The information contained in this quarter report on Form 10-Q is intended to
update the information contained in our Form 10-K dated
Certain statements in this Report constitute forward-looking statements. These forward-looking statements include statements, which involve risks and uncertainties, regarding, among other things, (a) our projected sales, profitability, and cash flows, (b) our growth strategy, (c) anticipated trends in our industry, (d) our future financing plans, and (e) our anticipated needs for, and use of, working capital. They are generally identifiable by use of the words "may," "will," "should," "anticipate," "estimate," "plan," "potential," "project," "continuing," "ongoing," "expects," "management believes," "we believe," "we intend," or the negative of these words or other variations on these words or comparable terminology. In light of these risks and uncertainties, there can be no assurance that the forward-looking statements contained in this filing will in fact occur. You should not place undue reliance on these forward-looking statements.
The forward-looking statements speak only as of the date on which they are made, and, except to the extent required by federal securities laws, we undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date on which the statements are made or to reflect the occurrence of unanticipated events.
Overview
We share the same business plan as that of our subsidiaries. We are engaged in
the production and sale of food products, specifically dessert created and sold
through various restaurants that we operate in
It is worth highlighting that, on
Phase 1 - Conditions are the same as "total lockdown" launched from
Phase 2 - If more people are vaccinated, ICU bed usage reduced to a moderate level; and new cases fall below 4,000, the country will move on to the next phase which allows more economic sectors to resume operation.
Phase 3 - Once daily cases are reduced to 2,000, the healthcare system has returned to a manageable level; ICU cases have been reduced to an adequate amount; and 40% of the people have been vaccinated. All economic sectors will be allowed to operate and most importantly dining in restaurants and cafes will be allowed. This phase will be expected to start on late August.
Phase 4 - Once daily cases have dropped to 500, the healthcare system becomes safe as ICU cases become low enough; and 60% of the people have been vaccinated. This phase will be expected to start on late October.
The Company's central kitchen and two restaurants were and will continue to operate throughout each phase of NRP.
On
On
Results of Operations For the nine months endedDecember 31, 2022 and 2021, the Company has generated a revenue of$113,750 and$82,404 , respectively. Breakdown of revenue as following: Three months ended Nine months ended December 31 December 31 2022 2021 2022 2021
Dine-In and Take Away Revenue
Delivery Revenue$ 3,836 $ 15,256 $ 45,628 $ 35,321
Percentage towards Total Revenue 33.65 % 27.98 % 40.11 % 42.86 %
Total Revenue$ 11,400 $ 54,521 $ 113,750 $ 82,404 Total Cost of Sales$ (9,286 ) $ (15,753 ) $ (69,081 ) $ (26,474 ) Total Gross Profit$ 2,114 $ 38,768 $ 44,669 $ 55,930 Gross Profit Margin 18.54 % 71.11 % 39.27 % 67.87 % 3
The Company has experience significant deterioration in both delivery and dine
in & take away revenue segment due to several reasons. One being the closure of
previous four restaurants since
Revenue for the Three Months ended
Dine-in and take away revenue decreased from
Delivery revenue decreased from
Total revenue decreased from
Revenue for the Nine Months ended
Dine-in and take away revenue improved from
Delivery revenue improved from
Total revenue improved from
General and Administrative Expenses
For the nine months ended
Nine months ended December 31 Primary expenses 2022 2021 Salary and salary related expenses$ 156,767 $ 181,180
Percentage towards General and Administrative Expenses 41.16 % 46.06 %
Lease expenses$ 43,283 $ 61,251
Percentage towards General and Administrative Expenses 11.36 % 15.57 %
Utility expenses$ 21,167 $ 21,156
Percentage towards General and Administrative Expenses 5.56 % 5.38 %
Depreciation expenses$ 38,400 $ 58,958
Percentage towards General and Administrative Expenses 10.08 % 14.99 %
Professional expenses$ 49,599 $ 30,545
Percentage towards General and Administrative Expenses 13.02 % 7.76 %
Repair and maintenance expenses$ 6,626 $ 10,674
Percentage towards General and Administrative Expenses 1.74 % 2.71 %
Compliance expenses$ 8,887 $ 4,938
Percentage towards general and administrative expenses 2.33 % 1.26 %
Advertisement and promotion expenses$ 7,688 $ -
Percentage towards General and Administrative Expenses 2.02 % 0.00 %
Total primary expenses$ 332,417 $ 368,702
Percentage towards General and Administrative Expenses 87.27 % 94.73 %
Miscellaneous expenses$ 48,479 $ 24,675
Percentage towards General and Administrative Expenses 12.73 % 6.27 %
Loss on disposal of fixed asset$ 182,716 $ - Total General and Administrative Expenses$ 563,612 $ 393,377 Net Loss
For the nine months ended
4
Liquidity and Capital Resources
Cash Used In Operating Activities
For the nine months ended
For the nine months ended
Cash Used in Investing Activities
The Company has invested
The Company has invested
Cash Provided by Financing Activities
For the nine months ended
For the nine months ended
Off-balance Sheet Arrangements
We have no significant off-balance sheet arrangements that have or are
reasonably likely to have a current or future effect on our financial condition,
changes in our financial condition, revenues or expenses, results of operations,
liquidity, capital expenditures or capital resources that are material to our
stockholders as of
Contractual Obligations
As of
5
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