25 unchanged sentences
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.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.
+Added: 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.
14 unchanged sentences
On September 14, 2021, Erik B.
−Removed: 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 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.
+Added: Levitt, President and Chief Executive Officer and Executive Director of the Board of Directors of the Company resigned from his position as 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.
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 Fiber Optics Holdings Corp.
+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 has not yet been made effective.
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.
1 unchanged sentence
TFS has been renamed HammerPay [USA] Ltd.
−Removed: COVID-19 Pandemic Update
−Removed: 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.
−Removed: 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.
−Removed: As a result, the company and certain of the company's customers and suppliers temporarily closed locations beginning late in the second quarter of fiscal year 2020, continuing into the third quarter of fiscal year 2020.
−Removed: 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: 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.
−Removed: These notes have been retired and are categorized as Other Income on our financial statements.
+Added: On July 31, 2023 our board of directors approved the discontinuation of the operations of Hammer Wireless (SL) Limited, the company's data communications service in Sierra Leone.
+Added: The operations were discontinued in March 2020 and all assets have been written down.
Results of Operations
1 unchanged sentence
Net revenues from continuing operations for the year ended July 31, 2023 and 2022 were $3,256,611 and $2,602,115, respectively.
+Added: The increase in gross revenues were primarily due to growth in the messaging revenue from the Company's Over-the-Top ("OTT") business practice.
During the year ended July 31, 2023, the Company incurred total operating expenses from continuing operations of $3,846,078 compared with $3,149,840 for the comparable period ended in 2022.
−Removed: 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.
−Removed: 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, 2022, interest and financing expense was $609,760 compared to $30,797 in the comparable period in 2021.
+Added: The increase in operating costs was primarily due to expenses related to its increased revenues in its OTT business as well as expenses associated with new product development in the financial services segment on the HammerPay platform.
+Added: The Company recorded depreciation expense of $60,283 during the year ended July 31, 2023 compared to $65,487 in the comparable period in 2022, primarily due to efficiencies in the Company's telecommunications business unit.
+Added: During the year ended July 31, 2023, interest financing expense and expenses associated with warrants was $457,398 compared to $805,803 in the comparable period in 2022.
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 notes payable, one of which has been converted to Common Stock and is identified in our Subsequent Events.
−Removed: As of July 31, 2022, we had cash and cash equivalents of $482,883.
+Added: We have financed our operations since inception primarily through notes payable from related parties, which have been disclosed herein under Related Party Transactions.
+Added: As of July 31, 2023, the Company had cash and cash equivalents of $66,688.
Net cash from operating activities was $-636,706 and $-451,955 for the year ended July 31, 2023 and July 31, 2022, respectively.
−Removed: The decrease was primarily due to the development activities related to Hammer’s HammerPay application.
+Added: The increase was primarily due to the development activities related to the HammerPay application.
Net cash used in investing activities was $12,650 and $46,893 for the year ended July 31, 2023 and July 31, 2022, respectively.
−Removed: The increase was primarily due to the development activities related to Hammer's HammerPay application.
+Added: The decrease was primarily due efficiencies in the Company's telecommunications business unit.
Net cash provided by financing activities was $233,134 and $904,152 for the year ended July 31, 2023 and July 31, 2022, respectively.
−Removed: 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.
+Added: The decrease in cash provided by financing activities for the period ended July 31, 2023 when compared to the same period in 2022 was primarily due to reduced cash needs in the development of the HammerPay application.
We have not attained profitable operations and are dependent upon obtaining financing to pursue any extensive activities.
−Removed: For these reasons, our auditors have included in their report on our audited financial statements for the fiscal year ended July 31, 2022 an explanatory paragraph regarding factors that raise substantial doubt that we will be able to continue as a going concern.
+Added: For these reasons, our auditors have included in their report on our audited financial statements for the fiscal years ended July 31, 2023 and 2022 an explanatory paragraph regarding factors that raise substantial doubt that we will be able to continue as a going concern.
Going Concern
10 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.