Notes
to the Consolidated Financial Statements
March
31, 2020
(unaudited)
NOTE
1 – NATURE OF BUSINESS
Hubilu
Venture Corporation (“the Company”) was incorporated under the laws of the state of Delaware on March 2, 2015 and is a publicly
traded real estate consulting, asset management and business acquisition company, which specializes in acquiring student housing income
properties and development/business opportunities located near the Los Angeles Metro/subway stations and within the Los Angeles area
NOTE
2 – BASIS OF PRESENTATION AND ABILITY TO CONTINUE AS A GOING CONCERN
The
accompanying consolidated financial statements include the accounts of the Company and each of its wholly owned subsidiaries: Akebia
Investments LLC, Zinnia Investments, LLC, Sunza Investments, LLC, Lantana Investments LLC, Elata Investments, LLC, Trilosa Investments,
LLC, Kapok Investements, LLC, and Boabab Investments, LLC. All intercompany transactions have been eliminated on consolidation.
The
financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States
of America (“US GAAP”) on the basis that the Company will continue as a going concern, which assumes that the Company will
be able to meet its obligations and continue its operations for the next year. Realization values may be substantially different from
carrying values as shown and these financial statements do not give effect to adjustments that would be necessary to the carrying values
and classification of assets and liabilities should the Company be unable to continue as a going concern. At March 31, 2021, the
Company had not yet achieved profitable operations, had an accumulated deficit of $1,618,345 and expects to incur further losses
in the development of its business, all of which casts substantial doubt upon the Company’s ability to continue as a going concern
and, therefore, that it may be unable to realize its assets and discharge its liabilities in the normal course of business. The ability
of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it
becomes profitable. Management intends to focus on raising additional funds either by way of debt or equity issuances in order to continue
operations. The Company cannot provide any assurance or guarantee that it will be able to obtain additional financing or generate revenues
sufficient to maintain operations.
NOTE
3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis
of Preparation and Summary of Significant Accounting Policies
The
accompanying unaudited condensed consolidated financial statements have been prepared by the Company in accordance with Securities and
Exchange Commission rules and regulations and generally accepted accounting principles in the United States of America (“US GAAP”)
and in the opinion of management contain all adjustments necessary to present fairly the financial position, results of operations and
cash flows for the periods presented. The preparation of financial statements in conformity with US GAAP requires management to make
estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. These condensed consolidated
financial statements should be read in conjunction with the consolidated financial statements and related notes thereto included in the
Company’s Annual Report on Form 10-K for the year ended December 31, 2020.
Fair
Value Measurements
The
fair value hierarchy under GAAP is based on three levels of inputs, of which the first two are considered observable and the last unobservable,
that may be used to measure fair value which are the following:
Level
1
|
quoted
prices (unadjusted) in active markets for identical assets or liabilities.
|
|
|
Level
2
|
observable
inputs other than Level 1, quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar
assets and liabilities in markets that are not active, and model-derived prices whose inputs are observable or whose significant
value drivers are observable; and
|
|
|
Level
3
|
assets
and liabilities whose significant value drivers are unobservable by little or no market activity and that are significant to the
fair value of the assets or liabilities.
|
Recent
Accounting Pronouncements
In
February 2016, the Financial Accounting Standards Board, or FASB, established Topic 842, Leases, by issuing Accounting Standards Update
(“ASU”) No. 2016-02, which requires lessors to classify leases as a sales-type, direct financing, or operating lease and
requires lessees to recognize leases on-balance sheet and disclose key information about leasing arrangements. Topic 842 was subsequently
amended by ASU No. 2018-01, Land Easement Practical Expedient for Transition to Topic 842; ASU No. 2018-10, Codification Improvements
to Topic 842, Leases; and ASU No. 2018-11, Targeted Improvements. The Company adopted the new standard effective January 1, 2019 and
elected the effective date method for the transition. The Company elected the following practical expedients:
|
●
|
Transition
method practical expedient – permits the Company to use the effective date as the date of initial application. Upon adoption,
the Company did not have a cumulative-effect adjustment to the opening balance of retained earnings. Financial information and disclosures
for periods before January 1, 2019 were not updated.
|
|
●
|
Short-term
lease practical expedient – permits the Company not to recognize leases with a term equal to or less than 12 months.
|
Lessor
Accounting
The
accounting for lessors under the new standard remained relatively unchanged with a few targeted updates impacting the Company, which
included: (i) narrower definition of initial direct costs that requires certain costs to be expensed rather than capitalized, and (ii)
provisions for uncollectible rents to be recorded as a reduction in revenue rather than as bad debt expense.
