WARPSPEED
TAXI INC.
UNAUDITED
BALANCE SHEET
As
of April 30, 2023 and July 31, 2022
| | |
April 30, | | |
July 31, | |
| | |
2023 | | |
2022 | |
| | |
$ | | |
$ | |
| | |
| | |
| |
| Current assets: | |
| | | |
| | |
| Cash | |
| 3 | | |
| 13,093 | |
| Prepayment & deposits | |
| 15,000 | | |
| 15,000 | |
| Total current assets: | |
| 15,003 | | |
| 28,093 | |
| Fixed assets: | |
| | | |
| | |
| Software | |
| 199,956 | | |
| 318,179 | |
| Total Fixed assets: | |
| 199,956 | | |
| 318,179 | |
| | |
| | | |
| | |
| Total Assets: | |
| 214,959 | | |
| 346,272 | |
| | |
| | | |
| | |
| Current liabilities: | |
| | | |
| | |
| Accounts payable and accrued liabilities | |
| 32,314 | | |
| 138,840 | |
| Total current liabilities: | |
| 32,314 | | |
| 138,840 | |
| | |
| | | |
| | |
| Total Liabilities: | |
| 32,314 | | |
| 138,840 | |
| | |
| | | |
| | |
| Common stock: $0.0001 par value, 500,000,000 authorized, 239,590,000 issued and outstanding as of April 30, 2023, and 242,040,000 as of July 31, 2022, respectively. | |
| 23,959 | | |
| 23,937 | |
| Additional paid in capital | |
| 642,941 | | |
| 585,963 | |
| Accumulated deficit | |
| (484,255 | ) | |
| (402,468 | ) |
| Total Stockholder’s Equity: | |
| 182,645 | | |
| 207,432 | |
| | |
| | | |
| | |
| Total Liabilities and Stockholder’s Equity: | |
| 214,959 | | |
| 346,272 | |
(The
accompanying notes are an integral part of these unaudited interim condensed financial statements)
WARPSPEED
TAXI INC.
UNAUDITED
STATEMENT OF COMPREHENSIVE LOSS
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | |
For the three month
period ended | | |
For the nine month ended | |
| | |
April 30, | | |
April 30, | |
| | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| | |
$ | | |
$ | | |
$ | | |
$ | |
| Expenses: | |
| | | |
| | | |
| | | |
| | |
| General and administrative | |
| 63,470 | | |
| 256,011 | | |
| 81,787 | | |
| 364,326 | |
| Net Loss: | |
| (63,470 | ) | |
| (256,011 | ) | |
| (81,787 | ) | |
| (364,326 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Net loss per share – basic and diluted | |
| -0.00 | | |
| -0.00 | | |
| -0.00 | | |
| -0.00 | |
| | |
| | | |
| | | |
| | | |
| | |
| Weighted average shares outstanding – basic and diluted | |
| 239,590,000 | | |
| 239,370,000 | | |
| 239,590,000 | | |
| 239,370,000 | |
(The
accompanying notes are an integral part of these unaudited interim condensed financial statements)
WARPSPEED
TAXI INC.
UNAUDITED
STATEMENT OF STOCKHOLDER’S EQUITY
For
the nine months period ended April 30, 2022 and April 30, 2023
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | |
Common Stock | | |
Paid in | | |
Accumulated | | |
| |
| | |
Number | | |
Par Value | | |
Capital | | |
Deficit | | |
Total | |
| | |
| | |
$ | | |
$ | | |
$ | | |
$ | |
| | |
| | |
| | |
| | |
| | |
| |
| Opening Balance, July 31, 2021 | |
| 242,040,000 | | |
| 24,204 | | |
| - | | |
| (1,604 | ) | |
| 22,496 | |
| Common Stock issued for Cash | |
| 23,330,000 | | |
| 2,333 | | |
| 20,696 | | |
| - | | |
| 20,800 | |
| Cancellation of Shares | |
| (26,000,000 | ) | |
| - | | |
| - | | |
| (18,100 | ) | |
| (18,100 | ) |
| Net Loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| (364,326 | ) |
| Closing Balance, April 30, 2022 | |
| 239,370,000 | | |
| 26,537 | | |
| 20,696 | | |
| (19,704 | ) | |
| 25,196 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Opening Balance, July 31, 2022 | |
| 239,370,000 | | |
| 23,937 | | |
| 585,963 | | |
| (402,468 | ) | |
| 207,432 | |
| Issuance of common stock | |
| 220,000 | | |
| 22 | | |
| 56,978 | | |
| - | | |
| 57,000 | |
| Net Loss | |
| - | | |
| - | | |
| - | | |
| (81,787 | ) | |
| (81,787 | ) |
| Closing Balance, April 30, 2023 | |
| 239,590,000 | | |
| 23,959 | | |
| 642,941 | | |
| (484,255 | ) | |
| 182,645 | |
(The
accompanying notes are an integral part of these unaudited interim condensed financial statements)
WARPSPEED
TAXI INC.
