Forward Looking Statements

This quarterly report contains forward-looking statements that involve risks and uncertainties. We use words such as anticipate, believe, plan, expect, future, intend and similar expressions to identify such forward-looking statements. You should not place too much reliance on these forward-looking statements. Our actual results are likely to differ materially from those anticipated in these forward-looking statements for many reasons, including the risks faced by us described in this section.





Background

We were incorporated on November 18, 2020 under the laws of the State of Wyoming.





WarpSpeed Taxi Application

We were involved in the development of a ride-hailing and food delivery computer and mobile device application known as "WarpSpeedTaxi".

On September 6, 2022, we entered into a debt settlement agreement with Global Corporate Structural Services Inc. ("GCSS"), a private company that has provided us with marketing, beta testing, cloning, and maintenance services in connection with the WarpSpeed Taxi computer application. Pursuant to the debt settlement agreement, we acknowledged that we owed $135,431 to GCSS for its services as of July 31, 2022.

On September 15, 2022, we entered into a final settlement agreement with GCSS whereby we have agreed to transfer our 100% interest in the WarpSpeed Taxi application to GCSS in full and final satisfaction of the debt owed to GCSS and any other claims that GCSS has against us. However, we will retain a license for the sole and exclusive use of the WarpSpeed Taxi application in the United States.

During the quarter ended January 31, 2023, we announced that we have completed beta testing of the WarpSpeed Taxi application and intend to launch the application in the United States once we raise funding to do so.

We anticipate that our WarpSpeedTaxi application will allow customers to hire a standard and luxury motor vehicles via a smartphone or personal computer for both one-way and round-trips with the price based on the distance travelled and the current level of demand for vehicles. In addition to transporting passengers, the application may also be used for deliveries of goods from restaurants, grocery stores, and other businesses that typically utilize local vehicle courier services.

Customers will use the application to request a ride or the delivery of goods. Drivers that we recruit and approve, through confirmation of no criminal record, a clean driving history, and access to a suitable insured vehicle, will act as independent contractors and set their own work hours. They will connect with customers via our application, pick up customers or goods to be delivered in accordance with the customer's request, and then drive the customers or goods to their destination. Customers will pay for the transportation through the application by way of credit card. Drivers will receive payments for each ride or delivery they complete via a weekly direct deposit to their bank accounts.

When a customer uses the WarpSpeedTaxi application for ride-hailing, we will charge the customer a flat fee of approximately $2.00 for each ride plus an amount for each mile that the customer travels. The amount for each mile will vary depending on the city in which the customer is located. It will be higher in more densely populated cities where traffic moves relatively slowly and lower in less densely population cities will less traffic congestion. Additionally, we will charge customers an additional premium during busy times when customer demand exceeds the number of available drivers. This increase in pricing is intended to incentivize drivers to work during peak demand times since they will receive greater compensation. In order to encourage drivers to work a independent contractors for us, we will initially retain 15% of all revenue that a customer pays for a ride with the remaining 85% compensating the driver for his or her time and vehicle expenses. Drivers will also retain 100% of all tips that customers provide them. Over time, when we have established a market for our services, we may adjust this percentage so that we retain a greater percentage of revenue.





                                       8

When a restaurant uses the food delivery service feature of our WarpSpeedTaxi application, we will charge restaurants between 5% and 15% of their order revenue, subject to a set minimum amount, depending on the amount of business that we receive from delivery orders of their food through our application. From these proceeds, we will pay our drivers a base fee for deliveries that depend on the distance that they must travel to pick up the food and deliver it to the customer. In addition, the driver will retain any tips that the customer provides.





Pinnacle DSB

We are also in the process of developing commercial software that it will employ in order to establish distribution centers in rural areas around the world. Using an automated inventory and product delivery system that it develops in-house or through third-party designers, we intend to provide rural businesses with an alternative means of accessing consumer goods that it hopes will be more efficient and cost-effective than existing supply chain options.

This project will include the creation of a large distribution center in a major city. The local shop owners will be provided with a locked tablet in order to access real-time inventory data to place purchase orders at competitive prices. Logistics will be implemented for a weekly delivery system to deliver ordered products.

The design and launch of Pinnacle DSB is subject to us obtaining the necessary funding.

Results of Operations for the Six months Ended January 31, 2023 and 2022

Our net loss for the six-month period ended January 31, 2023 and 2022 was $18,317 and $108,316, respectively, which consisted entirely of general and administrative fees. We did not generate any revenue to date.

LIQUIDITY AND CAPITAL RESOURCES

As at January 31, 2023, our current assets were $15,305 compared to $28,093 at July 31, 2022. The decrease in current assets in the current fiscal year is due to use of our cash for ordinary business expenses and reduction in accounts payable owed to vendors.

As at January 31, 2023, our current liabilities were $18,646 compared to $138,840 at July 31, 2022. Current liabilities at January 31, 2023 were comprised entirely of accounts payable and accrued liabilities. Current liabilities decreased in the first quarter of the 2022 fiscal as compared to the July 31, 2022 year end due to a reduction in accounts payable from a cancellation of an agreement with a specific vendor relating to specific software development.

We expect we will require additional capital to meet our long-term operating requirements. We expect to raise additional capital through, among other methods, the sale of equity or debt securities.

Cash Flows from Operating Activities

For the six-month period ended January 31, 2023, net cash flows used in operating activities were $138,511 consisting of a net loss of $18,317, which was offset by $108,316 of accounts payable. This compares to net cash flows provided from operating activities of $403,669 consisting of a net loss of $108,316, plus prepayments and deposits of $20,000, payments on our accounts payable and accrued liabilities of $65,353, and the cancellation of our note payable of $250,000.





                                       9

Cash Flows from Investing Activities

For the six-month period ended January 31, 2023 and 2022, our cash flows provided from investing activities were $125,723 compared to cash flows used in investing activities of $11,017, respectively, which consisted of software development.

Cash Flows from Financing Activities

We have financed our operations from the issuance of our shares of common stock. Net cash flows generated from financing activities were $Nil in the six-month period ended January 31, 2023 as compared to $465,000 during the six-month period ended January 31, 2022 relating to our sale of 10,200,000 shares of common stock at a price of $0.02 pursuant to our registration statement on Form S-1, as amended.

OFF-BALANCE SHEET ARRANGEMENTS

As of the date of this report, we do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors.





GOING CONCERN

The independent auditors' report accompanying our July 31, 2022 financial statements contained an explanatory paragraph expressing substantial doubt about our ability to continue as a going concern. The financial statements have been prepared "assuming that we will continue as a going concern," which contemplates that we will realize our assets and satisfy our liabilities and commitments in the ordinary course of business.

© Edgar Online, source Glimpses