Cautionary Statement Concerning Forward-Looking Statements
This report contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are subject to risks and uncertainties and are based on the beliefs and assumptions of management and information currently available to management. The use of words such as "believes", "expects", "anticipates", "intends", "plans", "estimates", "should", "likely" or similar expressions, indicates a forward-looking statement.
The identification in this report of factors that may affect our future performance and the accuracy of forward-looking statements is meant to be illustrative and by no means exhaustive. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty.
Factors that could cause our actual results to differ materially from those expressed or implied by forward-looking statements include, but are not limited to:
· Trends affecting the Company's financial condition, results of operations, or future prospects; · The Company's business and growth strategies; · The Company's financing plans and forecasts; · The factors that we expect to contribute to our success and the Company's ability to be successful in the future; · The Company's business model and strategy for realizing positive results as sales increase; 11 Table of Contents · Competition, including the Company's ability to respond to such competition and its expectations regarding continued competition in the market in which the Company competes; · Expenses; · The Company's ability to meet its projected operating expenditures and the costs associated with development of new projects; · The Company's ability to pay dividends or to pay any specific rate of dividends, if declared; · The impact of new accounting pronouncements on its financial statements; · That the Company's cash flows from operating activities will be sufficient to meet its projected operating expenditures for the next twelve months; · The Company's market risk exposure and efforts to minimize risk; · Development opportunities and its ability to successfully take advantage of such opportunities; · Regulations, including anticipated taxes, tax credits or tax refunds expected; · The outcome of various tax audits and assessments, including appeals thereof, timing of resolution of such audits, the Company's estimates as to the amount of taxes that will ultimately be owed and the impact of these audits on the Company's financial statements; · The Company's overall outlook including all statements under Management's Discussion and Analysis or Plan of Operation; · That estimates and assumptions made in the preparation of financial statements in conformity with US GAAP may differ from actual results; and · Expectations, plans, beliefs, hopes or intentions regarding the future.
The following discussion of our financial condition and results of operations should be read in conjunction with our financial statements and the related notes included in this report.
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The following table provides selected financial data about us for the fiscal
years ended
Years Ended July, 31 2020 2019 Cash$ 1,049 $ 48 Total Assets 26,937 24,696 Total Liabilities 372,699 330,401 Stockholders' Deficit 345,762 305,705 Operating Data Revenues 715 1,435 Cost of Sales 230 402 Operating Expenses 39,499 39,430 Net Loss (40,057 ) (39,444 ) Overview
On
On
On
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Jericho and Vegas Winners are negotiating a new arrangement, but there can be no assurance that a new arrangement between Jericho and vegas Winners will be consummated.
Also, upon the regulatory review, the finalization of closing documentation, and
the completion of financing arrangements for the project, the Company's
President will cancel all shares of common stock held (879,167 shares as of
Due to the merger, the Company will now operate two business divisions, which will be operated simultaneously and consist of the following:
The concrete leveling division of the business will fabricate and market a concrete leveling service unit utilized in the concrete leveling industry. This unit secures to the back of a truck and consists of a mixing device to mix lime with water and a pumping device capable of pumping the mixture under pressure into pre-drilled holes in order to raise the level of any flat concrete surface.
The gaming and hospitality division of the business will focus on casino gaming,
hospitality, entertainment and leisure time industries, and will pursue
opportunities in the tribal and commercial casino gaming industries, both in
Results of Operations
For the Year Ended
The Company generated
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Cost of sales for the year ended
Operating expenses, which consisted of legal and professional fees and selling,
general and administrative expenses for the year ended
As a result of the foregoing, we had a net loss of
In its audited financial statements as of
Liquidity and Capital Resources
As of
We believe that with our existing cash flows, we do not have sufficient cash to meet our operating requirements for the next twelve months. We believe that with the addition of our gaming and hospitality business, we will begin to generate increased revenue over the 2020 fiscal year. However, if our revenue is not sufficient to allow us to meet our cash requirements during the next twelve months, the Company may need to raise additional funds through the sale of debt or equity securities. We cannot guarantee that we will be successful in generating sufficient revenues or other funds in the future to cover these operating costs. Failure to generate sufficient revenues or additional financing when needed could cause us to go out of business.
Net cash used in operating activities for the year ended
Cash flows provided by financing activities were
As of
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Critical Accounting Policies and Estimates
We believe that the following critical policies affect our more significant judgments and estimates used in preparation of our financial statements.
We disclose those accounting policies that we consider to be significant in
determining the amounts to be utilized for communicating our financial position,
results of operations and cash flows in the first note to our financial
statements included elsewhere herein. Our discussion and analysis of our
financial condition and results of operations are based on our financial
statements, which have been prepared in accordance with accounting principles
generally accepted in
We believe that the following accounting policies are the most critical because they have the greatest impact on the presentation of our financial condition and results of operations.
Use of Estimates
The preparation of the financial statements in conformity with accounting
principles generally accepted in
Going Concern
The Company was formed on
Success will be dependent upon management's ability to obtain future financing and liquidity, and success of its future operations. These factors raise substantial doubt about the Company's ability to continue as a going concern. These financial statements do not include any adjustments that might result from the outcome of this uncertainty.
Off-Balance Sheet Arrangements
The Company does not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on its financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors.
Foreign Currency Transactions
None.
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