Item 5.06 Change in Shell Company Status
The Company ceased being a shell company as defined in Rule 12b-2 of the Securities Exchange Act of 1934 defines a shell company as a company that has
(A) no or nominal operations; and,
(B) either,
(1) no or nominal assets;
(2) assets consisting solely of cash and cash equivalents; or,
(3) assets consisting of any amount of cash and cash equivalents and nominal other assets.
The determination was made based on the following:
1) The Company has begun business operations in the 2nd quarter of 2022 pursuant
to its business plan. As such, the Company does not have nominal operations.
2) On
Operation Service Agreement with a service provider to develop and maintain its social media platform application. The Company has made a total payment of$238,000 to the service provider for the development of the platform as ofSeptember 30, 2022 . Under the terms of the Agreement, the Company shall own all copyrights and intellectual property rights thereto. The initial version of the application was completed onOctober 27, 2022 and is available for download by the public. As such, the Company does not have assets consisting of any amount or solely of cash and cash equivalents and nominal other assets.
Accordingly, pursuant to the status above, the Company is a development stage
company that has engaged in activities that are, at a minimum, sufficient to
manifest a strong commitment in pursuing a legitimate business as set forth in
the Company's business plan. Based on the business conducted by the Company
since
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