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Table of Contents
As filed with the Securities and Exchange Commission
on January 8, 2024
Registration No. 333-275193
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Pre-Effective Amendment No. 2
to
FORM S-1
REGISTRATION STATEMENT UNDER THE SECURITIES ACT
OF 1933
HNO INTERNATIONAL, INC.
(Exact name of registrant as specified in its charter)
Nevada |
|
8711 |
|
20-2781289 |
(State or Other Jurisdiction
of Incorporation) |
|
(Primary Standard
Classification Code) |
|
(IRS Employer
Identification No.) |
41558 Eastman Drive
Suite B
Murrieta, California 92562
(951) 305-8872
(Address, including zip code, and telephone number,
including area code of registrant’s principal executive offices)
Nevada Agency
and Transfer Company
50 West Liberty
Street
Suite 880
Reno, NV 89501
(775) 322-0626
(Name, address, including zip code, and telephone number,
including area code, of agent for service)
Copies to:
Brian Higley, Esq.
Business Legal Advisors, LLC
14888 Auburn Sky Drive
Draper, UT 84020
(801) 634-1984
Approximate date of commencement
of proposed sale to the public:
As soon as practicable after
the effective date of this Registration Statement.
Approximate date of commencement of proposed sale
to the public: As soon as practicable and from time to time after this Registration Statement is declared effective.
If any of the securities being registered on this
Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933 check the following box.
☒
If this Form is filed to register additional securities
for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration
statement number of the earlier effective registration statement for the same offering. ☐
If this Form is a post-effective amendment filed pursuant
to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier
effective registration statement for the same offering. ☐
If this Form is a post-effective amendment filed pursuant
to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier
effective registration statement for the same offering. ☐
Indicate by check mark whether the registrant is a
large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See
the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and
“emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer |
☐ |
Accelerated filer |
☐ |
Non-accelerated filer |
☒ |
Smaller reporting company |
☒ |
|
|
Emerging growth company |
☐ |
If an emerging growth company, indicate by check mark
if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section 13(a) of the Exchange Act. ☐
The registrant hereby amends this Registration
Statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which
specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(A) of the Securities
Act or until the Registration Statement shall become effective on such date as the Commission, acting pursuant to said Section 8(A), may
determine.
EXPLANATORY NOTE
On October 27, 2023, HNO
International, Inc., a Nevada corporation (the “Company”), filed a registration statement with the Securities and
Exchange Commission (the “SEC”) on Form S-1 (File No. 333-275193) as amended on December 19, 2023 (the “Registration
Statement”), covering the sales of up to 1,130,122 shares of the Company’s common stock, par value $0.001 (the “Common
Stock”).
This Pre-Effective Amendment
No. 2 is being filed in order to include additional information about the Company’s business, management, and
also to provide general updates since the filing of the Registration Statement.
The information in this prospectus
is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange
Commission is effective. This prospectus is not an offer to sell these securities and it is not soliciting offers to buy these securities
in any jurisdiction where the offer or sale is not permitted.
PRELIMINARY PROSPECTUS |
SUBJECT TO COMPLETION |
DATED January 8, 2024 |
1,130,122 Shares of Common Stock
This prospectus relates to the offer and resale of
up to 1,105,369 shares of common stock, par value $0.001 per share (the “Shares”) of HNO International, Inc., a Nevada
corporation (the “Company,” “we,” “us”), that may be purchased by GHS Investments
LLC, a Nevada limited liability company (“GHS”), pursuant to the Equity Financing Agreement dated October 9, 2023
between the Company and GHS (the “EFA”). GHS is also referred to herein as the “Selling Security Holder.”
If issued presently, the additional 1,095,869 shares of common stock registered for resale by the Selling Security Holder under the EFA,
all of which have yet to be issued, would represent less than 1% of our issued and outstanding shares of common stock as of January
8, 2024. Additionally, the additional 1,105,369 shares of our common stock registered for resale herein to be issued under the EFA,
all of which have yet to be issued, would represent approximately 33% of the Company’s public float (all current free-trading shares
not held by affiliates), when issued.
The prospectus also relates to the offer and resale
of up to 24,753 shares of common stock, par value $0.001 per share that were
issued to GHS under the EFA as commitment shares (the “Commitment Shares”).
We will not receive any of the proceeds from the sales
of the Shares or the Commitment Shares by the Selling Security Holder.
The Selling Security Holder identified in this prospectus
may offer the shares of Common Stock from time to time through public or private transactions at prevailing market prices or at privately
negotiated prices. The Selling Security Holder can offer all, some or none of its shares of Common Stock, thus we have no way of determining
the number of shares of Common Stock it will hold after this offering. See “Plan of Distribution.”
For purposes of shares to be issued under the EFA,
the Selling Security Holder is an “underwriter” within the meaning of Section 2(a)(11) of the Securities Act.
Our Common Stock is currently quoted on the OTC Markets
under the symbol “HNOI.” On January 5, 2024, the last reported sale price of our Common Stock on the OTC Markets was
$1.18.
Our Chairman, Donald
Owens, is the sole holder of our Series A Preferred Stock (10,000,000 shares which give him 55 votes per share) and, along with his ownership
a substantial percentage of our Common Stock (275,000,000 shares or 65.56% of the current outstanding shares), controls a majority of
the voting power of our Company. For so long as Mr. Owens holds all of the shares of Series A Preferred Stock and a substantial percentage
of our Common Stock, he is expected to hold a majority of our outstanding voting power and he will control the outcome of matters submitted
to a stockholder vote, including the appointment of all directors of the Company. For more information, see the risk factors titled “Our
stockholders have limited voting power compared to the holder of our Series A Preferred Stock.,” “Our management
controls all corporate activities and can approve all transactions, including mergers, without the approval of other stockholders.,”
and “The ability of our management to control our business may limit or eliminate minority stockholders’ ability to
influence corporate affairs.” In the RISK FACTORS section below.
Investing in our Common Stock involves a high
degree of risk. You should review carefully the risks and uncertainties described under the heading “Risk Factors” beginning
on page 9 of this prospectus, and under similar headings in any amendments or supplements to this prospectus.
Neither the Securities and Exchange Commission
nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy or accuracy of this prospectus.
Any representation to the contrary is a criminal offense.
The date of this prospectus is January 8, 2024
TABLE OF CONTENTS
You should rely only on the information contained
in this prospectus. We have not authorized anyone to provide you with information different from that which is contained in this prospectus.
This prospectus may be used only where it is legal to sell these securities. The information in this prospectus may only be accurate on
the date of this prospectus, regardless of the time of delivery of this prospectus or of any sale of securities.
ABOUT THIS PROSPECTUS
The registration statement of which this prospectus
forms a part that we have filed with the U.S. Securities and Exchange Commission (the “SEC”) and includes exhibits
that provide more detail of the matters discussed in this prospectus. You should read this prospectus and the related exhibits filed with
the SEC, together with the additional information described under the heading “Where You Can Find More Information” before making your investment decision.
You should rely only on the information provided in
this prospectus or in any prospectus supplement or any free writing prospectuses or amendments thereto. Neither we, nor the Selling Security
Holder, have authorized anyone else to provide you with different information. If anyone provides you with different or inconsistent information,
you should not rely on it. You should assume that the information in this prospectus is accurate only as of the date hereof. Our business,
financial condition, results of operations and prospects may have changed since that date.
Neither we, nor the Selling Security Holder, are offering
to sell or seeking offers to purchase these securities in any jurisdiction where the offer or sale is not permitted. Neither we, nor the
Selling Security Holder, have done anything that would permit this offering or possession or distribution of this prospectus in any jurisdiction
where action for that purpose is required, other than in the United States. Persons outside the United States who come into possession
of this prospectus must inform themselves about, and observe any restrictions relating to, the offering of the securities as to distribution
of the prospectus outside of the United States.
Information contained in, and that can be accessed
through, our web site, www.hnointl.com, does not constitute part of this prospectus.
This prospectus includes market and industry data
that has been obtained from third party sources, including industry publications, as well as industry data prepared by our management
on the basis of its knowledge of and experience in the industries in which we operate (including our management’s estimates and
assumptions relating to such industries based on that knowledge). Management’s knowledge of such industries has been developed through
its experience and participation in these industries. While our management believes the third-party sources referred to in this prospectus
are reliable, neither we nor our management have independently verified any of the data from such sources referred to in this prospectus
or ascertained the underlying economic assumptions relied upon by such sources. Internally prepared and third-party market forecasts in
particular are estimates only and may be inaccurate, especially over long periods of time. In addition, the underwriters have not independently
verified any of the industry data prepared by management or ascertained the underlying estimates and assumptions relied upon by management.
Furthermore, references in this prospectus to any publications, reports, surveys or articles prepared by third parties should not be construed
as depicting the complete findings of the entire publication, report, survey or article. The information in any such publication, report,
survey or article is not incorporated by reference in this prospectus.
PROSPECTUS SUMMARY
This summary highlights information contained elsewhere
in this prospectus; it does not contain all the information you should consider before investing in our Common Stock. You should read
the entire prospectus before making an investment decision. Throughout this prospectus, the terms the “Company”, “HNO”,
“we,” “us,” “our,” and “our company” refer to HNO International, Inc., a Nevada corporation
and its wholly-owned subsidiaries.
Company Overview
HNO International, Inc., a Nevada corporation (herein
referred to as “we,” “us,” “our,” “HNO” and the “Company”),
focuses on systems engineering design, integration, and product development to generate green hydrogen-based clean energy solutions to
help businesses and communities decarbonize in the near term.
HNO stands for Hydrogen and Oxygen and our experienced
management team has over 13 years of expertise in the green hydrogen production industry.
HNO provides green hydrogen systems engineering design,
integration, and products to multiple markets, which include: (i) the zero-emission vehicle and mobile equipment market consisting of
hydrogen fuel cell electric passenger vehicles, material handling equipment such as forklifts and airport ground support equipment, as
well as the medium and heavy-duty truck market; (ii) the current and emerging hydrogen gas markets encompassing ammonia, fertilizer, steel,
mining, electronics, semiconductors, and fuel cell electric vehicles; (iii) and the gasoline and diesel engine emissions and maintenance
reduction product and services market.
HNO is at the forefront of developing innovative integrated
products that cater to various uses of green hydrogen, both current and future. These include:
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Hydrogen refueling and generation systems for Fuel Cell Electric vehicles, such as forklifts, drones, cars, and trucks, as well as for zero-emission heating and cooking applications. |
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Small to mid-scale green hydrogen production facilities with a capacity of 100kg/day to 5,000kg/day. These facilities can help decarbonize industrial processes and increase the use of hydrogen and hydrogen-based fuels for transportation and material handling. |
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Hydrogen technologies that decrease emissions and maintenance for existing gasoline and diesel internal combustion engines. This can aid companies in decarbonizing their operations in the short term. |
Available Information
All reports of the Company filed with the SEC are
available free of charge through the SEC’s website at www.sec.gov. In addition, the public may read and copy materials filed
by the Company at the SEC’s Public Reference Room located at 100 F Street, N.E., Washington, D.C. 20549. The public may also obtain
additional information on the operation of the Public Reference Room by calling the Commission at 1-800-SEC-0330.
Where You Can Find Us
Our executive offices are located at 41558 Eastman Drive, Suite B, Murrieta,
CA 92562, and our telephone number is (951) 305-8872. Our website address is www.hnointl.com. Information contained on our website
does not form part of this prospectus and is intended for informational purposes only.
THE OFFERING
Common Stock outstanding before the offering |
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419,433,085 shares of Common Stock. |
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Common Stock to be outstanding after giving effect to the issuance of 1,105,369 shares
of Common Stock pursuant to the EFA |
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420,538,454 shares of Common
Stock. |
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Use of Proceeds |
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We will not receive any of the proceeds from any sale of the shares of Common Stock by the Selling Security Holder. We will receive proceeds from the purchase of the Common Stock under the EFA from the Selling Security Holder. See “Use of Proceeds.” |
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Risk Factors |
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The Common Stock offered hereby involves a high degree of risk and
should not be purchased by investors who cannot afford the loss of their entire investment. See “Risk
Factors” beginning on page 9. |
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Trading Symbol |
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The Company’s Common Stock is quoted on the OTC Markets under the symbol “HNOI.” |
The number of shares of Common Stock outstanding
is based on an aggregate of 419,433,085 shares outstanding as of January 8, 2024
and excludes the shares of Common Stock issuable upon the purchase of the Shares under the EFA.
For a more detailed description of the EFA, see “Private Placement”.
RISK FACTORS
This offering involves a high degree of risk. You
should carefully consider the risks and uncertainties described below in addition to the other information contained in this prospectus
before deciding whether to invest in shares of our Common Stock. If any of the following risks occur, our business, financial condition
or operating results could be harmed. In that case, you may lose part or all of your investment. In the opinion of management, the risks
discussed below represent the material risks known to the Company. Additional risks and uncertainties not currently known to us or that
we currently deem immaterial may also impair our business operations and adversely affect the investment in our Common Stock. You should
purchase our Common Stock only if you can afford a complete loss of your investment. You should consider all the risks before buying our
Common Stock, which may include:
| · | limited operating history and net losses; |
| · | unpredictable events, such as the COVID-19 outbreak, and associated business
disruptions; |
| · | changes in laws, regulations and guidelines; |
| · | decrease in demand for hydrogen solutions and systems due to certain research
findings, proceedings, or negative media attention; |
| · | damage to reputation as a result of negative publicity; |
| · | exposure to product liability claims, actions and litigation; |
| · | risks associated with product recalls; |
| · | continuing research and development efforts to respond to technological
and regulatory changes; |
| · | maintenance of effective quality control systems; |
| · | changes to energy prices and supply; |
| · | risks associated with expansion into new jurisdictions; |
| · | regulatory compliance risks; and |
| · | potential delisting resulting in reduced liquidity of our Common Shares. |
Risks Related to Our Business
We need to continue as a going concern if our business is to succeed.
Our independent registered public accounting firm
reports on our audited financial statements for the years ended October 31, 2022 and 2021, indicate that there are a number of factors
that raise substantial risks about our ability to continue as a going concern. Such factors identified in the report are our accumulated
deficit since inception, our failure to attain profitable operations, the excess of liabilities over assets, and our dependence upon obtaining
adequate additional financing to pay our liabilities. If we are not able to continue as a going concern, investors could lose their investments.
We have a limited operating history.
We have a limited operating history. We will, in all
likelihood, sustain operating expenses without corresponding revenues, at least for the foreseeable future. We can make no assurances
that we will be able to effectuate our strategies or otherwise to generate sufficient revenue to continue operations.
During the year ended October 31, 2022, our total
revenue was $34,450, and we had a net loss of $1,071,309. During the nine-months ended July 31, 2023, our total revenue was $13,000, and
we had a net loss of $962,028.
Our estimates of capital, personnel, equipment,
and facilities required for our proposed operations are based on certain other existing businesses operating under projected
business conditions and plans. We believe that our estimates are reasonable, but it is not possible to determine the accuracy of
such estimates at this point. In formulating our business plan, we have relied on the judgment of our officers and directors and
their experience in developing businesses. We can make no assurances that we will be able to obtain sufficient financing or
implement successfully the business plan we have devised. Further, even with sufficient financing, there can be no assurance that we
will be able to operate our business on a profitable basis. We can make no assurances that our projected business plan will be
realized or that any of our assumptions will prove to be correct.
We are subject to a variety
of possible risks that could adversely impact our revenues, results of operations or financial condition. Some of these risks relate to
general economic and financial conditions, while others are more specific to us and the carbon emissions industry in which we operate.
The following factors set out potential risks we have identified that could adversely affect us. The risks described below may not be
the only risks we face. Additional risks that we do not yet know of, or that we currently think are immaterial, could also have a negative
impact on our business operations or financial condition.
We operate in a highly
competitive industry.
The climate and carbon treatment
business is highly competitive and constantly changing. Our competitors include not only other large multinational companies, but also
smaller entities that operate in local or regional markets as well as new forms of market participants.
Competitive challenges also
arise from rapidly-evolving and new technologies in the carbon capture space, creating opportunities for new and existing competitors
and a need for continued significant investment in research and development.
A number of our existing or potential competitors
may have substantially greater financial, technical, and marketing resources, larger investor bases, greater name recognition, and more
established relationships with their investors, and more established sources of deal flow and investment opportunities than we do. This
may enable our competitors to: develop and expand their services and develop infrastructure more quickly and achieve greater scale and
cost efficiencies; adapt more quickly to new or emerging markets and opportunities, strategies, techniques, technologies, and changing
investor needs; take advantage of acquisitions and other market opportunities more readily; establish operations in new markets more rapidly;
devote greater resources to the marketing and sale of their products and services; adopt more aggressive pricing policies; and provide
clients with additional benefits at lower overall costs in order to gain market share. If our competitive advantages are not compelling
or sustainable and we are not able to effectively compete with larger competitors, then we may not be able to increase or sustain cash
flow.
We will need to raise funding, which may not
be available on acceptable terms, or at all. Failure to obtain this necessary capital when needed may force us to delay, limit or terminate
our product development efforts or other operations.
We will need to seek funds soon, through public or
private equity or debt financings, government or other third-party funding, marketing and distribution arrangements and other collaborations,
strategic alliances or a combination of these approaches. Raising funds in the current economic environment may present additional challenges.
It is not certain that we have accounted for all costs and expenses of future development and regulatory compliance. Even if we believe
we have sufficient funds for our current or future operating plans, we may seek additional capital if market conditions are favorable
or if we have specific strategic considerations.
Our future growth may be limited.
Our ability to achieve our expansion objectives and
to manage our growth effectively depends upon a variety of factors, including our ability to further develop use of methodology, solutions
and systems, to attract and retain skilled employees, to successfully position and market the Company, to protect our existing intellectual
property, to capitalize on the potential opportunities we are pursuing with third parties, and sufficient funding. To accommodate growth
and compete effectively, we will need working capital to maintain adequate operating levels, develop additional procedures and controls
and increase, train, motivate and manage our work force. There is no assurance that our personnel, systems, procedures and controls will
be adequate to support our potential future operations.
We rely on key personnel.
Our success also will depend in large part on the
continued service of our key operational and management personnel, including executive staff, research and development, engineering, marketing
and sales staff. We face intense competition from our competitors, customers and other companies throughout the industry. Any failure
on our part to hire, train and retain a sufficient number of qualified professionals could impair our business.
Our stockholders
have limited voting power compared to the holder of our Series A Preferred Stock.
Our Chairman, Donald
Owens, is the sole holder of our Series A Preferred Stock and, along with his ownership a substantial percentage of our Common Stock,
controls a majority of the voting power of our Company. For so long as Mr. Owens holds all of the shares of Series A Preferred Stock
and a substantial percentage of our Common Stock, he is expected to hold a majority of our outstanding voting power and he will control
the outcome of matters submitted to a stockholder vote, including the appointment of all directors of the Company.
Our management
controls all corporate activities and can approve all transactions, including mergers, without the approval of other stockholders.
Our Chairman, Donald
Owens, owns all of the shares of our Series A Preferred Stock that gives him the rights to 55 votes per share of our Company as well
as is ownership of a substantial percentage of our Common Stock. Other members of our management also own shares of our Common Stock.
Therefore, our management effectively controls all corporate activities and can approve transactions, including possible mergers, issuance
of shares and compensation levels, without the approval of other stockholders. The decisions of our management may not be consistent
with or in the best interests of other stockholders.
This capital structure
may have anti-takeover effects preventing a change in control transaction that the minority owners of our Common Stock might consider
in their best interest.
The ability of
our management to control our business may limit or eliminate minority stockholders’ ability to influence corporate affairs.
Our Chairman, Donald
Owens, owns all of the shares of our Series A Preferred Stock that gives him the rights to 55 votes per share of our Company as well
as is ownership of a substantial percentage of our Common Stock. Because of this beneficial stock ownership, Mr. Owens is in a position
to continue to elect our entire board of directors, decide all matters requiring stockholder approval, including potential mergers or
business changes, and determine our policies. The interests of our management may differ from the interests of our minority stockholders
with respect to the issuance of shares, business transactions with or sales to other companies, selection of officers and directors and
other business decisions. Our minority stockholders have no way of overriding decisions made by our management. This level of control
may also have an adverse impact on the market value of our shares because our management may institute or undertake transactions, policies
or programs that may result in losses, may not take any steps to increase our visibility in the financial community and/or may sell sufficient
numbers of shares to significantly decrease our price per share.
We owe debt to a related party, which may
be convertible into a substantial amount of shares of Common Stock. If any or all of the notes are converted, shareholders would realize
substantial dilution.
As of January 8, 2024, we had entered into several
promissory notes with HNO Green Fuels, Inc., an entity controlled by our Chairman, Donald Owens, in the aggregate principal amount of
$1,440,000. Although none of these notes are currently convertible into shares of Common Stock of our Company, in the past, we have settled
a note that was in default for shares of Common Stock. If we are unable to pay each note, we may settle one or all of the notes for shares
of our Common Stock. In the event of a settlement or settlements of a note or notes for shares of our Common Stock, our shareholders
would realize substantial dilution and the value of their shares would decrease.
We may need to defend
ourselves against intellectual property infringement claims, which may be time-consuming and cause us to incur substantial costs.
Companies, organizations
or individuals, including our competitors, may own or obtain intellectual property or other proprietary rights that would prevent or
limit our ability to make, use, develop or sell our concept, which could make it more difficult for us to operate our business. We may
receive inquiries from intellectual property owners inquiring whether we infringe their proprietary rights.
Our business may be
adversely affected if we are unable to protect our intellectual property rights from unauthorized use by third parties.
Failure to adequately protect our intellectual property
rights could result in our competitors offering similar products, potentially resulting in the loss of some of our competitive advantage,
and a decrease in our revenue which would adversely affect our business, prospects, financial condition and operating results. Our success
depends, at least in part, on our ability to protect our core methodology and intellectual property. To accomplish this, we will rely
on a combination of intellectual property, trade secrets (including know-how), employee and third-party nondisclosure agreements, copyright,
trademarks, intellectual property licenses and other contractual rights to establish and protect our rights in our technology. Patent,
trademark, and trade secret laws vary significantly throughout the world.
Confidentiality agreements with employees and
others may not adequately prevent disclosure of trade secrets and other proprietary information.
In order to protect our proprietary technology and
processes, we also rely in part on confidentiality agreements with our employees, consultants, outsource manufacturers and other advisors.
These agreements may not effectively prevent disclosure of confidential information and may not provide an adequate remedy in the event
of unauthorized disclosure of confidential information. In addition, others may independently discover trade secrets and proprietary information.
Costly and time-consuming litigation could be necessary to enforce and determine the scope of our proprietary rights, and failure to obtain
or maintain trade secret protection could adversely affect our competitive business position.
We may not be successful in our potential business
combinations.
We may, in the future, pursue acquisitions of other
complementary businesses and technology licensing arrangements. We may also pursue strategic alliances and joint ventures that leverage
our core products and industry experience to expand our product offerings and geographic presence. We have limited experience with respect
to acquiring other companies and limited experience with respect to forming collaborations, strategic alliances and joint ventures.
If we were to make any acquisitions, we may not be
able to integrate these acquisitions successfully into our existing business and could assume unknown or contingent liabilities. Any future
acquisitions we make, could also result in large and immediate write-offs or the incurrence of debt and contingent liabilities, any of
which could harm our operating results. Integrating an acquired company also may require management resources that otherwise would be
available for ongoing development of our existing business.
Any future indebtedness
reduces cash available for distribution and may expose us to the risk of default under debt obligations that we may incur in the future.
Payments of principal and
interest on borrowings that we may incur in the future may leave us with insufficient cash resources to operate the business. Our level
of debt and the limitations imposed on us by debt agreements could have significant material and adverse consequences, including the following:
| · | Our cash flow may be insufficient to meet our required principal and interest
payments; |
| · | We may be unable to borrow additional funds as needed or on favorable terms,
or at all; |
| · | We may be unable to refinance our indebtedness at maturity or the refinancing
terms may be less favorable than the terms of our original indebtedness; |
| · | To the extent we borrow debt that bears interest at variable rates, increases
in interest rates could materially increase our interest expense; |
| · | To the extent we borrow debt that bears interest at variable rates, increases
in interest rates could materially increase our interest expense; and |
| · | Our default under any loan with cross default provisions could result in
a default on other indebtedness. |
If any one of these events
were to occur, our financial condition, results of operations, cash flow, and our ability to make distributions to our shareholders could
be materially and adversely affected.
Our results of operations are highly susceptible
to unfavorable economic conditions.
We are exposed to risks
associated with weak or uncertain regional or global economic conditions and disruption in the financial markets. The global economy
continues to be challenging in some markets. Uncertainty about the strength of the global economy generally, or economic conditions
in certain regions or market sectors, and a degree of caution on the part of some marketers, can have an effect on the demand for
advertising and marketing communication services. In addition, market conditions can be adversely affected by natural and human
disruptions, such as natural disasters, severe weather events, military conflict or public health crises. Our industry can be
affected more severely than other sectors by an economic downturn and can recover more slowly than the economy in general. In the
past, some clients have responded to weak economic and financial conditions by reducing their marketing budgets, which include
discretionary components that are easier to reduce in the short term than other operating expenses. This pattern may recur in the
future. Furthermore, unexpected revenue shortfalls can result in misalignments of costs and revenues, resulting in a negative impact
to our operating margins. If our business is significantly adversely affected by unfavorable economic conditions or other market
disruptions that adversely affect client spending, the negative impact on our revenue could pose a challenge to our operating income
and cash generation from operations.
We may not be able
to meet our performance targets and milestones.
From time to time, we communicate
to the public certain targets and milestones for our financial and operating performance that are intended to provide metrics against
which to evaluate our performance. They should not be understood as predictions or guidance about our expected performance. Our ability
to meet any target or milestone is subject to inherent risks and uncertainties, and we caution investors against placing undue reliance
on them.
We have limited personal liability.
Our Articles of Incorporation and Bylaws generally
provide that the liability of our officers and directors will be eliminated to the fullest extent allowed under law for their acts on
behalf of our Company.
It is possible investors may lose their entire
investment.
We will be reliant on the proceeds of this offering
to expand our operations. We may not be successful in implementing our business strategy or that we will be successful in achieving our
objectives. Our prospects for success must be considered in the context of a thinly capitalized company in a highly competitive market.
As a result, investors may lose their entire investment.
If we fail to establish and maintain an effective
system of internal control, we may not be able to report our financial results accurately or to prevent fraud. Any inability to report
and file our financial results accurately and timely could harm our reputation and adversely impact the trading price of our common stock.
Effective internal control is necessary for us to
provide reliable financial reports and prevent fraud. If we cannot provide reliable financial reports or prevent fraud, we may not be
able to manage our business as effectively as we would if an effective control environment existed, and our business and reputation with
investors may be harmed. As a result, our small size and any current internal control deficiencies may adversely affect our financial
condition, results of operation and access to capital. We have not performed an in-depth analysis to determine if historical un-discovered
failures of internal controls exist, and may in the future discover areas of our internal control that need improvement.
Public company compliance may make it more difficult
to attract and retain officers and directors.
The Sarbanes-Oxley Act and new rules subsequently
implemented by the SEC have required changes in corporate governance practices of public companies. As a public company, we expect these
new rules and regulations to increase our compliance costs in 2023 and beyond and to make certain activities more time consuming
and costly. As a public company, we also expect that these new rules and regulations may make it more difficult and expensive for us
to obtain director and officer liability insurance in the future and we may be required to accept reduced policy limits and coverage
or incur substantially higher costs to obtain the same or similar coverage. As a result, it may be more difficult for us to attract and
retain qualified persons to serve on our Board of Directors or as executive officers.
Risks Related to Our Market
We may be unable to
successfully execute and operate our green hydrogen production projects and such projects may cost more and take longer to complete than
we expect.
As part of our vertical integration
strategy, we are developing and constructing green hydrogen production facilities at locations across the United States and Canada. Our
ability to successfully complete and operate these projects is not guaranteed. These projects will impact our ability to meet and supplement
the hydrogen demands for our products and services, for both existing and prospective customers. Our hydrogen production projects are
dependent, in part, upon our ability to meet our internal demand for electrolyzers required for such projects. Electrolyzer demand by
external customers may concurrently affect our ability to meet the internal electrolyzer demand from our hydrogen production projects.
The timing and cost to complete the construction of our hydrogen production projects are subject to a number of factors outside of our
control and such projects may take longer and cost more to complete and become operational than we expect.
Furthermore, the viability
and competitiveness of our green hydrogen production facilities will depend, in part, upon favorable laws, regulations, and policies related
to hydrogen production. Some of these laws, regulations, policies are nascent, and there is no guarantee that they will be favorable to
our projects. Additionally, our facilities will be subject to numerous and new permitting, regulations, laws, and policies, many of which
might vary by jurisdiction. Hydrogen production facilities are also subject to robust competition from well-established multi-national
companies in the energy industry. There is no guarantee that our hydrogen production strategy will be successful, amidst this competitive
environment.
We will continue to
be dependent on certain third-party key suppliers for components in our products. The failure of a supplier to develop and supply components
in a timely manner or at all, or our inability to obtain substitute sources of these components on a timely basis or on terms acceptable
to us, could impair our ability to manufacture our products or could increase our cost of production.
We rely on certain key suppliers
for critical components in our products, and there are numerous other components for our products that are sole sourced. If we fail to
maintain our relationships with our suppliers or build relationships with new suppliers, or if suppliers are unable to meet our demand,
we may be unable to manufacture our products, or our products may be available only at a higher cost or after a delay. In addition, to
the extent that our supply partners use technology or manufacturing processes that are proprietary, we may be unable to obtain comparable
components from alternative sources. Furthermore, we may become increasingly subject to domestic content sourcing requirements and Buy
America preferences, as required under certain United States federal infrastructure funding sources. Domestic content preferences and
Buy America requirements potential mandate that we source certain components and materials from within the United States. Conformity with
these provisions potentially depends upon our ability to increasingly source components or certain materials from within the United States.
An inability to meet these requirements could have a material adverse effect on our ability to successfully compete for certain projects
or awards utilizing federal funds subject to such mandates.
The failure of a supplier
to develop and supply components in a timely manner or at all, or to develop or supply components that meet our quality, quantity and
cost requirements, or our inability to obtain substitute sources of these components on a timely basis or on terms acceptable to us, could
impair our ability to manufacture our products or could increase our cost of production. If we cannot obtain substitute materials or components
on a timely basis or on acceptable terms, we could be prevented from delivering our products to our customers within required timeframes.
Any such delays could result in sales and installation delays, cancellations, penalty payments or loss of revenue and market share, any
of which could have a material adverse effect on our business, results of operations, and financial condition.
Our products and services
face intense competition.
The markets for energy products,
including PEM fuel cells, electrolyzers, and hydrogen production are intensely competitive. Some of our competitors are much larger than
we are and may have the manufacturing, marketing and sales capabilities to complete research, development, and commercialization of profitable,
commercially viable products more quickly and effectively than we can. There are many companies engaged in all areas of traditional and
alternative energy generation in the United States and abroad, including, among others, major electric, oil, chemical, natural gas, battery,
generator and specialized electronics firms, as well as universities, research institutions and foreign government-sponsored companies.
These firms are engaged in forms of power generation such as advanced battery technologies, generator sets, fast charged technologies
and other types of fuel cell technologies. Well established companies might similarly seek to expand into new types of energy products,
including PEM fuel cells, electrolyzers, or hydrogen production. Additionally, some competitors may rely on other different competing
technologies for fuel cells, electrolyzers, or hydrogen production. We believe our technologies have many advantages. In the near future,
we expect the demand for these products – electrolyzers in particular – to largely offset any hypothetical market preference
for competing technologies. However, changes in customer preferences, the marketplace, or government policies could favor competing technologies.
The primary current value proposition for our fuel cell customers stems from productivity gains in using our solutions. Longer term, given
evolving market dynamics and changes in alternative energy tax credits, if we are unable to successfully develop future products that
are competitive with competing technologies in terms of price, reliability and longevity, customers may not buy our products. Technological
advances in alternative energy products, battery systems or other fuel cell, electrolyzer, or hydrogen technologies may make our products
less attractive or render them obsolete.
Risks Related to Financing Our Business
Expenses required to operate as a public company
will reduce funds available to develop our business and could negatively affect our stock price and adversely affect our results of operations,
cash flow and financial condition.
Operating as a public company is more expensive than
operating as a private company, including additional funds required to obtain outside assistance from legal, accounting, investor relations,
or other professionals that could be more costly than planned. We may also be required to hire additional staff to comply with SEC reporting
requirements. We anticipate that these costs will be approximately $200,000-$300,000 annually. Our failure to comply with reporting requirements
and other provisions of securities laws could negatively affect our results of operations, cash flow and financial condition.
Our growth depends on external sources of capital,
which may not be available on favorable terms or at all. In addition, investors, banks and other financial institutions may be reluctant
to enter into any lending or financial transactions with us, because we intend to enter into a mining excavation operation that could
have environmental impacts if not managed properly. If any of the source of funding is unavailable to us, our growth may be limited, and
our operating profit may be impaired.
We may not be in a position to take advantage of attractive
investment opportunities for growth if we are unable, due to global or regional economic uncertainty, changes in the provincial or federal
regulatory environment relating to the extraction, processing and distribution of our products or otherwise, to access capital markets
on a timely basis and on favorable terms or at all. Because we intend to grow our business, this limitation may require us to raise additional
equity or incur debt at a time when it may be disadvantageous to do so.
Our access to capital will depend upon several factors
over which we have little or no control, including general market conditions and the market’s perception of our current and potential
future earnings. If general economic instability or downturn leads to an inability to obtain capital to finance, the operation could be
negatively impacted. In addition, investors, banks and other financial institutions may be reluctant to enter into financing transactions
with us, because we intend to operate a mining excavation operation. If this source of funding is unavailable to us, our growth may be
limited.
Our ability to raise funding is subject to all the
above factors and will also be affected by our future financial position, results of operations and cash flows. All these events would
have a material adverse effect on our business, financial condition, liquidity, and results of operations.
Any future indebtedness reduces cash available
for distribution and may expose us to the risk of default under debt obligations that we may incur in the future.
Payments of principal and interest on borrowings that
we may incur in the future may leave us with insufficient cash resources to operate the business. Our level of debt and the limitations
imposed on us by debt agreements could have significant material and adverse consequences, including the following:
| · | our cash flow may be insufficient to meet our required principal and interest
payments; |
| · | we may be unable to borrow additional funds as needed or on favorable terms; |
| · | we may be unable to refinance our indebtedness at maturity or the refinancing
terms may be less favorable than the terms of our original indebtedness; |
| · | to the extent we borrow debt that bears interest at variable rates, increases
in interest rates could materially increase our interest expense; |
| · | we may default on our obligations or violate restrictive covenants; in which
case the lenders may accelerate these debt obligations; and |
| · | default under any loan with cross default provisions could result in a default
on other indebtedness. |
If any one of these events were to occur, our financial
condition, results of operations, cash flow, and our ability to make distributions to our shareholders could be materially and adversely
affected.
Risks Related to Regulation
Applicable state and
international laws may prevent us from maximizing our potential income.
Depending on the laws of
each particular State, we may not be able to fully realize our potential to generate profit. Furthermore, cities and counties are being
given broad discretion to use other carbon capture methodologies. Depending on the laws of international countries and the States, we
might not be able to fully realize our potential to generate profit.
Risks Related to Our Common Stock
Because the SEC imposes additional sales practice
requirements on brokers who deal in our shares that are penny stocks, some brokers may be unwilling to trade them. This means that investors
may have difficulty reselling their shares and may cause the price of the shares to decline.
Our shares qualify as penny stocks and are
covered by Section 15(g) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which imposes
additional sales practice requirements on broker/dealers who sell our securities in this offering or in the aftermarket. In
particular, prior to selling a penny stock, broker/dealers must give the prospective customer a risk disclosure document that:
contains a description of the nature and level of risk in the market for penny stocks in both public offerings and secondary
trading; contains a description of the broker/dealers’ duties to the customer and of the rights and remedies available to the
customer with respect to violations of such duties or other requirements of Federal securities laws; contains a brief, clear,
narrative description of a dealer market, including “bid” and “ask” prices for penny stocks and the
significance of the spread between the bid and ask prices; contains the toll free telephone number for inquiries on disciplinary
actions established pursuant to section 15(A)(i); defines significant terms used in the disclosure document or in the conduct of
trading in penny stocks; and contains such other information, and is in such form (including language, type size, and format), as
the SEC requires by rule or regulation. Further, for sales of our securities, the broker/dealer must make a special suitability
determination and receive from you a written agreement before making a sale to you. Because of the imposition of the foregoing
additional sales practices, it is possible that brokers will not want to make a market in our shares. This could prevent reselling
of shares and may cause the price of the shares to decline.
Our stock may be traded infrequently and in
low volumes, so you may be unable to sell your shares at or near the quoted bid prices if you need to sell your shares.
Until our common stock is listed on a national securities
exchange such as the New York Stock Exchange or the Nasdaq, we expect our common stock to remain eligible for quotation on the OTC Markets,
or on another over-the-counter quotation system. In those venues, however, the shares of our common stock may trade infrequently and in
low volumes, meaning that the number of persons interested in purchasing our common shares at or near bid prices at any given time may
be relatively small or non-existent. An investor may find it difficult to obtain accurate quotations as to the market value of our common
stock or to sell his or her shares at or near bid prices or at all. In addition, if we fail to meet the criteria set forth in SEC regulations,
various requirements would be imposed by law on broker-dealers who sell our securities to persons other than established customers and
accredited investors. Consequently, such regulations may deter broker-dealers from recommending or selling our common stock, which may
further affect the liquidity of our common stock. This would also make it more difficult for us to raise capital.
There currently is no active public market for
our common stock and there can be no assurance that an active public market will ever develop. Failure to develop or maintain a trading
market could negatively affect the value of our common stock and make it difficult or impossible for you to sell your shares.
There is currently no active public market for shares
of our common stock and one may never develop. Our common stock is quoted on the OTC Markets. The OTC Markets is a thinly traded market
and lacks the liquidity of certain other public markets with which some investors may have more experience. We may not ever be able to
satisfy the listing requirements for our common stock to be listed on a national securities exchange, which is often a more widely-traded
and liquid market. Some, but not all, of the factors which may delay or prevent the listing of our common stock on a more widely-traded
and liquid market include the following: our stockholders’ equity may be insufficient; the market value of our outstanding securities
may be too low; our net income from operations may be too low; our common stock may not be sufficiently widely held; we may not be able
to secure market makers for our common stock; and we may fail to meet the rules and requirements mandated by the several exchanges and
markets to have our common stock listed. Should we fail to satisfy the initial listing standards of the national exchanges, or our common
stock is otherwise rejected for listing, and remains listed on the OTC Markets or is suspended from the OTC Markets, the trading price
of our common stock could suffer and the trading market for our common stock may be less liquid and our common stock price may be subject
to increased volatility, making it difficult or impossible to sell shares of our common stock.
Our common stock is subject to the “penny
stock” rules of the SEC and the trading market in the securities is limited, which makes transactions in the stock cumbersome and
may reduce the value of an investment in the stock.
Rule 15g-9 under the Exchange Act establishes the
definition of a “penny stock,” for the purposes relevant to us, as any equity security that has a market price of less than
$5.00 per share or with an exercise price of less than $5.00 per share, subject to certain exceptions. For any transaction involving
a penny stock, unless exempt, the rules require: (a) that a broker or dealer approve a person’s account for transactions in penny
stocks; and (b) the broker or dealer receive from the investor a written agreement to the transaction, setting forth the identity and
quantity of the penny stock to be purchased.
In order to approve a person’s account for transactions
in penny stocks, the broker or dealer must: (a) obtain financial information and investment experience objectives of the person and (b)
make a reasonable determination that the transactions in penny stocks are suitable for that person and the person has sufficient knowledge
and experience in financial matters to be capable of evaluating the risks of transactions in penny stocks.
The broker or dealer must also deliver, prior to any
transaction in a penny stock, a disclosure schedule prescribed by the SEC relating to the penny stock market, which, in highlight form:
(a) sets forth the basis on which the broker or dealer made the suitability determination; and (b) confirms that the broker or dealer
received a signed, written agreement from the investor prior to the transaction. Generally, brokers may be less willing to execute transactions
in securities subject to the “penny stock” rules. This may make it more difficult for investors to dispose of our common stock
and cause a decline in the market value of our common stock.
Disclosure also has to be made about the risks of
investing in penny stocks in both public offerings and in secondary trading and about the commissions payable to both the broker or dealer
and the registered representative, current quotations for the securities and the rights and remedies available to an investor in cases
of fraud in penny stock transactions. Finally, monthly statements have to be sent disclosing recent price information for the penny stock
held in the account and information on the limited market in penny stocks.
Our stock price may be volatile.
The market price of our common stock is likely to
be highly volatile and could fluctuate widely in price in response to various factors, many of which are beyond our control, including
the following:
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The impact of conflict between the Russian Federation and Ukraine on our operations; |
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Geo-political events, such as the crisis in Ukraine, government responses to such events and the related impact on the economy both nationally and internationally; |
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Changes in our industry; |
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Competitive pricing pressures; |
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Our ability to obtain working capital financing; |
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Additions or departures of key personnel; |
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Sales of our common stock; |
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Our ability to execute our business plan; |
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Operating results that fall below expectations; |
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Loss of any strategic relationship; |
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Regulatory developments; and |
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Economic and other external factors. |
In addition, the securities markets have from time-to-time
experienced significant price and volume fluctuations that are unrelated to the operating performance of particular companies. These market
fluctuations may also materially and adversely affect the market price of our common stock.
Offers or availability for sale of a substantial
number of shares of our common stock may cause the price of our common stock to decline.
If our stockholders sell substantial amounts of our
common stock in the public market, including upon the expiration of any statutory holding period under Rule 144, or issued upon the conversion
of preferred stock or exercise of warrants, it could create a circumstance commonly referred to as an "overhang" and in anticipation
of which the market price of our common stock could fall. The existence of an overhang, whether or not sales have occurred or are occurring,
also could make more difficult our ability to raise additional financing through the sale of equity or equity-related securities in the
future at a time and price that we deem reasonable or appropriate.
Offers or availability for sale of a substantial
number of shares of our common stock may cause the price of our common stock to decline.
If our stockholders sell substantial amounts of our
common stock in the public market, including upon the expiration of any statutory holding period under Rule 144, or issued upon the conversion
of preferred stock or exercise of warrants, it could create a circumstance commonly referred to as an "overhang" and in anticipation
of which the market price of our common stock could fall. The existence of an overhang, whether or not sales have occurred or are occurring,
also could make more difficult our ability to raise additional financing through the sale of equity or equity-related securities in the
future at a time and price that we deem reasonable or appropriate.
Your percentage of ownership may become diluted
if we issue new Common Stock or other securities, including shares that are eligible for exchange.
Our board of directors is authorized, without your
approval, to cause us to issue additional Common Stock to raise capital through the issuance of Common Stock (including equity or debt
securities convertible into Common Stock), and other rights, on terms and for consideration as our board of directors in its sole discretion
may determine. Any such issuance could result in dilution of the equity of our shareholders.
We have many authorized but unissued shares
of our common stock.
We have a large number of authorized but unissued
shares of Common Stock, which our management may issue without further stockholder approval, thereby causing dilution of your holdings
of our Common Stock. Our management will continue to have broad discretion to issue shares of our common stock in a range of transactions,
including capital-raising transactions, mergers, acquisitions, and other transactions, without obtaining stockholder approval, unless
stockholder approval is required. If our management determines to issue shares of our Common Stock from the large pool of authorized but
unissued shares for any purpose in the future, your ownership position would be diluted without your further ability to vote on that transaction.
The market valuation of our business may fluctuate
due to factors beyond our control and the value of your investment may fluctuate correspondingly.
The market valuation of companies,
such as us, frequently fluctuate due to factors unrelated to the past or present operating performance of such companies. Our market valuation
may fluctuate significantly in response to a number of factors, many of which are beyond our control, including:
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Changes in securities analysts’ estimates of our financial performance,
although there are currently no analysts covering our stock; |
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Fluctuations in stock market prices and volumes, particularly among securities of companies
such as ours; |
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Changes in market valuations of similar companies; |
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Announcements by us or our competitors of significant contracts, new technologies,
acquisitions, commercial relationships, joint ventures or capital commitments; |
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Variations in our quarterly operating results; |
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Fluctuations in related labor cost; and |
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Additions or departures of key personnel. |
As a result, the value of your investment in us may
fluctuate.
We have never paid dividends on our Common Stock.
We have never paid cash dividends on our Common Stock
and do not presently intend to pay any dividends in the foreseeable future. Investors should not look to dividends as a source of income.
In the interest of reinvesting initial profits back
into our business, we do not intend to pay cash dividends in the foreseeable future. Consequently, any economic return will initially
be derived, if at all, from appreciation in the fair market value of our stock, and not as a result of dividend payments.
Risks Related to the Offering
Our existing stockholders may experience significant
dilution from the sale of our common stock pursuant to the GHS Equity Financing Agreement.
The sale of our common stock to GHS in accordance
with the EFA may have a dilutive impact on our shareholders. As a result, the market price of our common stock could decline. In addition,
the lower our stock price is at the time we exercise Puts, the more shares of our common stock we will have to issue to GHS in order to
exercise a Put under the EFA. If our stock price decreases, then our existing shareholders would experience greater dilution for any given
dollar amount raised through the offering.
The perceived risk of dilution may cause our
stockholders to sell their shares, which may cause a decline in the price of our common stock. Moreover, the perceived risk of
dilution and the resulting downward pressure on our stock price could encourage investors to engage in short sales of our common
stock. By increasing the number of shares offered for sale, material amounts of short selling could further contribute to
progressive price declines in our common stock.
The issuance of shares pursuant to the EFA may
have a significant dilutive effect.
Depending on the number of shares we issue pursuant
to the EFA, it could have a significant dilutive effect upon our existing shareholders. Although the number of shares that we may issue
pursuant to the EFA will vary based on our stock price (the higher our stock price, the less shares we have to issue), there may be a
potential dilutive effect to our shareholders, based on different potential future stock prices, if the full amount of the EFA is realized.
Dilution is based upon common stock put to GHS and the stock price discounted to GHS’s purchase price.
GHS will pay less than the then-prevailing market
price of our common stock which could cause the price of our common stock to decline.
Our common stock to be issued under the EFA will be
purchased at a 20% discount, or 80% of the lowest traded price for our Common Stock during the ten consecutive trading days immediately
preceding each Put.
GHS has a financial incentive to sell our shares immediately
upon receiving them to realize the profit between the discounted price and the market price. If GHS sells our shares, the price of our
common stock may decrease. If our stock price decreases, GHS may have further incentive to sell such shares. Accordingly, the discounted
sales price in the EFA may cause the price of our common stock to decline.
We may not have access to the full amount under
the financing agreement.
The lowest traded price of our Common Stock for the
ten consecutive trading days ended January 5, 2024 was $1.02. At that price we would be able to sell shares to GHS under
the EFA at the discounted price of $0.816. At that discounted price, the 1,105,369
shares would only represent approximately $901,981, which is below the full amount of the EFA. In addition, any single drawdown
must be at least $10,000 and cannot exceed $500,000 and any single drawdown may not exceed 200% of the average daily trading dollar volume
of our Common Stock during the ten trading days preceding the Put.
