LIFE CLIPS, INC. Management report and analysis of the financial situation and operating results. (Form 10-Q)
Forward-looking statements
The following discussion contains forward-looking statements about us, our business, our prospects and our results of operations that are subject to certain risks and uncertainties posed by numerous factors and events that could cause our business, prospects and results actual operating results differ materially from those that may be anticipated by these forward-looking statements. Factors that could affect these forward-looking statements include, but are not limited to: our ability to successfully develop new products and services for new markets; the impact of competition on our revenues; changes in laws or regulatory requirements that adversely affect or prevent customers from using us for certain applications; delays our launch of new products or services; and our inability to keep pace with our competitors.
When used in this discussion, words such as “believes”, “anticipates”, “expects”, “intends” and similar expressions are intended to identify forward-looking statements but are not proprietary means of identifying forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this report. We assume no obligation to revise forward-looking statements to reflect events or circumstances that may occur in the future. Readers are urged to carefully review and consider the various disclosures we have made in this report and in other reports filed with the
that attempt to inform interested parties of the risks and factors that may affect our business.
General information about our company
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The acquired Belfrics entities are:
Belfrics Global PTE Ltd. , aSingapore corporationBelfrics BT Pvt Ltd , anIndia corporationBelfrics Cryptex Pvt Ltd , anIndia corporationBelfrics Tanzania Ltd , aTanzania corporationBelfrics Nigeria Pvt Ltd , aNigeria corporation Belfrics BT SDN BHD, aMalaysia corporationBelfrics Holding Limited , aMalaysia corporation Belfrics Academy SDN BHD, aMalaysia corporationBelfrics International Ltd , aMalaysia corporation Belfrics Europe SL, aSpain corporationBelfrics Kenya Pvt. Ltd , aKenya corporation Incrypts SDN BHD, aMalaysia corporation Belfrics Malaysia SDN BHD, aMalaysia corporation
Founded in 2014, Belfrics has developed an in-house digital cryptocurrency exchange platform. Backed by the proprietary technology of the Belrium Blockchain KYC solution, Belfrics Exchange’s KYC (“Know Your Customer”) and AML (“Anti-Money Laundering”) process is a well accepted compliance solution. With 10 operational offices in 8 countries, Belfrics provides localized and personalized support to digital currency traders. Through his
RECENT DEVELOPMENTS
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In exchange for the acquisition, Belfrics received the following consideration:
(a) Preferred Shares. Exchange each issued and outstanding share of The Belfrics Entities common stock for 2,000,000 shares of Series C Preferred Shares, pursuant to the Designation set forth as Exhibit B. (c)Earn Out . Upon obtaining the milestones set forth on Schedule 2.1(c) the Sellers shall be entitled to up to an additional 1,500,000 of Series C Preferred Stock on a pro rata basis.
Founded in 2014, the fully in-house developed digital exchange Belfrics is one of the most compliant platforms in the cryptocurrency industry. Backed by the proprietary technology of the Belrium Blockchain KYC solution, Belfrics Exchange’s KYC (“Know Your Customer”) and AML (“Anti-Money Laundering”) process is a well accepted compliance solution. With 10 operational offices in 8 countries, Belfrics provides localized and personalized support to digital currency traders. Through his
Results of operations for the three months ended
For the three months ended
Total operating costs were
The Other income (expense) value was
Net loss for the three months ended
Results of operations for the six months ended
For the six months ended
Total operating costs were
The Other income (expense) value was
Cash and capital resources
Liquidity is the ability of a business to generate sufficient cash to meet its cash requirements. From
The Company’s cash was generated by a series of convertible bonds issued to unrelated third parties as well as by raising funds under Regulation A. The Company plans to raise additional working capital through additional notes or share sales to ensure that it will have sufficient cash to fund its core business over the next twelve (12) months.
The Company has not entered into any agreement with its shareholders, managers and directors or with third parties to finance operations beyond the end of the Company’s activity.
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Cash flows from operating activities for the six-month periods ended
Cash flows from investing activities totaled
Cash flows from financing activities total
Off-balance sheet arrangements
The Company currently has no off-balance sheet arrangements and does not anticipate entering into any off-balance sheet arrangements that are reasonably likely to have a current or future effect on our financial condition.
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