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, 2021 and 2020. Year Ended December 31, 2021 2020 Audit and professional fees 38,173 68,000 Payroll 20,582 20,502 Stock based compensation - 90,000
Other general and administrative expense 12,898 13,542
$ 71,653 $ 192,044
Operating expenses consist mostly of audit and accounting fees and payroll.
There were less operating expenses for the year ended
5 Table of Contents 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, 2021 2020 Interest and other income$ 117 $ 1,010 Warrant modification expense (1,450,890 ) -$ (1,450,773 ) $ 1,010
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 will decrease and then stabilize as the Company complies with its periodic reporting requirements; however, expenses may increase as the Company works to effect a business combination, although there can be no assurance that the Company will be successful in effecting a business combination.
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, 2021 2020
Net cash used in operating activities
- - Net cash provided by financing activities - - Net cash outflow$ (73,536 ) $ (108,476 )
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
6 Table of Contents
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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