Go Green Global Technologies Corp.

What they do

Incorporated in Nevada on February 22, 2006 as Photomatica, Inc. to enter the stock photography industry, the company changed direction on May 9, 2008 when Hilary Vieira became President and CEO. It is developing the "Runway Monitoring System," a cost-effective runway-monitoring tool intended to alert ground, tower and/or flight crew to the presence of FOD on runways using high-definition video or infrared imaging, an image processing ground station, and existing airport runway lighting and power technology. The company is a development-stage enterprise planning to enter the airline safety industry and has not generated any revenue.

Revenue drivers

• Runway Monitoring System (FOD detection) — The company's sole planned product, intended to detect Foreign Object Debris on airport runways and alert ground, tower and flight crew. It is in development; no prototype exists and no revenue has been generated from this or any other source.

Recent performance

For the six months ended October 31, 2008, general and administrative expenses were $25,109, compared to $2,201 for the same period in 2007; the increase resulted from management salaries of $11,425 and promotion and travel of $7,200. For the fiscal year ended April 30, 2008, operating expenses were $16,753, comprising professional fees of $13,432 and office and administrative expenses of $3,321. The company incurred no revenue during the fiscal years ended April 30, 2008 or April 30, 2007, or during the quarter ended October 31, 2008. As of the fiscal year ended April 30, 2008, the company had $354 in cash. Since inception through the fiscal year ended April 30, 2008, the company had incurred operating expenses of $49,018.

Strategy

The company is attempting to raise capital and develop a working FOD prototype, which it estimates will cost $1,200,000. Over the next 90 days it intends to seek financing through private placements or convertible debentures, and over the next twelve months it plans to define its business plan, create a website, acquire technologies, and hire qualified engineers and personnel to design, develop and install its system. Upon completion of the prototype, it will seek an airport beta testing location and certification from Transport Canada and the National Transport Safety Board, with certification expected to take 10 to 14 months at a cost of $25,000. Management hired Mr. Sean Turner at a salary of $5,000 per month to help with the development and implementation of the business plan. The officer and director, Mr. Vieira, has indicated he may be willing to provide operating capital in the form of a non-secured loan, but there is no contract or written agreement securing this.

Risks

• Going-concern doubt — The auditor's report on the April 30, 2008 financial statements expresses substantial doubt as to whether the company can continue as a going concern.
• Liquidity shortage — With only $354 in cash as of April 30, 2008 and no revenue, the company states current cash and cash generated from operations will be insufficient to satisfy liquidity requirements for at least the next 12 months.
• Dependence on financing — The company needs $1,200,000 to complete a working prototype and has not yet spoken to any broker dealers concerning its financing requirements; if it cannot secure additional proceeds it will have to cease operations.
• No revenue or operating history — The company has not generated any revenue since inception and has no historical financial information upon which to base an evaluation of its performance, and its sole officer and director may be unwilling or unable to loan or advance additional capital.

Outlook

Management states that current cash and cash equivalents and cash generated from operations, if any, will not satisfy liquidity requirements for at least the next 12 months, and that the company will require additional funds. If it cannot raise sufficient additional financing, it may be required to reduce the scope of its business plan, suspend operations until it raises cash, or cease operations entirely.