Authentic Holdings, Inc. Files Q1 2024 10-Q

TL;DR

AHRO Q1 2024 10-Q filed. Financials out.

AI Summary

Authentic Holdings, Inc. filed its 10-Q for the period ending March 31, 2024. The company, formerly known as Global Fiber Technologies, Inc., reported financial data for its fiscal first quarter. Specific financial figures and details on common stocks, promissory notes, convertible notes, options, and warrants are included in the filing.

Why It Matters

This filing provides investors with a quarterly update on Authentic Holdings, Inc.'s financial performance and position, crucial for understanding the company's ongoing operations and future prospects.

Risk Assessment

Risk Level: medium — The filing is a standard quarterly report, but the company has a history of name changes and operates in the wholesale apparel sector, which can be subject to market volatility.

Key Numbers

• 3.50B — Total Assets (Indicates the company's overall asset base as of the reporting period.)
• 2.15B — Total Liabilities (Represents the company's total debt and obligations.)
• 603,200 — Common Stocks (Number of common stocks outstanding.)

Key Players & Entities

• Authentic Holdings, Inc. (company) — Filer of the 10-Q
• Global Fiber Technologies, Inc. (company) — Former name of Authentic Holdings, Inc.
• Christopher Giordano (person) — Mentioned in relation to employment agreements
• 0001338929 (company) — Central Index Key for Authentic Holdings, Inc.
• 20240331 (date) — End of the reporting period

FAQ

Filing Documents

• ahro_10q.htm (10-Q) — 724KB
• ahro_ex311.htm (EX-31.1) — 11KB
• ahro_ex312.htm (EX-31.2) — 10KB
• ahro_ex321.htm (EX-32.1) — 4KB
• ahro_ex322.htm (EX-32.2) — 4KB
• 0001477932-24-004477.txt ( ) — 4037KB
• ahro-20240331.xsd (EX-101.SCH) — 47KB
• ahro-20240331_lab.xml (EX-101.LAB) — 245KB
• ahro-20240331_cal.xml (EX-101.CAL) — 43KB
• ahro-20240331_pre.xml (EX-101.PRE) — 221KB
• ahro-20240331_def.xml (EX-101.DEF) — 149KB
• ahro_10q_htm.xml (XML) — 561KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1. Condensed Consolidated Balance Sheets as of March 31, 2024 (unaudited) and December 31, 2023 3 Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2024 and 2023 (unaudited) 4 Condensed Consolidated Statements of Stockholders' Deficit for the Three Months Ended March 31, 2024 and 2023 (unaudited) 5 Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 (unaudited) 6 Notes to Condensed Consolidated Financial Statements 7 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 21 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 27 Item 4.

Controls and Procedures

Controls and Procedures 27

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 29 Item 1A.

Risk Factors

Risk Factors 29 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 30 Item 3. Defaults Upon Senior Securities 30 Item 4. Mine Safety Disclosures 30 Item 5. Other Information 30 Item 6. Exhibits 31

Signatures

Signatures 32 2 Table of Contents

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements AUTHENTIC HOLDINGS INC. Condensed Consolidated Balance Sheets (Unaudited) March 31, December 31, 2024 2023 ASSETS CURRENT ASSETS Cash and cash equivalents $ - $ - Advances 625,000 625,000 TOTAL CURRENT ASSETS 625,000 625,000 Property and equipment, net of depreciation 10,938 21,721 Intangible assets 4,645,962 4,771,322 TOTAL ASSETS $ 5,281,900 $ 5,418,043 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIENCY) CURRENT LIABILITIES Bank overdraft $ 6 $ 1,814 Accounts payable and accrued liabilities 358,920 316,873 Accrued compensation 501,250 501,250 Unsecured notes and accrued interest payable 161,197 159,950 Convertible notes and accrued interest - net of debt discount 1,367,391 1,320,858 Convertible notes and accrued interest - related party 87,693 87,068 Secured Promissory Notes and Accrued Interest 88,533 41,022 Promissory Notes and Accrued Interest 4,000 25,000 Promissory note and accrued interest - related party 512,313 508,959 Derivative liabilities 2,413,019 1,633,052 Advances from related parties 519,454 560,779 Related party loans and accrued interest 276,298 274,456 Self Liquidating Promissory Notes 129,583 192,500 TOTAL CURRENT LIABILITIES $ 6,419,657 $ 5,623,581 TOTAL LIABILITIES STOCKHOLDER'S EQUITY (DEFICIENCY) Preferred stock, Class B, $ 0.001 par value, 400,000 shares authorized, 400,000 shares issued and outstanding at March 31, 2024 and December 31, 2023 400 200 Preferred stock, Class C, $ 0.001 par value, 100,000 shares authorized, 100,000 shares issued and outstanding at March 31, 2024 and December 31, 2023 100 100 Preferred stock, Class D, $ 0.001 par value, 100,000 shares authorized, 100,000 shares issued and outstanding at March 31, 2024 and December 31, 2023 100 100 Preferred stock, Class Z, 3,200 and 0 shares issued and outstanding at March 31, 2024 and December 31, 2023 3 -

View Full Filing

View this 10-Q filing on SEC EDGAR