HQDA ELDERLY LIFE NETWORK CORP.

2022 Q3 Form 10-Q Financial Statement

#000149315222019818 Filed on July 19, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q1 2021 Q2

Balance Sheet

Concept 2022 Q3 2022 Q1 2021 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $12.09K $28.08K
YoY Change -77.66% -76.59%
Cash & Equivalents $12.09K $28.08K
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $60.73K $43.81K
Other Receivables $26.04K $34.42K
Total Short-Term Assets $98.86K $106.3K
YoY Change -33.91% -71.06%
LONG-TERM ASSETS
Property, Plant & Equipment $5.619M $5.714M
YoY Change 0.04% 7.32%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $20.86M $20.67M
YoY Change 2.47% 5.13%
Total Long-Term Assets $26.47M $26.38M
YoY Change 1.95% 5.6%
TOTAL ASSETS
Total Short-Term Assets $98.86K $106.3K
Total Long-Term Assets $26.47M $26.38M
Total Assets $26.57M $26.49M
YoY Change 1.74% 4.49%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $106.1K $95.44K
YoY Change 31.09% 4.02%
Accrued Expenses $0.00 $64.49K
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $6.991M $6.452M
YoY Change 20.8% 33.33%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $224.0K $122.7K
YoY Change 173.91%
Total Long-Term Liabilities $224.0K $122.7K
YoY Change 173.91%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.991M $6.452M
Total Long-Term Liabilities $224.0K $122.7K
Total Liabilities $7.215M $6.574M
YoY Change 22.93% 35.86%
SHAREHOLDERS EQUITY
Retained Earnings -$10.00M -$9.352M
YoY Change
Common Stock $139.3K $139.3K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $19.36M $19.92M
YoY Change
Total Liabilities & Shareholders Equity $26.57M $26.49M
YoY Change 1.74% 4.49%

