Are you absolutely positive that you really want to get the attention of people look at the 1FQ21 & 2FQ21? It's not any better than the 10K posted last week.
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Results of Operations
Revenue
Our revenue from operations for the three months ended July 31, 2020 was $0 compared to $497,400, a decrease of $497,400 from the three months ended July 31, 2019. This decrease is primarily a result of the elimination of retail sales of CBD products, as the Company moves to robotics and blockchain.
Cost of Goods Sold
Our cost of goods sold for the three months ended July 31, 2020 was $0 compared to $245,453 for the three months ended July 31, 2019. The decrease is primarily elimination of retail sales from CBD products.
Gross Profit
Our gross profit for the three months ended July 31, 2020 was $0 compared to $251,947 for the three months ended July 31, 2019. The gross profit of $251,947 for the three months ended July 31, 2019 represents approximately 51% as a percentage of total revenue.
Operating Expenses
Our operating expenses increased by $3,310,464 to $3,778,720 for the three months ended July 31, 2020, from $468,256 for the three months ended July 31, 2019.
The increase was primarily due to the increase in and stock based compensation of $3,612,000. Offset by a decrease in professional fees of $14,418, marketing fees of $34,338, consulting fees of $103,957, amortization and depreciation of $21,662, bad debts of $3,152, and selling, general, and administration of $124,009.
Our total operating expenses for the three months ended July 31, 2020 of $3,778,720 consisted of $5,052 of selling, general and administrative expenses, $3,720,000 in stock based compensation, $4,176 of professional fees, marketing expense of $1,359, and $48,133 of amortization and depreciation expenses.
Our total operating expenses for the three months ended July 31, 2019 of $468,256 consisted of $129,061 of selling, general and administrative expenses, $108,000 in stock based compensation, $18,594 of professional fees, consulting expense of $103,957, marketing expense of $35,697, bad debts of $3,152 and $69,795 of amortization and depreciation expenses.
Our general and administrative expenses consist of bank charges, telephone expenses, meals and entertainments, computer and internet expenses, postage and delivery, office supplies and other expenses.
Operation Loss
Our operation loss of $3,778,720 for the three months ended July 31, 2020 from a net loss of $216,309 for the three months ending July 31, 2019 represents an increase of a net loss of $3,562,411. The increase in net loss compared to the prior period net loss is primarily a result of the increase in operating expenses of $3,310,464 offset by the gross profit decrease of $251,947.
Liquidity and Capital Resources
Introduction
During the three months ended July 31, 2020 we utilized $22,957 in cash. Our cash on hand as of July 31, 2020 was $1,738.
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