The following discussion and analysis of our results of operations and financial
condition should be read together with our unaudited condensed financial
statements and the notes thereto, which are included elsewhere in this report
and our Annual Report on Form 10-K for the fiscal year ended April 30, 2022 (the
"Annual Report") filed with SEC. Our financial statements have been prepared in
accordance with U.S. GAAP. In addition, our financial statements and the
financial information included in this report reflect our organizational
transactions and have been prepared as if our current corporate structure had
been in place throughout the relevant periods.
Forward looking statement notice
Statements made in this Form 10-Q that are not historical or current facts are
"forward-looking statements" made pursuant to the safe harbor provisions of
Section 27A of the Securities Act of 1933 (the "Act") and Section 21E of the
Securities Exchange Act of 1934. These statements often can be identified by the
use of terms such as "may," "will," "expect," "believe," "anticipate,"
"estimate," "approximate" or "continue," or the negative thereof. We intend that
such forward-looking statements be subject to the safe harbors for such
statements. We wish to caution readers not to place undue reliance on any such
forward-looking statements, which speak only as of the date made. Any
forward-looking statements represent management's best judgment as to what may
occur in the future. However, forward-looking statements are subject to risks,
uncertainties and important factors beyond our control that could cause actual
results and events to differ materially from historical results of operations
and events and those presently anticipated or projected. We disclaim any
obligation subsequently to revise any forward-looking statements to reflect
events or circumstances after the date of such statement or to reflect the
occurrence of anticipated or unanticipated events.
Financial information contained in this report and in our financial statements
is stated in United States dollars and are prepared in accordance with United
States generally accepted accounting principles.
Corporate Overview
The Company was incorporated as Soldino Group Corp. on January 25, 2017 under
the laws of the State of Nevada, United States of America. On November 15, 2018,
the Company changed its name to Yijia Group Corp. The Company is in good
standing in the State of Nevada and in any jurisdiction where it is qualified to
do business.
Starting from July 30, 2021, the Company commenced its operation in the
rendering of business consulting service to domestic and international
customers. The Company provides consulting services to its clients with regards
to funding and other financial matters.
Results of Operations
We have incurred net current liabilities of $32,854 as at July 31, 2022. Our
financial statements have been prepared assuming that we will continue as a
going concern and, accordingly, do not include adjustments relating to the
recoverability and realization of assets and classification of liabilities that
might be necessary should we be unable to continue operations.
We expect we will require additional capital to meet our long term operating
requirements. We expect to raise additional capital through, among other things,
the sale of equity or debt securities.
On July 28, 2021, Barry Sytner, a non-affiliate of the registrant, purchased an
aggregate of 5,066,250 common shares from Kim Lee Poh, Jian Yang and Shaoyin Wu,
officers and directors of the registrant and from Jiang Bo, Chen Bo Bo and Zheng
Lixing, other majority shareholders of the registrant. The purchase price for
the common shares was paid from Mr. Sytner's personal funds resulting in a
change of control of the registrant. The common shares were transferred to Barry
Sytner effective August 4, 2021. The 5,066,250 common shares represent 86.3% of
the currently issued and outstanding common of the Company.
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Starting on July 30, 2021, the Company commenced its operation in the rendering
of business consulting service to domestic and international customers. On July
30, 2021, the Company entered into two consulting agreements with non-affiliates
to provide business consulting services. Under the consulting agreements, the
Company will receive consulting fees of $5,000 and $10,000 per month,
respectively. The term of the consulting agreements is for an initial three
month period. Unless terminated in writing prior to the end of the period, the
consulting agreements are renewable for successive three month periods.
Results of operation for the three months ended July 31, 2022 and 2021:
Three Months Ended July 31,
2022 2021
Revenues $ 15,000 $ -
General and administrative expenses (8,986 ) (10,486 )
Income (loss) from operation 6,014 (10,486 )
Gain from forgiveness of debts - 152,049
Income tax expense (3,880 ) -
Net income 2,134 142,563
Revenue
The Company generated revenues of $15,000 and $0 for the three months ended July
31, 2022 and 2021, respectively. The Company commenced operations from July 30,
2021.
