Trustfeed Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Trustfeed Corp. has submitted its annual 10-K filing for fiscal year 2023, detailing financial performance and corporate information.</b>

AI Summary

Trustfeed Corp. (PMHS) filed a Annual Report (10-K) with the SEC on April 15, 2024. Trustfeed Corp. filed its 10-K report for the fiscal year ending December 31, 2023. The company's principal business is in Services-Computer Processing & Data Preparation (SIC 7374). Trustfeed Corp. was formerly known as HEALTHMED SERVICES LTD, with a name change on October 1, 2003. The filing includes financial data for the fiscal years 2021, 2022, and 2023. Key financial statement items such as common stock, preferred stock, and additional paid-in capital are detailed for these periods.

Why It Matters

For investors and stakeholders tracking Trustfeed Corp., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Trustfeed Corp.'s financial health and operational status for the fiscal year 2023, which is crucial for investors to assess the company's performance and future prospects. The detailed financial data, including stock information and historical performance, allows stakeholders to understand the company's financial structure and track its evolution over the past three fiscal years.

Risk Assessment

Risk Level: low — Trustfeed Corp. shows low risk based on this filing. The filing is a standard 10-K, indicating routine disclosure rather than immediate significant events.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand Trustfeed Corp.'s financial position and potential challenges.

Key Numbers

• 2023-12-31 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
• 2024-04-15 — Filing Date (FILED AS OF DATE)
• 7374 — SIC Code (STANDARD INDUSTRIAL CLASSIFICATION)
• 000-56555 — SEC File Number (SEC FILE NUMBER)

Key Players & Entities

• Trustfeed Corp. (company) — COMPANY CONFORMED NAME
• HEALTHMED SERVICES LTD (company) — FORMER COMPANY
• 140 BROADWAY (location) — BUSINESS ADDRESS STREET 1
• NEW YORK (location) — BUSINESS ADDRESS CITY
• NV (location) — STATE OF INCORPORATION
• 0001493152-24-014594 (filing_id) — ACCESSION NUMBER

FAQ

Industry Context

Trustfeed Corp. operates within the Services-Computer Processing & Data Preparation sector, a field focused on managing and processing data for clients.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to disclose material information about their business, financial condition, and operations.

What Investors Should Do

1. Analyze the financial statements for revenue trends, profitability, and balance sheet health.
2. Examine any disclosed risk factors to understand potential challenges facing Trustfeed Corp.
3. Compare current year data with previous years to identify significant changes or trends.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-04-15: Filing Date — Date the 10-K was officially submitted to the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This filing provides the official annual financial and business overview for Trustfeed Corp.)

SIC Code

Standard Industrial Classification code used to classify businesses by industry. (Identifies Trustfeed Corp.'s primary industry as Computer Processing & Data Preparation.)

Year-Over-Year Comparison

This is the initial filing analyzed, so no comparison to a previous filing is available within this data.

Key Financial Figures

• $0.001 — (g) of the Act: Common Stock, par value $0.001 per share Indicate by check mark if t
• $108,200 — eferred Stock for cash consideration of $108,200 USD. Mr. Shipley agreed to cancel 45,00
• $350,000 — ("CWR") for aggregate consideration of $350,000 (collectively referred to as the "Trans

Filing Documents

• form10-k.htm (10-K) — 788KB
• ex31-1.htm (EX-31.1) — 18KB
• ex32-1.htm (EX-32.1) — 6KB
• audit_001.jpg (GRAPHIC) — 3KB
• audit_002.jpg (GRAPHIC) — 3KB
• 0001493152-24-014594.txt (&nbsp;) — 2449KB
• trfe-20231231.xsd (EX-101.SCH) — 14KB
• trfe-20231231_cal.xml (EX-101.CAL) — 25KB
• trfe-20231231_def.xml (EX-101.DEF) — 48KB
• trfe-20231231_lab.xml (EX-101.LAB) — 141KB
• trfe-20231231_pre.xml (EX-101.PRE) — 111KB
• form10-k_htm.xml (XML) — 166KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 8 Item 1B. Unresolved Staff Comments 17 Item 1C. Cybersecurity 17 Item 2. Description of Property 17 Item 3.

Legal Proceedings

Legal Proceedings 17 Item 4. Mine Safety Disclosures 17 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 18 Item 6. [Reserved] 18 Item 7.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 18 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 22 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 22 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 22 Item 9A.

Controls and Procedures

Controls and Procedures 22 Item 9B. Other Information 23 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 23 PART III Item 10. Directors, Executive Officers and Corporate Governance 24 Item 11.

