This section and other parts of this Annual Report on Form 10-K ("Form 10-K")
contain forward-looking statements, within the meaning of the Private Securities
Litigation Reform Act of 1995, that involve risks and uncertainties.
Forward-looking statements provide current expectations of future events based
on certain assumptions and include any statement that does not directly relate
to any historical or current fact. Forward-looking statements can also be
identified by words such as "future," "anticipates," "believes," "estimates,"
"expects," "intends," "plans," "predicts," "will," "would," "could," "can,"
"may," and similar terms. Forward-looking statements are not guarantees of
future performance and the Company's actual results may differ significantly
from the results discussed in the forward-looking statements. Factors that might
cause such differences include, but are not limited to, those discussed in Part
I, Item 1A of this Form 10-K under the heading "Risk Factors," which are
incorporated herein by reference. The following discussion should be read in
conjunction with the consolidated financial statements and notes thereto
included in Part II, Item 8 of this Form 10-
Results of Operations
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. Assuming that we continue to require additional capital, and under ideal market conditions, we expect to raise additional capital through, among other things, the sale of equity or debt securities.
Comparison of the years ended
Years Ended December 31, 2020 2019 Change Revenue $ - $ - $ - General and administrative expenses 3,782 16,519 (12,737 ) Professional fees 32,974 42,405 (9,431 ) Operating loss (36,756 ) (58,924 ) 22,168 Net loss$ (36,756 ) $ (58,924 ) $ 22,168
Our revenue was
Our general and administrative expenses were
Expenses for professional fees were
Liquidity and Capital Resources
December 31, December 31, 2020 2019 Change % Cash$ 3,428 $ 4,348 $ (920 ) (21 )% Total assets$ 3,428 $ 4,348 $ (920 ) (21 )% Total liabilities$ 345,132 $ 309,296 $ 35,836 12 % Stockholders' equity$ (341,704 ) $ (304,948 ) $ (36,756 ) 12 % 8 Table of Contents Working Capital December 31, December 31, 2020 2019 Change % Current assets$ 3,428 $ 4,348 $ (920 ) (21 )%
Current liabilities
As at
As at
Cash Flows The following table presents our cash flow for the years endedDecember 31, 2020 and 2019: Years Ended December 31, 2020 2019 Change
Cash used in operating activities
13 15,449 (15,436 )
Net change in cash and cash equivalents
Cash Flow from Operating Activities
The net cash used in operating activities for the year ended
The net cash used in operating activities for the year ended
Cash Flow from Financing Activities
During the year ended
Off-Balance Sheet Arrangements
As of
Critical Accounting Policies and Estimates
We have identified the policies below as critical to our business operations and the understanding of our results of operations. The impact on our business operations and any associated risks related to these policies are discussed throughout Management's Discussion and Analysis of Financial Condition and Results of Operations when such policies affect our reported or expected financial results.
In the ordinary course of business, we have made a number of estimates and
assumptions relating to the reporting of results of operations and financial
condition in the preparation of our financial statements in conformity with
accounting principles generally accepted in
9 Table of Contents
Basis of Accounting and Going Concern
Our consolidated financial statements have been prepared on the accrual basis of
accounting in conformity with GAAP. In addition, the accompanying consolidated
financial statements have been prepared assuming that we will continue as a
going concern, which contemplates the realization of assets and the liquidation
of liabilities in the normal course of business. We generated accumulated losses
of approximately
Also, refer Note 2 - Summary of Significant Accounting Policies in the consolidated financial statements that are included in this Annual Report.
© Edgar Online, source