Limitless Projects Narrows Loss to $7,224, Faces Going Concern Doubt

TL;DR

**Limitless Projects is burning cash with no revenue, making it a high-risk bet on unproven software.**

AI Summary

Limitless Projects Inc. reported a consolidated net loss of $7,224 for the six months ended January 31, 2026, a significant improvement from the $13,835 net loss in the same period of 2025. The company generated no revenue during either period, with its operations primarily consisting of general and administrative expenses, which decreased from $13,835 in 2025 to $7,224 in 2026. Total assets increased to $151,601 as of January 31, 2026, from $139,601 in July 2025, driven by an increase in software development from $127,430 to $139,430. However, the company has $0 cash on hand as of January 31, 2026, and an accumulated deficit of $305,917, raising substantial doubt about its ability to continue as a going concern. Current liabilities, primarily accounts payable and accrued liabilities, rose to $562,154 from $542,930. The company is developing 'Privacy and Value' employee monitoring software and 'WarpSpeed Taxi' ride-hailing and food delivery application, but has yet to generate revenue from these ventures.

Why It Matters

Limitless Projects Inc.'s continued lack of revenue and zero cash balance, despite a reduced net loss, signals significant operational challenges for investors. The company's reliance on future capital raises or revenue generation to address its $305,917 accumulated deficit and $562,154 in liabilities poses a high risk. For employees and customers, the viability of its 'Privacy and Value' software and 'WarpSpeed Taxi' app is uncertain without a clear path to profitability. In a competitive software development market, the company's inability to monetize its products could lead to its eventual failure, impacting market innovation and investor confidence in early-stage tech ventures.

Risk Assessment

Risk Level: high — The company has $0 cash on hand as of January 31, 2026, and an accumulated deficit of $305,917. Management explicitly states 'substantial doubt about the Company's ability to continue as a going concern' and has 'no written or verbal commitments from stockholders or its director or officer to provide the Company with any form of cash advances, loans, or other sources of liquidity.'

Analyst Insight

Investors should avoid Limitless Projects Inc. given its zero revenue, zero cash balance, and explicit going concern warning. The company's future is entirely dependent on speculative capital raises or unproven product monetization, making it an extremely high-risk investment with no clear path to profitability.

Financial Highlights

debt To Equity

N/A

revenue

$0

operating Margin

N/A

total Assets

$151,601

total Debt

$562,154

net Income

-$7,224

eps

$0.00

gross Margin

N/A

cash Position

$0

revenue Growth

N/A

Key Numbers

• $0 — Cash on Hand (As of January 31, 2026, indicating severe liquidity issues.)
• $7,224 — Consolidated Net Loss (For the six months ended January 31, 2026, an improvement from $13,835 in 2025.)
• $305,917 — Accumulated Deficit (As of January 31, 2026, highlighting historical losses.)
• $562,154 — Total Current Liabilities (As of January 31, 2026, primarily accounts payable and accrued liabilities.)
• $151,601 — Total Assets (As of January 31, 2026, an increase from $139,601 in July 2025, mainly due to software development.)
• 100,608,200 — Shares Outstanding (As of March 24, 2026, unchanged from January 31, 2026.)
• $12,000 — Net Cash Provided by Operating Activities (For the six months ended January 31, 2026, down from $25,469 in 2025.)
• $12,000 — Software Development Investment (For the six months ended January 31, 2026, representing the primary investing activity.)

Key Players & Entities

• Limitless Projects Inc. (company) — registrant
• Daniel Okelo (person) — President, responsible for product concepts
• WarpSpeed Taxi (company) — ride-hailing and food delivery application
• Privacy and Value (company) — employee monitoring software
• Wyoming (regulator) — state of incorporation
• SEC (regulator) — Securities and Exchange Commission
• $7,224 (dollar_amount) — consolidated net loss for six months ended Jan 31, 2026
• $13,835 (dollar_amount) — consolidated net loss for six months ended Jan 31, 2025
• $305,917 (dollar_amount) — accumulated deficit as of January 31, 2026
• $562,154 (dollar_amount) — total current liabilities as of January 31, 2026

FAQ

Risk Factors

• Going Concern Uncertainty [high — financial]: The company has $0 cash on hand as of January 31, 2026, and an accumulated deficit of $305,917. This severe liquidity constraint and history of losses raise substantial doubt about Limitless Projects Inc.'s ability to continue as a going concern.
• Lack of Revenue Generation [high — operational]: Limitless Projects Inc. generated no revenue in the six months ended January 31, 2026, nor in the comparable period of 2025. The company is still in the development phase for its 'Privacy and Value' and 'WarpSpeed Taxi' software, indicating a significant risk that these ventures may not achieve commercial viability.
• Increasing Current Liabilities [medium — financial]: Total current liabilities increased to $562,154 as of January 31, 2026, from $542,930 in July 2025, primarily due to accounts payable and accrued liabilities. This rise, coupled with zero cash, exacerbates liquidity pressures.
• Dependence on Software Development [medium — operational]: Total assets increased to $151,601 from $139,601, driven by a rise in software development from $127,430 to $139,430. This concentration in intangible assets, which have not yet generated revenue, represents a significant investment risk.

