Warpspeed Taxi Inc. Files 10-K Amendment

TL;DR

WARPSPEED TAXI INC. FILED A 10-K AMENDMENT FOR FY24.

AI Summary

Warpspeed Taxi Inc. filed an amendment to its 10-K for the fiscal year ending July 31, 2024. The filing, dated October 9, 2024, provides updated information for the company, which is incorporated in Wyoming and operates out of Nairobi, Kenya, with a mailing address in Las Vegas, Nevada.

Why It Matters

This amendment to the annual report provides updated financial and operational information for Warpspeed Taxi Inc., crucial for investors and stakeholders to assess the company's performance and outlook.

Risk Assessment

Risk Level: low — The filing is an amendment to a standard annual report and does not appear to contain significant new negative information.

Key Players & Entities

• WARPSPEED TAXI INC. (company) — Filer of the 10-K/A
• 0001842138 (company) — Central Index Key for WARPSPEED TAXI INC.
• 20240731 (date) — Fiscal year end
• 20241009 (date) — Filing date
• NAIROBI (location) — Business address city
• LAS VEGAS (location) — Mailing address city

FAQ

Key Financial Figures

• $0.001 — Exchange Act: Common Stock, Par value $0.001 per share Indicate by check mark if th
• $50,000 — application 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
• $135,431 — y in full and final satisfaction of the $135,431 owing to it. However, we retain a licen
• $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
• $1,000,000 — have secured financing of approximately $1,000,000. There is no guarantee that we will be
• $5.2 million — osts of operating the joint venture are $5.2 million with an initial $250,000 required to es

Filing Documents

• wrpt-20240731.htm (10-K/A) — 316KB
• wrpt_ex311.htm (EX-31.1) — 8KB
• wrpt_ex321.htm (EX-32.1) — 3KB
• wrpt10ka_1.jpg (GRAPHIC) — 53KB
• 0001393905-24-000345.txt ( ) — 1561KB
• wrpt-20240731_cal.xml (EX-101.CAL) — 12KB
• wrpt-20240731_def.xml (EX-101.DEF) — 18KB
• wrpt-20240731_lab.xml (EX-101.LAB) — 76KB
• wrpt-20240731_pre.xml (EX-101.PRE) — 70KB
• wrpt-20240731.xsd (EX-101.SCH) — 15KB
• wrpt-20240731_htm.xml (XML) — 84KB

Business

Item 1. Business. 1

Risk Factors

Item 1A. Risk Factors. 6

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments. 6

Cybersecurity

Item 1C. Cybersecurity 6

Properties

Item 2. Properties. 6

Legal Proceedings

Item 3. Legal Proceedings. 6

Mine Safety Disclosures

Item 4. Mine Safety Disclosures. 6 PART II 6

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. 7

Selected Financial Data

Item 6. Selected Financial Data. 7

Management's Discussion and Analysis of our Financial Conditions and Results of Operations

Item 7. Management's Discussion and Analysis of our Financial Conditions and Results of Operations. 7

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk. 8

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 8

Changes In and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes In and Disagreements with Accountants on Accounting and Financial Disclosure. 9

Controls and Procedures

Item 9A. Controls and Procedures. 9

Other Information

Item 9B. Other Information. 10 PART III 10

Directors, Executive Officers, and Corporate Governance

Item 10. Directors, Executive Officers, and Corporate Governance. 10

Executive Compensation

Item 11. Executive Compensation. 11

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

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. 11

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence. 12

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services. 12

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules. 13

SIGNATURES

SIGNATURES 14 iii 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, 2024, originally filed with the U.S. Securities and Exchange Commission ("SEC") on September 5, 2024 (the "Original Filing"). This Amendment is being filed to disclose updated Item 1, Item 5, Item 7, Item 9, Item 10, Item 12, Item 13 and Item 14. 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. iv PART I NOTE REGARDING FORWARD LOOKING STATEMENTS CAUTIONARY STATEMENT FOR PURPOSES OF THE "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 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 could cause our actual results during 2024 and beyond, to differ materially from those expressed in any forward-looking statements made by or on our behalf.

Business

Item 1. Business. General Development of Business We were incorporated on November 18, 2020 under the laws of the State of Wyoming. Our year end is July 31. WarpSpeed Taxi Computer Application As of the date of this Annual Report, our principal asset is an interest in the WarpSpeed Taxi computer application. We entered into an asset purchase agreement with Limitless Projects Inc. dated December 20, 2020 to acquire the WarpSpeed Taxi computer and mobile device application for cash payments totaling $50,000, plus the issuance of a promissory note for $250,000 that is payable on demand any time after December 31, 2023. The note incurred simple interest at a rate of 5% per annum and was unsecured. On January 19, 2020, we entered into a termination agreement with Limitless Projects Inc. whereby it reimbursed the cash payment that we made to it and our parent company, Cyber Apps World Inc., transferred 115,000,000 shares of our common stock to Limitless. As a result of the agreement, Limitless' sole director, Daniel Okelo, became our sole director. On September 6, 2022, we entered into a settlement agreement with a private company that provided us with marketing, beta testing, cloning, and maintenance services in connection with the WarpSpeed Taxi computer application. Pursuant to the settlement agreement, we agreed to transfer our interest in the WarpSpeed Taxi application to the private company in full and final satisfaction of the $135,431 owing to it. However, we retain a license for the sole and exclusive use of the WarpSpeed Taxi application in the United States. To date, we have completed beta testing of the application, but have not commenced commercial operation of the application. A ride-hailing service, also known as app-taxi, e-taxi, or a mobility service provider, is a service that, via websites and mobile apps, matches passengers with drivers of vehicles for hire that are not licensed taxi drivers. The computer application that we are developing is

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View this 10-K/A filing on SEC EDGAR