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    5310   TW0005310007

CGS INTERNATIONAL INC.

(5310)
  Report
End-of-day quote Taipei Exchange  -  2022-11-24
27.95 TWD   +0.90%
11/10CGS International Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2022
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09/16CGS INTERNATIONAL, INC. Management's Discussion and Analysis of Financial Condition and Results of Operations (form 10-Q)
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08/15CGS INTERNATIONAL, INC. MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (form 10-K)
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CGS INTERNATIONAL, INC. MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (form 10-K)

08/15/2022 | 02:31pm EST

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our financial statements and related notes included elsewhere in this report.

This annual report contains forward looking statements relating to our Company's future economic performance, plans and objectives of management for future operations, projections of revenue mix and other financial items that are based on the beliefs of, as well as assumptions made by and information currently known to, our management. The words "expects", "intends", "believes", "anticipates", "may", "could", "should" and similar expressions and variations thereof are intended to identify forward-looking statements. The cautionary statements set forth in this section are intended to emphasize that actual results may differ materially from those contained in any forward-looking statement.




6





Results of Operations for the Years Ended April 30, 2022 and 2021

The following summary of our results of operations should be read in conjunction with our audited financial statements for the years ended April 30, 2022 and 2021 which are included herein.




Our operating results for the years ended April 30, 2022 and 2021 are summarized
as follows:



                                     Year Ended
                                     April 30,
                                 2022            2021
General and administrative   $      76,761     $  1,625
Professional fees            $  17,546,486     $ 46,000
Other expenses               $  95,330,565     $  4,685
Net Loss                     $ 112,953,812     $ 52,310




Operating Revenues


During the years ended April 30, 2022 and 2021, our company did not record any revenues.

Operating Expenses and Net Loss

Operating expenses for the year ended April 30, 2022 were $17,523,247 compared to $47,625 for the year ended April 30, 2021. The increase in operating expenses was primarily attributed to an increase of $17,500,486 in professional fees due to an increase in stock based compensation, in addition to an increase of $75,136 in office and general expenditures due to higher filing needs.



Other Income and Net Loss


Other income consisting of interest expense, loss on acquisition, and loss on settlement of debt for the year ended April 30, 2022 was $95,330,565 and $4,685 for the previous year ended in April 30, 2021. The increase is the result of shares issued to convert notes payable and to acquire assets.

Liquidity and Capital Resources



Working Capital



                                At             At
                             April 30      April 30,
                               2022           2021
Current Assets              $   26,961     $        -
Current Liabilities         $  450,233     $  264,888
Working Capital (deficit)   $ (423,272 )     (264,888 )



As of April 30, 2022 and 2021, we had current assets consisting of cash and prepaid expenses of $26,961 and $0, respectively.

As of April 30, 2022, we had total liabilities of $450,233 compared with $264,888 as of April 30, 2021. The increase in total liabilities was attributed to additional funding through the issuance of notes payable to support our ongoing operating activities.




7






Cash Flows



                                        Year Ended       Year Ended
                                         April 30,       April 30,
                                           2022             2021

Cash used in Operating Activities $ (171,224 ) $ (48,760 ) Cash used in Investing Activities $ (65,730 ) $ - Cash provided by Financing Activities $ 263,489 $ 48,760 Net Increase (Decrease) in Cash $ 26,535 $ -

Cashflow from Operating Activities

During the year ended April 30, 2022, we used $171,244 of cash for operating activities as compared to $48,760 during the year ended April 30, 2021. The increase in cash used was primarily the result of increased operations.

Cashflow from Investing Activities

During the year ended April 30, 2022, the Company used $65,730 in investing activities as compared to $0 during the year ended April 30, 2021. The increase in cash used in investing activities was the result of cash payments made for the purchase of fixed and other assets.

Cashflow from Financing Activities

During the year ended April 30, 2022, the Company received $263,489 from financing activities as compared to $48,760 during the year ended April 30, 2021. Cash used in investing activities was primarily form the issuance of notes payable during the year.



Going Concern


These financial statements have been prepared on a going concern basis, which implies that the Company will continue to realize its assets and discharge its liabilities in the normal course of business. The Company has a working capital deficit of $112,953,812 and has an accumulated deficit of $113,294,700. The continuation of the Company as a going concern is dependent upon the continued financial support from its shareholders, the ability to raise equity or debt financing, and the attainment of profitable operations from the Company's future business. These factors raise substantial doubt regarding the Company's ability to continue as a going concern. These financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.



Trends


We are in the pre-development stage, have not generated any revenue and have no prospects of generating any revenue in the foreseeable future. We are unaware of any known trends, events or uncertainties that have had, or are reasonably likely to have, a material impact on our business or income, either in the long term of short term.




8





Off-Balance Sheet Arrangements

We have no significant off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in our financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to our stockholders.



Inflation


The effect of inflation on our revenues and operating results has not been significant.




Subsequent Events



None.


Critical Accounting Policies

Our financial statements are presented in United States dollars and are prepared using the accrual method of accounting which conforms to US GAAP.

Use of Estimates and Assumptions

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make certain 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 periods presented. We are required to make judgments and estimates about the effect of matters that are inherently uncertain. Although, we believe our judgments and estimates are appropriate, actual future results may be different; if different assumptions or conditions were to prevail, the results could be materially different from our reported results.



Income Taxes


The Company follows the liability method of accounting for income taxes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax balances. Deferred tax assets and liabilities are measured using enacted or substantially enacted tax rates expected to apply to the taxable income in the years in which those differences are expected to be recovered or settled. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the date of enactment or substantive enactment.

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Financials
Sales 2021 23,3 M 0,75 M 0,75 M
Net income 2021 -33,1 M -1,07 M -1,07 M
Net cash 2021 150 M 4,84 M 4,84 M
P/E ratio 2021 -28,6x
Yield 2021 -
Capitalization 809 M 26,1 M 26,1 M
EV / Sales 2020 6,52x
EV / Sales 2021 37,0x
Nbr of Employees -
Free-Float 44,9%
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Managers and Directors
Guo Xiong Lu Chairman & General Manager
Ramon Mabanta President, CFO, Secretary & Treasurer
Yon Gren Chen Independent Director
Qian You Zhuang Independent Director
Ching Wen Chien Director