Overview General
The Company (formerly known as
Restatement of Correction of an Error
For the year ended
Management has identified a material weakness in understanding and knowledge of US GAAP.
This Amendment No. 1 ("Amendment No. 1") to the Annual Report on Form 10-K/A
amends the Annual Report on Form 10-K of
The financial statement misstatements reflected in the table below did not impact cash flows from operations, investing, or financing activities in the Company's statements of cash flows for any period previously presented.
Products/Services
Description of Product or Services
The Company provides portals (similar to
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Target Market and Clients/potential Clients
Our current target market is
During the initial phase of our development, our main target clients are individual users that browse internet on a daily basis. In Phase 2 of our business development, we plan to provide services and product to small size companies. Finally, if we see success with smaller companies, we would then intend to offer our products to medium sized corporations.
An important part of our strategy is to address cybersecurity issues suffered by our target customers.
Source of revenue
We have identified three main marketing client groups associated with the various streams of revenue:
Source #1 - Individual PC or other internet enabled device users with WebMall Sales and Service; Today several billion people use personal computers or other internet enabled devices. Capturing a small sector of this user population could allow us to sell our products and services at a very attractive and affordable prices.
Source #2 - Small companies.
Source #3 - Medium sized companies
Competition and Competitive Strategy
Our goal is to fulfill a specific niche in the market and specialize on limiting customer's internet cybersecurity exposure by simple and inexpensive applications with strong protections against hackers.
Competitive Advantages
We believe that our business model provides certain competitive advantages:
(1) Offering free membership to consumers who utilize our services, including preferential shipping.
(2) Offering a sharing of the economic benefits by offering discounts and rebates to regular customers.
(3) Providing superior customer services through all sales portals and physical locations.
9 Growth
In the near term, we will provide services to a variety of locales in
Once we have a core of business in
Uncertainties facing the Company
The Company has had only limited revenues as of the date of this Report.
As an early-stage company, the Company expects to experience losses in the near term. The Company needs to generate revenue or locate additional financing in order to continue its developmental plans. There is no guarantee that the Company will be able to identify sufficient numbers of customers to generate enough revenues to continue operations or proceed with developing its business in accordance with its business plan.
One of the biggest challenges facing the Company will be in securing adequate capital to fund to keep operation, including securing adequate capital to pay for operations and hiring service providers. Secondarily, a major challenge will be implementing effective sales and marketing strategies to reach the intended end customers. The Company has considered and devised its initial sales, marketing and advertising strategy; however, the Company will need to skillfully implement this strategy in order to achieve success in its business.
10 Results of Operations
Year Ended
The following table summarizes the results of our operations during the fiscal
years ended
Percentage Increase Increase Line Item 6/30/2020 6/30/2019 (Decrease) (Decrease) (Restated) Revenues$ 253,803 $ 1,500 $ 252,303 16,820 % Operating expenses 97,319 22,819 74,499 326 % Other income 131 - 131 100 % Net loss (57,003 ) (21,319 ) 35,684 167 % Loss per share of common stock (0.01 ) (0.00 ) (0.01 ) 100 %
During the year ended
Operating expenses totaled
We recorded a net loss of
Liquidity and Capital Resources
As of
Management believes that the Company's cash on hand will be sufficient to fund all Company obligations and commitments for the next twelve months. Historically, we have depended on equity and debt capital raises to provide us with working capital as required. There is no guarantee that such funding will be available in the future and there can be no assurance that our stockholders, or any of them, will continue making loans or advances to us in the future.
At
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Off Balance Sheet Arrangements
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 or capital expenditures or capital resources that is material to an investor in our securities.
Seasonality
Our operating results are not affected by seasonality.
Inflation
Our business and operating results are not affected in any material way by inflation.
Critical Accounting Policies
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