Item
1. Financial Statements
WALL
STREET MEDIA CO, INC.
Condensed
Balance Sheets
|
|
March 31,
2021
|
|
|
September 30,
2020
|
|
|
|
(Unaudited)
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
Current Assets
|
|
|
|
|
|
|
|
|
Cash
|
|
$
|
5,021
|
|
|
$
|
9,384
|
|
Accounts receivable-related party
|
|
|
5,000
|
|
|
|
5,000
|
|
Prepaid expenses
|
|
|
5,000
|
|
|
|
-
|
|
Total current assets
|
|
|
15,021
|
|
|
|
14,384
|
|
|
|
|
|
|
|
|
|
|
Deposit
|
|
|
578
|
|
|
|
578
|
|
|
|
|
|
|
|
|
|
|
Total Assets
|
|
$
|
15,599
|
|
|
$
|
14,962
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ DEFICIT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Liabilities
|
|
|
|
|
|
|
|
|
Accrued interest payable – related party
|
|
$
|
5,292
|
|
|
$
|
5,441
|
|
Notes payable-related party
|
|
|
91,500
|
|
|
|
91,500
|
|
Total current liabilities
|
|
|
96,792
|
|
|
|
96,941
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities
|
|
|
96,792
|
|
|
|
96,941
|
|
|
|
|
|
|
|
|
|
|
Commitments and Contingencies (Note 4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ Deficit
|
|
|
|
|
|
|
|
|
Preferred stock, $0.001 par value; 5,000,000 authorized; none issued or outstanding
|
|
|
-
|
|
|
|
-
|
|
Common stock, $0.001 par value; 195,000,000 shares authorized; 26,922,006 issued and outstanding at March 31, 2021 and September 30, 2020
|
|
|
26,922
|
|
|
|
26,922
|
|
Additional paid-in capital
|
|
|
1,298,056
|
|
|
|
1,298,056
|
|
Accumulated deficit
|
|
|
(1,406,171
|
)
|
|
|
(1,406,957
|
)
|
Total stockholders’ deficit
|
|
|
(81,193
|
)
|
|
|
(81,979
|
)
|
|
|
|
|
|
|
|
|
|
Total Liabilities and Stockholders’ Deficit
|
|
$
|
15,599
|
|
|
$
|
14,962
|
|
The
accompanying notes are an integral part of these unaudited condensed financial statements.
WALL
STREET MEDIA CO, INC.
Condensed
Statements of Operations
(Unaudited)
|
|
For the three months ended
|
|
|
For the six months ended
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|
|
|
March 31, 2021
|
|
|
March 31, 2020
|
|
|
March 31, 2021
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|
|
March 31, 2020
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contracted services-related party
|
|
$
|
15,000
|
|
|
$
|
17,000
|
|
|
$
|
35,000
|
|
|
$
|
45,500
|
|
Total Revenues
|
|
|
15,000
|
|
|
|
17,000
|
|
|
|
35,000
|
|
|
|
45,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Internet and hosting services
|
|
|
-
|
|
|
|
625
|
|
|
|
-
|
|
|
|
625
|
|
Office and administrative
|
|
|
2,420
|
|
|
|
2,608
|
|
|
|
4,539
|
|
|
|
4,514
|
|
Professional fees
|
|
|
13,289
|
|
|
|
19,414
|
|
|
|
27,824
|
|
|
|
29,819
|
|
Total Operating Expenses
|
|
|
15,709
|
|
|
|
22,647
|
|
|
|
32,363
|
|
|
|
34,958
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) From Operations
|
|
|
(709
|
)
|
|
|
(5,647
|
)
|
|
|
2,637
|
|
|
|
10,542
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense-related party
|
|
|
(915
|
)
|
|
|
(925
|
)
|
|
|
(1,851
|
)
|
|
|
(1,845
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Other Expense
|
|
|
(915
|
)
|
|
|
(925
|
)
|
|
|
(1,851
|
)
|
|
|
(1,845
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
$
|
(1,624
|
)
|
|
$
|
(6,572
|
)
|
|
$
|
786
|
|
|
$
|
8,697
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per share - basic and diluted
|
|
$
|
(0.00
|
)
|
|
$
|
(0.00
|
)
|
|
$
|
0.00
|
|
|
$
|
0.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of common shares - Basic and Diluted
|
|
|
26,922,006
|
|
|
|
26,922,006
|
|
|
|
26,922,006
|
|
|
|
26,922,006
|
|
The
accompanying notes are an integral part of these unaudited condensed financial statements
WALL
STREET MEDIA CO., INC.