Industry Context

Limitless Projects Inc. operates in the software development sector, aiming for the employee monitoring and ride-hailing/delivery app markets. These are competitive spaces with established players and rapid technological evolution. Success hinges on product differentiation, user adoption, and effective monetization strategies, which the company has yet to demonstrate.

Regulatory Implications

As a company developing software, Limitless Projects Inc. may face regulatory scrutiny related to data privacy and security, especially with its 'Privacy and Value' employee monitoring software. Compliance with evolving data protection laws (e.g., GDPR, CCPA) will be critical and could incur significant costs or legal challenges if not managed properly.

What Investors Should Do

1. Monitor progress on 'Privacy and Value' and 'WarpSpeed Taxi' development and any potential revenue generation milestones. The current lack of revenue is a critical concern.
2. Assess the company's ability to secure additional funding. With $0 cash and substantial liabilities, external financing is essential for survival.
3. Evaluate the management's strategy for addressing the going concern issue and the path to profitability.
4. Consider the high risk associated with the company's current financial state and lack of operational traction.

Key Dates

• 2026-01-31: End of interim reporting period — Reflects the financial position and results of operations for the six months ended on this date, highlighting zero cash and a net loss.
• 2025-07-31: End of prior fiscal year — Provides a comparative balance sheet date, showing a prior state of assets, liabilities, and accumulated deficit.
• 2026-03-24: Shares Outstanding reported — Confirms the number of outstanding shares as of a recent date, which is 100,608,200.

Glossary

Accumulated Deficit

The total cumulative net losses of a company that have not been offset by net income or other surplus. (Indicates the company's history of losses, standing at $305,917 as of January 31, 2026, contributing to going concern doubts.)

Going Concern

An assumption that a business entity will continue to operate for the foreseeable future, typically at least 12 months. (The company's financial condition, particularly its zero cash and accumulated deficit, raises substantial doubt about its ability to meet this assumption.)

Software Development

Costs incurred to create or improve software products. These are often capitalized as an intangible asset. (This is the primary driver of asset growth for Limitless Projects Inc., increasing from $127,430 to $139,430, but has not yet generated revenue.)

Minority Interest

The portion of a subsidiary's net assets and net income that is not owned by the parent company. (Represents a negative component of equity ($156,078 as of Jan 31, 2026) and a loss allocation ($810 for the six months ended Jan 31, 2026), impacting the parent's reported equity and net loss.)

Year-Over-Year Comparison

Compared to the six months ended January 31, 2025, Limitless Projects Inc. has significantly reduced its net loss from $13,835 to $7,224, primarily by cutting general and administrative expenses by nearly half. However, this improvement comes despite generating no revenue in either period. Total assets have grown due to increased software development investment, but current liabilities have also risen, and the critical cash position remains at $0, underscoring persistent financial fragility.

Key Financial Figures

• $10,000 — ndependent business valuation, less the $10,000 payment, which amount shall be no less
• $50,000 — ent, which amount shall be no less than $50,000 and no more than $250,000 and is due by
• $250,000 — e no less than $50,000 and no more than $250,000 and is due by June 15, 2021. The thir
• $2,200,000 — at estimated its value at approximately $2,200,000. Accordingly, the amount that was due f
• $7,224 — hs ended January 31, 2026, and 2025 was $7,224 and $ 13,835, which consisted entirely
• $562,154 — January 31, 2026, our liabilities were $562,154 compared to $542,930 on July 31, 2025.
• $542,930 — r liabilities were $562,154 compared to $542,930 on July 31, 2025. Liabilities on Januar
• $12,000 — sh flows from operating activities were $12,000 consisting of a net loss attributable t
• $19,224 — unts payable and accrued liabilities of $19,224. Cash Flows from Investing Activities
• $0 — enerated from financing activities were $0 during the six months ended January 31,

