Content analysis
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Legalese | ||
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8th grade Avg
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New words:
brought, CFO, delinquent, forefront, fruition, IPO, Rafael, restructure, seized, sooner, suspension, valid, withdrawal, Withdrawn, Yermazian
Financial report summary
?Management Discussion
- The company has not yet begun its principal operations, and will not do so until completing its initial acquisition. As of the date of this annual report, the acquisition of HempWave has not yet been completed. However, we fully intend to complete the acquisition before the end of July to avoid triggering a termination clause of the Exchange Agreement between the company and HempWave. In addition, we note that financial statements for HempWave are not yet available.
- For the fiscal years ended March 31, 2020 and 2019, the company did not record any revenue and the expenses were $5,873, $18,445 and $3,793, respectively. During the fiscal year ended March 31, 2020, our principal expense was professional fees for legal and accounting expenses related to Exchange Act reporting requirements which were incurred balances from previous years.
- In addition, for the fiscal years ended March 31, 2020 and 2019, we recorded $3,078 and $2,791 in interest expenses, respectively. While the fiscal year ended March 31, 2018 included a gain on forgiveness of liabilities in the amount of $16,030, the fiscal year ended March 31, 2019 only saw a similar gain of $2 and no gain for fiscal year ended March 31, 2020.