# EDGAR Filing Document

**Accession Number:** 0001828739
**File Stem:** 0001477932-23-000002
**Filing Date:** 2023-1
**Character Count:** 50924
**Document Hash:** b21726b0146e98248c887b61cf6c325a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001477932-23-000002.hdr.sgml**: 20230103

**ACCESSION NUMBER**: 0001477932-23-000002

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 33

**CONFORMED PERIOD OF REPORT**: 20220930

**FILED AS OF DATE**: 20230103

**DATE AS OF CHANGE**: 20230103

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Azzurro Solutions Corp.
- **CENTRAL INDEX KEY:** 0001828739
- **STANDARD INDUSTRIAL CLASSIFICATION:** WHOLESALE-DURABLE GOODS, NEC [5099]
- **IRS NUMBER:** 981511882
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-56390
- **FILM NUMBER:** 23500046

**BUSINESS ADDRESS:**
- **STREET 1:** V OSIKACH, 24, DOLNI MECHOLUPY
- **CITY:** PRAGUE
- **STATE:** 2N
- **ZIP:** 10900
- **BUSINESS PHONE:** (702) 703-6003

**MAIL ADDRESS:**
- **STREET 1:** V OSIKACH, 24, DOLNI MECHOLUPY
- **CITY:** PRAGUE
- **STATE:** 2N
- **ZIP:** 10900

?xml version="1.0" encoding="utf-8"?azzurro_10k.htm

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-K**

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE

ACT OF 1934

For the fiscal year ended **SEPTEMBER 30, 2022**

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___________ to ___________

Commission File No. **333-252535**

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| |
|:---|
| **Azzurro Solutions Corp.** |
| (Exact name of registrant as specified in its charter) |

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**<u>Nevada</u>**

(State or other jurisdiction of incorporation)

**<u>5099</u>**

(Primary Standard Industrial Classification Code Number)

**<u>98-1511882</u>**

(IRS Employer Identification No.)

**V Osikách, 24, Dolni Mecholupy**

**Prague, Czech Republic 10900**

**<u>Tel:</u> <u>(702) 703-6003</u>**

(Address and telephone number of registrant's principal executive offices)

Securities registered pursuant to Section 12(b) of the Act: None

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark whether the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐&nbsp;&nbsp;&nbsp;&nbsp; No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for shorter period that the registrant as required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. Yes ☐&nbsp;&nbsp;&nbsp;&nbsp; No ☒

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of "accelerated filer and large accelerated filer" in Rule 12b-2 of the Exchange Act. (Check one):

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| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Non-accelerated Filer | ☐ |
| Accelerated filer | ☐ | Smaller reporting company | ☒ |
|  |  | Emerging growth company | ☒ |

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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. YES ☐&nbsp;&nbsp;&nbsp;&nbsp; NO ☒

Indicate by checkmark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☒ No ☐

As of December 30, 2022 the registrant had 4,058,167 shares of common stock issued and outstanding. No market value has been computed based upon the fact that no active trading market has been established as of December 30, 2022.

**TABLE OF CONTENTS**

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| | | |
|:---|:---|:---|
|  | **[PART I](#P1)** |  |
| [ITEM 1](#I1) | [DESCRIPTION OF BUSINESS](#I1) | 3 |
| [ITEM 1A](#I1A) | [RISK FACTORS](#I1A) | 3 |
| [ITEM 1B](#I1B) | [UNRESOLVED STAFF COMMENTS](#I1B) | 3 |
| [ITEM 2](#I2) | [PROPERTIES](#I2) | 3 |
| [ITEM 3](#I3) | [LEGAL PROCEEDINGS](#I3) | 4 |
| [ITEM 4](#I4) | [SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS](#I4) | 4 |
|  | **[PART II](#P2)** |  |
| [ITEM 5](#I5) | [MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS](#I5) | 4 |
| [ITEM 6](#I6) | [SELECTED FINANCIAL DATA](#I6) | 4 |
| [ITEM 7](#I7) | [MANAGEMENT'S DISCUSSION AND ANALYSIS OR RESULTS OF OPERATIONS](#I7) | 4 |
| [ITEM 7A](#I7A) | [QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](#I7A) | 6 |
| [ITEM 8](#I8) | [FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA](#I8) | 7 |
| [ITEM 9](#I9) | [CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE](#I9) | 17 |
| [ITEM 9A](#I9A) | [CONTROLS AND PROCEDURES](#I9A) | 17 |
| [ITEM 9B](#I9B) | [OTHER INFORMATION](#I9B) | 17 |
|  | **[PART III](#P3)** |  |
| [ITEM 10](#I10) | [DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS; COMPLIANCE WITH SECTION 16(A) OF THE EXCHANGE ACT](#I10) | 18 |
| [ITEM 11](#I11) | [EXECUTIVE COMPENSATION](#I11) | 19 |
| [ITEM 12](#I12) | [SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS](#I12) | 20 |
| [ITEM 13](#I13) | [CERTAIN RELATIONSHIPS, RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE](#I13) | 20 |
| [ITEM 14](#I14) | [PRINCIPAL ACCOUNTANT FEES AND SERVICES](#I14) | 20 |
|  | **[PART IV](#P4)** |  |
| [ITEM 15](#I15) | [EXHIBITS AND FINANCIAL STATEMENT SCHEDULES](#I15) | 21 |

