Hi-Great Group Holding Co Files 10-Q for Q1 2024

TL;DR

Hi-Great Group Holding Co filed its Q1 2024 10-Q. Check financials.

AI Summary

Hi-Great Group Holding Co filed its 10-Q for the quarterly period ended March 31, 2024. The company, incorporated in Nevada, is based in Los Angeles, California, and operates in the Hotels & Motels sector. Its principal executive offices are located at 621 South Virgil Avenue, #470, Los Angeles, CA 90005, with a contact phone number of (213) 219-7746.

Why It Matters

This filing provides investors with an update on Hi-Great Group Holding Co's financial performance and operational status for the first quarter of 2024.

Risk Assessment

Risk Level: low — This is a routine quarterly filing and does not contain immediate red flags.

Key Players & Entities

• Hi-Great Group Holding Co (company) — Registrant
• March 31, 2024 (date) — Quarterly period end date
• Nevada (jurisdiction) — State of Incorporation
• Los Angeles, California (location) — Principal Executive Offices location
• 621 South Virgil Avenue, #470 (address) — Principal Executive Offices street address
• 90005 (zip_code) — Principal Executive Offices zip code
• (213) 219-7746 (phone_number) — Registrant's telephone number
• 000-56200 (commission_file_number) — SEC file number

FAQ

Key Financial Figures

• $0 — 025. As of March 31, 2024, a total of $0 in loan payable to related party. NOTE
• $70,000 — avid Lazar) at par for shares valued at $70,000 in exchange for settlement of a portion
• $16,100 — dvanced to the Company in the amount of $16,100, and the promissory note issued to the
• $53,900 — ote issued to the Company in the amount $53,900. On October 14, 2019, as a result of a
• $9,050 — ree months ended March 31, 2024, we had $9,050 of sales compared to $24,269 for the th
• $24,269 — 024, we had $9,050 of sales compared to $24,269 for the three months ended March 31, 20
• $4,873 — three months ended March 31, 2024, was $4,873 compared to $11,397 for the three month
• $11,397 — March 31, 2024, was $4,873 compared to $11,397 for the three months ended March 31, 20
• $6,500 — onths ended March 31, 2024, we incurred $6,500 of professional fee expenses compared t
• $7,000 — f professional fee expenses compared to $7,000 for the three months ended March 31, 20
• $1,596 — onths ended March 31, 2024, we incurred $1,596 of general and administrative expense (
• $6,490 — inistrative expense ("G&A") compared to $6,490 for the three months ended March 31, 20
• $2,276 — an interest expense of $0, compared to $2,276 for the three months ended March 31, 20
• $3,918 — 31, 2024, the Company had a net loss of $3,918 as compared to a net loss of $7,959 for
• $7,959 — of $3,918 as compared to a net loss of $7,959 for the three months ended March 31, 20

Filing Documents

• ea0207052-10q_higreat.htm (10-Q) — 259KB
• ea020705201ex31-1_higreat.htm (EX-31.1) — 10KB
• ea020705201ex31-2_higreat.htm (EX-31.2) — 10KB
• ea020705201ex32_higreat.htm (EX-32) — 4KB
• 0001213900-24-047699.txt ( ) — 1896KB
• higr-20240331.xsd (EX-101.SCH) — 19KB
• higr-20240331_cal.xml (EX-101.CAL) — 25KB
• higr-20240331_def.xml (EX-101.DEF) — 90KB
• higr-20240331_lab.xml (EX-101.LAB) — 168KB
• higr-20240331_pre.xml (EX-101.PRE) — 85KB
• ea0207052-10q_higreat_htm.xml (XML) — 96KB

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 2 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 6 Item 4.

Controls and Procedures

Controls and Procedures 6 PART II 7 Item 1.

Legal Proceedings

Legal Proceedings 7 Item 1A.

