This 10-K contains forward-looking statements. Our actual results could differ materially from those set forth because of general economic conditions and changes in the assumptions used in making such forward-looking statements. The following discussion and analysis of our financial condition and results of operations should be read together with the audited consolidated financial statements and accompanying notes and the other financial information appearing elsewhere in this report. The analysis set forth below is provided pursuant to applicable Securities and Exchange Commission regulations and is not intended to serve as a basis for projections of future events. Refer also to "Risk Factors" and "Cautionary Note Regarding Forward Looking Statements" in Item 1 above.





8







Plan of Operation

The Company is currently pursuing additional funding sources that would enable it to acquire the acquisitions currently under an LOI and sustain its planned operations. We intend to pursue additional opportunities to expand the Company.





Costs and Resources

To the extent that the Company's capital resources are insufficient to meet planned operating requirements, the Company will seek additional funds through equity or debt financing, collaborative, or other arrangements with corporate partners, licensees, or others, and from other sources.

Results of Operation for the years ended December 31, 2020 and 2019

During the year ending December 31, 2020, the Company had operating revenues of $92,114. During the year ending December 31, 2020 the Company had cost of revenues of $88,354. During the year ending December 31, 2020, the Company incurred operating expenses of $1,358,295 consisting primarily of consulting fees, travel expenses and general and administrative costs. During the year ended December 31, 2019, the Company incurred operating expenses of $212,708. These operating expenses combined with a lack of operating revenues resulted in net losses of ($1,392,968) and ($65,235) for the periods ended December 31, 2020 and December 31, 2019, respectively. As of December 31, 2020, the Company had a stockholders' deficit of ($470,222) compared to a stockholders' deficit of ($1,241,863) as of December 31, 2019. The decreased stockholders' deficit was due to the net losses in 2020 primarily due to the issuance of common stock for reduction of debt, finance fees, and non-cash charges for changes in derivative valuations associated with the embedded conversion features of convertible debentures.

Equity and Capital Resources

We have incurred losses since inception of our business and, as of December 31, 2020, we had an accumulated deficit of ($7,418,894). As of December 31, 2020, we had cash of $12,069 and negative working capital of ($1,135,594).

To date, we have funded our operations through short-term debt and equity financing. During the year ended December 31, 2020 the Company received $115,000 of borrowed funds, comprised of $0 from related parties and $115,000 from non-related parties. In addition, during the year ended December 31, 2020, the Company issued the following shares of common stock: 0 shares for cash proceeds, 2,936,347,316 shares for reduction and settlement of third-party debt and no shares for services.





Delinquent Loans

At December 31. 2020 the Company is delinquent in its payments on loans owing to 3 different lenders in the aggregate amount of $226,186 excluding potential penalties. The Company is in discussions with such lenders to extend the maturity dates or to convert all or part into the company's common stock.

Off-balance Sheet Arrangements





None.

Recent Accounting Pronouncements

We have adopted all applicable recently issued accounting pronouncements. The adoption of the accounting pronouncements did not have a material effect on our operations.





9

© Edgar Online, source Glimpses