Results of Operations - Years Ended June 30, 2020 and 2019

The following summary of our results of operations should be read in conjunction with our consolidated financial statements for the years ended June 30, 2020 and 2019, which are included herein.

Our operating results for the year ended June 30, 2020 and 2019, and the changes between those periods for the respective items are summarized as follows:





                             Year Ended
                              June 30,                     Change
                         2020           2019         Amount         %
Revenues              $        -     $        -     $      -           -
Operating Expenses       (33,055 )      (56,543 )     23,488       (42%)
Total other expense      (88,990 )     (152,353 )     63,363       (42%)
Net Loss              $ (122,045 )   $ (208,896 )   $ 86,851       (42%)

We recognized no revenues during the year ended June 30, 2020 and 2019.

Net loss was $122,045 for year ended June 30, 2020 and $208,896 for the year ended June 30, 2019. The decrease in net loss was primarily due to a decrease in interest expense.

Operating expenses for the year ended June 30, 2020 and 2019 were $33,055 and $56,543, respectively. Operating expenses during 2020 and 2019 were primarily attributed to general and administration expenses of $0 and $16,982 and professional fees of $33,055 and $39,561, respectively. The decrease in general and administration expenses is primarily due to stock exchange expense.





Liquidity and Capital



Working capital (deficit)



                             June 30,       June 30,            Change
                               2020           2019         Amount        %
Current Assets              $        -     $        -     $       -        -
Current Liabilities         $  396,665     $  332,289        64,376       19 %
Working Capital (Deficit)   $ (396,665 )   $ (332,289 )   $ (64,376 )     19 %





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Cash flow



                                               Year Ended
                                                June 30,
                                            2020        2019

Net Cash Provided by Operating Activities $ - $ - Net Cash Provided by Investing Activities $ - $ - Net Cash Provided by Financing Activities $ - $ - Net Change in Cash During the Period $ - $ -

As of June 30, 2020, we had a working capital deficit of $396,665 compared to a working capital deficit of $332,289 as of June 30, 2019. As of June 30, 2020, we had current assets of $0 (2019- $0) and current liabilities of $396,665 (2019 - $332,289).

Cash Flows from Operating Activities

For the year ended June 30, 2020, net cash flows provided by operating activities was $0 consisting of a net loss of $122,045 and was offset by non-cash gain and loss of $54,402 and changes in operation assets and liabilities of $67,643. For the year ended June 30, 2019, net cash flows provided by operating activities was $0 consisting of a net loss of $208,896 and was offset by non-cash gain and loss of $141,824 and changes in operation assets and liabilities of $67,072.

Cash Flows Used in Investing Activities

For the years ended June 30, 2020 and 2019, we did not have any investing activities.

Cash Flows from Financing Activities

For the years ended June 30, 2020 and 2019, we did not have any financing activities.

Liquidity and Capital Resources

Our cash balance at June 30, 2020 was $0, with $396,665 in outstanding current liabilities, consisting of accounts payable and accrued liabilities of $211,290, and convertible notes payable of $185,375. We estimate total expenditures over the next 12 months are expected to be approximately $80,000.





Contractual Obligations

As a "smaller reporting company", we are not required to provide tabular disclosure obligations.

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 is material to stockholders.





Critical Accounting Policies

The preparation of financial statements in accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. A change in managements' estimates or assumptions could have a material impact on our financial condition and results of operations during the period in which such changes occurred. Actual results could differ from those estimates. Our financial statements reflect all adjustments that management believes are necessary for the fair presentation of their financial condition and results of operations for the periods presented.






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Recent Accounting Pronouncements

Management has considered all recent accounting pronouncements issued. Our management believes that these recent pronouncements will not have a material effect on our company's financial statements.

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