NAMI CORP. Results of Operations
The following summary of our results of operations should be read in conjunction
with our financial statements for the six months ended
Our operating results for three months endedDecember 31, 2021 and 2020, and the changes between those periods for the respective items are summarized as follows: Three months ended December 31, 2021 Change % (As Restated) 2020 (As Restated) (As Restated) Sales $ - $ - $ - - Cost of Goods Sold - - - - Gross Profit - - - - Operating expenses 328,918 20,206 308,712 1,528 % Other Expense 212,061 52,270 159,791 306 % Net loss$ (540,979 ) $ (72,476 ) $ (468,503 ) 646 % - Foreign currency translation (88%) adjustments:$ (9,252 ) $ (75,825 ) $ 66,573 Total comprehensive loss$ (550,231 ) $ (148,301 ) $ (401,930 ) (271 )%
During the three months ended
Our financial statements reported a net loss of
Operating expense increased to
Other expense increased to
Should we be successful in our efforts to raise additional capital, and to close one or more of our outstanding offers to purchase mining and explorations rights and thus begin exploration and mining operations, we expect our expenses to increase substantially.
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Our operating results for six months ended December 31, 2021 and 2020, and the
changes between those periods for the respective items are summarized as
follows:
Six months ended
December 31,
2021 Change %
(As Restated) 2020 (As Restated) (As Restated)
Sales $ - $ - $ - -
Cost of Goods Sold 24 - 24 -
Gross Loss (24 ) - (24 ) -
Operating expenses 429,993 44,165 385,828 874 %
Other Expense 876,805 103,199 773,606 750 %
Net loss $ (1,306,822 ) $ (147,364 ) $ (1,159,458 ) 787 %
Foreign currency
translation (108%)
adjustments: $ 10,768 $ (142,969 ) $ 153,737
Total comprehensive
loss $ (1,296,054 ) $ (290,333 ) $ (1,005,721 ) 346 %
During the six months ended
Our financial statements reported a net loss of
Operating expense increased to
Other expense increased to
Should we be successful in our efforts to raise additional capital, and to close one or more of our outstanding offers to purchase mining and explorations rights and thus begin exploration and mining operations, we expect our expenses to increase substantially.
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Liquidity and Financial Condition
Working Capital
December 31, June 30, Change
2021 2021 Amount %
Cash $ 1,749 $ 24,003 $ (22,254 ) (93%)
Current Assets $ 33,736 $ 56,159 $ (22,423) (40) %
Current Liabilities
Our working capital deficit increased as of
In the coming quarters our largest cash outlays will be in regards to (1)
professional fees for work performed for our reporting as part of
Management believes that the level of our pre-operating losses are normal for companies in the mining business, and that we will be able to off-set such losses against future revenues once the Company commences its operations and exports. However, our financial statements include a statement that there is a going concern in regards to the Company. Without significant additional investment in the form of debt or equity we may have difficulty meeting our obligations as they come due prior to our obtaining all the necessary permits to begin contracting for sea sand mining operations.
Cash Flows
Six months ended
December 31, Change
2021 Amount %
(As Restated) 2020 (As Restated) (As Restated)
Cash Flows used in %
operating activities $ (701,282 ) $ (11,126 ) $ (690,156 ) 6,203
Cash Flows used in -
investing activities $ - $ - $ - %
Cash Flows provided
by financing %
activities $ 679,240 $ 11,166 $ 668,074 5,983
Effects on changes in (426) %
foreign exchange rate $ (212 ) $ 65 $ (277 )
Net (decrease)
increase in cash (21,294) %
during period $ (22,254 ) $ 105 $ (22,359 )
Operating Activities
Net cash used in operating activities was
During the six months ended
accounts payable and accrued liabilities of
During the six months ended
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Investing Activities
The Company did not have any cash flows related to investing activities during
the six months ended
Financing Activities
Net cash provided by financing activities was
Going Concern
Our financial statements are prepared using accounting principles generally
accepted in
The ability of our company to continue as a going concern is dependent upon its ability to successfully commence its sea sand mining operations and eventually attain profits. The accompanying financial statements do not include any adjustments that may be necessary if our Company is unable to continue as a going concern.
In the coming year, our Company's foreseeable cash requirements will relate to
continual development of the operations of our business, maintaining our good
standing and making the requisite filings with the
Historically, we have mostly relied upon internally generated funds such as shareholder loans and advances to finance our operations and growth. Management may raise additional capital by retaining net earnings or through future public or private offerings of our Company's stock or through loans from private investors, although there can be no assurance that we will be able to obtain such financing. Our Company's failure to do so could have a material and adverse effect upon us and our shareholders.
Plan of Operations
This report contains forward looking statements relating to our Company's future economic performance, plans and objectives of management for future operations, projections of revenue mix and other financial items that are based on the beliefs of, as well as assumptions made by and information currently known to, our management. The words "expects", "intends", "believes", "anticipates", "may", "could", "should" and similar expressions and variations thereof are intended to identify forward-looking statements. The cautionary statements set forth in this section are intended to emphasize that actual results may differ materially from those contained in any forward looking statement.
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If the Company is unsuccessful in raising funds through shareholder loans or
advances, it will have to seek additional funds from third party debt financing,
which would be highly difficult for a development stage company, such as the
Company, to secure; or through the private placement of its common stock.
Therefore, until the lockdown in
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.
Critical Accounting Policies
The discussion and analysis of our financial condition and results of operations
are based upon our financial statements, which have been prepared in accordance
with the accounting principles generally accepted in
Use of Estimates
The preparation of financial statements in conformity with generally accepted accounting principles 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 amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Recent Accounting Pronouncements
Our company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.
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