UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act: None
Title of each class |
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| Name of each exchange on which registered |
Common |
| STRG |
| OTCQ: PINK |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
STARGUIDE GROUP INC.
Form 8-K
Current Report
FORWARD-LOOKING STATEMENTS
Our disclosure and analysis in this Current Report on Form 8-K (the “Report”)contains some forward-looking statements. Certain of the matters discussed concerning our operations, cash flows, financial position, economic performance and financial condition, and the effect of economic conditions include forward-looking statements. Statements that are predictive in nature, that depend upon or refer to future events or conditions or that include words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates” and similar expressions are forward-looking statements. Although we believe that these statements are based upon reasonable assumptions, including projections of orders, sales, operating margins, earnings, cash flow, research and development costs, working capital, capital expenditures and other projections, they are subject to several risks and uncertainties.
Investors are cautioned that our forward-looking statements are not guarantees of future performance and the actual results or developments may differ materially from the expectations expressed in the forward-looking statements.
As for the forward-looking statements that relate to future financial results and other projections, actual results will be different due to the inherent uncertainty of estimates, forecasts and projections may be better or worse than projected. Given these uncertainties, you should not place any reliance on these forward-looking statements. These forward-looking statements also represent our estimates and assumptions only as of the date that they were made. We expressly disclaim a duty to provide updates to these forward-looking statements, and the estimates and assumptions associated with them, after the date of this filing to reflect events or changes in circumstances or changes in expectations or the occurrence of anticipated events. You are advised, however, to consult any additional disclosures we make in our reports on Form 10-K, Form 10-Q, Form 8-K, or their successors.
Item 1.01. Entry into a Material Definitive Agreement.
On December 8, 2022 (the “Closing Date”), Starguide Group, Inc. (the “Company”) entered into an agreement with Mr Hoang Lo to acquire 80% of the shares of Live Investments Holdings Ltd, a corporation organized in Great Britain, located in London. Live Investments Holdings Ltd owns 100% of Live Lead Tech Ltd, a corporation organized in Great Britain, also located in London.
A description of the specific terms and conditions of the acquisition are set forth in the Stock Purchase Agreement, which is attached hereto as Exhibit 10.1 and is incorporated herein by reference.
The Agreement contains representations and warranties that the parties made to each other as of specific dates. The assertions embodied in those representations and warranties were made solely for purposes of the Agreement and may be subject to important qualifications and limitations agreed to by the parties in connection with negotiating the terms of the Agreement. In addition, such representations and warranties: (i) may not be accurate or complete as of any specified date; (ii) are modified and qualified in important part by the underlying disclosure; (iii) may be subject to a contractual standard of materiality different from those generally applicable to investors; or (iv) may have been used for the purpose of allocating risk among the parties to the Agreement, rather than establishing matters as facts. Moreover, information concerning the subject matter of the representations and warranties may change after the date of the Agreement, which subsequent information may or may not be fully reflected in Company’s public disclosures. For the foregoing reasons, the representations and warranties should not be relied upon as statements of factual information.
Item 2.01. Completion of Acquisition or Disposition of Assets.
Acquisition Agreement
The Company acquired the 80% share in Live Investments Holdings in exchange for sixteen thousand dollars ($16,000) on closing. As a result of the acquisition of a majority of the issued and outstanding shares of Live Investments Holdings Ltd, we have now assumed Live Investments Holdings Ltd’s business operations as a majority-owned subsidiary and on a consolidated basis.
The information regarding the Agreement and the Acquisition set forth in Item 1.01 is incorporated herein by reference.
FORM 10 INFORMATION
Item 5.06 of Form 8-K states that if the registrant was a shell company before transactions changing the status of a shell company, then the registrant must disclose the information that would be required if the registrant were filing a general form for registration of securities on Form 10. Accordingly, this Current Report on Form 8-K includes all of the information that would be included in a Form 10.
