Thu, Sep 5, 2:34 PM (131 days ago)
WarpSpeed Taxi Inc. reported no revenue for the fiscal year ending July 31, 2024, incurring a net loss of $129,123 primarily due to administrative expenses. The company holds total assets of $237,162, with liabilities of $81,265, leading to an accumulated deficit of $616,003. Despite ongoing efforts to develop its ride-hailing and food delivery application, the company expresses substantial doubt about its ability to continue as a going concern without securing additional financing. The company has entered a joint venture with NextFind AI and plans to change its name accordingly. It issued 350,000 shares for $105,000 during the year but also canceled 100 million shares. Market competition remains intense against established players like Uber and Lyft. The company aims to capitalize on the growing ride-hailing market, projected to reach $386 billion by 2025, while navigating regulatory challenges. Future financing will be crucial, as operations have yet to generate positive cash flow, and the company's liquidity is limited with only $39 in cash as of the fiscal year-end. The management’s assessment indicates weaknesses in internal controls, and the company lacks an audit committee.