GenFlat Holdings, Inc. (formerly Healthcare Business Resources, Inc.) reported significant financial developments in its latest 10-Q filing for the quarter ending September 30, 2024. The company, which has transitioned from healthcare consulting to developing sustainable collapsible marine containers, generated revenue of $7,894, marking a substantial increase from $0 in the same period of 2023. This revenue growth is attributed to the initiation of its first leasing contract for the GenFlat Container.
Despite the revenue increase, the company faced considerable operating expenses totaling $1,721,747 for the quarter, a dramatic rise from $133,521 in the prior year, reflecting an increase of 1,189%. General and administrative expenses surged to $1,685,747, primarily due to heightened stock-based compensation and operational costs. Consequently, GenFlat reported a net loss of $(1,768,402) for the quarter, compared to a net loss of $(133,652) in the same period of 2023, representing a 1,223% increase in losses.
The company's financial position showed a decline in cash reserves, with cash decreasing from $38,971 as of June 30, 2024, to $5,588 by September 30, 2024. Total current assets also fell from $44,206 to $13,482 during the same period. Total liabilities increased to $339,786 from $277,338, while the accumulated deficit grew to $(4,914,295) from $(3,150,354).
Strategically, GenFlat has been active in raising capital, selling 23,000 shares of common stock for net proceeds of $138,000 during the quarter. The company is currently offering up to 1,200,000 shares at $6.00 each to meet its capital requirements. Additionally, the company has entered into various promissory note agreements, including a $99,996 note with CEO Drew Hall, to support its financial needs.
The company has also identified a material weakness in its internal control over financial reporting, stemming from inadequate documentation of internal control policies and challenges in segregating duties due to its size. Despite this, management believes that the financial statements accurately reflect the company's financial condition.
Overall, GenFlat Holdings is navigating a challenging financial landscape as it seeks to establish its new business model while managing significant operational losses and liquidity concerns.
About GenFlat Holdings, Inc.
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