# Global Asset Management Group, Inc.: Form 10-Q for the period ended Jun 30, 2021

- Company: [Global Asset Management Group, Inc.](/companies/gamg.md) (CIK 55234)
- Form: 10-Q
- Filed: 2021-09-16
- Accepted by EDGAR: Sep 16, 2021, 20:01 ET
- Period: 2021-06-30
- Accession: 0001477932-21-006375
- Inline XBRL: yes
- Main document: https://www.sec.gov/Archives/edgar/data/55234/000147793221006375/kens_10q.htm
- All documents and exhibits: https://www.sec.gov/Archives/edgar/data/55234/000147793221006375/

## Figures reported in this filing

Standardized XBRL line items for the period ended 2021-06-30.

| Line item | Period | Value | XBRL concept |
| --- | --- | ---: | --- |
| Revenue | 3 months, 2021-04-01 to 2021-06-30 | $0 | us-gaap:Revenues |
| Revenue | 6 months, 2021-01-01 to 2021-06-30 | $0 | us-gaap:Revenues |
| Cost of revenue | 3 months, 2021-04-01 to 2021-06-30 | $0 | us-gaap:CostOfRevenue |
| Cost of revenue | 6 months, 2021-01-01 to 2021-06-30 | $0 | us-gaap:CostOfRevenue |
| Gross profit | 3 months, 2021-04-01 to 2021-06-30 | $0 | us-gaap:GrossProfit |
| Gross profit | 6 months, 2021-01-01 to 2021-06-30 | $0 | us-gaap:GrossProfit |
| Income tax | 3 months, 2021-04-01 to 2021-06-30 | $0 | us-gaap:IncomeTaxExpenseBenefit |
| Income tax | 6 months, 2021-01-01 to 2021-06-30 | $0 | us-gaap:IncomeTaxExpenseBenefit |
| Net income | 3 months, 2021-04-01 to 2021-06-30 | −$45 | us-gaap:NetIncomeLoss |
| Net income | 6 months, 2021-01-01 to 2021-06-30 | −$90 | us-gaap:NetIncomeLoss |
| Diluted EPS | 3 months, 2021-04-01 to 2021-06-30 | $0.00 | us-gaap:EarningsPerShareBasicAndDiluted |
| Diluted EPS | 6 months, 2021-01-01 to 2021-06-30 | $0.00 | us-gaap:EarningsPerShareBasicAndDiluted |
| Cash and equivalents | at 2021-06-30 | $900 | us-gaap:CashAndCashEquivalentsAtCarryingValue |
| Current assets | at 2021-06-30 | $1.8k | us-gaap:AssetsCurrent |
| Total assets | at 2021-06-30 | $1.8k | us-gaap:Assets |
| Shareholders' equity | at 2021-06-30 | $1.8k | us-gaap:StockholdersEquity |
| Shares outstanding | at 2021-06-30 | 6,818,435 shares | dei:EntityCommonStockSharesOutstanding |

## Management's discussion and analysis

As filed, 3,898 characters.

This Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) and other parts of this report include “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements other than historical facts and often address future events or our future performance. Words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “may,” “will,” “might,” “plan,” “predict,” “believe,” “should,” “could” and similar words or expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words.

Forward-looking statements contained in this MD&A include statements about, among other things:

- specific and overall impacts of the COVID-19 pandemic on our financial condition and results of operations;
- our beliefs regarding the market and demand for our products or the component products we resell;
- our ability to develop and launch new products that are attractive to the market and stimulate customer demand for these products;
- our plans relating to our intellectual property, including our goals of monetizing, licensing, expanding and defending our patent portfolio;
- our expectations and strategies regarding outstanding legal proceedings and patent reexaminations relating to our intellectual property portfolio;
- our expectations with respect to any strategic partnerships or other similar relationships we may pursue;
- the competitive landscape of our industry;
- general market, economic and political conditions;
- our business strategies and objectives;
- our expectations regarding our future operations and financial position, including revenues, costs and prospects, and our liquidity and capital resources, including cash flows, sufficiency of cash resources, efforts to reduce expenses and the potential for future financings;
- our ability to remediate any material weakness and maintain effective internal control over financial reporting; and
- the impact of the above factors and other future events on the market price and t

