$ATYG
Saxon Capital Group, Inc./DE

2022 Q4 Form 10-Q Financial Statement

#000106594922000146 Filed on October 28, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q3
Revenue
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $26.40K $28.97K
YoY Change -8.87%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $26.40K $28.97K
YoY Change -8.85% 216.57%
Operating Profit -$26.40K -$28.97K
YoY Change -8.85% 216.57%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$26.40K -$28.97K
YoY Change -8.85% 216.57%
Income Tax
% Of Pretax Income
Net Earnings -$26.40K -$28.97K
YoY Change -8.84% 216.57%
Net Earnings / Revenue
Basic Earnings Per Share $0.00 $0.00
Diluted Earnings Per Share $0.00 -$4.95
COMMON SHARES
Basic Shares Outstanding 5.851B shares 5.851B shares 5.851B shares
Diluted Shares Outstanding 5.851B shares 5.851B shares

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $0.00
YoY Change
Cash & Equivalents
Short-Term Investments
Other Short-Term Assets $0.00 $2.920K
YoY Change -100.0%
Inventory
Prepaid Expenses $2.917K
Receivables
Other Receivables
Total Short-Term Assets $2.917K
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $0.00 $0.00 $0.00
YoY Change
TOTAL ASSETS
Total Short-Term Assets $2.917K
Total Long-Term Assets $0.00 $0.00 $0.00
Total Assets $2.917K
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.885K $5.140K $3.150K
YoY Change 43.54% 63.17%
Accrued Expenses $159.0K $99.00K
YoY Change 60.61%
Deferred Revenue
YoY Change
Short-Term Debt $58.31K $28.13K
YoY Change 107.29%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $247.9K $222.5K $130.3K
YoY Change 61.24% 70.74%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $247.9K $222.5K $130.3K
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $247.9K $222.5K $130.3K
YoY Change 61.24% 70.74%
SHAREHOLDERS EQUITY
Retained Earnings -$31.05M -$31.03M -$30.93M
YoY Change 0.31% 0.31%
Common Stock $149.8K $58.51K $58.51K
YoY Change 156.07% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$247.9K -$222.5K -$127.4K
YoY Change
Total Liabilities & Shareholders Equity $2.917K
YoY Change

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income -$26.40K -$28.97K
YoY Change -8.84% 216.57%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$10.69K $10.16K
YoY Change -205.22%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 10.69K -9.990K
YoY Change -207.01%
NET CHANGE
Cash From Operating Activities -10.69K 10.16K
Cash From Investing Activities
Cash From Financing Activities 10.69K -9.990K
Net Change In Cash 0.000 170.0
YoY Change -100.0%
FREE CASH FLOW
Cash From Operating Activities -$10.69K $10.16K
Capital Expenditures
Free Cash Flow
YoY Change