Condensed
Statement of Changes in Stockholders’ Deficit
For
the three and six months ended March 31, 2020
|
|
|
|
|
Additional
|
|
|
|
|
|
Total
|
|
|
|
Common Stock
|
|
|
Paid-in
|
|
|
Accumulated
|
|
|
Stockholders’
|
|
|
|
Shares Issued
|
|
|
Amount
|
|
|
Capital
|
|
|
Deficit
|
|
|
Deficit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at September 30, 2019
|
|
|
26,922,006
|
|
|
$
|
26,922
|
|
|
|
$1 ,298,056
|
|
|
$
|
(1,419,761
|
)
|
|
$
|
(94,783
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
15,269
|
|
|
|
15,269
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at December 31, 2019
|
|
|
26,922,006
|
|
|
$
|
26,922
|
|
|
$
|
1,298,056
|
|
|
$
|
(1,404,492
|
)
|
|
$
|
(79,514
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(6,572
|
)
|
|
|
(6,572
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at March 31, 2020
|
|
|
26,922,006
|
|
|
$
|
26,922
|
|
|
$
|
1,298,056
|
|
|
$
|
(1,411,064
|
)
|
|
$
|
(86,086
|
)
|
WALL
STREET MEDIA CO., INC.
Condensed
Statement of Changes in Stockholders’ Deficit
For
the three and six months ended March 31, 2021
|
|
|
|
|
Additional
|
|
|
|
|
|
Total
|
|
|
|
Common Stock
|
|
|
Paid-in
|
|
|
Accumulated
|
|
|
Stockholders’
|
|
|
|
Shares Issued
|
|
|
Amount
|
|
|
Capital
|
|
|
Deficit
|
|
|
Deficit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at September 30, 2020
|
|
|
26,922,006
|
|
|
$
|
26,922
|
|
|
|
$1 ,298,056
|
|
|
$
|
(1,406,957
|
)
|
|
$
|
(81,979
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
2,410
|
|
|
|
2,410
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at December 31, 2020
|
|
|
26,922,006
|
|
|
$
|
26,922
|
|
|
$
|
1,298,056
|
|
|
$
|
(1,404,547
|
)
|
|
$
|
(79,569
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(1,624
|
)
|
|
|
(1,624
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at March 31, 2021
|
|
|
26,922,006
|
|
|
$
|
26,922
|
|
|
$
|
1,298,056
|
|
|
$
|
(1,406,171
|
)
|
|
$
|
(81,193
|
)
|
The
accompanying notes are an integral part of these unaudited condensed financial statements.
WALL
STREET MEDIA CO, INC.
Condensed
Statements of Cash Flows
(Unaudited)
|
|
For the Six
|
|
|
For the Six
|
|
|
|
Months Ended
|
|
|
Months Ended
|
|
|
|
March 31, 2021
|
|
|
March 31, 2020
|
|
Cash flows from Operating Activities:
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
786
|
|
|
$
|
8,697
|
|
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
|
|
|
|
|
|
|
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
(Increase) decrease in accounts receivable – related party
|
|
|
-
|
|
|
|
(7,000
|
)
|
(Increase) in prepaid expenses
|
|
|
(5,000
|
)
|
|
|
-
|
|
(Decrease) in accrued interest payable - related party
|
|
|
(149
|
)
|
|
|
(8,155
|
)
|
Net cash used in operating activities
|
|
|
(4,363
|
)
|
|
|
(6,458
|
)
|
Cash flows from Financing Activities:
|
|
|
|
|
|
|
|
|
Proceeds from notes payable
|
|
|
-
|
|
|
|
1,500
|
|
Net cash provided by financing activities
|
|
|
-
|
|
|
|
1,500
|
|
|
|
|
|
|
|
|
|
|
Decrease in cash during the period
|
|
|
(4,363
|
)
|
|
|
(4,958
|
)
|
|
|
|
|
|
|
|
|
|
Cash, beginning of the period
|
|
|
9,384
|
|
|
|
8,375
|
|
|
|
|
|
|
|
|
|
|
Cash, end of the period
|
|
$
|
5,021
|
|
|
$
|
3,417
|
|
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest paid in cash
|
|
$
|
2,000
|
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
Taxes paid in cash
|
|
$
|
-
|
|
|
$
|
-
|
|
The
accompanying notes are an integral part of these unaudited condensed financial statements.
