Here To Serve Holding Corp. Reports Operating Results for Q2 of Fiscal 2023
- Here to Serve Holding Corp. reported positive cash flow from operations for the first time in over three years, with $39,338 provided in Q1 2023. The company has established strategic partnerships to scale its business and has launched an energy-monitoring platform on AWS, which helps reduce energy and water usage and optimize renewable energy systems. The company is also exploring mineral claims in Ontario, Canada, with the assistance of satellite surveys.
- None.
Rye Brook, New York--(Newsfile Corp. - May 10, 2023) - Here to Serve Holding Corp. (OTC Pink: HTSC) (the "Company"), a diversified holding company dedicated to finding ways to tread more lightly on the planet, today announced it has published its financial results for the quarter ended March 31, 2023.
"We have established a number of important strategic partnerships designed to create opportunities for our business to scale, as we seek to unleash the power of battery metals and the benefits of energy monitoring," said Paul Riss, CEO. "Axiom and Logicworks have provided significant contributions to our growth, and we are pleased with the achievements in the quarter ended March 31, 2023."
Logicworks guided our software developers to launch an energy-monitoring platform on AWS, and we hired them to provide engineering, architecting, implementation, custom development, consulting, and other professional services to manage the collection and delivery of smart data. These services help reduce energy and water usage, optimize performance of renewable energy systems, and reduce the carbon footprint for more than 100 customers across education, government, retail, commercial, and utility sectors. The operations of this business allowed the Company to report positive cash flow from operations in its consolidated financial statements for the first time in more than three years.
"We have always been careful about spending our cash," continued Riss. "We are pleased that we now have a scalable-business solution to generate operating cash to cover overhead costs so we can focus more of our time to uncover the nickel, copper and gold that reside in our mineral claims in Ontario, Canada."
Axiom Exploration Group, Ltd. provided the Company with two satellite surveys, which covered a combined area of 80 km2 using Synthetic Aperture Radar and Multispectral data from Sentinel and ASTER satellite sensor systems, to analyze the Company's properties for nickel, gold and base metals exploration targets. Axiom utilized the data to complete a full-service package including data acquisition, processing, analysis, technical reporting, and claim management. This data is being shared with drilling companies to secure a drilling partner. The exploration program attempts to verify the satellite anomalies by locating alteration and mineralization associated with nickel, gold and base metals within the identified target areas.
For the three months ended March 31, 2023, the Company reported a net loss of
The Company has uploaded its consolidated financial statements for the quarters ended March 31, 2023 and 2022 to OTC Markets. Please refer to the financial statements for complete details of the Company's operating results.
About Here to Serve Holding Corp.
Here To Serve Holding Corp. is propelled by the challenge of doing more with less. It owns two operating subsidiaries. Its subsidiary Fortune Nickel and Gold Inc. owns 182 mining cells in the Timmins mining camp in Ontario, Canada, which is prolific to nickel, gold and copper. The nickel is targeted as a high-performance, sustainable, environmentally friendly component of batteries for electric vehicles.
The subsidiary ICF Industries Inc. owns a diversified basket of minority positions in publicly traded equities and proprietary code that provides energy measurement services to electric building systems, by delivering real-time information to building owners, companies, and municipalities to save energy.
Please call Investor Relations with any questions at 855-4NICKEL (855-464-2535) extension 0.
Forward-Looking Statements
This news release contains statements and information that, to the extent that they are not historical fact, may constitute "forward-looking information" within the meaning of applicable securities legislation. Forward-looking information may include financial and other projections, as well as statements regarding future plans, objectives, or economic performance, or the assumption underlying any of the foregoing. In some cases, forward-looking statements can be identified by terms such as may, would, could, will, likely, except, anticipate, believe, intend, plan, forecast, project, estimate, outlook, or the negative thereof or other similar expressions concerning matters that are not historical facts. Examples of such statements include, but are not limited to, statements with respect to the objectives and business plans of the Company; ability to realize benefits from its recent corporate appointments; ability to retain its key personnel; the intention to grow the Company's business and operations; the competitive conditions of the industries in which the Company operates; and laws and any amendments thereto applicable to the Company. Forward-looking information is based on the assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. The material factors and assumptions used to develop the forward-looking information contained in this news release include, but are not limited to, key personnel and qualified contractors continuing their involvement with the Company; and the Company's ability to secure financing on reasonable terms. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information, including, without limitation, risks relating to the future business plans of the Company; risks that the Company will not be able to retain its key personnel; risks that the Company will not be able to secure financing on reasonable terms or at all, as well as all of the other risks. Accordingly, readers should not place undue reliance on any such forward-looking information. Further, any forward-looking information speaks only as of the date on which such statement is made. New factors emerge from time to time, and it is not possible for the Company's management to predict all of such factors and to assess in advance the impact of each such factor on the Company's business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking information. The Company does not undertake any obligation to update any forward-looking information to reflect information or events after the date on which it is made or to reflect the occurrence of unanticipated events, except as required by law, including securities laws.
Here To Serve Holding Corp.
