$GFLT
GenFlat Holdings, Inc.

2024 Q4 Form 10-Q Financial Statement

#000165495424014560 Filed on November 15, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3 2023 Q3
Revenue $7.894K $0.00
YoY Change
Cost Of Revenue $53.19K $0.00
YoY Change
Gross Profit -$45.30K $0.00
YoY Change
Gross Profit Margin -573.85%
Selling, General & Admin $19.83K
YoY Change -32.02%
% of Gross Profit
Research & Development $36.00K $0.00
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $1.722M $19.83K
YoY Change 8583.41% -32.02%
Operating Profit -$1.767M -$19.83K
YoY Change 8811.88% -32.02%
Interest Expense $1.357K $2.824K
YoY Change -51.95% 180.72%
% of Operating Profit
Other Income/Expense, Net -$1.355K -$2.824K
YoY Change -52.02% -17.18%
Pretax Income -$22.65K
YoY Change -30.48%
Income Tax
% Of Pretax Income
Net Earnings -$1.768M -$22.65K
YoY Change 7706.83% -30.47%
Net Earnings / Revenue -22401.85%
Basic Earnings Per Share
Diluted Earnings Per Share $0.00
COMMON SHARES
Basic Shares Outstanding 10.60M shares 10.60M shares 21.30M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2024 Q4 2024 Q3 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $27.41K
YoY Change 109.56%
Cash & Equivalents $5.588K $27.41K
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $1.621M
Prepaid Expenses $0.00
Receivables
Other Receivables
Total Short-Term Assets $13.48K $120.7K
YoY Change -88.83% -11.47%
LONG-TERM ASSETS
Property, Plant & Equipment $1.006K
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $1.700M $0.00
YoY Change
TOTAL ASSETS
Total Short-Term Assets $13.48K $120.7K
Total Long-Term Assets $1.700M $0.00
Total Assets $1.713M $120.7K
YoY Change 1319.81% -11.47%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $107.9K $91.93K
YoY Change 17.35% 20.5%
Accrued Expenses $9.877K $8.448K
YoY Change 16.92% -28.16%
Deferred Revenue
YoY Change
Short-Term Debt $111.1K
YoY Change 117.12%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $239.8K $211.5K
YoY Change 13.39% 51.9%
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 $239.8K $211.5K
Total Long-Term Liabilities $0.00
Total Liabilities $339.8K $211.5K
YoY Change 60.67% 51.9%
SHAREHOLDERS EQUITY
Retained Earnings -$4.914M -$3.520M
YoY Change 39.6% 3.99%
Common Stock $10.60K $21.30K
YoY Change -50.22% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.373M -$90.82K
YoY Change
Total Liabilities & Shareholders Equity $1.713M $120.7K
YoY Change 1319.81% -11.47%

Cashflow Statement

Concept 2024 Q4 2024 Q3 2023 Q3
OPERATING ACTIVITIES
Net Income -$1.768M -$22.65K
YoY Change 7706.83% -30.47%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$229.6K -$110.00
YoY Change 208670.91% -102.4%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $5.450K
YoY Change -33.29%
Cash From Investing Activities $0.00 $5.450K
YoY Change -100.0% -33.29%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $196.3K 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -$229.6K -110.0
Cash From Investing Activities $0.00 5.450K
Cash From Financing Activities $196.3K 0.000
Net Change In Cash -$33.38K 5.340K
YoY Change -725.15% -143.59%
FREE CASH FLOW
Cash From Operating Activities -$229.6K -$110.00
Capital Expenditures
Free Cash Flow
YoY Change

