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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended October 31, 2023

 

or

 

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from                    to                    

 

Commission file number: 333-252505

 

WarpSpeed Taxi Inc.

(Exact name of registrant as specified in its charter)

 

Wyoming

State or other jurisdiction of incorporation or organization

 

Shiriki House Office Community, 3rd Floor Westside Towers

Lower Kabete Road, Westlands Nairobi, Kenya

(Address of principal executive offices) (Zip Code)

 

(702) 802-0474

Registrant’s telephone number, including area code

 

N/A

(Former name, former address and former fiscal year, if changed since last report)

 

Securities registered under Section 12(b) of the Exchange Act: None

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒   No ☐

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☐   No ☒

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer ☐ Accelerated filer ☐
Non-accelerated filer ☐ Smaller reporting company ☒
    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. ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

 

239,590,000 shares of common stock are issued and outstanding as of January 29, 2024.

 

 

 

 

 

PART I FINANCIAL INFORMATION

 

Certain information and footnote disclosures required under accounting principles generally accepted in the United States of America have been condensed or omitted from the following financial statements pursuant to the rules and regulations of the Securities and Exchange Commission. It is suggested that the following financial statements be read in conjunction with the year-end financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended July 31, 2023. In the opinion of management, all adjustments considered necessary for a fair presentation of the results of operations and financial position have been included and all such adjustments are of a normal recurring nature.

 

The results of operations for the three months ended October 31, 2023, are not necessarily indicative of the results for the entire fiscal year or for any other period.

 

1

 

 

WARPSPEED TAXI INC.

UNAUDITED BALANCE SHEET

As of July 31, 2023 and October 31, 2023

 

   October 31,   July 31, 
   2023   2023 
   $   $ 
Current assets:          
Cash   6    16 
Prepayment & deposits   15,000    15,000 
Total current assets:   15,006    15,016 
Fixed assets:          
Software   206,706    199,956 
Total Fixed assets:   206,706    199,956 
           
Total Assets:   221,712    214,972 
           
Current liabilities:          
Accounts payable and accrued liabilities   46,924    34,952 
Total current liabilities:   46,924    34,952 
           
Total Liabilities:   46,924    34,952 
           
Common stock: $0.0001 par value, 500,000,000 authorized, 239,590,000 issued and outstanding as of October 31, 2023 and July 31, 2023, respectively.   23,959    23,959 
Additional paid in capital   642,941    642,941 
Accumulated deficit   (492,112)   (486,880)
Total Stockholder’s Equity:   174,788    180,020 
           
Total Liabilities and Stockholder’s Equity:   221,712    214,972 

 

(The accompanying notes are an integral part of these unaudited interim condensed financial statements)

 

2

 

 

WARPSPEED TAXI INC.

UNAUDITED STATEMENT OF COMPREHENSIVE LOSS 

                 
   For the three months
period ended		 
   October 31, 
   2023   2022 
   $   $ 
Expenses:          
General and administrative   5,232    7,703 
Net Loss:   (5,232)   (7,703)
           
Net loss per share – basic and diluted   -    - 
           
Weighted average shares outstanding – basic and diluted   239,370,000    239,370,000 

 

(The accompanying notes are an integral part of these unaudited interim condensed financial statements)

 

3

 

 

WARPSPEED TAXI INC.

UNAUDITED STATEMENT OF STOCKHOLDER’S EQUITY

For the three month period ended October 31, 2023 and 2022 

                                         
   Common Stock   Paid in   Accumulated     
   Number   Par Value   Capital   Deficit   Total 
       $   $   $   $ 
Opening Balance, July 31, 2022   239,370,000    23,937    585,963    (402,468)   207,432 
Issuance of common stock   -    -    -    -    - 
Net Loss   -    -    -    (7,703)   (7,703)
Closing Balance, October 31, 2022   239,370,000    23,937    585,963    (410,171)   199,729 
                          
Opening Balance, July 31, 2023   239,590,000    23,959    642,941    (486,880)   180,020 
Issuance of common stock   -    -    -    -    - 
Net Loss   -     -    -    (5,232)   (5,232)
Closing Balance, October 31, 2023   239,590,000    23,959    642,941    (492,112)   174,788 

 

(The accompanying notes are an integral part of these unaudited interim condensed financial statements)

 

4

 

 

WARPSPEED TAXI INC.

