Results of Operations - Years Ended June 30, 2021 and 2020
The following summary of our results of operations should be read in conjunction
with our consolidated financial statements for the years ended June 30, 2021 and
2020, which are included herein.
Our operating results for the year ended June 30, 2021 and 2020, and the changes
between those periods for the respective items are summarized as follows:
Year Ended
June 30, Change
2021 2020 Amount %
Revenues $ - $ - $ - -
Operating Expenses 45,371 33,055 12,316 37 %
Total other expense 61,173 88,990 (27,817 ) (31 )%
Net Loss $ 106,544 $ 122,045 $ (15,501 ) (13 )%
We recognized no revenues during the year ended June 30, 2021 and 2020.
Net loss was $106,544 for year ended June 30, 2021 and $122,045 for the year
ended June 30, 2020. The decrease in net loss was primarily due to a decrease in
interest expense.
Operating expenses for the year ended June 30, 2021 and 2020 were $45,371 and
$33,055, respectively. Operating expenses during 2021 and 2020 were primarily
attributed to general and administration expenses of $851 and $and professional
fees of $44,520 and $33,055, respectively. The increase in professional fees is
primarily due to a consulting expense.
Liquidity and Capital
Working capital (deficit)
June 30, June 30, Change
2021 2020 Amount %
Current Assets $ - $ - $ - -
Current Liabilities $ 503,209 $ 396,665 106,544 27 %
Working Capital (Deficit) $ (503,209 ) $ (396,665 ) $ (106,544 ) 27 %
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Table of Contents
Cash flow
Year Ended
June 30,
2021 2020
Net Cash Provided by Operating Activities $ - $ -
Net Cash Provided by Investing Activities $ - $ -
Net Cash Provided by Financing Activities $ - $ -
Net Change in Cash During the Period $ - $ -
As of June 30, 2021, we had a working capital deficit of $503,209 compared to a
working capital deficit of $396,665 as of June 30, 2020. As of June 30, 2021, we
had current assets of $0 (2020- $0) and current liabilities of $503,209 (2019 -
$396,665).
Cash Flows from Operating Activities
For the year ended June 30, 2021, net cash flows provided by operating
activities was $0 consisting of a net loss of $106,544 and was offset by
non-cash loss of $52,245 and changes in operation assets and liabilities of
$54,299. For the year ended June 30, 2020, net cash flows provided by operating
activities was $0 consisting of a net loss of $122,045 and was offset by
non-cash gain and loss of $54,402 and changes in operation assets and
liabilities of $67,643.
Cash Flows Used in Investing Activities
For the years ended June 30, 2021 and 2020, we did not have any investing
activities.
Cash Flows from Financing Activities
For the years ended June 30, 2021 and 2020, we did not have any financing
activities.
Liquidity and Capital Resources
Our cash balance at June 30, 2021 was $0, with $503,209 in outstanding current
liabilities, consisting of accounts payable and accrued liabilities of 265,825,
due to related party of $52,009 and convertible notes payable of $185,375. We
estimate total expenditures over the next 12 months are expected to be
approximately $80,000.
Contractual Obligations
As a "smaller reporting company", we are not required to provide tabular
disclosure obligations.
Off-Balance Sheet Arrangements
We have no 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 is material to stockholders.
Critical Accounting Policies
The preparation of financial statements in 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 revenues and expenses during the
reporting period. A change in managements' estimates or assumptions could have a
material impact on our financial condition and results of operations during the
period in which such changes occurred. Actual results could differ from those
estimates. Our financial statements reflect all adjustments that management
believes are necessary for the fair presentation of their financial condition
and results of operations for the periods presented.
Recent Accounting Pronouncements
Management has considered all recent accounting pronouncements issued. Our
management believes that these recent pronouncements will not have a material
effect on our company's financial statements.
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