Freedom Holdings, Inc. Files Annual Report on Form 10-K for Fiscal Year Ended September 30, 2023

TL;DR

<b>Freedom Holdings, Inc. has filed its 2023 annual report on Form 10-K, detailing its financial performance and corporate information.</b>

AI Summary

Freedom Holdings, Inc. (TAAG) filed a Annual Report (10-K) with the SEC on January 24, 2024. Freedom Holdings, Inc. filed its annual report on Form 10-K for the fiscal year ended September 30, 2023. The company's principal executive offices are located at 10524 Independence Ave, Chatsworth, CA 91311. Freedom Holdings, Inc. was formerly known as Freedom Acquisition Corp. The company was incorporated in Florida and has an IRS Employer Identification Number of 56-2560951. The filing covers the fiscal year ended September 30, 2023.

Why It Matters

For investors and stakeholders tracking Freedom Holdings, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Freedom Holdings, Inc.'s financial health, operational activities, and risk factors for the fiscal year ending September 30, 2023, which is crucial for investors to assess the company's performance and future prospects. The filing includes specific details about the company's structure, former names, and principal executive office location, offering clarity on its corporate identity and operational base.

Risk Assessment

Risk Level: low — Freedom Holdings, Inc. shows low risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate, specific financial performance data or significant disclosures that would indicate a high-risk situation at this stage.

Analyst Insight

Review the full 10-K filing for detailed financial statements, management discussion, and risk factors to understand Freedom Holdings, Inc.'s current operational and financial standing.

Key Numbers

• 2023-09-30 — Fiscal Year End (Reported fiscal year end)
• 2024-01-24 — Filing Date (Date the 10-K was filed)

Key Players & Entities

• Freedom Holdings, Inc. (company) — Filer name
• Freedom Acquisition Corp (company) — Former name of Freedom Holdings, Inc.
• Florida (company) — State of incorporation
• 56-2560951 (dollar_amount) — IRS Employer Identification No.
• 10524 Independence Ave, Chatsworth, CA 91311 (company) — Address of principal executive offices
• September 30, 2023 (date) — Fiscal year end

Forward-Looking Statements

• Freedom Holdings, Inc. will continue to pursue strategic partnerships or acquisitions, potentially involving further stock issuances. (Freedom Holdings, Inc.) — medium confidence, target: 2024-09-30
• The significant stock issuances will lead to increased dilution for existing shareholders. (Freedom Holdings, Inc. shareholders) — high confidence, target: 2024-09-30

FAQ

Industry Context

Freedom Holdings, Inc. operates in the loan brokerage industry, as indicated by its SIC code [6163].

Regulatory Implications

The filing is a standard Form 10-K, adhering to the reporting requirements of the Securities Exchange Act of 1934.

What Investors Should Do

1. Thoroughly review the financial statements and Management's Discussion and Analysis (MD&A) section of the 10-K for detailed insights into Freedom Holdings, Inc.'s financial performance.
2. Examine the Risk Factors section to understand potential challenges and uncertainties facing the company.
3. Investigate any disclosed legal proceedings or regulatory matters that could impact the company's operations or financial standing.

Year-Over-Year Comparison

This is the initial 10-K filing for the fiscal year ended September 30, 2023, and no prior period data for comparison is available within this specific document excerpt.

Key Financial Figures

• $0.0001 — 2(g) of the Exchange Act Common Stock, $0.0001 par value (Title of class) Indicate
• $50,000.00 — 00 Freedom restricted common shares for $50,000.00 and b. Brian Kistler resigned all Off
• $1 b — which our annual gross revenues exceed $1 billion, (ii) the date that we become a "
• $700 million — that is held by non-affiliates exceeds $700 million as of the last business day of our most
• $1 billion — date on which we have issued more than $1 billion in non-convertible debt during the prec

Filing Documents

• fhld_10k.htm (10-K) — 562KB
• fhld_ex311.htm (EX-31.1) — 8KB
• fhld_ex312.htm (EX-31.2) — 8KB
• fhld_ex321.htm (EX-32.1) — 3KB
• fhld_ex322.htm (EX-32.2) — 3KB
• 0001477932-24-000342.txt (&nbsp;) — 2064KB
• fhld-20230930.xsd (EX-101.SCH) — 20KB
• fhld-20230930_lab.xml (EX-101.LAB) — 127KB
• fhld-20230930_cal.xml (EX-101.CAL) — 24KB
• fhld-20230930_pre.xml (EX-101.PRE) — 99KB
• fhld-20230930_def.xml (EX-101.DEF) — 33KB
• fhld_10k_htm.xml (XML) — 147KB

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 7 Item 1B. Unresolved Staff Comments 12 Item 1C. Cybersecurity 12 Item 2.

Properties

Properties 12 Item 3.

Legal Proceedings

Legal Proceedings 12 Item 4. Mine Safety Disclosures NA 12 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 13 Item 6. Reserved 13 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 13 Item 7A. Quantitative and Qualitative Disclosure About Market Risk 17 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 18 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 18 Item 9A.

