-Q. The controls evaluation was conducted under the supervision and with the participation of management, including our Chief Executive Officer and Chief Financial Officer. Disclosure controls and procedures are controls and procedures designed to reasonably assure that information required to be disclosed in our reports filed under the Exchange Act, such as this Quarterly Report on Form 10-Q, is recorded, processed, summarized and reported within the periods specified in the Commission’s rules and forms. Disclosure controls and procedures are also designed to reasonably assure that such information is accumulated and communicated to our management, including the Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

Based on the controls evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that, as of the end of the period covered by this Quarterly Report on Form 10-Q, our disclosure controls and procedures were effective in providing reasonable assurance that information required to be disclosed in our Exchange Act reports is recorded, processed, summarized and reported within the time periods specified by the Commission, and that material information relating to our company and our consolidated subsidiary is made known to management, including the Chief Executive Officer and Chief Financial Officer, particularly during the period when our periodic reports are being prepared.

Inherent Limitations on Effectiveness of Controls

Our management, including our Chief Executive Officer and Chief Financial Officer, does not expect that our disclosure controls and procedures or our internal control over financial reporting will prevent or detect all error and all fraud. A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the control system’s objectives will be met. The design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Further, because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that misstatements due to error or fraud will not occur or that all control issues and instances of fraud, if any, within a company have been detected.

Changes in Internal Control over Financial Reporting

There were no changes in our internal control over financial reporting (as defined in Rules 13a-15f and 15d-15f under the Exchange Act) that occurred during the quarter ended September 30, 2024, that have materially affected, or that are reasonably likely to materially affect, our internal control over financial reporting.

Part II: Other Information

Item 1 - Legal Proceedings

We know of no material, existing or pending legal proceedings against our company, nor are we involved as a plaintiff in any material proceeding or pending litigation. There are no proceedings in which any of our directors, officers, or any affiliates, or any registered or beneficial shareholder, is an adverse party or has a material interest adverse to our interests.

Item 1A. Risk Factors

There have been no material changes to the risk factors previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2023.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

None.

Item 3. Defaults upon Senior Securities

None

Item 4. Mine Safety Disclosures

None

Item 5. Other Information

None

Item 6. Exhibits

Exhibit No.		Description
4.1*		Convertible Promissory Note, dated April 3, 2024, with Enza International Ltd.
4.2*		Convertible Promissory Note, dated April 3, 2024, with Mechtech Industrial Ltd.
4.3*		Convertible Promissory Note, dated March 12, 2024, with 1800 Diagonal Lending LLC
4.4*		Convertible Promissory Note, dated May 9, 2024, with 1800 Diagonal Lending LLC
4.5*		Convertible Promissory Note, dated June 21, 2024, with 1800 Diagonal Lending LLC
10.1*		Assignment Agreement, dated as of January 3, 2024, ILUS International Inc. and YAII PN, Ltd. (incorporated by reference into the Company’s Form 10-k filed with the United States Securities and Exchange Commission on April 2, 2024)
10.2*		Reissuance of note, dated as of January 5, 2024, Enza International Ltd. (incorporated by reference into the Company’s Form 10-k filed with the United States Securities and Exchange Commission on April 2, 2024)
10.3*		Stock Purchase Agreement, dated as of January 12, 2024, Kyle Edward Comerford. (incorporated by reference into the Company’s Form 10-k filed with the United States Securities and Exchange Commission on April 2, 2024)
10.4*		Convertible Promissory Note, dated as of January 23, 2024, 1800 Diagonal Lending LLC. (incorporated by reference into the Company’s Form 10-k filed with the United States Securities and Exchange Commission on April 2, 2024)
10.5*		Stock Purchase Agreement, dated as of January 31, 2024, Cameron Canzellarini. (incorporated by reference into the Company’s Form 10-k filed with the United States Securities and Exchange Commission on April 2, 2024)
10.6*		Stock Purchase Agreement, dated as of February 23, 2024, ILUS International Inc. (incorporated by reference into the Company’s Form 10-k filed with the United States Securities and Exchange Commission on April 2, 2024)
31.1**		Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, 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
101.SCH*		Inline XBRL Taxonomy Extension Schema Document
101.CAL*		Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.LAB*		Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE*		Inline XBRL Taxonomy Extension Presentation Linkbase Document
101.DEF*		Inline XBRL Taxonomy Extension Definition Linkbase Document
104*		Cover Page Interactive Data File formatted as Inline XBRL and contained in Exhibit 101

Provided Previously

Provided Herein

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.

