BioForce Nanosciences Holdings, Inc. Files Quarterly Report for Period Ended March 31, 2024

TL;DR

<b>BioForce Nanosciences Holdings, Inc. has filed its Q1 2024 10-Q report, detailing its financial status and operations.</b>

AI Summary

BIOFORCE NANOSCIENCES HOLDINGS, INC. (BFNH) filed a Quarterly Report (10-Q) with the SEC on May 3, 2024. BioForce Nanosciences Holdings, Inc. filed a 10-Q report for the quarterly period ended March 31, 2024. The company's principal executive offices are located at 2020 General Booth Blvd, Unit 230, Virginia Beach, VA 23454. The registrant's telephone number is (757) 306-6090. The company was formerly known as SILVER RIVER VENTURES, INC., with a name change date of 20041202. BioForce Nanosciences Holdings, Inc. is incorporated in Nevada and has an IRS Employer Identification No. of 74-3078125.

Why It Matters

For investors and stakeholders tracking BIOFORCE NANOSCIENCES HOLDINGS, INC., this filing contains several important signals. This filing provides investors with an update on the company's financial performance and operational status for the first quarter of 2024. The 10-Q report is a crucial document for understanding the company's financial health, risks, and strategic direction.

Risk Assessment

Risk Level: low — BIOFORCE NANOSCIENCES HOLDINGS, INC. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain significant new financial data or disclosures that would immediately alter the risk profile.

Analyst Insight

Review the full 10-Q filing for detailed financial statements, management discussion, and risk factors to assess the company's current operational and financial standing.

Key Players & Entities

• BIOFORCE NANOSCIENCES HOLDINGS, INC. (company) — Registrant name
• SILVER RIVER VENTURES, INC. (company) — Former company name
• 2020 General Booth Blvd, Unit 230, Virginia Beach, VA 23454 (company) — Principal executive offices address
• 757-306-6090 (company) — Registrant's telephone number
• Nevada (company) — State of incorporation
• 000-51074 (company) — Commission file number
• 2024-03-31 (date) — Quarterly period end date
• 2024-05-03 (date) — Filing date

FAQ

Industry Context

The company operates in the laboratory analytical instruments sector.

Regulatory Implications

The filing is a standard SEC Form 10-Q, adhering to the reporting requirements of the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the detailed financial statements within the 10-Q for revenue, expenses, and cash flow.
2. Review the Management's Discussion and Analysis section for insights into operational performance and future outlook.
3. Examine any disclosed risk factors to understand potential challenges facing the company.

Year-Over-Year Comparison

This is the first 10-Q filing for the period ending March 31, 2024, following the previous filing for the period ending December 31, 2023.

Key Financial Figures

• $0.001 — Exchange Act: Common stock, par value $0.001 per share (Title of class) -i- In
• $2 billion — tal executive who has created well over $2 billion of revenue for various companies includ
• $130,813 — ree months ended March 31, 2024 totaled $130,813 from Board of Director compensation and
• $130,005 — nd Administrative Expenses, compared to $130,005 for the three months ended March 31, 20
• $130,004 — rch 31, 2024 and 2023 were $130,813 and $130,004, respectively. Liquidity and Capital R
• $640 — 31, 2024, the Company's assets totaled $640, which consisted of Cash. Our total lia
• $1,950,683 — ted of Cash. Our total liabilities were $1,950,683 from accounts payable and accrued expen
• $160,760,542 — e Company had an accumulated deficit of $160,760,542 and working capital deficit $1,950,043.
• $1,950,043 — 160,760,542 and working capital deficit $1,950,043. As indicated herein, we need capital

Filing Documents

• bfnh20240331_10q.htm (10-Q) — 232KB
• ex311.htm (EX-31.1) — 7KB
• ex312.htm (EX-31.2) — 7KB
• ex321.htm (EX-32.1) — 3KB
• ex322.htm (EX-32.2) — 3KB
• bfnhlogo2019001.jpg (GRAPHIC) — 21KB
• 0001091818-24-000049.txt (&nbsp;) — 1371KB
• bfnh-20240331.xsd (EX-101.SCH) — 11KB
• bfnh-20240331_cal.xml (EX-101.CAL) — 18KB
• bfnh-20240331_def.xml (EX-101.DEF) — 18KB
• bfnh-20240331_lab.xml (EX-101.LAB) — 99KB
• bfnh-20240331_pre.xml (EX-101.PRE) — 72KB
• bfnh20240331_10q_htm.xml (XML) — 73KB

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 10 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 14 Item 4.

