Hawkeye Systems Files 10-Q for Q3 2024

TL;DR

Hawkeye Systems filed its Q3 2024 10-Q. No major financial details yet.

AI Summary

Hawkeye Systems, Inc. filed its quarterly report on Form 10-Q for the period ended September 30, 2024. The company, incorporated in Nevada, is based in Savannah, Georgia, and operates in the photographic equipment & supplies industry. The filing does not contain specific financial figures or operational details beyond its identification and reporting period.

Why It Matters

This filing provides an update on Hawkeye Systems, Inc.'s financial and operational status for the third quarter of 2024, which is crucial for investors to assess the company's performance and outlook.

Risk Assessment

Risk Level: low — This filing is a standard quarterly report and does not contain any immediately alarming information or significant financial disclosures.

Key Numbers

• 20240930 — Reporting Period End Date (Indicates the end of the fiscal quarter covered by the report.)
• 20241119 — Filing Date (The date the report was officially submitted to the SEC.)

Key Players & Entities

• Hawkeye Systems, Inc. (company) — Registrant
• September 30, 2024 (date) — Quarterly period end date
• Nevada (jurisdiction) — State of incorporation
• Savannah, GA (location) — Principal executive offices location
• 3861 (industry_code) — Standard Industrial Classification

FAQ

Key Financial Figures

• $0.0001 — tockholders' deficit: Preferred stock, $0.0001 par value, 50,000,000 shares authorized
• $156,720 — 30, 2024, the Company had a net loss of $156,720, and an accumulated deficit of $12,843,
• $12,843,924 — $156,720, and an accumulated deficit of $12,843,924. The Company has not established suff
• $0 — nce in HIE as of September 30, 2024 was $0, and the loan balance payable to joint
• $442,251 — to joint venture partner Eagle totaled $442,251, unchanged since year 2021. Note 4 - R
• $1 million — a shareholder of the Company, advanced $1 million to the Company. The purpose of the adva
• $500,000 — ated purchase of inventory and returned $500,000 to Mr. Hall. Mr. Hall agreed to allow t
• $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
• $0.02 — f common stock at a conversion price of $0.02 per share. On April 1, 2024, the Compa
• $240,274 — , which amounted to accrued interest of $240,274 and the principal balance of $500,000.
• $182,092 — . These amounted to accrued interest of $182,092 and the principal balance of $570,250.
• $570,250 — f $182,092 and the principal balance of $570,250. See note 11 – Debt Consolidation Agree

Filing Documents

• hwke_10q.htm (10-Q) — 278KB
• hwke_ex311.htm (EX-31.1) — 10KB
• hwke_ex321.htm (EX-32.1) — 5KB
• 0001477932-24-007435.txt ( ) — 294KB

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 - related party

View Full Filing

View this 10-Q filing on SEC EDGAR