The following discussion should be read in conjunction with our audited financial statements and the related notes that appear elsewhere in this annual report. The discussions of results, causes and trends should not be construed to imply any conclusion that these results or trends will necessarily continue into the future.
Our audited financial statements are stated in
Overview
We were incorporated on
The Company is focused on solutions in the cryptocurrency and digital currency
markets, particularly in offering payment solutions to businesses worldwide.
The company also still maintains its business of marketing and distributing of
Smart TV boxes to home consumers throughout
AvraPay - Is the Company's cryptocurrency payment solution. It plans to offer
the technology in order for merchants to accept digital payments in their
businesses, with AvraPay being the payment processor. The business will be able
to accept payments online or in person through the AvraPay technology and be
paid in government declared legal tender or better known as
AvraATM - Is another technology solution planned by the Company is called AvraATM, which it plans to develop a software to be integrated with kiosks which will allow the kiosk to have the ability to accept payments, effectively converting the existing kiosk into a purchase point (ATM) for bitcoin and other cryptocurrencies. The planned revenue model is one where a percentage fee will be charged for the purchase of currency which will vary depending on the expectations of the individual owners of each kiosk network.
AvraTourism - Is where the Company plans on offering a tailored version of AvraPay to international holiday destinations, focused on tourism, such as hotels, casinos, airlines, restaurants, bars, and spas. In addition to offering a specific solution which is to "buy-back" unused local currency from departing tourists, and in exchange we intend to provide tourists with digital currency to for them to use upon their return home through dedicated ATMs installed in key points such as airports.
AvraSecure - delivers a full range of server security, hosting and management services that provide fully-managed and co-managed security solutions to meet the security and infrastructure needs of organizations. The company security specialists work with clients to create a secure compliant environment for critical infrastructure. Also working with customers to pass compliance audits by coordinating directly with auditors and providing comprehensive documentation.
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AvraNews - In addition to Avra's website, the Company is developing its own news portal, which will provide up to the minute news and analysis on the cryptocurrency industry. The business will be supported by funneling business to Avra's own business solutions, in addition to paid advertising and affiliate schemes. There will also be a section to connect investors and start-ups companies, which at some point in the future will be monetized through a subscription system.
To date the Company has been involved in initial discussions with other cryptocurrency providers in order to establish what the service proposition would be. In addition, the company has been involved in market research and has had initial discussions with potential clients to ensure that the services that will be provided are in demand and appropriately presented.
On
On
Avra is developing the ATM project with a provider in
Plan of Operations
Avra's planned operations over the next 12 months are as follows:
Avra's next stages of operation will be to continue ensuring compliance with US and local authorities, maintaining monitoring practices, as well as the continued development of the company's central system (API) where all the services will connect and operate from.
The Avra news portal is being developed, providing daily news events and analysis, products information and fund raising opportunities for startups in the space.
The Company is working on its first ATM client. The Company is in active discussions with several large hotel chains and looks to have these businesses actively using the system online and in-house. On completion of first phase and successful beta testing we intend to roll out the system at an accelerated rate through a network of sales agents working in strategic locations, a generous referral program, a strong social media presence as well as online advertising.
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Once the established core businesses are operating and the sales process working, we intend to develop the product portfolio, working with remittance companies to allow remittances-by-bitcoin as well as regional bill-pay-by-bitcoin solutions, through portals that Avra will be developing further.
Operationally we expect to hire sales managers to oversee sales for each of the brands AvraPay and AvraATM. We also plan to hire an in house technology person who would monitor and develop the API and provide service to existing and new clients. The timing of the requirement of people for these positions will be variable depending on workloads and whether we can continue to use consultants at a cheaper rate.
We expect to be in a full marketing phase, expecting to increase users, business, the ATM network, solidifying the brand and awareness as well as bringing the company to solid profit margins in order to expand further.
Beyond 2018 and with the user base expected, we would hope to reduce our dependence on other providers for exchange and services, and start to provide those services ourselves, thereby increasing margins and ensuring that Avra is completely independent of other providers.
Results of Operations Our operating expenses for the years endedJanuary 31, 2019 and 2018 are summarized as follows: Year Ended Year Ended January 31, January 31, 2019 2018 General and Administrative$ 97,780 $ 90,906 Gain on forgiveness of debt (17,659 ) (21,632 ) Interest Expense 29,302 14,549 Net Loss$ 109,423 $ 83,823 Revenue
We have not generated any revenues since our inception.
General and Administrative
In the year ended
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Liquidity and Capital Resources
Working Capital At At January 31, January 31, 2019 2018 Current assets $ - $ - Current liabilities 755,931 646,508 Working capital (deficit)$ (755,931 ) $ (646,508 )
Our total current assets as of
Cash Flows At AtJanuary 31 ,January 31, 2019 2018
Cash flows used in operating activities
- - Cash flows provided by financing activities 43,850 40,000 Net increase (decrease) in cash during year $ - $ - Operating Activities
Cash used in operating activities increased
Investing Activities
We did not use any cash for investing activities during the years ended
Financing Activities
The
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Off-Balance Sheet Arrangements
We have no significant 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 stockholders.
Critical Accounting Policies
The discussion and analysis of our financial condition and results of operations
is based upon the accompanying consolidated financial statements, which have
been prepared in accordance with the accounting principles generally accepted in
Foreign Currency Translation
Our company's planned operations will be in
Our company's functional currency for all operations worldwide is the
Revenue Recognition
Sales are recorded when products are shipped to customers. Provisions for
discounts and rebates to customers, estimated returns and allowances, and other
adjustments are provided for in the same period the related sales are recorded.
No provision for discounts or rebates to customers, estimated returns and
allowances or other adjustments were recognized during the year ended
Recently Issued Accounting Pronouncements
Our company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.
Contractual Obligations
As a "smaller reporting company", we are not required to provide tabular disclosure obligations.
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