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U.S. SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE

ACT OF 1934

For the quarterly period ended February 28, 2022

☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE

ACT OF 1934

Commission file number: 000-56184

PERK INTERNATIONAL, INC.

(Exact name of registrant as specified in its charter)

Nevada		46-2622704
(State or Other Jurisdiction of Incorporation or Organization)		(I.R.S. Employer Identification No.)

2375 East Camelback Rd., Suite 600, Phoenix, AZ		85016
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s telephone number, including area code: (602) 358-7505

Securities registered pursuant to Section 12(b) of the Act: None.

Securities registered pursuant to Section 12(g) of the Act:

Common Stock, $.001 par value

Title of Class

Indicate by check mark whether the registrant (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such ﬁles). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐	Accelerated filer ☐
Non-accelerated filer ☒	Smaller reporting company ☒
	Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☒

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

State the number of shares outstanding of each of the issuer’s classes of common equity, as of the latest practicable date: As of August 19, 2022, the issuer had 227,203,331 shares of its common stock issued and outstanding.

TABLE OF CONTENTS

PART I

Item 1.	Condensed Unaudited Financial Statements	3

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	13

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	15

Item 4.	Controls and Procedures	15

PART II

Item 1.	Legal Proceedings	17

Item 1A.	Risk Factors	17

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	17

Item 3.	Defaults Upon Senior Securities	17

Item 4.	Mining Safety Disclosures	17

Item 5.	Other Information	17

Item 6.	Exhibits	17

	Signatures	18

PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

INDEX TO FINANCIAL STATEMENTS

Condensed Balance Sheets as of February 28, 2022 (unaudited) and May 31, 2021 (audited)	4

Condensed Statements of Operations for the Three and Nine Months ended February 28, 2022 and 2021 (unaudited)	5

Condensed Statements of Changes in Stockholders’ Deficit for the Three and Nine Months ended February 28, 2022 and 2021 (unaudited)	6

Condensed Statements of Cash Flows for the Nine Months ended February 28, 2022 and 2021 (unaudited)	7

Notes to Condensed Financial Statements (unaudited)	8

PERK INTERNATIONAL INC.

CONDENSED BALANCE SHEETS

	February 28, 2022			May 31, 2021
ASSETS	(Unaudited)			(Audited)
Current Assets:
Cash	$	19,764		$	28,934
Total Assets	$	19,764		$	28,934

LIABILITIES AND STOCKHOLDERS' DEFICIT

Current Liabilities:
Accounts payable	$	22,000		$	29,755
Accrued interest		32,485			22,022
Due to related parties		653			9,163
Notes payable		191,749			91,749
Total Current Liabilities		246,887			152,689
Total Liabilities		246,887			152,689

Commitments and contingencies		–			–

Stockholders' Deficit:
Common Stock, par value $0.001, 950,000,000 shares authorized; 227,203,331 and 227,203,331 shares issued and outstanding, respectively		22,720			22,720
Additional paid-in capital		1,028,408			1,028,408
Accumulated deficit		(1,278,251	)		(1,174,883	)
Total Stockholders' Deficit		(227,123	)		(123,755	)
Total Liabilities and Stockholders' Deficit	$	19,764		$	28,934

The accompanying notes are an integral part of these condensed unaudited financial statements.

PERK INTERNATIONAL INC.

CONDENSED STATEMENTS OF OPERATIONS

(Unaudited)


	For the Three Months Ended February 28,						For the Nine Months Ended February 28,
	2022			2021			2022			2021
Operating Expenses:
General and administrative	$	72,013		$	10,845		$	92,905		$	35,878
Total operating expenses		72,013			10,845			92,905			35,878

Loss from operations	$	(72,013	)	$	(10,845	)	$	(92,905	)	$	(35,878	)

Other expense:
Interest expense		(4,221	)		(2,019	)		(10,463	)		(6,127	)
Total other expense		(4,221	)		(2,019	)		(10,463	)		(6,127	)

Net loss before provision for income tax		(76,234	)		(12,864	)		(103,368	)		(42,005	)
Provision for income tax		–			–			–			–
Net Loss	$	(76,234	)	$	(12,864	)	$	(103,368	)	$	(42,005	)

Loss per share, basic and diluted	$	(0.00	)	$	(0.00	)	$	(0.00	)	$	(0.00	)

Weighted average common shares outstanding, basic and diluted		227,203,331			227,203,331			227,203,331			227,203,331

The accompanying notes are an integral part of these condensed unaudited financial statements.

