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MarketScreener Homepage  >  Equities  >  OTC Bulletin Board - Other OTC  >  Future International Group Corp.    FIGM

FUTURE INTERNATIONAL GROUP CORP.

(FIGM)
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FUTURE INTERNATIONAL : 10-K/A - Management's Discussion and Analysis of Financial Condition and Results of Operations.

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09/09/2019 | 05:59pm EDT

The following discussion should be read in conjunction with our financial statements, including the notes thereto, appearing elsewhere in this annual report. The following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in the forward-looking statements. Our audited financial statements are stated in United States Dollars and are prepared in accordance with United States Generally Accepted Accounting Principles.

Under SEC Rule 12b-2 under the Securities Exchange Act of 1934, as amended, the Company has been deemed a "shell company," because it has no or nominal assets (other than cash) and no or nominal operations.



RESULTS OF OPERATIONS


We have incurred recurring losses to date. 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 in operation.

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.

FISCAL YEAR ENDED OCTOBER 31, 2018 COMPARED TO OCTOBER 31, 2017.

REVENUE

We have not recognized revenue for the year ended October 31, 2018 and 2017

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OPERATING EXPENSES

We incurred operating expenses of $22,501 for year ended October 31, 2018, compare to $10,108 for the year ended October 31, 2017. Expenses incurred during the fiscal year ended October 31, 2018 as compared to period ended October 31, 2017 increased primarily due to the IRS has assessed a penalty for the year ended 10/31/15 on November 13, 2018 for the failure to timely file Form 5472.

NET LOSSES

Our net loss for the fiscal year ended October 31, 2018 was $(22,501) compared to a net loss of $(10,108) as of October 31, 2017.

LIQUIDITY AND CAPITAL RESOURCES

As of October 31, 2018, our total assets were $4,799 comprised of cash $1,542 and $ 3,257 website development. Our total liabilities were $18,920 comprised of a loan from director $1,680 and $17,240 accounts payable. As of October 31, 2017, our total assets were $12,461comprising of cash $ 7,044 and 5,417 website development. Our total liabilities were $ 8,180 comprised of a loan from director 1,680 and $ 6,500 account payable.

Shareholders' equity has decreased to $(14,121) as of October 31, 2018 from $4,281 as of October 31, 2017.

The Company has accumulated a deficit of $ 42,397 as of October 31, 2018 and further losses are anticipated in the development of its business. Accordingly, there is substantial doubt about the Company's ability to continue as a going concern.

The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and, or, obtaining the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management intends to finance operating costs over the next twelve months with existing cash on hand, sales, loans from directors and, or, the private placement of common stock.

Because of the Company's history of losses, its independent auditors, in the report on the financial statements for the year ended October 31, 2018 and October 31, 2017. The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which contemplate continuation of the Company as a going concern. The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that could result from the outcome of this uncertainty.

Management anticipates that the Company will be dependent, for the near future, on additional investment capital to fund operating expenses The Company intends to position itself so that it may 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 in this or any of its endeavors or become financially viable and continue as a going concern.

CASH FLOWS FROM OPERATING ACTIVITIES

We have not generated positive cash flows from operating activities. For the fiscal year ended October 31, 2018, net cash flows used in operating activities was $(9,602) compared to $ (2,525) for October 31, 2017.

CASH FLOWS FROM INVESTING ACTIVITIES

For the fiscal year ended October 31, 2018 we have not generated any cash flows from Investing activities; for the year ended October 31, 2017 we have generated negative cash flows of $6,500 from investing activities.

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CASH FLOW FROM FINANCING ACTIVITIES

We have financed our operations primarily from the sale of shares of our common stock or by way of loan from our director. For the fiscal year ended October 31, 2018, net cash from financing activities was $4,100 consisting of share issuance. For the fiscal year ended October 31, 2017, we have generated $14,500 cash flows from financing activities.



PLAN OF OPERATION AND FUNDING


The Company currently has limited working capital, and has not completed its efforts to establish a stabilized source of revenues sufficient to cover operating costs over an extended period of time.

Management anticipates that the Company will be dependent, for the near future, on funds from this offering to fund operating expenses. The Company intends to position it self so that it may be able to raise additional funds through the capital markets. Our ability to generate sufficient cash flow is dependent on our ability to execute distribution agreements with publishing authors and our ability to attract customers to purchase our product. In light of management's efforts, there are no assurances that the Company will be successful in this or any of its endeavors or become financially viable and continue as a going concern.

Prior to raising sufficient funds from this offering the management plans to fund any deficiencies in cash with management loans to the company.



GOING CONCERN


The Company has not generated any revenues and incurred a loss resulting in an accumulated deficit of $42,397 as of October 31, 2018 and further losses are anticipated in the development of its business. Accordingly, there is substantial doubt about the Company's ability to continue as a going concern.

The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and, or, obtaining the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management intends to finance operating costs over

the next twelve months with existing cash on hand, loans from directors and, or, the private placement of common stock.

Because of the Company's history of losses, its independent auditors, in the reports on the financial statements for the October 31, 2018 expressed substantial doubt about the Company's ability to continue as a going concern. The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which contemplate continuation of the Company as a going concern. The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that could result from the outcome of this uncertainty.

Management anticipates that the Company will be dependent, for the near future, on additional investment capital to fund operating expenses The Company intends to position itself so that it may 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 in this or any of its endeavors or become financially viable and continue as a going concern.



OFF-BALANCE SHEET ARANGEMENTS


As of the date of this Quarterly 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

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condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors.

SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES

Use of Estimates and Assumptions

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates.

Due to the limited level of operations, the Company has not had to make material assumptions or estimates other than the assumption that the Company is a going concern.




Cash and Cash Equivalents



The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents.




Disclosures


ASC 825, "Disclosures about Fair Value of Financial Instruments", requires disclosure of fair value information about financial instruments. ASC 820, "Fair Value Measurements" defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosures about fair value measurements. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of October 31, 2018.

The respective carrying values of certain on-balance-sheet financial instruments approximate their fair values. These financial instruments include cash, accrued liabilities and notes payable.

Fair values were assumed to approximate carrying values for these financial instruments since they are short term in nature and their carrying amounts approximate fair value.

Basic and Diluted Loss Per Share

The Company computes earnings (loss) per share in accordance with ASC 260-10-45 "Earnings per Share", which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic earnings (loss) per share is computed by dividing net earnings (loss) available to common stockholders by the weighted average number of outstanding common shares during the period. Diluted earnings (loss) per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive earnings (loss) per share excludes all potential common shares if their effect is anti-dilutive. The Company has no potential dilutive instruments, and therefore, basic and diluted earnings (loss) per share are equal.



Revenue Recognition


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The Company will recognize revenue in accordance with Accounting Standards Codification No. 605, "Revenue Recognition" ("ASC-605"). ASC-605 requires that four basic criteria must be met before revenue can be recognized:

1. Persuasive evidence of an arrangement exists

2. Delivery has occurred

3 The selling price is fixed and determinable

4. Collectability is reasonably assured.

Determination of criteria (3) and (4) are based on management's judgment regarding the fixed nature of the selling prices of the products delivered and the collectability of those amounts. Provisions for discounts and rebates to customers, estimated returns and allowances, or other adjustments are provided for in the same period the related sales are recorded. The Company will defer any revenue for which the product has not been delivered or is subject to refund until such time that the Company and the customer jointly determine that the product has been delivered or no refund will be required.

Recent Accounting Pronouncements

The Company does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Company's results of operations, financial position or cash flow.

© Edgar Online, source Glimpses

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