Forward Looking Statements
This quarterly report contains forward-looking statements that involve risks and
uncertainties. We use words such as anticipate, believe, plan, expect, future,
intend and similar expressions to identify such forward-looking statements. You
should not place too much reliance on these forward-looking statements. Our
actual results are likely to differ materially from those anticipated in these
forward-looking statements for many reasons, including the risks faced by us
described in this section.
Background
We were incorporated on November 18, 2020 under the laws of the State of
Wyoming.
We were involved in the development of a ride-hailing and food delivery computer
and mobile device application known as "WarpSpeedTaxi".
On September 6, 2022, we entered into a debt settlement agreement with Global
Corporate Structural Services Inc. ("GCSS"), a private company that has provided
us with marketing, beta testing, cloning, and maintenance services in connection
with the WarpSpeed Taxi computer application. Pursuant to the debt settlement
agreement, we acknowledged that we owed $135,430.95 to GCSS for its services as
of July 31, 2022.
On September 15, 2022, we entered into a final settlement agreement with GCSS
whereby we have agreed to transfer our 100% interest in the WarpSpeed Taxi
application to GCSS in full and final satisfaction of the debt owed to GCSS and
any other claims that GCSS has against us. However, we will retain a license for
the sole and exclusive use of the WarpSpeed Taxi application in the United
States.
We anticipate that our WarpSpeedTaxi application will allow customers to hire a
standard and luxury motor vehicles via a smartphone or personal computer for
both one-way and round-trips with the price based on the distance travelled and
the current level of demand for vehicles. In addition to transporting
passengers, the application may also be used for deliveries of goods from
restaurants, grocery stores, and other businesses that typically utilize local
vehicle courier services.
Customers will use the application to request a ride or the delivery of goods.
Drivers that we recruit and approve, through confirmation of no criminal record,
a clean driving history, and access to a suitable insured vehicle, will act as
independent contractors and set their own work hours. They will connect with
customers via our application, pick up customers or goods to be delivered in
accordance with the customer's request, and then drive the customers or goods to
their destination. Customers will pay for the transportation through the
application by way of credit card. Drivers will receive payments for each ride
or delivery they complete via a weekly direct deposit to their bank accounts.
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When a customer uses the WarpSpeedTaxi application for ride-hailing, we will
charge the customer a flat fee of approximately $2.00 for each ride plus an
amount for each mile that the customer travels. The amount for each mile will
vary depending on the city in which the customer is located. It will be higher
in more densely populated cities where traffic moves relatively slowly and lower
in less densely population cities will less traffic congestion. Additionally, we
will charge customers an additional premium during busy times when customer
demand exceeds the number of available drivers. This increase in pricing is
intended to incentivize drivers to work during peak demand times since they will
receive greater compensation. In order to encourage drivers to work a
independent contractors for us, we will initially retain 15% of all revenue that
a customer pays for a ride with the remaining 85% compensating the driver for
his or her time and vehicle expenses. Drivers will also retain 100% of all tips
that customers provide them. Over time, when we have established a market for
our services, we may adjust this percentage so that we retain a greater
percentage of revenue.
When a restaurant uses the food delivery service feature of our WarpSpeedTaxi
application, we will charge restaurants between 5% and 15% of their order
revenue, subject to a set minimum amount, depending on the amount of business
that we receive from delivery orders of their food through our application. From
these proceeds, we will pay our drivers a base fee for deliveries that depend on
the distance that they must travel to pick up the food and deliver it to the
customer. In addition, the driver will retain any tips that the customer
provides.
Results of Operations for the Three months Ended October 31, 2022 and 2021
Our net loss for the three-month period ended October 31, 2022 and 2021 was
$7,703 and $35,339, respectively, which consisted entirely of general and
administrative fees. We did not generate any revenue to date.
LIQUIDITY AND CAPITAL RESOURCES
As at October 31, 2022, our current assets were $15,518 compared to $28,093 at
July 31, 2022. The decrease in current assets in the current fiscal year is due
to use of our cash for ordinary business expenses and reduction in accounts
payable owed to vendors.
As at October 31, 2022, our current liabilities were $6,662 compared to $138,840
at July 31, 2022. Current liabilities at October 31, 2022 were comprised
entirely of accounts payable and accrued liabilities. Current liabilities
decreased in the first quarter of the 2022 fiscal as compared to the July 31,
2022 year end due to a reduction in accounts payable from a cancellation of an
agreement with a specific vendor relating to specific software development.
We expect we will require additional capital to meet our long-term operating
requirements. We expect to raise additional capital through, among other
methods, the sale of equity or debt securities.
Cash Flows from Operating Activities
For the three-month period ended October 31, 2022, net cash flows used in
operating activities were $139,881 consisting of a net loss of $7,703, which was
offset by $132,178 of accounts payable. This compares to net cash flows provided
from operating activities of $74,975 consisting of a net loss of $35,339 offset
by an increase in accounts payable of $110,314 for the three-month period ended
October 31, 2021.
Cash Flows from Investing Activities
For the three-month period ended October 31, 2022 and 2021, our cash flows
provided from investing activities were $127,306 compared to cash flows used in
investing activities of $250,000, respectively, which consisted of software
development.
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Cash Flows from Financing Activities
We have financed our operations from the issuance of our shares of common stock.
Net cash flows generated from financing activities were $Nil in the three-month
period ended October 31, 2022 as compared to $204,000 during the three-month
period ended October 31, 2021 relating to our sale of 10,200,000 shares of
common stock at a price of $0.02 pursuant to our registration statement on Form
S-1, as amended.
OFF-BALANCE SHEET ARRANGEMENTS
As of the date of this report, 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, capital expenditures or capital resources that
are material to investors.
GOING CONCERN
The independent auditors' report accompanying our July 31, 2022 financial
statements contained an explanatory paragraph expressing substantial doubt about
our ability to continue as a going concern. The financial statements have been
prepared "assuming that we will continue as a going concern," which contemplates
that we will realize our assets and satisfy our liabilities and commitments in
the ordinary course of business.
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