PERK INTERNATIONAL INC.

CONDENSED STATEMENTS OF STOCKHOLDERS’ DEFICIT

FOR THE THREE AND NINE MONTHS ENDED FEBRUARY 28, 2022 AND 2021

(Unaudited)


	Common Stock				Additional Paid-in		Accumulated			Total Stockholders'
	Shares		Amount		Capital		Deficit			Deficit
Balance, May 31, 2021		227,203,331	$	22,720	$	1,028,408	$	(1,174,883	)	$	(123,755	)
Net loss		–		–		–		(16,757	)		(16,757	)
Balance, August 31, 2021		227,203,331		22,720		1,028,408		(1,191,640	)		(140,512	)
Net loss		–		–		–		(10,377	)		(10,377	)
Balance, November 30, 2021		227,203,331		22,720		1,028,408		(1,202,017	)		(150,889	)
Net loss		–		–		–		(76,234	)		(76,234	)
Balance, February 28, 2022		227,203,331	$	22,720	$	1,028,408	$	(1,278,251	)	$	(227,123	)

	Common Stock				Additional Paid-in		Accumulated			Total Stockholders'
	Shares		Amount		Capital		Deficit			Deficit
Balance, May 31, 2020		227,203,331	$	22,720	$	1,028,408	$	(1,542,924	)	$	(491,796	)
Net loss		–		–		–		(24,539	)		(24,539	)
Balance, August 31, 2020		227,203,331		22,720		1,028,408		(1,567,463	)		(516,335	)
Net loss		–		–		–		(4,602	)		(4,602	)
Balance, November 30, 2020		227,203,331		22,720		1,028,408		(1,567,463	)		(516,335	)
Net loss		–		–		–		(12,864	)		(12,864	)
Balance, February 28, 2021		227,203,331	$	22,720	$	1,028,408	$	(1,580,327	)	$	(529,199	)

The accompanying notes are an integral part of these condensed unaudited financial statements.

PERK INTERNATIONAL INC.

CONDENSED STATEMENTS OF CASH FLOWS

(Unaudited)


	For the Nine Months Ended February 28,
	2022			2021
Cash flows from operating activities:
Net Loss	$	(103,368	)	$	(42,005	)
Adjustments to reconcile net loss to net cash used in operating activities:
Changes in operating assets and liabilities:
Accounts payable		(7,755	)		19,330
Accrued interest		10,463			6,127
Net cash used in operating activities		(100,660	)		(16,548	)

Cash flows from investing activities		–			–

Cash flows from financing activities:
Cash (payments) advances - related party		(8,510	)		5,753
Proceeds from loan payable		100,000			12,000
Net cash provided by financing activities		91,490			17,753

Net change in cash		(9,170	)		1,205

Cash, beginning of period		28,934			–

Cash, end of period	$	19,764		$	1,205

Supplemental disclosure of cash flow information:
Cash paid for taxes	$	–		$	–
Cash paid for interest	$	–		$	–

The accompanying notes are an integral part of these condensed unaudited financial statements.

PERK INTERNATIONAL INC.

NOTES TO CONDENSED UNAUDITED FINANCIAL STATEMENTS

FEBRUARY 28, 2022

NOTE 1 – ORGANIZATION AND DESCRIPTION OF BUSINESS

Perk International Inc. (“the Company” or “Perk”) was incorporated under the laws of the State of Nevada on April 10, 2013. The Company is an acquisition, sales management company for early stage, high growth businesses and technologies in the health care industry. The Company has developed specific criteria and standards that must be met by each acquisition candidate. Once identified, the Company will engage its highly seasoned and well-trained team of industry professionals to perform thorough due diligence on the potential acquisition partner. Following successful due diligence, Perk will send in its M & A team to structure and present an attractive proposal to the selling entity.

On February 22, 2019, Marcus Southworth became, President, Secretary, Treasurer and Director of Perk International Inc.

On April 27, 2020, Certification and Notice of Termination of Registration Under Section 12(g) of The Securities Exchange Act of 1934 of Duty to File Reports Under Sections 13 and 15 (d) of the Securities Exchange Act of 1934.

