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Hawkeye Systems, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing no operating revenues or cost of sales. Total operating expenses were $95,546, down from $168,841 in the same quarter the previous year.
The company reported a net loss of $156,720 for the quarter, compared to $214,247 in the previous year. The net loss is primarily attributed to operating expenses and interest expenses.
Cash balance at the end of the quarter was $7, compared to $50,296 in the previous year. The company received $55,600 from a promissory note issued by a related party during the quarter.
Hawkeye Systems continues to seek investment opportunities in diversified industries such as affordable housing development and technology applications to mitigate climate change effects.
The company acknowledges that it requires additional capital to continue its operations and is exploring equity and debt financing options.
The filing highlights a Debt Consolidation Agreement with a related party, consolidating various loans into a new promissory note with a principal of $1,770,713.10, accruing interest at 12% per year.
Hawkeye Systems has identified material weaknesses in its internal controls over financial reporting, including limited segregation of duties and lack of operational controls.
The company has no off-balance sheet arrangements and does not anticipate purchasing significant equipment in the next twelve months.
Management has evaluated subsequent events through the date of the financial statements and found no material events requiring disclosure.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Hawkeye Systems Inc quarterly 10-Q report dated November 19, 2024. To report an error, please email earnings@qz.com.