Quarterly Report for Quarter Ending June 30, 2024 (Form 10-Q)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-Q

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

For the quarterly period ended June 30, 2024

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

For the transition period from __________ to ___________

Commission file number: 000-56235

GLOBAL INNOVATIVE PLATFORMS, INC.

(Exact name of registrant as specified in its charter)

delaware	85-3816149
(STATE OR OTHER JURISDICTION	(I.R.S. EMPLOYER
OF INCORPORATION OR ORGANIZATION)	IDENTIFICATION NUMBER)
149 JAMES PLACE
ORLANDO, florida	32751
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)	(ZIP CODE)

321.230.3739

(Registrant's Telephone number)

(Former Address and phone of principal executive offices)

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

Title of each Class	Trading Symbol	Name of each exchange on which registered
N/A	N/A	N/A

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 past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to the 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 for 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, a 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 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

☒

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.

As of September 7, 2024, there were 27,841,223shares of the registrant's common stock issued and outstanding.

Table of Contents

	PART I - FINANCIAL INFORMATION	Page
Item 1.	Financial Statements	2
	Condensed Balance Sheets (Unaudited) as of June 30, 2024 and September 30, 2023 (Audited)	2
	Condensed Statements of Operations (Unaudited) for the Nine Months and Three Months Ended June 30, 2024 and 2023	3
	Condensed Statements of Stockholders' Deficit (Unaudited) for the Nine Months Ended June 30, 2024 and 2023	4
	Condensed Statements of Cash Flows (Unaudited) for the Nine Months Ended June 30, 2024 and 2023	5
	Notes to Condensed Financial Statements (Unaudited)	6
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	14
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	18
Item 4.	Controls and Procedures	18
	PART II - OTHER INFORMATION	19
Item 1.	Legal Proceedings	19
Item 1A.	Risk Factors	19
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	19
Item 3.	Defaults Upon Senior Securities	19
Item 4.	Mine Safety Disclosures	19
Item 5.	Other Information	19
Item 6.	Exhibits	21
SIGNATURES		22

PART I

ITEM 1. FINANCIAL STATEMENTS

GLOBAL INNOVATIVE PLATFORMS, INC.

CONDENSED BALANCE SHEETS

		JUNE 30,		SEPTEMBER 30,
		2024		2023
		(unaudited)		(Audited)
ASSETS
Current Assets
Cash and Cash Equivalents		$	10,146			$	415
Total Current Assets			10,146				415
Total Assets		$	10,146			$	415
LIABILITIES AND SHAREHOLDERS' DEFICIT
Current Liabilities
Accounts Payable		$	19,034			$	3,004
Loan Payable - Related Party			197,863				361,364
Total Current Liabilities			216,897				364,368
Total Liabilities			216,897				364,368
Commitments and Contingencies (Note 8)							-
Shareholders' Deficit
Preferred Stock, $0.0001par value, 10,000,000shares authorized, 0issued or outstanding			-				-
Common Stock, $0.0001par value, 1,990,000,000shares authorized,27,310,112and 619,085issued and outstanding			2,731				62
Stock Subscription			-				1,547
Additional Paid in Capital			251,238				35,454
Retained (Deficit) Earnings			(460,720	)			(401,016	)
Total Shareholders' Deficit			(206,751	)			(363,953	)
Total Liabilities and Shareholders' Deficit		$	10,146			$	415

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

GLOBAL INNOVATIVE PLATFORMS, INC.

CONDENSED STATEMENTS OF OPERATIONS

(UNAUDITED)

		FOR THE THREE MONTHS ENDED JUNE 30, 2024		FOR THE THREE MONTHS ENDED JUNE 30, 2023		FOR THE NINE MONTHS ENDED JUNE 30, 2024		FOR THE NINE MONTHS ENDED JUNE 30, 2023
REVENUE		$	-			$	-			$	-			$	-
EXPENSES
General and administrative expenses			6,360				2,650				59,715				158,686
Total Expenses			6,360				2,650				59,715				158,686
OPERATING LOSS			(6,360	)			(2,650	)			(59,715	)			(158,686	)
OTHER INCOME (EXPENSE)			-				-				-				-
Total Other Income (Expense)			-				-				-				-
INCOME (LOSS) BEFORE TAXES			(6,360	)			(2,650	)			(59,715	)			(158,686	)
TAXES			-				-				-				-
NET INCOME (LOSS)		$	(6,360	)		$	(2,650	)		$	(59,715	)		$	(158,686	)
Net Income (Loss) per Common Share: Basic and Diluted		$	(0.00	)		$	(0.01	)		$	(0.00	)		$	(0.25	)
Weighted Average Common Shares Outstanding: Basic and Diluted			27,310,112				619,085				25,069,624				619,085

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

GLOBAL INNOVATIVE PLATFORMS, INC.