UNAUDITED
STATEMENT OF CASH FLOWS
| |
|
|
|
|
|
|
|
|
| | |
For the nine months ended | |
| | |
Apr-30 | |
| | |
2023 | | |
2022 | |
| | |
$ | | |
$ | |
| | |
| | |
| |
| Cash flows from operating activities: | |
| | | |
| | |
| Net loss for the period | |
| (81,787 | ) | |
| (364,326 | ) |
| Change in operating assets and liabilities: | |
| | | |
| | |
| Prepayment & deposits | |
| - | | |
| 20,000 | |
| Accounts payable and accrued liabilities | |
| (106,526 | ) | |
| 34,566 | |
| Notes payable | |
| - | | |
| (250,000 | ) |
| Net cash used in operating activities: | |
| (188,313 | ) | |
| (559,760 | ) |
| | |
| | | |
| | |
| Cash flows from investing activities: | |
| | | |
| | |
| Software development | |
| 118,223 | | |
| (12,226 | ) |
| Net cash used in investing activities: | |
| 118,223 | | |
| (12,226 | ) |
| | |
| | | |
| | |
| Cash flows from financing activities: | |
| | | |
| | |
| Proceeds from issuance of common stock | |
| 22 | | |
| (267 | ) |
| Additional paid in capital | |
| 56,978 | | |
| 565,267 | |
| Net cash used in financing activities: | |
| 57,000 | | |
| 565,000 | |
| | |
| | | |
| | |
| Change in cash | |
| (13,090 | ) | |
| (6,987 | ) |
| | |
| | | |
| | |
| Cash – beginning of period | |
| 13,093 | | |
| 17,194 | |
| | |
| | | |
| | |
| Cash – end of period | |
| 3 | | |
| 10,207 | |
| | |
| | | |
| | |
| Supplemental cash flow disclosures | |
| - | | |
| - | |
| | |
| | | |
| | |
| Cash paid For: | |
| | | |
| | |
| Interest | |
| - | | |
| - | |
| Income tax | |
| - | | |
| - | |
(The
accompanying notes are an integral part of these unaudited interim condensed financial statements)
WARPSPEED
TAXI INC.
Notes
to the Interim Financial Statements
April
30, 2023, and 2022
(Unaudited)
1. NATURE
AND CONTINUANCE OF OPERATIONS
WarpSpeed
Taxi Inc. (the “Company”) was incorporated in the state of Wyoming on November 18, 2020 (“Inception”). The Company
is a development stage company that is currently developing a ride-hailing and food delivery computer and mobile device application known
as “WarpSpeed Taxi”. The Company’s fiscal year-end is July 31.
The
Company entered into an asset purchase agreement to acquire the WarpSpeed Taxi computer and mobile device application in its current
state of development for cash payments totaling $50,000 plus the issuance of a promissory note for $250,000 that is payable
on demand any time after December 31, 2023. The note bears simple interest at a rate of 5% per annum and is unsecured. The
Company may pay this note early without penalty. The Company must pay the vendor an additional $40,000 upon the vendor’s delivery
of a working prototype of the application.
On
September 6, 2022, the Company entered into a settlement agreement with a private company that provided it with marketing, beta testing,
cloning, and maintenance services in connection with the WarpSpeed Taxi computer application. Pursuant to the settlement agreement, the
Company agreed to transfer out its interest in the WarpSpeed Taxi application to the private company in full and final satisfaction of
the $135,431 owing to the private company. However, the Company will retain a license for the sole and exclusive use of the WarpSpeed
Taxi application in the United States.
2. GOING
CONCERN
These
financial statements have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge
its liabilities in the normal course of business for the foreseeable future. The Company has incurred a loss since inception resulting
in an accumulated deficit of $484,255, as of April 30, 2023 and further losses are anticipated in the development of its business
raising substantial doubt about the Company’s ability to continue as a going concern. In order to remain in business, the
Company will need to raise capital in the next twelve months. The ability to continue as a going concern is dependent upon the Company
generating profitable operations in the future and/or obtaining the necessary financing to meet its obligations and repay its liabilities
arising from normal business operations when they come due. Management intends to finance operating costs over the next twelve months
with existing cash on hand and proceeds from its public offering. The Company has no written or verbal commitments from stockholders,
director or officer to provide the Company with any form of cash advances, loans or other sources of liquidity to meet its working capital
needs. The accompanying financial statements do not include any adjustments to reflect the possible future effects on the recoverability
and classification of assets or the amounts and classifications of liabilities that may result from the possible inability of the Company
to continue as a going concern.
