Hawkeye Systems Inc
For the period ended Sep 30, 2024. Filed Nov 19, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 19, 2024
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-03-31; filed 2024-04-29.
0001477932-24-002373
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2024-09-30; filed 2024-11-19.
0001477932-24-007435
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 38 previous paragraphs and 37 current paragraphs.
28 unchanged; 9 reworded; 0 added; 1 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 0 previous and 0 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Removed paragraphs (1)
Previous report
We had no operating revenues, and cost of sales, for the nine months ended March 31, 2024, and the nine months ended March 31, 2023. However, we generated $45,000, and 5,000 for the quarter ended March 31, 2024, and 2023 in other income from CNTNR for consulting fees due to the promissory note entered in February 2023. See further discussion on Note 10 – Note receivable**.**
Reworded paragraphs (9)
Previous wording
The following discussion relates to the historical operations and financial statements of Hawkeye Systems, Inc. for the nine months and three months ended March 31, 2024.
Current wording
The following discussion relates to the historical operations and financial statements of Hawkeye Systems, Inc. for the three months endedSeptember 30, 2024*.*
Previous wording
Nine Months Ended March 31, 2024 compared to Nine months ended March 31, 2023.
Current wording
Three Months Ended September 30, 2024 compared to three months ended September 30, 2023.
Previous wording
Total operating expenses in the nine months ended March 31, 2024 were $340,535 compared to $786,731 for the same period in 2023. The decrease in operating expenses is primarily a result of a decrease in professional fees - related party, management compensation, and general and administrative expenses. The Company’s net loss was $486,970 for the nine months ended March 31, 2024 compared to $909,099 for the nine months ended March 31, 2023. The net loss for this period is primarily a result of operating expenses, and interest expenses.
Current wording
We had no operating revenues, and cost of sales, for the three months ended September 30, 2024, and 2023. Total operating expenses in the three months ended September 30, 2024 were $95,546 compared to $168,841 for the same period in 2023. The decrease in operating expenses is primarily a result of a decrease in professional fees - related party, management compensation, and general and administrative expenses. The Company’s net loss was $156,720 for the three months ended September 30, 2024 compared to $214,247 for the three months ended September 30, 2023. The net loss for this period is primarily a result of operating expenses, and interest expenses.
Previous wording
Our cash balance at March 31, 2024 was $58 compared to $499,690 at March 31, 2023. We do not believe these cash reserves are sufficient to cover our expenses for our operations for the next 12 months. We will require additional funding for our ongoing operations.
Current wording
Our cash balance at September 30, 2024 was $7 compared to $50,296 at September 30, 2023. We do not believe these cash reserves are sufficient to cover our expenses for our operations for the next 12 months. We will require additional funding for our ongoing operations.
Previous wording
During our three fiscal quarters ended March 31, 2024, and 2023, we received $1,708,000, and $700,000, from a promissory note issued by a related party.
Current wording
During our first fiscal quarters ended September 30, 2024, and 2023, we received $55,600, and $450,000, from a promissory note issued by a related party.
Previous wording
In addition, we intend to raise funds through the sale of equity and debt securities. If we cannot raise any additional financing prior to the expiration of the fourth quarter of 2024, we believe we will be able to obtain loans from management in the future, if necessary, but have no agreement in writing.
Current wording
In addition, we intend to raise funds through the sale of equity and debt securities.
Previous wording
Existing working capital, further advances, together with anticipated capital raises are expected to be adequate to fund our operations over the next twelve months, but there is no guarantee that we will be successful in raising enough capital, or that we will receive the cash flow required to fund our operations. We have no lines of credit with banking institutions or other bank financing arrangements, we do have a line of credit from a related party (see Note 6 to the Financial Statements). Generally, we have financed operations to date through proceeds from convertible loans.
Current wording
Existing working capital, further advances, together with anticipated capital raises are expected to be adequate to fund our operations over the next twelve months, but there is no guarantee that we will be successful in raising enough capital, or that we will receive the cash flow required to fund our operations. We have no lines of credit with banking institutions or other bank financing arrangements. Generally, we have financed operations to date through proceeds from convertible loans.
Previous wording
As of the date of this quarterly report, we have entered into various commitments on loan obligations. For a discussion of the related items, please see Notes 5 to 9 to the Financial Statements.
Current wording
As of the date of this quarterly report, we have entered into various commitments. For a discussion of the related items, please seeNote 13 – Commitments and Contingencies.
Previous wording
As reflected in the accompanying financial statements, the Company had an accumulated deficit of approximately $12,595,457 at March 31, 2024 and net loss from operations of $340,535 for the nine months ended March 31, 2024.
Current wording
As reflected in the accompanying financial statements, the Company had an accumulated deficit of approximately $12,843,924 at September 30, 2024 and net loss from operations of $156,720 for the three months ended September 30, 2024.