WarpSpeed Taxi Inc. Files Q3 2024 10-Q

TL;DR

WarpSpeed Taxi Inc. filed its 10-Q for April 30, 2024. Check financials.

AI Summary

WarpSpeed Taxi Inc. filed its quarterly report for the period ending April 30, 2024. The company's fiscal year ends on July 31st. The filing covers financial data for the nine months ended April 30, 2024, and the three months ended April 30, 2024, comparing it to prior periods.

Why It Matters

This filing provides investors with an update on WarpSpeed Taxi Inc.'s financial performance and position as of April 30, 2024, crucial for understanding the company's trajectory.

Risk Assessment

Risk Level: low — This is a standard quarterly filing with no immediate red flags or significant new disclosures.

Key Numbers

• 2024-04-30 — Reporting Period End Date (Indicates the end of the fiscal quarter being reported.)
• 2024-07-31 — Fiscal Year End (Defines the end of the company's annual reporting cycle.)
• 2023-08-01 — Nine Months Period Start Date (Beginning of the cumulative period for the nine-month financial data.)
• 2022-08-01 — Prior Year Nine Months Period Start Date (Beginning of the cumulative period for the prior year's nine-month financial data.)
• 2024-02-01 — Three Months Period Start Date (Beginning of the cumulative period for the three-month financial data.)

Key Players & Entities

• WARPSPEED TAXI INC. (company) — Filer
• 0001842138 (company) — Central Index Key
• 7389 (company) — Standard Industrial Classification
• 853978107 (company) — IRS Number
• WY (company) — State of Incorporation
• NAIROBI (company) — Business Address City
• LAS VEGAS (company) — Mail Address City
• NV (company) — Mail Address State

FAQ

Key Financial Figures

• $2.00 — he customer a flat fee of approximately $2.00 for each ride plus an amount for each m
• $13,013 — eriod ended April 30, 2024 and 2023 was $13,013 and $81,787, respectively, which consis
• $81,787 — April 30, 2024 and 2023 was $13,013 and $81,787, respectively, which consisted entirely
• $15,024 — April 30, 2024, our current assets were $15,024, compared to $15,016 at July 31, 2023.
• $15,016 — urrent assets were $15,024, compared to $15,016 at July 31, 2023. There was no movement
• $74,972 — 30, 2024, our current liabilities were $74,972, compared to $34,952 at July 31, 2023.
• $34,952 — t liabilities were $74,972, compared to $34,952 at July 31, 2023. Current liabilities a
• $27,008 — flows used in operating activities were $27,008, consisting of a net loss of $13,013, w
• $40,020 — et loss of $13,013, which was offset by $40,020 increase of accounts payable. This comp
• $188,313 — s provided from operating activities of $188,313 consisting of a net loss of $81,787 off
• $106,526 — $81,787 offset by accounts payable of ($106,526) for the nine-month period ended April
• $27,000 — rovided from investing activities were ($27,000) compared to cash flows used in investi
• $118,223 — h flows used in investing activities of $118,223, respectively, which consisted of softw
• $0 — enerated from financing activities were $0 in the nine-month period ended April 30

Filing Documents

• wrpt-20240430.htm (10-Q) — 185KB
• wrpt_ex311.htm (EX-31.1) — 8KB
• wrpt_ex321.htm (EX-32.1) — 3KB
• 0001393905-24-000207.txt ( ) — 961KB
• wrpt-20240430_cal.xml (EX-101.CAL) — 12KB
• wrpt-20240430_def.xml (EX-101.DEF) — 15KB
• wrpt-20240430_lab.xml (EX-101.LAB) — 67KB
• wrpt-20240430_pre.xml (EX-101.PRE) — 52KB
• wrpt-20240430.xsd (EX-101.SCH) — 8KB
• wrpt-20240430_htm.xml (XML) — 47KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Certain information and footnote disclosures required under accounting principles generally accepted in the United States of America have been condensed or omitted from the following financial statements pursuant to the rules and regulations of the Securities and Exchange Commission. It is suggested that the following financial statements be read in conjunction with the year-end financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended July 31, 2023. In the opinion of management, all adjustments considered necessary for a fair presentation of the results of operations and financial position have been included and all such adjustments are of a normal recurring nature. The results of operations for the nine months ended April 30, 2024, are not necessarily indicative of the results for the entire fiscal year or for any other period. 3 WARPSPEED TAXI INC. UNAUDITED BALANCE SHEET As of July 31, 2023 and April 30, 2024 April 30, 2024 July 31, 2023 $ $ ASSETS Current assets: Cash 24 16 Prepayment & deposits 15,000 15,000 Total current assets: 15,024 15,016 Fixed assets: Software 226,956 199,956 Total Fixed assets: 226,956 199,956 Total Assets: 241,980 214,972 LIABILITIES AND STOCKHOLDER'S EQUITY Current liabilities: Accounts payable and accrued liabilities 74,972 34,952 Total current liabilities: 74,972 34,952 Total Liabilities: 74,972 34,952 Stockholder's Equity Common stock: $ 0.0001 par value, 500,000,000 authorized, 239,590,000 issued and outstanding as of April 30, 2024 and July 31, 2023, respectively. 23,959 23,959 Additional paid in capital 642,941 642,941 Accumulated deficit ( 499,893 ) ( 486,880 ) Total Stockholder's Equity: 167,007 180,020 Total Liabilities and Stockholder's Equity: 241,980 214,972 (The accompanying notes are an integral part of these unaudited interim condensed f