There could be unidentified risks involved with
an investment in our securities.
The foregoing risk factors are not a complete list
or explanation of the risks involved with an investment in the securities. Additional risks will likely be experienced that are not presently
foreseen by us. Prospective investors must not construe this the information provided herein as constituting investment, legal, tax or
other professional advice. Before making any decision to invest in our securities, you should read this entire Prospectus and consult
with your own investment, legal, tax and other professional advisors. An investment in our securities is suitable only for investors who
can assume the financial risks of an investment in us for an indefinite period of time and who can afford to lose their entire investment.
We make no representations or warranties of any kind with respect to the likelihood of the success or the business of our Company, the
value of our securities, any financial returns that may be generated or any tax benefits or consequences that may result from an investment
in us.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This prospectus contains various “forward-looking
statements.” You can identify forward-looking statements by the use of forward-looking terminology such as “believes,”
“expects,” “may,” “would,” “could,” “should,” “seeks,” “approximately,”
“intends,” “plans,” “projects,” “estimates” or “anticipates” or the negative
of these words and phrases or similar words or phrases. You can also identify forward-looking statements by discussions of strategy, plans
or intentions. These statements may be impacted by a number of risks and uncertainties.
The forward-looking
statements are based on our beliefs, assumptions and expectations of our future performance taking into account all information currently
available to us. These beliefs, assumptions and expectations are subject to risks and uncertainties and can change as a result of many
possible events or factors, not all of which are known to us. If a change occurs, our business, financial condition, liquidity and results
of operations may vary materially from those expressed in our forward-looking statements. You should carefully consider these risks before
you make an investment decision with respect to our securities. For a further discussion of these and other factors that could impact
our future results, performance or transactions, see the section entitled “Risk Factors.”
PRIVATE PLACEMENT
Equity Financing Agreement
On October 9, 2023, we entered
the EFA and Registration Rights Agreement (the “Registration Rights Agreement”) with GHS, pursuant to which GHS agreed
to purchase up to $10,000,000 in shares of our Common Stock, from time to time over the course of 24 months after effectiveness of a registration
statement on Form S-1 (the “Registration Statement”) of the underlying shares of Common Stock.
The EFA grants us the right,
from time to time at our sole discretion (subject to certain conditions) during the term of the EFA, to direct GHS to purchase shares
of Common Stock on any business day (a “Put”), provided that at least ten Trading Days (as defined in the EFA) have
passed since the closing of the most recent Put. The purchase price of the shares of Common Stock contained in a Put shall be 80% of the
lowest traded price of our Common Stock during the ten consecutive Trading Days preceding the date of the Put notice. In the event that
we uplist to Nasdaq or an equivalent national exchange, the discount will be 90% of the lowest volume-weighted average price. No Put will
be made in an amount less than $10,000 or greater than $500,000 and any single drawdown may not exceed 200% of the average daily trading
dollar volume of our Common Stock during the ten trading days preceding the Put. In no event are we entitled to make a Put or is GHS entitled
to purchase that number of shares of Common Stock of the Company, which when added to the sum of the number of shares of Common Stock
beneficially owned (as such term is defined under Section 13(d) and Rule 13d-3 of the Exchange Act), by GHS, would exceed 4.99% of the
number of shares of Common Stock outstanding on such date, as determined in accordance with Rule 13d-1(j) of the Exchange Act.
The EFA will terminate upon
any of the following events: when GHS has purchased an aggregate of $10,000,000 in the Common Stock of the Company pursuant to the EFA;
or on the date that is 24 months from the date of the EFA. Actual sales of shares of Common Stock to GHS under the EFA will depend on
a variety of factors to be determined by us from time to time, including, among others, market conditions, the trading price of the Common
Stock and determinations by us as to the appropriate sources of funding for the Company and its operations. The net proceeds under the
EFA to us will depend on the frequency and prices at which we sell shares of our stock to GHS.
Pursuant to the EFA, we issued
to GHS the Commitment Shares.
The Registration Rights Agreement
provides that we shall (i) use our best efforts to file with the SEC the Registration Statement within 30 calendar days of the date of
the Registration Rights Agreement; and (ii) have the Registration Statement declared effective by the SEC within 30 calendar days after
the date the Registration Statement is filed with the SEC, but in no event more than calendar 90 days after the Registration Statement
is filed.
We will use the proceeds
from the Puts for general corporate and working capital purposes and acquisitions or assets, businesses
or operations or for purposes our Board of Directors deems to be in the best interests of the Company.
See “Plan of Distribution”
elsewhere in this prospectus for more information.
USE OF PROCEEDS
The Selling Security Holder will receive all the proceeds
from the resales of the Shares under this prospectus. We will not receive any proceeds from these resales. To the extent we receive proceeds
from the Puts to the Selling Security Holder, we will use those proceeds for general corporate and
working capital purposes and acquisitions or assets, businesses or operations or for purposes our Board of Directors deems to be in the
best interests of the Company. We have agreed to bear the certain expenses relating to the registration of the shares of Common
Stock being registered herein for Selling Security Holder.
See “Plan of Distribution”
elsewhere in this prospectus for more information.
SELLING SECURITY HOLDER
This prospectus covers the offering of up to 1,130,122
shares of Common Stock being offered by the Selling Security Holder, which includes shares of Common Stock acquirable upon the issuance
of Puts to the Selling Security Holder, as described herein, and also the Commitment Shares. We are registering the Shares and Commitment
Shares in order to permit the Selling Security Holder to offer their shares of Common Stock for resale from time to time.
The table below lists the Selling Security Holder
and other information regarding the “beneficial ownership” of the shares of Common Stock by the Selling Security Holder. In
accordance with Rule 13d-3 of the Exchange Act, “beneficial ownership” includes any shares of Common Stock as to which the
Selling Security Holder has sole or shared voting power or investment power and any shares of Common Stock the Selling Security Holder
has the right to acquire within 60 days.
For purposes of shares to be issued under the EFA,
the Selling Security Holder is an “underwriter” within the meaning of Section 2(a)(11) of the Securities Act.
The second column indicates the number of shares
of Common Stock beneficially owned by the Selling Security Holder, based on its ownership as of January 8, 2024. The second column
also assumes purchase of all shares of stock to be acquired under the maximum amount of securities to be sold by the Company to the Selling
Security Holder, without regard to any limitations on purchase described in this prospectus or in the EFA.
The third column lists the shares of Common Stock
being offered by this prospectus by the Selling Security Holder. Such aggregate amount of Common Stock does not take into account any
applicable limitations on purchase of the securities under the EFA.
This prospectus covers the resale of (i) all of the
shares of Common Stock issued and issuable upon the Company issuing a Put, (ii) all of the Commitment Shares, and (iii) any securities
issued or then issuable upon any full anti-dilution protection, stock split, dividend or other distribution, recapitalization or similar
event with respect to the shares of Common Stock.
Because the issuance price of the common shares may
be adjusted, the number of shares of Common Stock that will actually be issued upon issuance of the common shares may be more or less
than the number of shares of Common Stock being offered by this prospectus. The Selling Security Holder can offer all, some or none of
its shares of Common Stock, thus we have no way of determining the number of shares of Common Stock it will hold after this offering.
Therefore, the fourth and fifth columns assume that the Selling Security Holder will sell all shares of Common Stock covered by this prospectus.
See “Plan of Distribution.”
The Selling Security Holder identified below has confirmed
to us that it is not a broker-dealer or an affiliate of a broker-dealer within the meaning of United States federal securities laws.
| |
Number of Shares of Common Stock Owned Prior to Offering(1) | |
Maximum Number of Shares of Common Stock to be Sold Pursuant to this Prospectus | |
Number of Shares of Common Stock Owned After Offering | |
Percentage Beneficially Owned After Offering |
GHS Investments, LLC (1) | |
| 24,753 | | |
| 1,130,122 | (2) | |
| — | | |
| — | |
TOTAL | |
| 24,753 | | |
| 1,130,122 | | |
| — | | |
| — | |
_______________
(1) |
GHS Investments, LLC is a limited liability company organized under the laws of Nevada. Mark Grober has dispositive power over the shares owned by GHS. |
(2) |
1,105,369 shares to be
issued pursuant to the EFA and 24,753 Commitment Shares. |
Material Relationships with Selling Security
Holder
The Selling Security Holder has not at any time during
the past three years acted as one of our employees, officers or directors or had a material relationship with us except with respect to
transactions described above in “Private Placement.”
MARKET PRICE OF COMMON STOCK AND OTHER STOCKHOLDER
MATTERS
Our Common Stock is currently quoted on the OTC Markets,
which is sponsored by OTC Markets Group, Inc. The OTC Markets is a network of security dealers who buy and sell stock. The dealers are
connected by a computer network that provides information on current “bids” and “asks,” as well as volume information.
Our shares are quoted on the OTC Markets under the symbol “HNOI.”
The table below sets forth for the periods indicated
the quarterly high and low bid prices as reported by OTC Markets. Limited trading volume has occurred during these periods. These quotations
reflect inter-dealer prices, without retail mark-up, mark-down, or commission and may not necessarily represent actual transactions.
Fiscal Year Ended October 31, 2023: | |
High | |
Low |
First Quarter | |
$ | 1.82 | | |
$ | 1.03 | |
Second Quarter | |
$ | 2.27 | | |
$ | 1.21 | |
Third Quarter | |
$ | 15.00 | | |
$ | 1.05 | |
Fourth Quarter | |
$ | 1.378 | | |
$ | 1.01 | |
Fiscal Year Ended October 31, 2022: | |
High | |
Low |
First Quarter | |
$ | 5.27 | | |
$ | 4.50 | |
Second Quarter | |
$ | 5.00 | | |
$ | 5.00 | |
Third Quarter | |
$ | 5.00 | | |
$ | 5.00 | |
Fourth Quarter | |
$ | 5.00 | | |
$ | 1.82 | |
Our common stock is considered to be penny stock under
rules promulgated by the SEC. Under these rules, broker-dealers participating in transactions in these securities must first deliver a
risk disclosure document which describes risks associated with these stocks, broker-dealers’ duties, customers’ rights and
remedies, market and other information, and make suitability determinations approving the customers for these stock transactions based
on financial situation, investment experience and objectives. Broker-dealers must also disclose these restrictions in writing, provide
monthly account statements to customers, and obtain specific written consent of each customer. With these restrictions, the likely effect
of designation as a penny stock is to decrease the willingness of broker-dealers to make a market for the stock, to decrease the liquidity
of the stock and increase the transaction cost of sales and purchases of these stocks compared to other securities.
The high and low bid price for shares of our Common
Stock on January 5, 2024, was $1.18 and $1.175, respectively, based upon bids that represent prices quoted by broker-dealers
on the OTC Markets.
Approximate Number of Equity Security Holders
As of January 8, 2024, there were approximately
724 stockholders of record. Because shares of our Common Stock are held by depositaries, brokers and other nominees, the number
of beneficial holders of our shares is substantially larger than the number of stockholders of record.
Dividends
We have not declared or paid a cash dividend to our
stockholders since we were organized and does not intend to pay dividends in the foreseeable future. Our board of directors presently
intends to retain any earnings to finance our operations and does not expect to authorize cash dividends in the foreseeable future. Any
payment of cash dividends in the future will depend upon our earnings, capital requirements and other factors.
Section 15(g) of the Securities Exchange Act of 1934
Our shares are covered by section 15(g) of the Exchange
Act that imposes additional sales practice requirements on broker/dealers who sell such securities to persons other than established customers
and accredited investors (generally institutions with assets in excess of $5,000,000 or individuals with net worth in excess of $1,000,000
or annual income exceeding $200,000 or $300,000 jointly with their spouses). For transactions covered by the Rule, the broker/dealer must
make a special suitability determination for the purchase and have received the purchaser's written agreement to the transaction prior
to the sale. Consequently, the Rule may affect the ability of broker/dealers to sell our securities and also may affect your ability to
sell your shares in the secondary market.
Section 15(g) also imposes additional sales
practice requirements on broker/dealers who sell penny securities. These rules require a one-page summary of certain essential
items. The items include the risk of investing in penny stocks in both public offerings and secondary marketing; terms important to
in understanding of the function of the penny stock market, such as bid and offer quotes, a dealers spread and broker/dealer
compensation; the broker/dealer compensation, the broker/dealers’ duties to its customers, including the disclosures required
by any other penny stock disclosure rules; the customers’ rights and remedies in cases of fraud in penny stock transactions;
and, the FINRA’s toll free telephone number and the central number of the North American Securities Administrators
Association, for information on the disciplinary history of broker/dealers and their associated persons.
Penny Stock
Our stock is considered a penny stock. The SEC has
adopted rules that regulate broker-dealer practices in transactions in penny stocks. Penny stocks are generally equity securities with
a market price of less than $5.00, other than securities registered on certain national securities exchanges or quoted on the NASDAQ system,
provided that current price and volume information with respect to transactions in such securities is provided by the exchange or system.
The penny stock rules require a broker-dealer, prior to a transaction in a penny stock, to deliver a standardized risk disclosure document
prepared by the SEC, that: (a) contains a description of the nature and level of risk in the market for penny stocks in both public offerings
and secondary trading; (b) contains a description of the broker’s or dealer’s duties to the customer and of the rights and
remedies available to the customer with respect to a violation of such duties or other requirements of the securities laws; (c) contains
a brief, clear, narrative description of a dealer market, including bid and ask prices for penny stocks and the significance of the spread
between the bid and ask price; (d) contains a toll-free telephone number for inquiries on disciplinary actions; (e) defines significant
terms in the disclosure document or in the conduct of trading in penny stocks; and (f) contains such other information and is in such
form, including language, type size and format, as the SEC shall require by rule or regulation.
The broker-dealer also must provide, prior to effecting
any transaction in a penny stock, the customer with: (a) bid and offer quotations for the penny stock; (b) the compensation of the broker-dealer
and its salesperson in the transaction; (c) the number of shares to which such bid and ask prices apply, or other comparable information
relating to the depth and liquidity of the market for such stock; and (d) a monthly account statement showing the market value of each
penny stock held in the customer’s account. In addition, the penny stock rules require that prior to a transaction in a penny stock
not otherwise exempt from those rules, the broker-dealer must make a special written determination that the penny stock is a suitable
investment for the purchaser and receive the purchaser’s written acknowledgment of the receipt of a risk disclosure statement, a
written agreement as to transactions involving penny stocks, and a signed and dated copy of a written suitability statement.
These disclosure requirements may have the effect
of reducing the trading activity for our Common Stock. Therefore, stockholders may have difficulty selling our securities.
Rule 10B-18 Transactions
During the year ended October 31, 2023, there
were no repurchases of our common stock by the Company.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATION
This Management’s Discussion and Analysis
of Financial Condition and Results of Operations contain certain forward-looking statements. Historical results may not indicate future
performance. Our forward-looking statements reflect our current views about future events; are based on assumptions and are subject to
known and unknown risks and uncertainties that could cause actual results to differ materially from those contemplated by these statements.
Factors that may cause differences between actual results and those contemplated by forward-looking statements include, but are not limited
to, those discussed in the “Risk Factors” section. We undertake no obligation to publicly
update or revise any forward-looking statements, including any changes that might result from any facts, events, or circumstances after
the date hereof that may bear upon forward-looking statements. Furthermore, we cannot guarantee future results, events, levels of activity,
performance, or achievements.
Overview
HNO focuses on systems engineering design, integration,
and product development to generate green hydrogen-based clean energy solutions to help businesses and communities decarbonize in the
near term.
HNO stands for Hydrogen and Oxygen and our experienced
management team has over 13 years of expertise in the green hydrogen production industry.
We provide green hydrogen systems engineering design,
integration, and products to multiple markets, which include: (i) the zero-emission vehicle and mobile equipment market consisting of
hydrogen fuel cell electric passenger vehicles, material handling equipment such as forklifts and airport ground support equipment, as
well as the medium and heavy-duty truck market; (ii) the current and emerging hydrogen gas markets encompassing ammonia, fertilizer, steel,
mining, electronics, semiconductors, and fuel cell electric vehicles; (iii) and the gasoline and diesel engine emissions and maintenance
reduction product and services market.
On May 16, 2023, we began accepting subscription agreements
from investors as part of a $75 million offering under Regulation A. During the quarter ended July 31, 2023, we issued 1,968,032 shares
of common stock under our Regulation A offering.
Results of Operations
For the Three and Nine Months Ended July 31, 2023
Revenues. For the three months ended July 31,
2023, we generated no revenue compared to $17,225 for the three months ended July 31, 2022. During the nine months ended July 31, 2023,
we generated $13,000 in revenues compared to $34,450 for the nine months ended July 31, 2022. Revenue generated was from hydrogen engineering
services and combustion solutions.
Cost of Sales and Gross Profits.
During the three months ended July 31, 2023 we
generated no revenue compared to a gross profit of $17,225 for the three months ended July 31, 2022, with no cost of goods sold. For
the nine months ended July 31, 2023, our cost of goods sold was $5,884, resulting in a gross profit of $7,116 compared to the nine months
ended July 31, 2022, with no cost of goods sold, resulting in a gross profit of $34,450. Cost of goods sold were expenses made to contract
labor in association with revenue generation.
Operating Expenses. Operating expenses for
the three months ended July 31, 2023 were $976,028 compared to $827,401 for the same period in 2022, an increase of $148,627. During the
three months ended July 31, 2023 were $460,802 compared to $387,782 for the same period in 2022, an increase of $73,020. This is attributable
to the Company’s efforts to expand operations, which resulted in increased costs related to contract labor and general and administrative
expenses. As 2023 progressed, we experienced a significant increase in hiring contract labor to support our Research and Development program.
We also expanded our staff to support increased sales and marketing efforts.
General and Administrative, and Contract Labor
Expenses. General and administrative, and contract labor expenses were $264,488 for the three months ended July 31, 2023, as compared
to $202,385 during the same period in 2022. For the nine months ended July 31, 2023 general and administrative, and contract labor expenses
were $556,641 as compared to $336,787 during the same period in 2022. Operating expenses changed due to the Company’s efforts to
expand operations, resulting in increased costs related to contract labor and general and administrative expenses.
Net Loss. We
incurred a net loss of $459,806 for the three months ended July 31, 2023, compared to a net loss of $370,531 for the three months ended
July 31, 2022. For the nine months ended July 31, 2023 and July 31, 2022, we incurred a net loss of $962,028 and $792,883, respectively. Management
will continue to make an effort to lower operating expenses and increase revenue.
For the Years Ended October 31, 2022 and 2021
Revenues - For the year ended October 31, 2022,
revenue generated from hydrogen engineering services and combustion solutions was $34,450 compared to $0 for the year ended October 31,
2021. The corresponding increase in revenues of $34,450 is mainly attributable to our ability to secure contracts for hydrogen engineering
services and combustion solutions during the current year.
Cost
of Sales and Gross Profits - For the year ended October 31, 2022, our cost of goods sold were $27,692, resulting in a gross profit
of $6,758 compared to no revenues for the year ended October 31, 2021. Cost of goods sold were expenses made to contract labor in association
with revenue generation.
Operating Expenses - Operating expenses for
the year ended October 31, 2022, were $764,616 compared to $19,821 for the same period in 2021. This is attributable to our efforts to
expand operations, which resulted in increased costs related to contract labor and general and administrative expenses. In 2022, we experienced
a significant increase in hiring contract labor to support our Research and Development program. We also expanded our staff to support
increased sales and marketing efforts.
Net Loss - Net loss for the year ended October
31, 2022, was $1,592,309 compared to a net loss of $19,821 during the same period in 2021.
General, Administrative, and Operating Expenses
- General, Administrative, and Operating expenses were $764,616 for the year ended October 31, 2022, as compared to $19,821 during
the same period in 2021. For the year ended October 31, 2022, General and Administrative expenses were $31,027, compared to $19,821 during
the same period in 2021. Operating expenses changed due to the Company’s efforts to expand operations, resulting in increased costs
related to contract labor and general and administrative expenses.
Forward-Looking
Considerations
The Company
recognizes the possibility of future increases in labor or material costs. Factors such as evolving market conditions, potential inflation,
and global economic dynamics are considered. We are actively monitoring these aspects to anticipate and navigate any forthcoming rises
in labor or material expenses.
Cost-to-Revenue
- The Company is assessing alterations in the relationship between cost of sales and revenue. We are examining the factors influencing
these changes, including shifts in prices and fluctuations in the volume of services sold. Understanding the impact of these elements
is crucial for maintaining a balanced and effective cost-to-revenue structure.
Liquidity and Capital Resources
For the Nine Months Ended July 31, 2023 and 2022
We incurred
a net loss for the nine months ended July 31, 2023 and had an accumulated deficit of $41,130,638 at July 31, 2023. At July 31, 2023, we
had a cash balance of $1,226,696, compared to a cash balance of $51,109 at October 31, 2022. At July 31, 2023, working capital was $398,175,
compared to a working capital deficit of $527,224 at October 31, 2022. Our existing and available capital resources are not expected to
be sufficient to satisfy our funding requirements through one year from the date of this filing in the absence of share issuances or other
sources of financing.
We have not
been able to generate sufficient cash from operating activities to fund our ongoing operations. We have raised capital through sales
of common stock and debt securities.
The effect of
existing or probable government regulations on our business is not known at this time. Due to the nature of our business, it is anticipated
that there may be increasing government regulation that may cause us to have to take serious corrective actions or make changes to the
business plan.
There are no external sources of liquidity available
to us at this time. We will need to raise additional capital through equity financings or other means in order to continue operations
and meet its obligations. Failure to obtain additional funding could have a material adverse effect on our financial condition and the
results of operations.
For the Years Ended October 31, 2022 and 2021
Our cash balance of $51,109 as of October 31, 2022,
combined with the profits from its operations, is not sufficient to maintain operations. Therefore, we will need to raise additional funds
in the near future to support our operations and growth plans. Our cash balance on October 31, 2021, was $0 for a difference of $51,109.
Cash Flow
For the Nine Months Ended July 31, 2023
The following table summarizes our cash flows for
the periods indicated below:
| |
For the Nine Months Ended July 31, 2023 | |
For the Nine Months Ended July 31, 2022 |
Cash Used in Operating Activities | |
| (897,565 | ) | |
| (829,005 | ) |
Cash Provided by Financing Activities | |
| 2,499,032 | | |
| 1,072,827 | |
Cash Used in Investing Activities | |
| (425,880) | | |
| (10 | ) |
Cash Used in Operating Activities
During the nine months ended July 31, 2023 cash
used in operating activities of $897,565 primarily reflected our net losses for the period, adjusted by non-cash charges such as depreciation
and share based compensation, as well as changes in our working capital accounts, primarily consisting of an increase in accrued interest
payable and payroll taxes, and a decrease in security deposit and accounts payable.
Cash Provided by Financing Activities
During the nine months ended July 31, 2023, cash
provided by financing activities was $2,499,032, which consisted of proceeds from related party note payable of $250,000 and $2,264,032
in proceeds obtained through the Company’s active Regulation A offering sale of common stock.
During the nine months ended July 31, 20223, cash
provided by financing activities was $1,072,827, which consisted of proceeds from related party notes payable.
Cash Provided by Investing Activities
During the nine months ended July 31, 2023, cash
used in investing activities was $425,880. The Company purchased $396,630 in property and equipment and $29,250 in SAFE note.
For the Years Ended October 31, 2022 and 2021
For the year ended October 31, 2022, we added $51,109
to our cash on hand. For the year ended October 31, 2021, we added $0 to our cash on hand.
No investing activities were undertaken during the
years ended October 31, 2021 and October 31, 2022.
For the year ended October 31, 2022, we received $620,000
in financing. For the year ended October 31, 2021, we received $37,183 in financing.
Going Concern
Our financial statements have been prepared assuming
we will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course
of business. During the nine months ended July 31, 2023, we incurred a net loss of $962,028
and used cash in operating activities of $897,565. These factors, among others, raise substantial doubt about our ability to continue
as a going concern. These financial statements do not include any adjustments relating to the recoverability and classification of recorded
asset amounts or amounts and the classification of liabilities that might result from this uncertainty.
Off-Balance Sheet Arrangements
There are no off-balance sheet arrangements with any
party.
Critical Accounting Policies
Our discussion and analysis of results of operations
and financial condition are based upon our condensed financial statements, which have been prepared in accordance with accounting principles
generally accepted in the United States of America. The preparation of these condensed financial statements requires us to make estimates
and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets
and liabilities. We evaluate our estimates on an ongoing basis, including those related to provisions for uncollectible accounts receivable,
inventories, valuation of intangible assets and contingencies and litigation. We base our estimates on historical experience and on various
other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments
about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these
estimates under different assumptions or conditions.
BUSINESS
Organization
HNO International, Inc. was incorporated in the State
of Nevada on May 2, 2005 under the name “American Bonanza Resources Limited.” On March 19, 2009, we changed our name to “Clenergen
Corporation.” On August 4, 2009, we acquired Clenergen Corporation Limited (UK), a United Kingdom corporation (“Limited”),
and succeeded to the business of Limited. in April 2009, Limited acquired the assets of Rootchange Limited, a biofuel and biomass research
and development company. On July 8, 2020, we changed our name to Excoin Ltd. and on August 31, 2021, we changed our name to “HNO
International, Inc.” our current name.
Principal Business of the Company
HNO focuses on systems engineering design, integration,
and product development to generate green hydrogen-based clean energy solutions to help businesses and communities decarbonize in the
near term.
HNO stands for Hydrogen and Oxygen- and our experienced
management team has over 13 years of expertise in the green hydrogen production industry.
We provide green hydrogen systems engineering design,
integration, and products to multiple markets, which include: (i) the zero-emission vehicle and mobile equipment market consisting of
hydrogen fuel cell electric passenger vehicles, material handling equipment such as forklifts and airport ground support equipment, as
well as the medium and heavy-duty truck market; (ii) the current and emerging hydrogen gas markets encompassing ammonia, fertilizer, steel,
mining, electronics, semiconductors, and fuel cell electric vehicles; (iii) and the gasoline and diesel engine emissions and maintenance
reduction product and services market.
Our Business
We are at the forefront of developing innovative integrated
products that cater to various uses of green hydrogen, both current and future. These include:
|
· |
Hydrogen refueling and generation systems for Fuel Cell Electric vehicles, such as forklifts, drones, cars, and trucks, as well as for zero-emission heating and cooking applications. |
|
· |
Small to mid-scale green hydrogen production facilities with a capacity of 100kg/day to 5,000kg/day. These facilities can help decarbonize industrial processes and increase the use of hydrogen and hydrogen-based fuels for transportation and material handling. |
|
· |
Hydrogen technologies that decrease emissions and maintenance for existing gasoline and diesel internal combustion engines. This can aid companies in decarbonizing their operations in the short term. |
Our Products
We have three products that
we manufacture and sell:
| 1. | CHRS
(Compact Hydrogen Refueling Station): A cost-effective solution for rapidly deploying hydrogen
production in the 50 KG to 200 KG per day range. It has a dispensing system that can be adapted
for vehicles (trucks, buses, etc.), warehouse equipment (forklifts), or other fuel cell applications,
including power generation.
|
| 2. | HCC
(Hydrogen Carbon Cleaner): A device used to clean carbon deposits from internal combustion
engines.
|
| 3. | SGHP
(Scalable Green Hydrogen Production): This plant uses larger electrolyzers and compressors
to produce and store 500 - 5000 KG of hydrogen per day. Although it can be used for applications
serviced by the CHRS, it is particularly well-suited for "off-take" hydrogen customers. |
The need for hydrogen refueling stations is growing
as more fuel cell vehicles come on the road. Current solutions are expensive, require a long permitting and installation process, and
consistently face outages. Our Compact Hydrogen Refueling System (“CHRS”) seeks to solve these problems and address
market demand.
We are also involved with Scalable Green Hydrogen
Production (“SGHP”) where the volume of hydrogen that can be produced is from 100 Kilograms per day to over 2,000 (or
more) kilograms per day for use in commercial applications such as fuel for transportation, power generation, and industrial processes,
as well as in the production of chemicals and materials. We also develop energy systems that complement the zero-emissions infrastructure,
reduce harmful emissions such as black carbon and other greenhouse gasses, and cut maintenance costs of commercial diesel fleets. Our
designs and integrates components from leading industry partners in order to transition fossil fuels to cleaner burning alternatives which
promote lower emissions.
Currently, we are building
and setting up a manufacturing line for 1.25 MW electrolyzers to be able to produce one per day. We have also ordered the equipment necessary
and leased the land required (approximately $450,000) to build the first Hydrogen Farm located in Katy Texas and that is scheduled for
full operation producing hydrogen in April 2024, with expected revenues of $2,500,000 over next 12 months. We have also identified and
contracted a second location for hydrogen production in Lancaster, California. We are in the hydrogen infrastructure business. Over the
next 12 months we will identify another 10 - 15 locations to continue to build Hydrogen production locations, with expected expenditures
of approximately $20,000,000 over the next 12 months and expected revenues of $35,000,000 - $45,000,000 over the next 12 months.
We are scheduled to take
delivery of the first 10 Hydrogen Carbon Cleaners for sale to customers in mid-January 2024. After demonstrating the technology to prospective
customers, we will take orders and schedule deliver in 30 - 60 days after a customer order. These materials for these items have already
been paid for out of the current budget.
The CHRS unit has been
built and we are marketing it to customers for delivery to customers in the second quarter of 2024.
Revenues from the sales of units is not guaranteed
and, as stated in Note 3 to our unaudited financial statements, at July 31, 2023, we had a deficit of $41,130,638 and have not been
able to generate sufficient cash from operating activities to fund our ongoing operations and we will be required to raise additional
funds through public or private financing or other arrangements until we are able to raise revenues to a point of positive cash flow.
Hydrogen Refueling
The market for hydrogen refueling stations is currently
in a state of growth, as the use of hydrogen fuel cell electric vehicles (“FCEVs”) is becoming more popular. Governments,
private companies, and research institutions around the world are investing in the development of hydrogen refueling infrastructure to
support the growth of the FCEV market.
Currently, most hydrogen refueling stations are located
in California, Germany, Japan, and South Korea. These countries have actively invested in developing hydrogen infrastructure and, as a
result, have a larger number of stations available.
According to a report by MarketsandMarkets, the global
hydrogen refueling station market size was valued at USD 1.7 billion in 2020 and is projected to reach USD 7.5 billion by 2025, at a CAGR
of 34.5% during the forecast period.[1]
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[1]
https://www.marketsandmarkets.com/Market-Reports/green-hydrogen-market-92444177.html#:~:text=The%20global%20green%20hydrogen%20market,cagr%20during%20the%20forecast%20period.
However, the market for hydrogen refueling stations
is still relatively small compared to other alternative fuels, such as electric charging stations. The high cost of building and maintaining
hydrogen stations, lack of economies of scale, and lack of hydrogen production facilities, have hindered the market's growth.
Despite these challenges, the market for hydrogen
refueling stations is expected to grow in the future as the number of FCEVs on the road increases and more countries begin to invest in
the development of hydrogen infrastructure.
Fuel Cell EV Growth
The expected growth of FCEVs is projected to be significant
in the coming years. According to a report by MarketsandMarkets, the global fuel cell electric vehicle market size is projected to reach
1.63 million units by 2030, growing at a CAGR of 42.2% during the forecast period of 2025 to 2030.[2]
This growth is driven by several factors, including
increasing government support and funding for the development of hydrogen infrastructure, advancements in fuel cell technology, and increasing
consumer awareness and acceptance of FCEVs.
In addition, many countries have set ambitious targets
to reduce greenhouse gas emissions, and deploying FCEVs is seen as a key measure to achieving these goals.
However, it's worth noting that the expected growth
of FCEVs is highly dependent on the success of the hydrogen economy and the availability of hydrogen fueling stations. The growth of FCEVs
also depends on the cost of hydrogen and the competition with other technologies such as battery electric vehicles.
Overall, the growth of FCEVs is expected to be significant
in the coming years, but the growth rate may vary depending on the region and the success of the hydrogen economy.
Current Problems
There are several common problems associated with
current hydrogen refueling stations:
|
1. |
Cost: Building and maintaining hydrogen refueling stations can be expensive, and the high cost can be a barrier to the widespread deployment of the technology. |
|
2. |
Limited availability: Hydrogen fueling stations are currently much less common than gasoline or electric charging stations, which can make it difficult for FCEV owners to find a refueling location. |
|
3. |
Complexity: Hydrogen fueling stations are complex systems that require specialized knowledge and training to operate and maintain. |
|
4. |
Safety concerns: Hydrogen is a highly flammable gas, and there are concerns about the safety of storing and dispensing it at refueling stations. |
|
5. |
Hydrogen production: One of the major challenges with hydrogen refueling stations is their limited access to locally produced hydrogen, often relying on hydrogen created using processes that generate pollution, such as steam methane reforming, which undermines the environmental benefits of using hydrogen as a fuel source. |
|
6. |
Lack of standardization: There is currently no standardization in the design and operation of hydrogen fueling stations, which can make it difficult for different types of vehicles to refuel at different stations. |
|
7. |
Limited production capacity: The current capacity of hydrogen production is limited, which can make it difficult to supply enough hydrogen to meet the increasing demand for FCEVs. |
|
8. |
Lack of economies of scale: The small number of hydrogen stations and vehicles currently in operation makes it difficult to achieve economies of scale and reduce costs. |
Overall, current hydrogen refueling stations face
several challenges, but with ongoing research and development, these issues can be addressed and overcome in the future.
Our Unique Solution
Compact and Modular
Our CHRS delivers modular, compact green hydrogen
refueling stations and could have significant value in the growing hydrogen FCEV market. These types of stations are designed to be compact,
easy to install, and highly efficient, which can help to reduce the cost of building and maintaining the typical hydrogen refueling stations.
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[2]
https://www.marketsandmarkets.com/Market-Reports/green-hydrogen-market-92444177.html#:~:text=The%20global%20green%20hydrogen%20market,cagr%20during%20the%20forecast%20period.
One of the main advantages of CHRS is that they
can be quickly and easily deployed in various locations, such as urban areas, parking garages, residential locations, along highway
corridors, even at a consumer's home. They can be quickly located with a smartphone app, and once located, the hydrogen availability
can be determined and the hours of operation of the station. Because of the way the current infrastructure is set up, including the
lack of hydrogen production on-site, it is often impossible for a customer to know if they will even be able to get fuel or not
until they actually arrive at one of the extremely limited refueling locations. The CHRS system will increase the availability of
hydrogen fueling options for FCEV owners, making it easier for them to refuel their vehicles and for manufacturers to sell their
hydrogen vehicles because of the availability of hundreds of fueling stations.
Additionally, these types of stations can be powered
by renewable energy sources, such as solar or wind power, which can reduce their environmental impact and help to promote the use of green
hydrogen.
Another advantage of these stations is that they can
be easily expanded as the demand for hydrogen fuel increases. This can help to ensure that there is always enough hydrogen available to
meet the needs of FCEV owners.
Overall, a product that delivers modular, compact
green hydrogen refueling stations can be a disruptive factor and help to spur the growth of the FCEV market, by making it more convenient,
affordable, and environmentally friendly for FCEV owners to refuel their vehicles, and it can help to support the growth of the hydrogen
economy.
Scalable Green Hydrogen Production
Unlike traditional large-scale hydrogen production
plants, our plants are smaller, low-cost, and quicker to permit, install, and scale. One of the key benefits of our approach is the use
of low-cost, PGM-free electrolysis technology. This technology eliminates the need for expensive and rare platinum group metals, making
green hydrogen production more sustainable and cost-effective. This is particularly important in today's market, where the price of these
metals has been increasing, making traditional hydrogen production more expensive.
Another benefit of our approach is the ability to
scale green hydrogen production quickly. Our plants are designed to be quickly installed and operational, allowing them to respond quickly
to changes in market demand. This is important as the green hydrogen market is rapidly growing, and companies need a reliable source of
clean energy to meet this demand.
In addition, our approach is more environmentally
friendly than traditional hydrogen production methods. We use renewable energy sources such as wind and solar power to produce green hydrogen,
reducing the carbon footprint of hydrogen production. This is becoming increasingly important as more companies seek to adopt clean energy
solutions and reduce their environmental impact.
We also have a robust supply chain, sourcing high-quality
equipment from trusted suppliers. This ensures that our plants are reliable and efficient, reducing the risk of production disruptions
and increasing the overall value of our services to customers.
In the case of Scalable Green Hydrogen Production,
where the volume of hydrogen that can be produced is from 100 Kilograms per day to over 2,000 (or more) kilograms per day, we can service
current and emerging hydrogen gas markets, including ammonia, fertilizer, steel, mining, electronics, semiconductors, in addition to fuel
cell refueling stations.
Existing Engines
We are manufacturing custom hydrogen carbon cleaning
equipment for engine service providers in the engine cleaning industry. Hydrogen can is currently used for Internal Combustion Engine
(“ICE”) decarbonization and maintenance prevention market through manufacturing hydrogen carbon cleaning equipment
for engine service providers.
We, as a technology company, have been actively developing
and integrating hydrogen technologies that can effectively reduce diesel engine emissions and maintenance requirements. By using hydrogen,
our technology can significantly reduce harmful emissions such as particulate matter, nitrogen oxides, and carbon dioxide, while also
improving engine performance and extending engine life.
Corporate Growth Strategy
Our growth strategy focuses on expanding our product
offerings and target markets. This will be achieved through ongoing research and development to identify new opportunities, as well as
strategic partnerships and collaborations with key players in our target markets.
We will target our products to businesses and communities
that are looking to decarbonize. Our sales and marketing strategies will focus on building relationships with key players in our target
markets, such as current users of industrial hydrogen, the emerging hydrogen refueling market, hydrogen vehicle manufacturers, engine
service providers and diesel fleet operators.
Market Competition
The market is currently dominated by industrial gas
producers using Steam Methane Reforming (“SMR”) which use carbon based feedstock as the energy input for the hydrogen
production. The result of these methods results in gray and black (residual carbon footprint. hydrogen production.
Our Competition
Major competitors in the traditional hydrogen production
market are represented by the following companies:
Praxair |
Air Products and Chemicals |
Linde |
Air Liquide |
Messer Group |
BOC |
Air Gas |
Matheson Tri-gas |
Advanced Gas Technologies |
These and other current hydrogen producers will require
significant investment in infrastructure for carbon capture technologies to meet the emerging requirements for clean energy generation.
We are focused on the production of green hydrogen,
using renewable energy as the input power to produce green hydrogen with no carbon footprint. We are an innovator in this emergent marketplace.
While we are a market leader, there are a few early competitors in green hydrogen, such as Nel, Plug Power, ITM Power, and Nikola.
We, alternatively, either teams or competes with these
green hydrogen companies, depending on the specific market opportunity.
Our Competitive Strengths
Our competitive strengths include:
Focus on Low-Cost Technologies: Our focus on
integrating proven low-cost technologies sets us apart from competitors, as it allows us to offer our products at a more affordable price
point.
Comprehensive Portfolio of Products: We offer
a wide range of products including hydrogen cleaning equipment for engine service providers, hydrogen delivery systems for diesel engines,
and green hydrogen production systems for various markets. This comprehensive portfolio of products sets us apart from competitors that
focus on a limited range of products.
Strong Technical Expertise: We have a strong
team of technical experts with extensive knowledge and experience in the hydrogen technology and engineering industries. This expertise
gives us a competitive advantage in developing and offering high-quality products that meet customer demands.
Strong Partnerships: We have established partnerships
with key players in the hydrogen technology and engineering industries, which enhances our ability to secure new customers and expand
our reach in the market.
Innovative Solutions: Our focus on innovation
and continuous improvement sets us apart from our competitors, as we are constantly developing new and improved products and solutions
to meet the changing needs of our customers.
Commitment to Sustainability: We are committed
to promoting sustainability and reducing carbon emissions, which aligns with the growing demand for green hydrogen products and services.
Current Market
There is growing demand for decarbonization solutions,
and green hydrogen has emerged as a key technology for meeting the world's emissions reduction goals. Our target markets have different
needs and challenges, but all can benefit from the benefits that green hydrogen can offer.
According to a report by MarketsandMarkets, the global
growth for hydrogen consumption is projected to grow from $11.6B in 2022 to $90B in 2030, growing by a 55% CAGR. We are focused on developing
and deploying small to medium green hydrogen production, storage and dispensing systems to satisfy the projected growth of the green hydrogen
market.[3]
Properties
We operate out of an approximately 5,000 square foot
facility in Murrieta, California and we are establishing a location in Houston, Texas for our Scalable Green Hydrogen Production farms.
___________________________
[3]
https://www.marketsandmarkets.com/Market-Reports/green-hydrogen-market-92444177.html#:~:text=The%20global%20green%20hydrogen%20market,cagr%20during%20the%20forecast%20perio.
Employees
As of January 8, 2024, we had two full-time employee
and no part-time employees.
Environmental
Our operations do not pose an environmental risk,
and we have no past environmental violations. We also do not require special environmental permits to conduct our business activities.
We follow standard policies and procedures for environmental
compliance and risk management. We prioritize environmental sustainability and we continuously strive to improve our environmental performance.
We recognize that emerging climate change and other
environmental issues present potential risks to any business. However, these risks only underscore the need for our products and services.
As we continue to grow and expand our business, we will remain vigilant in identifying and addressing potential environmental risks. We
want to highlight that our supply chains are diverse and well-shielded, reducing the potential environmental risks associated with our
business operations. We work closely with our suppliers to ensure their environmental practices align with our standards. We continuously
monitor and evaluate our supply chains to identify potential environmental risks.
We will follow standard procedures for any environmental
insurance coverage or other risk management strategies that we have in place. We are committed to protecting the environment and ensuring
our business operations are conducted environmentally.
Intellectual Property
We hold exclusive
rights to several patents, which are listed in the table below. These patents represent the innovative intellectual property and data
that are unique to us and are used in our product designs. We believe they provide a significant competitive advantage for us in the markets
we serve. The table includes the country, application number, patent number, and title of each patent, as well as its status.
COUNTRY |
APPLN NO |
Patent Number |
TITLE |
STATUS |
US |
13/844,267 |
8,757,107 |
HYDROGEN SUPPLEMENTAL SYSTEM FOR ON-DEMAND HYDROGEN GENERATION FOR INTERNAL COMBUSTION ENGINES |
Issued |
US |
13/922,351 |
9,453,457 |
HYDROGEN SUPPLEMENTAL SYSTEM FOR ON-DEMAND HYDROGEN GENERATION FOR INTERNAL COMBUSTION ENGINES |
Issued |
US |
14/016,388 |
9,476,357 |
METHOD AND APPARATUS FOR INCREASING COMBUSTION EFFICIENCY AND REDUCING PARTICULATE MATTER EMISSIONS IN JET ENGINES |
Issued |
US |
14/326,801 |
9,267,468 |
HYDROGEN SUPPLEMENTAL SYSTEM FOR ON-DEMAND HYDROGEN GENERATION FOR INTERNAL COMBUSTION ENGINES |
Issued |
US |
17/047,041 |
10,920,717 |
HYDROGEN PRODUCING SYSTEM AND DEVICE FOR IMPROVING FUEL EFFICIENCY AND REDUCING EMISSIONS OF INTERNAL COMBUSTION AND/OR DIESEL ENGINES |
Issued |
AUSTRALIA |
2019405749 |
2019405749 |
HYDROGEN PRODUCING SYSTEM AND DEVICE FOR IMPROVING FUEL EFFICIENCY AND REDUCING EMISSIONS OF INTERNAL COMBUSTION AND/OR DIESEL ENGINES |
Issued |
CHINA |
201980092511.1 |
|
HYDROGEN PRODUCING SYSTEM AND DEVICE FOR IMPROVING FUEL EFFICIENCY |
Pending |
EUROPE |
19900413.6. |
|
HYDROGEN PRODUCING SYSTEM AND DEVICE FOR IMPROVING FUEL EFFICIENCY |
Pending |
JAPAN |
2021-535288 |
|
HYDROGEN PRODUCING SYSTEM AND DEVICE FOR IMPROVING FUEL EFFICIENCY |
Pending |
Legal Proceedings
From time to time, we may become involved in litigation
relating to claims arising out of our operations in the normal course of business. We are not currently involved in any pending legal
proceeding or litigation and, to the best of our knowledge, no governmental authority is contemplating any proceeding to which we are
a party or to which any of our properties is subject, which would reasonably be likely to have a material adverse effect on our business,
financial condition and operating results.
DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL
PERSONS
Executive Officers and Directors
The following table sets forth the name, age, and position of each executive
officer and director of the Company:
Name |
Age |
Position |
Term in Office |
Paul Mueller |
67 |
President, Chief Executive Officer and Secretary |
August 22, 2022 to present |
Hossein Haririnia |
71 |
Treasurer and Director |
Treasurer from August 22, 2022 to present
Director from December 22, 2022 to present |
Donald Owens |
71 |
Chairman of the Board of Directors |
April 30, 2021 to present |
William Parker |
59 |
Director |
December 22, 2022 to present |
Paul Mueller – CEO, President and Secretary
Paul Mueller brings over 30 years of experience in the Aviation, Aerospace, and Defense industries,
holding CEO and P&L leadership positions since 2007. Paul has served as President and CEO for HNO International since August, 2022.
Prior to joining HNOI, Paul established and ran Excel Business Coaching and Consulting, Inc from June, 2019 through August 2022. Paul
was as CEO of AirTech, Inc. (June through October 2018), a $95M revenue business operating special mission surveillance aircraft in support
of government missions. Prior to AirTech, Paul served as the Vice President of Government Solutions at Bristow Group (from June 2015
to August 2017), where he created and implemented a new business diversification strategy, generating a $1.5B revenue pipeline.
Earlier in his career, Paul served as the Vice President for a $1.2B revenue division of Raytheon
(from July 2011 to August 2013). He served as Vice President and General Manager of a Division of ITT Electronic Systems (from June 2007
to July 2011). He grew the business from a $65M revenue company – which was operating at a loss – to $750M revenue with 30%
operating margin in just 36 months. Paul started his career as a U.S. Marine Corps Infantry Officer where he learned his team building
and leadership skills, a cornerstone of his success.
Hossein Haririnia - MBA, CPA, CGFM – Treasurer
and Director
Hossein Haririnia has overseen the financial
functions of HNO International, Inc. since October 2021. On August 22, 2022 he was appointed Treasurer and on December 22, 2022 he
was appointed as a member of the board of directors. In his current capacity he provides technical assistance to the President on
corporate-level decision-making. Prior to joining HNO International, Inc., from 1985 to October 2021 he was the sole
owner of Hossein Haririnia, CPA, LLC and acting as a consultant and Chief Financial Officer, he managed financials for
for-profit and nonprofit organizations. He also assisted in budget and cost proposal presentations for companies in countries,
including Iran, Turkey, Dubai, Azerbaijan, and China.
Mr. Haririnia has managed multi-million dollar budget
preparations for government entities such as NASA, the US Department of Labor (DOL), and the US Department of Transportation(DOT). He
has supervised a team of accounting staff and has served as an auditor and fraud examiner.