#### 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.

#### LIQUIDITY AND CAPITAL RESOURCES

Current management, under the guidance of Dan Snyder, has several plans it hopes to put in place. Our intentions are to protect the shareholders and Directors and bring the Company into a well- run 21st century cutting edge company through the following steps:

|  |  |
| --- | --- |
| a.) | Review the books and records of the Company for the previous six (6) years, have all necessary filings updated and/or restated as needed, reach agreements with all authorities and present audited financials. |
| b.) | Protect the valuable intellectual properties assets (patents, etc.). |
| c.) | Foster aggressive growth by acquisition and development of our core capabilities. |

Of course, there are no assurances that we can obtain the financing or achieve these goals.

Kenilworth has begun a major corporate restructuring designed to focus the Company’s efforts on its core business and maximize shareholder value. A new wholly owned subsidiary, KenSysCo Corporation, holds and operates Kenilworth’s intellectual property assets such as the Company’s live-gaming patents and other patents pending. KenSysCo will conduct all operations related to use of the patents in licensed casinos outside of the USA. It is the intention to rapidly develop this subsidiary; then spin it out to existing Kenilworth shareholders as a publicly traded company.

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#### Table of Contents

## Market risk

As filed, 152 characters.

As a smaller reporting company (as defined in Rule 12b-2 of the Exchange Act), we are not required to provide the information called for by this Item 3.

## Controls and procedures

As filed, 2,946 characters.

### DISCLOSURE CONTROLS AND PROCEDURES

Under the supervision and with the participation of our management, our principal executive officer and principal financial officer, who are the same person, are responsible for conducting an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as of the end of the fiscal quarter covered by this report. Disclosure controls and procedures means that the material information required to be included in our Securities and Exchange Commission reports is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms relating to our company, including any consolidating subsidiaries, and was made known to us by others within those entities, particularly during the period when this report was being prepared. Based on this evaluation, our principal executive officer and principal financial officer concluded as of the evaluation date that our disclosure controls and procedures were not effective as of June 30, 2019.

The ineffectiveness of our internal control over financial reporting was due to deficiencies that existed in the design or operation of our internal control over financial reporting that adversely affected our internal control over financial reporting and that may be considered to be material weaknesses.

The matters involving internal control over financial reporting that our management considered to be material weaknesses under the standards of the Public Company Accounting Oversight Board were: (i) lack of a functioning audit committee due to a lack of a majority of independent members and a lack of a majority of outside directors on our board of directors, resulting in ineffective oversight in the establishment and monitoring of required internal control over financial reporting; (ii) inadequate segregation of duties consistent with control objectives; and (iii) ineffective controls over period end financial disclosure and reporting processes. The aforementioned material weaknesses were identified by our principal executive officer and principal financial officer in connection with the review of our financial statements as of June 30, 2018.

Management believes that the lack of a functioning audit committee and the lack of a majority of outside directors on our board of directors results in ineffective oversight in the establishment and monitoring of required internal control over financial reporting, which could result in a material misstatement in our financial statements in future periods.

There were no changes in the Company’s internal controls over financial reporting during the most recently completed fiscal quarter that have materially affected or are reasonably likely to materially affect the Company’s internal control over financial reporting.

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#### Table of Contents

## Risk factors

As filed, 153 characters.

As a smaller reporting company (as defined in Rule 12b-2 of the Exchange Act), we are not required to provide the information called for by this Item 1A.

Filed Sep 16, 2021.
Source: SEC EDGAR, the filing index for accession 0001477932-21-006375. Last ingested by Listed: Oct 24, 2026, 14:53 ET. No prices; not investment advice.