$BZRD
Blubuzzard, Inc.

2022 Q2 Form 10-Q Financial Statement

#000159991622000211 Filed on August 08, 2022

View on sec.gov

Income Statement

Concept 2022 Q2 2022 Q1 2021 Q4
Revenue
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $13.54K $11.29K
YoY Change 125.34%
Operating Profit
YoY Change
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income
YoY Change
Income Tax
% Of Pretax Income
Net Earnings -$13.54K -$11.29K
YoY Change 125.34% 782.88%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2022 Q2 2022 Q1 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $0.00
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets $0.00
Total Assets
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $1.200K
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $112.6K $87.74K
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $112.6K $87.74K
Total Long-Term Liabilities
Total Liabilities $112.6K $87.74K
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$124.5K -$99.72K
YoY Change
Common Stock $729.5K $729.5K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$112.6K -$87.74K
YoY Change
Total Liabilities & Shareholders Equity
YoY Change

Cashflow Statement

Concept 2022 Q2 2022 Q1 2021 Q4
OPERATING ACTIVITIES
Net Income -$13.54K -$11.29K
YoY Change 125.34% 782.88%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$11.69K
YoY Change
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $11.69K
YoY Change
NET CHANGE
Cash From Operating Activities -$11.69K
Cash From Investing Activities
Cash From Financing Activities $11.69K
Net Change In Cash $0.00
YoY Change
FREE CASH FLOW
Cash From Operating Activities -$11.69K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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<p id="xdx_808_eus-gaap--NatureOfOperations_zh9Ch2DUelbh" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="background-color: white"><b>Note 1 - Organization and Description of Business</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="background-color: white">Blubuzzard, Inc. (we, us, our, or the "Company") was incorporated on December 6, 2018 in the State of Delaware with the name Fast Lane Holdings, Inc. The Company was created for the sole purpose of participating in a Delaware holding company reorganization with Giant Motorsports Delaware Inc. (“GMOS Delaware”), a Delaware corporation incorporated on December 6, 2018 and parent company of Fast Lane Holding, Inc. and Giant Motorsports Merger Sub, Inc., a Delaware corporation incorporated on December 6, 2018 and a wholly owned subsidiary of Fast Lane Holdings, Inc. pursuant to Section 251(g) of the General Corporation Law of the state of Delaware, (the “DGCL”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="background-color: white">On December 6, 2018, Paul Moody was appointed Chief Executive Officer, Chief Financial Officer, and Director of Fast Lane Holdings, Inc., Giant Motorsports Delaware, Inc. and Giant Motorsports Merger Sub, Inc.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><span style="background-color: white">On December 28, 2018, Giant Motorsports, Inc. (“GMOS Nevada”), a Nevada corporation merged with and into GMOS Delaware, a wholly owned subsidiary of GMOS Nevada with GMOS Delaware as the surviving corporation. The sole purpose to merge GMOS Nevada with and into GMOS Delaware was to re-domesticate GMOS Nevada from Nevada to Delaware.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><span style="background-color: white">On December 28, 2018, Giant Motorsports Delaware, Inc. completed a holding company reorganization pursuant to Section 251(g) of the DGCL by merging with and into its indirect wholly owned subsidiary known as Giant Motorsports Merger Sub, Inc. with Giant Motorsports Delaware, Inc. as the surviving corporation and becoming a wholly owned subsidiary of Fast Lane Holdings, Inc.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="background-color: white">Fast Lane Holdings, Inc., as successor issuer to Giant Motorsports, Inc., continued to trade in the OTC MarketPlace under the previous ticker symbol “GMOS” until the new ticker symbol “FLHI” for the Company was released into the OTC MarketPlace on January 10, 2019. Concurrently, the Company cancelled all of its stock held in GMOS Delaware.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="background-color: white">On October 21, 2019, Giant Consulting Services, LLC, the largest controlling shareholder of Fast Lane Holdings, Inc., consummated a sale of 60,000,000 shares of our restricted common stock and 2,550 shares of preferred stock to Lykato Group, LLC, an accredited investor. Following the closing of the share purchase transaction, Lykato Group, LLC owns approximately 82.25% interest in the issued and outstanding shares of our common stock. Lykato Group, LLC is now the largest controlling shareholder of the Company.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="background-color: white">On October 21, 2019, Mr. Paul Moody resigned as our Chief Executive Officer, Chief Financial Officer, President, Secretary, Treasurer, and Director. The resignation was not the result of any disagreement with us on any matter relating to our operations, policies or practices.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="background-color: white">On October 21, 2019, Mr. James Xilas was appointed as Chief Executive Officer, Chief Financial Officer, President, Secretary, Treasurer, and Director and our name was changed to Blubuzzard, Inc.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="background-color: white"> </span> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="background-color: white">The Company intends to serve as a vehicle to affect an asset acquisition, merger, exchange of capital stock or other business combination with a domestic or foreign business. As of June 30, 2022, the Company had not yet commenced any operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="background-color: white">The Company has elected December 31st as its year end.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="background-color: white"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="background-color: white"/></p>
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dei Entity Registrant Name
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<p id="xdx_848_eus-gaap--UseOfEstimates_zeVCMPNRuzmj" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="background-color: white"><b>Use of Estimates</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="background-color: white">The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. In the opinion of management, all adjustments necessary in order to make the financial statements not misleading have been included. Actual results could differ from those estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="background-color: white"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="background-color: white"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">-F5-</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"/> <hr style="color: Gray; background-color: Gray; height: 3px; width: 100%; border-width: 0"/> <p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0; margin-bottom: 0"><a href="#table">Table of Contents</a></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="background-color: white"> </span></p>
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<p id="xdx_84E_eus-gaap--RevenueRecognitionServicesFranchiseFees_zxi2zDnd9LSf" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Related Parties</b></p> <p style="font: 10pt/10.5pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> <p style="font: 10pt/10.5pt Times New Roman, Times, Serif; margin: 0"><span style="background-color: white">The Company follows ASC 850, <i>Related Party Disclosures,</i> for the identification of related parties and disclosure of related party transactions.</span></p> <p style="font: 10pt/10.5pt Times New Roman, Times, Serif; margin: 0"> </p>
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