PART I
ITEM 1. BUSINESS
Business Overview
The company was formed on March 29, 2023 in the State of Wyoming. The primary focus of the company is on the development and deployment of digital avatars. Utilizing advanced technology, the company creates a unique blend of human intelligence, artificial intelligence, and niche databases. Digital avatars can be customized to meet specific business requirements and are applicable across various industries online.
The company’s core objective is to provide customers with a more immersive experience by simplifying the process of fulfilling their requests using AI-driven avatars. The use of avatars reduces costs and saves time for implementation, as the human mind processes information faster in an audiovisual format than in text. Additionally, digital avatars are capable of serving customers remotely without losing the sense of personal attention and human presence. The avatars can serve multiple consumers simultaneously, enhancing the company's operational efficiency and marketing effectiveness.
We provide services to various industries, including education, marketing, banking, and science, among others, benefiting a wide range of businesses and individuals.
Being in the early development stage, we aim to target two groups: students and business professionals. We understand that these two groups have different needs and requirements, which is why we have designed our services to meet the unique demands of each. Our services are also useful for learning, for example, by providing visualizations and audio accompaniment through an avatar that can assist students in achieving their goals.
Business professionals can also find our services suitable. We understand that businesses face many challenges in today's competitive landscape, so we aim to provide practical solutions to help businesses achieve their objectives.
Businesses that can derive value from our website are those that necessitate personalized and interactive consultation services. Examples of such businesses include:
We intend to create a platform where clients can access digital avatars specialized in different fields.
With our services, a consulting company can analyze trends, identify client needs, and personalize services further. The avatars can adapt their responses and recommendations based on individual client profiles.
Digital avatars offer scalability advantages as multiple clients can interact with different avatars simultaneously. The website can also ensure 24/7 availability, enabling clients to access consultations at their convenience, irrespective of time zones.
The digital avatars' ability to provide personalized content allows users to delve deeper into the desired topics and services, leading to increased customer satisfaction. By leveraging AI technologies and a vast array of information from the database, the company can accurately target the interests of the audience through the digital avatar. This targeted marketing approach leads to improved business operations, enhanced customer experiences, and increased competitiveness in the market.
Our company has initiated its operations with the launch of a website (https://ima.gg) on April 1, 2024. This platform serves as an online facility for disseminating information about our business activities and sharing updates on our latest developments. Through our website, users can experience our cutting-edge avatar technology via API, enabling them to generate videos and download them. Avatars can communicate in up to 40 languages depending on the user’s preference.
Our avatar technology is designed to revolutionize the way people interact with digital content, providing them with a more immersive and engaging experience. By leveraging our proprietary algorithms and advanced machine learning techniques, we aim to create highly realistic and customizable avatars that can be used in a wide range of applications, from virtual assistants and customer service bots to gaming and entertainment.
Through our website, users can explore the full potential of our avatar technology, learning about its features and capabilities and experimenting with different settings and configurations. After selecting a pricing plan, they gain full access to the platform. This access allows them to register, log in to their account, and easily create videos by tapping the "Create Video" button. Users can customize their videos with various platform features, including background color, aspect ratio, avatar appearance, and an extensive voice library. This library offers options for language, gender, and additional filters such as age and style, ensuring a personalized and unique experience. Avatars can be integrated into various forms of content such as blogs, podcasts, and social media presents a multitude of opportunities for imaginative and innovative expression. This utilization of avatars offers endless possibilities for creativity and innovation.
In the future, we envision expanding our website and incorporating more advanced technologies to broaden the range of possibilities for avatars, simplifying and improving the process of creating educational and business materials, making them more engaging, professional, and personalized. We plan to introduce news and updates about our company on the website, providing users with insights into our ongoing research, as well as our plans for future expansion.
With the introduction of full customization, avatars will be able to demonstrate various processes and instructions, simplifying the process of perception and memorization of ideas.
Our goal is to revolutionize the way people interact with digital content, providing them with a more immersive and engaging experience. By leveraging the latest advancements in artificial intelligence and machine learning, we are confident that we can create avatars that are not only highly realistic but also highly adaptable to the needs and preferences of individual users.
At the heart of our business is a commitment to innovation and excellence, and we are dedicated to pushing the boundaries of what is possible in the field of avatar technology. With our website and API, we aim to empower users around the world to harness the power of this exciting new technology and unlock its full potential. We believe that our website has the potential to transform the way people learn, work, and communicate in the digital age.
