GenFlat Holdings, Inc. Files 10-Q for Dec 31, 2024

TL;DR

GenFlat Holdings filed its 10-Q for 12/31/24. Utah-based consulting firm.

AI Summary

GenFlat Holdings, Inc. filed its quarterly report for the period ending December 31, 2024. The company, formerly known as Healthcare Business Resources, Inc., is incorporated in Delaware and operates in management consulting services. Its principal business address is in Tooele, Utah.

Why It Matters

This filing provides an update on GenFlat Holdings, Inc.'s financial performance and operational status for the quarter ending December 31, 2024, which is crucial for investors and stakeholders to assess the company's current standing.

Risk Assessment

Risk Level: low — This is a routine quarterly filing with no immediately apparent significant negative or positive events disclosed.

Key Players & Entities

• GenFlat Holdings, Inc. (company) — Filer of the 10-Q
• Healthcare Business Resources, Inc. (company) — Former name of GenFlat Holdings, Inc.
• 2024-12-31 (date) — End of the reporting period
• 1983 N Berra Blvd, Tooele, UT 84074 (location) — Business and mailing address

FAQ

Filing Documents

• genflat_i10q-123124.htm (10-Q) — 521KB
• genflat_ex3101.htm (EX-31.1) — 9KB
• genflat_ex3102.htm (EX-31.2) — 9KB
• genflat_ex3201.htm (EX-32.1) — 3KB
• genflat_ex3202.htm (EX-32.2) — 3KB
• 0001683168-25-000781.txt ( ) — 3116KB
• gflt-20241231.xsd (EX-101.SCH) — 23KB
• gflt-20241231_cal.xml (EX-101.CAL) — 38KB
• gflt-20241231_def.xml (EX-101.DEF) — 70KB
• gflt-20241231_lab.xml (EX-101.LAB) — 243KB
• gflt-20241231_pre.xml (EX-101.PRE) — 192KB
• genflat_i10q-123124_htm.xml (XML) — 314KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 3 Item 1.

Financial Statements

Financial Statements 3 Consolidated Balance Sheets as of December 31, 2024 (Unaudited) and June 30, 2024 3 Consolidated Statements of Operations for the Three and Six Months ended December 31, 2024 and 2023 (Unaudited) 4 Consolidated Statements of Changes in Stockholders' Equity (Deficit) for the Three and Six Months ended December 31, 2024 and 2023 (Unaudited) 5 Consolidated Statements of Cash Flows for the Six Months ended December 31, 2024 and 2023 (Unaudited) 6 Notes to the Condensed Financial Statements (Unaudited) 7 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 18 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 25 Item 4.

Controls and Procedures

Controls and Procedures 26

OTHER INFORMATION

PART II. OTHER INFORMATION 27 Item 1.

Legal Proceedings

Legal Proceedings 27 Item 1A.

Risk Factors

Risk Factors 27 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 27 Item 3. Defaults Upon Senior Securities 27 Item 4. Mine Safety Disclosures 27 Item 5. Other Information 27 Item 6. Exhibits 28

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS GenFlat Holdings, Inc. Consolidated Balance Sheets (Unaudited) December 31, 2024 June 30, 2024 Assets Current Assets: Cash $ 340,967 $ 38,971 Accounts receivable, net – 5,235 Prepaid expenses 20,000 – Total current assets 360,967 44,206 Property and equipment, net 805 1,208 Right of use asset, operating lease 1,190 8,127 Intangible assets, net 64,847 81,115 Rental inventory, net 1,687,973 1,660,720 Total Assets $ 2,115,782 $ 1,795,376 Liabilities and Stockholders' Equity Current Liabilities: Accounts payable and accrued liabilities $ 118,861 $ 104,980 Notes payable – related party, current – 105,000 Note payable - current 50,500 – Related party advances – 8,731 Right of use liability, operating lease, current 1,190 8,127 Total current liabilities 170,551 226,838 Notes payable 99,996 50,500 Total Liabilities 270,547 277,338 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 6,723,218 4,615,732 Subscription payable 834,264 – Accumulated deficit ( 5,755,212 ) ( 3,150,354 ) Total Stockholders' equity attributable to GenFlat Holdings, Inc. 1,812,874 1,475,926 Noncontrolling interest 32,361 42,112 Total stockholders' equity 1,845,235 1,518,038 Total Liabilities and Stockholders' Equity $ 2,115,782 $ 1,795,376 See accompanying notes to the unaudited consolidated financial statements. 3 GenFlat Holdings, Inc. Consolidated Statements of Operations (Unaudited) For the Three Months Ended For the Six Months Ended 2024 2023 2024 2023 Revenue $ – $ – $ 7,894 $ – Cost of revenue 52,717 – 105,911 – Gross profit ( 52,717 ) – ( 98,017 ) – Operating expenses: Research and development expenses 52,000 – 88,000 – Gener

