General and Administrative Expense
For the three months ended November 30, 2022, the company incurred $80,178 of general and administrative expense (“G&A”) compared to $87,720 for the three months ended November 30, 2021, a decrease of $7,542 or 8.6%. The decrease in mainly due to lower edgar fees and no travel expense.
Director Compensation
For the three months ended November 30, 2022, we issued shares of common stock to our directors for services, incurring $202,500 of non-cash expense. We had no director compensation in the prior period.
Other Income/Expense
We had no other income or expense for three months ended November 30, 2022 and 2021.
Net Loss
For the three months ended November 30, 2022, we had a net loss of $289,778 compared to $87,871 for the three months ended November 30, 2021, an increase of $201,907. We had an increase of our net loss primarily due to the expense incurred for common stock issued for services.
For the nine months ended November 30, 2022 compared to the nine months ended November 30, 2021
Revenue
The Company recognized consulting revenue of $0 for the nine months ended November 30, 2022, compared to $5,000 for the nine months ended November 30, 2021.
Professional Fees
For the nine months ended November 30, 2022, the company incurred $17,940 of professional fees compared to $17,423 for the nine months ended November 30, 2021, an increase of $517 or 2.9%. Professional fees generally consist of audit, legal, accounting and transfer agent fees expense.
General and Administrative Expense
For the nine months ended November 30, 2022, the company incurred $117,933 of G&A expense compared to $193,186 for the nine months ended November 30, 2021, a decrease of $75,253 or 39% In the prior period we incurred $50,722 more of consulting expense for stock issued for services.
Director Compensation
For the nine months ended November 30, 2022, the company incurred $202,500 of director compensation expense compared to $48,000 for the nine months ended November 30, 2021. During the current period we issued shares of common stock to our directors for services, incurring $202,500 of non-cash expense. During the prior period we issued common stock to two of our directors for total non-cash stock compensation of $48,000.
Other Income/Expense
We had no other income or expense for nine months ended November 30, 2022. During the nine months ended November 30, 2021, we had total other expense of $58,733. The Company recognized a related party loss on conversion of debt of $127,480, $2,000 of other income and a gain on forgiveness of debt of $66,147.