Hawkeye Systems Files Q1 2025 10-Q Amendment

TL;DR

Hawkeye Systems amended its Q1 10-Q: $8.7M debt, $442k loss. Stock details updated.

AI Summary

Hawkeye Systems, Inc. filed an amended 10-Q for the period ending September 30, 2024. The filing details financial information including debt, stock issuances, and stock options. Specifically, the company reported $8.71 million in debt as of September 30, 2024, and a net loss of $442,251 for the quarter. The amendment also clarifies information related to common stock issuances and stock options.

Why It Matters

This amended filing provides updated financial details for Hawkeye Systems, Inc., offering investors a clearer picture of the company's financial health and operational activities during the first quarter of fiscal year 2025.

Risk Assessment

Risk Level: medium — The company's financial performance shows a net loss, and the filing involves an amendment, suggesting potential complexities or corrections in reporting.

Key Numbers

• $8.71M — Debt (Total debt reported as of September 30, 2024.)
• $442,251 — Net Loss (The company's net loss for the quarter ending September 30, 2024.)
• 2024-09-30 — Reporting Period End (The end date for the financial period covered by the 10-Q/A.)

Key Players & Entities

• Hawkeye Systems, Inc. (company) — Filer of the 10-Q/A
• 2024-09-30 (date) — End of the reporting period
• 2024-11-20 (date) — Filing date of the amendment
• $8.71 million (dollar_amount) — Total debt as of September 30, 2024
• $442,251 (dollar_amount) — Net loss for the quarter

FAQ

Key Financial Figures

• $500,000 — advances made on February 17, 2021, for $500,000 for inventory financing, February 18, 2
• $30,000 — ntory financing, November 12, 2021, for $30,000 and December 13, 2021, for $75,000. In
• $75,000 — for $30,000 and December 13, 2021, for $75,000. In addition to consolidating the advan
• $1,000,000 — extension of a line of credit of up to $1,000,000, from Steve Hall to the Company. The pr
• $1,105,000 — ding the $1,000,000 line of credit, was $1,105,000, payable on demand at any time after Oc

Filing Documents

• hwke_10qa.htm (10-Q/A) — 359KB
• hwke_ex311.htm (EX-31.1) — 10KB
• hwke_ex321.htm (EX-32.1) — 5KB
• 0001477932-24-007498.txt ( ) — 2381KB
• hwke-20240930.xsd (EX-101.SCH) — 37KB
• hwke-20240930_lab.xml (EX-101.LAB) — 174KB
• hwke-20240930_cal.xml (EX-101.CAL) — 34KB
• hwke-20240930_pre.xml (EX-101.PRE) — 152KB
• hwke-20240930_def.xml (EX-101.DEF) — 86KB
• hwke_10qa_htm.xml (XML) — 222KB

Financial Statements (unaudited)

Financial Statements (unaudited) 3 Condensed Consolidated Balance Sheets as of September 30, 2024, (unaudited) and June 30, 2024 (audited) 3 Condensed Consolidated Statements of Operations for the three months ended September 30, 2024 and 2023 (unaudited) 4 Condensed Consolidated Statements of Changes in Stockholders' Deficit for the three months ended September 30, 2024 and 2023 (unaudited) 5 Condensed Consolidated Statements of Cash Flows for the three months ended September 30, 2024 and 2023 (unaudited) 6 Notes to the Unaudited Condensed Consolidated Financial Statements 7 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 14 Item 4.

Controls and Procedures

Controls and Procedures 17 Part II. OTHER INFORMATION 18 Item 1

Legal Proceedings

Legal Proceedings 18 Item 1A

Risk Factors

Risk Factors 18 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 18 Item 3 Defaults Upon Senior Securities 18 Item 4 Mine Safety Disclosures 18 Item 5 Other Information 18 Item 6 Exhibits 19

SIGNATURES

SIGNATURES 20 2 Table of Contents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements HAWKEYE SYSTEMS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited ) September 30, (Audited) June 30, 2024 2024 ASSETS Current assets: Cash $ 7 $ - Prepaid expenses 14,300 2,500 Total current assets 14,307 2,500 Total assets $ 14,307 $ 2,500 LIABILITIES AND STOCKHOLDERS' DEFICIT Current liabilities: Accounts payable and accrued liabilities – related party $ 162,514 $ 101,500 Accounts payable and accrued liabilities - 9,262 Accrued interest – related party 120,066 58,891 Promissory note payable – related party 2,050,223 1,994,623 Total current liabilities 2,332,803 2,164,276 Long-term liabilities: Loan payable due to Eagle - JV partner 442,251 442,251 Total liabilities 2,775,054 2,606,527 Commitments and contingencies (Note -13) - - Stockholders' deficit: Preferred stock, $ 0.0001 par value, 50,000,000 shares authorized; no shares issued or outstanding - - Common stock, $ 0.0001 par value, 400,000,000 shares authorized; 8,706,772 and 8,661,772 shares issued and outstanding, respectively 870 866 Additional paid-in capital 10,082,307 10,082,311 Accumulated deficit ( 12,843,924 ) ( 12,687,204 ) Total stockholders' deficit ( 2,760,747 ) ( 2,604,027 ) Total liabilities and stockholders' deficit $ 14,307 $ 2,500 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 3 Table of Contents HAWKEYE SYSTEMS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended September 30, 2024 2023 Operating expenses: General and administrative $ 8,438 $ 21,594 Management compensation 10,500 111,250 Professional fees 76,608 35,997 Total operating expenses 95,546 168,841 Loss from operations ( 95,546 ) ( 168,841 ) Other income (expense), net: Other income - 15,000 Interest income - 32,004 Interest expense - relat

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View this 10-Q/A filing on SEC EDGAR