NOTE 4 – LOAN PAYABLE

On May 4, 2020, the Company received a $20,590 loan (the “PPP Loan”) pursuant to the Paycheck Protection Program established under the Cares Act.Act (the “PPP Loan”). The PPP Loan has a two-year term and bears interest at a rate of 1.0% per annum. Monthly principal and interest payments are deferred for six months after the date of disbursement. The PPP Loan may be prepaid at any time prior to maturity with no prepayment penalties. The promissory note issued pursuant to the PPP Loan contains events of default and other provisions customary for a loan of this type. The PPP Loan may be forgiven if used under program parameters for payroll, mortgage interest and rent expenses.

NOTE 5 - RELATED PARTY TRANSACTIONS

During the sixnine months ended MayAugust 31, 2020 and 2019, the Company incurred consulting fees from a company controlled by our CEO, in the total amount of $14,000$20,000 and $0,$900, respectively.

During the sixnine months ended MayAugust 31, 2020 and 2019, the Company paid salaries to our two officers, one of which is our controlling shareholder, $0 and $9,420,$18,920, respectively.

During the sixnine months ended MayAugust 31, 2020 and 2019, our CEO paid a total amount of $450 for legal fees and $5,556 for property and liability insurance deposits, on behalf of the Company, respectively.

The Company does not have employment contracts with its officers.

NOTE 6 – LEASE

On March 7, 2019, the Company entered into a commercial real estate lease agreement. The Company leases anagreement for its adult living facility building forfacility. The initial terms were $3,713 monthly fromfor the period of March 7, 2019 until January 7, 2020. The term may be extended at the sole discretion of the landlord.

On January 8, 2020, the Company renewed the commercial real estate lease agreement. The Company leases anits adult living facility building for $3,713 monthly, from January 8 untillease agreement through May 1, 2020, replaced by our new agreement on May 1, 2020 . The Company expensed leases that have a term of 12 months or less.

On May 1, 2020,which date the Company entered into a new commercial real estate lease agreement. The Company leases an adult living facility building forrevised terms are $3,265 monthly payments from May 1, 2020 until May 31, 2021. As a result, the Company recognized a right of use assetsasset (“ROU Asset”) and lease liability of $42,253.

In accordance with ASC 842, the Company record operationrecorded an operating lease ROU assetsAsset and lease liabilitiesliability as follows;follows:

Information associated with the measurement of our remaining operating lease obligations as of April 30,August 31, 2020 is as follows:

Future minimum lease payments under operating leases at MayAugust 31, 2020 were as follows:

During the sixnine months ended MayAugust 31, 2020 and May 31, 2019, the Company recorded rent expense of $21,832$31,570 and $11,140,$22,280, respectively.

NOTE 7 – Subsequent Events

Subsequent to MayAugust 31, 2020, and through the date these financial statements were issued, the Company had no subsequent events to report.

Item 2. Management'sManagement’s Discussion and Analysis of Financial Condition and Results of Operations

FORWARD-LOOKING STATEMENTS

This quarterly report contains forward-looking statements. These statements relate to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Except as required by applicable law, including the securities laws of the United States, we do not intend to update any of the forward-looking statements to conform these statements to actual results.

Our unaudited financial statements are prepared in accordance with United States Generally Accepted Accounting Principles. The following discussion should be read in conjunction with our financial statements and the related notes that appear elsewhere in this quarterly report. The following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed below and elsewhere in this quarterly report.

In this quarterly report, unless otherwise specified, all dollar amounts are expressed in United States dollars and all references to “common shares” refer to the common shares in our capital stock.

As used in this quarterly report, the terms “we,” “us,” “our” and “our Company” mean Assisted 4 Living, Inc. (“A4L” or the “Company”), and our wholly ownedwholly-owned subsidiary, Assisted 2 Live, Inc. a Florida corporation, unless otherwise indicated.

General Overview

We were incorporated in Nevada on May 24, 2017, with an objective to operate as a facilitator of assisted living projects and related services. Our Company has positioned itself as a go-to resource for individuals or private groups that wish to enter and operate within the Assisted Living Facility (“ALF”) industry. Our Company’s first target market is Florida, and operates an assisted living facility within the State through our solely ownedsolely-owned subsidiary Assisted 2 Live, Inc. The goal being to use Florida as a test market to streamline our consulting processes and ultimately transition to a national company in the assisted living field. The barriers to entering the ALF space are considerable and require a detailed understanding of each State’s regulatory environment and processes. There are a myriad of steps that must be navigated to properly set up an ALF residence; including, but not limited to, licensing, complying with building codes, medical care requirements, staffing and industry regulations. Our Company is designed to mentor prospective ALF clients and guide them through every step of the start-up process, working hand-in-hand with them to ensure that their facility begins operating properly and sustainably.

