Good Vibrations Shoes Inc (GVSI)

[Major Profits]

So after getting both a "Yes" and a "No" when asked to HUMANS I got the bright idea to ask this question to a NON Human (Gemini AI). Here was the question: "does the balance sheet in an sec form 10 have to balance from the companies inception?" And here are the AI replies (one was a "Deep Dive"):

No, a SEC Form 10 balance sheet does not need to show financial data back to the company’s inception, unless the company was founded very recently. Instead, the SEC requires audited balance sheets for specific recent periods:

Standard Requirement: You must provide audited balance sheets for the two most recent fiscal years.

New Companies: If the company has existed for less than one full fiscal year, you must provide an audited balance sheet as of a date within 135 days of the filing.

Interim Data: Depending on the timing of your filing, you may also need to include an interim balance sheet as of the end of the most recent fiscal quarter.

While the balance sheet itself must always "balance" (Assets = Liabilities + Equity) for every period presented, the historical scope is limited to these recent windows to provide investors with a current snapshot of the company's health.

AI responses may include mistakes. For financial advice, consult a professional.

And this:

Yes, a balance sheet must always balance—meaning Assets must equal Liabilities plus Stockholders' Equity—at every reporting date. However, the SEC does not require you to present data all the way back to the company's inception.

For a Form 10 registration statement, you only need to provide balance sheets for specific recent periods:

Audited Balance Sheets: You must include audited balance sheets as of the end of each of the two most recent fiscal years.

Interim Balance Sheets: If the registration is filed several months after the fiscal year-end, an additional unaudited interim balance sheet for the most recent fiscal quarter is required to ensure the financial data is current (typically within 134 days of filing).

New Companies: If the company has been in existence for less than one full fiscal year, you must provide an audited balance sheet as of a date within 135 days of the filing.

While the statement itself only shows these recent snapshots, the balances within them (like Retained Earnings) inherently reflect the cumulative net effect of every transaction since the company's launch.

Afaic, that seems to show that what "ole Lockjaw" said here to be correct:

American Blockchain Corporation
@OTCpinkGVSI
Dec 28, 2023
$GVSI Name Change - The Issue, the Solution, and the Good News
https://pbs.twimg.com/media/GCcP6AvXEAAr7Tg?format=png&name=small
https://pbs.twimg.com/media/GCcQKhBXEAAsOTo?format=png&name=small
6:23 AM · Dec 28, 2023

Specifically:

The Solution
In order for FINRA to process GVSI's corporate actions--FINRA does not approve actions, they only process them--GVSI will have to once again become a reporting issue in good standing. To do so, GVSI will have to file two years of audited financials within a Form 10 filing. Current reinstated as an SEC reporter in good standing.

But do your own DD.

GL