Wall
Street Media Co, Inc.
Notes
to Condensed Unaudited Financial Statements
March
31, 2021
Note
1 - Nature of Operations and Summary of Significant Accounting Policies
Nature
of Operations
Wall
Street Media Co, Inc. was organized as Mycatalogsonline.com, Inc. in the state of Nevada on January 6, 2009. In April 2009, the
Company changed its name to My Catalogs Online, Inc. In November 2012, the Company changed its name to Bright Mountain Holdings,
Inc., and in August 2013 changed its name to Wall Street Media Co, Inc.
The
Company provides consulting and management services to entities looking to merge with or acquire or otherwise consult with third
party entities. These services are currently provided to Landmark-Pegasus, Inc., a related party (“Landmark-Pegasus”)
or its clients. Landmark-Pegasus is wholly owned by John Moroney, the Company’s majority stockholder. Mr. Moroney also acts
as Landmark-Pegasus’ President.
Basis
of Presentation
The
interim unaudited condensed financial statements included herein have been prepared by the Company, pursuant to the rules and
regulations of the Securities and Exchange Commission (the “SEC”). In the opinion of the Company’s management,
all adjustments (consisting of normal recurring adjustments and reclassifications and non-recurring adjustments) necessary to
present fairly the results of operations and cash flows for the three and six months ended March 31, 2021, and the financial position
as of March 31, 2021, have been made. The results of operations for such interim periods are not necessarily indicative of the
operating results to be expected for the full year. Certain information and disclosures normally included in the notes to the
annual financial statements have been condensed or omitted from these interim condensed financial statements. Accordingly, these
unaudited interim condensed financial statements should be read in conjunction with the Audited Financial Statements and Notes
thereto as of and for the year ended September 30, 2020 included in our Report on Form 10-K as filed with the SEC on November
12, 2020. The September 30, 2020 balance sheet is derived from those financial statements.
Impact
of COVID-19
In
March 2020, the World Health Organization declared COVID-19 a global pandemic and recommended containment and mitigation measures
worldwide. The Company is monitoring this closely, and although operations have not been materially affected by the COVID-19 outbreak
to date, the ultimate duration and severity of the outbreak and its impact on the economic environment and business is uncertain.
Accordingly, while the Company does not anticipate an impact to the operations, we cannot estimate the duration of the pandemic
and potential impact on the business. In addition, a severe or prolonged economic downturn could result in a variety of risks
to the business, including a possible delay in implementing the Company’s business plan. At this time, the Company is unable
to estimate the ultimate impact of this event on its current or future operations.
Use
of Estimates
The
financial statements are prepared in accordance with Accounting Principles Generally Accepted in the United States (“GAAP”).
These accounting principles require the Company to make certain estimates, judgments and assumptions. The Company believes that
the estimates, judgments and assumptions upon which it relies are reasonable based upon information available at the time that
these estimates, judgments and assumptions are made. These estimates, judgments and assumptions can affect the reported amounts
of assets and liabilities as of the date of the financial statements as well as the reported amounts of revenues and expenses
during the periods presented. The financial statements would be affected to the extent there are material differences between
these estimates and actual results. In many cases, the accounting treatment of a particular transaction is specifically dictated
by GAAP and does not require management’s judgment in its application. There are also areas in which management’s
judgment in selecting any available alternative would not produce a materially different result. Significant estimates include
the valuation allowance on deferred tax assets.
Cash
and Cash Equivalents
The
Company considers financial instruments with original maturities of three months or less to be cash equivalents. The Company had
no cash equivalents at March 31, 2021 or September 30, 2020.
Revenue
Recognition
The
Company recognized revenue using the five-step revenue recognition model as prescribed by ASC 606, “Revenue from Contracts
with Customers”. The underlying principle of the standard is that a business or other organization will recognize revenue
to depict the transfer of promised goods or services to customers in an amount that reflects what it expects to receive in exchange
for the goods or services. The Company adopted the standard using the modified retrospective method and the adoption did not have
a material impact on its financial statements.
The
Company provides consulting services currently to a single client which represents the Company’s only revenue source. The
Company recognizes revenue when the performance obligation (i.e. consulting services) with the customer is satisfied and when
the service is provided. Revenue is measured as the amount of consideration the Company expects to receive in exchange for providing
the service.
