CAVU Resources Inc (CAVR)

[Southern Gal]

CAVU Resources Inc. September 2023
NOTES TO THE FINANCIAL STATEMENTS
CAVU Resources, Inc. was incorporated under the laws of the State of Nevada under the name Magic Lantern Group, Inc. on August 23, 1995. CAVU Resources, Inc. became a shell company after the divestiture of all of its operating assets and remained a shell company until February 2020. In September 2021, CAVU Resources, Inc. changed its corporate name to LiveToBeHappy, Inc., which was changed again in February 2023 to ParagonX Holdings, Inc. ("the Company", "PGXH", "we", or "us").
Basis of Presentation
Under accounting principles generally accepted in the United States of America (“US GAAP”), the Sinacori acquisition was treated as a “reverse acquisition” under the purchase method of accounting. The consolidated statements of operations herein reflect the historical results of Sinacori prior to the completion of the reverse acquisition since it was determined to be the accounting acquirer and do not include the historical results of PGXH prior to the completion of the acquisition. PGXH’s assets and liabilities were consolidated with the assets and liabilities of PGXH as of February 12, 2020, the consummation of the acquisition, and are included in the consolidated balance sheets. The number of shares issued and outstanding and additional paid-in-capital of PGXH have been retroactively adjusted to reflect the equivalent number of shares issued by PGXH in the Purchase and Sale Agreement.. All costs attributable to the reverse acquisition were expensed as incurred. IN JULY 2023, THE COMPANY ACQUIRED RUHL CONSTRUCTION, LLC, ASHER HOMES, LLC, AND PRECISION PROJECT MANAGEMENT, LLC. THE COMPANY ALSO DIVESTED SEVERAL ENTITIES, INCLUDING SINACORI BUILDERS, LLC. THE FINANCIAL STATEMENTS ARE UNAUDITED AND RELY ON ESTIMATES FROM THE UNIT PURCHASE AGREEMENTS PROVIDED BY RUHL CONSTRUCTION, LLC, ASHER HOMES, LLC, AND PRECISION PROJECT MANAGEMENT, LLC. WHILE EFFORTS WERE BEING MADE TO PROVIDE ACCURATE FINANCIALS, THE COMPANY IS HEREBY DISCLOSING THAT THESE FINANCIAL STATEMENTS SHOULD NOT BE RELIED UPON TO MAKE INVESTMENT DECISIONS.
NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The accompanying consolidated financial statements have been prepared in accordance with the United States generally accepted accounting principles (“US GAAP as set forth in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) and applicable regulations of the Securities and Exchange Commission (“SEC”).
Principles of Consolidation
The accompanying consolidated financial statements include the accounts of PGXH, and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
Reclassifications
Certain prior period amounts have been reclassified to conform to the current year presentation. These reclassifications had no effect on previously reported net loss or accumulated deficit.
Use of Estimates
The preparation of the consolidated financial statements in conformity with US GAAP requires management of the Company to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes, including the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could materially differ from those estimates.

https://www.otcmarkets.com/otcapi/company/financial-report/390315/content