Nitches : Audited Financials report

NITCHES, INC.
Index to the Financial Statements
Contents		Page
Report of Independent Registered Public Accounting Firm		F-1
Consolidated Balance Sheets at August 31, 2021 and 2020		F-2
Consolidated Statements of Operations for the Years Ended August 31, 2021, and 2020		F-3
Consolidated Statement of Changes in Stockholders' Deficit for the Years Ended August 31, 2021,		F-4
and 2020
Consolidated Statements of Cash Flows for the Years Ended August 31, 2021, and 2020		F-5
Notes to the Consolidated Financial Statements		F-6-F-13

Report of Independent Registered Public Accounting Firm

To the shareholders and the board of directors of Nitches, Inc.

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of Nitches, Inc (the "Company") as of August 31, 2021, and the related consolidated statements of operations, changes in shareholders' equity and cash flows, for each of the two years in the period ended August 31, 2021, and the related notes collectively referred to as the "financial statements.

In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of August 31, 2021, and 2020, and the results of its operations and its cash flows for the year ended August 31, 2021, in conformity with U.S. generally accepted accounting principles.

Going Concern

The accompanying financial statements have been prepared assuming the company will continue as a going concern as disclosed in Note 3 to the financial statement, the Company has continuously incurred a net loss of $19,180,001 for the year ended August 31, 2021, and an accumulated deficit of $29,247,001 at August 31, 2021. The continuation of the Company as a going concern through August 31, 2021, is dependent upon improving the profitability and the continuing financial support from its stockholders. Management believes the existing shareholders or external financing will provide the additional cash to meet the Company's obligations as they become due.

These factors raise substantial doubt about the company ability to continue as a going concern. These financial statements do not include any adjustments that might result from the outcome of the uncertainty.

Basis for Opinion

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. The company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion

OLAYINKA OYEBOLA & CO. (Chartered Accountants)

We have served as the Company's auditor since October 2021.

November 22nd, 2021.

Lagos Nigeria

F-1

NITCHES, INC.

CONSOLIDATED BALANCE SHEETS

				August 31, 2021	August 31, 2020
	ASSETS
Current Assets:
Cash		$		1,354			$		-
	Total current assets				1,354					-
Total Assets		$		1,354			$		-
	LIABILITIES AND STOCKHOLDER'S
	EQUITY(DEFICIT)
Current Liabilities:
Accounts payable and accrued liabilities		$		46,800			$		7,000
Notes Payables				141,555			-
	Total liabilities				188,355					7,000
Stockholders' Equity (Deficit):
Preferred Stock, Series A par Value $0.001, 1 and Nil
authorized and 1 and Nil issued and outstanding as of August
31, 2021 and 2020 respectively				-				-
Common stock, par value $0.001 per share, 300,000,000 and
50,000,000 shares authorized; 105,659,644 and 5,659,644
shares issued and outstanding as of August 31, 2021, and
2020, respectively				105,659					5,659
Additional paid-in capital				28,954,341			10,054,341
Accumulated deficit				(29,247,001)					(10,067,000)
	Total stockholders' equity (deficit)				(187,001)				(7,000)
Total Liabilities and Stockholder's Equity (Deficit)		$		1,354			$		-

The accompanying notes are an integral part of these consolidated financial statements. F-2

NITCHES, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

			Year Ended				Year Ended
		August 31, 2021			August 31, 2020
Revenue		$	-			$	-
Cost of revenue		-				-
Gross profit			-				-
Operating Expenses:
General and administrative			14,173,971				6,000
Beneficial Conversion Feature			5,000,000				-
Total operating expenses			19,173,971				6,000
Income (Loss) from Operations			(19,173,971)				(6,000)
Other Income/ (Expense)		(6,030)				-
Income (loss) before income tax provision		(19,180,001)				(6,000)
Income tax provision		-				-
Net Income (Loss)		$	(19,180,001)			$	(6,000)
Net Loss Per Common Share:
Net Loss per common share - Basic and Diluted	$	(0.00)	$	(0.00)
Outstanding - Basic and Diluted		105,659,644				5,659,644

The accompanying notes are an integral part of these consolidated financial statements. F-3

NITCHES, INC.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIENCY

		Preferred Stock				Common Stock					Additional			Accumulated
																			Paid-in
		Shares		Amount			Shares			Amount						Capital						Deficit						Total
Balance, September 1, 2019		-		$		-			5,659,644		$		5,659			$		$		10,054,341			$		(10,061,000)			$		1,051,238
Net Loss for the year 2020	-				-	-			-							-					(6,000)				(6,000)
Balance, August 31, 2020		-				-			5,659,644				5,659								10,054,341					(10,067,000)					(7,000)
Balance, September 1, 2020		-		$		-			5,659,644		$		5,659			$		$		10,054,341		$		(10,067,000)			$		(7,000)
Net Loss for the Period	-				-	-			-							-					(19,180,001)				(19,180,001)
Preferred Stock Issued		1				-			-				-								5,000,000					-						5,000,000
Common stock issued		-				-		100,000,000				100,000							13,900,000					-						13,900,000
Balance, August 31, 2021	1	$		-	105,659,644		$	105,659		$	$	28,954,341	$	(29,247,001)		$	(187,001)

The accompanying notes are an integral part of these consolidated financial statements.

F-4