Fri, Jun 27, 6:37 PM (16 days ago)
**Summary of Freedom Holdings, Inc. (FHLD) 10-K/A Filing** **Company Overview:** Freedom Holdings, Inc. (FHLD) is a company that has undergone multiple business focus changes since its inception in 2005. The most recent significant event is a reverse merger with The Awareness Group LLC (TAG) on September 17, 2024, which has shifted the company's focus to the alternative energy sector, specifically solar services and financing solutions. **Financial Performance:** - **Revenue:** $52,400 for the year ended September 30, 2024, compared to no revenue in 2023. - **Net Income:** Net loss of $256,362 for 2024, compared to a net loss of $399,918 in 2023. - **Operating Expenses:** $310,096 for 2024, down from $395,456 in 2023. - **Earnings per Share:** Basic and diluted loss per share of $0.00 for 2024, compared to a loss of $0.01 in 2023. **Strategic Overview and Future Outlook:** - The reverse merger with TAG has positioned FHLD to focus on the alternative energy sector, particularly through TAG's solar services and financing solutions. - The company plans to grow through expanding its residential and commercial customer base and exploring additional acquisition opportunities. - FHLD qualifies as an emerging growth company, benefiting from reduced reporting burdens and extended transition periods for complying with new accounting standards. **Risk Factors:** - The company has a limited operating history and faces substantial doubt about its ability to continue as a going concern. - There are risks related to the company's limited assets, financial resources, and the need for additional funding. - The company's auditor has been charged with violations by the SEC, which could potentially cause reputational harm and require the company to find a new auditor. **Financial Condition:** - **Total Assets:** $29,049,999 as of September 30, 2024, a significant increase due to the TAG merger. - **Total Liabilities:** $6,369,698 as of September 30, 2024, also increased due to the TAG merger. - **Working Capital Surplus:** $3.9 million as of September 30, 2024, directly related to the TAG transaction. **Market Position Changes:** - The company's common stock is quoted on the Over-the-Counter Pink Sheets under the trading symbol FHLD. - The company has 58,608,825 shares of common stock outstanding as of September 30, 2024. **Restatement of Financial Statements:** - The company identified material misstatements in its previously issued audited financial statements for the fiscal years ended September 30, 2024 and 2023. - The restatement adjustments reflect corrections to accounts receivable, fixed assets, account payables, reported revenues, and other equity accounts. **Conclusion:** Freedom Holdings, Inc. has undergone a significant transformation through its reverse merger with TAG, shifting its focus to the alternative energy sector. While the company faces substantial risks and uncertainties, the merger has provided a new strategic direction and increased financial resources. The company's future success will depend on its ability to generate sufficient cash flow and secure additional funding if needed.