The Company is currently dormant and is looking for new opportunities.





Results of Operations

The Company is currently dormant and therefore does not generate any revenue.

For the years ended June 30, 2020 and 2019, the following expenses were incurred:





    •   Professional fees of $14,525 for auditing and $600 for tax preparation
        compared to $15,025 and $600, respectively, in the previous year;




    •   General and administrative expenses totaled $8,798 compared to $8,710 in
        the previous year;




  • Management fee of $6,000 remained unchanged compared to the previous year's.

The Company reported a net loss of $30,723 compared to a net loss of $31,135 in the previous year.





  5

Liquidity and Capital Resources

As of June 30, 2020, the Company has a cash balance of $78,869. The Company has sufficient cash in hand to fund its operations for the next twelve months.

Off-Balance Sheet Arrangements

The Company does not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on its financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.





Employees

The Company presently has no employees and is managed by the two incumbent directors: Sun Tze Whang, Chairman of the Board and Chief Executive Officer, and Kit Heng Tan, Chief Financial Officer/Principal Accounting Officer and Secretary. Kit Heng Tan charged the Company the sum of $6,000 per annum for fiscal years 2020 and 2019 for providing accounting and other services and also for the use of his home office. Neither of the Company's officers is currently represented by any labor union.

© Edgar Online, source Glimpses