Goldenwell Biotech Files Q3 2024 10-Q

TL;DR

GDWL Q3 10-Q filed. Check financials for performance update.

AI Summary

Goldenwell Biotech, Inc. filed its Q3 2024 10-Q report on November 26, 2024, covering the period ending September 30, 2024. The company, incorporated in Nevada, operates in the Food & Kindred Products sector. Key financial details and operational updates are expected within this filing, though specific dollar amounts for revenue, net income, or assets are not immediately detailed in the provided header information.

Why It Matters

This filing provides investors with an update on Goldenwell Biotech's financial performance and operational status for the third quarter of 2024, crucial for assessing the company's health and future prospects.

Risk Assessment

Risk Level: medium — As a biotech company, Goldenwell Biotech likely faces inherent risks related to research and development, regulatory approvals, and market competition, which are typical for the industry.

Key Numbers

• $300,000,000 — Authorized Shares (Potential for significant equity dilution or capital raising.)
• $99,000,000 — Issued Shares (Indicates a substantial portion of authorized shares are outstanding.)
• $99,000,000 — Outstanding Shares (Reflects the number of shares held by investors.)

Key Players & Entities

• GOLDENWELL BIOTECH, INC. (company) — Filer
• 0001800373 (company) — Central Index Key
• 20240930 (date) — Conformed Period of Report
• 20241126 (date) — Filed as of Date
• NV (state) — State of Incorporation
• OH (state) — Business Address State
• 440-666-7999 (phone_number) — Business Phone

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
• $95,599 — oans from the related party was totaled $95,599 as of December 31, 2023 and September 3
• $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. At September 30, 2024, we had an out
• $95,558 — ad an outstanding related-party loan of $95,558 and an unrelated party loan of $119,250
• $119,250 — $95,558 and an unrelated party loan of $119,250. The Company plans to raise additional

Filing Documents

• gdwl_10q.htm (10-Q) — 412KB
• 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
• 0001477932-24-007630.txt ( ) — 1669KB
• gdwl-20240930.xsd (EX-101.SCH) — 20KB
• gdwl-20240930_lab.xml (EX-101.LAB) — 109KB
• gdwl-20240930_cal.xml (EX-101.CAL) — 23KB
• gdwl-20240930_pre.xml (EX-101.PRE) — 84KB
• gdwl-20240930_def.xml (EX-101.DEF) — 29KB
• gdwl_10q_htm.xml (XML) — 116KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements. 4 Balance Sheet as of September 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. 11 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk. 14 Item 4.

Controls and Procedures

Controls and Procedures. 14

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1. Legal Proceedings. 15 Item 1A. Risk Factors. 15 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 15 Item 3. Defaults Upon Senior Securities. 15 Item 4. Mine Safety Disclosures. 15 Item 5. Other Information. 15 Item 6. Exhibits. 16

Signatures

Signatures 17 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) ASSETS September 30, 2024 December 31, 2023 CURRENT ASSETS Cash 4,755 53,231 Accounts Receivable 0 Inventory (related party transaction) 174,677 174,825 NONCURRENT ASSETS Right of Use Assets 0 0 TOTAL ASSETS 179,432 228,057 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 ( 17,365 ) ( 23,665 ) TOTAL LIABILITIES 198,671 143,334 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 September 30, 2024 9,900 9,900 Additional paid-in capital 1,302,504 1,302,504 Retained earnings ( 1,331,643 ) ( 1,227,681 ) Total stockholders' equity ( 19,239 ) 84,723 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 179,432 228,057 The accompanying notes are an integral part of these financial statements. 4 Table of Contents GOLDENWELL BIOTECH INC (Unaudited) Three Months Ended on Nine Months Ended on 30-Sep-24 30-Sep-23 30-Sep-24 30-Sep-23 REVENUE Sales 0 382 297 2,080 COST OF REVENUES 0 ( 196 ) ( 148 ) ( 1,045 ) GROSS PROFIT 0 186 149 1,035 OPERATING EXPENSES General and administrative ( 23,065 ) ( 35,592 ) ( 104,111 ) ( 97,131 ) Total operating expenses ( 23,065 ) ( 35,592 ) ( 104,111 ) ( 97,131 ) Operation Income ( 23,065 ) ( 35,406 ) ( 103,962 ) ( 96,096 ) Other Income and Expenses Other income 0 0 0 0 Income tax provision NET LOSS ( 23,065 ) ( 35,406 ) ( 103,962 ) ( 96,096 ) Earning per share - basic and diluted Weighted average number of shares outstanding - basic and diluted 96,433,333 96,433,

NOTES TO FINANCIAL STATEMENTS

NOTES TO FINANCIAL STATEMENTS September 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 44087. 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 $ 1,331,643 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). The results for the three months ended September 30, 2024 are not necessarily indicative of the results of operations for the full year. These financial statements and related footnotes should be read in conjunction with the consolidated financial statements and footnotes thereto included in the Company's Annual Report on Form 10K for the year ended December 31, 2024, filed

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. At September 30, 2024, we had an outstanding related-party loan of $95,558 and an unrelated party loan of $119,250. The Company plans to raise additional funds through debt or equity offerings. There is no guarantee t

View Full Filing

View this 10-Q filing on SEC EDGAR