Operating expenses
The Company incurred operating expenses of $8,986 and $10,486 for the three
months ended July 31, 2022, and 2021, respectively.
Net Income
The net income for the three months ended July 31, 2022 and 2021 was $2,134.
The net income for the three months ended July 31, 2021, was $142,563, due to a
gain from forgiveness of related party debt.
Liquidity and capital resources
As of July 31, 2022, our total assets were $29,884, our current liabilities were
$62,738 and stockholders' deficit was $32,854. As of July 31, 2022, we had cash
and cash equivalents of $29,884.
Our cash balance is $29,884 as of July 31, 2022. We believe our cash balance is
insufficient to fund our operations for any period of time. Management
anticipates that the Company will be dependent, in the near future, on
additional investment capital to fund operating expenses. The Company intends to
position itself so that it will be able to raise additional funds through the
capital markets. In light of management's efforts, there are no assurances that
the Company will be successful.
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We have never paid dividends on our common stock. Our present policy is to apply
cash to investments in product development, acquisitions or expansion;
consequently, we do not expect to pay dividends on common stock in the
foreseeable future.
Three Months ended
July 31, 2022 July 31, 2021
Net cash generated from (used in) operating activities $ 6,781 $ (6,942 )
Net cash used in investing activities
- -
Net cash generated from financing activities - 6,942
Cash Flows from Operating Activities
For the three months ended July 31, 2022, net cash flows generated from
operating activities was $6,781, which consisted primarily of a net income of
$2,134 and an increase in accrued liabilities and other payables of $4,647.
For the three months ended July 31, 2021, net cash flows used in operating
activities was $6,942, which consisted primarily of a net income of $142,563, a
increase in accrued liabilities and other payables of $3,544 and offset by gain
from forgiveness of related party debt of $153,049.
Cash Flows from Financing Activities
For the three months ended July 31, 2022, net cash provided by financing
activities was $0.
For the three months ended July 31, 2021, net cash provided by financing
activities was $6,942 from proceeds of related party loans.
Emerging Growth Company
We qualify as an "emerging growth company" under the JOBS Act. As a result, we
are permitted to, and intend to, rely on exemptions from certain disclosure
requirements. For so long as we are an emerging growth company, we will not be
required to: have an auditor report on our internal controls over financial
reporting pursuant to Section 404(b) of the Sarbanes-Oxley Act; provide an
auditor attestation with respect to management's report on the effectiveness of
our internal controls over financial reporting; comply with any requirement that
may be adopted by the Public Company Accounting Oversight Board regarding
mandatory audit firm rotation or a supplement to the auditor's report providing
additional information about the audit and the financial statements (i.e., an
auditor discussion and analysis); submit certain executive compensation matters
to shareholders advisory votes, such as "say-on-pay" and "say-on-frequency;" and
disclose certain executive compensation related items such as the correlation
between executive compensation and performance and comparisons of the CEO's
compensation to median employee compensation. In addition, Section 107 of the
JOBS Act also 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. We will
remain an "emerging growth company" for up to five years, or until the earliest
of (i) the last day of the first fiscal year in which our total annual gross
revenues exceed $1 billion, (ii) the date that we become a "large accelerated
filer" as defined in Rule 12b-2 under the Securities Exchange Act of 1934, which
would occur if the market value of our ordinary shares that is held by non-
affiliates exceeds $700 million as of the last business day of our most recently
completed second fiscal quarter or (iii) the date on which we have issued more
than $1 billion in non-convertible debt during the preceding three year period.
Even if we no longer qualify for the exemptions for an emerging growth company,
we may still be, in certain circumstances, subject to scaled disclosure
requirements as a smaller reporting company. For example, smaller reporting
companies, like emerging growth companies, are not required to provide a
compensation discussion and analysis under Item 402(b) of Regulation S-K or
auditor attestation of internal controls over financial reporting.
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Off-Balance Sheet Arrangements
We have no 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.
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