# Global Asset Management Group, Inc.: Form 10-K for the period ended Dec 31, 2020 - Company: [Global Asset Management Group, Inc.](/companies/gamg.md) (CIK 55234) - Form: 10-K - Filed: 2021-08-11 - Accepted by EDGAR: Aug 12, 2021, 14:10 ET - Period: 2020-12-31 - Accession: 0001477932-21-005339 - Inline XBRL: yes - Main document: https://www.sec.gov/Archives/edgar/data/55234/000147793221005339/kenilworth_10k.htm - All documents and exhibits: https://www.sec.gov/Archives/edgar/data/55234/000147793221005339/ ## Figures reported in this filing Standardized XBRL line items for the period ended 2020-12-31. | Line item | Period | Value | XBRL concept | | --- | --- | ---: | --- | | Revenue | 12 months, 2020-01-01 to 2020-12-31 | $0 | us-gaap:Revenues | | Cost of revenue | 12 months, 2020-01-01 to 2020-12-31 | $0 | us-gaap:CostOfRevenue | | Net income | 12 months, 2020-01-01 to 2020-12-31 | −$10.1k | us-gaap:NetIncomeLoss | | Basic EPS | 12 months, 2020-01-01 to 2020-12-31 | −$0.00 | us-gaap:EarningsPerShareBasic | | Operating cash flow | 12 months, 2020-01-01 to 2020-12-31 | $900 | us-gaap:NetCashProvidedByUsedInOperatingActivities | | Cash and equivalents | at 2020-12-31 | $990 | us-gaap:CashAndCashEquivalentsAtCarryingValue | | Current assets | at 2020-12-31 | $1.9k | us-gaap:AssetsCurrent | | Total assets | at 2020-12-31 | $1.9k | us-gaap:Assets | | Current liabilities | at 2020-12-31 | $0 | us-gaap:LiabilitiesCurrent | | Total liabilities | at 2020-12-31 | $0 | us-gaap:Liabilities | | Shareholders' equity | at 2020-12-31 | $1.9k | us-gaap:StockholdersEquity | | Shares outstanding | at 2020-12-31 | 6,818,435 shares | dei:EntityCommonStockSharesOutstanding | ## Business As filed, 1,256 characters. #### PART 1 THE COMPANY Kenilworth Systems Corporation hereinafter referred to as “Kenilworth”, the “Company” or “we”, was incorporated on April 25, 1968 under the laws of the State of New York. Kenilworth has been a publicly traded Company since August 1968 formerly on the National NASDAQ Market, presently on the OTC Pink Sheet Market since emerging from Bankruptcy Proceedings in September 1998. Kenilworth has since been presented as a Development Stage Company, a designation we still ardently object to. GENERAL Since early in the year 2019 we have been solely engaged in developing patents, markets and investigating how best to obtain Governmental approvals, by engaging lobbyists and consultants that would allow Internet, television, satellite, cable subscribers. Kenilworth Systems is a leader in developing state of the art software for corporate licensing relating to technological design fields. Kenilworth’s revenues will generate from its licenses and patents 49% interest in a joint-venture operation to develop on- line secure tools for its clients and vendors of clients. EMPLOYEES Kenilworth, at present, has no employees ### Remainder of page intentionally left blank 6 #### Table of Contents BACKLOG We do not have any backlog. ## Legal proceedings As filed, 145 characters. Since exiting from Chapter 7 Bankruptcy Proceedings on September 23, 1998, Kenilworth has not been involved in any significant legal proceedings. ## Management's discussion and analysis As filed, 9,186 characters. The discussion following should be read in conjunction with, and is qualified in its entirety by, the financial statements and the notes thereto included elsewhere in this Annual Report on Form 10-K. (A) RESULTS OF OPERATIONS Since we exited from bankruptcy proceedings on September 28, 1998, we have had no revenues from operations, and therefore sustained losses from operating expenses amounting to $21,608.26 in 2019 and $10,110.00 in 2020. Kenilworth has had no revenues from operations since exiting from Bankruptcy Proceedings in September 1998. 10 #### Table of Contents (B) LIQUIDITY AND CAPITAL RESOURCES Kenilworth has not conducted any new business operations since 1991. In 2019 and 2020, the current audit shows stock dilution value of .0032 and.0015 respectively. Presently Kenilworth Systems Corporation is a leader in developing state of the art software for corporate licensing relating to technological design fields. Kenilworth’s revenues will generate from its licenses and patents 49% interest in a joint-venture operation to develop online secure tools for its clients and vendors of clients. ### CAUTIONARY STATEMENT FOR PURPOSES OF THE “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND RISK FACTORS The information contained in this Form 10-K and Kenilworth’s other filings with