SAMSARA LUGGAGE, INC.

Date:	November 19, 2024

By:	/s/ John-Paul Backwell
	John-Paul Backwell
Title:	Chief Executive Officer (principal executive and principal accounting and financial officer)

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Exhibit 31.1

CERTIFICATIONS

I, John-Paul Backwell, certify that:

I have reviewed this Quarterly Report on Form 10-Q for the period ended September 30, 2024, of Samsara Luggage Inc.;

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the registrant and have:

designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

evaluated the effectiveness of the registrant s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

disclosed in this report any change in the registrant s internal control over financial reporting that occurred during the registrant s most recent fiscal quarter (the registrant s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant s internal control over financial reporting; and;

The registrant s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant s auditors and the audit committee of the registrant s board of directors (or persons performing the equivalent functions);

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant s ability to record, process, summarize and report financial information; and

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant s internal controls.

Dated: November 19, 2024

/s/ John-Paul Backwell

John-Paul Backwell
Chief Executive Officer

(Principal executive officer &
Principal accounting and financial officer)

Exhibit 32.1

CERTIFICATION

PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED
PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q of Samsara Luggage Inc. (the Company) for the period ended September 30, 2024, as filed with the Securities and Exchange Commission (the Report), I, John-Paul Backwell, Chief Executive Officer of the Company certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: November 19, 2024	/s/ John-Paul Backwell
	John-Paul Backwell Chief Executive Officer
	(Principal executive officer & Principal accounting and financial officer)

This certification accompanies this Annual Report on Form 10-K pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by such Act, be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act). Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent that the Company specifically incorporates it by reference.

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2024	Nov. 19, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Amendment Flag	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Information [Line Items]
Entity Registrant Name	SAMSARA LUGGAGE, INC.
Entity Central Index Key	0001530163
Entity File Number	000-54649
Entity Tax Identification Number	26-0299456
Entity Incorporation, State or Country Code	NV
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Contact Personnel [Line Items]
Entity Address, Address Line One	135 E. 57th Street
Entity Address, Address Line Two	Suite 18-130
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10022
Entity Phone Fax Numbers [Line Items]
City Area Code	(855)
Local Phone Number	-256-7477
Entity Listings [Line Items]
Title of 12(b) Security	None
No Trading Symbol Flag	true
Entity Common Stock, Shares Outstanding		213,730,601

Condensed Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current Assets
Cash and Cash Equivalents	$ 102	$ 12
Inventory	815	0
Accounts Receivable	852	0
Deposits	185	0
Other Current Assets	1,831	0
Total Current Assets	3,785	12
Non-Current Assets
Property and Equipment	61	0
Right-of-Use assets	51	0
Capital Work in Progress	655	0
Goodwill	8,978	0
Total Non-current Assets	9,745	0
Total Assets	13,530	12
Current Liabilities
Accounts Payable	1,818	327
Lease Operating Liabilities	22	0
Related Party Payable	203	193
Convertible Notes, net of discount	1,598	1,398
Other Current Liabilities	1,662	146
Total Current Liabilities	5,303	2,064
Non-Current Liabilities
Lease Operating Non-Current Portion	31	0
Other Non-Current Liabilities	150	0
Total Long-Term Liabilities	181	0
Total Liabilities	5,484	2,064
Stockholders’ Equity
Convertible and redeemable preferred A shares, $0.0001 par value, 1,000,000 shares authorized, 0 and 0 shares outstanding as of September 30, 2024, and December 31, 2023, respectively	0	0
Preferred B shares, $0.0001 par value, 1,000,000 shares authorized, 480,580 and 0 shares outstanding as of September 30, 2024, and December 31, 2023, respectively	0	0
Common stock; $0.001 par value; Common Stock Shares Authorized 7,500,000,000; 213,730,601 and 13,922,414 shares issued and outstanding as of September 30, 2024, and December 31, 2023, respectively	21	1
Share Capital		66
Additional paid-in capital	22,563	10,625
Retained Earnings/ accumulated Deficit	(14,698)	(12,744)
Noncontrolling interest	160
Total stockholders’ Equity	8,046	(2,052)
Total liabilities and stockholders’ Equity	$ 13,530	$ 12

