Articles of Incorporation (the “Amendment”), as
amended, to increase our authorized shares from 137,000,000 shares to 610,000,000 shares,
of which
600,000,000 will be common stock
and 10,000,000 will be preferred stock.
As reflected in the accompanying financial statements,
the Company had an accumulated deficit at
June 30,
2019
of $70,753,
624
and its liabilities exceeded its assets.
These factors among others raise substantial
doubt about the Company’s ability to continue as a going concern.
9
Basic Loss Per Share
FASB ASC Subtopic 260, Earnings Per Share, provides for the calculation of “Basic" and "Diluted" earnings
per share. Basic earnings per share is computed by dividing net loss available to common shareholders by
the weighted aver
age number of common shares outstanding for the period. All potentially dilutive securities
have been excluded from the computations since they would be antidilutive. However, these dilutive securities
could potentially dilute earnings per share in the future.
Cash and Cash Equivalents
Cash equivalents consist of highly liquid investments with maturities of three months or less when purchased.
Cash and cash equivalents are on deposit with financial institutions without any restrictions. At June 30, 2019,
cash equivalents amounted to $0.
NOTE 3 –
GOING CONCERN
The accompanying financial statements have been prepared assuming that the Company
will continue as a
going concern, which contemplates continuity of operations, realization of assets, and liquidation of liabilities
in the normal course of business.
As reflected in the accompanying financial statements,
the Company had an accumulated deficit at
June 30,
2019
of $70,753,
624
and its liabilities exceeded its assets.
These factors among others raise substantial
doubt about the Company’s ability to continue as a going concern.
While the Company is attempting to commence operations and generate revenues, the Company’s cash
position may not be significant enough to support the Company’s daily operations. Management intends to
raise additional funds by way of a public or private offering.
Management believes that the actions presently
being taken to further implement its business plan and generate revenues provide the opportunity for the
Company
to continue as a going concern. While the Company believes in the viability of its strategy to
generate revenues and in its ability to raise additional funds, there can be no assurances to that effect. The
ability of the Company to continue as a going concern is dependent up
on the Company’s ability to further
implement its business plan and generate revenues.
The financial statements do not include any adjustments that might be necessary if the Company is unable to
continue as a going concern.
NOTE 4 –
STOCKHOLDERS’ DEFICIT
Capital Stock Issued
During the
year ended June 30, 2019,
the Company issued
250,000,000 shares of
Common
Stock
