Onar Holding Corp 10-Q for FY2024 Q1

Onar Holding Corp (ONAR)

10-Q 2024-05-20 For: 2024-03-31

Added on April 07, 2026

About this 10-Q

Onar Holding Corp filed this 10-Q on May 20, 2024, covering the quarter ended March 31, 2024 (FY2024 Q1).

Headline figures

Quarter ended March 31, 2024, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $575.76K; down 27.7% from $795.85K a year earlier
Net income: $125.3K; up 318.1% from net income of $29.97K a year earlier

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Nevada		47-2200506
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

12343 Hymeadow Drive, Suite 3-A Austin, Texas		78750
(Address of principal executive offices)		(Zip Code)

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
		Emerging growth	☐

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION			3

PART I – FINANCIAL INFORMATION			4

Item 1. Financial Statements			4
Consolidated Balance Sheets			4
Consolidated Statements of Operations			5
Consolidated Statements of Stockholders’ Equity			6
Consolidated Statements of Cash Flows			7
Notes to the Consolidated Financial Statements			8
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			17
Item 3. Quantitative and Qualitative Disclosures about Market Risk			23
Item 4. Controls and Procedures			23

PART II – OTHER INFORMATION			24

Item 1. Legal Proceedings			24
Item 1A. Risk Factors			24
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			25
Item 3. Defaults Upon Senior Securities			25
Item 4. Mine Safety Disclosures			25
Item 5. Other Information.			25
Item 6. Exhibits			26

	●	the need for additional funding;
	●	the outcome of strategic transactions;
	●	our lack of a significant operating history;
	●	the fact that our sole officer and director has control over our voting stock;
	●	the loss of key personnel or failure to attract, integrate and retain additional personnel;
	●	corporate governance risks;
	●	economic downturns;
	●	the level of competition in our industry and our ability to compete;
	●	our ability to respond to changes in our industry;
	●	our ability to protect our intellectual property and not infringe on others’ intellectual property;
	●	our ability to scale our business;
	●	our ability to maintain supplier relationships;
	●	our ability to obtain and retain customers;
	●	our ability to execute our business strategy in a very competitive environment;
	●	trends in and the market for recreational pools and services;
	●	lack of insurance policies;
	●	dependence on a small number of customers;
	●	changes in laws and regulations;
	●	the market for our common stock;
	●	our ability to effectively manage our growth;
	●	dilution to existing stockholders;
	●	costs and expenses associated with being a public company;
	●	client lawsuits, damages, judgments and settlements required to be paid in connection therewith and the effects thereof on our reputation;
	●	health risks, economic slowdowns and rescissions and other negative outcomes caused by pandemics and governmental responses thereto;
	●	changes in inflation and interest rates, supply constraints, and possible recessions caused thereby;
	●	economic downturns both in the United States and globally;
	●	risk of increased regulation of our operations; and
	●	other risk factors included under “Risk Factors” below.

	March 31,			December 31,
	2024			2023
ASSETS
Current Assets
Cash	$	237,956		$	309,377
Accounts receivable		1,000			1,000
House and real estate inventory		457,223			446,427

Total current assets		696,179			756,804

Equipment, net		83,617			90,886
Right-of-use asset		44,486			6,715

Total Assets	$	824,282		$	854,405

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities
Accounts payable and accrued liabilities	$	73,618		$	58,878
Accrued liabilities - related parties		53,500			53,500
Contract liabilities		71,238			275,251
Construction Loan		220,309			220,309
Current portion of note payable		7,486			8,580
Current portion of right-of-use liability		25,739			6,783

Total current liabilities		451,890			623,301

Long-term note payable, net of current portion		50,898			53,658
Right-of-use liability		18,747			-

Total Liabilities		521,535			676,959

Commitments and Contingencies

Stockholders’ Equity

Preferred stock, 5,000,000 shares authorized, $0.001 par value, 0 issued and outstanding as of March 31, 2024 and December 31, 2023, respectively		-			-
Preferred stock Series A, 1,000 shares authorized, $0.001 par value, 1,000 issued and outstanding as of March 31, 2024 and December 31, 2023		1			1
Common stock, 70,000,000 shares authorized, $0.001 par value, 16,785,000 issued and outstanding as of March 31, 2024 and December 31, 2023		16,785			16,785
Additional paid-in capital		437,989			437,989
Accumulated deficit		(152,028	)		(277,329	)

Total Stockholders’ Equity		302,747			177,446

Total Liabilities and Stockholders’ Equity	$	824,282		$	854,405

	For the Three Months ended
	March 31
	2024			2023

Revenue	$	575,758		$	795,850
Cost of goods sold		(274,276	)		(518,856	)
Gross margin		301,482			276,994

