Onar Holding Corp
For the period ended Dec 31, 2024. Filed Apr 15, 2025.
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FY2024 · Filed Apr 15, 2025
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Item 8. Consolidated Statements of Cash Flows
| 2024 · 2023 | ||||
|---|---|---|---|---|
| Operating Activities | ||||
| Net loss | $(3,083,156) | $(1,741,902) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||
| Depreciation and amortization | 585,109 | 557,631 | ||
| Amortization of employee loan receivable | 125,000 | 94,178 | ||
| Lease expense | 192 | - | ||
| Change in fair value of investment in equity securities | (178,381) | - | ||
| Expenses paid directly from proceeds of note payable | - | 4,500 | ||
| Expenses paid by members | - | 3,848 | ||
| Allowance for credit losses | - | 504,612 | ||
| Loss on extinguishment of notes payable | 363,871 | - | ||
| Changes in operating assets and liabilities: | ||||
| Accounts receivable | (134,887) | (76,796) | ||
| Accounts receivable, related party | 19,000 | (523,612) | ||
| Prepaid expenses and other assets | (29,182) | (6,687) | ||
| Accounts payable | 80,496 | (64,401) | ||
| Accrued expenses and other liabilities | 573,566 | 839,941 | ||
| Accrued expenses and advances, related party | (104,984) | 65,150 | ||
| Deferred revenue | 132,000 | (33,762) | ||
| Customer contracts | 94,286 | - | ||
| Net cash provided by (used in) operating activities | (1,717,888) | (377,300) | ||
| Investing Activities | ||||
| Purchase of property and equipment | (42,672) | - | ||
| Cash acquired on acquisition of Reliant Holdings, Inc. | 374,294 | - | ||
| Loan receivable | - | (380,000) | ||
| Advance to affiliate | (400,700) | - | ||
| Acquisition of intangible assets | - | (35,123) | ||
| Net cash used in investing activities | (69,078) | (415,123) | ||
| Financing Activities | ||||
| Proceeds from issuance of notes payable | 2,110,000 | 542,500 | ||
| Repayment of notes payable | (44,671) | - | ||
| Proceeds from issuance of notes payable, related party | 430,450 | - | ||
| Repayment of notes payable, related party | (417,000) | - | ||
| Repayment of advances, to related party | (681,755) | |||
| Advances, to related party | 844,202 | |||
| Advances from member of HLDCO, the legal acquiree | - | 955,116 | ||
| Repayment of advances from member of HLDCO, the legal acquiree | - | (884,940) | ||
| Repayment of line of credit | (95,344) | (153) | ||
| Proceeds from line of credit | 90,165 | 660 | ||
| Distributions to members of HLDCO, the legal acquiree | (236,897) | (10,000) | ||
| Contributions from members of HLDCO, the legal acquiree | 126,000 | 175,685 | ||
| Net cash provided financing activities | 2,125,150 | 778,868 | ||
| Net change in cash | 338,184 | (13,555) | ||
| Cash - beginning of year | 1,015 | 14,570 | ||
| Cash - end of year | $339,199 | $1,015 | ||
| Supplemental cash flow disclosures | ||||
| Interest paid | $134,385 | $111,439 | ||
| Income taxes paid | $ | - | $ | - |
| Supplemental disclosure of non-cash investing and financing activities | ||||
| Recognition of right of use asset and lease liability | $ | - | $178,760 | |
| Contribution of accrued guaranteed payments to member to capital | $ | - | $900,000 | |
| Intangible assets acquired through accounts payable | $ | - | $29,305 | |
| Cash acquired on acquisition of Reliant Holdings, Inc. | $688,732 | $ | - | |
| Investment in equity securities received in settlement of accounts receivables, related party | $160,818 | $ | - | |
| Investment in equity securities received for services | $150,000 | $ | - | |
| Conversion of preferred stock to common stock | $84,132 | $ | - | |
ONAR Holding Corporation
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