Donald Owens – Chairman of the Board of
Directors
Donald Owens founded HNO Green Fuels, Inc. on June 5, 2011, and has been serving as its Chairman
and President from June 2011 to the present. As Chairman and President of HNO Green Fuels, Inc. Mr. Owens creating a customized
hydrogen solution for reducing emissions in internal combustion engines and secured 19 US patents and 3 International Patents for
this technology. HNO Green Fuels, Inc. is an affiliate of HNO International, Inc. Mr. Owens, appointed Chairman of the Board of
Directors of HNO International, Inc. on April 30, 2021, continues to actively serve in this capacity.
Previously, in the late 1990s, Mr. Owens’ was Chairman and CEO of Business Internet Systems.
In July 1998, he launched a first-of-a-kind online platform that serviced the major business card printing needs of the US Congress,
Branches of The Executive Office, and The Department of State. He was also actively involved in early web and networked database optimization
for massive clients such as the US Census Bureau. He began his career in 1985 as a patent attorney for Western Electric and Bell Labs
after attaining his law degree from Georgetown University. He received an engineering degree at General Motors Institute (now Kettering
University).
William Parker – Director
William Parker has spent 28 years in the ATM
industry with vast ATM technology knowledge and IT/Communications experience it totals over 39 years combined. After attending The University
of the District of Columbia on an athletic scholarship majoring in Electronic/ Computer Engineering, he continued his education at an
Electronic Technology Certified School developed by George Washington University (TEC – Technical Education Center). As the Principal
and Co-Founder of Alliant ATM Services (May 2, 2002 to present), Mr. Parker oversees the business operations of the company and
is responsible for the ATM Service & Maintenance division, business development and project installation scheduling and coordination.
Alliant ATM Services, is a certified minority-owned Corporation located in Annapolis, MD that specialize in the placement, installation,
service and sell of cash dispensing Automated Teller Machines (ATMs) as well as Merchant Credit Card Services in the Washington DC Metropolitan
Area. Alliant ATM Services is built on a solid foundation of vision, integrity, and honesty and is an Independent Sales Organization
(ISO/ESO) and recently has become partnering agents with Alliant Merchant Services. William brings his tireless drive and work ethic
to the business creating both opportunity and vision.
Term of Office
Directors serve until the next annual meeting and
until their successors are elected and qualified. Officers are appointed to serve for one year until the meeting of the Board following
the annual meeting of shareholders and until their successors have been elected and qualified.
Legal Proceedings
During the past ten years there have been no events
under any bankruptcy act, no criminal proceedings and no judgments, injunctions, orders or decrees material to the evaluation of the ability
and integrity of any of our directors or executive officers, and none of these persons has been involved in any judicial or administrative
proceedings resulting from involvement in mail or wire fraud or fraud in connection with any business entity, any judicial or administrative
proceedings based on violations of federal or state securities, commodities, banking or insurance laws or regulations, or any disciplinary
sanctions or orders imposed by a stock, commodities or derivatives exchange or other self-regulatory organization.
Family Relationships
There are no family relationships between any of our
directors and executive officers.
Board Leadership Structure and Risk Oversight
The Board oversees our business and considers the
risks associated with our business strategy and decisions. The Board currently implements its risk oversight function as a whole. Each
of the Board committees, when established, will also provide risk oversight in respect of its areas of concentration and reports material
risks to the board for further consideration.
Committees
Our board of directors has not yet established any
committees.
Code of Business Conduct and Ethics
Our Board plans to adopt a written code of business
conduct and ethics (the “Code”) that applies to our directors, officers and employees, including our principal executive
officer, principal financial officer and principal accounting officer or controller, or persons performing similar functions. We intend
to post on our website a current copy of the Code and all disclosures that are required by law in regard to any amendments to, or waivers
from, any provision of the Code.
EXECUTIVE COMPENSATION
The table below summarizes all compensation paid
to our named executive officers for the years ending October 31, 2023 and October 31, 2022.
Name |
|
|
Fees Earned or Paid in Cash
($) |
|
|
|
Stock Awards
($) |
|
|
|
Total
($) |
Paul Mueller,
President, CEO and Secretary(1)
Year Ended October 31, 2023 |
|
|
125,000 |
|
|
|
250 |
|
|
|
125,250 |
Year
Ended October 31, 2022 |
|
|
40,000 |
|
|
|
- |
|
|
|
40,000 |
Hossein Haririnia,
Treasurer and Director(1)(4)
Year Ended October 31, 2023 |
|
|
170,500 |
|
|
|
250 |
|
|
|
170,750 |
Year
Ended October 31, 2022 |
|
|
114,000 |
|
|
|
- |
|
|
|
114,000 |
Donald Owens
Chairman of the Board of Directors (2)(3)
Year
Ended October 31, 2023 |
|
|
- |
|
|
|
- |
|
|
|
- |
Year
Ended October 31, 2022 |
|
|
- |
|
|
|
- |
|
|
|
- |
|
(1) |
On August 22, 2022, we accepted the resignations from Wilhelm Cashen as the Company’s President, Chief Executive Officer, Chief Financial Officer, Treasurer, Secretary and member of the Board of Directors. Effective on the same date to fill the vacancies created by Mr. Cashen’s resignations, we appointed Paul Mueller as our President, Chief Executive Officer and Secretary. Also, on this date, Hossein Haririnia was appointed Treasurer. |
|
(2) |
On December 1, 2021, we accepted the resignation from Donald Owens as our President, Chief Executive Officer, Chief Financial Officer, Treasurer and Secretary. |
|
(3) |
On April 30, 2021, we accepted the resignation from Douglas Anderson as our President, Chief Executive Officer, Chief Financial Officer, Treasurer, Secretary and Chairman of the Board of Directors. Effective on the same date to fill the vacancies created by Mr. Anderson’s resignations, we appointed Donald Owens as our President, Chief Executive Officer, Chief Financial Officer, Treasurer, Secretary and Chairman of the Board of Directors. |
|
(4) |
On December 22, 2022, the Board of Directors appointed
Hossein Haririnia to the Board of Directors effective as of December 22, 2022. |
Director Compensation
The table below summarizes all compensation paid
to our directors who are not also named executive officers for the year ended October 31, 2023.
Name |
|
|
Fees Earned or Paid in Cash
($) |
|
|
|
Stock Awards
($) |
|
|
|
Total
($) |
William Parker
Director
Year Ended October 31, 2023 |
|
|
- |
|
|
|
100 |
|
|
|
100 |
Equity Awards
As of October 31, 2023, there were no outstanding equity awards.
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS
AND MANAGEMENT
Principal Shareholders
The table below sets forth information as to our
directors, named executive officers, and executive officers and each person owning of record or was known by the Company to own beneficially
shares of stock greater than 5% of the 429,433,085 (419,433,085 common plus
10,000,000 preferred) shares as of January 8, 2024. The table includes preferred stock that is convertible into common stock and
information as to the ownership of our stock by each of its directors, named executive officers, and executive officers and by the directors
and executive officers as a group. There were no stock options outstanding as of January 8, 2024. Except as otherwise indicated,
all shares are owned directly, and the persons named in the table have sole voting and investment power with respect to shares shown
as beneficially owned by them.
Name and Address (1) |
Number of Shares Beneficially Owned |
Class |
Percentage of Class (2) |
Officers and Directors |
|
|
|
Paul Mueller
CEO, President and Secretary |
250,000
-0- |
Common Stock
Series A Preferred Stock |
*
-- |
Hossein Haririnia
Treasurer and Director |
10,250,000
-0- |
Common Stock
Series A Preferred Stock |
2.44%
-- |
Donald Owens
(Chairman of the Board of Directors) |
275,000,000
10,000,000 |
Common Stock
Series A Preferred Stock |
65.56%
100% |
William Parker
Director |
5,100,000
-0- |
Common Stock
Series A Preferred Stock |
1.21%
-- |
All
Named Executive Officers, Executive Officer and Directors as a Group (4 persons) |
290,600,000
10,000,000 |
Common Stock
Series A Preferred Stock |
69.28%
100% |
5% Principal Stockholders |
|
|
|
HNO Green Fuels, Inc. (3) |
115,000,000 |
Common Stock |
27.42% |
* Less than 1%
|
(1) |
Unless otherwise noted, the address of the reporting person is c/o HNO International, Inc., 41558 Eastman Drive, Suite B, Murrieta, CA 92562. |
|
(2) |
Under Rule 13d-3 of the Exchange Act, a beneficial owner of a security includes any person who, directly or indirectly, through any contract, arrangement, understanding, relationship, or otherwise has or shares: (i) voting power, which includes the power to vote, or to direct the voting of shares; and (ii) investment power, which includes the power to dispose or direct the disposition of shares. Certain shares may be deemed to be beneficially owned by more than one person (if, for example, persons share the power to vote or the power to dispose of the shares). In addition, shares are deemed to be beneficially owned by a person if the person has the right to acquire the shares (for example, upon exercise of an option) within 60 days of the date as of which the information is provided. In computing the percentage ownership of any person, the amount of shares outstanding is deemed to include the number of shares beneficially owned by such person (and only such person) by reason of these acquisition rights. As a result, the percentage of outstanding shares of any person as shown in the above table does not necessarily reflect the person’s actual ownership or voting power with respect to the number of shares of common stock actually outstanding on the date of this prospectus. |
|
(3) |
Address: 42309 Winchester Road, Temecula, CA 92590. Donald Owens has voting and dispositive control over HNO Green Fuels, Inc. |
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS,
AND DIRECTOR INDEPENDENCE
Certain Relationships and Related Transactions
Except as disclosed below, for transactions with our
executive officers and directors, please see the disclosure under “EXECUTIVE COMPENSATION”
above.
Notes Payable, Related Party
On November 19, 2021, we issued a note payable
in the amount of $20,000 to HNO Green Fuels, of which Donald Owens is Chief Executive Officer. This note bears an interest rate of
2% per annum and had a maturity date of December 19, 2022. On December 26, 2022, the
Company’s Board of Directors approved the conversion of this note into its common stock, resulting in the approval to
issue 20,000,000 shares of its common stock for settlement of the $20,000 note payable dated November 19, 2021 to HNO Green
Fuels. The note matured on December 19, 2022 and was settled in full on December 26, 2022 with the issuance of these shares.
The shares are ‘restricted securities’ under Rule 144 and the issuance of the shares was made in reliance upon the
exemption provided in Section 4(a)(2) of the Securities Act of 1933, as amended.
On December 1, 2021, we issued a note payable in the
amount of $500,000 to HNO Green Fuels, of which Donald Owens is Chief Executive Officer. This note bears an interest rate of 2% per annum
and had a maturity date of January 1, 2023.
On May 31, 2022, we issued a note payable in the amount
of $590,000 to HNO Green Fuels, of which Donald Owens is Chief Executive Officer. This note bears an interest rate of 2% per annum and
has a maturity date of May 31, 2030.
On September 29, 2022, we issued a note payable in
the amount of $50,000 to HNO Green Fuels, of which Donald Owens is Chief Executive Officer. This note bears an interest rate of 2% per
annum and has a maturity date of September 29, 2023.
On October 20, 2022, we issued a note payable in the
amount of $50,000 to HNO Green Fuels, of which Donald Owens is Chief Executive Officer. This note bears an interest rate of 2% per annum
and has a maturity date of October 20, 2023.
On March 1, 2023, the Company issued a
note payable in the amount of $50,000 to HNO Green Fuels, of which Donald Owens is Chief Executive Officer. This note bears an interest
rate of 2% per annum and has a maturity date of March 1, 2024.
On March 8, 2023, the Company issued a
note payable in the amount of $50,000 to HNO Green Fuels, of which Donald Owens is Chief Executive Officer. This note bears an interest
rate of 2% per annum and has a maturity date of March 8, 2024.
On March 23, 2023, the Company issued a note payable
in the amount of $50,000 to HNO Green Fuels, of which Donald Owens is Chief Executive Officer. This note bears an interest rate of 2%
per annum and has a maturity date of March 23, 2024.
On April 3, 2023, the Company issued a
note payable in the amount of $50,000 to HNO Green Fuels, of which Donald Owens is Chief Executive Officer. This note bears an interest
rate of 2% per annum and has a maturity date of April 3, 2024.
On April 13, 2023, the Company issued
a note payable in the amount of $20,000 to HNO Green Fuels, of which Donald Owens is Chief Executive Officer. This note bears an interest
rate of 2% per annum and has a maturity date of April 13, 2024.
On April 17, 2023, the Company issued
a note payable in the amount of $30,000 to HNO Green Fuels, of which Donald Owens is Chief Executive Officer. This note bears an interest
rate of 2% per annum and has a maturity date of April 17, 2024.
Each of the notes issued to HNO Green Fuels includes
cross-default provisions which triggers an event of default in each note if one note goes into default. If an event of default occurs
under any of the notes, all obligations owed to HNO Green Fuels under the notes will become immediately payable.
Director Independence
We use the definition of “independence”
of The NASDAQ Stock Market to make this determination. NASDAQ Listing Rule 5605(a)(2) provides that an “independent director”
is a person other than an officer or employee of the company or any other individual having a relationship which, in the opinion of the
Company’s Board, would interfere with the exercise of independent judgment in carrying out the responsibilities of a director. The
NASDAQ listing rules provide that a director cannot be considered independent if:
| · | the director is, or at any time during the past three years was, an employee
of the Company; |
| · | the director or a family member of the director accepted any compensation
from the company in excess of $120,000 during any period of 12 consecutive months within the three years preceding the independence determination
(subject to certain exemptions, including, among other things, compensation for board or board committee service); |
| · | the director or a family member of the director is a partner in, controlling
shareholder of, or an executive officer of an entity to which the Company made, or from which the company received, payments in the current
or any of the past three fiscal years that exceed 5% of the recipient’s consolidated gross revenue for that year or $200,000, whichever
is greater (subject to certain exemptions; |
| · | the director or a family member of the director is employed as an executive
officer of an entity where, at any time during the past three years, any of the executive officers of the company served on the compensation
committee of such other entity; or |
| · | the director or a family member of the director is a current partner of
the Company’s outside auditor, or at any time during the past three years was a partner or employee of the Company’s outside
auditor, and who worked on the company’s audit. |
Under such definitions, we have no independent directors.
However, our Common Stock is not currently quoted or listed on any national exchange or interdealer quotation system with a requirement
that a majority of our Board be independent and, therefore, we are not subject to any director independence requirements.
DESCRIPTION OF SECURITIES
The following is a summary of the rights of our
capital stock as provided in our certificate of incorporation, bylaws and certificate of designation. For more detailed information, please
see our certificate of incorporation, bylaws and certificate of designation which have been filed as exhibits to the Offering Statement
of which this prospectus is a part.
General
We are authorized to issue two classes of stock. The
total number of shares of stock which we are authorized to issue is 1,000,000,000 shares of capital stock, consisting of 985,000,000 shares
of Common Stock, $0.001 par value and 15,000,000 shares of Preferred Stock, $0.001 par value (the “Preferred Stock”)
authorized. There are currently 10,000,000 Series A Preferred Stock outstanding.
Common Stock
We are authorized to issue
985,000,000 shares of common stock, par value $0.001.
As of January 8, 2024, we had 419,433,085
shares of common stock issued and outstanding.
The following summary description
of our common stock is based on the provisions of our articles of incorporation as amended (the “Articles of Incorporation”),
as well as our bylaws (the “Bylaws”), and the applicable provisions of the Nevada Revised Statutes (“NRS”).
This information is qualified entirely by reference to the applicable provisions of our Articles of Incorporation, Bylaws and the NRS.
Voting Rights
Holders of our common stock
are entitled to one vote per share in the election of directors and on all other matters on which shareholders are entitled or permitted
to vote. Holders of our common stock are not entitled to cumulative voting rights.
Dividend Rights
Subject to the terms of any
then outstanding series of preferred stock, the holders of our common stock are entitled to dividends in the amounts and at times as may
be declared by our board of directors out of funds legally available therefor.
Liquidation Rights
Upon liquidation or dissolution,
holders of our common stock are entitled to share ratably in all net assets available, if any, for distribution to shareholders after
we have paid, or provided for payment of, all of our debts and liabilities, and after payment of any liquidation preferences to holders
of any then outstanding shares of preferred stock.
Other Matters
Holders of our common stock
have no redemption, conversion or preemptive rights. There are no sinking fund provisions applicable to our common stock. The rights,
preferences and privileges of the holders of our common stock are subject to the rights of the holders of shares of any series of outstanding
preferred stock and preferred stock that we may issue in the future.
There are no liquidation
rights, preemptive rights, conversion rights, redemption provisions, sinking fund provisions, impacts on classification of the Board of
Directors where cumulative voting is permitted or required related to the Common Stock, provisions discriminating against any existing
or prospective holder of the Common Stock as a result of such shareholder owning a substantial amount of securities, or rights of shareholders
that may be modified otherwise than by a vote of a majority or more of the shares outstanding, voting as a class defined in any corporate
document as of the date of filing. The Common Stock will not be subject to further calls or assessment by the Company. There are no restrictions
on alienability of the Common Stock in the corporate documents other than those disclosed in this Prospectus.
Excepting matters arising
under federal securities laws, any disputes between us and shareholders shall be governed in reliance on the laws of the State of Nevada.
Changes in Authorized Number
The number of authorized shares of Common Stock may
be increased or decreased subject to our legal commitments at any time and from time to time to issue them, by the affirmative vote of
the holders of a majority of the stock of the Company entitled to vote.
Transfer Agent
Our transfer agent is Pacific
Stock Transfer. The address for our transfer agent is 6725 Via Austi Parkway, Suite 300, Las Vegas, NV 89119 and its phone number is 702-361-3033.
Our transfer agent is registered with the Securities and Exchange Commission.
Preferred Stock
We are authorized to issue
15,000,000 shares of preferred stock, par value $0.001.
Series A Preferred Stock
On October 14, 2019, our
Board of Directors designated a series of preferred stock titled “Series A Preferred Stock” consisting of 10,000,000 shares.
On November 10, 2021, we filed an amendment to the
Certificate of Designation for the Series A Preferred Stock filed on October 14, 2019. The amendment designated the same authorization
consisting of 10,000,000 shares with par value of $0.001. There is currently no market for the shares of Series A Preferred Stock and
they cannot be converted into shares of common stock of the Company. The shares have voting rights of 55 common shares for every one share
of Series A Preferred Stock. The shares of Series A Preferred Stock do not contain any rights to dividends, have no liquidation preference,
and have no redemption or sinking fund provisions.
On January 8, 2024,
there were 10,000,000 shares of Series A Preferred Stock outstanding, all owned by Donald Owens.
Penny Stock Regulation
The SEC has adopted regulations which generally
define “penny stock” to be any equity security that has a market price of less than $5.00 per share or an exercise price
of less than $5.00 per share. Such securities are subject to rules that impose additional sales practice requirements on
broker-dealers who sell them. For transactions covered by these rules, the broker-dealer must make a special suitability
determination for the purchaser of such securities and have received the purchaser’s written consent to the transaction prior
to the purchase. Additionally, for any transaction involving a penny stock, unless exempt, the rules require the delivery, prior to
the transaction, of a disclosure schedule prepared by the SEC relating to the penny stock market. The broker-dealer also must
disclose the commissions payable to both the broker-dealer and the registered representative, current quotations for the securities
and, if the broker-dealer is the sole market-maker, the broker-dealer must disclose this fact and the broker-dealer’s presumed
control over the market. Finally, among other requirements, monthly statements must be sent disclosing recent price information for
the penny stock held in the account and information on the limited market in penny stocks. Our Common Stock may be subject to such
penny stock rules and our shareholders will, in all likelihood, find it more difficult to sell their shares of Common Stock the
secondary market.
Dividend Policy
We will not distribute cash to our Common Stock shareholders
until we generate net income. We currently intend to retain future earnings, if any, to finance the expansion of our business and for
general corporate purposes. We cannot assure you that we will distribute any cash in the future. Our cash distribution policy is within
the discretion of our Board of Directors and will depend upon various factors, including our results of operations, financial condition,
capital requirements and investment opportunities.
Charter and Bylaws
Our Articles of Incorporation and Bylaws contain provisions
that could have the effect of delaying or preventing changes in control or changes in our management without the consent of our board
of directors, including, among other things:
|
· |
the ability of our board of directors to issue shares of preferred stock and to determine the price and other terms of those shares, including preferences and voting rights, without stockholder approval, which could be used to significantly dilute the ownership of a hostile acquirer; |
|
|
|
|
· |
the exclusive right of our board of directors to elect a director to fill a vacancy created by the expansion of our board of directors or the resignation, death or removal of a director, which prevents stockholders from being able to fill vacancies on our board of directors; and |
|
|
|
|
· |
the ability of our board of directors, by majority vote, to amend our bylaws, which may allow our board of directors to take additional actions to prevent a hostile acquisition and inhibit the ability of an acquirer to amend our bylaws to facilitate a hostile acquisition. |
Authorized but Unissued Shares
Our authorized but unissued shares of Common Stock
and Preferred Stock will be available for future issuance without stockholder approval, except as may be required under the listing rules
of any stock exchange on which our Common Stock is then listed. We may use additional shares for a variety of corporate purposes, including
future public offerings to raise additional capital, corporate acquisitions and employee benefit plans. The existence of authorized but
unissued shares of Common Stock and Preferred Stock could render more difficult or discourage an attempt to obtain control of us by means
of a proxy contest, tender offer, merger or otherwise.
Limitations on Liability and Indemnification
of Officers and Directors
Under our Articles of Incorporation and Bylaws, to
the fullest extent allowable under the NRS, our directors have no personal liability to us or our stockholders for monetary damages for
breach of fiduciary duty as a director.
Certain Actions Under Our Bylaws
Article IX of Our Amended
and Restated Bylaws identifies the Eighth Judicial District Court of Clark County, Nevada as the exclusive forum for certain litigation,
including any "derivative action." The specific provision is as follows (emphasis added):
Section 9.2
Forum for Adjudication of Disputes. To the fullest extent permitted by law, and unless the Corporation consents in writing to the selection
of an alternative forum, the Eighth Judicial District Court of Clark County, Nevada, shall, to the fullest extent permitted by law, be
the sole and exclusive forum for each of the following: (a) any derivative action or proceeding brought in the name or right of the Corporation
or on its behalf, (b) any action asserting a claim for breach of any fiduciary duty owed by any director, officer, employee or agent
of the Corporation to the Corporation or the Corporation’s stockholders, (c) any action arising or asserting a claim arising pursuant
to any provision of NRS Chapters 78 or 92A or any provision of the Articles of Incorporation or these By-laws or (d) any action asserting
a claim governed by the internal affairs doctrine, including, without limitation, any action to interpret, apply, enforce or determine
the validity of the Articles of Incorporation or these By-laws. Any person or entity purchasing or otherwise acquiring any interest in
shares of capital stock of the corporation shall be deemed to have notice of and consented to the provisions of this Section 9.2. Actions
arising under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, shall not be governed by this
provision.
This provision does not
apply to actions arising under the Securities Act or Exchange Act.
PLAN OF DISTRIBUTION
The common stock offered by this prospectus is being
offering by the Selling Security Holder. The common stock may be sold or distributed from time to time by the Selling Share Holder directly
to one or more purchasers or through brokers, dealers, or underwriters who may act solely as agents at market price prevailing at the
time of sale, at prices related to the prevailing market prices, at negotiated prices , or at fixed prices, which may be changed . The
Selling Security Holder may use any one or more of the following methods when selling securities:
|
· |
ordinary brokers’ transactions; |
|
· |
transactions involving cross or block trades; |
|
· |
through brokers, dealers, or underwriters may act solely as agents; |
|
· |
“at the market” into an existing market for the common stock; |
|
· |
in other ways not involving market makers or established business markets, including direct sales to purchasers or sales effected through agents; |
|
· |
in privately negotiated transactions; or |
|
· |
any combination of the foregoing. |
In order to comply with the securities laws of certain
states, if applicable, the shares may be sold only through registered or licensed brokers or dealers. In addition, in certain states,
the shares may not be sold unless they have been registered or qualified for sale in the state or an exemption from the state’s
registration or qualification requirement is available and complied with.
For purposes of shares to be issued under the EFA,
the Selling Security Holder is an “underwriter” within the meaning of Section 2(a)(11) of the Securities Act.
GHS has informed us that it intends to use an unaffiliated
broker-dealer to effectuate all sales, if any, of the common stock that it may purchase from us pursuant to the EFA or exercise pursuant
to the warrants or convert pursuant to the shares of Series D Preferred Stock. Such sales will be made at prices and at terms then prevailing
or at prices related to the then current market price. Each such unaffiliated broker-dealer will be an underwriter within the meaning
of Section 2(a)(11) of the Securities Act. GHS has informed us that each such broker-dealer will receive commissions from GHS that will
not exceed customary brokerage commissions.
Brokers, dealers, underwriters or agents participating
in the distribution of the shares as agents may receive compensation in the form of commissions, discounts, or concessions from the Selling
Security Holder and/or purchasers of the common stock for whom the broker-dealers may act as agent. The compensation paid to a particular
broker-dealer may be less than or in excess of customary commissions. Neither we nor GHS can presently estimate the amount of compensation
that any agent will receive.
We know of no existing arrangements between GHS or
any other stockholder, broker, dealer, underwriter or agent relating to the sale or distribution of the shares offered by this prospectus.
At the time a particular offer of shares is made, a prospectus supplement, if required, will be distributed that will set forth the names
of any agents, underwriters or dealers and any compensation from the Selling Security Holder, and any other required information.
We will pay the expenses incident to the registration,
offering, and sale of the shares to GHS. We have agreed to indemnify GHS and certain other persons against certain liabilities in connection
with the offering of shares of common stock offered hereby, including liabilities arising under the Securities Act or, if such indemnity
is unavailable, to contribute amounts required to be paid in respect of such liabilities. GHS has agreed to indemnify us against liabilities
under the Securities Act that may arise from certain written information furnished to us by GHS specifically for use in this prospectus
or, if such indemnity is unavailable, to contribute amounts required to be paid in respect of such liabilities.
GHS has represented to us that at no time prior to
the EFA has GHS or its agents, representatives or affiliates engaged in or effected, in any manner whatsoever, directly or indirectly,
any short sale (as such term is defined in Rule 200 of Regulation SHO of the Exchange Act) of our common stock or any hedging transaction
, which establishes a net short position with respect to our common stock. GHS agreed that during the term of the EFA, it, its agents,
representatives or affiliates will not enter into or effect, directly or indirectly, any of the foregoing transactions.
We have advised GHS that it is required to comply
with Regulation M promulgated under the Exchange Act. With certain exceptions, Regulation M precludes the selling stockholder, any affiliated
purchasers, and any broker-dealer or other person who participates in the distribution from bidding for or purchasing, or attempting to
induce any person to bid for or purchase any security which is the subject of the distribution until the entire distribution is complete.
Regulation M also prohibits any bids or purchases made in order to stabilize the price of a security in connection with the distribution
of that security. All of the foregoing may affect the marketability of the securities offered by this prospectus.
This offering will terminate on the date that all
shares offered by this prospectus have been sold by GHS.
Our common stock is quoted on the OTC Markets under
the symbol “HNOI.”
For purposes of shares to be issued under the EFA,
the Selling Security Holder is an “underwriter” within the meaning of Section 2(a)(11) of the Securities Act.
For purposes of shares to be issued under the EFA,
the Selling Security Holder and any broker-dealers or agents that are involved in selling the securities may be deemed to be “underwriters”
within the meaning of the Securities Act in connection with such sales. In such event, any commissions received by such broker-dealers
or agents and any profit on the resale of the securities purchased by them may be deemed to be underwriting commissions or discounts under
the Securities Act. The Selling Security Holder has informed us that it does not have any written or oral agreement or understanding,
directly or indirectly, with any person to distribute the securities.
Because the Selling Security Holder is deemed to be
an “underwriter” within the meaning of the Securities Act (for purposes of shares to be issued under the EFA), it will be
subject to the prospectus delivery requirements of the Securities Act, including Rule 172 thereunder. In addition, any securities covered
by this prospectus which qualify for sale pursuant to Rule 144 under the Securities Act may be sold under Rule 144 rather than under this
prospectus. The Selling Security Holder has advised us that there is no underwriter or coordinating broker acting in connection with the
proposed sale of the resale securities by the Selling Security Holder.
We agreed to keep this prospectus effective until
the earlier of (i) the date on which the securities may be resold by the Selling Security Holder without registration and without regard
to any volume or manner-of-sale limitations by reason of Rule 144, without the requirement for us to be in compliance with the current
public information requirement under Rule 144 under the Securities Act or any other rule of similar effect or (ii) all of the securities
have been sold pursuant to this prospectus or Rule 144 under the Securities Act or any other rule of similar effect. The resale securities
will be sold only through registered or licensed brokers or dealers if required under applicable state securities laws. In addition, in
certain states, the resale securities covered hereby may not be sold unless they have been registered or qualified for sale in the applicable
state or an exemption from the registration or qualification requirement is available and is complied with.
Under applicable rules and regulations under the Exchange
Act, any person engaged in the distribution of the resale securities may not simultaneously engage in market making activities with respect
to the Common Stock for the applicable restricted period, as defined in Regulation M, prior to the commencement of the distribution. In
addition, the Selling Security Holder will be subject to applicable provisions of the Exchange Act and the rules and regulations thereunder,
including Regulation M, which may limit the timing of purchases and sales of the Common Stock by the Selling Security Holder or any other
person. We will make copies of this prospectus available to the Selling Security Holder and have informed the Selling Security Holder
of the need to deliver a copy of this prospectus to each purchaser at or prior to the time of the sale (including by compliance with Rule
172 under the Securities Act).
SHARES ELIGIBLE FOR FUTURE SALE
The sale of a substantial number of shares of our
Common Stock, or the perception that such sales could occur, could adversely affect prevailing market prices for our Common Stock. In
addition, any such sale or perception could make it more difficult for us to sell equity, or equity related, securities in the future
at a time and price that we deem appropriate. If and when this Registration Statement becomes effective, we might elect to adopt a stock
option plan and file a Registration Statement under the Securities Act registering the shares of Common Stock reserved for issuance thereunder.
Following the effectiveness of any such Registration Statement, the shares of Common Stock issued under such plan, other than shares held
by affiliates, if any, would be immediately eligible for resale in the public market without restriction.
The sale of shares of our Common Stock which are
not registered under the Securities Act, known as “restricted” shares, typically are effected under Rule 144. As of January
8, 2024, we had outstanding an aggregate of 419,433,085 shares of Common Stock
of which approximately 417,622,346 shares are restricted Common Stock. All our shares
of Common Stock might be sold under Rule 144 after having been held for six months and one year after “Form 10 information”
has been provided by us. No prediction can be made as to the effect, if any, that future sales of “restricted” shares of
our Common Stock, or the availability of such shares for future sale, will have on the market price of our Common Stock or our ability
to raise capital through an offering of our equity securities.
SECURITIES AUTHORIZED FOR ISSUANCE UNDER EQUITY
COMPENSATION PLANS
As of October 31, 2023, we had no securities
authorized for issuance under equity compensation plans either approved or not approved by our shareholders.
DISCLOSURE OF COMMISSION POSITION ON INDEMNIFICATION
OF SECURITIES ACT LIABILITIES
We have not entered into indemnification agreements
with any of our directors, executive officers and other key employees. However, we may do so in the future. Such indemnification agreements
will likely require us to indemnify our directors to the fullest extent permitted by Nevada law. We may also agree to indemnify each of
our directors and certain officers against certain liabilities, including liabilities under the Securities Act. Insofar as indemnification
for liabilities arising under the Securities Act may be permitted to our directors, officers and controlling persons pursuant to the provisions
described above, or otherwise, we have been advised that in the opinion of the SEC such indemnification is against public policy as expressed
in the Securities Act and would be, therefore, unenforceable. In the event we do enter into such indemnification agreements and a claim
for indemnification against such liabilities (other than our payment of expenses incurred or paid by our director, officer or controlling
person in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection
with the securities being registered, we will, unless in the opinion of our counsel the matter has been settled by controlling precedent,
submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in
the Securities Act and will be governed by the final adjudication of such issue.
LEGAL MATTERS
The legality of the issuance of the shares of Common
Stock offered by this Prospectus will be passed upon for us by Business Legal Advisors, LLC of Draper, Utah.
EXPERTS
No expert or counsel named in this prospectus as having
prepared or certified any part of this prospectus or having given an opinion upon the validity of the securities being registered or upon
other legal matters in connection with the registration or offering of the Common Stock was employed on a contingency basis, or had, or
is to receive, in connection with the offering, a substantial interest, direct or indirect, in the registrant or any of its parents or
subsidiaries. Nor was any such person connected with the registrant or any of its parents or subsidiaries as a promoter, managing or principal
underwriter, voting trustee, director, officer, or employee.
The financial statements of the Company as of October
31, 2021 and 2022, which include an explanatory paragraph relating to our ability to continue as a going concern, included in this Prospectus
have been audited by BF Borgers CPA PC, an independent auditor, as stated in their report appearing herein. Such financial statements
have been so included in reliance upon the reports of such firm given its authority as experts in accounting and auditing.
WHERE YOU CAN FIND MORE INFORMATION
We have filed a registration statement on Form S-1
under the Securities Act (SEC File No. 333-275193) relating to the shares of common stock being offered by this prospectus, and
reference is made to such registration statement. This prospectus constitutes the prospectus of the Company, filed as part of the registration
statement, and it does not contain all information in the registration statement, as certain portions have been omitted in accordance
with the rules and regulations of the SEC.
Upon the effective date of the registration statement
of which this prospectus is a part, we will be required to file reports and other documents with the SEC. We do not presently intend to
voluntarily furnish you with a copy of our Prospectus. You may read and copy any materials we file with the SEC at the public reference
room of the SEC at 100 F Street, NE., Washington, DC 20549, between the hours of 10:00 a.m. and 3:00 p.m., except federal holidays and
official closings, at the Public Reference Room. You may obtain information on the operation of the Public Reference Room by calling the
SEC at 1-800-SEC-0330. Our SEC filings are also available to you on the Internet website for the SEC at http://www.sec.gov.
INDEX TO FINANCIAL STATEMENTS
As of July 31, 2023 and 2022
and for the Three- and Nine-Months Ended July 31,
2023 and 2022
(Unaudited)
As of October 31, 2022 and 2021
and for the Years Ended October 31, 2022 and 2021
(Audited)
|
|
|
|
|
|
|
|
|
HNO INTERNATIONAL, INC.
CONDENSED BALANCE SHEETS
(Unaudited) |
|
|
|
|
|
|
|
|
July 31, |
|
|
|
October 31, |
|
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
Current Assets |
|
|
|
|
|
|
|
|
Cash |
|
$ |
1,226,696 |
|
|
$ |
51,109 |
|
Due from related party |
|
|
56,392 |
|
|
|
56,392 |
|
Total Current Assets |
|
|
1,283,088 |
|
|
|
107,501 |
|
|
|
|
|
|
|
|
|
|
Non-Current Assets |
|
|
|
|
|
|
|
|
Property and equipment, net |
|
|
378,316 |
|
|
|
— |
|
Intangible assets, net |
|
|
80,364 |
|
|
|
— |
|
Long term asset |
|
|
29,250 |
|
|
|
— |
|
Security deposits |
|
|
— |
|
|
|
6,800 |
|
Total Non-Current Assets |
|
|
487,930 |
|
|
|
6,800 |
|
TOTAL ASSETS |
|
$ |
1,771,018 |
|
|
$ |
114,301 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) |
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
Current Liabilities |
|
|
|
|
|
|
|
|
Accounts payable |
|
|
925 |
|
|
|
— |
|
Accrued interest payable |
|
|
34,335 |
|
|
|
14,725 |
|
Payroll tax |
|
|
14,653 |
|
|
|
— |
|
Notes payable, related party |
|
|
835,000 |
|
|
|
620,000 |
|
Related party note payable |
|
|
— |
|
|
|
— |
|
Total Current Liabilities |
|
|
884,913 |
|
|
|
634,725 |
|
|
|
|
|
|
|
|
|
|
Long term notes payable, related party |
|
|
590,000 |
|
|
|
590,000 |
|
Total Liabilities |
|
|
1,474,913 |
|
|
|
1,224,725 |
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS’ EQUITY (DEFICIT) |
|
|
|
|
|
|
|
|
Preferred stock, par value $0.001 per share; 15,000,000 shares authorized |
|
|
|
|
|
|
|
|
Series A, par value $0.001 per share; 10,000,000 shares authorized; 10,000,000 and 5,000,000 shares issued and outstanding as of July 31, 2023 and October 31, 2022, respectively |
|
|
10,000 |
|
|
|
5,000 |
|
Common stock, par value $0.001 per share; 985,000,000 shares authorized; 419,258,331 and 105,265,299 shares issued and outstanding as of July 31, 2023 and October 31, 2022, respectively |
|
|
419,258 |
|
|
|
105,265 |
|
Common stock payable |
|
|
19,750 |
|
|
|
— |
|
Common stock subscription receivable |
|
|
(23,750 |
) |
|
|
(10,000 |
) |
Additional paid-in capital |
|
|
41,001,485 |
|
|
|
38,957,921 |
|
Accumulated deficit |
|
|
(41,130,638 |
) |
|
|
(40,168,610 |
) |
Total Stockholders’ Equity (Deficit) |
|
|
296,105 |
|
|
|
(1,110,424 |
) |
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) |
|
$ |
1,771,018 |
|
|
$ |
114,301 |
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these unaudited condensed financial statements. |
|
|
|
|
|
|
|
|
|
|
HNO INTERNATIONAL, INC.
CONDENSED STATEMENT OF OPERATIONS
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended
July 31, |
|
For the Nine Months Ended
July 31, |
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
— |
|
|
$ |
17,225 |
|
|
$ |
13,000 |
|
|
$ |
34,450 |
|
Cost of
Goods Sold |
|
|
— |
|
|
|
— |
|
|
|
(5,884) |
|
|
|
— |
|
Gross Profit |
|
|
— |
|
|
|
17,225 |
|
|
|
7,116 |
|
|
|
34,450 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Security Service |
|
|
194 |
|
|
|
— |
|
|
|
389 |
|
|
|
— |
|
Share based compensation |
|
|
— |
|
|
|
— |
|
|
|
2,025 |
|
|
|
— |
|
Advertising and marketing |
|
|
— |
|
|
|
— |
|
|
|
3,000 |
|
|
|
4,250 |
|
Contract labor |
|
|
252,201 |
|
|
|
193,579 |
|
|
|
536,229 |
|
|
|
324,194 |
|
Depreciation and amortization |
|
|
16,103 |
|
|
|
— |
|
|
|
20,450 |
|
|
|
— |
|
General and administrative expenses |
|
|
12,287 |
|
|
|
8,806 |
|
|
|
14,528 |
|
|
|
12,593 |
|
Interest expense |
|
|
7,227 |
|
|
|
4,643 |
|
|
|
19,611 |
|
|
|
9,002 |
|
Legal and accounting fees |
|
|
44,921 |
|
|
|
49,281 |
|
|
|
99,706 |
|
|
|
61,882 |
|
Meals expenses |
|
|
1,515 |
|
|
|
1,259 |
|
|
|
1,634 |
|
|
|
2,366 |
|
Office expenses |
|
|
845 |
|
|
|
2,477 |
|
|
|
2,166 |
|
|
|
3,447 |
|
Professional fees |
|
|
37,941 |
|
|
|
55,000 |
|
|
|
103,331 |
|
|
|
223,287 |
|
Payroll expenses |
|
|
55,858 |
|
|
|
43,598 |
|
|
|
98,993 |
|
|
|
102,140 |
|
Payroll service fees |
|
|
73 |
|
|
|
416 |
|
|
|
654 |
|
|
|
648 |
|
Rent |
|
|
14,811 |
|
|
|
10,500 |
|
|
|
45,049 |
|
|
|
30,900 |
|
Travel expenses |
|
|
15,002 |
|
|
|
17,127 |
|
|
|
18,911 |
|
|
|
49,988 |
|
Utilities |
|
|
1,757 |
|
|
|
962 |
|
|
|
3,401 |
|
|
|
2,264 |
|
Vehicle expenses |
|
|
67 |
|
|
|
134 |
|
|
|
67 |
|
|
|
440 |
|
Total Operating Expenses |
|
|
460,802 |
|
|
|
387,782 |
|
|
|
970,144 |
|
|
|
827,401 |
|
Other Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
996 |
|
|
|
26 |
|
|
|
1,000 |
|
|
|
68 |
|
Total Other Income |
|
|
996 |
|
|
|
26 |
|
|
|
1,000 |
|
|
|
68 |
|
Loss from Operations |
|
$ |
(459,806 |
) |
|
$ |
(370,531 |
) |
|
$ |
(962,028 |
) |
|
$ |
(792,883 |
) |
Net Loss |
|
$ |
(459,806 |
) |
|
$ |
(370,531 |
) |
|
$ |
(962,028 |
) |
|
$ |
(792,883 |
) |
PER SHARE AMOUNTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted net loss
per share |
|
|
(0.00 |
) |
|
|
(0.00 |
) |
|
|
(0.00 |
) |
|
|
(0.09 |
) |
Weighted average number of common shares outstanding - basic and diluted |
|
|
191,559,596 |
|
|
|
105,285,299 |
|
|
|
248,631,193 |
|
|
|
8,666,533 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these unaudited condensed financial statements. |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
HNO INTERNATIONAL, INC. CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) For the Three Months and Nine Months ended July 31, 2022 (Unaudited) |
| |
Series A Preferred Stock | |
Common Stock | |
Stock | |
Share Subscription | |
Additional Paid-in | |
Accumulated | |
Total Stockholders' Equity |
| |
Shares | |
Amount | |
Shares | |
Amount | |
Payable | |
Receivable | |
Capital | |
Deficit | |
(Deficit) |
| |
| |
| |
|
Balance at April 30, 2022 | |
| 10,000,000 | | |
$ | 10,000 | | |
| 105,285,299 | | |
$ | 105,285 | | |
$ | — | | |
$ | (10,000 | ) | |
$ | 38,952,911 | | |
$ | (39,519,653 | ) | |
$ | (461,457 | ) |
Net loss for the three months ended July 31, 2022 | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (370,531 | ) | |
| (370,531 | ) |
Balance at July 31, 2022 | |
| 10,000,000 | | |
| 10,000 | | |
| 105,285,299 | | |
| 105,285 | | |
| — | | |
| (10,000 | ) | |
| 38,952,911 | | |
| (39,890,184 | ) | |
| (831,988 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance at October 31, 2021 | |
| 10,000,000 | | |
| 10,000 | | |
| 95,265,299 | | |
| 95,265 | | |
| — | | |
| — | | |
| 38,952,921 | | |
| (39,097,301 | ) | |
| (39,115 | ) |
Shares issued for acquisition | |
| — | | |
| — | | |
| 20,000 | | |
| 20 | | |
| — | | |
| — | | |
| (10 | ) | |
| — | | |
| 10 | |
Shares issued for consulting services | |
| — | | |
| — | | |
| 10,000,000 | | |
| 10,000 | | |
| — | | |
| (10,000 | ) | |
| — | | |
| — | | |
| — | |
Net loss for the nine months ended July 31, 2022 | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (792,883 | ) | |
| (792,883 | ) |
Balance at July 31, 2022 | |
| 10,000,000 | | |
| 10,000 | | |
| 105,285,299 | | |
| 105,285 | | |
| — | | |
| (10,000 | ) | |
| 38,952,911 | | |
| (39,890,184 | ) | |
| (831,988 | ) |
The accompanying notes are an integral part of these
unaudited condensed financial statements.
HNO
INTERNATIONAL, INC.
CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) (CONTINUED)
For the Three Months and Nine Months ended July 31, 2023 and 2022
(Unaudited)
| |
Series A Preferred Stock | |
Common Stock | |
Stock | |
Share Subscription | |
Additional Paid-in | |
Accumulated | |
Total Stockholders' Equity |
| |
Shares | |
Amount | |
Shares | |
Amount | |
Payable | |
Receivable | |
Capital | |
Deficit | |
(Deficit) |
Balance at April 30, 2023 | |
| 10,000,000 | | |
$ | 10,000 | | |
| 409,290,299 | | |
$ | 409,290 | | |
$ | — | | |
$ | (10,000 | ) | |
$ | 39,035,421 | | |
$ | (40,670,832 | ) | |
$ | (1,226,121 | ) |
Common stock issued for cash | |
| — | | |
| — | | |
| 8,000,000 | | |
| 8,000 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 8,000 | |
Regulation A stock issuances | |
| — | | |
| — | | |
| 1,968,032 | | |
| 1,968 | | |
| 19,750 | | |
| (13,750 | ) | |
| 1,966,064 | | |
| | | |
| 1,974,032 | |
Net loss for the three months ended July 31, 2023 | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (459,806 | ) | |
| (459,806 | ) |
Balance at July 31, 2023 | |
| 10,000,000 | | |
$ | 10,000 | | |
| 419,258,331 | | |
$ | 419,258 | | |
$ | 19,750 | | |
$ | (23,750 | ) | |
$ | 41,001,485 | | |
$ | (41,130,638 | ) | |
$ | 296,105 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance at October 31, 2022 | |
| 5,000,000 | | |
| 5,000 | | |
| 105,265,299 | | |
| 105,265 | | |
| — | | |
| (10,000 | ) | |
| 38,957,921 | | |
| (40,168,610 | ) | |
| (1,110,424 | ) |
Common stock issued for cash | |
| — | | |
| — | | |
| 182,000,000 | | |
| 182,000 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 182,000 | |
Common stock based compensation | |
| — | | |
| — | | |
| 2,025,000 | | |
| 2,025 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 2,025 | |
Common stock issued for settlement of debt | |
| — | | |
| — | | |
| 20,000,000 | | |
| 20,000 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 20,000 | |
Common stock to be issued from cash proceeds | |
| — | | |
| — | | |
| — | | |
| — | | |
| 100,000 | | |
| — | | |
| — | | |
| — | | |
| 100,000 | |
Series A preferred issued pursuant to patent agreement | |
| 5,000,000 | | |
| 5,000 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 77,500 | | |
| — | | |
| 82,500 | |
Common stock issued for cash | |
| — | | |
| — | | |
| 100,000,000 | | |
| 100,000 | | |
| (100,000 | ) | |
| — | | |
| — | | |
| — | | |
| — | |
Common stock issued for cash | |
| — | | |
| — | | |
| 8,000,000 | | |
| 8,000 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 8,000 | |
Regulation A stock issuances | |
| — | | |
| — | | |
| 1,968,032 | | |
| 1,968 | | |
| 19,750 | | |
| (13,750 | ) | |
| 1,966,064 | | |
| | | |
| 1,974,032 | |
Net loss for the nine months ended July 31, 2023 | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (962,028 | ) | |
| (962,028 | ) |
Balance at July 31, 2023 | |
| 10,000,000 | | |
$ | 10,000 | | |
| 419,258,331 | | |
$ | 419,258 | | |
$ | 19,750 | | |
$ | (23,750 | ) | |
$ | 41,001,485 | | |
$ | (41,130,638 | ) | |
$ | 296,105 | |
The
accompanying notes are an integral part of these unaudited condensed financial statements.
|
|
|
|
|
|
|
|
|
HNO INTERNATIONAL, INC.
