3AM TECHNOLOGIES, INC. 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
Unless otherwise specified our financial statements are expressed in
In this quarterly report, unless otherwise specified, all dollar amounts are
expressed in
Overview
We intend to continue and grow the existing operations of
We intend to generate revenue by assisting technology manufacturers and retailers to reduce their costs by sourcing their product design, development and manufacturing.
The Company intends to compete with other similar companies but aims to develop
a website to promote its services and engage in a more comprehensive marketing
program.
While the Company has enough funds to operate now, management believes the
Company's best chance for long term growth is to complete the acquisition of
If we are unable to raise sufficient funds to complete the acquisition of
Our business office is located at 129 The Queensway,
Plan of Operation
Our goal is to acquire
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--------------------------------------------------------------------------------Management expects to invest in ongoing development and expansion of the Company's services in order to remain competitive.
If we are unable to complete our acquisition of
Results of Operations
For the Six Months Ended
For the six For the six
Months Ended Months Ended
November 30, November 30,
2020 2019
Revenues $ Nil $ Nil
Total operating expenses 15,685 10,943
Net loss $ (15,685) $ (10,943)
Revenues
For the six months ended
Operating Expenses
We incurred total operating expenses of
Our general and administrative expenses were comprised of
Our general and administrative expenses were comprised of
Net Loss
We had a net loss of
Our revenue for the six months ended
We had a net loss of
Capital Resources and Liquidity
As of
Our Company has a minimum cash burn rate of
Management may decide, based on market conditions, to seek future private placements if management believes such private placements are in the best interests of our Company. We believe we will be able to generate advertising sales revenue within one hundred and twenty (120) days of the launch of our website.
We estimate that we will need to raise at least
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--------------------------------------------------------------------------------We do not anticipate researching any further products or services nor the purchase or sale of any significant equipment. We also do not expect any significant additions to the number of employees other than those noted above.
If we are unable to raise sufficient funds to pay for the development of our website, this may prevent us from accomplishing our business plan.
Off-balance sheet arrangements
Our Company has no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect or change on our Company's financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors. The term "off-balance sheet arrangement" generally means any transaction, agreement or other contractual arrangement to which an entity unconsolidated with our Company is a party, under which our Company has (i) any obligation arising under a guarantee contract, derivative instrument or variable interest; or (ii) a retained or contingent interest in assets transferred to such entity or similar arrangement that serves as credit, liquidity or market risk support for such assets.
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