Limitless Projects Shifts Focus to Employee Monitoring Amidst Failed JV

TL;DR

Limitless Projects is a high-risk bet, having dumped its ride-hailing app and failed to secure funding for its new employee monitoring software, leaving it with minimal market value and significant regulatory hurdles.

AI Summary

Limitless Projects Inc., incorporated in Wyoming on November 18, 2020, is a software development company. For the fiscal year ended July 31, 2024, the company reported an aggregate market value of voting and non-voting common equity held by non-affiliates of $20,800. The company previously developed 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. for $135,430.95. Limitless Projects is now focused on developing 'Privacy and Value' employee monitoring software, which was independently valued at approximately $2,200,000. A planned joint venture with Cyber Apps World, Inc. for this software, involving a $250,000 payment for a 50% interest, was terminated as Cyber Apps failed to make the payment by June 15, 2021. The company faces significant competition and regulatory risks related to data privacy and surveillance, including potential fines up to 4% of worldwide revenue under GDPR and $7,500 per violation under CCPA.

Why It Matters

Limitless Projects' pivot from ride-hailing to employee monitoring software, 'Privacy and Value,' is a high-stakes move in a competitive and heavily regulated market. The termination of the $250,000 joint venture with Cyber Apps World, Inc. highlights significant execution risk and a potential lack of funding, directly impacting the company's ability to bring its product to market. For investors, this signals a company struggling to monetize its intellectual property and facing intense competition from established players like Praxent and 10Pearls. Employees and customers of future 'Privacy and Value' users will be impacted by the software's privacy implications, which are subject to stringent regulations like GDPR and CCPA, posing substantial legal and reputational risks for the company and its potential clients.

Risk Assessment

Risk Level: high — The company's risk level is high due to its small market value of $20,800, the termination of a crucial $250,000 joint venture with Cyber Apps World, Inc. for its primary product, and the highly competitive and regulated nature of the software development industry. Furthermore, the company has not filed for trademark protection for 'Privacy and Value' and faces substantial legal risks related to data privacy regulations like GDPR (up to 4% of worldwide revenue fines) and CCPA (up to $7,500 per violation).

Analyst Insight

Investors should exercise extreme caution and consider this a highly speculative investment given the company's minimal market capitalization, failed strategic partnerships, and significant regulatory and competitive challenges. Await clear evidence of successful product commercialization and robust financial performance before considering any investment.

Financial Highlights

debt To Equity

N/A

revenue

$0

operating Margin

N/A

total Assets

N/A

total Debt

N/A

net Income

-$161,524

eps

N/A

gross Margin

N/A

cash Position

$39

revenue Growth

N/A

Revenue Breakdown

Key Numbers

• $20,800 — Aggregate market value of common equity held by non-affiliates (as of the last business day of the registrant's most recently completed second fiscal quarter, indicating a very small company size.)
• 100,608,200 — Common shares outstanding (as of September 12, 2025.)
• $135,430.95 — Debt owed by WarpSpeed Taxi Inc. to GCSS (as of July 31, 2022, settled by transferring the WarpSpeed Taxi application.)
• $11,500 — Sale price of WarpSpeed Taxi Inc. shares (received from Ulixe One Corp. on June 11, 2025.)
• $2,200,000 — Estimated independent valuation of Privacy and Value software (in its present form of development.)
• $250,000 — Payment due from Cyber Apps World, Inc. for 50% interest in Privacy and Value (which was not made by June 15, 2021, leading to agreement termination.)
• 4% — Maximum monetary penalties under GDPR (of worldwide revenue for non-compliance.)
• $7,500 — Maximum civil penalties per intentional violation under CCPA (enforced by the California Attorney General.)

Key Players & Entities

• Limitless Projects Inc. (company) — registrant
• Daniel Okelo (person) — president responsible for product concepts
• WarpSpeed Taxi Inc. (company) — subsidiary developing ride-hailing application
• Global Corporate Structural Services Inc. (company) — creditor in debt settlement agreement
• Ulixe One Corp. (company) — purchaser of WarpSpeed Taxi Inc. shares
• Cyber Apps World, Inc. (company) — joint venture partner for Privacy and Value software
• Wyoming (regulator) — state of incorporation
• SEC (regulator) — Securities and Exchange Commission
• FTC (regulator) — Federal Trade Commission
• California Attorney General (regulator) — enforcer of CCPA

FAQ

Risk Factors

• Data Privacy and Surveillance Compliance [high — regulatory]: The company's 'Privacy and Value' employee monitoring software is subject to significant data privacy and surveillance regulations. Non-compliance with GDPR could result in fines up to 4% of worldwide revenue, and CCPA violations can lead to penalties of $7,500 per intentional violation.
• Intense Competition [medium — market]: The software development market, particularly for employee monitoring solutions, is highly competitive. Limitless Projects Inc. faces challenges in differentiating its 'Privacy and Value' software and gaining market share against established players.
• Dependence on Future Financing [high — financial]: The company has not achieved profitable operations and has a net loss of $161,524 for the year ended July 31, 2024. It is dependent on obtaining additional capital through equity or debt securities to fund its long-term operating requirements, indicating substantial doubt about its ability to continue as a going concern.
• Reliance on Independent Developers [medium — operational]: Limitless Projects Inc. relies on independent computer software and application developers to create its products. This model introduces potential risks related to quality control, project timelines, and intellectual property management.
• Termination of Joint Venture Agreement [low — legal]: A planned joint venture with Cyber Apps World, Inc. for the 'Privacy and Value' software was terminated because Cyber Apps World, Inc. failed to make a $250,000 payment by June 15, 2021. This highlights potential counterparty risk and challenges in forming strategic partnerships.

