FORWARD-LOOKING STATEMENTS
Statements made in this Annual Report that are not historical or current facts are "forward-looking statements" made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 (the "Act") and Section 21E of the Securities Exchange Act of 1934. These statements often can be identified by the use of terms such as"may,""will,""expect,""believe,""anticipate,""estimate,""approximate" or "continue," or the negative thereof.
We intend that such forward-looking statements be subject to the safe harbors for such statements.
We wish to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Any forward-looking statements represent management's commercially reasonable judgment as to what may occur in the future. However, forward-looking statements are subject to risks, uncertainties and important factors beyond our control that could cause actual results and events to differ materially from historical results of operations and events and those presently anticipated or projected. We disclaim any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statement or to reflect the occurrence of anticipated or unanticipated events.
RESULTS OF OPERATIONS
Our financial statements have been prepared assuming that we will continue as a going concern.To evaluate this assumption, the section below with the title of "GOING CONCERN" should be reviewed carefully. In addition, NOTE - 1 to the Audited Financial Statements should also be reviewed carefully. Based on the assumption stated above, we have not included adjustments relating to the recoverability and realization of assets and classification of liabilities that might be necessary if we are not able to continue in operation.
We generated net revenues of nil and
For the year ended
Our general and administrative expenses for the years ended
The main reason
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for the increase in the general and administrative expenses was that the Company expanded its operations. General and administrative expenses were basically the corporate overhead, such as legal, accounting and office expenses.
LIQUIDITY AND CAPITAL RESOURCES
As of
Our total liabilities were
The amounts due to the related parties generated most of the increase. The
amount due to related parties is
The accumulated losses were
As of
Cash Flows from Operating Activities
For the year ended
Cash Flows from Investing Activities
For the years ended
Cash Flows from Financing Activities
For the year ended
PLAN OF OPERATION AND FUNDING
We expect that working capital requirements will continue to be funded through a
combination of our existing funds, revenue from operations and one or more
additional loans from
Existing working capital, further advances and debt instruments, and anticipated cash flow are expected to be adequate to fund our operations over the next six months. We have no lines of credit or other bank financing arrangements. Generally, we have financed operations to date through the proceeds of the private placement of equity and debt instruments.
Based on our business plan, the management anticipates that there will beincreases in operating expenses and capital expenditures in: (i) developmental expenses associated with the business; and (ii) marketing expenses. We intend to finance these expenses with further issuances of securities, and debt issuances. Thereafter, we expect we will need to raise additional capital and generate revenues to meet long-term operating requirements.
Additional issuances of equity or convertible debt securities will result in dilution to our current shareholders. Further, such securities might have rights, preferences or privileges senior to our common stock.
Additional financing may not be available upon acceptable terms,. If adequate funds are not available or are not available on acceptable terms, we may not be able to take advantage of prospective new business opportunities.
Lack of additional investments would significantly and materially restrict our
business operations. In addition, it could prevent
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MATERIAL COMMITMENTS
As of the date of this Amended Annual Report, we do not have any material commitments.
OFF-BALANCE SHEET ARRANGEMENTS
As of the date of this Amended Annual Report, there are no such arrangements.
We do not have any 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 are material to investors.
GOING CONCERN
The independent auditors' report, in the summary portion, expresses substantial doubt about our ability to continue as a going concern. In addition, NOTE - 1, which accompanies our financial statements, expresses substantial doubt about our ability to continue as a going concern. In addition, the independent auditor's opinion and report are based on, at least in significant part, on the Company's Amended Annual Report.
The financial statements have been prepared "assuming that we will continue as a going concern." That assumes we will be able to raise additional money from investors, effectively use our assets and satisfy our liabilities and commitments in the ordinary course of business. There is no assurance that we can do so.
For the period ended
These financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary if we are not able to continue as a going concern.
Management believes that the current actions to obtain additional funding and implement our strategic plans provide the opportunity to continue as a going concern. There are no assurances that additional funds will be available when needed from any source or, if available, will be available on terms that are acceptable to us.
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