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>NOTE 1. NATURE OF OPERATIONS</b></p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Nature of Business</b></p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Saxon Capital Group Inc., formerly Atlas Technology Group Inc., is a SEC reporting shell company. Shares of our common stock can only be traded in the expert market as of the date of this report. We believe this is due to there being no broker dealers willing to quote our stock. We intend to seek approval for our shares of common stock to be traded on the Pink Sheets again. Once relisted on the Pink Sheets, we will then seek to merge with an entity with experienced management and opportunities for growth in return for shares of our common stock to create values for our shareholders. There is no guarantee that we will be successful in becoming relisted on the Pink Sheets and no potential merger candidate has been identified at this time.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Saxon Capital Group Inc. (“the Company,” “We," "Us," or “Our’) was incorporated under the laws of State of Delaware as on July 12, 2022.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Atlas Technology Group, Inc., a Florida corporation, merged into Saxon Capital Group, Inc effective from August 30, 2022. Now the surviving entity is Saxon Capital Group, Inc.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Effective May 29, 2021, we entered into an agreement with Corporate Excellence Consulting Inc. (“CECI”), our then controlling shareholder, and Mr. David Cutler (“Mr. Cutler”) (“the Agreement”) under which:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 48px"> </td> <td style="width: 24px"><span style="font-size: 10pt">-</span></td> <td style="text-align: justify"><span style="font-size: 10pt">CECI surrendered, and we cancelled, the single outstanding share of Series A Preferred Stock. The single outstanding share of Series A Preferred Stock carried super preferred voting rights enabling the holder to vote the equivalent of 61% of all voteable preferred and common shares issued and outstanding,</span></td></tr> <tr style="vertical-align: top"> <td> </td> <td><span style="font-size: 10pt">-</span></td> <td style="text-align: justify"><span style="font-size: 10pt">We issued a new share of Series A Preferred Stock, carrying the same super preferred voting rights described above, to Mr. Cutler. As a consequence of this issuance, Mr. Cutler became our new controlling shareholder,</span></td></tr> <tr style="vertical-align: top"> <td> </td> <td><span style="font-size: 10pt">-</span></td> <td style="text-align: justify"><span style="font-size: 10pt">Mr. Cutler was appointed as a director of ours and as our Chief Financial Officer,</span></td></tr> <tr style="vertical-align: top"> <td> </td> <td><span style="font-size: 10pt">-</span></td> <td style="text-align: justify"><span style="font-size: 10pt">Mr. Cutler paid $5,000 to CECI on our behalf as a partial repayment of the outstanding fees due by us to CECI,</span></td></tr> <tr style="vertical-align: top"> <td> </td> <td><span style="font-size: 10pt">-</span></td> <td style="text-align: justify"><span style="font-size: 10pt">Mr. Cutler undertook to pay a further $30,000 on our behalf as a full and final settlement of the outstanding fees due by us to CECI, such payment to be made on the approval by FINRA of a proposed name change and reverse stock split,</span></td></tr> <tr style="vertical-align: top"> <td> </td> <td><span style="font-size: 10pt">-</span></td> <td style="text-align: justify"><span style="font-size: 10pt">CECI agreed to accept the $35,000 to be paid to them by Mr. Cutler on our behalf in full and final settlement of the outstanding fees due by us to CECI.</span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The initial payment of $5,000 to CECI was made by Mr. Cutler as agreed.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">There is no guarantee that it will be possible to complete the remaining terms of the Agreement.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> Effective November 10, 2021, the Board of directors recommended, and the holder of a majority of the voting power of our outstanding common stock voted, to approve the following items:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt" width="100%"><tr style="vertical-align: top"> <td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-size: 10pt">-</span></td><td style="text-align: justify"><span style="font-size: 10pt">a reverse split of the common stock issued and outstanding on a one new share for one million (1,000,000) old shares basis as of November 10, 2021. Fractional shares will be rounded up to the next whole share. (This action requires an amendment to the Certificate of Incorporation and requires the approval of the Financial Industry Regulatory Authority (“FINRA”)), and</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"/><table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt" width="100%"><tr style="vertical-align: top"> <td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-size: 10pt">-</span></td><td style="text-align: justify"><span style="font-size: 10pt">a forward split of the common stock issued and outstanding as of November 10, 2021. Subsequent to the 1/1,000,000 reverse split described above, each share of post reverse split adjusted issued and outstanding Common Stock shall be forward split on a one for one hundred (100) basis such that each post reverse split old share represents 100 new shares. Fractional shares will be rounded up to the next whole share.</span></td></tr></table><div> </div><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify">These proposed actions are still pending FINRA approval.</p><div> </div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>History</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Saxon Capital Inc. was incorporated in the state of Nevada in August 1996 under the name Pan World Corporation. In November 1999, the Company changed its name to Tribeworks, Inc. and redomiciled to the state of Delaware. In August 2007, the Company changed its name to Atlas Technology Group, Inc. In August 2015, the Company redomiciled to the State of Florida. In December 2015, the Company changed its name to Moxie Motion Pictures, Inc. In November 2018, the Company changed its name back to Atlas Technology Group, Inc. On August 30, 2022 Atlas Technology Group, Inc merged into Saxon Capital Group, Inc and redomiciled from State of Florida to State of Delaware. Now the surviving corporation is Saxon Capital Group, Inc.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Since its Inception in August 1996, the Company has at various times been involved in the following business activities: software sales, provision of information technology application support services, distribution of energy efficient lighting products and movie production and talent management.