Industry Context

Limitless Projects Inc. operates in the software development sector, with a current focus on employee monitoring software. This market is characterized by increasing demand for tools that balance productivity with employee privacy, driven by flexible work arrangements and the ongoing impact of the COVID-19 pandemic. However, the industry is highly competitive and subject to evolving data privacy regulations.

Regulatory Implications

The company's 'Privacy and Value' software faces significant regulatory scrutiny under data privacy laws like GDPR and CCPA. Potential fines for non-compliance are substantial, with GDPR penalties reaching up to 4% of worldwide revenue and CCPA violations incurring up to $7,500 per instance, posing a material risk to the business.

What Investors Should Do

1. Monitor future financing rounds closely.
2. Assess the competitive landscape for 'Privacy and Value' software.
3. Evaluate the company's compliance strategy for data privacy regulations.
4. Track the development and commercialization progress of 'Privacy and Value'.

Key Dates

• 2020-11-18: Company Incorporation — Marks the official start of Limitless Projects Inc. as a Wyoming-based software development company.
• 2021-06-15: Cyber Apps World, Inc. Payment Deadline — Failure of Cyber Apps World, Inc. to make a $250,000 payment led to the termination of a joint venture for the 'Privacy and Value' software.
• 2022-07-31: WarpSpeed Taxi Inc. Debt Calculation Date — WarpSpeed Taxi Inc. acknowledged owing $135,430.95 to Global Corporate Structural Services Inc. for services rendered.
• 2022-09-15: WarpSpeed Taxi Inc. Final Settlement Agreement — WarpSpeed Taxi Inc. transferred its 100% interest in the WarpSpeed Taxi application to GCSS to satisfy the debt, retaining a license for US use.
• 2024-07-31: Fiscal Year End — The company reported $0 revenue and a net loss of $161,524, with current assets of $25,039 and total liabilities of $578,363.
• 2025-06-11: Sale of WarpSpeed Taxi Inc. Shares — 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

Aggregate market value of common equity held by non-affiliates

The total market value of the company's voting and non-voting common stock held by investors who are not company insiders or affiliates. (Indicates the company's size and public float, which was $20,800 as of the reporting period, signifying a very small company.)

Going Concern

An accounting assumption that a company will continue to operate for the foreseeable future. If there is substantial doubt, it must be disclosed. (The company's auditors have expressed substantial doubt about its ability to continue as a going concern due to its lack of profitability and dependence on financing.)

Debt Settlement Agreement

A formal agreement where a debtor and creditor resolve a debt obligation, often through a payment or transfer of assets. (Used by WarpSpeed Taxi Inc. to settle a $135,430.95 debt with GCSS by transferring its application interest.)

Joint Venture

A business arrangement where two or more parties agree to pool their resources for the purpose of accomplishing a specific task. (Limitless Projects Inc. attempted a joint venture for its 'Privacy and Value' software, which failed due to a missed payment.)

GDPR

General Data Protection Regulation, a comprehensive data privacy law in the European Union. (The company's 'Privacy and Value' software is subject to GDPR, with potential fines up to 4% of worldwide revenue for non-compliance.)

CCPA

California Consumer Privacy Act, a state statute intended to enhance privacy rights and consumer control over personal information. (The company's software is also subject to CCPA, with potential penalties of $7,500 per intentional violation.)

Year-Over-Year Comparison

The company reported $0 revenue for the fiscal year ended July 31, 2024, compared to an unspecified amount in the prior year, indicating no commercial success yet for its 'Privacy and Value' software. Net loss widened to $161,524, primarily from general and administrative expenses, highlighting ongoing operational costs without offsetting income. The company's cash position is critically low at $39, though financing activities provided $105,000, suggesting continued reliance on external capital. New risks related to data privacy regulations for its core product have become more prominent.

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. New York has adopted si
• $5,000 — be liable for a civil penalty of up to $5,000 dollars per violation. Surveillance
• $0 — of July 31, 2024, we earned a total of $0 in revenue from customer subscriptions
• $161,524 — we incurred a consolidated net loss of $161,524 consisting entirely of general and admi

Filing Documents

• lmls-20240731_10k.htm (10-K) — 307KB
• lmls_ex311.htm (EX-31.1) — 8KB
• lmls_ex321.htm (EX-32.1) — 3KB
• 0001139020-25-000324.txt ( ) — 1367KB
• lmls-20240731_cal.xml (EX-101.CAL) — 15KB
• lmls-20240731_def.xml (EX-101.DEF) — 15KB
• lmls-20240731_lab.xml (EX-101.LAB) — 81KB
• lmls-20240731_pre.xml (EX-101.PRE) — 67KB
• lmls-20240731.xsd (EX-101.SCH) — 13KB
• lmls-20240731_10k_htm.xml (XML) — 86KB

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 2024 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 11, 2025, 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, 2024 From August 1, 2023 to our fiscal year end of July 31, 2024, we earned a total of $0 in revenue from customer subscriptions for the Privacy and Value software. During the fiscal year ended July 31, 2024, we incurred a consolidated net loss of $161,524 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, 2024, our current assets of $25,039 consisted of $39 in cash and $25,000 in prepayments and deposits our total liabilities were $578,363, 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, 2024, net cash flows used in operating activities were ($53,993) consisting of a consolidated net loss of $161,524, accumulated depreciation of $5,918 for the period, which was offset changes in accounts receivable of $0, accounts payable and

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