GOLDEN DEVELOPING SOLUTIONS, INC. The following discussion contains certain statements that may be deemed "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements appear in a number of places in this Report, including, without limitation, "Management's Discussion and Analysis of Financial Condition and Results of Operations." These statements are not guarantees of future performance and involve risks, uncertainties and requirements that are difficult to predict or are beyond our control. Forward-looking statements speak only as of the date of this quarterly report. You should not put undue reliance on any forward-looking statements. We assume no responsibility to update the forward-looking statements contained in this quarterly report on Form 10-Q. The following should also be read in conjunction with the unaudited Financial Statements and notes thereto that appear elsewhere in this report.
Company Overview The Company
On
On
On
On
Operations
We aim to position ourselves to build shareholder value by setting the highest standards in service, reliability, and safety in our rapidly growing industry.
19 Results of Operations
Three months ended
Selling, General and Administrative Expenses
Selling, general and administrative expenses amounted to
Professional fees
Professional fees amounted to
Interest expense
Interest expense was
Other Income/Expense
The Company recognized gain of
Nine months ended
Selling, General and Administrative Expenses
Selling, general and administrative expenses amounted to
20 Professional fees
Professional fees amounted to
Interest expense
Interest expense was
Other Income/Expense
The Company recognized a gain of
Liquidity and Capital Resources
The following is a summary of the Company's cash flows used in operating
activities for the nine months ended
Nine Months Nine Months
ended ended
September 30, September 30,
2022 2021
Net cash used in operating activities (215,320 ) (49,827 )
Net cash used in investing activities - -
Net cash provided by financing activities 544,300 50,000
Operating Activities
The cash used in operating activities from continuing operations of
Financing Activities
The cash provided by financing activities from continuing operations of
We are a public company and as such we have incurred and will continue to incur significant expenses for legal, accounting and related services. As a public entity, subject to the reporting requirements of the Exchange Act of 1934, we incur ongoing expenses associated with professional fees for accounting, legal and a host of other expenses including annual reports and proxy statements, if required. We estimate that these costs will increase over the next few years and may be significantly higher if our business volume and transactional activity increases. These obligations will certainly reduce our ability and resources to expand our business plan and activities.
Going Concern
As of
21
Our auditor has issued a "going concern" qualification as part of its opinion in
the Audit Report for the year ending
Critical Accounting Policies
The preparation of financial statements and related disclosures in conformity
with accounting principles generally accepted in
Recently Issued Accounting Pronouncements
The Company does not believe that any other recently issued effective pronouncements, or pronouncements issued but not yet effective, if adopted, would have a material effect on the accompanying financial statements.
Off-Balance Sheet Arrangements
We have not entered into 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 and would be considered material to investors.
Contractual Obligations
As a "smaller reporting company" as defined by Item 10 of Regulation S-K, the Company is not required to provide this information.
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