Forward Looking Statements
This quarterly report contains forward-looking statements that involve risks and uncertainties. We use words such as anticipate, believe, plan, expect, future, intend and similar expressions to identify such forward-looking statements. You should not place too much reliance on these forward-looking statements. Our actual results are likely to differ materially from those anticipated in these forward-looking statements for many reasons, including the risks faced by us described in this section.
Background
We were incorporated on
On
We completed the acquisition of a website originally located at
www.savinstultra.com and now to be located at www.smartsavenow.com (the
"Website"), including, without limitation, the website domain, content, data,
and all incorporated technology on
The Website consists of a search engine that users access in order to compare
the prices of different consumer products, which is known as a price comparison
website. The initial version of the website is published and is undergoing
further development. It currently features consumer items in various product
categories, such as electronics, computers, cellular phones, office equipment,
clothing, books, toys, and jewellery. As well, the Website includes a search
function that allows users to input key words and receive a list of available
consumer items that include those words. The Website was developed in
We intend to further develop the Website to specifically market to American
consumers by providing real-time pricing for items that major
During initial development, the vendor of the Website is able to offer products
from 86 existing sellers and has agreements with an additional 420 sellers. As
with other price comparison websites, we will not charge users anything to use
the Website. We intend to generate revenue by securing commission payments from
retailers and other sellers. These payments will vary from seller to seller, but
will either consist of a fee for each time one of our users accesses a retail
website through our website, a fee for each time one of our users buys an item
from a retailer or register with their website, or a flat fee for inclusion on
our website. Each fee arrangement with a retailer will be negotiated separately.
Since our acquisition of the Website and related technology, we have retained
software developers in
8 WarpSpeedTaxi App
We intend to complete the development of and operate a ride-hailing and food
delivery computer and mobile device application known as "WarpSpeed Taxi". A
ride-hailing service, also known as app-taxi, e-taxi, or a mobility service
provider, is a service that, via websites and mobile apps, matches passengers
with drivers of vehicles for hire that are not licensed taxi drivers. The
computer application that we are developing is intended to provide travellers
with convenient door-to-door transport that leverages smart mobility platforms
to connect drivers with passengers and lets drivers use their personal vehicles.
Ride-hailing, like a traditional taxi service, facilitates drivers providing
rides to customers for a fee. However, ride-hailing offers additional
capabilities, such as efficient pricing tools, matching platforms, rating
systems, and food delivery. We acquired the WarpSpeedTaxi application in its
current phase of development from a private
We anticipate that our WarpSpeedTaxi application will allow customers to hire a standard and luxury motor vehicles via a smartphone or personal computer for both one-way and round-trips with the price based on the distance travelled and the current level of demand for vehicles. In addition to transporting passengers, the application may also be used for deliveries of goods from restaurants, grocery stores, and other businesses that typically utilize local vehicle courier services.
Customers will use the application to request a ride or the delivery of goods. Drivers that we recruit and approve, through confirmation of no criminal record, a clean driving history, and access to a suitable insured vehicle, will act as independent contractors and set their own work hours. They will connect with customers via our application, pick up customers or goods to be delivered in accordance with the customer's request, and then drive the customers or goods to their destination. Customers will pay for the transportation through the application by way of credit card. Drivers will receive payments for each ride or delivery they complete via a weekly direct deposit to their bank accounts.
Privacy andValue Software
On
As companies are increasingly attempting to meet the demands of employees that want work environment flexibility and are forced to avoid employee congregation in response to the current global Covid-19 pandemic, they are retaining staff that either work from home or they rely on outsourcing to retain employees and independent contractors in other countries. One of the primary concerns with having staff work in a separate location that removes them from the daily, direct oversight of management is that employee productivity will suffer. One of the responses to this concern is for businesses to use some form of worker surveillance in order to ensure that employees are utilizing their work time efficiently. However, businesses may face pushback from their staff due to concerns that their personal privacy is compromised when they are subject to constant monitoring during work hours. They may resist practices such as webcam surveillance or persistent computer screen observation.
To address employer concerns regarding staff efficiency and employee concerns regarding privacy, we intend market and sell the Privacy and Value software that has features to monitor worker computer productivity while providing employees with reasonable privacy during their work days. The features of the software are as follows:
? the software will monitor the employees' computer desktops while they are
actually working on the system. Surveillance will commence when an employee
logs on to his or her computer through our software and will continue until the
employee logs out of the system. After an employee signs out of the software,
recording and monitoring will cease and the employee can access his or her
computer contents and the Internet for personal purposes;
? when the employee is logged in, the software will allow management to maintain
real-time access to employee activity and to view each employee's desktop
screen content and the keystrokes that the employee is typing. All of this
information will also be recorded and stored for future management use with all
information time stamped. The file name for each day's recording will be the
employee's first name, last name, and the year, month, and day, which will
allow a manager to identify the appropriate recording without difficulty; and
9
? based on employee actions, the software will calculate the amount of time that
the employee was logged into the system based on a searchable time period
(e.g., a shift, a week, or a month). It will also indicate the length of
various time periods during which the employee did not make any keystrokes on
his or her computer and allow the manager to quickly access the recording of
employee's desktop at the times when keystrokes commenced and stopped. The
software will also provide details of the length of each break that the
employee takes during the work period analysed. It will also have tools that
the manager can use, in tabular and graphic form, to compare the efficiency of
employees in terms of keystrokes and time logged in to their computer.
In consideration of the vendor selling the Privacy and Value software to us, we agreed to:
(a) pay
(b) pay, by
We did not make the payment due on
Friendly and Fast Delivery Service
We are currently developing a delivery computer application known as Friendly and Fast. The application is being designed to allow users to order food, groceries, and other courier services. Friendly and Fast's focus will strictly be delivery of goods and will be a compliment to the WarpSpeed Taxi app that will also focus on ride-hailing services.
Friendly and Fast will target both individuals and corporate customer segments.
For corporate clients, this feature will give discounts to restaurant owners,
grocery stores, couriers, and similar enterprises so they can affordably provide
deliveries to their customers. We are currently organizing beta testing of the
application in Ahmedabad,
Results of Operations for the Three months Ended
Our net loss for the three-month period ended
LIQUIDITY AND CAPITAL RESOURCES
As of
As of
We expect we will require additional capital to meet our long-term operating requirements. We expect to raise additional capital through, among other methods, the sale of equity or debt securities.
10
Cash Flows from Operating Activities
We have not generated positive cash flows from operating activities. For the
three-month period ended
Cash Flows from Financing Activities
We have financed our operations primarily from either the issuance of our shares
of common stock or from loans. Net cash flows generated from financing
activities were
OFF-BALANCE SHEET ARRANGEMENTS
As of the date of this report, we do not have any 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 are material to investors.
GOING CONCERN
The independent auditors' report accompanying our
© Edgar Online, source