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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), GenFlat Holdings, Inc. (formerly Healthcare Business Resources Inc.), a domestic corporation was organized in Delaware to provide consulting services to healthcare organizations. Unless the context otherwise requires, all references to “<strong>GenFlat</strong>” “<strong>Company</strong>,” “<strong>we</strong>,” “<strong>our</strong>” or “<strong>us</strong>” and other similar terms means GenFlat Holdings, Inc. (formerly Healthcare Business Resources Inc.), and its subsidiaries. </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 (“<strong>Share Exchange Agreement</strong>”) with GenFlat, Inc<em>. </em>(“<strong>GenFlat, Inc.</strong>”), a Delaware corporation, and GenFlat, Inc. shareholders who owned 97.1% of the outstanding shares of common stock of GenFlat, Inc. Pursuant to the Share Exchange Agreement, all GenFlat, Inc. 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, Inc. 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;">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 operates as a container sales and leasing company and supplies GenFlat’s patented marine container primarily to shipping line customers under a variety of short and long-term lease structures. In accordance with “reverse acquisition” accounting treatment, the historical financial statements of GenFlat, Inc. as of period ends, and for periods ended, prior to the acquisition became the historical financial statements of the Company in all future filings with the SEC, and the Company’s fiscal year end became June 30. All prior period information presented within this filing is of GenFlat, Inc. historical operations. The Company changed its name from Healthcare Business Resources Inc. to GenFlat Holdings, Inc. to better reflect its new business 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;"><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 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. As of September 30, 2024 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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CY2024Q2 hbr Amendment Description Related To Issue Of Shares
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one-for-one hundred (1:100) (the “Reverse Split”). The par value of the common stock will remain at $0.001 per share. The number of authorized shares of common stock after the Reverse Split is fixed at twenty-five million (25,000,000) shares of common stock
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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 shares of common stock
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Stock options for 100,000 shares of Company stock. The stock options will have an exercise price of $6.00 per share and vest as follows: 1) Fifty thousand (50,000) options will vest immediately; 2) Twenty-five thousand (25,000) options on the first anniversary of the agreement, and 3) Twenty-five thousand (25,000) options on the second anniversary of the agreement, in all cases subject to continued Advisory Committee service as of such vesting dates and pursuant to the Company’s standard Non-Qualified Stock Option Award Agreement. Vested stock options must be exercised within ten (10) years of the grant date
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CY2024Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
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CY2024Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
10604524 shares
CY2024Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
10548191 shares
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
0 shares
CY2024Q3 dei Document Type
DocumentType
10-Q
CY2024Q3 dei Document Quarterly Report
DocumentQuarterlyReport
true
CY2024Q3 dei Document Period End Date
DocumentPeriodEndDate
2024-09-30
CY2024Q3 dei Document Transition Report
DocumentTransitionReport
false
CY2024Q3 dei Entity File Number
EntityFileNumber
000-56214
CY2024Q3 dei Entity Registrant Name
EntityRegistrantName
GenFlat Holdings, Inc.
CY2024Q3 dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
DE
CY2024Q3 dei Entity Tax Identification Number
EntityTaxIdentificationNumber
84-3639946
CY2024Q3 dei Entity Address Address Line1
EntityAddressAddressLine1
1983 N Berra Blvd
CY2024Q3 dei Entity Address City Or Town
EntityAddressCityOrTown
Tooele
CY2024Q3 dei Entity Address State Or Province
EntityAddressStateOrProvince
UT
CY2024Q3 dei Entity Address Postal Zip Code
EntityAddressPostalZipCode
84074
CY2024Q3 dei City Area Code
CityAreaCode
435
CY2024Q3 dei Local Phone Number
LocalPhoneNumber
830-6979
CY2024Q3 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2024Q3 dei Entity Interactive Data Current
EntityInteractiveDataCurrent
Yes
CY2024Q3 dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
CY2024Q3 dei Entity Small Business
EntitySmallBusiness
true
CY2024Q3 dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
true
CY2024Q3 dei Entity Ex Transition Period
EntityExTransitionPeriod
false
CY2024Q3 dei Entity Shell Company
EntityShellCompany
false
CY2024Q4 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
10604524 shares
CY2024Q3 us-gaap Accounts Receivable Net
AccountsReceivableNet
7894 usd
CY2024Q2 us-gaap Inventory Net
InventoryNet
1660720 usd
CY2024Q2 us-gaap Assets
Assets
1795376 usd
CY2024Q3 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
112588 usd
CY2024Q2 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
104980 usd
CY2024Q3 hbr Notes Payable Related Party Current
NotesPayableRelatedPartyCurrent
72000 usd
CY2024Q2 hbr Notes Payable Related Party Current
NotesPayableRelatedPartyCurrent
105000 usd
CY2024Q2 us-gaap Notes Payable
NotesPayable
