Management's Plan of Operation
The following discussion contains forward-looking statements. Forward-looking statements give our current expectations or forecasts of future events. You can identify these statements by the fact that they do not relate strictly to historical or current facts. They use of words such as "anticipate", "estimate", "expect", "project", "intend", "plan", "believe", and other words and terms of similar meaning in connection with any discussion of future operating or financial performance. From time to time, we also may provide forward-looking statements in other materials we release to the public. OverviewCordia Corporation . (the Company) was incorporated in theState of Nevada onApril 28, 2000 under the nameCyberOpticLabs Inc. OnMay 25, 2001 , the Company filed Articles of Amendment to change the name toCordia Corporation . The Company is headquartered inLas Vegas, Nevada . The Company's focus starting in 2020, is on the emerging field of ghost kitchens and virtual restaurants. The Company seeks to build its business based on meeting customer demand for unique on-premises dining and premises convenience. The Company's plan is to create a portfolio of virtual restaurants appealing to a broad customer base. The Company is actively seeking to acquire locations for ghost kitchens to meet the growth in app-based ordering.Virtual Dining Brands, LLC , a wholly owned subsidiary is organizing a network of social media influencers to support each launch. All of its celebrity and brand partners will be contractually required to regularly post on their social channels. Additionally, the company is working with a variety of influencers ranging from micro influencers in specific cities to recognized food accounts with significant followings to promote the company's menus. Additionally, the company developed and markets the Crypto Food Hall which is a collection of non fungible tokens (NFTs) designed to promote its virtual menus and serve as a community for Cordia's menu partners, brands, and end users.
Results of Operations for the Years Ended
We had sales of$207.00 and$74,207.00 for the years endedDecember 31, 2021 and 2020, respectively. Our cost of sales were$0.00 and$30,819 for the years endedDecember 31, 2021 and 2020, respectively. Our operating expenses were$482,443 and$14,430 , for the years endedDecember 31, 2021 and 2020, respectively. Our operating expenses consisted mostly of professional fees, license fees and consulting expenses -------------------------------------------------------------------------------- 9 --------------------------------------------------------------------------------
Revenues and Net Operating Loss
Our revenues, operating expenses, and net operating loss for the years ended
For the year ended For the year ended December 31, December 31, 2021 2020 SALES$207 $74,207 COST OF SALES - 30,819 GROSS PROFIT 207 43,388 OPERATING EXPENSES Professional fees 16,180 5,000 Consulting fees 92,500 - License fees 294,000 - Rent - 6,500 General and administrative 79,763 2,930 Total Operating Expenses 482,443 14,430 Operating Income(Loss) (482,236) 28,958 Interest expense (55,851) (30,422) Interest expense - warrants (32,124) - Net Income (Loss)$(570,211) $(1,464) Weighted average number of common shares outstanding
13,611,574 13,611,574
Net Income(Loss) per common share - Basic and fully diluted$(0.04) $(0.00) Sales We had no revenue from sales of restaurant services in 2021. Sales were$207 for the year endedDecember 31, 2020 compared to$74,207 for the year endedDecember 31, 2020 a decrease of$74,000 . The$74,000 decrease in sales in 2021 over 2020 was primarily due to discontinuing dine in restaurant services. -------------------------------------------------------------------------------- 10 --------------------------------------------------------------------------------
Cost of Sales Cost of sales for the year endedDecember 31, 2021 were$0.00 compared to$30,819 during the year endedDecember 31, 2020 , a decrease of$30,819 . Cost of sales includes the cost of the products purchased from our food and beverage suppliers for our restaurant sales. The cost of sales as a percentage of sales for the year endedDecember 31, 2021 was 0% as compared to 41.5% for the year endedDecember 31, 2020 . The decrease in cost of sales as a percentage of sales was due discontinued full service restaurant operations. License fees
We recorded license fees payable of
Professional and Consulting Fees
Professional and consulting fees expenses was$108,860 for the year endedDecember 31 , 2021compared to$5,000 for the year endedDecember 31, 2020 which was an increase of 103,680. Professional and consulting fees consist of legal, accounting, and services related toSEC reporting requirements. Rent Rent expense was zero for the year endedDecember 31, 2021 compared to$6,500 for the year endedDecember 31, 2020 . This was due to the discontinuation of full service restaurant operations.
General and Administrative Expense
General and administrative expense was$79,763 for the year endedDecember 31, 2021 compared to$2,930 for the year endedDecember 31, 2020 . This was an increase of$76,833 due to operating costs related to developing products and services. Net Operating Loss
Net operating loss for the year ended
Liquidity and Capital Resources
Introduction During the year endedDecember 31, 2021 , because we did not generate sufficient revenue, we had negative operating cash flows. Our cash on hand as ofDecember 31, 2021 was$24,673 . We have high cash needs in the short term, and as our operating expenses increase, we will face strong to medium long term cash needs. We do not anticipate that our cash flows from operations will satisfy our cash flow needs for the next year, and if revenues do not keep up with our expenses, it will be necessary to seek other methods to finance our operations and any growth opportunities Cash Requirements
Our cash on hand as of
Critical Accounting Policies
Our significant accounting policies are described in the notes to our financial
statements for the twelve months ended
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