OTC: GRVE
GROOVE BOTANICALS INC.CIK 0000918573 · Crude Petroleum & Natural Gas
As used in this Annual Report on Form 10-K (this “Report”), references to the “Company,” the “registrant,” “we,” “our” or “us” refer to Groove Botanicals Inc. unless the context otherwise indicates. About this business →
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About GROOVE BOTANICALS INC.
Source: Item 1 (Business) from the 10-K filed July 16, 2025. Description as filed by the company with the SEC.
Item 1. Business.
As used in this Annual Report on Form 10-K (this “Report”),
references to the “Company,” the “registrant,” “we,” “our” or “us” refer to
Groove Botanicals Inc. unless the context otherwise indicates.
Prior Operations
Organizational history
Groove Botanicals, Inc. (the “Company”), (formerly
known as Avalon Oil & Gas, Inc.), was originally incorporated in Colorado on April 25, 1991 under the name Snow Runner (USA), Inc.
The Company was the general partner of Snow Runner (USA) Ltd.; a Colorado limited partnership to sell proprietary snow skates under the
name “Sled Dogs” which was dissolved in August 1992. In late 1993, the Company relocated its operations to Minnesota and in
January 1994 changed its name to Snow Runner, Inc. In November 1994 we changed our name to the Sled Dogs Company. In May 1999, we changed
our state of domicile to Nevada and our name to XDOGS.COM, Inc. On July 31, 1998, the Company split their shares One (1) for Fifty-Four
(54). On August 24, 2000, the Company split their shares One (1) for Five (5) and changed our name from XDOGS.COM to XDOGS, Inc. We changed
our symbol from XDGS to XDGI. On June 22, 2005, the Company changed our name from XDOGS, Inc. to Avalon Oil and Gas, Inc. We changed our
symbol from XDGI to AOGS. On July 22, 2005, the Board of Directors and a majority of the Company’s shareholders approved an amendment
to our Articles of Incorporation to change the Company’s name to Avalon Oil & Gas, Inc., and to increase the authorized number
of shares of our common stock from 200,000,000 shares to 1,000,000,000 shares par value of $0.001. On May 15, 2007, the Company split
its shares One (1) for Twenty (20). We changed our symbol from AOGS to AOGN. On June 4, 2012, the Board of Directors approved an amendment
to our Articles of Incorporation to a reverse split of the issued and outstanding shares of Common Stock of the Company (“Shares”)
such that each holder of Shares as of the record date of June 4, 2012 shall receive one (1) post-split Share on the effective date of
June 4, 2012 for each three hundred (300) Shares owned. The reverse split was effective on July 23, 2012. On September 28, 2012, we held
a special meeting of Avalon’s shareholders and approved an amendment to the Company’s Articles of Incorporation such that
the Company would be authorized to issue up to 200,000,000 shares of common stock. We filed an amendment with the Nevada Secretary of
State on April 10, 2013, to increase our authorized shares to 200,000,000. On July 23, 2012, the Company split their shares One (1) for
Three Hundred (300). On May 14, 2018, the Company changed its name from Avalon Oil and Gas, Inc., to Groove Botanicals, Inc. We changed
our symbol from AOGN to GRVE. On August 2, 2021, we filed a Form 15-12B to suspend our duty to file reports under sections 13 and 15(d)
of the securities exchange act of 1934. Since inception we have operated unsuccessfully, in various different industries.
Read full description ↓
Present Operations
We plan to assemble a portfolio of early-stage EV Battery
Technologies developed from Universities in Norway, Sweden and Finland, and seek grants from the State of Minnesota Department of Economic
Development to find and identify corporate partners to commercialize these technologies and ultimately produce revenues for the Company.
The Company does not currently own any patents or technologies related to the EV battery industry, and the process to acquire patents
and technologies can be costly, and as such, the Company is not guaranteed to acquire any such patents.
Management believes that the technologies available in the
specialized energy industry present a stable business model with high growth potential and we are actively working towards an impactful
acquisition in this space.
As the Company continues its business development and asset
acquisitions, the Company anticipates our capital needs to be between $500,000 and $5,000,000 (varying based on growth strategies).
Principal Products
We do not currently have any products. We are working to assemble
a portfolio of early-stage EV Battery Technologies.
Marketing, Sales and Customer Service
We currently are not undertaking any marketing or sales activities.