UNAUDITED STATEMENT OF CASH FLOWS

                 
   For the three months period ended 
   October 31, 
   2023   2022 
   $   $ 
Cash flows from operating activities:          
Net loss for the period   (5,232)   (7,703)
Change in operating assets and liabilities:          
Accounts payable and accrued liabilities   11,972    (132,178)
Net cash used in operating activities:   6,740    (139,881)
           
Cash flows from investing activities:          
Software development   (6,750)   127,306 
Net cash used in investing activities:   (6,750)   127,306 
           
Cash flows from financing activities:          
Proceeds from issuance of common stock   -    - 
Net cash used in financing activities:   -    - 
           
Change in cash   (10)   (12,575)
           
Cash – beginning of period   16    13,093 
           
Cash – end of period   6    518 
           
Supplemental cash flow disclosures   -    - 
           
Cash paid For:          
Interest   -    - 
Income tax   -    - 

 

(The accompanying notes are an integral part of these unaudited interim condensed financial statements)

 

5

 

 

WARPSPEED TAXI INC.

Notes to the Interim Financial Statements

October 31, 2023, and 2022

(Unaudited)

 

1. NATURE AND CONTINUANCE OF OPERATIONS

 

WarpSpeed Taxi Inc. (the “Company”) was incorporated in the state of Wyoming on November 18, 2020 (“Inception”). The Company has completed the Beta Testing for the ride-hailing and food delivery computer and mobile device application known as “WarpSpeed Taxi”. The Company’s fiscal year-end is July 31.

 

The Company entered into an asset purchase agreement to acquire the WarpSpeed Taxi computer and mobile device application in its current state of development for cash payments totaling $50,000 plus the issuance of a promissory note for $250,000 that is payable on demand any time after December 31, 2023. The note bears simple interest at a rate of 5% per annum and is unsecured. The Company may pay this note early without penalty. The Company must pay the vendor an additional $40,000 upon the vendor’s delivery of a working prototype of the application.

 

On September 6, 2022, the Company entered into a settlement agreement with a private company that provided it with marketing, beta testing, cloning, and maintenance services in connection with the WarpSpeed Taxi computer application. Pursuant to the settlement agreement, the Company agreed to transfer out its interest in the WarpSpeed Taxi application to the private company in full and final satisfaction of the $135,431 owing to the private company. However, the Company will retain a license for the sole and exclusive use of the WarpSpeed Taxi application in the United States.

 

2. GOING CONCERN

 

These financial statements have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The Company has incurred a loss since inception resulting in an accumulated deficit of $492,112, as of October 31, 2023 and further losses are anticipated in the development of its business raising substantial doubt about the Company’s ability to continue as a going concern. In order to remain in business, the Company will need to raise capital in the next twelve months. The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or obtaining the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management intends to finance operating costs over the next twelve months with existing cash on hand and proceeds from its public offering. The Company has no written or verbal commitments from stockholders, director or officer to provide the Company with any form of cash advances, loans or other sources of liquidity to meet its working capital needs. The accompanying financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result from the possible inability of the Company to continue as a going concern.

 

3. INTERIM REPORTING

 

The interim financial statements are prepared under the accrual basis of accounting in accordance with accounting principles generally accepted (GAAP) in the United States of America for the interim information. Accordingly, the financial statements do not include all of the information and notes required by GAAP for the complete financial statements. While the information presented is unaudited, it includes all adjustments, which are, in the opinion of management, necessary to present fairly the financial position, result of operation and cash flows for the interim periods presented in accordance with accounting principles generally accepted in the United States of America. All adjustments are of a normal recurring nature. It is suggested that the interim financial statements be read in conjunction with the Company’s July 31, 2023, audited financial statements. Operating results for the three-month ended October 31, 2023, are not necessarily indicative of the results that can be expected for the fiscal year ended July 31, 2024.

 

There have been no changes in the accounting policies from those disclosed in the notes to the audited financial statements for the period ended July 31, 2023.