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| 2 \| Page |
| *[**Table of Contents**](#TOC)* |

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**<u>PART I</u>**

<u>ITEM 1. DESCRIPTION OF BUSINESS</u>

FORWARD-LOOKING STATEMENTS

This annual report contains forward-looking statements. These statements relate to future events or our future financial performance. These statements often can be identified by the use of terms such as "may," "will," "expect," "believe," "anticipate," "estimate," "approximate" or "continue," or the negative thereof. We intend that such forward-looking statements be subject to the safe harbors for such statements. We wish to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Any forward-looking statements represent management's best judgment as to what may occur in the future. However, forward-looking statements are subject to risks, uncertainties and important factors beyond our control that could cause actual results and events to differ materially from historical results of operations and events and those presently anticipated or projected. We disclaim any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statement or to reflect the occurrence of anticipated or unanticipated events.

As used in this annual report, the terms "we", "us", "our", "the Company", mean AZZURRO SOLUTIONS CORP., unless otherwise indicated.

All dollar amounts refer to US dollars unless otherwise indicated.

DESCRIPTION OF BUSINESS

Azzurro Solutions Corp. was incorporated in the State of Nevada on October 4, 2019 and established a fiscal year end of September 30. We have no revenues, have minimal assets and have incurred losses since inception. We are still in the development stage and as of today we have generated no revenue. Our business is the distribution of Bohemian crystal chandeliers produced in Czech Republic. We will distribute our chandeliers in the North American market to both retail and wholesale customers.

Bohemian glass, chiefly referred to as Bohemia crystal, is glass produced in the regions of Bohemia and Silesia, now parts of the Czech Republic. It has a centuries long history of being internationally recognized for its high quality, craftsmanship, beauty and often innovative designs. All our Bohemian crystal chandeliers come with a manufacturer's warranty and are guaranteed against any factory defects. We plan on purchasing products only from reliable and established suppliers with excellent reputation.

ITEM 1A. RISK FACTORS

Not applicable.

ITEM 1B. UNRESOLVED STAFF COMMENTS

None.

ITEM 2. PROPERTIES

We do not own any property.

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| 3 \| Page |
| *[**Table of Contents**](#TOC)* |

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ITEM 3. LEGAL PROCEEDINGS

We are not currently involved in any legal proceedings and we are not aware of any pending or potential legal actions.

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

No report required.

**<u>PART II</u>**

ITEM 5. MARKET FOR EQUITY SECURITIES AND OTHER SHAREHOLDER MATTERS

MARKET INFORMATION

As of December 30, 2022 , 4,058,167 issued and outstanding shares of common stock were held by a total of 30 shareholders of record.

DIVIDENDS

We have never paid or declared any dividends on our common stock and do not anticipate paying cash dividends in the foreseeable future.

SECURITIES AUTHORIZED FOR ISSUANCE UNDER EQUITY COMPENSATION PLANS

We currently do not have any equity compensation plans.

ITEM 6. SELECTED FINANCIAL DATA

Not Applicable.

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULT OF OPERATIONS

The following discussion should be read in conjunction with our financial statements, including the notes thereto, appearing elsewhere in this annual report. The following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in the forward looking statements. Factors that could cause or contribute to such differences include, but are not limited to those discussed below and elsewhere in this Annual Report. Our audited financial statements are stated in United States Dollars and are prepared in accordance with United States Generally Accepted Accounting Principles.

