Accredited Solutions Files 2023 10-K

TL;DR

Accredited Solutions (FORMERLY GOOD HEMP) filed its 2023 10-K. Full financials out now.

AI Summary

Accredited Solutions, Inc. filed its 2023 10-K on July 16, 2024, reporting its fiscal year ending December 31, 2023. The company, formerly known as Good Hemp, Inc., is incorporated in Nevada and operates in the beverages sector. Key financial figures and business activities for the fiscal year are detailed within the filing.

Why It Matters

This filing provides a comprehensive overview of Accredited Solutions, Inc.'s financial performance and business operations for the fiscal year 2023, offering insights for investors and stakeholders.

Risk Assessment

Risk Level: medium — The company has a history of name changes and operates in a sector that can be subject to regulatory and market volatility.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period for the 10-K)
• 20240716 — Filing Date (Date the 10-K was submitted to the SEC)

Key Players & Entities

• Accredited Solutions, Inc. (company) — Filer of the 10-K
• Good Hemp, Inc. (company) — Former name of Accredited Solutions, Inc.
• 2023-12-31 (date) — Fiscal year end
• 20240716 (date) — Filing date
• NV (state) — State of incorporation
• BEVERAGES [2080] (industry) — Standard Industrial Classification

FAQ

Key Financial Figures

• $0.001 — (g) of the Act: Common Stock, par value $0.001 Indicate by check mark if the registra
• $0.0005 — TC Link alternative quotation system of $0.0005. For purposes of this response, the reg
• $643,000 — products, for a total purchase price of $643,000. On April 2, 2021, the Company closed t
• $500,000 — ed the acquisition and paid the initial $500,000 portion of the purchase price, and on A
• $143,000 — price, and on April 23, 2021, paid the $143,000 purchase price balance. Effective May
• $5,000 — tion of such assets, Mr. Alessi forgave $5,000 of indebtedness of the Company. Rescis
• $100 billion — Collectively they account for more than $100 billion in annual sales. It is estimated that g
• $300 billion — It is estimated that globally more than $300 billion worth of non-alcoholic beverages are so
• $18.1B — ates. Total bottled water sales reached $18.1B from 2019-2020 seeing a 5.7% year over
• $0 — 0,000 shares of common stock, par value $0.001, and 30,000,000 shares of preferred

Filing Documents

• accredited_10k.htm (10-K) — 943KB
• accredited_ex311.htm (EX-31.1) — 12KB
• accredited_ex312.htm (EX-31.2) — 12KB
• accredited_ex321.htm (EX-32.1) — 4KB
• accredited_ex322.htm (EX-32.2) — 5KB
• accredited_10kimg5.jpg (GRAPHIC) — 17KB
• accredited_10kimg6.jpg (GRAPHIC) — 17KB
• accredited_10kimg3.jpg (GRAPHIC) — 10KB
• accredited_10kimg2.jpg (GRAPHIC) — 3KB
• 0001477932-24-004240.txt ( ) — 4388KB
• accredited-20231231.xsd (EX-101.SCH) — 49KB
• accredited-20231231_lab.xml (EX-101.LAB) — 263KB
• accredited-20231231_cal.xml (EX-101.CAL) — 47KB
• accredited-20231231_pre.xml (EX-101.PRE) — 223KB
• accredited-20231231_def.xml (EX-101.DEF) — 109KB
• accredited_10k_htm.xml (XML) — 485KB

Business

Item 1. Business Throughout this Annual Report on Form 10-K, Accredited Solutions, Inc. is referred to as "we," "our," "us," the "Company," or "Accredited Solutions." The Company was formed as a Nevada corporation on November 26, 2007. The Company was involved in exploration and development of mining properties until September 30, 2013, when it discontinued operations. In June 2017, the Company's creditors filed a petition in the District Court of Harris County, Texas for the appointment of a receiver. In August of 2017, the court appointed a receiver (who was subsequently appointed as an officer and director of the Company), and in February 2018, the receiver appointed William Alessi as a director of the Company and then resigned as a director and officer of the Company. On February 6, 2019, the Company acquired trademarks and intellectual property, which includes all rights and trade secrets to the hemp-derived CBD-infused line of consumer beverages sold under the "Good Hemp" brand. Since then, the Company has been conducting operations under the "Good Hemp" trade name and through the http://www.goodhemplivin.com/ website. Information on this website is not a part of this report on Form 10-Q. On April 30, 2019, the Company acquired the "CANNA HEMP" and "CANNA" trademarks including all rights and trade secrets and related inventory. On August 24, 2020, with an effective date of July 1, 2020, the Company entered into a joint venture agreement with Paul Hervey ("Hervey"), an individual, for the purpose of cultivating hemp on approximately 9 acres of farmland and in approximately 3,700 square feet of greenhouse space in North Carolina (referred to as "Olin Farms"). In October 2021, Olin Farms ceased operations, and the limited liability company joint venture entity was dissolved in North Carolina. On February 9, 2021, the Company formed Good Hemp Wellness, LLC, a limited liability company formed under the laws of the State of North Carolina, to sell CBD product

Risk Factors

Item 1A. Risk Factors. Not applicable to a smaller reporting company.