CONDENSED STATEMENT OF CHANGES IN SHAREHOLDERS' DEFICIT

(UNAUDITED)

		Common Shares				Additional		Retained
						Stock		Paid-In		(Deficit)
		Shares		Amount		Subscriptions		Capital		Earnings		Total
Balance at October 1, 2022			619,085			$	62			$	-			$	35,454			$	(118,230	)		$	(82,714	)
Net profit (loss) for the period			-				-				-				-				(158,686	)			(158,686	)
Balance at June 30, 2023			619,085			$	62			$	-			$	35,454			$	(276,916	)		$	(241,400	)
Balance at October 1, 2023			619,085			$	62			$	1,547			$	35,454			$	(401,016	)		$	(363,953	)
Common Shares Issued for Stock Subscriptions			15,470,000				1,547				(1,547	)			-				-				-
Common Stock issued for Conversion of Debentures			2,160,000				216				-				215,784				-				216,000
Common Stock issued for Cash			9,061,027				906				-				-				-				906
Net loss for the period			-				-				-				-				(59,715	)			(59,715	)
Balance at June 30, 2024			27,310,112			$	2,731			$	-			$	251,238			$	(460,721	)		$	(206,751	)

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

GLOBAL INNOVATIVE PLATFORMS, INC.

CONDENSED STATEMENTS OF CASH FLOW

(UNAUDITED)

		FOR THE NINE MONTHS ENDED JUNE 30, 2024		FOR THE NINE MONTHS ENDED JUNE 30, 2023
Cash Flow from Operating Activities:
Net Loss		$	(59,715	)		$	(158,686	)
Adjustments to reconcile net loss to net cash used in operating activities			-				-
Changes in working capital items:
Accounts payable			16,050				237
Debenture interest			16,000				-
Net Cash Used in Operating Activities			(27,665	)			(158,449	)
Net Cash Flow from Investing Activities			-				-
Net Cash Flow from Financing Activities
Advances from Related Parties			11,500				111,053
Issuance of common stock for cash			25,896				-
Net Cash Provided by Financing Activities			37,396				111,053
Net Change in Cash:			9,731				(47,396	)
Beginning Cash:		$	415			$	47,757
Ending Cash:		$	10,146			$	361
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest		$	-			$	-
Cash paid for tax		$	-			$	-

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

GLOBAL INNOVATIVE PLATFORMS, INC.

Notes to the Condensed Financial Statements

(Unaudited)

NOTE 1. NATURE OF OPERATIONS

Nature of Business

Global Innovative Platforms Inc., a Delaware corporation, ("Global Innovative Platforms," "Canning Street," "the Company," "We," "Us" or "Our') is a publicly quoted company in the business of measuring gas outflow in pets and agriculture for diagnosis treatment of illness. We are pursuing opportunities for growth and will seek capital in return for shares of our common stock to create value for our shareholders although there is no guarantee that the Company will be able to successfully close such transactions.

History

Global Innovative Platforms Inc. f/k/a Canning Street Corporation or Canning Street was incorporated in Delaware on September 15, 2020.

Effective September 30, 2020, following a corporate reorganization as described below (the "Holding Company Reorganization" or "the reverse recapitalization"), Canning Street became the reorganized successor to Alexandria Advantage Warranty Company, a publicly quoted holding company that ceased trading in 2016.

Reorganization into a Holding Company Structure for Global Innovative Platforms, Inc., reorganization successor to Alexandria Advantage Warranty Company.

Effective September 29, 2020, Alexandria Advantage Warranty Company ("Alexandria Advantage Colorado'), a Colorado corporation, redomiciled to Delaware by merging with its wholly owned subsidiary, Alexandria Advantage Warranty Company ("Alexandria Advantage Delaware"), a Delaware corporation.

Alexandria Advantage Colorado ceased to exist as an independent legal entity following its merger with Alexandria Advantage Delaware. Pursuant to the Delaware Holding Company formation statute, DGCL Section 251(g), Alexandria Advantage Delaware entered into an Agreement and Plan of Merger and Reorganization into a Holding Company with Global Innovative Platforms, Inc. ("Canning Street") and AAWC Corporation ("AAWC"), both wholly-owned subsidiaries of Alexandria Advantage Delaware, effective September 30, 2021.

