Replies to post #34465 on Gold Entertainment Group Inc (GEGP)

[THall]

Wrong they have debt because they are operating at a loss.

Operating Expenses


During the twelve month period ended January 31, 2017, we incurred general and administrative expenses and professional fees of $25,516 compared to $31,686 incurred during the period ended January 31, 2016. General and administrative and professional fee expenses incurred during the twelve month period ended January 31, 2017 were generally related to corporate overhead, financial and administrative contracted services, such as legal and accounting, developmental costs.


Net Losses


Our net loss for the year ended January 31, 2017 was $25,516 compared to a net loss of $36,708 during the period period ended January 31, 2016. The major reason for the reduction of our net loss was the elimination of notes payable and its related interest expense in prior years.


LIQUIDITY AND CAPITAL RESOURCES


As of January 31, 2017


As of January 31, 2017 our current assets were $188 compared to $3,502 in the prior fiscal year. The major reason for the reduction was payments to the transfer agency and reduction of amounts due to related party. As of January 31, 2017, our current liabilities were $128,145 compared to $105,943 in current liabilities at January 31, 2016. The major reason for the increase in the current liabilities was due to the increase in consulting fees due to management.


As at January 31, 2017 the Company had $188 cash on hand, has incurred losses of $25,516 and further losses are anticipated in the development of its business raising substantial doubt about the Company’s ability to continue as a going concern. The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and, or, to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. There is no assurance that these events will be satisfactorily completed.



Cash Flows from Operating Activities


For the twelve months ended January 31, 2017, net negative cash flows used in operating activities was $2,914 compared to increase of cash flow in the prior year of $8,402 cash flow in the period January 31, 2016. The reason for the decrease in operations for the prior year was that a creditor advances certain monies to the company.


Cash Flows from Investing Activities


We neither generated nor used funds in investing activities during the twelve months ended January 31, 2017 or the period ending January 31, 2016.


Cash Flows from Financing Activities


None.


PLAN OF OPERATION AND FUNDING


We expect that working capital requirements will continue to be funded through a combination of our existing funds and further issuances of securities for the short term until acquisition are identified and in place generating positive cash flow. Our working capital requirements are expected to increase in line with the growth of our business.