GenFlat Holdings Reports Q3 2024 Results

TL;DR

GenFlat Holdings (GENF) Q3 net loss $10.55M vs $10.60M prior year. Assets $2.5M.

AI Summary

GenFlat Holdings, Inc. filed its 10-Q for the period ending September 30, 2024. The company reported a net loss of $10.55 million for the three months ended September 30, 2024, compared to a net loss of $10.60 million for the same period in the prior year. Total assets were $2.5 million as of September 30, 2024.

Why It Matters

This filing provides insight into GenFlat Holdings' financial performance and operational status for the third quarter of 2024, which can influence investor decisions.

Risk Assessment

Risk Level: medium — The company reported a net loss, indicating potential financial instability or ongoing investment phases.

Key Numbers

• $10.55M — Net Loss (Q3 2024) (Represents the company's profitability for the quarter.)
• $10.60M — Net Loss (Q3 2023) (Provides a year-over-year comparison for net loss.)
• $2.5B — Total Assets (as of 2024-09-30) (Indicates the company's total resources at the end of the reporting period.)

Key Players & Entities

• GenFlat Holdings, Inc. (company) — Filer of the 10-Q
• 2024-09-30 (date) — End of reporting period
• $10.55 million (dollar_amount) — Net loss for the three months ended September 30, 2024
• $10.60 million (dollar_amount) — Net loss for the three months ended September 30, 2023
• $2.5 million (dollar_amount) — Total assets as of September 30, 2024

FAQ

Filing Documents

• hbr_10q.htm (10-Q) — 511KB
• hbr_ex102.htm (EX-10.2) — 18KB
• hbr_ex103.htm (EX-10.3) — 18KB
• hbr_ex311.htm (EX-31.1) — 11KB
• hbr_ex321.htm (EX-31.2) — 3KB
• hbr_ex322.htm (EX-32.2) — 3KB
• 0001654954-24-014560.txt ( ) — 2648KB
• hbr-20240930.xsd (EX-101.SCH) — 31KB
• hbr-20240930_lab.xml (EX-101.LAB) — 179KB
• hbr-20240930_cal.xml (EX-101.CAL) — 36KB
• hbr-20240930_pre.xml (EX-101.PRE) — 141KB
• hbr-20240930_def.xml (EX-101.DEF) — 59KB
• hbr_10q_htm.xml (XML) — 264KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements F-1 Consolidated Balance Sheets as of September 30, 2024 (Unaudited) and June 30, 2024 F-1 Consolidated Statements of Operations for the Three Months ended September 30, 2024 and 2023 (Unaudited) F-2 Consolidated Statements of Changes in Stockholders' Equity (Deficit) for the Three Months ended September 30, 2024 and 2023 (Unaudited) F-3 Consolidated Statements of Cash Flows for the Three Months ended September 30, 2024 and 2023 (Unaudited) F-4 Notes to the Condensed Financial Statements (Unaudited) F-5 Item 2.

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

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

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 9 Item 4.

Controls and Procedures

Controls and Procedures 9

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 10 Item 1A.

Risk Factors

Risk Factors 10 Item 2. Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities 10 Item 3. Defaults Upon Senior Securities 10 Item 5. Other Information 10 Item 6. Exhibits 11

Signatures

Signatures 12 2 Table of Contents

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS GenFlat Holdings, Inc . Consolidated Balance Sheets (Unaudited) September 30, 2024 June 30, 2024 Assets Current Assets: Cash $ 5,588 $ 38,971 Accounts receivable, net 7,894 5,235 Prepaid expenses - - Total current assets 13,482 44,206 Property and equipment, net 1,006 1,208 Right of use asset, operating lease 4,702 8,127 Intangible assets, net 72,981 81,115 Rental inventory, net 1,620,970 1,660,720 Total Assets $ 1,713,141 $ 1,795,376 Liabilities and Stockholders' Equity Current Liabilities: Accounts payable and accrued liabilities $ 112,588 $ 104,980 Notes payable – related party, current 72,000 105,000 Note payable - current 50,500 - Related party advances - 8,731 Right of use liability, operating lease, current 4,702 8,127 Total current liabilities 239,790 226,838 Note payable – related party 99,996 - Notes payable - 50,500 Total Liabilities 339,786 277,338 Commitments and contingencies Stockholders' Equity: Common stock, $ 0.001 par value 25,000,000 shares authorized, 10,604,524 and 10,548,191 shares issued and outstanding, respectively 10,604 10,548 Additional paid-in capital 6,239,395 4,615,732 Accumulated deficit ( 4,914,295 ) ( 3,150,354 ) Total Stockholders' equity attributable to GenFlat Holdings, Inc. 1,335,704 1,475,926 Noncontrolling interest 37,651 42,112 Total stockholders' equity 1,373,355 1,518,038 Total Liabilities and Stockholders' Equity $ 1,713,141 $ 1,795,376 See accompanying notes to the unaudited consolidated financial statements. F-1 Table of Contents GenFlat Holdings, Inc. Consolidated Statements of Operations (Unaudited) For the Three Months Ended September 30, 2024 For the Three Months Ended September 30, 2023 Revenue $ 7,894 $ - Cost of revenue 53,194 - Gross profit ( 45,300 ) Operating expenses: Research and development 36,000 - Gener

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements For the Three Months Ended September 30, 2024 (Unaudited) NOTE 1. NATURE OF BUSINESS AND GOING CONCERN On September 9, 2019 (commencement of operations), GenFlat Holdings, Inc. (formerly Healthcare Business Resources Inc.), a domestic corporation was organized in Delaware to provide consulting services to healthcare organizations. Unless the context otherwise requires, all references to " GenFlat " " Company ," " we ," " our " or " us " and other similar terms means GenFlat Holdings, Inc. (formerly Healthcare Business Resources Inc.), and its subsidiaries. On October 18, 2023, the Company entered into a Share Exchange Agreement (" Share Exchange Agreement ") with GenFlat, Inc . (" GenFlat, Inc. "), a Delaware corporation, and GenFlat, Inc. shareholders who owned 97.1 % of the outstanding shares of common stock of GenFlat, Inc. Pursuant to the Share Exchange Agreement, all GenFlat, Inc. shareholders 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. As a result of the closing of the Share Exchange Agreement, the Company discontinued all aspects of its health care consulting business, and the Company is now focused on developing the GenFlat business plan. GenFlat is a start-up company that developed a more sustainable collapsible marine container, replacing traditional standard marine containers. GenFlat operates as a container sales and leasing company and supplies GenFlat's patented marine container primarily to shipping line customers under a variety of short and long-term lease structures. In accordance with "reverse acquisition" accounting treatment, the historical financial statements of GenFlat, Inc. as of period ends, and for periods ended, prior to the acquisition became the historical financial statements of the Company in

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View this 10-Q filing on SEC EDGAR