Notice of Forward-Looking Statement
This current report on Form 10-K contains forward-looking statements within the meaning of the federal securities laws. These include statements about our expectations, beliefs, intentions or strategies for the future, which we indicate by words or phrases such as “anticipate”, “expect”, “intend”, ” plan”, “will”, “we believe”, “believes”, “management believes” and similar language. Except for historical information contained herein, matters addressed in this “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and elsewhere in this report are forward-looking statements that involve risks. and uncertainties. The factors listed in the section titled “Risk Factors”, together with any cautionary language in this report; provide examples of the risks, uncertainties and events that could cause our actual results to differ materially from those projected. Except as required by law, we assume no obligation to update forward-looking statements to reflect events after the date of this Form 10-K.
Overview of Business
Our mission is to invest in innovative technologies, integrated with business development in the healthcare ecosystem.
We focus on the research and development of small molecular protein and peptide drugs, diagnostic and medical devices with AI cloud computing, cell therapy and regenerative medicine, and the manufacture and sale of supplements.
Results of Operations
Results of operations for the year ended
Sales amounted to
The cost of goods sold was
The gross profit/(loss) amounts to (
Operating expenses for the year ended
Our net loss for the year ended
Cash and capital resources
Liquidity is the ability of a business to generate funds to support current and future operations, meet obligations, and otherwise operate on an ongoing basis. Important factors in liquidity management are funds generated from operations, accounts receivable and accounts payable levels, and capital expenditures.
The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. As indicated in the attached CFS, the Company has incurred recurring net losses. For the year ended
The Company raises additional capital to achieve profitable operations.
Our cash requirements for the year ended
Mainly due to our recurring losses and lack of liquidity, we received a report from our independent registered accounting firm for our financial statements for the year ended
Significant Accounting Policies and Estimates
The preparation of these consolidated financial statements (“CSF”) in accordance with generally accepted accounting principles in
(“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and information about contingent assets and liabilities as of the dates of the consolidated financial statements and the reported amounts of net sales and expenses during the periods declared. Actual results may differ from these estimates and such differences may be material to the financial statements. Management’s most significant estimates and assumptions include, among other things, the fair value of common shares issued in exchange for services. The current economic environment has increased the degree of uncertainty inherent in these estimates and assumptions.
Revenue from the sale of goods under Topic 606, Revenue from Contracts with Customers, is recognized in a manner that reasonably reflects the delivery of the Company’s products and services to customers in exchange for expected consideration and includes items following:
? executed contract(s) with customers that the Company believes is legally enforceable; ? identification of performance obligation in the respective contract; ? determination of the transaction price for each performance obligation in the respective contract; ? allocation of the transaction price to each performance obligation; and ? recognition of revenue only when the Company satisfies each performance obligation. Inventories
Inventories are recorded at the lower of cost (first in, first out) or net realizable value. Adjustments to reduce the cost of inventory to net realizable value are made, if necessary, for estimated excess, obsolete or impaired balances.
Table of Contents Fair Value Measurements
Fair value measurements are determined using authoritative guidance issued by the FASB, except for the application of the guidance to non-recurring non-financial assets and liabilities, to the extent permitted. Fair value is defined in authoritative guidance as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between participants. market on the valuation date. A fair value hierarchy has been established, which prioritizes the inputs used to measure fair value into three broad levels as follows:
Level 1-Quoted prices in active markets for identical assets or liabilities.
Level 2 inputs, other than quoted prices in active markets, are directly or indirectly observable.
Level 3-Unobservable inputs based on Company assumptions.
The Company is required to use observable market data, if available, without undue expense or effort.
The Company’s financial instruments include cash and accounts payable. Management estimated that the carrying values approximate their fair values due to the short-term nature.
Loss Per Share
Basic earnings (loss) per share is calculated by dividing the income available to common shareholders by the weighted average number of common shares available. Diluted earnings (loss) per share is calculated in the same manner as basic earnings per share, except that the denominator is increased to include the number of additional ordinary shares that would have been outstanding had the potential ordinary shares been issued and whether the additional common shares were dilutive. . The Company’s diluted loss per share is the same as the basic loss per share for the years ended
The income tax expense is based on the accounting financial result before tax. Deferred tax assets and liabilities are recognized for the expected tax consequences of temporary differences between the tax bases of the assets and liabilities and their reported amounts. Valuation allowances are recorded to reduce deferred tax assets to the amount that will be more likely than not. The Company has recognized a valuation allowance on its deferred tax assets as of
The Company accounts for income tax uncertainty using a two-step approach to recognize and measure uncertain tax positions. The first step is to assess the tax position for recognition by determining whether the weight of available evidence indicates that it is more likely than not that the position will be maintained upon audit, including the resolution of appeals or proceedings. related litigation, if any. The second step is to measure the tax benefit as the highest amount likely to be realized over 50% upon settlement. The Company classifies the liability for unrecognized tax benefits as current to the extent that the Company expects cash to be paid (or received) within one year. Interest and penalties related to uncertain tax positions are recognized in the provision for income taxes.
Recent accounting pronouncements
See footnote 2 of the financial statements for a discussion of recently issued accounting standards.
Contractual obligations and off-balance sheet arrangements
We have no contractual obligations or off-balance sheet arrangements.
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