3. INTERIM
REPORTING
The
interim financial statements are prepared under the accrual basis of accounting in accordance with accounting principles generally accepted
(GAAP) in the United States of America for the interim information. Accordingly, the financial statements do not include all of the information
and notes required by GAAP for the complete financial statements. While the information presented is unaudited, it includes all adjustments,
which are, in the opinion of management, necessary to present fairly the financial position, result of operation and cash flows for the
interim periods presented in accordance with accounting principles generally accepted in the United States of America. All adjustments
are of a normal recurring nature. It is suggested that the interim financial statements be read in conjunction with the Company’s
July 31, 2022, audited financial statements. Operating results for the three-month ended April 30, 2023, are not necessarily indicative
of the results that can be expected for the fiscal year ended July 31, 2023.
There
have been no changes in the accounting policies from those disclosed in the notes to the audited financial statements for the period
ended July 31, 2022.
4. CAPITAL
STOCK
The
total number of common shares authorized that may be issued by the Company is 500,000,000 shares with a par value of $0.0001 per
share.
There
has been no stock activity during the three months ended October 31, 2022 and 2021.
5. SUBSEQUENT
EVENTS
Subsequent
to the period ended April 30, 2023, the Company entered into a binding letter of intent with a joint venture partner whereby the Company
will form a U.S. corporation for the purpose of operating a ride-hailing and delivery business using a computer application that the
joint venture partner has developed. The agreement provides that the Company will be responsible for funding the operation and marketing
of the business in the amount of $1.5 million and that the JV Partner will cause the owner of the computer application to transfer the
assets comprising the ride-hailing and delivery business to the joint venture corporation. The joint venture partner will be responsible
for operating the joint venture corporation’s business while both parties will oversee monthly budgets. Both parties will each
own of a 50% interest in the joint venture corporation, though these interests may be diluted through additional financing.
ITEM
2. Management’s Discussion and Analysis of Financial Conditions and Results of Operations.
Forward
Looking Statements
This
quarterly report contains forward-looking statements that involve risks and uncertainties. We use words such as
anticipate, believe, plan, expect, future, intend and similar expressions to identify such forward-looking statements. You should not
place too much reliance on these forward-looking statements. Our actual results are likely to differ materially
from those anticipated in these forward-looking statements for many reasons, including the risks faced by us
described in this section.
Background
We
were incorporated on November 18, 2020 under the laws of the State of Wyoming.
We
were involved in the development of a ride-hailing and food delivery computer and mobile device application known as “WarpSpeedTaxi”.
On
September 6, 2022, we entered into a debt settlement agreement with Global Corporate Structural Services Inc. (“GCSS”), a
private company that has provided us with marketing, beta testing, cloning, and maintenance services in connection with the WarpSpeed
Taxi computer application. Pursuant to the debt settlement agreement, we acknowledged that we owed $135,430.95 to GCSS for its services
as of July 31, 2022.
On
September 15, 2022, we entered into a final settlement agreement with GCSS whereby we have agreed to transfer our 100% interest in the
WarpSpeed Taxi application to GCSS in full and final satisfaction of the debt owed to GCSS and any other claims that GCSS has against
us. However, we will retain a license for the sole and exclusive use of the WarpSpeed Taxi application in the United States.
We
anticipate that our WarpSpeedTaxi application will allow customers to hire a standard and luxury motor vehicles via a smartphone or personal
computer for both one-way and round-trips with the price based on the distance travelled and the current level of demand for vehicles.
In addition to transporting passengers, the application may also be used for deliveries of goods from restaurants, grocery stores, and
other businesses that typically utilize local vehicle courier services.
Customers
will use the application to request a ride or the delivery of goods. Drivers that we recruit and approve, through confirmation of no
criminal record, a clean driving history, and access to a suitable insured vehicle, will act as independent contractors and set their
own work hours. They will connect with customers via our application, pick up customers or goods to be delivered in accordance with the
customer’s request, and then drive the customers or goods to their destination. Customers will pay for the transportation through
the application by way of credit card. Drivers will receive payments for each ride or delivery they complete via a weekly direct deposit
to their bank accounts.
When
a customer uses the WarpSpeedTaxi application for ride-hailing, we will charge the customer a flat fee of approximately $2.00 for each
ride plus an amount for each mile that the customer travels. The amount for each mile will vary depending on the city in which the customer
is located. It will be higher in more densely populated cities where traffic moves relatively slowly and lower in less densely population
cities will less traffic congestion. Additionally, we will charge customers an additional premium during busy times when customer demand
exceeds the number of available drivers. This increase in pricing is intended to incentivize drivers to work during peak demand times
since they will receive greater compensation. In order to encourage drivers to work a independent contractors for us, we will initially
retain 15% of all revenue that a customer pays for a ride with the remaining 85% compensating the driver for his or her time and vehicle
expenses. Drivers will also retain 100% of all tips that customers provide them. Over time, when we have established a market for our
services, we may adjust this percentage so that we retain a greater percentage of revenue.
