ITEM 1. FINANCIAL STATEMENTS
CANCER CAPITAL CORP.
Condensed Financial Statements
September 30, 2018
(Unaudited)
Cancer Capital
Corp.
Condensed Balance
Sheets
(Unaudited)
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|
|
|
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SEPT
30,
2018
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|
DEC
31,
2017
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|
|
|
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|
ASSETS
|
|
|
|
|
|
|
|
|
CURRENT
ASSETS
|
|
|
|
|
|
|
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Cash
|
|
$
|
83
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|
|
$
|
315
|
|
Total
current assets
|
|
|
83
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|
|
|
315
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|
Total
assets
|
|
$
|
83
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|
|
$
|
315
|
|
|
|
|
|
|
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LIABILITIES
AND STOCKHOLDERS' DEFICIT
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CURRENT
LIABILITIES
|
|
|
|
|
|
|
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|
Accounts
payable – related party
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|
$
|
11,700
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|
|
$
|
6,600
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|
Accounts
payable
|
|
|
1,100
|
|
|
|
—
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|
Notes
payable – related party
|
|
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105,025
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|
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|
100,525
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|
Notes
payable
|
|
|
82,575
|
|
|
|
82,575
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|
Accrued
interest – related party
|
|
|
32,824
|
|
|
|
26,629
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|
Accrued
interest
|
|
|
32,560
|
|
|
|
27,607
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|
Total
current liabilities
|
|
|
265,784
|
|
|
|
243,936
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|
Total
liabilities
|
|
|
265,784
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|
|
|
243,936
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|
|
|
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|
|
|
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STOCKHOLDERS'
DEFICIT
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|
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Common
stock, $.001 par value; 20,000,000 shares authorized; 6,150,000 shares issued and outstanding
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|
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6,150
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|
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|
6,150
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|
Additional
paid-in capital
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|
|
47,050
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|
|
|
47,050
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Accumulated
deficit
|
|
|
(318,901
|
)
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|
|
(296,821
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)
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Total
stockholders' deficit
|
|
|
(265,701
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)
|
|
|
(243,621
|
)
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Total
liabilities and stockholders' deficit
|
|
$
|
83
|
|
|
$
|
315
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|
The
accompanying notes are an integral part of these unaudited condensed financial statements.
Cancer
Capital Corp.
Condensed
Statements of Operations
(Unaudited)
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FOR
THE
THREE MONTHS ENDED
SEPT 30, 2018
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FOR
THE
THREE MONTHS
ENDED
SEPT 30, 2017
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|
FOR
THE
NINE
MONTHS ENDED
SEPT 30, 2018
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|
FOR
THE
NINE
MONTHS ENDED
SEPT 30, 2017
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|
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Revenues
|
|
$
|
—
|
|
|
$
|
—
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|
|
$
|
—
|
|
|
$
|
—
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|
|
|
|
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Expenses
|
|
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General
and administrative
|
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|
2,615
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|
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|
2,600
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|
|
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10,932
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|
|
|
10,800
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|
Total
expenses
|
|
|
2,615
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|
|
|
2,600
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|
|
|
10,932
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|
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|
10,800
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|
|
|
|
|
|
|
|
|
|
|
|
|
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Loss
from operations before other expense
|
|
|
(2,615
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)
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|
|
(2,600
|
)
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|
|
(10,932
|
)
|
|
|
(10,800
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)
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|
|
|
|
|
|
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|
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Other
income (expense) non-operating
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense – related party
|
|
|
(2,100
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)
|
|
|
(1,842
|
)
|
|
|
(6,195
|
)
|
|
|
(5,507
|
)
|
Interest
expense
|
|
|
(1,651
|
)
|
|
|
(1,651
|
)
|
|
|
(4,953
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)
|
|
|
(4,813
|
)
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Total
other expense
|
|
|
(3,751
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)
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|
|
(3,493
|
)
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|
|
(11,148
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)
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|
|
(10,320
|
)
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|
|
|
|
|
|
|
|
|
|
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|
|
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Loss
from operations before taxes
|
|
|
(6,366
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)
|
|
|
(6,093
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)
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|
|
(22,080
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)
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|
|
(21,120
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)
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Taxes
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
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Net
loss
|
|
$
|
(6,366
|
)
|
|
$
|
(6,093
|
)
|
|
$
|
(22,080
|
)
|
|
$
|
(21,120
|
)
|
|
|
|
|
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Net
loss per share – Basic and diluted
|
|
$
|
(0.00
|
)
|
|
$
|
(0.00
|
)
|
|
$
|
(0.00
|
)
|
|
$
|
(0.00
|
)
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|
|
|
|
|
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Weighted
average shares outstanding
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|
|
6,150,000
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|
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|
6,150,000
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|
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|
6,150,000
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|
|
|
6,150,000
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|
The
accompanying notes are an integral part of these unaudited condensed financial statements.
