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MarketScreener Homepage  >  Equities  >  OTC Bulletin Board - Other OTC  >  Mountain High Acquisitions Corp    MYHI

MOUNTAIN HIGH ACQUISITIONS CORP

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MOUNTAIN HIGH ACQUISITIONS : Management's Discussion and Analysis oF FINANCIAL CONDITION AND rESULTS of OperationS (form 10-K)

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06/25/2019 | 02:56pm EDT

This Annual Report on Form 10-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These forward-looking statements are not historical facts but rather are based on current expectations, estimates and projections. We may use words such as "anticipate," "expect," "intend," "plan," "believe," "foresee," "estimate" and variations of these words and similar expressions to identify forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, some of which are beyond our control, are difficult to predict and could cause actual results to differ materially from those expressed or forecasted. You should read this report completely and with the understanding that actual future results may be materially different from what we expect. The forward-looking statements included in this report are made as of the date of this report and should be evaluated with consideration of any changes occurring after the date of this Report. We will not update forward-looking statements even though our situation may change in the future and we assume no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.




RESULTS OF OPERATIONS



Working Capital




                                        March 31, 2019      March 31, 2018
           Current Assets              $        44,153$       281,758
           Current Liabilities                 271,542             524,815
           Working Capital (Deficit)   $      (227,389 )$      (243,057 )






Cash Flows



                                                  Yea
                                                     Year ended          Year ended
                                                   March 31, 2019      March 31, 2018

Cash Flows from (used in) Operating Activities $ 51,784$ (824,236 )

 Cash Flows from (used in) Investing Activities           (35,000 )          (200,000 )

Cash Flows from (used in) Financing Activities (125,481 ) 1,123,301

Net Increase (decrease) in Cash during period $ (108,697 )$ 99,065




Operating Revenues


During the year ended March 31, 2019 the Company had revenue of $141,120 compared to $150,000 for the year ended March 31, 2018. The revenue for FY 2019 and 2018 was for the lease on the 2 grow containers and the extraction container.

The lease for the extraction equipment was in default for 2 months as at March 31, 2019 and is currently five months in arrears. Based on discussions with the lessee, the account will be brought up to date in the near future although there can be no assurance at this time that this will be done.

Operating Expenses and Net Loss

The net loss for the year ended March 31, 2019 was $5,434,865 compared to a net loss of $3,351,723 for year ended March 31, 2018. The net loss for the year ended March 31, 2019 consisted of a $150,000 for officer fees, $597,000 for warrant expense, $58,811 for depreciation expense, $104,895 for professional fees, and $41,066 for G&A fees. Furthermore, the Company recognized a Goodwill write down of $4,605,134 and total interest expense of $26,454. The Company also recognized other income of $7,375.

The net loss for the year ended March 31, 2018 consisted of $30,000 in depreciation expense, $180,000 in officer fees, a total of $115,100 in warrant expense, and $489,002 in G&A expenses. Furthermore, the Company recognized a total of $471, 500 in interest expense for a beneficial conversion feature, a forbearance expense of $27,250, a total of $64,000 in original issue discount. Other expense of $2,084,300 was recognized and a total of $40,571 in interest expense was incurred.



  7



Liquidity and Capital Resources

At March 31, 2019, the Company's cash balance and other current assets was $44,153 compared to $281,758 at March 31, 2018. The decrease was primarily due to the conversion of account receivables to a Promissory Note of $150,000.

At March 31, 2019, the Company had total liabilities of $271,542 compared with total liabilities of $524,815 at March 31, 2018. The decrease was due to a decrease in convertible notes payable and a decrease in officer fees.

At March 31, 2019, the Company had a working capital deficit of $227,389 compared to a working capital deficit of $243,057 at March 31, 2018.

Cashflow from Operating Activities

During the year ended March 31, 2019, the Company provided $51,784 of cash for operating activities compared to the use of $824,236 of cash used for operating activities during the year ended March 31, 2018. The decrease in cash used for operations for the year ended March 31, 2019 was due to the operating loss of $5,434,865, increase in non cash transaction of One Lab of $4,605,134, increase in depreciation expense of $58,811, stock based compensation of $16,422, warrant expense of $597,000, decrease of accounts payable of $(128,410), decrease of $150,00 in accounts receivable, $22,293 change in other receivables, increase of $138,945 in accrued liabilities, and $26,454 of interest expense.

The decrease in cash used for operating activities for the year ended March 31, 2018 was due to the operating loss of $3,351,723, decrease in officer fees of $80,000, increase in receivables of $172,294 offset by loss on preferred stock of $2,084,300 and increase in beneficial conversion feature of $471,500.

Cashflow from Investing Activities

During the year ended March 31, 2019, the Company used $35,000 from investing activities for the year compared to $200,000 used in the period ended March 31, 2018.

Cashflow from Financing Activities

During the year ended March 31, 2019 the Company's net cash used by financing activities was $125,481. $117,361 was related to an account receivable converted to an interest bearing note receivable. Furthermore, a total of $8,120 was for shares returned.

During the year ended March 31, 2018, the Company received $1,123,301 from financing activities, $329,184 from shares issued for services, a reduction of $684,285 in notes payable conversions and an increase in proceeds from borrowing of $1,478.402.




Going Concern



We have not attained profitable operations and are dependent upon obtaining financing to pursue any extensive acquisitions and activities. For these reasons, our auditors stated in their report on our audited financial statements that they have substantial doubt that we will be able to continue as a going concern.



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Off-Balance Sheet Arrangements

We have no significant 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 that are material to stockholders.




Future Financings



We will continue to rely on equity sales of our common shares in order to continue to fund our business operations. Issuances of additional shares will result in dilution to existing stockholders. There is no assurance that we will achieve any additional sales of the equity securities or arrange for debt or other financing to fund our operations and other activities.



Critical Accounting Policies


Our financial statements and accompanying notes have been prepared in accordance with United States generally accepted accounting principles applied on a consistent basis. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods.

We regularly evaluate the accounting policies and estimates that we use to prepare our financial statements. A complete summary of these policies is included in the notes to our financial statements. In general, management's estimates are based on historical experience, on information from third party professionals, and on various other assumptions that are believed to be reasonable under the facts and circumstances. Actual results could differ from those estimates made by management.



Contractual Obligations


We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.

Recently Issued Accounting Pronouncements

Recent authoritative guidance issued by the FASB (including technical corrections to the FASB Accounting Standards Codification), the American Institute of Certified Public Accountants, and the SEC, did not, or are not expected to have a material effect on the Company's consolidated financial statements.

© Edgar Online, source Glimpses

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Managers
NameTitle
Alan Smith President, CEO, Treasurer & Director
Matt Walker Director
Raymond Watt Director
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