$WRPT
WARPSPEED TAXI INC.

2024 Q1 Form 10-Q Financial Statement

#000190359624000038 Filed on January 29, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023 Q3
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.920K $5.230K $2.630K
YoY Change -53.63% -32.08% -85.37%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $4.920K $5.230K $2.630K
YoY Change -53.63% -32.08% -85.37%
Operating Profit
YoY Change
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$4.920K -$5.230K -$2.630K
YoY Change -53.63% -32.08% -85.37%
Income Tax
% Of Pretax Income
Net Earnings -$4.923K -$5.232K -$2.630K
YoY Change -53.62% -32.08% -85.37%
Net Earnings / Revenue
Basic Earnings Per Share $0.00
Diluted Earnings Per Share $0.00 $0.00 $0.00
COMMON SHARES
Basic Shares Outstanding 239.6M shares 239.6M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2024 Q1 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $20.00 $10.00 $20.00
YoY Change -93.55% -98.08% -99.85%
Cash & Equivalents $16.00 $6.00 $16.00
Short-Term Investments
Other Short-Term Assets $15.00K $15.00K $15.00K
YoY Change 0.0% 0.0% 0.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $15.02K $15.01K $15.02K
YoY Change -1.89% -3.3% -46.55%
LONG-TERM ASSETS
Property, Plant & Equipment $200.0K
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $220.2K $206.7K $200.0K
YoY Change 14.42% 8.3% -37.16%
TOTAL ASSETS
Total Short-Term Assets $15.02K $15.01K $15.02K
Total Long-Term Assets $220.2K $206.7K $200.0K
Total Assets $235.2K $221.7K $215.0K
YoY Change 13.22% 7.42% -37.92%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $65.36K $46.92K $34.95K
YoY Change 250.46% 604.5% -74.83%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $65.36K $46.92K $34.95K
YoY Change 250.51% 604.35% -74.83%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $65.36K $46.92K $34.95K
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $65.36K $46.92K $34.95K
YoY Change 250.51% 604.35% -74.83%
SHAREHOLDERS EQUITY
Retained Earnings -$497.0K -$492.1K -$486.9K
YoY Change 18.12% 19.98% 20.97%
Common Stock $23.96K $23.96K $23.96K
YoY Change 0.09% 0.09% 0.09%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $169.9K $174.8K $180.0K
YoY Change
Total Liabilities & Shareholders Equity $235.2K $221.7K $215.0K
YoY Change 13.22% 7.42% -37.92%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$4.923K -$5.232K -$2.630K
YoY Change -53.62% -32.08% -85.37%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities $13.51K $6.740K $1.700K
YoY Change 886.13% -104.82% -63.83%
INVESTING ACTIVITIES
Capital Expenditures $13.50K $6.750K
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$1.780K
YoY Change
Cash From Investing Activities -$13.50K -$6.750K -$1.780K
YoY Change 749.06% -105.3% -2.2%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 -3.000K
YoY Change
NET CHANGE
Cash From Operating Activities 13.51K $6.740K 1.700K
Cash From Investing Activities -13.50K -$6.750K -1.780K
Cash From Financing Activities 0.000 -3.000K
Net Change In Cash 10.00 -$10.00 -3.080K
YoY Change -104.55% -99.92% -206.94%
FREE CASH FLOW
Cash From Operating Activities $13.51K $6.740K $1.700K
Capital Expenditures $13.50K $6.750K
Free Cash Flow $10.00 -$10.00
YoY Change

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<p id="xdx_80F_eus-gaap--NatureOfOperations_zvrlnCw7RUW3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b>1. <span id="xdx_825_zsi362s5BN2c">NATURE AND CONTINUANCE OF OPERATIONS</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">WarpSpeed Taxi Inc. (the “Company”) was incorporated in the state of Wyoming on November 18, 2020 (“Inception”). The Company has completed the Beta Testing for the ride-hailing and food delivery computer and mobile device application known as “WarpSpeed Taxi”. The Company’s fiscal year-end is July 31.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The Company entered into an asset purchase agreement to acquire the WarpSpeed Taxi computer and mobile device application in its current state of development for cash payments totaling $<span id="xdx_905_eus-gaap--NotesPayable_iI_c20231031_z8vnjmfH3pC9" title="Promissory note">50,000</span> plus the issuance of a promissory note for $<span id="xdx_906_eus-gaap--LongTermDebt_iI_c20231031_zUcGi29MRQL9" title="Debt payable amount"><span id="xdx_906_ecustom--DebtInstrumentPayableAmount_iI_c20231031_zgC7R5Uaufj6" title="Debt instrument payable amount">250,000</span></span> that is payable on demand any time after December 31, 2023. The note bears simple interest at a rate of 5% per annum and is unsecured. The Company may pay this note early without penalty. The Company must pay the vendor an additional $<span id="xdx_907_ecustom--DebtInstrumentAdditionalAmount_iI_c20231031_z7OBm31NZNp2" title="Debt instrument additional payment amount">40,000</span> upon the vendor’s delivery of a working prototype of the application.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">On September 6, 2022, the Company entered into a settlement agreement with a private company that provided it with marketing, beta testing, cloning, and maintenance services in connection with the WarpSpeed Taxi computer application. Pursuant to the settlement agreement, the Company agreed to transfer out its interest in the WarpSpeed Taxi application to the private company in full and final satisfaction of the $<span id="xdx_907_ecustom--DebtSettlementAmount_iI_c20231031_zKytHJLJVABh" title="Settlment amount with private firm">135,431</span> owing to the private company. However, the Company will retain a license for the sole and exclusive use of the WarpSpeed Taxi application in the United States.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
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Files In Submission

Name View Source Status
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