Introduction

Prior to the Change in Control Transaction that took place on January 9, 2019, we were a lifelogging software company that developed and hosted a proprietary cloud-based software solution ?accessible on iOS and Android devices that offers an enhanced media experience for consumers by augmenting ?videos, livestreams and photos with additional context information and provided platform that makes it easy to ?find and use that data when viewing or sharing media. Subsequent to the Change in Control Transaction, we changed the business plan wherein we intend to be structured as a holding company ?with a business strategy focused on owning subsidiaries engaged in a number of diverse business activities.?





Results of Operations

The following comparative analysis on results of operations was based primarily on the comparative audited consolidated financial statements, footnotes and related information for the periods identified below and should be read in conjunction with the consolidated financial statements and the notes to those statements that are included elsewhere in this report.





Revenue

The Company had no revenues in 2020 nor 2019. The Company currently cannot predict when the Company will become revenue producing.





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Operating Expenses

Total operating expenses for 2020 increased by $1,722,609, compared to 2019, mainly as a result of an increase in general and administrative, expenses incurred in connection with the Company's decision to broaden its business strategy.





Other Expenses

Other expenses for 2020 increased by $2,002,455 compared to 2019 as a result of the valuation of certain derivative warrants and notes, together with a material increase in the interest expense.





Net Profit (Loss)

The net loss for 2020 was ($4,124,783), a decrease of $4,347,622 compared to a net profit in 2019 of $222,839, as a result of an increase in other expenses and total operating expenses as a result of an increase in general administrative expenses.

Liquidity and Capital Resources

Liquidity is the ability of an enterprise to generate adequate amounts of cash to meet its needs for cash requirements. As of December 31, 2020, our working capital deficit amounted to $3,783,009 a decrease of $778,181 as compared to $14,067 as of December 31, 2019. This decrease is primarily a result of a increase in accounts payable, partially offset by an increase in related party liabilities, notes payable and derivative liabilities and current assets.

Net cash used in operating activities was ($1,116,865) during 2020 compared to ($3,865,334) in 2019. The increase in cash used in operating activities is primarily attributable to our operating performance going from a net profit of $222,839 in fiscal 2019 to ($4,124,783) in fiscal 2020 coupled with the Company entering into certain derivative warrant and note transactions.

Net cash provided by financing activities during 2020 was $1,203,686 compared to $33,870,020 in 2019. This change was due to notes disclosed in previous sections.

Net cash used in investing activities was ($84,906) during 2020 compared to ($30,004,686) in 2019. This change was due to thirty-million used in investing activities from discontinued operations during the year ended December 31, 2019.





Capital Resources

We believe that our balance sheet cash will afford us with sufficient financing to cover immediate our projected operating expenses and working capital needs. However, in order to execute our business plan, we potentially will have to issue additional debt or equity or enter into a strategic arrangement with a third party to carry out some aspects of our business plan. There can be no assurance that additional capital will be available to us on commercially reasonable terms when needed.





Going Concern Consideration

We had an accumulated deficit of $11,030,550 as of December 31, 2020. Our ability to continue as a going concern is dependent on our ability to raise additional capital and generate additional revenues and profits from our business plan.

In the opinion of our independent registered public accounting firm for our fiscal year end December 31, 2020, our auditor included a statement that as a result of our deficit accumulated on December 31, 2020, our net loss and net cash used in operating activities for the reporting period then ended, there is a substantial doubt as our ability to continue as a going concern without rising additional capital and generating additional revenues and profits from our business plan. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Off-Balance Sheet Arrangements

As of December 31, 2020, we have no off-balance sheet arrangements.





Critical Accounting Policies

Our significant accounting policies are disclosed in Note 2 of our Financial Statements included elsewhere in this Annual Report on Form 10-K.

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