$HBUV
Hubilu Venture Corp

2023 Q3 Form 10-Q Financial Statement

#000149315223027305 Filed on August 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $473.1K $426.1K
YoY Change 32.1% 8.2%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $100.0K $123.0K
YoY Change 15.5% -5.35%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $57.78K $56.98K
YoY Change 6.9% 13.31%
% of Gross Profit
Operating Expenses $168.4K $188.5K
YoY Change 7.48% -5.01%
Operating Profit $304.7K $237.6K
YoY Change 51.25% 21.61%
Interest Expense $242.6K $236.0K
YoY Change -0.44% 3.76%
% of Operating Profit 79.64% 99.31%
Other Income/Expense, Net -$242.6K -$236.0K
YoY Change -0.44% 3.76%
Pretax Income $60.00K $1.640K
YoY Change -241.98% -105.12%
Income Tax
% Of Pretax Income
Net Earnings $62.04K $1.639K
YoY Change -246.8% -105.12%
Net Earnings / Revenue 13.11% 0.38%
Basic Earnings Per Share $0.00 $0.00
Diluted Earnings Per Share $0.00 $0.00
COMMON SHARES
Basic Shares Outstanding 26.24M shares 26.24M shares
Diluted Shares Outstanding 26.27M shares 26.35M shares

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $20.00K $38.38K
YoY Change -54.98% -84.5%
Cash & Equivalents $17.51K $31.59K
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $17.51K $31.59K
YoY Change -53.71% -86.9%
LONG-TERM ASSETS
Property, Plant & Equipment $17.15M $17.10M
YoY Change 1.26% 1.47%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $17.16M $17.11M
YoY Change 1.26% 1.47%
TOTAL ASSETS
Total Short-Term Assets $17.51K $31.59K
Total Long-Term Assets $17.16M $17.11M
Total Assets $17.17M $17.14M
YoY Change 1.14% 0.22%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $10.99K
YoY Change
Accrued Expenses $10.00K $10.96K
YoY Change -45.65% 39.8%
Deferred Revenue
YoY Change
Short-Term Debt $520.0K $520.4K
YoY Change -94.68% -94.92%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.838M $1.509M
YoY Change 104.73% 1.7%
LONG-TERM LIABILITIES
Long-Term Debt $16.50M $16.55M
YoY Change 136.52% 136.4%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $16.50M $16.55M
YoY Change 136.52% 136.4%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.838M $1.509M
Total Long-Term Liabilities $16.50M $16.55M
Total Liabilities $17.97M $18.01M
YoY Change 0.41% 0.1%
SHAREHOLDERS EQUITY
Retained Earnings -$1.681M -$1.743M
YoY Change -3.88% 2.14%
Common Stock $887.4K $26.24K
YoY Change 3282.43% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$793.4K -$868.7K
YoY Change
Total Liabilities & Shareholders Equity $17.17M $17.14M
YoY Change 1.14% 0.22%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income $62.04K $1.639K
YoY Change -246.8% -105.12%
Depreciation, Depletion And Amortization $57.78K $56.98K
YoY Change 6.9% 13.31%
Cash From Operating Activities $140.0K $48.29K
YoY Change 229.64% -53.75%
INVESTING ACTIVITIES
Capital Expenditures $110.0K $115.4K
YoY Change -194.36% -199.14%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$110.0K -$115.4K
YoY Change -5.64% -0.86%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -50.00K 10.26K
YoY Change -61.29% -92.1%
NET CHANGE
Cash From Operating Activities 140.0K 48.29K
Cash From Investing Activities -110.0K -115.4K
Cash From Financing Activities -50.00K 10.26K
Net Change In Cash -20.00K -56.90K
YoY Change -90.16% -148.26%
FREE CASH FLOW
Cash From Operating Activities $140.0K $48.29K
Capital Expenditures $110.0K $115.4K
Free Cash Flow $30.00K -$67.16K
YoY Change -81.14% -130.41%

