Company: FTSP
Filing Date: 2025-02-14
Form Type: 8-K
Source: 0001199835-25-000044
Chunk: 20

Company: FinTrade Sherpa, Inc.
Filing Date: 2025-02-14
Form: 8-K
Item: Item 2.01
Chunk 20
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. We recorded net loss of $62,940 for the year ended December 31,
2023, have an accumulated deficit of $4,326,263 and have had no operating revenues. The possibility and timing of revenue being generated
from our business is uncertain.

Revenues,
Expenses and Net Loss

                     Years                                                        Increase/(Decrease)                            
                     Ended December 31                                                                                           
                     2023                                2022                     Amount                                         
  Revenue            $                      -            $                 -      $                                 -         -  
 ─────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Operating                                 62,940                   155,518                                  (92,578       -60  
  Operating                                 (62,940                 (155,518                                  (92,578        60  
  Other                                     -                      2,186,449                               (2,186,449      -100  
  Net                $                      (62,940      $         2,030,931      $                         2,093,871       103  

The most significant driver
of the year over year change in net income is the $2,186,917 benefit attributed to the reversal of in-process research and development
(“IPR& D”) due to rescission of a certain asset purchase agreement and
a certain royalty agreement (the “ Sapir Agreements”), both dated as of December
28, 2021, during the year ended December 31, 2022. The IPR& D was expensed in a prior year upon entering into the Sapir Agreements.

Working
Capital Deficiency

                            December                                          Increase/(Decrease)                         
                            31                                                                                            
                            2023                       2022                   Amount                                      
 ──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Current                   $               2,474      $             886      $                          1,588       179  
  Current                                  91,924                 27,396                               (64,528      -236  
  Working                   $             (89,450      $         (26,510      $                        (62,940       237  

The
most significant driver of the year-over-year change our working capital deficiency is the $64,528 increase in current liabilities.

Cash
Flows

                                    December                                           Increase/(Decrease)                         
                                    31                                                                                             
                                    2023                       2022                    Amount