ATLANTIS GLORY INC. Organizational History of the Company and Overview
Plan of Operation
The Company has no operations from a continuing business other than the expenditures related to running the Company and has no revenue from continuing operations as of the date of this Report.
Management intends to explore and identify business opportunities, including a
potential acquisition of an operating entity through a reverse merger, asset
purchase or similar transaction. Our ability to effectively identify, develop
and implement a viable plan for our business may be hindered by risks and
uncertainties which are beyond our control, including without limitation, the
continued negative effects of the coronavirus pandemic on the
We do not currently engage in any business activities that provide revenue or
cash flow. During the next 12-month period we anticipate incurring costs in
connection with investigating, evaluating, and negotiating potential business
combinations, filing
Given our limited capital resources, we may consider a business combination with
an entity which has recently commenced operations, is a developing company or is
otherwise in need of additional funds for the development of new products or
services or expansion into new markets, or is an established business
experiencing financial or operating difficulties and is in need of additional
capital. Alternatively, a business combination may involve the acquisition of,
or merger with, an entity which desires access to the
As of the date of this Report, our management has not had any discussions with any representative of any other entity regarding a potential business combination. Any target business that is selected may be financially unstable or in the early stages of development. In such event, we expect to be subject to numerous risks inherent in the business and operations of a financially unstable or early-stage entity. In addition, we may effect a business combination with an entity in an industry characterized by a high level of risk or in which our management has limited experience, and, although our management will endeavor to evaluate the risks inherent in a particular target business, there can be no assurance that we will properly ascertain or assess all significant risks.
Our management anticipates that we will likely only be able to effect one business combination due to our limited capital. This lack of diversification will likely pose a substantial risk in investing in the Company for the indefinite future because it will not permit us to offset potential losses from one venture or operating territory against gains from another. The risks we face will likely be heightened to the extent we acquire a business operating in a single industry or geographical region.
We anticipate that the selection of a business combination will be a complex and risk-prone process. Because of general economic conditions, including unfavorable conditions caused by the coronavirus pandemic, rapid technological advances being made in some industries and shortages of available capital, management believes that there are a number of firms seeking business opportunities at this time at discounted rates with which we will compete. We expect that any potentially available business combinations may appear in a variety of different industries or regions and at various stages of development, all of which will likely render the task of comparative investigation and analysis of such business opportunities extremely difficult and complicated. Once we have developed and begun to implement our business plan, management intends to fund our working capital requirements through a combination of our existing funds and future issuances of debt or equity securities. Our working capital requirements are expected to increase in line with the implementation of a business plan and commencement of operations.
Based upon our current operations, we do not have sufficient working capital to fund our operations over the next 12 months. If we are able to close a reverse merger, it is likely we will need capital as a condition of closing that acquisition. Because of the uncertainties, we cannot be certain as to how much capital we need to raise or the type of securities we will be required to issue. In connection with a reverse merger, we will be required to issue a controlling block of our securities to the target's shareholders which will be very dilutive.
12
Additional issuances of equity or convertible debt securities will result in dilution to our current shareholders. Further, such securities might have rights, preferences, or privileges senior to our Common Stock. Additional financing may not be available upon acceptable terms, or at all. If adequate funds are not available or are not available on acceptable terms, we may not be able to take advantage of prospective new business endeavors or opportunities, which could significantly and materially restrict our business operations.
We anticipate that we will incur operating losses in the next 12 months,
principally costs related to our being obligated to file reports with the
Results of Operations Our operating results for the three and nine months endedSeptember 30, 2022 and 2021, and the changes between those periods for the respective items are summarized as follows: Three months ended September 30, 2022 2021 Revenues - - Operating expenses General and administrative expenses (8,331 ) (276,189 ) Total operating expenses (8,331 ) (276,189 ) Other income 8,333,679 - Income (Loss) from operations before income taxes 8,325,348 (276,189 ) Income tax expense - - Net income (loss) 8,325,348 (276,189 )
Weighted average number of ordinary shares, Basic and diluted
603,970,000 603,970,000
Earnings per share, Basic and diluted 0.01 (0.00 )
Comparison of the three months ended
Revenues
Revenues were
Operating Expenses
Our general and administrative expenses decreased from
13 Other Income
As a result of Order barring unasserted claims and terminating receivership in
Net Income (Loss)
The Company has net loss of
Nine months ended
September 30,
2022 2021
Revenues - -
Operating expenses
General and administrative expenses (47,756 ) (282,189 )
Total operating expenses (47,756 ) (282,189 )
Other income 8,333,679 -
Income (Loss) from operations before income taxes 8,285,923 (282,189 )
Income tax expense - -
Net income (loss) 8,285,923 (282,189 )
Weighted average number of ordinary shares, Basic and diluted
603,970,000 603,970,000
Earnings per share, Basic and diluted 0.01 (0.00 )
Comparison of the nine months ended
Revenues
Revenues were
Operating Expenses
Our general and administrative expenses decreased from
Other Income
As a result of Order barring unasserted claims and terminating receivership in
Net Income (Loss)
The Company has net loss of
Liquidity and Capital Resources
Since the inception of the Company, we have incurred significant net losses and
negative cash flows from operations. During the nine months ended
As of
We could potentially need our available financial resources sooner than we currently expect, and we may incur additional indebtedness to meet future financing needs. Adequate additional funding may not be available to us on acceptable terms or at all. In addition, although we anticipate being able to obtain additional financing through non-dilutive means, we may be unable to do so. Our failure to raise capital as and when needed could have significant negative consequences for our business, financial condition and results of operations. Our future capital requirements and the adequacy of available funds will depend on many factors, many of which are beyond our control.
14 Operating Activities
Net cash used in operating activities for the nine months ended
Investing Activities
Net cash used in investing activities for the nine months ended
Financing Activities
Net cash provided by financing activities for the nine months ended
Critical Accounting Policies and Estimates
Our management's discussion and analysis of our financial condition and results
of operations is based on our financial statements, which have been prepared in
accordance with
Our significant accounting policies are fully described in Note 2 to our financial statements appearing elsewhere in this Quarterly Report, and we believe those accounting policies are critical to the process of making significant judgments and estimates in the preparation of our financial statements.
Off-Balance Sheet Arrangements
None.
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