Cancer
Capital Corp.
Condensed
Statements of Cash Flows
(Unaudited)
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|
|
|
|
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|
FOR
THE
NINE MONTHS ENDED
SEPT 30,
2018
|
|
FOR
THE
NINE MONTHS ENDED
SEPT 30,
2017
|
|
|
|
|
|
Cash
Flows from Operating Activities
|
|
|
|
|
|
|
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|
Net
Loss
|
|
$
|
(22,080
|
)
|
|
$
|
(21,120
|
)
|
Adjustment
to reconcile net loss to cash provided (used) by operating activities:
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|
|
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Expenses
paid by related party
|
|
|
5,100
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|
|
|
5,100
|
|
Changes
in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
|
1,100
|
|
|
|
—
|
|
Increase
in accrued interest – related party
|
|
|
6,195
|
|
|
|
5,507
|
|
Increase
in accrued interest
|
|
|
4,953
|
|
|
|
4,813
|
|
Net
cash provided (used) by operating activities
|
|
|
(4,732
|
)
|
|
|
(5,700
|
)
|
|
|
|
|
|
|
|
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|
Cash
Flows from Investing Activities
|
|
|
|
|
|
|
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|
Net
cash provided by investing activities
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
|
|
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|
Cash
Flows from Financing Activities
|
|
|
|
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|
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|
|
Proceeds
from advances and notes payable – related party
|
|
|
4,500
|
|
|
|
1,000
|
|
Proceeds
from advances and notes payable
|
|
|
—
|
|
|
|
4,500
|
|
Net
cash provided by financing activities
|
|
|
4,500
|
|
|
|
5,500
|
|
|
|
|
|
|
|
|
|
|
Increase
(decrease) in cash
|
|
|
(232
|
)
|
|
|
(200
|
)
|
|
|
|
|
|
|
|
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|
Cash
and cash equivalents at beginning of period
|
|
|
315
|
|
|
|
625
|
|
|
|
|
|
|
|
|
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|
Cash
and cash equivalents at end of period
|
|
$
|
83
|
|
|
$
|
425
|
|
|
|
|
|
|
|
|
|
|
Supplemental
Cash Flow Information:
|
|
|
|
|
|
|
|
|
Cash
paid for interest
|
|
$
|
—
|
|
|
$
|
—
|
|
Cash
paid for income taxes
|
|
$
|
—
|
|
|
$
|
—
|
|
The
accompanying notes are an integral part of these unaudited condensed financial statements.
Cancer Capital Corp.
Notes to the Condensed Financial Statements
September 30, 2018
(Unaudited)
NOTE 1 – BASIS OF FINANCIAL STATEMENT
PRESENTATION
The accompanying unaudited condensed financial statements have been prepared by the Company pursuant to the rules
and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial
statements prepared in accordance with generally accepted accounting principles have been condensed or omitted in accordance with
such rules and regulations. The information furnished in the interim condensed financial statements includes normal recurring
adjustments and reflects all adjustments, which, in the opinion of management, are necessary for a fair presentation of such financial
statements. Although management believes the disclosures and information presented are adequate to make the information not misleading,
it is suggested that these interim condensed financial statements be read in conjunction with the Company’s audited financial
statements and notes thereto included in its December 31, 2017 Annual Report on Form 10-K. Operating results for the nine months
ended September 30, 2018 are not necessarily indicative of the results to be expected for year ending December 31, 2018.