Business Strategy
Our business strategy is centered around utilizing AI avatars to simplify customer requests, reduce costs, and save time for implementation.
By deploying digital avatars that serve customers remotely, we aim to improve efficiency and deliver personalized content. Through the effective use of AI technologies and leveraging our vast database, we accurately target our audience's interests and stay at the forefront of innovation. This strategy will enhance customer experiences and increase our market competitiveness.
• Conduct a thorough analysis of the market landscape, including customer needs, preferences, and trends. Identify key competitors and their strategies to assess market opportunities and challenges. Determine the potential market size, growth rate, and target audience segments to refine our targeting and positioning.
• Continuously invest in research and development to improve our AI avatars and their capabilities. Focus on enhancing the natural language processing (NLP) capabilities, machine learning algorithms, and data analytics to ensure accurate and personalized customer interactions. Explore partnerships or acquisitions to augment our technology stack and expand our offerings.
• Place a strong emphasis on delivering exceptional customer experiences through our AI avatars. Ensure that customer interactions are seamless, efficient, and personalized. Continuously gather customer feedback and leverage AI-powered sentiment analysis to understand customer satisfaction levels and identify areas for improvement.
• Position our AI avatars as a cost-saving and time-efficient solution for customers. Highlight the benefits of streamlined processes, reduced manual labor, and faster response times. Conduct regular cost analyses to optimize operations and explore automation opportunities to further enhance efficiency.
• Develop a comprehensive marketing and branding strategy to promote our AI avatars. Utilize targeted advertising, content marketing, social media, and search engine optimization to increase brand awareness and attract potential customers. Leverage customer testimonials and case studies to showcase the effectiveness and value of our offerings.
• Maintain a strong focus on innovation to stay ahead of the competition. Regularly monitor technological advancements and industry trends to identify new opportunities for improvement and expansion. Foster a culture of experimentation and encourage employees to contribute innovative ideas to drive the evolution of our AI avatars and digital consulting services.
• Prioritize the security and privacy of customer data. Implement robust data protection measures, adhere to industry regulations, and ensure transparent data handling practices. Communicate our commitment to data privacy and security to build trust with customers and mitigate any potential concerns.
• Monitor and analyze relevant metrics such as customer satisfaction, revenue growth, market share, and cost savings. Regularly assess the effectiveness of our AI avatars through customer feedback, surveys, and performance reviews.
By implementing this business strategy, we will leverage our AI avatars to simplify customer requests, reduce costs, and save time for implementation. Our digital avatars serve customers, enhancing efficiency and delivering personalized content. Through accurate audience targeting, customer-centric experiences, and continuous innovation, we will strengthen our market competitiveness.
Marketing
The company plans to initiate its marketing efforts online, targeting platforms where our potential customers are active. Our marketing strategy is vital for establishing our presence and reaching our target audience. We are committed to adapting our approach based on available resources to maximize our reach and impact.
Advertising
The company is committed to exploring efficient advertising methods to promote our website of digital avatars. Our approach involves identifying cost-effective channels, including relevant websites, social media networks, and digital advertising avenues. Thorough market research and data analysis will guide our decisions, ensuring maximum visibility while optimizing marketing expenditure. Furthermore, we will leverage SEO techniques to enhance our online presence and attract organic traffic.
Employees
IMA Tech Inc. is a company with only one employee, Ms. Liliia Havrykh, our President, CEO, Treasurer, Secretary, Director. The company may consider hiring more employees if the need arises.
Offices
Our current office space is located at 34 N Franklin Ave 687, Pinedale, WY 82941, USA. Our telephone number is +12294614110.
ITEM 1A. Risk Factors
As a Smaller Reporting Company, the company is not required to include the disclosure under this Item 1A. Risk Factors. Despite the fact that we are not required to provide risk factors, we consider the following factors to be risks to our continued growth and development:
We are at a very early operational stage and our business is subject to the substantial risks inherent in the establishment of a new venture.
Our business strategy is in its early stages and as a new venture, we are subject to all the risks associated with establishing a new business. There is a risk that our intended business and operations may not be successful, or may take a significant amount of time to achieve success.
The success of our business will depend on a multitude of factors, some of which may be beyond our control or cannot be predicted currently. These factors may include changes in market conditions, competition, regulatory changes, and general economic conditions. Any of these factors could have a material adverse effect on our financial condition, business prospects, operations, and the value of an investment in the company.
