Limitless Projects Shifts Focus to Employee Monitoring Amidst Failed JV

TL;DR

Limitless Projects is a high-risk micro-cap with a terminated JV, no IP protection, and a product in a regulatory minefield; avoid this stock.

AI Summary

Limitless Projects Inc., incorporated on November 18, 2020, is a software development company focusing on employee monitoring software. The company is developing "Privacy and Value" software, designed to balance employer productivity concerns with employee privacy. Previously, Limitless Projects was involved in the "WarpSpeedTaxi" ride-hailing application, but sold its 100% interest in WarpSpeed Taxi Inc. to Ulixe One Corp. for $11,500 on June 11, 2025, after a debt settlement with Global Corporate Structural Services Inc. (GCSS) for $135,430.95. An agreement to sell a 50% interest in "Privacy and Value" to Cyber Apps World, Inc. for $250,000 (after an initial $10,000 payment) was terminated because Cyber Apps failed to make the payment by June 15, 2021, despite an independent valuation of the software at approximately $2,200,000. The company faces significant competition from larger firms and risks associated with evolving data privacy regulations like GDPR and CCPA, which could impact the market for its "Privacy and Value" software.

Why It Matters

Limitless Projects' pivot from ride-hailing to employee monitoring software, particularly with the "Privacy and Value" product, places it in a rapidly evolving and legally complex market. The failed $250,000 joint venture with Cyber Apps World, Inc. for a 50% stake in "Privacy and Value" highlights potential funding challenges and execution risks, impacting investor confidence. For employees and customers, the software's features raise significant privacy concerns, especially given the lack of intellectual property protection and the company's reliance on independent developers. The competitive landscape, dominated by larger, better-resourced companies like Praxent and 10Pearls, suggests an uphill battle for market penetration and profitability.

Risk Assessment

Risk Level: high — The company faces high risk due to several factors: the termination of a $250,000 joint venture with Cyber Apps World, Inc. for its core 'Privacy and Value' software, indicating potential funding and partnership instability. Furthermore, Limitless Projects explicitly states it does not have 'any trademark protection of the Privacy and Value name and logo or any other intellectual property protection,' exposing it to significant competitive and legal vulnerabilities. The aggregate market value of voting and non-voting common equity held by non-affiliates was only $20,800 as of the last business day of the most recently completed second fiscal quarter, indicating a very small market capitalization and limited liquidity.

Analyst Insight

Investors should exercise extreme caution and likely avoid Limitless Projects Inc. given its micro-cap status, lack of intellectual property protection for its primary product, and the recent failure of a significant joint venture. The company's reliance on independent developers and the highly competitive, regulated software market further amplify risks, suggesting a poor risk-reward profile.

Financial Highlights

debt To Equity

N/A

revenue

$0

operating Margin

N/A

total Assets

N/A

total Debt

N/A

net Income

-$155,567

eps

N/A

gross Margin

N/A

cash Position

$32

revenue Growth

N/A

Revenue Breakdown

Key Numbers

• $11,500 — Sale price of WarpSpeed Taxi Inc. (Amount received from Ulixe One Corp. for 100% interest in WarpSpeed Taxi Inc. on June 11, 2025.)
• $135,430.95 — Debt owed to GCSS by WarpSpeed Taxi (Acknowledged debt as of July 31, 2022, settled by transferring WarpSpeed Taxi application.)
• $2,200,000 — Estimated valuation of Privacy and Value software (Independent valuation of the software in its present form of development.)
• $250,000 — Payment due from Cyber Apps World, Inc. (Amount due for 50% interest in Privacy and Value software, which was not paid by June 15, 2021, leading to agreement termination.)
• $10,000 — Initial payment from Cyber Apps World, Inc. (Amount paid upon execution of the Asset Purchase and Joint Venture Agreement.)
• $20,800 — Aggregate market value of non-affiliate common equity (As of the last business day of the most recently completed second fiscal quarter, indicating a very small market capitalization.)
• 100,608,200 — Common shares outstanding (As of September 9, 2025.)
• November 18, 2020 — Date of incorporation (Limitless Projects Inc. was incorporated under Wyoming law.)
• June 11, 2025 — Date of WarpSpeed Taxi Inc. sale (Date Limitless Projects Inc. sold its interest in WarpSpeed Taxi Inc. to Ulixe One Corp.)
• June 15, 2021 — Deadline for Cyber Apps payment (Date by which Cyber Apps World, Inc. failed to make the $250,000 payment, leading to termination of the agreement.)

