1. NATURE AND CONTINUANCE OF OPERATIONS

Limitless Projects Inc. (the “Company”) was incorporated in the state of Wyoming on November 18, 2020 (“Inception”). The Company is in the business of developing computer software systems and mobile device applications. The Company’s fiscal year-end is July 31. The Company is developing a ride-hailing and food delivery computer and mobile device application, as well as employee monitoring software that balances employer concerns regarding employee efficiency and productivity with employee privacy.

By an agreement dated December 31, 2020, the Company entered into an asset purchase and sale agreement whereby it agreed to sell its 100% in a ride-hailing computer and mobile device application for a cash payment of $10,000 that the Company has received in the period, an additional $40,000 to be received after the Company’s delivery of a working prototype of the application, plus the purchaser’s issuance of a promissory note for $250,000 that is payable on the Company’s demand any time after December 31, 2023. The note bears simple interest at a rate of 5% per annum and is unsecured. The purchaser may pay this note early without penalty.

The Company entered into an Asset Purchase and Joint Venture agreement dated March 15, 2021, as amended, whereby a third-party has agreed to purchase a 50% interest in the Privacy and Value software for $10,000 upon execution of the agreement (paid) and an additional $250,000, which was due on June 15, 2021. The purchaser did not make the $250,000 payment by the deadline date of June 15, 2021, and the agreement has been terminated.