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

MIRAGE ENERGY CORPORATION

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

08/03/2020 | 04:55pm 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.

Discussion and Analysis of Financial Condition and Results of Operations



Revenues


Three month period ended April 30, 2020

For the three (3) month period ended April 30, 2020, we generated no revenue and incurred a net loss of $659,384.

Our net loss of $659,384 for the three (3) month period ended April 30, 2020 was the result of operating expenses of $248,773, interest expense of $26,586, fair market value interest expense of $69,392 and penalty on convertible debt of $314,633. Our operating expenses consisted of $235,056 in general and administrative expenses and $13,717 in professional fees.



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Three month period ended April 30, 2019

For the three (3) month period ended April 30, 2019, we generated no revenue and incurred a net income of $668,733.

Our net income of $668,733 for the three (3) month period ended April 30, 2019 was the result of operating expenses of $245,562, interest expense of $39,557 and reduction of prior fair market value interest expense of $953,852. Our operating expenses consisted of $220,655 in general and administrative expenses, and $24,907 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 April 30, 2020 and 2019

For the three (3) months ended April 30, 2020, we had $235,056 in general and administrative expenses compared to $220,655 in general and administrative expenses for the three (3) months ended April 30, 2019. The $14,401 increase in general and administrative expenses was primarily the result of an increase in travel and entertainment, increase in telephone and decrease in payroll during the three (3) months ended April 30, 2020.

The professional fees for the three (3) months ending April 30, 2020 and April 30, 2019 were $13,717 and $24,907, respectively. The $11,190 decrease was primarily related to decrease in audit.

The executive compensation for the three (3) months ending April 30, 2020 and April 30, 2019 was $92,000 and $116,500, respectively. The difference was due to a decrease in salaries because an executive left as of the year ended July 31, 2019.

Nine month period ended April 30, 2020 and 2019

For the nine (9) months ended April 30, 2020, we had $721,014 in general and administrative expenses compared to $655,336 in general and administrative expenses for the nine (9) months ended April 30, 2019. The $65,678 increase in general and administrative expenses was primarily a result of an increase in travel and entertainment, an increase in telephone, an increase in financing fees, an increase in consulting fees and a decrease in executive compensation during the nine (9) months ended April 30, 2020.

The professional fees for the nine (9) months ending April 30, 2020 and April 30, 2019 were $69,563 and $79,597, respectively. The $10,034 decrease was primarily related to an increase for audit fees, a decrease in legal fees and a decrease in tax preparation fees.

The executive compensation for the nine (9) months ending April 30, 2020 and April 30, 2019 was $276,000 and $349,500, respectively. The difference was due to a decrease in salaries because an executive left as of the year ended July 31, 2019.




Cash Flows



Operating Activities



For the nine (9) month period ended April 30, 2020, net cash used in operating activities was $688,039. The negative cash flow for the nine (9) months ended April 30, 2020 related to our net loss of $1,853,580, an increase in prepaid expenses of $6,578, an increase of $314,634 in convertible debt due to default, an increase of $16,611 in expenses paid by shareholder, adjusted for $35,947 in financing fees, adjusted for depreciation of $1,186, a change of $678,739 in convertible debt due to fair market value, an increase of $204,146 in accounts payable and accrued expenses and an decrease of $79,144 in accrued salaries and payroll taxes - related parties.

For the nine (9) month period ended April 30, 2019, net cash used in operating activities was $176,074. The negative cash flow for the nine (9) months ended April 30, 2019 related to our net loss of $2,098,017, an increase in prepaid expenses of $474, an increase of $267,250 in convertible debt due to default, an increase of $15,296 in expenses paid by shareholder, adjusted for $21,500 in financing fees, adjusted for depreciation of $1,186, a change of $1,058,798 in convertible debt due to fair market value, an increase of $174,725 in accounts payable and accrued expenses and an increase of $383,662 in accrued salaries and payroll taxes - related parties.



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Investing Activities


For the nine (9) months ended April 30, 2020 net cash used in investing activities was nil.

For the nine (9) months ended April 30, 2019 net cash used in investing activities was nil.




Financing Activities



For the nine (9) months ended April 30, 2020, net cash provided by financing activities was $692,889. The positive cash flow from financing activities for such period was comprised of proceeds from sale of common stock, and proceeds from convertible debentures.

For the nine (9) months ended April 30, 2019, net cash provided by financing activities was $196,033. 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. We do not currently have commitments regarding fixed costs.

As of April 30, 2020, Mirage Energy Corporation had $75,306 in cash on hand and prepaid expenses of $8,338. 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.

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.



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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

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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 173 M 173 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
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