financial statements

financial statements. 4 GenFlat Holdings, Inc. Consolidated Statements of Stockholders' Equity For the Periods Ended December 31, 2024 and 2023 (Unaudited) Common Stock Paid In Stock Accumulated Noncontrolling Shares Amount Capital Payable Deficit Total Interest Total Balance, June 30, 2023 10,205,597 $ 10,205 $ 2,583,395 $ 50,000 $ ( 1,935,971 ) $ 707,629 $ – $ 707,629 Common stock sold for cash 62,087 62 249,938 – – 250,000 – 250,000 Net loss – – – – ( 133,652 ) ( 133,652 ) – ( 133,652 ) Balance, September 30, 2023 10,267,282 10,267 2,833,333 50,000 ( 2,069,623 ) 823,977 – 823,977 Common stock sold for cash 469,208 469 1,888,831 – – 1,889,300 – 1,889,300 Recapitalization 103,030 103 ( 247,398 ) – – ( 247,295 ) – ( 247,295 ) Reclassification of noncontrolling interest ( 298,020 ) ( 298 ) ( 60,099 ) – – ( 60,397 ) 60,397 – Net loss – – – – ( 499,409 ) ( 499,409 ) ( 1,242 ) ( 500,651 ) Balance, December 31, 2023 10,541,500 $ 10,541 $ 4,414,667 $ 50,000 $ ( 2,569,032 ) $ 1,906,176 $ 59,155 $ 1,965,331 Balance, June 30, 2024 10,548,191 $ 10,548 $ 4,615,732 $ – $ ( 3,150,354 ) $ 1,475,926 $ 42,112 $ 1,518,038 Common stock sold for cash 56,333 56 137,944 – – 138,000 – 138,000 Stock-based compensation – – 1,485,719 – – 1,485,719 – 1,485,719 Net Loss – – – – ( 1,763,941 ) ( 1,763,941 ) ( 4,461 ) ( 1,768,402 ) Balance, September 30, 2024 10,604,524 10,604 6,239,395 – ( 4,914,295 ) 1,321,865 37,651 1,373,355 Common stock sold for cash – – – 834,264 – 834,264 – 834,264 Stock-based compensation – – 483,823 – – 483,823 – 483,823 Net Loss – – – – ( 840,917 ) ( 840,917 ) ( 5,290 ) ( 846,207 ) Balance, December 31, 2024 10,604,524 $ 10,604 $ 6,723,218 $ 834,264 $ ( 5,755,212 ) $ 1,812,874 $ 32,361 $ 1,845,235 See accompanying notes to the unaudited consolidated

financial statements

financial statements. 5 GenFlat Holdings, Inc. Consolidated Statements of Cash Flows For the Six Months Ended December 31, 2024 and 2023 (Unaudited) December 31, 2024 December 31, 2023 Cash Flows from Operating Activities: Net loss $ ( 2,614,609 ) $ ( 634,303 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization expense 16,671 17,003 Stock-based compensation expense 1,969,542 – Rental inventory – depreciation expense 85,442 – Amortization of right of use assets – 6,837 Changes in operating assets and liabilities: Accounts receivable 5,235 – Prepaid expenses ( 20,000 ) 477,000 Right of use asset 6,937 – Rental inventory ( 112,695 ) ( 1,590,000 ) Accounts payable and accrued liabilities 13,881 ( 69,955 ) Right of use liabilities ( 6,937 ) ( 6,937 ) Net cash used in operating activities ( 656,533 ) ( 1,800,355 ) Cash Flows from Investing Activities: Capitalized patent costs – – Purchases of property and equipment – – Net cash used in investing activities – – Cash Flows from Financing Activities: Repayment on notes payable – ( 74,500 ) Repayment of line of credit – ( 128,466 ) Repayment of related party advances ( 8,731 ) – Repayment of notes payable – related party ( 199,750 ) – Proceeds from note payable 99,996 – Proceeds from notes payable – related party 94,750 – Proceeds from sale of common stock 972,264 2,089,298 Net cash provided by financing activities 958,529 1,886,332 Net change in cash 301,996 85,977 Cash, at beginning of period 38,971 278,756 Cash, at end of period $ 340,967 $ 364,733 Supplemental disclosures of cash flow information: Cash paid for interest $ – $ – Cash paid for income taxes $ – $ – See accompanying notes to the unaudited consolidated

financial statements

financial statements. 6 GenFlat Holdings, Inc.

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements For the period ended December 31, 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 all futur

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