On April 30, 2020, Marcus resigned from, President, Secretary, Treasurer and Director of Perk International Inc. Mr. Southworth no longer holds any officer position with Perk International Inc.

On April 30, 2020, Nelson Grist became the sole director of Perk International Inc.

On April 13, 2021, the Company filed its Form 10 (Amendment No. 7).

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation

The Company’s unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The accompanying unaudited condensed financial statements reflect all adjustments, consisting of only normal recurring items, which, in the opinion of management, are necessary for a fair statement of the results of operations for the periods shown and are not necessarily indicative of the results to be expected for the full year ending May 31, 2022. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended May 31, 2021.

Use of estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include the estimated useful lives of property and equipment. Actual results could differ from those estimates.

Concentrations of Credit Risk

We maintain our cash in bank deposit accounts, the balances of which at times may exceed federally insured limits. We continually monitor our banking relationships and consequently have not experienced any losses in our accounts. At times, such deposits may be in excess of the Federal Deposit Insurance Corporation insurable amount (“FDIC”).

Cash equivalents

The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. There were no cash equivalents as of February 28, 2022 and May 31, 2021.

Fair value of financial instruments

The Company follows paragraph 825-10-50-10 of the FASB Accounting Standards Codification for disclosures about fair value of its financial instruments and paragraph 820-10-35-37 of the FASB Accounting Standards Codification (“Paragraph 820-10-35-37”) to measure the fair value of its financial instruments. Paragraph 820-10-35-37 establishes a framework for measuring fair value in accounting principles generally accepted in the United States of America (U.S. GAAP), and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements and related disclosures, Paragraph 820-10-35-37 establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three (3) broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three (3) levels of fair value hierarchy defined by Paragraph 820-10-35-37 are described below:

Level 1: Quoted market prices available in active markets for identical assets or liabilities as of the reporting date.

Level 2: Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date.

Level 3: Pricing inputs that are generally unobservable inputs and not corroborated by market data.

The carrying amount of the Company’s financial assets and liabilities, such as cash, prepaid expenses and accrued expenses approximate their fair value because of the short maturity of those instruments. The Company’s notes payable approximates the fair value of such instruments based upon management’s best estimate of interest rates that would be available to the Company for similar financial arrangements at February 28, 2022 and May 31, 2021.

Basic and Diluted Earnings Per Share

Net income (loss) per common share is computed pursuant to section 260-10-45 of the FASB Accounting Standards Codification. Basic net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock and potentially outstanding shares of common stock during the period. The weighted average number of common shares outstanding and potentially outstanding common shares assumes that the Company incorporated as of the beginning of the first period presented. As of February 28, 2022, there were one billion (1,000,000,000) potentially dilutive shares from a convertible note. These shares have been excluded from the weighted average shares outstanding due to their anti-dilutive effective as a result of the net loss. There were no dilutive shares as of February 28, 2021.

Stock-based compensation

We account for equity-based transactions with employees and non-employees under the provisions of FASB ASC Topic 718, “Compensation – Stock Compensation” (Topic 718), which establishes that equity-based payments to employees and non-employees are recorded at the grant date the fair value of the equity instruments the entity is obligated to issue when the employees and non-employees have rendered the requisite service and satisfied any other conditions necessary to earn the right to benefit from the instruments. Topic 718 also states that observable market prices of identical or similar equity or liability instruments in active markets are the best evidence of fair value and, if available, should be used as the basis for the measurement for equity and liability instruments awarded in these share-based payment transactions. However, if observable market prices of identical or similar equity or liability instruments are not available, the fair value shall be estimated by using a valuation technique or model that complies with the measurement objective, as described in FASB ASC Topic 718.

Recently Adopted Accounting Pronouncements

The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

NOTE 3 – GOING CONCERN

The Company’s financial statements are prepared using accounting principles generally accepted in the United States of America applicable to a going concern that contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has not established any source of revenue to cover its operating costs. The Company has an accumulated deficit of $1,278,251 and a working capital deficit of $227,123 as of February 28, 2022. The Company had an accumulated deficit of $1,174,883 and a working capital deficit of $123,755 as of May 31, 2021. The Company will engage in limited activities without incurring significant liabilities that must be satisfied in cash until a source of funding is secured. The Company will offer noncash consideration and seek equity lines as a means of financing its operations. If the Company is unable to obtain revenue producing contracts or financing or if the revenue or financing it does obtain is insufficient to cover any operating losses it may incur, it may substantially curtail or terminate its operations or seek other business opportunities through strategic alliances, acquisitions or other arrangements that may dilute the interests of existing stockholders.