INCORPORATION OF CERTAIN INFORMATION BY REFERENCE
The documents that have been incorporated by reference are an important part of thise prospectus, and you should review that information in order to understand the nature of any investment by you in our common shares. We are incorporating by reference the documents listed below:
| ● | Our Annual Report on Form 10-K for the fiscal year ended January 31, 2022 filed on April 29, 2022 |
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| ● | Our Quarterly Report on Form 10-Q for the quarter ended April 30, 2022 filed on June 14, 2022; |
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| ● | Our Quarterly Report on Form 10-Q for the quarter ended July 31, 2022 filed on August 21, 20221; |
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| ● | Our Quarterly Report on Form 10-Q,for the quarter ended October 31, 2022 filed on December 19, 2022 |
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Any statement contained herein or in a document incorporated or deemed to be incorporated herein by reference shall be deemed to be modified or superseded for purposes of this Report to the extent that a statement contained herein or in any other subsequently filed document which also is or is deemed to be incorporated herein by reference modifies or supersedes such statement.
The documents incorporated by reference into this Report can be obtained directly from us. Upon written or oral request, we will provide to each person, including any beneficial owner, to whom this Report is delivered, a copy of any or all of the reports or documents that have been incorporated by reference into this Report forms a part but not delivered with this Report. If you would like a copy of any of these documents, at no cost, please call us at (702) 664-0097.
Executive Summary:
Live Lead Tech Ltd is a cloud-based lead generation software company. Its flagship product, LiveLead, is designed to provide businesses with verified leads that are collected automatically from sources like Amazon, Apple, Facebook, Google, LinkedIn, and Twitter. A business lead is defined as a person who is interested in the product or service you sell. Obtaining leads is the first step of the sales cycle and is a major component of any sales-led organization.
LiveLead eliminates the need for businesses of all sizes to hire developers or engage in complex coding in its lead generation efforts., thanks to its user-friendly platform and utilization of technology.
History:
LiveLead is an offshoot of a highly successful product, Boost. Boost was first introduced in 2018 and since its inception, has been making waves in the market with its innovative approach to lead generation. With a focus on social opt-in, Boost has helped countless businesses to gather thousands of leads by providing a simple and intuitive platform for users to sign up for updates, newsletters, and other promotional content. Over the past few years, Boost has established itself as a reliable and trustworthy solution for businesses looking to expand their customer base and grow their revenue.
Boost was launched on the application marketplace AppSumo in 2020 and was met with much fanfare and enthusiasm from the marketing and startup communities. The launch was a major success, with Boost selling several thousand one-time licenses in a matter of weeks. The positive response to Boost's unique approach to lead generation was a testament to the product's value and effectiveness.
At the same time, the founder of Boost recognized that there was still a lot of room for improvement and growth. With this in mind, they decided to spin off Boost into a separate entity and create Live Lead Tech Ltd. The goal of Live Lead Tech is to take the proven success of Boost and build upon it to create an even more powerful and comprehensive solution for businesses looking to maximize their lead generation efforts.
One of the main objectives of LiveLead is to transition Boost from a one-time sale product to a subscription revenue model. This shift will allow LiveLead to provide an even more comprehensive and customized experience for its users, as well as offer additional features and benefits that were not possible with the one-time sale model. Additionally, the subscription revenue model will allow LiveLead to establish a more predictable and sustainable revenue stream, allowing the company to invest more resources into product development and growth.
The history of Boost and the creation of LiveLead is a testament to the founders' commitment to innovation, growth, and providing value to their customers. With a strong foundation in the form of Boost, LiveLead aims to become a major player in the social opt-in lead generation space.
Market Analysis:
A lead is a potential customer who has shown interest in a company's product or service and provided their contact information for future marketing efforts. A lead can be generated through various methods such as filling out a form on a website, attending an event, or responding to an advertisement.
Lead generation refers to the process of identifying and nurturing leads to the point where they become interested in a company's offerings. Effective lead generation involves creating a strong marketing strategy that attracts potential customers and converting them into leads. This can include tactics such as search engine optimization (SEO), content marketing, email marketing, and social media marketing. The ultimate goal of lead generation is to build a pipeline of qualified leads that can be passed on to sales teams for further nurturing and potential conversion into customers.
