We were incorporated on
Operating results for the financial year 2021
Since our incorporation on
We have not achieved profitable operations and are dependent on securing funding to complete our proposed business plan. For these reasons, our auditors believe that there is substantial doubt as to our ability to continue as a business.
Our financial statements have been prepared on the assumption that we will continue to operate and, therefore, do not include adjustments relating to the recoverability and realization of assets and classification of liabilities that may be necessary if we are not able to continue our activities.
Liquidity and capital resources
in prepayments and deposits and our total liabilities were
Cash flow from operating activities
We did not generate positive cash flow from operating activities. For the year ended
Cash flow from investing activities
For the year ended
Cash flow from financing activities
We have financed our operations exclusively through the sale of our common shares. For the year ended
We have not achieved profitable operations and are dependent on obtaining financing to continue our exploration activities. For these reasons, there is substantial doubt as to our ability to continue with our activities.
Since our incorporation, we have funded our operations with the proceeds from the sale of our common shares. We plan to fund our operations through the sale of shares for the foreseeable future as we do not receive significant income from our trading activities. There is no guarantee that we will be successful in arranging financing on acceptable terms.
Our ability to raise additional capital is affected by trends and uncertainties beyond our control. We currently have no funding agreement and may not be able to find such funding if needed. Obtaining additional funding would depend on a number of factors, including investor sentiment. Market factors may make the timing, amount, terms or conditions of additional funding unavailable to us.
Our auditors believe that our going concern is in doubt. Our continued operation depends on the continued financial support of our shareholders and other related parties.
Critical accounting policies
Our discussion and analysis of its financial condition and results of operations are based on our financial statements, which have been prepared in accordance with generally accepted accounting principles in
Off-balance sheet provisions
As of the date of this Annual Report, we do not have any off-balance sheet arrangements that have or that are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, income or expenses, operating results, cash flow, capital expenditures or capital resources that are important to investors.
7 Use of Estimates
The preparation of financial statements in accordance with generally accepted accounting principles in
Property and Equipment
Property, plant and equipment are recorded at cost. Depreciation of property, plant and equipment is recognized using accelerated methods over the following estimated useful lives:
Long-term asset valuation
We review property, plant and equipment for potential impairment whenever material events or changes in circumstances indicate that the carrying amount may not be recoverable in accordance with the guidance of ASC 360-15-35 “Long-term impairment or disposal of assets. term ”. Impairment exists when the carrying amount of long-lived assets is not recoverable and exceeds its fair value. The carrying amount of a long-lived asset is not recoverable if it exceeds the sum of the undiscounted cash flows that are expected to result from the use and eventual disposal of the asset. In the event of depreciation, the resulting depreciation would be the difference between the fair market value of the long-lived asset and the corresponding net book value.
Deferred tax assets or liabilities are calculated on the basis of the temporary differences between the financial statements and the tax bases of assets and liabilities using the statutory marginal tax rate in effect for the years in which the differences are expected to occur. ‘reverse. Deferred tax credits or charges are based on changes in deferred tax assets or liabilities from one period to another. A valuation allowance on deferred tax assets is required if, based on the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be achieved. The valuation allowance must be sufficient to reduce the deferred tax asset to the amount that is more likely than not to be realized.
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