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Here To Serve Holding Corp. Reports Fiscal 2022 Operating Income of $1,401,656 with Revenues of $2,031,903, up 56% from Prior Year
December 27, 2022 8:40 AM EST | Source: Here To Serve Holding Corp.
Rye Brook, New York--(Newsfile Corp. - December 27, 2022) - Here to Serve Holding Corp. (OTC Pink: HTSC) (the "Company"), a diversified holding company dedicated to finding ways to tread more lightly on the planet, today announced its audited financial results for the year ended September 30, 2022.
"Our financial consulting services fueled our growth in fiscal 2022, as we pursued the development of our 182 claims in a well-established mining jurisdiction," commented Paul Riss, CEO of the Company. "Our portfolio companies continue to add value to our balance sheet, and we now own aged equity securities with no restrictive legend. We believe we are in a unique position because we generate revenues and operating profits even as we explore and target nickel sulfide, copper, zinc and other critical minerals needed to power the electric vehicle industry."
"Although we believe the true value of our company will only be revealed when we uncover the environmentally friendly minerals from our property in Ontario Canada, we are pleased with the performance of our other assets and the business relationships we are building by working with the executives of our portfolio companies," continued Riss. "We focus on businesses that can operate in a responsible and sustainable manner, and we anticipate we can further build one of our subsidiaries, ICF Industries, as we unlock and expand the footprint of our other subsidiary, Fortune Nickel and Gold, in the Timmins nickel district."
Fiscal 2022 Financial Highlights
- Revenue growth of $695,609, or 52%, to $2,031,903 from $1,336,294 in prior year
- Operating income increase of $1,192,512, or 570%, to $1,401,656 from $209,144 in prior year
- No convertible debt, $90,000 in non-convertible debt at an annual interest rate of 3.75% over a 30-year term
- Equity securities at fair value of $4.1 million as of September 30, 2022
- Mineral interests, at historical cost, of $509,358 as of September 30, 2022
- Book value of $4.5 million as of September 30, 2022
The Company has uploaded its PCAOB audited consolidated financial statements for the years ended September 30, 2022 and 2021 to OTC Markets. Please refer to the financial statements for complete details of the Company's operating results.
About Here to Serve Holding Corp.
Here To Serve Holding Corp. is propelled by the challenge of doing more with less. It owns two operating subsidiaries. Its subsidiary Fortune Nickel and Gold Inc. owns 182 mining cells in the Timmins mining camp in Ontario, Canada, which is prolific to nickel, gold and copper. The nickel is targeted as a high-performance, sustainable, environmentally friendly component of batteries for electric vehicles.
The subsidiary ICF Industries Inc. owns a diversified basket of minority positions in publicly traded equities. It received these equity positions in exchange for consulting and financial reporting services. The market value of its investment portfolio amounted to approximately 4.1 million on September 30, 2022. The Company intends to use these positions as a source of operating capital.
Please call Investor Relations with any questions at 855-4NICKEL (855-464-2535) extension 0.
Forward-Looking Statements
This news release contains statements and information that, to the extent that they are not historical fact, may constitute "forward-looking information" within the meaning of applicable securities legislation. Forward-looking information may include financial and other projections, as well as statements regarding future plans, objectives, or economic performance, or the assumption underlying any of the foregoing. In some cases, forward-looking statements can be identified by terms such as may, would, could, will, likely, except, anticipate, believe, intend, plan, forecast, project, estimate, outlook, or the negative thereof or other similar expressions concerning matters that are not historical facts. Examples of such statements include, but are not limited to, statements with respect to the objectives and business plans of the Company; ability to realize benefits from its recent corporate appointments; ability to retain its key personnel; the intention to grow the Company's business and operations; the competitive conditions of the industries in which the Company operates; and laws and any amendments thereto applicable to the Company. Forward-looking information is based on the assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. The material factors and assumptions used to develop the forward-looking information contained in this news release include, but are not limited to, key personnel and qualified contractors continuing their involvement with the Company; and the Company's ability to secure financing on reasonable terms. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information, including, without limitation, risks relating to the future business plans of the Company; risks that the Company will not be able to retain its key personnel; risks that the Company will not be able to secure financing on reasonable terms or at all, as well as all of the other risks. Accordingly, readers should not place undue reliance on any such forward-looking information. Further, any forward-looking information speaks only as of the date on which such statement is made. New factors emerge from time to time, and it is not possible for the Company's management to predict all of such factors and to assess in advance the impact of each such factor on the Company's business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking information. The Company does not undertake any obligation to update any forward-looking information to reflect information or events after the date on which it is made or to reflect the occurrence of unanticipated events, except as required by law, including securities laws.
