Forward-Looking Statements: No Assurances Intended
In addition to historical information, this report contains forward-looking statements, which are generally identifiable by use of the words" believes," "expects," "intends," "anticipates," "plans to," "estimates," ''projects," or similar expressions. These forward-looking statements represent Management's belief as to the future of the Company. Whether those beliefs become reality will depend on many factors that are not under management's control. Many risks and uncertainties exist that could cause actual results to differ materially from those reflected in these forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements. We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements.
Results of Operations
Due to our continued lack of funds, our operations are very limited. As a result, we realized no revenue during the period ended
The largest expense during the three months ended
The additional professional fees expense for the period ending
We realized a net loss of approximately
Liquidity and Capital Resources
The Company has issued various convertible debentures to accredited investors with interest rates ranging from 8% to 20%. The investors can convert the principal and accrued but unpaid interest of the debentures into shares of the Company's common stock. As of
We continue to actively seek investment capital. At the present time, however, we have had limited commitments from funders to provide us any additional funds.
Off-Balance Sheet Arrangements
We do not have any off-balance sheet arrangements that have or are reasonably expected to have a current or future effect on our financial condition or results of operations.
Impact of Accounting Pronouncements
The Company is evaluating how to apply ASU 605, Revenues from Contracts with Customers, before its effective date, however, as the Company does not yet have revenue to recognize, it will not have an impact on current results of operations, financial position or cash flow.
Plan of Operation
1. Skincare Division that will develop and market a complete line of all natural skincare products for men and women with Proprietary Anti-Aging beneficial properties. 2. Healthcare Division that will encompass lnoLife's Genetic Test Platforms and DNA predisposition products for certain diseases for the professional medical industry.
lnoLife is committed to our shareholders to increase the fundamental value of the Company's stock. The key to the success of each of these divisions is investment and key personnel. Management is currently in discussions with interested investment groups to help fund the Company's development and marketing initiatives. lnoLife is already in the process of bringing on board the right management talent to make this all happen.
Our Independent Auditors have expressed substantial doubt about our ability to continue as a going concern.
As we don't have enough cash on hand to pay our expenses for the next 12 months of operations, our independent auditors have included a "going concern" qualification in their audit report. The Company will have to continue to raise funds to continue to operate.
We require additional financing and our inability to raise additional capital on acceptable terms in the future may have a material adverse effect on our business and financial condition.
We do not have sufficient operating capital to fund our operations for the next 12 months and must raise that capital through loans and/or sales of our common stock. There is no guarantee that we will be able to do so. Failure to do so could cause us to have to cut operations and delay development and introduction of our products.
Because we have a limited operating history to evaluate our company and are implementing a new business model, the likelihood of our success must be considered in light of the problems, expenses, difficulties, complications and delays frequently encountered by a new company.
Since we have a limited operating history we cannot assure you that our business will generate revenues or be profitable. Early stage companies often are unsuccessful and encounter unanticipated expenses and difficulties, investors should consider this risk in determining whether to purchase or sell our common stock.
Our current management holds significant control over our common stock and they may be able to control our Company indefinitely.
Our management has significant control over our voting stock that may make it difficult to complete some corporate transactions without their support and may prevent a change in control. As of