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EAHC.OB > SEC Filings for EAHC.OB > Form 10-Q/A on 15-Nov-2011All Recent SEC Filings

Show all filings for EXPLORE ANYWHERE HOLDING CORP

Form 10-Q/A for EXPLORE ANYWHERE HOLDING CORP


15-Nov-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 September 22, 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

The following discussion of the plan of operation, financial condition, results of operations, cash flows and changes in financial position should be read in conjunction with our most recent financial statements and notes filed on PinkSheets.com and also on the Securities and Exchange Commission's website.

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.

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

Liquidity and Capital Resources

At September 30, 2011, we had working capital deficit of $415,193 (December 31, 2010: $14,122). At September 30, 2011 our assets consisted of cash of $1,062, compared to no assets as of December 31, 2010.

At September 30, 2011, our total current liabilities were $415,193, compared to $14,122 as at December 31, 2010. The reason for the increase in our current liabilities was the increase of our operations caused by the acquisition of ExploreAnywhere Inc.


As of November 12, 2011, our cash balance is approximately $4,222, which will meet our operating requirements for only one (1) week. 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.

Result of Operations

Comparison of the Nine Months ended September 30, 2011 and September 30, 2010.

Revenue

We recognized $5,903 in revenue for the nine (9) months ended September 30, 2011 (September 30, 2010: Nil). Cost of goods sold for the nine (9) months ended September 30, 2011, were Nil (September 30, 2009: Nil), resulting in a gross profit of $5,903 (September 30, 2010: Nil).

We experience no sales and no gross margin this quarter due to the fact that our operations became virtually non-existent. Our short and long term survival was dependent on our prior CEO/President, Mr. Boyd Applegate, who had to resign from such positions due to failing health. As a result, we are looking at other industries and businesses to venture into that are commensurate with the experience of current management.

Costs and Expenses

For the nine (9) months ended September 30, 2011, operating expenses were $1,527,198 (Nil for the nine (9) months end September 30, 2010). The increase was principally due to the discontinuance of our prior business and the consolidation of our subsidiary ExploreAnywhere, Inc., which we acquired in February 2011.

Operating expenses during the nine (9) months ended September 30, 2010, consisted of general and administration of $1,518,354 and sales and marketing of $8,843.

During the nine (9) month period ended September 30, 2011, we recognized a net loss of $1,611,629 compared to a net loss of nil for the nine-month period ended September 30, 2010. The increased loss of $1,611,629 was due to an increase in our activities over the prior period as discussed above.

From inception to September 30, 2011, we have incurred an accumulated deficit of $2,434,029 (December 31, 2010: $822,330).

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.


Comparison of the Three Months ended September 30, 2010 and September 30, 2011.

Revenue

We recognized $1,689 in revenue for the quarter ended September 30, 2011 (September 30, 2010: Nil). Cost of goods sold for the quarter ended September 30, 2011, were Nil (September 30, 2010: Nil), resulting in a gross profit of $1,689 (September 30, 2010: $0).

Costs and Expenses

For the quarter ended September 30, 2011, operating expenses were $66,743 ($0 for the quarter end September 30, 2010). The increase was principally due to the discontinuance of our prior business and the consolidation of our subsidiary ExploreAnywhere, Inc., which we acquired in February 2011.

Operating expenses during the three (3) months ended September 30, 2010, consisted of general and administration of $60,929 and sales and marketing of $5,814.

During the three (3) month period ended September 30, 2011, we recognized a net loss of $89,360 compared to a net loss of nil for the nine-month period ended September 30, 2010. The increased loss of $89,360 was due to an increase in our activities over the prior period as discussed above.

Off Balance Sheet Arrangements.

None.

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