15 unchanged sentences
PLAN OF OPERATION
−Removed: We are an early stage corporation and have generated revenues of $968,271 and $237,980 from our business for the nine months ended September 30, 2021 and for the year ended December 31, 2020, respectively.
−Removed: 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.
−Removed: 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.
+Added: We are an early stage corporation and have generated revenues of $2 and $338,949 from our business for the three months ended March 31, 2022 and for the year ended March 31, 2021, respectively.
+Added: We 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.
+Added: During the 12 months following the date of filing of this Form 10-Q, we 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.
15 unchanged sentences
RESULTS OF OPERATIONS
−Removed: Comparison of the Three Months ended September 30, 2021 and 2020
−Removed: As of September 30, 2021, we suffered from a working capital deficit of $297,692.
+Added: Comparison of the Three Months ended March 31, 2022 and 2021
+Added: As of March 31, 2022, we suffered from a working capital deficit of $345,304.
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.
−Removed: The following table sets forth certain operational data for the three months ended September 30, 2021 and 2020:
−Removed: Three Months Ended September 30,
−Removed: Cost of revenue
−Removed: General and administrative expenses
−Removed: Other (expense) income
−Removed: Loss before Income Taxes
−Removed: Income tax expense
−Removed: We generated revenues of $300,497 and $5,872 for the three months ended September 30, 2021 and 2020.
−Removed: Cost of Revenue .
−Removed: Cost of revenue for the three months ended September 30, 2021 and 2020, was $299,107 and $5,214, respectively.
−Removed: Cost of revenue increased primarily as a result of the increase in our business volume.
−Removed: Gross Profit .
−Removed: We achieved a gross profit of $1,390 and $658 for the three months ended September 30, 2021 and 2020, respectively.
−Removed: The increase in gross profit is primarily attributable to the increase in our business volume.
−Removed: General and Administrative Expenses (“G&A”) .
−Removed: We incurred G&A expenses of $26,295 and $13.414 for the three months ended September 30, 2021 and 2020, respectively.
−Removed: The increase in G&A is primarily attributable to the increase in business volume.
−Removed: Income Tax Expense .
−Removed: Our income tax expenses for the three months ended September 30, 2021 and 2020 were $0.
−Removed: During the three months ended September 30, 2021, we incurred a net loss of $26,048, as compared to $12,755 for the three months ended September 30, 2020.
−Removed: Comparison of the Nine Months ended September 30, 2021 and 2020
−Removed: The following table sets forth certain operational data for the nine months ended September 30, 2021 and 2020:
−Removed: Nine Months Ended September 30,
+Added: The following table sets forth certain operational data for the three months ended March 31, 2022 and 2020:
+Added: Three Months Ended March 31,
Cost of revenue
General and administrative expenses
−Removed: Other (expense) income
+Added: Other income (expense)
Loss before income taxes
Income tax expense
−Removed: We generated revenues of $968,271 and $5,894 for the nine months ended September 30, 2021 and 2020.
+Added: We generated revenues of $2 and $338,949 for the three months ended March 31, 2022 and 2021, due to the significant reduction of air ticket demand from the unexpected Omicron outbreak, starting from December 2021 up to March 2022, globally and in Hong Kong.
+Added: The global demand for air tickets have largely decreased and we experienced many flight cancellations or rescheduling.
+Added: This situation has since recovered when the outbreak was brought under control in April 2022.
+Added: We will continue to operate the business and expect the market turnaround in the upcoming holiday season.
Cost of Revenue .
−Removed: Cost of revenue for the nine months ended September 30, 2021 and 2020, was $964,540 and $5,214, respectively.
−Removed: Cost of revenue increased primarily as a result of the increase in our business volume.
+Added: Cost of revenue for the three months ended March 31, 2022 and 2021, was $0 and $337,826, respectively.
+Added: Cost of revenue decreased primarily as a result of the significant decrease in our business volume.
Gross Profit .
−Removed: We achieved a gross profit of $3,731 and $680 for the nine months ended September 30, 2021 and 2020, respectively.
