2024 Q1 Form 10-K Financial Statement

#000175869924000012 Filed on March 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $30.49K $59.00K
YoY Change 916.33% 440.87%
Cost Of Revenue $18.00K $59.00K
YoY Change 440.87%
Gross Profit $12.49K $38.90K
YoY Change 316.33% 336.67%
Gross Profit Margin 40.96% 65.93%
Selling, General & Admin $45.47K $10.91K $38.61K
YoY Change 286.65% 62.59% 10.92%
% of Gross Profit 87.35% 99.25%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.230K $2.400K $8.780K
YoY Change 51.64% 130.77% 744.23%
% of Gross Profit 19.22% 22.57%
Operating Expenses $48.70K $13.32K $48.05K
YoY Change 250.59% 98.51% 34.02%
Operating Profit -$48.70K -$830.00 -$9.142K
YoY Change -1012.27% -77.63% -133.13%
Interest Expense $1.329K -$1.260K $5.677K
YoY Change 7.26% 24.75% 89.49%
% of Operating Profit
Other Income/Expense, Net $32.88K -$5.677K
YoY Change 2553.75% 89.49%
Pretax Income -$50.03K -$2.080K -$14.82K
YoY Change 660.33% -56.03% -51.55%
Income Tax
% Of Pretax Income
Net Earnings -$50.03K -$2.080K -$14.82K
YoY Change 660.62% -56.03% -51.55%
Net Earnings / Revenue -6.82% -25.12%
Basic Earnings Per Share -$0.01 $0.00
Diluted Earnings Per Share -$0.01 $0.00 $0.00
COMMON SHARES
Basic Shares Outstanding 4.047M shares 4.047M shares 4.047M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $10.82K $10.82K $10.82K
YoY Change 1491.18% 26950.0% 26950.0%
Cash & Equivalents $10.82K $10.82K
Short-Term Investments
Other Short-Term Assets $90.60K $123.5K $123.5K
YoY Change
Inventory
Prepaid Expenses $90.60K $123.5K
Receivables
Other Receivables
Total Short-Term Assets $101.4K $134.3K $134.3K
YoY Change 2121.64% 362867.57% 335650.0%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles $51.45K $54.68K
YoY Change 31.89%
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $51.45K $54.68K $54.68K
YoY Change 30.81% 31.89% 31.89%
TOTAL ASSETS
Total Short-Term Assets $101.4K $134.3K $134.3K
Total Long-Term Assets $51.45K $54.68K $54.68K
Total Assets $152.9K $189.0K $189.0K
YoY Change 248.24% 355.42% 355.37%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $18.10K $18.10K
YoY Change 110.71% 110.71%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $153.5K $204.2K $204.2K
YoY Change 127.03% 257.73% 257.73%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $153.5K $222.3K $222.3K
YoY Change 109.13% 238.5% 238.5%
LONG-TERM LIABILITIES
Long-Term Debt $81.36K $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $81.36K $50.67K $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $153.5K $222.3K $222.3K
Total Long-Term Liabilities $81.36K $50.67K $0.00
Total Liabilities $234.9K $222.3K $222.3K
YoY Change 219.96% 238.5% 238.5%
SHAREHOLDERS EQUITY
Retained Earnings -$123.2K -$73.19K
YoY Change -289.72% -225.39%
Common Stock $4.047K $4.047K
YoY Change -88.58% -88.17%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$82.01K -$33.32K -$33.32K
YoY Change
Total Liabilities & Shareholders Equity $152.9K $189.0K $189.0K
YoY Change 248.24% 355.42% 355.37%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$50.03K -$2.080K -$14.82K
YoY Change 660.62% -56.03% -51.55%
Depreciation, Depletion And Amortization $3.230K $2.400K $8.780K
YoY Change 51.64% 130.77% 744.23%
Cash From Operating Activities -$30.69K -$104.1K -$114.3K
YoY Change -410.11% -668.34% -736.6%
INVESTING ACTIVITIES
Capital Expenditures $22.00K $22.00K
YoY Change -32.31% -48.24%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$22.00K -$22.00K
YoY Change -32.31% -151.76%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $30.69K 126.1K $147.1K
YoY Change 191.11% 886.08% 169.22%
NET CHANGE
Cash From Operating Activities -$30.69K -104.1K -$114.3K
Cash From Investing Activities -22.00K -$22.00K
Cash From Financing Activities $30.69K 126.1K $147.1K
Net Change In Cash -0.0000000001019 $10.78K
YoY Change -100.0% 85.28%
FREE CASH FLOW
Cash From Operating Activities -$30.69K -$104.1K -$114.3K
Capital Expenditures $22.00K $22.00K
Free Cash Flow -$126.1K -$136.3K
YoY Change 789.42% 455.56%

