HST Global, Inc. reported significant financial changes in its 10-Q filing for the period ending September 30, 2024. The company experienced a notable increase in cash and cash equivalents, rising to $10,406 from $1,526 at the end of the previous fiscal year. Total assets surged to $1,281,070, a substantial increase from $1,526 at December 31, 2023. This growth was accompanied by a dramatic reduction in total liabilities, which decreased to $42,076 from $593,593, reflecting a reorganization of the company's capital structure.
For the three months ended September 30, 2024, HST Global reported a net loss of $13,792, a significant improvement compared to a net loss of $35,730 for the same period in 2023. The loss from operations also decreased to $(13,400) from $(34,368) year-over-year. For the nine months ended September 30, 2024, the net loss was $64,609, down from $109,311 in the prior year. The reduction in losses is attributed to decreased interest and consulting expenses, as well as the cancellation of debt owed to Ronald Howell as part of a reorganization agreement.
The company’s total operating expenses for the nine months ended September 30, 2024, were $62,643, down from $105,433 in the same period of 2023. The basic and diluted loss per share for the three months ended September 30, 2024, was $(0.00), compared to $(0.01) in the prior year. The weighted average number of common shares outstanding increased significantly to 41,109,859 from 5,248,582, reflecting the issuance of shares during the reorganization.
Strategically, HST Global has focused on acquisitions and restructuring. In April 2024, the company completed a reorganization agreement that involved transferring shares and converting debt into equity, resulting in the issuance of 18,156,322 shares to HPAF and HGHI. Additionally, the company acquired tradenames and trademarks, issuing 1,210,156 shares effective September 24, 2024. The management team was also restructured, with Mike Field appointed as President and Acting CFO, and Jason Murphy as CEO.
Despite these developments, the company has raised concerns regarding its ability to continue as a going concern due to insufficient ongoing revenue to cover operating costs. As of September 30, 2024, HST Global has not established a sufficient ongoing source of revenues, which poses a significant challenge for its future operations.
About HST Global, Inc.
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