 

6

 

 

4. CAPITAL STOCK

 

The total number of common shares authorized that may be issued by the Company is 500,000,000 shares with a par value of $0.0001 per share.

 

There has been no stock activity during the three months ended October 31, 2023 and 2022.

 

5. SUBSEQUENT EVENTS

 

Subsequent to the period ended October 31, 2023, the Company entered into a binding letter of intent with a joint venture partner whereby the Company will form a U.S. corporation for the purpose of operating a ride-hailing and delivery business using a computer application that the joint venture partner has developed. The agreement provides that the Company will be responsible for funding the operation and marketing of the business in the amount of $1.5 million and that the JV Partner will cause the owner of the computer application to transfer the assets comprising the ride-hailing and delivery business to the joint venture corporation. The joint venture partner will be responsible for operating the joint venture corporation’s business while both parties will oversee monthly budgets. Both parties will each own of a 50% interest in the joint venture corporation, though these interests may be diluted through additional financing.

 

7

 

 

ITEM 2. Management’s Discussion and Analysis of Financial Conditions and Results of Operations.

 

Forward Looking Statements

 

This quarterly report contains forward-looking statements that involve risks and uncertainties.  We use words such as anticipate, believe, plan, expect, future, intend and similar expressions to identify such forward-looking statements. You should not place too much reliance on these forward-looking statements.  Our actual results are likely to differ materially from those anticipated in these forward-looking statements for many reasons, including the risks faced by us described in this section.

 

Background

 

We were incorporated on November 18, 2020 under the laws of the State of Wyoming.

 

We were involved in the development of a ride-hailing and food delivery computer and mobile device application known as “WarpSpeedTaxi”.

 

On September 6, 2022, we entered into a debt settlement agreement with Global Corporate Structural Services Inc. (“GCSS”), a private company that has provided us with marketing, beta testing, cloning, and maintenance services in connection with the WarpSpeed Taxi computer application. Pursuant to the debt settlement agreement, we acknowledged that we owed $135,430.95 to GCSS for its services as of July 31, 2023.

 

On September 15, 2022, we entered into a final settlement agreement with GCSS whereby we have agreed to transfer our 100% interest in the WarpSpeed Taxi application to GCSS in full and final satisfaction of the debt owed to GCSS and any other claims that GCSS has against us. However, we will retain a license for the sole and exclusive use of the WarpSpeed Taxi application in the United States.

 

We anticipate that our WarpSpeedTaxi application will allow customers to hire a standard and luxury motor vehicles via a smartphone or personal computer for both one-way and round-trips with the price based on the distance travelled and the current level of demand for vehicles. In addition to transporting passengers, the application may also be used for deliveries of goods from restaurants, grocery stores, and other businesses that typically utilize local vehicle courier services.

 

Customers will use the application to request a ride or the delivery of goods. Drivers that we recruit and approve, through confirmation of no criminal record, a clean driving history, and access to a suitable insured vehicle, will act as independent contractors and set their own work hours. They will connect with customers via our application, pick up customers or goods to be delivered in accordance with the customer’s request, and then drive the customers or goods to their destination. Customers will pay for the transportation through the application by way of credit card. Drivers will receive payments for each ride or delivery they complete via a weekly direct deposit to their bank accounts.

 

When a customer uses the WarpSpeedTaxi application for ride-hailing, we will charge the customer a flat fee of approximately $2.00 for each ride plus an amount for each mile that the customer travels. The amount for each mile will vary depending on the city in which the customer is located. It will be higher in more densely populated cities where traffic moves relatively slowly and lower in less densely population cities will less traffic congestion. Additionally, we will charge customers an additional premium during busy times when customer demand exceeds the number of available drivers. This increase in pricing is intended to incentivize drivers to work during peak demand times since they will receive greater compensation. In order to encourage drivers to work a independent contractors for us, we will initially retain 15% of all revenue that a customer pays for a ride with the remaining 85% compensating the driver for his or her time and vehicle expenses. Drivers will also retain 100% of all tips that customers provide them. Over time, when we have established a market for our services, we may adjust this percentage so that we retain a greater percentage of revenue.

