Results of Operations
For the years ended
Revenue
The Company had no operations and no revenue for the years ended
Operating Expenses The following table presents our total operating expenses for the years endedDecember 31, 2019 and 2018. Year Ended December 31, 2019 2018 Audit and professional fees 50,814 21,679 Payroll 18,867 20,361
Other general and administrative expense 114,474 11,827
$ 184,155 $ 53,867
Operating expenses consist of i) audit, accounting and legal fees, ii) payroll,
and iii) other general and administrative expenses, including directors'
compensation of
Loss from Operation
The Company incurred loss from operation of
7 Table of Contents Other Income (Expense)
The following table presents our total Other Income (Expense) for the years
ended
Year Ended December 31, 2019 2018 Warrant modification expense (567,194 ) - Interest and other income 8,681 10,276
Other income (expense) decreased by
Net Loss
The Company had a net loss of
Losses per share for the years ended
It is anticipated that future operating expenses will increase as the Company complies with its periodic reporting requirements and effects a business combination, although there can be no assurance that the Company will be successful in effecting a business combination.
Two major items classified as expenses had a significant impact on reported
loss; both expenses were non-cash and had no effect on the Company's cash
position. Directors and the CFO received compensation paid in stock (
Liquidity and Capital Resources
At
The following table provides detailed information about our net cash flow for all financial statements years presented in this Report.
8 Table of Contents Cash Flow Year EndedDecember 31, 2019 2018
Net cash used in operating activities
- - Net cash provided by financing activities - - Net cash outflow$ (76,724 ) $ (49,872 )
Net cash of
The use of cash of
The use of cash of
No cash flows were used in or provided by investing activities during the year
ended
No cash proceeds were used in or provided by financing activities during the
year ended
New Accounting Pronouncements
Refer to the discussion of recently adopted/issued accounting pronouncements under Part II, Item 8, Notes to Financial Statements, Note 3: Significant Accounting Policies.
Factors Which May Affect Future Results
Future earnings of the Company are dependent on interest rates earned on the Company's invested balances and expenses incurred. The Company expects to incur significant expenses in connection with its objective of identifying a merger partner or acquiring an operating business.
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