Free Flow, Inc. Files Q2 2024 10-Q

TL;DR

Free Flow Inc. 10-Q filed: Q2 2024 financials out, showing company's latest performance.

AI Summary

Free Flow, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial information for the company, which operates in the retail auto & home supply stores sector. Specific financial figures and balance sheet details are provided for the reporting period and comparative periods.

Why It Matters

This filing provides investors and analysts with the latest financial performance and position of Free Flow, Inc., crucial for understanding the company's health and future prospects.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing financial data, not indicating immediate operational or financial distress.

Key Players & Entities

• Free Flow, Inc. (company) — Filer of the 10-Q
• 0001543652 (company) — Central Index Key for Free Flow, Inc.
• RETAIL-AUTO & HOME SUPPLY STORES [5531] (company) — Standard Industrial Classification for Free Flow, Inc.
• 20240630 (date) — End of the reporting period
• 20240819 (date) — Filing date

FAQ

Key Financial Figures

• $350,000 — dible Bank - Revolving Line of Credit - $350,000 20,107 319,319 PPP1 - - EIDL
• $0.0001 — ares authorized 10,000 shares par value $0.0001 Class A issued on December 31, 2015 1
• $1,184,695 — y has incurred cumulative net losses of $1,184,695 since its inception. There are no signi
• $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
• $6,123 — pany did recognize revenue for a sum of $6,123 during the six months ended June 30, 20
• $4,032 — the six months ended June 30, 2024, and $4,032 of revenues during the six months ended
• $2,091 — riod ended June 30, 2024were greater by $2,091 than for the same period during 2023 an
• $9,918 — 3 and the Cost of Goods Sold was low by $9,918 during the period ended June 30, 2024,
• $382,879 — ompany incurred operational expenses of $382,879. This compares to $41,816 for the six m
• $41,816 — expenses of $382,879. This compares to $41,816 for the six months ended June 30, 2023.
• $821,315 — 24 the company recognized a net gain of $821,315 as compared to the net loss of $17,440
• $17,440 — $821,315 as compared to the net loss of $17,440 for the corresponding period in the yea
• $441,146 — the Company had total current assets of $441,146 consisting of $3,753 in cash and $102,2
• $3,753 — urrent assets of $441,146 consisting of $3,753 in cash and $102,264 in trade receivabl

Filing Documents

• fflo-20240630.htm (10-Q) — 345KB
• fflo_ex31z1.htm (EX-31.1) — 8KB
• fflo_ex31z2.htm (EX-31.2) — 8KB
• fflo_ex32z1.htm (EX-32.1) — 5KB
• fflo_ex32z2.htm (EX-32.2) — 5KB
• fflo10q_1.jpg (GRAPHIC) — 5KB
• 0001096906-24-001762.txt ( ) — 1844KB
• fflo-20240630_cal.xml (EX-101.CAL) — 31KB
• fflo-20240630_def.xml (EX-101.DEF) — 64KB
• fflo-20240630_lab.xml (EX-101.LAB) — 135KB
• fflo-20240630_pre.xml (EX-101.PRE) — 104KB
• fflo-20240630.xsd (EX-101.SCH) — 20KB
• fflo-20240630_htm.xml (XML) — 123KB

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 Unaudited Condensed Consolidated Balance Sheets June 30, 2024 December 31, 2023 (Unaudited) (Audited) ASSETS Current Assets Cash and cash equivalents $ 3,753 $ 39,521 Trade Receivables - current 102,264 95,440 Refund due from IRS - ERTC 32,730 32,730 Notes Receivable 300,000 - Rounding off the decimals - error - ( 2 ) Inter-company - - Inventories 2,400 4,800 TOTAL CURRENT ASSETS 441,146 172,489 Fixed Assets Land and Building, without depreciation - 772,413 Less: Allowance for Depreciation - ( 283,731 ) TOTAL FIXED ASSETS - 488,682 Other Assets Delivery Trucks, before depreciation allowance 2,500 2,500 Allowance for Depreciation ( 2,500 ) ( 2,500 ) Improvements in progress - 11,697 Equipment and Delivery Trucks, before depreciation allowance 31,712 31,712 Allowance for Depreciation ( 31,712 ) ( 31,712 ) TOTAL OTHER ASSETS - 11,697 TOTAL ASSETS $ 441,146 $ 672,868 LIABILITES & STOCKHOLDERS' EQUITY (DIFICIT) Current Liabilities Accounts Payable 215,079 138,669 Notes Payable 1,500 2,500 Notes Payable - Related Parties 9,634 9,634 TOTAL CURRENT LIABILLITIES 226,213 150,803 Long Term Liabilities Incredible Bank - Revolving Line of Credit - $350,000 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 LIABILLITIES 598,693 1,737,140 Total Liabilities 824,906 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 in Accurat

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 the auto parts business. The prospects are under review, the subsidiary may be closed for business as nothing much has been transacted since the beginning of 2024. 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

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