 

When a restaurant uses the food delivery service feature of our WarpSpeedTaxi application, we will charge restaurants between 5% and 15% of their order revenue, subject to a set minimum amount, depending on the amount of business that we receive from delivery orders of their food through our application. From these proceeds, we will pay our drivers a base fee for deliveries that depend on the distance that they must travel to pick up the food and deliver it to the customer. In addition, the driver will retain any tips that the customer provides.

 

8

 

 

Results of Operations for the Three months Ended October 31, 2023 and 2022

 

Our net loss for the three-month period ended October 31, 2023 and 2022 was $5,232 and $7,703, respectively, which consisted entirely of general and administrative fees. We did not generate any revenue to date.

 

LIQUIDITY AND CAPITAL RESOURCES

 

As at October 31, 2023, our current assets were $15,006, compared to $15,016 at July 31, 2023. The decrease in current assets in the current fiscal year is due to use of our cash for ordinary business expenses and reduction in accounts payable owed to vendors.

 

As at October 31, 2023, our current liabilities were $46,924, compared to $34,952 at July 31, 2023. Current liabilities at October 31, 2023 were comprised entirely of accounts payable and accrued liabilities. Current liabilities decreased in the first quarter of the 2024 as compared to the July 31, 2023 year end

 

We expect we will require additional capital to meet our long-term operating requirements. We expect to raise additional capital through, among other methods, the sale of equity or debt securities.

 

Cash Flows from Operating Activities

 

For the three-month period ended October 31, 2023, net cash flows used in operating activities were $6,740, consisting of a net loss of $5,232, which was offset by $11,972 increase of accounts payable. This compares to net cash flows used in operating activities of $(139,881) consisting of a net loss of $7,703 offset by accounts payable of ($132,178) for the three-month period ended October 31, 2023.

 

Cash Flows from Investing Activities

 

For the three-month period ended October 31, 2023 and 2022, our cash flows provided from investing activities were $(6,750) compared to cash flows used in investing activities of $127,306, respectively, which consisted of software development.

 

Cash Flows from Financing Activities

 

We have financed our operations from the issuance of our shares of common stock. Net cash flows generated from financing activities were $0 in the three-month period ended October 31, 2023 as compared to $0 during the three-month period ended October 31, 2022 relating to our sale of 10,200,000 shares of common stock at a price of $0.02 pursuant to our registration statement on Form S-1, as amended.

 

OFF-BALANCE SHEET ARRANGEMENTS

 

As of the date of this report, we do not have any 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 are material to investors.

 

GOING CONCERN

 

The independent auditors’ report accompanying our July 31, 2023 financial statements contained an explanatory paragraph expressing substantial doubt about our ability to continue as a going concern. The financial statements have been prepared “assuming that we will continue as a going concern,” which contemplates that we will realize our assets and satisfy our liabilities and commitments in the ordinary course of business.

 

9

 

 

Item 4. Controls and Procedures.

 

As supervised by our board of directors and our principal executive and principal financial officer, management has established a system of disclosure, controls and procedures and has evaluated the effectiveness of that system. The system and its evaluation are reported on in the below Management’s Annual Report on Internal Control over Financial Reporting. Our principal executive and financial officer has concluded that our disclosure, controls and procedures (as defined in Securities Exchange Act of 1934 (“Exchange Act”) Rule 13a-15(e)) as of October 31, 2023, were not effective, based on the evaluation of these controls and procedures required by paragraph (b) of Rule 13a-15.

 

Management’s Annual Report on Internal Control over Financial Reporting

 

Management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Rule 13a-15(f) of the Exchange Act. Internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. generally accepted accounting principles.

 

Management assessed the effectiveness of internal control over financial reporting as of October 31, 2023. We carried out this assessment using the criteria of the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control—Integrated Framework.

 

This annual report does not include an attestation report of our registered public accounting firm regarding internal control over financial reporting. Management’s report was not subject to attestation by our registered public accounting firm, pursuant to rules of the Securities and Exchange Commission that permit us to provide only management’s report in this annual report. Management concluded in this assessment that as of October 31, 2023, our internal control over financial reporting is not effective.

