What changed in this filing

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Item 2. Management’s Discussion and Analysis

2022-11-14 compared with 2022-08-15 · 53 added, 35 removed, 165 unchanged (35% of the section changed)

1 unchanged sentence

discussion summarizes the significant factors affecting our consolidated operating results, financial condition, liquidity and capital

resources at and during the three months ended June 30, 2022 and 2021.

resources at and during the six months ended September 30, 2022 and 2021.

For a complete understanding, this Management’s Discussion

83 unchanged sentences

Our clients may include bond issuers, bond investors, or other structured finance product

We develop strategies and methodologies which include the acquisition of life insurance portfolios, then uses common structured

We develop strategies and methodologies which include the acquisition of life insurance portfolios, then use common structured

finance techniques and proprietary analytics to structure bonds for issuances, including principal protected bonds.

59 unchanged sentences

of Operations

Ended June 30, 2022, Compared with Three-Months Ended June 30, 2021

to the Company not holding NIBs, no interest income was recorded for the three months ended June 30, 2022 or 2021.

Ended September 30, 2022, Compared with Three-Months Ended September 30, 2021

from Investments

to the Company not holding NIBs, no interest income was recorded for the three months ended September 30, 2022 or 2021.

& Administrative Expenses

and administrative expenses totaled $213,957 and $243,461 during the three months ended June 30, 2022, and 2021, respectively.

and administrative expenses totaled $161,534 and $172,144 during the three months ended September 30, 2022, and 2021, respectively.

significant portion of these expenses were professional fees and payroll costs.

The decrease in expenses was primarily due to a decrease

in professional fees.

Income and Expenses

the three months ended September 30, 2022 and 2021, other expenses related to pursuing potential financing alternatives were $13,500

and $10,000, respectively.

the three months ended September 30, 2022, and 2021, interest expense accrued in the amount of $75,907 and $68,352, respectively.

increased interest expense was due to higher principal balances on our notes payable.

the three months ended September 30, 2022, the Company recorded a net loss before income taxes of $250,941, and had no income tax expense

or benefit as a result of a full valuation allowance on the net deferred tax asset.

Ended September 30, 2022, Compared with Six-Months Ended September 30, 2021

from Investments

to the Company not holding NIBs, no interest income was recorded for the six months ended September 30, 2022 or 2021.

& Administrative Expenses

and administrative expenses totaled $375,491 and $415,605 during the six months ended September 30, 2022, and 2021, respectively.

A significant

portion of these expenses were professional fees and payroll costs.

The decrease in expenses was primarily due to a decrease in professional

Income and Expenses

the three months ended June 30, 2021, we negotiated a settlement to reduce our outstanding accounts payable to one of our vendors by

the six months ended September 30, 2021, we negotiated a settlement to reduce our outstanding accounts payable to one of our vendors

The gain was recorded as a gain on settlement of liabilities.

the three months ended June 30, 2022 and 2021, other expenses related to pursuing potential financing alternatives were $13,500 and $77,561,

the six months ended September 30, 2022 and 2021, other expenses related to pursuing potential financing alternatives were $27,000 and

$87,561, respectively.

the three months ended June 30, 2022, and 2021, interest expense accrued in the amount of $74,139 and $65,385, respectively.

The increased

interest expense was due slightly higher principal balances on our notes payable, as well as the effects of compounding interest.

the three months ended June 30, 2022, the Company recorded a net loss before income taxes of $301,596 and had no income tax expense or

benefit as a result of a full valuation allowance on the net deferred tax asset.

the six months ended September 30, 2022, and 2021, interest expense accrued in the amount of $150,046 and $133,737, respectively.

increased interest expense was due slightly higher principal balances on our notes payable.

the six months ended September 30, 2022, the Company recorded a net loss before income taxes of $552,537, and had no income tax expense

or benefit as a result of a full valuation allowance on the net deferred tax asset.

and Capital Resources

our inception our operations have been primarily financed through sales of equity instruments, debt financing, lines of credit and notes

payable from related parties and the issuance of convertible debentures.

As of June 30, 2022, we had $66,986 of cash, compared to $267,966

as of March 31, 2022.

As of June 30, 2022, the Company had access to draw an additional $4,604,192 on the notes payable, related party

and $3,000,000 on the Convertible Debenture Agreement.

Our monthly expenses are anticipated to be approximately $71,000, which includes

salaries of our employees, policy servicing expenses, consulting agreements and contract labor, general and administrative expenses,

estimated legal and accounting expenses.

Outstanding Accounts Payable as of June 30, 2022 totaled $584,960, and other accrued liabilities

payable from related and unrelated parties and the issuance of convertible debentures.

As of September 30, 2022, we had $498 of cash,

compared to $267,966 as of March 31, 2022.

As of September 30, 2022, the Company had access to draw an additional $4,604,192 on the notes

payable, related party and $3,000,000 on the Convertible Debenture Agreement.

Our monthly expenses are anticipated to be approximately

$70,000, which includes salaries of our employees, policy servicing expenses, consulting agreements and contract labor, general and administrative

expenses, and estimated legal and accounting expenses.

Outstanding Accounts Payable as of September 30, 2022 totaled $665,270, short

term notes payable totaled $300,000, short term notes payable to related parties totaled $876,000, and other accrued short term liabilities

totaled $455,039.

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together with the issuance of additional notes payable and convertible debentures will be sufficient to fund our operating working capital

requirements for at least the next 12 months, or through August 2023.

June 30, 2022, we owed $4,291,135, including accrued interest, for debt obligations.

We owed $3,001,808 in principal pursuant to notes

payable and lines-of-credits from related parties, $300,000 in other notes payable, and had fully paid off the principal owing on the

8% Convertible Debenture.

As of June 30, 2022, one note payable and line-of-credit had a principal balance of $1.109.508 and is due on

November 30, 2023, or when the Company completes a successful equity raise, at which time principal and interest is due in full.

second note payable and line-of-credit had a principal balance of $1,066,300, and the line of credit is currently extended through November

At June 30, 2022, unsecured promissory notes had principal balances totaling $826,000 and are due October 31, 2022.

The convertible

debenture agreement, which has no principal balance due as of June 30, 2022 is open through November 30, 2023.

As of August 15, 2022,

there was $4,604,192 available under the lines-of-credit we currently have with related parties and $3,000,000 available under the 8%

convertible debenture agreement.

requirements for at least the next 12 months, or through November 2023.

September 30, 2022, we owed $4,367,042, including accrued interest, for debt obligations.

We owed $3,001,808 in principal pursuant to

notes payable and lines-of-credits from related parties, $300,000 in other notes payable, and had fully paid off the principal owing

on the 8% Convertible Debenture.

As of September 30, 2022, one note payable and line-of-credit had a principal balance of $1,109,508

and is due on November 30, 2023, or when the Company completes a successful equity raise, at which time principal and interest is due

The second note payable and line-of-credit had a principal balance of $1,066,300, and the line of credit is currently extended

through November 30, 2023.

At September 30, 2022, unsecured promissory notes with related parties had principal balances totaling $826,000,

and are due July 31, 2023.

The convertible debenture agreement, which has no principal balance due as of September 30, 2022 is open

through November 30, 2023.

As of November 14, 2022, there was $4,532,192 available under the lines-of-credit we currently have with related

parties and $3,000,000 available under the 8% convertible debenture agreement.

Accounting Policies and Estimates

5 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