RE: Penny drops25 Dec 2017 10:41
'As of the date of this annual report, we have not generated any revenues from our business operations. As at April 30, 2016, there are 80,000,000 shares of common stock issued and outstanding. Total cash proceeds received from common share issuance since inception to April 30, 2016 is $46,500.
We currently have no cash on hand. Our current cash is not sufficient to meet the obligations associated with being a company that is fully reporting with the SEC. We believe we will require additional financing in the form of share issuance proceeds or advances from our directors.
Our business expansion will require significant capital resources that may be funded through the issuance of common stock or of notes payable or other debt arrangements that may affect our debt structure. Despite our current financial status we believe that we may be able to issue notes payable or debt instruments in order to start executing our business plan. However, there can be no assurance that we will be able to raise money in this fashion and have not entered into any agreements that would obligate a third party to provide us with capital.
Through the year ended April 30, 2016, we spent $39,370 on general and administrative operating expenses. We relied on advances from our sole director to fund general and administrative operating expenses. We currently have no working capital.
To date, the Company has managed to keep our monthly cash flow requirement low for two reasons. First, our sole officer does not draw a salary at this time. Second, the Company has been able to keep our operating expenses to a minimum by operating in space owned by our sole officer.
The directors and officer have made no commitments written or oral, with respect to providing a source of l??iquidity in the form of cash advances, loans and/or financial guarantees.
Our independent auditor has expressed doubt about our ability to continue as a going concern and believes that our ability is dependent on our ability to implement our business plan, raise capital and generate revenues. See Note 2 of our financial statements.'