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
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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
Revenues were de minimis for both periods in 2022 and 2021.
General and administrative expenses went from
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
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
Interest charges fell by
The value of our derivative liabilities resulted in a loss of
During the current year, we recorded a foreign exchange loss of
Our overall net losses of
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.
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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
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
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