Lessee
Accounting
The
new standard requires lessees to recognize a right-of-use asset and lease liability on the balance sheet for all leases with a term longer
than 12 months. Leases are classified as finance or operating at inception, with classification affecting the pattern and recording of
expenses in the statement of operations. There was no impact on the Company’s financial statements on the adoption of Topic 842
given that its office lease does not exceed 12 months in duration.
NOTE
4 - PROPERTY ACQUISITIONS - Related Party
On
February 1, 2021 we completed our acquisition, through our subsidiary Trilosa Investments, LLC,, the real property located at 4009 Brighton
Avenue in Los Angeles (“Brighton”). The property was vacant at time of purchase. The acquisition was for $601,000 (“Purchase
Price”). Terms of the acquisition as follows:
(1)
A first position note with payment on principal balance of $540,900 issued by the Property Owner, Trilosa, owing to lender, Center Street
Lending VIII SPR, LLC, whose terms of payments due are principle and interest, on unpaid principal at the rate of 8.5% per annum. Principal
and interest payable in monthly installments of $3,831.38 or more starting on March 1, 2021 and continuing until the January 1, 2022,
at which time the entire principal balance together with interest due thereon, shall become due and payable.
(2)
A $60,100 second position note owing by Trilosa, whose terms of payments due were interest only, payable on unpaid principal at
the rate of 6.60% per annum. Interest only payable in monthly installments of $687.50 or more on the 18th day of each month
beginning on the 18th day of January 2021 and continuing until the 17th day of December 2026, at which time the
entire principal balance together with interest due thereon, shall become due and payable.
NOTE
5- INVESTMENTS IN REAL ESTATE- Related party
The
change in the real estate property investments for the three months ended March 31, 2021 and the year ended December 31, 2020 is as follows:
|
|
Three
months
ended
March 31, 2021
|
|
|
Year
ended
December 31, 2020
|
|
|
|
|
|
|
|
|
Balance, beginning of the period
|
|
$
|
9,585,943
|
|
|
$
|
7,525,055
|
|
Acquisitions:
|
|
|
601,000
|
|
|
|
1,804,000
|
|
|
|
|
10,186,943
|
|
|
|
9,329,055
|
|
Capital improvements
|
|
|
114,101
|
|
|
|
256,888
|
|
Balance, end of the period
|
|
$
|
10,301,044
|
|
|
$
|
9,585,943
|
|
The
change in the accumulated depreciation for the three months ended March 31, 2021 and 2020 is as follows:
