(3) | Is it anticipated that any significant change in results of operations from the corresponding period for the last fiscal year will be reflected by the earnings statements to be included in the subject report or portion thereof? If so, attach an explanation of the anticipated change, both narratively and quantitatively, and, if appropriate, state the reasons why a reasonable estimate of the results cannot be made. |
| During the six months ended July 31, 2020 the Company earned gross income of $37,653 as compared to $nil in the six months ended July 31, 2019. Operating expenses were substantially reduced in the current six months ended July 31, 2020 from $817,784 (2019) to $342,363 (2020) predominantly as a result of the reduction of management and consulting fees from $568,000 in the six months ended July 31, 2019 to $80,000 during the current six months ended June 30, 2020. Further the Company reported other expenses of $127,303 and $117,104 in the six months ended July 31, 2020 and 2019, respectively. Net loss reported for the six months ended July 31, 2020 and 2019 is expected to be $431,913 and $934,888, respectively. |