The following discussion contains "forward-looking statements" that provide our
current expectations or forecasts of future events. These statements can be
identified by the use of terminology such as "estimates," "projects," "plans,"
"believes," "expects," "anticipates," "intends," or the negative or other
variations, or by discussions of strategy that involve risks and uncertainties.
We urge you to be cautious of the forward-looking statements, that such
statements, which are contained in this Form 10-K, reflect our current beliefs
with respect to future events and involve known and unknown risks, uncertainties
and other factors affecting our operations, market growth, services, products
and licenses. No assurances can be given regarding the achievement of future
results, as actual results may differ materially as a result of the risks we
face, and actual events may differ from the assumptions underlying the
statements that have been made regarding anticipated events.
--------------------------------------------------------------------------------
6
--------------------------------------------------------------------------------
OVERVIEW
Snoogoo Corp. a Nevada corporation formerly known as Casey Container Corp., was
incorporated in the State of Nevada on September 26, 2006 under the name Sawadee
Ventures Inc. to engage in the acquisition, exploration and development of
natural resource properties of merit. In September 2008, we ceased our
exploration activities and, in November of 2009 we entered into an Additive
Supply and License Agreement with Bio-Tec Environmental, developer of the
breakthrough EcoPure® technology.
On January 6, 2010 Ms. Rachna Khanna tendered her resignation as the President,
CEO, CFO and Director. The same day Mr. James Casey, Mr. Terry Neild, and Mr.
Robert Seaman were appointed as Directors of the Company. Mr. Casey filled the
position of President, Mr. Neild was appointed Chief Executive Officer, Chief
Financial Officer and Secretary, and Mr. Seaman was appointed Vice-
President-Operations.
In January 2015 the Company ended its Additive Supply and License Agreement with
Bio-Tec Environmental. On February 11, 2015 the Company entered into an Asset
Purchase Agreement for the acquisition of a new social information network
technology that it planned to use in order to launch web and mobile applications
with broad global appeal. The technology represented a breakthrough in common
information networks by allowing individuals and groups to search, bookmark and
share all forms of digital content, both privately and publicly, based on their
own or shared interests.
In January 2016 the Company ended its pursuit of its acquisition of a new social
information network technology. The Company is currently seeking to acquire a
company either active in the green energy sector or one whose focus is on an
aspect of sustainability.
We are currently considered a "shell" company inasmuch for the period ending
December 31, 2016 we did not generate revenues, did not own an operating
business and had no employees and no material assets.
Results of Operations for The Years Ending December 31, 2016 and December 31,
2015
Revenue and operating expenses
For the years ended December 31, 2016 and 2015 we generated no revenue. However,
in the year ended December 31, 2016 we wrote off $219,206 of Accounts Payable
recognized as a reduction of G&A expenses, representing old bills issued by a
previous employee for services, expenses and car allowances that were forgiven,
bills in the amount of $50,000 from 2012 related to old business endeavors that
never came into fruition as well as an old invoice from 2013 in the amount of
$62,800 from a consulting firm that was defunct and whose services were deemed
to have no value.
For the years ended December 31, 2016 and 2015 we incurred operating expenses of
$277,709 and $1,575,358, respectively. We incurred no interest expense in
either year. At the end of 2015 it was determined that the social network
technology under development was not viable and the asset, Website Technology in
the amount of $337,855 was impaired and written off. In addition, there were
expenses in the amount of $916,540 incurred which were related to the software
development, including such items as programmer fees, internet and website
expenses as well as marketing consulting fees that were no longer necessary in
2016 thereby accounting for the decrease in operating costs going forward.
Finally, at the end of 2015 there was a loss in the settlement of debt in the
amount of $164,860 which was recorded as Other Expenses.
Net Loss
For the years ended December 31, 2016 and 2015 we incurred losses of $(277,709)
and $(1,575,358), respectively. At December 31, 2016 the weighted average
number of common shares outstanding was 174,373,034 and the loss per share was
$0.00. At December 31, 2015 the weighted average number of common shares
outstanding was 154,347,356 and the loss per share was $(0.01).
Liquidity
For the years ended December 31, 2016 and 2015 we incurred net losses of
$(277,709) and $(1,575,358) respectively. As of December 31, 2016 and 2015 we
had cash in the amount of $0 and $80, respectively and current liabilities of
$506,175 and $470,595, respectively. During the year ended December 31, 2016 we
raised $139,250 resulting from the sale of our Restricted common stock and
received $138,379 in support from Related Parties, and, during the year ended
December 31, 2015 we raised $84,500 resulting from the sale of our Restricted
common stock. We will seek additional funds through equity or debt financing,
collaborative or other arrangements with corporate partners and from other
sources to acquire an existing and operating company which has a positive cash
flow. This may have the effect of diluting the holdings of existing
shareholders.
--------------------------------------------------------------------------------
7
--------------------------------------------------------------------------------
The Company has no current arrangements with respect to, or sources of, such
additional funding and we do not anticipate that existing shareholders will
provide any portion of our future financing requirements. However, as of
December 31, 2016 the Company is not operating and will therefore incur minimal
expenses while seeking an acquisition, most of which will be related to SEC
compliance. The source of funds to maintain said compliance will be provided by
additional sales of common stock and capital contributions from related parties.
No assurance can be given that additional funding will be available when needed
or that such financing will be available on terms acceptable to the Company. If
adequate funds are not available, we may be required to halt our acquisition
search. This would have a material adverse effect on the Company.
Going Concern
The report of our independent registered public accounting firm on the financial
statements for the years ended December 31, 2016 and 2015 includes an
explanatory paragraph relating to the uncertainty of our ability to continue as
a going concern. We have incurred recurring losses, incurred liabilities in
excess of assets and have an accumulated deficit as of December 31, 2016 and
2015 of approximately $6.4 million and approximately $6.1 million, respectively.
Based upon current operating levels we will be required to obtain additional
capital in order to sustain our operations which mainly consist of searching for
an acquisition candidate as well as meeting our compliance requirements with the
SEC. We will obtain these funds via sales of stock and loans. However, in order
to be an on-going business we are aware of the importance of finding an
operating company to acquire as soon as possible.
Critical Accounting Policies and Use of Estimates
Our Critical Accounting Policies are enumerated in Note 2 of our financial
statements. The preparation of financial statements in conformity with
accounting principles generally accepted in the United States of America
requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and the reported amounts of
revenues and expenses during the reporting period. Actual results could differ
from those estimates.
Off-Balance Sheet Arrangements
As of December 31, 2016 and 2015 we did not have any off-balance sheet
arrangements as defined in Item 303(a)(4)(ii) of Regulation S-K promulgated
under the Securities Act of 1934.
Contractual Obligations and Commitments
As of December 31, 2016 and 2015 we did not have any contractual obligations.
© Edgar Online, source Glimpses
SNOOGOO 