Competition
Entering the Green Energy Market is highly competitive and
there are many large companies focusing on the industry. Several small companies have entered the space and caused it to become fragmented
and the barrier for entry to the market is more complicated.
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Intellectual Property
The Company does not currently own any patents or technologies
related to the EV battery industry, and the process to acquire patents and technologies can be costly, and as such, the Company is not
guaranteed to acquire any such patents.
Government and Industry Regulation
The
Biden-Harris Administration and 117th Congress have passed critical legislation that will establish U.S. leadership in electric transportation
and maintain our global competitiveness in the automotive industry. The Infrastructure Investment and Jobs Act (https://www.congress.gov/bill/117th-congress/house-bill/3684),
and the Inflation Reduction Act (https://electrificationcoalition.org/work/federal-ev-policy/inflation-reduction-act/) are historic
acts that invest hundreds of millions into the EV sector. They will bolster U.S. manufacturing and supply chains to support the transition
for both the light-duty and medium- and heavy-duty sectors.
Beginning January 1, 2023, the Clean Vehicle Credit (CVC)
provisions removed the manufacturer sales caps for vehicles sold after January 1, 2023, expanded the scope of eligible vehicles to include
both EVs and FCEVs, and required that the battery powering the vehicle has a capacity of at least seven kilowatt-hours (kWh).
The National Highway Traffic Safety Administration (NHTSA)
established the Battery Safety Initiative for Electric Vehicles (Initiative) to coordinate research and other activities relating to electric
vehicle (EV) battery safety. The Initiative is responsible for:
•
Collecting and analyzing data related to EV batteries;
•
Examining field incidents and conducting battery safety investigations from EV crash and non-crash events;
•
Researching and evaluating EV battery health, battery management systems and cybersecurity, and high-voltage battery charging failures and effects; and,
•
Investigating safety-related battery defects.
The NHTSA Initiative also participates
in the development of Global Technical Regulation (GTR) No. 20 for EV Safety(PDF) (https://unece.org/fileadmin/DAM/trans/main/wp29/wp29wgs/wp29gen/wp29registry/ECE-TRANS-180a20e.pdf)
which includes battery fire safety. For more information, see the NHTSA’s Initiative (https://www.nhtsa.gov/battery-safety-initiative)
website.
The Secretaries of Transportation
and Energy jointly established an EVWG to make recommendations regarding the development, adoption, and integration of light-, medium-,
and heavy-duty electric vehicles (EVs) into the transportation and energy system of the United States. The EVWG is comprised of 25 members
from federal agencies, the automotive industry, the energy industry, state and local governments, labor organizations, and the property
development industry. The EVWG will produce three reports describing the status of EV adoption, including barriers and opportunities to
scale up EV adoption, and recommendations for EV issues including EV charging station needs, manufacturing and battery costs, EV adoption
for low- and moderate-income individuals and underserved communities, and EV charging station permitting and regulatory issues. The first
report must be submitted within 18 months of the EVWG establishment, and the second and third reports each two years thereafter. Based
on the EVWG reports, the Secretaries of Transportation and Energy must jointly develop, maintain, and update an EV strategy that includes
how the federal, state, and local governments, and industry can establish quantitative transportation electrification targets, overcome
barriers, provide public EV education and awareness, identify areas of opportunity in research and development to lower EV cost and increase
performance, and expand EV charging station deployment. The Secretaries and the Working Group will use existing federal resources such
as the Alternative Fuels Data Center (https://afdc.energy.gov/), the Energy Efficient Mobility Systems (https://www.energy.gov/eere/vehicles/energy-efficient-mobility-systems/)
program, and the Clean Cities and Communities Coalition Network (https://cleancities.energy.gov). The EVWG was established on June
8, 2022, and will terminate upon the submission of the third and final report. For more information, see the EVWG (https://driveelectric.gov/ev-working-group/)
website.
(Reference Public Law 117-58
(https://www.congress.gov/public-laws/117th-congress) and 23 U.S. Code 151 (https://www.govinfo.gov/))
New Policies which may impact our business plan:
“Donald Trump’s return to the presidency has brought
sweeping changes to the electric vehicle (EV) and battery sectors. Among the most consequential moves, Trump revoked a 2021 executive
order targeting 50% EV sales by 2030, a change certain to disrupt automakers’ strategies. The 2021 order had been instrumental in
shaping automakers’ strategies and fostering EV adoption in the U.S. While the target was nonbinding, it was supported by major
automakers, who now face significant uncertainties.
