What changed in this filing

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Item 2. Management’s Discussion and Analysis

2025-02-14 compared with 2024-11-08 · 36 added, 37 removed, 135 unchanged (35% of the section changed)

101 unchanged sentences

of Operations

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.

Ended December 31, 2024, Compared with Three-Months Ended December 31, 2023

to the Company not holding NIBs, no interest income was recorded for the three months ended December 31, 2024, or 2023.

& Administrative Expenses

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

and administrative expenses totaled $143,513, and $147,842 during the three months ended December 31, 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 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,

the three months ended December 31, 2024, and 2023, interest expense accrued in the amount of $87,480 and $110,221, respectively.

decrease in interest expense was a result of no amortized debt discounts recognized during the three months ended December 31, 2024,

and reduction in principal balance.

the three months ended December 31, 2024, and 2023, other expenses related to pursuing potential financing alternatives were $30,000,

and $105,000, respectively.

These expenses are related to additional consultant fees in pursuit of bonds.

the three months ended December 31, 2024, and 2023, the Company recorded net loss before income taxes of $290,993, and $363,063, 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.

Months Ended December 31, 2024, Compared with Nine Months Ended December 31, 2023

to the Company not holding NIBs, no interest income was recorded for the nine 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.

and administrative expenses totaled $503,457, and $371,839 during the nine months ended December 31, 2024, and 2023, 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 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

the nine months ended December 31, 2023, we recognized $398,920, as a loss on extinguishment of debt in conjunction with related party

the nine months ended December 31, 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 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 six months ended September 30, 2024, and 2023, the Company recorded net loss before income taxes of $704,832, and $539,176, respectively,

the nine months ended December 31, 2024, and 2023, interest expense accrued in the amount of $262,368 and $316,480, respectively.

decrease in interest expense was a result of no amortized debt discounts recognized during the nine months ended December 31, 2024, and

reduction in principal balance.

the nine months ended December 31, 2024, and 2023, other expenses related to pursuing potential financing alternatives were $200,000,

and $105,000, respectively.

These expenses are related to additional consultant fees in pursuit of bonds.

the nine months ended December 31, 2024, and 2023, the Company recorded net loss before income taxes of $965,825, and $902,239, 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, 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,

As of December 31, 2024, we had $259,620 of cash, compared to

$329,860 as of March 31, 2024.

As of December 31, 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.

2 unchanged sentences

expenses, estimated legal and accounting expenses.

Outstanding Accounts Payable as of September 30, 2024, totaled $447,688, and other

Outstanding Accounts Payable as of December 31, 2024, totaled $437,360, and other

accrued liabilities totaled $1,946,602.

1 unchanged sentence

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.

our operating working capital requirements for at least the next 12 months, or through February 2026.

December 31, 2024, we owed $5,267,984, including accrued interest, for debt obligations.

We owed $3,290,058 in principal pursuant to

1 unchanged sentence

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

As of December 31, 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.

1 unchanged sentence

to a second third party had a principal balance of $1,304,550 and is currently extended due on November 30, 2026.

As of September 30,

As of December 31,

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.

agreement, which has no principal balance due as of December 31, 2024, is open through August 31, 2026.

As of February 13, 2025, 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