Overview
We are a holding company for various technology and other activities. As of the
date of this Report, our principal business strategy is seeking to exploit a
patent and obtain and exploit future patents for the Smart
We have not generated any revenue and need substantial additional financing to
market our services. We recently filed a registration statement on Form 10 with
the
Results of Operations
The following discussion should be read in conjunction with the financial statements and notes thereto included elsewhere in this report.
Fiscal Quarter Ended
We had no revenues in the three months ended
We do not expect to generate material revenue unless and until we can implement our business plan and begin marketing and selling our product(s) in sufficient quantities, which has been delayed due to COVID-19 impacts on our development efforts and on league play which adversely affects both our product development and marketing capabilities. In order to become profitable, we will need to establish a sufficient market for our product, including internationally, to offset our development, manufacturing and advertising costs, and our ability to do so will be subject to a number of factors, many of which will be beyond our control.
Liquidity and Capital Resources
For the three months ended
In the three months ended
11
Cash Used in Investing Activities:
For three months ended
Cash Flows from Financing Activities:
Cash flows from financing activities for the three months ended
We have approximately
We do not have sufficient capital to support our operations for the next 12
months and will be dependent upon on the proceeds from a financing, which may
consist of sales of our common stock, the issuance of debt securities and/or
issuance of securities convertible into shares of our common stock, any of which
could have a dilutive effect on our existing shareholders. We intend to raise
capital from existing investors or from the sale of a minority interest in our
subsidiaries if and to the extent possible. We estimate that we will need to
raise at least
On
Cautionary Note Regarding Forward Looking Statements
This quarterly report on Form 10-Q (this "Report") contains forward-looking
statements within the meaning of the Private Securities Litigation Reform Act of
1995, including statements regarding the development, marketing and sale of the
Smart
Forward-looking statements are based on our current expectations and assumptions
regarding our business, the economy and other future conditions. Because
forward-looking statements relate to the future, they are subject to inherent
uncertainties, risks and changes in circumstances that are difficult to predict.
Our actual results may differ materially from those contemplated by the
forward-looking statements. We caution you therefore against relying on any of
these forward-looking statements. They are neither statements of historical fact
nor guarantees or assurances of future performance. The results anticipated by
any or all of these forward-looking statements might not occur. Important
factors, uncertainties and risks that may cause actual results to differ
materially from these forward-looking statements include the risks arising from
the new impact of the COVID-19 pandemic, including its impact on regional and
global economies, global supply chain disruptions, shortages and delays which
may adversely affect our ability to develop, manufacture and sell our products
within the intended timeframes or at all, delays in or suspensions of soccer
league play particularly in areas in which we plan to further develop and market
our product, and the risks summarized our Annual Report on Form 10-K for the
fiscal year ended
Significant Accounting Policies and Recent Accounting Pronouncements
Please see the notes to our Financial Statements for information about our Significant Accounting Policies and Recent Accounting Pronouncements.
12 COVID-19 Update
The COVID-19 pandemic has had a significant adverse effect on the economy throughout the world, including recently by contributing to continued supply chain disruptions and suspensions of football (soccer) league play. While economies in certain jurisdictions and geographic areas have begun to reopen in the wake of the pandemic, if the pandemic and government action in response thereto result in a prolonged economic recession or depression, or if there are delays in reopening in areas in which we intend to do business, the Company's development and implementation of its business plan and our ability to commence and grow our operations, as well as our ability to generate material revenue therefrom, will be hindered. As of the date of this Report, the Company is unable to predict the impact the pandemic may have on its business and plan of operations, however adverse consequences from COVID-19 and recent supply chain disruptions and delays and suspensions in football (soccer) league play may hinder our ability to continue the product development, manufacturing and marketing efforts of us and the third parties on which we rely. While vaccinations beginning in 2021 allowed for the partial reopening of the economy, the recent "Delta" variant of the virus, as well as reduced efficacy of vaccines over time and the possibility that a large number of people decline to get vaccinated or receive booster shots, creates inherent uncertainty as to the future of our business, our prospective customer base and the economy in general in light of the pandemic.
Off Balance Sheet Arrangements
The Company does not have any off-balance sheet arrangements as of
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