What changed in this filing

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Item 2. Management’s Discussion and Analysis

2024-02-14 compared with 2023-11-14 · 51 added, 50 removed, 133 unchanged (43% of the section changed)

111 unchanged sentences

be an advisor.

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

As of December 31, 2023, none of the milestones related to the potential issuance of equity have been met.

of Operations

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.

Ended December 31, 2023, Compared with Three-Months Ended December 31, 2022

to the Company not holding NIBs, no interest income was recorded for the three months ended December 31, 2023, or 2022.

& Administrative Expenses

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

and administrative expenses totaled $147,842, and $149,158 during the three months ended December 31, 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 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,

the three months ended December 31, 2023, and 2022, interest expense accrued in the amount of $110,221 and $131,257, respectively.

decrease in interest expense was a result of a reduced amortization of debt discounts recognized during the three months.

the three months ended December 31, 2023, and 2022, other expenses related to pursuing potential financing alternatives were $105,000

and $13,500, respectively.

The increase in other expenses related to pursuing financing alternatives is explained by new consultant fees

in pursuit of bonds.

the three months ended December 31, 2023, and 2022, the Company recorded net loss before income taxes of $363,063, and $671,851, 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.

Ended December 31, 2023, Compared with Nine-Months Ended December 31, 2022

to the Company not holding NIBs, no interest income was recorded for the nine months ended December 31, 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.

and administrative expenses totaled $371,839, and $524,649 during the nine months ended December 31, 2023, and 2022, respectively.

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

2 unchanged sentences

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 nine months ended December 31, 2023, and 2022, we recognized $398,920, and $377,936, as loss on extinguishment of debt in conjunction

with related party debt, respectively.

the nine months ended December 31, 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 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,

the nine months ended December 31, 2023, and 2022, interest expense accrued in the amount of $316,480 and $281,303, respectively.

increase in interest expense was a result of higher loan balances, as well as additional amount of debt discount recognized during the

the nine months ended December 31, 2023, and 2022, other expenses related to pursuing potential financing alternatives were $105,000

and $40,500, respectively.

The increase in other expenses related to pursuing financing alternatives is explained by new consultant fees

in pursuit of bonds.

the nine months ended December 31, 2023, and 2022, the Company recorded net loss before income taxes of $902,239, and $1,224,388, 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 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.

As of December 31, 2023, we had $556,240 of cash, compared to

$553 as of March 31, 2023.

As of December 31, 2023, the Company had access to draw an additional $4,265,942 on the notes payable, related

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

Our monthly expenses are anticipated to be approximately $49,000, 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 December 31, 2023, totaled $463,066, and other accrued liabilities

totaled $1,728,774.

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 February 2025.

December 31, 2023, we owed $5,118,287, including accrued interest, for debt obligations.

We owed $3,340,058 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 December 31, 2023, one note payable had a principal balance of $50,000 due on November 30, 2025

because of a note extension subsequent to quarter end, and a line-of-credit to that same third party had a balance of $1,159,508 due

on November 30, 2025 because of a note extension subsequent to quarter end, 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 $1,304,550 and

is currently extended due on November 30, 2025 because of a note extension subsequent to quarter end.

At December 31, 2023, unsecured

promissory notes had principal balances totaling $826,000 and are due on November 30, 2025 because of a note extension subsequent to

The convertible debenture agreement, which has no principal balance due as of December 31, 2023, is open through November

As of February 14, 2024, there was $4,265,942 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