We have a wholly-owned subsidiary, Assisted 2 Live, Inc., a Florida corporation ("A2L"(“A2L”), which was incorporated on June 15, 2017.

Our principal executive office is located at 2382 Bartek Pl., North Port, FL 34289 and our telephone number is (888) 609-1169. Our corporate website is www.assisted4living.com.

We have not been subject to any bankruptcy, receivership or similar proceeding.

Our Current Business

On March 1, 2019, our Company took over the management of a 28-bed assisted living facility in Punta Gorda, FL. Our Company is responsible for all aspects of its operations from the care of the residents, to the staffing, cooking, and collection of rent.

Our Company leases the assisted living facility premises from a third-party landlord and is contracted to pay monthly rent of $3,265. We possess all of our State and County accreditations (licenses) to run the facility for the next 2 years.

In growing the business solely from a consulting firm to also operating a physical brick and mortar facility, our Company seeks to diversify our business model and capitalize on opportunities, to expand our revenue stream, as they arise. Our Company will still assist outside clients that wish to start and operate their own facility; however, in securing our own physical location our Company can grow revenues, secure our foothold in a growing assisted living market, and use our location as a training center for new clients wishing to enter the field. Our Company is also actively searching for other nearby properties to convert into an assisted living facility, or that perhaps are already currently operating as an assisted living facility but need new management.

Our Company foresees utilizing this revised business model for the next number of years and intends to become more involved in the assisted living industry in the Southwest Florida market. Being located in Florida presents many opportunities for operating assisted living facilities, as well as potential consulting clients that wish to enter the assisted living facility operations field.

Results of Operations

C0VID-19COVID-19

In March 2020, the World Health Organization declared the outbreak of COVID-19 as a pandemic based on the rapid increase in global exposure. COVID-19 continues to spread throughout the world. The Company is closely monitoring developments and is taking steps to mitigate the potential risks related to the COVID-19 pandemic to the Company, its employees, as well as its residential and consulting clients.

While COVID-19 has not, to date, negatively impacted the Company’s revenues, the virus outbreak has materially impacted the operations of the Company’s ALF operated by its subsidiary A2L and may in the future impact A4L’s ALF and consulting businesses and revenues generated therefrom.

The Company’s ALF, operated by its subsidiary A2L, has, in response to COVID-19 and governmental guidance in response thereto, implemented safety precautions, and operational requirements, to protect the facility’s employees, residents and third-party products and service providers. Included among these precautions and requirements are the increased use of personal protective equipment, cleaning and sanitizing of the facility, and a restriction on visitors to the facility.

It is too early to know whether or not COVID-19 will materially affect the revenues generated by the Company from its ALF business. Increased safety and operational guidance and/or regulations may have a material impact on the operating costs related to the Company’s ALF. Such increased operating costs may or may not be offset by increased charges related thereto. Furthermore, the contraction of COVID-19 by any employees or residents of the Company’s ALF, and any resulting negative health consequences arising therefrom, may have a materially negative affect on the Company’s ability to continue generating revenues from its ALF and could, in extreme cases result in the Company closing down its ALF due to safety and/or liability concerns.

The Company’s evaluations of its practices, procedures and operations, related to COVID-19, is ongoing and additional updates to policies, procedures and operations will occur as best practices are adopted and the Company deems necessary or advisable, or as further governmental guidance or regulations are implemented.

It is also too early to tell how COVID-19 will impact the Company’s consulting business. The ongoing presence of COVID-19 and/or governmental regulatory response thereto may discourage potential clients from entering the ALF market, which would likely have a materially negative impact on the Company’s consulting business. However, the continued presence of COVID-19 and/or governmental regulatory response thereto may increase demand for the Company’s expertise and consulting services to assist ALF businesses in complying with regulatory requirements and best practices.

The following summary of our operations should be read in conjunction with our unaudited interim financial statements for the sixnine months ended MayAugust 31, 2020 and 2019, which are included in this report. On March 1, 2019, we commenced our operation of an assisted living facility (“ALF”) in Florida. Historical results will not reflect our current operations and will not be comparable to results of operations being reporting in the current period.

