The following discussion contains "forward-looking statements" that provide our
current expectations or forecasts of future events. These statements can be
identified by the use of terminology such as "estimates," "projects," "plans,"
"believes," "expects," "anticipates," "intends," or the negative or other
variations, or by discussions of strategy that involve risks and uncertainties.
We urge you to be cautious of the forward-looking statements, that such
statements, which are contained in this Form 10-K, reflect our current beliefs
with respect to future events and involve known and unknown risks, uncertainties
and other factors affecting our operations, market growth, services, products
and licenses. No assurances can be given regarding the achievement of future
results, as actual results may differ materially as a result of the risks we
face, and actual events may differ from the assumptions underlying the
statements that have been made regarding anticipated events.
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OVERVIEW
Snoogoo Corp a Nevada corporation formerly known as Casey Container Corp., was
incorporated in the State of Nevada on September 26, 2006 under the name Sawadee
Ventures Inc. to engage in the acquisition, exploration and development of
natural resource properties of merit. In September 2008, we ceased our
exploration activities and, in November of 2009 we entered into an Additive
Supply and License Agreement with Bio-Tec Environmental, developer of the
breakthrough EcoPure® technology.
On January 6, 2010 Ms. Rachna Khanna tendered her resignation as the President,
CEO, CFO and Director. The same day Mr. James Casey, Mr. Terry Neild, and Mr.
Robert Seaman were appointed as Directors of the Company. Mr. Casey filled the
position of President, Mr. Neild was appointed Chief Executive Officer, Chief
Financial Officer and Secretary, and Mr. Seaman was appointed Vice-
President-Operations.
In January 2015 the Company ended its Additive Supply and License Agreement with
Bio-Tec Environmental. On February 11, 2015 the Company entered into an Asset
Purchase Agreement for the acquisition of a new social information network
technology that it planned to use in order to launch web and mobile applications
with broad global appeal. The technology represented a breakthrough in common
information networks by allowing individuals and groups to search, bookmark and
share all forms of digital content, both privately and publicly, based on their
own or shared interests.
In January 2016 the Company ended its pursuit of its acquisition of a new social
information network technology. The Company is currently seeking to acquire a
company either active in the green energy sector or one whose focus is on an
aspect of sustainability.
We are currently considered a "shell" company inasmuch for the period ending
December 31, 2021 we did not generate revenues, did not own an operating
business, had no employees and no material assets.
Results of Operations for The Years Ending December 31, 2021 and December 31,
2020
Revenue
For the years ended December 31, 2021 and 2020 we generated no revenue.
Expenses
For the years ended December 31, 2021 and 2020 we incurred operating expenses of
$71,740 and $0, respectively. We incurred no interest expense in either year.
The increase in expenses in 2021 relative to 2020 is related to accounting,
audits and the preparation of filings required by the SEC.
Net Loss
For the years ended December 31, 2021 and 2020 we incurred losses of $(71,740)
and $0, respectively. At December 31, 2021 the weighted average number of common
shares outstanding was 201,864,701 and the loss per share was $0.00. At December
31, 2020 the weighted average number of common shares outstanding was
201,864,701 and the loss per share was $0.00.
Liquidity
For the years ended December 31, 2021 and 2020 we incurred net losses of
$(71,740) and $0, respectively. As of December 31, 2021 and 2020 we had cash in
the amount of $37 and $37, respectively and current liabilities of $596,040 and
$523,256, respectively. During the years ended December 31, 2021 and 2020 we
received $81,887 in support from a related party and $0 cash contributions,
respectively.
We will seek additional funds through equity or debt financing, collaborative or
other arrangements with corporate partners 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 funding and we do not anticipate that existing shareholders will
provide any portion of our future financing requirements. However, as of
December 31, 2021 the Company is not operating and will therefore incur minimal
expenses while seeking an acquisition, most of which will be related to SEC
compliance. The source of funds to maintain said compliance will be provided by
additional sales of common stock, capital contributions and advances from
related parties.
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No assurance can be given that additional funding 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 halt our acquisition
search. 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 December 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 and have an accumulated deficit as of December 31, 2021 of
approximately $6.5 million. Based upon current operating levels we will be
required to obtain additional capital for 2022 in order to sustain our
operations, which mainly consists of searching for an acquisition candidate as
well as meeting our compliance requirements with the SEC. We will obtain these
funds via sales of stock and loans. However, in order to be an on-going
business, we are aware of the importance of finding an operating company to
acquire as soon as possible.
Critical Accounting Policies and Use of Estimates
Our Critical Accounting Policies are enumerated in Note 2 of our financial
statements, 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
revenues and expenses during the reporting period. Actual results could differ
from those estimates.
Off-Balance Sheet Arrangements
As of December 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 December 31, 2021 and 2020 we did not have any contractual obligations.
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