HNO International Inc (HNOI). has submitted its Form 10-K filing for the fiscal year ended October 31, 2024.
The filing outlines the company's focus on systems engineering design and product development to create green hydrogen-based clean energy solutions. HNO International aims to help businesses and communities decarbonize through various offerings, including hydrogen refueling and generation systems.
The company reported revenues of $4,241 for the year ended October 31, 2024, compared to $13,000 in the previous year. The decline in revenue is attributed to challenges in securing additional contracts for hydrogen engineering services.
Operating expenses increased to $2,208,701 from $1,910,168 in the previous year, primarily due to expanded operations and higher general and administrative expenses. This led to a net loss of $2,230,222 for the year, up from $1,927,494 in 2023.
HNO International's financial condition reflects a cash balance of $20,255 as of October 31, 2024, down from $235,159 the previous year. The company has relied on raising capital through sales of common stock and related party loans to fund operations.
The company faces significant risks, including a going concern issue due to its inability to generate sufficient cash from operating activities. The report highlights the need for additional financing to continue operations.
HNO International's strategic focus includes expanding its product offerings and target markets, particularly in green hydrogen production and infrastructure development. The company plans to identify new opportunities and establish partnerships to support growth.
The filing also details various related party transactions, including multiple promissory notes issued to HNO Green Fuels, Inc., a company controlled by HNO International's Chairman, Donald Owens.
HNO International operates out of a 5,000-square-foot facility in Murrieta, California, and is establishing a location in Houston, Texas, to support its hydrogen production initiatives.
The company acknowledges its dependence on positive operating results and potential financing to meet future obligations, as well as the competitive challenges in the hydrogen and clean energy sectors.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the HNO International Inc annual 10-K report dated March 20, 2025. To report an error, please email [email protected].