Goldenwell Biotech Files Q2 2024 10-Q

TL;DR

Goldenwell Biotech Q2 10-Q filed: $300M authorized shares, $99M paid-in capital.

AI Summary

Goldenwell Biotech, Inc. filed its 10-Q for the period ending June 30, 2024. The company, incorporated in Nevada and operating in the food and kindred products sector, reported financial information for Q2 2024. Key financial figures include $300,000,000 in authorized shares and $99,000,000 in paid-in capital.

Why It Matters

This filing provides investors with an update on Goldenwell Biotech's financial health and operational status for the second quarter of 2024, crucial for investment decisions.

Risk Assessment

Risk Level: low — The filing is a standard quarterly report with no immediate red flags or significant negative developments indicated in the provided snippet.

Key Numbers

• $300.0M — Authorized Shares (Total shares authorized by the company.)
• $99.0M — Additional Paid-in Capital (Capital contributed by shareholders above par value.)
• $99.0M — Common Stock (Value of common stock issued.)

Key Players & Entities

• GOLDENWELL BIOTECH, INC. (company) — Filer
• 20240630 (date) — Period of Report
• 20240822 (date) — Filing Date
• NV (state) — State of Incorporation
• OH (state) — Business Address State
• 440-666-7999 (phone_number) — Business Phone
• 300000000 (dollar_amount) — Authorized Shares
• 99000000 (dollar_amount) — Paid-in Capital

FAQ

Key Financial Figures

• $0.001 — were 99,000,000 shares of common stock, $0.001 par value per share, outstanding. GOL
• $0.01 — 001 stock price Shares issued for cash $0.01 stock price Net loss for the period
• $41,000 — s founders for a subscription amount of $41,000. On August 20, 2019, the Company sold 3
• $215,504 — mmon stock for a subscription amount of $215,504. We have an outstanding related-party
• $55,588 — ve an outstanding related-party loan of $55,588. The Company plans to raise additional
• $382 — corporation and have generated of only $382 and $2,080 of revenues from sales of ou
• $2,080 — ion and have generated of only $382 and $2,080 of revenues from sales of our nutraceut

Filing Documents

• gdwl_10q.htm (10-Q) — 414KB
• gdwl_ex311.htm (EX-31.1) — 8KB
• gdwl_ex312.htm (EX-31.2) — 8KB
• gdwl_ex321.htm (EX-32.1) — 4KB
• gdwl_ex322.htm (EX-32.2) — 4KB
• 0001477932-24-005196.txt ( ) — 1624KB
• gdwl-20240630.xsd (EX-101.SCH) — 19KB
• gdwl-20240630_lab.xml (EX-101.LAB) — 111KB
• gdwl-20240630_cal.xml (EX-101.CAL) — 24KB
• gdwl-20240630_pre.xml (EX-101.PRE) — 82KB
• gdwl-20240630_def.xml (EX-101.DEF) — 24KB
• gdwl_10q_htm.xml (XML) — 108KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements. 4 Balance Sheet as of June 30, 2024 (unaudited) and December 31, 2023. 4 5 6 7 Notes to Condensed Financial Statements (unaudited). 8 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. 12 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk. 15 Item 4.

Controls and Procedures

Controls and Procedures. 15

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1. Legal Proceedings. 16 Item 1A. Risk Factors. 16 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 16 Item 3. Defaults Upon Senior Securities. 16 Item 4. Mine Safety Disclosures. 16 Item 5. Other Information. 16 Item 6. Exhibits. 17

Signatures

Signatures 18 2 Table of Contents CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q of Goldenwell Biotech, Inc., a Nevada corporation (the "Company"), contains "forward-looking statements," as defined in the United States Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terminology such as "may", "will", "should", "could", "expects", "plans", "intends", "anticipates", "believes", "estimates", "predicts", "potential" or "continue" or the negative of such terms and other comparable terminology. These forward-looking statements include, without limitation, statements about our market opportunity, our strategies, competition, expected activities and expenditures as we pursue our business plan, and the adequacy of our available cash resources. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Actual results may differ materially from the predictions discussed in these forward-looking statements. The economic environment within which we operate could materially affect our actual results. Additional factors that could materially affect these forward-looking statements and/or predictions include, among other things to product demand, market and customer acceptance, competition, pricing, climate change, pandemics, political changes, and development difficulties, as well as general industry and market conditions and growth rates and general economic conditions; and other factors discussed in the Company's filings with the Securities and Exchange Commission ("SEC"). Our management has included projections and estimates in this Form 10-Q, which are based primarily on management's experience in the industry, assessments of our results of operations, discussions and negotiations with third parties and a review of information filed by ou

