This section of this Form 10-Q includes a number of forward-looking statements
that reflect our current views with respect to future events and financial
performance. Forward-looking statements are often identified by words like
believe, expect, estimate, anticipate, intend, project and similar expressions,
or words which, by their nature, refer to future events. You should not place
undue certainty on these forward-looking statements. These forward-looking
statements are subject to certain risks and uncertainties that could cause
actual results to differ materially from our predictions.
Results of Operations
For the three-month period ended May 31, 2021 and May 31, 2020 we had no
revenues. Expenses for the three-month period ended May 31, 2021 totaled $15,176
resulting in a net loss of $15,176. The net loss for the three-month period
ended May 31, 2021 is a result of expenses of $15,176 comprised primarily of;
professional fees of $13,391; filing fees of $1,440; transfer agent expenses of
$297; and bank service charges of $48. The expenses for the three-month period
ended May 31, 2020 totaled $345 resulting in a net loss of $345. The net loss
for the three-month period ended May 31, 2020 is a result of expenses of $345
comprised primarily of; transfer agent expenses of $297; and bank service
charges of $48. The increase in expenses between the three-month periods May 31,
2021 and May 31, 2020 is due primarily to the increase in professional fees and
filing fees during the period.
For the nine-month period ended May 31, 2021 and May 31, 2020 we had no
revenues. Expenses for the nine-month period ended May 31, 2021 totaled $15,569
resulting in a net loss of $15,569. The net loss for the nine-month period
ended May 31, 2021 is a result of expenses of $15,569 comprised primarily
of; professional fees of $13,391; filings fees of 1,440; transfer agent expenses
of $594; and bank service charges of $144. The expenses for the nine-month
period ended May 31, 2020 totaled $1,035 resulting in a net loss of $1,035. The
net loss for the nine-month period ended May 31, 2020 is a result of expenses of
$1,035 comprised primarily of; transfer agent expenses of $891; and bank
service charges of $144. The increase in expenses between the nine-month periods
May 31, 2021 and May 31, 2020 is due primarily to the increase in professional
fees and filing fees during the period.
Capital Resources and Liquidity
We have generated no revenues to date and anticipate until we generate a more
rapid growth in revenues we will require additional financings in order to fully
implement our plan of operations. With the exception of cash advances from our
sole Officer and Director, cash received in our initial offering and our recent
private placement of $150,000 (of which $100,000 had been received), we have not
had any additional funding. We must raise additional cash to implement our
strategy and stay in business. A related party has verbally committed to
continue to fund our operations. However, this is not in writing and maybe
rescinded at any time.
As of May 31, 2021, we had $833 in cash, and $69,316 due to a related party. As
of August 31, 2020, we had $977 in cash, and $46,249 due to a related party.
Total liabilities as of May 31, 2021, were $71,360 compared to $55,935 in total
liabilities at August 31, 2020. The funds available to the Company will not be
sufficient to fund the planned operations of the Company and maintain a
reporting status. As of May 31, 2021, the Company owed $69,316 (August 31, 2029;
$46,249) to a related party. All amounts due to the related party are unsecured,
non-interest bearing and have not set terms of repayment.
During June 2021 through May 2022, Century Acquisition (Formerly WP Acquisition
Company, LLC), is a major shareholder and controls 19.25%, paid outstanding
invoices on behalf of the Company for $39,765. The amounts due to the related
party are unsecured and non- interest-bearing with no set terms of repayment.
These transactions increased the shareholder loan balance to $109,081,in the
subsequent period.
Company Operations
The Company has not yet implemented its business model. We must raise cash to
implement our strategy and stay in business. In the event we do not raise any
proceeds, the Company's existing cash will not be sufficient to fund the
expenses related to maintaining a reporting status and to implement its planned
business. Accordingly, the Company intends to implement a different business
plan.
Capital Stock
The Company's capitalization is 200,000,000 common shares with a par value of
$0.001 per share and 2,000,000 preferred shares with a par value of $0.001 per
share. Total shares issued as of May 31, 2021 are 85,600,000 common shares and
no preferred shares have been issued.
As of May 31, 2021, the Company has not granted any stock options and has not
recorded any stock-based compensation.
5
Table of Contents
Off-balance sheet arrangements
Other than the situation described in the section titled Capital Recourses and
Liquidity, the company has no off-balance sheet arrangements that have or are
reasonably likely to have a current or future effect or change on the company's
financial condition, revenues or expenses, results of operations, liquidity,
capital expenditures or capital resources that are material to investors. The
term "off-balance sheet arrangement" generally means any transaction, agreement
or other contractual arrangement to which an entity unconsolidated with the
company is a party, under which the company has (i) any obligation arising under
a guarantee contract, derivative instrument or variable interest; or (ii) a
retained or contingent interest in assets transferred to such entity or similar
arrangement that serves as credit, liquidity or market risk support for such
assets
© Edgar Online, source Glimpses