$GFLT
GenFlat Holdings, Inc.

2023 Q4 Form 10-Q Financial Statement

#000165495423015758 Filed on December 19, 2023

View on sec.gov

Income Statement

Concept 2023 Q4
Revenue $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $25.92K
YoY Change -21.55%
% of Gross Profit
Research & Development $0.00
YoY Change -100.0%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $25.92K
YoY Change -21.54%
Operating Profit -$25.92K
YoY Change -21.54%
Interest Expense $1.305K
YoY Change 342.37%
% of Operating Profit
Other Income/Expense, Net -$1.305K
YoY Change 654.34%
Pretax Income -$27.23K
YoY Change -18.01%
Income Tax
% Of Pretax Income
Net Earnings -$27.23K
YoY Change -18.02%
Net Earnings / Revenue
Basic Earnings Per Share $0.00
Diluted Earnings Per Share $0.00
COMMON SHARES
Basic Shares Outstanding 20.85M shares
Diluted Shares Outstanding 20.85M shares

Balance Sheet

Concept 2023 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $34.06K
YoY Change 178.5%
Cash & Equivalents $34.06K
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $1.590M
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $119.1K
YoY Change -6.39%
LONG-TERM ASSETS
Property, Plant & Equipment $1.610K
YoY Change
Goodwill
YoY Change
Intangibles $97.34K
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 $119.1K
Total Long-Term Assets $0.00
Total Assets $119.1K
YoY Change -6.39%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $92.03K
YoY Change 23.03%
Accrued Expenses $9.763K
YoY Change 59.71%
Deferred Revenue
YoY Change
Short-Term Debt $125.0K
YoY Change 78.93%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $226.8K
YoY Change 50.42%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $226.8K
Total Long-Term Liabilities $0.00
Total Liabilities $226.8K
YoY Change 50.42%
SHAREHOLDERS EQUITY
Retained Earnings -$3.547M
YoY Change 3.77%
Common Stock $21.30K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$107.7K
YoY Change
Total Liabilities & Shareholders Equity $119.1K
YoY Change -6.39%

Cashflow Statement

Concept 2023 Q4
OPERATING ACTIVITIES
Net Income -$27.23K
YoY Change -18.02%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$1.530K
YoY Change -90.45%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $8.170K
YoY Change 0.0%
Cash From Investing Activities $8.170K
YoY Change 0.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -1.530K
Cash From Investing Activities 8.170K
Cash From Financing Activities 0.000
Net Change In Cash 6.640K
YoY Change -881.18%
FREE CASH FLOW
Cash From Operating Activities -$1.530K
Capital Expenditures
Free Cash Flow
YoY Change

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us-gaap Nature Of Operations
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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:center;"> </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; text-align:justify;"> </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; text-align:justify;"> </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 the license attached to the Merger Agreement as Exhibit A (the “License Agreement”). 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 the services agreement (the “Services Agreement”), a copy of which is set forth as Exhibit B to the Merger 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”), a copy of which is set forth as Exhibit C to the Agreement. UPlus Health will be 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;">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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<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.</p>
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AccountsAndNotesReceivableNet
106868 usd
CY2023Q3 us-gaap Conversion Of Stock Amount Issued1
ConversionOfStockAmountIssued1
100000 usd
CY2022Q3 us-gaap Debt Instrument Description
DebtInstrumentDescription
The convertible note is secured by 11,000,000 shares of the Company’s common stock held by the Company’s CEO. In the event of an event of default on the note, at the option of the holder, the note can be converted into shares of the Company’s common stock at the conversion price of $0.01 per share
CY2022Q3 us-gaap Convertible Notes Payable
ConvertibleNotesPayable
100000 usd
hbr Increased Decreased In Convetible Note Amount
IncreasedDecreasedInConvetibleNoteAmount
150000 usd
CY2023Q4 us-gaap Convertible Notes Payable
ConvertibleNotesPayable
118016 usd
CY2023Q1 us-gaap Convertible Notes Payable
ConvertibleNotesPayable
78271 usd
hbr Amendment Description Related To Issue Of Shares
AmendmentDescriptionRelatedToIssueOfShares
the Company shall have authority to issue from 200,000,000 shares to 2,500,000,000 shares
us-gaap Conversion Of Stock Shares Converted1
ConversionOfStockSharesConverted1
32197 shares
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1580000 shares
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.57
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1580000 shares
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.57
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Exercised
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised
1288462 shares
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P4Y6M14D
CY2023Q4 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 usd
CY2023Q4 us-gaap Advances To Affiliate
AdvancesToAffiliate
7000 usd

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0001654954-23-015758.txt Edgar Link pending
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hbr-20231130.xsd Edgar Link pending
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