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MarketScreener Homepage  >  Equities  >  OTC Bulletin Board - Other OTC  >  Rivex Technology Corp    RIVX

RIVEX TECHNOLOGY CORP

(RIVX)
Delayed Quote. Delayed OTC Bulletin Board - Other OTC - 07/16 01:59:13 pm
5 USD   +100.00%
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RIVEX TECHNOLOGY : Management's Discussion and Analysis of Financial Condition or Plan of Operation (form 10-Q)

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08/14/2019 | 03:36pm EDT

FORWARD-LOOKING STATEMENTS

This quarterly report contains forward-looking statements. These statements relate to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology such as "may", "should", "expects", "plans", "anticipates", "believes", "estimates", "predicts", "potential" or "continue" or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. 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. Except as required by applicable law, including the securities laws of the United States, we do not intend to update any of the forward-looking statements to conform these statements to actual results.

Our unaudited financial statements are prepared in accordance with United States Generally Accepted Accounting Principles. The following discussion should be read in conjunction with our financial statements and the related notes that appear elsewhere in this quarterly 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. Factors that could cause or contribute to such differences include, but are not limited to, those discussed below and elsewhere in this quarterly report.

In this quarterly report, unless otherwise specified, all dollar amounts are expressed in United States dollars and all references to "common shares" refer to the common shares in our capital stock.

As used in this quarterly report, the terms "we", "us", "our" and "our company" mean Rivex Technology Corp., unless otherwise indicated.



General Overview


We were incorporated under the laws of the State of Nevada on September 9, 2014, to engage in the development and sale of mobile games for the Apple and Android platforms.

On October 4, 2018, as a result of a private transaction, the control block of voting stock of our company, represented by 5,000,000 shares of common stock, was transferred from Adrian Dario Rivera Tchernikov to Sungrow Ventures Limited, resulting in a change of control.

Upon the change of control of our company, our sole existing director and officer resigned immediately. Accordingly, Adrian Dario Rivera Tchernikov, serving as director and President, Treasurer and Secretary, ceased to be our company's director and officer. At the effective date of the change of control, Gabriel Dollente Diamaandal, was appointed director, Chief Executive Officer, President, Treasurer and Secretary of our company. On May 31, 2019, Gabriel Dollente Dianmaandal resigned from his Chief Executive Officer position, and Koong Wai Loon was appointed.

Subsequent to June 30, 2019, the Company acquired all of the assets, rights, and interest of a blockchain consultancy firm. The Company will be proceeding with this new operations in 2019.

Our address principal executive office is located at Rua da Moeda 19, Evora, Portugal 7000-513. We do not have any subsidiaries.

We do not have a corporate website.




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We have generated minimal revenues and have limited cash on hand. We have sustained losses since inception and have relied upon loans from directors and officers and the sale of our securities for funding. We have never declared bankruptcy, been in receivership, or involved in any kind of legal proceeding.



Our Current Business


Subsequent to June 30, 2019, the Company acquired all of the assets, rights, and interest of a blockchain consultancy firm. The Company will be proceeding with this new operations in 2019.

The Company is continuing to explore additional funding through potential issuances of equity, or debt.



Results of Operations


The following summary of our operations should be read in conjunction with our unaudited financial statements for the three months ended June 30, 2019 and 2018.

Three months ended June 30, 2019 compared to three months ended June 30, 2018.



                                         Three Months       Three Months
                                            Ended              Ended
                                           June 30,           June 30,
                                             2019               2018          Changes

Revenues                                $            -     $            -     $      -
Cost of Goods Sold                      $            -     $            -     $      -
Gross Profit                            $            -     $            -     $      -
Operating Expenses                      $       (6,272 )$      (16,119 )$  9,847

Net Loss from continued operations $ (6,272 )$ (16,119 )$ 9,847 Net Loss from discontinued operations $

            -     $         (116 )   $    116

With the change of control on October 4, 2018, the Company abandoned the business of development and sale of mobile games and disposed the game software and computer equipment.

We had no revenue during the three months ended June 30, 2019 and 2018.

Operating expenses were $6,272 for the three months ended June 30, 2019, compared to $16,119 for the three months ended June 30, 2018.

We incurred a net loss from continued operations in the amount of $6,272 and $16,119 for the three months ended June 30, 2019 and June 30, 2018, respectively.

We incurred a net loss from discontinued operations of $0 and $116 for the three months ended June 30, 2019 and 2018, respectively.

Liquidity and Capital Resources

The following table provides selected financial data about our company as of June 30, 2019 and March 31, 2019, respectively.




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Working Capital



                                 As of         As of
                               June 30,      March 31,
                                 2019           2019        Changes

Current Assets                 $       -     $        -     $      -
Current Liabilities            $  37,822$   31,550$  6,272

Working Capital (Deficiency) $ (37,822 )$ (31,550 )$ (6,272 )

As at June 30, 2019 and March 31, 2019, our Company had no cash and no assets.

As at June 30, 2019, our company had total liabilities of $37,822, compared with total liabilities of $31,550 as at March 31, 2019.




As at June 30, 2019, our company had working capital deficiency of $37,822
compared with working capital deficiency of $31,550 as at March 31, 2019. The
increase in working capital deficiency was primarily attributed to an increase
in advances from director ($7,116) and a decrease in accounts payable and
accrued liabilities ($844).



Cash Flows



                                            Three Months       Three Months
                                               Ended              Ended
                                              June 30,           June 30,
                                                2019               2018           Changes

Net cash provided by (used in) operating
activities                                 $       (7,116 )$      (15,916 )$   8,800
Net cash used in investing activities      $            -     $            -     $       -
Net cash provided by financing
activities                                 $        7,116$        2,250$   4,866
Net increase (decrease) in cash and cash
equivalents                                $            -     $      (13,666 )$  13,666

Cash Flow from Operating Activities

During the three months ended June 30, 2019, our company used $7,116 in cash from operating activities, compared to $15,916 during the three months ended June 30, 2018. The cash used in operating activities for the three months ended June 30, 2019 was attributed to net loss from continuing operations of $6,272 and a decrease in accounts payable and liabilities of $844.

The cash used in operating activities for the three months ended June 30, 2018 was attributed to net loss from continuing operations of $16,119 and net loss from discontinuing operations of $116, offset by net depreciation expense of $116 and an increase in accounts payable and accrued liabilities of $203.

Cash Flow from Investing Activities

During the three months ended June 30, 2019 and 2018, our company had no investing activities.

Cash Flow from Financing Activities

Net cash received from financing activities was $7,116 for the three months ended June 30, 2019 compared to net cash received from financing activities of $2,250 for the three months ended June 30, 2018.

The cash received from financing activities for the three months ended June 30, 2019 of $7,116 was attributed to expenses paid directly by director.




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The cash received from financing activities for the three months ended June 30, 2018 of $2,250 was attributed to the net advances from the former director of $2,250.

Off-Balance Sheet Arrangements

We have no 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.

© Edgar Online, source Glimpses

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Managers
NameTitle
Gabriel Dollente Diamaandal President, CEO, Secretary, Treasurer & Director
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