We may be unable to raise the additional capital needed to grow our business.
The company may require additional capital to finance its growth and expansion plans, and there is a risk that it may not be able to secure the necessary funding. The company's ability to access funding may depend on several factors, including its financial performance, market conditions, and investor sentiment.
In the event that the company is unable to secure additional funding, it may face limitations in its ability to expand its operations, develop new products, or enter new markets. This could negatively impact our growth prospects and our ability to compete with other players in the industry.
We face intense industry competition.
The company operates in a highly competitive market, and there is no guarantee that its technology will be able to compete effectively against existing or new competitors. This could adversely affect its market share and revenue growth prospects. Among our competitors are “Humanizing Technologies”, “Creaitor.ai” and “Synthesys”.
Strong competition in the market may require us to lower our prices, increase our sales and marketing expenses or otherwise invest greater resources to maintain or gain market share as needed to adequately compete. Such efforts may negatively impact our profitability. If the company is unable to effectively adapt to changes or developments in the competitive landscape, our business, financial conditions and results of operations may be adversely affected.
In terms of market familiarity and understanding, the concept of digital avatars and their potential benefits could be new to many companies and industries.
The concept of digital avatars and their potential benefits may be new to many businesses and industries, posing a risk in terms of market familiarity and understanding. This lack of widespread knowledge can impede adoption rates and result in resistance from potential clients.
Potential clients may not fully grasp the value proposition and benefits of digital avatars for their specific business requirements due to the novelty of the technology. This can lead to slower adoption rates and reluctance to invest in digital avatar solutions. Limited market familiarity can also give rise to skepticism and concerns about reliability and integration challenges. Lack of understanding may prompt businesses to opt for traditional solutions instead, hindering the market penetration of digital avatars.
Overall, the risk associated with market familiarity and understanding highlights the need for ongoing education and awareness initiatives, as well as continuous monitoring of the market landscape to adapt strategies accordingly.
The failure to develop and maintain our digital avatars could negatively impact our ability to ensure optimal performance.
Developing and maintaining digital avatars entails significant technical challenges and ongoing updates to ensure optimal performance. The company must possess advanced technology infrastructure capable of handling the processing and rendering of avatars in real-time. Insufficient or outdated infrastructure may lead to system failures, security breaches, and limitations in natural language processing capabilities, which can adversely affect the reliability and functionality of digital avatars. Such disruptions or negative experiences have the potential to result in client loss and reputational damage.
Regular updates and maintenance are essential to keep digital avatars up to date with advancements in technology, improved natural language processing capabilities, and enhanced security measures. Failure to perform timely updates and maintenance tasks can lead to compatibility issues, security vulnerabilities, and reduced functionality, thereby impacting user satisfaction and damaging the company's reputation. The dynamic and rapidly evolving nature of the digital avatar landscape necessitates a proactive approach to address technical challenges and limitations.
System failures, downtime, and security breaches pose additional risks. Technical infrastructure is susceptible to failures due to hardware malfunctions, software bugs, or network outages.
Such disruptions can render digital avatars inaccessible or result in degraded performance, leading to user dissatisfaction and potential client loss. Protecting user data from security breaches is crucial, as any unauthorized access or compromise can have severe consequences, including reputational damage, legal repercussions, and client attrition.
If we fail to effectively manage our growth, our business, financial condition and results of operations would be harmed.
Our company is on a development stage with a sole shareholder and is a subject to the strains of ongoing development and growth, which will place significant demands on our management and our operational and financial infrastructure. Further, we may not grow as we expect, if we fail to manage our growth effectively or to develop and expand our managerial, operational and financial resources and systems, our business and financial results would be materially harmed.
We may not be able to manage growth effectively, which could damage our reputation, limit our growth and negatively affect our operating results. Although we cannot provide any assurance that we will successfully identify emerging trends and growth opportunities in this business sector and we may lose out on opportunities.
The longevity of our business depends in part on our ability to enhance and sell the functionality of our current solutions to remain competitive and meet customer needs.
The longevity and sustained success of our business are contingent upon our ability to continuously enhance and effectively market the functionality of our solutions. The competitive landscape in which we operate is characterized by rapid technological advancements and evolving customer needs. Failure to adapt to these changes and deliver innovative, feature-rich offerings may result in a loss of market share and competitiveness.