Key Players & Entities

• Limitless Projects Inc. (company) — Registrant developing software
• Daniel Okelo (person) — President responsible for product concepts
• WarpSpeed Taxi Inc. (company) — Former subsidiary developing ride-hailing app
• Global Corporate Structural Services Inc. (company) — Creditor in WarpSpeed Taxi debt settlement
• Ulixe One Corp. (company) — Purchaser of WarpSpeed Taxi Inc. shares
• Cyber Apps World, Inc. (company) — Former joint venture partner for Privacy and Value software
• Wyoming (regulator) — State of incorporation for Limitless Projects Inc.
• SEC (regulator) — Securities and Exchange Commission
• FTC (regulator) — Federal Trade Commission, enforcing data privacy
• California Attorney General (regulator) — Enforcer of California Consumer Privacy Act

FAQ

Risk Factors

• Competition from larger firms [high — market]: The company faces significant competition from larger firms in the software development space. This competitive landscape could hinder the market penetration and success of its 'Privacy and Value' employee monitoring software.
• Evolving data privacy regulations [high — regulatory]: The market for 'Privacy and Value' software is subject to risks associated with evolving data privacy regulations such as GDPR and CCPA. Non-compliance or changes in these regulations could materially impact the company's business and the viability of its product.
• Substantial doubt about going concern [high — financial]: The company has not attained profitable operations and incurred a consolidated net loss of $155,567 for the fiscal year ended July 31, 2023. Auditors have expressed substantial doubt about the company's ability to continue as a going concern, necessitating additional financing.
• Dependence on independent developers [medium — operational]: The company relies on independent computer software and application developers to build its products. This dependence introduces operational risks related to the quality, timeliness, and cost of development.
• Failure of partnership agreement [medium — financial]: An agreement to sell a 50% interest in 'Privacy and Value' to Cyber Apps World, Inc. for $250,000 was terminated due to Cyber Apps' failure to make the required payment by June 15, 2021. This highlights potential challenges in securing strategic partnerships and funding.

Industry Context

Limitless Projects Inc. operates in the software development sector, specifically focusing on employee monitoring solutions. This market is characterized by intense competition from larger, established firms. The industry is also heavily influenced by evolving data privacy regulations, creating a complex operating environment.

Regulatory Implications

The company's 'Privacy and Value' software is directly impacted by data privacy regulations like GDPR and CCPA. Changes or stricter enforcement of these regulations could significantly affect the marketability and compliance requirements of the software, posing a substantial risk.

What Investors Should Do

1. Monitor future financing rounds
2. Assess competitive landscape and regulatory changes
3. Evaluate management's execution on product development

Key Dates

• 2020-11-18: Incorporation of Limitless Projects Inc. — Marks the official start of the company's operations under Wyoming law.
• 2021-06-15: Deadline for Cyber Apps World, Inc. payment — Failure of Cyber Apps to pay $250,000 for a 50% interest in 'Privacy and Value' led to agreement termination, impacting potential funding.
• 2022-09-06: WarpSpeed Taxi Inc. debt settlement with GCSS — WarpSpeed acknowledged a debt of $135,430.95 to GCSS, leading to a settlement.
• 2022-09-15: Final settlement agreement for WarpSpeed Taxi — WarpSpeed transferred its 100% interest in the WarpSpeed Taxi application to GCSS to satisfy the debt.
• 2025-06-11: Sale of WarpSpeed Taxi Inc. interest — Limitless Projects Inc. sold its 115,000,000 shares in WarpSpeed Taxi Inc. to Ulixe One Corp. for $11,500, divesting its interest in the ride-hailing application.

Glossary

Going Concern

An accounting assumption that a company will continue to operate for the foreseeable future. If there is substantial doubt about this, it must be disclosed. (The company's auditors have expressed substantial doubt about its ability to continue as a going concern, indicating significant financial distress.)

Debt Settlement Agreement

A contract where a debtor and creditor agree to resolve a debt, often for a lesser amount or through alternative means like asset transfer. (Used by WarpSpeed Taxi Inc. to resolve its $135,430.95 debt to GCSS by transferring its application interest.)

Asset Purchase and Joint Venture Agreement

A contract outlining the sale of assets and the formation of a partnership or joint venture. (This type of agreement was terminated with Cyber Apps World, Inc. due to non-payment, impacting the 'Privacy and Value' software's potential commercialization.)

Common Stock

A class of stock that typically carries voting rights and represents ownership in a corporation. (Limitless Projects Inc. has financed its operations through the sale of its common stock, and its market capitalization is indicated by the aggregate market value of non-affiliate common equity.)

Year-Over-Year Comparison

Information comparing the current 10-K to a previous filing is not available in the provided text. Therefore, a comparison of key metrics such as revenue growth, margin changes, or new risks cannot be provided.