NOTE 4 – NOTES PAYABLE

On November 3, 2016, the Company received a $25,000 loan from Securities Compliance Group, Ltd. The note is unsecured, bears interest at 25% and was due upon the final order of dismissal of the custodianship. On October 20, 2022, the note was assigned to Kim Southworth. As of February 28, 2022 and May 31, 2021, there is $22,877 and $18,202 of interest accrued on this loan, respectively. This note is in default.

On May 2, 2019, the Company executed a promissory note with Kim Southworth in the amount of $14,749. The loan is due either on demand or within five years and carries an interest rate of 6%, compounded annually. As of February 28, 2022 and May 31, 2021, there is $2,652 and $1,905 of interest accrued on this loan, respectively.

On December 16, 2020, the Company received a $12,000 loan from GPL Ventures, LLC. The note is unsecured, bears interest at 10% and matures on December 16, 2021. As of February 28, 2022 and May 31, 2021, there is $1,443 and $546 of interest accrued on this loan, respectively. This note is in default.

On March 17, 2021, the Company received a $10,000 loan from GPL Ventures, LLC. The note is unsecured, bears interest at 10% and matures on March 17, 2022. As of February 28, 2022 and May 31, 2021, there is $1,953 and $1,205 of interest accrued on this loan ($1,000 of which is related to processing fees), respectively.

On May 11, 2021, the Company received a $30,000 loan from GPL Ventures, LLC. The note is unsecured, bears interest at 10% and matures on May 11, 2022. As of February 28, 2022 and May 31, 2021, there is $2,408 and $164 of interest accrued on this loan, respectively.

On January 17, 2022, the Company issued a Convertible Promissory Note to a third party in the amount of $100,000. The note bears interest at 10% per annum and matures on June 17, 2022. The Note is convertible into shares of the Company’s common stock at $0.0001 per share. As of February 28, 2022 there is $1,152 of interest accrued on this loan.

NOTE 5 – RELATED PARTY TRANSACTIONS

As of February 28, 2022 and May 31, 2021, the Company owed the CEO $653 and $9,163 for cash advances to the Company. The advances were used to pay for certain operating expenses. They are unsecured, non-interest bearing and due on demand.

NOTE 6 – COMMON STOCK

On March 17, 2021, the Company amended its Articles of Incorporation increasing its authorized common stock from 250,000,000 to 950,000,000 shares.

NOTE 7 – CORRECTION OF AN ERROR

During 2021, the Company discovered that interest expense was wrongly recorded in the financial statements for the fiscal year ended May 31, 2020. Consequently, interest expenses and the related liability were understated. These errors have now been corrected by restating each of the affected financial statement line items for prior periods. In addition, in the prior year the Company had recorded a $12,000 beneficial conversion feature (“BCF”) on the issuance of convertible notes. With the subsequent early adoption of ASU 2020-06, the $12,000 BCF and related expense was reversed. The previous year audited numbers and restated numbers are as follows:


As of May 31, 2020
	As Reported			Adjusted			As Restated
Accounts payable	$	343,319		$	–		$	343,319
Accrued interest		962			12,158			13,120
Due to related parties		24,340			–			24,340
Loans payable		71,268			–			71,268
Notes payable		39,749			–			39,749
Total current liabilities		479,638			12,158			491,796

Common stock		22,720			–			22,720
Additional paid-in capital		1,028,408			–			1,028,408
Accumulated deficit		(1,530,766	)		–			(1,542,924	)
Total stockholders' deficit		(479,638	)		(12,158	)		(491,796	)
Total liabilities and stockholders' equity	$	–		$	–		$	–


For the Three Months Ended February 28, 2021
	As Reported			Adjustment			As Restated
Operating Expenses:
General and administration expenses	$	22,845		$	(12,000	)	$	10,845
Total operating expense		22,845			(12,000	)		10,845
Loss from operations		(22,845	)		12,000			(10,845	)

