The following discussion is intended to assist in the understanding and
assessment of significant changes and trends related to the results of
operations and financial condition of
The Report of Independent Registered Public Accounting Firm on the Company's 2021 audited financial statements addresses an uncertainty about the Company's ability to continue as a going concern, indicating that the Company has incurred losses since its inception and has no on-
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going operations. The report further indicates that these factors raise substantial doubt about the Company's ability to continue as a going concern.
At
and a stockholders' deficit of
Critical Accounting Policies
The preparation of our financial statements and notes thereto requires
management to make estimates and assumptions that affect the amounts and
disclosures reported within those financial statements. On an ongoing basis,
management evaluates its estimates, including those related to revenue
recognition, contingencies, litigation and income taxes. Management bases its
estimates and judgments on historical experiences and on various other factors
believed to be reasonable under the circumstances. Actual results under
circumstances and conditions different than those assumed could result in
differences from the estimated amounts in the financial statements. There have
been no material changes to these policies during fiscal 2021 and 2020. As of
Liquidity and Capital Resources. As of
Net cash used by operating activities totaled
There were no investing activities for the years ended
Net cash provided by financing activities totaled
In
As described in Notes to the Financial Statements, the lender under the Secured Promissory Note has notified us of a claimed default under the Note. The Note is secured by all of the assets of the Company. We currently do not have cash available to repay the Note and there is no assurance that we will ever have liquid assets necessary to repay the Note.
We must secure additional funds in order to continue our business. There is no guarantee we will receive the required financing to complete our business strategies; we cannot provide any assurance that future financing will be available to us on acceptable terms. If financing is not available on satisfactory terms, we may be unable to continue, develop or expand our operations. If we are unable to accomplish raising adequate funds then any it would be likely that any investment made into the Company would be lost in its entirety.
Results of Operations. We did not have revenue for either the year-ended
As a result of the foregoing, we incurred a loss of
Off-Balance Sheet Arrangements. None
Contractual Obligations. None
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Recent Accounting Pronouncements
We have reviewed accounting pronouncements issued during the past two years and
have adopted any that are applicable to our company. We have determined that
none had a material impact on our financial position, results of operations, or
cash flows for the years ended
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