$GFLT
GenFlat Holdings, Inc.

2022 Form 10-K Financial Statement

#000165495422009390 Filed on July 08, 2022

View on sec.gov

Income Statement

Concept 2022 2021 Q1 2021
Revenue $28.94K $4.020K
YoY Change 619.95%
Cost Of Revenue $28.94K $4.019K
YoY Change 620.13%
Gross Profit $0.00 $1.00
YoY Change -100.0%
Gross Profit Margin 0.0% 0.02%
Selling, General & Admin $754.1K $1.630M
YoY Change -53.74% 8108.06%
% of Gross Profit 163012000.0%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $1.662M $1.630M
YoY Change 1.96% 8108.07%
Operating Profit -$1.633M -$1.626M
YoY Change 0.43%
Interest Expense $19.04K $1.524K
YoY Change 1149.48%
% of Operating Profit
Other Income/Expense, Net $19.04K $1.524K
YoY Change 1149.48%
Pretax Income -$1.652M -$1.628M
YoY Change 1.51% 8095.52%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings $1.652M $1.628M
YoY Change 1.51% -8295.51%
Net Earnings / Revenue 5708.66% 40488.26%
Basic Earnings Per Share
Diluted Earnings Per Share -$0.08 -$0.08
COMMON SHARES
Basic Shares Outstanding 20.85M shares
Diluted Shares Outstanding 20.31M shares

Balance Sheet

Concept 2022 2021 Q1 2021
SHORT-TERM ASSETS
Cash & Short-Term Investments $26.01K $35.06K
YoY Change -25.81% -79.72%
Cash & Equivalents $26.01K $35.06K $35.06K
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $165.6K $35.06K $35.06K
YoY Change 372.25% -79.72%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00
YoY Change
Total Long-Term Assets $0.00 $0.00 $0.00
YoY Change
TOTAL ASSETS
Total Short-Term Assets $165.6K $35.06K $35.06K
Total Long-Term Assets $0.00 $0.00 $0.00
Total Assets $165.6K $35.06K $35.06K
YoY Change 372.25% -79.72%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $76.75K $36.49K $36.49K
YoY Change 110.33%
Accrued Expenses $35.18K $35.18K $35.18K
YoY Change 0.0%
Deferred Revenue
YoY Change
Short-Term Debt $225.0K $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $336.9K $71.67K $71.67K
YoY Change 370.13%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $336.9K $71.67K $71.67K
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $336.9K $71.67K $71.67K
YoY Change 370.13%
SHAREHOLDERS EQUITY
Retained Earnings -$1.647M
YoY Change
Common Stock $19.59K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$171.4K -$36.61K -$36.61K
YoY Change
Total Liabilities & Shareholders Equity $165.6K $35.06K $35.06K
YoY Change 372.25% -79.72%