Key Financial Figures

• $0.001 — Exchange Act: Common Stock, Par value $0.001 per share Indicate by check mark if th
• $135,430.95 — nt, WarpSpeed acknowledged that it owed $135,430.95 to GCSS for its services as of July 31,
• $11,500 — the capital of WarspSpeed Taxi Inc. for $11,500. Accordingly, we no longer have any int
• $10,000 — the Privacy and Value software for 1. $10,000 upon execution of the agreement, which
• $50,000 — ent, which amount shall be no less than $50,000 and no more than $250,000 and was due b
• $250,000 — e no less than $50,000 and no more than $250,000 and was due by June 15, 2021. The man
• $2,200,000 — at estimated its value at approximately $2,200,000. Accordingly, the amount that was due f
• $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
• $5 billion — xample, in 2019, the FTC fined Facebook $5 billion for deceiving website users about their
• $750 — igation with statutory damages of up to $750 per violation. The California Attorney
• $7,500 — ntional violations of the CCPA of up to $7,500 per violation. 4 New York has adopted
• $5,000 — be liable for a civil penalty of up to $5,000 dollars per violation. Surveillance
• $0 — of July 31, 2023, we earned a total of $0 in revenue from customer subscriptions
• $155,567 — we incurred a consolidated net loss of $155,567 consisting entirely of general and admi

Filing Documents

• lmls-20230731_10k.htm (10-K) — 313KB
• lmls_ex311.htm (EX-31.1) — 8KB
• lmls_ex321.htm (EX-32.1) — 3KB
• 0001139020-25-000309.txt ( ) — 1408KB
• lmls-20230731_cal.xml (EX-101.CAL) — 18KB
• lmls-20230731_def.xml (EX-101.DEF) — 15KB
• lmls-20230731_lab.xml (EX-101.LAB) — 87KB
• lmls-20230731_pre.xml (EX-101.PRE) — 70KB
• lmls-20230731.xsd (EX-101.SCH) — 13KB
• lmls-20230731_10k_htm.xml (XML) — 88KB

Business

Item 1. Business. 1

Risk Factors

Item 1A. Risk Factors. 6

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments. 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. 9

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 9

Changes In and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes In and Disagreements with Accountants on Accounting and Financial Disclosure. 10

Controls and Procedures

Item 9A. Controls and Procedures. 10

Other Information

Item 9B. Other Information. 11 PART III 11

Directors, Executive Officers, and Corporate Governance

Item 10. Directors, Executive Officers, and Corporate Governance. 11

Executive Compensation

Item 11. Executive Compensation. 12

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. 12

Certain Relationships and Related Transactions, and Director Independence

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

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services. 13

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules. 14

SIGNATURES

SIGNATURES 15 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 2023 and beyond, to differ materially from those expressed in any forward-looking statements made by or on our behalf.

Business

Item 1. Business. Business Overview We were incorporated on November 18, 2020 under the laws of the state of Wyoming. We are involved in the development of computer software systems and mobile device applications for commercial and consumer use. We retain independent computer software and application developers to develop our products to the specifications that we outline. Our president, Daniel Okelo, is responsible for developing the product concepts that the independent developers subsequently design. We are currently developing employee monitoring software that balances employer concerns regarding employee efficiency and productivity with employee privacy known as "Privacy and Value". Our intention is to sell this product to third parties who will sell the software to customers rather than become involved in the sales and marketing of this product ourselves. WarpSpeedTaxi Application We were previously involved in the development of a ride-hailing and food delivery computer and mobile device application known as "WarpSpeedTaxi", which we were developing through our subsidiary, WarpSpeed Taxi Inc. ("WarpSpeed"). On September 6, 2022, WarpSpeed 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, WarpSpeed acknowledged that it owed $135,430.95 to GCSS for its services as of July 31, 2022. On September 15, 2022, WarpSpeed entered into a final settlement agreement with GCSS whereby it agreed to transfer its 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 WarpSpeed. However, WarpSpeed will retain a license for the sole and exclusive use of the WarpSpeed Taxi application in the United States. On June 11, 20

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.

Legal Proceedings

Item 3. Legal Proceedings. None.

Mine Safety Disclosures

Item 4. Mine Safety Disclosures. None. 6 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 do not trade on any recognized stock exchange or quotation system. We have retained a market maker that has filed an application on our behalf to commence trading on OTC Markets. However, there is no guarantee that FINRA will approve the application and that a trading market will develop for our shares. As of September 9, 2021, there were approximately 37 beneficial owners of record of our common stock. 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 the year-ended July 31, 2023 From August 1, 2021 to our fiscal year end of July 31, 2023, we earned a total of $0 in revenue from customer subscriptions for the Privacy and Value software. During the fiscal year ended July 31, 2023, we incurred a consolidated net loss of $155,567 consisting entirely of general and administrative expenses. 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. Liquidity and Capital Resources As of July 31, 2023, our current assets of $25,032 consisted of $32 in cash and $25,000 in prepayments and deposits our total liabilities were $476,751, which consisted of accounts payable of the WarpSpeed Taxi application and the Privacy and Value software. We expect we will require additional capital to meet our long term operating requirements. We expect to raise additional capital through, among other methods, the sale of equity or debt securities. Cash Flows from Operating Activities We have not generated positive cash flows from operating activities. For the fiscal year ended July 31, 2023, net cash flows used in operating activities were ($70,259) consisting of a consolidated net loss of $155,567, software impairment of $51,202, accumulated depreciation of $1,086 for the period, which was offset changes in accounts receiva

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