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The operations of Open Data Centers, LLC were discontinued effective April 30, 2020 and the Company shut down its operations in its Piscataway, NJ data center.
+Added: On September 14, 2021, Erik B.
+Added: Levitt, President and Chief Executive Officer and Executive Director of the Board of Directors of the Company resigned from his position as President and Chief Executive Officer of the Company.
+Added: Levitt retains his position as an Executive Director of the Board of Directors and Principal Financial Officer as well as the Managing Member and Chief Executive Officer of 1stPoint Communications, LLC and Endstream Communications, LLC.
+Added: In combination with this change, Michael C.
+Added: Cothill was appointed the Executive Chairman, effective immediately.
+Added: On October 19, 2021 our Board of Directors approved a name change from Hammer Fiber Optics Holdings Corp to Hammer Technology Holdings.
+Added: The name change was submitted to the Secretary of State of Nevada on October 7, 2021 for an effective date of October 19, 2021 and, on October 11, 2021, this corporate action was submitted to FINRA for its review and approval.
+Added: On October 25, 2021 our Board of Directors approved a share exchange agreement with Telecom Financial Services Limited ("TFS") for the acquisition one hundred percent (100%) of its stock.
+Added: TFS owns the intellectual property critical to the operations of the company's financial technology business unit as well as certain key supplier, marketing and operating agreements.
+Added: TFS will be renamed HammerPay.
+Added: This acquisition has been discussed in the Subsequent Events.
COVID-19 Pandemic Update
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As a result, the ultimate impact on the company's business, financial condition or operating results cannot be reasonably estimated at this time.
+Added: As of the date of this document, one hundred percent of the loans provided under the Paycheck Protection Program have been forgiven by the Small Business Administration.
+Added: These notes have been retired and are categorized as Other Income on our financial statements.
Results of Operations
The Year Ended July 31, 2021 Compared to the Year Ended July 31, 2020
−Removed: Net revenues from continuing operations for the year ended July 31, 2020 and 2019 were $1,781,139 and $2,179,152, respectively, as a result of the discontinuation of Endstream’s toll free termination business and the discontinuation of the Open Data Centers, LLC subsidiary.
−Removed: These losses were partially offset by an increase in the “Over the Top” (OTT) business segment, specifically in revenues associated with SMS and hosting services.
+Added: Net revenues from continuing operations for the year ended July 31, 2021 and 2020 were $2,199,127 and $1,781,139, respectively.
During the year ended July 31, 2021, the Company incurred total operating expenses from continuing operations of $1,568,357 compared with $2,058,804 for the comparable period ended in 2020.
−Removed: The decrease in operating costs was primarily due to the discontinuation of Endstream’s toll free termination business and the discontinuation of the Open Data Centers, LLC subsidiary.
+Added: The increase in operating costs was primarily due to expenses related to its increased revenues in its Over-the-Top ("OTT") business as well as development expenses associated with new product development.
The Company recorded depreciation expense of $55,398 during the year ended July 31, 2021 compared to $44,454 in the comparable period in 2020, primarily due to increases in computer equipment in support of growth in the OTT business.
−Removed: During the year ended July 31, 2020, interest expense was $31,843 compared to $21,593 in the comparable period in 2019, primarily due to increases in leases and short term notes.
+Added: During the year ended July 31, 2021, interest expense was $30,797 compared to $31,843 in the comparable period in 2020.
Liquidity and Capital Resources
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As of July 31, 2021, we had cash and cash equivalents of $73,971.
−Removed: Net cash from operating activities was $150,703 and $-435,296 million for the year ended July 31, 2020 and July 31, 2019, respectively.
−Removed: The increase was primarily due to the discontinuation of the Hammer Fiber Optics Investments Ltd.
−Removed: operations in the first quarter of 2019.
+Added: Net cash from operating activities was $-78,360 and $150,703 for the year ended July 31, 2021 and July 31, 2020, respectively.
+Added: The decrease was primarily due to the development activities related to Hammer's telecommunications software and operations of its new wireless network in Huntsville, AL.
Net cash used in investing activities was $75,503 and $50,857 for the year ended July 31, 2021 and July 31, 2020, respectively.
−Removed: The increase in cash used in investing activities for the period ended July 31, 2020 when compared to the same period in 2018 was primarily due to the purchase of the licenses in Sierra Leone for the Hammer Wireless SL, Ltd subsidiary, equipment purchases for the consolidation of the assets of HiWAAY Information Services, and the purchase of additional stock in Wikibuli, Hammer’s subsidiary in Dominica.
+Added: The increase in cash used in investing activities was primarily due software development activities and its new network in Huntsville, AL.
Net cash provided by financing activities was $157,538 and $299,527 for the year ended July 31, 2021 and July 31, 2020, respectively.
−Removed: The decrease in cash provided by financing activities for the period ended July 31, 2020 when compared to the same period in 2019 was primarily the result of reduced operating cash flow requirements associated with the continuing operations of the business.
+Added: The decrease in cash provided by financing activities for the period ended July 31, 2021 when compared to the same period in 2020 was primarily the result of reduced operating cash flow requirements associated with the continuing operations of the business and payments for settlements against discontinued operations.
We have not attained profitable operations and are dependent upon obtaining financing to pursue any extensive activities.
12 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.