The demand for lead generation software is on the rise as businesses seek effective and efficient ways to capture leads. According to a report from July 2021 by The Insight Partners, the global lead generation solution market is projected to experience robust growth from 2021 to 2028, with a CAGR of 17.5% from 2021 to 2028, rising from US$ 3,103.80 million in 2021 to US$ 9,589.11 million by 2028.
The growth of the market can be attributed to several factors, including the increasing demand for lead-generation solutions by small and medium-sized businesses, the popularity of digital marketing and automation technologies, and the rise of e-commerce and the use of social media platforms for marketing purposes.
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However, a major challenge for businesses is obtaining genuine and verified leads. Traditional lead generation methods such as collecting information from websites or social media can be time-consuming, inaccurate, and often result in unqualified leads.
Problem Definition:
This presents a significant opportunity for Live Lead Tech Ltd and its lead generation software, LiveLead. The software offers a user-friendly platform that eliminates the need for complicated tools and can be used by businesses of all sizes. LiveLead collects verified leads from sources such as Amazon, Apple, Facebook, Google, LinkedIn, and Twitter, providing businesses with a reliable and efficient way to capture genuine leads.
Social sign-up is a popular feature used by websites and apps to increase their signup conversion rate. The idea behind it is simple: users can sign up using their existing social media accounts, rather than filling out a lengthy form. This not only saves time for the user but also reduces friction in the sign-up process. However, this feature is not commonly used on opt-in forms on websites, where businesses typically ask visitors to provide their name and email address in exchange for something of value, such as a newsletter, an e-book, or a discount.
Businesses are always looking for new ways to collect leads and build their email lists. LiveLead offers a unique solution to this problem by providing businesses with opt-in links that they can place anywhere on their websites or learning pages. These links can be shared on social media, embedded in emails, or even added to QR codes. With LiveLead, businesses can collect email contacts wherever they can place a link, providing them with a new channel to reach their audience and grow their email lists.
Asking people to type their email addresses can be a significant barrier to collecting leads, as it can be a poor user experience. Some people may be hesitant to provide their personal information, while others may simply find the process too time-consuming. LiveLead social opt-in solves this problem by allowing the audience to opt in quickly without typing their name and email address. The audience simply clicks on a LiveLead link and the information is automatically captured. This streamlines the opt-in process and provides a better user experience, making it easier for businesses to collect leads and grow their email lists.
Target Market:
We understand that every business is unique, with its own set of challenges and goals. That's why we have designed our lead generation software to be highly versatile, and capable of catering to businesses of all sizes and industries. Our target market is extensive, and we aim to provide value to small and medium-sized businesses, startups, and large enterprises alike. Leveraging the latest technology, LiveLead provides an effortless and efficient solution for businesses seeking to boost visibility, expand their customer base, and generate high-quality leads. Designed to meet the needs of both new startups and well-established enterprises, the software helps businesses achieve growth goals and succeed in a competitive marketplace. Its user-friendly interface and powerful lead collection capabilities make LiveLead an ideal solution for businesses looking to stay ahead of the curve and enhance their lead generation efforts.
Products:
Our flagship product, LiveLead, is a powerful and innovative lead-generation software designed to help businesses reach and engage with their target audience more effectively. Utilizing state-of-the-art intelligence technology, LiveLead automatically collects verified leads from sources such as Amazon, Apple, Facebook, Google, LinkedIn, and Twitter. The software is designed with ease of use in mind, and requires no special expertise or coding knowledge to operate, making it accessible to businesses of all sizes and industries.
In addition to LiveLead, we are committed to developing complementary products that will help businesses grow and succeed. One such product idea is the AI Lead Generation Chat Widget, a chat-based lead capture tool that uses AI technology to engage with website visitors and collect their information in real time, increasing the effectiveness of lead generation efforts.
