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IMTC > SEC Filings for IMTC > Form 10-Q on 20-Mar-2014All Recent SEC Filings

Show all filings for IMOGO MOBILE TECHNOLOGIES CORP.

Form 10-Q for IMOGO MOBILE TECHNOLOGIES CORP.


20-Mar-2014

Quarterly Report


Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis contains various "forward looking statements" regarding future events or the future financial performance of our company that involve risks and uncertainties. Certain statements included in this Form 10-Q, including, without limitation, statements related to anticipated cash flow sources and uses, and words including but not limited to "anticipates", "believes", "plans", "expects", "future" and similar statements or expressions, identify forward looking statements. Any forward-looking statements herein are subject to certain risks and uncertainties in our company's business, including but not limited to, reliance on key customers and competition in its markets, market demand, product performance, technological developments, maintenance of relationships with key suppliers, difficulties of hiring or retaining key personnel and any changes in current accounting rules, all of which may be beyond the control of our company. Our company adopted at management's discretion, the most conservative recognition of revenue based on the most astringent guidelines of the Securities and Exchange Commission (the "SEC") in terms of recognition of software licenses and recurring revenue. Management will elect additional changes to revenue recognition to comply with the most conservative SEC recognition on a forward going accrual basis as the model is replicated with other similar markets (i.e. SBDC). Our company's actual results could differ materially from those anticipated in these forward-looking statements as a result of certain factors, including those set forth therein.

Forward-looking statements involve risks, uncertainties and other factors, which may cause our actual results, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. Factors and risks that could affect our results and achievements and cause them to materially differ from those contained in the forward-looking statements include those identified in the section titled "Risk Factors" in our company's Annual Report on Form 10-K for the year ended November 30, 2012 as well as other factors that we are currently unable to identify or quantify, but that may exist in the future.

In addition, the foregoing factors may affect generally our business, results of operations and financial position. Forward-looking statements speak only as of the date the statement was made. We do not undertake and specifically decline any obligation to update any forward-looking statements.

In this quarterly report, unless otherwise specified, all dollar amounts are expressed in United States dollars. All references to "US$" refer to United States dollars and all references to "common stock" refer to the common shares in our capital stock.

As used in this quarterly report, the terms "we", "us", "our" and "our company" mean Imogo Mobile Technologies Corp., unless otherwise indicated.

Corporate Overview

Imogo Mobile Technologies Corp. was incorporated in the state of Nevada on September 6, 2005 under the name Monza Ventures Inc.

On November 15, 2005, our company entered into a web design contract with Fusion Business Group Inc. to create and develop our company's website. In consideration for Fusion to create and develop the website, we agreed to pay to Fusion a fee of $20,000 for the website, which $5,000 was due February 28, 2006. Other than the items mentioned above, we are not required to make any other types of payments to Fusion during the term of the agreement. Our company accrued and paid $5,000 website development cost and has not recorded an amortization of the website development costs as the initial installation of the website has not yet completed as of February 28, 2014.

On September 20, 2010, the stockholder's of our company authorized the forward split of our issued and outstanding common stock on a seven for one (7:1) basis. The forward split became effective on September 20, 2010. As a result of the forward split, our company increased its issued and outstanding shares of the common stock to 73,500,000 from 10,500,000.

On January 5, 2012, our company entered into a memorandum of understanding with Imogo Mobile Technologies Corp. According to the terms of the memorandum of understanding, we agreed to purchase all of the issued and outstanding common shares in exchange for 16,400,000 shares of our company's common stock at a deemed price of $1.00 per share. Our company may terminate this memorandum of understanding at any time, with or without cause, by providing written notice of termination to Imogo.

Effective February 24, 2012, we changed our name from "Monza Ventures Inc." to "Imogo Mobile Technologies Corp.", by way of a merger with our wholly owned subsidiary Imogo Mobile Technologies Corp., which was formed solely for the change of name.

Imogo Mobile Technologies Corp. Corp. ("Imogo") intends to commence operations as a cloud computing services provider which will offer productivity and marketing solutions designed for operating on smartphones and tablets. The initial region we plan to market our mobile services to is North America. We currently have developed a mobile office services platform under the name of "ZaOffice". The ZaOffice platform will provide the synchronization of emails, calendars, contacts, files and documents. ZaOffice has been designed to be licensed as a white label platform for national brands. The company is seeking to engender strategic partners with the view of adapting, marketing and licensing the ZAOffice mobile office platform. The company is planning to commence beta testing at the www.zaoffice.com website. We currently do not have any contracts, agreements, or understandings with any development companies.

Cash Requirements

Imogo Mobile Technologies Corp. is currently and continually seeking sources of funding to continue our operation of developing our technology. In order for us to begin commercialization of our product, we will need to raise additional capital.

