Sorry, what was that you were saying about positive financials? Todays volume over 182 million shares.... It's just more sailboat fuel from the CEO!
Net Loss
For the nine months ended February 28, 2018 and 2017, we incurred a net loss of $701,952 and $1,206,554, respectively.
Liquidity and Capital Resources
During the nine months ended February 28, 2018, we used cash of $590,963 in operating activities, as compared to $269,632 for the nine months ended February 28, 2017. Financing activities provided net cash of $602,900 during the nine months ended February 28, 2018, as compared to $154,500 for the nine months ended February 28, 2017.
As of February 28, 2018, we have the following convertible notes outstanding.
Note Holder Issue Date Interest Principal
Date Maturity Rate Balance
Crown Bridge Partners, LLC 3/20/2017 03/20/2018 8% $101,620
JSJ Investments, Inc. 3/27/2017 12/22/2017 8% $82,626
Auctus Fund, LLC 4/4/2017 12/30/2017 8% $142,379
GS Capital Partners, LLC 6/2/2017 6/2/2018 8% $99,700
GS Capital Partners, LLC 7/18/2017 7/18/2018 8% $105,000
JSJ Investments, Inc. 8/3/2017 5/3/2018 8% $60,000
Einstein Investments 10/19/2017 7/19/2018 8% $36,200
GS Capital Partners, LLC 10/26/2017 10/26/2018 8% $125,000
GS Capital Partners, LLC 1/10/2018 1/10/2019 8% $105,000
GS Capital Partners, LLC 2/12/2018 2/12/2019 8% $125,000
Total $982,525
We currently have minimal cash reserves. To date, the Company has covered operating deficits primarily through loans from the sole director, and third-party loans which if not paid with interest are convertible to the Company’s common stock. Accordingly, our ability to pursue our plan of operations is contingent on our being able to obtain funding for the development, marketing and commercialization of our products and services. However, as a result of its lack of operating success, the Company may not be able to raise additional funding to cover operating deficits.
Net Loss
For the nine months ended February 28, 2018 and 2017, we incurred a net loss of $701,952 and $1,206,554, respectively.
Liquidity and Capital Resources
During the nine months ended February 28, 2018, we used cash of $590,963 in operating activities, as compared to $269,632 for the nine months ended February 28, 2017. Financing activities provided net cash of $602,900 during the nine months ended February 28, 2018, as compared to $154,500 for the nine months ended February 28, 2017.
As of February 28, 2018, we have the following convertible notes outstanding.
Note Holder Issue Date Interest Principal
Date Maturity Rate Balance
Crown Bridge Partners, LLC 3/20/2017 03/20/2018 8% $101,620
JSJ Investments, Inc. 3/27/2017 12/22/2017 8% $82,626
Auctus Fund, LLC 4/4/2017 12/30/2017 8% $142,379
GS Capital Partners, LLC 6/2/2017 6/2/2018 8% $99,700
GS Capital Partners, LLC 7/18/2017 7/18/2018 8% $105,000
JSJ Investments, Inc. 8/3/2017 5/3/2018 8% $60,000
Einstein Investments 10/19/2017 7/19/2018 8% $36,200
GS Capital Partners, LLC 10/26/2017 10/26/2018 8% $125,000
GS Capital Partners, LLC 1/10/2018 1/10/2019 8% $105,000
GS Capital Partners, LLC 2/12/2018 2/12/2019 8% $125,000
Total $982,525
We currently have minimal cash reserves. To date, the Company has covered operating deficits primarily through loans from the sole director, and third-party loans which if not paid with interest are convertible to the Company’s common stock. Accordingly, our ability to pursue our plan of operations is contingent on our being able to obtain funding for the development, marketing and commercialization of our products and services. However, as a result of its lack of operating success, the Company may not be able to raise additional funding to cover operating deficits.
