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Harrison Vickers & Waterman Inc (HVCW0.00%) has submitted its 10-K filing for the fiscal year ended June 30, 2016.
The filing indicates that the company is currently not engaged in any operating business and is seeking potential acquisitions. Previously, the company was involved in the ownership of World of Beer taverns, but these assets have been sold.
For the fiscal year ended June 30, 2016, Harrison Vickers & Waterman reported a net loss of $20,260,843 compared to a net loss of $3,555,169 for the previous year. This increase in net loss is largely attributed to a significant mark-to-market adjustment on derivative liabilities.
The company reported revenues of $4,150,939, an increase from $1,611,320 in the previous year, due to the full-year operation of its taverns. However, operating expenses also increased to $3,127,438 from $1,215,749, primarily driven by labor and other expenses related to the taverns.
As of June 30, 2016, the company had a working capital deficit of $1,222,106 and an accumulated deficit of approximately $24 million. The company's ability to continue as a going concern is dependent on securing additional funding.
Harrison Vickers & Waterman has issued several convertible promissory notes subsequent to the fiscal year-end to raise funds for general corporate purposes.
The company is involved in a legal dispute with its former CEO, James Giordano, regarding back wages. The case is ongoing, and the company has not recorded any liability associated with this matter.
The Milford property, one of the company's taverns, filed for bankruptcy but the case was dismissed. The company is currently liquidating the assets of this property.
The company acknowledges material weaknesses in its internal control over financial reporting and is working to address these issues.
Harrison Vickers & Waterman does not anticipate paying dividends in the foreseeable future and plans to rely on external funding to meet its financial obligations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Harrison Vickers & Waterman Inc annual 10-K report dated November 12, 2024. To report an error, please email earnings@qz.com.