LIQUIDITY, GOING CONCERN AND MANAGEMENT’S PLANS

3 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

LIQUIDITY, GOING CONCERN AND MANAGEMENT’S PLANS

NOTE 5 LIQUIDITY, GOING CONCERN AND MANAGEMENT’S PLANS

These financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business.

As reflected in the accompanying financial statements, for the three months ended December 31, 2022, the Company had:

	●	Net loss of $8,672; and

	●	Net cash used in operations was $6,610

Additionally, as of December 31, 2022, the Company had:

	●	Accumulated deficit of $236,639

	●	Stockholders’ deficit of $206,338; and

	●	Working capital deficit of $206,338

The Company had no cash on hand at December 31, 2022. Although the Company intends to raise additional debt (third party and related party lenders) or equity capital, the Company expects to incur losses from operations and have negative cash flows from operating activities for the near-term. These losses could be significant as the Company executes its business plan.

These factors create substantial doubt about the Company’s ability to continue as a going concern within the twelve-month period subsequent to the date that these financial statements are issued. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. Accordingly, the financial statements have been prepared on a basis that assumes the Company will continue as a going concern and which contemplates the realization of assets and satisfaction of liabilities and commitments in the ordinary course of business.

Golden Royal Development Inc. 10-Q