How LiveLead Works:
LiveLead is a cloud-based software that helps businesses collect leads through social sign-up and login APIs. The software is designed to be user-friendly and enables businesses to create opt-in links without needing to code. An opt-in link is a link that visitors can click on to opt-in and subscribe for more information or receive something in exchange, such as an eBook. Opt-in links are similar to opt-in forms, which are used on websites for visitors to enter their email address, but opt-in links do not require the visitor to fill out a form with their information. With LiveLead, businesses can create opt-in buttons and QR codes based on their created opt-in links. Opt-in buttons are graphical elements that are placed on a website, encouraging visitors to click and opt-in.
Opt-in QR codes are two-dimensional barcodes that, when scanned with a smart phone camera, redirect visitors to the opt-in link.
Both opt-in buttons and QR codes can be customized to include the business' own social app credentials and custom domain, or they can choose to use the LiveLead default social apps and domain name.
Once a visitor clicks on an opt-in link, they are directed to a consent screen from the chosen social network, where they can approve or deny the request for their social account information.
If the visitor approves the request, their information, including email address and name, is collected and saved to the database. This information is then displayed on the user's dashboard and, if the user has entered the API key of their CRM or email automation tool, it will be sent to the external integration. The opt-in process also provides the visitor with access to locked resources promised by the business, such as an eBook and a free report.
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Additionally, LiveLead offers advanced features for agencies and resellers, such as the ability to create white labeled accounts to sell and set up for their clients, making it a great solution for businesses that want to offer their own branded lead collection services to their customers.
Core Technology:
LiveLead operates on a robust and cost-effective tech stack consisting of MeteorJS, MongoDB, NodeJS, JQuery, and Nginx servers running on Ubuntu. MeteorJS is a full-stack JavaScript platform that provides fast and reactive updates to the user interface, ensuring a seamless and smooth user experience.
MongoDB is a NoSQL document-oriented database that provides high performance and scalability. It stores the lead information collected from the opt-in links, making it easily accessible and retrievable for the business. NodeJS is a JavaScript runtime environment that is designed for building scalable network applications, providing an efficient and effective means for communication between the different components of the software.
JQuery is a fast and concise JavaScript library that simplifies HTML document traversal and manipulation. It is used in LiveLead to add interactivity to the user interface and provide dynamic updates to the web page content. Nginx is a high-performance HTTP server that provides efficient request handling and is designed for web applications. It is used in LiveLead to handle incoming HTTP requests, providing fast and reliable response times.
The combination of these technologies provides a powerful and scalable solution for businesses looking to collect leads through social sign-up and login APIs.
Different Offers:
LiveLead offers two different options for businesses to choose from:
Done-for-you Social Opt-in: This option is designed for businesses that want to collect leads without having to do it themselves. LiveLead will handle the creation of opt-in links and the synchronization of leads to different CRMs or email marketing tools.
Do it Yourself SaaS Tool: This option is designed for businesses that want to have more control over the creation of their opt-in links and the synchronization of leads. With this option, businesses have access to the full range of LiveLead's features and can create their own opt-in links and configure the synchronization of leads to their desired CRM or email marketing tool.
How We Will Sell LiveLead:
Currently at the initial stages of our growth, we rely on a combination of direct and indirect sales channels to market and sell our flagship product, LiveLead. Our direct sales approach will involve reaching out to businesses and providing personalized demonstrations of the software, highlighting its key features and benefits, and ultimately closing deals. As we grow and establish ourselves in the market, we plan to expand our direct sales team, bringing on talented and experienced sales professionals who can effectively communicate the value of LiveLead to businesses of all sizes and industries.
In addition to direct sales, we will also leverage indirect sales channels to reach a wider audience and increase brand awareness. This will include building strategic partnerships with marketing agencies, technology firms, and other companies that serve the business community. Our goal is to develop mutually beneficial relationships that will allow us to access new markets, increase our visibility, and generate more leads.
