Results of Operations Introduction
The financial statements appearing elsewhere in this prospectus have been prepared on the assumption that the Company will continue as a going concern. The Society was recently created and has not established enough business or income to support the Society. These conditions raise substantial doubts as to the Company’s ability to continue operations.
The following table provides selected financial data about our company as of
Balance Sheet Data As of As of December 31, December 31, 2020 2019 Cash
$ 160,709 $ 28,474Total Assets $ 317,870 $ 132,524Total Liabilities $ 1,186,919 $ 1,195,782Total Stockholders' Deficit $ 869,049 $ (1,063,258 )
To date, the Company has relied on debt and equity raised through private offerings to fund its operations and no other sources of capital have been identified or sought. If we experience a shortage of working capital, we may have to limit our research and development and marketing activities.
Revenues. We have had no income in the years ended
Research and development expenses. Research and development expenses for 2020 were
Compensation expense. Compensation expense for the year ended
General and administrative expenses. We engaged
Other income (expenses). We recorded a net negative of
Net loss. We suffered a net loss of
Cash and capital resources
The Company expects to need substantial funds for research and development in order to continue to develop its initially proposed medical robotic system. The Company plans to meet its operating cash requirements by raising additional funds through the sale of our securities and, if possible on favorable terms, by entering into development partnerships to assist the Company in its technology development activities. .
During the period from creation (
In addition to the above,
Although we have been successful in raising funds to fund our operations from inception and believe that we will be successful in obtaining the necessary funding to fund our operations in the future, we have no committed sources of funding and there can be no assurance that we will be able to secure additional funding. The accompanying financial statements have been prepared on the assumption that the Company will continue as a going concern; however, should the above-noted efforts fail, it would raise substantial doubt as to the Company’s ability to continue as a going concern. If we are unable to obtain financing, we may be forced to further reduce our operations or consider other strategic solutions. Even if we are successful in raising the additional financing, there is no guarantee as to the terms of any additional investment and any such investment or other strategic alternative would likely significantly dilute our current shareholders.
Critical Accounting Policies Use of Estimates
The preparation of financial statements in accordance with generally accepted accounting principles in
The Company accounts for income taxes in accordance with ASC 740, Accounting for Income Taxes, as clarified by ASC 740-10, Accounting for Uncertainty in Income Taxes. Under this method, deferred taxes are determined on the basis of the estimated future tax effects of the differences between the financial statements and the tax value of the assets and liabilities taking into account the provisions of the tax laws in force. Deferred tax provisions and benefits are based on changes in assets or liabilities from one year to another. In providing for deferred taxes, the Company takes into account the tax regulations of the jurisdictions in which the Company operates, estimates of future taxable profits and available tax planning strategies. If tax regulations, results of operations or the ability to implement tax planning strategies vary, adjustments to the carrying amount of deferred tax assets and liabilities may be required. Valuation allowances are recognized related to deferred tax assets based on the “more likely than not” criteria of ASC 740.
ASC 740-10 requires the Company to recognize the benefit of a tax position in the financial statements only after determining that the competent tax authority would more likely than not maintain the position following an audit. For tax positions meeting the “more likely than not” threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50% probability of being realized upon final settlement with the tax authority competent.
Off-balance sheet arrangements
There are no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in our financial condition, our revenues or expenses, our results of operations, our liquidity, capital expenditures or capital resources that are important to investors.
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