the Securities Exchange Commission contain “forward-looking” statements within the meaning of section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and is subject to the safe harbors created thereby. Such information involves important risks and uncertainties. ### Forward-Looking Statements The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements. Certain information included in this Annual Report on this Form 10-K contains statements that are forward-looking, including, but not limited to, statements relating to our business strategy and development activities as well as other capital spending, financing sources, the effects of regulation (including gaming and tax regulations), expectations concerning future operations, margins, profitability and competition. Any statements contained in this Form 10-K that are not statements of historical fact may be deemed to be forward- looking statements. Without limiting the generality of the foregoing, in some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “would,” “could,” “believe,” “expect,” “anticipate,” “estimate,” “intend,” “plan,” “continue” or the negative of these terms or other comparable terminology. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ from those expressed in any forward-looking statements made by us. These risks and uncertainties include, but are not limited to, our lack of recent operating history, existing management, general domestic or international economic conditions, pending or future legal proceedings, changes in federal or state tax laws or the administration of such laws, changes in gaming laws or regulations (including the legalization of gaming in certain jurisdictions), applications for licenses and approvals under applicable jurisdictional laws and regulations (including gaming laws and regulations). **You should not place undue reliance on any forward-looking statements, which are based only on information currently available to us.** We undertake no obligation to publicly release any revisions to such forward-looking statements to reflect events or circumstances after the date of this 10-K report for the year ended December 31, 2020, and subsequent events reported in this FORM 10-K. ### Risk & Uncertainties Due to the global pandemic of COVID-19, Kenilworth Systems Corporation, in the midst of reorganizing, was stymied in its redevelopment and continuation. Many agencies were closed and not available for assistance during this unprecedented period. These agencies were paramount in the development, continuity, and chronological growth of the corporation. Risk and uncertainties certainly derive from the above statement however, Kenilworth Systems Corporation is determined and will strive and continue to make every effort to move forward in its reorganization and development. ### Going Concern In efforts to help Kenilworth Systems Corporation reorganize and restructure its business model the company has begun looking into proprietary data protection We have no way to predict the future of this company however and currently, the corporation shows strong signs of financial growth moving into 2021. They are in discussions with a prominent data company that will help grow and sustain Kenilworth as a solid intellectual property service provider. 11 #### Table of Contents ### RISK FACTORS ### NO OPERATING HISTORY We have had no new revenues from operations since 1991. We exited from bankruptcy proceedings in 1998 without assets and liabilities. We have had no revenues from operations since then and we may never have any revenues from operations in the future, **which may result in the termination of our business.** ### WE HAVE NO WORKING CAPITAL As of December 31, 2020, the working capital of Kenilworth was $1,890.00. We have also been able to obtain working capital from investors that purchase Convertible Promissory Notes, Stock Purchase and Options Agreements and by issuing restricted Common Shares for services rendered. ### OUR BUSINESS IS ONLY IN THE PLANNING STAGE As of December 31st, 2020, Kenilworth Systems Corporation is looking forward to modifying its current structure into a Corporate Holding Company. The process for this continuation is currently under discussions and once completed, in the next couple of months, once initiated, will be available for use in holding data assets, such as intellectual patents and other proprietary property from around the world. ### RAPID CHANGES IN TECHNOLOGY Technology in general is subject to rapid change. Kenilworth will need