|
|
March
31, 2021
|
|
|
March
31, 2020
|
|
Balance, beginning of the period
|
|
$
|
238,383
|
|
|
$
|
138,357
|
|
Depreciation charge
for the period
|
|
|
12,039
|
|
|
|
22,849
|
|
Balance, end of the period
|
|
$
|
250,422
|
|
|
$
|
161,206
|
|
The
Company’s real estate investments as of March 31, 2021 is summarized as follows:
|
|
Initial
Cost to the Company
|
|
|
Capital
|
|
|
Accumulated
|
|
|
|
|
|
Security
|
|
|
|
Land
|
|
|
Building
|
|
|
Improvements
|
|
|
Depreciation
|
|
|
Encumbrances
|
|
|
Deposits
|
|
3711 South Western Ave
|
|
$
|
508,571
|
|
|
$
|
383,716
|
|
|
$
|
23,988
|
|
|
$
|
68,757
|
|
|
$
|
559,775
|
|
|
$
|
12,524
|
|
2909 South Catalina
|
|
|
565,839
|
|
|
|
344,856
|
|
|
|
12,831
|
|
|
|
60,971
|
|
|
|
600,500
|
|
|
|
14,400
|
|
3910 Wisconsin Ave
|
|
|
337,500
|
|
|
|
150,000
|
|
|
|
88,834
|
|
|
|
17,730
|
|
|
|
481,586
|
|
|
|
12,180
|
|
3910 Walton Ave
|
|
|
318,098
|
|
|
|
191,902
|
|
|
|
2,504
|
|
|
|
17,137
|
|
|
|
556,488
|
|
|
|
11,000
|
|
1557 West 29th
|
|
|
496,609
|
|
|
|
146,891
|
|
|
|
17,368
|
|
|
|
11,215
|
|
|
|
673,500
|
|
|
|
9,260
|
|
1267 West 38th Street
|
|
|
420,210
|
|
|
|
180,090
|
|
|
|
7,191
|
|
|
|
8,613
|
|
|
|
595,000
|
|
|
|
7,945
|
|
1618 West 38th
|
|
|
508,298
|
|
|
|
127,074
|
|
|
|
14,732
|
|
|
|
4,202
|
|
|
|
647,130
|
|
|
|
10,700
|
|
4016 Dalton Avenue
|
|
|
424,005
|
|
|
|
106,001
|
|
|
|
33,387
|
|
|
|
4,550
|
|
|
|
570,182
|
|
|
|
8,920
|
|
1981 West Estrella Avenue
|
|
|
651,659
|
|
|
|
162,915
|
|
|
|
68,281
|
|
|
|
9,383
|
|
|
|
875,000
|
|
|
|
17,550
|
|
2115 Portland Street
|
|
|
753,840
|
|
|
|
188,460
|
|
|
|
-
|
|
|
|
5,140
|
|
|
|
926,774
|
|
|
|
17,085
|
|
717 West 42nd Place
|
|
|
376,800
|
|
|
|
94,200
|
|
|
|
55,203
|
|
|
|
2,569
|
|
|
|
472,135
|
|
|
|
1,350
|
|
3906 Denker Street
|
|
|
428,000
|
|
|
|
107,000
|
|
|
|
5,007
|
|
|
|
6,205
|
|
|
|
595,891
|
|
|
|
11,400
|
|
3408 S Budlong Street
|
|
|
499,200
|
|
|
|
124,800
|
|
|
|
7,418
|
|
|
|
3,880
|
|
|
|
695,000
|
|
|
|
16,560
|
|
3912 S. Hill Street
|
|
|
483,750
|
|
|
|
161,250
|
|
|
|
103,696
|
|
|
|
24,504
|
|
|
|
689,572
|
|
|
|
-
|
|
4009 Brighton Avenue
|
|
|
442,700
|
|
|
|
158,300
|
|
|
|
18,070
|
|
|
|
5,576
|
|
|
|
662,324
|
|
|
|
-
|
|
|
|
$
|
7,215,079
|
|
|
$
|
2,627,455
|
|
|
$
|
458,510
|
|
|
$
|
250,422
|
|
|
$
|
9,600,857
|
|
|
$
|
150,874
|
|
NOTE
6- PROPERTY INDEBTEDNESS
The
Company’s mortgages are summarized as follows:
|
|
|
|
|
|
|
|
Stated
interest
|
|
|
|
|
|
Principal
balance
|
|
|
rate
as at
|
|
|
|
|
|
March
31, 2021
|
|
|
December
31, 2020
|
|
|
March
31, 2020
|
|
|
Maturity
date
|
3711 South Western Ave
|
|
$
|
559,775
|
|
|
$
|
562,957
|
|
|
|
3.95
|
%
|
|
August 1, 2021
|
2909 South Catalina Street
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- First Note
|
|
|
459,988
|
|
|
|
463,103
|
|
|
|
3.50
|
%
|
|
July 25, 2021
|
- Second Note
|
|
|
140,512
|
|
|
|
105,812
|
|
|
|
3.50
|
%
|
|
July 25, 2021
|
3910 Walton Ave.
|
|
|
556,488
|
|
|
|
558,693
|
|
|
|
5.00
|
%
|
|
August 01, 2049
|
3910 Wisconsin Street
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- First Note
|
|
|
241,586
|
|
|
|
242,810
|
|
|
|
4.375
|
%
|
|
October 1, 2036
|
- Second Note
|
|
|
150,000
|
|
|
|
150,000
|
|
|
|
9.00
|
%
|
|
September 27, 2020
|
- Third Note
|
|
|
90,000
|
|
|
|
90,000
|
|
|
|
4.00
|
%
|
|
April 30, 2022
|
1557 West 29 Street
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- First Note
|
|
|
443,500
|
|
|
|
443,500
|
|
|
|
6.85
|
%
|
|
November 1, 2025
|
- Second Note
|
|
|
200,000
|
|
|
|
200,000
|
|
|
|
6.85
|
%
|
|
April 30,2022
|
-General Loan
|
|
|
30,000
|
|
|
|
-
|
|
|
|
-
|
|
|
-
|
1267 West 38 Street
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- First Note
|
|
|
415,000
|
|
|
|
415,000
|
|
|
|
5.50
|
%
|
|
March 19, 2023
|
- Second Note
|
|
|
180,000
|
|
|
|
180,000
|
|
|
|
6.00
|
%
|
|
March 19, 2023
|
4016 Dalton Avenue
|
|
|
|
|
|
|
|
|
|
|
%
|
|
|
|
- First Note
|
|
|
415,182
|
|
|
|
416,249
|
|
|
|
7.2
|
%
|
|
January 1, 2050
|
- Second Note
|
|
|
155,000
|
|
|
|
155,000
|
|
|
|
|
|
|
|
1618 West 38 Street
|
|
|
|
|
|
|
|
|
|
|
%
|
|
|
|
- First Note
|
|
|
497,130
|
|
|
|
498,644
|
|
|
|
6.30
|
%
|
|
January 1, 2020
|
- Second Note
|
|
|
150,000
|
|
|
|
150,000
|
|
|
|
|
|
|
|
1981 Estrella Ave
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- First Note
|
|
|
610,000
|
|
|
|
610,000
|
|
|
|
5.00
|
%
|
|
November 30,2023
|
- Second Note
|
|
|
265,000
|
|
|
|
265,000
|
|
|
|
5.00
|
%
|
|
November 30,2023
|
717 West 42 Place
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- First Note
|
|
|
337,167
|
|
|
|
337,167
|
|
|
|
6.85
|
%
|
|
October 31, 2025
|
- Second Note
|
|
|
134,968
|
|
|
|
134,968
|
|
|
|
6.85
|
%
|
|
April 30, 2022
|
2115 Portland Street
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- First Note
|
|
|
606,998
|
|
|
|
609,046
|
|
|
|
6.00
|
%
|
|
June 1, 2049
|
-Second Note
|
|
|
319,776
|
|
|
|
319,776
|
|
|
|
5.00
|
%
|
|
April 30, 2024
|
3906 Denker
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-First Note
|
|
|
410,891
|
|
|
|
412,197
|
|
|
|
6.00
|
%
|
|
March 1, 2025
|
-Second Note
|
|
|
185,000
|
|
|
|
185,000
|
|
|
|
6.85
|
%
|
|
February 14, 2025
|
3408 Budlong
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-First Note
|
|
|
470,000
|
|
|
|
470,000
|
|
|
|
5
|
%
|
|
July 24, 2021
|
-Second Note
|
|
|
225,000
|
|
|
|
225,000
|
|
|
|
5
|
%
|
|
July 22, 2025
|
3912 S. Hill Street
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-First Note
|
|
|
514,572
|
|
|
|
516,000
|
|
|
|
6.425
|
%
|
|
December 1, 2050
|
- Second Note
|
|
|
140,000
|
|
|
|
140,000
|
|
|
|
6.425
|
%
|
|
November 1, 2026
|
-General Loan
|
|
|
35,000
|
|
|
|
-
|
|
|
|
-
|
|
|
-
|
4007 Brighton Avenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-First Note
|
|
|
537,324
|
|
|
|
-
|
|
|
|
8.5
|
%
|
|
January 25, 2022
|
-Second Note
|
|
|
125,000
|
|
|
|
147,000
|
|
|
|
6
|
%
|
|
December 17, 2026
|
|
|
$
|
9,600,857
|
|
|
$
|
9,006,922
|
|
|
|
|
|
|
|
NOTE
7 – PROMISSORY NOTES PAYABLE
March
31, 2021
|
|
|
December
31, 2020
|
|
|
|
|
|
|
|
|
$
|
182,056
|
|
|
$
|
182,056
|
|
As
of March 31, 2021, the Company has two promissory notes payable to Esteban Coaloa, outstanding, the total amount owing of $182,056. The
first is payable through its wholly owned subsidiary, Akebia Investments, LLC, in the amount of $92,463, bearing an interest rate of
3.95%, maturing on August 1, 2021, and the second with a balance of $89,593 is payable through its wholly owned subsidiary, Zinnia Investments,
LLC, bearing an interest rate of 3.50%, maturing on July 25, 2021. The total balance is due on the maturity date of each note.