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<p id="xdx_806_eus-gaap--NatureOfOperations_zORRR4Y8ySC" style="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0"><b>1. <span id="xdx_82A_zgAoUehKFLq4">The Company and Basis of Presentation</span></b></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 40.5pt">Transuite.Org Inc. (the “Company”) was incorporated under the laws of the State of Nevada in June 15, 2018. <span style="color: #151B26">Transuite.Org Inc. offers translation services to individual and large companies and approaches to build tailored linguistic processes around each subject matter and content type. The company handles everything from content creation, through translation and layout to content delivery. We also qualify in all the technical aspects of website and software localization. The company offers the following services: </span></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #151B26">1. Translation services</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #151B26">2. Localization services</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #151B26">3. Multimedia translation services</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #151B26">4. Desktop Publishing services</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i> </i></b></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company has elected November 30th as its fiscal year end.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p>
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CY2023 us-gaap Revenue Recognition Accounting Policy Gross And Net Revenue Disclosure
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<p id="xdx_846_eus-gaap--RevenueRecognitionAccountingPolicyGrossAndNetRevenueDisclosure_zjYFCr1nRb03" style="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in"><i><span id="xdx_86E_zB65w0kf95p8">Revenue</span></i></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company recognizes revenue in accordance with Accounting Standards Codification (“ASC”) 606, “Revenue from Contracts with Customers”. The core principle of ASC 606 is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. An entity recognizes revenue in accordance with that core principle by applying the following steps: Step 1: Identify the contract with the customer. Step 2: Identify the performance obligations in the contract. Step 3: Determine the transaction price. Step 4. Allocate the transaction price. Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -20pt"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: -20pt"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">15</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">All of the revenue generated by the Company is for providing translation services. The Company’s revenues are recognized at a point-in-time as translated material is transferred at a distinct point in time per the terms of a contract. The Company shall not be liable for any failure to perform its obligations if such failure is due to circumstances beyond its reasonable control. Any liability of the Company shall be limited to the total of all amounts paid by the customer for services under the contract.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company collects payment from customers after transferring the translated material. During the years ended November 30, 2023 and 2023, we generated revenue of $<span id="xdx_906_eus-gaap--CostOfRevenue_c20221201__20231130_ze4PQHSLcZ0i" title="revenue">59,003</span> and <span id="xdx_907_eus-gaap--CostOfRevenue_c20211201__20221130_ztfhC79q77C4" title="revenue">10,909</span>, respectively. As of November 30, 2023, 2022, and 2021, the Company’s Accounts Receivables balance was $0. The translation services were provided by the Company’s CEO and translators hired by the Company.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the years ended November 30, 2023 and 2022, twelve customers accounted for 100%, including three customers making up 10% or more each, and seven customers accounted for 100%, including six customers making up 10% or more each, of our total revenues, respectively.</p>
CY2023 us-gaap Cost Of Revenue
CostOfRevenue
59003 usd
CY2022 us-gaap Cost Of Revenue
CostOfRevenue
10909 usd
CY2023 us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_840_eus-gaap--UseOfEstimates_zRe7q8f7jvbb" style="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in"><i><span id="xdx_868_zqbh7RyX72Ub">Use of Estimates</span></i></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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 disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.</p>
CY2022 us-gaap Costs Incurred Development Costs
CostsIncurredDevelopmentCosts
42500 usd
CY2023 us-gaap Costs Incurred Development Costs
CostsIncurredDevelopmentCosts
64500 usd
CY2023Q4 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
123483 usd
CY2022Q4 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
0 usd
CY2023 us-gaap Advertising Costs Capitalized Direct Response Advertising Write Down
AdvertisingCostsCapitalizedDirectResponseAdvertisingWriteDown
0 usd
CY2022 us-gaap Advertising Costs Capitalized Direct Response Advertising Write Down
AdvertisingCostsCapitalizedDirectResponseAdvertisingWriteDown
3150 usd
CY2023Q4 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
50671 usd
CY2022Q4 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
57079 usd
CY2023 us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
24086 usd
CY2023 us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
30494 usd
CY2023Q4 us-gaap Convertible Long Term Notes Payable
ConvertibleLongTermNotesPayable
153520 usd
CY2023Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
73189 usd
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
58370 usd
CY2023Q4 trso Deferred Tax
DeferredTax
-15370 usd
CY2022Q4 trso Deferred Tax
DeferredTax
-12258 usd
CY2023Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
15370 usd
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
12258 usd
CY2023 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
3112 usd
CY2022 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-6424 usd
CY2023 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
-3112 usd
CY2022 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
6424 usd
CY2022 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
23948 usd
CY2023Q4 us-gaap Shares Outstanding
SharesOutstanding
4046760 shares
CY2022Q4 us-gaap Shares Outstanding
SharesOutstanding
4046760 shares

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