Results of operations
For the past years
The following table provides selected financial data on our company for the years ended
Balance sheet data:
Cash $ - $ - Total assets $ - $ - Total liabilities
$ 79,893 $ 64,154Shareholders' deficit $ (79,893 ) $ (64,154 )
Liquidity and capital resources
Our cash balance at
9 Table of Contents Plan of Operation
Our current cash balance is
Our auditor has issued a going concern opinion. The Company’s continued existence depends on the continued financial support of our shareholders, our ability to obtain the equity financing necessary to continue our operations and the pursuit of profitable operations.
Our plan of operation for fiscal 2022 will be to seek other business opportunities. We plan to spend
Current management and a controlling shareholder will provide funds to pay for compliance costs in order to stay up to date on the Company’s records with the
Use of estimates and assumptions and critical accounting estimates and assumptions
The preparation of financial statements in accordance with generally accepted accounting principles in
Critical accounting estimates are estimates for which (a) the nature of the estimate is significant due to the levels of subjectivity and judgment required to account for highly uncertain matters or the susceptibility of such matters to change, and (b) the impact of the estimate on the financial position or operational performance is significant. The Company’s critical accounting estimates and assumptions affecting the financial statements were as follows:
(i) Going concern assumption: management assumes that the Company will continue to operate, which contemplates the continuity of operations, realization of assets and liquidation of liabilities in the normal course of business;
(ii) Provision for valuation of deferred tax assets: management assumes that the realization of the Company’s net deferred tax assets resulting from its net operating loss carryforwards (“NOL”) for the purposes of federal income tax that may be deducted from future taxable profits has not been considered more likely than not and, therefore, the potential tax benefits of net loss carryforwards are offset by a provision for full capital loss. Management made this assumption on the basis of (a) the Company has suffered recurring losses, (b) general economic conditions, and (c) its ability to raise additional funds to support its day-to-day operations through a public or private offering, among other factors.
These significant accounting estimates or assumptions involve a risk of change due to the fact that there are uncertainties associated with such estimates or assumptions, and certain estimates or assumptions are difficult to measure or assess.
Management bases its estimates on historical experience and on various assumptions that are considered reasonable in relation to the financial statements taken as a whole under the circumstances, the results of which form the basis for making judgments on the carrying values of assets and liabilities. liabilities that do not readily appear in other sources.
Management regularly evaluates the main factors and assumptions used to develop the estimates using information currently available, changes in facts and circumstances, historical experience and reasonable assumptions. After these assessments, if deemed appropriate, these estimates are adjusted accordingly.
Actual results could differ from these estimates.
Off-balance sheet provisions
We do not have off-balance sheet arrangements.
Our auditor has issued a going concern opinion. This means that there is substantial doubt as to our ability to continue operating for the next twelve months, unless we obtain additional capital to pay our bills. There can be no assurance that we will ever reach this point.
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