The following discussion of the Company's historical performance and financial condition should be read together with the financial statements and related notes in "Item 8. Financial Statements and Supplemental Data" of this Report. This discussion contains forward-looking statements based on the views and beliefs of our management, as well as assumptions and estimates made by our management. These statements by their nature are subject to risks and uncertainties, and are influenced by various factors. As a consequence, actual results may differ materially from those in the forward-looking statements. See "Item 1A. Risk Factors" of this report for the discussion of risk factors.






         21

  Table of Contents




Plan of Operations

We had working capital of <$50,393> as of December 31, 2020. We anticipate the need for additional funding in order to continue our operations at their current levels, and to pay the costs associated with being a public company. As announced on April 7, 2021, we may also require additional funding in the future to expand or complete acquisitions. In the event we require additional funding, we plan to raise that through the sale of debt or equity, which may not be available on favorable terms, if at all, and may, if sold, cause significant dilution to existing stockholders. If we are unable to access additional capital moving forward, it may hurt our ability to grow and to generate future revenues.

We reiterate that the Company's business plan changed significantly and materially in April 2021, after the period for which the financial statements presented hereby cover. As a result, these results do not represent the Company's potential results in the future.





RESULTS OF OPERATIONS

Results of Operations for the Year Ended December 31, 2020 compared to the Year Ended December 31, 2019

We had $9,000 in revenues for the year ended December 31, 2020 and $6,300 for the year ended December 31, 2019. Our revenue change is a result of securing different sources for scripts and a new customer in 2020.

Our operating expenses for the year ended December 31, 2020 were $124,445 which consisted of amortization of intangible assets of $4,808 legal and professional fees of $54,715 and general and administrative expenses of $64,922. For the year ended December 31, 2019, our operating expenses were $41,880 which consisted of amortization of intangible assets of $364, legal and professional fees of $38,151 and general and administrative expenses of $3,365. Our operating expenses are primarily due to normal business operations and increased due to professional fees incurred in listing the Company's stock and the expense related to granting 1 million shares of Stock to Gary Allen during the first quarter of 2020.

We had a net loss of $117,673 for the year ended December 31, 2020, compared to net loss of $35,580 for the year ended December 31, 2019. The increase in net loss is primarily due to the increase in legal and professional fees and increase in general and administrative expenses.

Liquidity and Capital Resources

The Company's cash position was $0 at December 31, 2020, compared to $7,444 at December 31, 2019. During 2020, the company's cash needs were met via payments made on its behalf by Wookey Search Technologies Corporation and Wookey Project Corp, which are related parties of the company and were recorded as accounts payable - related party. As of December 31, 2020, the Company had current assets of $4,500 and current liabilities of $54,893 compared to $7,444 and $800, respectively, as of December 31, 2020. This resulted in working capital of <$50,393> at December 31, 2020, and $6,644 at December 31, 2019.

Net cash used in operating activities amounted to $3,672 for the year ended December 31, 2020, compared to using net cash of $38,851 for the year ended December 31, 2019. This is primarily due to common stock issued for services and accounts payable - related party during the year ended December 31, 2020.

Net cash used in investing activities amounted to $3,772 and $1,000 for the years ended December 31, 2020 and 2019, respectively, solely representing the purchase of intangible assets.






         22

  Table of Contents

Net cash provided by financing activities was $0 for the years ended December 31, 2020 and 2019.

We do not currently have any additional commitments or identified sources of additional capital from third parties or from our officers, directors or majority stockholders. Additional financing may not be available on favorable terms, if at all.

In the future, we may be required to seek additional capital by selling additional debt or equity securities, or otherwise be required to bring cash flows in balance when we approach a condition of cash insufficiency. The sale of additional equity or debt securities, if accomplished, may result in dilution to our then stockholders. Financing may not be available in amounts or on terms acceptable to us, or at all. In the event we are unable to raise additional funding and/or obtain revenues sufficient to support our expenses, we may be forced to curtail or abandon our business operations, and any investment in the Company could become worthless.

Off-Balance Sheet Arrangements

We do not have any off-balance sheet arrangements.





Critical Accounting Policies

Our discussion and analysis of our financial condition and results of operations are based upon our financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. We monitor our estimates on an on-going basis for changes in facts and circumstances, and material changes in these estimates could occur in the future. Changes in estimates are recorded in the period in which they become known. We base our estimates on historical experience and other assumptions that we believe to be reasonable under the circumstances. Actual results may differ from our estimates if past experience or other assumptions do not turn out to be substantially accurate.

Certain of our accounting policies are particularly important to the portrayal and understanding of our financial position and results of operations and require us to apply significant judgment in their application. As a result, these policies are subject to an inherent degree of uncertainty. In applying these policies, we use our judgment in making certain assumption and estimates. Our critical accounting policies are outlined in "Note 1 - Summary of Significant Accounting Policies" to the financial statements included herein.





Critical Accounting Policies:

Emerging Growth Company. Section 107 of the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act") provides that an "emerging growth company" can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other words, an "emerging growth company" can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have elected to take advantage of the benefits of this extended transition period. Our financial statements may therefore not be comparable to those of companies that comply with such new or revised accounting standards.

RECENTLY ISSUED ACCOUNTING STANDARDS

For more information on recently issued accounting standards, see "Note 1 - Summary of Significant Accounting Policies" to the Notes to Financial Statements included herein.

© Edgar Online, source Glimpses