The following discussion should be read in conjunction with our consolidated
financial statements, including the notes thereto, appearing elsewhere in this
annual report. The following discussion contains forward-looking statements that
reflect our plans, estimates and beliefs. Our actual results could differ
materially from those discussed in the forward looking statements. Factors that
could cause or contribute to such differences include, but are not limited to
those discussed below and elsewhere in this Annual Report. Our audited
consolidated financial statements are stated in
6 Table of Contents Results of Operations
The following summary of our operations should be read in conjunction with our
audited consolidated financial statements for the year ended
Year Ended
Our operating results for the year ended
Year Ended June 30, June 30, 2020 2019 Change % Revenue $ - $ - $ - - Cost of Revenue $ - $ - $ - - Operating expenses$ (25,037,849 ) $ (30,740 ) $ (25,007,109 ) 81,350 % Other expenses$ (96,660 ) $ -$ (96,660 ) 0 % Net loss from continued operations$ (25,134,509 ) $ (30,740 ) $ (25,103,769 ) 81,665 % Net loss from discontinued operations $ -$ (2,327 ) $ 2,327 (100 )% Net loss$ (25,134,509 ) $ (33,067 ) $ (25,101,442 ) 75,911 %
No revenue was generated for year ended
Net loss was
Net loss from continued operations for the year ended
Net loss from discontinued operations for the year ended
Liquidity and Capital Working Capital June 30, June 30, 2020 2019 Change % Current Assets $ - $ - $ - - Current Liabilities$ 114,731 $ 64,023 $ 50,708 79 % Working Capital (Deficit)$ (114,731 ) $ (64,023 ) $ (50,708 ) 79 % Year Ended June 30, June 30, 2020 2019
Cash Flows used in Operating Activities
- -
Cash Flows provided by Financing Activities 32,205 38,618
$ -$ (3,005 ) 7 Table of Contents
The financial statements included in this yearly report have been prepared on a
going concern basis, which contemplates the realization of assets and the
satisfaction of liabilities in the normal course of business. As shown in the
financial statements at
Cash Flows from Operating Activities
Net cash used in our operating activities for the year ended
For the year ended
For the year ended
Cash Flows from Investing Activities
For the year ended
Cash Flows from Financing Activities
For the year ended
Our existence is dependent upon management's ability to develop profitable operations. Management is devoting substantially all of its efforts to developing our business and raising capital and there can be no assurance that our efforts will be successful. No assurance can be given that management's actions will result in profitable operations or the resolution of our liquidity problems. The financial statements do not include any adjustments that might result should we be unable to continue as a going concern. In order to improve our liquidity, management is actively pursuing additional equity financing through discussions with investment bankers and private investors. There can be no assurance that we will be successful in our effort to secure additional equity financing.
Liquidity and Capital Resources
Our cash balance at
Contractual Obligations
As a "smaller reporting company", we are not required to provide tabular disclosure obligations.
8 Table of Contents
Off-Balance Sheet Arrangements
We have no 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 is material to stockholders.
Critical Accounting Policies
The preparation of financial statements in accounting principles generally
accepted in
Recent Accounting Pronouncements
Management has considered all recent accounting pronouncements issued. Our management believes that these recent pronouncements will not have a material effect on our company's financial statements.
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