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Freedom Hldg Inc (FHLD0.00%) has submitted its 10-K filing for the fiscal year ended September 30, 2024.
The filing reports that Freedom Hldg Inc completed a reverse merger with The Awareness Group LLC (TAG) on September 17, 2024. TAG became a wholly owned subsidiary, and its shareholders obtained control of 89.5% of Freedom Hldg Inc through a restated Series A Preferred class of stock.
The company reported revenues of $1,272,800 for the year ended September 30, 2024, with no revenues in the prior year. The cost of goods sold was $1,005,341, resulting in a gross margin of $267,459.
Operating expenses for the year were $310,096, compared to $395,456 in the previous year. The company reported a net loss of $20,426 for the year, compared to a net loss of $399,918 in the previous year.
Total assets increased to $30,270,399 as of September 30, 2024, from $588 in the previous year, primarily due to the TAG merger. Total liabilities were $7,354,162, up from $412,477 the previous year.
The filing indicates that Freedom Hldg Inc qualifies as an emerging growth company, which allows for reduced reporting requirements under the JOBS Act.
The company has identified several risk factors, including its limited operating history, the need for additional funding, and the potential impact of government regulations on its operations.
Freedom Hldg Inc's business strategy includes the development and expansion of the TAG GRID, a platform offering solar services and financing solutions, with plans to grow through acquisitions and organic growth.
The company has not paid any dividends and does not anticipate paying dividends in the foreseeable future, as funds are intended to be reinvested into the business.
The filing also notes that Freedom Hldg Inc's auditor, Olayinka Oyebola & Co., has been charged by the SEC with aiding and abetting violations of federal securities laws, which could affect the company's financial reporting.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Freedom Hldg Inc annual 10-K report dated January 16, 2025. To report an error, please email earnings@qz.com.