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| 4 \| Page |
| *[**Table of Contents**](#TOC)* |

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RESULTS OF OPERATION

As of September 30, 2022, we had deficit of $51,203. Our financial statements have been prepared assuming that we will continue as a going concern. We expect we will require additional capital to meet our long term operating requirements. We expect to raise additional capital through, among other things, the sale of equity or debt securities.

*Year ended September 30, 2022 compared to year ended September 30, 2021*

*Operating Expenses*

During the year ended September 30, 2022, we incurred total expenses and professional fees of $32,466 compared to $17,705 for the year ended September 30, 2021. General and administrative and professional fee expenses incurred generally related to corporate overhead, financial and administrative contracted services, such as legal and accounting.

*Net Loss*

Our net loss for the year ended September 30, 2022 was $32,466 compared to $17,705 for the year ended September 30, 2021.

LIQUIDITY AND CAPITAL RESOURCES

As at September 30, 2022 our total assets were $5,676 compared to $14,178 in total assets at September 30, 2021. As at September 30, 2022, our current liabilities were $25,734 compared to $1,770 as of September 30, 2021.

Stockholders' deficit was $20,058 as of September 30, 2022 compared to stockholders' equity of $12,408 as of September 30, 2021.

*Cash Flows from Operating Activities*

For the year ended September 30, 2022, net cash flows used in operating activities was $22,466, consisting of net loss of $32,466 and $10,000 of accounts payable. For the year ended September 30, 2021, net cash flows used in operating activities was $17,705 consisting entirely of net loss of $17,705.

*Cash Flows from Financing Activities*

Cash flows provided by financing activities during the year ended September 30, 2022 were $13,964, consisting of loan from shareholder compared to $27,095 for the year ended September 30, 2021, consisting of loan from shareholder of $750 and proceeds from issuance of common shares of $26,345.

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| 5 \| Page |
| *[**Table of Contents**](#TOC)* |

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PLAN OF OPERATION AND FUNDING

We expect that working capital requirements will continue to be funded through a combination of our existing funds and further issuances of securities. Our working capital requirements are expected to increase in line with the growth of our business.

Existing working capital, further advances and debt instruments, and anticipated cash flow are expected to be adequate to fund our operations over the next six months. We have no lines of credit or other bank financing arrangements. Generally, we have financed operations to date through the proceeds of the private placement of equity and debt instruments. In connection with our business plan, management anticipates additional increases in operating expenses and capital expenditures relating to: (i) developmental expenses associated with a start-up business and (ii) marketing expenses. We intend to finance these expenses with further issuances of securities, and debt issuances. Thereafter, we expect we will need to raise additional capital and generate revenues to meet long-term operating requirements. Additional issuances of equity or convertible debt securities will result in dilution to our current shareholders. Further, such securities might have rights, preferences or privileges senior to our common stock. Additional financing may not be available upon acceptable terms, or at all. If adequate funds are not available or are not available on acceptable terms, we may not be able to take advantage of prospective new business endeavors or opportunities, which could significantly and materially restrict our business operations.

MATERIAL COMMITMENTS

As of the date of this Annual Report, we do not have any material commitments.

PURCHASE OF SIGNIFICANT EQUIPMENT

We do not intend to purchase any significant equipment during the next twelve months.

OFF-BALANCE SHEET ARRANGEMENTS

As of the date of this Annual Report, we do not have any off balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors.

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not applicable.

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| 6 \| Page |
| *[**Table of Contents**](#TOC)* |

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Item 8. Financial Statements and Supplementary Data

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|:---|:---|
| [Report of Independent Registered Public Accounting Firm](#REP) | F-1  |
| [Balance Sheets as of September 30, 2022 and September 30, 2021](#BS) | F-2 |
| [Statements of Operations for the years ended September 30, 2022 and 2021](#SO) | F-3 |
| [Statement of Changes in Stockholders' Equity for the years ended September 30, 2022 and 2021](#SE) | F-4 |
| [Statements of Cash Flows for the years ended September 30, 2022 and 2021](#CF) | F-5 |
| [Notes to the Financial Statements](#NOTES) | F-6 - F-9 |

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| 7 \| Page |
| *[**Table of Contents**](#FTOC)* |

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**MICHAEL GILLESPIE & ASSOCIATES, PLLC**

**CERTIFIED PUBLIC ACCOUNTANTS**

**VANCOUVER, WA 98666**

**206.353.5736** **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Shareholders & Board of Directors

Azzurro Solutions Corp.

