CURRENCYWORKS INC. Forward-Looking Statements
This quarterly report contains forward-looking statements. Forward-looking statements are projections of events, revenues, income, future economic performance or management's plans and objectives for future operations. In some cases, forward-looking statements can be identified by the use of terminology such as "may", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential" or "continues" or the negative of these terms or other comparable terminology. Examples of forward-looking statements made in this quarterly report include or may include, among others, statements about:
? our proposed plan of operations;
? our financial and operating objectives and strategies to achieve them;
? the costs and timing of our services;
? our use of available funds;
? our capital and funding requirements; and
? our other financial or operating performances.
The material assumptions supporting these forward-looking statements include, among other things:
? our future growth potential, results of operations, future prospects and
opportunities;
? execution of our business strategy;
? there being no material variations in current regulatory environments;
? our operating expenses, including general and administrative expenses;
? our ability to obtain any necessary financing on acceptable terms;
? timing and amount of capital expenditures;
? retention of skilled personnel;
? continuation of current tax and regulatory regimes; and
? general economic and financial market conditions.
Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.
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These forward-looking statements are only predictions and involve known and unknown risks, uncertainties and other factors, including:
? inability to efficiently manage our operations;
? general economic and business conditions;
? our negative operating cash flow;
? our ability to obtain additional financing;
? increases in capital and operating costs;
? technological changes and developments in the blockchain and cryptocurrencies;
? risks relating to regulatory changes or actions;
? competition for blockchain platforms and technologies; and
? other risk factors discussed in our annual report on Form 10-K filed on March
26, 2019,
any of which may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Further, although we have attempted to identify factors that could cause actual results, levels of activity, performance or achievements to differ materially from those described in forward-looking statements, there may be other factors that cause results, levels of activity, performance or achievements not to be as anticipated, estimated or intended.
While these forward-looking statements and any assumptions upon which they are
based are made in good faith and reflect management's current judgment regarding
the direction of our business, actual results may vary, sometimes materially,
from any estimates, predictions, projections, assumptions or other future
performance suggested herein. Accordingly, readers should not place undue
reliance on forward-looking statements. Except as required by applicable law,
including the securities laws of
All financial information contained herein is shown in
In this quarterly report, unless otherwise specified, all references to "shares" refer to shares of common stock in the capital of our company.
As used in this quarterly report, the terms "we", "us", "the Company", "our" and
"CurrencyWorks" mean
Overview
Our business is a services and development business that provides a turnkey set of services for companies to develop and integrate FinTech technologies and services including blockchain technologies into their business operations. We anticipate that we will enable companies to focus on their core competencies while providing the necessary resources and expertise to execute a strategy that will enable companies to integrate new FinTech technologies and services into their business operations. Our plan is to be compensated on a fee-for-services model, technology licensing model and reoccurring transactions revenue model.
On
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Ryde has entered into a licensing partnership agreement with Eastman Kodak
Company, which announced the launch of the KODAKOne blockchain platform and
KODAKCoin ICO. We are providing the services relating to the KODAKOne blockchain
platform and the KODAKCoin ICO pursuant to a business services agreement dated
On
On
On
On
Results of Operations
Three Months Ended
Revenue
Revenues of
Operating Expenses
We incurred general and administrative expenses of
Other Income (Expense)
There's a
Net Loss from Operations
We incurred net losses from operations of
Nine Months Ended
Revenue
We had revenues of
21 Operating Expenses
We incurred general and administrative expenses of
Other Income (Expense)
Other income includes
Net Loss from Operations
We incurred net loss from operations of
Liquidity and Capital Resources
Working Capital
As at As at
September 30, December 31,
2020 2019
Current Assets $ 62,924 $ 42,886
Current Liabilities 1,590,114 1,844,693
Working Deficit $ (1,527,190 ) $ (1,801,807 )
Current Assets
Current assets were
Current Liabilities
Current liabilities as at
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Cash Flow
Nine months Nine months
ended ended
September 30 , September 30,
2020 2019
Net cash provided by (used in) operating activities
- 410
Net cash provided by financing activities 293,948 1,188,714
Net changes in cash and cash equivalents $ 28,306 $ (872,152 )
Operating Activities
Net cash used in operating activities was
Investing Activities
There were no investing activities for the nine-month period ended
Financing Activities
Financing activities provided cash of
Cash Requirements
Our estimated general and administrative expenses, operating expenses, and
service costs for the next 12 months are
We will require additional cash resources to meet our planned capital expenditures and working capital requirements for the next 12 months. We expect to derive such cash through the sale of equity or debt securities or by obtaining a credit facility. The sale of additional equity securities will result in dilution to our stockholders. The incurrence of indebtedness will result in debt service obligations, could cause additional dilution to our stockholders, and could require us to agree to financial covenants that could restrict our operations or modify our plans to source a new business opportunity. Financing may not be available in amounts or on terms acceptable to us, if at all. Failure to raise additional funds could cause our company to fail.
Going Concern
Our unaudited condensed consolidated financial statements are prepared using
generally accepted accounting principles in
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In its report on our financial statements for the years ended
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.
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