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| HYII.PK > SEC Filings for HYII.PK > Form 10-Q on 12-Nov-2009 | All Recent SEC Filings |
12-Nov-2009
Quarterly Report
Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operation.
This report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that include, among others, statements of: expectations, anticipations, beliefs, estimations, projections, and other similar matters that are not historical facts, including such matters as: future capital requirements research and development expenditures, repayments of debt, business strategies, and expansion and growth of business operations. These statements are based on certain assumptions and analyses made by our management in light of past experience and perception of: historical trends, current conditions, expected future developments, and other factors that our management believes are appropriate under the circumstances. We caution the reader that these forward-looking statements are subject to risks and uncertainties, including those associated with the financial environment, the regulatory environment, and trend projections, that could cause actual events or results to differ materially from those expressed or implied by the statements. Such risks and uncertainties include those risks and uncertainties identified below.
The Company is engaged in the research and development of therapeutic horseshoes whereby the Company utilizes urethane compound which is bonded to an aluminum horseshoe using a proprietary method. The Hybred Horseshoe's design features contain side clips which act to further secure the shoe to the hoof, nail holes with a recess in the shoe, thus making it easier to remove the shoe at any time and a toe plate for longer wear. The shoe's compatible design features allow the farrier to use traditional shoeing methods. The Hybred Horseshoe is expected to retail between $22 and $25 per pair.
The Company had filed for a provisional patent for the Hybred Horseshoe in 2007. The Company has spent approximately 1,000 hours researching and developing the Hybred Horseshoe. No known governmental approval is expected for the Hybred Horseshoe and no known governmental regulation is expected to impact the Hybred Horseshoe at this time.
The Company currently has no employees.
Revenues
We have not generated revenue as of the date hereof.
Operating Expenses
Our operating expenses for the three months ended March 31, 2009 and the three months ended March 31, 2008 were $2,577 and $ 74,013, respectively. The $ 71,436 decrease in operating expenses for the three months ended March 31, 2009 when compared to the three months ended March 31, 2008 was primarily due to the Company not having sufficient working capital and curtailing operating expenses.
Net Loss
The net loss for the three months ended March 31, 2009 and the year ended December 31, 2008 was $ 2,948 and $74,376, respectively. The decrease in our net loss for the respective periods is primarily attributable to the factors set forth under Operating Expenses above.
Liquidity and Capital Resources
As of March 31, 2009 we had total assets of $ 8,567 as compared to total assets of $ 9,033 as of December 31, 2008. The decrease in our assets is due to depreciation of $ 466 being recorded for the three months ended March 31, 2009.
We reported current liabilities totaling $ 67,121 as of March 31, 2009 as compared to $ 64,639 as of December 31, 2008. Accounts payable and loans payable total $50,080 and $49,080 respectively for each period
We use available finances to fund ongoing operations. Funds will be used for general and administrative expenses. We do not have sufficient funds available to meet our current liabilities. Unless we secure additional financing, it is unlikely that we will be able to continue our current operations.
Going concern
As reflected in the accompanying financial statements, the Company has current liabilities that exceed its current assets resulting in a working capital deficit. Management is presently seeking to raise permanent equity capital in the capital markets to eliminate negative working capital. Failure to raise equity capital or secure some other form of long-term debt arrangement will cause the Company to further increase its negative working capital deficit and could result in the operating expenses and generate revenues, there can be no assurances that the revenue will be sufficient to enable it to develop business to a level where it will generate profits and cash flows from operations. These matters raise substantial doubt about the Company's ability to continue as a going concern. However, the accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business.
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