Controls and Procedures

Controls and Procedures 18 Item 9B. Other Information 19 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 19 PART III Item 10. Directors, Executive Officers and Corporate Governance 20 Item 11.

Executive Compensation

Executive Compensation 21 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 22 Item 13. Certain Relationships and Related Transactions, and Director Independence 23 Item 14. Principal Accountant Fees and Services 23 PART IV Item 15. Exhibits, Financial Statement Schedule 24

Signatures

Signatures 25 2 Table of Contents Special Note Regarding Forward Looking Statements. This annual report on Form 10-K of Freedom Holdings, Inc. ("FHLD") for the fiscal year ended September 30, 2023 contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created thereby. To the extent that such statements are not recitations of historical fact, such statements constitute forward-looking statements which, by definition involve risks and uncertainties. In particular, statements under the Sections; Description of Business, Management's Discussion and Analysis of Financial Condition and Results of Operations contain forward-looking statements. Where in any forward-looking statements, the Company expresses an expectation or belief as to future results or events, such expectation or belief is expressed in good faith and believed to have a reasonable basis, but there can be no assurance that the statement of expectation or belief will result or be achieved or accomplished. The following are factors that could cause actual results or events to differ materially from those anticipated and include but are not limited to: general economic, financial and business conditions; changes in and compliance with governmental regulations; changes in tax laws; and the cost and effects of legal proceedings. You should not rely on forward-looking statements in this annual report. This annual report contains forward-looking statements that involve risks and uncertainties. We use words such as "anticipates," "believes," "plans," "expects," "future," "intends," and similar expressions to identify these forward-looking statements. Prospective investors should not place undue reliance on these forward-looking statements, which apply only as of the date of this annual report. Our actual results could d

Business

Item 1. Business. (a) Business Development FREEDOM HOLDINGS, INC A/K/A Freedom Acquisition Corp. ("we", "us", "our", the "Company" or the "Registrant") was incorporated in the State of Maryland on June 16, 2005. Since its inception, the Company has been engaged in the following sectors. The Company was formed to participate in the mortgage industry however was forced to cease mortgage operations during the 2008 housing crisis at which time the Company acquired small oil and gas leases in SE Kansas. In 2012 the company sold the leases and began an unsuccessful effort to develop technology to recycle asphalt shingles. In 2015 (based upon the efforts and experience of our CEO) began consulting other small private and public companies assisting in the process of going public and introduction of legal and auditing firm. Since 2015 our CEO has continued to consult with other businesses both Public and Private but has made no efforts to identify a possible business combination.. On January 18, 2023 the Company entered into a Definitive Agreement with MedCann Industries, Inc. The Agreement called for a. MedCann purchased 40,000,000 Freedom restricted common shares for $50,000.00 and b. Brian Kistler resigned all Officer/Director positions only to serve as an advisor for a period of 2 years to ensure a smooth transition. (Mr. Kistler's advisory role has been terminated) and c. John Vivian, CEO of MedCann was simultaneously be appointed as the Chairman and CEO of Freedom and d. MedCann as the parent company assumed the debt and ongoing operational costs of Freedom and e. All financial disclosures were brought current The Closing took place on February 3, 2023 and because of the aforementioned conditions, Freedom became a majority owned subsidiary of MedCann with operations of MedCann Industries transferred into Freedom for future development. The future operations and direction of the Company is to be the development as a grower and seller of Cannabis for medic

Risk Factors

Item 1A. Risk Factors. Our business is difficult to evaluate because we have limited operating business, and our shareholders will not know what future business we will enter into until we effectuate a transaction. As we have a limited operating history and revenue and only minimal assets, there is a risk that we will be unable to continue as a going concern and consummate a business combination. We have no significant assets or financial resources. We will, in all likelihood, sustain operating expenses without adequate corresponding revenues, at least until the consummation of a business combination. This may result in our incurring a net operating loss that will increase continuously until we can consummate a business combination with a profitable business opportunity. There can be no assurances that we can identify a suitable business opportunity and consummate a business combination. Our independent auditor has issued a going concern opinion. Management May Be Entrenched and may increase the risks of delaying, deferring, or preventing a change of control. Because it may be difficult to effect a change in control of the Company without current management consent, management may be entrenched even though stockholders may believe other management may be better and a potential suitor who may be willing to pay a premium to acquire us may not attempt to do so. Such concentration of ownership may have the effect of delaying, deferring, or preventing a change in control of the Company and entrenching current management even though stockholders may believe other management may be better. Potential suitors who otherwise might be willing to pay a premium to acquire us may decide not to acquire us because it may be difficult to effect a change in control of us without current management's consent. Mr. Kistler has the ability to control the outcome on all matters requiring stockholder approval, including the election and removal of directors; any merger, consolida

View Full Filing

View this 10-K filing on SEC EDGAR