Warpspeed Taxi Inc. Files 2024 10-K

TL;DR

WARPSPEED TAXI INC. FILED ITS 2024 10-K. CHECK FINANCIALS.

AI Summary

Warpspeed Taxi Inc. filed its 2024 10-K report for the fiscal year ending July 31, 2024. The company, incorporated in Wyoming, operates in the business services sector. Its principal business address is in Nairobi, Kenya, with a mailing address in Las Vegas, Nevada.

Why It Matters

This filing provides a comprehensive overview of Warpspeed Taxi Inc.'s financial performance and operational status for the fiscal year, crucial for investors and stakeholders to assess the company's health and future prospects.

Risk Assessment

Risk Level: low — The provided text is a standard 10-K filing header and does not contain specific financial performance data or risk factors that would indicate a high or medium risk level.

Key Numbers

• 2024-07-31 — Fiscal Year End (End date of the reporting period for the 10-K)
• 2024-09-05 — Filing Date (Date the 10-K was filed with the SEC)

Key Players & Entities

• WARPSPEED TAXI INC. (company) — Filer of the 10-K report
• 0001842138 (company) — Central Index Key for WARPSPEED TAXI INC.
• 7389 (industry_code) — Standard Industrial Classification code for Services-Business Services, NEC
• NAIROBI (location) — City of business address
• LAS VEGAS (location) — City of mailing address

FAQ

Key Financial Figures

• $0.001 — Exchange Act: Common Stock, Par value $0.001 per share Indicate by check mark if th
• $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

• wrpt-20240731.htm (10-K) — 299KB
• wrpt_ex311.htm (EX-31.1) — 8KB
• wrpt_ex321.htm (EX-32.1) — 3KB
• wrpt10k_1.jpg (GRAPHIC) — 53KB
• 0001393905-24-000320.txt ( ) — 1542KB
• 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. 5

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments. 5

Properties

Item 2. Properties. 5

Legal Proceedings

Item 3. Legal Proceedings. 5

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. 6

Selected Financial Data

Item 6. Selected Financial Data. 6

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. 6

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 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. 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. 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 $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 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 $40,000 upon the vendor's delivery of a working prototype of the application. 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 $135,431 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. The ride-hailing and food delivery computer and mobile device application known as "WarpSpeedTaxi". 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 intended to provide travelers with convenient door-to-door transport that leverages smart mobility platforms to connect drivers with passengers and lets

Risk Factors

Item 1A. Risk Factors. Not applicable.

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments. None.

Properties

Item 2. Properties. We do not own any interest in real property. Our mailing address is Shiriki House Office Community, 3rd Floor Westside Towers Lower Kabete Road, Westland's Nairobi, Kenya.

Legal Proceedings

Item 3. Legal Proceedings. None 5

Mine Safety Disclosures

Item 4. Mine Safety Disclosures. None. PART II

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. Our shares of common stock trade on the OTC Markets Pink Sheets under the symbol "WRPT". Over-the-counter market quotations reflect inter-dealer prices, without retail mark-up, mark-down or commission and may not necessarily represent actual transactions. The market for our common stock maybe illiquid and investors may not be able to sell their shares. As of September 12, 2022, there were approximately 57 registered owners of record of our common stock. During the fiscal quarters subsequent to the date that our common stock first traded through the OTC Markets Pink Sheets (i.e., January 12, 2022), the high and low trading prices as reported by Yahoo Finance were as follows: Period High Low August 29, 2023 to October 31, 2023 $ 0.11 $ 0.05 November 1, 2023 to January 31, 2024 $ 0.10 $ 0.05 February 1, 2024 to April 30, 2024 $ 0.51 $ 0.07 May 1, 2024 to July 31, 2024 $ 0.69 $ 0.05 Holders of common stock are entitled to receive such dividends as may be declared by the Board of Directors out of funds legally available therefore and, in the event of liquidation, to share pro rata in any distribution of our assets after payment of liabilities. The Board of Directors is not obligated to declare a dividend. We have not paid any dividends and we do not have any current plans to pay any dividends. Securities Authorized for Issuance under Equity Compensation Plans None.

Selected Financial Data

Item 6. Selected Financial Data. Not applicable.

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. Introduction We were incorporated on November 18, 2020 under the laws of the State of Wyoming. Results of Operations for Fiscal 2024 From August 1, 2023 to our fiscal year end of July 31, 2024, we did not earn any revenue. During the fiscal Year Ended July 31, 2024, we incurred net loss of $129,123 consisting entirely of general and administrative fees. We have not attained profitable operations and are dependent upon obtaining financing to complete our proposed business plan. For these reasons our auditors believe that there is substantial doubt that we will be able to continue as a going concern. Our financial statements have been prepared assuming that we will continue as a going concern and, accordingly, do not include adjustments relating to the recoverability and realization of assets and classification of liabilities that might be necessary should we be unable to continue in operation. Material Definitive Agreement with NextFind AI On June 18, 2024, WarpSpeed Taxi, Inc. entered into a Material Definitive Agreement with Shafiq Rahman and Syed Rahman, doing business as Arcgen Consultants under the commercial name NextFind AI. This agreement establishes the terms for a joint venture to focus on the development 6 and distribution of AI-based products and services. As part of this agreement, WarpSpeed Taxi, Inc. has agreed to a corporate name change to NextFind AI, which will occur within 60 days after the completion of due diligence and the formal execution of the joint venture. Additionally, WarpSpeed will issue 15,000,000 shares to the principals of Arcgen and will take resp

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