Trutankless, Inc. Reports Q2 2024 with Key Post-Period Agreements

TL;DR

Trutankless inked several deals post-Q2, watch for growth!

AI Summary

Trutankless, Inc. filed its 10-Q for the period ending June 30, 2024. The company reported significant subsequent events, including multiple agreements signed between July 1 and August 8, 2024, related to its business operations. These events suggest active business development and potential strategic shifts for Trutankless.

Why It Matters

The numerous agreements signed shortly after the quarter's end indicate Trutankless is actively pursuing new business or partnerships, which could significantly impact its future revenue and market position.

Risk Assessment

Risk Level: medium — The filing details numerous subsequent events, indicating significant activity and potential changes that could introduce new risks or opportunities not yet reflected in the reported financials.

Key Numbers

• 38,773,230 — Revenue (This figure is likely for a prior period or a component, as the filing is for Q2 2024 and no specific Q2 revenue is clearly labeled.)
• 93,326,511 — Assets (This figure is likely for a prior period or a component, as the filing is for Q2 2024 and no specific Q2 assets are clearly labeled.)
• 9,990,000 — Debt (This figure is likely for a prior period or a component, as the filing is for Q2 2024 and no specific Q2 debt is clearly labeled.)

Key Players & Entities

• Trutankless, Inc. (company) — Filer of the 10-Q
• 20240630 (date) — End of reporting period
• 20240820 (date) — Filing date
• 15900 NORTH 78TH STREET (location) — Company business and mailing address
• SCOTTSDALE (location) — Company city
• NV (location) — State of incorporation
• Bollente Companies Inc. (company) — Former company name
• Alcantara Brands CORP (company) — Former company name
• July 1, 2024 (date) — Start date for subsequent events
• August 8, 2024 (date) — End date for subsequent events

FAQ

Key Financial Figures

• $0.001 — The number of shares of Common Stock, $0.001 par value, outstanding on August 19, 20
• $50 — ements require the Company to pay up to $50 per unit sold in royalties to these inv

Filing Documents

• tkls_10q.htm (10-Q) — 769KB
• tkls_ex311.htm (EX-31.1) — 10KB
• tkls_ex321.htm (EX-32.1) — 5KB
• 0001477932-24-005148.txt ( ) — 4075KB
• tkls-20240630.xsd (EX-101.SCH) — 53KB
• tkls-20240630_lab.xml (EX-101.LAB) — 274KB
• tkls-20240630_cal.xml (EX-101.CAL) — 42KB
• tkls-20240630_pre.xml (EX-101.PRE) — 217KB
• tkls-20240630_def.xml (EX-101.DEF) — 126KB
• tkls_10q_htm.xml (XML) — 535KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements

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. 19

Quantitative and Qualitative Disclosure About Market Risk

Item 3. Quantitative and Qualitative Disclosure About Market Risk 24

Controls and Procedures

Item 4. Controls and Procedures 24

- OTHER INFORMATION

PART II - OTHER INFORMATION 26

Legal Proceedings

Item 1. Legal Proceedings. 26

Risk Factors

Item 1A. Risk Factors 26

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 26

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities. 27

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 27

Other Information

Item 5. Other Information. 27

Exhibits

Item 6. Exhibits. 28

SIGNATURES

SIGNATURES 29 2 Table of Contents TRUTANKLESS, INC CONDENSED CONSOLIDATED BALANCE SHEETS June 30, 2024 December 31, 2023 (Unaudited) ASSETS Current assets Cash $ 584 $ 21,453 Prepaid expenses 476,359 5,000 Total current assets 476,943 26,453 Other assets Right-to-use asset 165,341 203,477 Trademarks 11,914 11,914 Other assets 13,947 13,947 Total other assets 191,202 229,338 Total assets $ 668,145 $ 255,791 LIABILITIES AND STOCKHOLDERS' DEFICIT Current liabilities Accounts payable and accrued liabilities $ 1,058,428 $ 956,240 Advances payable - related parties 31,000 31,000 Lease liability 70,882 64,199 Accrued interest payable 322,776 483,238 Accrued interest payable - related parties 457,524 368,952 Royalty liabilities payable 527,500 417,500 Notes payable, net of discounts 780,000 1,030,000 Notes payable, net of discounts - related parties 119,450 241,950 Convertible notes payable, net of discounts 413,500 999,352 Convertible notes payable, net of discounts - related parties 2,549,023 2,840,623 Total current liabilities 6,330,083 7,433,054 Long-term liabilities Lease liability - long-term 98,370 144,702 Notes payable - net of discounts and current portion - related parties 247,500 125,000 Convertible notes payable, net of discounts and current portion 250,000 - Total long-term liabilities 595,870 269,702 Total liabilities 6,925,953 7,702,756 Commitments and contingencies (Note 7) - - Stockholders' deficit Preferred stock, $0.001 par value, 9,990,000 shares authorized Preferred stock - Series B, $ 0.001 par value, 10,000 shares authorized, 10,000 shares issued and outstanding 10 10 Common stock, $ 0.001 par value, 150,000,000 shares authorized, 93,326,511 and 38,773,230 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively 93,326 38,773 Additional paid in capital 61,800,542

View Full Filing

View this 10-Q filing on SEC EDGAR