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EAHC.OB > SEC Filings for EAHC.OB > Form 10-Q/A on 21-Oct-2011All Recent SEC Filings

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Form 10-Q/A for EXPLORE ANYWHERE HOLDING CORP


21-Oct-2011

Quarterly Report


ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

FORWARD-LOOKING STATEMENTS

This section of this quarterly report includes a number of forward-looking statements that reflect our current views with respect to future events and financial performance. Forward-looking statements are often identified by words like: believe, expect, estimate, anticipate, intend, project and similar expressions, or words which, by their nature, refer to future events. You should not place undue certainty on these forward-looking statements, which apply only as of the date of this report. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results or our predictions.

As used in this quarterly report, the terms "we", "us", "our", "our company" means Explore Anywhere Holding Corp., unless otherwise indicated.

GENERAL OVERVIEW

Our company's name is Explore Anywhere Holding Corp. The company was incorporated on April 3, 1996 in the State of Nevada as Jubilee Trading Corp. On March 3, 2002, we filed Articles of Amendment to the company's Articles of Incorporation with the Nevada Secretary of State to change its name from Jubilee Trading Corp. to PorFavor Corp. On November 10, 2010, we changed the company's name to Explore Anywhere Holding Corp.

Since inception until March 2010, we operated as a broker of structural wood materials. In March 2010, our former CEO/President, Mr. Boyd Appelgate started to suffer from ill-health and our operations underwent a slow and consistent demise. We therefore decided to change our business focus and look for other opportunities and discontinue the sale of structural wood materials. We identified a target company in the area of computer monitoring software, known as ExploreAnywhere, Inc. We closed on the acquisition of ExploreAnywhere on February 4, 2011.

ExploreAnywhere is in the business of selling computer monitoring software, specializing in offering computer monitoring solutions for parents, corporations and educational facilities. Our company's business is more fully described below.

PLAN OF OPERATION FOR THE NEXT TWELVE (12) MONTHS

Our ability to continue operations will be dependent upon the successful completion of additional long-term or permanent equity financing, the support of creditors and shareholders, and, ultimately, the achievement of profitable operations. There can be no assurances that we will be successful, which would in turn significantly affect our ability to be successful in our new business plan. If not, we will likely be required to reduce operations or liquidate assets. We will continue to evaluate our projected expenditures relative to our available cash and to seek additional means of financing in order to satisfy our working capital and other cash requirements.

LIQUIDITY AND CAPITAL RESOURCES

At March 31, 2011, we had a working capital deficit of $(295,715) (December 31, 2010: $14,122). At March 31, 2011, our current assets consisted of cash of $5,495. This compared to our current assets as of December 31, 2010, consisting of cash of Nil.

At March 31, 2011, our total current liabilities increased to $301,210 ($14,122 as at December 31, 2010).

RESULT OF OPERATIONS

COMPARISON OF THE THREE MONTHS ENDED MARCH 31, 2011 AND MARCH 31, 2010.

REVENUE

We recognized $1,796 in revenue for the quarter ended March 31, 2011 (March 31, 2010: Nil). Cost of goods sold for the quarter ended March 31, 2010, were Nil (March 31, 2010: Nil), resulting in a gross profit of $1,796 (March 31, 2010:
Nil).

COSTS AND EXPENSES

For the quarter ended March 31, 2011, operating expenses were $1,395,671 ($15,616 for the quarter ended March 31, 2010). Operating expenses for the quarter ended March 31, 2011, consisted of impairment loss on goodwill of $1,229,884, general and administrative expenses of $69,316 and selling expense of $6,471 and impairment loss on acquisition related intangible assets of $20,000.

From inception to March 31, 2011, we have incurred an accumulated deficit of $(2,736, 876) (December 31, 2010: $14,122).

As of June 17, 2011, our cash balance is approximately $7,093.21. We expect that we have sufficient cash on hand to meet our operating needs through June 2011. We will have to raise an additional $150,000 to meet all of our operating needs for the next 12 months. We do not have any lending arrangements in place with banking or financial institutions and we do not anticipate that we will be able to secure these funding arrangements in the near future. We may attempt to sell additional equity shares or issue debt to support our operations. Any sale of additional equity securities will result in dilution to our stockholders. There can be no assurance that additional financing will be available to us or, if available to us, on acceptable terms.

We believe our market risk exposures arise primarily from exposures to fluctuations in interest rates. We do not use derivative financial instruments to manage risks or for speculative or trading purposes.

OFF BALANCE SHEET ARRANGEMENTS

None.

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