CRANK MEDIA: Discussion and analysis by management of the financial situation and operating results. (form 10-Q)
FORWARD-LOOKING STATEMENTS
This report on Form 10-Q contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Reference is made in particular to the description of our plans and objectives for future operations, the assumptions underlying these plans and objectives, and other forward-looking statements included in this report. Such statements can be identified by the use of forward-looking terms such as “may”, “will”, “expect”, “believe”, “estimate”, “anticipate”, “intend”, “Continue” or similar terms, variations of these terms or the negative of these terms. These statements are based on management’s current expectations and are subject to a number of factors and uncertainties, which could cause actual results to differ materially from those described in forward-looking statements. These statements deal with future events and conditions relating to, among other things, capital expenditures, profits, litigation, regulatory matters, liquidity and capital resources, and accounting matters. Actual results in each case could differ materially from those anticipated in these statements due to factors such as future economic conditions, changes in consumer demand, legislative, regulatory and competitive developments in the markets in which we operate, results of litigation and other circumstances affecting expected revenues and costs, and risk factors set forth in the financial statements and related notes included in the company’s annual report on Form 10-K for the year ended
As used in this Form 10-Q, âweâ, âusâ and âourâ refer to
General Overview
We have been incorporated into
The Company has its
The main business activities of the Company are related to (i) planning and development of production and distribution of musical recordings, with four different artists currently under contract, (ii) planning and development of production and film distribution, with two films currently in pre-production and two other film scripts nearing completion, and (iii) planning and development of television production and distribution, with two programs currently in pre-production, a program in the development phase of the rights to some of its episodes currently on the market, and a fourth program at a very preliminary stage of development. The Company is also trying to develop and build its virtual studio, and also intends to further develop its easy-to-use platform digital administration management systems for clubs, leagues and amateur sports teams.
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COVID-19
A new strain of coronavirus (COVID-19) has been identified for the first time in
13 Table of Contents Results of Operations
The following discussion and analysis should be read in conjunction with the unaudited financial statements of the Company for the three months ended.
For the three months ended
Our operating results for the three months endedMarch 31, 2021 and 2020, are as follows: Three Months Ended March 31, 2021 2020 Changes ($) Revenues$ 639 $ 639 $ - Operating expenses$ 328,145 $ 136,874 $ 191,271 Interest expense$ 8,790 $ 6,384 $ 2,406
Loss on debt settlement
Net loss
$ 478,446 $ 142,619 $ 193,677
The revenues are linked to the license agreement dated
Operating Expenses
For the three months ended
For the three months ended
Other Expenses
For the three months ended
and
For three months ended
Liquidity and capital resources
The following table presents selected financial data on the Company as of
Working Capital March 31, December 31, 2021 2020 Cash $ - $ 358 Current Assets$ 24,928 $ 358 Current Liabilities$ 257,849 $ 492,597 Working Capital (Deficiency)$ (257,849 ) $ (492,239 ) Cash Flows Three Months Ended March 31, 2021 2020 Changes ($)
Cash flow used in operating activities
Cash flow generated by financing activities $ –
Net change in cash during the period
$ (358 ) $ -$ (358 ) 14 Table of Contents
From
From
From
From
on the liabilities side to be settled in stock,
Operating Activities
During the three months ended
Net cash used in operating activities for the three months ended
Net cash used in operating activities for the three months ended
Investing Activities
The Company did not use any funds for investing activities during the three months ended
Financing Activities
During the three months ended
Off-balance sheet provisions
From
Critical accounting conventions and estimates
The preparation of financial statements and related information in accordance with
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