FACT, Inc.

CIK:0001714379|SEC Filings

Condensed Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jul. 31, 2021	Jul. 31, 2020	Jul. 31, 2021	Jul. 31, 2020
Income Statement [Abstract]
Revenues
Operating Expenses
Advertising and marketing	12,000		146,000
General and administrative	245,284	2,160	510,195	5,807
Professional fees	10,182		71,535
Total Operating Expenses	267,466	2,160	727,730	5,807
Loss from operations	(267,466)	(2,160)	(727,730)	(5,807)
Other Income (Expense)
Interest expense	(207,696)		(386,289)
Change in fair value of derivative liability	(541,703)		(362,140)
Net Other Income (Expenses)	(749,399)		(748,429)
Loss Before Provision for Income Taxes	(1,016,865)	(2,160)	(1,476,159)	(5,807)
Provision for Income Taxes
Net Loss	$ (1,016,865)	$ (2,160)	$ (1,476,159)	$ (5,807)
Net loss per common share: basic and diluted	$ (0.02)	$ (0.00)	$ (0.03)	$ (0.00)
Weighted average number of common shares outstanding: basic and diluted	55,216,680	69,566,680	54,954,592	69,566,680

Condensed Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jul. 31, 2021	Jul. 31, 2020
Cash Flows from Operating Activities
Net loss	$ (1,476,159)	$ (5,807)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense		200
Amortization of debt discount	217,977
Change in value of derivative liabilities	362,140
Stock based compensation	450,000
Default penalty	124,000
Changes in operating assets and liabilities:
Prepaid expenses	1,250
Accounts payable and accrued liabilities	12,280
Accrued note payable interest	44,312
Accrued management compensation	12,014
Net cash used in operating activities	(252,186)	(5,607)
Cash Flows from Financing Activities
Proceeds from loan - related party		5,650
Proceeds from loan	21,000
Proceeds from issuance of common stock	80,020
Proceed from issuance of convertible notes	141,500
Net cash provided by Financing Activities	242,520	5,650
Net change in cash for period	(9,666)	43
Cash at beginning of period	9,945	46
Cash at end of period	279	89
Supplemental Cash Flow Information
Cash paid for income taxes
Cash paid for interest
Non Cash Investing and Financing Activities
Debt discount recognized as derivative liability	8,308
Beneficial conversion feature	8,130
Issuance of common stock for stock payable	$ 19,980

Condensed Balance Sheets (Unaudited) - USD ($)	Jul. 31, 2021	Jan. 31, 2021
Current Assets:
Cash	$ 279	$ 9,945
Prepaid expenses	1,042	2,292
Total Current Assets	1,321	12,237
Total Assets	1,321	12,237
Current Liabilities:
Accounts payable and accrued liabilities	87,959	63,665
Accrued interest	50,512	6,200
Loan payable	21,000
Convertible note payable, net of unamortized discount of $32,692 and $234,972, respectively	479,808	125,028
Derivative liability	840,037	469,589
Total Current Liabilities	1,479,316	664,482
Convertible note payable non current, net of unamortized discount of $741 and $0, respectively	112,259
Total Liabilities	1,591,575	664,482
Stockholders’ Deficit:
Common stock, $0.001 par value, 150,000,000 shares authorized, 55,216,680 and 54,216,680 shares issued and outstanding at July 31, 2021 and January 31, 2021, respectively	55,217	54,217
Additional paid-in capital	1,583,396	576,266
Stock payable		19,980
Deferred stock compensation	(450,000)
Accumulated deficit	(2,778,867)	(1,302,708)
Total Stockholders’ Deficit	(1,590,254)	(652,245)
Total Liabilities and Stockholders’ Deficit	$ 1,321	$ 12,237