What changed in this filing

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Item 2. Management’s Discussion and Analysis

2023-11-14 compared with 2023-08-14 · 57 added, 41 removed, 126 unchanged (44% of the section changed)

111 unchanged sentences

be an advisor.

As of June 30, 2023, none of the milestones related to the potential issuance of equity have been met.

As of September 30, 2023, none of the milestones related to the potential issuance of equity have been met.

of Operations

Ended June 30, 2023, Compared with Three-Months Ended June 30, 2022

to the Company not holding NIBs, no interest income was recorded for the three months ended June 30, 2023, or 2022.

Ended September 30, 2023, Compared with Three-Months Ended September 30, 2022

to the Company not holding NIBs, no interest income was recorded for the three months ended September 30, 2023, or 2022.

& Administrative Expenses

and administrative expenses totaled $131,299, and $213,957 during the three months ended June 30, 2023, and 2022, respectively.

A significant

portion of these expenses were professional fees and payroll costs.

The reduction in these expenses was primarily attributable to lower

monthly fees from our contractors.

and administrative expenses totaled $92,698, and $161,534 during the three months ended September 30, 2023, and 2022, respectively.

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

The reduction in these expenses was primarily attributable

to lower monthly fees from our contractors.

Income and Expenses

the three months ended June 30, 2023, we recognized $398,920 as loss on extinguishment of debt in conjunction with related party debt.

the three months ended June 30, 2023, we negotiated a settlement to reduce our outstanding accounts payable to one of our vendors by

the three months ended September 30, 2023, and 2022, interest expense accrued in the amount of $108,286 and $75,907, respectively.

increase in interest expense was a result of higher loan balances, as well as an additional $22,539 of debt discount recognized during

the three months.

the three months ended September 30, 2023, and 2022, other expenses related to pursuing potential financing alternatives were $0 and

$13,500, respectively.

the three months ended September 30, 2023, and 2022, the Company recorded net loss before income taxes of $200,984, and $250,941, respectively,

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, 2023, Compared with Six-Months Ended September 30, 2022

to the Company not holding NIBs, no interest income was recorded for the six months ended September 30, 2023, or 2022.

& Administrative Expenses

and administrative expenses totaled $223,997, and $375,491 during the six months ended September 30, 2023, and 2022, respectively.

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

The reduction in these expenses was primarily attributable

to lower monthly fees from our contractors.

Income and Expenses

the six months ended September 30, 2023, we recognized $398,920 as loss on extinguishment of debt in conjunction with related party debt.

the six months ended September 30, 2023, 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, 2023, and 2022, interest expense accrued in the amount of $97,973 and $74,139, respectively.

in interest expense was a result of higher loan balances, as well as an additional $15,765 of debt discount recognized during the three

the three months ended June 30, 2023, and June 30, 2022, other expenses related to pursuing potential financing alternatives were

$0 and $13,500, respectively.

the three months ended June 30, 2023, and 2022, the Company recorded net loss before income taxes of $338,192, and $301,596, respectively,

the six months ended September 30, 2023, and 2022, interest expense accrued in the amount of $206,259 and $150,046, respectively.

increase in interest expense was a result of higher loan balances, as well as an additional $38,304 of debt discount recognized during

the six months.

the six months ended September 30, 2023, 2022, other expenses related to pursuing potential financing alternatives were $0 and $27,000,

respectively.

the six months ended June 30, 2023, and 2022, the Company recorded net loss before income taxes of $539,176, and $552,537, respectively,

and had no income tax expense or benefit as a result of a full valuation allowance on the net deferred tax asset.

2 unchanged sentences

payable from related parties and the issuance of convertible debentures.

As of June 30, 2023, we had $6,071 of cash, compared to $553

as of March 31, 2023.

As of June 30, 2023, the Company had access to draw an additional $4,299,942 on the notes payable, related party

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

Our monthly expenses are anticipated to be approximately $44,000, which includes

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

legal and accounting expenses.

Outstanding Accounts Payable as of June 30, 2023, totaled $464,389, and other accrued liabilities totaled

We believe that our availability under our existing lines of credit with related parties, our existing capital resources,

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 2024.

June 30, 2023, we owed $4,910,857, including accrued interest, for debt obligations.

We owed $3,306,058 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, 2023, one note payable and line-of-credit had a principal balance of $50,000 due on

July 29, 2024, and $1,119,508 due on November 30, 2024, or when the Company completes a successful equity raise, at

which time principal and interest is due in full.

The second note payable and line-of-credit had a principal balance of $1,310,550,

and the line of credit is currently extended through November 30, 2024.

At June 30, 2023, unsecured promissory notes had principal

balances totaling $826,000 and are due August 31, 2024.

The convertible debenture agreement, which has no principal balance due as

of June 30, 2023, is open through November 30, 2024.

As of August 14, 2023, there was $4,299,942 available under the lines-of-credit we

currently have with related parties and $3,000,000 available under the 8% convertible debenture agreement.

As of September 30, 2023, we had $184,992 of cash, compared

to $553 as of March 31, 2023.

As of September 30, 2023, the Company had access to draw an additional $4,230,942 on the notes

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

Our monthly expenses are anticipated to be approximately

$41,000, which includes salaries of our employee, policy servicing expenses, consulting agreements and contract labor, general and administrative

expenses, estimated legal and accounting expenses.

Outstanding Accounts Payable as of September 30, 2023, totaled $463,050, and other

accrued liabilities totaled $1,635,574.

We believe that our availability under our existing lines of credit with related parties, our

existing capital resources, 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 November 2024.

September 30, 2023, we owed $5,066,605, including accrued interest, for debt obligations.

We owed $3,375,058 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, 2023, one note payable had a principal balance of $50,000 due on July 29,

2024, and a line-of-credit to that same third party had a balance of $1,159,508 due on November 30, 2024, or when the Company

completes a successful equity raise, at which time principal and interest is due in full.

A line-of-credit to a second third

party had a principal balance of $1,339,550 and is currently extended through November 30, 2024.

At September 30, 2023, unsecured promissory

notes had principal balances totaling $826,000 and are due August 31, 2024.

The convertible debenture agreement, which has no principal

balance due as of September 30, 2023, is open through November 30, 2024.

As of November 14, 2023, there was $4,230,942 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