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SHOPEYE, INC. - 10-Q - MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION
(Edgar Glimpses Via Acquire Media NewsEdge) Overview
ShopEye, Inc. is a development stage company and was incorporated in Florida on
May 11, 2011, ShopEye intends to develop software with the goal to provide
retailers the ability to provide a consumer application with consolidated
real-time in store product information. The Company plans to develop the
application to provide product information, coupons, ratings, and opinions to
enhance the shopping experience.
Results of Operations
The following discussion should be read in conjunction with the condensed
financial statements and segment data and in conjunction with the Company's S-1
and amended S-1/A's. Results or interim periods may not be indicative of results
for the full year.
During the second quarter of the fiscal year 2013, the Company was worked on the
software architecture, prototypes, and documentation of the in-store
application. The application intends to provide users real time product
information.
Total expenses for the three (3) months ended November 30, 2012 were $2,941
resulting in an operating loss for the period of $2,941 as compared to total
expenses of $1,482 for the period ended November 30, 2011. The increase was
because of increased filing and XBRL services fees in the quarter ended November
30, 2012.
General and Administrative expenses for the three (3) months ended November 30,
2012 were $2,291. There was $650 in professional fees.
Total expenses for the six (6) months ended November 30, 2012 were $3,925
resulting in an operating loss for the period of $3,925 as compared to total
expenses of $2,703 for the same period ended November 30, 2011. The increase was
because of increased filing and XBRL services fees in the period ended November
30, 2012.
General and Administrative expenses for the six (6) months ended November 30,
2012 were $2,625. There was $1,300 in professional fees.
Liquidity and Capital Resources
At November 30, 2012 we had working capital of -$2,509 consisting of cash on
hand of $3,390, and $5,899 in current liabilities as compared to working capital
of -$1,584 at May 31, 2012 and cash of $1,916.
Net cash used in operating activities for the six (6) months ended November 30,
2012 was $1,526 as compared to $5,103 for the period ending November 30, 2011.
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