Executive Compensation

Executive Compensation 26 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 26 Item 13. Certain Relationships and Related Transactions, and Director Independence 27 Item 14. Principal Accountant Fees and Services 29 PART IV Item 15. Exhibits and Financial Statement Schedules 30 Item 16 Form 10-K Summary 30 i NOTE REGARDING REFERENCES TO OUR COMPANY Throughout this Annual Report on Form 10-K, the words "we," "us," "our," the "Company" and "Trustfeed" refer to Trustfeed Corp., including any directly and indirectly wholly owned subsidiaries. Risk Factors Summary The following is a summary of the principal risks that could adversely affect our business, operations, and financial results. A more thorough discussion of these and other risks are listed under the section entitled "Risk Factors" commencing on page 8. Risks Relating to Macro Conditions and Our Financial Condition The Company's Business Operations May Be Adversely Affected by Information Systems Interruptions or Intrusion. Changes to Geopolitical and Economic Conditions in the U.S. and Foreign Countries in Which the Company Operates Could Adversely Affect the Company. Uncertainty Related to Environmental Regulation and Industry Standards, as well as Physical Risks of Climate Change, Could Impact the Company's Results of Operations and Financial Position. Significant Movements in Foreign Currency Exchange Rates May Harm the Company's Financial Results. We are dependent on financing for the continuation of our operations. Risks Relating to Legal, Accounting and Regulatory Matters Failure by us to Maintain the Proprietary Nature of our Technology Could Have a Material Adverse Effect on our Business, Operating Results, Financial Condition, Stock Price, and on our Ability to Compete Effectively. Compliance with Changing Regulation of Corporate Governance and Public Disclosure May Result in Additional Expenses. If we Fail to Comply with the Rules un

Risk Factors

Risk Factors The Company's Success Depends on Its Executive Management and Other Key Personnel. Challenges with Respect to Labor Availability Could Negatively Impact the Company's Ability to Operate or Grow the Business. Risks Related to our Management and Control Persons Our largest shareholder, CWR, has substantial control over us and our policies and will be able to influence all corporate matters, which might not be in other shareholders' interests. Our lack of adequate D&O insurance may also make it difficult for us to retain and attract talented and skilled directors and officers. Our Officer and Key Personnel may voluntarily terminate their relationship with us at any time, and competition for qualified personnel is lengthy, costly, and disruptive. ii Risks Relating to our Common Stock We may conduct offerings of our equity securities in the future, in which case your proportionate interest may become diluted. Our common stock price may be volatile and could fluctuate, which could result in substantial losses for investors. Sales of a substantial number of shares of our common stock in the public market, or the perception that such sales could occur, could cause our stock price to fall. We have never declared or paid any cash dividends or distributions on our capital stock. We may become involved in securities class action litigation that could divert management's attention and harm our business. Our common stock is currently deemed a "penny stock," which makes it more difficult for our investors to sell their shares. Risks Relating to Risks Relating to Our Company and Industry The success of our business depends on our ability to maintain and enhance our reputation and brand. In the event that we are unable to successfully compete in our industry, we may not see lower profit margins. If we are unable to successfully manage growth, our operations could be adversely affected. We may fail to successfully integrate acquisiti

Business

Business General The below description of our Pre-Existing Business assumes that we are continuing to operate the Pre-Existing Business as did our prior management from before the Transaction. However, we recently suspended all operations and business relating to the Pre-Existing Business, and we cannot assure you that we will restart such business or operations. It is more likely that we will permanently shut down, spin off or assign the Pre-Existing Business. To make sound purchasing decisions, consumers need to trust the companies they buy from and the products they sell. Two big problems stand in the way: 2 1. Finding Trustworthy Company Information There is no go-to place to get reliable company information. In each country the Government may have a searchable database which will give very basic information. One would need to look at the company website, LinkedIn, Glassdoor, Google My Business or paid services like LinkedIn Sales Navigator, D&B or Forrester. Review sites have little real information about the company. They mostly focus on a brief description, and it varies from one site to the other. When over 50% of Amazon sales are made through third party sellers (42 billion USD in third party service revenues), the Company believes it is important to be able to have fundamental information available about a company. A European-sounding company name like Elle Network may turn out to be located in Zhengzhou City, and that can affect delivery times and returns or product support. 2. Trusting reviews On the other hand, there is no shortage of review sites. Regardless of whether a business buyer (B2B) or a consumer (B2C) there are a few options to perform due diligence and research the companies and products on offer. B2B buyers of software will use one of the growing numbers of software reviewing sites that aggregate reviews like G2, Capterra or IT Central Station. Any company can create a listing. To encourage reviews, incentives are offe

Business

Business Model Trustfeed introduced a flexible, modular subscription model where businesses can use Trustfeed's basic services for free and will be able to subscribe for additional paid services on Trustfeed's platform. Extended options will be added for companies to access their profile and contribute additional useful information, org charts, product information and contact points. Users will be able to contribute their own reviews of products. Until its suspension, the Company continuously increased the data available through its proprietary and modern web- crawling technology. Our capital is the data we have aggregated and organized and the know-how to collect it. The data from over 50 million company domains forms the backbone of the Trustfeed solution. Until the Transaction, Trustfeed aimed to be the uber review-site and put trust back into the review equation. Market for Products and Services There has been a post-Covid 19 surge in the volume of online ratings and reviews (40 to 80 percent higher during the core pandemic months in 2020, compared with 2019). E-commerce, which had already been expanding, experienced ten years' growth during the first quarter of 2020. This tsunami of reviews has taken the importance of product feedback to new heights, giving it greater weight and credibility. The elephant in the room for e-commerce and consumers has always been how to determine reviewer integrity and disregard fake and malicious reviews. Trustfeed has reviewer integrity as its purpose-driven foundation stone. Its symbiotic approach uses machine learning and artificial intelligence tools to empower customers with a voice, putting trust back into purchasing. This symbiotic approach also gives companies the platform and product feedback cycle to uncover ways to improve next generation products and services. Trustfeed allows product teams to track star ratings and mine review text for next generation insights. Through Trustfeed's validated data companies can

View Full Filing

View this 10-K filing on SEC EDGAR