BOWMO, INC. Forward Looking Statements
This Quarterly Report on Form 10-Q contains forward-looking statements. For this purpose, any statements contained in this Report that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking information includes statements relating to future actions, prospective products, future performance or results of current or anticipated products, sales and marketing efforts, costs and expenses, interest rates, outcome of contingencies, financial condition, results of operations, liquidity, business strategies, cost savings, objectives of management, and other matters. You can identify forward-looking statements by those that are not historical in nature, particularly those that use terminology such as "may," "will," "should," "expects," "anticipates," "contemplates," "estimates," "believes," "plans," "projected," "predicts," "potential," or "continue" and similar expressions or the negative of these similar terms. The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking information to encourage companies to provide prospective information about themselves without fear of litigation so long as that information is identified as forward-looking and is accompanied by meaningful cautionary statements identifying important factors that could cause actual results to differ materially from those projected in the information.
These forward-looking statements are not guarantees of future performance and
involve risks, uncertainties and assumptions that we cannot predict. In
evaluating these forward-looking statements, you should consider various
factors, including the following: (a) those risks and uncertainties related to
general economic conditions, (b) whether we are able to manage our planned
growth efficiently and operate profitable operations, (c) whether we are able to
generate sufficient revenues or obtain financing to sustain and grow our
operations, (d) whether we are able to successfully fulfill our primary
requirements for cash, which are explained below under "Liquidity and Capital
Resources". We assume no obligation to update forward-looking statements, except
as otherwise required under the applicable federal securities laws. Unless
stated otherwise, terms such as the "Company," "
Plan of Operations
Results of Operations
Three Months Ended
Compensation Expense
Compensation expense for the three months ended
Consulting Expense
Consulting expense for the three months ended
General and administrative expenses
General and administrative expenses for the three months ended
Professional fees
Professional fees for the three months ended
15
Other Income (Expense)
Total other income (expense) of
Net Income (Loss)
The Company had a net loss of
Quarterly Developments None. Significant Developments Acquisition of bowmo, Inc.
On
bowmo was incorporated under the laws of the
bowmo is located at
Please see our Form 8-K filed on
Going Concern
The accompanying unaudited interim consolidated condensed financial statements
have been prepared in conformity with generally accepted accounting principles
which contemplate continuation of the Company on a going-concern basis. The
going concern basis assumes that assets are realized, and liabilities are
extinguished in the ordinary course of business at amounts disclosed in the
consolidated financial statements. The Company has incurred recurring losses
from operations and has an accumulated deficit of
Critical Accounting Estimates and Policies
The preparation of financial statements in conformity with accounting principles
generally accepted in
16
We are subject to various loss contingencies arising in the ordinary course of business. We consider the likelihood of loss or impairment of an asset or the incurrence of a liability, as well as our ability to reasonably estimate the amount of loss in determining loss contingencies. An estimated loss contingency is accrued when management concludes that it is probable that an asset has been impaired or a liability has been incurred and the amount of the loss can be reasonably estimated. We regularly evaluate current information available to us to determine whether such accruals should be adjusted.
We recognize deferred tax assets (future tax benefits) and liabilities for the expected future tax consequences of temporary differences between the book carrying amounts and the tax basis of assets and liabilities. The deferred tax assets and liabilities represent the expected future tax return consequences of those differences, which are expected to be either deductible or taxable when the assets and liabilities are recovered or settled. Future tax benefits have been fully offset by a 100% valuation allowance as management is unable to determine that it is more likely than not that this deferred tax asset will be realized.
Recent Accounting Pronouncements
The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.
Off Balance Sheet Arrangements
We have not entered into any 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 and would be considered material to investors.
© Edgar Online, source