Condensed Balance Sheets (Parentheticals) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Convertible and redeemable preferred shares, par value (in Dollars per share)	$ 0.0001	$ 0.0001
Convertible and redeemable preferred shares, authorized	1,000,000	1,000,000
Convertible and redeemable preferred shares, outstanding	0	0
Preferred shares, par value (in Dollars per share)	$ 0.0001	$ 0.0001
Preferred shares, shares authorized	1,000,000	1,000,000
Preferred shares, shares outstanding	480,580	0
Common stock, par value (in Dollars per share)	$ 0.001	$ 0.001
Common stock, authorized shares	7,500,000,000	7,500,000,000
Common stock, shares issued	213,730,601	13,922,414
Common stock, shares outstanding	213,730,601	13,922,414

Condensed Statements of Operations (Not Reviewed) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Revenue	$ 666	$ 9	$ 2,694	$ 358
Cost of revenues	404	17	1,803	203
Gross profit	262	(8)	891	155
Operating expenses
Professional fees	0	0	181	0
General and administrative	1,145	81	2,852	541
Total operating expenses	1,145	81	3,033	541
Income (loss) from operations	(883)	(89)	(2,142)	(386)
Other (income) expenses
Interest expense	4	37	7	200
Other Income	13	561	4	290
Total other (income) expense, net	17	598	11	490
Net Income (Loss)	(900)	(687)	(2,153)	(876)
Less: net income attributable to noncontrolling interest	20		51
Net income (loss) attributable to SAML stockholders	$ (920)	$ (687)	$ (2,204)	$ (876)
Weighted average common shares outstanding (in Shares)	555,630,725	10,480,891	555,630,725	7,538,709
Net income (loss) per common share - basic (in Dollars per share)	$ 0	$ (0.07)	$ 0	$ (0.12)
Net income (loss) per common share - diluted (in Dollars per share)	$ 0	$ (0.07)	$ 0	$ (0.12)

