OneSolution Technology Inc. Files Q2 2024 10-Q

TL;DR

**OneSolution Tech (774415) filed its 10-Q for 06/30/24. Shows preferred & common stock details.**

AI Summary

OneSolution Technology Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial information for the quarter and year-to-date, including preferred stock and common stock figures. The company, formerly known as KING RESOURCES, INC., is incorporated in Delaware and operates in the Power, Distribution & Specialty Transformers sector.

Why It Matters

This 10-Q filing provides investors with a quarterly update on OneSolution Technology Inc.'s financial health and operational status, crucial for investment decisions.

Risk Assessment

Risk Level: medium — The filing is a standard 10-Q, but the limited specific financial data provided in the text makes a full risk assessment difficult without the full document.

Key Numbers

• 06/30/2024 — Reporting Period End (Quarterly financial update)
• 03/31/2024 — Previous Quarter End (Comparison point for financial changes)
• 03/31/2023 — Prior Year Quarter End (Year-over-year financial comparison)

Key Players & Entities

• OneSolution Technology Inc. (company) — Filer
• 20240630 (date) — Reporting Period End Date
• 0000774415 (company) — Central Index Key
• KING RESOURCES, INC. (company) — Former Company Name
• DE (location) — State of Incorporation

FAQ

Key Financial Figures

• $0.0001 — he registrant's common stock, par value $0.0001 per share, as of August 13, 2024 was 5,

Filing Documents

• onesolution_i10q-063024.htm (10-Q) — 621KB
• onesolution_ex3101.htm (EX-31.1) — 8KB
• onesolution_ex3201.htm (EX-32.1) — 3KB
• orgchart.jpg (GRAPHIC) — 39KB
• 0001683168-24-005861.txt ( ) — 3973KB
• krfg-20240630.xsd (EX-101.SCH) — 31KB
• krfg-20240630_cal.xml (EX-101.CAL) — 49KB
• krfg-20240630_def.xml (EX-101.DEF) — 110KB
• krfg-20240630_lab.xml (EX-101.LAB) — 274KB
• krfg-20240630_pre.xml (EX-101.PRE) — 233KB
• onesolution_i10q-063024_htm.xml (XML) — 475KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION 10

Financial Statements

Item 1. Financial Statements 1 0 Unaudited Condensed Consolidated Balance Sheets as of June 30, 2024 and March 31, 2024 (audited) 1 0 Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss for the Three Months Ended June 30, 2024 and 2023 11 Unaudited Condensed Consolidated Statements of Cash Flows for the Three Months Ended June 30, 2024 and 2023 12 Unaudited Condensed Consolidated Statements of Changes in Stockholders' Deficit for the Three Months Ended June 30, 2024 and 2023 13 Notes to Unaudited Condensed Consolidated Financial Statements 14

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 29

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 35

Controls and Procedures

Item 4. Controls and Procedures 35

- OTHER INFORMATION

PART II - OTHER INFORMATION 37

Legal Proceedings

Item 1. Legal Proceedings 37

Risk Factors

Item 1A. Risk Factors 37

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 37

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 37

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 37

Other Information

Item 5. Other Information 37

Exhibits

Item 6. Exhibits 38

SIGNATURES

SIGNATURES 39 2 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 OneSolution Technology 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 " set forth in our Annual Report on Form 10-K filed with the Securities and Exchange Commission on July 16, 2024 (the "Annual Report"). 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. OneSolution Technology 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, o

View Full Filing

View this 10-Q filing on SEC EDGAR