Forward Looking Statements
This quarterly report contains forward-looking statements that involve risks and uncertainties. We use words such as anticipate, believe, plan, expect, future, intend and similar expressions to identify such forward-looking statements. You should not place too much reliance on these forward-looking statements. Our actual results are likely to differ materially from those anticipated in these forward-looking statements for many reasons, including the risks faced by us described in this section.
Background
We were incorporated on
WarpSpeed Taxi Application
We were involved in the development of a ride-hailing and food delivery computer and mobile device application known as "WarpSpeedTaxi".
On
On
During the quarter ended
We anticipate that our WarpSpeedTaxi application will allow customers to hire a standard and luxury motor vehicles via a smartphone or personal computer for both one-way and round-trips with the price based on the distance travelled and the current level of demand for vehicles. In addition to transporting passengers, the application may also be used for deliveries of goods from restaurants, grocery stores, and other businesses that typically utilize local vehicle courier services.
Customers will use the application to request a ride or the delivery of goods. Drivers that we recruit and approve, through confirmation of no criminal record, a clean driving history, and access to a suitable insured vehicle, will act as independent contractors and set their own work hours. They will connect with customers via our application, pick up customers or goods to be delivered in accordance with the customer's request, and then drive the customers or goods to their destination. Customers will pay for the transportation through the application by way of credit card. Drivers will receive payments for each ride or delivery they complete via a weekly direct deposit to their bank accounts.
When a customer uses the WarpSpeedTaxi application for ride-hailing, we will
charge the customer a flat fee of approximately
8
When a restaurant uses the food delivery service feature of our WarpSpeedTaxi application, we will charge restaurants between 5% and 15% of their order revenue, subject to a set minimum amount, depending on the amount of business that we receive from delivery orders of their food through our application. From these proceeds, we will pay our drivers a base fee for deliveries that depend on the distance that they must travel to pick up the food and deliver it to the customer. In addition, the driver will retain any tips that the customer provides.
Pinnacle DSB
We are also in the process of developing commercial software that it will employ in order to establish distribution centers in rural areas around the world. Using an automated inventory and product delivery system that it develops in-house or through third-party designers, we intend to provide rural businesses with an alternative means of accessing consumer goods that it hopes will be more efficient and cost-effective than existing supply chain options.
This project will include the creation of a large distribution center in a major city. The local shop owners will be provided with a locked tablet in order to access real-time inventory data to place purchase orders at competitive prices. Logistics will be implemented for a weekly delivery system to deliver ordered products.
The design and launch of Pinnacle DSB is subject to us obtaining the necessary funding.
Results of Operations for the Six months Ended
Our net loss for the six-month period ended
LIQUIDITY AND CAPITAL RESOURCES
As at
As at
We expect we will require additional capital to meet our long-term operating requirements. We expect to raise additional capital through, among other methods, the sale of equity or debt securities.
Cash Flows from Operating Activities
For the six-month period ended
9
Cash Flows from Investing Activities
For the six-month period ended
Cash Flows from Financing Activities
We have financed our operations from the issuance of our shares of common stock.
Net cash flows generated from financing activities were $Nil in the six-month
period ended
OFF-BALANCE SHEET ARRANGEMENTS
As of the date of this report, 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 that are material to investors.
GOING CONCERN
The independent auditors' report accompanying our
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