Our presentation in this Management's Discussion and Analysis of Financial Condition and Results of Operations contains a number of forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on management's current projections or expectations with regard to the future operations of business. Such projections or expectations are expressed in good faith and believed to have a reasonable basis, but there can be no assurance that such projections or expectations will prove to be correct or accurate, and as a result of certain risks and uncertainties, actual results of operations may differ materially.





1 Revenue and Expenses

The Company has remained in an inactive and non-operating status since December 6, 2004. There was no active business operated and no revenue earned by the Company for the three months and nine months ended September 30, 2020 and 2019.

Total expenses for the three months and nine months ended September 30, 2020 were US$11,948 and US$34,224 against US$13,666 and US$41,618 for the same period last year. Expenses represent professional fees and miscellaneous administrative expenses in these periods.





2 Net Loss

Net loss for the three months and nine months ended September 30, 2020 were US$11,948 and US$34,224 against a net loss of US$13,666 and US$41,618 for the same period last year.

3 Cashflows, Liquidity and Capital Resources

As of September 30, 2020 and December 31, 2019, the balance of cash and cash equivalents for the Company was nil. The Company has currently retained no sources of liquidity other than the private financing by cash inflow from the principal stockholder, which is unsecured and could be discontinued at any time.





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4 Plan of Operation

The Company has been in non-operating status and remains as a shell company since December 6, 2004. The Company has planned for a reorganization to acquire sufficient capital funds and engage in a selected business. However, there can be no assurance as to when or whether the Company will be able to accomplish this plan.





5. Going Concern

The Company has relied on the private financing by cash inflow from the principal stockholder of the Company, who has undertaken to finance the Company in cash for a "reasonable" period of time for the Company to continue as a going concern, assuming that in such a period of time the Company would be able to restructure its business and restart on a revenue-generating operation and/or raise additional capital funds to support its continuation. However, it is uncertain as for how long or to what extent such a period of time would be "reasonable", and there can be no assurance that the financing from the principal stockholder will not be discontinued.

These uncertainties may result in adverse effects on continuation of the Company as a going concern. The accompanying financial statements do not include or reflect any adjustments that might result from the outcome of these uncertainties.

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