Reliant Holdings Inc
For the period ended Sep 30, 2024. Filed Dec 20, 2024.
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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 Dec 20, 2024
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Unaudited Consolidated Statements of Cash Flows
| RELIANT HOLDINGS, INC. AND SUBSIDIARIES | ||||
|---|---|---|---|---|
| CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||
| FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023 | ||||
| (UNAUDITED) | ||||
| 2024 · 2023 | ||||
| Operating Activities | ||||
| Net loss | $(1,789,601) | $(905,957) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||
| Depreciation and amortization | 337,709 | 318,531 | ||
| Impairment of related party accounts receivable | 405,614 | - | ||
| Expenses paid by members | - | (46,094) | ||
| Changes in operating assets and liabilities: | ||||
| Accounts receivable | (37,306) | (492,404) | ||
| Accounts receivable, related party | (405,614) | - | ||
| Prepaid expenses and other current assets | (64,216) | (23,550) | ||
| Accounts payable | (32,652) | (83,052) | ||
| Accrued expenses | 402,030 | 478,961 | ||
| Deferred revenue | (42,504) | 7,395 | ||
| Due from executive | (42,586) | - | ||
| Customer contracts | (27,977) | - | ||
| Net cash provided by (used in) operating activities | (1,297,103) | (746,170) | ||
| Investing Activities | ||||
| Purchase of property and equipment | (38,052) | - | ||
| Purchase of intangible assets | (4,317) | (433,262) | ||
| Acquisition of Reliant Holdings, Inc., cash received | 374,294 | - | ||
| Note receivable, related party | (400,700) | - | ||
| Loan receivable | - | (130,000) | ||
| Net cash provided by (used in) financing activities | (68,775) | (563,262) | ||
| Financing Activities | ||||
| Proceeds from issuance of notes payable | 2,110,000 | - | ||
| Repayment of notes payable, related party | (6,550) | - | ||
| Repayment of due to shareholder | (598,844) | (2,350) | ||
| Advances from shareholder | 436,159 | - | ||
| Proceeds from issuance of notes payable, related party | - | 530,000 | ||
| Repayment of advances from members of Onar | (79,368) | (2,350) | ||
| Proceeds from (repayment of) line of credit, net | (1,431) | 507 | ||
| Distributions to members of HLDCO | (237,047) | (10,000) | ||
| Contributions from members of HLDCO | 126,000 | 810,000 | ||
| 1,828,287 | 1,328,157 | |||
| Net change in cash | 462,409 | 18,725 | ||
| Cash - beginning of period | 1,015 | 14,570 | ||
| Cash - end of period | $463,424 | $33,295 | ||
| Supplemental Disclosures | ||||
| Interest paid | $73,848 | $56,907 | ||
| Income taxes paid | $ | - | $ | - |
| Supplemental Disclosure of Non-Cash Investing and Financing Activities | ||||
| Fair value of shares issued for acquisition of Reliant Holdings, Inc. | $688,732 | $ | - | |
| The accompanying notes are an integral part of these unaudited consolidated financial statements. | ||||
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