Controls and Procedures

Controls and Procedures 14 PART II Item 1.

Legal Proceedings

Legal Proceedings 16 Item 1A.

Risk Factors

Risk Factors 16 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 16 Item 3. Defaults Upon Senior Securities 16 Item 4. Mining Safety Disclosures 16 Item 5. Other Information 16 Item 6. Exhibits 16

Signatures

Signatures 17 -1-

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS BIOFORCE NANOSCIENCES HOLDINGS, INC. FINANCIAL REPORTS AT March 31, 2024 INDEX TO FINANCIAL STATEMENTS Condensed Consolidated Balance Sheets at March 31, 2024 -Unaudited and December 31, 2023- Audited 3 Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2024 and 2023 - Unaudited 4 Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 - Unaudited 5 Condensed Consolidated Statements of Stockholders' Equity for the Three Months Ended March 31, 2024 and 2023 - Unaudited 6 Notes to the Condensed Consolidated Unaudited Financial Statements 7-9 -2- BioForce Nanosciences Holdings, Inc., and Subsidiary CONDENSED CONSOLIDATED BALANCE SHEETS - UNAUDITED March 31, December 31, 2024 2023 ASSETS Current Assets Cash $ 640 $ 638 Total Current Assets 640 638 Total Assets $ 640 $ 638 LIABILITIES AND STOCKHOLDERS' DEFICIT Current Liabilities Accounts Payable and Accrued Expenses $ 10,131 $ 2,649 Accrued Board of Directors Compensation 1,702,267 1,596,517 Due to Related Parties 238,285 220,702 Total Current Liabilities 1,950,683 1,819,868 Total Liabilities 1,950,683 1,819,868 Stockholders' Deficit Common Stock - $ 0.001 Par; 900,000,000 Shares Authorized, 29,271,755 Issued and Outstanding, Respectively 29,272 29,272 Additional Paid-In-Capital 158,781,227 158,781,227 Accumulated Deficit ( 160,760,542 ) ( 160,629,729 ) Total Stockholders' Deficit ( 1,950,043 ) ( 1,819,230 ) Total Liabilities and Stockholders' Deficit $ 640 $ 638 The accompanying notes are an integral part of these condensed consolidated financial statements -3- BioForce Nanosciences Holdings, Inc., and Subsidiary CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - UNAUDITED For the Three Months Ended March 31, 2024 2023 Sales $ - $ - Cost of Sales - - Gross Profit - - Operating Expenses Board

Business

Business The Company was incorporated in the State of Nevada on December 10, 1999, as Silver River Ventures, Inc. On February 24, 2006, the Company completed the acquisition of BioForce Nanosciences Holdings Inc. ("BioForce"), a Delaware corporation, and changed the corporate name at that time. On May 6, 2020, the Company purchased 100,000 shares of Element Acquisition Corporation for $ 1,000 which then became a wholly owned subsidiary. On October 15, 2020, the Company's wholly-owned subsidiary changed its name from Element Acquisition Corporation, a Wyoming corporation, to BioForce Nanosciences Holdings, Inc, a Wyoming corporation. On December 14, 2021, the Company's wholly-owned subsidiary changed its name from BioForce Nanosciences Holdings, Inc., a Wyoming corporation to Element Global Inc., a Wyoming corporation. The Company's mission is to become a leading provider of vitamin, mineral and other nutritional supplements, powders and beverages, formulated to promote a healthier lifestyle for active individuals in all age ranges. NOTE 2 – Summary of Significant Accounting Policies Basis of Presentation The accompanying condensed consolidated balance sheet has been derived from the December 31, 2023 audited financial statements and the unaudited condensed consolidated financial statements as of March 31, 2024 and 2023, have been prepared in accordance with generally accepted accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the audited financial statements and related footnotes included in our Annual report on Form 10-K for the year ended December 31, 2023 (the "2023 Annual Report"), filed with the Securities and Exchange Commission (the "SEC"). It is management's

MANAGEMENT'S DISCUSSION AND

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following information should be read in conjunction with our financial statements and related notes thereto included in Part I, Item 1, above.