Other expense:
Interest expense		(2,073	)		54			(2,019	)
Total other expense		(2,073	)		54			(2,019	)

Net Loss	$	(24,918	)	$	12,054		$	(12,864	)

Net loss per share	$	(0.00	)				$	(0.00	)

Weighted average shares outstanding—basic and diluted		227,203,331						227,203,331


For the Nine Months Ended February 28, 2021
	As Reported			Adjustment			As Restated
Operating Expenses:
General and administration expenses		47,878			(12,000	)		35,878
Total operating expense		47,878			(12,000	)		35,878
Loss from operations		(47,878	)		12,000			(35,878	)

Other expense:
Interest expense		(17,631	)		11,504			(6,127	)
Total other expense		(17,631	)		11,504			(6,127	)

Net Loss	$	(65,509	)	$	23,504		$	(42,005	)

Net loss per share	$	(0.00	)				$	(0.00	)

Weighted average shares outstanding—basic and diluted		227,203,331						227,203,331

NOTE 8 - SUBSEQUENT EVENTS

In accordance with SFAS 165 (ASC 855-10) management has performed an evaluation of subsequent events through the date that the financial statements were issued and has determined that it does not have any material subsequent events to disclose in these financial statements.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following information should be read in conjunction with our financial statements and related notes thereto included in Part I, Item 1, above.

Forward Looking Statements

Certain matters discussed herein are forward-looking statements. Such forward-looking statements contained in this Form 10-Q involve risks and uncertainties, including statements as to:

·		our future strategic plans;
·		our future operating results;
·		our business prospects;
·		our contractual arrangements and relationships with third parties;
·		the dependence of our future success on the general economy;
·		our possibility of not successfully raising future financings; and
·		the adequacy of our cash resources and working capital.

These forward-looking statements can generally be identified as such because the context of the statement will include words such as we “believe,” “anticipate,” “expect,” “estimate” or words of similar meaning. Similarly, statements that describe our future plans, objectives or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties which are described in close proximity to such statements and which could cause actual results to differ materially from those anticipated. Shareholders, potential investors and other readers are urged to consider these factors in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included herein are only made as of the date of this Form 10-Q, and we undertake no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.

Business Overview

General

Perk International, Inc. is an acquisition, sales management company for early stage, high growth businesses and technologies in the health care industry. The Company has developed specific criteria and standards that must be met by each acquisition candidate. Once identified, the Company will have access to highly seasoned and well-trained team of industry professionals to perform thorough due diligence on the potential acquisition partner. Following successful due diligence, Perk International, Inc. We will be able to consult with M & A advisors to structure and present an attractive proposal to the selling entity.

Perk International, Inc., now feels very comfortable in entering the rapidly growing health care market. It is estimated that Holistic and other natural and organic ingredients are believed to provide many medical benefits. It has been reported that Holistic and Natural Ingredients may be able to treat hundreds of medical issues.

Our Objective

It is the objective of Perk International, Inc. to control every aspect of the natural and organic farming industry from growth to extraction and distribution. This will enable us to avoid risking stagnant or contaminated biomass because of third party extraction labs being at full capacity.

Perk International, Inc., has designed its future into a 3-stage rollout:

	1.	Grow and distribute high grade, certified natural and organic ingredients.

	2.	Own or invest in facilities to manufacturer skincare and supplements

	3.	Provide international wholesale distribution of natural and organic health care products and acquire and open Med Spa’s through the United States and the World.

To reach this objective we have hand-picked a team of industry professionals from experience

Our ultimate objective is to achieve exceptional multiples in growth, valuation and revenue to Perk International, “Inc. and its shareholders.

Results of Operations for the Three Months Ended February 28, 2022 compared to the Three Months Ended February 28, 2021

General and administrative

For the three months ended February 28, 2022, we incurred $72,013 of general and administrative expense (“G&A”) compared to $10,845 for the three months ended February 28, 2021, an increase of $61,168. In the current period we had increases of consulting expense ($10,000), outside services ($11,216) and travel, meals, and other office expense of $38,175.

Other expense

For the three months ended February 28, 2022, we had interest expense of $4,221 compared to $2,019 for the three months ended February 28, 2021. The increase in interest expense is due to the accrual of interest on our loans and notes payable.

Net loss

For the three months ended February 28, 2022, the Company had a net loss of $76,234 as compared to $12,864 in the prior period.