Consolidated Balance Sheets
| March 31, 2023 | September 30, 2022 | |||||
| (Unaudited) | (Audited) | |||||
| ASSETS | ||||||
| Current Assets | ||||||
| Cash | $ | 40,773 | $ | 22,405 | ||
| Accounts receivable, trade | 62,481 | - | ||||
| Prepaid expenses | 22,306 | - | ||||
| Total current assets | 125,560 | 22,405 | ||||
| Equity securities at fair value | 1,662,213 | 2,268,900 | ||||
| Related party equity securities at fair value | 608,020 | 1,806,000 | ||||
| Investments | 3,150 | 3,150 | ||||
| Capitalized software | 17,720 | - | ||||
| Mineral interests | 559,608 | 509,358 | ||||
| TOTAL ASSETS | $ | 2,976,271 | $ | 4,609,813 | ||
| | ||||||
| LIABILITIES & SHAREHOLDERS' EQUITY | ||||||
| Current Liabilities | ||||||
| Accrued expenses | $ | 24,574 | $ | 15,333 | ||
| Due to related parties | 47,656 | 12,113 | ||||
| Accrued interest payable | 7,902 | 7,545 | ||||
| Deferred revenue | 87,735 | - | ||||
| Total current liabilities | 167,867 | 34,991 | ||||
| Long-term note payable | 90,000 | 90,000 | ||||
| Total liabilities | 257,867 | 124,991 | ||||
| Commitments and contingencies | - | - | ||||
| Shareholders' equity | ||||||
| Preferred stock, 10,000,000 shares authorized | ||||||
| Series A, par value $.001, 1,000,000 shares issued and outstanding | 1,000 | 1,000 | ||||
| Convertible preferred stock, $.0001 par value | ||||||
| Series C, 100,000 shares issued and outstanding | 10 | 10 | ||||
| Common stock, par value $.001, 400,000,000 shares | ||||||
| authorized, 89,213,441 and 82,213,441 shares issued | ||||||
| and outstanding, respectively | 89,213 | 82,213 | ||||
| Additional paid in capital | 7,417,825 | 7,232,525 | ||||
| Accumulated deficit | (4,789,644 | ) | (2,830,926 | ) | ||
| Total shareholders' equity | 2,718,404 | 4,484,822 | ||||
| TOTAL LIABILITIES & SHAREHOLDERS' EQUITY | $ | 2,976,271 | $ | 4,609,813 | ||
Here To Serve Holding Corp.
Consolidated Statements of Operations (Unaudited)
| For the Three Months Ended | For the Six Months Ended | |||||||||||
| March 31, 2023 | March 31, 2022 | March 31, 2023 | March 31, 2022 | |||||||||
| Revenues | $ | 67,348 | $ | 243,278 | $ | 163,506 | $ | 1,423,386 | ||||
| Cost of revenues | 35,964 | 180,000 | 38,159 | 182,100 | ||||||||
| Gross Profit | 31,384 | 63,278 | 125,347 | 1,241,286 | ||||||||
| Expenses: | ||||||||||||
| Wages | - | 20,847 | - | 23,247 | ||||||||
| Consulting fees | 4,725 | 24,855 | 9,800 | 168,033 | ||||||||
| Advertising and marketing | 62,631 | 5,380 | 113,478 | 8,055 | ||||||||
| Rent | 305 | 300 | 605 | 600 | ||||||||
| General and administrative | 1,320 | 4,416 | 33,148 | 23,150 | ||||||||
| Professional services | 14,596 | 931 | 16,444 | 2,068 | ||||||||
| Total operating expenses | 83,577 | 56,729 | 173,475 | 225,153 | ||||||||
| Income (loss) from operations | (52,193 | ) | 6,549 | (48,128 | ) | 1,016,133 | ||||||
| Other income (expenses): | ||||||||||||
| Unrealized gain (loss) on investments | (160,317 | ) | (881,200 | ) | (1,906,667 | ) | (2,945,000 | ) | ||||
| Interest expense | (979 | ) | (874 | ) | (1,898 | ) | (1,740 | ) | ||||
| Total other income (expenses) | (161,296 | ) | (882,074 | ) | (1,908,565 | ) | (2,946,740 | ) | ||||
| Net Income (loss) before income taxes | (213,489 | ) | (875,525 | ) | (1,956,693 | ) | (1,930,607 | ) | ||||
| Income tax expense | - | - | 2,025 | - | ||||||||
| Net income (loss) | $ | (213,489 | ) | $ | (875,525 | ) | $ | (1,958,718 | ) | $ | (1,930,607 | ) |
| Basic net income (loss) per share | $ | (0.00 | ) | $ | (0.01 | ) | $ | (0.02 | ) | $ | (0.03 | ) |
| Diluted income (loss) per share | $ | (0.00 | ) | $ | (0.01 | ) | $ | (0.02 | ) | $ | (0.03 | ) |
| Weighted average number of shares outstanding | ||||||||||||
| Basic | 88,380,108 | 70,164,014 | 87,144,600 | 69,075,725 | ||||||||
| Diluted | 88,380,108 | 70,164,014 | 87,144,600 | 69,075,725 | ||||||||
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/165483
FAQ
What were Here to Serve Holding Corp.'s financial results for Q1 2023?
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What is the energy-monitoring platform launched by Here to Serve Holding Corp.?
Where is Here to Serve Holding Corp. exploring mineral claims?
What assistance did Axiom Exploration Group provide to Here to Serve Holding Corp.?
