What changed in this filing

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Item 2. Management’s Discussion and Analysis

2021-05-24 compared with 2020-11-12 · 30 added, 49 removed, 56 unchanged (59% of the section changed)

15 unchanged sentences

PLAN OF OPERATION

We are an early stage corporation and have generated revenues of $5,872 from our business during the nine months ended September 30, 2020.

We are an early stage corporation and have generated revenues of $338,949 and $237,980 from our business for the three months ended March 31, 2021 and for the the year ended December 31, 2020, respectively.

We have developed and operate an online ticketing platform named Gagfare.com, which provides a ticketing system for individuals and agencies to search, book and issue flight tickets and other services.

During the 12 months following the date of filing of this Quarterly Report on Form 10-Q, will be focused on attempting to raise $750,000 of funds to expand our business.

During the 12 months following the date of filing of this Annual Report on Form 10-K, will be focused on attempting to raise $10,000,000 of funds to expand our business.

We have no assurance that future financing will materialize.

If that financing is not available, we may be unable to continue.

Management believes that if we are successful in raiding $750,000, we will be able to generate sales revenue within the following twelve months thereof.

However, if such public financing is not available, we could fail to satisfy our future cash requirements.

9 unchanged sentences

As a result, investors in our common stock would lose all of their investment.

With new investors joining, the Company will develop a travel services businesses, which includes an online ticketing platform Gagfare, which provides to travelers a “Book Now, Pay Later” business model, for travelers to secure the best fares and reserve flights well ahead of time.

With new investors joining, the Company is operating a travel services businesses, which includes an online ticketing platform Gagfare, which provides to travelers a “Book Now, Pay Later” business model, for travelers to secure the best fares and reserve flights well ahead of time.

The Company will also become the driving force behind a bold new hospitality concept that takes nature lovers and intrepid travelers to exciting new and established destinations.

1 unchanged sentence

RESULTS OF OPERATIONS

Comparison of the three months ended September 30, 2020 and 2019

As of September 30, 2020, we suffered from a working capital deficit of $108,530.

Comparison of the Three Months ended March 31, 2021 and 2020

As of March 31, 2021, we suffered from a working capital deficit of $225,890.

As a result, our continuation as a going concern is dependent upon improving our profitability and the continuing financial support from our stockholders or other capital sources.

1 unchanged sentence

Our financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets and liabilities that may result in the Company not being able to continue as a going concern.

The following table sets forth certain operational data for the three months ended September 30, 2020 and 2019:

Three Months Ended September 30,

Cost of revenue

Total operating expenses

Loss before Income Taxes

Income tax expense

We generated revenues of $5,872 and $44 for the three months ended September 30, 2020 and 2019.

The significant increase is due to the increase in business volume in booking services.

Cost of Revenue .

Cost of revenue for the three months ended September 30, 2020, was $5,214.

Cost of revenue increased primarily as a result of the increase in our business volume.

Gross Profit .

We achieved a gross profit of $658 and $44 for the three months ended September 30, 2020 and 2019, respectively.

The increase in gross profit is primarily attributable to the increase in our business volume.

General and Administrative Expenses ( “ G&A ” ) .

We incurred G&A expenses of $13,414 and $4,347 for the three months ended September 30, 2020 and 2019, respectively.

The increase in G&A is primarily attributable to the increase in our business volume.

Income Tax Expense .

Our income tax expenses for the quarters ended September 30, 2020 and 2019 were $0.

During the three months ended September 30, 2020, we incurred a net loss of $12,755, as compared to $4,302 for the same period ended September 30, 2019.

Comparison of the nine months ended September 30, 2020 and 2019

The following table sets forth certain operational data for the nine months ended September 30, 2020 and 2019:

Nine Months Ended September 30,

The following table sets forth certain operational data for the three months ended March 31, 2021 and 2020:

Three Months Ended March 31,

Cost of revenue

Total operating expenses

Loss before Income Taxes

Other (expense) income

(Loss) income before Income Taxes

Income tax expense

We generated revenues of $16,202 and $315 for the nine months ended September 30, 2020 and 2019.

Net (loss) income

We generated revenues of $338,949 and $20 for the three months ended March 31, 2021 and 2020.

Cost of Revenue .

Cost of revenue for the nine months ended September 30, 2020, was $5,214.

Cost of revenue for the three months ended March 31, 2021 and 2020, was $337,826 and $0, respectively.

Cost of revenue increased primarily as a result of the increase in our business volume.

Gross Profit .

We achieved a gross profit of $10,988 and $315 for the nine months ended September 30, 2020 and 2019, respectively.

