Management's Plan of Operation
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.
6
Overview
We are a science based direct-to-consumer (DTC) health company offering products
and services focused on aging biology wellness and longevity. Our program is
based on the book the Kaufmann Protocol® authored by our co-founder Dr. Sandra
Kaufmann, M.D., and on identifying and offering individual specific services,
recommendations and treatments designed to improve our customers' lifespan and
health-span. Whereas lifespan represents the total number of years we live, and
health-span is how many of those years we remain healthy, active, energetic and
free from disease. Our goal is to use science and technology, current and
emerging treatments, for our customers to lengthen lifespan and maximize
health-span.
We operate a DTC sales model, which means we market our products directly to our
target consumers. We currently sell our book, the Kaufmann Protocol online, we
offer, a mobile application, and plan to commercialize and market a line of
products, including our own branded molecular agents, health and wellness
testing kits and services, as well as published and multimedia content.
On May 7, 2019, the Eighth Judicial District Court of Nevada appointed Small Cap
Compliance, LLC ("Custodian") as custodian for Worldwide Strategies Inc., and on
May 8, 2019, the Custodian appointed an executive officer and board member, who
on July 10, 2019, filed a certificate of reinstatement of WWSG with the state of
Nevada. On October 16, 2019, the Eighth Judicial District Court of Nevada
discharged Small Cap Compliance, LLC as custodian for Worldwide Strategies Inc.
On July 10, 2019 the Custodian appointed board member and sole executive
officer, appointed a new member to the board of directors and subsequently
resigned from the board and as the company's sole executive officer. The board
of directors subsequently appointed the current management team, who are
reorganizing the business as a health technology company.
Significant Recent Developments Regarding COVID-19
During March 2020, a global pandemic was declared by the World Health
Organization related to the rapidly spreading outbreak of a novel strain of
coronavirus designated COVID-19. The pandemic has significantly impacted
economic conditions in the United States. The long-term impact of COVID-19 on
the economy and on our business remains uncertain, the duration and scope of
which cannot currently be predicted. Please refer to the matters discussed under
the caption "Risk Factors".
Results of Operations During the Year Ended July 31, 2021 As Compared to The
Year Ended July 31, 2020
Net Loss
For the years ended July 31, 2021 and 2020 we incurred net losses of
approximately $1.4 million and $48,000 respectively.
Revenue
For the years ended July 31, 2021 and 2020, we generated no revenue.
Expenses
For the years ended July 31, 2021 and 2020, we incurred expenses of
approximately $1.4 million and $48,000 respectively. The increase of $1.4
million in expenses for the year ended July 31, 2021 was primarily related to
stock compensation expense of approximately $1.3 million and an increase in
professional fees of approximately $12,000. For the years ended July 31, 2021
and 2020 we incurred interest expense of approximately $48,000 in relation to
the promissory notes outstanding.
7
Liquidity
Currently, we rely on our management to provide us with the capital needed to
run our business on a day-to-day basis.
For the years ended July 31, 2021 and 2020 we incurred net losses of
approximately $1.4 million and $48,000 respectively. As of July 31, 2021 and
2020, we had no cash on hand and current liabilities of $0.9 million. During the
year ended July 31, 2021 our CEO and CFO provided loans to us in the amount of
$14,577.
We will seek additional funds through equity or debt financing, collaborative or
other arrangements with corporate partners, licensees or others, and from other
sources, which may have the effect of diluting the holdings of existing
shareholders.
The Company has no current arrangements with respect to, or sources of, such
additional financing and we do not anticipate that existing shareholders will
provide any portion of our future financing requirements.
No assurance can be given that additional financing will be available when
needed or that such financing will be available on terms acceptable to the
Company. If adequate funds are not available, we may be required to delay or
terminate expenditures for certain of its programs that it would otherwise seek
to develop and commercialize. This would have a material adverse effect on the
Company.
Going Concern
The report of our independent registered public accounting firm on the financial
statements for the years ended July 31, 2021 and 2020, includes an explanatory
paragraph relating to the uncertainty of our ability to continue as a going
concern. We have incurred recurring losses, incurred liabilities in excess of
assets over the past year, and have an accumulated deficit of $15.4 million.
Based upon current operating levels, we will be required to obtain additional
capital in order to sustain our operations through July 31, 2022.
Critical Accounting Policies and Use of Estimates
The preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the date of
the financial statements and the reported amounts of revenue and expenses during
the reporting period. Actual results could differ from those estimates.
Fair Value of Financial Instruments
On August 1, 2012, the Company adopted ASC 820, Fair Value Measurements and
Disclosures. ASC 820 defines fair value, establishes a three-level valuation
hierarchy for disclosures of fair value measurement and enhances disclosure
requirements for fair value measures. The three levels are defined as follows:
? Level 1 inputs to the valuation methodology are quoted prices
(unadjusted) for identical assets or liabilities in active
markets.
? Level 2 inputs to the valuation methodology include quoted prices
for similar assets and liabilities in active markets, and inputs
that are observable for the asset or liability, either directly or
indirectly, for substantially the full term of the financial
instrument.
? Level 3 inputs to valuation methodology are unobservable and
significant to the fair measurement.
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Off-Balance Sheet Arrangements
As of July 31, 2021 and 2020, 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, 2021 and 2020, we did not have any contractual obligations.
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