Addressing the risk associated with the development of our website requires ongoing investment in research and development, collaboration with industry partners, and a proactive approach to monitoring market trends and customer preferences. We must also allocate sufficient resources and talent to ensure timely development, rigorous testing, and successful implementation of new features and functionalities.
Failure to develop our website to remain competitive and meet customer needs may adversely affect our business prospects, financial performance, and long-term sustainability.
ITEM 1B. Unresolved Staff Comments
Not applicable to smaller reporting companies.
ITEM 1C. Cybersecurity
The security of information is under the company management control and ensured by internal security rules applied.
ITEM 2. Properties
Our current office space is located at 34 N Franklin Ave 687, Pinedale, WY 82941, USA. The space is adequate for our needs.
ITEM 3. Legal Proceedings
We know of no legal proceedings to which we are a party or to which any of our property is the subject which are pending, threatened or contemplated or any unsatisfied judgments against us.
ITEM 4. Mine Safety Disclosures
Not applicable.
ITEM 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Our common stock is not currently traded on any exchange. We cannot assure that any market for the shares will develop or be sustained. We have not paid any dividends on our common stock and do not anticipate paying cash dividends in the foreseeable future. We intend to retain any earnings to finance the growth of our business. We cannot assure you that we will ever pay cash dividends.
Whether we pay cash dividends in the future will be at the discretion of our Board of Directors and will depend upon our financial condition, results of operations, capital requirements and any other factors that the Board of Directors decides are relevant. See Management’s Discussion and Analysis of Financial Condition and Results of Operations.
As of April 30, 2024, the company has 4,154,966 shares of common stock issued and outstanding held by company’s shareholders.
ITEM 6. Reserved
Not applicable to smaller reporting companies.
ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following discussion of our financial condition and results of operations should be read in conjunction with (i) our audited financial statement as of April 30, 2024, that appear elsewhere in this filing. This filing contains certain forward-looking statements and our future operating results could differ materially from those discussed herein. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward- looking statements. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. We disclaim any obligation to update any such factors or to announce publicly the results of any revisions of the forward -looking statements contained herein to reflect future events or developments. For information regarding risk factors that could have a material adverse effect on our business, refer to the Risk Factors section of this filing beginning on page 8.
Going Concern
The future of our company is dependent upon its ability to obtain financing and upon future profitable operations from the sale of products and services through our websites. Management has plans to seek additional capital through a private placement and public offering of its Common Stock, if necessary. Our auditors have expressed a going concern opinion which raises substantial doubts about our ability to continue as a going concern.
Liquidity and Capital Resources
As of April 30, 2024, the company had $7,732 in current assets, compared to $16,000 as of April 30, 2023. The Company’s liabilities stood at $291,433 as of April 30, 2024, up from $25,431 the previous year. The accumulated deficit was $23,166 as of April 30, 2024, increasing from $31 as of April 30, 2023.
For the year ended April 30, 2024, the company used $75,419 in cash for operating activities, compared to $13,369 for the year ended April 30, 2023, both due to increases in accounts payable. For the year ended April 30, 2024 and 2023 the Company used cash in investing activities of $271,238 and $13,400, respectively, for the purchase of intangible assets. Additionally, the company received $187,55 in cash financing activities for the year ended April 30, 2024, compared to $16,031 in the previous year, mostly due to proceeds from loans from related parties.
We anticipate that we will receive sufficient proceeds from investors through a private offering, to continue operations for at least the next twelve months; however, there is no assurance that such proceeds will be received and there are no agreements or understandings currently in effect from any potential investors. Additionally, it is anticipated that the company will continue to receive revenues from operations in the coming year; however, there is no assurance that will occur. The company relies solely on the funding provided by loans from Liliia Havrykh, our President, in accordance with the Loan Agreement between IMA Tech Inc. and Ms. Havrykh, dated March 29, 2023, as amended on December 22, 2023 and April 1, 2024. The loans will also be used for funding the Company’s operations and will be provided on ‘as-needed’ basis. The total amount of such funds shall not exceed $200,000. We believe such loans will be sufficient for us to continue operations for the next 12 months. The company will repay the loan amounts to the President with revenues it will generate upon launching of its application.
As the company’s expenses are relatively stable, unless additional sites are rolled out, the company believes it can continue its present operations with projected revenues together with proceeds from a private offering. The company will consider raising additional funds through sales of equity, debt and convertible securities, if it is deemed necessary. The company has no intention in investing in short-term or long-term discretionary financial programs of any kind.