WarpSpeed Taxi Inc. Files Q3 2024 10-Q

TL;DR

WarpSpeed Taxi Q3 10-Q filed. Financials for Aug-Oct 2024 period available.

AI Summary

WarpSpeed Taxi Inc. filed its 10-Q for the period ending October 31, 2024. The company, incorporated in Wyoming with business operations in Nairobi, Kenya, and a mailing address in Las Vegas, Nevada, operates in the business services sector. The filing covers the fiscal quarter from August 1, 2024, to October 31, 2024, and includes financial data for common stock, additional paid-in capital, and retained earnings for the current and prior year periods.

Why It Matters

This filing provides a snapshot of WarpSpeed Taxi Inc.'s financial health and operational status for the third quarter of fiscal year 2024, crucial for investors assessing the company's performance.

Risk Assessment

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

Key Numbers

• Q3 2024 — Reporting Period (Financial data for August 1, 2024, to October 31, 2024, is presented.)
• Q3 2023 — Prior Year Period (Comparative financial data for August 1, 2023, to October 31, 2023, is included.)

Key Players & Entities

• WARPSPEED TAXI INC. (company) — Filer of the 10-Q
• 0001842138 (company) — Central Index Key for WARPSPEED TAXI INC.
• 2024-10-31 (date) — End of the reporting period
• 2024-08-01 (date) — Start of the reporting period
• NAIROBI (location) — Business address city
• LAS VEGAS (location) — Mailing address city

FAQ

Key Financial Figures

• $135,430.95 — agreement, we acknowledged that we owed $135,430.95 to GCSS for its services as of July 31,
• $2.00 — he customer a flat fee of approximately $2.00 for each ride plus an amount for each m
• $1,000,000 — have secured financing of approximately $1,000,000. There is no guarantee that we will be
• $12,070 — iod ended October 31, 2024 and 2023 was $12,070 and $5,232, respectively, which consist
• $5,232 — tober 31, 2024 and 2023 was $12,070 and $5,232, respectively, which consisted entirely
• $15,019 — tober 31, 2024, our current assets were $15,019, compared to $15,039 at July 31, 2024.
• $15,039 — urrent assets were $15,019, compared to $15,039 at July 31, 2024. The decrease in curre
• $100,064 — 31, 2024, our current liabilities were $100,064, compared to $81,265 at July 31, 2024.
• $81,265 — liabilities were $100,064, compared to $81,265 at July 31, 2024. Current liabilities a
• $6,730 — flows used in operating activities were $6,730, consisting of a net loss of $12,070, w
• $18,799 — et loss of $12,070, which was offset by $18,799 increase of accounts payable. This comp
• $6,740 — s provided from operating activities of $6,740 consisting of a net loss of $5,232 offs
• $11,972 — of $5,232 offset by accounts payable of $11,972 for the three-month period ended Octobe
• $6,750 — provided from investing activities were $6,750 compared to cash flows used in investin
• $0 — enerated from financing activities were $0 in the three-month period ended October

Filing Documents

• wrpt-20241031.htm (10-Q) — 176KB
• wrpt_ex311.htm (EX-31.1) — 8KB
• wrpt_ex321.htm (EX-32.1) — 3KB
• 0001393905-24-000421.txt ( ) — 951KB
• wrpt-20241031_cal.xml (EX-101.CAL) — 12KB
• wrpt-20241031_def.xml (EX-101.DEF) — 14KB
• wrpt-20241031_lab.xml (EX-101.LAB) — 67KB
• wrpt-20241031_pre.xml (EX-101.PRE) — 52KB
• wrpt-20241031.xsd (EX-101.SCH) — 9KB
• wrpt-20241031_htm.xml (XML) — 45KB

- 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, 2024. 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 three months ended October 31, 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, 2024 and October 31, 2024 October 31, 2024 July 31, 2024 $ $ ASSETS Current assets: Cash 19 39 Prepayment & deposits 15,000 15,000 Total current assets: 15,019 15,039 Fixed assets: Software 219,061 212,311 Equipment 9,812 9,812 Total Fixed assets: 228,873 222,123 Total Assets: 243,892 237,162 LIABILITIES AND STOCKHOLDER'S EQUITY Current liabilities: Accounts payable and accrued liabilities 100,064 81,265 Total current liabilities: 100,064 81,265 Total Liabilities: 100,064 81,265 Stockholder's Equity Common stock: $ 0.0001 par value, 500,000,000 authorized, 139,940,000 issued and outstanding as of October 31, 2024 and July 31, 2024, respectively. 13,994 13,994 Additional paid in capital 757,906 757,906 Accumulated deficit ( 628,072 ) ( 616,003 ) Total Stockholder's Equity: 143,828 155,897 Total Liabilities and Stockholder's Equity: 243,892 237,162 (The accompanying notes are an integral p

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 6, 2022, we entered into a debt settlement agreement with Global Corporate Structural Services Inc. ("GCSS"), a private company that has provided us with marketing, beta testing, cloning, and maintenance services in connection with the WarpSpeed Taxi computer application. Pursuant to the debt settlement agreement, we acknowledged that we owed $135,430.95 to GCSS for its services as of July 31, 2024. 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 bu

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 October 31, 2024, were not effective, based on the evaluation of these controls and procedures required by paragraph (b) of Rule 13a-15. 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 October 31, 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 October 31, 2024, our internal control ov

- 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: December 12, 2024 /s/ Daniel Okelo Daniel Okelo President, Chief Executive Officer, Chief Financial Officer, principal accounting officer and director 14

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View this 10-Q filing on SEC EDGAR