−Removed: The increase in gross profit is primarily attributable to the increase in our business volume.
+Added: We achieved a gross profit of $2 and $1,123 for the three months ended March 31, 2022 and 2021, respectively.
+Added: The decrease in gross profit is primarily attributable to the significant decrease in our business volume.
General and Administrative Expenses (“G&A”) .
−Removed: We incurred G&A expenses of $160,096 and $33,771 for the nine months ended September 30, 2021 and 2020, respectively.
−Removed: The increase in G&A is primarily attributable to the increase in business volume.
+Added: We incurred G&A expenses of $26,330 and $18,475 for the three months ended March 31, 2022 and 2021, respectively.
+Added: The increase in G&A is primarily attributable to the increase in professional fees and service charges.
Income Tax Expense .
−Removed: Our income tax expenses for the nine months ended September 30, 2021 and 2020 were $0.
−Removed: During the nine months ended September 30, 2021, we incurred a net loss of $161,850, as compared to $22,782 for the nine months ended September 30, 2020.
+Added: Our income tax expenses for the three months ended March 31, 2022 and 2021 were $0.
+Added: During the three months ended March 31, 2022, we incurred a net loss of $19,599, as compared to $39,408 for the three months ended March 31, 2021.
Liquidity and Capital Resources
−Removed: As of September 30, 2021, we had cash and cash equivalents of $36,578, accounts receivable of $753, deposits, prepayments and other receivables of $19,735.
+Added: As of March 31, 2022, we had cash and cash equivalents of $25,548, accounts receivable of $834, deposits, prepayments and other receivables of $21,601.
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.
−Removed: Nine Months Ended September 30,
+Added: Three Months Ended March 31,
Net cash used in operating activities
−Removed: Net cash provided by investing activities
Net cash provided by financing activities
Net Cash Used In Operating Activities.
−Removed: For the nine months ended September 30, 2021, net cash used in operating activities was $92,923, which consisted primarily of a net loss of $161,850, offset by a depreciation of right-of-use asset of $18,869, amortization of convertible note discount of $1,556, non-cash expenses related to lease liabilities of $1,887, stock-based compensation of $41,715, an increase in accounts receivables of $379 a decrease in deposits, prepayments and other receivables of $218 and an increase in accrued liabilities and other payables of $5,061.
−Removed: 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 increase in accounts receivables of $5,660, an increase in deposits, prepayments and other receivables of $307 and an increase in accrued liabilities and other payable of $8,578.
+Added: For the three months ended March 31, 2022, net cash used in operating activities was $544, which consisted primarily of a net loss of $19,599, offset by a depreciation of right-of-use asset of $6,259, non-cash expenses related to lease liabilities of $626, a decrease in accounts receivables of $14,939 an increase in deposits, prepayments and other receivables of $1,893, decrease in accounts payable of $15,098 and an increase in accrued liabilities and other payables of $14,212.
+Added: 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 an amortization of convertible note discount of $667, depreciation of right-of-use asset of $5,038, an increase in accounts receivables of $113, a decrease in accrued liabilities and other payable of $1,282 and an increase of lease liabilities of $632.
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.
−Removed: For the nine months ended September 30, 2021 and 2020, there are no net cash provided by investing activities.
+Added: For the three months ended March 31, 2022 and 2021, there are no net cash provided by investing activities.
Net Cash Provided By Financing Activities.
−Removed: For the nine months ended September 30, 2021, net cash provided by financing activities was $56,761 consisting primarily of $20,297 payment of lease liabilities, offset by $77,058 advances from directors.
−Removed: 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, offset by $67,901 advances from directors.
+Added: For the three months ended March 31, 2022, net cash provided by financing activities was $9,387 consisting primarily of $6,732 payment of lease liabilities, offset by $16,119 advances from a director.
+Added: 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 a director.
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.
1 unchanged sentence
Off-Balance Sheet Arrangements
−Removed: We had no off-balance sheet arrangements for the nine months ended September 30, 2021.
+Added: We had no off-balance sheet arrangements for the three months ended March 31, 2022.
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.