Free Flow, Inc. Files Q1 2024 10-Q

TL;DR

Free Flow Inc. filed its Q1 10-Q, confirming compliance with SEC reporting rules.

AI Summary

Free Flow, Inc. filed its 10-Q for the quarterly period ended March 31, 2024. The company, incorporated in Delaware with its principal executive offices at 6269 Caledon Road, King George, VA, operates in the retail auto & home supply stores sector. This filing confirms they have met all reporting requirements for the past 12 months and the last 90 days.

Why It Matters

This 10-Q filing provides investors with an update on Free Flow, Inc.'s financial performance and operational status for the first quarter of 2024.

Risk Assessment

Risk Level: low — This filing is a routine quarterly report and does not indicate any immediate financial distress or significant new risks.

Key Numbers

• 20240331 — Quarterly Period End Date (The report covers the financial performance up to this date.)
• 20240520 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• Free Flow, Inc. (company) — Registrant
• 0001543652 (company) — Central Index Key
• 5531 (company) — Standard Industrial Classification Code
• 6269 Caledon Road, King George, VA 22485 (company) — Principal Executive Offices Address
• 000-54868 (company) — Commission File Number

FAQ

Key Financial Figures

• $0.0001 — ers' Equity (Deficit) Preferred Stock ($0.0001) par value, 20,000,000 shares authorize
• $1,700,000 — ts 10+ acre facility for a gross sum of $1,700,000 and continues to operate the salvage ya
• $2,158,665 — y has incurred cumulative net losses of $2,158,665 since its inception. There are no signi
• $2,000,000 — care product line and formulations for $2,000,000 against a promissory note. An e commerc
• $9,634 — any had a note payable in the amount of $9,634 to Redfield Holdings, Ltd. a related pa
• $330,000 — outstanding in the principal amount of $330,000 plus interest payable to GS Pharmaceuti
• $58,000 — es "B". On March 31, 2015 an amount of $58,000 was subscribed by Redfield Holdings, Lt
• $14,490.00 — ansaction the Company accepted a sum of $14,490.00 against issuance of 21,000 restricted C
• $19.5 million — s Private Placement Memorandum to raise $19.5 million with no minimum, against issuance of 15
• $1.30 — 000,000 Series "D" shares at a price of $1.30 per share. The memorandum can be access
• $2,850 — pany did recognize revenue for a sum of $2,850 during the three months ended March 31,
• $956 — e three months ended March 31, 2024 and $956 of revenues during the three months end
• $1,894 — od ended March 31, 2024 were greater by $1,894 than for the same period during 2023 an
• $9,141 — 3 and the Cost of Goods Sold was low by $9,141during the period ended March 31,2024, a
• $365,783 — ompany incurred operational expenses of $365,783. This compares to $13,449 for the three

Filing Documents

• fflo_10q.htm (10-Q) — 205KB
• fflo_ex31z1.htm (EX-31.1) — 9KB
• fflo_ex31z2.htm (EX-31.2) — 9KB
• fflo_ex32z1.htm (EX-32.1) — 5KB
• fflo_ex32z2.htm (EX-32.2) — 5KB
• fflo10q_1.jpg (GRAPHIC) — 9KB
• 0001096906-24-001207.txt ( ) — 245KB

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS 2 Notes to Condensed Consolidated Financial Statements 6

MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION 10

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISKS

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISKS 11

CONTROLS AND PROCEDURES

ITEM 4. CONTROLS AND PROCEDURES 11

– OTHER INFORMATION

PART II – OTHER INFORMATION 12

LEGAL PROCEEDINGS

ITEM 1. LEGAL PROCEEDINGS 12

RISK FACTOR

ITEM 1A. RISK FACTOR 12

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 12

DEFAULTS UPON SENIOR SECURITIES

ITEM 3. DEFAULTS UPON SENIOR SECURITIES 12

MINE SAFETY DISCLOSURE

ITEM 4. MINE SAFETY DISCLOSURE 12

OTHER INFORMATION

ITEM 5. OTHER INFORMATION 12

OTHER INFORMATION

PART II. OTHER INFORMATION 13

EXHIBITS

ITEM 6. EXHIBITS. 13

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS FREE FLOW, INC. & SUBSIDIARIES CONSOLIDATED BALANCE SHEETS As of As of March 31,2024 December 31,2023 (Unaudited) (Unaudited) ASSETS Current Assets: Cash and cash equivalents $ 3,759 $ 39,521 Trade Receivables - current 108,742 95,440 Refund due from IRS - ERTC 32,730 32,730 Note Receivable 300,000 - Rounding off the decimals - error (2.00) (2.00) Inter-company - - Inventories 2,400 4,800 TOTAL CURRENT ASSETS 447,628 172,489 Fixed Assets Land and Building, without depreciation - 772,413 Less:Allownace for Depreciation - (283,731) TOTAL FIXED ASSETS - 488,682 Other Assets Delivery Turcks, before depreciation allowance 2,500 2,500 Allownace for Depreciation (2,500) (2,500) Improvements in progress - 11,697 Equipment and Delivery Trucks, before depreciation allowance 31,712 31,712 Allownace for Depreciation (31,712) (31,712) TOTAL OTHER ASSETS - 11,697 TOTAL ASSETS $ 447,628 $ 672,868 LIABILITIES & STOCKHOLDERS' EQUITY (DEFICIT) Current Liabilities Accounts Payable $ 206,859 $ 138,669 Notes Payable 1,500 $ 2,500 Notes Payable - Related Parties 9,634 9,634 TOTAL CURRENT LIABILITIES 217,993 150,803 Long Term Liabilities Incredible Bank - Total Loans payable - Due March 4, 2026 20,107 319,319 PPP1 - - EIDL 499,900 499,900 PayPal Advance 29,517 29,517 Incredible Bank - Property Tax 40,587 40,587 Incredible Bank 8,582 847,817 TOTAL LONG TERM LIABILITIES 598,693 1,737,140 TOTAL LIABILITIES 816,687 1,887,943 Redeemable Preferred Stock Series B; 500,000 shares authorized; 330,000 and 0 issued and outstanding as of December 31, 2018 and 2017 respectively ( Classified as Mezzanine Equity) 330,000 330,000 Series C; 500,000 shares authorized; 470,935 and 0 issued and outstanding as of December 31, 2018 and 2017 respectively ( Classified as Mezzanine Equity) - As equity