We achieved a gross profit of $1,123 and $20 for the three months ended March 31, 2021 and 2020, respectively.

The increase in gross profit is primarily attributable to the increase in our business volume.

General and Administrative Expenses (“G&A”) .

We incurred G&A expenses of $16,131 and $20,889 for the nine months ended September 30, 2020, and 2019, respectively.

The increase in G&A is primarily attributable to the increase in our business volume.

We incurred G&A expenses of $38,359 and $3,538 for the three months ended March 31, 2021 and 2020, respectively.

The increase in G&A is primarily attributable to the increase in business volume..

Income Tax Expense .

Our income tax expenses for the nine months ended September 30, 2020 and 2019 were $0.

During the nine months ended September 30, 2020, we incurred a net loss of $22,782, as compared to $20,570 for the same period ended September 30, 2019.

Our income tax expenses for the three months ended March 31, 2021 and 2020 were $0.

During the three months ended March 31, 2021, we incurred a net loss of $39,408, as compared to a net profit of $6,777 for the three months ended March 31, 2020.

Liquidity and Capital Resources

As of September 30, 2020, we had cash and cash equivalents of $34,067, accounts receivable of $6,163, deposits, prepayments and other receivables of $11,778.

As of March 31, 2021, we had cash and cash equivalents of $42,512, accounts receivable of $487, deposits, prepayments and other receivables of $19,897.

We believe that our current cash and other sources of liquidity discussed below are adequate to support general operations for at least the next 12 months.

Nine Months Ended September 30,

Net cash provided used in operating activities

Net cash provided by (used in) investing activities

Three Months Ended March 31,

Net cash (used in) provided by operating activities

Net cash provided by investing activities

Net cash provided by financing activities

Net Cash Used In Operating Activities.

For the nine months ended September 30, 2020, net cash used in operating activities was $20,171, which consisted primarily of a net loss of $22,782, offset by an decrease in accounts receivables of $5,660, a decrease in deposits, prepayments and other receivables of $307 and an increase in accrued expenses and other payables of $8,578.

For the nine months ended September 30, 2019, net cash used in operating activities was $14,803, which consisted primarily of a net loss of $20,570, non-cash items, offset by an increase in accounts receivables of $4,238, an increase in deposits, prepayments and other receivables of $7,447 and a decrease in accrued expenses and other payable of $5,916.

Net Cash (Used In) Provided By Operating Activities.

For the three months ended March 31, 2021, net cash used in operating activities was $34,466, which consisted primarily of a net loss of $39,408, offset by a depreciation of right-of-use asset of $5,038, amortization of convertible note discount of $667, an increase in accounts receivables of $113, an increase in lease liabilities of $632 and a decrease in accrued liabilities and other payables of $1,282.

For the three months ended March 31, 2020, net cash provided by operating activities was $6,989, which consisted primarily of a net profit of $6,777, offset by an increase in accounts receivables of $21 and an increase in accrued liabilities and other payable of $285.

We expect to continue to rely on cash generated through financing from our existing shareholders and private placements of our securities, however, to finance our operations and future acquisitions.

Net Cash Provided By Investing Activities.

For the nine months ended September 30, 2020, there is no net cash provided by investing activities.

For the nine months ended September 30, 2019, there is no net cash provided by investing activities.

For the three months ended March 31, 2021 and 2020, there are no net cash provided by investing activities.

Net Cash Provided By Financing Activities.

For the nine months ended September 30, 2020, net cash provided by financing activities was $45,061 consisting primarily of $22,840 repayment to related companies of the Company and offset by $67,901 advances from a director.

For the nine months ended September 30, 2019, net cash provided by financing activities was $15,443, consisting primarily of $38,589 repayment to related companies of the Company and offset by $54,032 advances from the Company’s related parties.

For the three months ended March 31, 2021, net cash provided by financing activities was $12,117 consisting primarily of $6,774 payment of lease liabilities, offset by $18,891 advances from directors.

For the three months ended March 31, 2020, net cash provided by financing activities was $220 consisting primarily of $2,564 repayment to related companies of the Company, offset by $2,784 advances from directors.

We continue to evaluate the impact of the COVID-19 pandemic on the industry and our Company and have concluded that while it is reasonably possible that the virus could have a negative effect on our financial position and results of our operations, the specific impact is not readily determinable as of the date of this filing.

Our financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Off-Balance Sheet Arrangements

We had no off-balance sheet arrangements for the nine months ended September 30, 2020.

We had no off-balance sheet arrangements for the three months ended March 31, 2021.

Subsequent Events

3 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.

What changed 10-Q

Item 2. Management’s Discussion and Analysis