To further incentivize businesses to try our software, we are offering a free trial period, giving businesses the opportunity to test the platform and see the results for themselves before committing to a purchase. This approach allows us to demonstrate the value of LiveLead and provides businesses with the peace of mind that comes with knowing that they are making an informed decision.
Where Do We Think Our Business Will Come From:
As a development company, we are constantly seeking out the most effective channels for reaching and connecting with our target market. While we have a solid understanding of the sales channels we plan to utilize, we understand the importance of being flexible and adaptable in the early stages of our business. That's why we are continually testing and exploring new opportunities for growth. Our goal is to identify the channels that are most effective for reaching our target market and scaling our business over time. In addition to the traditional sales channels, we are also exploring innovative marketing strategies and utilizing the latest technology to enhance our reach and impact. Our approach is to be proactive, innovative, and always looking for new and effective ways to grow our business and reach our target customers.
Business model:
Live Lead Tech's business model is based on providing businesses with innovative solutions for lead generation. The company aims to streamline the lead generation process and make it more efficient for businesses.
The revenue model for LiveLead Tech is a subscription-based model where businesses pay a monthly or annual fee for access to the platform and its features. The fee structure will vary based on the number of opt-in links used, the number of leads generated, and
In addition to the subscription fee, LiveLead Tech may also earn revenue through partnerships with other businesses in the marketing and lead generation space. The company may offer referral fees or commissions to these partners for any business they refer to Live Lead Tech.
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Live Lead Tech's target market includes small to medium-sized businesses that are looking to increase their lead generation efforts. The company's solution is ideal for businesses in a variety of industries, including real estate, e-commerce, education, and healthcare.
By offering a unique and user-friendly solution for lead generation, LiveLead Tech aims to differentiate itself from its competitors and become a leader in the market. The company will invest in marketing and sales efforts to drive awareness and adoption of its platform among its target market.
Other Sources of Revenue
In addition to the main service offerings, Live Lead Tech has identified other sources of revenue that can complement our core business and provide additional value to our customers. One such opportunity is affiliate commissions from selling other companies' products to our business customers.
By partnering with complementary businesses and promoting their products through our platform and customer base, we can earn a commission on any sales that result. This can provide a mutually beneficial relationship, as it allows our partners to tap into a new audience and gain exposure to potential customers, while we can generate additional revenue without having to directly develop or market the products ourselves.
To capitalize on this opportunity, we plan to carefully select partner businesses that offer products that align with our customer base and align with our mission to provide value to our customers. We will negotiate favorable terms with our partners to ensure that we receive a fair commission on any sales generated and will provide ongoing support and marketing efforts to drive success for both ourselves and our partners.
In addition, we will explore other revenue sources that may complement our core business, such as offering premium features or additional services to our customers or exploring new markets and customer segments. Our goal is to continuously evolve our business and find new ways to drive growth and create value for our customers.
Strategic Plan:
Key success factors for a leading global business lead generation technology brand
The lead generation technology industry is rapidly growing with companies competing to provide the most effective and efficient solutions for businesses. Based on market research and the expertise of the Live Lead Tech management team, the company believes it can capture a significant market share in this industry. The following aspects are key elements of Live Lead Tech's strategic plan:
| · | To provide a user-friendly platform that can be easily accessible to businesses of all sizes; |
| · | To utilize cutting-edge technology and data analytics to generate high-quality leads for business customers; |
| · | To offer customized lead generation solutions based on the specific needs of each business customer; |
| · | To have a strong network of partnerships and integrations with other lead generation and marketing technology tools; |
| · | To provide exceptional customer service and support to ensure customer satisfaction and retention; |
| · | To continuously innovate the platform and create new products to stay ahead of the competition. |
Live Lead Tech understands that success in this industry requires a combination of global reach and local responsiveness. The company plans to structure its operations as a global holding company with a network of subsidiary or affiliate partners in key markets. This will allow Live Lead Tech to tap into local market networks and offer tailored lead generation solutions while also leveraging economies of scale in technology and data infrastructure.