Risk Factors

Risk Factors 7 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 7 Item 3. Defaults Upon Senior Securities 7 Item 4. Mining Safety Disclosures 7 Item 5. Other Information 7 Item 6. Exhibits 7

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS INDEX TO FINANCIAL STATEMENTS Balance Sheets as of March 31, 2024 (unaudited) and December 31, 2023 F-1 F-2 F-3 F-4 Notes to the Financial Statements (unaudited) F-5 1 HI-GREAT GROUP HOLDING COMPANY BALANCE SHEETS March 31, December 31, 2024 2023 (Unaudited) (Audited) ASSETS Current assets: Cash $ 1,687 $ 733 Inventory 51,480 54,090 Advances to Suppliers 1,750 1,750 Receivable from Citi Bank - - Total current assets 54,917 56,573 Non-current assets: Right of use asset – operating lease – related party 27,565 27,565 Total assets $ 82,482 $ 84,138 LIABILITIES AND STOCKHOLDERS' DEFICIT Current liabilities: Accounts payable $ 27,400 $ 27,400 Accounts payable – related party - - Notes payable – related party - - Loan payable – related party - - Accrued royalty– related party 147,182 144,920 Deferred revenue - - Operating lease obligation, current portion – related party - - - - Total current liabilities 174,582 172,320 Non-Current Liabilities: Operating lease obligation – related party 21,231 21,231 Total Liabilities 195,813 193,551 Commitments and Contingencies Stockholders' Deficit: Preferred stock, par value $ 0.001 per share; 10,000,000 shares authorized; no shares issued and outstanding Common stock, par value $ 0.001 per share; 1,100,000,000 shares authorized; 100,000,000 shares issued and outstanding as of December 30, 2022 and December 31, 2021, respectively 100,000 100,000 Additional paid in capital 629,566 629,566 Accumulated Deficit ( 842,897 ) ( 838,979 ) Total stockholders' equity ( 113,331 ) ( 109,

NOTES TO FINANCIAL STATEMENTS

NOTES TO FINANCIAL STATEMENTS MARCH 31, 2024 (Unaudited) NOTE 1 – ORGANIZATION AND DESCRIPTION OF BUSINESS Basis of Presentation and Organization Hi-Great Group Holding Company (the "Company") is a development stage enterprise that was originally incorporated, on September 30, 2010 , under the laws of the State of Nevada. On March 8, 2019, the eight judicial District Court of Nevada appointed Custodian Ventures, LLC as custodian for Hi-Great Group Holding Company, proper notice having been given to the officers and directors of Hi-Great Group Holding Company. There was no opposition. On March 15, 2019, the Company filed a certificate of revival with the state of Nevada, appointing David Lazar as President, Secretary, Treasurer and Director. On October 11, 2019, Custodian Ventures entered into a stock purchase agreement whereby they transferred 70,000,000 shares of common stock to Esther Yang in exchange for $ 225,000 in cash. As a result of the sale, there was a change of control of the Company. There is no family relationship or other relationship between the Seller and the Purchaser. On March 19, 2020, the Company entered in a licensing agreement with SellaCare, Inc. for the licensing of Patents and all future products developed by the SellaCare, Inc. The licensing agreement calls for the Company to pay 25 % of all Gross revenues or $ 1,000 , whichever is greater and not less than $ 1,000 , beginning April 30, 2020 and payable the 15 th of every month thereafter. On March 16, 2020, the Company entered into a land lease for property located in the unincorporated area of Pearblossom, County of Los Angeles, California, in agreement with Sella Property, LLC. Sella Property, LLC is an entity controlled by Esther Yang. The lease calls for rent payments of $ 30,000 in annual installments due on the 16 th day of March each year. In March 2020, the World Health Organization categorized the novel coronavirus (COVID-19) as a pandemic, and it continues to sprea

MANAGEMENT'S DISCUSSION AND ANALYSIS

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following information should be read in conjunction with our financial statements and related notes thereto included in Part I, Item 1, above.

Forward Looking Statements

Forward Looking Statements Certain matters discussed herein are forward-looking our future strategic plans; our future operating results; our business prospects; our contractual arrangements and relationships with third parties; the dependence of our future success on the general economy; our possibility of not successfully raising future financings; and the adequacy of our cash resources and working capital. These forward-looking statements can generally be identified as such because the context of the statement will include words such as we "believe," "anticipate," "expect," "estimate" or words of similar meaning. Similarly, statements that describe our future plans, objectives or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties which are described in close proximity to such statements, and which could cause actual results to differ materially from those anticipated. Shareholders, potential investors and other readers are urged to consider these factors in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included herein are only made as of the date of this Form 10-Q, and we undertake no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances. Executive Overview Hi-Great Group Holding Company (the "Company") is a development stage enterprise that was originally incorporated, on September 31, 2010, under the laws of the State of Nevada. On March 8, 2019, the eight judicial District Court of Nevada appointed Custodian Ventures, LLC as custodian for Hi-Great Group Holding Company, proper notice having been given to the officers and directors of Hi-Great Group Holding Company. There was no o

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