FIRST AMERICA RESOURCES CORPORATION The following discussion of our financial condition and results of operations should be read in conjunction with our financial statements and the related notes, and other financial information included in this Form 10-K.
Our Management's Discussion and Analysis contains not only statements that are
historical facts, but also statements that are forward-looking. Forward-looking
statements are, by their very nature, uncertain and risky. These risks and
uncertainties include international, national, and local general economic and
market conditions; our ability to sustain, manage, or forecast growth; our
ability to successfully make and integrate acquisitions; new product development
and introduction; existing government regulations and changes in, or the failure
to comply with, government regulations; adverse publicity; competition; the loss
of significant customers or suppliers; fluctuations and difficulty in
forecasting operating results; change in business strategy or development plans;
business disruptions; the ability to attract and retain qualified personnel; the
ability to protect technology; the risk of foreign currency exchange rate; and
other risks that might be detailed from time to time in our filings with the
Although the forward-looking statements in this Report reflect the good faith judgment of our management, such statements can only be based on facts and factors currently known by them. Consequently, and because forward-looking statements are inherently subject to risks and uncertainties, the actual results and outcomes may differ materially from the results and outcomes discussed in the forward-looking statements. You are urged to carefully review and consider the various disclosures made by us in this report as we attempt to advise interested parties of the risks and factors that may affect our business, financial condition, and results of operations and prospects.
Overview
The Corporation was originally known as
We were previously engaged in selling the lithium-ion batteries and related power supplies that mainly are used in mobile and consumer electronics products, such as readers, DVD players, digital cameras and digital video recorders, communications products, electric-power bikes and mopeds, miner's lamps, electric-power tools, electric-power sources for instruments and meters and other similar electrical equipment that can run on batteries.
On
In connection with this change of control, we discontinued our current business.
It is anticipated we will acquire FAMCe (formerly known as
FAMCe in
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Results of Operations
For the fiscal year ended
Revenue
The Company had zero sales revenue for the fiscal years ended on
Cost of Revenue
For the fiscal years ended
Expense
Our expenses consist of selling, general and administrative expenses as follows:
For the fiscal year ended
Detail is shown in the below table:
Year Ended Year Ended
June 30, June 30,
2021 2020
Expense
License & Registration $ 930 $ 930
Professional Fees 16,141 16,165
Total Expense $ 17,071 $ 17,095
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Income & Operation Taxes
We are subject to income taxes in the
We paid no income taxes in USA for the fiscal years ended
Net Loss
We incurred net losses of
Foreign Currency Translation
The Company has determined
Liquidity and Capital Resources
At June 30, At June 30,
2021 2020
Current Ratio 0.06 0.03
Cash $ 13,050 $ 5,121
Working Capital $ (195,983 ) $ (178,912 )
Total Assets $ 13,050 $ 5,121
Total Liabilities $ 209,033 $ 184,033
Total Equity $ (195,983 ) $ (178,912 )
Total Debt/Equity -1.07 -1.03
Current Ratio = Current Asset / Current Liabilities
Working Capital = Current asset - Current Liabilities
Total Debt / Equity = Total Loans from Officers / Total Shareholders' Equity
The Company had cash and cash equivalents of
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Until we generate more operating revenues or receive other financing, all our
costs, which we will incur irrespective of our business development activities,
including bank service fees and those costs associated with
At
After our potential acquisition, we may still need to secure additional debt or equity funding. We do not have any plans or specific agreements for new sources of funding, except for the anticipated loans from management as described above.
Our lack of revenues and cash raise substantial doubt about our ability to continue as a going concern. The financial statements do not include adjustments that might result from the outcome of this uncertainty and if we are unable to generate significant revenue or secure financing we may be required to cease or curtail our operations.
The Company's lack of operating history and financial resources raise substantial doubt about its ability to continue as a going concern.
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