Wed, May 15, 9:30 PM (269 days ago)
Healthcare Business Resources Inc. (HBR) reported its financial results for the quarter ended March 31, 2024. The company, which recently transitioned from healthcare consulting to developing sustainable collapsible marine containers under GenFlat, Inc., showed significant changes in its financial metrics. For the three months ended March 31, 2024, HBR reported zero revenues, consistent with the same period in 2023. Operating expenses increased to $199,991 from $174,096, driven mainly by higher general and administrative costs related to the Share Exchange Agreement and GenFlat’s financial audits. The net loss for the quarter was $199,978, compared to $174,856 in the prior year. For the nine months ended March 31, 2024, operating expenses rose to $907,684 from $429,916, primarily due to increased general and administrative expenses. The net loss for this period was $906,842, up from $432,019. Cash flow from operations was negative at $2,022,441, attributed to inventory buildup and professional fees. Financing activities provided $1,886,334, mainly from the sale of common stock. HBR’s cash position at the end of the quarter was $142,649, down from $278,756 at June 30, 2023. The company has a working capital of $1,663,565 but remains a going concern due to its lack of revenue and ongoing losses. Management plans to raise additional funds through equity offerings and has initiated a sales and marketing strategy to generate future sales.