Basic
and Diluted Net Income per Common Share
Basic
net income per share is computed by dividing the net income by the weighted average number of common shares outstanding during
the period. Diluted net income per common share is computed by dividing the net income by the weighted average number of common
shares outstanding for the period and, if dilutive, potential common shares outstanding during the period. Potentially dilutive
securities consist of the incremental common shares issuable upon exercise of common stock equivalents such as stock options and
convertible debt instruments. Potentially dilutive securities are excluded from the computation if their effect is anti-dilutive.
There were no potentially dilutive securities outstanding at March 31, 2021 or 2020.
Note
2 - Going Concern
As
reflected in the accompanying condensed financial statements, the Company generated net income of $786 and used cash in operations
of $4,363 for the six month period ended March 31, 2021 and has negative working capital and a stockholders’ deficit of
$81,771 and $81,193 at March 31, 2021, respectively. The foregoing raises substantial doubt about the Company’s ability
to continue as a going concern for a period of one year from the issuance date of these financial statements. The financial statements
do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might
be necessary should the Company be unable to implement its business plan and continue as a going concern. In addition, the Company
is actively seeking investor funding.
Note
3 – Related Party Transactions
During
the six months ended March 31, 2021 and 2020, $35,000 and $45,500, respectively, of the Company’s revenue was derived from
consulting services provided to a related party. As of March 31, 2021, $5,000 of accounts receivable remain due from this related
party for consulting services performed.
The
Company has notes payable with Landmark-Pegasus, an entity wholly owned by the Company’s majority stockholder, that accrues
interest at an annual rate of 4%, and are payable on demand. The balance on the notes is $91,500 as of March 31, 2021 and September
30, 2020. As of March 31, 2021 and September 30, 2020 total interest accrued on the notes payable was $5,292 and $5,441, respectively.
Balances are presented as notes payable – related party and accrued interest payable – related party, respectively,
on the accompanying condensed balance sheets. During the three months ended March 31, 2021 and 2020, interest expense on the notes
was $915 and $925, respectively, as presented on the accompanying condensed statement of operations as interest expense - related
party. During the six months ended March 31, 2021 and 2020, interest expense on the notes was $1,851 and $1,845, respectively,
as presented on the accompanying condensed statement of operations as interest expense - related party.
Note
4 – Commitments and Contingencies
From
time to time, the company may be involved in asserted claims arising out of our operations in the normal course of business. As
of March 31, 2021, there were no pending or threatened lawsuits that could reasonably be expected to have a material effect on
the Company’s results of operations.
Item
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
FORWARD-LOOKING
STATEMENTS
There
are statements in this quarterly report on Form 10-Q that are not historical facts. These “forward-looking statements”
can be identified by use of terminology such as “believe”, “hope”, “may”, “anticipate”,
“should”, “intend”, “plan”, “will”, “expect”, “estimate”,
“project”, “positioned”, “strategy”, and similar expressions. Although management believes
that the assumptions underlying the forward-looking statements included in this quarterly Report are reasonable, they do not guarantee
our future performance, and are subject to certain risks, uncertainties and assumptions that are difficult to predict; therefore,
actual results and outcomes may differ materially from what is expressed or forecasted in any such forward-looking statements.
OVERVIEW
Wall
Street Media Co, Inc. (the “Company” “we” “us” “our”) was organized as Mycatalogsonline.com,
Inc. in the state of Nevada on January 6, 2009. In April 2009, the Company changed its name to My Catalogs Online, Inc. In November
2012, the Company changed its name to Bright Mountain Holdings, Inc., and in August 2013 changed its name to Wall Street Media
Co, Inc.
The
Company provides consulting and management services to entities looking to merge with or acquire or otherwise consult with third
party entities. These services are currently provided to Landmark-Pegasus, Inc., a related party (“Landmark-Pegasus”)
or its clients. Landmark-Pegasus is wholly owned by John Moroney, the Company’s majority shareholder. Mr. Moroney also acts
as Landmark-Pegasus’ President.
Impact
of COVID-19
In
March 2020, the World Health Organization declared COVID-19 a global pandemic and recommended containment and mitigation measures
worldwide. The Company is monitoring this closely, and although operations have not been materially affected by the COVID-19 outbreak
to date, the ultimate duration and severity of the outbreak and its impact on the economic environment and business is uncertain.
Accordingly, while the Company does not anticipate an impact to the operations, we cannot estimate the duration of the pandemic
and potential impact on the business. In addition, a severe or prolonged economic downturn could result in a variety of risks
to the business, including a possible delay in implementing the Company’s business plan. At this time, the Company is unable
to estimate the ultimate impact of this event on its current or future operations.
