GenFlat Holdings Reports $10.55M Loss in FY24 10-K

TL;DR

GenFlat Holdings lost $10.55M in FY24. Lots of debt notes and warrants. #10K

AI Summary

GenFlat Holdings, Inc. filed its 10-K for the fiscal year ending June 30, 2024, reporting a net loss of $10.55 million. The company's former name was Healthcare Business Resources, Inc., changed on December 16, 2019. Key financial activities during the fiscal year included various promissory note agreements and warrant issuances.

Why It Matters

This filing provides a comprehensive overview of GenFlat Holdings' financial performance and activities for the past fiscal year, which is crucial for investors to assess the company's health and future prospects.

Risk Assessment

Risk Level: medium — The company reported a significant net loss, indicating potential financial instability and a need for further capital or improved performance.

Key Numbers

• $10.55M — Net Loss (For the fiscal year ended June 30, 2024)
• $105.42M — Total Assets (As of June 30, 2024)
• $102.05M — Total Liabilities (As of June 30, 2024)

Key Players & Entities

• GenFlat Holdings, Inc. (company) — Filer of the 10-K
• Healthcare Business Resources, Inc. (company) — Former name of GenFlat Holdings, Inc.
• $10.55 million (dollar_amount) — Net loss for the fiscal year ending June 30, 2024
• 2024-06-30 (date) — Fiscal year end
• 2019-12-16 (date) — Date of company name change

FAQ

Key Financial Figures

• $0.001 — g) of the Act: Common Stock, Par Value $0.001 (Title of class) Indicate by check ma
• $77,500 — of directors. Also, Genflat, Inc. paid $77,500 in Company payables and paid the Compan
• $20 billion — Business Plan We intend to answer the $20 billion empty container repositioning problem b

Filing Documents

• hbr_10k.htm (10-K) — 973KB
• hbr_ex41.htm (EX-4.1) — 24KB
• hbr_ex101.htm (EX-10.1) — 138KB
• hbr_ex109.htm (EX-10.9) — 67KB
• hbr_ex1010.htm (EX-10.10) — 43KB
• hbr_ex141.htm (EX-14.1) — 66KB
• hbr_ex211.htm (EX-21.1) — 2KB
• hbr_ex311.htm (EX-31.1) — 10KB
• hbr_ex312.htm (EX-31.2) — 10KB
• hbr_ex321.htm (EX-32.1) — 3KB
• hbr_ex322.htm (EX-32.2) — 3KB
• hbr_10kimg1.jpg (GRAPHIC) — 8KB
• 0001654954-24-012526.txt ( ) — 3983KB
• hbr-20240630.xsd (EX-101.SCH) — 35KB
• hbr-20240630_lab.xml (EX-101.LAB) — 211KB
• hbr-20240630_cal.xml (EX-101.CAL) — 38KB
• hbr-20240630_pre.xml (EX-101.PRE) — 165KB
• hbr-20240630_def.xml (EX-101.DEF) — 64KB
• hbr_10k_htm.xml (XML) — 327KB

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 13 Item 1B. Unresolved Staff Comments 34 Item 1C. Cybersecurity 34 Item 2.

Properties

Properties 34 Item 3.

Legal Proceedings

Legal Proceedings 34 Item 4. Mine Safety Disclosures 34 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 35 Item 6. Reserved 35 Item 7.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 36 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 42 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 43 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 44 Item 9A.

Controls and Procedures

Controls and Procedures 44 Item 9B. Other Information 45 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 45 PART III Item 10. Directors, Executive Officers and Corporate Governance 46 Item 11.

Executive Compensation

Executive Compensation 49 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 51 Item 13. Certain Relationships and Related Transactions, and Director Independence 52 Item 14. Principal Accountant Fees and Services 53 PART IV Item 15. Exhibits and Financial Statement Schedules 55 Item 16. Form 10-K Summary 56 2 Table of Contents

Forward-Looking Statements

Forward-Looking Statements This Report on Form 10-K contains forward-looking statements. Forward-looking statements involve risks and uncertainties, such as statements about our plans, objectives, expectations, assumptions or future events. In some cases, you can identify forward-looking statements by terminology such as "anticipate," "estimate," "plan," "project," "continuing," "ongoing," "expect," "we believe," "we intend," "may," "should," "will," "could" and similar expressions denoting uncertainty or an action that may, will or is expected to occur in the future. These statements involve estimates, assumptions, known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from any future results, performances or achievements expressed or implied by the forward-looking statements. You should not place undue reliance on these forward-looking statements. Examples of forward-looking statements include, but are not limited to: the anticipated timing of the development of future products; projections of costs, revenue, earnings, capital structure and other financial items; assumptions underlying statements regarding us or our business. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations, and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financi

BUSINESS

ITEM 1. BUSINESS. Overview Business Overview GenFlat Holdings, Inc. (formerly Healthcare Business Resources Inc.) (the " Company ," " we ," " our " or " us "), is a start-up company that developed a more sustainable collapsible marine container, replacing traditional standard marine containers. The Company operates as a container sales and leasing company and supply its patented marine container primarily to shipping line customers under a variety of short and long-term lease structures. The Company has agreements with two companies to use GenFlat containers to transport cargo. One company uses GenFlat containers within the continental United States pursuant to a commercial contract, while the other company uses GenFlat containers on a closed-loop route between Shenzhen, China and Dammam, Saudi Arabia pursuant to a non-commercial proof-of-concept agreement. Company History On September 9, 2019 (commencement of operations), the Company, operating as Healthcare Business Resources Inc. was organized in Delaware to provide consulting services to healthcare organizations. On October 18, 2023, the Company entered into a Share Exchange Agreement (" Share Exchange Agreement ") with GenFlat, Inc. (" GenFlat, Inc. "), a Delaware corporation incorporated in Delaware on July 25, 2022, and GenFlat, Inc. stockholders who own 97.22% of the outstanding shares of common stock of GenFlat, Inc.. Pursuant to the Share Exchange Agreement, all GenFlat, Inc. stockholders who are parties to the Share Exchange Agreement will receive ninety eight percent (98%) of the issued and outstanding shares of common stock of the Company in exchange for their shares of GenFlat, Inc. common stock on a pro rata basis. The Share Exchange Agreement closed on December 20, 2023 (the " Closing Date "). Pursuant to the Share Exchange Agreement, and on the terms and subject to the conditions contained therein, at the closing, the Company acquired 97.22% of the outstanding shares of common stock of G

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View this 10-K filing on SEC EDGAR