(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. |
| Yes [X] No [ ] | Results of operations for the fiscal years ended January 31, 2021 and 2020, respectively, reflect revenues of $68,511 as compared to $59,729 and a loss from operations of $1,178,319 as compared to $1,557,564. The reduction in the operating loss is a result of a reduction of both professional fees and management and consulting fees in the current fiscal year. Other income/expense reflect a substantive change year over year as the Company was successful in settling certain outstanding litigation with a net gain as a result of the settlements of $1,337,252 in the the current fiscal year, resulting in other income of $1,078,457 in the current year ended January 31, 2021 as compared to other expense of $368,795 in fiscal 2020. The anticipated net loss for fiscal 2021 is $31,351 as compared to a net loss of $1,866,630 in the year ended January 31, 2020.
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