Our current cash balance is $0. We anticipate that our current cash balance will not satisfy our cash needs for the following twelve-month period. There can be no assurance that we will be successful in finding financing, or even if financing is found, that we will be successful in proceeding with profitable operations.

Not accounting for our working capital deficit of $191,891, we require additional funds of approximately $25,000 at a minimum to proceed with our plan of operation over the next twelve months, exclusive of any capital investments. As we do not have the funds necessary to cover our projected operating expenses for the next twelve month period, we will be required to raise additional funds through the issuance of equity securities, through loans or through debt financing. There can be no assurance that we will be successful in raising the required capital or that actual cash requirements will not exceed our estimates.

Our auditors have issued a going concern opinion for the year ended November 30, 2012. This means that there is substantial doubt that we can continue as an on-going business for the next twelve months unless we obtain additional capital to pay our bills. This is because we have not generated any significant revenues and no significant revenues are anticipated until our commercial operations begin. As we had cash in the amount of $0 and a working capital deficit in the amount of $191,891 as of February 28, 2014, we do not have sufficient working capital to enable us to carry out our stated plan of operation for the next twelve months. We will require additional funds to implement our operations. These funds may be raised through equity financing, debt financing, or other sources, which may result in further dilution in the equity ownership of our shares. We currently do not have any arrangements in place for the completion of any debt financings or private placement financings and there is no assurance that we will be successful in completing any debt financing or private placement financing.

Estimated Net Expenditures During the Next Twelve Months

Expense Amount

General and administrative $ 8,000

Rent 12,000

Professional fees 5,000

Total $ 25,000

Results of Operations for the Three Months Ended February 28, 2014 and February 28, 2013 and the period from Inception (September 6, 2005) to February 28, 2014.

We have not earned any revenues from inception through the period ending February 28, 2014.

Three Months

Ended

February 28,

Three Months

Ended

February 28,

September 6, 2005

(Inception)

to

February 28,

2014

2014 2013

Revenues $ Nil $ Nil $ Nil

Expenses $ Nil $ (7,567 ) $ 191,890

Net Loss $ Nil $ (7,567) $ (191,890 )

We incurred a net loss in the amount of $0 for the three months ended February 28, 2014 compared to $7,567 for the three months ended February 28, 2013. We incurred a net loss of $191,890 for the period from our inception on September 6, 2006 to February 28, 2014.

Three Months

Ended

February 28,

Three Months

Ended

February 28,

September 6, 2005

(Inception)

through, February 28,

2014

2014 2013

Filing fees $ Nil $ Nil $ 3,828

Bank charges and interest $ Nil $ Nil $ 1,129

Professional fees $ Nil $ 6,700 $ 107,607

Interest expense $ Nil $ 867 $ 21,277

Rent $ Nil $ Nil $ 53,000

Office expense $ Nil $ Nil $ 50

Website development $ Nil $ Nil $ 5,000

Our operating expenses incurred for the three months ended February 28, 2014 were $nil compared to $7,567 for the three months ended February 28, 2013. Our operating expenses for the period from September 6, 2005 (inception) to February 28, 2014 were $191,891.

Liquidity and Capital Resources

As of the date of this quarterly report, we have not generated any revenues from our business activities.

Working Capital

At February 28, November 30,

2014 2013

Current Assets $ Nil $ Nil

Current Liabilities $ 146,614 $ 146,614

Working Capital $ (146,614 ) $ (133,114 )

Cash Flows Three Months Three Months September 6, 2005

Ended Ended (Inception) to

February 28, February 28, February 28,

2014 2013 2014

Net Cash Provided by (Used in) Operating Activities $ Nil $ Nil $ (144,214 )

Net Cash Provided by (Used In) Investing Activities $ Nil $ Nil Nil

Net Cash Provided by Financing Activities $ Nil $ Nil $ 144,214

Change In Cash During The Period $ Nil $ Nil $ Nil

As of February 28, 2014 our total assets were $0 and our total liabilities were $146, 614 and we had a working capital deficit of $146,614. Our financial statements report a net loss of $nil for the three months ended February 28, 2014 and a net loss of $191,891 for the period from September 6, 2005 (date of incorporation) to February 28, 2014. Our net loss from operations decreased to $nil for the three months ended February 28, 2014, as compared to $7,567 for the three months ended February 28, 2013. Our losses have decreased primarily as a result of no professional fees.

The continuation of our business is dependent upon obtaining further financing, a successful implementation of our business plan, and, finally, achieving a profitable level of operations. The issuance of additional equity securities by us could result in a significant dilution in the equity interests of our current stockholders. Obtaining commercial loans, assuming those loans would be available, will increase our liabilities and future cash commitments.

There are no assurances that we will be able to obtain further funds required for our continued operations. As noted herein, we are pursuing various financing alternatives to meet our immediate and long-term financial requirements.

