The following discussion should be read in conjunction with our consolidated financial statements, including the notes thereto, appearing elsewhere in this annual report. The following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in the forward looking statements. Factors that could cause or contribute to such differences include, but are not limited to those discussed below and elsewhere in this Annual Report. Our audited consolidated financial statements are stated in United States Dollars and are prepared in accordance with United States Generally Accepted Accounting Principles.





Results of Operations

The following summary of our operations should be read in conjunction with our audited consolidated financial statements for the year ended June 30, 2022 and 2021.

Year Ended June 30, 2022 Compared to Year Ended June 30, 2021

Our operating results for the year ended June 30, 2022 and 2021, and the changes between those periods for the respective items are summarized as follows:





                                 Year Ended
                      June 30, 2022       June 30, 2021       Change         %
Operating expenses   $       (31,960 )   $       (29,689 )   $ (2,271 )         8 %
Other expenses       $       (36,503 )   $       (60,049 )   $ 23,546       (39%)
Net loss             $       (68,463 )   $       (89,738 )   $ 21,275       (24%)

No revenue was generated for year ended June 30, 2022 and 2021.

Net loss was $68,463 for the year ended June 30, 2022 as compared to net loss of $89,738 for the year ended June 30, 2021 mainly attributed to the decrease in other expenses. During the year ended June 30, 2022, the Company incurred amortization of debt discount of $26,159.





Liquidity and Capital



Working Capital



                             June 30, 2022       June 30, 2021       Change        %
Current Assets              $             -     $             -     $       -        -
Current Liabilities         $       241,473     $       173,010     $  68,463       40 %
Working Capital (Deficit)   $      (241,473 )   $      (173,010 )   $ (68,463 )     40 %




                                                          Year Ended
                                               June 30, 2022       June 30, 2021

Cash Flows used in Operating Activities $ (26,210 ) $ (35,483 ) Cash Flows provided by Financing Activities

            26,210              35,483
Net Changes in Cash During Period             $             -     $             -

The financial statements included in this yearly report have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. As shown in the financial statements at June 30, 2022 and June 30, 2021, we had an accumulated deficit of $25,541,161 and $25,472,698 of continuing operations, respectively, and retained earnings of $109,905 and $109,905 from discontinued operations, as of June 30, 2022 and June 30, 2021, respectively. We had a working capital deficit (total current liabilities exceeded total current assets) of $241,473 and $173,010 at June 30, 2022 and June 30, 2021, respectively. The increase in working capital deficiency was mainly attributed to the increase in accrued interest, accounts payable and accrued liabilities and due to related party. Our cash balance and revenues generated are not currently sufficient and cannot be projected to cover our operating expenses for the next 12 months from the filing date of this report. These factors among others raise substantial doubt about our ability to continue as a going concern for a reasonable period of time.






          7

  Table of Contents

Cash Flows from Operating Activities

Net cash used in our operating activities for the year ended June 30, 2022 totaled $26,210, compared to net cash used in our operations for the year ended June 30, 2021 of $35,483.

For the year ended June 30, 2022, net cash flows used in operating activities was $26,210, consisting of a net loss of $68,463, decreased by changes in operating liabilities of $42,253.

For the year ended June 30, 2021, net cash flows used in operating activities was $35,483, consisting of a net loss of $89,738, decreased by amortization of debt discount of $26,159 and changes in operating liabilities of $28,096.

Cash Flows from Investing Activities

For the year ended June 30, 2022 and June 30, 2021, we had no investing activities.

Cash Flows from Financing Activities

For the year ended June 30, 2022, net cash provided by financing activities was $26,210 from advancement from the Director of the Company for paying off operating expenses on behalf of the Company.

For the year ended June 30, 2021, net cash provided by financing activities was $35,483 from proceeds from issuance of convertible notes of $26,159 and advancement from the Director of the Company for paying off operating expenses on behalf of the Company of $9,324.

Our existence is dependent upon management's ability to develop profitable operations. Management is devoting substantially all of its efforts to developing our business and raising capital and there can be no assurance that our efforts will be successful. No assurance can be given that management's actions will result in profitable operations or the resolution of our liquidity problems. The financial statements do not include any adjustments that might result should we be unable to continue as a going concern. In order to improve our liquidity, management is actively pursuing additional equity financing through discussions with investment bankers and private investors. There can be no assurance that we will be successful in our effort to secure additional equity financing.

Liquidity and Capital Resources

Our cash balance at June 30, 2022 was $NIL, with $241,473 in outstanding current liabilities, consisting of $18,027 in accounts payable and accrued liabilities, $83,252 in accrued interest, $104,660 in convertible notes and $35,534 in amount due to related party. We estimate total expenditures over the next 12 months are expected to be approximately $50,000.





Contractual Obligations

As a "smaller reporting company", we are not required to provide tabular disclosure obligations.

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 that is material to stockholders.






          8

  Table of Contents




Critical Accounting Policies

The preparation of financial statements in accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. A change in managements' estimates or assumptions could have a material impact on our financial condition and results of operations during the period in which such changes occurred. Actual results could differ from those estimates. Our financial statements reflect all adjustments that management believes are necessary for the fair presentation of their financial condition and results of operations for the periods presented.

Recent Accounting Pronouncements

Management has considered all recent accounting pronouncements issued. Our management believes that these recent pronouncements will not have a material effect on our company's financial statements.

© Edgar Online, source Glimpses