 

There have been no significant changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the first quarter of our 2024 fiscal year that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

10

 

 

PART II—OTHER INFORMATION

 

Item 1. Legal Proceedings.

 

None

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

 

None

 

Item 3. Defaults Upon Senior Securities.

 

None.

 

Item 4. Mine Safety

 

Not Applicable.

 

Item 5. Other Information

 

None.

 

Item 6. Exhibits.

 

31.1   Section 302 Certification by Chief Executive Officer and Chief Financial Officer
     
32.1   Section 906 Certification by Chief Executive Officer and Chief Financial Officer

 

Copies of the following documents are included as exhibits to this report pursuant to Item 601 of Regulation S-K.

 

SEC Ref. No.  Title of Document
101.INS   XBRL Instance Document
101.SCH   XBRL Taxonomy Extension Schema Document
101.CAL   XBRL Taxonomy Calculation Linkbase Document
101.DEF   XBRL Taxonomy Extension Definition Linkbase Document
101.LAB   XBRL Taxonomy Label Linkbase Document
101.PRE   XBRL Taxonomy Presentation Linkbase Document

 

The XBRL related information in Exhibits 101 to this Annual Report on Form 10-K shall not be deemed “filed” or a part of a registration statement or prospectus for purposes of Section 11 or 12 of the Securities Act of 1933, as amended, and is not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of those sections.

 

11

 

 

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.

 

WarpSpeed Taxi Inc.

 

By: /s/ Daniel Okelo

President, Chief Executive Officer, Chief Financial Officer, principal accounting officer and director

 

Date: January 29, 2024

 

In accordance with the Securities Exchange Act, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By: /s/ Daniel Okelo

President, Chief Executive Officer, Chief Financial Officer, principal accounting officer and director

 

Date: January 29, 2024

 

12

 

 

EXHIBIT 31.1

 

CERTIFICATIONS

 

I, Daniel Okelo, certify that:

 

1. I have reviewed this quarterly report on Form 10-Q of WarpSpeed Taxi Inc.;

 

2. Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report;

 

4. I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13(a)-15(f) and 15(d)-15(f)) for the registrant and I have:

 

(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

(d) disclosed in this quarterly report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

5. I have disclosed, based on my most recent evaluation of internal controls over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: January 29, 2024

 

By: /s/ Daniel Okelo                                    

Daniel Okelo

Chief Executive Officer and Chief Financial Officer

(Principal Executive Officer, Principal Financial

Officer and Principal Accounting Officer)

 

 

 

 

EXHIBIT 32.1

 

CERTIFICATION PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

The undersigned, Daniel Okelo, Chief Executive Officer and Chief Financial Officer of WarpSpeed Taxi Inc. (the “Company”) hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

 

(a) the Quarterly Report on Form 10-Q of the Company for the period ended October 31, 2023 (the “Report”) fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

 

(b) the information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

Date: January 29, 2024 

 

By: /s/ Daniel Okelo                                 

Daniel Okelo

Chief Executive Officer and Chief Financial Officer

(Principal Executive Officer, Principal Financial

Officer and Principal Accounting Officer)

 

 

 