There can be no assurance that additional financing will be available to us when needed or, if available, that it can be obtained on commercially reasonable terms. If we are not able to obtain the additional financing on a timely basis, we will be unable to conduct our operations as planned, and we will not be able to meet our other obligations as they become due. In such event, we will be forced to scale down or perhaps even cease our operations.

Purchase of Significant Equipment

We do not intend to purchase any significant equipment over the twelve months ending February 28, 2015.

Employees

Currently our only employees are our directors and officers. We do not expect any material changes in the number of employees over the next three month period. We do and will continue to outsource contract employment as needed.

Off Balance Sheet Arrangements

We have no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to stockholders.

Going Concern

We have suffered recurring losses from operations. The continuation of our company as a going concern is dependent upon our company attaining and maintaining profitable operations and raising additional capital. The financial statements do not include any adjustment relating to the recovery and classification of recorded asset amounts or the amount and classification of liabilities that might be necessary should our company discontinue operations.

Due to the uncertainty of our ability to meet our current operating expenses and the capital expenses noted above, in their report on the annual financial statements for the year ended November 30, 2013, our independent auditors included an explanatory paragraph regarding the substantial doubt about our ability to continue as a going concern. Our financial statements contain additional note disclosures describing the circumstances that lead to this disclosure by our independent auditors.

The continuation of our business is dependent upon us raising additional financial support. The issuance of additional equity securities by us could result in a significant dilution in the equity interests of our current stockholders. Obtaining commercial loans, assuming those loans would be available, will increase our liabilities and future cash commitments.

Critical Accounting Policies

In December 2001, the SEC requested that all registrants list their most "critical accounting polices" in the Management Discussion and Analysis. The SEC indicated that a "critical accounting policy" is one which is both important to the portrayal of a company's financial condition and results, and requires management's most difficult, subjective or complex judgments, often as a result of the need to make estimates about the effect of matters that are inherently uncertain. We believe that the following accounting policies fit this definition.

Basis of Presentation

Our company follows accounting principles generally accepted in the United States of America. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the periods presented have been reflected herein.

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principle requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Cash and Cash Equivalents

For purposes of the statement of cash flows, our company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. As of February 28, 2014 and February 28, 2013, there were no cash equivalents.

Development Stage Company

Our company complies with the FASB Accounting Standards Codification (ASC) Topic 915 Development Stage Entities

Impairment of Long Lived Assets

Long-lived assets are reviewed for impairment in accordance with ASC Topic 360, "Accounting for the Impairment or Disposal of Long- lived Assets". Under ASC Topic 360, long-lived assets are tested for recoverability whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. An impairment charge is recognized or the amount, if any, which the carrying value of the asset exceeds the fair value.

Income Taxes

Imogo uses the liability method of accounting for income taxes pursuant to FASB Topic 740. Under this method, deferred income taxes are recorded to reflect the tax consequences in future years of temporary differences between the tax basis of the assets and liabilities and their financial amounts at year end.

Basic and Diluted Net Loss Per Share

Basic earnings per common share is computed based upon the weighted average number of common shares outstanding during the period. Diluted earnings per share consists of the weighted average number of common shares outstanding plus the dilutive effects of options and warrants calculated using the treasury stock method. In loss periods, dilutive common equivalent shares are excluded as the effect would be anti-dilutive. At February 28, 2014, no equivalents existed because the effect would be anti-dilutive.

Website Development Cost

Our company adopted EITF 00-2, "Accounting for Website Development Costs," which specifies the appropriate accounting for costs incurred in connection with the development and maintenance of websites. Under the EITF 00-2, website development costs are capitalized when acquired and installed, and are being amortized over its estimated useful life. On November 15, 2005, our company entered into a web design contract. The company accrued and paid $5,000 website development cost and has not recorded an amortization of the website development costs as the initial installation of the website has not yet completed as of February 28, 2014.

Stock Based Compensation

Our company accounts for stock-based employee compensation arrangements using the fair value method in accordance with the provisions of ASC Topic 718 Compensation-Stock Compensation. Our company accounts for the stock options issued to non-employees in accordance with the provisions of ASC Topic 718 Compensation- Stock Compensation.

Our company did not grant any stock options or warrants during the period from inception to February 28, 2014.

Revenue Recognition

Revenue is recognized when it is realized or realizable and earned. Our company considers revenue realized or realizable and earned when pervasive evidence of an arrangement exists, services have been provided, and collectability is reasonably assured. Revenue that is billed in advance such as recurring weekly or monthly services are initially deferred and recognized as revenue over the periods the services are provided.

Advertising Expenses

Our company expenses advertising costs as incurred. There was no advertising expense incurred by our company during the period ended February 28, 2014 and 2013.

New Accounting Standards

Our company does not expect the adoption of recently issued accounting pronouncements to have a significant impact on its results of operations, financial position or cash flow.

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