CONDENSED STATEMENT OF CASH FLOWS
(Unaudited) |
|
|
|
|
|
|
|
For the Nine Months Ended
July 31, |
|
|
2023 |
|
2022 |
|
|
|
|
|
Cash Flow from Operating Activities |
|
|
|
|
|
|
|
|
Net loss for the period |
|
$ |
(962,028 |
) |
|
$ |
(792,883 |
) |
|
|
|
|
|
|
|
|
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
20,450 |
|
|
|
— |
|
Share based compensation |
|
|
2,025 |
|
|
|
20,000 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
— |
|
Increase (Decrease) in accounts payable |
|
|
925 |
|
|
|
(1,932 |
) |
(Increase) Decrease in due from related party |
|
|
— |
|
|
|
(56,392 |
) |
(Increase) Decrease in security deposit |
|
|
6,800 |
|
|
|
(6,800 |
) |
Increase in accrued interest payable |
|
|
19,610 |
|
|
|
9,002 |
|
Increase in payroll taxes |
|
|
14,653 |
|
|
|
— |
|
Net Cash Used in Operating Activities |
|
|
(897,565 |
) |
|
|
(829,005 |
) |
|
|
|
|
|
|
|
|
|
Cash Flows from Financing Activities |
|
|
|
|
|
|
|
|
Proceeds from related party note payable |
|
|
250,000 |
|
|
|
520,000 |
|
Proceeds from sale of common stock |
|
|
2,264,032 |
|
|
|
10 |
|
Proceeds from convertible note payable |
|
|
— |
|
|
|
590,000 |
|
Repayment of related party note payable |
|
|
(15,000 |
) |
|
|
(37,183 |
) |
Net Cash Provided by Financing Activities |
|
|
2,499,032 |
|
|
|
1,072,827 |
|
|
|
|
|
|
|
|
|
|
Cash Flows from Investing Activities |
|
|
|
|
|
|
|
|
Purchase of property
and equipment |
|
|
(396,630 |
) |
|
|
— |
|
Purchase of long-term
asset |
|
|
(29,250 |
) |
|
|
— |
|
Proceeds from sale of investment |
|
|
— |
|
|
|
(10 |
) |
Net cash provided by (used in) investing activities |
|
|
(425,880 |
) |
|
|
(10 |
) |
|
|
|
|
|
|
|
|
|
Net increase in cash |
|
|
1,175,587 |
|
|
|
243,812 |
|
Cash at beginning of period |
|
|
51,109 |
|
|
|
— |
|
Cash at end of period |
|
$ |
1,226,696 |
|
|
$ |
243,812 |
|
|
|
|
|
|
|
|
|
|
Supplemental Disclosure of Interest and Income Taxes Paid: |
|
|
|
|
|
|
|
|
Interest paid during the period |
|
$ |
— |
|
|
$ |
— |
|
Income taxes paid during the period |
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
Supplemental Disclosure for Non-Cash Investing and Financing Activities: |
|
|
|
|
|
|
|
|
Series A preferred stock issued pursuant to patent agreement |
|
$ |
82,500 |
|
|
$ |
— |
|
Common stock issued for conversion of debt |
|
$ |
20,000 |
|
|
$ |
— |
|
Common stock issued for acquisition |
|
$ |
— |
|
|
$ |
10 |
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these unaudited condensed financial statements. |
HNO INTERNATIONAL, INC.
NOTES TO CONDENSED
FINANCIAL STATEMENTS
JULY 31, 2023
(Unaudited)
NOTE 1 – ORGANIZATION AND BASIS OF PRESENTATION
Organization
HNO International, Inc. (the “Company”)
was incorporated in the State of Nevada on May 2, 2005 under the name American Bonanza Resources Limited. On August 4, 2009, the Company
acquired Clenergen Corporation Limited (UK), a United Kingdom corporation (“Limited”), and succeeded to the business of Limited.
Limited acquired the assets of Rootchange Limited, a biofuel and biomass research and development company, in April 2009. On March 19,
2009, the Company changes its name to Clenergen Corporation. On July 8, 2020, the Company changed its name to Excoin Ltd. and on August
31, 2021, the Company changed its name to HNO International, Inc. its current name.
The Company specializes in the design, integration,
and development of green hydrogen-based clean energy technologies. With the Company’s management having over 13 years of experience
in the field of green hydrogen production, the Company is committed to providing scalable products that help businesses and communities
decarbonize, reduce emissions, and cut operational costs. HNO stands for Hydrogen and Oxygen. The Company is at the forefront of developing
innovative solutions, such as the Compact Hydrogen Refueling System (CHRS) and the Compact Hydrogen Production System (CHPS), which can
be used to produce green hydrogen for various applications including fuel cell electric vehicles, hydrogen internal combustion engines,
heating, and cooking. The CHPS is highly scalable, capable of producing 100-2,000 (or more) kilograms of hydrogen per day for commercial
use in various applications. In addition, the Company develops energy systems that complement the zero-emissions EV infrastructure, reduce
harmful emissions, and cut maintenance costs of commercial diesel fleets. By integrating components from leading industry partners, the
Company aims to transition fossil fuels to cleaner alternatives and promote lower emissions.
Basis of presentation
Our
financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States
of America (“U.S. GAAP”), and with the rules and regulations of the SEC to Form 10-Q and Article 8 of Regulation S-X. Accordingly,
they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited interim
financial statements furnished reflect all adjustments (consisting of normal recurring accruals) which are, in the opinion of management,
necessary to a fair statement of the results for the interim periods presented. Unaudited interim results are not necessarily indicative
of the results for the full fiscal year. These financial statements should be read in conjunction with our unaudited financial statements
for the reporting period ended October 31, 2022, and notes thereto.
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis
of Consolidation
As
of the reporting period ended [date], the Company has determined that it does not engage in consolidation activities as defined by U.S.
GAAP. Therefore, our financial statements are presented on a standalone basis, and no consolidation adjustments have been made.
Use of Estimates
The preparation of the condensed financial statements
in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed financial statements
and the reported amount of revenues and expenses during the reporting period. The management makes its best estimate of the outcome for
these items based on information available when the condensed financial statements are prepared.
Cash and Cash Equivalents
The Company considers all highly liquid investments
with original maturities of three months or less to be cash equivalents.
Employee Stock-Based Compensation
The Company accounts for stock-based compensation
in accordance with ASC 718 Compensation - Stock Compensation (“ASC 718”). ASC 718 addresses all forms of share-based payment
(“SBP”) awards including shares issued under employee stock purchase plans and stock incentive shares. Under ASC 718 awards
result in a cost that is measured at fair value on the awards’ grant date, based on the estimated number of awards that are expected
to vest and will result in a charge to operations.
Income Taxes
Income taxes are computed using the asset and liability
method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between
the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation
allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized.
Revenue Recognition
The Company recognizes revenue in accordance with
Accounting Standards Codification (“ASC”) 606, “Revenue from Contracts with Customers”. The core principle
of ASC 606 is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects
the consideration to which the entity expects to be entitled in exchange for those goods or services. An entity recognizes revenue in
accordance with that core principle by applying the following steps: Step 1: Identify the contract(s) with a customer. Step 2: Identify
the performance obligations in the contract. Step 3: Determine the transaction price. Step 4: Allocate the transaction price to the performance
obligations in the contract. Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation. An entity must also
disclose sufficient information to enable users of financial statements to understand the nature, amount, timing and uncertainty of revenue
and cash flows arising from contracts with customers, including qualitative and quantitative information about contracts with customers,
significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract.
Basic Income (Loss) Per Share
The Company computes income (loss) per share in accordance
with ASC 260 “Earnings per share”. Basic income (loss) per share is computed by dividing net income (loss) available
to common shareholders by the weighted average number of outstanding common shares during the period. Diluted income (loss) per share
gives effect to all dilutive potential common shares outstanding during the period. Dilutive income (loss) per share excludes all potential
common shares if their effect is anti-dilutive. As of June 30, 2023, there were no potentially dilutive debt or equity instruments issued
or outstanding.
Property and equipment
Property and equipment are carried at cost and, less
accumulated depreciation. The cost of repairs and maintenance is expensed as incurred; major replacements and improvements are capitalized.
When assets are retired or disposed of, the cost and accumulated depreciation are removed from the accounts, and any resulting gains or
losses are included in income in the year of disposal. The Company examines the possibility of decreases in the value of property and
equipment when events or changes in circumstances reflect the fact that their recorded value may not be recoverable.
The Company’s property and equipment mainly
consists of computer and laser equipment. Depreciation is computed using the straight-line method over the estimated useful lives of the
assets.
Schedule of estimated useful lives of assets | |
|
| |
Useful life |
Small Equipment | |
3 Years |
Large Equipment | |
7 Years |
Vehicles | |
4 Years |
Intangible assets
Intangible assets consist of patents acquired in an
asset purchase agreement (see Note 5). The estimated useful life of these assets was determined to be 20 years. The Company periodically
evaluates the reasonableness of the useful lives of these assets. Once these assets are fully amortized, they are removed from the accounts.
These assets are reviewed for impairment or obsolescence when events or changes in circumstances indicate that the carrying amount may
not be recoverable. If impaired, intangible assets are written down to fair value based on discounted cash flows or other valuation techniques.
The Company has no intangibles with indefinite lives.
Impairment of Long-Lived Assets
The Company reviews its long-lived assets for impairment
whenever events or changes in circumstances indicate that the carrying amount of the assets may not be fully recoverable. To determine
recoverability of a long-lived asset, management evaluates whether the estimated future undiscounted net cash flows from the asset are
less than its carrying amount. If impairment is indicated, the long-lived asset would be written down to fair value. Fair value is determined
by an evaluation of available price information at which assets could be bought or sold, including quoted market prices, if available,
or the present value of the estimated future cash flows based on reasonable and supportable assumptions.
Adoption of Recent Accounting Pronouncements
The Company has implemented all new accounting pronouncements
that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements
that have been issued that might have a material impact on its financial position or results of operations.
NOTE 3 – GOING CONCERN
At July 31, 2023, we had a deficit of $41,130,638.
We have not been able to generate sufficient cash from operating activities to fund our ongoing operations. We will be required to raise
additional funds through public or private financing, additional collaborative relationships, or other arrangements until we are able
to raise revenues to a point of positive cash flow. We are evaluating various options to further reduce our cash requirements to operate
at a reduced rate, as well as options to raise additional funds, including obtaining loans and selling common stock. There is no guarantee
that we will be able to generate enough revenue and/or raise capital to support operations.
Based on the above factors, substantial doubt exists
about our ability to continue as a going concern for one year from the issuance of these condensed financial statements.
NOTE 4 – PROPERTY
AND EQUIPMENT
Property and
equipment consisted of the following:
Schedule of property and equipment | |
| |
|
| |
July 31, 2023 | |
October 31, 2022 |
Vehicles | |
$ | 40,000 | | |
$ | — | |
Small Equipment | |
$ | 8,879 | | |
$ | — | |
Large Equipment | |
| 347,751 | | |
| — | |
Property and Equipment, Gross | |
$ | 396,630 | | |
$ | — | |
Less: accumulated depreciation | |
| (18,314 | ) | |
| — | |
Property and Equipment, Net | |
$ | 378,316 | | |
$ | — | |
Depreciation
expense for the nine months ended July 31, 2023 and 2022 was $18,315 and $0, respectively.
NOTE 5 – INTANGIBLE ASSETS
Patents Acquired
Under Patent Purchase Agreement
On January 24, 2023, the
Company entered into a Patent Purchase Agreement with Donald Owens, the Company's Chairman of the Board of Directors, to acquire several
patents related to hydrogen supplemental systems for on-demand hydrogen generation for internal combustion engines and a method and apparatus
for increasing combustion efficiency and reducing particulate matter emissions in jet engines. In exchange for these patents, the Company
issued 5,000,000 shares of its Series A Preferred Stock to Mr. Owens, valued at $82,500.
The details of the patents
acquired are listed in the table below, which includes information on the patent numbers, titles, and status in various countries.
COUNTRY |
APPLN
NO |
PATENT
NUMBER |
TITLE |
STATUS |
US |
13/844,267 |
8,757,107 |
HYDROGEN SUPPLEMENTAL SYSTEM FOR ON-DEMAND HYDROGEN GENERATION FOR INTERNAL COMBUSTION ENGINES |
Issued |
US |
13/922,351 |
9,453,457 |
HYDROGEN SUPPLEMENTAL SYSTEM FOR ON-DEMAND HYDROGEN GENERATION FOR INTERNAL COMBUSTION ENGINES |
Issued |
US |
14/016,388 |
9,476,357 |
METHOD AND APPARATUS FOR INCREASING COMBUSTION EFFICIENCY AND REDUCING PARTICULATE MATTER EMISSIONS IN JET ENGINES |
Issued |
US |
14/326,801 |
9,267,468 |
HYDROGEN SUPPLEMENTAL SYSTEM FOR ON-DEMAND HYDROGEN GENERATION FOR INTERNAL COMBUSTION ENGINES |
Issued |
US |
17/047,041 |
10,920,717 |
HYDROGEN PRODUCING SYSTEM AND DEVICE FOR IMPROVING FUEL EFFICIENCY AND REDUCING EMISSIONS OF INTERNAL COMBUSTION AND/OR DIESEL ENGINES |
Issued |
AUSTRALIA |
2019405749 |
2019405749 |
HYDROGEN PRODUCING SYSTEM AND DEVICE FOR IMPROVING FUEL EFFICIENCY AND REDUCING EMISSIONS OF INTERNAL COMBUSTION AND/OR DIESEL ENGINES |
Issued |
CHINA |
201980092511.1 |
|
HYDROGEN PRODUCING SYSTEM AND DEVICE FOR IMPROVING FUEL EFFICIENCY |
Pending |
EUROPE |
19900413.6. |
|
HYDROGEN PRODUCING SYSTEM AND DEVICE FOR IMPROVING FUEL EFFICIENCY |
Pending |
JAPAN |
2021-535288 |
|
HYDROGEN PRODUCING SYSTEM AND DEVICE FOR IMPROVING FUEL EFFICIENCY |
Pending |
Intangible assets at July 31, 2023
and October 31, 2022, consisted of the following:
Schedule of intangible assets | |
| |
| |
|
| |
Useful Life (yr) | |
July 31, 2023 | |
October 31, 2022 |
Patents | |
| 20 | | |
$ | 82,500 | | |
$ | — | |
Less: accumulated amortization | |
| | | |
| (2,136 | ) | |
| — | |
Intangible Assets, net | |
| | | |
$ | 80,364 | | |
$ | — | |
Amortization
expense for the nine months ended July 31, 2023 and 2022 was $2,136 and $0, respectively.
NOTE 6 – COMMON STOCK
The Company is authorized to issue 985,000,000 shares of common stock,
par value 0.001 $.001.
Increase in Authorized Capital Stock
On January 4, 2023, the Board of Directors
and a majority of the Company’s stockholders approved the proposal to increase the number of shares of capital stock that the Company
is authorized to issue to 1,000,000,000. On January 6, 2023, the Company filed a Certificate of Amendment to the Articles of Incorporation
with the Secretary of State of Nevada to increase the total authorized capital from 510,000,000 shares to 1,000,000,000 shares consisting
of 985,000,000 shares of common stock, par value $0.001, and 15,000,000 shares of preferred stock, par value $0.001.
Stock Issued
On December 9, 2020, the Company issued 95,000,000
shares of common stock to Douglas Anderson for consulting services totaling $95,000. Subsequently, in a private transaction, the 95,000,000
shares of Common Stock were transferred to were transferred to HNO Green Fuels Inc., a Nevada corporation, of which Donald Owens is the
Chief Executive Officer/control person.
On December 9, 2020, the Company issued 5,000,000 shares of common stock
to Eden Capital LLC for consulting services totaling $5,000. On September 22, 2021, these shares were returned to the company and canceled
due to new management and these consulting services are no longer required.
On September 20, 2020, the Company entered into a
consulting agreement with DWC, LLC. Pursuant to the terms of the consulting agreement DWC, LLC is to receive 4,000,000 restricted shares
of the Company’s common stock in exchange for corporate consulting services to be performed. In addition, DWC, LLC has agreed to
pay par value of the shares. As of the year ended October 31, 2020, these shares had not yet been issued and were recorded as a stock
payable, and payment of par value of the shares was recorded as a stock subscription receivable. On December 9, 2020, these shares were
issued. On October 14, 2021, these shares were returned to the Company and canceled due to new management and these consulting services
are no longer required.
On
November 13, 2021, the Company entered into a Share Exchange Agreement by and between Company and Donald Owens (the “Share Exchange
Agreement”), who was the sole shareholder of HNO Hydrogen Generators, Inc., owning 10,000 shares of common stock, par value $0.001
per share, of HNO Hydrogen Generators, Inc. (the “HNO Delaware Shares”); pursuant to which the Company agreed to acquire
the HNO Delaware Shares from Mr. Owens in exchange for the issuance by the Company to Mr. Owens of 20,000 shares of common stock, par
value $0.001 per share, of the Company. The Share Exchange Agreement and the transactions set forth therein were approved by the Company’s
Board on November 13, 2021, and transactions closed on the same day, at which time HNO Hydrogen Generators, Inc., became a wholly owned
subsidiary of the Company.
On
August 22, 2022, the Company entered into a Termination of Share Exchange Agreement by and between the Company and Donald Owens, pursuant
to which both parties agreed to cancel the Share Exchange Agreement dated November 13, 2021. Mr. Owens’ 20,000 shares of common
stock were returned to the Company for cancellation and the 10,000 HNO Delaware Shares were returned to Mr. Owens. HNO Hydrogen Generators,
Inc. is no longer a wholly owned subsidiary of the Company.
During the quarter
ended January 31, 2023, the Company entered into Stock Subscription Agreements with Donald Owens, the Company’s Chairman of the
Board of Directors, whereby the Company privately sold a total of 175,000,000 shares of its common stock, $0.001 par value per share,
(“common stock”) for a cash purchase price of $175,000. Donald Owens is an “accredited investor” (under Rule 506
(b) of Regulation D under the Securities Act of 1933, as amended). The $175,000 in proceeds from the sale of common stock will be used
for operating capital. The shares are ‘restricted securities’ under Rule 144 of the Securities Act.
On January 17,
2023, the Company entered into a Stock Subscription Agreement with William Parker, a member of the Company’s Board of Directors,
whereby the Company privately sold a total of 5,000,000 shares of its common stock, $0.001 par value per share, (“common stock”)
for a cash purchase price of $5,000. William Parker is an “accredited investor” (under Rule 506 (b) of Regulation D under
the Securities Act of 1933, as amended). The $5,000 in proceeds from the sale of common stock will be used for operating capital. The
shares are ‘restricted securities’ under Rule 144 of the Securities Act.
On January 11,
2023, the Company entered into a Stock Subscription Agreement with Hossein Haririnia, the Company’s Treasurer and a member of the
Board of Directors, whereby the Company privately sold a total of 2,000,000 shares of its common stock, $0.001 par value per share, (“common
stock”) for a cash purchase price of $2,000. Hossein Haririnia is an “accredited investor” (under Rule 506 (b) of Regulation
D under the Securities Act of 1933, as amended). The $2,000 in proceeds from the sale of common stock will be used for operating capital.
The shares are ‘restricted securities’ under Rule 144 of the Securities Act.
The Company agreed to issue 20,000,000 shares of its
common stock for settlement of the $20,000 note payable dated November 19, 2021 to HNO Green Fuels. The note matured on December 19, 2022
and was settled in full on December 26, 2022 with the issuance of these shares. The shares are ‘restricted securities’ under
Rule 144 and the issuance of the shares was made in reliance upon the exemption provided in Section 4(a)(2) of the Securities Act of 1933,
as amended.
The Company's Board of Directors
granted approval for the issuance of 2,025,000 shares of our common stock with a value of $0.001 on January 2, 2023, in exchange for services
rendered to the Company. These shares are considered "restricted securities" under Rule 144 and were issued under the exemption
provided by Section 4(a)(2) of the Securities Act of 1933, as amended.
On January
31, 2023, the Company entered into Stock Subscription Agreements with Donald Owens, the Company’s Chairman of the Board of
Directors, whereby the Company privately sold a total of 100,000,000 shares of its common stock, $0.001 par value per share,
(“common stock”) for a cash purchase price of $100,000. Donald Owens is an “accredited investor” (under Rule
506 (b) of Regulation D under the Securities Act of 1933, as amended). The $100,000 in proceeds from the sale of common stock will
be used for operating capital. The shares are ‘restricted securities’ under Rule 144 of the Securities Act. As
of January 31, 2023, these shares had not yet been issued and therefore were recorded as a stock payable. On February 1, 2023, these
shares were issued.
On June 9, 2023,
the Company entered into a Stock Subscription Agreement with Hossein Haririnia, the Company’s Treasurer and a member of the Board
of Directors, whereby the Company privately sold a total of 8,000,000 shares of its common stock, $0.001 par value per share, (“common
stock”) for a cash purchase price of $8,000. Hossein Haririnia is an “accredited investor” (under Rule 506 (b) of Regulation
D under the Securities Act of 1933, as amended). The $8,000 in proceeds from the sale of common stock will be used for operating capital.
The shares were issued as ‘restricted securities’ under Rule 144 of the Securities Act.
During the quarter ended July 31, 2023, the Company issued 1,968,032 shares
of common stock at a fixed price of $1.00 per share for a total of $1,968,032 in cash under the Company’s active Regulation A offering,
qualified by the Securities Exchange Commission on May 3, 2023.
As of July 31, 2023 and October 31, 2022, the Company
had 419,258,331 and 105,265,299 shares of common stock issued and outstanding, respectively.
Stock Receivable
On March 31, 2022, the Company issued 10,000,000 shares
of common stock Vivaris Capital, LLC in exchange for $10,000 cash consideration. However, Vivaris Capital, LLC has not paid for the shares,
and the Company has been unsuccessful in its attempts to collect the funds or have the shares returned.
During the quarter ended July 31, 2023, the Company
issued 13,750 shares of common stock under Regulation A offering to various shareholders that have not yet paid for shares; therefore,
$13,750 has been classified as common stock receivable.
Stock Payable
During the quarter ended July 31, 2023, the Company
sold 19,750 shares of common stock under Regulation A offering to various shareholders that have not yet been issued by the transfer agent;
therefore, $19,750 has been classified as common stock payable.
NOTE 7 – PREFERRED STOCK
The Company is authorized to issue 15,000,000
shares of preferred stock, par value $0.001.
Series A Preferred Stock
The Company is authorized to issue 10,000,000 shares
of Series A preferred stock, par value $0.001. On October 14, 2019, the Company issued 10,000,000 shares of the Series A preferred stock
to Custodian Ventures LLC, the company controlled by David Lazar, the Company’s former Chief Executive Officer for forgiveness of
related party debt totaling $10,000. Subsequently, in private transactions, the 10,000,000 shares of Series A Preferred were transferred.
On August 16, 2022, Wilhelm Cashen, the Company’s former Chief Executive Officer, returned his 5,000,000 Series A preferred stock
to the Company’s treasury.
On January 24, 2023, the
Company issued 5,000,000 shares of its Series A Preferred Stock to Mr. Owens, valued at $82,500 for patents specified in Note 5.
As of July 31, 2023 and October 31, 2022, the Company
had 10,000,000 and 5,000,000 shares of Series A preferred stock issued and outstanding, respectively.
NOTE 8 – CONVERTIBLE NOTES PAYABLE
On December 15, 2021, the Company issued a convertible
note payable in the amount of $20,000. This note bears an interest rate of 1% per annum and is due on demand.
The note is convertible into shares of the Company's
common stock at a discount price of twenty percent (20%) per share of the current market value or trading value, using a Basic Conversion
Factor (BCF) specified in the note. The Noteholder has the option to convert the entire principal balance outstanding into common stock
within one year from the date of execution of this note.
On August 8, 2022, this note was repaid in full by
the Company with $20,000 in cash. As of July 31, 2023 and October 31, 2022, the Company had no convertible notes payable outstanding.
NOTE 9 – RELATED PARTY TRANSACTION
On October 14, 2019, the Company issued 10,000,000 shares of the Series
A preferred stock to Custodian Ventures LLC, the company controlled by David Lazar, the Company’s former Chief Executive Officer
for forgiveness of related party debt totaling $10,000.
During the year ended October 31, 2020 and October
31, 2019, Custodian Ventures, LLC paid a total of $10,104 of expenses on behalf of the Company for payment of registration, accounting
and legal fees. This loan was unsecured, non-interest bearing, and had no specific terms for repayment. During the year ended October
31, 2020, $10,104 was forgiven by Custodian Ventures LLC and the Company has recorded it as additional paid in capital.
During the year ended October 31, 2020 and six months ended April 30, 2021,
Douglas Anderson, the Company’s former Chief Executive Officer, contributed $38,976 and $4,676 in cash to pay for operating expenses,
respectively. This has been recorded as additional paid-in capital.
Notes Payable, Related Party
On November 19, 2021, the Company issued a note payable in the amount of
$20,000 to HNO Green Fuels, of which Donald Owens is Chief Executive Officer. This note bears an interest rate of 2% per annum and had
a maturity date of December 19, 2022. The Company agreed to issue 20,000,000 shares of its common stock for settlement of the $20,000
note payable dated November 19, 2021 to HNO Green Fuels. The note matured on December 19, 2022 and was settled in full on December 26,
2022 with the issuance of these shares. The shares are ‘restricted securities’ under Rule 144 and the issuance of the shares
was made in reliance upon the exemption provided in Section 4(a)(2) of the Securities Act of 1933, as amended.
On December 1, 2021, the Company issued a note payable
in the amount of $500,000 to HNO Green Fuels, of which Donald Owens is Chief Executive Officer. This note bears an interest rate of 2%
per annum and had a maturity date of January 1, 2023. During the quarter ended July 31, 2023, $15,000 of principal was repaid. At July
31, 2023, there is $485,000 of principal and $16,598 of accrued interest due on this note. This note is currently past due.
On May 31, 2022, the Company issued a note payable
in the amount of $590,000 to HNO Green Fuels, of which Donald Owens is Chief Executive Officer. This note bears an interest rate of 2%
per annum and has a maturity date of May 31, 2030.
On September 29, 2022, the Company issued a note payable
in the amount of $50,000 to HNO Green Fuels, of which Donald Owens is Chief Executive Officer. This note bears an interest rate of 2%
per annum and has a maturity date of September 29, 2023.
On October 20, 2022, the Company issued a note payable
in the amount of $50,000 to HNO Green Fuels, of which Donald Owens is Chief Executive Officer. This note bears an interest rate of 2%
per annum and has a maturity date of October 20, 2023.
On March 1, 2023, the Company issued a note payable
in the amount of $50,000 to HNO Green Fuels, of which Donald Owens is Chief Executive Officer. This note bears an interest rate of 2%
per annum and has a maturity date of March 1, 2024.
On March 8, 2023, the Company issued a note payable
in the amount of $50,000 to HNO Green Fuels, of which Donald Owens is Chief Executive Officer. This note bears an interest rate of 2%
per annum and has a maturity date of March 8, 2024.
On March 23, 2023, the Company issued a note payable
in the amount of $50,000 to HNO Green Fuels, of which Donald Owens is Chief Executive Officer. This note bears an interest rate of 2%
per annum and has a maturity date of March 23, 2024.
On April 3, 2023, the Company issued a note payable
in the amount of $50,000 to HNO Green Fuels, of which Donald Owens is Chief Executive Officer. This note bears an interest rate of 2%
per annum and has a maturity date of April 3, 2024.
On April 13, 2023, the Company issued a note payable
in the amount of $20,000 to HNO Green Fuels, of which Donald Owens is Chief Executive Officer. This note bears an interest rate of 2%
per annum and has a maturity date of April 13, 2024.
On April 17, 2023, the Company issued a note payable
in the amount of $30,000 to HNO Green Fuels, of which Donald Owens is Chief Executive Officer. This note bears an interest rate of 2%
per annum and has a maturity date of April 17, 2024.
As of July 31, 2023 and October 31, 2022, these current
and long-term notes payable had an outstanding balance of $1,425,000 and $1,210,000, respectively.
As of July 31, 2023 and October 31, 2022, the Company
has recorded $34,335 and $14,725, respectively in accrued interest in connection with these notes in the accompanying condensed financial
statements.
Advances from Related Party
During the quarter ended July 31, 2023, HNO Green Fuels advanced the Company
$190,000. These advances were non-interest bearing and due on demand. On July 31, 2023, the full amount of $190,000 had been repaid.
Due from Related Party
The Company loaned money to HNO Hydrogen Generators,
a related party whose CEO is also the Chairman of the Company's Board of Directors. As of July 31, 2023 and October 31, 2022, the Company
had a receivable of $56,392 and $56,392, respectively, from HNO Hydrogen Generators. This receivable is unsecured, non-interest bearing,
and due on demand. The Company expects to collect the receivable amount.
NOTE 10 – SIMPLE AGREEMENT FOR FUTURE EQUITY
On July 10, 2023, the Company entered into a Simple Agreement for Future
Equity (the “SAFE”) with Varea, Inc. ("Varea"), a Delaware corporation. Pursuant to the SAFE, the Company is investing
$500,000.00 (the "Purchase Amount") in Varea in exchange for the right to certain shares of Varea's Capital Stock. The agreement
specifies that the Purchase Amount will be used for the Company's business operations over the next 12 months, subject to an agreed-upon
budget.
Prior to entering into this SAFE, the Company had an existing financial
arrangement with Varea LLC, whereby Varea LLC invoiced the Company for services rendered, which were recorded as expenses by HNOI. However,
recognizing the potential for a more mutually beneficial arrangement, Varea Inc. proposed a revised approach. Under the newly proposed
approach, Varea Inc. would submit a detailed budget outlining their anticipated monthly expenses, and HNO International, Inc. would view
these expenses as an investment opportunity rather than mere costs. In exchange for funding Varea Inc.'s expenses, HNO International,
Inc. would receive a post-money SAFE, which represents a future right to certain shares of Varea's Capital Stock. The transition from
the previous invoicing system to the investment-based financial arrangement was agreed by both parties. The terms and conditions of the
agreement, including the conversion of expenses into a potential future return on investment, were thoroughly assessed and discussed.
The balance of the SAFE on July 31, 2023, was $29,250.
NOTE 11 – SUBSEQUENT EVENTS
Subsequent to the quarter ended July 31, 2023, the Company sold 10,500
shares of common stock for cash totaling $10,500. The shares were sold pursuant to Regulation A.
On August
28, 2023, the Company entered into a Purchase and Sale Agreement (the “PSA”) with TCF Elrod, LLC (the “Seller”).
Pursuant to the PSA, the Company agreed to purchase property located in Harris County, Texas, including real property, improvements,
development rights, and a lease. The purchase price for the property is $10,800,000. The Company paid a non-refundable earnest money
deposit of $100,000, which will be applied towards the purchase price if the sale proceeds as planned. If specific conditions in the
PSA are not met, the Company has the option to terminate the PSA within 30 days from the signature date, and the earnest money deposit
will be returned by the Seller to the Company.
Report of Independent Registered Public
Accounting Firm
To the shareholders and the board of directors
of HNO International, Inc.
Opinion on the Financial Statements
We have audited the accompanying consolidated
balance sheets of HNO International, Inc. as of October 31, 2022 and 2021, the related statements of operations, stockholders' equity
(deficit), and cash flows for the years then ended, and the related notes (collectively referred to as the "financial statements").
In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of October
31, 2022 and 2021, and the results of its operations and its cash flows for the years then ended, in conformity with accounting principles
generally accepted in the United States.
Substantial Doubt about the Company’s
Ability to Continue as a Going Concern
The accompanying financial statements have
been prepared assuming that the Company will continue as a going concern. As discussed in Note 3 to the financial statements, the Company
has suffered recurring losses from operations and has a significant accumulated deficit. In addition, the Company continues to experience
negative cash flows from operations. These factors raise substantial doubt about the Company's ability to continue as a going concern.
Management's plans in regard to these matters are also described in Note 3. The financial statements do not include any adjustments that
might result from the outcome of this uncertainty.
Basis for Opinion
These financial statements are the responsibility
of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audit. We
are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are
required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and
regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with
the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we
engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding
of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s
internal control over financial reporting. Accordingly, we express no such opinion.
Our audit included performing procedures
to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that
respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial
statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as
evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.
/S/ BF Borgers CPA PC
BF Borgers CPA PC (PCAOB ID 5041)
We have served as the Company's auditor since 2022
Lakewood, CO
March 20, 2023
| |
| | | |
| | |
HNO INTERNATIONAL, INC. BALANCE SHEETS | |
| |
| | | |
| | |
| |
| October 31, | | |
| October 31, | |
| |
| 2022 | | |
| 2021 | |
| |
| | | |
| | |
ASSETS | |
| | | |
| | |
Current Assets | |
| | | |
| | |
Cash | |
$ | 51,109 | | |
$ | — | |
Due from related party | |
| 56,392 | | |
| — | |
Total Current Assets | |
| 107,501 | | |
| — | |
| |
| | | |
| | |
Other Assets | |
| | | |
| | |
Security deposits | |
| 6,800 | | |
| — | |
Total Other Assets | |
| 6,800 | | |
| — | |
TOTAL ASSETS | |
$ | 114,301 | | |
$ | — | |
| |
| | | |
| | |
LIABILITIES AND STOCKHOLDERS' DEFICIT | |
| | | |
| | |
LIABILITIES | |
| | | |
| | |
Current Liabilities | |
| | | |
| | |
Accounts payable | |
$ | — | | |
$ | 1,932 | |
Accrued interest payable | |
| 14,725 | | |
| — | |
Notes payable, related party | |
| 620,000 | | |
| — | |
Related party note payable | |
| — | | |
| 37,183 | |
Total Current Liabilities | |
| 634,725 | | |
| 39,115 | |
| |
| | | |
| | |
Long Term Notes Payable | |
| 590,000 | | |
| — | |
Total Liabilities | |
| 1,224,725 | | |
| 39,115 | |
| |
| | | |
| | |
STOCKHOLDERS’ DEFICIT | |
| | | |
| | |
Preferred stock, par value $0.001 per share; 15,000,000 shares authorized | |
| | | |
| | |
5,000,000 and 10,000,000 Series A shares issued and outstanding as of October 31, 2022 and October 31, 2021, respectively | |
| 5,000 | | |
| 10,000 | |
Common stock, par value $0.001 per share; 985,000,000 shares authorized; 105,265,299 and 95,265,299 shares issued and outstanding as of October 31, 2022 and October 31, 2021, respectively | |
| 105,265 | | |
| 95,265 | |
Stock subscription receivable | |
| (10,000 | ) | |
| — | |
Additional paid-in capital | |
| 38,957,921 | | |
| 38,952,921 | |
Accumulated deficit | |
| (40,168,610 | ) | |
| (39,097,301 | ) |
Total Stockholders’ Deficit | |
| (1,110,424 | ) | |
| (39,115 | ) |
| |
| | | |
| | |
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT | |
$ | 114,301 | | |
$ | — | |
| |
| | | |
| | |
The accompanying notes are an integral part of these financial statements. | |
| |
| | | |
| | |
HNO INTERNATIONAL, INC. STATEMENT OF OPERATIONS |
| |
| |
|
| |
For the Year ended October 31, |
| |
2022 | |
2021 |
| |
| |
|
Revenue | |
$ | 34,450 | | |
$ | — | |
Cost of goods sold | |
| (27,692 | ) | |
| — | |
Gross Profit | |
| 6,758 | | |
| — | |
| |
| | | |
| | |
Operating expenses | |
| | | |
| | |
Advertising and Marketing | |
| 4,250 | | |
| — | |
Contract labor | |
| 729,339 | | |
| — | |
General and administrative expenses | |
| 31,027 | | |
| 19,821 | |
Interest expense | |
| 14,651 | | |
| — | |
Legal and accounting fees | |
| 64,237 | | |
| 22,111 | |
Professional fees | |
| — | | |
| 91,000 | |
Payroll expenses | |
| 149,617 | | |
| — | |
Rent | |
| 34,400 | | |
| — | |
Travel expenses | |
| 50,106 | | |
| — | |
Vehicle expenses | |
| 440 | | |
| — | |
Total Operating Expenses | |
| 1,078,067 | | |
| 132,932 | |
| |
| | | |
| | |
Loss from Operations | |
$ | (1,071,309 | ) | |
$ | (132,932 | ) |
Net Loss | |
$ | (1,071,309 | ) | |
$ | (132,932 | ) |
PER SHARE AMOUNTS | |
| | | |
| | |
Basic and diluted net loss per share | |
| (0.01 | ) | |
| (0.00 | ) |
Weighted average number of common shares outstanding - basic and diluted | |
| 100,230,066 | | |
| 92,692,696 | |
| |
| | | |
| | |
The accompanying notes are an integral part of these financial statements. |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
HNO INTERNATIONAL, INC. STATEMENTS OF STOCKHOLDERS' DEFICIT For the Year Ended October 31, 2022 and October 31, 2021
|
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
Series A Preferred Stock | |
Common Stock | |
Stock | |
Stock Subscription | |
Additional Paid-in | |
Accumulated | |
Total Stockholders' |
| |
Shares | |
Amount | |
Shares | |
Amount | |
Payable | |
Receivable | |
Capital | |
Deficit | |
Deficit |
Balance at October 31, 2020 | |
| 10,000,000 | | |
$ | 10,000 | | |
| 265,299 | | |
$ | 265 | | |
$ | 4,000 | | |
$ | (4,000 | ) | |
$ | 38,952,245 | | |
$ | (38,964,369 | ) | |
$ | (1,859 | ) |
Shares issued for payable | |
| — | | |
| — | | |
| 4,000,000 | | |
| 4,000 | | |
| (4,000 | ) | |
| 4,000 | | |
| (4,000 | ) | |
| — | | |
| — | |
Shares issued for consulting services to a related party | |
| — | | |
| — | | |
| 100,000,000 | | |
| 100,000 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 100,000 | |
Cancellation of shares | |
| | | |
| | | |
| (9,000,000 | ) | |
| (9,000 | ) | |
| — | | |
| — | | |
| — | | |
| — | | |
| (9,000 | ) |
Contributed capital | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 4,676 | | |
| — | | |
| 4,676 | |
Net loss for the year ended October 31, 2021 | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (132,932 | ) | |
| (132,932 | ) |
Balance at October 31, 2021 | |
| 10,000,000 | | |
$ | 10,000 | | |
| 95,265,299 | | |
$ | 95,265 | | |
$ | — | | |
$ | — | | |
$ | 38,952,921 | | |
$ | (39,097,301 | ) | |
$ | (39,115 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Shares issued for acquisition | |
| — | | |
| — | | |
| 20,000 | | |
| 20 | | |
| — | | |
| — | | |
| (10 | ) | |
| — | | |
| 10 | |
Shares issued for consulting services | |
| — | | |
| — | | |
| 10,000,000 | | |
| 10,000 | | |
| — | | |
| (10,000 | ) | |
| — | | |
| — | | |
| — | |
Shares cancelled for cancellation of acquisition | |
| — | | |
| — | | |
| (20,000 | ) | |
| (20 | ) | |
| — | | |
| — | | |
| 10 | | |
| — | | |
| (10 | ) |
Series A Preferred Stock returned to treasury | |
| (5,000,000 | ) | |
| (5,000 | ) | |
| — | | |
| — | | |
| — | | |
| | | |
| 5,000 | | |
| — | | |
| — | |
Net loss for the year ended October 31, 2022 | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (1,071,309 | ) | |
| (1,071,309 | ) |
Balance at October 31, 2022 | |
| 5,000,000 | | |
$ | 5,000 | | |
| 105,265,299 | | |
$ | 105,265 | | |
$ | — | | |
$ | (10,000 | ) | |
$ | 38,957,921 | | |
$ | (40,168,610 | ) | |
$ | (1,110,424 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
The accompanying notes are an integral part of these financial statements. | |
| |
| | | |
| | |
HNO INTERNATIONAL, INC. STATEMENT OF CASH FLOWS |
| |
| |
|
| |
For the Year Ended October 31, |
| |
2022 | |
2021 |
| |
| |
|
Cash Flow from Operating Activities | |
| | | |
| | |
Net loss for the period | |
$ | (1,071,309 | ) | |
$ | (132,932 | ) |
| |
| | | |
| | |
Adjustments to reconcile net loss to net cash used in operating activities: | |
| | | |
| | |
Shares issued for services | |
| — | | |
| 95,000 | |
Changes in operating assets and liabilities: | |
| | | |
| | |
Increase (Decrease) in accounts payable | |
| (1,932 | ) | |
| 73 | |
(Increase) Decrease in due from related party | |
| (56,392 | ) | |
| — | |
(Increase) Decrease in security deposit | |
| (6,800 | ) | |
| — | |
Increase (Decrease) in accrued interest payable | |
| 14,725 | | |
| — | |
Net Cash Used in Operating Activities | |
| (1,121,708 | ) | |
| (37,859 | ) |
| |
| | | |
| | |
Cash Flows from Financing Activities | |
| | | |
| | |
Proceeds from related party notes payable | |
| 1,210,000 | | |
| — | |
Repayment of related party note payable | |
| (37,183 | ) | |
| — | |
Common stock issued for payable | |
| — | | |
| (4,000 | ) |
Proceeds from related party | |
| — | | |
| 37,183 | |
Contributed capital | |
| — | | |
| 4,676 | |
Net Cash Provided by Financing Activities | |
| 1,172,817 | | |
| 37,859 | |
| |
| | | |
| | |
Net increase (decrease) in cash | |
| 51,109 | | |
| — | |
Cash at beginning of period | |
| — | | |
| — | |
Cash at end of period | |
$ | 51,109 | | |
$ | — | |
| |
| | | |
| | |
Supplemental Disclosure of Interest and Income Taxes Paid: | |
| | | |
| | |
Interest paid during the period | |
$ | — | | |
$ | — | |
Income taxes paid during the period | |
$ | — | | |
$ | — | |
| |
| | | |
| | |
Supplemental Disclosure for Non-Cash Investing and Financing Activities: | |
| | | |
| | |
Issuance of common stock for payable | |
$ | — | | |
$ | 4,000 | |
| |
| | | |
| | |
The accompanying notes are an integral part of these
financial statements.
HNO INTERNATIONAL, INC.
NOTES TO FINANCIAL STATEMENTS
OCTOBER 31, 2022
Note
1 – Organization and basis of accounting ORGANIZATION AND BASIS OF PRESENTATION
Organization
HNO International, Inc. (the “Company”)
was incorporated in the State of Nevada on May 2, 2005 under the name American Bonanza Resources Limited. On August 4, 2009, the Company
acquired Clenergen Corporation Limited (UK), a United Kingdom corporation (“Limited”), and succeeded to the business of Limited.
Limited acquired the assets of Rootchange Limited, a biofuel and biomass research and development company, in April 2009. On March 19,
2009, the Company changes its name to Clenergen Corporation. On July 8, 2020, the Company changed its name to Excoin Ltd. and on August
31, 2021, the Company changed its name to HNO International, Inc. its current name.
The Company focuses on systems engineering design,
integration, and product development for the generation of green hydrogen based solutions to help businesses and communities decarbonize
in the near term. For over a decade, the Company’s management has developed innovative hydrogen systems that create, store, and
distribute green hydrogen at low costs, and foster emissions reductions.
The global green hydrogen market was valued at $0.3
billion in 2020 and is expected to grow to $9.8 billion by 2028, representing a 54.7% CAGR. The Company is uniquely positioned to be a
significant player in this growth.
Note 2 – Summary of significant accounting policies SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES
Basis of presentation
The financial statements present the balance sheets and statements of operations, stockholders' equity and cash flows of the Company.
These financial statements are presented in United States dollars and have been prepared in accordance with accounting principles generally
accepted in the United States.
Use of Estimates
The preparation of the financial statements in conformity
with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of
assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount
of revenues and expenses during the reporting period. The management makes its best estimate of the outcome for these items based on information
available when the financial statements are prepared.
Employee Stock-Based Compensation
The Company accounts for stock-based compensation
in accordance with ASC 718 Compensation - Stock Compensation (“ASC 718”). ASC 718 addresses all forms of share-based payment
(“SBP”) awards including shares issued under employee stock purchase plans and stock incentive shares. Under ASC 718 awards
result in a cost that is measured at fair value on the awards’ grant date, based on the estimated number of awards that are expected
to vest and will result in a charge to operations.
Property and equipment
Property and equipment are carried at cost and, less
accumulated depreciation. The cost of repairs and maintenance is expensed as incurred; major replacements and improvements are capitalized.
When assets are retired or disposed of, the cost and accumulated depreciation are removed from the accounts, and any resulting gains or
losses are included in income in the year of disposal. The Company examines the possibility of decreases in the value of property and
equipment when events or changes in circumstances reflect the fact that their recorded value may not be recoverable.
The Company’s property and equipment mainly
consists of computer and laser equipment. Depreciation is computed using the straight-line method over the estimated useful lives of the
assets, which range from 4-12 years.
Adoption of Recent Accounting Pronouncements
The Company has implemented all new accounting pronouncements
that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements
that have been issued that might have a material impact on its financial position or results of operations.
Note 3 - Going Concern GOING CONCERN
At October 31, 2022, we had a deficit of $40,168,610,
compared to a deficit of $39,097,301 at October 31, 2021. We have not been able to generate sufficient cash from operating activities
to fund our ongoing operations. We will be required to raise additional funds through public or private financing, additional collaborative
relationships or other arrangements until we are able to raise revenues to a point of positive cash flow. We are evaluating various options
to further reduce our cash requirements to operate at a reduced rate, as well as options to raise additional funds, including obtaining
loans and selling common stock. There is no guarantee that we will be able to generate enough revenue and/or raise capital to support
operations.
Based on the above factors, substantial doubt exists
about our ability to continue as a going concern for one year from the issuance of these financial statements.
Note
4 – Related party transactions RELATED PARTY TRANSACTION
On October 14, 2019, the Company issued 10,000,000 shares of the Series
A preferred stock to Custodian Ventures LLC, the company controlled by David Lazar, the Company’s former Chief Executive Officer
for forgiveness of related party debt totaling $10,000.
During the year ended October 31, 2020 and October
31, 2019, Custodian Ventures, LLC paid a total of $10,104 of expenses on behalf of the Company for payment of registration, accounting
and legal fees. This loan was unsecured, non-interest bearing, and had no specific terms for repayment. During the year ended October
31, 2020, $10,104 was forgiven by Custodian Ventures LLC and the Company has recorded it as additional paid in capital.
During the year ended October 31, 2020 and six months ended April 30, 2021,
Douglas Anderson, the Company’s former Chief Executive Officer, contributed $38,976 and $4,676 in cash to pay for operating expenses,
respectively. This has been recorded as additional paid-in capital.
Notes Payable, Related Party
On November 19, 2021, the Company issued a note payable
in the amount of $20,000 to HNO Green Fuels, of which Donald Owens is Chief Executive Officer. This note bears an interest rate of 2%
per annum and had a maturity date of December 19, 2022.
On December 1, 2021, the Company issued a note payable
in the amount of $500,000 to HNO Green Fuels, of which Donald Owens is Chief Executive Officer. This note bears an interest rate of 2%
per annum and had a maturity date of January 1, 2023.
On May 31, 2022, the Company issued a note payable
in the amount of $590,000 to HNO Green Fuels, of which Donald Owens is Chief Executive Officer. This note bears an interest rate of 2%
per annum and has a maturity date of May 31, 2030.
On September 29, 2022, the Company issued a note payable
in the amount of $50,000 to HNO Green Fuels, of which Donald Owens is Chief Executive Officer. This note bears an interest rate of 2%
per annum and has a maturity date of September 29, 2023.
