Hubilu Venture CORP 10-Q Filing

Ticker: HBUV · Form: 10-Q · Filed: Nov 19, 2024 · CIK: 1639068

Sentiment: neutral

Filing Stats: 4,557 words · 18 min read · ~15 pages · Grade level 16.3 · Accepted 2024-11-19 17:25:43

Filing Documents

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION 3

Financial Statements

Item 1. Financial Statements 3 Condensed Consolidated Balance Sheets as of September 30, 2024 (Unaudited) and December 31, 2023 3 Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2024 and 2023 (Unaudited) 4 Condensed Consolidated Statements of Changes in Stockholders' Equity (Deficit) for the Three and Nine Months Ended September 30, 2024 and 2023 (Unaudited) 5 Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2024 and 2023 (Unaudited) 6 Notes to Condensed Consolidated Financial Statements (Unaudited) 7

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

Item 2. Management's Discussion and Analysis of Financial Conditions and Results of Operations 19

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 25

Controls and Procedures

Item 4. Controls and Procedures 25

— OTHER INFORMATION

PART II — OTHER INFORMATION 26

Legal Proceedings

Item 1. Legal Proceedings 26

Risk Factors

Item 1A. Risk Factors 26

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 26

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 26

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 26

Other Information

Item 5. Other Information 26

Exhibits

Item 6. Exhibits 27

SIGNATURES

SIGNATURES 28 2 Part I – FINANCIAL INFORMATION Item 1. Financial Statements HUBILU VENTURE CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS September 30, December 31, 2024 2023 ASSETS (Unaudited) Current assets: Cash $ 58,437 $ 24,564 Accounts receivable 2,773 2,100 Prepaid expenses - 9,500 Total current assets 61,210 36,164 Real estate: Land 14,083,679 11,800,304 Building and capital improvements 7,020,885 5,458,695 Property acquisition and financing 401,171 296,463 Less: accumulated depreciation ( 921,507 ) ( 762,406 ) Total real estate, net 20,584,228 16,793,056 Investments at cost 64,940 - Security deposits 25,470 6,600 Total assets $ 20,735,848 $ 16,835,820 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) Current liabilities: Accounts payable $ 12,266 $ 21,250 Advanced rents received 7,434 10,124 Accrued interest 88,539 39,402 Security deposits payable 321,350 300,383 Due to related party, current maturities 474,271 474,271 Mortgages payable, current maturities 2,125,765 768,961 Dividends payable 198,942 179,463 Total current liabilities 3,228,567 1,793,854 Mortgages payable, related party 599,594 599,594 Mortgages payable 17,500,502 15,104,744 Convertible preferred stock payable 520,400 520,400 Total liabilities 21,849,063 18,018,592 Stockholders' equity (deficit): Common stock, $ 0.001 par value, 100,000,000 shares authorized, 26,237,125 shares issued and outstanding 26,237 26,237 Additional paid-in capital 977,666 911,894 Accumulated deficit ( 2,117,118 ) ( 2,120,903 ) Total stockholders' equity (deficit) ( 1,113,215 ) ( 1,182,772 ) Total liabilities and stockholders' equity (deficit) $ 20,735,848 $ 16,835,820 See accompanying notes to financial statements. 3 HUBILU VENTURE CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) For the Three Months Ended For the Nine Months Ended

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