The Agreement and Plan of Merger and Reorganization into a Holding Company provided for the merger of Alexandria Advantage Delaware with, and into AAWC, with AAWC being the surviving corporation in the merger, as a subsidiary to Canning Street. Alexandria Advantage Delaware ceased to exist as an independent legal entity following its merger with AAWC. The shareholders of Alexandria Advantage Delaware were converted, by the holding company reorganization, under the Agreement, to shareholders of Canning Street on a one for one basis pursuant to the Agreement and the Delaware Statute Sec. 251(g).

AAWC, the surviving company of the merger with Alexandria Advantage Delaware, became a wholly owned subsidiary of Canning Street, the holding company. Canning Street became the parent holding company resulting under the Agreement, pursuant to Delaware General Corporation Law section 251(g), with its wholly owned subsidiary company, AAWC, the surviving company of the merger with Alexandria Advantage Delaware.

As a result of the Holding Company Reorganization, shareholders in publicly quoted Alexandria Advantage Delaware, formerly the shareholders of Alexandria Advantage Colorado as of the date of the reorganization, became shareholders in the publicly quoted Canning Street.

GLOBAL INNOVATIVE PLATFORMS, INC.

Notes to the Condensed Financial Statements

(Unaudited)

AAWC, being the direct successor by the merger with Alexandria Advantage Delaware, became a subsidiary company of Canning Street. The Holding Company Reorganization has been accounted for so as to reflect the fact that both AAWC and Canning Street were under common control at the date of the Holding Company Reorganization, similar to a reverse acquisition of AAWC by Canning Street

NOTE 2. GOING CONCERN

Our financial statements are prepared using accounting principles generally accepted in the United States of America applicable to a going concern, which contemplates the realization of assets and the liquidation of liabilities in the normal course of business. We have no ongoing business or income, incurred a loss of $59,715in the nine months ended June 30, 2024, and had a retained deficit of $460,721as of June 30, 2024. These conditions raise substantial doubt about our ability to continue as a going concern. The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the outcome of these uncertainties. Our ability to continue as a going concern is dependent upon our ability to raise additional debt or equity funding to meet our ongoing operating expenses and ultimately in merging with another entity with experienced management and profitable operations. No assurances can be given that we will be successful in achieving these objectives.

GLOBAL INNOVATIVE PLATFORMS, INC.

Notes to the Condensed Financial Statements

(Unaudited)

NOTE 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The summary of significant accounting policies is presented to assist in the understanding of the financial statements. These policies conform to accounting principles generally accepted in the United States of America and have been consistently applied. We have selected September 30 as our financial year end. We have not earned any revenue to date.

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles ("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.

Cash and Cash Equivalents

We maintain cash balances in a non-interest-bearing account that currently does not exceed federally insured limits. For the purpose of the statements of cash flows, all highly liquid investments with a maturity of three months or less are considered to be cash equivalents. As of June 30, 2024 and September 30, 2023, our cash balance was $10,146and $415, respectively.

Fair Value Measurements

ASC Topic 820, Fair Value Measurements and Disclosures ("ASC 820"), provides a comprehensive framework for measuring fair value and expands disclosures which are required about fair value measurements. Specifically, ASC 820 sets forth a definition of fair value and establishes a hierarchy prioritizing the inputs to valuation techniques, giving the highest priority to quoted prices in active markets for identical assets and liabilities and the lowest priority to unobservable value inputs. ASC 820 defines the hierarchy as follows:

Level 1 - Quoted prices are available in active markets for identical assets or liabilities as of the reported date. The types of assets and liabilities included in Level 1 are highly liquid and actively traded instruments with quoted prices, such as equities listed on the New York Stock Exchange.

Level 2 - Pricing inputs are other than quoted prices in active markets but are either directly or indirectly observable as of the reported date. The types of assets and liabilities in Level 2 are typically either comparable to actively traded securities or contracts or priced with models using highly observable inputs.

Level 3 - Significant inputs to pricing that are unobservable as of the reporting date. The types of assets and liabilities included in Level 3 are those with inputs requiring significant management judgment or estimation, such as complex and subjective models and forecasts used to determine the fair value of financial transmission rights.

Our financial instruments consist of our accounts payable, accrued expenses - related party and loan payable - related party. The carrying amount of our accounts payable, accrued expenses- related parties and loan payable - related party approximates their fair values because of the short-term maturities of these instruments.

GLOBAL INNOVATIVE PLATFORMS, INC.

