Forward-Looking Statements
Except for historical information, this report contains forward-looking
statements within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Such forward-looking
statements involve risks and uncertainties, including, among other things,
statements regarding our business strategy, future revenues and anticipated
costs and expenses. Such forward-looking statements include, among others, those
statements including the words "expects," "anticipates," "intends," "believes"
and similar language. Our actual results may differ significantly from those
projected in the forward-looking statements. Factors that might cause or
contribute to such differences include, but are not limited to, those discussed
herein. You should carefully review the risks described herein and in other
documents we file from time to time with the
Although we believe that the expectations reflected in these forward-looking statements are based on reasonable assumptions, there are a number of risks and uncertainties that could cause actual results to differ materially from such forward-looking statements.
All references in this Form 10-Q to the "Company," "we," "us," or "our," are to
General Overview
We were incorporated in the
On
Going forward, we intend to seek, investigate and, if such investigation warrants, engage in a business combination with a private entity whose business presents an opportunity for our shareholders. No specific assets or businesses have been definitively identified and there is no certainty that any such assets or business will be identified or that any transactions will be consummated.
We have no revenues and limited cash on hand. We have sustained losses since inception. We have never declared bankruptcy, been in receivership, or involved in any kind of legal proceeding.
Results of Operations
Three Month Period Ended
Our results of operations for the three months endedJune 30, 2020 and 2019 are summarized below: Three Months Ended June 30, 2020 2019 Revenue $ - $ - Operating expenses - 163,842 Net loss $ -$ (163,842 ) 3 Table of Contents Revenues and Other Income
During the three months ended
Operating Expenses
Operating expenses consisted entirely of professional fees of
Net Losses
We incurred a net loss of
Six Month Period Ended
Our results of operations for the six months endedJune 30, 2020 and 2019 are summarized below: Six Months Ended June 30, 2020 2019 Revenue $ - $ - Operating expenses $ -$ 195,452 Net loss $ -$ (195,452 ) Revenues and Other Income
During the six months ended
Operating Expenses
Operating expenses consisted entirely of professional fees of
Net Losses
We incurred a net loss of
Liquidity and Capital Resources
June 30, December 31,
2020 2019 Change
Cash $ - $ 8,842 $ (8,842 )
Total Assets $ - $ 8,842 $ (8,842 )
Total Liabilities $ 34,328 $ 43,170 $ (8,842 )
Stockholders' Equity $ (34,328 ) $ (34,328 ) $ -
Working Capital Deficiency $ (34,328 ) $ (34,328 ) $ -
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As of the date of this report, we had yet to generate any revenues from our business operations.
As of
To date, we have managed to keep our monthly cash flow requirement low for two reasons. First, our sole officer does not draw a salary at this time. Second, we have been able to keep our operating expenses to a minimum by operating in space provided at no expense by one of our shareholders.
We currently have no external sources of liquidity such as arrangements with credit institutions or off-balance sheet arrangements that will have or are reasonably likely to have a current or future effect on our financial condition or immediate access to capital.
Our financial statements have been prepared in conformity with accounting
principles generally accepted in
Cash Flows
Six Months Ended
June 30,
2020 2019
Cash used in operating activities
$ (8,842 ) $ (21,500 ) Operating Activities
For the six months ended
For the six months ended
During the six months ended
Investing Activities
The Company did not use any funds for investing activities during the six-months
periods ended
Financing Activities
The Company did not use any funds for financing activities during the six-months
periods ended
Recent Accounting Pronouncements
For a description of our recently issued accounting pronouncements, see "Note 2 - Summary of Significant Accounting Policies" of this Quarterly Report on Form 10-Q.
Critical Accounting Policies and Estimates
The preparation of financial statements in conformity with generally accepted accounting principles requires management to select appropriate accounting policies and to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses.
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Off-Balance Sheet Arrangements
We have never entered into any off-balance sheet financing arrangements and have not formed any special purpose entities. We have not guaranteed any debt or commitments of other entities or entered into any options on non-financial assets.
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