News Column

MODERN MOBILITY AIDS, INC. - 10-Q - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

June 26, 2014

Forward-Looking Statements and Associated Risks.

The following discussion should be read in conjunction with the financial statements and the notes to those statements included elsewhere in this Quarterly Report on Form 10-Q. This Quarterly Report on Form 10-Q contains certain statements that are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. Certain statements contained in the MD&A are forward-looking statements that involve risks and uncertainties. The forward-looking statements are not historical facts, but rather are based on current expectations, estimates, assumptions and projections about our industry, business and future financial results. Our actual results could differ materially from the results contemplated by these forward-looking statements due to a number of factors, including those discussed in other sections of this Quarterly Report on Form 10-Q.

We have generated revenues of $9,506 since December 19, 2007 (Inception) through September 30, 2013 and have incurred $600,071 in operating expenses through September 30, 2013.

The following table provides selected financial data about our Company as at September 30, 2013 and June 30, 2013.

Balance Sheet Data: 09/30/13 06/30/13 Cash $ 0$ 0 Total assets $ 0$ 0 Total liabilities $ 530,548$ 519,773 Shareholders' equity $ (530,548 )$ (519,773 ) Plan of Operation



The following discussion and analysis should be read in conjunction with our financial statements and notes thereto included elsewhere in this Form 10-Q. Except for the historical information contained herein, the discussion in this Form 10-Q contains certain forward-looking statements that involve risks and uncertainties, such as statements of our plans, objectives, expectations and intentions. The cautionary statements made in this Form 10-Q should be read as being applicable to all related forward-looking statements wherever they appear in this Form 10-Q. The Company's actual results could differ materially from those discussed here.

Modern Mobility Aids, Inc. (the "Company") is a Nevada corporation in the development stage and had been involved in selling and distribution of products for mobility challenged individuals. The Company was incorporated under the laws of the State of Nevada on December 19, 2007 (Inception) under the name Glider Inc. The Company changed its name to Modern Mobility Aids, Inc. on April 22, 2010.

References in this Report to "Modern Mobility Aids" refer to Modern Mobility Aids Inc. and its subsidiaries, on a consolidated basis, unless otherwise indicated or the context otherwise requires. The Company's consolidated financial statements for the three month periods ended September 30, 2013, and 2012, include the accounts of its two wholly owned subsidiary companies Modern Mobility Aids, Inc., and MDRFM Group (Canada) Ltd., both Ontario, Canada, based companies.

The Company to date has funded its initial operations through the issuance of 195,480,000 shares of common stock for net proceeds of $47,425, receipts from sales of $9,506, $19,179 from contributions by a related party and $360,998 by loan to us by our shareholders.

-15-



Due to the uncertainty of our ability to generate sufficient revenues from our operating activities and, or, to obtain the necessary financing to meet our obligations and repay our liabilities arising from normal operations when they come due, in their report on our financial statements for the year ended June 30, 2013 and 2012, our registered independent auditors included additional comments indicating concerns about our ability to continue as a going concern. Our financial statements contain additional note disclosures describing the circumstances that led to this disclosure by our registered independent auditors. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Our current cash balance as at September 30, 2013 is $0. We expect to experience a shortage of funds. Our shareholders have been lending us funds to enable us to pay our operating expenses. There are no formal binding commitments or binding arrangements with them to advance or loan funds. There are no terms regarding repayment of any loans or capital contribution. If shareholders do not continue to advance us the funds necessary to enable us to pay our expenses, we will not be able to continue.

The Company has abandoned its historic business of distributing products for mobility challenged individuals which has generated little operating revenue and has had limited operations to date. Our Board of Directors has determined that the Company will seek to acquire business assets or stock in companies in the biopharma sector that either have existing operations or are in the development stage with the potential for successful operations. We will require financing to make such acquisitions. There can be no assurance we can secure such financing or that we will be able to make such acquisitions even if financing is available. Moreover, even if we acquire business assets or a business, there can be no assurance that the acquisitions will be successfully accomplished and that our operations thereafter will be profitable.