Positioning strategy: “Leader in social opt-in”
As the demand for data privacy and opt-in solutions increases, it becomes crucial for startups like Live Lead Tech to establish a clear branding and positioning strategy in order to attract potential customers and partners. Live Lead Tech aims to be at the forefront of this trend by offering a cutting-edge SaaS tool that streamlines the social opt-in process for businesses.
In order to achieve our goal of becoming the leader in social opt-in, we plan to leverage our reputation as a startup that is dedicated to educating the market about the importance and benefits of this approach. Our commitment to providing top-notch customer support and our willingness to collaborate with partners will set us apart from the competition.
Additionally, we will adopt industry-leading marketing strategies to explain the value of our solution, using plain language and real-world examples to showcase how our tool can help businesses achieve their goals. Our marketing strategy will be fueled by a budget that allows us to be aggressive and creative and will include a cooperative marketing program with partners.
Live Lead Tech values transparency, connection, and a focus on delivering value to our customers. These values will be at the core of our brand and will guide all of our business decisions as we work to establish ourselves as the go-to solution for social opt-in.
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Product strategy: "Reliable and trustworthy SaaS tool for social opt-in"
At Live Lead Tech, our SaaS tool for social opt-in is one of the most crucial assets of the company. With our experience in the market, we aim to position ourselves as a reliable and trustworthy solution for businesses. To maintain our leading position, the following strategic developments will be required:
· | Expand our offering with new and innovative features; |
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· | Enhance the user experience by incorporating feedback from our customers; |
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· | Make our SaaS tool accessible and easy to use for businesses of all sizes; and |
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· | Maintain the highest level of security and privacy for our users. |
In addition to these developments, we recognize the importance of educating the market about social opt-in. This includes creating resources for businesses to understand the benefits of using our tool, as well as demonstrating the value we bring to the market.
With our focus on providing a reliable and trustworthy solution, Live Lead Tech is dedicated to continuously improving our SaaS tool to meet the market’s evolving needs.
Other Relevant Information:
LiveLead is designed to be a low-maintenance solution for businesses, with minimal costs for LiveLead Tech Ltd. The software is user-friendly, cloud-based, and requires no special expertise or coding knowledge to operate, making it easy for businesses to get started. The fully customizable platform allows businesses to tailor the system to their specific needs. Additionally, the opt-in links within LiveLead are unique and powerful for lead generation, as they can be placed anywhere online. To ensure success for businesses using LiveLead, we plan to offer a comprehensive support program, providing resources and guidance as needed.
Item 5.06. Change in Shell Company Status.
As a matter of law, upon the closing of the Purchase Agreement, the Company is no longer considered a “shell company” as that term is defined in Rule 405 of the Securities Act of 1933, as amended. Rule 405 provides that:
Shell company. The term shell company means a registrant, other than an asset-backed issuer as defined in Item 1101(b) of Regulation AB (§229.1101(b) of this chapter), that has:
| (1) | No or nominal operations; and | |
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| (ii) | Assets consisting solely of cash and cash equivalents; or |
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| (iii) | Assets consisting of any amount of cash and cash equivalents and nominal other assets. |
Additionally, Starguide Group Inc is actively in negotiations to acquire Software as a Service (SaaS) companies with a view towards being an active incubator for these startups. Our team is very active in these negotiations and are in the concluding stages of finalizing agreement for another SaaS company. Live Lead Tech Ltd has also generated its first revenues and the company expects further growth in the very near future.
We have determined that we were no longer a shell company, based upon the fact that we have more than nominal assets, other than cash and more than nominal operations.
Item 9.01. Financial Statements and Exhibits.
(a) | Financial Statements of Business Acquired. |
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| Financial Statements (unaudited) of Live Investments Holdings Ltd. from November 21, 2022 (inception) to January 31, 2023. |
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(d) Exhibits. The following exhibits are either filed as a part hereof or are incorporated by reference. Exhibit numbers correspond to the numbering system in Item 601 of Regulation S-K.