**Opinion on the Financial Statements**

We have audited the accompanying balance sheets of Azzurro Solutions Corp. as of September 30, 2022 and 2021 and the related statements of operations, changes in stockholders' deficit, cash flows, and the related notes (collectively referred to as "financial statements") for the periods then ended. In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of September 30, 2022 and 2021 and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.

**Critical Audit Matters**

The critical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

**Going Concern**

As described further in Note 2 to the financial statements, the Company has incurred losses from inception through September 30, 2022, and expects to incur additional losses in the future.

We determined the Company's ability to continue as a going concern is a critical audit matter due to the estimation and uncertainty regarding the Company's future cash flows and the risk of bias in management's judgments and assumptions in estimating these cash flows.

Our audit procedures related to the Company's assertion on its ability to continue as a going concern included the following, among others:

We reviewed the Company's working capital and liquidity ratios and forecasted revenue, operating expenses, and uses and sources of cash used in management's assessment of whether the Company has sufficient liquidity to fund operations for at least one year from the financial statement issuance date. This testing included inquiries with management, comparison of prior period forecasts to actual results, consideration of positive and negative evidence impacting management's forecasts, the Company's financing arrangements in place as of the report date, market and industry factors and consideration of the Company's relationships with its financing partners.

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| F-1 |
| *[**Table of Contents**](#FTOC)* |

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**Going Concern**

The accompanying financial statements have been prepared assuming the Company will continue as a going concern. As discussed in Note #2 to the financial statements, although the Company has limited operations it has yet to attain profitability. This raises substantial doubt about its ability to continue as a going concern. Management's plan in regard to these matters is also described in Note #2. The financial statements do not include any adjustments that might result from the outcome of this 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 audit. 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. 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 audit, 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.

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 audit 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 audit provides a reasonable basis for our opinion.

/S/ MICHAEL GILLESPIE & ASSOCIATES, PLLC

We have served as the Company's auditor since 2022.

PCAOB ID: 6108

Vancouver, Washington

December 28, 2022

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| F-2 |
| *[**Table of Contents**](#FTOC)* |

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AZZURRO SOLUTIONS CORP.

BALANCE SHEETS

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| | | |
|:---|:---|:---|
|  | SEPTEMBER 30, <br>2022<br>(AUDITED) | SEPTEMBER 30, <br>2021<br>(AUDITED) |
| ASSETS |  |  |
| Current Assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash & cash equivalents | $5676 | $14178 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 5676 | 14178 |
| Total Assets | $5676 | $14178 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | LIABILITIES AND STOCKHOLDERS' EQUITY | LIABILITIES AND STOCKHOLDERS' EQUITY |
| Current Liabilities | Current Liabilities | Current Liabilities |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $10000 | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans from related parties | 15734 | 1770 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 25734 | 1770 |
| Total Liabilities | 25734 | 1770 |
| Stockholders' Equity  | Stockholders' Equity  | Stockholders' Equity  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock, $0.001 par value, 75,000,000 shares authorized: 4,058,167 shares issued and outstanding | 4058 | 4058 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional Paid-In-Capital | 27087 | 27087 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated Deficit | (51203) | (18737) |
| Total Stockholders' equity | (20058) | 12408 |
| Total Liabilities and Stockholders' equity  | $5676 | $14178 |

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

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| F-3 |
| *[**Table of Contents**](#FTOC)* |

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AZZURRO SOLUTIONS CORP.

STATEMENTS OF OPERATIONS (AUDITED)

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|:---|:---|:---|
|  | YEAR ENDED SEPTEMBER 30, 2022 | YEAR ENDED TO SEPTEMBER 30, 2021 |
| OPERATING EXPENSES |  |  |
| General and administrative expenses | $32466 | $17705 |
| Net loss from operations  | (32466) | (17705) |
| Loss before provision for income taxes | (32466) | (17705) |
| Provision for income taxes | - | - |
| Net income (loss) | $(32466) | $(17705) |
| Income (loss) per common share: |  |  |
| Basic and Diluted | $(0.00) | $(0.00) |
| Weighted Average Number of Common Shares Outstanding: |  |  |
| Basic and Diluted | 4058167 | 3468393 |

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

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| F-4 |
| *[**Table of Contents**](#FTOC)* |

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AZZURRO SOLUTIONS CORP.