When
a restaurant uses the food delivery service feature of our WarpSpeedTaxi application, we will charge restaurants between 5% and 15% of
their order revenue, subject to a set minimum amount, depending on the amount of business that we receive from delivery orders of their
food through our application. From these proceeds, we will pay our drivers a base fee for deliveries that depend on the distance that
they must travel to pick up the food and deliver it to the customer. In addition, the driver will retain any tips that the customer provides.
Results
of Operations for the Three months Ended April 30, 2023 and 2022
Our
net loss for the three-month period ended April 30, 2023 and 2022 was $63,720 and $256,011, respectively, which consisted entirely of
general and administrative fees. We did not generate any revenue to date.
LIQUIDITY
AND CAPITAL RESOURCES
As
at April 30, 2023, our current assets were $15,003, compared to $28,093 at July 31, 2022. The decrease in current assets in the current
fiscal year is due to use of our cash for ordinary business expenses and reduction in accounts payable owed to vendors.
As
at April 30, 2023, our current liabilities were $32,314, compared to $138,840 at July 31, 2022. Current liabilities at April 30, 2023
were comprised entirely of accounts payable and accrued liabilities. Current liabilities decreased in the first quarter of the 2022 fiscal
as compared to the July 31, 2022 year end due to a reduction in accounts payable from a cancellation of an agreement with a vendor relating
to software development.
We
expect we will require additional capital to meet our long-term operating requirements. We expect to raise additional capital through,
among other methods, the sale of equity or debt securities.
Cash
Flows from Operating Activities
For
the nine-month period ended April 30, 2023, net cash flows used in operating activities were $188,313, consisting of a net loss of $81,787,
which was offset by ($106,526) of accounts payable. This compares to net cash flows provided from operating activities of $559,760 consisting
of a net loss of $364,326 offset by an increase in accounts payable of $34,566 for the nine-month period ended April 30, 2022.
Cash
Flows from Investing Activities
For
the nine-month period ended April 30, 2023 and 2022, our cash flows provided from investing activities were $118,223 compared to cash
flows used in investing activities of $12,226, respectively, which consisted of software development.
Cash
Flows from Financing Activities
We
have financed our operations from the issuance of our shares of common stock. Net cash flows generated from financing activities were
$57,000 in the three-month period ended April 30, 2023 as compared to $565,000 during the nine-month period ended April 30, 2022 relating
to our sale of 10,200,000 shares of common stock at a price of $0.02 pursuant to our registration statement on Form S-1, as amended.
OFF-BALANCE
SHEET ARRANGEMENTS
As
of the date of this report, we do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or
future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital
expenditures or capital resources that are material to investors.
GOING
CONCERN
The
independent auditors’ report accompanying our July 31, 2022 financial statements contained an explanatory paragraph expressing
substantial doubt about our ability to continue as a going concern. The financial statements have been prepared “assuming that
we will continue as a going concern,” which contemplates that we will realize our assets and satisfy our liabilities and commitments
in the ordinary course of business.
Item
4. Controls and Procedures.
As
supervised by our board of directors and our principal executive and principal financial officer, management has established a system
of disclosure, controls and procedures and has evaluated the effectiveness of that system. The system and its evaluation are reported
on in the below Management’s Annual Report on Internal Control over Financial Reporting. Our principal executive and financial
officer has concluded that our disclosure, controls and procedures (as defined in Securities Exchange Act of 1934 (“Exchange Act”)
Rule 13a-15(e)) as of April 30, 2023, were not effective, based on the evaluation of these controls and procedures required by paragraph
(b) of Rule 13a-15.
Management’s
Annual Report on Internal Control over Financial Reporting
Management
is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Rule 13a-15(f)
of the Exchange Act. Internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. generally accepted accounting
principles.
Management
assessed the effectiveness of internal control over financial reporting as of April 30, 2023. We carried out this assessment using the
criteria of the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control—Integrated Framework.
This
annual report does not include an attestation report of our registered public accounting firm regarding internal control over financial
reporting. Management’s report was not subject to attestation by our registered public accounting firm, pursuant to rules
of the Securities and Exchange Commission that permit us to provide only management’s report in this annual report. Management
concluded in this assessment that as of April 30, 2023, our internal control over financial reporting is not effective.
There
have been no significant changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under
the Exchange Act) during the third quarter of our 2023 fiscal year that have materially affected, or are reasonably likely to materially
affect, our internal control over financial reporting.
