The following discussion contains forward-looking statements. Forward-looking statements give our current expectations or forecasts of future events. You can identify these statements by the fact that they do not relate strictly to historical or current facts. They use of words such as "anticipate", "estimate", "expect", "project", "intend", "plan", "believe", and other words and terms of similar meaning in connection with any discussion of future operating or financial performance. From time to time, we also may provide forward-looking statements in other materials we release to the public.





Recent Developments

Results of Operations during the year ended July 31, 2022 as compared to the year ended July 31, 2021.

Although we have not generated any revenues during the years previous to the Mace merger, Mace Corporation did generate $22,723 and $61,054 sales revenue during the years ended July 31, 2022 and 2021 respectively. Operating losses for the years ended July 31, 2022 and 2021 were $307,903 and $256,276 respectively previous to excess building sale proceeds of $198,204 for the year ended July 31, 2022 and forgiveness of Payroll Protection Plans advances of $156,043, less impairment of patents in the amount of $66,888 for the year ended July 31, 2021.

Liquidity and Capital Resources

On July 31, 2022 and July 31, 2021 we had $572,913 and $94,382 cash on hand. For the year ended July 31, 2022 we provided $390,714 cash, primarily from the sale of the Company owned building, compared to using $122,287 for operating activities for the year ended July 31, 2021. We used $18,724 to acquire patents during the year ended July 31, 2022 compared to $46,699, for patents and molds, during the year ended July 31, 2021. During the year ended July 31, 2022 we received $50,000 from the sale of common shares, $106,700 from SBA loans and repaid a $50,000 related party loan. During the year ended July 31, 2021, we received $50,000 from the sale of common shares plus $109,982 from Payroll Protection and other grants.

As of July 31, 2022 the Company has sufficient cash to satisfy its cash requirements for the next 12 months. If additional cash is required, through borrowings from its majority shareholders or a related party, management believes it can satisfy its cash requirements by obtaining financing from its controlling shareholders.






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Off-Balance Sheet Arrangements

The Company has only limited capital. Additional financing is necessary for the Company to continue as a going concern. Our independent auditor has issued a qualified audit opinions for the years ended July 31, 2022 and 2021, with an explanatory paragraph on going concern.

As of July 31, 2022 and 2021, we did not have any off-balance sheet arrangements as defined in Item 303(a) (4) (ii) of Regulation S-K promulgated under the Securities Act of 1934.

Contractual Obligations and Commitments

As of July 31, 2022 and 2021, we did not have any contractual obligations.

Critical Accounting Policies

Our significant accounting policies are described in the notes to our financial statements for the years ended July 31, 2022 and 2021, and are included elsewhere in this 10-K.

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