STATEMENT OF STOCKHOLDER'S EQUITY (AUDITED)

FOR THE YEARS ENDED SEPTEMBER 30, 2021 AND 2022

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Number of<br>Common<br>Shares | Amount | Additional <br>Paid-In<br>-Capital | Accumulated<br>Deficit | Total |
| Balance as of September 30, 2020 | 3180000 | $3180 | $1620 | $(1032) | $3768 |
| Shares issued at $0.03 | 878167 | 878 | 25467 |  | 26345 |
| Net income (loss) | - | - | - | (17705) | (17705) |
| Balance as of September 30, 2021 | 4058167 | $4058 | $27087 | $(18737) | $12408 |
| Balance as of September 30, 2021 | 4058167 | $4058 | $27087 | $(18737) | $12408 |
| Net income (loss) | - | - | - | (32466) | (32466) |
| Balance as of September 30, 2022 | 4058167 | $4058 | $27087 | $(51203) | $(20058) |

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

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| F-5 |
| *[**Table of Contents**](#FTOC)* |

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AZZURRO SOLUTIONS CORP.

STATEMENTS OF CASH FLOWS (AUDITED)

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|:---|:---|:---|
|  | YEAR ENDED <br>SEPTEMBER 30, <br>2022 | YEAR ENDED<br>SEPTEMBER 30, <br>2021 |
| CASH FLOWS FROM OPERATING ACTIVITIES |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss | $(32466) | $(17705) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 10000 | - |
| Net cash provided by operating activities | (22466) | (17705) |
| CASH FLOWS FROM FINANCING ACTIVITIES |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds of loan from shareholder | 13964 | 750 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of common shares | - | 26345 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by financing activities | 13964 | 27095 |
| Net decrease in cash and equivalents | (8502) | 9390 |
| Cash and equivalents at beginning of the period | 14178 | 4788 |
| Cash and equivalents at end of the year/ period | $5676 | $14178 |
| &nbsp;&nbsp;&nbsp;&nbsp;Supplemental cash flow information: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid for:  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | $- | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxes | $- | $- |

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

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| F-6 |
| *[**Table of Contents**](#FTOC)* |

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AZZURRO SOLUTIONS CORP.

NOTES TO THE AUDITED FINANCIAL STATEMENTS

FOR THE PERIOD FROM INCEPTION (OCTOBER 4, 2019) TO SEPTEMBER 30, 2022

NOTE 1 – ORGANIZATION AND BUSINESS

AZZURRO SOLUTIONS CORP. (the "Company") is a corporation established under the corporation laws in the State of Nevada on October 4, 2019. The Company administrative office is located at V Osikách, 24, Dolni Mecholupy, Prague, Czech Republic 10900. The Company intends to commence operations in the distribution of Bohemian Crystal Chandeliers.

The Company has adopted September 30 fiscal year end.

NOTE 2 – GOING CONCERN

The Company's financial statements as of September 30, 2022 been prepared using generally accepted accounting principles in the United States of America applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and allow it to continue as a going concern. The Company has accumulated loss from inception (October 4, 2019) to September 30, 2022, of $51,203. These factors among others raise substantial doubt about the ability of the company to continue as a going concern for a reasonable period of time.

In order to continue as a going concern, the Company will need, among other things, additional capital resources. Management's plan is to obtain such resources for the Company by obtaining capital from management and significant shareholders sufficient to meet its minimal operating expenses and seeking third party equity and/or debt financing. However, management cannot provide any assurances that the Company will be successful in accomplishing any of its plans. These financial statements do not include any adjustments related to the recoverability and classification of assets or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

Further to above, In December 2019, a novel strain of coronavirus surfaced in China, which initially been declared as a "Public Health Emergency of International Concern" and subsequently as "Pandemic" by the World Health Organization. The Company is not able to predict the ultimate impact that COVID -19 will have on its business; however, if the current economic conditions continue, the Company will be forced to significantly scale back its business operations and its growth plans, and could ultimately have a significant negative impact on the Company.

NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

<u>Basis of Presentation</u>

The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America. Company' functional and operational currency is US Dollar.

<u>Cash and Cash Equivalents</u>

For purposes of the statement of cash flows, the Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. The Company's bank accounts are deposited in insured institutions. The funds are insured up to $250,000. At September 30, 2022 the Company's bank deposits did not exceed the insured amounts.

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| F-7 |
| *[**Table of Contents**](#FTOC)* |

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<u>Stock-Based Compensation</u>

As of September 30, 2022, the Company has not issued any stock-based payments to its employees.

Stock-based compensation is accounted for at fair value in accordance with ASC 718, when applicable. To date, the Company has not adopted a stock option plan and has not granted any stock options.