Operating expenses
General and administrative		162,878			245,453

Total operating expenses		(162,878	)		(245,453	)

Income from operations		138,604			31,541

Other income (expense)
Interest income		247			399
Interest expense		(8,057	)		(657	)

Total other income (expense)		(7,810	)		(258	)

Income before income taxes		130,794			31,283

Provision for income tax		(5,493	)		(1,314	)

Net income	$	125,301		$	29,969

Net income per share - basic and diluted	$	0.01		$	0.00

Weighted average common shares outstanding		16,785,000			16,583,870

	Preferred Stock				Common Stock				Additional Paid in		Accumulated
	Shares		Par Value		Shares		Par Value		Capital		Deficit			Total

Balance December 31, 2022		1,000	$	1		16,385,000	$	16,385	$	396,564	$	(310,944	)	$	102,006

Shares issued for services						400,000		400		35,600		-			36,000

Net income		-		-		-		-		-		29,969			29,969
															-
Balance March 31, 2023		1,000	$	1		16,785,000	$	16,785	$	432,164	$	(280,975	)	$	167,975

Balance December 31, 2023		1,000	$	1		16,785,000	$	16,785	$	437,989	$	(277,329	)	$	177,446

Net income		-		-		-		-		-		125,301			125,301

Balance March 31, 2024		1,000	$	1		16,785,000	$	16,785	$	437,989	$	(152,028	)	$	302,747

	-	Identification of the contract with a customer
	-	Identification of the performance obligations in the contract
	-	Determination of the transaction price
	-	Allocation of the transaction price to the performance obligations in the contract
	-	Recognition of revenue when, or as, the Company satisfies a performance obligation

	March 31, 2024			December 31, 2023
Costs and estimated earnings in excess of billings on uncompleted contracts	$	-		$	-
Billings in excess of costs and estimated earnings on uncompleted contracts		(71,238	)		(272,251	)
Contract liabilities	$	(71,238	)	$	(272,251	)

	For the Three Months
	Ended
	March 31,
	2024		2023
Right of Use (ROU) Operating lease cost:
Amortization of assets	$	6,715	$	6,297
Interest on lease liabilities		949		490
Total net lease cost	$	7,664	$	6,787

	March 31, 2024			December 31, 2023
Term note with a bank secured by car, payable in monthly installments of $660, including interest at 3.99% through February 27, 2025		-		$	1,254

Term note with a bank secured by car, payable in monthly installments of $939, including interest at 6.79% through October 4, 2030		58,384			60,984

Total long-term debt		58,384			62,238
Less: current portion		(7,486	)		(8,580	)
Long-term debt net of current portion	$	50,898		$	53,658

	●	“Exchange Act” refers to the Securities Exchange Act of 1934, as amended;
	●	“SEC” or the “Commission” refers to the United States Securities and Exchange Commission; and
	●	“Securities Act” refers to the Securities Act of 1933, as amended.

	●	Overview. Summary of our operations.
	●	Plan of Operations. A description of our plan of operations for the next 12 months including required funding.
	●	Results of Operations. An analysis of our financial results comparing the three months ended March 31, 2024 and 2023.
	●	Liquidity and Capital Resources. An analysis of changes in our consolidated balance sheets and cash flows and discussion of our financial condition.
	●	Critical Accounting Policies and Estimates. Accounting estimates that we believe are important to understanding the assumptions and judgments incorporated in our reported financial results and forecasts.

Cost of Goods Sold Expense	For the Three Months Ended March 31, 2024		For the Three Months Ended March 31, 2023		Increase / (Decrease)			Percentage Change
Cost of decking	$	67,248	$	63,952	$	3,296	)		5	%
Plaster used in the construction of pools		28,881		65,695		(36,814	)		(56	)%
Gunite used in the construction of pools		-		30,440		(30,440	)		(100	)%
Pool equipment used to filter and circulate the water used in our pools		63,378		86,390		(23,012	)		(27	)%
Masonry, stone and tile installed in and around our pools and coping expenses associated therewith		34,528		56,144		(21,616	)		(39	)%
Excavation and steel expenses		28,891		44,815		(15,924			(36	)%
Other, including labor		51,350		171,420		(120,070	)		(70	)%
Total	$	274,276	$	518,856	$	(244,580	)		(47	)%

	RELIANT HOLDINGS, INC.

Date: May 20, 2024	By:	/s/ Elijah May
		Elijah May
		Chief Executive Officer and President
		(Principal Executive Officer and Principal Financial/Accounting Officer)

1.	I have reviewed this Quarterly Report on Form 10-Q of Reliant Holdings, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.	I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15 (f)) for the registrant and have:

	(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	(c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	(d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

	(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

	(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

	(1)	The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

	(2)	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company at the dates and for the periods indicated.