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">By December 31, 2018, the Company had ceased all operations and had disposed of all its former operating subsidiaries.</p><p style="font: 13.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Impact of the COVID-19 Pandemic</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #212529"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We have not commenced operations as yet and consequently have not been directly impacted by the Covid-19 outbreak at this time. However, the detrimental effect of the Covid-19 outbreak on the economy as a whole may have a detrimental impact on our ability to raise funding and identify an entity to merge with for the foreseeable future. We are unable to predict with any certainty the ultimate impact Covid-19 outbreak on our plans at this time.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Impact of the Ukrainian Conflict</b></p><p style="font: 14pt Times New Roman, Times, Serif; margin: 0; color: #1F497D"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span>We have not commenced operations as yet and consequently have not been directly impacted by the Ukrainian conflict at this time Currently, we do not believe that the conflict between Ukraine and Russia will have any direct impact on our operations, financial condition or financial reporting.  We believe the conflict will have only a general impact on our operations in the same manner as it is having a general impact on all business operations resulting from international sanction and embargo regulations, possible shortages of goods and goods incorporating parts that may be supplied from the Ukraine or Russia, supply chain challenges, and the international and domestic inflationary results of the conflict and government spending for and funding of their response. We do not believe we will be targeted for cyber-attacks. We have no operations in the countries directly involved in the conflict or that are specifically impacted by any of the sanctions and embargoes, we do not believe that the conflict will have any impact on our internal control over financial reporting.  Other than general securities market trends, we do not have reason to believe that investors will evaluate the company as having special risks or exposures related to the Ukrainian conflict.</span></p>
CY2022Q3 atyg Description Of Reverse Split
DescriptionOfReverseSplit
-a reverse split of the common stock issued and outstanding on a one new share for one million (1,000,000) old shares basis as of November 10, 2021. Fractional shares will be rounded up to the next whole share.
CY2022Q3 atyg Description Of Forward Split
DescriptionOfForwardSplit
-a forward split of the common stock issued and outstanding as of November 10, 2021. Subsequent to the 1/1,000,000 reverse split described above, each share of post reverse split adjusted issued and outstanding Common Stock shall be forward split on a one for one hundred (100) basis such that each post reverse split old share represents 100 new shares. Fractional shares will be rounded up to the next whole share.
us-gaap Preferred Stock Voting Rights
PreferredStockVotingRights
61%
us-gaap Net Income Loss
NetIncomeLoss
-69877 usd
CY2022Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-31028199 usd
CY2021Q4 us-gaap Due To Officers Or Stockholders Current
DueToOfficersOrStockholdersCurrent
114000 usd
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5850707874 shares
us-gaap Use Of Estimates
UseOfEstimates
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Use of Estimates</b></p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The preparation of financial statements in conformity with GAAP 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. Actual results could differ from those estimates.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
CY2022Q3 us-gaap Cash
Cash
0 usd
CY2021Q4 us-gaap Cash
Cash
0 usd
CY2022Q3 atyg Minority Interests Ownership Percentage By Parent
MinorityInterestsOwnershipPercentageByParent
0.10 pure
CY2022Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
usd
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
usd
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
usd
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.00
atyg Settlement Percentage
SettlementPercentage
0.50 pure
CY2022Q3 us-gaap Accounts Payable Current
AccountsPayableCurrent
5140 usd
CY2021Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
4100 usd
CY2022Q3 us-gaap Due To Officers Or Stockholders Current
DueToOfficersOrStockholdersCurrent
159000 usd
CY2022Q3 us-gaap Notes Payable Related Parties Current And Noncurrent
NotesPayableRelatedPartiesCurrentAndNoncurrent
58310 usd
CY2021Q4 us-gaap Notes Payable Related Parties Current And Noncurrent
NotesPayableRelatedPartiesCurrentAndNoncurrent
35639 usd
CY2022Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
15000000000 shares
CY2022Q3 us-gaap Temporary Equity Par Or Stated Value Per Share
TemporaryEquityParOrStatedValuePerShare
0.0001
CY2022Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
5850705874 shares
CY2022Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
5850705874 shares
us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
Subsequent to the 1/1,000,000 reverse split described above, each share of post reverse split adjusted issued and outstanding Common Stock shall be forward split on a one for one hundred (100) basis such that each post reverse split old share represents 100 new shares.
dei City Area Code
CityAreaCode
303
dei Local Phone Number
LocalPhoneNumber
323-4896
CY2021Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
usd
CY2022Q3 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
usd
CY2022Q3 us-gaap Assets Current
AssetsCurrent
usd
CY2022Q3 atyg Preferred Stock Value Two
PreferredStockValueTwo
usd
CY2021Q4 atyg Preferred Stock Value Two
PreferredStockValueTwo
usd
CY2022Q3 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
usd
us-gaap Gain Loss Related To Litigation Settlement
GainLossRelatedToLitigationSettlement
usd
CY2022Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
usd
CY2021Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
usd
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
usd
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
usd
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5850707874 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5850707874 shares
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
usd
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
usd
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
usd
us-gaap Interest Paid Net
InterestPaidNet
usd
us-gaap Interest Paid Net
InterestPaidNet
usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
usd
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Entity Central Index Key
EntityCentralIndexKey
0001093636

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