Results of Operation for the Nine Months Ended February 28, 2022 compared to the Nine Months Ended February 28, 2021

General and administrative

For the nine months ended February 28, 2022, we incurred $92,905 of G&A expense compared to $35,878 for the nine months ended February 28, 2021, an increase of $57,027 or 158.9%. In the current period we had increases of consulting expense ($10,000), outside services ($11,216) and travel, meals, and other office expense of $42,681. These increases were offset by a decrease in professional fees of $28,100.

Other expense

For the nine months ended February 28, 2022, we had interest expense of $10,567 compared to $6,127 for the nine months ended February 28, 2021. The increase in interest expense is due to the accrual of interest on our loans and notes payable.

Net loss

For the nine months ended February 28, 2022 the Company had a net loss of $103,368 as compared to $42,005 in the prior period.

Liquidity and Capital Resources

For the nine months ended February 28, 2022, we used $100,660 in operations compared to $16,548 in the prior period.

For the nine months ended February 28, 2022, we repaid our CEO $8,510 of the amount due and received $100,000 from the issuance of a new convertible note. For the nine months ended February 28, 2021, we received $5,753 from our CEO to pay for certain operating expenses and received $12,000 from the issuance of a new note payable.

Critical Accounting Estimates and Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Note 2 to the Financial Statements describes the significant accounting policies and methods used in the preparation of the Financial Statements. Estimates are used for, but not limited to, contingencies and taxes. Actual results could differ materially from those estimates. The following critical accounting policies are impacted significantly by judgments, assumptions, and estimates used in the preparation of the Financial Statements.

We are subject to various loss contingencies arising in the ordinary course of business. We consider the likelihood of loss or impairment of an asset or the incurrence of a liability, as well as our ability to reasonably estimate the amount of loss in determining loss contingencies. An estimated loss contingency is accrued when management concludes that it is probable that an asset has been impaired or a liability has been incurred and the amount of the loss can be reasonably estimated. We regularly evaluate current information available to us to determine whether such accruals should be adjusted.

We recognize deferred tax assets (future tax benefits) and liabilities for the expected future tax consequences of temporary differences between the book carrying amounts and the tax basis of assets and liabilities. The deferred tax assets and liabilities represent the expected future tax return consequences of those differences, which are expected to be either deductible or taxable when the assets and liabilities are recovered or settled. Future tax benefits have been fully offset by a 100% valuation allowance as management is unable to determine that it is more likely than not that this deferred tax asset will be realized.

Recent Accounting Pronouncements

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not applicable to smaller reporting companies.

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

We maintain disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) that are designed to be effective in providing reasonable assurance that information required to be disclosed in our reports under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission (the “SEC”), and that such information is accumulated and communicated to our management to allow timely decisions regarding required disclosure. Our Chief Executive Officer and Chief Financial Officer evaluated the effectiveness of our disclosure controls and procedures as of the end of the period covered by this report. Based on that evaluation, they concluded that our disclosure controls and procedures were not effective for the quarterly period ended February 28, 2022.

The following aspects of the Company were noted as potential material weaknesses:

·		lack of an audit committee
·		lack of segregation of duties

In designing and evaluating disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable, not absolute assurance of achieving the desired objectives. Also, 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.

Changes in Internal Controls

Based on that evaluation, our Chief Executive Officer and our Chief Financial Officer concluded that no change occurred in the Company's internal controls over financial reporting during the quarter ended February 28, 2022, that has materially affected, or is reasonably likely to materially affect, the Company's internal controls over financial reporting.

PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

None.

ITEM 1A. RISK FACTORS

We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and, as such, are not required to provide the information under this Item; however, due to the current circumstance we have chosen to include the following risk factor.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINING SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION.

None

ITEM 6. EXHIBITS

Exhibit Number		Description
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 (*)
31.2		Certification of Chief Financial 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.DEF*		Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB*		Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE*		Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104*		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

*Filed herewith

SIGNATURES

In accordance with the requirements of the Exchange Act, the Registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: August 19, 2022	By:	/s/ Nelson Grist
	Name:	Nelson Grist
	Title:	Chief Executive Officer (Principal Executive Officer)
		Chief Financial Officer (Principal Financial and Accounting Officer)

Perk International Inc. 10-Q