Notes to the Condensed Financial Statements

(Unaudited)

Related Party Transactions

A related party is generally defined as (i) any person that holds 10% or more of our membership interests including such person's immediate families, (ii) our management, (iii) someone that directly or indirectly controls, is controlled by or is under common control with us, or (iv) anyone who can significantly influence our financial and operating decisions. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties. See Notes 4 and 5 below for details of related party transactions in the period presented.

Fixed Assets

We owned nofixed assets as of June 30, 2024, or September 30, 2023.

Leases

We determine if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use ("ROU") as assets, operating lease non-current liabilities, and operating lease current liabilities in our balance sheet. Finance leases are property and equipment, other current liabilities, and other non-current liabilities in the balance sheet. ROU assets represent the right to use an asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over lease term. As most of the leases do not provide an implicit rate, we generally use the incremental borrowing rate on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at the commencement date. The operating ROU asset also includes any lease payments made and excludes lease incentives. Lease expense for lease payment is recognized on a straight-line basis over the lease term.

We were not party to any lease transactions during the nine months and the three months ended June 30, 2024 or June 30, 2023.

Income Taxes

The provision for income taxes is computed using the asset and liability method, under which deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, and for operating losses and tax credit carryforwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates that apply to taxable income in effect for the years in which those tax assets are expected to be realized or settled. We record a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized.

Uncertain Tax Positions

We evaluate tax positions in a two-step process. We first determine whether it is more likely than not that a tax position will be sustained upon examination, based on the technical merits of the position. If a tax position meets the more-likely-than-not recognition threshold it is then measured to determine the amount of benefit to recognize in the financial statements. The tax position is measured as the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. We classify gross interest and penalties and unrecognized tax benefits that are not expected to result in payment or receipt of cash within one year as long-term liabilities in the financial statements.

GLOBAL INNOVATIVE PLATFORMS, INC.

Notes to the Condensed Financial Statements

(Unaudited)

Revenue Recognition

Revenues are recognized when control of the promised goods or services are transferred to a customer, in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. The Company applies the following five steps in order to determine the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements:

Step 1: Identify the contract(s) with customers

Step 2: Identify the performance obligations in the contract

Step 3: Determine the transaction price

Step 4: Allocate the transaction price to performance obligations

Step 5: Recognize revenue when the entity satisfies a performance obligation

Service revenues are recognized as the services are performed in proportion to the transfer of control to the customer and real estate revenues are recognized at the time of sale when consideration has been exchanged and title has been conveyed to the buyer. At this time, we have not identified specific planned revenue streams. During the during the nine months and the three months ended June 30, 2024 and June 30, 2023, we did not recognize any revenue.

Advertising Costs

We expense advertising costs when advertisements occur. Noadvertising costs were incurred during the nine months and the three months ended June 30, 2024 and June 30, 2023.

Stock Based Compensation

The cost of equity instruments issued to non-employees in return for goods and services is measured by the grant date fair value of the equity instruments issued. The cost of employee services received in exchange for equity instruments is based on the grant date fair value of the equity instruments issued.

Net Loss per Share Calculation

Basic net loss per common share ("EPS") is computed by dividing loss available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted earnings per share is computed by dividing net income by the weighted average shares outstanding, assuming all dilutive potential common shares were issued. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive.

Nopotentially dilutive debt or equity instruments were issued or outstanding during the three and nine months ended June 30, 2024 and 2023.

Recently Accounting Pronouncements

We have reviewed all the recently issued, but not yet effective, accounting pronouncements and do not believe any of these pronouncements will have a material impact on our financial statements.

GLOBAL INNOVATIVE PLATFORMS, INC.

Notes to the Condensed Financial Statements

(Unaudited)

NOTE 4. LOAN PAYABLE - RELATED PARTY

As of June 30, 2024 and September 30, 2023, we owed $100,000, $50,000, and $47,863($36,363at September 30, 2023)to principal shareholders (plus an additional $175,000that was owed to a shareholder on September 30, 2023 but converted to common stock in October, 2023).

The loans are unsecured, interest free and due on demand.

NOTE 5. INCOME TAXES

On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the "Tax Act"). The Tax Act makes broad and complex changes to the U.S. tax code that affect fiscal 2018, including, but not limited to requiring a one-time transition tax on certain unrepatriated earnings of foreign subsidiaries that is payable over eight years. The Tax Act also establishes new tax laws that will affect 2018 and later years, including, but not limited to, a reduction of the U.S. federal corporate tax rate from 34% to 21%, a general elimination of U.S. federal income taxes on dividends from foreign subsidiaries, net operating loss deduction limitations, a base erosion, anti-tax abuse tax and a deduction for foreign-derived intangible income and a new provision designed to tax global intangible low-taxed income.

