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GenFlat Holdings, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing revenue of $7,894 from its first contract for leasing GenFlat Containers.
Cost of goods sold for the quarter was $53,194, primarily due to depreciation expense of rental inventory and transportation expenses.
The company reported a net loss of $1,768,402 for the quarter, compared to a net loss of $133,652 in the same quarter the previous year.
General and administrative expenses increased to $1,685,747 from $133,521, mainly due to an increase in stock-based compensation and other professional fees.
Cash used in operating activities was $229,648, while cash provided by financing activities was $196,265.
GenFlat had a cash balance of $5,588 as of September 30, 2024, with a working capital deficit of $226,308.
The company acknowledges substantial doubt about its ability to continue as a going concern due to its financial condition and plans to raise funds through an equity offering.
The filing also details various financial agreements, including promissory notes with related parties.
GenFlat does not have any off-balance sheet arrangements and has identified material weaknesses in its internal control over financial reporting.
The company is focused on developing its business plan around the leasing and sales of collapsible marine containers.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the GenFlat Holdings Inc. quarterly 10-Q report dated November 15, 2024. To report an error, please email earnings@qz.com.