Exhibit Number |
| Description of Exhibit | Filing |
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| Stock Purchase Agreement by and between the Company and Hoang Lo dated December 8, 2022 | Filed herewith. | |
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| Cover Page Interactive Data File (embedded within the Inline XBRL Document) |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| STARGUIDE GROUP, INC. |
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Dated: March 16, 2023 |
| /s/ Lu Mei Xian |
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| By: | Lu Mei Xian |
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| Its: | Chief Executive Officer |
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FINANCIALS
FOR THE PERIOD FROM NOVEMBER 22, 2022 (INCEPTION) TO JANUARY 31, 2023 BALANCE SHEET
JANUARY 31, 2023 | ||||
ASSETS | ||||
Current assets: | ||||
Cash at bank | 3091.03 | |||
Total current assets Non-current assets: | 3091.03 | |||
Computer equipment | 2796.15 | |||
Software acquisition | 79438.25 | |||
Less: Accumulated depreciation | (259.31 | ) | ||
Total non-current assets | 81975.09 | |||
Investment: | 102302.29 | |||
Total assets | $ | 187368.42 | ||
LIABILITIES AND STOCKHOLDERS’ DEFICIT | ||||
Current liabilities | 1941.62 | |||
Loans from related parties | $ | 105585.34 | ||
Total current liabilities | 1941.62 | |||
Total liabilities | 107526.96 | |||
Share capital | ||||
10,000 shares issued and outstanding as of January 31, 2023 | 102302.29 | |||
Accumulated deficit | (22460.83 | ) | ||
Total stockholders’ deficit | 79841.46 | |||
Total liabilities and stockholders’ deficit | $ | 187368.42 | ||
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STATEMENT OF OPERATIONS
FOR THE PERIOD FROM INCEPTION NOVEMBER 22, 2022 TO JANUARY 31, 2023
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| For the period from inception November 22 to January 31, 2023 |
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Operating Expenses |
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General and administrative expense |
| $ | 5309.45 |
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Total operating expenses |
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| 5309.45 |
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Operating loss |
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| (5309.45 | ) |
Loss before income taxes |
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| (5309.45 | ) |
Income tax provision (benefit) |
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| - |
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Net Loss |
| $ | (5309.45 | ) |
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STATEMENTS OF STOCKHOLDERS’ EQUITY
FOR THE PERIOD FROM INCEPTION NOVEMBER 22, 2022 TO JANUARY 31, 2023
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| Additional Paid-In - |
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| Amount |
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| Deficit |
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Balance as of November 22, 2022 |
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| $ | 4275.25 |
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| $ | 18588.79 |
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| $ | - |
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| $ | 22864.04 |
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Net loss |
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| - |
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| - |
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| - |
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| (22460.83 | ) |
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| (22460.83 | ) |
Balance as of January 31, 2023 |
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| $ | 4275.25 |
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| $ | 18588.79 |
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| $ | (22460.83 | ) |
| $ | (403.21 | ) |
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STATEMENT OF CASH FLOWS
FOR THE PERIOD FROM INCEPTION NOVEMBER 22, 2022 TO JANUARY 31, 2023
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| FOR THE PERIOD FROM INCEPTION NOVEMBER 22, 2022 TO JANUARY 31, 2023 |
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CASH FLOWS FROM OPERATING ACTIVITIES |
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Net loss |
| $ | (5309.45 | ) |
Adjustments for non-cash items |
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| (196.04 | ) |
Net changes in operating assets and liabilities |
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Net cash used in operating activities |
| $ | (5505.49 | ) |
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
Borrowing from related party |
| $ | 8082.55 |
|
Net cash used in financing activities |
|
| 8082.55 |
|
|
|
|
|
|
Net decrease in cash and equivalents |
| $ | 2577.06 |
|
Cash and equivalents at beginning of the period |
|
| 513.97 |
|
Cash and equivalents at end of the period |
| $ | 3091.03 |
|
Supplemental cash flow information: |
|
|
|
|
Interest |
| $ | - |
|
Taxes |
| $ | - |
|
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LIVE INVESTMENTS HOLDINGS LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM INCEPTION NOVEMBER 22, 2022 TO JANUARY 31, 2023
NOTE 1 – ORGANIZATION AND BUSINESS
Live Investments Holdings LTD (the “Company”) is a corporation established under the corporation laws in UK on November 19, 2022. The Company is an investment holding company.
