HIRU Corp. Reports New Financial Obligation & Control Change
Ticker: HIRU · Form: 8-K · Filed: Feb 2, 2024 · CIK: 925779
| Field | Detail |
|---|---|
| Company | Hiru Corp (HIRU) |
| Form Type | 8-K |
| Filed Date | Feb 2, 2024 |
| Risk Level | high |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $1.4 Million |
| Sentiment | bearish |
Complexity: simple
Sentiment: bearish
Topics: debt, corporate-governance, financial-obligation, control-change
TL;DR
**HIRU Corp. just reported new debt and a change in control, big red flags for investors.**
AI Summary
HIRU Corp. filed an 8-K on February 2, 2024, reporting the creation of a direct financial obligation and changes in control of the registrant, along with financial statements and exhibits. This filing indicates significant shifts in the company's financial structure and ownership, which could impact its future operations and stock valuation. Investors should be aware that such changes often precede strategic shifts or financial restructuring, potentially affecting the stock's risk profile and long-term prospects.
Why It Matters
This filing signals a material change in HIRU Corp.'s financial health and ownership, which could lead to new strategic directions or financial instability, directly impacting shareholder value.
Risk Assessment
Risk Level: high — The filing indicates both new financial obligations and changes in control, which are significant events that can introduce substantial uncertainty and risk to a company's future.
Analyst Insight
A smart investor would thoroughly investigate the nature and terms of the new financial obligations and the details of the change in control to assess the potential impact on HIRU Corp.'s solvency and future strategic direction before making any investment decisions.
Key Players & Entities
- HIRU Corp. (company) — the registrant filing the 8-K
- February 2, 2024 (date) — date of the earliest event reported and filing date
- 001-13226 (string) — Commission File Number for HIRU Corp.
- Georgia (string) — State of incorporation for HIRU Corp.
- 5524 N. 51st Avenue Glendale, Arizona 85301 (string) — Address of principal executive offices for HIRU Corp.
- (928) 408-4486 (string) — Registrant's telephone number
FAQ
What specific items were reported in HIRU Corp.'s 8-K filing on February 2, 2024?
The 8-K filing reported the 'Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant' and 'Changes in Control of Registrant', along with 'Financial Statements and Exhibits'.
What is the earliest event reported date for this 8-K filing by HIRU Corp.?
The earliest event reported date for this 8-K filing is February 2, 2024, which is also the date of the report.
Where are HIRU Corp.'s principal executive offices located, according to the filing?
According to the filing, HIRU Corp.'s principal executive offices are located at 5524 N. 51st Avenue, Glendale, Arizona 85301.
What is HIRU Corp.'s state of incorporation?
HIRU Corp.'s state of incorporation is Georgia.
Does the filing indicate if HIRU Corp. is an emerging growth company?
The filing includes a checkbox for 'emerging growth company' but it is not checked, indicating that HIRU Corp. is not identifying itself as an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.
Filing Stats: 590 words · 2 min read · ~2 pages · Grade level 11 · Accepted 2024-02-02 13:06:31
Key Financial Figures
- $1.4 Million — ntered into a certain loan agreement of $1.4 Millions with Bayern Industries (the “cre
Filing Documents
- hiru_8k.htm (8-K) — 25KB
- hiru_ex9901.htm (EX-99.1) — 12KB
- image_001.jpg (GRAPHIC) — 145KB
- image_002.jpg (GRAPHIC) — 128KB
- image_003.jpg (GRAPHIC) — 128KB
- image_004.jpg (GRAPHIC) — 16KB
- 0001683168-24-000626.txt ( ) — 612KB
03
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. On or about May 22, 2022, the issuer HIRU entered into a certain loan agreement of $1.4 Millions with Bayern Industries (the “creditor”). The proceeds of the loan were used for the purchase of water equipment for business expansion and operating cash. The loan was reflected in the Company’s financial statement and grouped with other loans of the issuer. It does not specifically identify the Bayern creditor by name. The issuer was a non-reporting issuer with the SEC at the time. The status of the issuer remains unchanged. The creditor filed a UCC notice in the State of issuers operations and its subsidiaries. (attached as exhibit 99.1) In July 2023 the Company defaulted on the Bayern obligation.
01
Item 5.01 Changes in Control of Registrant. The new management that took over the Company on or about October 16, 2023 and filed the same with OTC Markets. The issuer filed additional board notes and minutes on OTC Markets as follows: November 13, 2023 https://www.otcmarkets.com/otcapi/company/financial-report/386038/content November 10, 2023 https://www.otcmarkets.com/otcapi/company/financial-report/385879/content The issuers Principal Executive Offices are located at 500 S Australian Ave Suite #600 West Palm Beach, FL 33401 Regarding continued water operations and loan default to Bayern the Company has reached an agreement in principle with the creditor to restructure the loan and to resume water packing operations. A separate definitive agreement and announcement will be filed by amendment.
Financial Statements and Exhibits
Financial Statements and Exhibits. (d) Exhibits. EX-99.1, UCC Financing Agreement
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. HIRU Corp. DATE: February 2, 2024 By: /s/ Gerald Mounger Name: Gerald Mounger Title: Chief Executive Officer 2