INDIGENOUS ROOTS CORP. FORWARD-LOOKING STATEMENTS
This quarterly report contains forward-looking statements. These statements relate to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology such as "may", "should", "expects", "plans", "anticipates", "believes", "estimates", "predicts", "potential" or "continue" or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors, including the risks in the section entitled "Risk Factors" that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.
Although we believe that the expectations reflected in the forward-looking
statements are reasonable, we cannot guarantee future results, levels of
activity, performance or achievements. Except as required by applicable law,
including the securities laws of
Our unaudited condensed consolidated financial statements are stated in
In this quarterly report, unless otherwise specified, all references to "common
stock" refer to common shares in the capital of our company and the terms "we",
"us" and "our" mean
GENERAL OVERVIEW Corporate Overview
Our principal executive offices are located at
Our common stock is quoted on the OTC Pink under the symbol "IRCC.
Corporate History
We were incorporated under the laws of the
Effective
Effective
The name change and forward stock split became effective with the
Over-the-Counter Bulletin Board at the opening for trading on
On
On
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On
The reverse split became effective with the Over-the-Counter Bulletin Board at
the opening of trading on
Effective
The name change became effective with the Over-the-Counter Bulletin Board at the
opening for trading on
On
On
Our Current Business
We own and operate a solar power generating system in the
Subsidiaries
On
On
Research and Development Expenditures
We have incurred $nil in research and development expenditures over the last two fiscal years.
Employees
Currently we do not have any employees. Additionally, we have not entered into any consulting or employment agreements with our president, chief executive officer, treasurer, secretary or chief financial officer. Our directors, executive officers and certain contracted individuals play an important role in the running of our company. We do not expect any material changes in the number of employees over the next twelve-month period. We do and will continue to outsource contract employment as needed.
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CASH REQUIREMENTS
We intend to search for qualifying renewable energy projects over the next twelve months. We estimate our operating expenses and working capital requirements for the next twelve-month period to be as follows:
ESTIMATED EXPENSES FOR THE NEXT TWELVE-MONTH PERIOD
General, administrative, and corporate expenses
$ 50,000 Identification of properties of merit$ 50,000 TOTAL$ 150,000
At present, our cash requirements for the next 12 months outweigh the funds
available. Of the
RESULTS OF OPERATIONS - SIX MONTHS ENDED
The following summary of our results of operations should be read in conjunction
with our financial statements for the nine months ended
Our operating results for the nine months endedMay 31, 2021 andMay 31, 2020 are summarized as follows: Nine Months Nine Months Ended Ended May 31, May 31, 2021 2020 Revenue$ 7,115 $ 5,155 Operating expenses (58,226 ) (50,486 ) Other expense (57,005 ) (84,827 ) Net (loss) from operations$ (108,116 ) $ (79,762 ) REVENUES
We generated revenue of
EXPENSES
Operating expenses increased by
LIQUIDITY AND FINANCIAL CONDITION
WORKING CAPITAL
May 31, August 31,
2021 2020
Current assets $ 22,242 $ 25,999
Current liabilities 1,083,157 1,009,818
Working capital (deficit) $ (1,060,915 ) $ (983,819 )
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OPERATING ACTIVITIES
Cash used in operating activities was
FINANCING ACTIVITIES
Cash provided by financing activities was $nil for the nine months ended
INVESTING ACTIVITIES
Cash used in investing activities was $nil for the nine months ended
CONTRACTUAL OBLIGATIONS
As a "smaller reporting company", we are not required to provide tabular disclosure obligations.
OFF-BALANCE SHEET ARRANGEMENTS
We have no significant 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 stockholders.
APPLICATION OF CRITICAL ACCOUNTING POLICIES
USE OF ESTIMATES
The preparation of the financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenue and expenses during the reporting period. Actual results could differ from those estimates.
NET LOSS PER COMMON SHARE
Our company computes net loss per share in accordance with ASC 260, "Earnings
per Share" and
STOCK-BASED COMPENSATION
The company accounts for equity instruments issued in exchange for the receipt of goods or services from other than employees in accordance with FASB ASC 505-10. Costs are measured at the estimated fair market value of the consideration received or the estimated fair value of the equity instruments issued, whichever is more reliably measurable. The value of equity instruments issued for consideration other than employee services is determined on the earliest of a performance commitment or completion of performance by the provider of goods or services as defined by FASB ASC 505-10.
GOING CONCERN
Our company incurred a net loss
The ability of our company to continue as a going concern is dependent on additional sources of capital and the success of our company's plan. The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or amounts and classification of liabilities that might result from the outcome of this uncertainty.
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At this time, we cannot provide investors with any assurance that we will be able to raise sufficient funding from the sale of our common stock or through a loan from our directors, shareholders or investors to meet our obligations over the next twelve months.
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