CleanCore Solutions Inc
For the period ended Jun 30, 2024. Filed Sep 20, 2024.
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FY2024 · Filed Sep 20, 2024
ZONE$2.73-11.9%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Balance Sheets as of June 30, 2024 and 2023
BALANCE SHEETS
| As of June 30, | ||
|---|---|---|
| 2024 | 2023 | |
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | $2,016,611 | $393,194 |
| Accounts receivable, net | 467,286 | 233,560 |
| Inventory, net | 672,326 | 672,116 |
| Deferred offering costs | - | 302,755 |
| Prepaid expenses and other current assets | 55,365 | 135,666 |
| Total current assets | 3,211,588 | 1,737,291 |
| Property and equipment, net | 10,572 | 1,197 |
| Right of use assets | 524,818 | 466,661 |
| Intangibles, net | 1,486,923 | 1,640,919 |
| Goodwill | 2,237,910 | 2,237,910 |
| Other assets | 9,440 | 9,440 |
| Total assets | $7,481,251 | $6,093,418 |
| Liabilities and Stockholders’ Equity | ||
| Current liabilities: | ||
| Accounts payable and accrued expenses | $573,956 | $644,627 |
| Deferred revenue | 10,395 | - |
| Lease liability - current | 131,887 | 87,985 |
| Note payable - current | 698,149 | 2,994,750 |
| Due to related parties | 91,119 | 221,302 |
| Total current liabilities | 1,505,506 | 3,948,664 |
| Lease liability – non current | 418,104 | 398,540 |
| Note payable – non current | 1,821,184 | - |
| Total liabilities | 3,744,794 | 4,347,204 |
| Commitments and contingencies (Note 16) | ||
| Stockholders’ Equity | ||
| Series Seed Preferred Stock, $0.001 par value, 4,000,000 shares authorized; 0 and 4,000,000 shares issued and outstanding as of June 30, 2024 and 2023, respectively | - | 400 |
| Class A Common Stock; $0.0001 par value, 50,000,000 shares authorized; 270,000 and 660,000 shares issued and outstanding as of June 30, 2024 and 2023, respectively | 27 | 66 |
| Class B Common Stock; $0.0001 par value, 250,000,000 shares authorized; 7,960,919 and 1,795,940 shares issued and outstanding as of June 30, 2024 and 2023, respectively | 796 | 180 |
| Additional paid-in capital | 11,040,583 | 6,768,775 |
| Accumulated deficit | (7,304,949) | (5,023,207) |
| Total stockholders’ equity | 3,736,457 | 1,746,214 |
| Total liabilities and stockholders’ equity | $7,481,251 | $6,093,418 |
STATEMENTS OF OPERATIONS
| Year Ended June 30, 2024 | Period from October 17, 2022 to June 30, 2023 (Successor) | Period from July 1, 2022 to October 16, 2022 (Predecessor) | |
|---|---|---|---|
| Revenue, net | $1,604,973 | $1,938,366 | $502,990 |
| Cost of sales (exclusive of depreciation shown separately below) | 809,161 | 1,359,401 | 351,740 |
| Gross profit | 795,812 | 578,965 | 151,250 |
| Operating expenses: | |||
| General and administrative | 2,471,480 | 5,310,961 | 334,535 |
| Advertising expense | 116,007 | 14,944 | 4,621 |
| Depreciation and amortization expense | 155,059 | 109,144 | 6,420 |
| Loss from operations | (1,946,734) | (4,856,084) | (194,326) |
| Interest expense | 335,008 | 167,123 | 125,738 |
| Net loss | $(2,281,742) | $(5,023,207) | $(320,064) |
| Net loss per share Class A and Class B stock, basic and diluted | $(0.49) | $(2.18) | |
| Weighted average shares used in computing net loss per Class A share, basic and diluted | 350,192 | 967,987 | |
| Weighted average shares used in computing net loss per Class B share, basic and diluted | 4,311,142 | 1,334,414 | |
STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT)
| Series Seed Preferred Stock · Class A Common Stock · Class B Common Stock · Additional Paid in · Members’ Capital · Accumulated · Total Stockholders’ Equity | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares · Amount · Shares · Amount · Shares · Amount · Capital · Amount · Deficit · (Deficit) | ||||||||||||||||
| Predecessor | ||||||||||||||||
| Balance at July 1, 2022 | - | - | - | - | - | - | - | 2,215,916 | (8,224,933) | (6,009,017) | ||||||
| Imputed interest | - | - | - | - | - | - | - | 125,728 | - | 125,728 | ||||||
| Net loss for the period | - | - | - | - | - | - | - | - | (320,064) | (320,064) | ||||||
| Balance at October 16, 2022 | - | $ | - | - | $ | - | - | $ | - | $ | - | $2,341,644 | $(8,544,997) | $(6,203,353) | ||
| Successor | ||||||||||||||||
| Balance at October 17, 2022 | ||||||||||||||||
| Issuance of series seed preferred stock | 4,000,000 | $400 | - | $ | - | - | $ | - | $999,600 | $ | - | $ | - | $1,000,000 | ||
| Issuance of class A common stock | - | - | 1,000,000 | 100 | - | - | - | - | - | 100 | ||||||
| Issuance of class B common stock | - | - | - | - | 660,921 | 66 | 1,152,156 | - | - | 1,152,222 | ||||||
| Conversion of class A common stock into class B common stock | - | - | (340,000) | (34) | 340,000 | 34 | - | - | - | - | ||||||
| Issuance of class B common stock upon exercise of warrants | - | - | - | - | 777,778 | 78 | 497,700 | - | - | 497,778 | ||||||
