What changed in this filing

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Item 2. Management’s Discussion and Analysis

2021-05-21 compared with 2021-02-19 · 41 added, 38 removed, 122 unchanged (39% of the section changed)

31 unchanged sentences

Balakrishnan B S Muthu and Mr.

Effective February 2, 2018, the Company s Articles of Incorporation were amended to increase the authorized shares of the Company from 250,000,000 shares of common stock to 10,000,000,000 shares of common stock.

A copy of the Certificate of Amendment was filed with the Nevada Secretary of State.

Effective March 31, 2021, Mr.

Craven was appointed Director of the Company and the entire Board of Directors now consists of Mr.

Balakrishnan B S Muthu, Mr.

Chen Ching and Mr.

The Form 8-K announcing the change in officers and directors were filed with SEC on April 1, 2021.

The following diagram illustrates our current corporate structure:

12 unchanged sentences

final right for the appointment of members to the Board of Directors and the management team of CSB;

to act as principal of CSB;

an obligation to provide financial support to CSB;

an option to purchase an equity interest in CSB;

an entitlement to future benefits and residual value of CSB;

a right to impose no dividend policy;

act as principal of CSB;

obligation to provide financial support to CSB;

option to purchase an equity interest in CSB;

entitlement to future benefits and residual value of CSB;

right to impose no dividend policy;

human resources management.

21 unchanged sentences

Results of Operations

For the three months ended December 31, 20 20 and 20 19 :

We have generated $0 and $0 revenues for the three months ended December 31, 2020 and 2019, and have recorded a gross income (loss) of $0 and $0 for the three months ended December 31, 2020 and 2019.

We have incurred $34,512 and $30,669 in operating income (expenses) through December 31, 2020 and 2019.

We have other income (expenses) $0 and $0 for the three months ended December 31, 2020 and 2019.

The following table provides selected financial data about our company for the three months ended December 31, 2020 and December 31, 2019.

For the three months ended March 31, 202 1 and 20 20 :

We have generated $14,326 and $0 revenues for the three months ended March 31, 2021 and 2020, and have recorded a gross profit of $14,326 and gross profit of $0 for the three months ended March 31, 2021 and 2020.

We have incurred $81,605 and $96,858 in operating expenses through March 31, 2021 and March 31, 2020.

We have other income $0 and $0 for the three months ended March 31, 2021 and 2020.

The following table provides selected financial data about our company for the three months ended March 31, 2021 and March 31, 2020.

Statement of Operation

Cost of revenue

Gross Income (Loss)

Gross Profit (Loss)

Operating Expenses

Other Income(Expenses)

For the six months ended December 31, 20 20 and 201 9 :

We have generated $0 and $0 revenues for the six months ended December 31, 2020 and 2019, and have recorded a gross loss of $0 and $0 for the six months ended December 31, 2020 and 2019.

We have incurred $98,792 and $180,046 in operating expenses through December 31, 2020 and 2019.

We have other income $0 and $0 for the six months ended December 31, 2020 and 2019.

The following table provides selected financial data about our company for the six months ended December 31, 2020 and December 31, 2019.

For the nine months ended March 31, 202 1 and 20 20 :

We have generated $14,326 and $0 revenues for the nine months ended March 31, 2021 and 2020, and have recorded a gross profit of $14,326 and gross profit of $0 for the nine months ended March 31, 2021 and 2020.

We have incurred $180,398 and $276,904 in operating expenses through March 31, 2021 and March 31, 2020.

We have other income $0 and $0 for the nine months ended March 31, 2021 and 2020.

The following table provides selected financial data about our company for the nine months ended March 31, 2021 and March 31, 2020.

Statement of Operation

Cost of revenue

Gross Profit (Loss)

Operating Expenses

Other Income(Expenses)

The revenue derived from the sales of gold mineral to customers in Malaysia.

The decrease of revenue for the period ended December 31, 2020 was mainly due to a decrease in gold production because of depleting mineral reserves in the mine and gold sales during the period.

The decrease of cost of revenue was mainly due to a decrease of gold production corresponding to the decrease in revenue during the period.

The revenue was derived from the sales of wash sand to customers in Malaysia.

The increase of revenue for the three months period ended March 31, 2021, was mainly due to seeking new customer of wash sand sales during the three months period.

Operating expenses comprised mainly of salaries, office costs, legal and professional fees and travelling expenses.

