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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Generation Hemp Inc (QB) | USOTC:GENH | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.2238 | 0.00 | 01:00:00 |
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Page
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PART
I FINANCIAL INFORMATION
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1
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Item
1. Financial Statements
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1
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Condensed
Consolidated Unaudited Balance Sheet
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1
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Condensed
Consolidated Unaudited Statements of Income
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2
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Condensed
Consolidated Unaudited Statements of Comprehensive Income
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4
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Condensed
Consolidated Unaudited Statements of Cash Flows
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5
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Notes
to Condensed Consolidated Unaudited Financial Statements
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7
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Item
2. Management's Discussion and Analysis of Financial
Condition
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and
Results of Operations
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12
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Item
3. Controls and Procedures
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20
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PART
II OTHER INFORMATION
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20
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Item
6. Exhibits and Reports on Form 8-K
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20
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SIGNATURES
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21
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Cash
and cash equivalents
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$
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28,699
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Investments
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926,032
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||||||
Investment
in fully developed
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|||||||
residential
lots held for sale
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692,063
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Prepaid
expenses
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1,202
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TOTAL
ASSETS
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$
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1,647,996
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Accounts
payable and accrued expenses
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$
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123,779
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Corporation
income and Texas franchise taxes payable
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Currently
payable
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79,000 | ||||||
Deferred
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15,000
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Deposit
on sale of lots
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173,000
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TOTAL
LIABILITIES
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390,779
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Common
stock, $0.001 par value
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Authorized-25,000,000
shares
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Issued
and outstanding - 21,780,226 shares
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21,780 | ||||||
Additional
paid-in capital
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581,051
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Retained
earnings
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632,894
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Accumulated
other comprehensive income
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21,492
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TOTAL
STOCKHOLDERS’ EQUITY
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1,257,217
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TOTAL
LIABILITIES AND
STOCKHOLDERS’
EQUITY
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$ | 1,647,996 |
Nine
Months Ended September
30,
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||||||||
2007
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2006
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|||||||
$
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1,134,855
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$
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2,251,855
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|||||
719,643
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1,509,715
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|||||||
415,212
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742,140
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|||||||
62,912
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53,809
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|||||||
28,898
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58,932
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|||||||
9,374
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22,628
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|||||||
101,184
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135,369
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|||||||
314,028
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606,771
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|||||||
18,737
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-
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|||||||
(
54,924
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)
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(
62,309
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||||||
(
36,187
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)
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(
62,309
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||||||
277,841
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544,462
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|||||||
81,602
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60,000
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|||||||
$
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196,239
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$
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484,462
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|||||
$ | 0.01 |
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$ |
0.02
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21,780,226
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21,780,226
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Three
Months Ended
September
30,
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Nine
Months Ended
September
30,
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||||||||||||
2007
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2006
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2007
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2006
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NET
INCOME
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$
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22,270
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$
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136,183
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$
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196,239
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$
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484,462
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OTHER
COMPREHENSIVE
INCOME
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UNREALIZED
GAIN
(LOSS)
ON MARKETABLE
SECURITIES,
NET
OF TAXES
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(
20,933
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)
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-
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21,492
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-
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NET
COMPREHENSIVE
INCOME
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$
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1,337
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$
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136,183
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$
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217,731
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$
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484,462
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2007
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2006
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||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||
Net
income
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$
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196,239
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$
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484,462
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Adjustments
to reconcile net income
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to
net cash provided by operating activities:
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Unrealized
gain on marketable securities
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21,492
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-
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Consulting
services paid with common stock
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-
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15,000
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Expenses
paid by stockholder and donated
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to
the company
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-
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718
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Deferred
income taxes
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15,000
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-
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Changes
in operating assets and liabilities:
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Investment
in fully developed residential lots
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held
for sale
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718,682
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1,507,498
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Accounts
receivable
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82,603
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-
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Prepaid