NOTE
8–RELATED PARTY TRANSACTIONS
As
of March 31, 2021, the Company’s majority shareholder, has provided advances totaling $474,271 (December 31, 2020:
$492,500). These advances are unsecured and do not carry a contractual interest rate or repayment terms. In connection with these
advances, the Company has recorded an imputed interest charge of $8,186 which was credited to additional paid-in capital for the
three months ended March 31, 2021.
NOTE
9 – SERIES 1 CONVERTIBLE PREFERRED SHARES
On
September 8, 2016, the Company authorized and designated 2,000,000 shares of Series 1 convertible preferred stock (the “Preferred
Stock”).
Effective
September 30, 2019, the 5% Voting, Cumulative Convertible Series 1 Preferred Stock date of conversion has been extended to the September
30,2029.
The
Preferred Stock has the following rights and privileges:
Voting
– The holders of the Preferred Stock shall be entitled to the number of votes equal to the number of shares of common stock
into which such shares of Preferred Stock could be converted.
Conversion
– Each share of Preferred Stock, is convertible at the option of the holder, into shares of common stock, at the lesser of
$0.50 per share or a ten percent (10%) discount to the average closing bid price of the common stock 5 days prior to the notice of conversion.
The Preferred Stock is also subject to certain adjustments for dilution, if any, resulting from future stock issuances, including for
any subsequent issuance of common stock at a price per share less than that paid by the holders of the Preferred Stock.
Dividends
– The holders of the Preferred Stock in preference to the holders of common stock, are entitled to receive, if and when declared
by the Board of Directors, dividends at the rate of 5% per annum, in kind, which shall accrue quarterly. Such dividends are cumulative.
No such dividends have been declared to date.
Liquidation
– In the event of any liquidation, dissolution, winding-up or sale or merger of the Company, whether voluntarily or involuntarily,
each holder of Preferred Stock is entitled to receive, in preference to the holders of common stock, a per-share amount equal to the
original issue price of $1.00 (as adjusted, as defined), plus all declared but unpaid dividends.
|
|
#
of Shares
|
|
|
Amount
|
|
|
Dividend
in Arrears
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, December 31, 2019
|
|
|
500,400
|
|
|
$
|
500,400
|
|
|
$
|
67,167
|
|
|
$
|
567,567
|
|
Dividends accrued
|
|
|
-
|
|
|
|
-
|
|
|
|
18,697
|
|
|
|
18,697
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, December 31, 2020
|
|
|
500,400
|
|
|
|
500,400
|
|
|
|
85,864
|
|
|
|
586,264
|
|
Dividends accrued
|
|
|
|
|
|
|
|
|
|
|
6,221
|
|
|
|
6,221
|
|
Balance, March 31, 2021
|
|
|
500,400
|
|
|
$
|
500,400
|
|
|
$
|
92,085
|
|
|
$
|
592,485
|
|
NOTE
10 – SUBSEQUENT EVENTS
On
April 17, 2021 we entered into an agreement, through our subsidiary Zinnia Investments, LLC, to acquire its real property asset located
at 3909 Denker Avenue in Los Angeles. We acquired the property on June 17, 2021.
In
May 2021, we refinanced loans on four of our Hubilu properties, 4016 Dalton, 1557 29th, 1267 W. 38th and 1981 Estrella,
taking advantage of lower interest rates and lowering the rate on those loans by an average of 1%. Loans were refinanced rate and term
only, no cash out. All loans were principal and interest fixed for 30 years , due in 30 years.