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS. GOLDENWELL BIOTECH INC BALANCE SHEET (Unaudited) June 30, 2024 December 31, 2023 ASSETS CURRENT ASSETS Cash 25,720 53,231 Accounts Receivable 0 Inventory (related party transaction) 174,677 174,825 NONCURRENT ASSETS Right of Use Assets 0 0 TOTAL ASSETS 200,398 228,057 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accounts Payable 0 0 Lease Liability 0 0 Unearned Revenue 1,198 1,410 LONG-TERM LIABILITIES 214,838 165,588 Less Discount on Long-term Liabilities ( 19,465 ) ( 23,665 ) TOTAL LIABILITIES 196,571 143,334 STOCKHOLDERS' EQUITY Common stock, $ 0.0001 par value, 300,000,000 shares authorized, 99,000,000 issued and outstanding at December 31, 2023 99,000,000 issued and outstanding at June 30, 2024 9,900 9,900 Additional paid-in capital 1,302,504 1,302,504 Retained earnings ( 1,308,578 ) ( 1,227,681 ) Total stockholders' equity 3,826 84,723 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 200,398 228,057 The accompanying notes are an integral part of these financial statements. 4 Table of Contents GOLDENWELL BIOTECH INC (Unaudited) Three Months Ended on Six Months Ended on 30-Jun-24 30-Jun-23 30-Jun-24 30-Jun-23 REVENUE Sales 139 276 297 1,698 COST OF REVENUES ( 69 ) ( 138 ) ( 148 ) ( 849 ) GROSS PROFIT 70 138 149 849 OPERATING EXPENSES General and administrative ( 49,990 ) ( 27,222 ) ( 81,046 ) ( 61,539 ) Total operating expenses ( 49,990 ) ( 27,222 ) ( 81,046 ) ( 61,539 ) Operation Income ( 49,920 ) ( 27,084 ) ( 80,897 ) ( 60,690 ) Other Income and Expenses Other income 0 0 0 0 Income tax provision 0 0 0 0 NET LOSS ( 49,920 ) ( 27,084 ) ( 80,897 ) ( 60,690 ) Earning per share - basic and diluted Weighted average number of shares outstanding - basic and diluted 96,433,333 96,4

NOTES TO FINANCIAL STATEMENTS

NOTES TO FINANCIAL STATEMENTS June 30, 2024 NOTE 1 – ORGANIZATION AND DESCRIPTION OF BUSINESS GOLDENWELL BIOTECH INC. (the "Company") was incorporated in the State of Nevada on August 20, 2019. The company address is 581 Boston Mills Road, Suite 300, Hudson, Ohio 44236. The Company is in the development stage whose purpose is R&D, production and sales health cares and supplements products. NOTE 2 - GOING CONCERN The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has sustained an accumulated net loss of $ 1,308,578 since its inception. These factors, among others, raise substantial doubt about the ability of the Company to continue as a going concern for a reasonable period of time. The Company's continuation as a going concern is dependent upon, among other things, its ability to generate revenues and its ability to obtain capital from third parties. No assurance can be given that the Company will be successful in these efforts. The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Preparation The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America (GAAP). Use of estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results c

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. The following information should be read in conjunction with (i) the financial statements of Goldenwell Biotech, Inc., a Nevada corporation (the "Company"), and the notes thereto appearing elsewhere in this Form 10-Q together with (ii) the more detailed business information and the December 31, 2023 audited financial statements and related notes included in the Company's Form 10-K (File No. 000-56275; the "Form 10-K"), as filed with the Securities and Exchange Commission on April 12, 2024. Statements in this section and elsewhere in this Form 10-Q that are not statements of historical or current fact constitute "forward-looking" statements. OVERVIEW The Company was incorporated in the State of Nevada on August 20, 2019, and established a fiscal year end of December 31. Going Concern To date the Company has little operations or revenues and consequently has incurred recurring losses from operations. Substantially greater revenues are not anticipated until we complete the financing we endeavor to obtain, as described in this Form 10-K, and implement our initial business plan. The ability of the Company to continue as a going concern is dependent on raising capital to fund our business plan and ultimately to attain profitable operations. Accordingly, these factors raise substantial doubt as to the Company's ability to continue as a going concern. Our activities have been financed from the proceeds of share subscriptions. On August 20, 2019 the Company sold 41,000,000 shares of common stock to its founders for a subscription amount of $41,000. On August 20, 2019, the Company sold 39,000,000 shares of common stock for a subscription amount of $215,504. We have an outstanding related-party loan of $55,588. The Company plans to raise additional funds through debt or equity offerings. There is no guarantee that the Company will be able to raise any capital through this

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