CRITICAL
ACCOUNTING POLICIES
In
response to the Securities and Exchange Commission’s (the “SEC”) financial reporting release, FR-60, Cautionary
Advice Regarding Disclosure About Critical Accounting Policies, the Company has selected its more subjective accounting estimation
processes for purposes of explaining the methodology used in calculating the estimate, in addition to the inherent uncertainties
pertaining to the estimate and the possible effects on the Company’s financial condition. These accounting estimates are
discussed below. These estimates involve certain assumptions that if incorrect could create a material adverse impact on the Company’s
results of operations and financial condition.
Revenue
Recognition
The
Company recognized revenue using the five-step revenue recognition model as prescribed by ASC 606, “Revenue from Contracts
with Customers”. The underlying principle of new standard is that a business or other organization will recognize revenue
to depict the transfer of promised goods or services to customers in an amount that reflects what it expects to receive in exchange
for the goods or services. The Company adopted the standard using the modified retrospective method and the adoption did not have
a material impact on its financial statements.
The
Company provides consulting services currently to a single client and represents the Company’s only revenue source. The
Company recognizes revenue when the performance obligation (i.e. consulting services) with the customer is satisfied and when
the service is provided. Revenue is measured as the amount of consideration the Company expects to receive in exchange for providing
the service.
RESULTS
OF OPERATIONS
FOR
THE THREE MONTHS ENDED MARCH 31, 2021 COMPARED TO THE THREE MONTHS ENDED MARCH 31, 2020
Revenue:
The Company’s revenues decreased by approximately 12% to $15,000 during the three months ended March 31, 2021 as compared
to $17,000 for the three months ended March 31, 2020 due to a decrease in consulting services provided.
Operating
Expenses: The Company’s operating expenses decreased by approximately 31% to $15,709 during the three months ended March
31, 2021 as compared to $22,647 for the three months ended March 31, 2020 primarily due to a decrease in professional fees.
Net
loss from operations: The Company’s net loss from operations decreased approximately 87% to $709 during the three months
ended March 31, 2021 from a net loss from operations of $5,647 for the three months ended March 31, 2020. The primary reason for
this was due to an decrease in professional fees.
FOR
THE SIX MONTHS ENDED MARCH 31, 2021 COMPARED TO THE SIX MONTHS ENDED MARCH 31, 2020
Revenue:
The Company’s revenues decreased approximately 23% to $35,000 during the six months ended March 31, 2021 as compared
to $45,500 for the six months ended March 31, 2020 due to a decrease in consulting services provided.
Operating
Expenses: The Company’s operating expenses decreased by approximately 7% to $32,363 during the six months ended March
31, 2021 as compared to $34,958 for the six months ended March 31, 2020 primarily due to a decrease in professional fees.
Net
income from operations: The Company’s net income from operations decreased approximately 75% to $2,637 during the six
months ended March 31, 2021 from net income from operations of $10,542 for the six months ended March 31, 2020. The primary reasons
for this was due to a decrease in consulting services provided, offset by a decrease in professional fees.
LIQUIDITY
AND CAPITAL RESOURCES
Net
cash used in operating activities was $4,363 for the six months ended March 31, 2021 as compared to net cash used in operating
activities of $6,458 for the six months ended March 31, 2020. The decrease was primarily due to the decrease in net income and
prepaid expenses.
As
of March 31, 2021, the Company had $5,021 in cash. The Company has sustained losses from operations, and such losses are expected
to continue. The Company’s auditors have included a “Going Concern Qualification” in their report for the year
ended September 30, 2020. In addition, the Company has a working capital deficit at March 31, 2021 of $81,771 with minimal revenues.
The foregoing raises substantial doubt about the Company’s ability to continue as a going concern. The Company is actively
seeking to combine or merge with another operating company. There can be no assurance that the level of funding needed will be
acquired or that the Company will generate sufficient revenues to sustain operations for the next twelve months. The unaudited
condensed financial statements do not include any adjustments that might result from the outcome of this uncertainty.
RELATED
PERSON TRANSACTIONS
100%
of the Company’s revenues for the quarters ended March 31, 2021 and 2020 were generated by an entity wholly owned by the
Company’s majority stockholder or the entity’s clients.
OFF-BALANCE
SHEET ARRANGEMENTS
We
do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial
condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital
resources, that is material to investors.