Condensed Statements of Changes in Stockholders’ Deficit (Not Reviewed) - USD ($) $ in Thousands	Preferred Stock	Common Stock	Additional Paid-in Capital Amount	Minority Interest Amount	Retain Loss Amount	Total
Balance at Dec. 31, 2022	$ 0	$ 0	$ 10,464	$ 0	$ (12,600)	$ (2,136)
Balance (in Shares) at Dec. 31, 2022	0	4,406,312
Conversion of Preferred A shares into common shares	$ 0	$ 1	40	0	0	41
Conversion of Preferred A shares into common shares (in Shares)	0	1,481,840
Net Income (loss)	$ 0				(238)	(238)
Balance at Mar. 31, 2023	$ 0	$ 1	10,504	0	(12,838)	(2,333)
Balance (in Shares) at Mar. 31, 2023	0	5,888,152
Balance at Dec. 31, 2022	$ 0	$ 0	10,464	0	(12,600)	(2,136)
Balance (in Shares) at Dec. 31, 2022	0	4,406,312
Net Income (loss)						(876)
Balance at Sep. 30, 2023		$ 1	10,605		(13,476)	(2,870)
Balance (in Shares) at Sep. 30, 2023		11,622,414
Balance at Mar. 31, 2023	$ 0	$ 1	10,504	0	(12,838)	(2,333)
Balance (in Shares) at Mar. 31, 2023	0	5,888,152
Stock Based Compensation	$ 0	$ 0	46	0	0	46
Stock Based Compensation (in Shares)	0	1,666,666
Conversion of Preferred A shares into common shares	$ 0	$ 0	35	0	0	35
Conversion of Preferred A shares into common shares (in Shares)	0	2,049,297
Net Income (loss)	$ 0	$ 0	0	0	49	49
Balance at Jun. 30, 2023	$ 0	$ 1	10,585	0	(12,789)	(2,203)
Balance (in Shares) at Jun. 30, 2023	0	9,604,115
Stock Based Compensation	$ 0	$ 0	0	0	0	0
Stock Based Compensation (in Shares)	0	0
Conversion of Preferred A shares into common shares	$ 0	$ 0	20	0	0	20
Conversion of Preferred A shares into common shares (in Shares)	0	2,018,299
Net Income (loss)	$ 0	$ 0	0	0	(687)	(687)
Balance at Sep. 30, 2023		$ 1	10,605		(13,476)	(2,870)
Balance (in Shares) at Sep. 30, 2023		11,622,414
Balance at Dec. 31, 2023	$ 66	$ 1	10,626	0	(12,744)	(2,052)
Balance (in Shares) at Dec. 31, 2023	0	13,922,414
Cancellation Series A	$ (66)	$ 0	0	0	0	(66)
Cancellation Series A (in Shares)	0	0
Conversion of Notes into shares	$ 0	$ 19	756	0	0	775
Conversion of Notes into shares (in Shares)	0	191,903,425
Issuance of shares for Services	$ 0	$ 0	83	0	0	84
Issuance of shares for Services (in Shares)	0	3,333,334
Issuance of shares for Cash	$ 0	$ 0	80	0	0	80
Issuance of shares for Cash (in Shares)	0	4,571,428
Minority Interest	$ 0	$ 0	0	168	0	168
Issuance of Series B	$ 35	$ 0	8,428	0	0	8,463
Issuance of Series B (in Shares)	352,500	0
Net Income (loss)	$ 0	$ 0	0	7	(1,000)	(993)
Balance at Mar. 31, 2024	$ 35	$ 20	19,972	175	(13,744)	6,459
Balance (in Shares) at Mar. 31, 2024	352,500	213,730,601
Balance at Dec. 31, 2023	$ 66	$ 1	10,626	0	(12,744)	(2,052)
Balance (in Shares) at Dec. 31, 2023	0	13,922,414
Minority Interest				168,000
Net Income (loss)						(2,153)
Balance at Sep. 30, 2024	$ 0	$ 21	22,563	160	(14,698)	8,046
Balance (in Shares) at Sep. 30, 2024	480,580	213,730,601
Balance at Mar. 31, 2024	$ 35	$ 20	19,972	175	(13,744)	6,459
Balance (in Shares) at Mar. 31, 2024	352,500	213,730,601
Issuance of shares for Services	$ 0	$ 0	1,905	0	0	1,905
Issuance of shares for Services (in Shares)	63,500	0
Adjustment	$ (35)	$ 1	34	(57)	249	193
Net Income (loss)	0	0	0	24	(284)	(260)
Balance at Jun. 30, 2024	$ 0	$ 21	21,911	142	(13,778)	8,296
Balance (in Shares) at Jun. 30, 2024	416,000	213,730,601
Issuance of shares for Services	$ 0	$ 0	652	0	0	652
Issuance of shares for Services (in Shares)	64,580	0
Adjustment	$ 0	$ 0	0	(2)	0	(2)
Net Income (loss)	0	0	0	20	(920)	(900)
Balance at Sep. 30, 2024	$ 0	$ 21	$ 22,563	$ 160	$ (14,698)	$ 8,046
Balance (in Shares) at Sep. 30, 2024	480,580	213,730,601

