The following discussion highlights the principal factors that have affected our financial condition and results of operations as well as our liquidity and capital resources for the periods described. This discussion should be read in conjunction with our financial statements and the related notes included in this report. This discussion contains forward-looking statements. Please see "Cautionary Note Regarding Forward-Looking Statements" for a discussion of the uncertainties, risks and assumptions associated with these forward-looking statements.
Critical Accounting Policies Use of Estimates
The preparation of financial statements in accordance with
Certain of the Company's accounting policies that we believe are the most important to the portrayal of the Company's financial condition and results of operations and that require management's subjective judgments are described below to facilitate a better understanding of our business activities. Management bases its judgments on its experience and assumptions which it believes are reasonable and applicable under the circumstances.
We expect that uncertainty and volatility in financial markets relating to the COVID-19 pandemic will continue to impact the company. The scope, duration and magnitude of the direct and indirect effects of the COVID-19 pandemic are changing rapidly and are difficult to anticipate.
We are subject to economic factors such as interest rates, inflation, foreign exchange rates, adverse reserve developments, regulation, tax policy changes, political risks and other market risks that can impact our strategy, operations, and results.
4 Revenue Recognition
The Company has not yet generated revenues from its planned activities.
Results of Operations
Comparison of Results of Operations for the fiscal years ended
Revenues. The Company had no revenue during the years ended
General and Administrative Expenses. The Company incurred general and
administrative expenses of
Professional Fees. The Company incurred professional fees of
Operating loss. As a result of the Company's general and administrative expenses
and professional fees, the Company incurred an operating loss of
Other Income (Expense). The Company incurred interest expense of
Net Loss. As a result of the foregoing, the Company incurred a net loss of
Liquidity and Capital Resources
As of
As of
Cash Flows
Net cash provided by (used) in operating activities were
Net cash provided by investing activities were
Net cash provided by financing activities were
The Company to date has been financially supported by related party entities which are also owned by the principal shareholders of the Company. The Company will continue to be financially supported by related party entities until such time as the company generates sufficient cashflow to support its expense requirements or completes an external capital raising.
5
Off-Balance Sheet Arrangements
During the year, the company entered into a revolving credit commitment with
The Company entered into a Revolving Credit Facility Agreement (the "RCFA") with
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