to maintain an ongoing research and development effort of which there can be no assurances of success or availability of funds. ### WE ARE ENGAGED IN A HIGHLY COMPETITIVE INDUSTRY Our business is subject to significant competition. Competition exists from larger companies that possess substantially greater technical, financial, sales and marketing resources that Kenilworth presently possesses. Such competition is expected to increase. Such increased competition may have a material adverse effect on Kenilworth’s ability to successfully market its products. ### WE WERE GRANTED A PATENT FOR THE VARIOUS ASPECTS OF SIMULCAST WAGERING On June 10, 2003, the U.S. Patent for the various aspects of wagering on live in-progress casino table games was granted by the U.S. Patent Office to Herbert Lindo, the Inventor and which Patent was assigned by Herbert Lindo to the Company in August 2000. We filed the Patent for approval in fifty-one (51) countries in the industrialized world including Russia and China. There can be no assurances that foreign patents will be issued, and the challenges will not be instituted against the validity or enforceability of our patent. 12 #### Table of Contents Herbert Lindo also filed two (2) Patents in the U.S. Patent Offices in September and October 2004 which Patents have been published to use lottery terminals to accept deposits for wagers placed with the TV set top boxes and the use of Play Cards similar to lottery tickets, which have also been assigned to the Company by Herbert Lindo. A Patent Application for Multi-Use Gaming Machines invented by Herbert Lindo and Gordon Coplein, Esq. was published on February 1, 2007 and assigned, by the inventors, to Kenilworth. As of December 31st, 2020, The company is no longer engaged in any wagering of any kind, the aforementioned patent is held by Kenilworth Systems Corporation for future uses ### OUR OFFICERS AND DIRECTORS WILL HAVE SIGNIFICANT CONTROL OVER US AND MAY APPROVE OR REJECT MATTERS CONTRARY TO A VOTE OF OUR SHAREHOLDERS Our executive officers and directors together with their affiliates beneficially own a significant percentage of our outstanding common stock. These stockholders, if acting together, will be able to significantly influence all matters requiring approval by our stockholders including the election of directors and the approval of mergers or similar transactions even if the stockholders disagree. ### SHARES ELIGIBLE FOR FUTURE SALE COULD CAUSE OUR STOCK PRICE TO FALL If our stockholders sell substantial amounts of our common stock in the public market, the market price of our common stock would most likely fall. As of December 31, 2020 the company has plans to return preferred stock to the treasury to generate more common stock. ### WE DO NOT INTEND TO PAY DIVIDENDS We are not able to pay any dividends because we have no funds available to do so. Even if we had funds available, we do not intend or declare to pay any dividends on our common stock in the near future. ## Controls and procedures As filed, 1,364 characters. a.) Disclosure Controls and Procedures The Company has evaluated, under the supervision and with the participation of the Company’s management including the Company’s Chairman, Chief Executive Officer who is also its Financial Officer. The effectiveness of the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15 (e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) as of the end of the period covered by this Report. Because of the inherent limitations in all control systems, evaluation of controls can provide only reasonable assurance that all control issues and instances of fraud, if any, within the Company have been detected. However, based on that evaluation, the Company’s Chairman and Chief Executive Officer who is also the The Company’s Chief Financial Officer has concluded that the Company’s disclosure controls and procedures were effective as of the end of the period covered by this Report at a reasonable assurance level. b.) Changes in Internal Control over Financial Reporting There was no change in the Company’s internal control over financial reporting that occurred during the annual period ending December 31, 2020, that has materially affected, or is reasonably likely to materially affect the Company’s internal control over financial reporting. 13 #### Table of Contents Filed Aug 11, 2021. Source: SEC EDGAR, the filing index for accession 0001477932-21-005339. Last ingested by Listed: Oct 24, 2026, 14:53 ET. No prices; not investment advice.