On October 20, 2022, the Company issued a note payable
in the amount of $50,000 to HNO Green Fuels, of which Donald Owens is Chief Executive Officer. This note bears an interest rate of 2%
per annum and has a maturity date of October 20, 2023.
During the years ended October 31, 2022, and October
31, 2021, the Company accounted $15,758 and $0, respectively in accrued interest in connection with these notes in the accompanying financial
statements.
As of October 31, 2022, and October 31, 2021, these
current and long-term notes payable had an outstanding balance of $1,210,000 and $0, respectively.
Due from Related Party
The Company loaned money to HNO Hydrogen Generators, a related party whose
CEO is also the Chairman of the Company's Board of Directors. As of October 31, 2022 and 2021, the Company had a receivable of $56,392
and $0, respectively, from HNO Hydrogen Generators. This receivable is unsecured, non-interest bearing, and due on demand. The Company
expects to collect the receivable amount.
Note 5
– Convertible Notes Payable CONVERTIBLE NOTES PAYABLE
On December 15, 2021, the Company issued a convertible
note payable in the amount of $20,000. This note bears an interest rate of 1% per annum and is due on demand.
The note is convertible into shares of the Company's
common stock at a discount price of twenty percent (20%) per share of the current market value or trading value, using a Basic Conversion
Factor (BCF) specified in the note. The Noteholder has the option to convert the entire principal balance outstanding into common stock
within one year from the date of execution of this note.
On August 8, 2022, this note was repaid in full by
the Company with $20,000 in cash. As of October 31, 2022, the Company had no convertible notes payable outstanding.
Note
6 – Common stock COMMON STOCK
The Company is authorized to issue 985,000,000 shares of common stock,
par value 0.001 $001.
Stock Issued
On December 9, 2020, the Company issued 95,000,000
shares of common stock to Douglas Anderson for consulting services totaling $95,000. Subsequently, in a private transaction the 95,000,000
shares of Common Stock were transferred to were transferred to HNO Green Fuels Inc., a Nevada corporation, of which Donald Owens is Chief
Executive Officer/control person.
On December 9, 2020, the Company issued 5,000,000 shares of common stock
to Eden Capital LLC for consulting services totaling $5,000. On September 22, 2021, these shares were returned to the company and cancelled
due to new management and these consulting services no longer required.
On September 20, 2020, the Company entered into a
consulting agreement with DWC, LLC. Pursuant to the terms of the consulting agreement DWC, LLC is to receive 4,000,000 restricted shares
of the Company’s common stock in exchange for corporate consulting services to be performed. In addition, DWC, LLC has agreed to
pay par value of the shares. As of the year ended October 31, 2020, these shares had not yet been issued and were recorded as a stock
payable and payment of par value of the shares was recorded as a stock subscription receivable. On December 9, 2020, these shares were
issued. On October 14, 2021, these shares were returned to the Company and cancelled due to new management and these consulting services
no longer required.
On November 13, 2021, Company entered into a Share
Exchange Agreement by and between Company and Donald Owens (the “Share Exchange Agreement”), who was the sole shareholder
of HNO Hydrogen Generators, Inc., owning 10,000 shares of common stock, par value $0.001 per share, of HNO Hydrogen Generators, Inc.
(the “HNO Delaware Shares”); pursuant to which the Company agreed to acquire the HNO Delaware Shares from Mr. Owens in exchange
for the issuance by the Company to Mr. Owens of 20,000 shares of common stock, par value $0.001 per share, of the Company. The Share
Exchange Agreement and the transactions set forth therein were approved by the Company’s Board on November 13, 2021 and transactions
closed on the same day, at which time HNO Hydrogen Generators, Inc., became a wholly owned subsidiary of the Company.
On August 22, 2022,
the Company entered into a Termination of Share Exchange Agreement by and between the Company and Donald Owens, pursuant to which both
parties agreed to cancel the Share Exchange Agreement dated November 13, 2021. Mr. Owens’ 20,000 shares of common stock were returned
to the Company for cancellation and the 10,000 HNO Delaware Shares were returned to Mr. Owens. HNO Hydrogen Generators, Inc. is no longer
a wholly owned subsidiary of the Company.
Stock Receivable
On March 31, 2022, the Company issued 10,000,000 shares
of common stock Vivaris Capital, LLC in exchange for $10,000 cash consideration. However, Vivaris Capital, LLC have not paid for the shares,
and the Company has been unsuccessful in its attempts to collect the funds or have the shares returned.
As of October 31, 2022 and October 31, 2021, the Company
had 105,265,299 and 95,265,299 shares of common stock issued and outstanding, respectively.
Note 7
– Preferred Stock PREFERRED STOCK
The Company is authorized to issue 15,000,000 shares of preferred stock,
par value 0.001 $001.
Series A Preferred Stock
The Company has designated 10,000,000 shares of Series
A preferred stock, par value $0.001. On October 14, 2019, the Company issued 10,000,000 shares of the Series A preferred stock to Custodian
Ventures LLC, the company controlled by David Lazar, the Company’s former Chief Executive Officer for forgiveness of related party
debt totaling $10,000. Subsequently, in private transactions the 10,000,000 shares of Series A Preferred were transferred. On August 16,
2022, Wilhelm Cashen, the Company’s former Chief Executive Officer, returned his 5,000,000 Series A preferred stock to the Company’s
treasury. As of October 31, 2022, 5,000,000 shares are titled to Donald Owens.
As of October 31, 2022 and October 31, 2021, the Company
had 5,000,000 and 10,000,000 shares of preferred stock issued and outstanding, respectively.
Note
8 – Income Taxes INCOME TAXES
For the year
ended October 31, 2022, the Company has incurred net losses and therefore, it has no tax liability.
The net deferred tax asset generated by the loss carry-forward has been fully reserved. The cumulative net operating loss carry-forward
is approximately $40,168,610 at October 31, 2022 and will expire beginning in the year 2037.
The provision for income
taxes differs from the amounts which would be provided by applying the statutory federal income tax rate of 21% to the net loss before
provision for income taxes as follows:
Schedule of provision for income taxes | |
| | | |
| | |
| |
For the year ended October 31, 2022 | |
For the year ended October 31, 2021 |
| |
| |
|
Income tax expense (benefit) at statutory rate | |
| (224,975 | ) | |
| (27,916 | ) |
Change in valuation allowance | |
| 224,975 | | |
| 27,916 | |
Income tax expense | |
| — | | |
| — | |
Net deferred tax assets consist
of the following components as of October 31, 2022 and 2021:
Schedule of deferred tax assets |
|
|
|
|
|
|
|
|
|
|
October 31, 2022 |
|
October 31, 2021 |
Gross deferred tax asset |
|
|
8,435,408 |
|
|
|
8,177,883 |
|
Valuation allowance |
|
|
(8,435,408 |
) |
|
|
(8,177,883 |
) |
Net deferred tax asset |
|
|
— |
|
|
|
— |
|
Due to the change in ownership,
provisions of the Tax Reform Act of 1986, net operating loss carry forwards of approximately $40,168,610
for federal income tax reporting purposes could be subject to annual limitations. Should a change in ownership occur, net operating
loss carry forwards may be limited as to use in future years.
The Company has no uncertain
tax positions that require the Company to record a liability.
The Company had no accrued
penalties and interest related to taxes as of October 31, 2022.
Note
9 – Subsequent Events SUBSEQUENT EVENTS
Subsequent to October 31, 2022, the
Company entered into Stock Subscription Agreements with Donald Owens, the Company’s Chairman of the Board of Directors, (“purchaser”)
whereby the Company privately sold a total of 275,000,000 shares of its common stock, $0.001 par value per share, (“common stock”)
for a cash purchase price of $275,000. The purchaser is an “accredited investors (under Rule 506 (b) of Regulation D under the Securities
Act of 1933, as amended). The $275,000 in proceeds from the sale of common stock will be used for operating capital. The shares are ‘restricted
securities’ under Rule 144 of the Securities Act.
Subsequent to October 31, 2022, the
Company entered into a Stock Subscription Agreement with William Parker, a member of the Company’s Board of Directors, (“purchaser”)
whereby the Company privately sold a total of 5,000,000 shares of its common stock, $0.001 par value per share, (“common stock”)
for a cash purchase price of $5,000. The purchaser is an “accredited investors (under Rule 506 (b) of Regulation D under the Securities
Act of 1933, as amended). The $5,000 in proceeds from the sale of common stock will be used for operating capital. The shares are ‘restricted
securities’ under Rule 144 of the Securities Act.
Subsequent to October 31, 2022, the
Company entered into a Stock Subscription Agreement with Hossein Haririnia, the Company’s Treasurer and member of the Board of Directors,
(“purchaser”) whereby the Company privately sold a total of 2,000,000 shares of its common stock, $0.001 par value per share,
(“common stock”) for a cash purchase price of $2,000. The purchaser is an “accredited investors (under Rule 506 (b)
of Regulation D under the Securities Act of 1933, as amended). The $2,000 in proceeds from the sale of common stock will be used for operating
capital. The shares are ‘restricted securities’ under Rule 144 of the Securities Act.
The Company agreed to issue 20,000,000 shares of its common stock for settlement
of the $20,000 note payable dated November 19, 2021 to HNO Green Fuels. The note matured on December 19, 2022 and was settled in full
on December 26, 2022 with the issuance of these shares. The shares are ‘restricted securities’ under Rule 144 and the issuance
of the shares was made in reliance upon the exemption provided in Section 4(a)(2) of the Securities Act of 1933, as amended.
On January 2, 2023,
the Company’s Board of Directors approved the issuance of 2,025,000 shares of our common stock
in exchange for services rendered to the Company. The shares are ‘restricted securities’
under Rule 144 and the issuance of the shares was made in reliance upon the exemption provided in Section 4(a)(2) of the Securities Act
of 1933, as amended.
On January 4, 2023, the Board of Directors
and a majority of the Company’s stockholders approved the proposal to increase the number of shares of capital stock that the Company
is authorized to issue to 1,000,000,000. On January 6, 2023, the Company filed a Certificate of Amendment to the Articles of Incorporation
with the Secretary of State of Nevada to increase the total authorized capital from 510,000,000 shares to 1,000,000,000 shares consisting
of 985,000,000 shares of common stock, par value $0.001, and 15,000,000 shares of preferred stock, par value $0.001.
On January 24, 2023, the
Company took a step in creating an intellectual property portfolio by entering into a Patent Purchase Agreement with Donald Owens, the
Company's Chairman of the Board of Directors.
Under the terms of
the Patent Agreement, Mr. Owens agreed to sell to the Company the patents listed in the table below, in exchange for the issuance of
5,000,000 shares of the Company's Series A Preferred Stock. These patents are related to hydrogen supplemental systems for on-demand
hydrogen generation for internal combustion engines and a method and apparatus for increasing combustion efficiency and reducing
particulate matter emissions in jet engines.
Please find the details of the patents
acquired in the table below:
COUNTRY |
APPLN NO |
Patent Number |
TITLE |
STATUS |
US |
13/844,267 |
8,757,107 |
HYDROGEN SUPPLEMENTAL SYSTEM FOR ON-DEMAND HYDROGEN GENERATION FOR INTERNAL COMBUSTION ENGINES |
Issued |
US |
13/922,351 |
9,453,457 |
HYDROGEN SUPPLEMENTAL SYSTEM FOR ON-DEMAND HYDROGEN GENERATION FOR INTERNAL COMBUSTION ENGINES |
Issued |
US |
14/016,388 |
9,476,357 |
METHOD AND APPARATUS FOR INCREASING COMBUSTION EFFICIENCY AND REDUCING PARTICULATE MATTER EMISSIONS IN JET ENGINES |
Issued |
US |
14/326,801 |
9,267,468 |
HYDROGEN SUPPLEMENTAL SYSTEM FOR ON-DEMAND HYDROGEN GENERATION FOR INTERNAL COMBUSTION ENGINES |
Issued |
US |
17/047,041 |
10,920,717 |
HYDROGEN PRODUCING SYSTEM AND DEVICE FOR IMPROVING FUEL EFFICIENCY AND REDUCING EMISSIONS OF INTERNAL COMBUSTION AND/OR DIESEL ENGINES |
Issued |
AUSTRALIA |
2019405749 |
2019405749 |
HYDROGEN PRODUCING SYSTEM AND DEVICE FOR IMPROVING FUEL EFFICIENCY AND REDUCING EMISSIONS OF INTERNAL COMBUSTION AND/OR DIESEL ENGINES |
Issued |
CHINA |
201980092511.1 |
|
HYDROGEN PRODUCING SYSTEM AND DEVICE FOR IMPROVING FUEL EFFICIENCY |
Pending |
EUROPE |
19900413.6. |
|
HYDROGEN PRODUCING SYSTEM AND DEVICE FOR IMPROVING FUEL EFFICIENCY |
Pending |
JAPAN |
2021-535288 |
|
HYDROGEN PRODUCING SYSTEM AND DEVICE FOR IMPROVING FUEL EFFICIENCY |
Pending |
PART II - INFORMATION NOT REQUIRED IN PROSPECTUS
Item 13 - Other Expenses of Issuance and Distribution
We estimate that expenses in connection with the distribution
described in this Registration Statement (other than brokerage commissions, discounts or other expenses relating to the sale of the shares
by the Selling Security Holder) will be as set forth below. We will pay all of the expenses with respect to the distribution, and such
amounts, with the exception of the SEC registration fee, are estimates.
|
|
Amount
to Be Paid |
|
SEC registration fee |
|
$ |
181.75 |
|
State filing fees |
|
|
500.00 |
|
Edgarizing costs |
|
|
500.00 |
|
Accounting fees and expenses |
|
|
1,000.00 |
|
Legal fees and expenses |
|
|
20,000.00 |
|
Total |
|
$ |
22,181.75 |
|
Item 14 - Indemnification of Directors and Officers
Section 145 of the Nevada
General Corporation Law permits a corporation to indemnify any director or officer of the corporation against expenses (including attorney’s
fees), judgments, fines and amounts paid in settlement actually and reasonably incurred in connection with any action, suit or proceeding
brought by reason of the fact that such person is or was a director or officer of the corporation, if such person acted in good faith
and in a manner that he or she reasonably believed to be in, or not opposed to, the best interests of the corporation, and, with respect
to any criminal action or proceeding, if he or she had no reason to believe his or her conduct was unlawful. In a derivative action, one
brought by or on behalf of the corporation), indemnification may be provided only for expenses actually and reasonably incurred by any
director or officer in connection with the defense or settlement of such an action or suit if such person acted in good faith and in a
manner that he or she reasonably believed to be in, or not opposed to, the best interests of the corporation, except that no indemnification
shall be provided if such person shall have been adjudged to be liable to the corporation, unless and only to the extent that the court
in which the action or suit was brought shall determine that the defendant is fairly and reasonably entitled to indemnity for such expenses
despite such adjudication of liability.
Our Articles of Incorporation
contain a provision that no director or officer will be personally liable to us or our stockholders for damages regarding breaches of
fiduciary duty. This limitation on liability may reduce the likelihood of derivative litigation against our officers and directors and
may discourage or deter our stockholders from suing our officers and directors based upon breaches of their duties to our Company.
Insofar as indemnification for liabilities arising
under the Securities Act may be permitted to our directors, officers or controlling persons pursuant to the foregoing provisions, or otherwise,
we have been advised that in the opinion of the Securities and Exchange Commission this indemnification is against public policy as expressed
in the Securities Act and is, therefore, unenforceable.
Item 15 - Recent Sales of Unregistered Securities
The following table includes all unregistered sales
of securities made by us during the last three years:
Date |
Name |
Consideration |
Securities |
Exemption from Registration |
2/23/22 |
Vivaris Capital |
Services |
10,000,000 |
Section 4(a)(2) |
12/22/22 |
Donald Owens |
Cash |
20,000,000 |
Rule 506 (b) of Regulation D |
12/26/22 |
HNO Green Fuels |
Debt Extinguishment |
20,000,000 |
Section 4(a)(2) |
12/30/22 |
Donald Owens |
Cash |
80,000,000 |
Rule 506 (b) of Regulation D |
1/11/23 |
Hossein Haririnia |
Cash |
2,000,000 |
Rule 506 (b) of Regulation D |
1/13/23 |
Donald Owens |
Cash |
75,000,000 |
Rule 506 (b) of Regulation D |
1/17/23 |
William Parker |
Cash |
5,000,000 |
Rule 506 (b) of Regulation D |
1/2/23 |
Jasmine Louis |
Services |
500,000 |
Section 4(a)(2) |
1/2/23 |
Greg Heller |
Services |
250,000 |
Section 4(a)(2) |
1/2/23 |
Paul Mueller |
Services |
250,000 |
Section 4(a)(2) |
1/2/23 |
Hossein Haririnia |
Services |
250,000 |
Section 4(a)(2) |
1/2/23 |
William Parker |
Services |
100,000 |
Section 4(a)(2) |
1/2/23 |
Kristina Mabry |
Services |
75,000 |
Section 4(a)(2) |
1/2/23 |
Brian Hill |
Services |
250,000 |
Section 4(a)(2) |
1/2/23 |
Malachi Smith |
Services |
75,000 |
Section 4(a)(2) |
1/2/23 |
Saad Hasan |
Services |
75,000 |
Section 4(a)(2) |
1/2/23 |
Alison Bedwell |
Services |
75,000 |
Section 4(a)(2) |
1/2/23 |
Misty Pommier |
Services |
75,000 |
Section 4(a)(2) |
1/2/23 |
Fernando Godinez |
Services |
25,000 |
Section 4(a)(2) |
1/2/23 |
Gio Alpuente |
Services |
25,000 |
Section 4(a)(2) |
1/31/23 |
Donald Owens |
Cash |
100,000,000 |
Rule 506 (b) of Regulation D |
6/9/23 |
Hossein Haririnia |
Cash |
8,000,000 |
Rule 506 (b) of Regulation D |
5/20/23 |
Raquel A Williams |
Cash |
1,000 |
Regulation A |
5/22/23 |
Thornal Adams |
Cash |
1,000 |
Regulation A |
5/17/23 |
Carl M Agard |
Cash |
1,000 |
Regulation A |
5/18/23 |
Angeline M Alexander |
Cash |
5,000 |
Regulation A |
5/20/23 |
Wesley Clifford Allen |
Cash |
2,000 |
Regulation A |
5/16/23 |
Berthe S. Alleyne |
Cash |
2,000 |
Regulation A |
5/18/23 |
Aaron Anthony Alli |
Cash |
1,000 |
Regulation A |
5/16/23 |
Phyllis Ann Alston |
Cash |
250 |
Regulation A |
5/22/23 |
Juliette Alston |
Cash |
1,000 |
Regulation A |
5/29/23 |
Vernell Alston |
Cash |
1,000 |
Regulation A |
5/28/23 |
Jasmine Alvarez |
Cash |
1,000 |
Regulation A |
5/16/23 |
Christopher Anderson |
Cash |
500 |
Regulation A |
5/22/23 |
Treddis D. Anderson |
Cash |
1,000 |
Regulation A |
5/23/23 |
Treddis D. Anderson, Jr. |
Cash |
1,000 |
Regulation A |
5/16/23 |
Jerome Armstead Armstead |
Cash |
2,000 |
Regulation A |
5/22/23 |
Ashley Chantal Armstead |
Cash |
1,000 |
Regulation A |
5/18/23 |
Jerome Armstead |
Cash |
3,000 |
Regulation A |
5/20/23 |
Kitambra Mcshay Baker |
Cash |
1,000 |
Regulation A |
5/26/23 |
Deniece Carolyn Baker |
Cash |
1,000 |
Regulation A |
5/23/23 |
Darius Barnes |
Cash |
1,000 |
Regulation A |
5/23/23 |
Heather Ingrid Beckno |
Cash |
1,000 |
Regulation A |
5/22/23 |
Taylor Alonzo Belden |
Cash |
1,000 |
Regulation A |
5/18/23 |
Lenore P. Bell |
Cash |
1,500 |
Regulation A |
5/24/23 |
Broderick Dennis Bellow |
Cash |
1,000 |
Regulation A |
5/18/23 |
Joel Benjamin |
Cash |
2,000 |
Regulation A |
5/16/23 |
Joel Benjamin |
Cash |
300 |
Regulation A |
5/17/23 |
Kevin Bens |
Cash |
1,000 |
Regulation A |
5/16/23 |
Jennifer J. Berry |
Cash |
500 |
Regulation A |
5/25/23 |
Michael J. Bishop |
Cash |
5,600 |
Regulation A |
5/16/23 |
Danny Ray Bouie |
Cash |
250 |
Regulation A |
5/23/23 |
Danny Ray Bouie |
Cash |
1,000 |
Regulation A |
5/22/23 |
Philip Bowman |
Cash |
10,000 |
Regulation A |
5/17/23 |
Lashaunda S. Bradley |
Cash |
250 |
Regulation A |
5/31/23 |
Willie Bradshaw |
Cash |
10,000 |
Regulation A |
5/17/23 |
Monica Marie Brewer |
Cash |
1,000 |
Regulation A |
5/16/23 |
Willie Cal Brown |
Cash |
250 |
Regulation A |
5/24/23 |
Keith Burleigh |
Cash |
1,000 |
Regulation A |
5/20/23 |
Brian Paul Burrage |
Cash |
1,000 |
Regulation A |
5/16/23 |
Brian Byrd |
Cash |
250 |
Regulation A |
5/22/23 |
Greg Byrd Entertainment LLC c/o Gregory S Byrd |
Cash |
1,000 |
Regulation A |
5/23/23 |
Sharon Hardy Caddle |
Cash |
2,000 |
Regulation A |
5/26/23 |
Sharon Hardy Caddle |
Cash |
1,800 |
Regulation A |
5/31/23 |
Sharon Hardy Caddle |
Cash |
1,200 |
Regulation A |
5/18/23 |
Julio Cesar Campos |
Cash |
5,000 |
Regulation A |
5/16/23 |
Alfred Eugene Carroll |
Cash |
250 |
Regulation A |
5/18/23 |
Annette Chase |
Cash |
1,000 |
Regulation A |
5/25/23 |
Eldridge Louis Chism, Jr. |
Cash |
1,000 |
Regulation A |
5/24/23 |
Carlise T. Choate |
Cash |
1,000 |
Regulation A |
5/18/23 |
Chukwudi Nwokedi Chukwuelue |
Cash |
1,000 |
Regulation A |
5/17/23 |
Judith Christine Clarke |
Cash |
1,000 |
Regulation A |
5/20/23 |
Zinger Clausell Holley |
Cash |
1,000 |
Regulation A |
5/29/23 |
Chalina Y. Clemons |
Cash |
10,000 |
Regulation A |
5/23/23 |
Tina Maria Clonts |
Cash |
2,000 |
Regulation A |
5/31/23 |
Anita J. Clonts |
Cash |
2,000 |
Regulation A |
5/23/23 |
Anita Clonts |
Cash |
1,200 |
Regulation A |
5/31/23 |
Lorna N. Cole |
Cash |
10,000 |
Regulation A |
5/16/23 |
Simone Turia Coleman |
Cash |
5,000 |
Regulation A |
5/16/23 |
Simone Turia Coleman |
Cash |
5,000 |
Regulation A |
5/16/23 |
Joe Richard Condrey |
Cash |
5,000 |
Regulation A |
5/16/23 |
Arthur Lee Conway |
Cash |
500 |
Regulation A |
5/20/23 |
Keith Ryan Cortesini |
Cash |
1,000 |
Regulation A |
5/16/23 |
Samuel Austin Cutler |
Cash |
25,000 |
Regulation A |
5/17/23 |
Samuel Austin Cutler |
Cash |
74,999 |
Regulation A |
5/22/23 |
Samuel Austin Cutler |
Cash |
10,001 |
Regulation A |
5/16/23 |
Tammy M. Davis |
Cash |
5,000 |
Regulation A |
5/16/23 |
Nicola Natoya Davis |
Cash |
250 |
Regulation A |
5/23/23 |
Nicola Natoya Davis |
Cash |
1,000 |
Regulation A |
5/24/23 |
Marcus Hampton Davis |
Cash |
2,000 |
Regulation A |
5/24/23 |
Lesa Deed-ross |
Cash |
1,500 |
Regulation A |
5/20/23 |
Shamar Delsol |
Cash |
1,000 |
Regulation A |
5/17/23 |
Dawn Monique Devega |
Cash |
1,000 |
Regulation A |
6/1/23 |
Rhonda E. Dunlap |
Cash |
1,000 |
Regulation A |
5/17/23 |
Charmaine Easley |
Cash |
1,000 |
Regulation A |
5/16/23 |
Edward Ederaine |
Cash |
450 |
Regulation A |
5/22/23 |
Edward Ederaine |
Cash |
1,000 |
Regulation A |
5/30/23 |
Edward Ederaine |
Cash |
1,000 |
Regulation A |
5/24/23 |
Adam David Eidson |
Cash |
10,000 |
Regulation A |
5/17/23 |
Armando Ernesto Ellis |
Cash |
20,000 |
Regulation A |
5/19/23 |
Aj Ellis |
Cash |
1,500 |
Regulation A |
5/18/23 |
Daniel Louis Erber |
Cash |
1,000 |
Regulation A |
5/16/23 |
Joni V. Evans |
Cash |
5,000 |
Regulation A |
5/18/23 |
John Earl Fann |
Cash |
1,000 |
Regulation A |
5/24/23 |
Quenton Farr |
Cash |
2,000 |
Regulation A |
5/18/23 |
Anaise Margarlis Ferguson |
Cash |
4,000 |
Regulation A |
5/17/23 |
Brian Fifer |
Cash |
1,000 |
Regulation A |
5/24/23 |
Jerry Robin Finin |
Cash |
1,100 |
Regulation A |
5/26/23 |
Nancy Flemming |
Cash |
1,000 |
Regulation A |
5/23/23 |
Jane Vinoya Flores |
Cash |
1,000 |
Regulation A |
5/22/23 |
Kachan A. Forbes |
Cash |
1,000 |
Regulation A |
5/20/23 |
Dwight Mcneal Ford |
Cash |
1,000 |
Regulation A |
5/23/23 |
Dwight Mcneal Ford |
Cash |
2,000 |
Regulation A |
5/18/23 |
Faytesha Maureen Gay |
Cash |
10,000 |
Regulation A |
5/17/23 |
Charles Allen Gibson |
Cash |
10,000 |
Regulation A |
5/16/23 |
Tyrell J. Gibson |
Cash |
250 |
Regulation A |
5/21/23 |
Deric Adolphus Gilliard |
Cash |
1,000 |
Regulation A |
5/17/23 |
Thad Gittens |
Cash |
1,000 |
Regulation A |
5/21/23 |
Thad Michael Gittens |
Cash |
1,500 |
Regulation A |
5/21/23 |
Thad Michael Gittens |
Cash |
1,000 |
Regulation A |
5/21/23 |
Thad Michael Gittens |
Cash |
1,500 |
Regulation A |
5/22/23 |
Thad Michael Gittens |
Cash |
1,000 |
Regulation A |
5/16/23 |
Kenneth M. Givens Jr |
Cash |
300 |
Regulation A |
5/22/23 |
Ramanathan Gnanadesikan |
Cash |
10,000 |
Regulation A |
5/16/23 |
Parrish Leshown Godchild |
Cash |
500 |
Regulation A |
5/17/23 |
Raymos A. Gonzales |
Cash |
1,000 |
Regulation A |
5/29/23 |
Diamond Mercedes Goodson |
Cash |
1,000 |
Regulation A |
5/19/23 |
Marcus Gravely |
Cash |
1,000 |
Regulation A |
5/16/23 |
Michael Allen Gravely Jr |
Cash |
250 |
Regulation A |
5/23/23 |
Kevin Eric Green |
Cash |
1,999 |
Regulation A |
5/16/23 |
Tawana Nichole Greene |
Cash |
250 |
Regulation A |
5/20/23 |
Sunita Usha Lianti Greenfield |
Cash |
1,000 |
Regulation A |
5/16/23 |
Jalon Spencer Griffin |
Cash |
250 |
Regulation A |
5/30/23 |
Spencer Griffin III |
Cash |
1,500 |
Regulation A |
5/17/23 |
Dwight Hall |
Cash |
2,000 |
Regulation A |
5/23/23 |
Absalom Jovelle Hall |
Cash |
5,000 |
Regulation A |
5/24/23 |
Takiyaj Hall |
Cash |
1,000 |
Regulation A |
5/25/23 |
Bettina A. Hall |
Cash |
4,000 |
Regulation A |
5/16/23 |
Willie Louis Hardy |
Cash |
250 |
Regulation A |
5/17/23 |
Ellenar Harper |
Cash |
1,000 |
Regulation A |
5/22/23 |
Steven Harper |
Cash |
1,000 |
Regulation A |
5/25/23 |
Steven Harper |
Cash |
2,000 |
Regulation A |
5/16/23 |
La Tonya Harris |
Cash |
1,000 |
Regulation A |
5/22/23 |
Christopher Harris |
Cash |
1,000 |
Regulation A |
6/1/23 |
Melinda W. Harris |
Cash |
1,000 |
Regulation A |
5/16/23 |
Menarda Meshea Hayes |
Cash |
250 |
Regulation A |
5/16/23 |
Bryant Keith Hayes |
Cash |
250 |
Regulation A |
5/16/23 |
Daryl Rydell Hayes |
Cash |
1,000 |
Regulation A |
5/16/23 |
Menarda Meshea Hayes |
Cash |
250 |
Regulation A |
5/20/23 |
William Mckinzie Haymon |
Cash |
1,000 |
Regulation A |
5/16/23 |
Johnell Haynes |
Cash |
250 |
Regulation A |
5/19/23 |
Kenneth Lee Heflin |
Cash |
1,010 |
Regulation A |
5/17/23 |
Terry Vaughn Hemphill |
Cash |
1,000 |
Regulation A |
5/17/23 |
Marshonda L. Henderson |
Cash |
1,250 |
Regulation A |
5/20/23 |
Marlow B. Hicks |
Cash |
2,000 |
Regulation A |
5/21/23 |
Ryan Douglas High |
Cash |
3,000 |
Regulation A |
5/20/23 |
Yvonne Angela Hobson |
Cash |
1,000 |
Regulation A |
5/20/23 |
Danny Holley |
Cash |
1,000 |
Regulation A |
5/18/23 |
Darnell Howard |
Cash |
1,000 |
Regulation A |
5/16/23 |
Natarsha Humphries |
Cash |
1,000 |
Regulation A |
5/16/23 |
Vincent Idemyor |
Cash |
250 |
Regulation A |
5/30/23 |
Vincent Idemyor |
Cash |
1,000 |
Regulation A |
5/17/23 |
Demetrius James Ingram |
Cash |
5,000 |
Regulation A |
5/16/23 |
Jamin Israel |
Cash |
250 |
Regulation A |
5/17/23 |
Ubong E. Ituen |
Cash |
2,000 |
Regulation A |
5/16/23 |
Eno Leonard Ituen |
Cash |
1,000 |
Regulation A |
5/17/23 |
Samuel Lee Jackson |
Cash |
1,500 |
Regulation A |
5/22/23 |
Akwasi Jackson |
Cash |
2,000 |
Regulation A |
5/23/23 |
Marta Jill Jaenke |
Cash |
2,000 |
Regulation A |
5/23/23 |
Melford James |
Cash |
1,000 |
Regulation A |
5/20/23 |
Clarence Jefferson |
Cash |
1,000 |
Regulation A |
5/17/23 |
Michelle D. Jenkins |
Cash |
10,000 |
Regulation A |
5/16/23 |
Marvin Lee Johnson |
Cash |
300 |
Regulation A |
5/18/23 |
Ausey Johnson |
Cash |
1,000 |
Regulation A |
5/16/23 |
Roscoe Johnson |
Cash |
1,000 |
Regulation A |
5/23/23 |
Roscoe Johnson |
Cash |
15,000 |
Regulation A |
5/26/23 |
Roscoe Johnson |
Cash |
5,000 |
Regulation A |
5/30/23 |
Jacquita Sheneal Johnson House |
Cash |
1,000 |
Regulation A |
5/16/23 |
Sheilah Jones |
Cash |
600 |
Regulation A |
5/18/23 |
Gerhard Klusmann |
Cash |
1,000 |
Regulation A |
5/23/23 |
Paul Mark Kobylarz |
Cash |
10,000 |
Regulation A |
5/22/23 |
Paula Lacount |
Cash |
1,000 |
Regulation A |
5/18/23 |
Lamarr K. Lark |
Cash |
5,000 |
Regulation A |
5/16/23 |
Antwon Eugene Lark |
Cash |
5,000 |
Regulation A |
5/22/23 |
Brenda Elaine Lark |
Cash |
1,000 |
Regulation A |
5/25/23 |
Karen Evon Latson |
Cash |
6,200 |
Regulation A |
6/1/23 |
Constance Jean Leon |
Cash |
10,000 |
Regulation A |
5/16/23 |
Dameon Levi |
Cash |
2,500 |
Regulation A |
5/16/23 |
Eric T. Lewis |
Cash |
250 |
Regulation A |
5/20/23 |
Gail Frances Lewis |
Cash |
2,000 |
Regulation A |
5/30/23 |
Verneil Lewis |
Cash |
1,500 |
Regulation A |
5/16/23 |
Eric Keith Lewis |
Cash |
1,000 |
Regulation A |
5/18/23 |
Jean Ann Lewis |
Cash |
1,000 |
Regulation A |
5/31/23 |
James Alexander Lewis |
Cash |
1,000 |
Regulation A |
5/23/23 |
Yi Li |
Cash |
1,000 |
Regulation A |
5/17/23 |
Shannon D. Long |
Cash |
1,000 |
Regulation A |
5/17/23 |
Samuel Gabriel Long |
Cash |
1,000 |
Regulation A |
5/24/23 |
Omasan Macarthy |
Cash |
2,000 |
Regulation A |
5/20/23 |
Ricardo Maderas |
Cash |
1,000 |
Regulation A |
5/18/23 |
Nicole P. Marsh |
Cash |
1,000 |
Regulation A |
5/26/23 |
Ashlee Ladonis Martin |
Cash |
1,000 |
Regulation A |
5/23/23 |
Edgar R. Martinez |
Cash |
5,000 |
Regulation A |
5/20/23 |
Michael Bernard Mason |
Cash |
2,000 |
Regulation A |
5/17/23 |
Tynnetta Mcbeth |
Cash |
2,000 |
Regulation A |
5/16/23 |
Ariel Benkadmiel Mccullough |
Cash |
250 |
Regulation A |
5/16/23 |
Harrison Mcdaniel |
Cash |
500 |
Regulation A |
5/20/23 |
Anthony J. Mineo |
Cash |
1,000 |
Regulation A |
5/16/23 |
Orlene Rebecca Mitchell |
Cash |
1,000 |
Regulation A |
5/17/23 |
Kathleen Mitchell |
Cash |
1,000 |
Regulation A |
5/23/23 |
Orlene Rebecca Mitchell |
Cash |
1,500 |
Regulation A |
5/20/23 |
Jarodrick Mixon |
Cash |
1,000 |
Regulation A |
5/24/23 |
Julien Mondesir |
Cash |
1,000 |
Regulation A |
5/25/23 |
Randy Andrell Moore |
Cash |
1,500 |
Regulation A |
5/22/23 |
David Christopher Morehead |
Cash |
2,000 |
Regulation A |
5/20/23 |
Kerry Morgan |
Cash |
1,000 |
Regulation A |
5/27/23 |
Stephanie Morris |
Cash |
2,000 |
Regulation A |
5/16/23 |
Daniella Muhyee |
Cash |
1,000 |
Regulation A |
5/21/23 |
Daniella Muhyee |
Cash |
2,000 |
Regulation A |
5/17/23 |
Rashad Abdul Muhyee |
Cash |
1,000 |
Regulation A |
5/26/23 |
Chloe Neff |
Cash |
1,000 |
Regulation A |
5/21/23 |
Shereka Norfleet |
Cash |
1,000 |
Regulation A |
5/25/23 |
Yong Mi Norfleet |
Cash |
3,000 |
Regulation A |
5/17/23 |
Brian Norwood |
Cash |
1,000 |
Regulation A |
5/26/23 |
Brian Norwood |
Cash |
1,500 |
Regulation A |
5/28/23 |
Delories Ann Nunnery |
Cash |
1,000 |
Regulation A |
5/30/23 |
Nicole Denise O'keefe |
Cash |
2,500 |
Regulation A |
5/18/23 |
Luke James O'toole |
Cash |
1,500 |
Regulation A |
5/18/23 |
Security Solutions Int'l LLC c/o Luke James O'toole |
Cash |
1,000 |
Regulation A |
5/28/23 |
Charlotte Monique Oakman |
Cash |
1,000 |
Regulation A |
5/20/23 |
Bridgitt Evelyn Ocloo-bonsu |
Cash |
1,000 |
Regulation A |
5/28/23 |
Jermaine Kwabena Ofosu-anim |
Cash |
10,000 |
Regulation A |
5/16/23 |
Daniel Parker |
Cash |
250 |
Regulation A |
5/26/23 |
Michael Patterson |
Cash |
1,000 |
Regulation A |
5/27/23 |
Gail Paty |
Cash |
1,600 |
Regulation A |
5/24/23 |
Edwin Etiene Perez Hernandez |
Cash |
5,000 |
Regulation A |
5/16/23 |
Latoya Patrice Perry |
Cash |
1,000 |
Regulation A |
5/19/23 |
Angela Perryman |
Cash |
1,000 |
Regulation A |
5/16/23 |
John B. Pierpont |
Cash |
2,000 |
Regulation A |
5/16/23 |
Joseann Laurraine Plunkett |
Cash |
1,000 |
Regulation A |
5/24/23 |
Joseann Laurraine Plunkett |
Cash |
1,500 |
Regulation A |
5/16/23 |
Austin J. Pope |
Cash |
250 |
Regulation A |
5/23/23 |
Alton Pounall |
Cash |
1,000 |
Regulation A |
5/20/23 |
Annie Priester |
Cash |
1,000 |
Regulation A |
5/16/23 |
Tywan D. Purnell |
Cash |
1,000 |
Regulation A |
5/16/23 |
Tarsha Monique Purnell |
Cash |
500 |
Regulation A |
5/23/23 |
Tywan Donta Purnell |
Cash |
30,000 |
Regulation A |
5/31/23 |
Tywan Donta Purnell |
Cash |
19,000 |
Regulation A |
5/19/23 |
Humphrey O. Quao |
Cash |
1,000 |
Regulation A |
5/26/23 |
Riley Quintanilla |
Cash |
1,000 |
Regulation A |
5/18/23 |
James Alexander Randle |
Cash |
1,000 |
Regulation A |
5/19/23 |
Diana M. Randolph |
Cash |
1,000 |
Regulation A |
5/28/23 |
Carlo Rhodes |
Cash |
1,000 |
Regulation A |
5/30/23 |
Anita M. Rhodes |
Cash |
2,500 |
Regulation A |
5/24/23 |
Nancy Ann Rieger |
Cash |
1,500 |
Regulation A |
5/27/23 |
Patricia Ann Robinson |
Cash |
1,000 |
Regulation A |
5/31/23 |
Erma Robinson |
Cash |
2,000 |
Regulation A |
5/27/23 |
Armeta Jacks Ross |
Cash |
1,000 |
Regulation A |
5/16/23 |
Kevin Crisando Ruskin |
Cash |
1,000 |
Regulation A |
5/25/23 |
Dharunkumar Sadasivam |
Cash |
2,000 |
Regulation A |
5/25/23 |
Dharunkumar Sadasivam |
Cash |
2,000 |
Regulation A |
5/26/23 |
Dharunkumar Sadasivam |
Cash |
1,000 |
Regulation A |
5/16/23 |
Khafrakhafre Raha Sakhara |
Cash |
500 |
Regulation A |
5/20/23 |
Janice VernidaSanderlin |
Cash |
1,000 |
Regulation A |
5/24/23 |
Demetrius Verone Scott |
Cash |
2,500 |
Regulation A |
5/24/23 |
Demetrius Verone Scott |
Cash |
2,500 |
Regulation A |
5/16/23 |
Olakunde Sentwali |
Cash |
500 |
Regulation A |
5/19/23 |
Marvin Antoine Sewell |
Cash |
1,000 |
Regulation A |
5/18/23 |
Debra A .Shannon |
Cash |
1,000 |
Regulation A |
5/18/23 |
Oscar Shepherd |
Cash |
7,000 |
Regulation A |
5/16/23 |
Keith Nathaniel Singletary |
Cash |
500 |
Regulation A |
5/16/23 |
Keith Nathaniel Singletary |
Cash |
300 |
Regulation A |
5/16/23 |
Donte Small |
Cash |
1,000 |
Regulation A |
5/23/23 |
Johnny Smith |
Cash |
15,000 |
Regulation A |
5/16/23 |
Monica J. Smith |
Cash |
250 |
Regulation A |
5/17/23 |
Maurice Anthony Smith |
Cash |
2,000 |
Regulation A |
5/19/23 |
Johnny Smith |
Cash |
1,000 |
Regulation A |
5/20/23 |
Felicia Annette Elizabeth Smith |
Cash |
1,000 |
Regulation A |
5/25/23 |
Johnny Smith |
Cash |
1,100 |
Regulation A |
5/25/23 |
Glenn Wendall Soriano |
Cash |
1,000 |
Regulation A |
5/22/23 |
Theodore O. Spaulding |
Cash |
3,000 |
Regulation A |
5/20/23 |
Ellie Stewart, Trustee |
Cash |
2,500 |
Regulation A |
5/27/23 |
Michelle N. Taylor |
Cash |
1,000 |
Regulation A |
5/17/23 |
Travis N. Tennant |
Cash |
10,000 |
Regulation A |
5/22/23 |
James R. Thomas |
Cash |
2,000 |
Regulation A |
5/22/23 |
Leland Wayne Thomas |
Cash |
1,000 |
Regulation A |
5/30/23 |
Angel Martin Torres |
Cash |
1,010 |
Regulation A |
5/25/23 |
Ivory Traynham |
Cash |
3,000 |
Regulation A |
5/17/23 |
Kelly R. Tucker |
Cash |
1,000 |
Regulation A |
5/18/23 |
Donald J. Turner |
Cash |
1,000 |
Regulation A |
5/16/23 |
Dexter Devone Turner |
Cash |
1,000 |
Regulation A |
5/21/23 |
John Ruben Vann |
Cash |
1,000 |
Regulation A |
5/22/23 |
John Ruben Vann |
Cash |
1,000 |
Regulation A |
5/21/23 |
Ray Vaughn |
Cash |
5,000 |
Regulation A |
5/26/23 |
Sivaprakasam Venkatachalam |
Cash |
10,000 |
Regulation A |
5/24/23 |
Milton Vickers |
Cash |
1,000 |
Regulation A |
5/17/23 |
Kareem Virgo |
Cash |
1,000 |
Regulation A |
5/16/23 |
Peter M. Wachira |
Cash |
250 |
Regulation A |
5/16/23 |
Marva Angela Wade |
Cash |
1,500 |
Regulation A |
5/18/23 |
William Franklyn Wainwright |
Cash |
1,000 |
Regulation A |
5/26/23 |
Braylon Wade Walker |
Cash |
3,000 |
Regulation A |
5/18/23 |
Levoda Jean Walker |
Cash |
12,000 |
Regulation A |
5/31/23 |
Emmett Lee Walker |
Cash |
1,000 |
Regulation A |
5/26/23 |
Bracy Wardell Walker Jr. |
Cash |
3,000 |
Regulation A |
5/16/23 |
Verneilia A. Wanza |
Cash |
250 |
Regulation A |
5/22/23 |
Lloyd G. Warren |
Cash |
20,000 |
Regulation A |
5/30/23 |
Dereke Earle Watkins |
Cash |
1,000 |
Regulation A |
5/18/23 |
Joshua Jamal Watson |
Cash |
1,000 |
Regulation A |
5/18/23 |
Michael Anthony Watson |
Cash |
1,000 |
Regulation A |
6/1/23 |
Michael Anthony Watson |
Cash |
1,000 |
Regulation A |
5/19/23 |
Donald Henry Wedlock |
Cash |
1,000 |
Regulation A |
5/24/23 |
Carey O'neal Welch |
Cash |
1,000 |
Regulation A |
5/17/23 |
Vernon Windell Whitaker |
Cash |
2,000 |
Regulation A |
5/31/23 |
Vernon Windell Whitaker |
Cash |
1,000 |
Regulation A |
5/16/23 |
Zamounte Ranauld Whitted |
Cash |
3,000 |
Regulation A |
5/16/23 |
Derrick Roosevelt Wiggins Jr |
Cash |
1,000 |
Regulation A |
5/22/23 |
Charles Scott Williams |
Cash |
1,000 |
Regulation A |
5/19/23 |
Linda Williams |
Cash |
1,000 |
Regulation A |
5/26/23 |
Sharen Willis |
Cash |
1,250 |
Regulation A |
5/18/23 |
Najuma Willis |
Cash |
2,000 |
Regulation A |
5/29/23 |
Erika Willis |
Cash |
1,000 |
Regulation A |
5/16/23 |
Wilson Willmott |
Cash |
250 |
Regulation A |
5/23/23 |
Darryl Christopher Wood |
Cash |
1,000 |
Regulation A |
5/25/23 |
John Mark Woodard |
