What changed in this filing

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Item 2. Management’s Discussion and Analysis

2024-11-08 compared with 2024-08-13 · 59 added, 43 removed, 113 unchanged (47% of the section changed)

87 unchanged sentences

to pay dividends to its shareholders.

The Company has developed an additional business offering working closely with bond placement agents and aggregators

to establish various aspects of a proprietary, investment grade bond offering.

Company has developed an additional business offering working closely with bond placement agents and aggregators to establish various

aspects of a proprietary, investment grade bond offering.

In this arrangement, we participate as the sole originator in the role of structuring

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of Operations

Ended June 30, 2024, Compared with Three-Months Ended June 30, 2023

to the Company not holding NIBs, no interest income was recorded for the three months ended June 30, 2024, or 2023.

Ended September 30, 2024, Compared with Three-Months Ended September 30, 2023

to the Company not holding NIBs, no interest income was recorded for the three months ended September 30, 2024, or 2023.

& Administrative Expenses

and administrative expenses totaled $193,107, and $131,299 during the three months ended June 30, 2024, and 2023, respectively.

A significant

portion of these expenses were professional fees and payroll costs.

The increase in general and administrative expenses is a result of

increased professional fees.

and administrative expenses totaled $166,837, and $92,698 during the three months ended September 30, 2024, and 2023, respectively.

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

The increase in general and administrative expenses is

a result of increased professional fees.

Income and Expenses

the three months ended June 30, 2023, we recognized $398,920, as a 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, 2024, and 2023, interest expense accrued in the amount of $86,566 and $108,286, respectively.

decrease in interest expense was a result of no amortized debt discounts recognized during the three months ended September 30, 2024,

and a payment made on principal and interest.

the three months ended September 30, 2024, other expenses related to pursuing potential financing alternatives were $15,000.

These expenses

are related to additional consultant fees in pursuit of bonds.

the three months ended September 30, 2024, and 2023, the Company recorded net loss before income taxes of $268,403, and $200,984, 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, 2024, Compared with Six-Months Ended September 30, 2023

to the Company not holding NIBs, no interest income was recorded for the six months ended June 30, 2024, or 2023.

& Administrative Expenses

and administrative expenses totaled $359,944, and $223,997 during the six months ended September 30, 2024, and 2023, respectively.

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

The increase in general and administrative expenses is

a result of increased professional fees.

Income and Expenses

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

the six months ended September 30, 2023, we negotiated a settlement to reduce our outstanding accounts payable to one of our vendors

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

the three months ended June 30, 2024, and 2023, interest expense accrued in the amount of $88,322 and $97,973, respectively.

in interest expense was a result of no amortized debt discounts recognized during the three months ended June 30, 2024.

the three months ended June 30, 2024, other expenses related to pursuing potential financing alternatives were $155,000.

the six months ended September 30, 2024, and 2023, interest expense accrued in the amount of $174,888 and $206,259, respectively.

decrease in interest expense was a result of no amortized debt discounts recognized during the six months ended September 30, 2024.

the six months ended September 30, 2024, other expenses related to pursuing potential financing alternatives were $170,000.

These expenses

are related to additional consultant fees in pursuit of bonds.

the three months ended June 30, 2024, and 2023, the Company recorded net loss before income taxes of $436,429, and $338,192, respectively,

the six months ended September 30, 2024, and 2023, the Company recorded net loss before income taxes of $704,832, and $539,176, respectively,

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

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payable from related parties and the issuance of convertible debentures.

As of June 30, 2024, we had $185,259 of cash, compared to $329,860

as of March 31, 2024.

As of June 30, 2024, 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 $67,000, 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, 2024, totaled $452,604, 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 2025.

June 30, 2024, we owed $5,293,938, 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 June 30, 2024, one note payable had a principal balance of $50,000 which was completely paid 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, 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.

As of June 30, 2024, unsecured promissory notes

had principal balances totaling $826,000 and are due on November 30, 2025.

The convertible debenture agreement, which has no principal

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

As of August 12, 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.

As of September 30, 2024, we had $428,475 of cash, compared

to $329,860 as of March 31, 2024.

As of September 30, 2024, 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 $63,000,

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, 2024, totaled $447,688, and other

accrued liabilities totaled $1,848,050.

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 2025.

September 30, 2024, we owed $5,180,504, including accrued interest, for debt obligations.

We owed $3,290,058 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, 2024, a line-of-credit to a third party had a balance of $1,159,508 due on November

30, 2025, 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.

As of September 30,

2024, unsecured promissory notes had principal balances totaling $826,000 and are due on November 30, 2025.

The convertible debenture

agreement, which has no principal balance due as of September 30, 2024, is open through November 30, 2024.

As of November 8, 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

Consolidated Financial Statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year

ended March 31, 2024, which was filed with the SEC on July 1, 2024.

Consolidated Financial Statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended

March 31, 2024, which was filed with the SEC on July 1, 2024.

Sheet Arrangements

2 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