$GFLT
GenFlat Holdings, Inc.

2024 Q1 Form 10-Q Financial Statement

#000165495424001845 Filed on February 15, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023 Q2
Revenue $0.00 $0.00
YoY Change -100.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $25.92K $28.84K
YoY Change -21.55% -55.91%
% of Gross Profit
Research & Development $0.00 $0.00
YoY Change -100.0% -100.0%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $200.0K $25.92K $28.84K
YoY Change 348.11% -21.54% -55.91%
Operating Profit -$200.0K -$25.92K -$28.84K
YoY Change 14.87% -21.54% -54.6%
Interest Expense $440.00 $1.305K $2.427K
YoY Change -113.66% 342.37% -63.99%
% of Operating Profit
Other Income/Expense, Net $13.00 -$1.305K -$2.427K
YoY Change -101.71% 654.34% -122.96%
Pretax Income -$27.23K -$31.27K
YoY Change -18.01% -40.96%
Income Tax
% Of Pretax Income
Net Earnings -$200.0K -$27.23K -$31.27K
YoY Change 317.93% -18.02% -40.96%
Net Earnings / Revenue
Basic Earnings Per Share $0.00
Diluted Earnings Per Share $0.00 $0.00
COMMON SHARES
Basic Shares Outstanding 1.054B shares 20.85M shares 21.30M shares
Diluted Shares Outstanding 20.85M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $34.06K $22.07K
YoY Change 178.5% -12.87%
Cash & Equivalents $142.6K $34.06K $22.07K
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $1.590M $1.590M $0.00
Prepaid Expenses $0.00 $477.0K
Receivables
Other Receivables
Total Short-Term Assets $1.733M $119.1K $120.8K
YoY Change 1331.23% -6.39% -22.93%
LONG-TERM ASSETS
Property, Plant & Equipment $1.409K $1.610K $2.214K
YoY Change
Goodwill
YoY Change
Intangibles $97.34K $186.3K
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $102.3K $0.00 $0.00
YoY Change
TOTAL ASSETS
Total Short-Term Assets $1.733M $119.1K $120.8K
Total Long-Term Assets $102.3K $0.00 $0.00
Total Assets $1.835M $119.1K $120.8K
YoY Change 1415.72% -6.39% -22.93%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $109.0K $92.03K $92.22K
YoY Change 19.54% 23.03% -17.53%
Accrued Expenses $9.877K $9.763K $5.659K
YoY Change 193.26% 59.71% 95.75%
Deferred Revenue
YoY Change
Short-Term Debt $125.0K $101.4K
YoY Change 78.93% -59.42%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $69.08K $226.8K $199.3K
YoY Change -61.57% 50.42% -45.35%
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
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $69.08K $226.8K $199.3K
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $119.6K $226.8K $199.3K
YoY Change -33.48% 50.42% -45.35%
SHAREHOLDERS EQUITY
Retained Earnings -$2.761M -$3.547M -$3.498M
YoY Change -20.35% 3.77% 4.32%
Common Stock $1.054M $21.30K $21.30K
YoY Change 4848.36% 0.0% 2.16%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.664M -$107.7K -$78.55K
YoY Change
Total Liabilities & Shareholders Equity $1.835M $119.1K $120.8K
YoY Change 1415.72% -6.39% -22.93%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023 Q2
OPERATING ACTIVITIES
Net Income -$200.0K -$27.23K -$31.27K
YoY Change 317.93% -18.02% -40.96%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$1.530K -$290.00
YoY Change -90.45% -99.14%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $8.170K $8.170K
YoY Change 0.0% 0.0%
Cash From Investing Activities $8.170K $8.171K
YoY Change 0.0% -0.01%
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 $0.00
YoY Change -100.0% -100.0%
NET CHANGE
Cash From Operating Activities -1.530K -$290.00
Cash From Investing Activities 8.170K $8.171K
Cash From Financing Activities 0.000 $0.00
Net Change In Cash 6.640K $7.881K
YoY Change -881.18% -1252.19%
FREE CASH FLOW
Cash From Operating Activities -$1.530K -$290.00
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: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. </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 October 18, 2023, the Company entered into a Share Exchange Agreement (“Share Exchange Agreement”) with GenFlat, Inc<em>.</em> (“GenFlat”), a Delaware corporation, and GenFlat shareholders who own 97.1% of the outstanding shares of common stock of GenFlat. Pursuant to the Share Exchange Agreement, all GenFlat shareholders who are parties to the Share Exchange Agreement will receive ninety eight percent (98%) of the issued and outstanding shares of common stock of the Company in exchange for their shares of GenFlat common stock on a pro rata basis. </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 Share Exchange Agreement closed on December 20, 2023. Pursuant to the Share Exchange Agreement, and on the terms and subject to the conditions contained therein, at the closing, the Company acquired 97.22% of the outstanding shares of common stock of GenFlat from GenFlat stockholders who were a party to the Share Exchange Agreement in exchange for 1,043,847,000 shares of common stock of the Company. Additionally, 11,000,000 shares of outstanding Company common stock were canceled, resulting in 1,054,150,000 shares of common stock issued and outstanding as of the Closing Date. </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;">As a result of the closing of the Share Exchange Agreement, the Company discontinued all aspects of its health care consulting business, and the Company is now focused on developing the GenFlat business plan. GenFlat is a start-up company that developed a more sustainable collapsible marine container, replacing traditional standard marine containers. GenFlat plans to operate as a container sales and leasing company and supply GenFlat’s patented marine container primarily to shipping line customers under a variety of short and long-term lease structures. Further, in accordance with “reverse acquisition” accounting treatment, the historical financial statements of GenFlat as of period ends, and for periods ended, prior to the acquisition will become the historical financial statements of the Company in all future filings with the SEC, and our fiscal year end is now June 30. All prior period information presented within this filing is of GenFlat, Inc. historical operations.</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: GenFlat, Inc, Collapsible Revolution, LLC, Sub Oceanic Genflat 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;"><strong><em>Liquidity and Going Concern</em></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;">These financial statements have been prepared in accordance with generally accepted accounting principles applicable to a going concern, which assumes that the Company will be able to meet its obligations and continue its operations for its next fiscal year. Realization values may be substantially different from carrying values as shown and these financial statements do not give effect to adjustments that would be necessary to the carrying values and classification of assets and liabilities should the Company be unable to continue as a going concern. At December 31, 2023 the Company had not yet achieved consistent profitable operations and expects to incur further losses in the development of its business, all of which raise substantial doubt about the Company’s ability to continue as a going concern. The Company’s ability to continue as a going concern is dependent upon its ability to generate future profitable operations and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management has initiated a formal sales and marketing plan including direct email campaigns, industry events, and business to business digital advertising to generate sales. The Company also intends to raise funds through an equity offering to meet the capital requirements to manufacturer its products. However, there is no assurance of additional funding being available through these plans or other sources.</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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P6Y6M
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CY2022Q2 us-gaap Debt Instrument Description
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The Company paid $20,000 in cash to the consultant and agreed to pay an additional $20,000 upon filing of a prospectus, $25,000 upon effectiveness of such prospectus, and $25,000 upon public listing of the Company’s
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