Trutankless, Inc. Files 2023 10-K with 2024 Updates

TL;DR

TKLs filed its 2023 10-K, showing post-year-end events in early 2024.

AI Summary

Trutankless, Inc. filed its 2023 10-K on June 26, 2024, reporting on its fiscal year ending December 31, 2023. The company, formerly known as Bollente Companies Inc., is incorporated in Nevada and operates in the household appliances sector. The filing details its common stock information, including par value and authorized shares, and lists several subsequent events that occurred in early 2024, primarily related to financing and operational updates.

Why It Matters

This filing provides investors with a comprehensive overview of Trutankless, Inc.'s financial performance and operational status for the fiscal year 2023, along with crucial post-year-end developments.

Risk Assessment

Risk Level: medium — The filing indicates several subsequent events in early 2024, suggesting potential ongoing changes or developments that could impact the company's future performance.

Key Numbers

• 150,000,000 — Authorized Shares (Common stock authorized for issuance as of December 31, 2023.)
• 20,367,477 — Issued Shares (Common stock issued and outstanding as of December 31, 2023.)
• 38,773,230 — Treasury Shares (Common stock held in treasury as of December 31, 2023.)

Key Players & Entities

• Trutankless, Inc. (company) — Filer of the 10-K
• Bollente Companies Inc. (company) — Former name of Trutankless, Inc.
• 2023-12-31 (date) — Fiscal year end
• 2024-06-26 (date) — Filing date of the 10-K
• Nevada (location) — State of incorporation
• Scottsdale, AZ (location) — Business and mailing address
• MrJacques (person) — Mentioned in relation to subsequent events

FAQ

Key Financial Figures

• $0.001 — Section 12(g) of the Act: Common Stock, $0.001 par value Indicate by check mark if t
• $46.22 Billion — tion space, which is estimated to reach $46.22 Billion worldwide by 2025, have been driven by
• $238,912 — r ended December 31, 2014, we generated $238,912 in revenue. As of the fiscal year ended
• $265,504 — r ended December 31, 2015, we generated $265,504 in revenue. As of the fiscal year ended
• $429,582 — r ended December 31, 2016, we generated $429,582 in revenue. As of the fiscal year ended
• $695,857 — r ended December 31, 2017, we generated $695,857 in revenue. As of the fiscal year ended
• $1,537,958 — r ended December 31, 2018, we generated $1,537,958 in revenue. As of the fiscal year ended
• $1,908,708 — r ended December 31, 2019, we generated $1,908,708. As of December 31, 2020, we generated
• $1,661,278 — . As of December 31, 2020, we generated $1,661,278. As of December 31, 2021, we generated
• $246,032 — . As of December 31, 2021, we generated $246,032. As of December 31, 2022, we generated
• $73,009 — . As of December 31, 2022, we generated $73,009 in revenue. As of December 31, 2023, we
• $3,549 — . As of December 31, 2023, we generated $3,549 in revenue. In July of 2014, we launch
• $4 Billion — ment market estimated to be larger than $4 Billion nationwide. To our knowledge, no electr

Filing Documents

• tkls_10k.htm (10-K) — 1050KB
• tkls_ex311.htm (EX-31.1) — 11KB
• tkls_ex321.htm (EX-32.1) — 4KB
• tkls_10kimg2.jpg (GRAPHIC) — 3KB
• 0001477932-24-003883.txt ( ) — 4963KB
• tkls-20231231.xsd (EX-101.SCH) — 61KB
• tkls-20231231_lab.xml (EX-101.LAB) — 325KB
• tkls-20231231_cal.xml (EX-101.CAL) — 53KB
• tkls-20231231_pre.xml (EX-101.PRE) — 253KB
• tkls-20231231_def.xml (EX-101.DEF) — 151KB
• tkls_10k_htm.xml (XML) — 639KB