<u>Use of Estimates</u>

Preparing financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses. Actual results and outcomes may differ from management's estimates and assumptions.

<u>Income Taxes</u>

The Company follows the liability method of accounting for income taxes. Under this method, deferred income tax assets and liabilities are recognized for the estimated tax consequences attributable to differences between the financial statement carrying values and their respective income tax basis (temporary differences). The effect on deferred income tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

The Company utilizes the Financial Accounting Standards Board's Accounting Standards Codification Topic 740 related to Income Taxes to account for the uncertainty in income taxes. Topic 740 for Income Taxes clarifies the accounting for uncertainty in income taxes by prescribing rules for recognition, measurement and classification in financial statements of tax positions taken or expected to be in a tax return. Further, it prescribes a two-step process for the financial statement measurement and recognition of a tax position. The first step involves the determination of whether it is more likely than not (greater than 50 percent likelihood) that a tax position will be sustained upon examination, based on the technical merits of the position. The second step requires that any tax position that meets the more likely than not recognition threshold be measured and recognized in the financial statements at the largest amount of benefit that is a greater than 50 percent likelihood of being realized upon ultimate settlement. This topic also provides guidance on the accounting for related interest and penalties, financial statement classification and disclosure. The Company's policy is that any interest or penalties related to uncertain tax positions are recognized in income tax expense when incurred. The Company has no uncertain tax positions or related interest or penalties requiring accrual at September 30, 2022.

<u>New Accounting Pronouncements</u>

There were various accounting standards and interpretations issued recently, none of which are expected to a have a material impact on our financial position, operations or cash flows.

<u>Fair Value of Financial Instruments</u>

ASC 825, "Disclosures about Fair Value of Financial Instruments", requires disclosure of fair value information about financial instruments. ASC 820, "Fair Value Measurements" defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosures about fair value measurements. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of September 30, 2022.

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The respective carrying values of certain on-balance-sheet financial instruments approximate their fair values. These financial instruments include cash and related party loan payable. Fair values were assumed to approximate carrying values for these financial instruments since they are short term in nature and their carrying amounts approximate fair value.

<u>Basic and Diluted Loss Per Share</u>

The Company computes earnings (loss) per share in accordance with ASC 260-10-45 "Earnings per Share", which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic earnings (loss) per share is computed by dividing net earnings (loss) available to common stockholders by the weighted average number of outstanding common shares during the period. Diluted earnings (loss) per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive earnings (loss) per share excludes all potential common shares if their effect is anti-dilutive. The Company has no potential dilutive instruments, and therefore, basic and diluted earnings (loss) per share are equal.

NOTE 4 – CAPTIAL STOCK

The Company has 75,000,000 shares of common stock authorized with a par value of $0.001 per share.

In September 2020, the Company issued 3,000,000 shares of its common stock at $0.001 per share for total proceeds of $3,000 and 180,000 shares of its common stock at $0.01 per share for total proceeds of $1,800. For the year ended September 30, 2021, the Company issued 878,167 shares of its common stock at $0.03 per share for total proceeds of $26,345.

As of September 30, 2022, the Company had 4,058,167 shares issued and outstanding.

NOTE 5 – RELATED PARTY TRANSACTIONS

In support of the Company's efforts and cash requirements, it may rely on advances from related parties until such time that the Company can support its operations or attains adequate financing through sales of its equity or traditional debt financing. There is no formal written commitment for continued support by officers, directors, or shareholders. Amounts represent advances or amounts paid in satisfaction of liabilities. The advances are considered temporary in nature and have not been formalized by a promissory note.

Since October 4, 2019 (Inception) through September 30, 2022, the Company's sole officer and director loaned the Company $15,734 to pay for incorporation costs and operating expenses. As of September 30, 2022, the amount outstanding was $15,734. The loan is non-interest bearing, due upon demand and unsecured.

NOTE 6. SUBSEQUENT EVENTS

The Company has evaluated subsequent events from September 30, 2022 to the date the financial statements were issued and has determined that there are the following items to disclose:

On November 30, 2022 and December 15, 2022, the Company's sole officer and director loaned the Company $1,500 and $4,000 respectively to pay for operating expenses. These loans are non-interest bearing, due upon demand and unsecured.

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ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

None.