Cashflow Statement

Concept 2022 Q3 2022 Q1 2021 Q2

Facts In Submission

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HQDA ELDERLY LIFE NETWORK CORP.
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<p id="xdx_807_eus-gaap--NatureOfOperations_zpaLP48AtsBf" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1. <span id="xdx_829_z1n3t45oJ1Ua">Nature and Continuance of Operations</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">HQDA Elderly Life Network Corp. (formerly Hartford Retirement Network Corp.) (the “Company”) was incorporated under the laws of the State of Nevada on January 21, 2004. In November 2017, the Company acquired Shanghai Hongfu Health Management Ltd, a company incorporated in the People’s Republic China (“PRC”). Following the acquisition, on April 23, 2018, the Company changed its name to HQDA Elderly Life Network Corp.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Through its wholly-owned subsidiary, Shanghai Hongfu Health Management Ltd. (“Shanghai Hongfu”), the Company purchased senior living facilities and launched a senior living residences business, which hosts to mostly men and women over the age of 50. The Company intends to expand its business of owning, leasing and/or operating senior living residences that will provide seniors with a supportive, home life setting with care and services, including activities of daily living, life enrichment and health and wellness.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s consolidated financial statements as of March 31, 2022 and for the nine months ended have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. The Company reported a net loss of $<span id="xdx_90C_eus-gaap--NetIncomeLoss_iN_di_c20220101__20220331_zqnGUKrcOJDj" title="Net loss">202,932</span> and $<span id="xdx_901_eus-gaap--NetIncomeLoss_iN_di_c20210701__20220331_zDI8YJfnlzQg">649,246</span></span> for the three and nine months ended March 31, 2022, respectively. As of March 31, 2022, it had a negative working capital deficiency of $ <span id="xdx_901_ecustom--WorkingCapitalDeficiency_iNI_di_c20220331_zzX3zKRV9dRc" title="Working capital deficiency">6,892,093</span> while it had a negative working capital deficiency of $<span id="xdx_905_ecustom--WorkingCapitalDeficiency_iNI_di_c20210630_zjnN5ufgyhGc" title="Working capital deficiency">6,345,430</span> at June 30, 2021.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There is limited historical financial information about the Company upon which to base of an evaluation of our performance. We shifted its focus to senior housing and retirement services and products. We cannot guarantee we will be successful in our business operations. Our business is subject to risks inherent in the establishment of a new resource exploration company, including limited capital resources, unanticipated problems relating to exploration and additional costs and expenses that may exceed current estimates. To become profitable, we will attempt to implement a plan of operation as detailed above.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our cash reserves are not sufficient to meet our obligations for the next twelve-month period. As a result, we will need to seek additional capital in the near future. We anticipate that additional capital will be raised in the form of equity financing from the sale of our common stock. As well, our management is prepared to provide us with short-term loans.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We cannot provide investors with any assurance that we will be able to raise sufficient capital from the sale of our common stock or through a loan from our directors to meet our obligations over the next twelve months. We do not have any arrangements in place for any future equity financing. If we are unable to arrange additional financing, our business plan will fail and operations will cease.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-202932 usd
us-gaap Net Income Loss
NetIncomeLoss
-649246 usd
CY2022Q1 HFRN Working Capital Deficiency
WorkingCapitalDeficiency
-6892093 usd
CY2021Q2 HFRN Working Capital Deficiency
WorkingCapitalDeficiency
-6345430 usd
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_846_eus-gaap--UseOfEstimates_zOdpWGpxzF4" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline"><span id="xdx_86E_zpKAZwAPJMD5">Use of Estimates</span></span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of financial statements in conformity with US GAAP requires the Company’s management to make estimates and assumptions that affect the amounts of assets and liabilities, the identification and disclosure of impaired assets and contingent liabilities at the date of the financial statements, and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p>
CY2021Q1 us-gaap Litigation Settlement Expense
LitigationSettlementExpense
50000 usd
us-gaap Loss Contingency Settlement Agreement Terms
LossContingencySettlementAgreementTerms
In accordance with the settlement, the Company is obligated to pay the $50,000 fine as follows: $10,000 within 14 days of the entry of the Order, $15,000 within 180 days of the entry of the order, $12,500 within 270 days of the entry of the Order and $12,500 days of the entry of the Order.
CY2021Q4 us-gaap Settlement Liabilities Current
SettlementLiabilitiesCurrent
12500 usd
CY2021Q2 us-gaap Settlement Liabilities Current
SettlementLiabilitiesCurrent
25000 usd
us-gaap Payments For Legal Settlements
PaymentsForLegalSettlements
27500 usd
HFRN Operating Lease Rent Expense
OperatingLeaseRentExpense
3060 usd
CY2021Q2 us-gaap Furniture And Fixtures Gross
FurnitureAndFixturesGross
7399 usd
CY2022Q1 us-gaap Capitalized Computer Software Gross
CapitalizedComputerSoftwareGross
42253 usd
CY2021Q2 us-gaap Capitalized Computer Software Gross
CapitalizedComputerSoftwareGross
42253 usd
CY2022Q1 us-gaap Due From Related Parties Current
DueFromRelatedPartiesCurrent
60733 usd
CY2021Q2 us-gaap Due From Related Parties Current
DueFromRelatedPartiesCurrent
43809 usd
CY2022Q1 us-gaap Due To Related Parties Current
DueToRelatedPartiesCurrent
3806413 usd
CY2021Q2 us-gaap Due To Related Parties Current
DueToRelatedPartiesCurrent
3869479 usd
us-gaap Loss Contingency Accrual Payments
LossContingencyAccrualPayments
116090 usd
us-gaap Loss Contingency Accrual Payments
LossContingencyAccrualPayments
735928
HFRN Remaining Unpaid Balance
RemainingUnpaidBalance
8851777 usd
HFRN Remaining Unpaid Balance
RemainingUnpaidBalance
56100000
CY2022Q1 HFRN Incremental Borrowing Rate
IncrementalBorrowingRate
0.0575 pure
CY2022Q1 HFRN Operating Lease Rent Expense
OperatingLeaseRentExpense
6120 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
11326 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
6120 usd
CY2022Q1 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
73368 usd
CY2022Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
73368 usd
CY2021Q2 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
64488 usd
CY2021Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
64488 usd
us-gaap Payments For Rent
PaymentsForRent
1020 usd
CY2022Q1 us-gaap Land And Land Improvements
LandAndLandImprovements
6172606 usd
CY2021Q2 us-gaap Land And Land Improvements
LandAndLandImprovements
6092340 usd
CY2022Q1 us-gaap Furniture And Fixtures Gross
FurnitureAndFixturesGross
7469 usd
CY2022Q1 us-gaap Property Plant And Equipment Other
PropertyPlantAndEquipmentOther
21102 usd
CY2021Q2 us-gaap Property Plant And Equipment Other
PropertyPlantAndEquipmentOther
20801 usd
CY2022Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
624563 usd
CY2021Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
449061 usd
CY2022Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
5618867 usd
CY2021Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
5713732 usd
us-gaap Depreciation And Amortization
DepreciationAndAmortization
168608 usd
us-gaap Depreciation And Amortization
DepreciationAndAmortization
131768 usd
CY2022Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
81865 usd
CY2021Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
42685 usd
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 integer
CY2022Q1 us-gaap Litigation Reserve Current
LitigationReserveCurrent
2941564 usd
CY2021Q2 us-gaap Litigation Reserve Current
LitigationReserveCurrent
2314786 usd
CY2021Q2 us-gaap Cash
Cash
638 usd
CY2022Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
usd
CY2022Q1 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
usd
CY2022Q1 us-gaap Preferred Stock Value
PreferredStockValue
usd
CY2021Q2 us-gaap Preferred Stock Value
PreferredStockValue
usd
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
usd

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