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MarketScreener Homepage  >  Equities  >  OTC Bulletin Board - Other OTC  >  Liberated Solutions Inc    LIBE

LIBERATED SOLUTIONS INC

(LIBE)
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LIBERATED SOLUTIONS, INC. : MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (form 10-Q)

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02/11/2019 | 12:48pm EST

FORWARD LOOKING INFORMATION

This section and other parts of this Form 10-Q quarterly report includes "forward-looking statements", that involves risks and uncertainties. All statements other than statements of historical facts, included in this Form 10-Q that address activities, events, or developments that we expect or anticipate will or may occur in the future, including such things as future capital expenditures (including the amount and nature thereof), business strategy and measures to implement strategy, competitive strength, goals, expansion and growth of our business and operations, plans, references to future success, reference to intentions as to future matters, and other such matters are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential," or "continue," or the negative of such terms or other comparable terminology. These statements are only predictions. Actual events or results may differ materially. These statements are based upon certain assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions and expected future developments as well as other factors that we believe are appropriate in the circumstances. However, whether actual results and developments will conform to our expectations and predictions is subject to a number of risks, uncertainties, and other factors, many of which are beyond our control.

Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. Moreover, we do not assume responsibility for the accuracy and completeness of such forward-looking statements. We are under no duty to update any of the forward-looking statements after the date of this report to conform such statements to actual results.



Overview


Go Eco Group, (formally Liberated Energy), Inc. is a Nevada corporation formed on September 14, 2011. We were incorporated as Mega World Food Holding Company for the purpose of selling frozen vegetable products in all areas of the world except China.

On January 19, 2013, pursuant to a Common Stock Purchase Agreement, dated January 7, 2013, Perpetual Wind Power Corporation, a privately held corporation formed under the laws of the State of Delaware on July 1, 2010, acquired 24,500,000 non-registered shares of the Company from its shareholders, thereby owning 24,500,000 out of a total of 25,000,000 issued and outstanding shares of the Company. Thereafter, the Company acquired from Perpetual Wind Power Corporation its patented wind and solar powered turbine technology for 2,500,000 newly issued shares of the Company which were distributed in a dividend to its shareholders and Perpetual Wind Power Corporation returned to treasury its 24,500,000 shares it acquired from the Company's shareholders. As a result of this transaction, the Company had on January 19, 2013, 3,000,000 shares issued and outstanding. On February 14, 2013, the Company changed its name from Mega World Food Holding Company to Liberated Energy, Inc. and underwent a 24 for 1 stock split, whereby the Company's outstanding shares increased from 3,000,000 to 72,000,000.

On February 4, 2015 the Company increased their number of authorized preferred shares from 10,000,000 to 100,000,000 and authorized common shares from 250,000,000 to 900,000,000.

On July 6, 2016, the Company affected a 1-for-3,500 reverse split of the Company's common stock.

On September 14, 2016, the Company entered into an agreement with Ron Knori (Kroni) Owner of EcoCab Portland, LLC by which the Company will required all outstanding ECGLLC membership interest for a 20% non-dilutive interest of the outstanding shares of the Company with the first closing of the agreement. The foregoing agreement was amended on October 11, 2016 and the Company also entered into an Addendum to the amended agreement. The foregoing agreement and transaction described therein has not been completed as of the date of this report and there is no assurance that the transaction will ever be completed and the Company is contemplating rescinding the agreement and initiating suit against Knori.



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On January 27, 2017, the Company reduced the authorized shares of common stock from 10,000,000,000 to 2,000,000,000 and changed the name from Liberated Energy, Inc to The Go Eco Group.

The Company has advanced Eco Cab $197,520 as part of the agreement. As the closing, has not incurred, due to the failure of EcoCab meeting the agreement requirements, the Company has treated the advances as receivables due the Company with a balance due to the Company as of December 31, 2017 of $43,324.

On December 26, 2018 the Company filed an amendment with the Secretary of State of Nevada increasing the authorized shares to 6,000,000,000 from 2,000,000,000 shares of common stock with a par value of $0.001. The authorized shares of preferred shares remained at 10,000,000 with a par value of $0.001



Results of Operations



Revenue


During the three months periods ended December 31, 2018 and 2017 the Company had no revenue.

Operation and Administrative Expenses

During the three months periods ended December 31, 2018 the Company incurred general and administrative expense of $56,934 compared to $68,825 in the same period in 2017. Lower quarter costs in the period ending December 31, 2018 over the same period in 2017 was attributed to a decrease in general expenses in 2018 over 2017.




Other Income (Expense)



During the three months periods ended December 31, 2018 the Company incurred other expense for the $ 11,268 compared to other expense of $20,153 in the same periods in 2017. The higher amounts in 2017 is attributable to higher interest in 2017 over the same periods in 2018.



Net Loss


The net loss for the three periods ended December 31, 2018 was $68,202 compared to $88,978 for the same period in 2017, respectively. The decrease in loss is attributable to higher interest expense and general and administrative expenses in 2017 over 2018.

Liquidity and Capital Resources

The Company has current assets of $44 and current liabilities of $666,790 resulting in negative working capital of $666,746. This compares to negative working capital of $731,983 for the period ended September 30, 2018. The decrease in negative working capital as of December 31, 2018 is attributed to conversion of convertible debt in 2018.

Funds used in operating activities was $81,934 for the three months period ended December 31, 2018 compared to funds used of $64,205 for the same period in 2017. The effect of the change in accounts payable and accrued expenses attributed to the change between the two periods.

Funds provided by financing activities for the three months period ended December 31, 2018 was $64,000 compared to $30,000 for the same period in 2017. The Company issued convertible debt of for its financing activity in 2018 for $39,000 and $5,000 in 2017. The Company received $25,000 in 2018 as a loan from the newly formed joint venture. The joint venture was terminated and the amount was recorded against paid in capital in 2019.

Off-Balance Sheet Arrangements

The Company does not have any relationships with un entities or financial partnerships, such as entities often referred to as structured finance or special purpose entities, which would have been established for the purpose of facilitating off-balance sheet financial arrangements.

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© Edgar Online, source Glimpses

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Managers
NameTitle
Brian P. Conway Chairman, President, CEO, CFO & Secretary
Jay N. Silverman Director
Kim Thorne O'Brien Director