Cash |
1,000 |
Regulation A |
5/31/23 |
Jordan Michael Woods |
Cash |
10,000 |
Regulation A |
6/1/23 |
Jordan Michael Woods |
Cash |
2,000 |
Regulation A |
5/17/23 |
Cheryl S. Wright |
Cash |
500 |
Regulation A |
5/25/23 |
Fredricka Yancy |
Cash |
1,000 |
Regulation A |
5/16/23 |
Nicholas Jason Yeagley |
Cash |
4,500 |
Regulation A |
5/24/23 |
Bevan Elton Yhun |
Cash |
2,000 |
Regulation A |
5/16/23 |
Thelma Loretta Young |
Cash |
10,000 |
Regulation A |
5/16/23 |
Clovis Maria Young |
Cash |
250 |
Regulation A |
5/16/23 |
Reginald C. Young |
Cash |
250 |
Regulation A |
6/3/23 |
Zawadi Abdi |
Cash |
1,000 |
Regulation A |
6/5/23 |
Zane Deshaun Adams |
Cash |
1,000 |
Regulation A |
6/11/23 |
Zane Adams |
Cash |
1,000 |
Regulation A |
5/26/23 |
Lalit K. Aggarwal |
Cash |
1,000 |
Regulation A |
6/1/23 |
James Alston |
Cash |
1,000 |
Regulation A |
6/5/23 |
Juliette Suggs Alston |
Cash |
1,000 |
Regulation A |
6/5/23 |
Billy Arp Jr. |
Cash |
1,000 |
Regulation A |
5/22/23 |
Phyllis Atkinson |
Cash |
1,000 |
Regulation A |
6/4/23 |
Tony Ayoso |
Cash |
1,000 |
Regulation A |
6/12/23 |
Shelley Baity |
Cash |
1,000 |
Regulation A |
6/12/23 |
Shelley Baity |
Cash |
1,000 |
Regulation A |
6/12/23 |
Mary Carla Baity |
Cash |
1,000 |
Regulation A |
6/5/23 |
Nathaniel Alexander Barnes |
Cash |
1,000 |
Regulation A |
6/6/23 |
Cheryl Anne Bassard |
Cash |
1,000 |
Regulation A |
6/5/23 |
Tobias Beals |
Cash |
4,000 |
Regulation A |
6/5/23 |
Tracey Bell |
Cash |
1,500 |
Regulation A |
6/14/23 |
Kevin Bens |
Cash |
1,000 |
Regulation A |
6/9/23 |
Kevin Bens |
Cash |
1,000 |
Regulation A |
6/10/23 |
Kevin Bens |
Cash |
1,000 |
Regulation A |
5/17/23 |
Antoinette Almeda Benton |
Cash |
1,000 |
Regulation A |
6/16/23 |
Ashley Celeste Bradshaw |
Cash |
10,000 |
Regulation A |
5/29/23 |
Debora Brown |
Cash |
1,000 |
Regulation A |
6/3/23 |
Debora Brown |
Cash |
1,000 |
Regulation A |
6/6/23 |
Kathy Burton-bell |
Cash |
5,000 |
Regulation A |
6/13/23 |
Kathy Burton-bell |
Cash |
2,000 |
Regulation A |
6/6/23 |
Annie Bush |
Cash |
1,000 |
Regulation A |
6/6/23 |
Melanie Regina Cager |
Cash |
5,000 |
Regulation A |
6/9/23 |
Lakia Cager |
Cash |
1,100 |
Regulation A |
6/6/23 |
Alfred Eugene Carroll |
Cash |
5,000 |
Regulation A |
6/6/23 |
Jerrell Carter |
Cash |
1,000 |
Regulation A |
6/9/23 |
Wilketa T. Cherry |
Cash |
1,000 |
Regulation A |
6/2/23 |
Nina Diann Christian |
Cash |
2,000 |
Regulation A |
6/6/23 |
Camelle N. Christie |
Cash |
1,000 |
Regulation A |
5/20/23 |
Audrey G. Clarke |
Cash |
1,000 |
Regulation A |
6/4/23 |
Jaysen Anthony Coffil |
Cash |
3,000 |
Regulation A |
6/12/23 |
Vincent Leonard Conklin |
Cash |
1,000 |
Regulation A |
6/11/23 |
Mary B. Conover |
Cash |
1,000 |
Regulation A |
6/5/23 |
Arthur Lee Conway |
Cash |
1,000 |
Regulation A |
5/16/23 |
Marlon G. Cook |
Cash |
300 |
Regulation A |
6/5/23 |
Melvon Abdul Cost |
Cash |
1,000 |
Regulation A |
6/2/23 |
Irene Crenshaw |
Cash |
2,000 |
Regulation A |
6/6/23 |
Samuel Austin Cutler |
Cash |
2,500 |
Regulation A |
5/30/23 |
Dwayne L. Demby |
Cash |
1,000 |
Regulation A |
5/23/23 |
James Thomas Demby Jr. |
Cash |
1,000 |
Regulation A |
6/5/23 |
Thomas Franklin Dennis |
Cash |
2,000 |
Regulation A |
6/9/23 |
Tanya Renee Diggs |
Cash |
1,000 |
Regulation A |
6/5/23 |
Daniel Louis Erber |
Cash |
1,000 |
Regulation A |
6/5/23 |
Jaylene Angela Flores |
Cash |
1,000 |
Regulation A |
6/14/23 |
Keith Forde |
Cash |
3,000 |
Regulation A |
6/7/23 |
Caesar Heggner Gary |
Cash |
1,700 |
Regulation A |
6/5/23 |
Demetry Daniel Geddie |
Cash |
1,100 |
Regulation A |
5/30/23 |
Deric Adolphus Gilliard |
Cash |
1,000 |
Regulation A |
6/3/23 |
Thad Michael Gittens |
Cash |
1,000 |
Regulation A |
6/13/23 |
Thad Michael Gittens |
Cash |
2,000 |
Regulation A |
5/17/23 |
Parrish Leshown Godchild |
Cash |
1,500 |
Regulation A |
6/9/23 |
Dana Carter Gold |
Cash |
2,699 |
Regulation A |
5/16/23 |
Hillard Goldsmith Iii |
Cash |
1,000 |
Regulation A |
5/22/23 |
Michael George Graham |
Cash |
1,001 |
Regulation A |
6/12/23 |
Frederick E. Grant |
Cash |
5,000 |
Regulation A |
5/26/23 |
Miriam Lee Gray |
Cash |
2,500 |
Regulation A |
6/5/23 |
Tawana Nichole Greene |
Cash |
1,000 |
Regulation A |
5/22/23 |
Wilson Guilbeaux |
Cash |
150,000 |
Regulation A |
6/9/23 |
Barry Wayne Hackney |
Cash |
1,000 |
Regulation A |
6/5/23 |
Joel Nathaniel Hall |
Cash |
4,000 |
Regulation A |
5/23/23 |
Joel Nathaniel Hall |
Cash |
4,000 |
Regulation A |
6/6/23 |
Nathan Mac Hardy |
Cash |
1,000 |
Regulation A |
5/20/23 |
Christopher Harris |
Cash |
1,000 |
Regulation A |
6/1/23 |
Taleia Harris |
Cash |
1,000 |
Regulation A |
6/3/23 |
Nathaniel Harris |
Cash |
1,000 |
Regulation A |
6/14/23 |
Menarda Meshea Hayes |
Cash |
3,000 |
Regulation A |
6/11/23 |
Bryant Keith Hayes |
Cash |
1,000 |
Regulation A |
6/14/23 |
Marzel Hedrick |
Cash |
1,450 |
Regulation A |
5/27/23 |
Telayah Trishae Hendrix |
Cash |
1,130 |
Regulation A |
5/31/23 |
Brianne Alise Hill |
Cash |
1,000 |
Regulation A |
6/7/23 |
Yvonne Angela Hobson |
Cash |
2,000 |
Regulation A |
6/4/23 |
Charlene Hunt Pickett |
Cash |
1,000 |
Regulation A |
6/5/23 |
Infinite Vision Holdings, Inc. |
Cash |
1,000 |
Regulation A |
6/15/23 |
Samuel Lee Jackson |
Cash |
1,000 |
Regulation A |
6/15/23 |
Bernadette Jackson-Whitaker |
Cash |
1,000 |
Regulation A |
6/11/23 |
Glenn Jarrett |
Cash |
1,000 |
Regulation A |
5/31/23 |
Roscoe Johnson |
Cash |
2,500 |
Regulation A |
6/14/23 |
Michelle Annette Johnson |
Cash |
1,000 |
Regulation A |
5/21/23 |
Courtney Latrice Johnson |
Cash |
1,000 |
Regulation A |
6/6/23 |
Michael Jerome Johnson |
Cash |
1,000 |
Regulation A |
6/6/23 |
Leslie Johnson |
Cash |
1,000 |
Regulation A |
6/7/23 |
Patti J. Johnson |
Cash |
5,000 |
Regulation A |
6/9/23 |
Roscoe Johnson |
Cash |
4,200 |
Regulation A |
6/6/23 |
Chikira Jones |
Cash |
1,000 |
Regulation A |
6/2/23 |
Edward Charles Jones |
Cash |
1,000 |
Regulation A |
5/25/23 |
Ulysses Keith |
Cash |
1,000 |
Regulation A |
6/9/23 |
Frances Anne Keith |
Cash |
1,000 |
Regulation A |
5/20/23 |
Miles Kenner |
Cash |
1,000 |
Regulation A |
5/18/23 |
John L. King |
Cash |
2,000 |
Regulation A |
6/5/23 |
Matthew Maurice Latson |
Cash |
1,000 |
Regulation A |
6/11/23 |
Michael Ledgister |
Cash |
7,000 |
Regulation A |
6/5/23 |
Odell Ledgister |
Cash |
5,000 |
Regulation A |
6/3/23 |
Michael Ledgister |
Cash |
3,000 |
Regulation A |
5/24/23 |
Lisa Lewis |
Cash |
1,008 |
Regulation A |
6/6/23 |
Pamela Merriatta Lewis |
Cash |
1,000 |
Regulation A |
6/5/23 |
Regina Lynice Lomax |
Cash |
1,000 |
Regulation A |
5/16/23 |
Akeisa Raheem Lowe |
Cash |
250 |
Regulation A |
5/18/23 |
Anthony Marc Lucas |
Cash |
3,000 |
Regulation A |
6/9/23 |
Rae Ann Luster |
Cash |
1,030 |
Regulation A |
6/12/23 |
Michael John Mack |
Cash |
1,700 |
Regulation A |
6/5/23 |
Michael John Mack |
Cash |
1,000 |
Regulation A |
5/22/23 |
Truman Bruce Mason |
Cash |
2,000 |
Regulation A |
6/6/23 |
Stephen James Mccreary |
Cash |
2,000 |
Regulation A |
6/5/23 |
Harrison Mcdaniel |
Cash |
1,000 |
Regulation A |
5/26/23 |
Blake Ryan Mcpherson |
Cash |
1,500 |
Regulation A |
6/7/23 |
Gina Mills |
Cash |
1,000 |
Regulation A |
6/6/23 |
Brian Mitchell |
Cash |
1,000 |
Regulation A |
6/6/23 |
Brandon Todd Mitchell |
Cash |
5,000 |
Regulation A |
6/6/23 |
Marcia M. Mitrano |
Cash |
1,000 |
Regulation A |
6/6/23 |
Marcia M. Mitrano |
Cash |
1,000 |
Regulation A |
5/20/23 |
Marpressa Joellen Mobley-Turner |
Cash |
1,000 |
Regulation A |
6/13/23 |
Kerry Morgan |
Cash |
9,000 |
Regulation A |
6/10/23 |
Yvette Lorraine Morrell |
Cash |
10,000 |
Regulation A |
6/9/23 |
Stephen Morrell |
Cash |
2,500 |
Regulation A |
6/9/23 |
Stephen Morrell |
Cash |
1,500 |
Regulation A |
6/6/23 |
Daniella Muhyee |
Cash |
1,000 |
Regulation A |
6/7/23 |
Daniella Muhyee |
Cash |
1,000 |
Regulation A |
6/2/23 |
Ronald L. Nagy |
Cash |
7,500 |
Regulation A |
6/5/23 |
Lisa Marie Norris |
Cash |
1,000 |
Regulation A |
6/6/23 |
Brian Norwood |
Cash |
7,500 |
Regulation A |
5/28/23 |
Delories Ann Nunnery |
Cash |
1,000 |
Regulation A |
6/13/23 |
Daniel Parker |
Cash |
3,750 |
Regulation A |
6/13/23 |
Gail Paty |
Cash |
4,000 |
Regulation A |
5/16/23 |
James Oliver Perry |
Cash |
10,000 |
Regulation A |
6/15/23 |
Quanisha Perry |
Cash |
3,000 |
Regulation A |
5/19/23 |
Angela Perryman |
Cash |
1,000 |
Regulation A |
6/7/23 |
Sonja Pinto |
Cash |
1,100 |
Regulation A |
6/11/23 |
Lydia R. Pitts |
Cash |
2,500 |
Regulation A |
6/7/23 |
Joseann Laurraine Plunkett |
Cash |
1,000 |
Regulation A |
5/20/23 |
Dorothy Lucile Preston |
Cash |
1,000 |
Regulation A |
6/11/23 |
Delroy Pryce |
Cash |
1,000 |
Regulation A |
6/2/23 |
Mohammed Salim Purmul |
Cash |
1,000 |
Regulation A |
6/2/23 |
Daren Lee Purnell |
Cash |
1,000 |
Regulation A |
6/5/23 |
Humphrey O. Quao |
Cash |
15,000 |
Regulation A |
6/1/23 |
Shenitha Raines |
Cash |
2,000 |
Regulation A |
6/11/23 |
Joanie Lynn Rapier |
Cash |
1,000 |
Regulation A |
5/29/23 |
Barbara Bulgin Redic |
Cash |
1,000 |
Regulation A |
6/6/23 |
Erma Robinson |
Cash |
2,000 |
Regulation A |
6/6/23 |
Patricia Ann Robinson |
Cash |
4,000 |
Regulation A |
6/11/23 |
Patricia Ann Robinson |
Cash |
5,000 |
Regulation A |
6/7/23 |
Nancy Ruth Roundtree Johnson |
Cash |
1,000 |
Regulation A |
5/16/23 |
Unlimited Wealth Entertainment |
Cash |
250 |
Regulation A |
6/12/23 |
Unlimited Wealth Entertainment |
Cash |
1,000 |
Regulation A |
6/6/23 |
Kevin Crisando Ruskin |
Cash |
1,000 |
Regulation A |
6/5/23 |
Dharunkumar Sadasivam |
Cash |
5,000 |
Regulation A |
6/16/23 |
Derek Allen Schneider |
Cash |
1,000 |
Regulation A |
6/10/23 |
Anthony Aron Seute |
Cash |
1,000 |
Regulation A |
6/12/23 |
Jacques Chonet Severe |
Cash |
9,000 |
Regulation A |
5/22/23 |
Norman Linwood Simmons |
Cash |
10,000 |
Regulation A |
6/6/23 |
Cheryl Simmons |
Cash |
1,000 |
Regulation A |
5/18/23 |
Johnny Smith |
Cash |
15,000 |
Regulation A |
5/26/23 |
Theodore O. Spaulding |
Cash |
2,000 |
Regulation A |
6/12/23 |
Theodore O. Spaulding |
Cash |
100,000 |
Regulation A |
5/23/23 |
Richard A. Spencer |
Cash |
1,000 |
Regulation A |
6/6/23 |
Martise N. Spencer |
Cash |
1,000 |
Regulation A |
6/7/23 |
Sonja K. Starks |
Cash |
1,000 |
Regulation A |
6/4/23 |
Ellie Stewart, Trustee |
Cash |
2,500 |
Regulation A |
5/25/23 |
Tonjia Lynn Stone |
Cash |
1,000 |
Regulation A |
5/26/23 |
Dilip Subramanian |
Cash |
5,000 |
Regulation A |
6/5/23 |
Iupita Taoete |
Cash |
2,000 |
Regulation A |
6/12/23 |
Ronnie Harston Taylor |
Cash |
5,000 |
Regulation A |
5/23/23 |
Ronnie Harston Taylor |
Cash |
3,000 |
Regulation A |
6/6/23 |
Early Thomas Taylor Jr |
Cash |
1,500 |
Regulation A |
5/21/23 |
Donna Maria Thomas |
Cash |
1,000 |
Regulation A |
6/10/23 |
Michael Kieth Thompson |
Cash |
1,000 |
Regulation A |
6/12/23 |
Theresa Thompson |
Cash |
1,000 |
Regulation A |
5/21/23 |
William Lee Tucker |
Cash |
1,000 |
Regulation A |
5/22/23 |
Dexter Devone Turner |
Cash |
2,000 |
Regulation A |
6/6/23 |
Dexter Devone Turner |
Cash |
1,000 |
Regulation A |
6/2/23 |
Jane Denise Underwood |
Cash |
3,000 |
Regulation A |
5/31/23 |
Sherita Yvette Vann |
Cash |
1,000 |
Regulation A |
6/6/23 |
John Ruben Vann |
Cash |
2,000 |
Regulation A |
6/7/23 |
John Stacey Vann |
Cash |
1,000 |
Regulation A |
6/6/23 |
Kim Vu |
Cash |
55,000 |
Regulation A |
5/24/23 |
Wealth Solutionz LLC |
Cash |
1,000 |
Regulation A |
6/6/23 |
Verneilia Adrienne Wanza |
Cash |
5,000 |
Regulation A |
5/31/23 |
Brittney Watkins |
Cash |
1,000 |
Regulation A |
6/13/23 |
Julie Marie Webb |
Cash |
1,000 |
Regulation A |
6/6/23 |
Leroy Ralph Bernard Whyte |
Cash |
1,000 |
Regulation A |
6/12/23 |
Leonard A. Williams |
Cash |
1,000 |
Regulation A |
6/1/23 |
Gilbert Leroy Williams |
Cash |
5,000 |
Regulation A |
6/6/23 |
Kareem Lamonte Williams |
Cash |
1,000 |
Regulation A |
6/7/23 |
Sean A.C. Williams |
Cash |
1,000 |
Regulation A |
5/24/23 |
Mary Corine Williams |
Cash |
1,000 |
Regulation A |
6/5/23 |
Dominique Desirae Williams |
Cash |
10,000 |
Regulation A |
6/5/23 |
Warren S. Williams |
Cash |
1,000 |
Regulation A |
6/6/23 |
Christopher James Williams |
Cash |
5,000 |
Regulation A |
5/21/23 |
Raymond Williams Jr. |
Cash |
1,000 |
Regulation A |
5/30/23 |
Jerome Williams, Sr. |
Cash |
1,000 |
Regulation A |
6/11/23 |
Peggy Wilson |
Cash |
1,000 |
Regulation A |
6/9/23 |
Gloria J. Woodard |
Cash |
2,000 |
Regulation A |
6/16/23 |
Thornal L Adams |
Cash |
1,000 |
Regulation A |
6/5/23 |
Amitabh Anil Adhikari |
Cash |
1,000 |
Regulation A |
6/13/23 |
Aaron Anthony Alli |
Cash |
3,000 |
Regulation A |
6/15/23 |
Tracy Michelle Anderson |
Cash |
1,000 |
Regulation A |
6/23/23 |
Kim Renee Atkinson |
Cash |
1,000 |
Regulation A |
6/12/23 |
Larry W Austin |
Cash |
10,000 |
Regulation A |
5/26/23 |
Gene Bailey |
Cash |
1,000 |
Regulation A |
6/20/23 |
Ramon Balinas |
Cash |
1,500 |
Regulation A |
6/17/23 |
Christopher M Barnes |
Cash |
2,000 |
Regulation A |
6/17/23 |
Trudy Battle |
Cash |
3,000 |
Regulation A |
6/7/23 |
Heather Ingrid Beckno |
Cash |
1,000 |
Regulation A |
6/23/23 |
Darryl D Bennett |
Cash |
1,000 |
Regulation A |
6/29/23 |
Kevin Bens |
Cash |
1,000 |
Regulation A |
7/4/23 |
Kevin Bens |
Cash |
1,000 |
Regulation A |
6/19/23 |
Toney Lee Brooks |
Cash |
2,000 |
Regulation A |
6/28/23 |
Debora Brown |
Cash |
3,000 |
Regulation A |
5/22/23 |
Joyce Burwell |
Cash |
1,000 |
Regulation A |
7/1/23 |
April Byrd |
Cash |
1,000 |
Regulation A |
6/21/23 |
Tionna Cager |
Cash |
5,000 |
Regulation A |
6/20/23 |
Rewa Campbell |
Cash |
1,000 |
Regulation A |
7/2/23 |
Connie Roberts Carrell |
Cash |
1,000 |
Regulation A |
7/6/23 |
Jaysen Anthony Coffil |
Cash |
5,000 |
Regulation A |
6/6/23 |
Ashley Dawson |
Cash |
4,000 |
Regulation A |
6/20/23 |
Veronica De Jesus |
Cash |
1,000 |
Regulation A |
6/5/23 |
Sherry Michelle Eddington |
Cash |
1,000 |
Regulation A |
6/7/23 |
Wayne Ervin |
Cash |
2,500 |
Regulation A |
5/20/23 |
Wanda J Fields |
Cash |
3,000 |
Regulation A |
6/22/23 |
Ayanna Flegler |
Cash |
2,000 |
Regulation A |
6/22/23 |
Corey Darnelle Flowers |
Cash |
2,800 |
Regulation A |
7/6/23 |
Dwight Mcneal Ford |
Cash |
2,000 |
Regulation A |
6/21/23 |
Georgia Garcia Flores |
Cash |
1,000 |
Regulation A |
6/13/23 |
Regina Gardner |
Cash |
1,000 |
Regulation A |
6/20/23 |
John Leslie Garwood |
Cash |
10,000 |
Regulation A |
6/20/23 |
Pamela E Gibson |
Cash |
1,500 |
Regulation A |
6/26/23 |
Pamela E Gibson |
Cash |
2,000 |
Regulation A |
6/12/23 |
Michael George Graham & Dana Nicole Graham, JTWROS |
Cash |
1,001 |
Regulation A |
6/16/23 |
Sharon O Grant-White |
Cash |
5,000 |
Regulation A |
5/24/23 |
Pamela Jean Harlan |
Cash |
1,000 |
Regulation A |
6/27/23 |
Christopher Harris |
Cash |
5,000 |
Regulation A |
6/21/23 |
Ebony Ticola Harris |
Cash |
2,000 |
Regulation A |
6/19/23 |
Nathaniel Harris |
Cash |
1,000 |
Regulation A |
6/20/23 |
Bryant Keith Hayes |
Cash |
3,000 |
Regulation A |
6/22/23 |
Bryant Keith Hayes |
Cash |
2,000 |
Regulation A |
6/8/23 |
Robin Angela Hill |
Cash |
3,000 |
Regulation A |
6/17/23 |
Karen A Hill |
Cash |
1,000 |
Regulation A |
6/24/23 |
Ronald Rudolph Hinds |
Cash |
1,000 |
Regulation A |
6/19/23 |
Sanridge Corporation |
Cash |
10,000 |
Regulation A |
6/5/23 |
Latangela Hyman |
Cash |
1,750 |
Regulation A |
6/19/23 |
Infinite Vision Holdings, Inc |
Cash |
1,000 |
Regulation A |
6/11/23 |
Jamin Israel |
Cash |
2,000 |
Regulation A |
7/1/23 |
Sabrina Jackson |
Cash |
1,000 |
Regulation A |
6/20/23 |
Teshay Jacobs |
Cash |
2,000 |
Regulation A |
6/27/23 |
Marc Hansley Jean-Francois |
Cash |
1,000 |
Regulation A |
6/9/23 |
Thomas Edwards Jenkins |
Cash |
1,000 |
Regulation A |
6/21/23 |
Lorraine V Johnson |
Cash |
1,000 |
Regulation A |
6/26/23 |
Roscoe Johnson |
Cash |
2,000 |
Regulation A |
7/5/23 |
Roscoe Johnson |
Cash |
8,000 |
Regulation A |
6/30/23 |
Edward Charles Jones |
Cash |
2,000 |
Regulation A |
6/20/23 |
Robert Kindle |
Cash |
5,000 |
Regulation A |
6/29/23 |
Kandace Erin Latson |
Cash |
1,000 |
Regulation A |
6/21/23 |
Patricia A Leal-Mack |
Cash |
2,000 |
Regulation A |
6/6/23 |
Samuel James Leon |
Cash |
1,000 |
Regulation A |
6/26/23 |
Darryl Leonard |
Cash |
10,000 |
Regulation A |
6/23/23 |
James Alexander Lewis & Yolanda Jo Lewis, JTWROS |
Cash |
2,500 |
Regulation A |
6/23/23 |
Yolanda Jo Lewis |
Cash |
1,000 |
Regulation A |
6/23/23 |
James Alexander Lewis |
Cash |
1,000 |
Regulation A |
6/17/23 |
Duane Little |
Cash |
2,000 |
Regulation A |
5/18/23 |
Samuel Gabriel Long |
Cash |
1,000 |
Regulation A |
5/25/23 |
Eva M Kennedy |
Cash |
1,000 |
Regulation A |
6/30/23 |
Demetrius Donell Martin |
Cash |
3,000 |
Regulation A |
7/2/23 |
James Mayes |
Cash |
1,000 |
Regulation A |
5/25/23 |
William Henry Mccargo |
Cash |
2,000 |
Regulation A |
6/27/23 |
Adrienne Renee McCloud & Larry Rosse McCloud, JTWROS |
Cash |
7,500 |
Regulation A |
6/22/23 |
Tasha Tamica McCrae |
Cash |
1,000 |
Regulation A |
5/20/23 |
Tonya Tanesha McCray |
Cash |
1,000 |
Regulation A |
6/11/23 |
Edward G. McCurbin |
Cash |
1,000 |
Regulation A |
6/6/23 |
Raul Mejia |
Cash |
1,000 |
Regulation A |
6/22/23 |
Jarodrick Mixon |
Cash |
1,000 |
Regulation A |
6/19/23 |
Kelvin Victor Musgrove |
Cash |
2,000 |
Regulation A |
6/30/23 |
Sylvia Melinda Ogle |
Cash |
1,000 |
Regulation A |
7/7/23 |
Cynthia L H O'Neal & Marzettis A O'Neal, JTWROS |
Cash |
2,000 |
Regulation A |
5/20/23 |
Daniel Parker |
Cash |
1,000 |
Regulation A |
6/11/23 |
Michael Perez |
Cash |
5,000 |
Regulation A |
6/18/23 |
Sy Phan |
Cash |
1,000 |
Regulation A |
6/27/23 |
Anthony Pierre |
Cash |
1,000 |
Regulation A |
6/20/23 |
Salim Porter |
Cash |
1,000 |
Regulation A |
6/26/23 |
Salim Porter |
Cash |
1,500 |
Regulation A |
6/26/23 |
Salim Porter |
Cash |
1,500 |
Regulation A |
6/14/23 |
Elwyn Roy Pryce |
Cash |
10,000 |
Regulation A |
6/5/23 |
Alex Reiner |
Cash |
1,000 |
Regulation A |
6/22/23 |
Bryant Robertson |
Cash |
10,000 |
Regulation A |
6/19/23 |
Laquinya M Robinson |
Cash |
1,000 |
Regulation A |
6/20/23 |
Quintin Jerome Robinson |
Cash |
1,000 |
Regulation A |
6/30/23 |
Russell Edward Roy Jr & Kimberly Roy, JTWROS |
Cash |
1,000 |
Regulation A |
6/21/23 |
Unlimited Wealth Entertainment |
Cash |
1,000 |
Regulation A |
6/29/23 |
Janice Vernida Sanderlin |
Cash |
1,000 |
Regulation A |
6/28/23 |
Roseline Volney Sherfield |
Cash |
1,000 |
Regulation A |
6/9/23 |
Jean Alexandra Smith |
Cash |
2,000 |
Regulation A |
6/7/23 |
Darrell Karlsten Smith |
Cash |
2,000 |
Regulation A |
6/29/23 |
Vera Lynn Strong |
Cash |
1,000 |
Regulation A |
6/26/23 |
Shenika Renee Tate |
Cash |
1,000 |
Regulation A |
6/16/23 |
Camilla Thompson |
Cash |
1,500 |
Regulation A |
6/22/23 |
William Lee Tucker |
Cash |
1,000 |
Regulation A |
7/4/23 |
William Lee Tucker |
Cash |
1,000 |
Regulation A |
6/29/23 |
Sierra Delaine Turner |
Cash |
1,100 |
Regulation A |
6/15/23 |
Dexter Devone Turner |
Cash |
1,000 |
Regulation A |
6/13/23 |
Alita Agnes Webb |
Cash |
1,000 |
Regulation A |
6/22/23 |
Alita Agnes Webb |
Cash |
5,000 |
Regulation A |
6/13/23 |
Keisha Atkinson Whitaker |
Cash |
1,000 |
Regulation A |
7/6/23 |
Vernon Windell Whitaker & Betty J Whitaker, JTWROS |
Cash |
3,100 |
Regulation A |
6/28/23 |
KLM INVESTMENTS LLC |
Cash |
30,000 |
Regulation A |
6/13/23 |
Raymond Williams Jr |
Cash |
1,000 |
Regulation A |
6/11/23 |
Michael Forrest Willis |
Cash |
1,500 |
Regulation A |
7/10/23 |
Jacqueline
AnnMarie Bogle & Kedora Nekeisha Henry, JTWROS |
Cash |
1,000 |
Regulation A |
6/5/23 |
KA Property Holdings LLC |
Cash |
10,000 |
Regulation A |
7/24/23 |
Jonathan David Diaz Sr |
Cash |
1,000 |
Regulation A |
7/9/23 |
Derek John Dougherty |
Cash |
1,000 |
Regulation A |
7/10/23 |
Derek John Dougherty |
Cash |
1,000 |
Regulation A |
7/14/23 |
Thad Michael Gittens & Angela Davis Gittens, JTWROS |
Cash |
1,000 |
Regulation A |
7/10/23 |
KERRY TROY HENRY & KEDORA NEKEISHA HENRY |
Cash |
1,000 |
Regulation A |
7/8/23 |
Evelyn Yvonne Jenkins |
Cash |
1,000 |
Regulation A |
7/10/23 |
Roscoe Johnson |
Cash |
14,500 |
Regulation A |
7/19/23 |
Roscoe Johnson |
Cash |
5,000 |
Regulation A |
6/7/23 |
Racheal
Moore |
Cash |
1,000 |
Regulation A |
6/12/23 |
TMCS, Inc |
Cash |
2,000 |
Regulation A |
7/26/23 |
E. Lance McCarthy Dr |
Cash |
1,000 |
Regulation A |
7/13/23 |
Daniella Muhyee |
Cash |
3,000 |
Regulation A |
7/7/23 |
Thomas James Hudgins O'Neal & Shana LaTae Ratliff O'Neal, JTWROS |
Cash |
2,000 |
Regulation A |
7/27/23 |
Olachea Industries, LLC |
Cash |
1,444 |
Regulation A |
7/10/23 |
Isi None Osahon |
Cash |
1,000 |
Regulation A |
7/21/23 |
Bradford LaVaughn Perry |
Cash |
1,000 |
Regulation A |
6/5/23 |
Deborah Denise Phillips |
Cash |
10,000 |
Regulation A |
5/17/23 |
Linda D Polk |
Cash |
1,000 |
Regulation A |
7/5/23 |
Joseph Andrew Rossini |
Cash |
1,000 |
Regulation A |
5/19/23 |
James Edward Scott |
Cash |
1,000 |
Regulation A |
6/24/23 |
James Edward Scott |
Cash |
2,000 |
Regulation A |
7/8/23 |
Guelda Severe |
Cash |
4,000 |
Regulation A |
5/20/23 |
Robert Thomas |
Cash |
2,000 |
Regulation A |
7/7/23 |
Probilt Fabricators Inc. |
Cash |
10,000 |
Regulation A |
6/1/23 |
Sheila Willis |
Cash |
1,000 |
Regulation A |
5/28/23 |
Mary Ann Woods |
Cash |
1,000 |
Regulation A |
7/31/23 |
Leon Osborne Allen |
Cash |
1,000 |
Regulation A |
7/31/23 |
Tywan Donta Purnell |
Cash
|
60,000 |
Regulation A |
7/31/23 |
Raymond Williams Jr |
Cash |
5,000 |
Regulation A |
9/1/23 |
Antoine D Carlisle |
Cash |
1,000 |
Regulation A |
8/23/23 |
Dwayne L Demby |
Cash |
1,000 |
Regulation A |
8/23/23 |
James Thomas Demby Jr. |
Cash |
4,000 |
Regulation A |
8/30/23 |
Nicholas Fernicola |
Cash |
1,000 |
Regulation A |
8/31/23 |
Serrita Highland |
Cash |
1,000 |
Regulation A |
8/20/23 |
Walter Carl Jimison Sr |
Cash |
1,000 |
Regulation A |
8/18/23 |
Jennefir J Lamb |
Cash |
1,000 |
Regulation A |
7/13/23 |
LaKisha Monika Payne |
Cash |
2,500 |
Regulation A |
6/5/23 |
Mark G Prince & Karen G Prince, JTWROS |
Cash |
1,000 |
Regulation A |
9/7/23 |
Joan Roberts |
Cash |
1,000 |
Regulation A |
6/27/23 |
Ronnie Harston Taylor & Lula Veronica Taylor, JTWROS |
Cash |
10,000 |
Regulation A |
9/2/23 |
Camilla Thompson |
Cash |
1,000 |
Regulation A |
8/25/23 |
Penny H White |
Cash |
1,000 |
Regulation A |
6/5/23 |
Charles Scott Williams & Kimberly Dawn Williams, JTWROS |
Cash |
1,000 |
Regulation A |
5/24/23 |
Wilson Willmott |
Cash |
3,000 |
Regulation A |
10/5/23 |
Wesley Clifford Allen |
Cash |
5,000 |
Regulation A |
10/11/23 |
Kevin Bens |
Cash |
1,000 |
Regulation A |
9/11/23 |
Ausey Johnson |
Cash |
4,000 |
Regulation A |
9/29/23 |
Tywan Donta Purnell |
Cash |
8,000 |
Regulation A |
10/16/23 |
Larry Overton |
Cash |
10,000 |
Regulation A |
10/19/23 |
Justin
Albert Brannon |
Cash |
5,000 |
Regulation
A |
10/30/23 |
James
Gaines |
Cash |
1,000 |
Regulation
A |
10/1/23 |
Nathaniel
Harris |
Cash |
1,000 |
Regulation
A |
10/17/23 |
Demetrius
James Ingram |
Cash |
5,001 |
Regulation
A |
10/17/23 |
Keisha
Shavonne JacksonMurry |
Cash |
1,000 |
Regulation
A |
10/9/23 |
Edgar
R Martinez |
Cash |
5,000 |
Regulation
A |
11/8/23 |
Beamon
& Beamon LLC |
Cash |
1,000 |
Regulation
A |
12/5/23 |
Jacqueline
AnnMarie Bogle & Kedora Nekeisha Henry, JTWROS |
Cash
|
1,000 |
Regulation
A |
12/1/23 |
Brown
Empowerment LLC c/o Dwight C Brown |
Cash
|
3,000 |
Regulation
A |
11/22/23 |
Akim
Ali Babil |
Cash |
1,000 |
Regulation
A |
11/15/23 |
Kevin
Bens |
Cash |
1,000 |
Regulation
A |
11/27/23 |
Calvin
Brown & Trina Noel Ericcson Brown, JTWROS |
Cash |
3,000 |
Regulation
A |
11/19/23 |
Brian
Byrd |
Cash |
2,000 |
Regulation
A |
11/14/23 |
Seth
Brendon Doherty |
Cash |
2,000 |
Regulation
A |
12/12/23 |
Annjeanete
Duncanson |
Cash |
1,000 |
Regulation
A |
11/15/23 |
Debbie
L Feggins |
Cash |
1,000 |
Regulation
A |
12/9/23 |
Ayanna
Flegler |
Cash |
8,000 |
Regulation
A |
12/16/23 |
Pamela
E Gibson |
Cash |
5,000 |
Regulation
A |
11/15/23 |
Kenneth
M Givens Jr. |
Cash |
1,000 |
Regulation
A |
12/4/23 |
Kerry
Troy Henry & Kedora Nekeisha Henry |
Cash |
1,000 |
Regulation
A |
12/6/23 |
Donald
Ray Hendricks |
Cash |
1,000 |
Regulation
A |
12/13/23 |
Donelle
Hoof |
Cash |
1,000 |
Regulation
A |
11/16/23 |
Darryl
Eugene Leonard Jr. |
Cash |
1,000 |
Regulation
A |
11/17/23 |
Michael
John Mack |
Cash |
1,000 |
Regulation
A |
11/15/23 |
Randy
Andrell Moore |
Cash |
1,000 |
Regulation
A |
11/15/23 |
Jason
Charles Moseley |
Cash |
1,000 |
Regulation
A |
7/4/23 |
ilona
Lynea Munoz |
Cash |
4,500 |
Regulation
A |
11/1/23 |
Kieandra
Chantay Nelson |
Cash |
3,000 |
Regulation
A |
11/16/23 |
Delroy
Pryce |
Cash |
3,000 |
Regulation
A |
11/23/23 |
Roctrepar,
Incorporated c/o Michael L Parks |
Cash |
1,000 |
Regulation
A |
11/16/23 |
Compton
Andre Paul |
Cash |
1,000 |
Regulation
A |
11/16/23 |
Alan
B Phillips |
Cash |
1,000 |
Regulation
A |
12/06/23 |
Tywan
Donta Purnell |
Cash |
20,000 |
Regulation
A |
11/17/23 |
Farah
Chikita Stephens-Travis |
Cash |
1,000 |
Regulation
A |
11/15/23 |
Mary
U Stephenson & Ralph B Stephenson, JTWROS |
Cash |
1,000 |
Regulation
A |
11/15/23 |
Dennis
Yelverton |
Cash |
1,000 |
Regulation
A |
No sales commissions were paid in connection with
any of the sales above.
Item 16 - Exhibits
The following exhibits are included with this Registration
Statement:
Exhibit
Number |
|
Exhibit Description |
|
Form |
|
File No. |
|
Exhibit |
|
Filing
Date |
|
Filed
Herewith |
3.1 |
|
Articles of Incorporation filed May 2, 2005 |
|
S-1 |
|
333-275193 |
|
3.1 |
|
10/27/23 |
|
|
3.2 |
|
Certificate of Amendment filed March 5, 2009 |
|
S-1 |
|
333-275193 |
|
3.2 |
|
10/27/23 |
|
|
3.3 |
|
Certificate of Change filed March 5, 2009 |
|
S-1 |
|
333-275193 |
|
3.3 |
|
10/27/23 |
|
|
3.4 |
|
Certificate of Amendment filed April 8, 2010 |
|
S-1 |
|
333-275193 |
|
3.4 |
|
10/27/23 |
|
|
3.5 |
|
Certificate of Amendment filed June 4, 2020 |
|
S-1 |
|
333-275193 |
|
3.5 |
|
10/27/23 |
|
|
3.6 |
|
Certificate of Amendment filed August 31, 2021 |
|
S-1 |
|
333-275193 |
|
3.6 |
|
10/27/23 |
|
|
3.7 |
|
Certificate of Amendment filed January 6, 2023 |
|
S-1 |
|
333-275193 |
|
3.7 |
|
10/27/23 |
|
|
3.8 |
|
Certificate of Designation (Series A Preferred Stock) filed October 14, 2019 |
|
S-1 |
|
333-275193 |
|
3.8 |
|
10/27/23 |
|
|
3.9 |
|
Amendment to Certificate of Designation (Series A Preferred Stock) filed November 10, 2021 |
|
S-1 |
|
333-275193 |
|
3.9 |
|
10/27/23 |
|
|
3.10 |
|
Amended and Restated Bylaws |
|
1-A |
|
024-12194 |
|
1A-2B |
|
4/14/23 |
|
|
5.1 |
|
Legal Opinion of Business Legal Advisors, LLC |
|
|
|
|
|
|
|
|
|
X |
10.1 |
|
Patent Purchase Agreement dated January 24, 2023 |
|
1-A |
|
000-56568 |
|
1A-6 |
|
4/14/23 |
|
|
10.2 |
|
Purchase and Sale Agreement with TCF Elrod, LLC dated August 28, 2023 |
|
10-Q |
|
000-56568 |
|
10.2 |
|
9/14/23 |
|
|
10.3 |
|
Equity Financing Agreement with GHS dated October 9, 2023 |
|
S-1/A |
|
333-275193 |
|
10.3 |
|
10/27/23 |
|
|
10.4 |
|
Registration Rights Agreement with GHS dated October 9, 2023 |
|
S-1/A |
|
333-275193 |
|
10.4 |
|
10/27/23 |
|
|
10.5 |
|
Promissory Note, dated December 1, 2021, between HNO International, Inc. and HNO Green Fuels,
Inc. |
|
S-1/A |
|
333-275193 |
|
10.5 |
|
12/19/23 |
|
|
10.6 |
|
Promissory Note, dated May 31, 2022, between HNO International, Inc. and HNO Green Fuels, Inc. |
|
S-1/A |
|
333-275193 |
|
10.6 |
|
12/19/23 |
|
|
10.7 |
|
Promissory Note, dated September 29, 2022, between HNO International, Inc. and HNO Green Fuels,
Inc. |
|
S-1/A |
|
333-275193 |
|
10.7 |
|
12/19/23 |
|
|
10.8 |
|
Promissory Note, dated October 20, 2022, between HNO International, Inc. and HNO Green Fuels,
Inc. |
|
S-1/A |
|
333-275193 |
|
10.8 |
|
12/19/23 |
|
|
10.9 |
|
Promissory Note, dated March 1, 2023, between HNO International, Inc. and HNO Green Fuels, Inc. |
|
S-1/A |
|
333-275193 |
|
10.9 |
|
12/19/23 |
|
|
10.10 |
|
Promissory Note, dated March 8, 2023, between HNO International, Inc. and HNO Green Fuels, Inc. |
|
S-1/A |
|
333-275193 |
|
10.10 |
|
12/19/23 |
|
|
10.11 |
|
Promissory Note, dated March 23, 2023, between HNO International, Inc. and HNO Green Fuels,
Inc. |
|
S-1/A |
|
333-275193 |
|
10.11 |
|
12/19/23 |
|
|
10.12 |
|
Promissory Note, dated April 3, 2023, between HNO International, Inc. and HNO Green Fuels, Inc. |
|
S-1/A |
|
333-275193 |
|
10.12 |
|
12/19/23 |
|
|
10.13 |
|
Promissory Note, dated April 13, 2023, between HNO International, Inc. and HNO Green Fuels,
Inc. |
|
S-1/A |
|
333-275193 |
|
10.13 |
|
12/19/23 |
|
|
10.14 |
|
Promissory Note, dated April 17, 2023, between HNO International, Inc. and HNO Green Fuels,
Inc. |
|
S-1/A |
|
333-275193 |
|
10.14 |
|
12/19/23 |
|
|
23.1 |
|
Consent of BF Borgers CPA PC, independent registered public accounting firm |
|
|
|
|
|
|
|
|
|
X |
23.2 |
|
Consent of Attorney (included in Exhibit 5.1) |
|
|
|
|
|
|
|
|
|
-- |
101.INS |
|
Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document) |
|
|
|
|
|
|
|
|
|
|
101.SCH |
|
Inline XBRL Taxonomy Extension Schema Document |
|
|
|
|
|
|
|
|
|
|
101.CAL |
|
Inline XBRL Taxonomy Extension Calculation Linkbase Document |
|
|
|
|
|
|
|
|
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101.DEF |
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Inline XBRL Taxonomy Extension Definition Linkbase Document |
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101.LAB |
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Inline XBRL Taxonomy Extension Label Linkbase Document |
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101.PRE |
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Inline XBRL Taxonomy Extension Presentation Linkbase Document |
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104 |
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Cover Page Interactive Data File (formatted in Inline XBRL, and included in exhibit 101). |
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107 |
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Filing Fee Table |
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S-1/A |
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333-275193 |
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107 |
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12/19/23 |
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Item 17 - Undertakings
(A) The undersigned Registrant hereby undertakes:
(1) |
To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement to: |
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(i) |
To include any prospectus required by Section 10(a)(3) of the Securities Act; |
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(ii) |
Reflect in the prospectus any facts or events which, individually or together, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the “Calculation of Registration Fee” table in the effective registration statement; and |
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(iii) |
Include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement. |
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(2) |
That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. |
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(3) |
To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering. |
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(4) |
Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue. |
(B) The issuer is subject to Rule 430C (ss. 230. 430C
of this chapter): Each prospectus filed pursuant to Rule 424(b)(ss. 230.424(b) of this chapter) as part of a registration statement relating
to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A (ss.
230. 430A of this chapter), shall be deemed to be part of and included in the registration statement as of the date it is first used after
effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement
or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the
registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement
that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately
prior to such date of first use.
SIGNATURES
Pursuant to the requirements of the Securities Act
of 1933, the Registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized,
in Murrieta, California on January 8, 2024.
HNO INTERNATIONAL, INC.
By: |
/s/ Paul Mueller |
|
|
Paul Mueller |
|
|
President and Chief Executive Officer
(Principal Executive Officer) |
|
Date: |
January 8, 2024 |
|
By: |
/s/ Hossein Haririnia |
|
|
Hossein Haririnia |
|
|
Treasurer
(Principal Financial and Accounting Officer) |
|
Date: |
January 8, 2024 |
|
Pursuant to the requirements of the Securities Act
of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.
By: |
/s/ Paul Mueller |
|
|
Paul Mueller, President, Chief Executive Officer (Principal Executive Officer) |
|
Date: |
January 8, 2024 |
|
By: |
/s/ Hossein Haririnia |
|
|
Hossein Haririnia, Treasurer, Director (Principal Financial and Accounting Officer) |
|
Date: |
January 8, 2024 |
|
By: |
/s/ Donald Owens |
|
|
Donald Owens, Chairman of the Board |
|
Date: |
January 8, 2024 |
|
By: |
/s/ William Parker |
|
|
William Parker, Director |
|
Date: |
January 8, 2024 |
|
|
14888 Auburn Sky Drive, Draper, UT 84020
(801) 634-1984
brian@businesslegaladvisor.com |
Brian Higley
Attorney at Law
Licensed in Utah |
January 8, 2024
Paul Mueller, CEO
HNO International, Inc.
41158 Eastman Drive
Suite B
Murrieta, CA 92562
|
Re: |
Registration Statement on Form S-1 |
Dear Mr. Mueller:
I have acted as counsel for HNO
International, Inc., a Nevada corporation (the “Company”), in connection with the Company’s Registration Statement
on Form S-1 (the “Registration Statement”) filed with the U.S. Securities and Exchange Commission under the Securities
Act of 1933, as amended.
I have reviewed the Registration
Statement, including the prospectus (the “Prospectus”) that is a part of the Registration Statement. The Registration
Statement registers the offering and sale by a certain selling stockholder of the Company of 1,130,122 shares of the Company’s Common
Stock (the “Shares”).
In connection with this opinion,
I have reviewed originals or copies (certified or otherwise identified to my satisfaction) of the Company’s Articles of Incorporation,
as amended, the Company’s Bylaws, resolutions adopted by the Company’s Board of Directors, the Registration Statement, the
exhibits to the Registration Statement, and such other records, documents, statutes and decisions, and such certificates or comparable
documents of public officials and of officers and representatives of the Company, and have made such inquiries of such officers and representatives,
as I have deemed relevant in rendering this opinion.
In such examination, I have assumed
the genuineness of all signatures, the legal capacity of all natural persons, the authenticity of all documents submitted to me as originals,
the conformity to original documents of all documents submitted to me as certified, conformed or photostatic copies and the authenticity
of the originals of such latter documents.
The opinions expressed below are
limited to the laws of the State of Nevada (including the applicable provisions of the Nevada Constitution, applicable judicial and regulatory
decisions interpreting these laws, and applicable rules and regulations underlying these laws) and the federal laws of the United States.
Based on the foregoing and in
reliance thereon and subject to the assumptions, qualifications and limitations set forth herein, I am of the opinion that pursuant to
the corporate laws of the State of Nevada, including all relevant provisions of the state constitution and all judicial interpretations
interpreting such provisions, the Shares, when issued, will be legally issued, fully paid and non-assessable.
I hereby consent to the filing
of this opinion as an exhibit to the Registration Statement and to the use of my firm’s name in the related Prospectus under the
heading “Legal Matters.”
|
Very truly yours, |
|
|
|
/s/ Brian Higley |
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM
We hereby consent to the incorporation in this Registration
Statement on Form S-1-A2 of our report dated March 20, 2023, relating to the consolidated financial statements of HNO International,
Inc. for the years ended October 31, 2022 and 2021 and to all references to our firm included in this Registration Statement. We also
consent to the reference to our Firm under the heading “experts” in such Registration Statement.
