The following discussion of the Company's historical performance and financial condition should be read together with the financial statements and related notes in "Item 1. Financial Statements"" of this Report. This discussion contains forward-looking statements based on the views and beliefs of our management, as well as assumptions and estimates made by our management. These statements by their nature are subject to risks and uncertainties, and are influenced by various factors. As a consequence, actual results may differ materially from those in the forward-looking statements. See "Item 1A. Risk Factors" of this report for the discussion of risk factors.
Plan of Operations
We had working capital of <
We reiterate that the Company's business plan changed significantly and
materially in
RESULTS OF OPERATIONS
Results of Operations for the Three months ended
We had no revenue for the three months ended
Our operating expenses for the three months ended
11 Table of Contents
We had a net loss of
Liquidity and Capital Resources
The Company's cash position was
Net cash used in operating activities amounted to
Net cash used in investing activities was
Net cash provided by financing activities was
We do not currently have any additional commitments or identified sources of additional capital from third parties or from our officers, directors or majority stockholders. Additional financing may not be available on favorable terms, if at all.
In the future, we may be required to seek additional capital by selling additional debt or equity securities, or otherwise be required to bring cash flows in balance when we approach a condition of cash insufficiency. The sale of additional equity or debt securities, if accomplished, may result in dilution to our then stockholders. Financing may not be available in amounts or on terms acceptable to us, or at all. In the event we are unable to raise additional funding and/or obtain revenues sufficient to support our expenses, we may be forced to curtail or abandon our business operations, and any investment in the Company could become worthless.
Off-Balance Sheet Arrangements
We do not have any off-balance sheet arrangements.
12 Table of Contents Critical Accounting Policies
Our discussion and analysis of our financial condition and results of operations
are based upon our financial statements, which have been prepared in accordance
with accounting principles generally accepted in
Certain of our accounting policies are particularly important to the portrayal and understanding of our financial position and results of operations and require us to apply significant judgment in their application. As a result, these policies are subject to an inherent degree of uncertainty. In applying these policies, we use our judgment in making certain assumption and estimates. Our critical accounting policies are outlined in "Note 1 - Summary of Significant Accounting Policies" to the financial statements included herein.
Critical Accounting Policies:
Emerging Growth Company. Section 107 of the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act") provides that an "emerging growth company" can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other words, an "emerging growth company" can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have elected to take advantage of the benefits of this extended transition period. Our financial statements may therefore not be comparable to those of companies that comply with such new or revised accounting standards.
RECENTLY ISSUED ACCOUNTING STANDARDS
For more information on recently issued accounting standards, see "Note 1 - Summary of Significant Accounting Policies" to the Notes to Financial Statements included herein.
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