We have been incorporated
Operating results – year-end
In the past year we did not generate any significant income from our business activities
We have not achieved profitable operations and are dependent on raising finance to complete our proposed business plan. For these reasons, our auditors believe that there are significant doubts as to our ability to continue as a going concern.
Our financial statements have been prepared on the assumption that we will continue in business and accordingly do not include any adjustments relating to the impairment and recovery of assets and the classification of liabilities that might be required should we be unable to continue our business to continue business activities.
LIQUIDITY AND CAPITAL RESOURCES
The cash flow from operating activities
We have not generated any positive cash flows from operating activities. For the past year
Cash flows from financing activities
We have funded our operations primarily either through third parties or through the issuance of equity and debt instruments. For the past financial year
Cash flows from investing activities
For the past financial year
We have not achieved viable operations and are dependent on raising funds to continue exploration activities. For these reasons, there are considerable doubts about the continuation of our business activities
Since our inception, we have funded our operations through advances from our shareholders and payments from third parties. We expect to fund operations for the foreseeable future through the sale of stock or other investments as we do not generate any significant income from our operations. There is no guarantee that we will be able to arrange financing on acceptable terms.
Our ability to raise additional capital is affected by trends and uncertainties that are beyond our control. We do not currently have any arrangements in place for financing and we may not be able to find such financing if required. Raising additional funding would depend on a number of factors, including investor sentiment. Market factors may result in the timing, amount, terms or terms of additional financing not being available to us.
Our auditors believe that our continued existence is in doubt. Our continued existence as a company depends on the continued financial support of our shareholders and other related parties.
Critical Accounting Principles
Our discussion and analysis of its financial condition and results of operations are based on our financial statements, which have been prepared in accordance with generally accepted accounting principles
Off-Balance Sheet Arrangements
As of the date of this Annual Report, we have no off-balance sheet arrangements that have a present or future effect on our financial condition, changes in financial condition, income or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors.
Use of Estimates
The preparation of financial statements in accordance with generally accepted accounting principles in
Property and Equipment
Property, plant and equipment are recorded at acquisition cost. Property, plant and equipment are depreciated using accelerated methods over the following estimated useful lives:
Valuation of Long-lived Assets
We review property, plant and equipment for potential impairment when significant events or changes in circumstances indicate that the carrying amount may not be recoverable in accordance with the guidance in ASC 360-15-35, Impairment or Disposal of Long-lived Assets. There is an impairment if the book value of the fixed asset cannot be recovered and exceeds its fair value. The carrying amount of a long-lived asset is unrecoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual sale of the asset. If there is an impairment, the resulting depreciation corresponds to the difference between the fair value of the long-lived asset and the associated net book value.
Net Loss Per Common Share Classification Estimated Useful Lives Furniture and Fixtures 10 years Software 3-5 years Computers 5 years
Basic loss per common share is calculated based on the weighted average number of shares outstanding during the year. Diluted earnings per common share are calculated by dividing net income (loss) by the weighted average number of common shares and potential common shares during the periods indicated. The Company has no outstanding options, warrants or other convertible instruments that could affect the calculated number of shares.
7 Income Taxes
Deferred income tax assets or liabilities are calculated on the basis of the temporary differences between the financial statements and the income tax bases of assets and liabilities using the marginal statutory tax rate applicable to the years in which the differences are expected to reverse. Deferred income tax expense or credit is based on changes in deferred income tax assets or liabilities from period to period. An allowance for deferred tax assets is required when available evidence makes it more likely that some or all of the deferred tax assets will not be realised. The allowance should be sufficient to reduce the deferred tax asset to the amount that is more likely than not realizable.
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