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

Item 2. Management's Discussion and Analysis of Financial Conditions and Results of Operations.

Forward Looking Statements

Forward Looking Statements This quarterly report contains forward-looking statements that involve risks and uncertainties. We use words such as anticipate, believe, plan, expect, future, intend and similar expressions to identify such forward-looking statements. You should not place too much reliance on these forward-looking statements. Our actual results are likely to differ materially from those anticipated in these forward-looking statements for many reasons, including the risks faced by us described in this section. Background We were incorporated on November 18, 2020 under the laws of the State of Wyoming. We were involved in the development of a ride-hailing and food delivery computer and mobile device application known as "WarpSpeedTaxi". On September 15, 2022, we entered into a final settlement agreement with GCSS whereby we have agreed to transfer our 100% interest in the WarpSpeed Taxi application to GCSS in full and final satisfaction of the debt owed to GCSS and any other claims that GCSS has against us. However, we will retain a license for the sole and exclusive use of the WarpSpeed Taxi application in the United States. We anticipate that our WarpSpeedTaxi application will allow customers to hire a standard and luxury motor vehicles via a smartphone or personal computer for both one-way and round-trips with the price based on the distance travelled and the current level of demand for vehicles. In addition to transporting passengers, the application may also be used for deliveries of goods from restaurants, grocery stores, and other businesses that typically utilize local vehicle courier services. Customers will use the application to request a ride or the delivery of goods. Drivers that we recruit and approve, through confirmation of no criminal record, a clean driving history, and access to a suitable insured vehicle, will act as independent contractors and set their own work hours. They will connect with customers via our application, pick

Controls and Procedures

Item 4. Controls and Procedures. As supervised by our board of directors and our principal executive and principal financial officer, management has established a system of disclosure, controls and procedures and has evaluated the effectiveness of that system. The system and its evaluation are reported on in the below Management's Annual Report on Internal Control over Financial Reporting. Our principal executive and financial officer has concluded that our disclosure, controls and procedures (as defined in Securities Exchange Act of 1934 ("Exchange Act") Rule 13a-15(e)) as of April 30, 2024, were not effective, based on the evaluation of these controls and procedures required by paragraph (b) of Rule 13a-15. 11 Management's Annual Report on Internal Control over Financial Reporting Management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Rule 13a-15(f) of the Exchange Act. Internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. generally accepted accounting principles. Management assessed the effectiveness of internal control over financial reporting as of April 30, 2024. We carried out this assessment using the criteria of the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control—Integrated Framework. This annual report does not include an attestation report of our registered public accounting firm regarding internal control over financial reporting. Management's report was not subject to attestation by our registered public accounting firm, pursuant to rules of the Securities and Exchange Commission that permit us to provide only management's report in this annual report. Management concluded in this assessment that as of April 30, 2024, our internal control over

- OTHER INFORMATION

PART II - OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings. None

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. None

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities. None.

Mine Safety

Item 4. Mine Safety Not Applicable.

Other Information

Item 5. Other Information None.

Exhibits

Item 6. Exhibits. 31.1 Section 302 Certification by Chief Executive Officer and Chief Financial Officer 32.1 Section 906 Certification by Chief Executive Officer and Chief Financial Officer Copies of the following documents are included as exhibits to this report pursuant to Item 601 of Regulation S-K. SEC Ref. No. Title of Document 101. INS XBRL Instance Document 101. SCH XBRL Taxonomy Extension Schema Document 101. CAL XBRL Taxonomy Calculation Linkbase Document 101. DEF XBRL Taxonomy Extension Definition Linkbase Document 101. LAB XBRL Taxonomy Label Linkbase Document 101. PRE XBRL Taxonomy Presentation Linkbase Document The XBRL related information in Exhibits 101 to this Annual Report on Form 10-K shall not be deemed "filed" or a part of a registration statement or prospectus for purposes of Section 11 or 12 of the Securities Act of 1933, as amended, and is not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of those sections. 13

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. WarpSpeed Taxi Inc. Dated: June 4, 2024 /s/ Daniel Okelo Daniel Okelo President, Chief Executive Officer, Chief Financial Officer, principal accounting officer and director 14

View Full Filing

View this 10-Q filing on SEC EDGAR