ITEM 9A. CONTROLS AND PROCEDURES

Our management is responsible for establishing and maintaining a system of disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act) that is designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Commission's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated and communicated to the issuer's management, including its principal executive officer or officers and principal financial officer or officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

An evaluation was conducted under the supervision and with the participation of our management of the effectiveness of the design and operation of our disclosure controls and procedures as of September 30, 2022. Based on that evaluation, our management concluded that our disclosure controls and procedures were not effective as of such date to ensure that information required to be disclosed in the reports that we file or submit under the Exchange Act, is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms. Such officer also confirmed that there was no change in our internal control over financial reporting during the year September 30, 2022 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

ITEM 9B. OTHER INFORMATION

None.

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**<u>PART III</u>**

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS OF THE COMPANY

Directors of the corporation are elected by the stockholders to a term of one year and serve until a successor is elected and qualified. Officers of the corporation are appointed by the Board of Directors to a term of one year and serves until a successor is duly appointed and qualified, or until he or she is removed from office. The Board of Directors has no nominating, auditing or compensation committees.

Ms. Selyska was selected as our Director. Ms. Selyska is not considered to be an independent director of the Company; we presently have no independent directors.

The name, address, age and position of our officers and director is set forth below:

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| Name and Address | Age | Position(s) |
| Hanna Selyska<br>V Osikách, 24, Dolni Mecholupy<br>Prague, Czech Republic 10900 | 62 | President, Secretary |
| Hanna Selyska<br>V Osikách, 24, Dolni Mecholupy<br>Prague, Czech Republic 10900 |  | Chief Financial Officer, |
| Hanna Selyska<br>V Osikách, 24, Dolni Mecholupy<br>Prague, Czech Republic 10900 |  | Chief Executive Officer, |
|  |  | Sole Director |

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Our Director Hanna Selyska:

Held her offices/positions since the inception of our Company and is expected to hold said offices/positions until the next annual meeting of our stockholders. The officers listed are our only officers and control persons.

BACKGROUND INFORMATION ABOUT OUR SOLE OFFICER AND DIRECTOR

**<u>Hanna Selyska</u>** has acted as our President, Treasurer, Secretary and Director since our incorporation on October 4, 2019. Since 2010, she has been working as a sole proprietor in the building material distribution business. Ms. Selyska has never been in default with the bank or government and does not have any pending litigations or claims.

Ms. Selyska owned 73.92% of the outstanding shares of our common stock at the time of the appointment. As such, it was unilaterally decided that Ms. Selyska was going to be our President, Chief Executive Officer, Treasurer, Secretary, Chief Financial Officer, Chief Accounting Officer and sole member of our board of directors. This decision did not in any manner relate to Ms. Selyska's previous employments. Ms. Selyska's and previous experience, qualifications, attributes or skills were not considered when she was appointed as our President, Chief Executive Officer, Treasurer, Chief Financial Officer, Chief Accounting Officer, Secretary and member of our board of directors.

AUDIT COMMITTEE

We do not have an audit committee financial expert. We do not have an audit committee financial expert because we believe the cost related to retaining a financial expert at this time is prohibitive. Further, because we have no operations, at the present time, we believe the services of a financial expert are not warranted.

SIGNIFICANT EMPLOYEES

Other than our director, we do not expect any other individuals to make a significant contribution to our business.

ITEM 11. EXECUTIVE COMPENSATION

The following tables set forth certain information about compensation paid, earned or accrued for services by our Executive Officer for the years ended September 30, 2022 and September 30, 2021:

Summary Compensation Table

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name and**<br>**Principal**<br>**Position** | **Year** | **Salary**<br>**($)** | **Bonus**<br>**($)** | **Stock**<br>**Awards**<br>**($)** | **Option**<br>**Awards**<br>**($)** | **Non-Equity**<br>**Incentive Plan**<br>**Compensation**<br>**($)** | **All Other**<br>**Compensation**<br>**($)** | **Total**<br>**($)** |
| Hanna Selyska<br>President, Secretary<br>CEO, CFO<br>And Director | October 1, 2020 to September 30, 2021 | <br>-0- | <br>-0- | <br>-0- | <br>-0- | <br>-0- | <br>-0- | <br>-0- |
| Hanna Selyska<br>President, Secretary<br>CEO, CFO<br>And Director | October 1, 2021 to September 30, 2022 | <br>-0- | <br>-0- | <br>-0- | <br>-0- | <br>-0- | <br>-0- | <br>-0- |

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There are no current employment agreements between the company and its officer.