expenses
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4,068
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-
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Accounts
payable and accrued expenses
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(
29,119
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)
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1,204
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Corporation
income and Texas franchise
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taxes
payable
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28,610
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60,000
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Deposit
on sale of lots
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173,000
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-
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NET
CASH PROVIDED BY
OPERATING
ACTIVITIES
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1,210,575 | 2,068,882 | |||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||
Investments
in marketable securities
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( 926,032 | ) | - | ||||
NET
CASH (USED) BY INVESTING
ACTIVITIES
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( 926,032 | ) | - | ||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||
Repayment
of note payable and accrued interest -
Larry
Don Bankston
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( 266,622 | ) | - | ||||
Proceeds
from notes payable and accrued interest -
Larry
Don Bankston
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- | 14,697 | |||||
Repayment
of land development loans payable
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- | ( 2,034,074 | ) | ||||
NET
CASH (USED) BY
FINANCING
ACTIVITIES
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( 266,622 | ) | ( 2,019,377 | ) |
NOTE 1 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
NOTE 1 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) |
NOTE 1 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) |
NOTE 1 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) |
NOTE
2
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OPTION
AGREEMENT
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On
June 3, 2005, the Company entered into an option agreement to sell
171
lots to Wall Homes, Inc. under the following terms and
conditions:
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1. |
Sales
price - 171 lots at $38,500 for a total of $6,583,500. The price
increases
6% each year.
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2. | Lot closing schedule: |
NOTE
3
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INVESTMENTS
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Debt and equity securities not classified as either held-to-maturity securities or trading securities are classified as available-for-sale, and reported at fair value based on market quotes. Unrealized gains and losses, net of deferred taxes, are recorded as a component of other comprehensive income. |
We
expect that the majority of marketable securities will be sold within
one
year, regardless of maturity date. We primarily invest in
high-credit-quality debt instruments with an active resale market
and
money market funds to ensure liquidity and the ability to readily
convert
these investments into cash to fund current operations, or satisfy
other
cash requirements as needed. Accordingly, we have classified all
marketable securities as current assets in the accompanying balance
sheet.
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NOTE
4
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ACCOUNTS
PAYABLE AND ACCRUED
EXPENSES
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ITEM 2. |
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF
FINANCIAL
CONDITION AND RESULTS OF
OPERATIONS
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Three
Months Ended
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Nine
Months Ended
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||||||||||||
09/30/2007
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09/30/2006
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09/30/2007
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09/30/2006
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Statement
of
Operations
Data:
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Total
revenue
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$
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43,336
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$
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816,335
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$
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1,134,855
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$
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2,251,855
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Income
(loss) from operations
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(
6,821
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)
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202,987
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314,028
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606,771
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Income
(loss) from operations before corporation income and Texas franchise
taxes
(benefit)
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$
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(
4,779
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)
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$
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196,183
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$
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277,841
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$
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544,462
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Net
income
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$
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22,270
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$
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136,183
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$
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196,239
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$
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484,462
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Net
income per share - basic and diluted
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$
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0.00
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$
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0.01
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$
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0.01
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$
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0.02
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Balance
Sheet Data:
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Total
assets
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$
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1,647,996
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$
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1,579,030
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Total
liabilities
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390,779
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491,737
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Stockholders'
equity
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$
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1,257,217
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$
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1,087,293
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Nine
months ended September 30, 2007
Sold
27 lots at $42,032 per lot
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$
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1,134,855
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Nine
months ended September 30, 2006
Sold
56 lots at $40,212 per lot
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2,251,855
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Decrease
in revenue
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$
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1,117,000
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Nine
months ended September 30, 2007
Cost
of lots sold - 27 lots @ $26,653 per lot
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$
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719,643
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Nine
months ended September 30, 2006
Cost
of lots sold - 56 lots @ $26,959 per lot
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1,509,715
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Decrease
in revenue
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$
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790,072
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Three
months ended September 30, 2007
Sold
1 lot at $43,336 per lot
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$
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43,336
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Three
months ended September 30, 2006
Sold
20 lots at $40,817 per lot
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816,335
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Decrease
in revenue
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$
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772,999
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Three
months ended September 30, 2007
Sold
1 lot at $27,183 per lot
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$
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27,183
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Three
months ended September 30, 2006
Sold
20 lots at $27,402 per lot
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548,049
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Decrease
in revenue
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$
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520,866
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September
30,
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||||||||||
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2007
|
2006
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Current
assets
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$
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1,647,996
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$
|
3,037,023
|
||||||
Current
liabilities
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390,779
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2,449,910
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||||||||
Working
capital
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$
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1,257,217
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$
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587,113
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· |
We
plan to sell the remaining lots in Bankston Meadows in the near future
and
upon sale of the final lots we will have no source of additional
revenue
to pay our ongoing expenses.