50500 usd
CY2024Q2 us-gaap Notes Payable Current
NotesPayableCurrent
0 usd
CY2024Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
4702 usd
CY2024Q3 us-gaap Liabilities Current
LiabilitiesCurrent
239790 usd
CY2024Q3 hbr Notes Payable Related Party
NotesPayableRelatedParty
99996 usd
CY2024Q2 hbr Notes Payable Related Party
NotesPayableRelatedParty
0 usd
CY2024Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2024Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
25000000 shares
CY2024Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-4914295 usd
CY2024Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-3150354 usd
CY2024Q3 hbr Total Stockholders Equity Attributable To Genflat Holdings Inc
TotalStockholdersEquityAttributableToGenflatHoldingsInc
1335704 usd
CY2024Q2 hbr Total Stockholders Equity Attributable To Genflat Holdings Inc
TotalStockholdersEquityAttributableToGenflatHoldingsInc
1475926 usd
CY2024Q3 us-gaap Minority Interest
MinorityInterest
37651 usd
CY2024Q2 us-gaap Minority Interest
MinorityInterest
42112 usd
CY2024Q3 us-gaap Stockholders Equity
StockholdersEquity
1373355 usd
CY2024Q2 us-gaap Stockholders Equity
StockholdersEquity
1518038 usd
CY2023Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
0 usd
CY2024Q3 us-gaap Operating Expenses
OperatingExpenses
1721747 usd
CY2023Q3 us-gaap Operating Expenses
OperatingExpenses
133521 usd
CY2024Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-1767047 usd
CY2023Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-133521 usd
CY2024Q3 us-gaap Interest Expense
InterestExpense
1357 usd
CY2023Q3 us-gaap Interest Expense
InterestExpense
353 usd
CY2024Q3 us-gaap Other Income
OtherIncome
2 usd
CY2023Q3 us-gaap Other Income
OtherIncome
222 usd
CY2023Q2 us-gaap Stockholders Equity
StockholdersEquity
707629 usd
CY2023Q3 hbr Common Stock Sold For Cash Amount
CommonStockSoldForCashAmount
250000 usd
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
-133652 usd
CY2023Q3 us-gaap Stockholders Equity
StockholdersEquity
823977 usd
CY2024Q2 us-gaap Stockholders Equity
StockholdersEquity
1518038 usd
CY2024Q3 hbr Common Stock Sold For Cash Amount
CommonStockSoldForCashAmount
138000 usd
CY2024Q3 us-gaap Share Based Compensation
ShareBasedCompensation
1485719 usd
CY2024Q3 us-gaap Net Income Loss
NetIncomeLoss
-1768402 usd
CY2024Q3 us-gaap Stockholders Equity
StockholdersEquity
1373355 usd
CY2024Q3 us-gaap Share Based Compensation
ShareBasedCompensation
1485719 usd
CY2023Q3 us-gaap Share Based Compensation
ShareBasedCompensation
0 usd
CY2024Q3 hbr Operating Lease Right Of Use Asset Amortization Expenses
OperatingLeaseRightOfUseAssetAmortizationExpenses
0 usd
CY2023Q3 hbr Operating Lease Right Of Use Asset Amortization Expenses
OperatingLeaseRightOfUseAssetAmortizationExpenses
50 usd
CY2024Q3 us-gaap Increase Decrease In Operating Assets
IncreaseDecreaseInOperatingAssets
-3425 usd
CY2023Q3 us-gaap Increase Decrease In Operating Assets
IncreaseDecreaseInOperatingAssets
-3425 usd
CY2023Q3 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-3425 usd
CY2024Q3 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-229648 usd
CY2023Q3 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-125300 usd
CY2023Q3 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
0 usd
CY2024Q3 hbr Repayments Of Related Party Advances
RepaymentsOfRelatedPartyAdvances
8731 usd
CY2023Q3 hbr Repayments Of Related Party Advances
RepaymentsOfRelatedPartyAdvances
0 usd
CY2023Q3 us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
0 usd
CY2024Q3 hbr Proceeds From Related Party Debt One
ProceedsFromRelatedPartyDebtOne
17000 usd
CY2023Q3 hbr Proceeds From Related Party Debt One
ProceedsFromRelatedPartyDebtOne
0 usd
CY2024Q3 us-gaap Use Of Estimates
UseOfEstimates
<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>
CY2024Q3 hbr Intermediate Life Plant Useful Life
IntermediateLifePlantUsefulLife
P5Y9M
CY2024Q2 us-gaap Inventory Finished Goods
InventoryFinishedGoods
1740220 usd
CY2024Q3 us-gaap Sale Of Stock Number Of Shares Issued In Transaction
SaleOfStockNumberOfSharesIssuedInTransaction
23000 shares
CY2024Q3 us-gaap Sale Of Stock Consideration Received On Transaction
SaleOfStockConsiderationReceivedOnTransaction
138000 usd
CY2023Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
10541500 shares
CY2024Q3 hbr Common Stock Available For Grant
CommonStockAvailableForGrant
1500000 shares
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
600000 shares
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
600000 shares
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
6.00
CY2024Q3 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
300000 shares
CY2024Q3 hbr Estimated Fair Value Of Warrants
EstimatedFairValueOfWarrants
2641279 usd
CY2024Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
1485719 usd
CY2024Q3 hbr Recognized Additional Vesting Period Expense Awards
RecognizedAdditionalVestingPeriodExpenseAwards
1155559 usd
CY2024Q3 hbr Advances From Related Party
AdvancesFromRelatedParty
0 usd
CY2024Q3 hbr Lessee Finance Lease Remaining Lease Terms
LesseeFinanceLeaseRemainingLeaseTerms
P4Y
CY2024Q3 us-gaap Dividends Share Based Compensation Cash
DividendsShareBasedCompensationCash
5000 usd

Files In Submission

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0001654954-24-014560-index-headers.html Edgar Link pending
0001654954-24-014560-index.html Edgar Link pending
0001654954-24-014560.txt Edgar Link pending
0001654954-24-014560-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
hbr-20240930.xsd Edgar Link pending
hbr_10q.htm Edgar Link pending
hbr_ex102.htm Edgar Link pending
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hbr_ex311.htm Edgar Link pending
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