MANAGEMENT'S DISCUSSION AND ALALYIS OR PLAN OF OPERATION

ITEM 2. MANAGEMENT'S DISCUSSION AND ALALYIS OR PLAN OF OPERATION THE FOLLOWING DISCUSSION SHOULD BE READ IN CONJUNCTION WITH OUR UNAUDITED FINANCIAL STATEMENTS AND NOTES THERETO INCLUDED HEREIN. IN CONNECTION WITH, AND BECAUSE WE DESIRE TO TAKE ADVANTAGE OF, THE "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995, WE CAUTION READERS REGARDING CERTAIN FORWARD LOOKING STATEMENTS IN THE FLOWING DISCUSSION AND ELSEWHERE IN THE THIS REPORT AND IN ANY OTHER STATEMENT MADE BY, OR AN BEHALF, WHETHER OR NOT IN FUTURE FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION, FORWARD-LOOKING STATEMENTS ARE STATEMENT NOT BASED ON HISTORICAL INFORMATION AND WHICH RELATE TO FUTURE OPERATIONS, STRATEGIES, FINANCIAL RESULTS OR OTHER DEVELOPMENTS. FORWARD-LOOKING STATEMENTS ARE NECESSARILY BASED UPON ESTIMATES AND ASSUMPTIONS THAT ARE INHERENTLY SUBJECT TO SIGNIFICANT BUSINESS, ECONOMIC AND COMPETITIVE UNCERTAINTIES, MANY OF WHICH ARE BEYOND OUR CONTROL AND MANY OF WHICH, WITH RESPECT TO FUTURE BUSINESS DECISIONS, ARE SUBJECT TO CHANGE, THESE UNCERTAINTIES AND CONTINGENCIES CAN AFFECT ACTUAL RESULTS AND COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FORM THOSE EXPRESSED IN ANY FORWARD-LOOKING STATEMENTS AND COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE EXPRESSED IN ANY FORWARD LOOKING STATEMENTS MADE BY, OR ON OUR BEHALF, WE DIS TO UPDATE FORWARD-LOOKING STATEMENTS. PLAN OF OPERATION Auto Parts Division: The company has decided to only trade in auto parts business. Motors & Metal, Inc .: Having shelved the plan to set up a scrap metal processing plant at its facility in King George, as the purchase orders of customers from abroad are still active, the management in addition to trading in scrap metal may continue pursuing setting up its own facility. RESULTS OF OPERATIONS The Company did recognize revenue for a sum of $2,850 during the three months ended March 31, 2024 and $956 of revenues during the three months ended March 31, 202

QUANTITATIVE AND QUALITATIVE DISCLOSURES AB O UT MARKET RISKS

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES AB O UT MARKET RISKS Being a Smaller Company, we are not required to provide information required by this item.

CONTROLS AND PROCEURES

ITEM 4. CONTROLS AND PROCEURES Management's Report on Disclosure Controls and Procedures Management is responsible for establishing and maintaining adequate internal control so as to (1) maintain the records in reasonable detail, which will accurately and fairly reflect the transactions and dispositions of the Company's assets; (2) to provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that the Company's receipts and expenditures are made within the delegated authority ; and (3) to provide reasonable assurance for the prevention or timely detection of unauthorized acquisition, use or disposition of the Company's assets that could have a material effect on company's financial statements. However, the management asserts that the company does not have any accounting staff due to limited financial resources though has plans to recruit gradually. Also, this company does not have a well written document on accounting policies and procedures, though has plans to have them shortly. Consequently, this can result in possible errors in the presentation and disclosure of financial information in our annual, quarterly, and other filings. The SIC Code of 1700 as showing in Edgar for this company is no longer valid, since this company is now dealing with the auto parts, as OEM Recycled Auto Parts. Segregation of duties is an important factor in Internal Control. Though it is achieved to a certain extent, the management is committed to strengthen the internal controls effectively in the coming months. Changes in Internal Control over Financial Reporting There have been no changes in our internal controls over financial reporting that occurred during the period ended June 30, 2023, that have materially or are reasonably likely to materially affect, our internal controls over financial reporting. 11

– OTHER INFORMATION

PART II – OTHER INFORMATION

LEGAL PROCEEDINGS

ITEM 1. LEGAL PROCEEDINGS None.

RISK FACTOR

ITEM 1A. RISK FACTOR Not Applicable to Smaller Reporting Companies.

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

ITEM 2 UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS During the period of January 1, 2015 and March 31, 2015, the Company issued 9,700 sha

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