Forward Looking Statements

Forward Looking Statements Certain matters discussed herein are forward-looking our future strategic plans our future operating results; our business prospects; our contractual arrangements and relationships with third parties; the dependence of our future success on the general economy; our possible future financing; and the adequacy of our cash resources and working capital. From time to time, we or our representatives have made or may make forward-looking statements, orally or in writing. Such forward-looking statements may be included in, but not limited to, press releases, oral statements made with the approval of an authorized executive officer or in various filings made by us with the Securities and Exchange Commission. Words or phrases "will likely result", "are expected to", "will continue", "is anticipated", "estimate", "project or projected", or similar expressions are intended to identify "forward-looking important factors that could cause actual results to differ materially from such forward-looking statements. The risks identified here are not all inclusive. New risk factors emerge from time to time and it is not possible for management to predict all of such risk factors, nor can it assess the impact of all such risk factors on the company's business or the extent to which any factor or combination of factors may cause actual results to differ materially from those contained in any forward-looking statements. Accordingly, forward-looking statements should not be relied upon as a prediction of actual results. The financial information set forth in the following discussion should be read with the financial statements of BioForce NanoSciences Holdings, Inc. included elsewhere herein

Business

Business BioForce Nanosciences Holdings, Inc. ("BioForce or the "Company") was previously in the business of manufacturing nano-particular measurement devices and molecular printers, but due to a lack of profitability, the subsidiary of the company that owned that technology filed for bankruptcy. That subsidiary and related technology was later bought out of bankruptcy by an unrelated third party. Subsequently, new management came into the Company to pursue a better business model and now the Company's mission is to become a leading provider of natural vitamins, minerals and other nutritional supplements, powders and beverages, formulated to promote a healthier lifestyle for active individuals in all age ranges. The Company private labels products with key distributors and manufacturing providers. BioForce entered into the supplement business in or about 2015. These supplements, powders and beverages offer vitamins and minerals to complement a healthy intake of protein and carbohydrates for active individuals and participants in sports. BioForce is working on its business model and it is in the process of establishing a dynamic marketing campaign to achieve brand awareness of its product offerings to drive business growth through sales of nutrition supplements to retailers, sporting goods retailers, supermarkets, mass merchandisers, and online. BioForce currently markets its products through social media and telemarketing. The Company plans to expand marketing efforts with a direct marketing and B2B (Business to Business) sales campaign, with the eventual expectation to expand throughout the entire United States. -10- The Company proactively seeks to expand its "BioForce Eclipse" nutritional powder for use into households throughout the U.S., and the Company will approach retail stores, including health food and sporting goods stores to create a vendor relationship. During this phase, the Company will continue to try to advance its social media platform with

Management's Discussion and Analysis of Financial

Management's Discussion and Analysis of Financial Condition and Results of Operations Overall Operating Results: Three Months – Three Months Ended March 31, 2024 and 2023 - Unaudited Statements The Sales Revenue from the Company's BioForce Eclipse vitamin supplements for the three months ended March 31, 2024 and for the three months ended March 31, 2023 were $-0- and $-0-, respectively. During the three months ended March 31, 2024 and 2023 the Company received no orders, -0- units of its Bioforce Eclipse supplement product. The Cost of Goods Sold for the three months ended March 31, 2024 and 2023 was $-0- . Gross Margins for the three months ended March 31, 2024 and 2023 was 0% from the sale of -0- units of the BioForce Eclipse supplement product. Gross Profit for the three months ended March 31, 2024 and 2023 was $-0- . Operating expenses for three months ended March 31, 2024 totaled $130,813 from Board of Director compensation and General and Administrative Expenses, compared to $130,005 for the three months ended March 31, 2023. This increase in March 31, 2024 compared to the same period ended March 31, 2023 was attributed to higher expenses from General and Administrative Expenses. -12- Net Loss: Net loss for the three months ended March 31, 2024 and 2023 were $130,813 and $130,004, respectively. Liquidity and Capital Resources: As of March 31, 2024, the Company's assets totaled $640, which consisted of Cash. Our total liabilities were $1,950,683 from accounts payable and accrued expenses, accrued director compensation expenses and amounts due to related parties. As of March 31, 2024, the Company had an accumulated deficit of $160,760,542 and working capital deficit $1,950,043. As indicated herein, we need capital for the implementation of our business plan, and we will need additional capital for continuing our operations. We do not have sufficient revenues to pay our operating expenses at this time. Unless the company is able to raise workin

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