We did not provide any current or deferred US federal income tax provision or benefit during the three months ended June 30, 2022, as we incurred tax losses during the period. When it is more likely than not that a tax asset cannot be realized through future income, we must record an allowance against any future potential future tax benefit. We have provided a full valuation allowance against the net deferred tax asset, consisting of net operating loss carry forwards, because management has determined that it is more likely than not that we will not earn income sufficient to realize the deferred tax assets during the carry forward periods.

The Company has not taken a tax position that, if challenged, would have a material effect on the financial statements for the three months ended June 30, 2022, as defined under ASC 740, "Accounting for Income Taxes." We did not recognize any adjustment to the liability for uncertain tax position and therefore did not record any adjustment to the beginning balance of the accumulated deficit on the balance sheet.

The provision for income taxes differs from the amount computed by applying the statutory federal income tax rate to income before provision for income taxes.

The sources and tax effects of the differences for the periods presented are as follows:

		Nine Months Ended June 30, 2024		Nine Months Ended June 30, 2023
Statutory U.S. Federal Income Tax Rate			21	%			21	%
State Income Taxes			5	%			5	%
Change in Valuation Allowance			(26	)%			(26	)%
Effective Income Tax Rate			-				-

A reconciliation of the income taxes computed at the statutory rate is as follows:

		Nine Months Ended June 30, 2024		Nine Months Ended June 30, 2023
Tax credit (expense) at statutory rate (26%)		$	15,523			$	41,259
Increase in valuation allowance			(15,523	)			(41,259	)
Net deferred tax assets		$	-			$	-

GLOBAL INNOVATIVE PLATFORMS, INC.

Notes to the Condensed Financial Statements

(Unaudited)

As of June 30, 2024, the Company had a federal net operating loss carryforward of approximately $460,721. The federal net operating loss carryforward does not expire but may only be used against taxable income to 80%. In response to the novel coronavirus COVID-19, the Coronavirus Aid, Relief, and Economic Security Act temporarily repealed the 80% limitation for NOLs arising in 2018, 2019, and 2020. No tax benefit has been reported in the financial statements. The annual offset of this carryforward loss against any future taxable profits may be limited under the provisions of Internal Revenue Code Section 381 upon any future change(s) in control of the Company.

The Company's income tax returns for the years ended September 30, 2022 and 2021 and for the period from September 15, 2020 (Inception) to September 30, 2020, are currently open to audit by federal and state jurisdictions.

NOTE 6. COMMITMENTS & CONTINGENCIES

Legal Proceedings

We were not subject to any legal proceedings during the nine months ended June 30, 2024, and, to the best of our knowledge, no legal proceedings are pending or threatened.

Contractual Obligations

We are not party to any contractual obligations at this time other than our Patent and License Know-How Agreement with Defiant Technologies, Inc. entered into on August 18, 2023.

NOTE 7. SHAREHOLDERS' DEFICIT

Preferred Stock

As of June 30, 2023, we were authorized to issue 10,000,000shares of preferred stock with a par value of $0.0001.

Noshares of preferred stock were issued and outstanding during the nine months ended June 30, 2023.

No series of preferred stock or rights for preferred stock had been designated on June 30, 2023.

Common Stock

As of June 30, 2024, we were authorized to issue 1,990,000,000shares of common stock with a par value of $0.0001.

As of September 30, 2023, 619,085shares of common stock were issued and outstanding; as of June 30, 2024 there were 27,310,112shares outstanding.

GLOBAL INNOVATIVE PLATFORMS, INC.

Notes to the Condensed Financial Statements

(Unaudited)

Warrants

Nowarrants were issued or outstanding during the three months ended June 30, 2024.

Stock Options

We currently have no stock option plan.

Nostock options were issued or outstanding during the three months ended June 30, 2024.

NOTE 8. SUBSEQUENT EVENTS

The Company evaluated subsequent events after June 30, 2024, in accordance with FASB ASC 855 Subsequent Events, through the date of the issuance of these financial statements.

