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, 2024

☐ 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		85-3978107
(State or other jurisdiction of incorporation)		(IRS Employer Identification Number)

Shiriki House Office Community, 3rd Floor Westside Towers

Lower Kabete Road, Westlands Nairobi, Kenya 00100

(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.

139,940,000 shares of common stock are issued and outstanding as of December 12, 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, 2024. 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, 2024, are not necessarily indicative of the results for the entire fiscal year or for any other period.

WARPSPEED TAXI INC.

UNAUDITED BALANCE SHEET

As of July 31, 2024 and October 31, 2024

	October 31, 2024		July 31, 2024
	$		$
ASSETS
Current assets:
Cash		19		39
Prepayment & deposits		15,000		15,000
Total current assets:		15,019		15,039

Fixed assets:
Software		219,061		212,311
Equipment		9,812		9,812
Total Fixed assets:		228,873		222,123

Total Assets:		243,892		237,162


LIABILITIES AND STOCKHOLDER’S EQUITY
Current liabilities:
Accounts payable and accrued liabilities		100,064		81,265
Total current liabilities:		100,064		81,265

Total Liabilities:		100,064		81,265

Stockholder’s Equity
Common stock: $0.0001 par value, 500,000,000 authorized, 139,940,000 issued and outstanding as of October 31, 2024 and July 31, 2024, respectively.		13,994		13,994
Additional paid in capital		757,906		757,906
Accumulated deficit		(628,072)		(616,003)
Total Stockholder’s Equity:		143,828		155,897

Total Liabilities and Stockholder’s Equity:		243,892		237,162

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

WARPSPEED TAXI INC.

UNAUDITED STATEMENT OF COMPREHENSIVE LOSS

	For the three months ended October 31,
	2024		2023
	$		$
Expenses:
General and administrative		12,070		5,232
Net Loss:		(12,070)		(5,232)

Net loss per share - basic and diluted		(0.00)		(0.00)

Weighted average shares outstanding - basic and diluted		139,940,000		239,590,000

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

WARPSPEED TAXI INC.

UNAUDITED STATEMENT OF STOCKHOLDER’S EQUITY

For the three months period ended October 31, 2024 and 2023

	Common Stock
	Number		Par Value		Paid in Capital		Accumulated Deficit		Total
			$		$		$		$
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

Opening Balance, July 31, 2024		139,940,000		13,994		757,906		(616,003)		155,897
Issuance of common stock		-		-		-		-		-
Net Loss		-		-		-		(12,070)		(12,070)
Closing Balance, July 31, 2024		139,940,000		13,994		757,906		(628,072)		143,828

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

WARPSPEED TAXI INC.

UNAUDITED STATEMENT OF CASH FLOWS

	For the three months ended
	October 31,
	2024		2023
	$		$
Cash flows from operating activities:
Net loss for the period		(12,070)		(5,232)
Change in operating assets and liabilities:
Accounts payable and accrued liabilities		18,799		11,972
Net cash used in operating activities:		6,730		6,740

Cash flows from investing activities:
Software development		(6,750)		(6,750)
Net cash used in investing activities:		(6,750)		(6,750)

Cash flows from financing activities:
Proceeds from issuance of common stock		-		-
Additional paid in capital		-		-
Net cash used in financing activities:		-		-

Change in cash		(20)		(10)

Cash - beginning of period		39		16

Cash - end of period		19		6

Supplemental cash flow disclosures

Cash paid For:
Interest		-		-
Income tax		-		-

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

WARPSPEED TAXI INC.

Notes to the Interim Financial Statements

October 31, 2024, and 2023

(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 is a development stage company that is currently developing a ride-hailing and food delivery computer and mobile device application known as “WarpSpeed Taxi”. The Company’s fiscal year-end is July 31.

WarpSpeed Taxi Computer Application.

On September 6, 2022, we entered into a settlement agreement with a private company that provided us with marketing, beta testing, cloning, and maintenance services in connection with the WarpSpeed Taxi computer application. Pursuant to the settlement agreement, we agreed to transfer our interest in the WarpSpeed Taxi application to the private company in full and final satisfaction of the $135,431 owing to it. However, we retain a license for the sole and exclusive use of the WarpSpeed Taxi application in the United States. To date, we have completed beta testing of the application, but have not commenced commercial operation of the application.

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 $628,072, as of October 31, 2024 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, 2024, audited financial statements. Operating results for the three-month ended October 31, 2024, 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, 2024.

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, 2024 and 2023.

5. SUBSEQUENT EVENTS

Subsequent to the period ended October 31, 2024, 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.

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, 2024.

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.

PinnacleDSB

In January 2023, we announced our intention to pursue the PinnacleDSB project, which would involve the development of t commercial software that we would employ to establish large distribution centers in major cities that are surrounded by towns and villages in rural areas around the world. A large percentage of the world population lives in rural areas in non-Western countries where most consumers purchase goods through local shops. Local shop owners have traditionally purchased their inventory from wholesalers located in nearby major cities. Using PinnacleDSB’s automated inventory and product delivery system, our intention is to provide rural businesses with an alternative means of accessing consumer goods that will be more efficient, reliable, and cost-effective than existence supply chain options. We would provide local shop owners with a secure tablet in order to access real-time inventory data that would enable them to place purchase orders at competitive prices. Our intention is to implement logistics for a weekly delivery system to local shops.

To date, we have prepared and disseminated a business plan relating to the PinnacleDSB project, but we have not secured the financing necessary to proceed it. We intend to proceed with the business once we have secured financing of approximately $1,000,000. There is no guarantee that we will be able to obtain the funding necessary to pursue and complete this project.

NextFind AI

On June 18, 2024, we entered into an agreement with Arcgen Consultants, a partnership formed pursuant to the laws of India operating under the name NextFind AI (“NextFind AI”), to establish a joint venture that will focus on the marketing and development of various artificial intelligence and machine learning technologies.

This agreement has been terminated.

Results of Operations for the Three months Ended October 31, 2024 and 2023

Our net loss for the three-month period ended October 31, 2024 and 2023 was $12,070 and $5,232, 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, 2024, our current assets were $15,019, compared to $15,039 at July 31, 2024. 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, 2024, our current liabilities were $100,064, compared to $81,265 at July 31, 2024. Current liabilities at October 31, 2024 were comprised entirely of accounts payable and accrued liabilities. Current liabilities decreased in the first quarter of the 2024 fiscal as compared to the July 31, 2024 year end due to a reduction in accounts payable from a cancellation of an agreement with a vendor relating to software development.

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, 2024, net cash flows used in operating activities were $6,730, consisting of a net loss of $12,070, which was offset by $18,799 increase of accounts payable. This compares to net cash flows provided from operating activities of $6,740 consisting of a net loss of $5,232 offset by accounts payable of $11,972 for the three-month period ended October 31, 2023.

Cash Flows from Investing Activities

For the three-month period ended October 31, 2024 and 2023, our cash flows provided from investing activities were $6,750 compared to cash flows used in investing activities of $6,750, 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, 2024 as compared to $0 during the three-month period ended October 31, 2023.

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, 2024 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.

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, 2024, 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, 2024. 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, 2024, 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 2025 fiscal year that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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.

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.

Dated: December 12, 2024	/s/ Daniel Okelo
	Daniel Okelo
	President, Chief Executive Officer, Chief Financial Officer, principal accounting officer and director

WARPSPEED TAXI INC. 10-Q