This report contains “forward-looking statements”. All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including: any projections of earnings, revenue, or other financial items; any statements of management plans, strategies and objectives for future operations; any statements regarding proposed new products, services or developments; any statements regarding future economic conditions or performance; any statement of belief; and any statements of assumptions underlying any of the foregoing. “Forward-looking statements” may include the words “may”, “estimate”, “intend”, “continue”, “believe”, “expect”, “plan” or “anticipate” and other similar words.

Although we believe that the expectations reflected in our “forward-looking statements” are reasonable, actual results could differ materially from those projected or assumed. Our future financial condition and results of operations, as well as any “forward-looking statements”, are subject to change and inherent risks and uncertainties, such as those disclosed in this report. In light of the material uncertainties inherent in the “forward-looking statements” included in this report, the inclusion of such information should not be taken as a representation by the Company or any other person that the objectives and plans of the Company will be achieved. . Except for our continuing obligation to disclose material information as required by federal securities laws, we do not intend, and undertake no obligation, to update any “forward-looking statement”. . Accordingly, the reader should not rely on “forward-looking statements” as they are subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those contemplated. by “forward-looking statements”.

You should read the following discussion and analysis of our financial condition and results of operations in conjunction with our unaudited financial statements, including the notes thereto, included elsewhere in this report.


We are an early-stage Internet application company, engaged in advanced technology and business development in the field of Internet applications. We have incurred general and administrative expenses, marketing expenses and research and development expenses since the beginning of our current activities in May 2015against minimal income.


  Table of Contents

The continued operations of the Company are dependent on our ability to secure adequate financing and commence profitable operations in the future. The Company may raise additional capital through the sale of its equity securities, through the offering of debt securities or through loans from related parties. We believe that the steps currently being taken to secure additional financing may provide the Company with the opportunity to continue operations. However, there can be no assurance that the Company will succeed in achieving these objectives.

Results of operations – Quarters ended March 31, 2022 compared to 2021

Revenues were de minimis for both periods in 2022 and 2021.

General and administrative expenses went from $154,376 in 2021 for $208,380 in the current year for an increase of $54,004. The main differences were $19,000
less consulting fees in the current year compared to the previous year due to a decrease in the number of permanent consultants; an increase in professional services $34,000mainly due to the inclusion in the current period $25,000 stock-based compensation to a consultant in the form of a share payable; and one $40,000
increase in promotional costs.

Depreciation expense has not changed from last year as we depreciate our only asset using the straight-line method, so depreciation expense is the same from period to period. other.

Research and development expenditure went from $200,775 last year at $86,882 in the current year due to a decrease in development activities.

Interest charges fell by $423,770 in 2021 for $225,359 in 2022 (decrease of
$198,411), primarily because there were several large debt prepayments (in the form of conversion into common stock) in the past year, requiring the full amortization of existing discount balances. Fewer such prepayments have taken place in the current year.

The value of our derivative liabilities resulted in a loss of $1,903,447 in 2021 against a gain of $32,433 in 2022. See Note 6 to the financial statements for the calculation of these values.

During the current year, we recorded a foreign exchange loss of $28,166 against a gain of
$11,379 the previous year, all of which are caused by fluctuations in exchange rate differentials between WE and Australian dollars.

Our overall net losses of $519,946 in the current year against $2,674,515
of the previous year result from the above elements.

Cash and capital resources

Our financial statements have been prepared on a going concern basis which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business.

To March 31, 2022the company had $39,924 current assets and current liabilities totaling $5,110,916. We are currently seeking financing to achieve our business objectives, but there can be no assurance that we will obtain such financing or, once obtained, that we will be able to invest in productive assets that will result in operating cash flow. positive.


  Table of Contents

Going Concern

The accompanying financial statements have been prepared on the assumption that the Company will continue as a going concern. As shown in the attached financial statements, we had negative cash flow from operations, recurring losses and negative working capital at March 31, 2022. These conditions raise substantial doubts about our ability to continue our business. The financial statements do not include any adjustments that may be necessary if we are unable to continue our business. Management intends to fund these deficits by making additional notes to shareholders and by seeking additional external financing through debt or the sale of its common stock.

Plan of Operation

Our near-term operating plans are discussed in detail in Item 7 – MD&A or Operating Plan included in our Form 10-K at December 31, 2021filed with the Security and Exchange Commission
on March 24, 2021 and is incorporated herein by reference.

© Edgar Online, source Previews


Comments are closed.