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments. Not applicable. 4

Cybersecurity

Item 1C. Cybersecurity. We use, store and process data for and about our customers, employees, partners and suppliers. We have not yet implemented a formal cybersecurity risk management program designed to identify, assess and mitigate risks from cybersecurity threats to this data, our systems and business operations. We intend to implement a cybersecurity risk management program before the end of 2024. Cyber Risk Management and Strategy Under the oversight of the Board of Directors (since we do not currently have an Audit Committee), we intend to implement and maintain a risk management program that includes processes for the systematic identification, assessment, management, and treatment of cybersecurity risks. Our cybersecurity oversight and operational processes would be integrated into our overall risk management processes. We intend to implement a risk-based approach to the management of cyber threats, supported by cybersecurity technologies, including automated tools, designed to monitor, identify and address cybersecurity risks. In support of this approach, it is expected that we would have a third-party security consultant implement processes to assess, identify and manage security risks to our company, including in the pillar areas of security and compliance, application security, infrastructure security and data privacy. This process, once implemented, would include regular compliance and critical system access reviews. In addition, we intend to conduct application security assessments, vulnerability management, penetration testing, security audits and ongoing risk assessments as part of our risk management process. We expect to utilize third parties and consultants to assist in the identification and assessment of risks, including to support tabletop exercises and to conduct security testing. We intend to utilize well-known cloud-based technologies and service providers, such as Amazon AWS, Microsoft Office, and Google enterprise to provide protec

Properties

Item 2. Properties. The Company's office space is provided free of charge by its controlling shareholder, William Alessi.

Legal Proceedings

Item 3. Legal Proceedings. From time to time, we may be involved in litigation relating to claims arising out of our operations in the normal course of business. As of December 31, 2023, and as of the date of this Annual Report, there were no pending or threatened lawsuits that could reasonably be expected to have a material effect on the Company's results of operations.

Mine Safety Disclosures

Item 4. Mine Safety Disclosures None.

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. The Company's common stock is not traded on any national securities exchange but is quoted on the alternative trading system operated by OTC Markets Group, Inc. (the OTC Link ATS) under the "ASII" trading symbol at the OTC Pink level. The following table summarizes the high and low historical trading prices of the Company's common stock for the periods indicated as reported by OTCMarkets.com (as historic high and low bid prices are not reported by OTCMarkets.com). Fiscal Year Ended December 31, 2023 High Low First Quarter 0.0016 0.0003 Second Quarter 0.0007 0.0002 Third Quarter 0.0006 0.0004 Fourth Quarter 0.0007 0.0003 5 Fiscal Year Ended December 31, 2022 High Low First Quarter 0.149 0.028 Second Quarter 0.0769 0.0111 Third Quarter 0.0282 0.0023 Fourth Quarter 0.0043 0.0011 We are currently authorized to issue 2,500,000,000 shares of common stock, par value $0.001, and 30,000,000 shares of preferred stock, par value $0.001, of which 15,000 shares are designated "Series A Preferred Stock." As of the date of this Annual Report, the Company had (a) 14,000 shares of Series A Preferred Stock outstanding which are owned by one (1) holder of record and (b) 678,796,778 shares of common stock outstanding which are owned by approximately 40 shareholders of record. Series A Preferred Stock . On October 11, 2022, the Company filed with the State of Nevada a Certificate of Designation (the "Certificate of Designation"), which established a Series A Preferred Stock with the following rights, preferences, powers, restrictions and limitations: Designation, Amount and Par Value . The series of Preferred Stock shall be designated as Series A Preferred Stock and the number of shares so designated shall be Fifteen Thousand (15,000). Each share of the Series A Preferred Stock shall have a par value of $0.001.

Selected Financial Data

Item 6. Selected Financial Data Not applicable.

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

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operation. The statements contained in the following MD&A and elsewhere throughout this Annual Report on Form 10-K, including any documents incorporated by reference, that are not historical facts, including statements about our beliefs and expectations, are "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements preceded by, followed by or that include the words "may," "could," "would," "should," "believe," "expect," "anticipate," "plan," "estimate," "target," "project," "intend" and similar words or expressions. In addition, any statements that refer to expectations, projections, or other characterizations of future events or circumstances are forward-looking statements. These forward-looking statements, which reflect our management's beliefs, objectives, and expectations as of the date hereof, are based on the best judgement of our management. All forward-looking statements speak only as of the date on which they are made. Such forward-looking statements are subject to certain risks, uncertainties and assumptions relating to factors that could cause actual results to differ materially from those anticipated in such statements, including, without limitation, the following: economic, social and political conditions, global economic downturns resulting from extraordinary events and other securities industry risks; interest rate risks; liquidity risks; credit risk with clients and counterparties; risk of liability for errors in clearing functions; systemic risk; systems failures, delays and capacity constraints; network security risks; competition; reliance on external service providers; new laws and regulations affecting our business; net capital requirements; extensive regulation, regulatory uncertainties and legal matters; failure to maintain relationships with employees, customers

View Full Filing

View this 10-K filing on SEC EDGAR