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

The following discussion should be read in conjunction with our unaudited financial statements and notes thereto included herein. In connection with, and because we desire to take advantage of, the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, we caution readers regarding certain forward looking statements in the following discussion and elsewhere in this report and in any other statement made by, or on our behalf, whether or not in future filings with the Securities and Exchange Commission. Forward-looking statements are statements not based on historical information and which relate to future operations, strategies, financial results, or other developments. Forward looking statements are necessarily based upon estimates and assumptions that are inherently subject to significant business, economic and competitive uncertainties, and contingencies, many of which are beyond our control and many of which, with respect to future business decisions, are subject to change. These uncertainties and contingencies can affect actual results and could cause actual results to differ materially from those expressed in any forward-looking statements made by, or on our behalf. We disclaim any obligation to update forward-looking statements.

The independent registered public accounting firm's report on the Company's consolidated financial statements as of September 30, 2023 includes a "going concern" explanatory paragraph, that describes substantial doubt about the Company's ability to continue as a going concern.

PLAN OF OPERATIONS

The Company's plan of operation is to obtain debt or equity finance to meet our ongoing operating expenses and opportunities for growth in return for shares of our common stock to create value for our shareholders.

The Company will need substantial additional capital to support its budget. The Company has had no revenues. The Company has no committed source for any funds as of date hereof. In the event funds cannot be raised when needed, the Company may not be able to carry out its business plan, may never achieve sales or royalty income, and could fail in business as a result of these uncertainties.

The Company may borrow money to finance its future operations, although it does not currently contemplate doing so. Any such borrowing will increase the risk of loss to the investor in the event the Company is unsuccessful in repaying such loans.

RESULTS OF OPERATIONS

For the Three Months Ended June 30, 2024

Revenue

We did not recognize revenue during the three month periods ended June 30, 2024 and 2023, as we had no revenue generating activities during these periods.

General and Administrative Expenses

During the three months ended June 30, 2024, we incurred general and administrative expenses of $6,360,comprised of professional fees of $1,500 and administrative costs of $4,860. During the three months ended June 30, 2023, we incurred general and administrative expenses of $2,650comprising professional fees of $1,650 and administrative fees of $1,000. An illness by our then CEO curtailed activity during the three months ended June 30, 2023 reduced our activities temporarily resulting in the reduction.

Operating Loss

During the three months ended June 30, 2024 and 2023, we incurred operating losses of $6,360and $2,650, respectively, due to the factors discussed above.

Interest and Other Income (Expenses) Net

During the three month periods ended June 30, 2024 and 2023, we did not recognize any interest and other income (expenses), net.

Loss before Income Tax

During the three month periods ended June 30, 2024 and 2023, we incurred a loss before income taxes of $6,360and $2,650, respectively, due to the factors discussed above.

Provision for Income Tax

No provision for income taxes was recorded during the three month periods ended June 30, 2024 and 2023 as we incurred taxable losses in the periods.

Net Loss

During the three month periods ended June 30, 2024 and 2023, we incurred net losses of $6,360and $2,650, respectively, due to the factors discussed above.

For the Nine Months Ended June 30, 2024

Revenue

We did not recognize any revenue during the nine months ended June 30, 2024, as we had no revenue generating activities during this period.

General and Administrative Expenses

During the nine months ended June 30, 2024, we incurred general and administrative expenses of $59,715comprising professional fees of $9,500 and administrative costs of $28,215. We had $22,000 in due diligence fees during the nine months ended June 30, 2024.During the nine months ended June 30, 2023, we incurred general and administrative expenses of $158,686, comprised of professional fees of $10,284 and administrative fees of $17,213. We incurred due diligence fees of $131,189. We reemphasized commencing operations as opposed to due diligence work and we made advances on how to approach operations from earlier periods.

Operating Loss

During the nine month periods ended June 30, 2024 and 2023, we incurred an operating loss of $59,715and $158,686, respectively,due to the factors discussed above.

Interest and Other Income (Expenses) Net

During the nine month periods ended June 30, 2024 and 2023, we did recognize any interest any other income (expenses), net.

Loss before Income Tax

During the nine months ended June 30, 2024, we incurred a loss before income taxes of 59,715and $158,686, respectively, due to the factors discussed above.

Provision for Income Tax

No provision for income taxes was recorded during the nine month periods ended June 30, 2024 and 2023, as we incurred taxable losses in both periods.

Net Loss

During the nine month periods ended June 30, 2024 and 2023, we incurred net losses of 59,715and $158,686, respectively, due to the factors discussed above.

LIQUIDITY

On June 30, 2024, we had total current assets of $10,146. On June 30, 2024 we had total liabilities of $216,897.

Consequently, we are now dependent on raising additional equity and/or debt to meet our ongoing operating expenses. There is no assurance that we will be able to raise the necessary equity and/or debt that we will need to fund our ongoing operating expenses.

