WARPSPEED TAXI INC. Files Amended Annual Report (10-K/A) for Fiscal Year Ended July 31, 2023

TL;DR

<b>WARPSPEED TAXI INC. has filed an amended 10-K report for the fiscal year ended July 31, 2023, confirming its compliance with SEC filing requirements.</b>

AI Summary

WARPSPEED TAXI INC. (WRPT) filed a Amended Annual Report (10-K/A) with the SEC on February 1, 2024. WARPSPEED TAXI INC. filed an amended 10-K report for the fiscal year ending July 31, 2023. The company is incorporated in Wyoming and its principal executive offices are located in Nairobi, Kenya. WARPSPEED TAXI INC. has common stock registered under Section 12(g) of the Exchange Act. The filing indicates the company is not a well-known seasoned issuer. The company has met its filing requirements for the past 12 months and 90 days.

Why It Matters

For investors and stakeholders tracking WARPSPEED TAXI INC., this filing contains several important signals. This amended filing provides updated information for the fiscal year ending July 31, 2023, which is crucial for investors to have the most accurate financial and operational data. The company's status as not being a 'well-known seasoned issuer' and its registration of common stock under Section 12(g) are key details for understanding its regulatory standing and market accessibility.

Risk Assessment

Risk Level: low — WARPSPEED TAXI INC. shows low risk based on this filing. The filing is an amendment (10-K/A), suggesting potential corrections or additions to previously submitted information, but the core data appears to be in order as per the filing requirements.

Analyst Insight

Review the specific amendments in the 10-K/A filing to understand any changes from the original 10-K submission for the fiscal year ended July 31, 2023.

Key Numbers

• 0731 — Fiscal Year End (Fiscal year end)
• 2023 — Fiscal Year (Fiscal year)
• 2024-02-01 — Filing Date (Date of filing)
• 333-252505 — Commission File Number (SEC file number)

Key Players & Entities

• WARPSPEED TAXI INC. (company) — Filer name and company name
• Wyoming (location) — State of incorporation
• Nairobi, Kenya (location) — Address of principal executive offices
• July 31, 2023 (date) — Fiscal year end date
• Section 12(g) (regulatory) — Registration of common stock
• 10-K/A (document) — Form type

Forward-Looking Statements

• WARPSPEED TAXI INC. will likely disclose further details regarding its strategic rationale for relocating its headquarters to Kenya in future filings or communications. (WARPSPEED TAXI INC.) — medium confidence, target: 2024-07-31
• The company may experience initial operational challenges or increased administrative costs associated with the international relocation. (WARPSPEED TAXI INC.) — medium confidence, target: 2024-07-31

FAQ

Industry Context

WARPSPEED TAXI INC. operates within the business services sector, as indicated by its SIC code 7389.

Regulatory Implications

The company is subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as evidenced by its filing of a Form 10-K/A.

What Investors Should Do

1. Analyze the specific changes and additions made in the 10-K/A filing compared to the original 10-K.
2. Verify the company's compliance status with SEC filing requirements.
3. Research the business operations and financial health of WARPSPEED TAXI INC. based on the disclosed information.

Key Dates

• 2023-07-31: Fiscal Year End — End of the reporting period for the 10-K/A filing.
• 2024-02-01: Filing Date — Date the amended 10-K report was filed.

Year-Over-Year Comparison

This is an amended filing (10-K/A), indicating updates or corrections to the previous submission for the fiscal year ended July 31, 2023.

Key Financial Figures

• $0.001 — Exchange Act: Common Stock, Par value $0.001 per share Indicate by check mark if t
• $50,000 — development for cash payments totaling $50,000 plus the issuance of a promissory note
• $250,000 — s the issuance of a promissory note for $250,000 that is payable on demand any time afte
• $40,000 — mpany must pay the vendor an additional $40,000 upon the vendor's delivery of a working
• $135,431 — y in full and final satisfaction of the $135,431 owing to the private company. However,
• $300,000 — corporation for total consideration of $300,000 payable in stages. However, on January
• $10,000 — agreement, Limitless reimbursed us the $10,000 cash payment that we made to Limitless
• $14,100 — owns to Limitless for consideration of $14,100. As a result of the termination agreeme
• $2.00 — he customer a flat fee of approximately $2.00 for each ride plus an amount for each m
• $260 billion — axi market is projected to reach almost $260 billion in 2021 with 1.47 billion registered us
• $386 billion — ng in a projected market value of about $386 billion by 2025. User penetration is 19.3% in 2
• $75,000 — Those whose annual household income is $75,000 or more are roughly twice as likely as
• $30,000 — ce as likely as those earning less than $30,000 to have used these services. Subject to
• $1 billion — Status Because we generated less than $1 billion in total annual gross revenues during o
• $700 million — on equity held by its non-affiliates of $700 million or more as of the last business day of

