17 unchanged sentences
General and administrative expenses totaled approximately $117,000 for the year ended December 31, 2023 and $120,000 for the year ended December 31, 2022.
−Removed: The decrease was due to a decrease in legal fees in the current year as compared to prior year.
+Added: The decrease was due to a decrease in legal fees offset by an increase in accounting fees in the current year as compared to prior year.
Related Party Interest Expense
1 unchanged sentence
The increase is due to an increase in the amount of money borrowed from Delfin.
−Removed: Net loss for the year ended December 31, 2022 was approximately $185,000 as compared to a net loss of approximately $195,000 for the year ended December 31, 2021 as a result of decreased legal fees.
+Added: Net loss for the year ended December 31, 2023 was approximately $192,000 as compared to a net loss of approximately $185,000 for the year ended December 31, 2022 as a result of decreased legal fees offset by an increase in accounting fees and related party interest expense.
Liquidity and Capital Resources
5 unchanged sentences
These reasons raise significant doubt about our ability to continue as a going concern.
−Removed: In March 2018, the Company executed a Promissory Note with Delfin, which was amended and restated in May 2018 to $150,000, in November 2018 to $350,000, in June 2019 to $465,000, in November 2019 to $554,100, in August 2020 to $600,000, in February 2021 to $637,500, in June 2021 to $675,000, in October 2021 to $705,000, in January 2022 to $750,000, in April 2022 to $791, 000, in June 2022 to $826,000, in September 2022 to $861,000 and then again on December 23, 2022 to increase the principal amount up to $906,000 to pay certain accrued expenses, accounts payable and to allow the Company to have working capital.
−Removed: The additional principal amounts associated with the December 23, 2022 note amendment were received on January 4, 2023.
+Added: In March 2018, the Company executed a promissory note with Delfin for $50,000 (as amended and restated from time to time, the “Promissory Note”), which was amended and restated several times over the years and in October 2023 to $977,000, which was our balance at December 31, 2023.
+Added: In December 2023 management amended again to increase our borrowing to $1,027,000, however cash was not received and recorded until January 2024.
+Added: The Promissory Note is used to pay certain accrued expenses, accounts payable and to allow the Company to have working capital.
Interest accrues on the unpaid principal balance at a rate of 8% per annum, calculated on a 365/66 day year, as applicable.
20 unchanged sentences
Certain of our accounting policies require higher degrees of judgment than others in their application.
−Removed: The Company does not have any critical accounting policies or estimates.
+Added: Our company does not have any as of December 31, 2023.
Impact of Recently Issued Accounting Standards
3 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.