It is our current intention to seek to raise debt and/or equity financing to meet ongoing operating expenses and develop our operations and pursue opportunities for growth in return for shares of our common stock to create value for our shareholders. There is no assurance that this series of events will be satisfactorily completed.

Future losses are likely to occur as, until we are able to fund our business plan and pursue opportunities for growth in return for shares of our common stock to create value for our shareholders, we have no sources of income to meet our operating expenses.

As a result of these, among other factors, we received from our registered independent public accountants in their report for the financial statements for the year ended September 30, 2024 and 2023, an explanatory paragraph stating that there is substantial doubt about our ability to continue as a going concern.

Our primary sources and uses of cash for the nine months ended June 30, 2024 and 2023 were as follows:

		Nine Months Ended		Nine Months Ended
		June 30, 2024		June 30, 2023
Net Cash Used in Operating Activities		$	27,665			$	158,449
Net Cash Flows from Investing Activities			-				-
Net Cash Flows from Financing Activities			37,396				111,053
Net Movement in Cash and Cash Equivalents		$	9,731			$	(47,396	)

Operating Activities

During the nine months ended June 30, 2024, we incurred a net loss of $59,715 which after adjustments for an increase in accounts payable of $16,050, $16,000 of debenture interest resulted in net cash of $27,665 being used in operations.

Investing Activities

During the nine months ended June 30, 2024, we had no investing activities.

Financing Activities

During the nine months ended June 30, 2024, we had $37,396 in financing activities advanced from related parties $36,500 ($25,000 which was collected from the sale of a debenture and converted into common stock) and $896 collected from the sale of common stock.

We are dependent upon the receipt of capital investment or other financing to fund our ongoing operations and is a publicly quoted company in the business of measuring gas outflow in pets and agriculture for diagnosis and treatment of illness.

We are pursuing opportunities for growth and will seek capital in return for shares of our common stock to create value for our shareholders, although there is no guarantee that the Company will be able to successfully close such transactions.

CRITICAL ACCOUNTING POLICIES

All companies are required to include a discussion of critical accounting policies and estimates used in the preparation of their financial statements. On an on-going basis, we evaluate our critical accounting policies and estimates. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances, the results of which form our 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.

Our significant accounting policies are described in Note 3 of our Financial Statements on page 7. These policies were selected because they represent the more significant accounting policies and methods that are broadly applied in the preparation of our financial statement.

Inflation

In the opinion of management, inflation has not and will not have a material effect on our operations in the immediate future.

Management will continue to monitor inflation and evaluate the possible future effects of inflation on our business and operations.

Off-Balance Sheet Arrangements

Per SEC regulations, we are required to disclose our off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, such as changes in financial condition, revenues, expenses, results of operations, liquidity, capital expenditures, or capital resources that are material to investors. As of June 30, 2024, we have no off-balance sheet arrangements.

Recently Issued Accounting Pronouncements

We have reviewed all the recently issued, but not yet effective, accounting pronouncements and do not believe any of these pronouncements will have a material impact on our financial statements.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

As a "smaller reporting company" as defined by Item 10 of Regulation S-K, we are not required to provide information required by this Item.

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in the reports that we file or submit under the Exchange Act is (1) recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and (2) accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

Our sole executive officer, who serves as the Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures as of June 30, 2024 (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act). Our management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives, and management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Our Chief Executive Officer and Chief Financial Officer has concluded, based upon the evaluation described above, that, as of June 30, 2024, our disclosure controls and procedures were not effective due to the material weakness in internal control over financial reporting described below.

Material Weakness

In connection with the preparation of our financial statements for the nine months ended June 30, 2024, we determined that we did not maintain effective controls over certain aspects of the financial reporting process because: (i) we lack a sufficient complement of personnel with a level of accounting expertise and an adequate supervisory review structure that is commensurate with our financial reporting requirements, (ii) there is inadequate segregation of duties due to the limitation on the number of our accounting personnel, and (iii) we have insufficient controls and processes in place to adequately verify the accuracy and completeness of spreadsheets that we use for a variety of purposes for our financial reporting.

We intend to take appropriate and reasonable steps to make the necessary improvements to remediate these deficiencies. However, due to our size and our financial resources, remediating the several identified weaknesses has not been possible and may not be economically feasible now or in the future.

Changes in Internal Control Over Financial Reporting

There was no change in our internal control over financial reporting that occurred during the fiscal quarter ended June 30, 2024, that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

None.