Filing Documents

• form10ka_wrapspeed.htm (10-K/A) — 410KB
• form10kex31-1_wrapspeed.htm (EX-31.1) — 20KB
• form10kex32-1_wrapspeed.htm (EX-32.1) — 7KB
• image_001.jpg (GRAPHIC) — 99KB
• image_002.jpg (GRAPHIC) — 6KB
• 0001903596-24-000052.txt (&nbsp;) — 1900KB
• wasp-20230731.xsd (EX-101.SCH) — 13KB
• wasp-20230731_cal.xml (EX-101.CAL) — 18KB
• wasp-20230731_def.xml (EX-101.DEF) — 20KB
• wasp-20230731_lab.xml (EX-101.LAB) — 98KB
• wasp-20230731_pre.xml (EX-101.PRE) — 78KB
• form10ka_wrapspeed_htm.xml (XML) — 120KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 6 Item 1B. Unresolved Staff Comments 6 Item 2.

Properties

Properties 6 Item 3.

Legal Proceedings

Legal Proceedings 6 Item 4. Mine Safety Disclosures 6 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 7 Item 6.

Selected Financial Data

Selected Financial Data 7 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 7 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 9 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data F-1 Item 9. Changes In and Disagreements with Accountants on Accounting and Financial Disclosure 10 Item 9A.

Controls and Procedures

Controls and Procedures 10 Item 9B. Other Information 11 PART III Item 10. Directors, Executive Officers and Corporate Governance 12 Item 11.

Executive Compensation

Executive Compensation 12 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 13 Item 13. Certain Relationships and Related Transactions, and Director Independence 14 Item 14. Principal Accountant Fees and Services 14 Item 15. Exhibits and Financial Statement Schedules 15 i EXPLANATORY NOTE This Amendment No. 1 on Form 10-K/A (this "Amendment") amends the Annual Report on Form 10-K of WARPSPEED TAXI INC. (the "Company," "we," "us" or "our") for the year ended July 31, 2023, originally filed with the U.S. Securities and Exchange Commission ("SEC") on January 26, 2024 (the "Original Filing"). This Amendment is being filed to disclose the Headers and Footers on the financial table from Unaudited to Audited and minor date corrections. Except as described above, no other changes have been made to the Original Filing. Except as otherwise indicated herein, this Amendment continues to speak as of the date of the Original Filing, and WARPSPEED TAXI INC. has not updated the disclosures contained therein to reflect any events that occurred subsequent to the date of the Original Filing. PART I NOTE REGARDING FORWARD LOOKING STATEMENTS CAUTIONARY This Annual Report contains historical information as well as forward-looking statements. Statements looking forward in time are included in this Annual Report pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve known and unknown risks and uncertainties that may cause our actual results in future periods to be materially different from any future performance suggested herein. We wish to caution readers that in addition to the important factors described elsewhere in this Form 10-K, the following forward-looking statements, among others, sometimes have affected, and in the future could affect, our actual results and c

executive compensation actually paid and the financial performance of the company;

executive compensation actually paid and the financial performance of the company; 4. Section 953(b)(1) of the Dodd-Frank Act (which has not yet been implemented), which requires companies to disclose the ratio between the annual total compensation of the CEO and the median of the annual total compensation of all employees of the companies; and 5. The requirement to provide certain other executive compensation disclosure under Item 402 of Regulation S-K. Instead, an emerging growth company must only comply with the more limited provisions of Item 402 applicable to smaller reporting companies, regardless of the issuer's size. Pursuant to Section 107 of the JOBS Act, an emerging growth company may choose to forgo such exemption and instead comply with the requirements that apply to an issuer that is not an emerging growth company. We have elected under this section of the JOBS Act to maintain our status as an emerging growth company and take advantage of the JOBS Act provisions relating to complying with new or revised accounting standards under Section 102(b)(1) of the JOBS Act. Competition There is intense competition between traditional taxi companies and ride-hailing services. Companies providing ride-hailing services are transitioning from providing traditional taxi services to additional services, such as ride sharing and food and consumer goods delivery, in order to expand the overall market for transportation services. The ride-hailing market is quite fragmented as there is high competition in the market among major players. Since this market is expanding, new entrants are emerging as well. We will compete with other ride-hailing companies, including Uber, Lyft, Door Dash, and Grubhub that are well-established in North America. In other markets where we may wish to expand, there are also well-established regional companies, such as DiDi (China), Ola (India), Grab (southeast Asia), Bolt (Europe, Africa, and the Middle East), and Cabify (South Americ

View Full Filing

View this 10-K/A filing on SEC EDGAR