BUSINESS

ITEM 1. BUSINESS 4

RISK FACTORS

ITEM 1A. RISK FACTORS 12

UNRESOLVED STAFF COMMENTS

ITEM 1B. UNRESOLVED STAFF COMMENTS 16

PROPERTIES

ITEM 2. PROPERTIES 16

LEGAL PROCEEDINGS

ITEM 3. LEGAL PROCEEDINGS 16 PART II 18

MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS AND SMALL BUSINESS ISSUER PURCHASE OF EQUITY SECURITIES

ITEM 5. MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS AND SMALL BUSINESS ISSUER PURCHASE OF EQUITY SECURITIES 18

SELECTED FINANCIAL DATA

ITEM 6. SELECTED FINANCIAL DATA 20

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 20

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 24

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 24

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 25

(T) CONTROLS AND PROCEDURES

ITEM 9A (T) CONTROLS AND PROCEDURES 25

OTHER INFORMATION

ITEM 9B. OTHER INFORMATION 26 PART III 27

DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 27

EXECUTIVE COMPENSATION

ITEM 11. EXECUTIVE COMPENSATION 30

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 32

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 33

PRINCIPAL ACCOUNTING FEES AND SERVICES

ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES 35

EXHIBITS, FINANCIAL STATEMENT SCHEDULES

ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES 36

SIGNATURES

SIGNATURES 37 2 Table of Contents

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K contains forward-looking statements and involves risks and uncertainties that could materially affect expected results of operations, liquidity, cash flows, and business prospects. These statements include, among other things, statements regarding: our ability to diversify our operations; inability to raise additional financing for working capital; the fact that our accounting policies and methods are fundamental to how we report our financial condition and results of operations, and they may require our management to make estimates about matters that are inherently uncertain; our ability to attract key personnel; our ability to operate profitably; deterioration in general or regional economic conditions; adverse state or federal legislation or regulation that increases the costs of compliance, or adverse findings by a regulator with respect to existing operations; changes in U.S. GAAP or in the legal, regulatory and legislative environments in the markets in which we operate; the inability of management to effectively implement our strategies and business plan; inability to achieve future sales levels or other operating results; the unavailability of funds for capital expenditures; other risks and uncertainties detailed in this report; as well as other statements regarding our future operations, financial condition and prospects, and business strategies. Forward-looking statements may appear throughout this report, including without limitation, the following sections: Item 1 "Business," Item 1A "Risk Factors," and Item 7 "Management's Discussion and Analysis of Financial Condition and Results of Operations." Forward-looking statements generally can be identified by words such as "anticipates," "believes," "estimates," "expects," "intends," "plans," "predicts," "projects," "will be," "will continue," "will likely result," and similar expressions. These forward-looking statements are based on c

BUSINESS

ITEM 1. BUSINESS Trutankless, Inc. was incorporated in the state of Nevada on March 7, 2008. The Company is headquartered in Scottsdale, Arizona and currently operates through its wholly owned subsidiary, Bollente, Inc., a Nevada corporation incorporated on December 3, 2009. Trutankless is involved in research and development, sales, marketing, of a high quality, whole-house, smart electric tankless water heater that is more energy efficient than conventional products. Management anticipates the Company's second generation of Trutankless water heaters, with Wi-Fi, Bluetooth, and Zigbee capability. Trutankless' proprietary app is expected to launch into the iOS and Android store and will augment other products in the home automation space, including company's leak detection and prevention devices which were in development in the company's wholly owned subsidiary, Notation Labs, Inc. which was founded in 2020 and subsequently spun-off as of January 24, 2022 to shareholders of record December 10, 2021. Overview of Potential Markets and Summary of Marketing Plan Management intends to focus on the United States residential market initially. For decades Americans have used only tank type water heaters, however the market is increasingly towards alternatives like tankless water heaters. Many brands are powered by natural gas, while several others use electricity. Almost half of American homes do not have natural gas available and there has been a trend in many markets towards renewable and cleaner energy alternatives to provide the energy to operate water heaters for the residential and commercial markets in North America. The company's focus markets favor electric water heaters, of which electric tankless have additional benefits over gas powered models because they can be installed almost anywhere in a home (closets, attics, utility rooms, etc.) where hot water is needed. The lack of exhaust, noise, and a need for combustible fuel improves flexibility of floor pla

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View this 10-K filing on SEC EDGAR