All the investigations and planning were satisfactorily completed and the Company commenced implementation of the business plan on November 25, 2022. Based on our new business plan, the we are considered a development stage company. Even in the event that we were not considered a development stage company, we would still not be considered a shell. The definition above uses the word “and” after (A) above, a company must have “no or nominal operations” before the analysis even gets to “no or nominal assets” and the other items in (2). In other words, if a company can prove it has more than nominal operations, it cannot be considered a shell company as defined in the Release. The absence of immediate revenue does not in any way negate the company’s position since most company in the early stages of development do not generate revenues upon start, but very later in their development stage. In the Release, several comments were concerned that the definition of a shell company set forth above would capture virtually every company during its start-up phase and that the definition was therefore too broad. The SEC specifically addressed this situation in footnote 172 to the Release by saying, in applicable part: Contrary to commenters’ concerns, Rule 144(i)(1)(i) is not intended to capture a “startup company,” or in other words, a company with a limited operating history, in the definition of a … shell company, as we believe that such a company does not meet the condition of having “no or nominal operations.” One can do an analysis of a startup company’s business activities during its “limited operating history” to determine whether the company has engaged in activities that are, at a minimum, sufficient to manifest a strong commitment to developing a legitimate business. These activities include, but are not limited to, the following: 1. entering into agreements with customers, vendors, manufacturers, etc.; 2. filing patent, trademark, and copyright applications with respect to the company’s intellectual property; 3. executing license or sublicense agreements with respect to the company’s intellectual property; 4. entering into product development agreements or similar agreements for the development of a product or service; 5. hiring employees; and 6. incurring material operating expenses such as research and development expenses; We believe the Company is a quasi development stage company pursuing an actual business as set forth in the Company’s Business Plan. The Company is pursuing contracts and possible acquisition or joint-venture with UMMC Corp. (www.ummc.care), a Texas based operator of several hospitals and medical facilities. The Company is close to hiring Kuldip Singh, the CEO of UMMC Corp to become the new President and CEO of the Company and lead the Company into this sub-sector of the healthcare industry. Once the acquisition is finalized, UMMC Corp would become a wholly owned subsidiary of the Company. The results of these activities and transactions will be reflected on our December 31, 2022 Financial Report and Disclosure that will be filed in a short while. UMMC Corp currently operates from the corporate office located at 510 W Tidwell Rd. Houston, TX 77091. We plan on making other acquisitions of hospital operations as time and resources permits.
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