Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  OTC Bulletin Board - Other OTC  >  Mirage Energy Corporation    MRGE

MIRAGE ENERGY CORPORATION

(MRGE)
  Report
SummaryQuotesChartsNewsCompanyFinancials 
SummaryMost relevantAll NewsPress ReleasesOfficial PublicationsSector news

MIRAGE ENERGY : Management's Discussion and Analysis of Financial Condition and Results of Operations. (form 10-Q)

07/10/2020 | 05:10pm EST

Forward-Looking Statements

Except for historical information, this report contains certain forward-looking statements. Such forward-looking statements involve risks and uncertainties, including, among other things, statements regarding our business strategy, future revenues and anticipated costs and expenses. Such forward-looking statements include, among others, those statements including the words "expects," "anticipates," "intends," "believes" and similar language. Our actual results may differ significantly from those projected in the forward-looking statements. Factors that might cause or contribute to such differences include, but are not limited to, those discussed herein as well as in the "Current Business" and "Risk Factors" sections in our 10-K for the year ended July 31, 2019, as filed on February 24, 2020. You should carefully review the risks described in our documents we file from time to time with the Securities and Exchange Commission ("SEC"). You are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date of this report. We undertake no obligation to publicly release any revisions to the forward-looking statements or reflect events or circumstances after the date of this document.

Although we believe that the expectations reflected in these forward-looking statements are based on reasonable assumptions, there are a number of risks and uncertainties that could cause actual results to differ materially from such forward-looking statements.

All references in this Form 10-Q to the "Company," "Mirage Energy," "we," "us," or "our" are to Mirage Energy Corporation (formerly Bridgewater Platforms Inc.)



Corporate Overview



Company's Plans


The Company has proposed to develop an integrated natural gas pipeline system in Texas and Mexico. The purpose of these pipelines will transport and store natural gas in an underground natural gas storage facility, which the Company proposes to permit and develop in northern Mexico. The Company believes that it has made substantial progress toward these goals with its preliminary project engineering designs and high-level meetings with representatives of various Mexican regulatory agencies.

On June 11, 2020, the Company received a financing Term Sheet from Bluebell International, LLC (BBI) for $4 Billion plus an interest reserve and payment of Closing Costs. The equity would split with Mirage owning 25% after closing. Mirage would have no payment obligation regarding any of the $4 Billion loan. Mirage would be responsible for construction and after construction management.

The Projects which will be initially developed include:



    ·   Mirage 1 - Burgos Hub Storage & Gas Pipeline (natural gas)
        "Brasil Field" is the gas storage facility
        "Concho Line" "Progreso Line" "Progreso Crossing" "Storage Line" (pipeline
        running from Corpus Christi, TX to the Brasil Field storage facility)




  · Mirage 2 - 48-inch Pipeline Rehabilitation (natural gas)
    Pipeline running from Reynosa, Mexico to Nuevo




    ·   Mirage 3 - 30-inch and 48-inch Pipeline Rehabilitation (crude oil)
        Bi-directional transport of crude oil across the Tehuantepec Isthmus of
        Mexico

BBI is completing its Due Diligence activities prior to a Final Closing.




         16

  Table of Contents



Discussion and Analysis of Financial Condition and Results of Operations



Revenues


Three month period ended January 31, 2020

For the three (3) month period ended January 31, 2020, we generated no revenue and incurred a net loss of $767,039.

Our net loss of $767,039 for the three (3) month period ended January 31, 2020 was the result of operating expenses of $238,538 and other expense (comprised of interest expense and change in fair value of convertible debt) of $528,501. Our operating expenses consisted of $222,983 in general and administrative expenses, and $15,555 in professional fees.

Three month period ended January 31, 2019

For the three (3) month period ended January 31, 2019, we generated no revenue and incurred a net loss of $2,359,855.

Our net loss of $2,359,855 for the three (3) month period ended January 31, 2020 was the result of operating expenses of $237,391 and other expense (comprised of interest expense and change in fair value of convertible debt) of $2,122,464. Our operating expenses consisted of $222,004 in general and administrative expenses, and $15,387 in professional fees.