| Warrants issued to consultants for services | - | - | - | - | - | - | 857,889 | - | - | 857,889 | ||||||
| Stock based compensation – officers | - | - | - | - | - | - | 3,082,000 | - | - | 3,082,000 | ||||||
| Stock based compensation – third party | - | - | - | - | 17,241 | 2 | 29,997 | - | - | 29,999 | ||||||
| Sock based compensation - 2022 Equity Incentive Plan | - | - | - | - | - | - | 149,433 | - | - | 149,433 | ||||||
| Net loss for the period | - | - | - | - | - | - | - | - | (5,023,207) | (5,023,207) | ||||||
| Balance at June 30, 2023 | 4,000,000 | $400 | 660,000 | $66 | 1,795,940 | $180 | $6,768,775 | $ | - | $(5,023,207) | $1,746,214 | |||||
| Conversion of class A common stock into class B common stock | - | - | (4,390,000) | (439) | 4,390,000 | 439 | - | - | - | - | ||||||
| Conversion of series seed preferred stock into class A common stock | (4,000,000) | (400) | 4,000,000 | 400 | - | - | - | - | ||||||||
| Stock based compensation – 2022 Equity incentive plan | 172,853 | 172,853 | ||||||||||||||
| Issuance of class B common stock pursuant to initial public offering, net of issuance and deferred offering costs of $1,656,453 | - | - | - | - | 1,250,000 | 125 | 3,343,422 | - | - | 3,343,547 | ||||||
| Issuance of common stock pursuant to convertible notes | - | - | - | - | 257,479 | 25 | 257,455 | - | - | 257,480 | ||||||
| Issuance of Non-qualified stock options | - | - | - | - | - | - | 126,975 | - | - | 126,975 | ||||||
| Issuance of restrictive stock units | - | - | - | - | 92,500 | 9 | 320,017 | - | - | 320,026 | ||||||
| Issuance of restrictive stock awards | - | - | - | - | 175,000 | 18 | 51,086 | - | - | 51,104 | ||||||
| Net loss for the period | - | - | - | - | - | - | - | - | (2,281,742) | (2,281,742) | ||||||
| Balance at June 30, 2024 | - | $ | - | 270,000 | $27 | 7,960,919 | $796 | $11,040,583 | $ | - | $(7,304,949) | $3,736,457 | ||||
STATEMENT OF CASH FLOWS
| For the Year Ended June 30, 2024 · October 17, 2022 to June 30, 2023 (Successor) · June 30, 2022 to October 16, 2022 (Predecessor) | ||||||
|---|---|---|---|---|---|---|
| Cash flows from operating activities | ||||||
| Net loss | $(2,281,742) | $(5,023,207) | $(320,064) | |||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||
| Depreciation and amortization | 155,059 | 109,144 | 6,420 | |||
| Accretion of note payable discount | 5,250 | 12,750 | - | |||
| Non cash interest expense | 85,593 | 152,684 | - | |||
| Stock based compensation | 670,958 | 4,119,321 | - | |||
| Non cash lease expense | 5,308 | 19,864 | - | |||
| Imputed interest | - | - | 125,728 | |||
| Provision for bad debt and write-off of on uncollectable accounts | 37,498 | 8,641 | 9,772 | |||
| Changes in operating assets and liabilities: | ||||||
| Accounts receivable | (271,224) | (107,942) | 101,423 | |||
| Inventory | (211) | 475,009 | (157,596) | |||
| Due from related parties, net | - | - | 4,686 | |||
| Prepaid expenses | 80,301 | (139,563) | 4,747 | |||
| Deferred revenue | 10,395 | - | 63,701 | |||
| Accounts payable and accrued liabilities | (45,065) | 136,429 | 43,932 | |||
| Net cash used in operating activities | (1,547,880) | (236,870) | (117,251) | |||
| Investing activities | ||||||
| Purchase of property and equipment | (10,438) | (1,260) | - | |||
| Cash used in acquisition | - | (2,000,000) | (7,882) | |||
| Net cash used in investing activities | (10,438) | (2,001,260) | (7,882) | |||
| Financing activities | ||||||
| Proceeds from issuance of series seed preferred stock | - | 1,000,000 | - | |||
| Proceeds from issuance of class A common stock | - | 100 | - | |||
| Proceeds from issuance of class B common stock | - | 1,650,000 | - | |||
| Proceeds from issuance of class B common stock pursuant to Initial Public Offering, net of issuance costs | 4,233,875 | - | - | |||
| Proceeds from issuance of convertible notes | 225,000 | - | - | |||
| Payments from issuance of loans from related parties | - | 208,900 | 164,917 | |||
| Payments for deferred offering costs | (587,573) | (227,676) | - | |||
| Repayments of long term debt | - | - | (1,278) | |||
| Payment on note payable | (480,667) | - | - | |||
| Repayments of loans due to related parties | (208,900) | - | (288,861) | |||
| Net cash provided by (used in) financing activities | 3,181,735 | 2,631,324 | (125,222) | |||
| Net increase (decrease) in cash | 1,623,417 | 393,194 | (250,355) | |||
| Cash and cash equivalents at beginning of year | 393,194 | - | 263,506 | |||
| Cash and cash equivalents at the end of year | $2,016,611 | $393,194 | $13,151 | |||
| Supplementary cash flow disclosure | ||||||
| Interest paid | $436,346 | $14,438 | $10 | |||
| Unpaid deferred offering costs | $ | - | $75,079 | $ | - | |
| Shares issued for conversion from convertible note payable | $257,480 | $ | - | $ | - | |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.