NOTE 2 – GOING CONCERN
The accompanying
financial statements have been prepared assuming that the Company will continue as a going concern. The Company has limited assets,
has incurred losses since inception, has negative cash flows from operations, and has no revenue-generating activities. Its activities
have been limited for the past several years and it is dependent upon financing to continue operations. These factors raise substantial
doubt about the ability of the Company to continue as a going concern. The financial statements do not include any adjustments
that might result from the outcome of this uncertainty. It is management’s plan to acquire or merge with other operating
companies.
NOTE 3 – RELATED PARTY TRANSACTIONS
During the nine
months ended September 30, 2018, a shareholder invoiced the Company for consulting, administrative and professional services and
out-of-pocket costs provided or paid on behalf of the Company totaling $5,100, resulting in the Company owing the shareholder
$11,700 and $6,600 at September 30, 2018 and December 31, 2017, respectively.
During the nine
months ended September 30, 2018, a shareholder loaned the Company $4,500. The notes bear interest at 8% and are due on demand.
Notes payable – related party at September 30, 2018 and December 31, 2017 were $105,025 and $100,525, respectively. Accrued
interest at September 30, 2018 and December 31, 2017 was $32,824 and $26,629, respectively.
NOTE 4 – SUBSEQUENT EVENTS
The Company
has evaluated subsequent events from the balance sheet date through the date the financial statements were issued and has determined
that there are no such events that would have a material impact on the financial statements.
FORWARD LOOKING STATEMENTS
The Securities and Exchange Commission (“SEC”) encourages
companies to disclose forward-looking information so that investors can better understand future prospects and make informed investment
decisions. This report contains these types of statements. Words such as “may,” “intend,” “expect,”
“believe,” “anticipate,” “estimate,” “project,” or “continue” or comparable
terminology used in connection with any discussion of future operating results or financial performance identify forward-looking
statements. You are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date of
this report. All forward-looking statements reflect our present expectation of future events and are subject to a number of important
factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements.
In this report references to “Cancer Capital,”
“the Company,” “we,” “us,” and “our” refer to Cancer Capital Corp.
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
Executive Overview
We have not recorded revenues since inception and we are dependent
upon financing to continue basic operations. Management intends to rely upon advances or loans from management, significant stockholders
or third parties to meet our cash requirements, but we have not entered into written agreements guaranteeing funds and, therefore,
no one is obligated to provide funds to us in the future. These factors raise substantial doubt as to our ability to continue as
a going concern. Our plan is to combine with an operating company to generate revenue.
As of the date of this report, our management has not had any discussions
with any representative of any other entity regarding a business combination with us. Any target business that is selected may
be a financially unstable company or an entity in its early stages of development or growth, including entities without established
records of sales or earnings. In that event, we will be subject to numerous risks inherent in the business and operations of financially
unstable and early stage or potential emerging growth companies. In addition, we may effect a business combination with an entity
in an industry characterized by a high level of risk, and, although our management will endeavor to evaluate the risks inherent
in a particular target business, there can be no assurance that we will properly ascertain or assess all significant risks. In
addition, any business combination or transaction will likely result in a significant issuance of shares and substantial dilution
to present stockholders of the Company.
We anticipate that the selection of a business opportunity will
be complex and extremely risky. Because of general economic conditions, rapid technological advances being made in some industries
and shortages of available capital, our management believes that there are numerous firms seeking the perceived benefits of becoming
a publicly traded corporation. Such perceived benefits of becoming a publicly traded corporation include, among other things, facilitating
or improving the terms on which additional equity financing may be obtained, providing liquidity for the principals of and investors
in a business, creating a means for providing incentive stock options or similar benefits to key employees, and offering greater
flexibility in structuring acquisitions, joint ventures and the like through the issuance of securities. Potentially available
business combinations may occur in many different industries and at various stages of development, all of which will make the task
of comparative investigation and analysis of such business opportunities extremely difficult and complex.