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Entity Current Reporting Status Yes  
Entity Interactive Data Current No  
Entity Filer Category Non-accelerated Filer  
Entity Small Business true  
Entity Emerging Growth Company true  
Elected Not To Use the Extended Transition Period false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   239,590,000
v3.24.0.1
Unaudited Balance Sheet - USD ($)
Oct. 31, 2023
Jul. 31, 2023
Current assets:    
Cash $ 6 $ 16
Prepayment & deposits 15,000 15,000
Total current assets: 15,006 15,016
Fixed assets:    
Software 206,706 199,956
Total Fixed assets: 206,706 199,956
Total Assets: 221,712 214,972
Current liabilities:    
Accounts payable and accrued liabilities 46,924 34,952
Total current liabilities: 46,924 34,952
Total Liabilities: 46,924 34,952
Common stock: $0.0001 par value, 500,000,000 authorized, 239,590,000 issued and outstanding as of October 31, 2023 and July 31, 2023, respectively. 23,959 23,959
Additional paid in capital 642,941 642,941
Accumulated deficit (492,112) (486,880)
Total Stockholder’s Equity: 174,788 180,020
Total Liabilities and Stockholder’s Equity: $ 221,712 $ 214,972
v3.24.0.1
Unaudited Balance Sheet (Parenthetical) - $ / shares
Oct. 31, 2023
Jul. 31, 2023
Statement of Financial Position [Abstract]    
Common stock, par value $ 0.0001 $ 0.0001
Common stock, shares authorized 500,000,000 500,000,000
Common stock, shares, issued 239,590,000 239,590,000
Common stock, shares, outstanding 239,590,000 239,590,000
v3.24.0.1
Unaudited Statement of Comprehensive Income Loss - USD ($)
 3 Months Ended
Oct. 31, 2023
Oct. 31, 2022
Expenses:    
General and administrative $ 5,232 $ 7,703
Net Loss: $ (5,232) $ (7,703)
Net loss per share – basic and diluted
Weighted average shares outstanding – basic and diluted 239,370,000 239,370,000
v3.24.0.1
Unaudited Statement of Stockholder's Equity - USD ($)
Common Stock [Member]
Additional Paid-in Capital [Member]
Retained Earnings [Member]
Total
Opening Beginning balance, value at Jul. 31, 2022 $ 23,937 $ 585,963 $ (402,468) $ 207,432
Opening Balance, shares at Jul. 31, 2022 239,370,000      
Issuance of common stock
Net Loss (7,703) (7,703)
Closing Ending balance, value at Oct. 31, 2022 $ 23,937 585,963 (410,171) 199,729
Closing Balance, shares at Oct. 31, 2022 239,370,000      
Opening Beginning balance, value at Jul. 31, 2023 $ 23,959 642,941 (486,880) 180,020
Opening Balance, shares at Jul. 31, 2023 239,590,000      
Issuance of common stock
Net Loss (5,232) (5,232)
Closing Ending balance, value at Oct. 31, 2023 $ 23,959 $ 642,941 $ (492,112) $ 174,788
Closing Balance, shares at Oct. 31, 2023 239,590,000      
v3.24.0.1
Unaudited Statement of Cash Flows - USD ($)
 3 Months Ended
Oct. 31, 2023
Oct. 31, 2022
Cash flows from operating activities:    
Net loss for the period $ (5,232) $ (7,703)
Change in operating assets and liabilities:    
Accounts payable and accrued liabilities 11,972 (132,178)
Net cash used in operating activities: 6,740 (139,881)
Cash flows from investing activities:    
Software development (6,750) 127,306
Net cash used in investing activities: (6,750) 127,306
Cash flows from financing activities:    
Proceeds from issuance of common stock
Net cash used in financing activities:
Change in cash (10) (12,575)
Cash – beginning of period 16 13,093
Cash – end of period 6 518
Cash paid For:    
Interest
Income tax
v3.24.0.1
NATURE AND CONTINUANCE OF OPERATIONS
 3 Months Ended
Oct. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
NATURE AND CONTINUANCE OF OPERATIONS

1. NATURE AND CONTINUANCE OF OPERATIONS

 

WarpSpeed Taxi Inc. (the “Company”) was incorporated in the state of Wyoming on November 18, 2020 (“Inception”). The Company has completed the Beta Testing for the ride-hailing and food delivery computer and mobile device application known as “WarpSpeed Taxi”. The Company’s fiscal year-end is July 31.

 

The Company entered into an asset purchase agreement to acquire the WarpSpeed Taxi computer and mobile device application in its current state of development for cash payments totaling $50,000 plus the issuance of a promissory note for $250,000 that is payable on demand any time after December 31, 2023. The note bears simple interest at a rate of 5% per annum and is unsecured. The Company may pay this note early without penalty. The Company must pay the vendor an additional $40,000 upon the vendor’s delivery of a working prototype of the application.