Costs and Expenses


Our primary costs going forward are related to travel, professional fees, legal fees, financing fees and salaries and related payroll taxes associated with our proposed pipeline and natural gas storage activities in Mexico.

Three month period ended January 31, 2020 and 2019

For the three (3) months ended January 31, 2020, we had $222,983 in general and administrative expenses compared to $222,004 in general and administrative expenses for the three (3) months ended January 31, 2019. The $979 increase in general and administrative expenses was primarily the result of spending increase in travel and entertainment and spending decrease in financing fees and executive compensation during the three (3) months ended January 31, 2020.

The professional fees for the three (3) months ending January 31, 2020 and January 31, 2019 were $15,555 and $15,387, respectively. The $168 increase was primarily related to same spending for legal, audit and transfer agent fees.

The executive compensation for the three (3) months ending January 31, 2020 and January 31, 2019 was $92,000 and $116,500 respectively. The difference was due to a decrease in salaries because one executive left as of the year ended July 31, 2019.

Six month period ended January 31, 2020 and 2019

For the six (6) months ended January 31, 2020, we had $485,958 in general and administrative expenses compared to $434,681 in general and administrative expenses for the six (6) months ended January 31, 2019. The $51,277 increase in general and administrative expenses was primarily the result of spending increase in travel and entertainment, an increase in financing fees, an increase in consulting fees and a decrease in executive compensation during the six (6) months ended January 31, 2020.

The professional fees for the six (6) months ending January 31, 2020 and January 31, 2019 were $55,846 and $54,690, respectively. The $1,156 increase was primarily related to a spending increase for audit fees, a decrease in legal fees, a decrease in tax preparation fees and an increase in transfer agent fees.

The executive compensation for the six (6) months ending January 31, 2020 and January 31, 2019 was $274,000 and $323,00 respectively. The difference was due to a decrease in salaries because one executive left as of the year ended July 31, 2019.




         17

  Table of Contents



Liquidity and Capital Resources



Cash Flows



Operating Activities


For the six (6) month period ended January 31, 2020, net cash used in operating activities was $474,340. The negative cash flow for the six (6) months ended January 31, 2020 related to our net loss of $1,194,196, an decrease in prepaid expenses of $107, an increase of expenses paid by shareholder of $16,611, adjusted for $34,298 in financing fees, adjusted for depreciation of $791, a change of $609,347 in convertible debt due to fair market value, an increase of $110,657 in accounts payable, an increase of $5,250 in accrued expenses and an decrease of $56,991 in accrued salaries and payroll taxes - related parties.

For the six (6) month period ended January 31, 2019, net cash used in operating activities was $78,656. The negative cash flow for the six (6) months ended January 31, 2019 related to our net loss of $2,766,750, an increase in prepaid expenses of $289, an increase of expenses paid by shareholder of $8,815, an increase of $267,250 in convertible debt due to default, adjusted for $16,500 in financing fees, adjusted for depreciation of $790, a change of $1,976,755 in convertible debt due to fair market value, an increase of $159,061 in accounts payable, an increase of $2,580 in accrued expenses and an increase of $256,054 in accrued salaries and payroll taxes - related parties.



Investing Activities


For the six (6) months ended January 31, 2020 net cash used in investing activities was nil.

For the six (6) months ended January 31, 2019 net cash used in investing activities was nil.




Financing Activities



For the six (6) months ended January 31, 2020, net cash provided from financing activities was $507,889. The positive cash flow from financing activities for such period was comprised of proceeds from sale of common stock, proceeds from loan by related party and proceeds from convertible debentures.

For the six (6) months ended January 31, 2019, net cash provided from financing activities was $131,977. The positive cash flow from financing activities for such period was comprised of proceeds from sale of common stock and proceeds from convertible debentures.



Liquidity


To date, we have funded our operations primarily with capital provided and loans provided by related parties, accruing of salaries and accounts payable, sales of common stock and convertible debentures. We do not currently have commitments regarding fixed costs.

