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MarketScreener Homepage  >  Equities  >  OTC Bulletin Board - Other OTC  >  Momentous Holdings Corp.    MMNT

MOMENTOUS HOLDINGS CORP.

(MMNT)
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Delayed Quote. Delayed OTC Bulletin Board - Other OTC - 01/26 11:20:15 am
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MOMENTOUS : Management's Discussion and Analysis of Financial Condition and Result of Operations (form 10-K)

12/18/2019 | 04:49pm EST

Our Management's Discussion and Analysis contains not only statements that are historical facts, but also statements that are forward-looking (within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934). 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; demographic changes; our ability to sustain, manage, or forecast growth; our ability to successfully make and integrate acquisitions; existing government regulations and changes in, or the failure to comply with, government regulations; adverse publicity; competition; fluctuations and difficulty in forecasting operating results; changes in business strategy or development plans; business disruptions; the ability to attract and retain qualified personnel; the ability to protect technology; and other risks that might be detailed from time to time in our filings with the Securities and Exchange Commission.









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Although the forward-looking statements in this Annual 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 and in our other reports 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


Momentous is a modern craft beverage company, founded in 2015 that is based in London, United Kingdom. We design, produce, market and sell handcrafted, award-winning alcohol beverage products with a portfolio consisting of gin, vodka, bitter and ready-to-drink cocktails ("RTD").

Our strategy is to produce premium products with minimal impact to the environment through the use of modern technology during production. Our methods help us to conserve energy and reduce water waste whilst delivering what we believe is a superior product. We also focus on environmentally friendly and recyclable packaging to reduce our carbon footprint. We are also looking to employ carbon offsetting in order to meet our carbon neutral status target by the end of 2020.




Corporate Information



Our address is 32 Curzon Street, London, W1J 7WS, United Kingdom. Our telephone number is +44-203-871-3051. Our corporate address is a professional mail forwarding office where physical office space may be rented on a short-term basis for additional fees. We conduct our business operations, including administrative functions, production, marketing and sales of low carbon, eco-friendly beverages at our distillery that is based in Tottenham, London in the United Kingdom.

Our corporate website is: www.vbeverages.com. The information on, or that may be, accessed from our website is not part of this annual report.

Our fiscal year end is May 31.



Results of Operations


Successor and predecessor Financial Presentation

The following discussion of the financial condition and results of operations should be read in conjunction with the consolidated financial statements included herewith. This discussion should not be construed to imply that the results discussed herein will necessarily continue into the future, or that any conclusion reached herein will necessarily be indicative of actual operating results in the future.

On August 1, 2018, V Beverages acquired MaxChater for £1 ($1). MaxChater is viewed as the predecessor entity for financial reporting purposes, and Momentous Holdings Corp. is viewed as the successor entity. For purposes of the following discussion, we compare the combined results of Momentous Holdings Corp. for the 10 months ended May 31, 2019 to the results of MaxChater for the two months ended July 31, 2018 and MaxChater for the twelve months ended May 31, 2018.

For the 10 months ended May 31, 2019, the Company (successor) generated total revenues of $133,699 During the two months ended July 31, 2018, MaxChater (predecessor) generated total revenues of $26,067. For the twelve months ended May 31, 2018 MaxChater (predecessor) generated total revenues of $172,732.

For the 10 months ended May 31, 2019 (successor), we experienced a total comprehensive loss of $133,412, as compared to a total comprehensive loss of $18,350 for the two months ended July 31, 2018 (predecessor) and a total comprehensive loss of $21,316 for the twelve months ended May 31, 2018 (predecessor). This primarily resulted from higher operating expenses in the 2019 period, which more than offset the increase in revenues. The higher level of operating expense is partly attributable to higher general and administrative expenses, which is likely to continue given the costs of maintaining the company as a public company.









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Our revenues, operating expenses, and net operating loss were as follows:



Revenues


Our revenue for the 10 months ended May 31, 2019 (successor)was $133,699. For the two months ended July 31, 2018 (predecessor) revenue was $26,067. For the twelve months ended May 31, 2018 (predecessor) revenue was $172,732.



Operating Expenses


Our operating expenses for the 10 months ended May 31, 2019 (successor) were $174,628. For the two months ended July 31, 2018 (predecessor) operating expenses were $27,358. For the twelve months ended May 31, 2018 (predecessor) operating expenses were $95,970.

Other Comprehensive Income/(Loss)

Other comprehensive income for the 10 months ended May 31, 2019 (successor) was $4,468. For the two months ended July 31, 2018 (predecessor), other comprehensive income was $2,819. For the twelve months ended May 31, 2018 (predecessor) other comprehensive income was $80.



Total Comprehensive Loss


Our total comprehensive loss for the 10 months ended May 31, 2019 (successor) was $133,412. For the two months ended July 31, 2018 (predecessor) the loss was $18,350. For the twelve months ended May 31, 2018 (predecessor) the loss was $21,316.

The increase in total comprehensive loss is attributable to the change in business focus to the alcohol beverage industry along with increased legal and audit fees.

Liquidity and Capital Resources

As of May 31, 2019 (successor), we had total current assets of $27,871, consisting of cash of $4,840, accounts receivable of $19,547 and prepayments and other receivables of $3,484. We had current liabilities of $184,423 as of May 31, 2019. We therefore had a working capital deficit of $156,552 as of May 31, 2019.

Our ability to operate beyond May 31, 2019, is contingent upon us obtaining additional financing and/or upon realizing sales revenue sufficient to fund our ongoing expenses. Until we are able to sustain our ongoing operations through sales revenue, we intend to fund operations through debt and/or equity financing arrangements, which may be insufficient to fund our capital expenditures, working capital, or other cash requirements. We do not have any formal commitments or arrangements for the sales of stock or the advancement or loan of funds at this time. There can be no assurance that such additional financing will be available to us on acceptable terms, or at all.



Going Concern


Our total current assets were $27,871, consisting of cash of $4,840, accounts receivable of $19,547 and prepayments and other receivables of $3,484. These amounts do not provide adequate working capital for us to successfully operate our business and to service our debt. Expenses incurred to the date of this prospectus are being recorded in our books as they occur. This raises substantial doubt about our ability to continue as a going concern. Our continuation as a going concern is dependent upon obtaining additional working capital.

© Edgar Online, source Glimpses

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Financials (USD)
Sales 2019 0,16 M - -
Net income 2019 -0,16 M - -
Net Debt 2019 0,11 M - -
P/E ratio 2019 -135x
Yield 2019 -
Capitalization 3,42 M 3,42 M -
EV / Sales 2018 -
EV / Sales 2019 133x
Nbr of Employees 3
Free-Float 53,9%
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Managers and Directors
NameTitle
Andrew Eddy President, CEO & Executive Director
Max Roberto Derek Chater Chief Operations Officer & Director
Andrew Parry Independent Non-Executive Director
Peter Keen Head-Group Accounting