Tue, Oct 1, 10:03 AM (81 days ago)
GenFlat Holdings, Inc. (formerly Healthcare Business Resources, Inc.) reported its first revenue of $5.2K for the fiscal year ended June 30, 2024, following its transition to a marine container leasing business. Despite this, the company incurred a net loss of $1.2M, an increase from a $0.9M loss in the previous year, primarily due to high operating expenses ($1.07M), which rose 22% year-over-year. The company's accumulated deficit reached $3.15M. The firm emphasizes its patented collapsible marine containers aimed at reducing costs and carbon emissions in shipping. As of June 30, 2024, GenFlat had cash reserves of $39K and a working capital deficit of $183K, raising substantial doubt about its ability to continue as a going concern. The company plans to raise additional capital through equity offerings to support operations and product manufacturing. Key risks include reliance on a single customer for revenue and the potential impact of economic downturns on leasing demand. GenFlat's market position is nascent, facing competition from established firms, and its future outlook hinges on successful customer acquisition and operational scalability.