If we obtain a business opportunity, then it may be necessary to
raise additional capital. We anticipate that we will sell our common stock to raise this additional capital. We expect that we
would issue such stock pursuant to exemptions to the registration requirements provided by federal and state securities laws. The
purchasers and manner of issuance will be determined according to our financial needs and the available exemptions to the registration
requirements of the Securities Act of 1933. We do not currently intend to make a public offering of our stock. We also note that
if we issue more shares of our common stock, then our stockholders may experience dilution in the value per share of their common
stock.
Liquidity and Capital Resources
We have not recorded revenues from operations since inception and
we have not established an ongoing source of revenue sufficient to cover our operating costs. We have relied primarily upon related
and third parties to provide and pay for professional and operational expenses. At September 30, 2018 we had $83 cash compared
to $315 at December 31, 2017. At September 30, 2018 total liabilities increased to $265,784 compared to $243,936 at December 31,
2017. This increase in total liabilities primarily represents increases of accounts payable and accounts payable – related
party for consulting services and professional services provided by or paid for by a stockholder, loans from a shareholder and
accrued interest.
We intend to obtain capital from management, significant stockholders
and/or third parties to cover minimal operations; however, there is no assurance that additional funding will be available. Our
ability to continue as a going concern during the long term is dependent upon our ability to find a suitable business opportunity
and acquire or enter into a merger with such company. The type of business opportunity with which we acquire or merge will affect
our profitability for the long term.
During the next 12 months we anticipate incurring additional costs
related to the filing of Exchange Act reports. We believe we will be able to meet these costs through funds provided by management,
significant stockholders and/or third parties. We may also rely on the issuance of our common stock in lieu of cash to convert
debt or pay for expenses.
Results of Operations
We did not record revenues in either 2018 or 2017. General and administrative
expense increased to $2,615 for the three months ended September 30, 2018 (“2018 third quarter”) compared to $2,600
for the three months ended September 30, 2017 (“2017 third quarter”). General and administrative expense increased
to $10,932 for the nine months ended September 30, 2018 (“2018 nine month period”) compared to $10,800 for the nine
months ended September 30, 2017 (“2017 nine month period”).
Total other expense increased to $3,751 for the 2018 third quarter
compared to $3,493 for the 2017 third quarter and increased to $11,148 for the 2018 nine month period compared to $10,320 for the
2017 nine month period. Total other expense represents interest expense related to notes payable.
Our net loss increased to $6,366 for the 2018 third quarter compared
to $6,093 for the 2017 third quarter and increased to $22,080 for the 2018 nine month period compared to $21,120 for the 2017 nine
month period. Management expects net losses to continue until we acquire or merge with a business opportunity.
Commitments and Obligations
At September 30, 2018 we recorded notes payable totaling $82,575
and notes payable-related party of $105,025. All of the notes payable are non-collateralized, carry interest at 8% and are due
on demand. Total accrued interest on all notes payable was $65,384 at September 30, 2018.
At September 30, 2018 accounts payable-related party increased to
$11,700 due to $5,100 paid for consulting services and professional services provided by or paid for by a stockholder during the
2018 nine month period.
As of September 30, 2018, two lenders represent
in excess of 95% of our accounts and notes payable.
Off-Balance Sheet Arrangements
We have not entered into any off-balance sheet arrangements that
have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues
or expenses, results of operations, liquidity, capital expenditures or capital resources and would be considered material to investors.
Emerging Growth Company
We qualify as an emerging growth company as that term is used in
the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). A company qualifies as an emerging growth company
if it has total annual gross revenues of less than $1.07 billion during its most recently completed fiscal year and, as of December
8, 2011, had not sold common equity securities under a registration statement. Under the JOBS Act we are permitted to, and intend
to, rely on exemptions from certain disclosure requirements
In addition, Section 107 of the JOBS Act also provides that an emerging
growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying
with new or revised accounting standards. In other words, an emerging growth company can delay the adoption of certain accounting
standards until those standards would otherwise apply to private companies. We have elected to take advantage of the benefits of
this extended transition period. Our financial statements may therefore not be comparable to those of companies that comply with
such new or revised accounting standards.