There are no annuity, pension or retirement benefits proposed to be paid to the officer or director or employees in the event of retirement at normal retirement date pursuant to any presently existing plan provided or contributed to by the company or any of its subsidiaries, if any.

CHANGE OF CONTROL

As of September 30, 2022, we had no pension plans or compensatory plans or other arrangements which provide compensation in the event of a termination of employment or a change in our control.

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ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

The following table sets forth, as of the date of this prospectus, the total number of shares owned beneficially by our director, officers and key employees, individually and as a group, and the present owners of 5% or more of our total outstanding shares. The table also reflects what the percentage of ownership will be assuming completion of the sale of all shares in this offering, which we can't guarantee. The stockholder listed below has direct ownership of his shares and possesses sole voting and dispositive power with respect to the shares.

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|:---|:---|:---|:---|
| **Title of Class** | **Name and Address of**<br>**Beneficial Owner** | **Amount and Nature of** <br>**Beneficial Ownership** | **Percentage** |
| Common Stock | Hanna Selyska | 3,000,000 shares of common stock (direct) | 73.92% |

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The percentages below are based on 4,058,167 shares of our common stock issued and outstanding as of the date of this prospectus.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

On September 17, 2020 the Company issued a total of 3,000,000 shares of common stock to Ms. Hanna Selyska for cash at $0.001 per share for a total of $3,000.

Ms. Selyska has loaned us funds for operations. The loan was not made pursuant to any loan agreements or promissory note. The loan is unsecured, non-interest bearing and due on demand. The balance due to the Ms. Selyska was $15,734 as of September 30, 2022. Ms. Selyska is under no obligation to continue lending us money.

Ms. Selyska provides our office facilities at zero ($-0-) rent per month.

We do not currently have any conflicts of interest by or among our current officer, director, key employee or advisors. We have not yet formulated a policy for handling conflicts of interest; however, we intend to do so upon completion of this offering and, in any event, prior to hiring any additional employees.

ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES

During fiscal year ended September 30, 2022, we incurred approximately $6,645 in fees for professional services rendered in connection with the audit of our financial statements for the fiscal year ended September 30, 2021 and for the reviews of our financial statements for the quarters ended December 31, 2021, March 31, 2022 and June 30, 2022.

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ITEM 15. EXHIBITS

The following exhibits are filed as part of this Annual Report.

Exhibits:

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|:---|:---|
| [31.1](azzurro_ex311.htm) | [Certification of Chief Executive Officer and Chief Financial Officer pursuant to Securities Exchange Act of 1934 Rule 13a-14(a) or 15d-14(a)](azzurro_ex311.htm) |
| [32.1](azzurro_ex321.htm) | [Certifications pursuant to Securities Exchange Act of 1934 Rule 13a-14(b) or 15d-14(b) and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes- Oxley Act of 2002](azzurro_ex321.htm) |
| 101.INS | Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document). |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document. |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. |
| 101.LAB | Inline XBRL Taxonomy Extension Labels Linkbase Document. |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. |
| 104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101). |

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SIGNATURES

In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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| | | |
|:---|:---|:---|
|  | **AZZURRO SOLUTIONS CORP. .**  | **AZZURRO SOLUTIONS CORP. .**  |
| Dated: December 30, 2022 | By: | /s/ Hanna Selyska |
|  |  | Hanna Selyska, President and |
|  |  | Chief Executive Officer and Chief Financial Officer |

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## Exhibit 31.1

**EXHIBIT 31.1**

**CERTIFICATION**

I, Hanna Selyska, President and Chief Executive Officer and Chief Financial Officer of Azzurro Solutions Corp., certify that:

1. I have reviewed this Year End Report on Form 10-K of Azzurro Solutions Corp.;

2. Based on my knowledge, this report does not contain any untrue statement of material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by quarterly report;

3. Based on my knowledge, the financial statements, and other financial information included in this Report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d- 15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure control and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;

d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: December 30, 2022

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| /s/ Hanna Selyska |
| Hanna Selyska,  |
| President, Chief Executive Officer and Chief Financial Officer |

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## Exhibit 32.1

**EXHIBIT 32.1**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350**

**AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Year End Report of Azzurro Solutions Corp. (the "Company") on Form 10-K for the period ended September 30, 2021 and September 30, 2022 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned, in the capacities and on the dates indicated below, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to his knowledge:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: December 30, 2022

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| /s/ Hanna Selyska |
| Hanna Selyska |
| President, Chief Executive Officer and |
| Chief Financial Officer |

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