/s/ BF Borgers CPA PC
Certified Public Accountants
Lakewood, CO
January 8, 2024
v3.23.4
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v3.23.4
CONDENSED BALANCE SHEETS - USD ($)
|
Jul. 31, 2023 |
Oct. 31, 2022 |
Oct. 31, 2021 |
Current Assets |
|
|
|
Cash |
$ 1,226,696
|
$ 51,109
|
$ 0
|
Due from related party |
56,392
|
56,392
|
0
|
Total Current Assets |
1,283,088
|
107,501
|
0
|
Other Assets |
|
|
|
Property and equipment, net |
378,316
|
0
|
|
Intangible assets, net |
80,364
|
0
|
|
Long term asset |
29,250
|
0
|
|
Security deposits |
0
|
6,800
|
0
|
Total Other Assets |
487,930
|
6,800
|
0
|
TOTAL ASSETS |
1,771,018
|
114,301
|
0
|
Current Liabilities |
|
|
|
Accounts payable |
925
|
0
|
1,932
|
Accrued interest payable |
34,335
|
14,725
|
0
|
Payroll tax |
14,653
|
0
|
|
Notes payable, related party |
835,000
|
620,000
|
0
|
Related party note payable |
0
|
0
|
37,183
|
Total Current Liabilities |
884,913
|
634,725
|
39,115
|
Long Term Notes Payable |
590,000
|
590,000
|
0
|
Total Liabilities |
1,474,913
|
1,224,725
|
39,115
|
STOCKHOLDERS’ DEFICIT |
|
|
|
Common stock, par value $0.001 per share; 985,000,000 shares authorized; 105,265,299 and 95,265,299 shares issued and outstanding as of October 31, 2022 and October 31, 2021, respectively |
419,258
|
105,265
|
95,265
|
Common stock payable |
19,750
|
0
|
|
Stock subscription receivable |
(23,750)
|
(10,000)
|
0
|
Additional paid-in capital |
41,001,485
|
38,957,921
|
38,952,921
|
Accumulated deficit |
(41,130,638)
|
(40,168,610)
|
(39,097,301)
|
Total Stockholders’ Deficit |
296,105
|
(1,110,424)
|
(39,115)
|
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT |
1,771,018
|
114,301
|
0
|
Series A Preferred Stock [Member] |
|
|
|
STOCKHOLDERS’ DEFICIT |
|
|
|
Preferred stock, value issued |
$ 10,000
|
$ 5,000
|
$ 10,000
|
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v3.23.4
CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares
|
Jul. 31, 2023 |
Oct. 31, 2022 |
Oct. 31, 2021 |
Preferred stock, par value |
$ 0.001
|
$ 0.001
|
$ 0.001
|
Preferred stock, shares authorized |
15,000,000
|
15,000,000
|
15,000,000
|
Common stock, par value |
$ 0.001
|
$ 0.001
|
$ 0.001
|
Common stock, shares authorized |
985,000,000
|
985,000,000
|
985,000,000
|
Common stock, shares issued |
419,258,331
|
105,265,299
|
95,265,299
|
Common stock, shares outstanding |
419,258,331
|
105,265,299
|
95,265,299
|
Series A Preferred Stock [Member] |
|
|
|
Preferred stock, par value |
$ 0.001
|
$ 0.001
|
|
Preferred stock, shares authorized |
10,000,000
|
10,000,000
|
|
Preferred stock, shares issued |
10,000,000
|
5,000,000
|
10,000,000
|
Preferred stock, shares outstanding |
10,000,000
|
5,000,000
|
10,000,000
|
X |
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v3.23.4
CONDENSED STATEMENT OF OPERATIONS - USD ($)
|
3 Months Ended |
9 Months Ended |
12 Months Ended |
Jul. 31, 2023 |
Jul. 31, 2022 |
Jul. 31, 2023 |
Jul. 31, 2022 |
Oct. 31, 2022 |
Oct. 31, 2021 |
Income Statement [Abstract] |
|
|
|
|
|
|
Revenue |
$ 0
|
$ 17,225
|
$ 13,000
|
$ 34,450
|
$ 34,450
|
$ 0
|
Cost of goods sold |
|
|
|
|
(27,692)
|
0
|
Gross Profit |
0
|
17,225
|
7,116
|
34,450
|
6,758
|
0
|
Operating expenses |
|
|
|
|
|
|
Security Service |
194
|
0
|
389
|
0
|
|
|
Share based compensation |
0
|
0
|
2,025
|
0
|
|
|
Advertising and Marketing |
0
|
0
|
3,000
|
4,250
|
4,250
|
0
|
Contract labor |
252,201
|
193,579
|
536,229
|
324,194
|
729,339
|
0
|
Depreciation and amortization |
16,103
|
0
|
20,450
|
0
|
|
|
General and administrative expenses |
12,287
|
8,806
|
14,528
|
12,593
|
31,027
|
19,821
|
Interest expense |
7,227
|
4,643
|
19,611
|
9,002
|
14,651
|
0
|
Legal and accounting fees |
44,921
|
49,281
|
99,706
|
61,882
|
64,237
|
22,111
|
Meals expenses |
1,515
|
1,259
|
1,634
|
2,366
|
|
|
Office expenses |
845
|
2,477
|
2,166
|
3,447
|
|
|
Professional fees |
37,941
|
55,000
|
103,331
|
223,287
|
0
|
91,000
|
Payroll expenses |
55,858
|
43,598
|
98,993
|
102,140
|
149,617
|
0
|
Payroll service fees |
73
|
416
|
654
|
648
|
|
|
Rent |
14,811
|
10,500
|
45,049
|
30,900
|
34,400
|
0
|
Travel expenses |
15,002
|
17,127
|
18,911
|
49,988
|
50,106
|
0
|
Utilities |
1,757
|
962
|
3,401
|
2,264
|
|
|
Vehicle expenses |
67
|
134
|
67
|
440
|
440
|
0
|
Total Operating Expenses |
460,802
|
387,782
|
970,144
|
827,401
|
1,078,067
|
132,932
|
Other Income |
|
|
|
|
|
|
Interest income |
996
|
26
|
1,000
|
68
|
|
|
Total Other Income |
996
|
26
|
1,000
|
68
|
|
|
Loss from Operations |
(459,806)
|
(370,531)
|
(962,028)
|
(792,883)
|
(1,071,309)
|
(132,932)
|
Net Loss |
$ (459,806)
|
$ (370,531)
|
$ (962,028)
|
$ (792,883)
|
$ (1,071,309)
|
$ (132,932)
|
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v3.23.4
CONDENSED STATEMENT OF OPERATIONS (Parenthetical) - $ / shares
|
3 Months Ended |
9 Months Ended |
12 Months Ended |
Jul. 31, 2023 |
Jul. 31, 2022 |
Jul. 31, 2023 |
Jul. 31, 2022 |
Oct. 31, 2022 |
Oct. 31, 2021 |
Income Statement [Abstract] |
|
|
|
|
|
|
Basic net loss per share |
$ (0.00)
|
$ (0.00)
|
$ (0.00)
|
$ (0.09)
|
$ (0.01)
|
$ (0.00)
|
Diluted net loss per share |
$ (0.00)
|
$ (0.00)
|
$ (0.00)
|
$ (0.09)
|
$ (0.01)
|
$ (0.00)
|
Weighted average number of common shares outstanding - basic |
191,559,596
|
105,285,299
|
248,631,193
|
8,666,533
|
100,230,066
|
92,692,696
|
Weighted average number of common shares outstanding - diluted |
191,559,596
|
105,285,299
|
248,631,193
|
8,666,533
|
100,230,066
|
92,692,696
|
X |
- DefinitionThe amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.
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v3.23.4
CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) - USD ($)
|
Preferred Stock Series A [Member] |
Common Stock [Member] |
Stock Payable [Member] |
Share Subscription Receivable [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Total |
Beginning balance, value at Oct. 31, 2020 |
$ 10,000
|
$ 265
|
$ 4,000
|
$ (4,000)
|
$ 38,952,245
|
$ (38,964,369)
|
$ (1,859)
|
Beginning balance, shares at Oct. 31, 2020 |
10,000,000
|
265,299
|
|
|
|
|
|
Shares issued for payable |
|
$ 4,000
|
(4,000)
|
4,000
|
(4,000)
|
|
|
Shares issued for payable, shares |
|
4,000,000
|
|
|
|
|
|
Shares issued for consulting services to a related party |
|
$ 100,000
|
|
|
|
|
100,000
|
Shares issued for consulting services to a related party, shares |
|
100,000,000
|
|
|
|
|
|
Cancellation of shares |
|
$ (9,000)
|
|
|
|
|
(9,000)
|
Cancellation of shares, shares |
|
(9,000,000)
|
|
|
|
|
|
Contributed capital |
|
|
|
|
4,676
|
|
4,676
|
Net loss |
|
|
|
|
|
(132,932)
|
(132,932)
|
Ending balance, value at Oct. 31, 2021 |
$ 10,000
|
$ 95,265
|
|
|
38,952,921
|
(39,097,301)
|
(39,115)
|
Ending balance, shares at Oct. 31, 2021 |
10,000,000
|
95,265,299
|
|
|
|
|
|
Shares issued for acquisition |
|
$ 20
|
|
|
(10)
|
|
10
|
Shares issued for acquisition, shares |
|
20,000
|
|
|
|
|
|
Shares issued for consulting services |
|
$ 10,000
|
|
(10,000)
|
|
|
|
Shares issued for consulting services, shares |
|
10,000,000
|
|
|
|
|
|
Net loss |
|
|
|
|
|
(792,883)
|
(792,883)
|
Ending balance, value at Jul. 31, 2022 |
$ 10,000
|
$ 105,285
|
|
(10,000)
|
38,952,911
|
(39,890,184)
|
(831,988)
|
Ending balance, shares at Jul. 31, 2022 |
10,000,000
|
105,285,299
|
|
|
|
|
|
Beginning balance, value at Oct. 31, 2021 |
$ 10,000
|
$ 95,265
|
|
|
38,952,921
|
(39,097,301)
|
(39,115)
|
Beginning balance, shares at Oct. 31, 2021 |
10,000,000
|
95,265,299
|
|
|
|
|
|
Shares issued for acquisition |
|
$ 20
|
|
|
(10)
|
|
10
|
Shares issued for acquisition, shares |
|
20,000
|
|
|
|
|
|
Shares issued for consulting services |
|
$ 10,000
|
|
(10,000)
|
|
|
|
Shares issued for consulting services, shares |
|
10,000,000
|
|
|
|
|
|
Shares cancelled for cancellation of acquisition |
|
$ (20)
|
|
|
10
|
|
(10)
|
Shares cancelled for cancellation of acquisition, shares |
|
(20,000)
|
|
|
|
|
|
Series A Preferred Stock returned to treasury |
$ (5,000)
|
|
|
|
5,000
|
|
|
Series A Preferred Stock returned to treasury, shares |
(5,000,000)
|
|
|
|
|
|
|
Net loss |
|
|
|
|
|
(1,071,309)
|
(1,071,309)
|
Ending balance, value at Oct. 31, 2022 |
$ 5,000
|
$ 105,265
|
|
(10,000)
|
38,957,921
|
(40,168,610)
|
(1,110,424)
|
Ending balance, shares at Oct. 31, 2022 |
5,000,000
|
105,265,299
|
|
|
|
|
|
Beginning balance, value at Apr. 30, 2022 |
$ 10,000
|
$ 105,285
|
|
(10,000)
|
38,952,911
|
(39,519,653)
|
(461,457)
|
Beginning balance, shares at Apr. 30, 2022 |
10,000,000
|
105,285,299
|
|
|
|
|
|
Net loss |
|
|
|
|
|
(370,531)
|
(370,531)
|
Ending balance, value at Jul. 31, 2022 |
$ 10,000
|
$ 105,285
|
|
(10,000)
|
38,952,911
|
(39,890,184)
|
(831,988)
|
Ending balance, shares at Jul. 31, 2022 |
10,000,000
|
105,285,299
|
|
|
|
|
|
Beginning balance, value at Oct. 31, 2022 |
$ 5,000
|
$ 105,265
|
|
(10,000)
|
38,957,921
|
(40,168,610)
|
(1,110,424)
|
Beginning balance, shares at Oct. 31, 2022 |
5,000,000
|
105,265,299
|
|
|
|
|
|
Common stock issued for cash |
|
$ 182,000
|
|
|
|
|
182,000
|
Common stock issued for cash, shares |
|
182,000,000
|
|
|
|
|
|
Common stock based compensation |
|
$ 2,025
|
|
|
|
|
2,025
|
Common stock based compensation, shares |
|
2,025,000
|
|
|
|
|
|
Common stock issued for settlement of debt |
|
$ 20,000
|
|
|
|
|
20,000
|
Common stock issued for settlement of debt, shares |
|
20,000,000
|
|
|
|
|
|
Common stock to be issued from cash proceeds |
|
|
100,000
|
|
|
|
100,000
|
Series A preferred issued pursuant to patent agreement |
$ 5,000
|
|
|
|
77,500
|
|
82,500
|
Series A preferred issued pursuant to patent agreement, shares |
5,000,000
|
|
|
|
|
|
|
Common stock issued for cash |
|
$ 100,000
|
(100,000)
|
|
|
|
|
Common stock issued for cash, shares |
|
100,000,000
|
|
|
|
|
|
Common stock issued for cash |
|
$ 8,000
|
|
|
|
|
8,000
|
Common stock issued for cash, shares |
|
8,000,000
|
|
|
|
|
|
Regulation A stock issuances |
|
$ 1,968
|
19,750
|
(13,750)
|
1,966,064
|
|
1,974,032
|
Regulation A stock issuances, shares |
|
1,968,032
|
|
|
|
|
|
Net loss |
|
|
|
|
|
(962,028)
|
(962,028)
|
Ending balance, value at Jul. 31, 2023 |
$ 10,000
|
$ 419,258
|
19,750
|
(23,750)
|
41,001,485
|
(41,130,638)
|
296,105
|
Ending balance, shares at Jul. 31, 2023 |
10,000,000
|
419,258,331
|
|
|
|
|
|
Beginning balance, value at Apr. 30, 2023 |
$ 10,000
|
$ 409,290
|
|
(10,000)
|
39,035,421
|
(40,670,832)
|
(1,226,121)
|
Beginning balance, shares at Apr. 30, 2023 |
10,000,000
|
409,290,299
|
|
|
|
|
|
Common stock issued for cash |
|
$ 8,000
|
|
|
|
|
8,000
|
Common stock issued for cash, shares |
|
8,000,000
|
|
|
|
|
|
Regulation A stock issuances |
|
$ 1,968
|
19,750
|
(13,750)
|
1,966,064
|
|
1,974,032
|
Regulation A stock issuances, shares |
|
1,968,032
|
|
|
|
|
|
Net loss |
|
|
|
|
|
(459,806)
|
(459,806)
|
Ending balance, value at Jul. 31, 2023 |
$ 10,000
|
$ 419,258
|
$ 19,750
|
$ (23,750)
|
$ 41,001,485
|
$ (41,130,638)
|
$ 296,105
|
Ending balance, shares at Jul. 31, 2023 |
10,000,000
|
419,258,331
|
|
|
|
|
|
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v3.23.4
CONDENSED STATEMENT OF CASH FLOWS - USD ($)
|
9 Months Ended |
12 Months Ended |
Jul. 31, 2023 |
Jul. 31, 2022 |
Oct. 31, 2022 |
Oct. 31, 2021 |
Cash Flow from Operating Activities |
|
|
|
|
Net loss for the period |
$ (962,028)
|
$ (792,883)
|
$ (1,071,309)
|
$ (132,932)
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|
Depreciation and amortization |
20,450
|
0
|
|
|
Share based compensation |
2,025
|
20,000
|
|
|
Shares issued for services |
|
|
0
|
95,000
|
Changes in operating assets and liabilities: |
|
|
|
|
Increase (Decrease) in accounts payable |
925
|
(1,932)
|
(1,932)
|
73
|
(Increase) Decrease in due from related party |
0
|
(56,392)
|
(56,392)
|
0
|
(Increase) Decrease in security deposit |
6,800
|
(6,800)
|
(6,800)
|
0
|
Increase (Decrease) in accrued interest payable |
19,610
|
9,002
|
14,725
|
0
|
Increase in payroll taxes |
14,653
|
0
|
|
|
Net Cash Used in Operating Activities |
(897,565)
|
(829,005)
|
(1,121,708)
|
(37,859)
|
Cash Flows from Financing Activities |
|
|
|
|
Proceeds from related party notes payable |
250,000
|
520,000
|
1,210,000
|
0
|
Proceeds from sale of common stock |
2,264,032
|
10
|
|
|
Proceeds from convertible note payable |
0
|
590,000
|
|
|
Repayment of related party note payable |
(15,000)
|
(37,183)
|
(37,183)
|
0
|
Common stock issued for payable |
|
|
0
|
(4,000)
|
Proceeds from related party |
|
|
0
|
37,183
|
Contributed capital |
|
|
0
|
4,676
|
Net Cash Provided by Financing Activities |
2,499,032
|
1,072,827
|
1,172,817
|
37,859
|
Cash Flows from Investing Activities |
|
|
|
|
Purchase of property and equipment |
(396,630)
|
0
|
|
|
Purchase of long-term asset |
(29,250)
|
|
|
|
Proceeds from sale of investment |
0
|
(10)
|
|
|
Net cash provided by (used in) investing activities |
(425,880)
|
(10)
|
|
|
Net increase (decrease) in cash |
1,175,587
|
243,812
|
51,109
|
0
|
Cash at beginning of period |
51,109
|
0
|
0
|
0
|
Cash at end of period |
1,226,696
|
243,812
|
51,109
|
0
|
Supplemental Disclosure of Interest and Income Taxes Paid: |
|
|
|
|
Interest paid during the period |
0
|
0
|
0
|
0
|
Income taxes paid during the period |
0
|
0
|
0
|
0
|
Supplemental Disclosure for Non-Cash Investing and Financing Activities: |
|
|
|
|
Series A preferred stock issued pursuant to patent agreement |
82,500
|
0
|
|
|
Common stock issued for conversion of debt |
20,000
|
0
|
|
|
Common stock issued for acquisition |
$ 0
|
$ 10
|
|
|
Issuance of common stock for payable |
|
|
$ 0
|
$ 4,000
|
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v3.23.4
ORGANIZATION AND BASIS OF PRESENTATION
|
9 Months Ended |
12 Months Ended |
Jul. 31, 2023 |
Oct. 31, 2022 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
|
ORGANIZATION AND BASIS OF PRESENTATION |
NOTE 1 – ORGANIZATION AND BASIS OF PRESENTATION
Organization
HNO International, Inc. (the “Company”)
was incorporated in the State of Nevada on May 2, 2005 under the name American Bonanza Resources Limited. On August 4, 2009, the Company
acquired Clenergen Corporation Limited (UK), a United Kingdom corporation (“Limited”), and succeeded to the business of Limited.
Limited acquired the assets of Rootchange Limited, a biofuel and biomass research and development company, in April 2009. On March 19,
2009, the Company changes its name to Clenergen Corporation. On July 8, 2020, the Company changed its name to Excoin Ltd. and on August
31, 2021, the Company changed its name to HNO International, Inc. its current name.
The Company specializes in the design, integration,
and development of green hydrogen-based clean energy technologies. With the Company’s management having over 13 years of experience
in the field of green hydrogen production, the Company is committed to providing scalable products that help businesses and communities
decarbonize, reduce emissions, and cut operational costs. HNO stands for Hydrogen and Oxygen. The Company is at the forefront of developing
innovative solutions, such as the Compact Hydrogen Refueling System (CHRS) and the Compact Hydrogen Production System (CHPS), which can
be used to produce green hydrogen for various applications including fuel cell electric vehicles, hydrogen internal combustion engines,
heating, and cooking. The CHPS is highly scalable, capable of producing 100-2,000 (or more) kilograms of hydrogen per day for commercial
use in various applications. In addition, the Company develops energy systems that complement the zero-emissions EV infrastructure, reduce
harmful emissions, and cut maintenance costs of commercial diesel fleets. By integrating components from leading industry partners, the
Company aims to transition fossil fuels to cleaner alternatives and promote lower emissions.
Basis of presentation
Our
financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States
of America (“U.S. GAAP”), and with the rules and regulations of the SEC to Form 10-Q and Article 8 of Regulation S-X. Accordingly,
they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited interim
financial statements furnished reflect all adjustments (consisting of normal recurring accruals) which are, in the opinion of management,
necessary to a fair statement of the results for the interim periods presented. Unaudited interim results are not necessarily indicative
of the results for the full fiscal year. These financial statements should be read in conjunction with our unaudited financial statements
for the reporting period ended October 31, 2022, and notes thereto.
|
Note
1 – Organization and basis of accounting ORGANIZATION AND BASIS OF PRESENTATION
Organization
HNO International, Inc. (the “Company”)
was incorporated in the State of Nevada on May 2, 2005 under the name American Bonanza Resources Limited. On August 4, 2009, the Company
acquired Clenergen Corporation Limited (UK), a United Kingdom corporation (“Limited”), and succeeded to the business of Limited.
Limited acquired the assets of Rootchange Limited, a biofuel and biomass research and development company, in April 2009. On March 19,
2009, the Company changes its name to Clenergen Corporation. On July 8, 2020, the Company changed its name to Excoin Ltd. and on August
31, 2021, the Company changed its name to HNO International, Inc. its current name.
The Company focuses on systems engineering design,
integration, and product development for the generation of green hydrogen based solutions to help businesses and communities decarbonize
in the near term. For over a decade, the Company’s management has developed innovative hydrogen systems that create, store, and
distribute green hydrogen at low costs, and foster emissions reductions.
The global green hydrogen market was valued at $0.3
billion in 2020 and is expected to grow to $9.8 billion by 2028, representing a 54.7% CAGR. The Company is uniquely positioned to be a
significant player in this growth.
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v3.23.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
9 Months Ended |
12 Months Ended |
Jul. 31, 2023 |
Oct. 31, 2022 |
Accounting Policies [Abstract] |
|
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis
of Consolidation
As
of the reporting period ended [date], the Company has determined that it does not engage in consolidation activities as defined by U.S.
GAAP. Therefore, our financial statements are presented on a standalone basis, and no consolidation adjustments have been made.
Use of Estimates
The preparation of the condensed financial statements
in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed financial statements
and the reported amount of revenues and expenses during the reporting period. The management makes its best estimate of the outcome for
these items based on information available when the condensed financial statements are prepared.
Cash and Cash Equivalents
The Company considers all highly liquid investments
with original maturities of three months or less to be cash equivalents.
Employee Stock-Based Compensation
The Company accounts for stock-based compensation
in accordance with ASC 718 Compensation - Stock Compensation (“ASC 718”). ASC 718 addresses all forms of share-based payment
(“SBP”) awards including shares issued under employee stock purchase plans and stock incentive shares. Under ASC 718 awards
result in a cost that is measured at fair value on the awards’ grant date, based on the estimated number of awards that are expected
to vest and will result in a charge to operations.
Income Taxes
Income taxes are computed using the asset and liability
method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between
the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation
allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized.
Revenue Recognition
The Company recognizes revenue in accordance with
Accounting Standards Codification (“ASC”) 606, “Revenue from Contracts with Customers”. The core principle
of ASC 606 is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects
the consideration to which the entity expects to be entitled in exchange for those goods or services. An entity recognizes revenue in
accordance with that core principle by applying the following steps: Step 1: Identify the contract(s) with a customer. Step 2: Identify
the performance obligations in the contract. Step 3: Determine the transaction price. Step 4: Allocate the transaction price to the performance
obligations in the contract. Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation. An entity must also
disclose sufficient information to enable users of financial statements to understand the nature, amount, timing and uncertainty of revenue
and cash flows arising from contracts with customers, including qualitative and quantitative information about contracts with customers,
significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract.
Basic Income (Loss) Per Share
The Company computes income (loss) per share in accordance
with ASC 260 “Earnings per share”. Basic income (loss) per share is computed by dividing net income (loss) available
to common shareholders by the weighted average number of outstanding common shares during the period. Diluted income (loss) per share
gives effect to all dilutive potential common shares outstanding during the period. Dilutive income (loss) per share excludes all potential
common shares if their effect is anti-dilutive. As of June 30, 2023, there were no potentially dilutive debt or equity instruments issued
or outstanding.
Property and equipment
Property and equipment are carried at cost and, less
accumulated depreciation. The cost of repairs and maintenance is expensed as incurred; major replacements and improvements are capitalized.
When assets are retired or disposed of, the cost and accumulated depreciation are removed from the accounts, and any resulting gains or
losses are included in income in the year of disposal. The Company examines the possibility of decreases in the value of property and
equipment when events or changes in circumstances reflect the fact that their recorded value may not be recoverable.
The Company’s property and equipment mainly
consists of computer and laser equipment. Depreciation is computed using the straight-line method over the estimated useful lives of the
assets.
Schedule of estimated useful lives of assets | |
|
| |
Useful life |
Small Equipment | |
3 Years |
Large Equipment | |
7 Years |
Vehicles | |
4 Years |
Intangible assets
Intangible assets consist of patents acquired in an
asset purchase agreement (see Note 5). The estimated useful life of these assets was determined to be 20 years. The Company periodically
evaluates the reasonableness of the useful lives of these assets. Once these assets are fully amortized, they are removed from the accounts.
These assets are reviewed for impairment or obsolescence when events or changes in circumstances indicate that the carrying amount may
not be recoverable. If impaired, intangible assets are written down to fair value based on discounted cash flows or other valuation techniques.
The Company has no intangibles with indefinite lives.
Impairment of Long-Lived Assets
The Company reviews its long-lived assets for impairment
whenever events or changes in circumstances indicate that the carrying amount of the assets may not be fully recoverable. To determine
recoverability of a long-lived asset, management evaluates whether the estimated future undiscounted net cash flows from the asset are
less than its carrying amount. If impairment is indicated, the long-lived asset would be written down to fair value. Fair value is determined
by an evaluation of available price information at which assets could be bought or sold, including quoted market prices, if available,
or the present value of the estimated future cash flows based on reasonable and supportable assumptions.
Adoption of Recent Accounting Pronouncements
The Company has implemented all new accounting pronouncements
that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements
that have been issued that might have a material impact on its financial position or results of operations.
|
Note 2 – Summary of significant accounting policies SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES
Basis of presentation
The financial statements present the balance sheets and statements of operations, stockholders' equity and cash flows of the Company.
These financial statements are presented in United States dollars and have been prepared in accordance with accounting principles generally
accepted in the United States.
Use of Estimates
The preparation of the financial statements in conformity
with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of
assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount
of revenues and expenses during the reporting period. The management makes its best estimate of the outcome for these items based on information
available when the financial statements are prepared.
Employee Stock-Based Compensation
The Company accounts for stock-based compensation
in accordance with ASC 718 Compensation - Stock Compensation (“ASC 718”). ASC 718 addresses all forms of share-based payment
(“SBP”) awards including shares issued under employee stock purchase plans and stock incentive shares. Under ASC 718 awards
result in a cost that is measured at fair value on the awards’ grant date, based on the estimated number of awards that are expected
to vest and will result in a charge to operations.
Property and equipment
Property and equipment are carried at cost and, less
accumulated depreciation. The cost of repairs and maintenance is expensed as incurred; major replacements and improvements are capitalized.
When assets are retired or disposed of, the cost and accumulated depreciation are removed from the accounts, and any resulting gains or
losses are included in income in the year of disposal. The Company examines the possibility of decreases in the value of property and
equipment when events or changes in circumstances reflect the fact that their recorded value may not be recoverable.
The Company’s property and equipment mainly
consists of computer and laser equipment. Depreciation is computed using the straight-line method over the estimated useful lives of the
assets, which range from 4-12 years.
Adoption of Recent Accounting Pronouncements
The Company has implemented all new accounting pronouncements
that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements
that have been issued that might have a material impact on its financial position or results of operations.
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v3.23.4
GOING CONCERN
|
9 Months Ended |
12 Months Ended |
Jul. 31, 2023 |
Oct. 31, 2022 |
Going Concern |
|
|
GOING CONCERN |
NOTE 3 – GOING CONCERN
At July 31, 2023, we had a deficit of $41,130,638.
We have not been able to generate sufficient cash from operating activities to fund our ongoing operations. We will be required to raise
additional funds through public or private financing, additional collaborative relationships, or other arrangements until we are able
to raise revenues to a point of positive cash flow. We are evaluating various options to further reduce our cash requirements to operate
at a reduced rate, as well as options to raise additional funds, including obtaining loans and selling common stock. There is no guarantee
that we will be able to generate enough revenue and/or raise capital to support operations.
Based on the above factors, substantial doubt exists
about our ability to continue as a going concern for one year from the issuance of these condensed financial statements.
|
Note 3 - Going Concern GOING CONCERN
At October 31, 2022, we had a deficit of $40,168,610,
compared to a deficit of $39,097,301 at October 31, 2021. We have not been able to generate sufficient cash from operating activities
to fund our ongoing operations. We will be required to raise additional funds through public or private financing, additional collaborative
relationships or other arrangements until we are able to raise revenues to a point of positive cash flow. We are evaluating various options
to further reduce our cash requirements to operate at a reduced rate, as well as options to raise additional funds, including obtaining
loans and selling common stock. There is no guarantee that we will be able to generate enough revenue and/or raise capital to support
operations.
Based on the above factors, substantial doubt exists
about our ability to continue as a going concern for one year from the issuance of these financial statements.
|
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v3.23.4
PROPERTY AND EQUIPMENT
|
9 Months Ended |
Jul. 31, 2023 |
Property, Plant and Equipment [Abstract] |
|
PROPERTY AND EQUIPMENT |
NOTE 4 – PROPERTY
AND EQUIPMENT
Property and
equipment consisted of the following:
Schedule of property and equipment | |
| |
|
| |
July 31, 2023 | |
October 31, 2022 |
Vehicles | |
$ | 40,000 | | |
$ | — | |
Small Equipment | |
$ | 8,879 | | |
$ | — | |
Large Equipment | |
| 347,751 | | |
| — | |
Property and Equipment, Gross | |
$ | 396,630 | | |
$ | — | |
Less: accumulated depreciation | |
| (18,314 | ) | |
| — | |
Property and Equipment, Net | |
$ | 378,316 | | |
$ | — | |
Depreciation
expense for the nine months ended July 31, 2023 and 2022 was $18,315 and $0, respectively.
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- DefinitionThe entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections.
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v3.23.4
INTANGIBLE ASSETS
|
9 Months Ended |
Jul. 31, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
INTANGIBLE ASSETS |
NOTE 5 – INTANGIBLE ASSETS
Patents Acquired
Under Patent Purchase Agreement
On January 24, 2023, the
Company entered into a Patent Purchase Agreement with Donald Owens, the Company's Chairman of the Board of Directors, to acquire several
patents related to hydrogen supplemental systems for on-demand hydrogen generation for internal combustion engines and a method and apparatus
for increasing combustion efficiency and reducing particulate matter emissions in jet engines. In exchange for these patents, the Company
issued 5,000,000 shares of its Series A Preferred Stock to Mr. Owens, valued at $82,500.
The details of the patents
acquired are listed in the table below, which includes information on the patent numbers, titles, and status in various countries.
COUNTRY |
APPLN
NO |
PATENT
NUMBER |
TITLE |
STATUS |
US |
13/844,267 |
8,757,107 |
HYDROGEN SUPPLEMENTAL SYSTEM FOR ON-DEMAND HYDROGEN GENERATION FOR INTERNAL COMBUSTION ENGINES |
Issued |
US |
13/922,351 |
9,453,457 |
HYDROGEN SUPPLEMENTAL SYSTEM FOR ON-DEMAND HYDROGEN GENERATION FOR INTERNAL COMBUSTION ENGINES |
Issued |
US |
14/016,388 |
9,476,357 |
METHOD AND APPARATUS FOR INCREASING COMBUSTION EFFICIENCY AND REDUCING PARTICULATE MATTER EMISSIONS IN JET ENGINES |
Issued |
US |
14/326,801 |
9,267,468 |
HYDROGEN SUPPLEMENTAL SYSTEM FOR ON-DEMAND HYDROGEN GENERATION FOR INTERNAL COMBUSTION ENGINES |
Issued |
US |
17/047,041 |
10,920,717 |
HYDROGEN PRODUCING SYSTEM AND DEVICE FOR IMPROVING FUEL EFFICIENCY AND REDUCING EMISSIONS OF INTERNAL COMBUSTION AND/OR DIESEL ENGINES |
Issued |
AUSTRALIA |
2019405749 |
2019405749 |
HYDROGEN PRODUCING SYSTEM AND DEVICE FOR IMPROVING FUEL EFFICIENCY AND REDUCING EMISSIONS OF INTERNAL COMBUSTION AND/OR DIESEL ENGINES |
Issued |
CHINA |
201980092511.1 |
|
HYDROGEN PRODUCING SYSTEM AND DEVICE FOR IMPROVING FUEL EFFICIENCY |
Pending |
EUROPE |
19900413.6. |
|
HYDROGEN PRODUCING SYSTEM AND DEVICE FOR IMPROVING FUEL EFFICIENCY |
Pending |
JAPAN |
2021-535288 |
|
HYDROGEN PRODUCING SYSTEM AND DEVICE FOR IMPROVING FUEL EFFICIENCY |
Pending |
Intangible assets at July 31, 2023
and October 31, 2022, consisted of the following:
Schedule of intangible assets | |
| |
| |
|
| |
Useful Life (yr) | |
July 31, 2023 | |
October 31, 2022 |
Patents | |
| 20 | | |
$ | 82,500 | | |
$ | — | |
Less: accumulated amortization | |
| | | |
| (2,136 | ) | |
| — | |
Intangible Assets, net | |
| | | |
$ | 80,364 | | |
$ | — | |
Amortization
expense for the nine months ended July 31, 2023 and 2022 was $2,136 and $0, respectively.
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v3.23.4
COMMON STOCK
|
9 Months Ended |
12 Months Ended |
Jul. 31, 2023 |
Oct. 31, 2022 |
Equity [Abstract] |
|
|
COMMON STOCK |
NOTE 6 – COMMON STOCK
The Company is authorized to issue 985,000,000 shares of common stock,
par value 0.001 $.001.
Increase in Authorized Capital Stock
On January 4, 2023, the Board of Directors
and a majority of the Company’s stockholders approved the proposal to increase the number of shares of capital stock that the Company
is authorized to issue to 1,000,000,000. On January 6, 2023, the Company filed a Certificate of Amendment to the Articles of Incorporation
with the Secretary of State of Nevada to increase the total authorized capital from 510,000,000 shares to 1,000,000,000 shares consisting
of 985,000,000 shares of common stock, par value $0.001, and 15,000,000 shares of preferred stock, par value $0.001.
Stock Issued
On December 9, 2020, the Company issued 95,000,000
shares of common stock to Douglas Anderson for consulting services totaling $95,000. Subsequently, in a private transaction, the 95,000,000
shares of Common Stock were transferred to were transferred to HNO Green Fuels Inc., a Nevada corporation, of which Donald Owens is the
Chief Executive Officer/control person.
On December 9, 2020, the Company issued 5,000,000 shares of common stock
to Eden Capital LLC for consulting services totaling $5,000. On September 22, 2021, these shares were returned to the company and canceled
due to new management and these consulting services are no longer required.
On September 20, 2020, the Company entered into a
consulting agreement with DWC, LLC. Pursuant to the terms of the consulting agreement DWC, LLC is to receive 4,000,000 restricted shares
of the Company’s common stock in exchange for corporate consulting services to be performed. In addition, DWC, LLC has agreed to
pay par value of the shares. As of the year ended October 31, 2020, these shares had not yet been issued and were recorded as a stock
payable, and payment of par value of the shares was recorded as a stock subscription receivable. On December 9, 2020, these shares were
issued. On October 14, 2021, these shares were returned to the Company and canceled due to new management and these consulting services
are no longer required.
On
November 13, 2021, the Company entered into a Share Exchange Agreement by and between Company and Donald Owens (the “Share Exchange
Agreement”), who was the sole shareholder of HNO Hydrogen Generators, Inc., owning 10,000 shares of common stock, par value $0.001
per share, of HNO Hydrogen Generators, Inc. (the “HNO Delaware Shares”); pursuant to which the Company agreed to acquire
the HNO Delaware Shares from Mr. Owens in exchange for the issuance by the Company to Mr. Owens of 20,000 shares of common stock, par
value $0.001 per share, of the Company. The Share Exchange Agreement and the transactions set forth therein were approved by the Company’s
Board on November 13, 2021, and transactions closed on the same day, at which time HNO Hydrogen Generators, Inc., became a wholly owned
subsidiary of the Company.
On
August 22, 2022, the Company entered into a Termination of Share Exchange Agreement by and between the Company and Donald Owens, pursuant
to which both parties agreed to cancel the Share Exchange Agreement dated November 13, 2021. Mr. Owens’ 20,000 shares of common
stock were returned to the Company for cancellation and the 10,000 HNO Delaware Shares were returned to Mr. Owens. HNO Hydrogen Generators,
Inc. is no longer a wholly owned subsidiary of the Company.
During the quarter
ended January 31, 2023, the Company entered into Stock Subscription Agreements with Donald Owens, the Company’s Chairman of the
Board of Directors, whereby the Company privately sold a total of 175,000,000 shares of its common stock, $0.001 par value per share,
(“common stock”) for a cash purchase price of $175,000. Donald Owens is an “accredited investor” (under Rule 506
(b) of Regulation D under the Securities Act of 1933, as amended). The $175,000 in proceeds from the sale of common stock will be used
for operating capital. The shares are ‘restricted securities’ under Rule 144 of the Securities Act.
On January 17,
2023, the Company entered into a Stock Subscription Agreement with William Parker, a member of the Company’s Board of Directors,
whereby the Company privately sold a total of 5,000,000 shares of its common stock, $0.001 par value per share, (“common stock”)
for a cash purchase price of $5,000. William Parker is an “accredited investor” (under Rule 506 (b) of Regulation D under
the Securities Act of 1933, as amended). The $5,000 in proceeds from the sale of common stock will be used for operating capital. The
shares are ‘restricted securities’ under Rule 144 of the Securities Act.
On January 11,
2023, the Company entered into a Stock Subscription Agreement with Hossein Haririnia, the Company’s Treasurer and a member of the
Board of Directors, whereby the Company privately sold a total of 2,000,000 shares of its common stock, $0.001 par value per share, (“common
stock”) for a cash purchase price of $2,000. Hossein Haririnia is an “accredited investor” (under Rule 506 (b) of Regulation
D under the Securities Act of 1933, as amended). The $2,000 in proceeds from the sale of common stock will be used for operating capital.
The shares are ‘restricted securities’ under Rule 144 of the Securities Act.
The Company agreed to issue 20,000,000 shares of its
common stock for settlement of the $20,000 note payable dated November 19, 2021 to HNO Green Fuels. The note matured on December 19, 2022
and was settled in full on December 26, 2022 with the issuance of these shares. The shares are ‘restricted securities’ under
Rule 144 and the issuance of the shares was made in reliance upon the exemption provided in Section 4(a)(2) of the Securities Act of 1933,
as amended.
The Company's Board of Directors
granted approval for the issuance of 2,025,000 shares of our common stock with a value of $0.001 on January 2, 2023, in exchange for services
rendered to the Company. These shares are considered "restricted securities" under Rule 144 and were issued under the exemption
provided by Section 4(a)(2) of the Securities Act of 1933, as amended.
On January
31, 2023, the Company entered into Stock Subscription Agreements with Donald Owens, the Company’s Chairman of the Board of
Directors, whereby the Company privately sold a total of 100,000,000 shares of its common stock, $0.001 par value per share,
(“common stock”) for a cash purchase price of $100,000. Donald Owens is an “accredited investor” (under Rule
506 (b) of Regulation D under the Securities Act of 1933, as amended). The $100,000 in proceeds from the sale of common stock will
be used for operating capital. The shares are ‘restricted securities’ under Rule 144 of the Securities Act. As
of January 31, 2023, these shares had not yet been issued and therefore were recorded as a stock payable. On February 1, 2023, these
shares were issued.
On June 9, 2023,
the Company entered into a Stock Subscription Agreement with Hossein Haririnia, the Company’s Treasurer and a member of the Board
of Directors, whereby the Company privately sold a total of 8,000,000 shares of its common stock, $0.001 par value per share, (“common
stock”) for a cash purchase price of $8,000. Hossein Haririnia is an “accredited investor” (under Rule 506 (b) of Regulation
D under the Securities Act of 1933, as amended). The $8,000 in proceeds from the sale of common stock will be used for operating capital.
The shares were issued as ‘restricted securities’ under Rule 144 of the Securities Act.
During the quarter ended July 31, 2023, the Company issued 1,968,032 shares
of common stock at a fixed price of $1.00 per share for a total of $1,968,032 in cash under the Company’s active Regulation A offering,
qualified by the Securities Exchange Commission on May 3, 2023.
As of July 31, 2023 and October 31, 2022, the Company
had 419,258,331 and 105,265,299 shares of common stock issued and outstanding, respectively.
Stock Receivable
On March 31, 2022, the Company issued 10,000,000 shares
of common stock Vivaris Capital, LLC in exchange for $10,000 cash consideration. However, Vivaris Capital, LLC has not paid for the shares,
and the Company has been unsuccessful in its attempts to collect the funds or have the shares returned.
During the quarter ended July 31, 2023, the Company
issued 13,750 shares of common stock under Regulation A offering to various shareholders that have not yet paid for shares; therefore,
$13,750 has been classified as common stock receivable.
Stock Payable
During the quarter ended July 31, 2023, the Company
sold 19,750 shares of common stock under Regulation A offering to various shareholders that have not yet been issued by the transfer agent;
therefore, $19,750 has been classified as common stock payable.
|
Note
6 – Common stock COMMON STOCK
The Company is authorized to issue 985,000,000 shares of common stock,
par value 0.001 $001.
Stock Issued
On December 9, 2020, the Company issued 95,000,000
shares of common stock to Douglas Anderson for consulting services totaling $95,000. Subsequently, in a private transaction the 95,000,000
shares of Common Stock were transferred to were transferred to HNO Green Fuels Inc., a Nevada corporation, of which Donald Owens is Chief
Executive Officer/control person.
On December 9, 2020, the Company issued 5,000,000 shares of common stock
to Eden Capital LLC for consulting services totaling $5,000. On September 22, 2021, these shares were returned to the company and cancelled
due to new management and these consulting services no longer required.
On September 20, 2020, the Company entered into a
consulting agreement with DWC, LLC. Pursuant to the terms of the consulting agreement DWC, LLC is to receive 4,000,000 restricted shares
of the Company’s common stock in exchange for corporate consulting services to be performed. In addition, DWC, LLC has agreed to
pay par value of the shares. As of the year ended October 31, 2020, these shares had not yet been issued and were recorded as a stock
payable and payment of par value of the shares was recorded as a stock subscription receivable. On December 9, 2020, these shares were
issued. On October 14, 2021, these shares were returned to the Company and cancelled due to new management and these consulting services
no longer required.
On November 13, 2021, Company entered into a Share
Exchange Agreement by and between Company and Donald Owens (the “Share Exchange Agreement”), who was the sole shareholder
of HNO Hydrogen Generators, Inc., owning 10,000 shares of common stock, par value $0.001 per share, of HNO Hydrogen Generators, Inc.
(the “HNO Delaware Shares”); pursuant to which the Company agreed to acquire the HNO Delaware Shares from Mr. Owens in exchange
for the issuance by the Company to Mr. Owens of 20,000 shares of common stock, par value $0.001 per share, of the Company. The Share
Exchange Agreement and the transactions set forth therein were approved by the Company’s Board on November 13, 2021 and transactions
closed on the same day, at which time HNO Hydrogen Generators, Inc., became a wholly owned subsidiary of the Company.
On August 22, 2022,
the Company entered into a Termination of Share Exchange Agreement by and between the Company and Donald Owens, pursuant to which both
parties agreed to cancel the Share Exchange Agreement dated November 13, 2021. Mr. Owens’ 20,000 shares of common stock were returned
to the Company for cancellation and the 10,000 HNO Delaware Shares were returned to Mr. Owens. HNO Hydrogen Generators, Inc. is no longer
a wholly owned subsidiary of the Company.
Stock Receivable
On March 31, 2022, the Company issued 10,000,000 shares
of common stock Vivaris Capital, LLC in exchange for $10,000 cash consideration. However, Vivaris Capital, LLC have not paid for the shares,
and the Company has been unsuccessful in its attempts to collect the funds or have the shares returned.
As of October 31, 2022 and October 31, 2021, the Company
had 105,265,299 and 95,265,299 shares of common stock issued and outstanding, respectively.
|
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v3.23.4
PREFERRED STOCK
|
9 Months Ended |
12 Months Ended |
Jul. 31, 2023 |
Oct. 31, 2022 |
Equity [Abstract] |
|
|
PREFERRED STOCK |
NOTE 7 – PREFERRED STOCK
The Company is authorized to issue 15,000,000
shares of preferred stock, par value $0.001.
Series A Preferred Stock
The Company is authorized to issue 10,000,000 shares
of Series A preferred stock, par value $0.001. On October 14, 2019, the Company issued 10,000,000 shares of the Series A preferred stock
to Custodian Ventures LLC, the company controlled by David Lazar, the Company’s former Chief Executive Officer for forgiveness of
related party debt totaling $10,000. Subsequently, in private transactions, the 10,000,000 shares of Series A Preferred were transferred.
On August 16, 2022, Wilhelm Cashen, the Company’s former Chief Executive Officer, returned his 5,000,000 Series A preferred stock
to the Company’s treasury.
On January 24, 2023, the
Company issued 5,000,000 shares of its Series A Preferred Stock to Mr. Owens, valued at $82,500 for patents specified in Note 5.
As of July 31, 2023 and October 31, 2022, the Company
had 10,000,000 and 5,000,000 shares of Series A preferred stock issued and outstanding, respectively.
|
Note 7
– Preferred Stock PREFERRED STOCK
The Company is authorized to issue 15,000,000 shares of preferred stock,
par value 0.001 $001.
Series A Preferred Stock
The Company has designated 10,000,000 shares of Series
A preferred stock, par value $0.001. On October 14, 2019, the Company issued 10,000,000 shares of the Series A preferred stock to Custodian
Ventures LLC, the company controlled by David Lazar, the Company’s former Chief Executive Officer for forgiveness of related party
debt totaling $10,000. Subsequently, in private transactions the 10,000,000 shares of Series A Preferred were transferred. On August 16,
2022, Wilhelm Cashen, the Company’s former Chief Executive Officer, returned his 5,000,000 Series A preferred stock to the Company’s
treasury. As of October 31, 2022, 5,000,000 shares are titled to Donald Owens.
As of October 31, 2022 and October 31, 2021, the Company
had 5,000,000 and 10,000,000 shares of preferred stock issued and outstanding, respectively.
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- DefinitionThe entire disclosure for terms, amounts, nature of changes, rights and privileges, dividends, and other matters related to preferred stock.
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v3.23.4
CONVERTIBLE NOTES PAYABLE
|
9 Months Ended |
12 Months Ended |
Jul. 31, 2023 |
Oct. 31, 2022 |
Debt Disclosure [Abstract] |
|
|
CONVERTIBLE NOTES PAYABLE |
NOTE 8 – CONVERTIBLE NOTES PAYABLE
On December 15, 2021, the Company issued a convertible
note payable in the amount of $20,000. This note bears an interest rate of 1% per annum and is due on demand.