Condensed Statements of Cash Flows (Not Reviewed) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Statement of Cash Flows [Abstract]
Loss for the period	$ (2,153)	$ (876)
Finance cost	7	41
Non-Cash Stock Compensation Expense	1,905	46
Expenses in respect of warrants issued and convertible component in convertible loan, net interest expenses	0	290
Change in fair value of liability	0	(1)
Non-controlling interest	(51)	0
Depreciation - PPE	39	0
Other income	4	0
Amortization	58	0
Current Assets	(3,683)	92
Other Current Liabilities	3,239	291
Net cash (used In) provided by operating activities	(635)	(117)
Cash flows from investing activities
Addition of Fixed Assets	(755)	0
Right of use Assets	(51)	0
Changes in Non-current assets	(8,978)	0
Net cash used in investing activities	(9,784)	0
Common Stock issued	20	0
Lease Finance	31	0
Additional Paid-up Capital	11,872	0
Subsidiaries finances	(1,564)	0
Note converted	150	(16)
Net cash generated from financing activities	10,509	(16)
Net increase/(decrease) in cash and cash equivalents	90	(133)
Cash and cash equivalents at the beginning of the year	12	168
Cash and cash equivalents at end of the year	$ 102	$ 35

Organization and Description of Business (Our History)

9 Months Ended

Sep. 30, 2024

Organization and Description of Business (Our History) [Abstract]

ORGANIZATION AND DESCRIPTION OF BUSINESS (OUR HISTORY)

NOTE 1 – ORGANIZATION AND DESCRIPTION OF BUSINESS (OUR HISTORY)

New Business Direction — Emergency Response Technologies

●

Firebug Mechanical Equipment LLC

●

Georgia Fire & Rescue Supply LLC

●

Bright Concept Detection and Protection System LLC

●

Bull Head Products Inc

●

E-Raptor

●

The Vehicle Converters

●

AL Shola Al Modea Safety and Security LLC.

●

Summary of Significant Accounting Policies and Basis of Presentation

9 Months Ended

Sep. 30, 2024

Summary of Significant Accounting Policies and Basis of Presentation [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION

Basis of Presentation and Principles of Consolidation

Use of Estimates

Fair value of financial instruments

●	Level 1.	Quoted prices in active markets for identical assets or liabilities. These are typically obtained from real-time quotes for transactions in active exchange markets involving identical assets.

●	Level 2.	Quoted prices for similar assets and liabilities in active markets; quoted prices included for identical or similar assets and liabilities that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. These are typically obtained from readily available pricing sources for comparable instruments.

●	Level 3.	Unobservable inputs, where there is little or no market activity for the asset or liability. These inputs reflect the reporting entity’s own beliefs about the assumptions that market participants would use in pricing the asset or liability, based on the best information available in the circumstances.

Accounts receivable

Inventories

Property, Plant & Equipment

Property, Plant and Equipment		Years
Machinery		5 – 15
Vehicles		5 – 10
Furniture, Fixtures & Office Equipment		3 – 5

Depreciation

Deposits, Prepayments, & Advances

Stock-based compensation

Earnings (loss) per share

Particulars	September 30, 2024			September 30, 2023
Basic and diluted EPS*
Numerator
Net income/(loss)		(2,204	)		(876	)
Net Income attributable to common stockholders		(2,204	)		(876	)
Denominator
Weighted average common shares outstanding		555,630,725			7,538,709
Number of shares used for basic EPS computation
Basic EPS		(0.00	)		(0.12	)
Number of shares used for diluted EPS computation*		694,337,153			7,538,709
Diluted EPS		(0.00	)		(0.12	)

Includes 26,552 issued warrants as of September 30, 2023.

Includes 26,552 issued warrants 480,580 Series B stocks converting into 480,580,000 common stocks as of September 30, 2024.

Income taxes

Recently issued accounting pronouncements

Off-Balance Sheet Arrangements

Lease liabilities

The variable lease payments that do not depend on an index or a rate are recognized as expense in the period on which the event or condition that triggers the payment occurs.

As of September 30, 2024, Lease liabilities are presented in the statement of financial position as:

	September 30, 2024		December 31, 2023
Lease - Current portion		22		0
Lease - Non-current portion		31		0
Total		53		0

Right of Use Assets

The Company accounts for leases with escalation clauses in accordance with Accounting Standards Codification (ASC) 842, “Lease”.

