BLACK CACTUS GLOBAL, INC.29 Dec 2017 05:18
BitReturn acquisition. Accounts for most of their costs over the last 3 months.
Results of Operations
There is no historical financial information about us upon which to base an evaluation of our performance. We had net (loss) income of $(442,014) and $(20,308) for the three months ended October 31, 2017 and 2016, respectively.
We did not generate any revenues from our operations for the three months ended October 31, 2017 or 2016. We cannot guarantee we will be successful in our business operations. Our business is subject to risks inherent in the establishment of a new business enterprise, including the financial risks associated with the limited capital resources currently available to us for the implementation of our business strategies.
During the three months ended October 31, 2017 and 2016, we had operating expenses of $(442,014) and $(20,308), respectively. The increase in operating expenses is primarily a result of professional fees associated with the BitReturn acquisition in the prior period ($62,764) and an increase in consulting fees from $nil for the three months ended October 31, 2016 to $275,951 for the three months ended October 31, 2017. Product development and website expenses associated with the BitReturn acquisition represent costs of acquiring the brand BitReturn, development of the crypto currency mining product, and creation of the website. These costs do not meet the criteria for capitalization, and therefore have been treated as an operating expense.