HERE TO SERVE HOLDING CORP.
CONSOLIDATED BALANCE SHEETS
| September 30, 2022 | | September 30, 2021 | ||||
| ASSETS | ||||||
| Current Assets | ||||||
| Cash | $ | 22,405 | $ | 59,174 | ||
| Accounts receivable | - | 3,105 | ||||
| Prepaid expenses | - | 80,916 | ||||
| Total current assets | 22,405 | 143,195 | ||||
| Equity securities at fair value | 2,268,900 | 4,074,250 | ||||
| Related party equity securities at fair value | 1,806,000 | 93,000 | ||||
| Investments | 3,150 | 133,150 | ||||
| Mineral interests | 509,358 | 374,525 | ||||
| TOTAL ASSETS | $ | 4,609,813 | $ | 4,818,120 | ||
| LIABILITIES & SHAREHOLDERS' EQUITY | ||||||
| Current Liabilities | ||||||
| Accrued expenses | $ | 15,333 | $ | 12,505 | ||
| Due to related parties | 12,113 | 18,780 | ||||
| Accrued interest payable | 7,545 | 4,207 | ||||
| Current portion of long-term debt | 1,599 | 467 | ||||
| Total current liabilities | 36,590 | 35,959 | ||||
| Long-term notes payable, less current portion | 88,401 | 89,533 | ||||
| Total liabilities | 124,991 | 125,492 | ||||
| Commitments and contingencies | - | |||||
| Shareholders' equity | ||||||
| Preferred stock, 10,000,000 shares authorized | ||||||
| Series A, par value $.001, 1,000,000 shares issued and outstanding | 1,000 | 1,000 | ||||
| Convertible preferred stock, $.0001 par value | ||||||
| Series C, 100,000 shares issued and outstanding | 10 | 10 | ||||
| Common stock, par value $.001, 400,000,000 shares authorized, 82,213,441 and 67,340,075 issued and outstanding, respectively | 82,213 | 67,340 | ||||
| Additional paid in capital | 7,232,525 | 7,004,548 | ||||
| Accumulated deficit | (2,830,926 | ) | (2,380,270 | ) | ||
| Total shareholders' equity | 4,484,822 | 4,692,628 | ||||
| TOTAL LIABILITIES & SHAREHOLDERS' EQUITY | $ | 4,609,813 | $ | 4,818,120 |
HERE TO SERVE HOLDING CORP.
CONSOLIDATED INCOME STATEMENTS
| Year Ended | Year Ended | |||||
| September 30, 2022 | September 30, 2021 | |||||
| Revenues | $ | 2,031,903 | $ | 1,336,294 | ||
| Cost of revenues | 353,525 | 597,200 | ||||
| Gross Profit | 1,678,378 | 739,094 | ||||
| Expenses: | ||||||
| Wages | 24,495 | 40,020 | ||||
| Consulting fees | 198,687 | 417,425 | ||||
| Advertising | 11,129 | 36,927 | ||||
| Rent | 1,200 | 1,200 | ||||
| General and administrative | 35,676 | 28,476 | ||||
| Professional services | 5,535 | 5,902 | ||||
| Total operating expenses | 276,722 | 529,950 | ||||
| Income from operations | 1,401,656 | 209,144 | ||||
| Other income (expenses): | ||||||
| Unrealized gain (loss) on investments | (1,848,950 | ) | 3,112,425 | |||
| Realized loss on investments | - | (140,100 | ) | |||
| Other income | - | 37,981 | ||||
| Gain on sale of subsidiary | 100 | - | ||||
| Interest expense | (3,462 | ) | (3,728 | ) | ||
| Total other income (expenses) | (1,852,312 | ) | 3,006,578 | |||
| Net Income (loss) before income taxes | (450,656 | ) | 3,215,722 | |||
| Income tax expense | - | - | ||||
| Net income (loss) | $ | (450,656 | ) | $ | 3,215,722 | |
| Basic net income (loss) per share | $ | (0.01 | ) | $ | 0.05 | |
| Diluted income (loss) per share | $ | (0.01 | ) | $ | 0.02 | |
| Weighted average number of shares outstanding | ||||||
| Basic | 72,088,745 | 62,748,476 | ||||
| Fully diluted | 72,088,745 | 129,329,557 |
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/149503