The following discussion should be read in conjunction with our financial
statements, including the notes thereto, appearing elsewhere in this 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 Report. Our audited financial statements are stated
in United States Dollars and are prepared in accordance with United States
Generally Accepted Accounting Principles.
Company Overview
QLY Biotech Group Corp. ("the Company" or "QLY"), was incorporated in the State
of Nevada on September 20, 2018. The Company was used to engaged in the tourism.
The company used to organize individual and group sailing tours in the Dominican
Republic. Services and itineraries were used to be provide by our company
include custom packages according to the client's specifications. And we used to
develop and offer our own sailing tours in the North part of Dominican Republic
as well as third-party suppliers.
The Company has no operations or revenue as of the date of this Report due to
the current director had not perform similar service. We are currently in the
process of developing a business plan. Management intends to explore and
identify viable business opportunities within the U.S. including seeking to
acquire a business in a reverse merger. Our ability to effectively identify,
develop and implement a viable plan for our business may be hindered by risks
and uncertainties which are beyond our control, including without limitation,
the continued negative effects of the coronavirus pandemic on the U.S. and
global economies.
Results of Operation
For the three months ended November 30, 2022 compared with the three months
ended November 30, 2021
Revenue
The Company generated revenue of $0 for the three months ended November 30, 2022
as compared to revenue of $0 for the three months ended November 30, 2021. The
management intends to explore and identify business opportunities within the
U.S., including a potential acquisition of an operating entity through a reverse
merger, asset purchase or similar transaction. Our Chief Executive Officer has
experience in business consulting, although no assurances can be given that he
can identify and implement a viable business strategy or that any such strategy
will result in profits. Our ability to effectively identify, develop and
implement a viable plan for our business may be hindered by risks and
uncertainties which are beyond our control, including without limitation, the
continued negative effects of the coronavirus pandemic on the U.S. and global
economies.
2
Cost of revenues
Cost of revenues of $0 and $0 for the three months ended November 30, 2022 and
2021, respectively.
Operating Expenses
Operating expenses of $9,168 and $4,212 for the three months ended November 30,
2022 and 2021, that were mainly consist of professional fees such as audit fees,
annual list and edgar filing fee etc. Such increase was mainly derived from
annual list and stock agency fee.
Net Loss
The net loss of $9,168 and $4,212 for the three months ended November 30, 2022
and 2021, respectively. Such increase was mainly derived from annual list and
stock agency fee.
Liquidity and Capital Resources
As of November 30, 2022 and August 31, 2022, we had working capital deficit of
$8,048 and $0, respectively. The increase in working capital deficit was
reflected in the accrued liabilities and advanced from director. The Company's
net loss of $9,168 and $4,212 for the three months ended November 30, 2022 and
2021, respectively.
Cash Flow from Operating Activities
Net cash used in operating activities for the three months ended November 30,
2022 was $5,668 as compared to net cash used in operating activities of $4,809
for the three months ended November 30, 2021, reflecting an increase of $859 on
net cash used in operating activities. Such increase was due to the Company
incurred a lower net loss in current year.
Cash Flow from Investing Activities
Net cash generated from investing activities for the three months ended November
30, 2022 and 2021, was $0 and $0, respectively.
Cash Flow from Financing Activities
Net cash generated from financing activities for the three months ended November
30, 2022 was $5,668 as compared to net cash generated from financing activities
of $800 for the three months ended November 30, 2021, reflecting an increase of
$4,868 on net cash generated from financing activities. Such increase was mainly
due to the director that paid the Company's operating expenses on behalf of the
Company, such as audit fee, annual list and stock agency fee etc.
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Table of Contents
Credit Facilities
We do not have any credit facilities or other access to bank credit.
Contractual Obligations, Commitments and Contingencies
We currently have three lease agreement in place with respect to office premises
in Beijing and Changsha China to commence our business operations.
Off-balance Sheet Arrangements
As of November 30, 2022, we have no significant off-balance sheet arrangements
that have or are reasonably likely to have a current or future effect on our
financial condition, changes in our financial condition, revenues or expenses,
results of operations, liquidity, capital expenditures or capital resources that
are material to our stockholders.
© Edgar Online, source Glimpses
QLY BIOTECH GROUP CORP. 