As of January 31, 2020, Mirage Energy Corporation had $104,005 in cash on hand and prepaid expenses of $1,867. Since Mirage Energy Corporation was unable to reasonably project its future revenue, it must presume that it will not generate any revenue during the next twelve (12) to twenty-four (24) months. We therefore will need to obtain additional debt or equity funding in the next two (2) - three (3) months, but there can be no assurances that such funding will be available to us in sufficient amounts or on reasonable terms.




         18

  Table of Contents



The Company's audited financial statements for the year ended July 31, 2019 contain a "going concern" qualification. As discussed in Note 3 of the Notes to Financial Statements, the Company has incurred losses and has not demonstrated the ability to generate cash flows from operations to satisfy its liabilities and sustain operations. Because of these conditions, our independent auditors have raised substantial doubt about our ability to continue as a going concern.

Our financial objective is to make sure the Company has the cash and debt capacity to fund on-going operating activities, investments and growth. We intend to fund future capital needs through our current cash position, additional credit facilities, future operating cash flow and debt or equity financing. We are continually evaluating these options to make sure we have capital resources to meet our needs.

Existing capital resources are insufficient to support continuing operations of the Company over the next 12 months.

Management makes no assurances that adequate capital resources will be available to support continuing operations over the next 12 months. Management plans to pursue additional capital funding through multiple sources.

For the year ended July 31, 2019, the Company has funded operations with debt of $329,500 from convertible notes, proceeds from sale of $325,978 in common stock, while making loan repayments of $180,003 to related party and $83,250 to convertible notes. The Company plans to raise additional funds through various sources to support ongoing operations during 2019 and 2020.

While no assurances can be given regarding the achievement of future results as actual results may differ materially, management anticipates adequate capital resources to support continuing operations over the next 12 months through the combination of infused capital through exercised warrants, infused capital through non-public private placement and existing cash reserves.

© Edgar Online, source Glimpses

All news about MIRAGE ENERGY CORPORATION
2020MIRAGE ENERGY : Management's Discussion and Analysis of Financial Condition and ..
AQ
2020MIRAGE ENERGY : Management's Discussion and Analysis of Financial Condition and ..
AQ
2020Mirage Energy Signs Letter of Intent to Provide 200 MMcf/Day of Natural Gas t..
GL
2020MIRAGE ENERGY : Management's Discussion and Analysis of Financial Condition and ..
AQ
2020MIRAGE ENERGY : Management's Discussion and Analysis of Financial Condition and ..
AQ
2020Mirage Energy Corporation Signs New Agreement With Northern Hemisphere Logist..
GL
2020Mirage Energy CEO Michael Ward Says USMCA Is Win-Win for North America
GL
2020Mirage Energy Corporation and Northern Hemisphere Logistics, Inc. Sign $4 Bil..
GL
2020MIRAGE ENERGY CORP : Other Events (form 8-K)
AQ
2020Mirage Energy Corporation Signs Agreement with the Newly Formed Energy Admini..
NE
More news
Financials (USD)
Sales 2020 - - -
Net income 2020 -5,35 M - -
Net Debt 2020 0,24 M - -
P/E ratio 2020 -14,5x
Yield 2020 -
Capitalization 117 M 117 M -
EV / Sales 2019 -
EV / Sales 2020 -
Nbr of Employees 5
Free-Float 48,5%
Chart MIRAGE ENERGY CORPORATION
Duration : Period :
Mirage Energy Corporation Technical Analysis Chart | MRGE | US60463B1098 | MarketScreener
Income Statement Evolution
Managers and Directors
NameTitle
Michael R. Ward Chairman, President, CEO, CFO & CAO
Soll Sussman Director
Alejandro Amelio Director
Patrick C. Dosser Vice President
Sector and Competitors
1st jan.Capitalization (M$)
MIRAGE ENERGY CORPORATION-32.24%117
ENBRIDGE INC.10.24%71 369
ENTERPRISE PRODUCTS PARTNERS L.P.17.10%50 075
TC ENERGY CORPORATION9.31%40 158
KINDER MORGAN, INC.13.31%35 066
WILLIAMS COMPANIES12.22%27 306