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TRLI > SEC Filings for TRLI > Form 10-Q/A on 28-Nov-2012All Recent SEC Filings

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Form 10-Q/A for TRULI MEDIA GROUP, INC.


28-Nov-2012

Quarterly Report


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

The following discussion should be read in conjunction with the information contained in the condensed consolidated financial statements of the Company and the notes thereto appearing elsewhere herein. As used in this report, the terms "Company", "we", "our", "us" and "Truli" refer to Truli Media Group, Inc.

PRELIMINARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This quarterly report contains forward-looking statements within the meaning of the federal securities laws. These include statements about our expectations, beliefs, intentions or strategies for the future, which we indicate by words or phrases such as "anticipate," "expect," "intend," "plan," "will," "we believe," "Truli believes," "management believes" and similar language. The forward-looking statements are based on the current expectations of Truli and are subject to certain risks, uncertainties and assumptions, including those set forth in the discussion under "Management's Discussion and Analysis of Financial Condition and Results of Operations" in this report. The actual results may differ materially from results anticipated in these forward-looking statements. We base the forward-looking statements on information currently available to us, and we assume no obligation to update them.

Investors are also advised to refer to the information in our filings with the Securities and Exchange Commission, especially on Forms 10-K, 10-Q and 8-K, in which we discuss in more detail various important factors that could cause actual results to differ from expected or historic results. It is not possible to foresee or identify all such factors. As such, investors should not consider any list of such factors to be an exhaustive statement of all risks and uncertainties or potentially inaccurate assumptions.

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

Our financial statements and related public financial information are based on the application of accounting principles generally accepted in the United States ("US GAAP"). US GAAP requires the use of estimates; assumptions, judgments and subjective interpretations of accounting principles that have an impact on the assets, liabilities, revenues and expense amounts reported. These estimates can also affect supplemental information contained in our external disclosures including information regarding contingencies, risk and financial condition. We believe our use of estimates and underlying accounting assumptions adhere to GAAP and are consistently and conservatively applied. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Actual results may differ materially from these estimates under different assumptions or conditions. We continue to monitor significant estimates made during the preparation of our financial statements.

RESULTS OF OPERATIONS - THE THREE MONTHS ENDED SEPTEMBER 30, 2012 AS COMPARED TO THE THREE MONTHS ENDED SEPTEMBER 30, 2011

The Company had no revenues for the quarter ended September 30, 2012 and for the period October 19, 2011 (date of inception) through September 30, 2012. Truli officially launched its website on July 10, 2012 and commenced revenue-generating operations. Prior to such time, the Company was principally involved in website development and research and development activities.

The Company incurred general and administrative expenses of $210,096 for the quarter ended September 30, 2012, principally related to website development and other administrative costs. We do not anticipate that this will represent a reliable indicator of future performance because this precedes the launch of our website.

Page 12

RESULTS OF OPERATIONS - THE SIX MONTHS ENDED SEPTEMBER 30, 2012 AS COMPARED TO THE SIX MONTHS ENDED SEPTEMBER 30, 2011

The Company had no revenues for the six months ended September 30, 2012 and for the period October 19, 2011 (date of inception) through September 30, 2012. Truli officially launched its website on July 10, 2012 and commenced revenue-generating operations. Prior to such time, the Company was principally involved in website development and research and development activities.

The Company incurred general and administrative expenses of $392,908 for the six months ended September 30, 2012, principally related to website development and other administrative costs. We do not anticipate that this will represent a reliable indicator of future performance because this precedes the launch of our website.

LIQUIDITY AND CAPITAL RESOURCES

Our capital requirements arise principally from costs associated with website development, marketing and general administrative costs. To date we have raised $1,313,254 pursuant to investments reflected by an unsecured note from our Founder and Chief Executive Officer.

The unsecured term note is payable as of September 30, 2012. The note, which may be increased as additional funds may be advanced to the Truli by the Truli's Chief Executive Officer, bears interest at 4% per annum commencing from September 30, 2012.

Truli is obligated to repay the principal balance of the note along with accrued and unpaid interest payable over 36 months beginning in September 2012. However, no such payment was made during September 2012.

The Company does not currently have sufficient capital in its accounts, nor sufficient firm commitments for capital to assure its ability to meet its current obligations or to continue its planned operations. The Company is continuing to pursue working capital and additional revenue through the seeking of the capital it needs to carry on its planned operations. There is no assurance that any of the planned activities will be successful.

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