 

On September 6, 2022, the Company entered into a settlement agreement with a private company that provided it with marketing, beta testing, cloning, and maintenance services in connection with the WarpSpeed Taxi computer application. Pursuant to the settlement agreement, the Company agreed to transfer out its interest in the WarpSpeed Taxi application to the private company in full and final satisfaction of the $135,431 owing to the private company. However, the Company will retain a license for the sole and exclusive use of the WarpSpeed Taxi application in the United States.

 
v3.24.0.1
GOING CONCERN
 3 Months Ended
Oct. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
GOING CONCERN

2. GOING CONCERN

 

These financial statements have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The Company has incurred a loss since inception resulting in an accumulated deficit of $492,112, as of October 31, 2023 and further losses are anticipated in the development of its business raising substantial doubt about the Company’s ability to continue as a going concern. In order to remain in business, the Company will need to raise capital in the next twelve months. The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or obtaining the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management intends to finance operating costs over the next twelve months with existing cash on hand and proceeds from its public offering. The Company has no written or verbal commitments from stockholders, director or officer to provide the Company with any form of cash advances, loans or other sources of liquidity to meet its working capital needs. The accompanying financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result from the possible inability of the Company to continue as a going concern.

 
v3.24.0.1
INTERIM REPORTING
 3 Months Ended
Oct. 31, 2023
Interim Reporting  
INTERIM REPORTING

3. INTERIM REPORTING

 

The interim financial statements are prepared under the accrual basis of accounting in accordance with accounting principles generally accepted (GAAP) in the United States of America for the interim information. Accordingly, the financial statements do not include all of the information and notes required by GAAP for the complete financial statements. While the information presented is unaudited, it includes all adjustments, which are, in the opinion of management, necessary to present fairly the financial position, result of operation and cash flows for the interim periods presented in accordance with accounting principles generally accepted in the United States of America. All adjustments are of a normal recurring nature. It is suggested that the interim financial statements be read in conjunction with the Company’s July 31, 2023, audited financial statements. Operating results for the three-month ended October 31, 2023, are not necessarily indicative of the results that can be expected for the fiscal year ended July 31, 2024.

 

There have been no changes in the accounting policies from those disclosed in the notes to the audited financial statements for the period ended July 31, 2023.

 

 
v3.24.0.1
CAPITAL STOCK
 3 Months Ended
Oct. 31, 2023
Equity [Abstract]  
CAPITAL STOCK

4. CAPITAL STOCK

 

The total number of common shares authorized that may be issued by the Company is 500,000,000 shares with a par value of $0.0001 per share.

 

There has been no stock activity during the three months ended October 31, 2023 and 2022.

 
v3.24.0.1
SUBSEQUENT EVENTS
 3 Months Ended
Oct. 31, 2023
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

5. SUBSEQUENT EVENTS

 

Subsequent to the period ended October 31, 2023, the Company entered into a binding letter of intent with a joint venture partner whereby the Company will form a U.S. corporation for the purpose of operating a ride-hailing and delivery business using a computer application that the joint venture partner has developed. The agreement provides that the Company will be responsible for funding the operation and marketing of the business in the amount of $1.5 million and that the JV Partner will cause the owner of the computer application to transfer the assets comprising the ride-hailing and delivery business to the joint venture corporation. The joint venture partner will be responsible for operating the joint venture corporation’s business while both parties will oversee monthly budgets. Both parties will each own of a 50% interest in the joint venture corporation, though these interests may be diluted through additional financing.
v3.24.0.1
NATURE AND CONTINUANCE OF OPERATIONS (Details Narrative)
Oct. 31, 2023
USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Promissory note $ 50,000
Debt payable amount 250,000
Debt instrument payable amount 250,000
Debt instrument additional payment amount 40,000
Settlment amount with private firm $ 135,431
v3.24.0.1
GOING CONCERN (Details Narrative) - USD ($)
Oct. 31, 2023
Jul. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Accumulated deficit $ 492,112 $ 486,880
v3.24.0.1
CAPITAL STOCK (Details Narrative) - $ / shares
Oct. 31, 2023
Jul. 31, 2023
Equity [Abstract]    
Common stock, shares authorized 500,000,000 500,000,000
Common stock, par value $ 0.0001 $ 0.0001
WarpSpeed Taxi (PK) (USOTC:WRPT)
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