Filing Documents

• lmls-20260131_10q.htm (10-Q) — 237KB
• lmls_ex311.htm (EX-31.1) — 9KB
• lmls_ex321.htm (EX-32.1) — 4KB
• 0001842167-26-000004.txt ( ) — 1250KB
• lmls-20260131_cal.xml (EX-101.CAL) — 14KB
• lmls-20260131_def.xml (EX-101.DEF) — 14KB
• lmls-20260131_lab.xml (EX-101.LAB) — 73KB
• lmls-20260131_pre.xml (EX-101.PRE) — 61KB
• lmls-20260131.xsd (EX-101.SCH) — 13KB
• lmls-20260131_10q_htm.xml (XML) — 77KB

Financial Statements (unaudited)

Financial Statements (unaudited) 5 CONSOLIDATED BALANCE SHEETS as of January 31, 2026 and July 31, 2025 5 CONSOLIDATED STATEMENT OF COMPREHENSIVE LOSS for the three months and six months ended January 31, 2026 and 2025 6 CONSOLIDATED STATEMENT OF STOCKHOLDER'S EQUITY for the six months ended January 31, 2026 and 2025 7 CONSOLIDATED STATEMENT OF CASH FLOWS for six months ended January 31, 2026 and 2025 8 NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 9 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 14 Item 3

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 17 Item 4.

Controls and Procedures

Controls and Procedures 17 PART II OTHER INFORMATION 18 Item 1.

Legal Proceedings

Legal Proceedings 18 Item 1A.

Risk Factors

Risk Factors 18 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 18 Item 3. Defaults Upon Senior Securities. 18 Item 4. Mine Safety Disclosures 18 Item 5. Other Information 18 Item 6. Exhibits 18

- 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 10K for the year ended July 31, 2025. 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 six months ended January 31, 2026, are not necessarily indicative of the results for the entire fiscal year or for any other period. 4

Financial Statements (unaudited)

Item 1. Financial Statements (unaudited) LIMITLESS PROJECTS INC. CONSOLIDATED BALANCE SHEET (Unaudited) January 31, 2026 July 31, 2025 $ $ ASSETS Current assets: Cash - - Prepayment & deposits 10,000 10,000 Total current assets: 10,000 10,000 Fixed assets: Software 139,430 127,430 Office Equipment 2,171 2,171 Total Fixed assets: 141,601 129,601 Total Assets: 151,601 139,601 LIABILITIES AND STOCKHOLDER'S EQUITY Current liabilities: Accounts payable and accrued liabilities 562,154 542,930 Total current liabilities: 562,154 542,930 Total Liabilities: 562,154 542,930 Stockholder's Equity Common stock: $ 0.0001 par value, 500,000,000 authorized, 100,608,200 issued and outstanding as of January 31, 2026 and July 31, 2025, respectively 10,061 10,061 Additional paid in capital 41,381 41,381 Accumulated deficit ( 305,917 ) ( 299,503 ) Minority interest ( 156,078 ) ( 155,268 ) Total Stockholder's Equity: ( 410,553 ) ( 403,329 ) Total Liabilities and Stockholder's Equity: 151,601 139,601 (The accompanying notes are an integral part of these unaudited interim condensed financial statements) 5 LIMITLESS PROJECTS INC. CONSOLIDATED STATEMENT OF COMPREHENSIVE LOSS (Unaudited) For the three months ended January 31, For the six months ended January 31, 2026 2025 2026 2025 $ $ $ $ General income - - - - Cost of goods sold - - - - Gross profit - - - - Expenses: General and administrative 3,612 7,727 7,224 13,835 Operating loss ( 3,612 ) ( 7,727 ) ( 7,224 ) ( 13,835 ) Net loss attributable to minority interest ( 405 ) ( 1,121 ) ( 810 ) ( 3,649 ) Net loss attributable to Limitless ( 3,207 ) ( 6,606 ) ( 6,414 ) ( 10,186 ) Consolidated net loss ( 3,612 ) ( 7,727 ) ( 7,224 ) ( 13,835 ) Net loss per share - basic and diluted ( 0.00 ) ( 0.00 ) ( 0.00 ) ( 0.00 ) Weighted average shares out

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 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 an 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 these products to third parties who will sell the software to customers and launch the computer applications rather than become involved in the sales and marketing of these products ourselves. Privacy and Value Employee Monitoring Software We commenced developing employee monitoring software known as "Privacy and Value" in December 2020 shortly after our incorporation. Our goal is to develop a software product that balances employer concerns regarding employee efficiency and productivity with employee privacy. We will retain all interest in the intellectual property relating to the Privacy and Value software unless we subsequently sell those rights. As companies are increasingly attempting to meet the demands of employees that want work environment flexi

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk As a smaller reporting company, we are not require

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