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In combination with this change, Erik B.
−Removed: Levitt was appointed the interim President and Chief Executive Officer, effective immediately.
+Added: Levitt was appointed the interim President and Chief Executive Officer, effective immediately, and later appointed the President and Chief Executive Officer on November 1, 2018.
On October 10, 2018 the Company announced the closure of the Atlantic City, NJ wireless broadband network as a result of the termination of the Master Spectrum Lease Agreement held by the Company subsidiary Hammer Fiber Optic Investments Ltd.
−Removed: d/b/a Hammer Communications by Verizon Communications.
−Removed: Verizon Communications had informed the Company of their intention to honor the terms of the lease agreement, then subsequently issued a notification to the Company that the spectrum lease for the 28 GHz spectrum will be prematurely terminated as of October 31, 2018.
+Added: d/b/a Hammer Communications by Verizon Communications.Verizon Communications had informed the Company of their intention to honor the terms of the lease agreement, then subsequently issued a notification to the Company that the spectrum lease for the 28 GHz spectrum will be prematurely terminated as of October 31, 2018.
The Company negotiated with Verizon to find a path forward and was offered a less desirable spectrum leasing arrangement.
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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.
−Removed: 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: Levitt retains his position as anExecutive 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.
In combination with this change, Michael C.
Cothill was appointed the Executive Chairman, effective immediately.
−Removed: On October 19, 2021 our Board of Directors approved a name change from Hammer Fiber Optics Holdings Corp to Hammer Technology Holdings.
−Removed: 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 19, 2021 our board of directors approved a name change from Hammer Fiber Optics Holdings Corp to Hammer Fiber Optics Holdings Corp.
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.
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.
−Removed: TFS will be renamed HammerPay.
−Removed: This acquisition has been discussed in the Subsequent Events.
+Added: TFS has been renamed HammerPay [USA] Ltd.
COVID-19 Pandemic Update
In March 2020, the World Health Organization declared a global health pandemic related to the outbreak of a novel coronavirus.
−Removed: The COVID-19 pandemic adversely affected the company's financial performance in the third and fourth quarters of fiscal year 2020 and could have an impact throughout fiscal year 2021.
+Added: The COVID-19 pandemic adversely affected the company's financial performance in the third and fourth quarters of fiscal year 2020.
In response to the COVID-19 pandemic, government health officials have recommended and mandated precautions to mitigate the spread of the virus, including shelter-in-place orders, prohibitions on public gatherings and other similar measures.
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Partly due to the COVID-19 pandemic, the Company shut down the operations of its' Open Data Centers, LLC operations effective April 30, 2020.
−Removed: There is uncertainty around the duration and breadth of the COVID-19 pandemic, as well as the impact it will have on the company's operations, supply chain and demand for its products.
−Removed: As a result, the ultimate impact on the company's business, financial condition or operating results cannot be reasonably estimated at this time.
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.
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The Company recorded depreciation expense of $65,487 during the year ended July 31, 2022 compared to $55,398 in the comparable period in 2021, primarily due to increases in computer equipment in support of growth in the OTT business.
−Removed: During the year ended July 31, 2021, interest expense was $30,797 compared to $31,843 in the comparable period in 2020.
+Added: During the year ended July 31, 2022, interest and financing expense was $609,760 compared to $30,797 in the comparable period in 2021.
+Added: The increase was due primarily to the interest and financing expense associated with the notes payable used to fund the development and growth of the HammerPay application and the financial technology business unit.
Liquidity and Capital Resources
−Removed: We have financed our operations since inception primarily through private placements of our common stock.
+Added: We have financed our operations since inception primarily through notes payable, one of which has been converted to Common Stock and is identified in our Subsequent Events.
As of July 31, 2022, we had cash and cash equivalents of $482,883.
Net cash from operating activities was $-769,398 and $-78,360 for the year ended July 31, 2022 and July 31, 2021, respectively.
−Removed: 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.
+Added: The decrease was primarily due to the development activities related to Hammer’s HammerPay application.
Net cash used in investing activities was $205,060 and $75,503 for the year ended July 31, 2022 and July 31, 2021, respectively.
−Removed: The increase in cash used in investing activities was primarily due software development activities and its new network in Huntsville, AL.
+Added: The increase was primarily due to the development activities related to Hammer's HammerPay application.
Net cash provided by financing activities was $1,429,973 and $157,538 for the year ended July 31, 2022 and July 31, 2021, respectively.
−Removed: 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.
+Added: The increase in cash provided by financing activities for the period ended July 31, 2022 when compared to the same period in 2021 was primarilydue to cash receipts from two convertible notes.
We have not attained profitable operations and are dependent upon obtaining financing to pursue any extensive activities.
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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.