Cautionary Statement Regarding Forward-Looking Statements
Certain statements contained in this Quarterly Report constitute "forward-looking statements." These statements, identified by words such as "plan," "anticipate," "believe," "estimate," "should," "expect" and similar expressions include the Company's expectations and objectives regarding its future financial position, operating results and business strategy. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause its actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, general economic conditions particularly related to demand for the Company's products and services, changes in business strategy, competitive factors (including the introduction or enhancement of competitive services), pricing pressures, changes in operating expenses, fluctuation in foreign currency exchange rates, inability to attract or retain consulting, sales and/or development talent, changes in customer requirements, and/or evolving industry standards, as well as those factors discussed in the section titled "Part II, Item 1A. Risk Factors" in this Quarterly Report.
Forward looking statements are based on a number of material factors and assumptions, including the availability and final receipt of required government licenses, that sufficient working capital is available to complete the proposed activities, that contracted parties provide goods and/or services on the agreed time frames. While the Company considers these assumptions may be reasonable based on information currently available to it, they may prove to be incorrect. Actual results may vary from such forward-looking information for a variety of reasons, including but not limited to risks and uncertainties disclosed in the section titled "Risk Factors" in this Quarterly Report.
The Company intends to discuss in its Quarterly Reports and Annual Reports any
events or circumstances that occurred during the period to which such documents
relate that are reasonably likely to cause actual events or circumstances to
differ materially from those disclosed in this registration statement. New
factors emerge from time to time, and it is not possible for management to
predict all of such factors and to assess in advance the impact of each such
factor on its business or the extent to which any factor, or combination of such
factors, may cause actual results to differ materially from those contained in
any forwarding looking statement. You are advised to carefully review the
reports and documents that the Company files from time to time with the
OVERVIEW
The Company is a development stage, technology company involved in the entertainment industry. Currently enhancing two products, SPRT MTRX and Trivia Matrix, management is positioning the Company to take advantage of the exciting and rapidly growing Sports and Gaming sectors.
On
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Evasyst is a digital technology company operating the social video streaming
application "Kast". Users of
The Company will continue to enhance its SPRT MTRX and Trivia Matrix gaming apps
as they integrate with
PLAN OF OPERATIONS
Revenue Model.
Although the platform is completely functional and hosts thousands of paying subscribers, development continues with the planned implementation of new video streaming content, new gaming content including SPRT MTRX and Trivia Matrix, live video shopping channels and collaborative tools such as photo editing.
SPRT MTRX
SPRT MTRX is a gaming app, available in both iPhone and Android versions, in which players bid on the final scores of NHL, NBA and NFL games. The events are organized as "Challenges" and cover multiple games over one day. A cash prize is awarded to the player who receives the most points for correctly bidding on the final scores of the games included in the Challenge. The system for bidding on the final scores is unique in the gaming industry.
Revenue Model. The business model entails offering cash prizes to introduce and attract players to the game, developing a large contingent of users and delivering advertisements. This model, free to play (F2P), has proven popular among gamers as the lure of free money is a very attractive inducement.
Enhancements. The Company will continue to enhance the SPRT MTRX through 2022 by adding additional functionality and more sports such as MLB and EPL but does not anticipate generating any significant revenue from SPRT MTRX in fiscal 2022.
SPRT MTRX is available online at www.sprtmtrx.com, on the
Trivia Matrix
Trivia Matrix is a mobile trivia game app. The game consists of a 4 x 4 grid of
eight mixed pairs of trivia data belonging to a specific category. The
categories are Geography, History, Sports,
Revenue Model. Trivia Matrix is a free to play (F2P) game. Revenue is generated by presenting advertisements periodically to players who complete games and will be generated by in app purchases (IAP) such as pay to avoid advertisements and pay to gain access to a premium account, which includes more data and more questions. In-app purchases have not yet been enabled.
Trivia Matrix is available online at www.triviamatrixapp.com , on the
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RESULTS OF OPERATIONS
The following selected financial data was derived from the Company's unaudited
condensed interim consolidated financial statements for the periods ended
Three months ending Operating expense (income) March 31, 2022 March 31, 2021 % Change Domain content and registration $ 3,103 $ 3,072 1.01% General and administrative 14,352 12,110 18.51% Interest expense 8,127 51 15833.33% Management fees 32,390 32,315 0.23% Marketing 47,043 34,459 36.52% Professional fees 12,832 7,404 73.31% Transfer agent and regulatory 3,671 1,560 135.32% Website/App maintenance 30,485 958 3082.15% Stock based compensation - 95,722 n/a 152,003 187,651 -19.00% Results of Operation Revenue
The Company did not recognize recurring revenues during the three-month period
ended
At
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Operating Expenses
Operating expenses for the three-month period ended
Net Loss
The Company recorded a net loss
Liquidity and Capital Resources
At
OFF-BALANCE SHEET ARRANGEMENTS
The Company has no significant off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on its financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to shareholders.
CRITICAL ACCOUNTING POLICIES
The Company reviews individual domain names in the portfolio for potential impairment throughout the fiscal year in determining whether a particular URL should be renewed. Impairment is recognized for names that are not renewed. The Company performs a qualitative assessment of the portfolio of domain names in the fourth quarter of each year, to determine whether it is more likely than not that the fair market value of a domain name is less than its carrying amount. As part of the assessment, certain qualitative factors are considered, including macro-economic conditions, industry and market conditions, non-renewal of names, as well as other factors. If there are indications of impairment following the qualitative impairment testing, further quantitative impairment testing would be necessary. When it is determined that the fair value of a domain name is less than it's carrying amount, impairment is recognized.
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RECENT ACCOUNTING PRONOUNCEMENTS
There are no new accounting pronouncements that materially impact the Company's condensed consolidated interim financial statements.
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