OVERVIEW

The Company's corporate structure is designed to facilitate investment in owning aircraft systems and the IP, with the primary purpose of controlling service cash flow and dictating revenue share in the airline contracts.

The Company maintains a low-cost structure as it has no employees, contracting the services of executives and support as required. Because of the low-cost structure, the Company anticipates that the proceeds from stock issues and revenue from service and system sales, will be sufficient to meet the Company's operating and capital requirements for approximately 12 months.

RESULTS AND PLAN OF OPERATIONS

The Company had accumulated losses from inception to June 30, 2022 of $16,351,745. Major components of the loss include capital raising costs, consulting and management fees, engineering fees and operations costs. The Company may be required to make significant additional expenditures in connection with the development of the BizjetMobile and fflya programs. The Company's ability to continue its operations is dependent upon its receiving funds through its anticipated sources of financing including capital raisings, borrowings and revenues from operations.

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YEAR ENDED JUNE 30, 2022 COMPARED WITH YEAR ENDED JUNE 30, 2021

In the 2022 financial year, the Company's programs were still impacted by the Covid19 pandemic.

The Company received no revenue from its BizjetMobile business in the year ended June 30, 2022, compared to BizjetMobile service fees of $11,964 and BizjetMobile system sales $61,873, a total of $73,837 in the year ended June 30, 2021.

Business jet system sales are now recovering, and revenue will begin in the second half of 2022 on BizjetMobile in early 2023 on fflya, once the initial fleet is equipped.

Operating expenses increased from $733,962 for the twelve-month period ended June 30, 2021 to $1,280,966 for the twelve month period ended June 30, 2022 due to increased marketing, engineering and technical support costs and two years of unpaid directors fees.

The Company recorded a net loss from operations for the twelve-month period ended June 30, 2022 of $1,280,966, compared to a loss of $660,125 for the twelve-month period ended June 30, 2021.

Other expenses increased from $710,703 in the year ended June 30, 2021, to $875,661 in the year ended June 30, 2022, due to higher interest costs and loss on the issuance of shares for settlement of liabilities but without a charge for amortization of beneficial conversion feature.

The Company recorded a net loss for the twelve-month period ended June 30, 2022 of $2,156,627, compared to a loss of $1,370,828 for the twelve-month period ended June 30, 2021.

LIQUIDITY AND CAPITAL RESOURCES

The Company's cash and cash equivalents cash equivalents decreased from $157,601 at June 30, 2021 to $108,098 at June 30, 2022.

The Company's revenue for the twelve months ended June 30, 2021 was $0, compared to $73,837 in the twelve month period to June 30, 2021. Operating costs increased for the period from July 1, 2021 to June 30, 2022 mainly as a result increased marketing and engineering costs and directors fees. After loss on issuance of shares on settlement of liabilities, increased related party payables and issuance of shares for related party payables, the Company had a net cash outflow of $1,119,622 from operating activities for the period from July 1, 2021 to June 30, 2022, compared to a net cash outflow from operating activities of $417,053 for the period from July 1, 2020 to June 30, 2021.

The Company had no cash flow from investing activities for the twelve months ended June 30, 2022, and June 30, 2021 respectively.

The cash flow of the Company from financing activities for the twelve months ending June 30, 2022 was from the issue of common stock and shares issued in lieu of interest. In the twelve months ended June 30, 2021, financing activities was from issue of common stock and proceeds from loans.

The Company's business plan is focused on expansion into the airline business with its fflya program. This plan may require significant capital from the Company for marketing and technical and product support. The Company may not have sufficient funds to finance its operations in which case it will have to seek additional capital. The Company may raise additional capital by the sale of its equity securities, through an offering of debt securities, or from borrowings. The Company does not have a policy on the amount of borrowing or debt that the Company can incur.

The Company has no commitment for capital expenditure in the near future.





OUTLOOK

The following are forward looking statements and should be read in conjunction with the Forward Looking Statement in Part I. of this Form 10-K.

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The Company previously contracted ASiQ to supply and support the Bizjet program. Covid impacted the Bizjet market grounding all aircraft, and also ASiQ, the Company's industrial partner.

In order to retain the services of Ron Chapman and ASiQ and continue to support the Companies fflya program. Effective July 1st 2022, the Company is renegotiating the agreement with ASiQ in regard to the programs.

ASiQ provides the airline facilities, systems and support services funded as required on a nominal month by month basis by the Company.

The Company's primary focus over the past 12 months has been development of fflya to support its Wizz Air program.

The company's fflya business model is based on offering free messaging to be paid for by general and destination specific advertising and E-commerce. Under the fflya program, an airline will receive the system on a revenue share basis on terms to be agreed. As the equipment cost is a fraction of a Wi-Fi platform, the Company needs minimal commissions to justify the cost of the hardware. The Company believes LCA's will be attracted to this business model.





REVENUE RECOGNITION

The Company recognizes revenue from the sales of goods and services under ASC 606 by applying the following steps: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to each performance obligation in the contract; and (5) recognize revenue when each performance obligation is satisfied. .Revenue is recognised on the basis of net proceeds received from the Company's representatives, after commissions are deducted.





GOING CONCERN

The financial statements appearing elsewhere in this report have been prepared assuming that the Company will continue as a going concern. As such, they do not include adjustments relating to the recoverability of recorded asset amounts and classification of recorded assets and liabilities. The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The Company has suffered recurring losses from operations that raise substantial doubt about its ability to continue as a going concern. Management's plans in regard to these matters are described in Note 1 to the financial statements. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

The Company's ability to continue its operations is dependent upon its raising of capital through debt or equity financing in order to meet its working needs. These conditions raise substantial doubt about the Company's ability to continue as a going concern, and if substantial additional funding is not acquired or alternative sources developed, management will be required to curtail its operations.

The Company may raise additional capital by the sale of its equity securities, through an offering of debt securities, or from borrowing from a financial institution. The Company does not have a policy on the amount of borrowing or debt that the Company can incur. Management believes that actions presently being taken to obtain additional funding provide the opportunity for the Company to continue as a going concern.

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