Vehicles: 4 years

Right-of-use assets are subject to impairment review, amounts in thousands.

	Buildings		Vehicles		Total
Carrying value as of January 1, 2024		0		0		0
Addition Jan to Sep 2024		0		60		60
Disposal/Transfer Jan to Sep 2024		0		0		0
Charged Depreciation Jan to Sep 2024		0		9		9
Carrying value September 30, 2024		0		51		51

Goodwill

Revenue Recognition

The Company recognizes revenue in accordance with Accounting Standards Codification (ASC) Topic 606, Revenue from Contracts with Customers (ASC 606).

Going Concern

9 Months Ended

Sep. 30, 2024

Going Concern [Abstract]

GOING CONCERN

NOTE 3. GOING CONCERN

Current Assets

9 Months Ended

Sep. 30, 2024

Current Assets [Abstract]

CURRENT ASSETS

NOTE 4. CURRENT ASSETS

Other Current Assets

Year	September 30, 2024 (unaudited)		December 31, 2023
Discount on Advance Receipts		144		0
Accrual of discount on notes		15		0
Deferred Expenses – Consultancy		1,667		0
Misc. Other Current Assets		3		0
Promotional Items on Hand		2		0
Total other current assets		1,831		0

Accounts Receivables:

Accounts Receivables Ageing	September 30, 2024 (Not Reviewed)
1-30 days		141
31-60 days		35
61-90 days		60
+90 days		616
Total		852

Non-Current Assets

9 Months Ended

Sep. 30, 2024

Non-Current Assets [Abstract]

NON-CURRENT ASSETS

NOTE 5. NON-CURRENT ASSETS

Property, Plant and Equipment

Depreciation on tangible assets in accordance with ASC 360.

	Plant & Machinery		Furniture, Fixtures & Office Equipment		Vehicles		Total
Carrying value as of January 1, 2024		41		14		34		89
Addition during Q1 2024		0		0		0		0
Charged Depreciation Q1 2024		4		2		5		11
Carrying value March 31, 2024		37		12		29		78
Addition during Q2 2024		0		0		0		0
Charged Depreciation Q2 2024		3		2		5		10
Carrying value June 30, 2024		34		11		24		69
Addition during Q3 2024
Charged Depreciation Q3 2024		3		2		3		8
Carrying value September 30, 2024		31		9		21		61

Current Liabilities

9 Months Ended

Sep. 30, 2024

Current Liabilities [Abstract]

CURRENT LIABILITIES

NOTE 6. CURRENT LIABILITIES

Accounts Payable

Current liabilities with a total of $5,303K as of September 30, 2024, include accounts payable of $1,818K with aging as per below and related parties amounting to $203K.

Accounts Payables Ageing	September 30, 2024 (Not Reviewed) (U.S. dollars in thousands)

0-30 days		93
31-60 days		44
61-90 days		30
+90 days		1,651
Total		1,818

Related Parties Payable

	September 30, 2024			December 31, 2023
	(U.S. dollars in thousands)
Ilustrato Pictures International Inc.		217			0
Related parties payable due to previous CEO		(14	)		193
Total		203			193

Non-Current Liabilities

9 Months Ended

Sep. 30, 2024

Non-Current Liabilities [Abstract]

NON-CURRENT LIABILITIES

NOTE 7. NON-CURRENT LIABILITIES

Convertible notes

Details of Convertible notes/Debentures outstanding as of September 30, 2024:

Options and Warrants

In accordance with ASC 470, warrants have been classified as a liability and recorded at their exercise price. The Company had 26,552 issued warrants as of September 30, 2024:

Warrants	# Warrant shares		Conversion/price
Yorkville 3A		13,095		21
Yorkville 3B		2,619		21
Yorkville 3C		10,838		3.46
Total		26,552

Stockholders’ Equity

9 Months Ended

Sep. 30, 2024

Stockholders’ Equity [Abstract]

STOCKHOLDERS’ EQUITY