The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our unaudited consolidated financial statements and the notes thereto. This discussion and analysis may contain forward-looking statements based on assumptions about our future business.
The terms the "Company", "we", "us", "our" and similar terms refer to
In General
We presently sell our ancillary gaming products in
We are controlled by two individuals (our President and Chief Financial Officer) who devote approximately 25 hours a week each of their time to the business of the Company.
Although the Company has obtained the license for the manufacturing, sale,
marketing and licensing of the four roulette patents, and certain other patents,
we have not yet applied to any
Critical Accounting Estimates
The preparation of financial statements in conformity with accounting principles
generally accepted in
Liquidity and Capital Resources
We believe that the Company currently does not have the necessary working
capital to support existing operations through 2022 since the Company has had
minimal revenues and accumulated deficit of
For the remainder of the fiscal year ending
Going Concern
The Company has experienced recurring net operating losses since inception and
had negative working capital of
The Company's present plans, the realization of which cannot be assured, to overcome these difficulties include, but are not limited to, among other things, additional capital resources. Management's plan is to obtain such resources for the Company by obtaining capital from management and significant shareholders sufficient to meet its minimal operating expenses and seeking equity and/or debt financing. Through capital influx from third party investors, the Company plans to spend on marketing for all current products to generate revenues, enter into license and royalty agreements with its patented products, as well as seek acquisitions that generate cash flows. However management cannot provide any assurances that the Company will be successful in accomplishing any of its plans.
Plan of Operations
During the remainder of the fiscal year ending
Based upon our current cash reserves, although we feel it will be adequate, we may not have adequate resources to meet our short term or long-term cash requirements. No specific commitments to provide additional funds have been made by management, the principal stockholders or other stockholders, and we have no current plans, proposals, arrangements or understandings with respect to the sale or issuance of additional securities. Accordingly, there can be no assurance that any additional funds will be available to us to allow us to cover our expenses.
12
Three Months Ended
The following table summarizes the results of our operations during the three
months ended
Three Months Ended: March 31, March 31, 2022 2021 Variance Percentage Revenue $ - $ - $ - 0.00 % Operating expenses (60,045 ) (12,999 ) (47,046 ) 361.92 % Other expense (37,155 ) (37,306 ) 151 -0.40 % Net loss$ (97,200 ) $ (50,305 ) $ (46,895 ) 93.22 %
The variance between the net loss of
Commitment and Contingencies
None.
Off-Balance Sheet Arrangements
At
13
© Edgar Online, source