OneSolution Technology Inc. Files 2024 10-K

TL;DR

OneSolution Tech (KRFG) filed its 2024 10-K. Check financials for transformer biz.

AI Summary

OneSolution Technology Inc. filed its 10-K for the fiscal year ending March 31, 2024, reporting on its operations in the power, distribution & specialty transformers sector. The company, formerly known as KING RESOURCES, INC., is incorporated in Delaware and headquartered in Fo Tan, Hong Kong. The filing covers the period from April 1, 2023, to March 31, 2024, and includes financial data for previous fiscal years.

Why It Matters

This 10-K filing provides a comprehensive overview of OneSolution Technology Inc.'s financial health and business operations for the fiscal year 2024, which is crucial for investors and stakeholders to assess the company's performance and future prospects.

Risk Assessment

Risk Level: medium — The filing is a standard 10-K, but the company's specific financial performance and market position are not detailed enough in this header to assess risk definitively.

Key Numbers

• 2024-03-31 — Fiscal Year End (The end date of the reporting period for the 10-K.)
• 2023-04-01 — Fiscal Year Start (The start date of the reporting period for the 10-K.)
• 000-56396 — SEC File Number (The SEC file number assigned to the company.)

Key Players & Entities

• OneSolution Technology Inc. (company) — Filer
• KING RESOURCES, INC. (company) — Former company name
• 0000774415 (company) — Central Index Key
• 3612 (industry_code) — Standard Industrial Classification (Power, Distribution & Specialty Transformers)
• 20240331 (date) — Conformed period of report
• 20240716 (date) — Filed as of date

FAQ

Key Financial Figures

• $0.0001 — g) of the Act: Common Stock, par value $0.0001 per share Title of each class Indica

Filing Documents

• krfg_i10k-033124.htm (10-K) — 1122KB
• krfg_ex0301.htm (EX-4.1) — 79KB
• krfg_ex0402.htm (EX-4.2) — 15KB
• krfg_ex2100.htm (EX-21) — 6KB
• krfg_ex3101.htm (EX-31.1) — 8KB
• krfg_ex3102.htm (EX-31.2) — 8KB
• krfg_ex3201.htm (EX-32.1) — 3KB
• krfg_ex3202.htm (EX-32.2) — 3KB
• image_001.jpg (GRAPHIC) — 36KB
• image_002.jpg (GRAPHIC) — 2KB
• image_005.jpg (GRAPHIC) — 5KB
• image_006.jpg (GRAPHIC) — 9KB
• 0001683168-24-004875.txt ( ) — 4958KB
• krfg-20240331.xsd (EX-101.SCH) — 35KB
• krfg-20240331_cal.xml (EX-101.CAL) — 52KB
• krfg-20240331_def.xml (EX-101.DEF) — 119KB
• krfg-20240331_lab.xml (EX-101.LAB) — 295KB
• krfg-20240331_pre.xml (EX-101.PRE) — 248KB
• krfg_i10k-033124_htm.xml (XML) — 503KB

Risk Factors

Risk Factors 16 Item 1B Unresolved Staff Comments 33 Item 1C Cybersecurity 34 Item 2

Properties

Properties 34 Item 3

Legal Proceedings

Legal Proceedings 35 Item 4 Mine Safety Disclosures 35 Part II Item 5 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 36 Item 6 Reserved 36 Item 7

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

Management's Discussion and Analysis of Financial Condition and Results of Operation 37 Item 7A

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 43 Item 8

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 43 Item 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 44 Item 9A

Controls and Procedures

Controls and Procedures 44 Item 9B Other Information 45 Item 9C Disclosure Regarding Foreign Jurisdictions That Prevent Inspections 45 Part III Item 10 Directors and Executive Officers and Corporate Governance 46 Item 11

Executive Compensation

Executive Compensation 48 Item 12

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 51 Item 13 Certain Relationships and Related Transactions, and Director Independence 57 Item 14 Principal Accounting Fees and Services 57 Part IV Item 15 Exhibits, Financial Statement Schedules 58 Item 16 Form 10-K Summary 58

Signatures

Signatures 59 i INTRODUCTORY COMMENT We are not a Hong Kong operating company but a Delaware holding company with operations conducted through our wholly owned subsidiaries based in Hong Kong and the British Virgin Islands. Our investors hold shares of common stock in King Resources, Inc., the Delaware holding company. This structure presents unique risks as our investors may never directly hold equity interests in our Hong Kong operating subsidiary and will be dependent upon contributions from our subsidiaries to finance our cash flow needs. Our ability to obtain contributions from our subsidiaries are significantly affected by regulations promulgated by Hong Kong and the People's Republic of China ("the PRC") authorities. Any change in the interpretation of existing rules and regulations or the promulgation of new rules and regulations may materially affect our operations and or the value of our securities, including causing the value of our securities to significantly decline or become worthless. For a detailed description of the risks facing the Company associated with our structure, please refer to " Risk Factors – Risk Factors Relating to Doing Business in Hong Kong and China ." We currently operate in Hong Kong, and we intend to expand distribution of our products into China and other Asia markets as opportunities permit. While we have no current intention of expanding our physical presence or operations into China, we expect to become directly subject to all PRC laws with all risks described herein relating to the PRC to increase if we develop such physical presence or establish operations in China. King Resources, Inc. and its Hong Kong and British Virgin Islands subsidiaries are not required to obtain permission from the Chinese authorities including the China Securities Regulatory Commission, or CSRC, or Cybersecurity Administration Committee, or CAC, to operate or to issue securities to foreign investors. In making this determination, we relied

View Full Filing

View this 10-K filing on SEC EDGAR