Results of Operations
For the years ended
Revenue
The Company had no operations and no revenue for the years ended
Operating Expenses The following table presents our total operating expenses for the years endedDecember 31, 2020 and 2019. Year Ended December 31, 2020 2019 Audit and professional fees 68,000 50,814 Payroll 20,502 18,867 Stock based compensation 90,000 92,100
Other general and administrative expense 13,542 22,374
$ 192,044 $ 184,155 5 Table of Contents
Operating expenses consist of i) audit, accounting and legal fees, ii) payroll,
and iii) other general and administrative expenses, including directors'
compensation of
Loss from Operation
The Company incurred a loss from operations of
Other Income (Expense)
The following table presents our total Other Income (Expense) for the years
ended
Year Ended December 31, 2020 2019 Interest and other income$ 1,010 $ 8,681 Warrant modification expense - (567,194 )$ 1,010 $ (558,513 )
Other income (expense) increased by
Net Loss
The Company had a net loss of
Losses per share for the years ended
It is anticipated that future operating expenses may increase as the Company complies with its periodic reporting requirements and effects a business combination, although there can be no assurance that the Company will be successful in effecting a business combination.
6 Table of Contents
Liquidity and Capital Resources
At
The following table provides detailed information about our net cash flow for all years presented in this Report.
Cash Flow Year EndedDecember 31, 2020 2019
Net cash used in operating activities
- - Net cash provided by financing activities - - Net cash outflow$ (108,476 ) $ (76,724 )
Net cash of
The use of cash of
The use of cash of
No cash flows were used in or provided by investing activities during the years
ended
No cash proceeds were used in or provided by financing activities during the
years ended
New Accounting Pronouncements
Refer to the discussion of recently adopted/issued accounting pronouncements under Part II, Item 8, Notes to Financial Statements, Note 3: Significant Accounting Policies.
Factors Which May Affect Future Results
Future earnings of the Company are dependent on interest rates earned on the Company's invested balances and expenses incurred. The Company expects to incur significant expenses in connection with its objective of identifying a merger partner or acquiring an operating business.
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