Facts In Submission

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us-gaap Nature Of Operations
NatureOfOperations
<p id="xdx_801_eus-gaap--NatureOfOperations_zgqihcyZsJK8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 1 – <span id="xdx_820_ztWjs99dqhi">NATURE OF BUSINESS</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hubilu Venture Corporation (“the Company”) was incorporated under the laws of the state of Delaware on March 2, 2015 and is a publicly traded real estate consulting, asset management and business acquisition company, which specializes in acquiring student housing income properties and development/business opportunities located near the Los Angeles Metro/subway stations and within the Los Angeles area.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
us-gaap Basis Of Accounting
BasisOfAccounting
<p id="xdx_809_eus-gaap--BasisOfAccounting_zcV3hW4RzZ4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 2 – <span id="xdx_829_z75XC6R22bj6">BASIS OF PRESENTATION AND ABILITY TO CONTINUE AS A GOING CONCERN</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The accompanying consolidated financial statements include the accounts of the Company and each of its wholly owned subsidiaries: Akebia Investments LLC, Zinnia Investments, LLC, Sunza Investments, LLC, Lantana Investments LLC, Elata Investments, LLC, Trilosa Investments, LLC, Kapok Investements, LLC, Boabab Investments, LLC and Mopane Investments, LLC. All intercompany transactions have been eliminated on consolidation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) on the basis that the Company will continue as a going concern, which assumes that the Company will be able to meet its obligations and continue its operations for the next 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 June 30, 2023, the Company had not yet achieved profitable operations, had an accumulated deficit of $<span id="xdx_909_eus-gaap--RetainedEarningsAccumulatedDeficit_iNI_di_c20230630_zE05hxGDAfF8" title="Accumulated deficit">1,742,883</span> and expects to incur further losses in the development of its business, all of which casts substantial doubt upon the Company’s ability to continue as a going concern and, therefore, that it may be unable to realize its assets and discharge its liabilities in the normal course of business. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it becomes profitable. Management intends to focus on raising additional funds either by way of debt or equity issuances in order to continue operations. The Company cannot provide any assurance or guarantee that it will be able to obtain additional financing or generate revenues sufficient to maintain operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>
CY2023Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-1742883 usd
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p id="xdx_84E_eus-gaap--PriorPeriodReclassificationAdjustmentDescription_zfnldK7wClBh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_869_zp6yqRvVVhZf">Reclassification</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain reclassifications have been made to the prior years’ financial statements to conform to current year presentation. These reclassifications had no effect on previously reported results of operations or retained earnings.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p>
CY2022Q4 us-gaap Real Estate Gross At Carrying Value
RealEstateGrossAtCarryingValue
17555462 usd
CY2021Q4 us-gaap Real Estate Gross At Carrying Value
RealEstateGrossAtCarryingValue
14255927 usd
CY2022 us-gaap Real Estate Acquisitions Through Foreclosures
RealEstateAcquisitionsThroughForeclosures
2739632 usd
us-gaap Real Estate Cost Of Real Estate Sold
RealEstateCostOfRealEstateSold
17662446 usd
CY2022 us-gaap Real Estate Cost Of Real Estate Sold
RealEstateCostOfRealEstateSold
16995559 usd
us-gaap Real Estate Improvements
RealEstateImprovements
222434 usd
CY2022 us-gaap Real Estate Improvements
RealEstateImprovements
559903 usd
CY2023Q2 us-gaap Real Estate Gross At Carrying Value
RealEstateGrossAtCarryingValue
17777896 usd
CY2022Q4 us-gaap Real Estate Gross At Carrying Value
RealEstateGrossAtCarryingValue
17555462 usd
CY2022Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
564647 usd
CY2021Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
356036 usd
us-gaap Depreciation
Depreciation
113004 usd
us-gaap Depreciation
Depreciation
99514 usd
CY2023Q2 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
677651 usd
CY2022Q2 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
455550 usd
CY2023Q2 us-gaap Real Estate And Accumulated Depreciation Initial Cost Of Land
RealEstateAndAccumulatedDepreciationInitialCostOfLand
11800304 usd
CY2023Q2 us-gaap Real Estate And Accumulated Depreciation Initial Cost Of Buildings And Improvements
RealEstateAndAccumulatedDepreciationInitialCostOfBuildingsAndImprovements
4066456 usd
CY2023Q2 us-gaap Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Improvements
RealEstateAndAccumulatedDepreciationCostsCapitalizedSubsequentToAcquisitionImprovements
1612433 usd
CY2023Q2 us-gaap Real Estate Accumulated Depreciation
RealEstateAccumulatedDepreciation
677651 usd
CY2023Q2 srt Real Estate And Accumulated Depreciation Amount Of Encumbrances
RealEstateAndAccumulatedDepreciationAmountOfEncumbrances
16270208 usd
CY2023Q2 HBUV Real Estate And Accumulated Depreciation Amount Of Security Deposits
RealEstateAndAccumulatedDepreciationAmountOfSecurityDeposits
275679 usd
CY2023Q2 HBUV Real Estate And Accumulated Depreciation Closing Costs
RealEstateAndAccumulatedDepreciationClosingCosts
298704 usd
CY2023Q2 us-gaap Advance Rent
AdvanceRent
14375 usd
CY2023Q2 us-gaap Mortgage Loans On Real Estate
MortgageLoansOnRealEstate
16545208 usd
CY2022Q4 us-gaap Mortgage Loans On Real Estate
MortgageLoansOnRealEstate
16488381 usd
CY2023Q2 HBUV Current Maturities
CurrentMaturities
567450 usd
CY2022Q4 HBUV Current Maturities
CurrentMaturities
1640175 usd
CY2023Q2 HBUV Mortgages Payable
MortgagesPayable
15977758 usd
CY2022Q4 HBUV Mortgages Payable
MortgagesPayable
14848206 usd
HBUV Interest Charge
InterestCharge
26009 usd
us-gaap Preferred Stock Voting Rights
PreferredStockVotingRights
the 5% Voting, Cumulative Convertible Series 1 Preferred Stock date of conversion has been extended to the September 30, 2029

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