The note is convertible into shares of the Company's
common stock at a discount price of twenty percent (20%) per share of the current market value or trading value, using a Basic Conversion
Factor (BCF) specified in the note. The Noteholder has the option to convert the entire principal balance outstanding into common stock
within one year from the date of execution of this note.
On August 8, 2022, this note was repaid in full by
the Company with $20,000 in cash. As of July 31, 2023 and October 31, 2022, the Company had no convertible notes payable outstanding.
|
Note 5
– Convertible Notes Payable CONVERTIBLE NOTES PAYABLE
On December 15, 2021, the Company issued a convertible
note payable in the amount of $20,000. This note bears an interest rate of 1% per annum and is due on demand.
The note is convertible into shares of the Company's
common stock at a discount price of twenty percent (20%) per share of the current market value or trading value, using a Basic Conversion
Factor (BCF) specified in the note. The Noteholder has the option to convert the entire principal balance outstanding into common stock
within one year from the date of execution of this note.
On August 8, 2022, this note was repaid in full by
the Company with $20,000 in cash. As of October 31, 2022, the Company had no convertible notes payable outstanding.
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- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
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v3.23.4
RELATED PARTY TRANSACTION
|
9 Months Ended |
12 Months Ended |
Jul. 31, 2023 |
Oct. 31, 2022 |
Related Party Transactions [Abstract] |
|
|
RELATED PARTY TRANSACTION |
NOTE 9 – RELATED PARTY TRANSACTION
On October 14, 2019, the Company issued 10,000,000 shares of the Series
A preferred stock to Custodian Ventures LLC, the company controlled by David Lazar, the Company’s former Chief Executive Officer
for forgiveness of related party debt totaling $10,000.
During the year ended October 31, 2020 and October
31, 2019, Custodian Ventures, LLC paid a total of $10,104 of expenses on behalf of the Company for payment of registration, accounting
and legal fees. This loan was unsecured, non-interest bearing, and had no specific terms for repayment. During the year ended October
31, 2020, $10,104 was forgiven by Custodian Ventures LLC and the Company has recorded it as additional paid in capital.
During the year ended October 31, 2020 and six months ended April 30, 2021,
Douglas Anderson, the Company’s former Chief Executive Officer, contributed $38,976 and $4,676 in cash to pay for operating expenses,
respectively. This has been recorded as additional paid-in capital.
Notes Payable, Related Party
On November 19, 2021, the Company issued a note payable in the amount of
$20,000 to HNO Green Fuels, of which Donald Owens is Chief Executive Officer. This note bears an interest rate of 2% per annum and had
a maturity date of December 19, 2022. The Company agreed to issue 20,000,000 shares of its common stock for settlement of the $20,000
note payable dated November 19, 2021 to HNO Green Fuels. The note matured on December 19, 2022 and was settled in full on December 26,
2022 with the issuance of these shares. The shares are ‘restricted securities’ under Rule 144 and the issuance of the shares
was made in reliance upon the exemption provided in Section 4(a)(2) of the Securities Act of 1933, as amended.
On December 1, 2021, the Company issued a note payable
in the amount of $500,000 to HNO Green Fuels, of which Donald Owens is Chief Executive Officer. This note bears an interest rate of 2%
per annum and had a maturity date of January 1, 2023. During the quarter ended July 31, 2023, $15,000 of principal was repaid. At July
31, 2023, there is $485,000 of principal and $16,598 of accrued interest due on this note. This note is currently past due.
On May 31, 2022, the Company issued a note payable
in the amount of $590,000 to HNO Green Fuels, of which Donald Owens is Chief Executive Officer. This note bears an interest rate of 2%
per annum and has a maturity date of May 31, 2030.
On September 29, 2022, the Company issued a note payable
in the amount of $50,000 to HNO Green Fuels, of which Donald Owens is Chief Executive Officer. This note bears an interest rate of 2%
per annum and has a maturity date of September 29, 2023.
On October 20, 2022, the Company issued a note payable
in the amount of $50,000 to HNO Green Fuels, of which Donald Owens is Chief Executive Officer. This note bears an interest rate of 2%
per annum and has a maturity date of October 20, 2023.
On March 1, 2023, the Company issued a note payable
in the amount of $50,000 to HNO Green Fuels, of which Donald Owens is Chief Executive Officer. This note bears an interest rate of 2%
per annum and has a maturity date of March 1, 2024.
On March 8, 2023, the Company issued a note payable
in the amount of $50,000 to HNO Green Fuels, of which Donald Owens is Chief Executive Officer. This note bears an interest rate of 2%
per annum and has a maturity date of March 8, 2024.
On March 23, 2023, the Company issued a note payable
in the amount of $50,000 to HNO Green Fuels, of which Donald Owens is Chief Executive Officer. This note bears an interest rate of 2%
per annum and has a maturity date of March 23, 2024.
On April 3, 2023, the Company issued a note payable
in the amount of $50,000 to HNO Green Fuels, of which Donald Owens is Chief Executive Officer. This note bears an interest rate of 2%
per annum and has a maturity date of April 3, 2024.
On April 13, 2023, the Company issued a note payable
in the amount of $20,000 to HNO Green Fuels, of which Donald Owens is Chief Executive Officer. This note bears an interest rate of 2%
per annum and has a maturity date of April 13, 2024.
On April 17, 2023, the Company issued a note payable
in the amount of $30,000 to HNO Green Fuels, of which Donald Owens is Chief Executive Officer. This note bears an interest rate of 2%
per annum and has a maturity date of April 17, 2024.
As of July 31, 2023 and October 31, 2022, these current
and long-term notes payable had an outstanding balance of $1,425,000 and $1,210,000, respectively.
As of July 31, 2023 and October 31, 2022, the Company
has recorded $34,335 and $14,725, respectively in accrued interest in connection with these notes in the accompanying condensed financial
statements.
Advances from Related Party
During the quarter ended July 31, 2023, HNO Green Fuels advanced the Company
$190,000. These advances were non-interest bearing and due on demand. On July 31, 2023, the full amount of $190,000 had been repaid.
Due from Related Party
The Company loaned money to HNO Hydrogen Generators,
a related party whose CEO is also the Chairman of the Company's Board of Directors. As of July 31, 2023 and October 31, 2022, the Company
had a receivable of $56,392 and $56,392, respectively, from HNO Hydrogen Generators. This receivable is unsecured, non-interest bearing,
and due on demand. The Company expects to collect the receivable amount.
|
Note
4 – Related party transactions RELATED PARTY TRANSACTION
On October 14, 2019, the Company issued 10,000,000 shares of the Series
A preferred stock to Custodian Ventures LLC, the company controlled by David Lazar, the Company’s former Chief Executive Officer
for forgiveness of related party debt totaling $10,000.
During the year ended October 31, 2020 and October
31, 2019, Custodian Ventures, LLC paid a total of $10,104 of expenses on behalf of the Company for payment of registration, accounting
and legal fees. This loan was unsecured, non-interest bearing, and had no specific terms for repayment. During the year ended October
31, 2020, $10,104 was forgiven by Custodian Ventures LLC and the Company has recorded it as additional paid in capital.
During the year ended October 31, 2020 and six months ended April 30, 2021,
Douglas Anderson, the Company’s former Chief Executive Officer, contributed $38,976 and $4,676 in cash to pay for operating expenses,
respectively. This has been recorded as additional paid-in capital.
Notes Payable, Related Party
On November 19, 2021, the Company issued a note payable
in the amount of $20,000 to HNO Green Fuels, of which Donald Owens is Chief Executive Officer. This note bears an interest rate of 2%
per annum and had a maturity date of December 19, 2022.
On December 1, 2021, the Company issued a note payable
in the amount of $500,000 to HNO Green Fuels, of which Donald Owens is Chief Executive Officer. This note bears an interest rate of 2%
per annum and had a maturity date of January 1, 2023.
On May 31, 2022, the Company issued a note payable
in the amount of $590,000 to HNO Green Fuels, of which Donald Owens is Chief Executive Officer. This note bears an interest rate of 2%
per annum and has a maturity date of May 31, 2030.
On September 29, 2022, the Company issued a note payable
in the amount of $50,000 to HNO Green Fuels, of which Donald Owens is Chief Executive Officer. This note bears an interest rate of 2%
per annum and has a maturity date of September 29, 2023.
On October 20, 2022, the Company issued a note payable
in the amount of $50,000 to HNO Green Fuels, of which Donald Owens is Chief Executive Officer. This note bears an interest rate of 2%
per annum and has a maturity date of October 20, 2023.
During the years ended October 31, 2022, and October
31, 2021, the Company accounted $15,758 and $0, respectively in accrued interest in connection with these notes in the accompanying financial
statements.
As of October 31, 2022, and October 31, 2021, these
current and long-term notes payable had an outstanding balance of $1,210,000 and $0, respectively.
Due from Related Party
The Company loaned money to HNO Hydrogen Generators, a related party whose
CEO is also the Chairman of the Company's Board of Directors. As of October 31, 2022 and 2021, the Company had a receivable of $56,392
and $0, respectively, from HNO Hydrogen Generators. This receivable is unsecured, non-interest bearing, and due on demand. The Company
expects to collect the receivable amount.
|
X |
- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.23.4
SIMPLE AGREEMENT FOR FUTURE EQUITY
|
9 Months Ended |
Jul. 31, 2023 |
Simple Agreement For Future Equity |
|
SIMPLE AGREEMENT FOR FUTURE EQUITY |
NOTE 10 – SIMPLE AGREEMENT FOR FUTURE EQUITY
On July 10, 2023, the Company entered into a Simple Agreement for Future
Equity (the “SAFE”) with Varea, Inc. ("Varea"), a Delaware corporation. Pursuant to the SAFE, the Company is investing
$500,000.00 (the "Purchase Amount") in Varea in exchange for the right to certain shares of Varea's Capital Stock. The agreement
specifies that the Purchase Amount will be used for the Company's business operations over the next 12 months, subject to an agreed-upon
budget.
Prior to entering into this SAFE, the Company had an existing financial
arrangement with Varea LLC, whereby Varea LLC invoiced the Company for services rendered, which were recorded as expenses by HNOI. However,
recognizing the potential for a more mutually beneficial arrangement, Varea Inc. proposed a revised approach. Under the newly proposed
approach, Varea Inc. would submit a detailed budget outlining their anticipated monthly expenses, and HNO International, Inc. would view
these expenses as an investment opportunity rather than mere costs. In exchange for funding Varea Inc.'s expenses, HNO International,
Inc. would receive a post-money SAFE, which represents a future right to certain shares of Varea's Capital Stock. The transition from
the previous invoicing system to the investment-based financial arrangement was agreed by both parties. The terms and conditions of the
agreement, including the conversion of expenses into a potential future return on investment, were thoroughly assessed and discussed.
The balance of the SAFE on July 31, 2023, was $29,250.
|
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v3.23.4
SUBSEQUENT EVENTS
|
9 Months Ended |
12 Months Ended |
Jul. 31, 2023 |
Oct. 31, 2022 |
Subsequent Events [Abstract] |
|
|
SUBSEQUENT EVENTS |
NOTE 11 – SUBSEQUENT EVENTS
Subsequent to the quarter ended July 31, 2023, the Company sold 10,500
shares of common stock for cash totaling $10,500. The shares were sold pursuant to Regulation A.
On August
28, 2023, the Company entered into a Purchase and Sale Agreement (the “PSA”) with TCF Elrod, LLC (the “Seller”).
Pursuant to the PSA, the Company agreed to purchase property located in Harris County, Texas, including real property, improvements,
development rights, and a lease. The purchase price for the property is $10,800,000. The Company paid a non-refundable earnest money
deposit of $100,000, which will be applied towards the purchase price if the sale proceeds as planned. If specific conditions in the
PSA are not met, the Company has the option to terminate the PSA within 30 days from the signature date, and the earnest money deposit
will be returned by the Seller to the Company.
|
Note
9 – Subsequent Events SUBSEQUENT EVENTS
Subsequent to October 31, 2022, the
Company entered into Stock Subscription Agreements with Donald Owens, the Company’s Chairman of the Board of Directors, (“purchaser”)
whereby the Company privately sold a total of 275,000,000 shares of its common stock, $0.001 par value per share, (“common stock”)
for a cash purchase price of $275,000. The purchaser is an “accredited investors (under Rule 506 (b) of Regulation D under the Securities
Act of 1933, as amended). The $275,000 in proceeds from the sale of common stock will be used for operating capital. The shares are ‘restricted
securities’ under Rule 144 of the Securities Act.
Subsequent to October 31, 2022, the
Company entered into a Stock Subscription Agreement with William Parker, a member of the Company’s Board of Directors, (“purchaser”)
whereby the Company privately sold a total of 5,000,000 shares of its common stock, $0.001 par value per share, (“common stock”)
for a cash purchase price of $5,000. The purchaser is an “accredited investors (under Rule 506 (b) of Regulation D under the Securities
Act of 1933, as amended). The $5,000 in proceeds from the sale of common stock will be used for operating capital. The shares are ‘restricted
securities’ under Rule 144 of the Securities Act.
Subsequent to October 31, 2022, the
Company entered into a Stock Subscription Agreement with Hossein Haririnia, the Company’s Treasurer and member of the Board of Directors,
(“purchaser”) whereby the Company privately sold a total of 2,000,000 shares of its common stock, $0.001 par value per share,
(“common stock”) for a cash purchase price of $2,000. The purchaser is an “accredited investors (under Rule 506 (b)
of Regulation D under the Securities Act of 1933, as amended). The $2,000 in proceeds from the sale of common stock will be used for operating
capital. The shares are ‘restricted securities’ under Rule 144 of the Securities Act.
The Company agreed to issue 20,000,000 shares of its common stock for settlement
of the $20,000 note payable dated November 19, 2021 to HNO Green Fuels. The note matured on December 19, 2022 and was settled in full
on December 26, 2022 with the issuance of these shares. The shares are ‘restricted securities’ under Rule 144 and the issuance
of the shares was made in reliance upon the exemption provided in Section 4(a)(2) of the Securities Act of 1933, as amended.
On January 2, 2023,
the Company’s Board of Directors approved the issuance of 2,025,000 shares of our common stock
in exchange for services rendered to the Company. The shares are ‘restricted securities’
under Rule 144 and the issuance of the shares was made in reliance upon the exemption provided in Section 4(a)(2) of the Securities Act
of 1933, as amended.
On January 4, 2023, the Board of Directors
and a majority of the Company’s stockholders approved the proposal to increase the number of shares of capital stock that the Company
is authorized to issue to 1,000,000,000. On January 6, 2023, the Company filed a Certificate of Amendment to the Articles of Incorporation
with the Secretary of State of Nevada to increase the total authorized capital from 510,000,000 shares to 1,000,000,000 shares consisting
of 985,000,000 shares of common stock, par value $0.001, and 15,000,000 shares of preferred stock, par value $0.001.
On January 24, 2023, the
Company took a step in creating an intellectual property portfolio by entering into a Patent Purchase Agreement with Donald Owens, the
Company's Chairman of the Board of Directors.
Under the terms of
the Patent Agreement, Mr. Owens agreed to sell to the Company the patents listed in the table below, in exchange for the issuance of
5,000,000 shares of the Company's Series A Preferred Stock. These patents are related to hydrogen supplemental systems for on-demand
hydrogen generation for internal combustion engines and a method and apparatus for increasing combustion efficiency and reducing
particulate matter emissions in jet engines.
Please find the details of the patents
acquired in the table below:
COUNTRY |
APPLN NO |
Patent Number |
TITLE |
STATUS |
US |
13/844,267 |
8,757,107 |
HYDROGEN SUPPLEMENTAL SYSTEM FOR ON-DEMAND HYDROGEN GENERATION FOR INTERNAL COMBUSTION ENGINES |
Issued |
US |
13/922,351 |
9,453,457 |
HYDROGEN SUPPLEMENTAL SYSTEM FOR ON-DEMAND HYDROGEN GENERATION FOR INTERNAL COMBUSTION ENGINES |
Issued |
US |
14/016,388 |
9,476,357 |
METHOD AND APPARATUS FOR INCREASING COMBUSTION EFFICIENCY AND REDUCING PARTICULATE MATTER EMISSIONS IN JET ENGINES |
Issued |
US |
14/326,801 |
9,267,468 |
HYDROGEN SUPPLEMENTAL SYSTEM FOR ON-DEMAND HYDROGEN GENERATION FOR INTERNAL COMBUSTION ENGINES |
Issued |
US |
17/047,041 |
10,920,717 |
HYDROGEN PRODUCING SYSTEM AND DEVICE FOR IMPROVING FUEL EFFICIENCY AND REDUCING EMISSIONS OF INTERNAL COMBUSTION AND/OR DIESEL ENGINES |
Issued |
AUSTRALIA |
2019405749 |
2019405749 |
HYDROGEN PRODUCING SYSTEM AND DEVICE FOR IMPROVING FUEL EFFICIENCY AND REDUCING EMISSIONS OF INTERNAL COMBUSTION AND/OR DIESEL ENGINES |
Issued |
CHINA |
201980092511.1 |
|
HYDROGEN PRODUCING SYSTEM AND DEVICE FOR IMPROVING FUEL EFFICIENCY |
Pending |
EUROPE |
19900413.6. |
|
HYDROGEN PRODUCING SYSTEM AND DEVICE FOR IMPROVING FUEL EFFICIENCY |
Pending |
JAPAN |
2021-535288 |
|
HYDROGEN PRODUCING SYSTEM AND DEVICE FOR IMPROVING FUEL EFFICIENCY |
Pending |
|
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v3.23.4
INCOME TAXES
|
12 Months Ended |
Oct. 31, 2022 |
Income Tax Disclosure [Abstract] |
|
INCOME TAXES |
Note
8 – Income Taxes INCOME TAXES
For the year
ended October 31, 2022, the Company has incurred net losses and therefore, it has no tax liability.
The net deferred tax asset generated by the loss carry-forward has been fully reserved. The cumulative net operating loss carry-forward
is approximately $40,168,610 at October 31, 2022 and will expire beginning in the year 2037.
The provision for income
taxes differs from the amounts which would be provided by applying the statutory federal income tax rate of 21% to the net loss before
provision for income taxes as follows:
Schedule of provision for income taxes | |
| | | |
| | |
| |
For the year ended October 31, 2022 | |
For the year ended October 31, 2021 |
| |
| |
|
Income tax expense (benefit) at statutory rate | |
| (224,975 | ) | |
| (27,916 | ) |
Change in valuation allowance | |
| 224,975 | | |
| 27,916 | |
Income tax expense | |
| — | | |
| — | |
Net deferred tax assets consist
of the following components as of October 31, 2022 and 2021:
Schedule of deferred tax assets |
|
|
|
|
|
|
|
|
|
|
October 31, 2022 |
|
October 31, 2021 |
Gross deferred tax asset |
|
|
8,435,408 |
|
|
|
8,177,883 |
|
Valuation allowance |
|
|
(8,435,408 |
) |
|
|
(8,177,883 |
) |
Net deferred tax asset |
|
|
— |
|
|
|
— |
|
Due to the change in ownership,
provisions of the Tax Reform Act of 1986, net operating loss carry forwards of approximately $40,168,610
for federal income tax reporting purposes could be subject to annual limitations. Should a change in ownership occur, net operating
loss carry forwards may be limited as to use in future years.
The Company has no uncertain
tax positions that require the Company to record a liability.
The Company had no accrued
penalties and interest related to taxes as of October 31, 2022.
|
X |
- DefinitionThe entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
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v3.23.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
9 Months Ended |
12 Months Ended |
Jul. 31, 2023 |
Oct. 31, 2022 |
Accounting Policies [Abstract] |
|
|
Use of Estimates |
Use of Estimates
The preparation of the condensed financial statements
in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed financial statements
and the reported amount of revenues and expenses during the reporting period. The management makes its best estimate of the outcome for
these items based on information available when the condensed financial statements are prepared.
|
Use of Estimates
The preparation of the financial statements in conformity
with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of
assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount
of revenues and expenses during the reporting period. The management makes its best estimate of the outcome for these items based on information
available when the financial statements are prepared.
|
Cash and Cash Equivalents |
Cash and Cash Equivalents
The Company considers all highly liquid investments
with original maturities of three months or less to be cash equivalents.
|
|
Employee Stock-Based Compensation |
Employee Stock-Based Compensation
The Company accounts for stock-based compensation
in accordance with ASC 718 Compensation - Stock Compensation (“ASC 718”). ASC 718 addresses all forms of share-based payment
(“SBP”) awards including shares issued under employee stock purchase plans and stock incentive shares. Under ASC 718 awards
result in a cost that is measured at fair value on the awards’ grant date, based on the estimated number of awards that are expected
to vest and will result in a charge to operations.
|
Employee Stock-Based Compensation
The Company accounts for stock-based compensation
in accordance with ASC 718 Compensation - Stock Compensation (“ASC 718”). ASC 718 addresses all forms of share-based payment
(“SBP”) awards including shares issued under employee stock purchase plans and stock incentive shares. Under ASC 718 awards
result in a cost that is measured at fair value on the awards’ grant date, based on the estimated number of awards that are expected
to vest and will result in a charge to operations.
|
Income Taxes |
Income Taxes
Income taxes are computed using the asset and liability
method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between
the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation
allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized.
|
|
Revenue Recognition |
Revenue Recognition
The Company recognizes revenue in accordance with
Accounting Standards Codification (“ASC”) 606, “Revenue from Contracts with Customers”. The core principle
of ASC 606 is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects
the consideration to which the entity expects to be entitled in exchange for those goods or services. An entity recognizes revenue in
accordance with that core principle by applying the following steps: Step 1: Identify the contract(s) with a customer. Step 2: Identify
the performance obligations in the contract. Step 3: Determine the transaction price. Step 4: Allocate the transaction price to the performance
obligations in the contract. Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation. An entity must also
disclose sufficient information to enable users of financial statements to understand the nature, amount, timing and uncertainty of revenue
and cash flows arising from contracts with customers, including qualitative and quantitative information about contracts with customers,
significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract.
|
|
Basic Income (Loss) Per Share |
Basic Income (Loss) Per Share
The Company computes income (loss) per share in accordance
with ASC 260 “Earnings per share”. Basic income (loss) per share is computed by dividing net income (loss) available
to common shareholders by the weighted average number of outstanding common shares during the period. Diluted income (loss) per share
gives effect to all dilutive potential common shares outstanding during the period. Dilutive income (loss) per share excludes all potential
common shares if their effect is anti-dilutive. As of June 30, 2023, there were no potentially dilutive debt or equity instruments issued
or outstanding.
|
|
Property and equipment |
Property and equipment
Property and equipment are carried at cost and, less
accumulated depreciation. The cost of repairs and maintenance is expensed as incurred; major replacements and improvements are capitalized.
When assets are retired or disposed of, the cost and accumulated depreciation are removed from the accounts, and any resulting gains or
losses are included in income in the year of disposal. The Company examines the possibility of decreases in the value of property and
equipment when events or changes in circumstances reflect the fact that their recorded value may not be recoverable.
The Company’s property and equipment mainly
consists of computer and laser equipment. Depreciation is computed using the straight-line method over the estimated useful lives of the
assets.
Schedule of estimated useful lives of assets | |
|
| |
Useful life |
Small Equipment | |
3 Years |
Large Equipment | |
7 Years |
Vehicles | |
4 Years |
|
Property and equipment
Property and equipment are carried at cost and, less
accumulated depreciation. The cost of repairs and maintenance is expensed as incurred; major replacements and improvements are capitalized.
When assets are retired or disposed of, the cost and accumulated depreciation are removed from the accounts, and any resulting gains or
losses are included in income in the year of disposal. The Company examines the possibility of decreases in the value of property and
equipment when events or changes in circumstances reflect the fact that their recorded value may not be recoverable.
The Company’s property and equipment mainly
consists of computer and laser equipment. Depreciation is computed using the straight-line method over the estimated useful lives of the
assets, which range from 4-12 years.
|
Intangible assets |
Intangible assets
Intangible assets consist of patents acquired in an
asset purchase agreement (see Note 5). The estimated useful life of these assets was determined to be 20 years. The Company periodically
evaluates the reasonableness of the useful lives of these assets. Once these assets are fully amortized, they are removed from the accounts.
These assets are reviewed for impairment or obsolescence when events or changes in circumstances indicate that the carrying amount may
not be recoverable. If impaired, intangible assets are written down to fair value based on discounted cash flows or other valuation techniques.
The Company has no intangibles with indefinite lives.
|
|
Impairment of Long-Lived Assets |
Impairment of Long-Lived Assets
The Company reviews its long-lived assets for impairment
whenever events or changes in circumstances indicate that the carrying amount of the assets may not be fully recoverable. To determine
recoverability of a long-lived asset, management evaluates whether the estimated future undiscounted net cash flows from the asset are
less than its carrying amount. If impairment is indicated, the long-lived asset would be written down to fair value. Fair value is determined
by an evaluation of available price information at which assets could be bought or sold, including quoted market prices, if available,
or the present value of the estimated future cash flows based on reasonable and supportable assumptions.
|
|
Adoption of Recent Accounting Pronouncements |
Adoption of Recent Accounting Pronouncements
The Company has implemented all new accounting pronouncements
that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements
that have been issued that might have a material impact on its financial position or results of operations.
|
Adoption of Recent Accounting Pronouncements
The Company has implemented all new accounting pronouncements
that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements
that have been issued that might have a material impact on its financial position or results of operations.
|
Basis of presentation |
|
Basis of presentation
The financial statements present the balance sheets and statements of operations, stockholders' equity and cash flows of the Company.
These financial statements are presented in United States dollars and have been prepared in accordance with accounting principles generally
accepted in the United States.
|
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PROPERTY AND EQUIPMENT (Tables)
|
9 Months Ended |
Jul. 31, 2023 |
Property, Plant and Equipment [Abstract] |
|
Schedule of property and equipment |
Schedule of property and equipment | |
| |
|
| |
July 31, 2023 | |
October 31, 2022 |
Vehicles | |
$ | 40,000 | | |
$ | — | |
Small Equipment | |
$ | 8,879 | | |
$ | — | |
Large Equipment | |
| 347,751 | | |
| — | |
Property and Equipment, Gross | |
$ | 396,630 | | |
$ | — | |
Less: accumulated depreciation | |
| (18,314 | ) | |
| — | |
Property and Equipment, Net | |
$ | 378,316 | | |
$ | — | |
|
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v3.23.4
INCOME TAXES (Tables)
|
12 Months Ended |
Oct. 31, 2022 |
Income Tax Disclosure [Abstract] |
|
Schedule of provision for income taxes |
Schedule of provision for income taxes | |
| | | |
| | |
| |
For the year ended October 31, 2022 | |
For the year ended October 31, 2021 |
| |
| |
|
Income tax expense (benefit) at statutory rate | |
| (224,975 | ) | |
| (27,916 | ) |
Change in valuation allowance | |
| 224,975 | | |
| 27,916 | |
Income tax expense | |
| — | | |
| — | |
|
Schedule of deferred tax assets |
Schedule of deferred tax assets |
|
|
|
|
|
|
|
|
|
|
October 31, 2022 |
|
October 31, 2021 |
Gross deferred tax asset |
|
|
8,435,408 |
|
|
|
8,177,883 |
|
Valuation allowance |
|
|
(8,435,408 |
) |
|
|
(8,177,883 |
) |
Net deferred tax asset |
|
|
— |
|
|
|
— |
|
|
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PROPERTY AND EQUIPMENT (Details) - USD ($)
|
Jul. 31, 2023 |
Oct. 31, 2022 |
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|
|
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$ 396,630
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v3.23.4
INTANGIBLE ASSETS (Details Narrative) - USD ($)
|
|
|
3 Months Ended |
9 Months Ended |
Jan. 24, 2023 |
Oct. 14, 2019 |
Jul. 31, 2023 |
Jul. 31, 2023 |
Jul. 31, 2022 |
Number of shares issued, value |
|
|
$ 8,000
|
$ 182,000
|
|
Amortization expense |
|
|
|
$ 2,136
|
$ 0
|
Series A Preferred Stock [Member] |
|
|
|
|
|
Number of shares issued (in shares) |
|
10,000,000
|
|
|
|
Series A Preferred Stock [Member] | Mr Owens [Member] | Patent Purchase Agreement [Member] |
|
|
|
|
|
Number of shares issued (in shares) |
5,000,000
|
|
|
|
|
Number of shares issued, value |
$ 82,500
|
|
|
|
|
X |
- DefinitionThe aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets. As a noncash expense, this element is added back to net income when calculating cash provided by or used in operations using the indirect method.
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v3.23.4
COMMON STOCK (Details Narrative) - USD ($)
|
|
|
|
|
|
|
|
|
|
3 Months Ended |
9 Months Ended |
12 Months Ended |
|
|
|
|
|
Jun. 09, 2023 |
Jan. 31, 2023 |
Jan. 17, 2023 |
Jan. 11, 2023 |
Aug. 22, 2022 |
Mar. 31, 2022 |
Nov. 19, 2021 |
Dec. 09, 2020 |
Sep. 20, 2020 |
Jul. 31, 2023 |
Jan. 31, 2023 |
Jul. 31, 2023 |
Jul. 31, 2022 |
Oct. 31, 2022 |
Oct. 31, 2021 |
Jan. 06, 2023 |
Jan. 05, 2023 |
Jan. 04, 2023 |
Jan. 02, 2023 |
Nov. 13, 2021 |
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock, shares authorized |
|
|
|
|
|
|
|
|
|
985,000,000
|
|
985,000,000
|
|
985,000,000
|
985,000,000
|
|
|
|
|
|
Common stock, par value |
|
|
|
|
|
|
|
|
|
$ 0.001
|
|
$ 0.001
|
|
$ 0.001
|
$ 0.001
|
|
|
|
|
|
Capital shares authorized |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,000,000,000
|
510,000,000
|
|
|
|
Preferred stock, shares authorized |
|
|
|
|
|
|
|
|
|
15,000,000
|
|
15,000,000
|
|
15,000,000
|
15,000,000
|
|
|
|
|
|
Preferred stock, par value |
|
|
|
|
|
|
|
|
|
$ 0.001
|
|
$ 0.001
|
|
$ 0.001
|
$ 0.001
|
|
|
|
|
|
Number of shares issued for services, value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Regulation A stock issuances |
|
|
|
|
|
|
|
|
|
$ 1,974,032
|
|
$ 1,974,032
|
|
|
|
|
|
|
|
|
Common stock, shares issued |
|
|
|
|
|
|
|
|
|
419,258,331
|
|
419,258,331
|
|
105,265,299
|
95,265,299
|
|
|
|
|
|
Common stock, shares outstanding |
|
|
|
|
|
|
|
|
|
419,258,331
|
|
419,258,331
|
|
105,265,299
|
95,265,299
|
|
|
|
|
|
Number of shares issued for other, value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
H N O Green Fuels [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares transferred |
|
|
|
|
|
|
|
95,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
|
|
|
20,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note payable |
|
|
|
|
|
|
$ 20,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maturity date |
|
|
|
|
|
|
Dec. 19, 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Eden Capital L L C [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued for services, shares |
|
|
|
|
|
|
|
5,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued for services, value |
|
|
|
|
|
|
|
$ 5,000
|
|
|
|
|
|
|
|
|
|
|
|
|
D W C L L C [Member] | Consulting Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of restricted shares issued |
|
|
|
|
|
|
|
|
4,000,000
|
|
|
|
|
|
|
|
|
|
|
|
H N O Hydrogen Generators Inc [Member] | Share Exchange Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,000
|
Share price |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 0.001
|
Douglas Anderson [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued for services, shares |
|
|
|
|
|
|
|
95,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued for services, value |
|
|
|
|
|
|
|
$ 95,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Mr Owens [Member] | H N O Hydrogen Generators Inc [Member] | Share Exchange Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20,000
|
Share price |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 0.001
|
Mr Owens [Member] | H N O Hydrogen Generators Inc [Member] | Termination Of Share Exchange Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares cancelled |
|
|
|
|
20,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares returned |
|
|
|
|
10,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hossein Haririnia [Member] | Stock Subscription Agreements [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares sold, shares |
8,000,000
|
|
|
2,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
share price |
$ 0.001
|
|
|
$ 0.001
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash purchase price |
$ 8,000
|
|
|
$ 2,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of stock |
$ 8,000
|
|
|
$ 2,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock, shares authorized |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
985,000,000
|
|
|
|
|
Common stock, par value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 0.001
|
|
|
|
|
Number of shares issued for services, shares |
|
|
|
|
|
|
|
|
|
|
|
|
10,000,000
|
10,000,000
|
|
|
|
|
|
|
Number of shares issued for services, value |
|
|
|
|
|
|
|
|
|
|
|
|
$ 10,000
|
$ 10,000
|
|
|
|
|
|
|
Number of shares sold, shares |
|
|
|
|
|
|
|
|
|
|
|
10,500
|
|
|
|
|
|
|
|
|
Cash purchase price |
|
|
|
|
|
|
|
|
|
|
|
$ 10,500
|
|
|
|
|
|
|
|
|
Regulation A stock issuances, shares |
|
|
|
|
|
|
|
|
|
1,968,032
|
|
1,968,032
|
|
|
|
|
|
|
|
|
Share price |
|
|
|
|
|
|
|
|
|
$ 1.00
|
|
$ 1.00
|
|
|
|
|
|
|
|
|
Regulation A stock issuances |
|
|
|
|
|
|
|
|
|
$ 1,968
|
|
$ 1,968
|
|
|
|
|
|
|
|
|
Number of shares issued (in shares) |
|
|
|
|
|
|
|
|
|
8,000,000
|
|
182,000,000
|
|
|
|
|
|
|
|
|
Number of shares issued for other, shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,000,000
|
|
|
|
|
|
Number of shares issued for other, value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 4,000
|
|
|
|
|
|
Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, shares authorized |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,000,000
|
|
|
|
|
Preferred stock, par value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 0.001
|
|
|
|
|
Stock Receivable [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued for other, shares |
|
|
|
|
|
|
|
|
|
|
|
13,750
|
|
|
|
|
|
|
|
|
Number of shares issued for other, value |
|
|
|
|
|
|
|
|
|
|
|
$ 13,750
|
|
|
|
|
|
|
|
|
Stock Receivable [Member] | Vivaris Capital L L C [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued (in shares) |
|
|
|
|
|
10,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares sold, value |
|
|
|
|
|
$ 10,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock Payable [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares sold, shares |
|
|
|
|
|
|
|
|
|
19,750
|
|
|
|
|
|
|
|
|
|
|
Number of shares sold, value |
|
|
|
|
|
|
|
|
|
$ 19,750
|
|
|
|
|
|
|
|
|
|
|
Director [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital shares authorized |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,000,000,000
|
510,000,000
|
1,000,000,000
|
|
|
Number of shares issued |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,025,000
|
|
Share price |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 0.001
|
|
Director [Member] | Stock Subscription Agreements [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares sold, shares |
|
|
5,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
share price |
|
|
$ 0.001
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash purchase price |
|
|
$ 5,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of stock |
|
|
$ 5,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Director [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock, shares authorized |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
985,000,000
|
|
|
|
|
Common stock, par value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 0.001
|
|
|
|
|
Director [Member] | Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, shares authorized |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,000,000
|
|
|
|
|
Preferred stock, par value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 0.001
|
|
|
|
|
Board of Directors Chairman [Member] | Stock Subscription Agreements [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares sold, shares |
|
100,000,000
|
|
|
|
|
|
|
|
|
175,000,000
|
|
|
|
|
|
|
|
|
|
share price |
|
$ 0.001
|
|
|
|
|
|
|
|
|
$ 0.001
|
|
|
|
|
|
|
|
|
|
Cash purchase price |
|
$ 100,000
|
|
|
|
|
|
|
|
|
$ 175,000
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of stock |
|
$ 100,000
|
|
|
|
|
|
|
|
|
$ 175,000
|
|
|
|
|
|
|
|
|
|
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v3.23.4
PREFERRED STOCK (Details Narrative) - USD ($)
|
|
|
|
9 Months Ended |
12 Months Ended |
|
|
Jan. 24, 2023 |
Aug. 16, 2022 |
Oct. 14, 2019 |
Jul. 31, 2022 |
Oct. 31, 2022 |
Jul. 31, 2023 |
Oct. 31, 2021 |
Class of Stock [Line Items] |
|
|
|
|
|
|
|
Preferred stock, shares authorized |
|
|
|
|
15,000,000
|
15,000,000
|
15,000,000
|
Preferred stock, par value |
|
|
|
|
$ 0.001
|
$ 0.001
|
$ 0.001
|
Number of shares issued under acquisitions, value |
|
|
|
$ 10
|
$ 10
|
|
|
Donald Owens [Member] |
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
Shares issued |
|
|
|
|
5,000,000
|
|
|
Series A Preferred Stock [Member] |
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
Preferred stock, shares authorized |
|
|
|
|
10,000,000
|
10,000,000
|
|
Preferred stock, par value |
|
|
|
|
$ 0.001
|
$ 0.001
|
|
Preferred stock, shares issued |
|
|
|
|
5,000,000
|
10,000,000
|
10,000,000
|
Number of shares issued |
|
|
10,000,000
|
|
|
|
|
Preferred stock, shares outstanding |
|
|
|
|
5,000,000
|
10,000,000
|
10,000,000
|
Series A Preferred Stock [Member] | Mr Owens [Member] | Patent Purchase Agreement [Member] |
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
Number of shares issued under acquisitions, shares |
5,000,000
|
|
|
|
|
|
|
Number of shares issued under acquisitions, value |
$ 82,500
|
|
|
|
|
|
|
Series A Preferred Stock [Member] | Chief Executive Officer [Member] |
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
Shares return |
|
5,000,000
|
|
|
|
|
|
Series A Preferred Stock [Member] | Custodian Ventures L L C [Member] |
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
Preferred stock, shares issued |
|
|
10,000,000
|
|
|
|
|
Forgiveness of related party debt |
|
|
$ 10,000
|
|
|
|
|
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v3.23.4
RELATED PARTY TRANSACTION (Details Narrative) - USD ($)
|
|
|
|
|
|
|
|
|
|
|
|
|
3 Months Ended |
6 Months Ended |
9 Months Ended |
12 Months Ended |
Apr. 17, 2023 |
Apr. 13, 2023 |
Apr. 03, 2023 |
Mar. 23, 2023 |
Mar. 08, 2023 |
Mar. 01, 2023 |
Oct. 20, 2022 |
Sep. 29, 2022 |
May 31, 2022 |
Dec. 01, 2021 |
Nov. 19, 2021 |
Oct. 14, 2019 |
Jul. 31, 2023 |
Apr. 30, 2021 |
Jul. 31, 2023 |
Jul. 31, 2022 |
Oct. 31, 2022 |
Oct. 31, 2021 |
Oct. 31, 2020 |
Oct. 31, 2019 |
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related party debt amount |
|
|
|
|
|
|
|
|
|
|
|
$ 10,000
|
|
|
|
|
|
|
|
|
Payments to related parties |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 15,000
|
$ 37,183
|
$ 37,183
|
$ (0)
|
|
|
Cash contributed for payments of operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 4,676
|
|
|
|
|
$ 38,976
|
|
Payments to notes payables |
|
|
|
|
|
|
|
|
|
|
|
|
$ 0
|
|
0
|
|
0
|
37,183
|
|
|
Principal repayment amount |
|
|
|
|
|
|
|
|
|
|
|
|
15,000
|
|
|
|
|
|
|
|
Payments due to related parties |
|
|
|
|
|
|
|
|
|
|
|
|
485,000
|
|
485,000
|
|
|
|
|
|
Accrued interest due |
|
|
|
|
|
|
|
|
|
|
|
|
16,598
|
|
16,598
|
|
|
|
|
|
Long term notes payable outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
1,425,000
|
|
1,425,000
|
|
1,210,000
|
0
|
|
|
Accrued interest payable |
|
|
|
|
|
|
|
|
|
|
|
|
34,335
|
|
34,335
|
|
14,725
|
0
|
|
|
Advances from related party |
|
|
|
|
|
|
|
|
|
|
|
|
190,000
|
|
|
|
|
|
|
|
Repayments to related party |
|
|
|
|
|
|
|
|
|
|
|
|
190,000
|
|
190,000
|
|
|
|
|
|
Due from related party |
|
|
|
|
|
|
|
|
|
|
|
|
$ 56,392
|
|
$ 56,392
|
|
56,392
|
0
|
|
|
Accrued interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 15,758
|
$ 0
|
|
|
H N O Green Fuels [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of notes payable amount |
$ 30,000
|
$ 20,000
|
$ 50,000
|
$ 50,000
|
$ 50,000
|
$ 50,000
|
$ 50,000
|
$ 50,000
|
$ 590,000
|
$ 500,000
|
$ 20,000
|
|
|
|
|
|
|
|
|
|
Interest bearing rate |
2.00%
|
2.00%
|
2.00%
|
2.00%
|
2.00%
|
2.00%
|
2.00%
|
2.00%
|
2.00%
|
2.00%
|
2.00%
|
|
|
|
|
|
|
|
|
|
Related party maturity date |
Apr. 17, 2024
|
Apr. 13, 2024
|
Apr. 03, 2024
|
Mar. 23, 2024
|
Mar. 08, 2024
|
Mar. 01, 2024
|
Oct. 20, 2023
|
Sep. 29, 2023
|
May 31, 2030
|
Jan. 01, 2023
|
Dec. 19, 2022
|
|
|
|
|
|
|
|
|
|
Common stock shares issued |
|
|
|
|
|
|
|
|
|
|
20,000,000
|
|
|
|
|
|
|
|
|
|
Payments to notes payables |
|
|
|
|
|
|
|
|
|
|
$ 20,000
|
|
|
|
|
|
|
|
|
|
Custodian Ventures L L C [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments to related parties |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,104
|
$ 10,104
|
Additional paid in capital |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 10,104
|
|
Series A Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock shares issued |
|
|
|
|
|
|
|
|
|
|
|
|
10,000,000
|
|
10,000,000
|
|
5,000,000
|
10,000,000
|
|
|
Series A Preferred Stock [Member] | Custodian Ventures L L C [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock shares issued |
|
|
|
|
|
|
|
|
|
|
|
10,000,000
|
|
|
|
|
|
|
|
|
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v3.23.4
SUBSEQUENT EVENTS (Details Narrative) - USD ($)
|
|
9 Months Ended |
12 Months Ended |
|
|
|
|
|
|
|
Nov. 19, 2021 |
Jul. 31, 2023 |
Oct. 31, 2022 |
Aug. 28, 2023 |
Jan. 06, 2023 |
Jan. 05, 2023 |
Jan. 04, 2023 |
Jan. 02, 2023 |
Oct. 31, 2021 |
Oct. 31, 2020 |
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
Number of shares of capital stock |
|
|
|
|
1,000,000,000
|
510,000,000
|
|
|
|
|
Common stock, shares authorized |
|
985,000,000
|
985,000,000
|
|
|
|
|
|
985,000,000
|
|
Common stock, par value |
|
$ 0.001
|
$ 0.001
|
|
|
|
|
|
$ 0.001
|
|
Preferred stock, shares authorized |
|
15,000,000
|
15,000,000
|
|
|
|
|
|
15,000,000
|
|
Preferred stock, par value |
|
$ 0.001
|
$ 0.001
|
|
|
|
|
|
$ 0.001
|
|
Market value |
|
|
|
|
|
|
|
|
|
$ 300,000,000
|
Expected increase of market value |
|
|
$ 9,800,000,000
|
|
|
|
|
|
|
|
Series A Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
Preferred stock, shares authorized |
|
10,000,000
|
10,000,000
|
|
|
|
|
|
|
|
Preferred stock, par value |
|
$ 0.001
|
$ 0.001
|
|
|
|
|
|
|
|
Director [Member] |
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
|
|
|
|
2,025,000
|
|
|
Number of shares of capital stock |
|
|
|
|
1,000,000,000
|
510,000,000
|
1,000,000,000
|
|
|
|
H N O Green Fuels [Member] |
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
20,000,000
|
|
|
|
|
|
|
|
|
|
Note payable |
$ 20,000
|
|
|
|
|
|
|
|
|
|
Maturity date |
Dec. 19, 2022
|
|
|
|
|
|
|
|
|
|
Stock Subscription Agreements [Member] | Donald [Member] |
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
Number of shares sold |
|
|
275,000,000
|
|
|
|
|
|
|
|
Cash purchase price |
|
|
$ 275,000
|
|
|
|
|
|
|
|
Share price |
|
|
$ 0.001
|
|
|
|
|
|
|
|
Proceeds from sale common stock |
|
|
$ 275,000
|
|
|
|
|
|
|
|
Stock Subscription Agreements [Member] | William Parker [Member] |
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
Number of shares sold |
|
|
5,000,000
|
|
|
|
|
|
|
|
Cash purchase price |
|
|
$ 5,000
|
|
|
|
|
|
|
|
Share price |
|
|
$ 0.001
|
|
|
|
|
|
|
|
Proceeds from sale common stock |
|
|
$ 5,000
|
|
|
|
|
|
|
|
Stock Subscription Agreements [Member] | Hossein Haririnia [Member] |
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
Number of shares sold |
|
|
2,000,000
|
|
|
|
|
|
|
|
Cash purchase price |
|
|
$ 2,000
|
|
|
|
|
|
|
|
Share price |
|
|
$ 0.001
|
|
|
|
|
|
|
|
Proceeds from sale common stock |
|
|
$ 2,000
|
|
|
|
|
|
|
|
Patent Agreement [Member] | Series A Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
Number of shares sold |
|
|
5,000,000
|
|
|
|
|
|
|
|
Subsequent Event [Member] |
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
Purchase price for the property |
|
|
|
$ 10,800,000
|
|
|
|
|
|
|
Earnest money deposit |
|
|
|
$ 100,000
|
|
|
|
|
|
|
Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
Number of shares sold |
|
10,500
|
|
|
|
|
|
|
|
|
Cash purchase price |
|
$ 10,500
|
|
|
|
|
|
|
|
|
Common stock, shares authorized |
|
|
|
|
985,000,000
|
|
|
|
|
|
Common stock, par value |
|
|
|
|
$ 0.001
|
|
|
|
|
|
Common Stock [Member] | Director [Member] |
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
Common stock, shares authorized |
|
|
|
|
985,000,000
|
|
|
|
|
|
Common stock, par value |
|
|
|
|
$ 0.001
|
|
|
|
|
|
Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
Preferred stock, shares authorized |
|
|
|
|
15,000,000
|
|
|
|
|
|
Preferred stock, par value |
|
|
|
|
$ 0.001
|
|
|
|
|
|
Preferred Stock [Member] | Director [Member] |
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
Preferred stock, shares authorized |
|
|
|
|
15,000,000
|
|
|
|
|
|
Preferred stock, par value |
|
|
|
|
$ 0.001
|
|
|
|
|
|
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v3.23.4
v3.23.4
INCOME TAXES (Details 1) - USD ($)
|
Oct. 31, 2022 |
Oct. 31, 2021 |
Income Tax Disclosure [Abstract] |
|
|
Gross deferred tax asset |
$ 8,435,408
|
$ 8,177,883
|
Valuation allowance |
(8,435,408)
|
(8,177,883)
|
Net deferred tax asset |
$ 0
|
$ 0
|
X |
- DefinitionAmount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.
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