Healthy Extracts Inc. Q1 2024 10-Q Filing

TL;DR

**Healthy Extracts Inc. (HYEX) filed its Q1 2024 10-Q, check financials.**

AI Summary

Healthy Extracts Inc. filed its quarterly report for the period ending March 31, 2024. The company, formerly known as Grey Cloak Tech Inc., is based in Henderson, Nevada, and operates in the medicinal chemicals and botanical products sector. The filing covers financial data for the first quarter of 2024 and compares it to the same period in 2023.

Why It Matters

This filing provides investors with the latest financial performance and operational details for Healthy Extracts Inc. during the first quarter of 2024.

Risk Assessment

Risk Level: medium — The company has a history of name changes and operates in a regulated industry, which can present inherent risks.

Key Players & Entities

• HEALTHY EXTRACTS INC. (company) — Filer
• GREY CLOAK TECH INC. (company) — Former Company Name
• HENDERSON (location) — City of Incorporation and Business Address
• NV (location) — State of Incorporation
• 20240331 (date) — Conformed Period of Report
• 20240520 (date) — Filed as of Date

FAQ

Key Financial Figures

• $0.001 — were 2,963,906 shares of common stock, $0.001 par value, issued and outstanding. HE

Filing Documents

• hyex-20240331.htm (10-Q) — 726KB
• hyex_ex31z1.htm (EX-31.1) — 8KB
• hyex_ex31z2.htm (EX-31.2) — 8KB
• hyex_ex32z1.htm (EX-32.1) — 4KB
• hyex_ex32z2.htm (EX-32.2) — 4KB
• hyex10q_1.jpg (GRAPHIC) — 4KB
• 0001096906-24-001186.txt ( ) — 4670KB
• hyex-20240331_cal.xml (EX-101.CAL) — 30KB
• hyex-20240331_def.xml (EX-101.DEF) — 128KB
• hyex-20240331_lab.xml (EX-101.LAB) — 226KB
• hyex-20240331_pre.xml (EX-101.PRE) — 223KB
• hyex-20240331.xsd (EX-101.SCH) — 53KB
• hyex-20240331_htm.xml (XML) — 808KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements 1

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 24

Quantitative and Qualitative Disclosure About Market Risks

Item 3. Quantitative and Qualitative Disclosure About Market Risks 27

Controls and Procedures

Item 4. Controls and Procedures 27

– OTHER INFORMATION

PART II – OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 29

Risk Factors

Item 1A. Risk Factors 29

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 29

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 29

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 29

Other Information

Item 5. Other Information 29

Exhibits

Item 6. Exhibits 30

– FINANCIAL INFORMATION

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 statements include the information concerning our possible or assumed future results of operations set forth under the heading: "Management's 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 statements are not guarantees of future performance. They involve risks, uncertainties and assumptions. Our future results and shareholder 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.

Financial Statements

ITEM 1 Financial Statements 1 HEALTHY EXTRACTS, INC. CONSOLIDATED BALANCE SHEETS AS OF MARCH 31, 2024 AND DECEMBER 31, 2023 (Unaudited) MARCH 31, DECEMBER 31, 2024 2023 ASSETS CURRENT ASSETS Cash $ 87,312 $ 19,441 Accounts receivable 24,055 30,440 Inventory, net 1,552,814 1,626,283 Offering costs 149,274 151,931 Right of use asset, net 56,523 71,583 Total current assets 1,869,978 1,899,678 Fixed assets 2,757 3,306 Patents/Trademarks 521,881 521,881 Deposit 16,890 16,890 Goodwill 193,260 193,260 Total other assets 734,787 735,336 TOTAL ASSETS $ 2,604,765 $ 2,635,014 LIABILITIES AND STOCKHOLDERS' EQUITY LIABILITIES Accounts payable $ 117,515 $ 116,842 Accrued liabilities 206,452 215,069 Lease liabilities - current 58,906 65,229 Lease liabilities - long-term - 9,222 Notes payable 295,795 361,093 Notes payable - related party 178,366 83,366 Convertible debt, net of discount 628,045 608,601 Accrued interest payable 50,647 64,386 Accrued interest payable - related party 6,615 2,465 Derivative liabilities 910,779 154,150 Total current and total liabilities 2,453,120 1,680,424 STOCKHOLDERS' EQUITY Preferred stock, $ 0.001 par value, 75,000,000 shares authorized, none and none shares issued and outstanding, respectively - - Common stock, $ 0.001 par value, 50,000,000 shares authorized, 2,963,906 shares issued and outstanding as of March 31, 2024, and 2,954,104 shares issued and outstanding as of December 31, 2023, respectively 354,502 354,492 Additional paid-in capital 19,058,075 18,999,770 Accumulated deficit ( 19,260,931 ) ( 18,399,673 ) Total stockholders' equity 151,646 954,590 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 2,604,765 $ 2,635,014 The accompanying notes are an integral part of these unaudited consolidated financial statements. 2 HEALTHY EXTRACTS, INC. CONSOLI

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS March 31, 2024 and 2023 NOTE 1 – ORGANIZATION AND DESCRIPTION OF BUSINESS Healthy Extracts Inc. (the "Company") was incorporated in the State of Nevada on December 19, 2014 as Grey Cloak Tech Inc. On October 23, 2020, we changed our name from Grey Cloak Tech Inc. to Healthy Extracts Inc. to more accurately reflect our business. The Company has acquired BergaMet NA, LLC and Ultimate Brain Nutrients, LLC which market and sell health supplemental products. On January 13, 2023, the Company entered into an Acquisition Agreement for the acquisition of Hyperion, L.L.C. and Online Publishing & Marketing, LLC, both Virginia limited liabilities companies, by merging them into its newly-formed wholly-owned subsidiaries, Green Valley Natural Solutions, LLC ("Green Valley") and Online Publishing & Marketing, LLC ("OPM"), both Nevada limited liability companies. The Company did not complete the acquisitions, and on April 18, 2024, received a Notice of Termination of the Acquisition Agreement from both Hyperion, L.L.C. and Online Publishing & Marketing, LLC. NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial statements and with the instructions to Form 10-Q and Article 8 of Regulation S-X of the United States Securities and Exchange Commission ("SEC"). Accordingly, they do not contain all information and footnotes required by accounting principles generally accepted in the United States of America for annual financial statements. In the opinion of the Company's management, the accompanying unaudited consolidated financial statements contain all the adjustments necessary (consisting only of normal recurring accruals) to present the financial position of the Company as of March 31, 2024 and the results of operation

View Full Filing

View this 10-Q filing on SEC EDGAR