The decrease in operating expenses for the period was mainly due to the decrease of salaries during the period.

The revenue derived from the sales of gold mineral to customers in Malaysia.

The decrease of revenue and cost of revenue for the period ended December 31, 2020 was mainly due to a decrease in gold production and gold sales during the period.

The decrease in operating expenses for the three months period was mainly due to the decrease of salaries during the period.

The revenue derived from the sales of wash sand to customers in Malaysia.

The increase of revenue for the nine months period ended March 31, 2021, was mainly due to seeking new customer of wash sand sales during the last three months period.

Operating expenses comprised mainly of salaries, office costs, legal and professional fees, consultancy service fee, stock-based compensation and travelling expenses.

The operating expenses were mainly denominated in MYR and decrease compared with six months ended December 31, 2020 due to decrease of salaries during the period.

Moreover, the average rate of MYR :

USD for six months December 31, 2020 and December 31, 2019 was 0.2419 and 0.2404 respectively.

The operating expenses were mainly denominated in MYR and decrease compared with nine months period ended March 31, 2021.

Moreover, the average rate of MYR :USD for nine months March 31, 2021 and March 31, 2020 was 0.2430 and 0.2395 respectively.

Plan of Operation

10 unchanged sentences

The Company has negotiated with Malaysia state agency PKNP on a 2-year lease for a new mining location that is about 5 km from the current Merapoh mine site.

The leasing premium has been paid but the mining lease certificate will only be issued upon clearance from the Malaysia Forest Department, which is expected in mid 2021 subject to review on COVID-19 “Movement Control Order” by the Malaysian government.

The leasing premium has been paid but the mining lease certificate will only be issued upon clearance from the Malaysia Forest Department, which is expected around mid-2021 subject to review on COVID-19 “Movement Control Order” by the Malaysian government.

The Company believes that there are excellent growth opportunities for its business outside Malaysia.

12 unchanged sentences

Liquidity and Capital Resources

The following table provides selected cash flow data about our company for the six months ended December 31, 2020 and December 31, 2019.

The following table provides selected cash flow data about our company for the nine months ended March 31, 2021 and March 31, 2020.

Cash Flow Date

7 unchanged sentences

Cash and cash equivalents at end of year

For the six months ended December 31, 2020, the Company had incurred net loss from operation of $98,792 which posted a negative impact to the company’s cash flow.

The reconciliation on non-cash items such as depreciations provide positive impact on cash.

In the operation analysis, the net cash outflow in operating activities decreased from $220,877 to $54,029.

The $98,792 net loss was partially offset by the noncash expenses such as $86 in depreciation and $6,165 in amortization.

In the operating assets and liabilities, the net decrease in current assets, such as deposits and prepayment was $24,171 whereas the net increase in current liabilities, such as accounts payable and advanced from related parties was $38,512, which provided positive cash flow effect to the $98,792 loss in operation.

The final result of the cash flow from operating activities was $(54,029) negative cash flow effect.

In the investing cash flow analysis, there was no change for the six months ended December 31, 2020.

In the financing cash flow analysis, there was no change for the six months ended December 31, 2020.

For the nine months ended March 31, 2021, the Company had incurred net loss from operation of $166,072, which posted a negative impact to the company’s cash flow.

The reconciliation on non-cash items such as depreciation and amortization provide positive impact on cash.

In the operation analysis, the net cash used in operating activities decreased from $319,588 to $116,928.

The $166,072 net loss was partially offset by the noncash expense such as $9,417 in depreciation and amortisation.

In the operating assets and liabilities, the net increase in current assets, such as trade receivables was $14,326, whereas the net increase in current liabilities, such as accounts payable, accrued liabilities and advanced from related parties was $54,053, which provided positive cash flow effect to the $166,072 loss in operation.

The final result of the cash flow from operating activities was a negative cash flow effect.

In the investing and financing cash flow analysis, there was no change for the nine months ended March 31, 2021.

Besides, the net increase in exchange rate effect of $120,530 provided a positive cash flow effect.

The cash and cash equivalents at the end of December 31, 2020, was increased by $9,215 with $33,242 as balance.

The cash and cash equivalents at the end of March 31, 2021, was increased by $3,602 with $27,629 as a closing balance.

The cash flow situation will not allow for operations in the coming next 12 months by self-generated cash provided from operating activities.

8 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