The following discussion should be read in conjunction with our financial statements, including the notes thereto, appearing elsewhere in this annual report. The following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in the forward-looking statements. Our audited financial statements are stated in United States Dollars and are prepared in accordance with United States Generally Accepted Accounting Principles.

Results of Operations for the year ended October 31, 2020 and October 31, 2019:

Revenue and cost of goods sold

We did not generate any revenues for the year ended October 31, 2020 (Year ended October 31, 2019 - nil).




Operating expenses

Total operating expenses for continuing operations for the year ended October 31, 2020 were $388,504 (October 31, 2019 - $185,204, of which $35,037 related to operating expenses for discontinued operations). The operating expenses for the year ended October 31, 2020 included work program & technical fees of $237,000, an increase of $181,297 over those recorded in FY 2019 which reflects the company having geared up its work program which commenced mid FY 2019. Website costs were $3,725 for the year ended October 31, 2020 compared with $18,875 in FY 2019. The 2019 charge reflects the development cost of the company's website whereas the





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2020 charge is largely for ongoing maintenance. Legal & professional fees were $68,458 for the year ended October 31, 2020 which comprised audit fees of $13,775, legal fees of $36,000 being a retainer for legal services, $5,690 for press announcements and subscriptions to financial data services, together with $12,993 for regulatory filing fees, etc. Legal and professional fees for FY 2019 were $45,221. General and administrative expenses for the year to October 31, 2020 were $79,320, the largest item within this category being director's fees of $60,000. Other items include rent of $9,937 (FY 2019 - $7230) and travel of $5,208 (FY 2019 - $5,039). The balance of $4,175 relate to general admin costs. Overall, the increase in expenditures are due to the low levels of activity in FY 2019 as the former business was wound down, with the new activities not coming on stream until FY 2020.

Net Loss

The net loss for the year ended October 31, 2020 was $388,504. The net loss for continuing operations for the year ended October 31, 2019 was $150,167. Additionally, there was a loss on discontinued operations of $ 35,037, making a total loss for the year of $185,204.

Liquidity and Capital Resources and Cash Requirements

At year ended October 31, 2020, we had cash of $21 ($184,939 as of October 31, 2019). We had a working capital deficit of $238,975 as of October 31, 2020 and working capital of $29,530 as of October 31, 2019.

During the year ended October 31, 2020, we used $76,767 of cash in operating activities, whereas during the year ended October 31, 2019, we used $101,239 of cash in operating activities and a further $30,114 in relation discontinued operations.

During the year ended October 31, 2020, we used $105,000 of cash in investing activities. This compares to cash used in investing activities of $56,799 in 2019.

During the year ended October 31, 2020, we used $3,151 of cash in financing activities whereas during the year ended October 31, 2019, we generated $367,372 of cash in financing activities.

We cannot guarantee that we will raise sufficient funds to continue our business.

Our auditors have issued a "going concern" opinion, meaning that there is substantial doubt we can continue as an on-going business for the next twelve months unless we obtain additional capital. We must raise cash to implement our plan and stay in business.

Management believes that current trends toward lower capital investment in start-up companies pose the most significant challenge to the Company's success over the next year and in future years. Additionally, the Company will have to meet all the financial disclosure and reporting requirements associated with being a publicly reporting company. The Company's management will have to spend additional time on policies and procedures to make sure it is compliant with various regulatory requirements, especially that of Section 404 of the Sarbanes-Oxley Act of 2002. This additional corporate governance time required of management could limit the amount of time management has to implement is business plan and impede the speed of its operations.

Limited operating history; need for additional capital

There is no historical financial information about us upon which to base an evaluation of our performance. We are in a start-up stage of operations and are unlikely to generate significant revenues in the forseeable future. We cannot guarantee that we will be successful in our business operations. Our business is subject to risks inherent in the establishment of a new business enterprise, including limited capital resources and possible cost overruns due to price and cost increases in outsourced services and products.

Off-Balance Sheet Arrangements

We do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

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