FIRST AMERICA RESOURCES CORPORATION The following discussion of our financial condition and results of operations should be read in conjunction with our financial statements and the related notes, and other financial information included in this Form 10-Q.
Our Management's Discussion and Analysis contains not only statements that are
historical facts, but also statements that are forward-looking. Forward-looking
statements are, by their very nature, uncertain and risky. These risks and
uncertainties include international, national, and local general economic and
market conditions; our ability to sustain, manage, or forecast growth; our
ability to successfully make and integrate acquisitions; new product development
and introduction; existing government regulations and changes in, or the failure
to comply with, government regulations; adverse publicity; competition; the loss
of significant customers or suppliers; fluctuations and difficulty in
forecasting operating results; change in business strategy or development plans;
business disruptions; the ability to attract and retain qualified personnel; the
ability to protect technology; the risk of foreign currency exchange rate; and
other risks that might be detailed from time to time in our filings with the
Although the forward-looking statements in this Report reflect the good faith judgment of our management, such statements can only be based on facts and factors currently known by them. Consequently, and because forward-looking statements are inherently subject to risks and uncertainties, the actual results and outcomes may differ materially from the results and outcomes discussed in the forward-looking statements. You are urged to carefully review and consider the various disclosures made by us in this report as we attempt to advise interested parties of the risks and factors that may affect our business, financial condition, and results of operations and prospects.
Overview
The Corporation was originally known as
We were previously engaged in selling the lithium-ion batteries and related power supplies that mainly are used in mobile and consumer electronics products, such as readers, DVD players, digital cameras and digital video recorders, communications products, electric-power bikes and mopeds, miner's lamps, electric-power tools, electric-power sources for instruments and meters and other similar electrical equipment that can run on batteries.
On
In connection with this change of control, we discontinued our current business.
It is anticipated we will acquire FAMCe (formerly known as
FAMCe in
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Recent Developments
In
The outbreak of COVID-19 has caused many governments to implement stay-at-home
orders and quarantines and place significant restrictions on travel. Many of
these governments have also implemented work restrictions that prohibit or limit
non-essential businesses from conducting normal operations, which has required
employees to work remotely if possible or be terminated or furloughed. Some
restrictions were relaxed during the summer months but have begun to be
re-implemented as a result of increasing infection rates throughout the world.
The Company is supported by the employees of FAMCe (formerly known as
Results of Operations
For the fiscal quarter ended
Revenue
The Company had zero sales revenue for the fiscal quarters ended
Cost of Revenue
The Company had zero cost of goods sold for the fiscal quarters ended
Expenses
Our expenses consist of selling, general and administrative expenses as follows:
For the fiscal quarters ended
Detail is shown in the below table:
Quarter Ended Quarter Ended
March 31, March 31,
2022 2021
Expense
Bank Service Charges $ - $ -
License & Registration - -
Professional Fees 1,700 2,533
Total Expense $ 1,700 $ 2,533
We expect selling, general, and administrative expenses to increase in future periods if and when we close our planned acquisition as described above.
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Income & Operation Taxes
We are subject to income taxes in the
We paid no income taxes in USA for the quarters ended
Net Loss
We incurred net losses of
Liquidity and Capital Resources
At March 31, At June 30,
2022 2021
Current Ratio 0.09 0.06
Cash $ 20,077 $ 13,050
Working Capital $ (208,856 ) $ (195,983 )
Total Assets $ 20,077 $ 13,050
Total Liabilities $ 228,933 $ 209,033
Total Equity $ (208,856 ) $ (195,983 )
Total Debt/Equity -1.10 -1.07
Current Ratio = Current Asset /
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The Company had cash and cash equivalents of
Until we generate operating revenues or receive other financing, all our costs,
which we will incur irrespective of our business development activities,
including bank service fees and those costs associated with
At
After our potential acquisition, we may still need to secure additional debt or equity funding. We do not have any plans or specific agreements for new sources of funding, except for the anticipated loans from management as described above.
Our lack of revenues and cash raise substantial doubt about our ability to continue as a going concern. The financial statements do not include adjustments that might result from the outcome of this uncertainty and if we are unable to generate significant revenue or secure financing we may be required to cease or curtail our operations.
The Company's lack of operating history and financial resources raise substantial doubt about its ability to continue as a going concern.
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