Hong Yuan Holding Group Files Q1 2024 10-Q

TL;DR

**HGYN Q1 24 10-Q FILED**

AI Summary

Hong Yuan Holding Group filed its quarterly report for the period ending March 31, 2024. The company, formerly known as Cereplast Inc., is incorporated in Nevada and operates in the plastics and synthetic materials sector. Its principal executive offices are located in Henan Province, China.

Why It Matters

This filing provides investors with an update on the financial performance and operational status of Hong Yuan Holding Group for the first quarter of 2024.

Risk Assessment

Risk Level: low — The filing is a standard quarterly report and does not contain immediate red flags or significant negative news.

Key Players & Entities

• Hong Yuan Holding Group (company) — Filer of the 10-Q
• Cereplast Inc. (company) — Former name of Hong Yuan Holding Group
• 20240331 (date) — End of the reporting period
• 20240528 (date) — Filing date

FAQ

Key Financial Figures

• $5,000,000 — he sale of 50,000,000 common shares and $5,000,000 Series A-1 Preferred Shares from Custod
• $97,432,310 — 2024, we had an accumulated deficit of $97,432,310 and a net working capital deficit of $1
• $166,633 — 10 and a net working capital deficit of $166,633. While our current burn rate is nomin

Filing Documents

• form10-q.htm (10-Q) — 286KB
• ex31-1.htm (EX-31.1) — 11KB
• ex32-1.htm (EX-32.1) — 6KB
• 0001493152-24-021436.txt ( ) — 1517KB
• hgyn-20240331.xsd (EX-101.SCH) — 12KB
• hgyn-20240331_cal.xml (EX-101.CAL) — 18KB
• hgyn-20240331_def.xml (EX-101.DEF) — 39KB
• hgyn-20240331_lab.xml (EX-101.LAB) — 106KB
• hgyn-20240331_pre.xml (EX-101.PRE) — 87KB
• form10-q_htm.xml (XML) — 112KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION 3 ITEM 1 Condensed Consolidated Financial Statements (Unaudited) 3 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 14 ITEM 1

Legal Proceedings

Legal Proceedings 14 ITEM 1A

Risk Factors

Risk Factors 14 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 15 2 PART I – FINANCIAL INFORMATION This Quarterly Report includes forward-looking statements within the meaning of the Securities Exchange Act of 1934 (the "Exchange Act"). These statements are based on management's beliefs and assumptions, and on information currently available to management. Forward-looking Discussion and Analysis of Financial Condition and Results of Operations." Forward-looking statements also include statements in which words such as "expect," "anticipate," "intend," "plan," "believe," "estimate," "consider" or similar expressions are used. Forward-looking values may differ materially from those expressed in these forward-looking statements. Readers are cautioned not to put undue reliance on any forward-looking statements. Item 1. Financial Statements HONG YUAN HOLDING GROUP BALANCE SHEETS March 31, December 31, 2024 2023 ASSETS TOTAL ASSETS $ - $ - LIABILITIES AND STOCKHOLDERS' DEFICIT Current Liabilities Accounts payable and accrued liabilities $ 333 $ 1,069 Due to related parties 166,300 150,175 Total Current Liabilities 166,633 151,244 TOTAL LIABILITIES 166,633 151,244 Stockholders' Deficit Preferred Stock: 5,000,000 shares authorized; $ 0.001 par value 5,000,000 issued and outstanding at March 31, 2024 and December 31, 2023 5,000 5,000 Common stock: 250,000,000 shares authorized; $ 0.001 par value 74,640,766 shares issued and outstanding at March 31, 2024 and December 31, 2023 74,641 74

Business

Business Description We were incorporated on September 29, 2001 in the State of Nevada under the name of Biocorp North America Inc. On March 18, 2005, we filed an amendment to our certificate of incorporation to change our name to Cereplast, Inc. On February 10, 2014, the Company, filed a voluntary petition for relief under Chapter 11 of Title 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Indiana (the "Bankruptcy Court "). On February 14, 2014, the Company filed a motion in the Bankruptcy Court seeking to convert the Company's Chapter 11 Case to a Chapter 7 bankruptcy case. On March 27, 2014, the court granted the Company's motion and on that date the Company's Chapter 11 Case was converted to a Chapter 7 case. As a result, the Company adopted liquidation basis of accounting on the discontinued operations according to ASC 205-30 "Presentation of Financial Statements – Liquidation Basis of Accounting", accordingly the accumulated deficit generated prior to bankruptcy proceedings remained unadjusted. On January 31, 2014, the Board of Directors of Cereplast, Inc. (the "Company") approved a 1-for-50 reverse split (the "Reverse Split) which was previously approved by the shareholders on April 5, 2013 and previously disclosed on Current Report Form 8-K filed on April 5, 2013. On February 3, 2014, Cereplast, Inc. (the "Company") filed a Certificate of Amendment to its Articles of Incorporation to effect the reverse split (the "Reverse Split"), effective as of February 21, 2014. On March 22, 2019, the eight judicial District Court of Nevada appointed Custodian Ventures, LLC as custodian for Cereplast, Inc., proper notice having been given to the officers and directors of Cereplast, Inc. There was no opposition. On June 04, 2019, the Company filed a certificate of revival with the state of Nevada, appointing David Lazar as, President, Secretary, Treasurer and Director. On October 4, 2019, the Company

financial statements

financial statements. 10 Item 2. Management ' s Discussion and Analysis of Financial Condition and Results of Operations. Forward Looking Statement Notice Certain Private Securities Litigation Reform Act of 1995) regarding the plans and objectives of management for future operations. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of Crown Marketing, (" we ", " us ", " our " or the " Company ") to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The forward-looking and objectives are based, in part, on assumptions involving the continued expansion of business. Assumptions relating to the foregoing involve judgments with respect to, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the control of the Company. Although the Company believes its assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove inaccurate and, therefore, there can be no assurance the forward-looking statements included in this Quarterly Report will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by the Company or any other person that the objectives and plans of the Company will be achieved. Overview The Company was incorporated in the state of Nevada on September 14, 2001 under the name Biocorp North America, Inc. On July 19, 2004 t

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