ITEM 1A. RISK FACTORS

Not Applicable to Smaller Reporting Companies.

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

Effective October 23, 2023, the Company entered into Subscription Agreements with various accredited investors pursuant to which the accredited investors purchased an aggregate of 24,531,027 shares of the Company's common stock at a price per share of $0.0001 for an aggregate purchase price of $2,453. The closing occurred on October 23, 2023. That same day we also issued 2,160,000 shares of common stock in conversion of a $216,000 debenture we owed to Jeffrey D. Conley, a related party. On July 12, 2024, the Company issued 530,000 shares of common stock for services at par value of $.0001 per share, including 200,000 shares of common stock to our Chief Executive Officer Andrew Brown and issued 1,111 shares of common stock at par in cash as correction of an administrative error.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

Not Applicable.

ITEM 5. OTHER INFORMATION

On August 7, 2023, Matthew Veal appointed Andrew Brown to the Board of Directors. Mr. Veal then resigned from the board, Mr. Brown then assumed the role of Chairman and CEO.

Patent and Know-How License Agreement

On August 18, 2023, the Company entered into a Patent and Know-How License Agreement (the "License Agreement") with Defiant Technologies Inc. ("Defiant"). Pursuant to the License Agreement, among other things, Defiant granted the Company a nontransferable, non-sublicensable, exclusive right and license to certain patents and know-how relating to animal testing and all commercial applications related to the animal market on a global basis ("Patent Rights", "Know-How", and "Materials", respectively) to manufacture, use, offer for sale, sell or import ("Licensed Products") in the animal market worldwide. The license is exclusive (subject to certain exceptions and conditions) with respect to the Patent Rights and Materials and non-exclusive with respect to the Know-How.

As consideration for the license under the License Agreement, the Company has agreed toto make an initial payment of $50,000, which is due 30 days from the effective date of the License Agreement (or, at Defiant's discretion, $225,000 in a lump sum within 45 days from the effective date). Further, in consideration of the rights and licenses granted under the License Agreement, the Company is required to pay Defiant a royalty of 3% of net sales of all Licensed Products in the field of use throughout the world during the term of the License Agreement.

ITEM 5B. OTHER INFORMATION

During the quarter ended June 30, 2024, no director or officer of the Company adoptedor terminateda "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) of Regulation S-K.

ITEM 6. EXHIBITS

Exhibits. The following is a complete list of exhibits filed as part of this Form 10-Q. Exhibit numbers correspond to the numbers in the Exhibit Table of Item 601 of Regulation S-K.

Exhibit No.		Title of Document
3.1		Certification of Incorporation - Delaware - Canning Street Corporation - .9.15.20 (1)
3.2		Bylaws (1)
3.3		Certificate of Amendment of Certificate of Incorporation - 10.23.20 (1)
3.4		Certificate of Amendment to the Certificate of Incorporation dated May 10, 2021 (3)
3.5		Certificate of Correction dated May 11, 2021 (3)
4.1		Description of Securities (4)
10.1		Agreement and Plan of Merger and Reorganization into Holding Company Structure (1)
10.2		Stock Purchase Agreement dated March 31, 2021 (2)
31.1 *		Certification of the Company's Principal Executive and Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act.
32.1 *		Certification of the Company's Principal Executive and Principal 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		XBRL Instance Document (3)
101.SCH		XBRL Taxonomy Extension Schema (3)
101.CAL		XBRL Taxonomy Extension Calculation Linkbase (3)
101.DEF		XBRL Taxonomy Extension Definition Linkbase (3)
101.LAB		XBRL Taxonomy Extension Label Linkbase (3)
101.PRE		XBRL Taxonomy Extension Presentation Linkbase (3)

* Filed herewith.

(1)Incorporated by reference from the exhibits included in the Company's Registration Statement on Form 10 dated December 28, 2020.

(2) Incorporated by reference to the Form 8-K filed with the Securities and Exchange Commission on April 2, 2021.

(3) Incorporated by reference to the Form 8-K filed with the Securities and Exchange Commission on May 13, 2021.

(4) Incorporated by reference to the Form 10-K filed with the Securities and Exchange Commission on March 21, 2022.

SIGNATURES

Pursuant to the requirements of Section 12 of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

GLOBAL INNOVATIVE PLATFORMS, INS.

(Registrant)

Dated: September 12,2024	By:	/s/ Andrew Brown
		Andrew Brown
		(Chief Executive Officer, Principal Executive Officer, Chief Financial Officer, and Principal Accounting Officer)

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