For the Three Months Ended MayAugust 31, 2020 Compared to the Three Months Ended MayAugust 31, 2019

We recognized revenue of $224,504$223,153 for the three months ended MayAugust 31, 2020, compared to $97,576$139,092 for the three months ended MayAugust 31, 2019. The increase in revenue is due to commencing an ALF business in March 2019.

Cost of service is direct labor directly related to the operations of our assisted living facility. Cost of service expenses commenced with the operations of our ALF. For the three months ended MayAugust 31, 2020, our gross profit was $104,464$101,844 or 46.5%45.6%. The increase in gross profit is primarily due to an increase in customer to staff ratio, from an increased customer care base.

Operating expenses for the three months ended MayAugust 31, 2020 increased to $119,220$96,239 from $81,176$76,104 for the three months ended MayAugust 31, 2019. Our increase in operating expenses were primarily due to increased general and administrative expenses related to the ALF operations.

Our net income for the three months ended August 31, 2020 increased to $5,184 from a net loss of $14,501 for the three months ended August 31, 2019 as a net result of the factors mentioned above.

For the Nine months ended August 31, 2020 Compared to the Nine months ended August 31, 2019

We recognized revenue of $660,553 for the nine months ended August 31, 2020, compared to $241,168 for the nine months ended August 31, 2019. The increase in revenue is due to commencing an ALF business in March 2019.

Cost of service is direct labor related to the operations of our assisted living facility. Cost of service expenses commenced with the operations of our ALF. For the nine months ended August 31, 2020, our gross profit was $305,702 or 46.3%. The increase in gross profit is primarily due to a decrease in a percentage of salary and wage resulting of an increase in our customers.

Operating expenses for the nine months ended August 31, 2020 increased to $319,997 from $171,247 for the nine months ended August 31, 2019. Our increase in operating expenses were primarily due to increased general and administrative expenses related to the ALF operations.

Our net loss for the threenine months ended MayAugust 31, 2020 decreased to $15,472$15,419 from $46,294$70,262 for the threenine months ended May 31, 2019 as a net result of the factors mentioned above.

For the Six Months Ended May 31, 2020 Compared to the Six Months Ended May 31, 2019

We recognized revenue of $437,400 for the six months ended May 31, 2020, compared to $102,076 for the six months ended May 31, 2019. The increase in revenue is due to commencing an ALF business in March 2019.

Cost of service is direct labor directly related to the operations of our assisted living facility. Cost of service expenses commenced with the operations of our ALF. For the six months ended May 31, 2020, our gross profit was $203,858 or 46.6%. The increase in gross profit is primarily due to a decrease in a percentage of salary and wage resulting of an increase in our customers.

Operating expenses for the six months ended May 31, 2020 increased to $223,758 from $95,143 for the six months ended May 31, 2019. Our increase in operating expenses were primarily due to increased general and administrative expenses related to the ALF operations.

Our net loss for the six months ended May 31, 2020 decreased $20,603 from $55,761 for the six months ended MayAugust 31, 2019, due to the net result of the factors mentioned above.

Liquidity and Capital Resources

The following table provides selected financial data about our Company as of MayAugust 31, 2020 and November 30, 2019.

Working Capital

As at MayAugust 31, 2020 and November 30, 2019, our Company’s current assets were $24,961$26,453 and $9,854, respectively.

As at MayAugust 31, 2020, current assets consisted solely of cash.cash, accounts receivable, and prepaid expenses and other current asset.

As at MayAt August 31, 2020, our Company had current and total liabilities of $129,535,$116,132, compared with current and total liabilities of $54,837 as at November 30, 2019. As at Mayof August 31, 2020, liabilities consisted of $46,084$54,864 accounts payable and accrued liabilities, $20,590 loan payable, $9,867$7,395 line of credit, deferred revenue $10,000, lease liability $36,988$27,277 and $6,006 payable to an officer of our Company. As atof November 30, 2019, liabilities consisted of $42,581 accounts payable and accrued liabilities, deferred revenue and customer deposits $6,700 and $5,556 payable to an officer of our Company.

As of MayAugust 31, 2020, our working capital deficiency increased to $104,574,$89,679, primarily due to an increase in current liability.

Cash Flows