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 1. Financial Statements"" 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.





Plan of Operations

We had working capital of <$16,818> as of June 30, 2021. 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, during 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 Six months ended June 30, 2021, compared to the Six months Ended June 30, 2020

We had no revenue for the six months ended June 30, 2021, compared with $4,500 for the six months ended June 30, 2020. The decrease in revenue was the result of a change in focus in 2021 as Wookey sold the Company to SevenScore.

Our operating expenses for the six months ended June 30, 2021, were $15,848 which consisted of legal and professional fees of $14,383 and general and administrative expenses of $1,465. For the six months ended June 30, 2020, our operating expenses were $111,734 which consisted of amortization of intangible assets of $2,258 legal and professional fees of $46,344 and general and administrative expenses of $63,132 which was primarily driven by legal expenses in connection with maintenance of the company and the expense related to granting 1 million shares of Stock to Gary Allen during the first quarter of 2020. Our operating expenses were lower in the first six months of 2021 due to decreased activities pending the sale to SevenScore. In addition, the expense for granting 1 million shares of stock to Gary Allen was reversed in Q2 of 2021 when those shares were cancelled and returned to the company in connection with the sale to SevenScore. This reversal has been recorded in Other Income for the six months ended June 30, 2021.

Additionally, in connection with the sale of the company to SevenScore during April of 2021, Wookey Project Corp & Wookey Search Technologies Corporation, both related parties, forgave amounts paid on behalf of Regnum in 2020 and the first quarter of 2021 that had previously been recorded as Due to Related Party. The forgiveness of these related party payables has been reported as Other Income on the Statement of Operations for the three and six months ended June 30, 2021.






         11

  Table of Contents

We had a net income of $93,175 for the six months ended June 30, 2021, compared to net loss of $107,234 for the six months ended June 30, 2020. The decrease in net loss is primarily because the expense for granting stock to Gary Allen in 2020 was reversed in April of 2021 when those shares were returned and cancelled in connection with the sale of Regnum to SevenScore. Additionally, amounts paid in 2020 on behalf of Regnum by Wookey Project Corp & Wookey Search Technologies Corporation, both related parties, were forgiven upon sale of Regnum to SevenScore in April of 2021. Further, Legal and professional fees and general and administrative expenses also declined in the second quarter of 2021.

Liquidity and Capital Resources

The Company's cash position was $0 on June 30, 2021, and on June 30, 2020. For six months ended June 30, 2021, the company's cash needs were met via payments made on its behalf by Wookey Project Corp, and SevenScore which are related parties of the company and were recorded as accounts payable - related party. Upon the sale of the Company to SevenScore, Wookey forgave the amounts paid on behalf of the Company and those liabilities were removed from the Company's accounting records. During Q2 of 2021, SevenScore made payments on behalf of the Company for accounting and audit services totaling $7,000 which has been recorded as Due to Related Party at June 30, 2021.As of June 30, 2021, the Company had current assets of $4,000 and current liabilities of $20,818 compared to $4,500 and $54,893, respectively, as of December 31, 2020. This resulted in working capital of <$16,818> on June 30, 2021, and <$50,393> on December 31, 2020.

Net cash used in operating activities amounted to $0 for the six months ended June 30, 2021, compared to using net cash of $7,444 for the six months ended June 30, 2020.

Net cash used in investing activities was $0 for the six months ended June 30, 2021 and $6,000 for the six months ended June 30, 2020.

Net cash provided by financing activities was $0 for the six months ended June 30, 2021 and 2020.

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.






         12

  Table of Contents




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