On
May 27, 2021 we entered into an agreement, through our subsidiary Sunza Investments, LLC, to acquire its real property asset located
at 4021 Halldale Avenue in Los Angeles. We acquired the property on July 23, 2021.
On
June 28, 2021, we entered into an agreement, through our subsidiary Zinnia Investments, LLC, to acquire its real property asset located
at 1284 W. 38th Street in Los Angeles. We acquired the property on August 10, 2021.
On
July 21, 2021, we entered into an agreement, through our subsidiary Lantana Investments, LLC, to acquire its real property asset located
at 3777 Ruthelen Street in Los Angeles. We plan to close the property in the 3rd quarter.
Forward
Looking Statements
This
Quarterly Report on Form 10-Q, including “Management’s Discussion and Analysis of Financial Condition and Results of Operations”
in Item 2 of Part I of this report include forward-looking statements within the meaning of Section 27A of the Securities Exchange Act
of 1934, as amended, and the Private Securities Litigation Reform Act of 1995 (collectively, the “Reform Act”). The Reform
Act provides a safe harbor for forward-looking statements to encourage companies to provide prospective information about themselves
so long as they identify these statements as forward-looking and provide meaningful cautionary statements identifying important factors
that could cause actual results to differ from the projected results. All statements, other than statements of historical fact that we
make in this Quarterly Report on Form 10-Q are forward-looking. The words “anticipates,” “believes,” “expects,”
“intends,” “will continue,” “estimates,” “plans,” “projects,” the negative
of these terms and similar expressions are intended to identify forward-looking statements. However, the absence of these words does
not mean the statement is not forward-looking.
Forward-looking
statements involve risks, uncertainties or other factors which may cause actual results to differ materially from the future results,
performance or achievements expressed or implied by the forward-looking statements. These statements are based on our management’s
beliefs and assumptions, which in turn are based on currently available information. Certain risks, uncertainties or other important
factors are detailed in this Quarterly Report on Form 10-Q and may be detailed from time to time in other reports we file with the Securities
and Exchange Commission, including on Forms 8-K and 10-K.Examples of forward looking statements in this Quarterly Report on Form 10-Q
include, but are not limited to, our expectations regarding our ability to generate operating cash flows and to fund our working capital
and capital expenditure requirements. Important assumptions relating to the forward-looking statements include, among others, assumptions
regarding demand for our future products, the timing and cost of capital expenditures, competitive conditions and general economic conditions.
These assumptions could prove inaccurate. Although we believe that the estimates and projections reflected in the forward-looking statements
are reasonable, our expectations may prove to be incorrect. Important factors that could cause actual results to differ materially from
the results and events anticipated or implied by such forward-looking statements include:
|
●
|
the
risks of a start-up company;
|
|
|
|
|
●
|
management’s
plans, objectives and budgets for its future operations and future economic performance;
|
|
|
|
|
●
|
capital
budget and future capital requirements;
|
|
|
|
|
●
|
meeting
future capital needs;
|
|
|
|
|
●
|
our
dependence on management and the need to recruit additional personnel;
|
|
|
|
|
●
|
limited
trading for our common stock, if listed or quoted
|
|
|
|
|
●
|
the
level of future expenditures;
|
|
|
|
|
●
|
impact
of recent accounting pronouncements;
|
|
|
|
|
●
|
the
outcome of regulatory and litigation matters; and
|
|
|
|
|
●
|
the
assumptions described in this report underlying such forward-looking statements. Actual results and developments may materially differ
from those expressed in or implied by such statements due to a number of factors, including:
|
|
|
|
|
●
|
those
described in the context of such forward-looking statements;
|
|
|
|
|
●
|
the
political, social and economic climate in which we conduct operations; and
|
|
|
|
|
●
|
the
risk factors described in other documents and reports filed with the Securities and Exchange Commission
|
We
operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for us to predict
all of those risks, nor can we assess the impact of all of those risks on our business or the extent to which any factor may cause actual
results to differ materially from those contained in any forward-looking statement. We believe these forward-looking statements are reasonable.
However, you should not place undue reliance on any forward-looking statements, which are based on current expectations. Further, forward-looking
statements speak only as of the date they are made, and unless required by law, we expressly disclaim any obligation or undertaking to
update publicly any of them in light of new information or future events.