GFLT — what changed in the latest 10-K

Text added vs the prior filing · source: 10-K · 2026-09-25

• Our business strategy anticipates that our revenue stream will be derived from the sale and lease of our patented collapsible marine container (the “GenFlat Container”). Our GenFlat Container is engineered to be a substitute for the conventional marine container. Built from mild steel and Corten, ou…

• We operate our business in one industry, intermodal transportation equipment, and we have two business segments:

• · Equipment leasing. Our equipment leasing operations includes the acquisition, leasing, re-leasing and ultimate sale of multiple types of intermodal transportation equipment, primarily intermodal containers.

• As of June 30, 2026, our qualified sales pipeline consisted of approximately $400 million in potential contract value, representing prospective customer opportunities that have progressed beyond initial discussions but have not yet resulted in signed contracts. Qualified sales pipeline does not repr…

• Our estimates regarding the potential timing of conversion of our qualified sales pipeline are based on management’s qualitative assessment of each opportunity within the pipeline. In forming these estimates, management considers, among other factors, the current stage of discussions with prospectiv…

Text removed vs the prior filing · source: 10-K · 2025-09-19

• We commenced commercial operations in May 2024. Presently, our commercial operations consist of one rental agreement and two equipment lease agreements to provide GenFlat Containers with a total of three customers, including one agreement entered into in August 2025 and one agreement entered into in…

• Our business strategy anticipates that our revenue stream will be derived from the sale and lease of our patented collapsible marine container (the “GenFlat Container”). Our GenFlat Container is engineered to be a substitute for the standard marine container. Built from mild steel and Corten, our Ge…

• Presently, our commercial operations consist of one rental agreement and two equipment lease agreements to provide GenFlat Containers to a total of three customers, including one agreement entered into in August 2025 and one agreement entered into in September 2025. The lease agreements demonstrate …

• We are partnered with China International Marine Containers (CIMC) in Dalian, China, to manufacture our GenFlat Containers.

• We will operate our business in one industry, intermodal transportation equipment, and we will have two business segments:

Text added vs the prior filing · source: 10-K · 2026-09-25

• Our business does not presently generate the cash needed to finance our current and anticipated operations. Based on our current operating plan and budgeted cash requirements, we believe that we will need to obtain additional future financing after that time to finance our operations until such time…

• We currently have one rental agreement, two equipment lease agreements, and four trial agreements with a total of seven customers. In addition, we have lease agreements with two customers to provide GenFlat containers starting during the fourth quarter of calendar 2026.

• The ongoing conflict in Iran may disrupt the global maritime shipping industry

• On February 28, 2026, a war began between the U.S., Israel and Iran (the “Iran War”), further increasing the conflicts and tensions in the Middle East, resulting in significant disruptions to key trade routes, especially the Strait of Hormuz, tightened global supply of certain commodities, and incre…

• Shares eligible for future sale may adversely affect the market for our securities and our ability to raise additional equity capital.

Text removed vs the prior filing · source: 10-K · 2025-09-19

• Currently, we have one paying customer. We have one rental agreement in place with this customer for use of GenFlat containers, and we have generated nominal revenue to date pursuant to this rental agreement. In addition, we have lease agreements with two customers to provide GenFlat containers star…

• Currently, we have one paying customer. We have one rental agreement in place with this customer for use of GenFlat containers, and we have generated nominal revenue to date pursuant to this rental agreement. In addition, we have lease agreements with two customers to provide GenFlat containers star…

• Because our executive officers engage in other business activities, they may not be able or willing to devote a sufficient amount of time to our business operations, causing our business to fail.

• Our Chief Executive Officer, Drew Hall, currently devotes approximately 95% of his working time providing management services to our Company. Our other executive officers expect to devote approximately 40 hours per week providing management services to our Company. Since none of our executive office…

• We do not currently have any general liability insurance to protect us in case of customer or other claims.

Text added vs the prior filing · source: 10-K · 2026-09-25

• Cost of goods sold was $76,820 for the year ended June 30, 2026, as compared to $177,279 for 2025, a decrease of $100,459. The cost of goods sold for the year ended June 30, 2026 primarily related to $60,825 of depreciation expense of rental inventory, and $15,995 transportation expenses of the Comp…

• General and administrative expenses for the year ended June 30, 2026, were $2,730,281, compared to $3,306,299 for 2025, a decrease of $576,018. The decrease was primarily related to decrease in stock-based compensation expense of $1,409,109 associated with advisor agreements issued in the prior year…

• Net cash provided by financing activities during the year ended June 30, 2026 was $6,369,316, an increase of $5,180,787 from cash provided by financing activities in 2025 of $1,188,529. Proceeds from the sale of common stock were $6,426,690, an increase of $5,324,426 from proceeds from the sale of c…

• During the year ended June 30, 2026, the Company sold a total of 2,377,000 shares of common stock in exchange for net cash proceeds of $6,426,690. During the year ended June 30, 2026, the Company issued 43,667 shares sold for $262,000 during the year June 30, 2025 and was recorded as subscription pa…

• The Company maintains an operating lease for its office space with the Company’s CEO, Drew Hall. On January 3, 2025, the Company extended the operating lease for its office space to expire on January 1, 2027, and agreed to pay $1,320 on a monthly basis. On January 30, 2026, the Company extended the …

Text removed vs the prior filing · source: 10-K · 2025-09-19

• For the years ended June 30, 2025, and 2024, respectively, we generated revenue from our operations of $7,894 and $5,234, and our net losses from operations were $4,709,006 and $1,232,730, respectively.

• Cost of goods sold was $177,279 for the year ended June 30, 2025, as compared to $168,540 for 2024, an increase of $8,739. The cost of goods sold for the year ended June 30, 2025 primarily related to $124,920 of depreciation expense of rental inventory, and $52,359 transportation expenses of the Com…

• General and administrative expenses for the year ended June 30, 2025, were $3,306,299, compared to $1,069,424 for 2024, an increase of $2,236,875, which was primarily related to an increase in stock-based compensation expense of $2,365,648 associated with new advisor agreements, an increase of appro…

• Net cash provided by financing activities during the year ended June 30, 2025 was $1,188,529, a decrease of $1,010,279 from cash provided by financing activities in 2024 of $2,198,808. Proceeds from notes payable were $199,996 and proceeds from related party notes were $94,750 during the year ended …

• During the year ended June 30, 2024, prior to closing of the Share Exchange, GenFlat sold a total of 564,628 shares of its common stock in exchange for net cash proceeds of $2,289,300. Of these shares, 33,333 were issued after June 30, 2024.