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· |
Management
may not run the company in a profitable
manner.
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· |
We
may not be able to locate and acquire suitable companies for our
future
acquisitions and any failure to acquire suitable companies may result
in
losses to us and our investors.
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· |
We
have a limited operating history in real estate development and therefore,
predicting our future performance is
difficult.
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· |
We
may not have access to sufficient capital to pursue our acquisition
strategies and therefore may be unable to achieve our planned future
growth.
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· |
We
depend on key management personnel and the loss of any of them would
seriously disrupt our operations.
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· |
We
have not yet identified any specific target businesses to acquire
through
a purchase or merger or any specific areas of real estate development
that
we intend to pursue and we may acquire businesses that our shareholders
do
not approve of.
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· |
We
have not conducted research to determine whether there is demand
in the
market for a business combination with us and, if not, we may not
be able
to acquire suitable businesses.
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· |
Our
lack of diversification subjects our investors to a greater risk
of
losses.
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· |
Control
of the Company may change and any new management may not successfully
run
our business.
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· |
We
currently have only one officer and two directors each of whom have
other
employment obligations.
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· |
Investors
may not be able to review the terms of potential business combinations
and
any combination could result in
losses.
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· |
We
are subject to currently unforeseeable risks associated with our
potential
business combinations, any of which could result in
losses.
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· |
Leveraged
transactions may encumber our assets and reduce any returns to
investors.
|
· |
Our
business will be negatively affected if we do not keep pace with
the
latest real estate development trends and consumer
preferences.
|
· |
Management
has limited experience with
real
estate development
and may not manage current or future projects
successfully.
|
· |
We
may not be able to manage rapid growth and acquisition of substantial
new
opportunities effectively
.
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· |
Our
ownership of real estate may result in losses if demand for property
declines.
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· |
Our
real estate activities will be subject to vigorous competition from
other
properties and other real estate investors, which may reduce our
earnings.
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· |
Development
costs are difficult to estimate and if costs exceed our budget we
may lose
money on the sale of a property.
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· |
The
U.S. real estate market is cyclical, and is experiencing a downturn,
which
may increase the difficulty of selling our future
property.
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· |
Many
real estate costs are fixe
d
and must be paid even if the property is not generating
revenue.
|
· |
There
is no assured market for properties and we may be unable to sell
a
property in a timely manner, which would reduce our
earnings.
|
· |
We
are subject to zoning and environmental controls
that may restrict the use of our property
.
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· |
We
are subject to potential uninsured losses
that may require substantial payments that would reduce our cash
reserves
or result in losses.
|
· |
As
a developer of residential property, we are subject to risks affecting
the
homebuilding industry, any of which may reduce the sales price of
our
property.
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· |
Our
inability to make secured debt payments could result in the loss
of any
mortgaged property
.
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· |
Rising
interest rates could adversely affect our cash flow
.
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· |
There
is no market for our common stock and shareholders may be unable
to sell
their shares.
|
· |
If
publicly traded, our stock price could be very
volatile.
|
· |
Our
controlling shareholder may exert considerable influence over elections
and other decisions.
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ITEM
3.
|
CONTROLS
AND PROCEDURES
|
GENESIS
HOLDINGS, INC., a Nevada corporation
|
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|
|
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By: | /s/ Jason Pratte | |
Jason
Pratte, Chief Executive and Chief Financial Officer
|
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1 Year Generation Hemp (QB) Chart |
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