Quarterly report pursuant to Section 13 or 15(d)

GOING CONCERN UNCERTAINTY

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GOING CONCERN UNCERTAINTY
6 Months Ended
Dec. 31, 2021
GOING CONCERN UNCERTAINTY  
3. Going Concern Uncertainty

NOTE 3 – GOING CONCERN UNCERTAINTY

 

The accompanying unaudited interim financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of the business. The Company has incurred material losses from operations and has an accumulated deficit. At December 31, 2021, the Company had a working capital surplus of $1,122,954 and has an accumulated deficit of $2,036,614. For the period ended December 31, 2021, the Company sustained net losses and generated negative cash flows from operations. In March 2020, the World Health Organization recognized the outbreak of COVID-19 as a global pandemic. The COVID-19 pandemic and government actions implemented to contain the further spread of COVID-19 have severely restricted economic activity around the world. These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that may be necessary should the Company be unable to continue as a going concern. These adjustments could be material. The Company’s continuation as a going concern is contingent upon its ability to earn adequate revenues from operations and to obtain additional financing. There is no assurance that the Company will be able to obtain such financings or obtain them on favorable terms.