Cashflow Statement

Concept 2022 2021 Q1 2021
OPERATING ACTIVITIES
Net Income $1.652M $1.628M
YoY Change 1.51% -8295.51%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$280.7K -$137.8K
YoY Change 103.69% 628.65%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$189.6K
YoY Change
Cash From Investing Activities -$189.6K $0.00
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 $461.2K $0.00
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -$280.7K -$137.8K
Cash From Investing Activities -$189.6K $0.00
Cash From Financing Activities $461.2K $0.00
Net Change In Cash -$9.042K -$137.8K
YoY Change -93.44% -179.72%
FREE CASH FLOW
Cash From Operating Activities -$280.7K -$137.8K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>NOTE 1. NATURE OF BUSINESS AND GOING CONCERN</strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">On September 9, 2019 (commencement of operations), Healthcare Business Resources, Inc. (“we”, “our”, the “Company”), a domestic corporation was organized in Delaware to provide consulting services to healthcare organizations. These services include management consulting related to sales, marketing, business development and advisory board function. The Company’s services are designed to help clients increase revenue, improve overall efficiency and effectiveness of their operations and grow strategically.</p><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">On March 5, 2021, HBR Pointclear, LLC, a Delaware limited liability company was incorporated. HBR Pointclear, LLC was formed to enter into an Option Agreement to Purchase Business Assets with PointClear Solutions, Inc.</p><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">On June 18, 2021, we and HBR Sub, Inc., a Delaware corporation and our wholly owned subsidiary entered into and closed an Agreement and Plan of Merger (the “Merger Agreement”), with UserTech U.S. LLC, a Delaware limited liability company (“UPlus”) and UPlus Health, LLC, a Delaware limited liability company and a wholly-owned subsidiary of UPlus (“UPlus Health”). Pursuant to the Merger Agreement, and subject to the terms and conditions contained therein, HBR Sub, Inc. was merged with and into UPlus Health, with UPlus Health surviving the merger on the terms and subject to the conditions set forth in the Merger Agreement and certain ancillary agreements. UPlus Health is now our Company’s wholly owned subsidiary. UPlus helps companies across multiple industries with continuous innovation and market development through the implementation of its proprietary technology called the U+Method, which is a is a step-by-step product development methodology that focuses on front–loading the risky parts of product development before starting large buildouts (the “U+Method Technology”). UPlus has licensed to UPlus Health the U+Method Technology and related intellectual property for use in the health care and medical services industry (the “Medical Industry”), pursuant to a separate license agreement (the “License Agreement”).</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">UPlus and the Company believe that their individual capabilities and expertise could be combined to provide a unique integrated solution to clients in the Medical Industry; and UPlus’ post transaction participation in providing the anticipated integrated solution is set forth in a separate services agreement (the “Services Agreement”). The Company’s post transaction financial metrics plan for UPlus Health and the anticipated integrated solution is set forth in UPlus Health’s financial metrics plan (“Financial Metrics Plan”). UPlus Health is managed by the Company’s current management team.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The consideration for the merger consisted of our Company’s issuance to UPlus of 1,000,000 shares of our common stock and a three-year warrant to purchase 1,400,000 shares of our common stock for $0.50 per share, subject to the Special Adjustments described in the Merger Agreement, which includes UPlus’ right to unwind the merger in the event we fail to meet the Financial Metrics Plan described in the Merger Agreement. As of August 31, 2021, the total purchase price for the acquisition was determined to be $857,990, which consisted of 1,000,000 shares of common stock with a fair value of $500,000 and 1,400,000 stock warrants with a fair value of $357,990. The Company concluded the transaction qualified as an asset acquisition and all such acquisition costs have been capitalized. During the year ended February 28, 2022, the Company recorded a $857,990 impairment related to the license due to lack of progress.</p><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">In this filing, unless context requires otherwise, references to “we,” “our,” “us” and “our Company” refer to Healthcare Business Resources Inc., a Delaware corporation, and its subsidiaries HBR Pointclear, LLC, HBR Business Development, LLC and UPlus Health, LLC.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><em><strong>Liquidity and Going Concern</strong></em></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">These consolidated financial statements have been prepared on a going concern basis, which assumes the Company will continue to realize its assets and discharge its liabilities in the normal course of business. The continuation of the Company as a going concern is dependent upon the ability of the Company to obtain equity financings to continue operations. The Company has a history of and expects to continue to report negative cash flows from operations and a net loss. Management believes that the cash on hand is sufficient to fund its planned operations into but not beyond the near term. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern twelve months from the issuance of these consolidated financial statements. These consolidated financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. The Company may seek additional funding through a combination of equity offerings, debt financings, or other third-party funding.</p>
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EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2022 us-gaap Federal Income Tax Expense Benefit Continuing Operations
FederalIncomeTaxExpenseBenefitContinuingOperations
343000 USD
CY2021 us-gaap Federal Income Tax Expense Benefit Continuing Operations
FederalIncomeTaxExpenseBenefitContinuingOperations
342000 USD
CY2022 us-gaap Income Tax Reconciliation Nondeductible Expense
IncomeTaxReconciliationNondeductibleExpense
-318000 USD
CY2021 us-gaap Income Tax Reconciliation Nondeductible Expense
IncomeTaxReconciliationNondeductibleExpense
-302000 USD
CY2022 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
-25000 USD
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 USD
CY2021 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 USD
CY2022Q1 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
67900 USD
CY2021Q1 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
43900 USD
CY2022Q1 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
67900 USD
CY2021Q1 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
43900 USD
CY2022Q1 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
0 USD
CY2021Q1 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
0 USD
CY2022Q1 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
326000 USD
CY2022Q1 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 USD
CY2021Q4 hbr Consideration Amount Of Shares
ConsiderationAmountOfShares
10.00
CY2021Q4 us-gaap Conversion Of Stock Shares Converted1
ConversionOfStockSharesConverted1
32000 shares
CY2022 us-gaap Description Of Lessor Leasing Arrangements Operating Leases
DescriptionOfLessorLeasingArrangementsOperatingLeases
the Company entered into a sixteen month operating lease for office space
CY2022 hbr Lease Expense
LeaseExpense
4805 USD
CY2022Q1 us-gaap Equity Restrictions
EquityRestrictions
150000 USD

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