NOTE 2 – GOING CONCERN
The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates continuity of operations, realization of assets, and liquidation of liabilities in the normal course of business.
At present, the Company has no business operations and no cash resources other than that provided by management. We are dependent upon interim funding provided by management to pay professional fees and expenses. Our management has agreed to provide funding as may be required to pay for accounting fees and other administrative expenses of the Company until we enter into a business combination.
We currently plan to satisfy our cash requirements for the next 12 months through borrowings/advances from our management and believe we can satisfy our cash requirements. We expect that money borrowed will be used during the next 12 months to satisfy our operating costs, professional fees and for general corporate purposes.
NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
We have prepared the accompanying financial statements in conformity with generally accepted accounting principles in the United States of America pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”).
New Accounting Pronouncements
There were various accounting standards and interpretations issued recently, none of which are expected to a have a material impact on our financial position, operations or cash flows.
Cash and Cash Equivalents
For purposes of the statement of cash flows, the Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents.
Use of Estimates
The preparation of the Company’s financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates.
Income Taxes
The Company utilizes the asset and liability approach to accounting for income taxes. Deferred income tax assets and liabilities arise from differences between the tax basis of an asset or liability and its reported amount in the combined financial statements. Deferred tax balances are determined by using tax rates expected to be in effect when the taxes will actually be paid. A valuation allowance is recognized to reduce deferred tax assets to the amount that is more likely than not to be realized. In assessing the likelihood of realization, management considered estimates of future taxable income.
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Uncertain Tax Positions
Per FASB ASC 740-10, disclosure is not required of an uncertain tax position unless it is considered probable that a claim will be asserted and there is a more-likely-than-not possibility that the outcome will be unfavourable. Using this guidance, as of January 31, 2023, the Company has no uncertain tax positions that qualify for either recognition or disclosure in the financial statements.
Property and Equipment
Fixed assets are stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. The cost comprises purchase price, borrowing costs, if capitalization criteria are met and directly attributable cost of bringing the asset to its working condition for the intended use. Any subsidy/reimbursement/contribution received for installation and acquisition of any fixed assets is shown as deduction in the year of receipt. Capital work- in progress is stated at cost.
Subsequent expenditure related to an item of fixed assets is added to its book value only if it increases the future benefits from the existing asset beyond its previously assessed standard of performance. All other expenses on existing fixed assets, including day-to-day repairs and maintenance expenditure and cost of replacing parts, are charged to the Statement of Profit and Loss for the period during which such expenses are incurred.
The Company utilizes straight-line depreciation over the estimated useful life of the asset.
NOTE 4 – INVESTMENT
For the year ended January 31, 2023, the Company has a total of $102302.29 of investments, comprising of the Company's investment in its wholly-owned subsidiary Live Lead Tech Ltd.
NOTE 5 – SHARE CAPITAL
For the year ended January 31, 2023, the Company has 10,000 shares issued and outstanding.
NOTE 6 – RELATED PARTY TRANSACTIONS
On November 19, 2022, the Company subsidiary company Live Lead Tech LTD paid the incorporation fee with the amount of $234 on behalf of the Company.
NOTE 7 – SUBSEQUENT EVENTS
The Company has evaluated events subsequent to January 31, 2023, to assess the need for potential recognition or disclosure in the consolidated financial statements. Such events were evaluated through March 13, 2023, the date and time the consolidated financial statements were issued, and it was determined that no subsequent events occurred that required recognition or disclosure in the consolidated financial statements.
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