Trump’s administration has also frozen $5 billion
allocated for EV charging stations, a move that will potentially slow the expansion of critical infrastructure needed to support widespread
EV adoption. The administration also aims to eliminate state emissions waivers, such as California’s, which set stricter rules for
phasing out gasoline-powered vehicles by 2035. If successful, this could stall progress in the transition to EVs in multiple states, affecting
automakers who have invested heavily in EV development in response to these
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regulations. Instead, Trump’s policies favor reallocating
funds to bolster domestic battery manufacturing for “national defense supply chains.”
The Environmental Protection Agency (EPA) has been directed
to reevaluate rules requiring automakers to increase EV production to meet stricter emissions controls by 2032. The administration’s
swift policy reversal has already led to market volatility and raised concerns about the future of U.S. EV and battery initiatives.
Financial markets react to policy uncertainty
The financial impact of these changes has been immediate.
Shares in Asian automakers and battery makers dropped following Trump’s announcements, highlighting the global ripple effects of
U.S. policy shifts. South Korean battery manufacturers, such as LG Energy Solution and SK Innovation, experienced declines of 4.3%
and 3.7%, respectively, as reported by Reuters. Japanese automakers also faced challenges, with Mazda Motor and Honda Motor shares falling
2% and 0.3%.
Despite these setbacks, Chinese EV manufacturers’ shares
rose after Trump refrained from targeting Beijing in his inauguration speech, reflecting the intricate dynamics of global EV competition.
Takahide Kiuchi, chief economist at Nomura Research Institute, told Reuters that additional tariffs and policy changes could worsen export
conditions for Asian countries reliant on U.S. markets.
Impact on EV incentives and US manufacturers
Trump’s rollback of EV mandates includes a push to reconsider
the popular $7,500 federal tax credit for EV purchases. Narrowing eligibility criteria for this tax credit could potentially reduce the
number of qualifying vehicles, influencing consumer behavior by raising the effective cost of EVs. Automakers may need to adjust their
strategies to account for this shift. While fully repealing the tax credit would require Congressional action, Trump’s administration
may narrow eligibility criteria, reducing the number of vehicles that qualify for incentives. This could disproportionately impact companies
like Tesla, General Motors, and Ford, which have invested heavily in U.S.-based battery factories to benefit from previous subsidies.
Automakers with Mexican manufacturing operations are also
under pressure. Trump has indicated potential 25% tariffs on vehicles imported from Canada and Mexico, starting as early as February.
These tariffs would significantly affect companies like Honda and Mazda, which rely on Mexican plants to supply the U.S. market. Nissan,
which exports approximately 300,000 vehicles annually from Mexico to the U.S., also faces heightened risks.
Broader industry repercussions
The EV industry’s growth has been closely tied to stable
incentives and policies. According to PwC, U.S. EV adoption was on track to reach 27 million vehicles by 2030, driven by government support.
Trump’s abrupt policy reversals could stall this momentum, affecting both domestic and global manufacturers. The Financial Times
noted that regulatory overhauls, while not immediate, could have a chilling effect on the market as automakers and investors
adapt to new uncertainties.
Trump’s decision to resume issuing export permits for
liquefied natural gas (LNG) projects and his emphasis on energy independence signal a broader shift away from clean energy initiatives.
Challenges ahead for automakers and battery makers
As the U.S. EV market adjusts to these sweeping changes, automakers
and battery manufacturers must navigate an increasingly complex landscape. Legal challenges to Trump’s policies are likely, but
the administration’s swift actions have already created significant market disruptions. For now, the industry faces an uncertain
future, with stakeholders bracing for the long-term implications of these policy shifts.”
Credit: “Battery Technology”–
Author Michael C. Anderson, Editor-in-Chief, Battery Technology, Informa Markets – Engineering, Copyright
© 2025 All rights reserved. Informa Markets, a trading division of Informa PLC.
Employees
We have one full time employee, our President, Kent Rodriguez
and a part time administrative assistant. The Board retains consultants and advisors on as needed basis. They are compensated
with cash and also with the issuance of the Company’s common stock.
Research and Development
We did not have any research and development costs during
fiscal 2025 and 2024.
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Recent Developments
Other Information
None