2023 Q1 Form 10-Q Financial Statement
#000159991623000156 Filed on July 13, 2023
Income Statement
Concept | 2023 Q1 | 2022 Q1 |
---|---|---|
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 | $10.31K | $11.29K |
YoY Change | -8.68% | |
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 | -$10.31K | -$11.29K |
YoY Change | -8.68% | 782.88% |
Net Earnings / Revenue | ||
Basic Earnings Per Share | ||
Diluted Earnings Per Share | ||
COMMON SHARES | ||
Basic Shares Outstanding | ||
Diluted Shares Outstanding |
Balance Sheet
Concept | 2023 Q1 | 2022 Q1 |
---|---|---|
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 | ||
YoY Change | ||
TOTAL ASSETS | ||
Total Short-Term Assets | ||
Total Long-Term Assets | ||
Total Assets | ||
YoY Change | ||
SHORT-TERM LIABILITIES | ||
YoY Change | ||
Accounts Payable | ||
YoY Change | ||
Accrued Expenses | ||
YoY Change | ||
Deferred Revenue | ||
YoY Change | ||
Short-Term Debt | ||
YoY Change | ||
Long-Term Debt Due | ||
YoY Change | ||
Total Short-Term Liabilities | $131.5K | |
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 | $131.5K | |
Total Long-Term Liabilities | ||
Total Liabilities | $131.5K | |
YoY Change | ||
SHAREHOLDERS EQUITY | ||
Retained Earnings | -$143.5K | |
YoY Change | ||
Common Stock | $729.5K | |
YoY Change | ||
Preferred Stock | ||
YoY Change | ||
Treasury Stock (at cost) | ||
YoY Change | ||
Treasury Stock Shares | ||
Shareholders Equity | -$131.5K | |
YoY Change | ||
Total Liabilities & Shareholders Equity | ||
YoY Change |
Cashflow Statement
Concept | 2023 Q1 | 2022 Q1 |
---|---|---|
OPERATING ACTIVITIES | ||
Net Income | -$10.31K | -$11.29K |
YoY Change | -8.68% | 782.88% |
Depreciation, Depletion And Amortization | ||
YoY Change | ||
Cash From Operating Activities | -$10.31K | -$11.69K |
YoY Change | -11.8% | |
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 | $10.31K | $11.69K |
YoY Change | -11.8% | |
NET CHANGE | ||
Cash From Operating Activities | -$10.31K | -$11.69K |
Cash From Investing Activities | ||
Cash From Financing Activities | $10.31K | $11.69K |
Net Change In Cash | $0.00 | $0.00 |
YoY Change | ||
FREE CASH FLOW | ||
Cash From Operating Activities | -$10.31K | -$11.69K |
Capital Expenditures | ||
Free Cash Flow | ||
YoY Change |
Facts In Submission
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---|---|---|---|---|
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2023 | |
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Entity Current Reporting Status
EntityCurrentReportingStatus
|
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Current Fiscal Year End Date
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Assets
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Liabilities And Stockholders Equity
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Cash And Cash Equivalents At Carrying Value
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Cash And Cash Equivalents At Carrying Value
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Cash And Cash Equivalents At Carrying Value
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Interest Paid
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Income Taxes Paid
IncomeTaxesPaid
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Income Taxes Paid
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Document Type
DocumentType
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10-Q | |
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true | |
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Document Period End Date
DocumentPeriodEndDate
|
2023-03-31 | |
CY2023Q1 | dei |
Entity File Number
EntityFileNumber
|
000-56019 | |
CY2023Q1 | dei |
Entity Registrant Name
EntityRegistrantName
|
Blubuzzard, Inc. | |
CY2023Q1 | dei |
Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
|
DE | |
CY2023Q1 | dei |
Entity Tax Identification Number
EntityTaxIdentificationNumber
|
83-3740469 | |
CY2023Q1 | dei |
Entity Interactive Data Current
EntityInteractiveDataCurrent
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Yes | |
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Entity Filer Category
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Non-accelerated Filer | |
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Entity Small Business
EntitySmallBusiness
|
true | |
CY2023Q1 | dei |
Entity Emerging Growth Company
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true | |
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Entity Shell Company
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true | |
CY2023Q3 | us-gaap |
Common Stock Other Shares Outstanding
CommonStockOtherSharesOutstanding
|
729483160 | shares |
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Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
5000 | shares |
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Loans And Leases Receivable Related Parties
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Loans And Leases Receivable Related Parties
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Liabilities Current
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131523 | usd |
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Liabilities
Liabilities
|
121211 | usd |
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Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.001 | |
CY2023Q1 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
20000000 | shares |
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Preferred Stock Shares Issued
PreferredStockSharesIssued
|
5000 | shares |
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Preferred Stock Value
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5 | usd |
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Preferred Stock Value
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Common Stock Shares Authorized
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5000000000 | shares |
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729483160 | shares |
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Common Stock Value
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729483 | usd |
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Common Stock Value
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729483 | usd |
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Additional Paid In Capital
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Additional Paid In Capital
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Retained Earnings Accumulated Deficit
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Retained Earnings Accumulated Deficit
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Stockholders Equity
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Stockholders Equity
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General And Administrative Expense
GeneralAndAdministrativeExpense
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10312 | usd |
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General And Administrative Expense
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11292 | usd |
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Operating Expenses
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10312 | usd |
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Operating Expenses
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11292 | usd |
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Net Income Loss
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-10312 | usd |
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Net Income Loss
NetIncomeLoss
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-11292 | usd |
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Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
-0.00 | |
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Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
-0.00 | |
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Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
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729483160 | shares |
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Weighted Average Number Of Share Outstanding Basic And Diluted
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729483160 | shares |
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Preferred Stock Shares Outstanding
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5000 | shares |
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Common Stock Shares Outstanding
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729483160 | shares |
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Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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Net Income Loss
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Preferred Stock Shares Outstanding
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5000 | shares |
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Common Stock Shares Outstanding
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729483160 | shares |
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5000 | shares |
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Common Stock Shares Outstanding
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729483160 | shares |
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Net Income Loss
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Preferred Stock Shares Outstanding
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Common Stock Shares Outstanding
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729483160 | shares |
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Net Cash Provided By Used In Operating Activities
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10312 | usd |
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Nature Of Operations
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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 (pre-split) and 2,550 shares of preferred stock to Lykato Group, LLC, a Florida Limited Liability Company and 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. Lykato Group, LLC is controlled by James Xilas.</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">On December 11, 2019, James Xilas being the sole board director and majority shareholder by and through his beneficial interest in Lykato Group, LLC, a Florida limited liability company, did hereby take, ratify, affirm, and approve a 10:1 forward stock split affecting both authorized and outstanding common shares, change of our corporate name from “Fast Lane Holdings, Inc.” to “Blubuzzard, Inc.” and a ticker symbol change from “FLHI” to “BZRD”. The foregoing changes were effective on December 27, 2019 upon the filing of a Certificate of Amendment with the Delaware Secretary of State. </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’s bylaws were amended to reflect the name change with no other changes made. The Company’s CUSIP number changed from 31189D109 to 095228102 as a result of the aforementioned actions. The market effective date for the symbol change is and was February 7, 2020. Pre-Split total common shares outstanding is and was 72,948,316. Post-Split total common shares outstanding is and remains 729,483,160. </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 March 31, 2023, 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"></span></p> | |
CY2023Q1 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<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"></span></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"></p> <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> | |
CY2023Q1 | us-gaap |
Revenue Recognition Services Franchise Fees
RevenueRecognitionServicesFranchiseFees
|
<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> |