The Company's discussion and analysis of its financial condition and results of
operations are based upon the Company's consolidated financial statements, which
have been prepared in accordance with accounting principles generally accepted
The Company from time to time may make written or oral "forward-looking statements" including statements contained in this report and in other communications by the Company, which are made in good faith by the Company pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements include statements of the Company's plans, objectives, expectations, estimates and intentions, which are subject to change based on various important factors (some of which are beyond the Company's control). The following factors, in addition to others not listed, could cause the Company's actual results to differ materially from those expressed in forward looking statements: the strength of the domestic and local economies in which the Company conducts operations, the impact of current uncertainties in global economic conditions and the ongoing financial crisis affecting the domestic banking system and financial markets, including the impact on the Company's suppliers and customers, changes in client needs and consumer spending habits, the impact of competition and technological change on the Company, the Company's ability to manage its growth effectively, including its ability to successfully integrate any business which it might acquire, and currency fluctuations. All forward-looking statements in this report are based upon information available to the Company on the date of this report. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law.
The following discussion and analysis compares our results of operations for the three months ended
We assist those who have lost hope and dreams of ever owning a home or owning a home again by providing a clear, step-by-step path on the road to home ownership. We identify sub-prime home buyers who are either currently renting or want to own a home and have been turned down at banks or finance companies and provide them tools to allow them to obtain traditional financing and ultimately achieve their dream of home ownership.
Overview of Current Operations
17 OWM's Business
Credeze™ - Credit Monitoring Service. In
Listingswiz - Rent-to-Own Home Finder. Listingswiz is a Website designed to help the customer complete the process of buying a home. Customers pay a monthly fee for access to various tools to achieve that goal. They start with a personal profile that outlines the type of home they desire including number of bedrooms and bathrooms along with the targeted monthly payment. The site allows visitors to view home listings for free. However, paid subscribers may view detailed data and have access to the Company Home Resume service.
LEF is a credit management company with licensed technology that helps our customers establish or re-establish a good credit history while providing ongoing training and support. LEF also provides our customers with up-to-date credit education material and a credit coach to assist in keeping the customer on the right credit path. Customers receive an analysis of their credit file that show which items are hurting their score the most. This analysis also highlights both the positive and negative items affecting their credit. This analysis is created using Point Deduction Technology software ("PDT"). PDT recognizes the many factors used in credit scoring and assigns a point deduction number per item on the credit report thus allowing the customer to understand which accounts are affecting the credit score the most.
The customer is also provided access to a Target Score Simulator ("TSS") which is an interactive tool that instructs the customer as to the best things to do and not to do to increase their credit score. The customer starts by selecting the credit bureau that they would like to simulate. The customer then enters a target score that they would like to achieve. They are then provided with a list of the most efficient recommendation to reach the target score. In some cases there may be a recommendation to use the credit line in order to gain credit score points or they may be required to have a creditor reporting agency correct the high credit amount on their credit report. These recommendations are calculated first before a pay down approach in order to save the customers the most amount of money possible. The simulator alerts the customer of the total points recovered and the cost to acquire those points to reach their target score to attain that score. Conversely, the customer is also able to manually simulate the results from various changes to their credit report. By making changes to their report, they can see what the change to their credit score will be.
LEF is not a Credit Repair company. Credit Repair companies focus only on negative credit items on your report. Their main modus operandi is to send letters to the credit bureaus highlighting certain items that either might not belong to you or are reported inaccurately. The idea is that if the lender or employer doesn't see any negative items it's a success. Unfortunately this does not necessarily increase the credit score and it will not stop the consumer from making the same mistakes over and over again.
OWR earns commission revenues when the sales transactions are complete from the buyer or seller. OWR generates revenues by selling realtor services to prospective homebuyers interested in residential properties. They focus on identifying rental properties that a prospective buyer can rent with an option to purchase the property at a later date. In some instances, these services will be provided by realtors employed or retained by our company. In other instances, OWR will refer these services to outside realtors. OWR will collect a fixed portion of the realtor commissions. In order to promote its realtor services, OWR will provide prospective homebuyers with comprehensive information on residential properties.
OWR's principal business activities include: promoting, marketing, and selling realtor services to prospective homebuyers interested in residential properties. During the three months ended
In the opinion of management of the Company, the business areas in which it operates are subject to seasonal fluctuations. As such, past quarterly results are not indicative of future results and may be subject to seasonal fluctuations.
Results of Operations
Discussion of three months ended
Revenues for the three months ended
19 Operating Expenses
Operating expenses for the three months ended
Loss from Operations
As a result of the foregoing factors we had a loss from operations of
Interest expense for the three months ended
As a result of the foregoing factors we had a net loss of
Since inception through
Our ability to continue as a going concern is contingent upon the successful completion of additional financing arrangements and our ability to achieve and maintain profitable operations.
Therefore, management plans to raise equity capital to finance the operating and capital requirements of the Company. While the Company is devoting its best efforts to achieve the above plans, there is no assurance that any such activity will generate funds that will be available for operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern.
Liquidity and Capital Resources
During the three months ended
Off-Balance Sheet Arrangements
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 or operations, liquidity, capital expenditures or capital resources that is material to investors.
Critical Accounting Policies and Estimates
Revenue Recognition: We recognize revenue from product sales and services once all of the following criteria for revenue recognition have been met: pervasive evidence that an agreement exists; the services have been rendered; the fee is fixed and determinable and not subject to refund or adjustment; and collection of the amount due is reasonably assured.
The Company's management has evaluated all the recently issued accounting pronouncements through the filing date of these financial statements and does not believe that any of these pronouncements will have a material impact on the Company's financial position and results of operations.