WARPPEED TAXI: Management’s discussion and analysis of our financial condition and results of operations. (form 10-K)

Introduction



We were incorporated on November 18, 2020 under the laws of State of Wyoming.

Operating results for the financial year 2021

Since our incorporation on November 18, 2020 until the end of our fiscal year of July 31, 2021, we didn’t earn any income. During the year ended July 31, 2021, we suffered a net loss of $ 20,165 entirely made up of general and administrative expenses.

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

From July 31, 2021, our current assets consisted of $ 17,194 in cash and $ 35,000
in prepayments and deposits and our total liabilities were $ 331,593, which consisted of accounts payable of $ 81,593 and accrued liabilities and a note payable of $ 250,000 to the seller of Variable speed taxi computer application. We anticipate that we will need additional capital to meet our long-term operating needs. We plan to raise additional capital through, among other methods, the sale of stocks or debt securities.

Cash flow from operating activities

We did not generate positive cash flow from operating activities. For the year ended July 31, 2021, the net cash used in operating activities was
$ 276,428 composed of our net loss for the period and prepayments and deposits at the end of the period, adjusted for accounts payable of $ 81,593 and a note to pay from
$ 250,000.

Cash flow from investing activities

For the year ended July 31, 2021, We used $ 304,134 in investment activities consisting of a $ 300,000 investment in software and software development costs of $ 4,134 related to the acquisition and development of the Variable speed taxi computer application.


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Cash flow from financing activities

We have financed our operations exclusively through the sale of our common shares. For the year ended July 31, 2021, cash flows from financing activities were $ 44,900.

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 United States of America.

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.


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Use of Estimates


The preparation of financial statements in accordance with generally accepted accounting principles in United States of America requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, income and expenses, and the disclosure of contingent assets and liabilities. On an ongoing basis, we evaluate our estimates and judgments, including those related to revenue recognition, inventories, the adequacy of bad debt provisions, the measurement of long-lived assets and goodwill, and income taxes. profits, litigation and guarantees. We base our estimates on historical and expected results and trends and on various other assumptions that we believe are reasonable under the circumstances, including assumptions about future events. The policies described below are considered by management to be essential to an understanding of our financial statements. These estimates form the basis for making judgments about the carrying amounts of assets and liabilities that are not readily apparent from other sources. By their nature, estimates are subject to an inherent degree of uncertainty. Actual results may differ from these estimates.


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.


Income Taxes


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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