This Management's Discussion and Analysis of Financial Condition and Results of
Operations and other parts of this annual report contain forward-looking
statements that involve risks and uncertainties. Forward-looking statements can
also be identified by words such as "anticipates," "expects," "believes,"
"plans," "predicts," and similar terms. Forward-looking statements are not
guarantees of future performance and our actual results may differ significantly
from the results discussed in the forward-looking statements. Factors that might
cause such differences include but are not limited to those discussed in the
subsection entitled Forward-Looking Statements and Factors That May Affect
Future Results and Financial Condition below. The following discussion should be
read in conjunction with our financial statements and notes thereto included in
this report. Our fiscal year end is
Discussion and Analysis
Our present activities are focused on evaluating business opportunities that are
sufficient to support operations and increase stockholder value. While this
process remains in the discovery phase, the Company will look to its
stockholders and creditors for sufficient financial support to sustain
operations. We will require a minimum of
8 Results of Operations
During the year ended
Our operations for the years ended
2021 2020
Operating Expenses:
General and administration (15,608 ) (38,037 ) Professional fees (87,096 ) (40,318 ) Loss from Operations (102,704 ) (78,355 ) Interest expense (19,207 ) (51,902 ) Foreign exchange gain (loss) 6,708 (64,753 ) Loss on debt settlement (12,460,079 ) (282,586 ) Other income 458,833 -
Net Income (Loss) for the Year
Net Income (Loss)
Net loss for the year ended
We did not generate revenue during this period and expect to continue to incur losses over the next twelve months until such time as we are able to secure a business opportunity that generates income.
Capital Expenditures
The Company expended no amounts on capital expenditures for the year ended
Liquidity and Capital Resources
Since inception, the Company has experienced significant changes in liquidity, capital resources, and stockholders' deficit.
The Company had assets of
9
Cash Used in Operating Activities
Net cash used in operating activities for the twelve month period ended
We expect to continue to use net cash in operating activities over the next twelve months or until such time as the Company can generate sufficient revenue to transition to providing net cash from operations.
Cash Used in Investing Activities
Net cash used in investing activities for the year ended
We do not expect to use net cash in investing activities until such time as a transaction is concluded through merger, acquisition or development of viable business opportunity.
Cash Flows from Financing Activities
Cash flow provided by financing activities for the year ended
We expect to continue to use net cash provided by financing activities to maintain operations.
The Company's current assets are insufficient to conduct its plan of operation
over the next twelve (12) months as it will need at least
The Company does not intend to pay cash dividends in the foreseeable future.
The Company had no lines of credit or other bank financing arrangements as of
The Company had no commitments for future capital expenditures at
The Company has no defined benefit plan or contractual commitment with any of its officers or directors.
The Company has no current plans for the purchase or sale of any plant or equipment.
The Company has no current plans to make any changes in the number of employees.
Off-Balance Sheet Arrangements
As of
10 Future Financings
We will continue to rely on debt or equity sales of our common stock and the foreberance of existing creditors to continue our business even though we have secured no commitments to date for future financial support.
Critical Accounting Policies
In Note 2 to the audited financial statements for the years ended
The preparation of financial statements requires Company management to make significant estimates and judgments that affect reported assets, liabilities, revenues and expenses. By their very. nature, these judgments are subject to an inherent degree of uncertainty. On an on-going basis, the Company evaluates its estimates based on historical experience and other facts and circumstances that are believed to be reasonable. The results of each evaluation form the basis upon which management makes judgments about the carrying value of assets and liabilities. The actual results may differ from these estimates recorded here under different assumptions or conditions.
Going Concern
Management has expressed an opinion as to the Company's ability to continue as a
going concern given an accumulated deficit of
Forward-Looking Statements and Factors That May Affect Future Results and Financial Condition
The statements contained in this section titled Management's Discussion and Analysis of Financial Condition and Results of Operations and elsewhere in this current report, with the exception of historical facts, are forward-looking statements. Forward-looking statements reflect current expectations and beliefs regarding future results of operations, performance, and achievements subject to risks and uncertainties based upon assumptions and beliefs that may not materialize, including but are not limited to, statements concerning:
• our financial performance and business plan;
• the sufficiency of existing capital resources;
• our ability to raise capital to fund cash requirements;
• uncertainties related to future business prospects;
• the volatility of the stock market; and
• general economic conditions.
We wish to caution readers that our operating results are subject to various risks and uncertainties that could cause our actual results to differ materially from those discussed or anticipated. We also wish to advise readers not to place any undue reliance on the forward-looking statements contained in this report, which reflect our beliefs and expectations only as of the date of this report. We assume no obligation to update or revise these forward-looking statements to reflect new events or circumstances or any changes in our beliefs or expectations, other than as required by law.
11
Recent Accounting Pronouncements
Please see Note 2 to our financial statements for a discussion of recent accounting pronouncements.
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