Results of Operations



For the three months ended September 30, 2013 compared to three months ended September 30, 2012

Our results of operations, as reported in our consolidated financial statements, incorporate results of operations of our two wholly owned Canadian subsidiary companies. All significant intercompany balances and transactions have been eliminated on consolidation.

Revenue



During the three months ended September 30, 2013 and 2012 we generated no revenue reflecting our status as a development stage company..

Operating Expenses



During the three months ended September 30, 2013, we incurred operating expenses of $10,775 compared to $0 in the same quarter of 2012. During the three months ended September 30, 2013, we incurred $5,500 for accounting and audit fees, $3,125 for transfer agent fees, $330 for miscellaneous expenses and $1,768 in foreign exchange loss. By comparison, during the three months ended September 30, 2012, because of lack of funding, the Company incurred no operating expenses at all.

Losses



During the three month period ended September 30, 2013 we incurred losses of $10,775 compared with $0 in losses during the three month period ended September 30, 2012 due to the factors discussed above.

Liquidity and Capital Resources

Since December 19, 2007 (Inception), we have sold 130,000,000 shares of common stock $0.00005 per share to our Directors for total proceeds of $6,500. During the twelve months ended June 30, 2011, the Company's Registration Statement on the Form S-1/A filed with the Securities and Exchange Commission was declared effective. The Company has sold 65,480,000 common shares at $0.000625 per share for total proceeds of $40,925 pursuant to the Registration Statement.

-16-



We have incurred $595,661 in operating losses since December 19, 2007 (Inception). As of September 30, 2013, we had $0 in cash compared to $0 at June 30, 2013. As of September 30, 2013, we had a working capital deficiency of $530,548, compared to a working capital deficiency of $519,773 as of June 30, 2013.

Operating activities



Net cash used in operating activities for the three months ended September 30, 2013 was $474, compared with net cash used in operating activities of $3,195 for the same period of prior year. During the three months ended September 30, 2103 the Company incurred a loss of $10,775 which was largely offset for cash flow purposes by an increase in accounts payable of $10,300. By comparison, during the three months ended September 30, 2012 we recognized neither a gain nor loss but used $3,195 in payment of accounts payable.

Investing Activities



No cash was generated by or used in investing activities during the three months ended September 30, 2013 and 2012.

Financing Activities



Net cash provided from financing activities during the three months ended September 30, 2013 was $474 compared to $3,195 provided by financing activities in the three months ended September 30, 2012. During the three months ended September 30, 2013, we received $43 from a bank overdraft and $431 by way of loan from a shareholder, By comparison, during the three months ended September 30, 2012, we received $3,195 by way of loan from a shareholder.

The Company must raise additional funds to initiate or acquire a business and to fund our continued operations. We may not be successful in our efforts to raise additional funds or achieve profitable operations. Even if we are able to raise additional funds through the sale of our securities or through the issuance of debt securities, or loans from our directors or financial institutions, our cash needs could be greater than anticipated in which case we could be forced to raise additional capital.

At the present time, we have no commitments for any additional financing, and there can be no assurance that, if needed, additional capital will be available to us on commercially acceptable terms or at all. These conditions raise substantial doubt as to our ability to continue as a going concern, which may make it more difficult for us to raise additional capital when needed. If we cannot get the needed capital, we may not be able to become profitable and may have to curtail or cease our operations.

Recent Accounting Pronouncements

Management does not believe that any recently issued, but not yet effective, accounting standards, if adopted, will have a material effect on our financial statements.

Off Balance Sheet Arrangements

We have no off-balance sheet arrangements with any party.


For more stories on investments and markets, please see HispanicBusiness' Finance Channel



Source: Edgar Glimpses


Story Tools






HispanicBusiness.com Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters