U.S. SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended March 31, 2024

 

☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

Commission file number: 000-56200

 

HI-GREAT GROUP HOLDING COMPANY

(Exact name of registrant as specified in its charter)

 

Nevada   46-2218131
(State or Other Jurisdiction of
Incorporation or Organization)		   (I.R.S. Employer
Identification No.)

 

621 South Virgil Avenue, #470, Los Angeles, California   90005
(Address of Principal Executive Offices)   (Zip Code)

 

Registrant’s telephone number, including area code: (213)-219-7746

 

Securities registered pursuant to Section 12(b) of the Act: None

 

Title of each class   Trading Symbol(s)   Name of each exchange on which
registered
         

 

Indicate by check mark whether the registrant (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☐ No ☒

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

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

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

 

State the number of shares outstanding of each of the issuer’s classes of common equity, as of the latest practicable date: As of May 29, 2024, the issuer had 100,000,000 shares of its common stock issued and outstanding.

 

 

 

 

 

 

EXPLANATORY NOTE

 

This form 10-Q for the quarter ended March 31, 2024, is being filed as reviewed by our Independent Auditor

 

 

 

 

TABLE OF CONTENTS

 

PART I   1
Item 1. Unaudited Condensed Financial Statements 1
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 2
Item 3. Quantitative and Qualitative Disclosures About Market Risk 6
Item 4. Controls and Procedures 6
     
PART II   7
Item 1. Legal Proceedings 7
Item 1A. Risk Factors 7
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 7
Item 3. Defaults Upon Senior Securities 7
Item 4. Mining Safety Disclosures 7
Item 5. Other Information 7
Item 6. Exhibits 7
     
Signatures 8

 

i

 

 

PART I – FINANCIAL INFORMATION

 

ITEM 1. FINANCIAL STATEMENTS

 

INDEX TO FINANCIAL STATEMENTS

 

Balance Sheets as of March 31, 2024 (unaudited) and December 31, 2023 F-1
Statements of Operations for the Three and Three Months Ended March 31, 2024 and 2023 (unaudited) F-2
Statements of Stockholders’ Equity for the Three Months Ended March 31, 2024, and 2023 (unaudited) F-3
Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 (unaudited) F-4
Notes to the Financial Statements (unaudited) F-5

 

1

 

 

HI-GREAT GROUP HOLDING COMPANY
BALANCE SHEETS

 

   March 31,   December 31, 
   2024   2023 
   (Unaudited)   (Audited) 
ASSETS        
Current assets:        
Cash  $1,687   $733 
Inventory   51,480    54,090 
Advances to Suppliers   1,750    1,750 
Receivable from Citi Bank   
-
    
-
 
Total current assets   54,917    56,573 
           
Non-current assets:          
Right of use asset – operating lease – related party   27,565    27,565 
Total assets  $82,482   $84,138 
           
LIABILITIES AND STOCKHOLDERS’ DEFICIT          
Current liabilities:          
Accounts payable  $27,400   $27,400 
Accounts payable – related party   
-
    
-
 
Notes payable – related party   
-
    
-
 
Loan payable – related party   
-
    
-
 
Accrued royalty– related party   147,182    144,920 
Deferred revenue   
-
    
-
 
Operating lease obligation, current portion – related party   
-
    
-
 
State Income Tax Payable   
-
    
-
 
Total current liabilities   174,582    172,320 
           
Non-Current Liabilities:          
Operating lease obligation – related party   21,231    21,231 
Total Liabilities   195,813    193,551 
           
Commitments and Contingencies   
 
    
 
 
           
Stockholders’ Deficit:          
Preferred stock, par value $0.001 per share; 10,000,000 shares authorized; no shares issued and outstanding   
 
    
 
 
Common stock, par value $0.001 per share; 1,100,000,000 shares authorized; 100,000,000 shares issued and outstanding as of December 30, 2022 and December 31, 2021, respectively   100,000    100,000 
Additional paid in capital   629,566    629,566 
Accumulated Deficit   (842,897)   (838,979)
Total stockholders’ equity   (113,331)   (109,413)
           
Total liabilities and stockholders’ equity  $82,482   $84,138 

 

The accompanying notes are an integral part of these unaudited financial statements.

 

F-1

 

 

HI-GREAT GROUP HOLDING COMPANY

PROFIT AND LOSS

 

   For three months ended 
Mar 31		 
   2024   2023 
   (Unaudited)   (Unaudited) 
         
Sales  $9,050   $24,269 
Cost of sales-royalty– related party   (2,263)   (4,317)
Cost of goods sales   (2,610)   (7,080)
Gross profit   4,178    12,872 
           
Operating expenses:          
Professional fees   6,500    7,000 
Depreciation Expense        27,565 
Rent expense   
-
    (22,500)
General and administrative expenses   1,596    6,490 
Total operating expense   8,096    18,555 
           
Income (Loss) from operations   (3,918)   (5,683)
           
Other income (expense):          
Interest income   
 
    
 
 
Interest expense        (2,276)
Total other (expense) income   
-
    (2,276)
           
Net income (loss)  $(3,918)  $(7,959)
Net income (loss) per common share – basic and diluted  $
-
   $
-
 
Weighted average common shares   100,000,000    100,000,000 

 

The accompanying notes are an integral part of these unaudited financial statements.

 

F-2

 

 

HI-GREAT GROUP HOLDING COMPANY
STATEMENTS OF STOCKHOLDERS’ DEFICIT
FOR THE THREE MONTHS ENDED MAR 31, 2024 AND 2023

 

   Common   Common   Additional        
   Stock:   Stock:   Paid-in   Accumulated     
   Shares   Amount   Capital   Deficit   Totals 
Balance – December 31, 2019   100,000,000   $100,000   $619,566   $(719,802)  $(236)
Net Loss (Restated)                  (12,782)   (12,782)
Balance – December 31, 2020   100,000,000   $100,000   $619,566   $(732,584)  $(13,018)
Adjustment – Issuance of Stocks             10,000         10,000 
Adjustment                  5,289    5,289 
Net Income                  2,579    2,579 
Balance – December 31, 2021   100,000,000   $100,000   $629,566   $(724,716)  $4,850 
Adjustment                  (1,980)   (1,980)
Net Income                  3,300    3,300 
Balance – December 31, 2022   100,000,000   $100,000   $629,566   $(723,396)  $6,170 
Net Income                  (7,959)   (7,959)
Balance – March 31, 2023   100,000,000   $100,000   $629,566   $(731,355)  $(1,789)
Net Income                  (58,599)   (58,599)
Balance – June 30, 2023   100,000,000   $100,000   $629,566   $(789,954)  $(60,388)
Net Income                  (24,838)   (24,838)
Balance – September 30, 2023   100,000,000   $100,000   $629,566   $(814,792)  $(85,226)
Adjustment                  6,175    6,175 
Net Income                  (30,361)   (30,361)
Balance – December 31, 2023   100,000,000   $100,000   $629,566   $(838,979)  $(109,413)
Net Income                  (3,918)   (3,918)
Balance – March 31, 2024   100,000,000   $100,000   $629,566   $(842,897)  $(113,331)

 

The accompanying notes are an integral part of these unaudited financial statements.

 

F-3

 

 

HI-GREAT GROUP HOLDING COMPANY
STATEMENTS OF CASH FLOWS
(Unadited)

 

   For the three months ended 
   Mar 31, 
   2024   2023 
         
Cash Flows from operating activities:        
Net Income  $(3,918)  $(7,959)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:          
Amortization of right of use asset – operating lease   
-
    
-
 
Changes in operating assets and liabilities:          
Inventory   2,610    7,080 
Advances to Suppliers   
-
    7,500 
Receivable from CitiBank   
-
    
-
 
Accounts payable – related party   
-
    (4,000)
Accrued royalty   2,263    4,317 
Accrued interest   
-
    
-
 
Loan Payable   
-
    
-
 
State Income Tax Payable   
-
    
-
 
Operating Lease Obligation (Current Portion)   
-
    12,250 
Net cash provided (used) by operating activities   954    19,188 
           
Cash Flows from Investing Activities:          
Notes receivable – Related Party   
-
    
-
 
Right of Use Asset – Related Party   
-
    29,435 
Net cash provided (used) by investing activities   
-
    29,435 
           
Cash Flows from Financing Activities:          
Proceeds from common stock – related party   
-
    
-
 
Right of Use Liabilities   
-
    (35,610)
Operating Lease Obligation   
-
    (12,409)
Retained Earnings   
-
    6,175 
Net cash provided (used) by financing activities   
-
    (41,844)
           
Effect of exchange rate changes   
-
    
-
 
           
Net change in cash   954    6,779 
           
Cash at beginning of period   733    30,577 
Cash at end of period  $1,687   $37,356 
           
Supplemental schedule of cash flow information:          
           
Non-cash investing and financing activities:          
Note receivable-related party  $
-
   $
-
 
Common stock-related party  $
-
   $
-
 
Right of use asset – operating lease  $
-
   $0 

 

The accompanying notes are an integral part of these unaudited financial statements.

 

F-4

 

 

HI-GREAT GROUP HOLDING COMPANY

NOTES TO FINANCIAL STATEMENTS
MARCH 31, 2024

(Unaudited)

 

NOTE 1 – ORGANIZATION AND DESCRIPTION OF BUSINESS

 

Basis of Presentation and Organization

 

Hi-Great Group Holding Company (the “Company”) is a development stage enterprise that was originally incorporated, on September 30, 2010, under the laws of the State of Nevada.

 

On March 8, 2019, the eight judicial District Court of Nevada appointed Custodian Ventures, LLC as custodian for Hi-Great Group Holding Company, proper notice having been given to the officers and directors of Hi-Great Group Holding Company. There was no opposition.

 

On March 15, 2019, the Company filed a certificate of revival with the state of Nevada, appointing David Lazar as President, Secretary, Treasurer and Director.

 

On October 11, 2019, Custodian Ventures entered into a stock purchase agreement whereby they transferred 70,000,000 shares of common stock to Esther Yang in exchange for $225,000 in cash. As a result of the sale, there was a change of control of the Company. There is no family relationship or other relationship between the Seller and the Purchaser.

 

On March 19, 2020, the Company entered in a licensing agreement with SellaCare, Inc. for the licensing of Patents and all future products developed by the SellaCare, Inc. The licensing agreement calls for the Company to pay 25% of all Gross revenues or $1,000, whichever is greater and not less than $1,000, beginning April 30, 2020 and payable the 15th of every month thereafter.

 

On March 16, 2020, the Company entered into a land lease for property located in the unincorporated area of Pearblossom, County of Los Angeles, California, in agreement with Sella Property, LLC. Sella Property, LLC is an entity controlled by Esther Yang. The lease calls for rent payments of $30,000 in annual installments due on the 16th day of March each year.

 

In March 2020, the World Health Organization categorized the novel coronavirus (COVID-19) as a pandemic, and it continues to spread throughout the United States and the rest of the world with different geographical locations impacted more than others. The outbreak of COVID-19 and public and private sector measures to reduce its transmission, such as the imposition of social distancing and orders to work-from-home, stay-at-home and shelter-in-place, have had a minimal impact on our day to day operations. However, this could impact our efforts to enter into a business combination as other businesses have had to adjust, reduce or suspend their operating activities. The extent of the impact will vary depending on the duration and severity of the economic and operational impacts of COVID-19. The Company is unable to predict the ultimate impact at this time.

 

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Basis of presentation

 

The accompanying unaudited financial statements are prepared on the basis of accounting principles generally accepted in the United States of America (“GAAP”). The accompanying unaudited financial statements reflect all adjustments, consisting of only normal recurring items, which, in the opinion of management, are necessary for a fair statement of the results of operations for the periods shown and are not necessarily indicative of the results to be expected for the full year ending March 31, 2024. The Company is a development stage enterprise devoting substantial efforts to establishing a new business, financial planning, raising capital, and research into products which may become part of the Company’s product portfolio. The Company has not realized significant sales through since inception. A development stage company is defined as one in which all efforts are devoted substantially to establishing a new business and, even if planned principal operations have commenced, revenues are insignificant.

 

Use of estimates

 

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates

 

F-5

 

 

Cash and Cash Equivalents

 

For purposes of reporting within the statements of cash flows, the Company considers all cash on hand, cash accounts not subject to withdrawal restrictions or penalties, and all highly liquid debt instruments purchased with a maturity of six months or less to be cash and cash equivalents.

 

Reclassifications

 

No reclassifications have been made to the current period financial information to conform to the presentation used in the financial statements for the nine months ended March 31, 2024.

 

Revenue Recognition

 

The Company records revenue in accordance with FASB Accounting Standards Codification (“ASC”) as topic 606 (“ASC 606”). The revenue recognition standard in ASC 606 outlines a single comprehensive model for recognizing revenue as performance obligations, defined in a contract with a customer as goods or services transferred to the customer in exchange for consideration, are satisfied. The standard also requires expanded disclosures regarding the Company’s revenue recognition policies and significant judgments employed in the determination of revenue. The Company is involved in Agritourism and sells herbal supplements. The Company sells herbal supplements it buys directly from SellaCare, Inc. and sells those supplements using the SellaCare brand. SellaCare, Inc is a company that is controlled by the Company’s majority shareholder.

 

Cost of Goods Sold

 

Cost of sales includes all direct expenses incurred to produce the revenue for the period. This includes, but is not limited to, product cost and shipping. Cost of goods sold are recorded in the same period as the resulting revenue. The company pays a sales based royalty payment of 25% of gross revenue to SellaCare, Inc., its related party. This royalty expense is included in cost of goods sold.

 

Leases

 

The Company adopted the new lease accounting standard, “Accounting Standards Codification Topic 842 Leases (ASC 842)” using the modified retrospective basis for all agreements existing as of January 1, 2019 as described further below under Accounting Standards Adopted.

 

The Company recognizes a right-of-use asset and lease liability for all financing and operating leases with terms greater than twelve months. The lease liability is measured based on the present value of the lease payments not yet paid. The right-of-use asset is measured based on the initial measurement of the lease liability adjusted for any direct costs incurred upon commencement of the lease. The right-of-use assets are amortized on a straight-line basis over the lease term, and are tested for impairment in a manner consistent with the other long-lived assets held by the Company.

 

Adoption of Recent Accounting Pronouncements

 

The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

 

NOTE 3 – GOING CONCERN

 

The accompanying financial statements have been prepared assuming the continuation of the Company as a going concern. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and is dependent on debt and equity financing to fund its operations. Management of the Company is making efforts to raise additional funding until a registration statement relating to an equity funding facility is in effect. While management of the Company believes that it will be successful in its capital formation and planned operating activities, there can be no assurance that the Company will be able to raise additional equity capital or be successful in the development and commercialization of the products it develops or initiates collaboration agreements thereon. The accompanying financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the possible inability of the Company to continue as a going concern.

 

F-6

 

 

NOTE 4 – RELATED PARTY TRANSACTIONS

 

On December 27, 2019, the company obtained a loan in the amount of $5,000 from Jung Ho Yang. The note bears an interest rate of 5% and matures on November 30, 2020. As of December 31, 2020, there is $253 of interest accrued on this note. This note is paid.

 

On January 28, 2020, the company obtained a loan in the amount of $10,000 from Sellacare America, Inc. The note bears an interest rate of 5% and matures on November 30, 2020 As of December 31, 2020, there is $463 of interest accrued on this note. This note is paid.

 

On March 19, 2020, the Company entered in a licensing agreement with SellaCare, Inc. for the licensing of Patents and all future products developed by the SellaCare, Inc. The licensing agreement calls for the Company to pay 25% of all Gross revenues or $1,000, whichever is greater and not less than $1,000, beginning April 30, 2020 and payable the 15th of every month thereafter. As of June 30, 2022, $53,365 of licensing expense has been accrued.

 

On March 16, 2020, the Company entered into a land lease for property located in the unincorporated area in Pearblossom, County of Los Angeles, California, in agreement with Sella Property, LLC. Sella Property, LLC is an entity controlled by Company’s majority shareholder. The lease calls for rent payments of $30,000 in annual installments due on the 16th day of March each year. The lease begins March 16, 2020, and matures March 16, 2025.

 

As of March 31, 2024, a total of $0 in loan payable to related party.

 

NOTE 5 – OPERATING LEASE

 

On February 2016, the FASB issued Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842). The ASU introduces a new leasing model for both lessees and lessors. Topic 842 provides guidance in how to identify whether a lease arrangement exists. Management has evaluated its leasing arrangement and has classified it as operating lease.

 

Operating Lease Obligations

 

On March 16, 2020, the Company entered into a land lease for property located in the unincorporated area Pearblossom, County of Los Angeles, State of California.in agreement with Sella Property, LLC. Sella Property, LLC is a company controlled by the majority shareholder of the Company. The lease calls for rent payments of $30,000 in annual installments due on the 16th day of March each year. The lease begins March 16, 2020 and matures March 16, 2025.

 

Lease obligations at December 31, 2023 consisted of the following:

 

Right to Use Asset – USD 27565

 

Right to Use Liability – USD 21231

 

The following Cost related to the lease of the Company for the year ended December 31,2023

 

Lease Depreciation -USD 27565

 

Lease Interest -USD 2276

 

Total Lease Cost -USD 29841

 

NOTE 6 – SUBSEQUENT EVENTS

 

Management has evaluated subsequent events pursuant to the requirements of ASC Topic 855, from the balance sheet date through the date the financial statements were issued and has determined that no material subsequent events exist.

 

F-7

 

 

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

The following information should be read in conjunction with our financial statements and related notes thereto included in Part I, Item 1, above.

 

Forward Looking Statements

 

Certain matters discussed herein are forward-looking statements. Such forward-looking statements contained in this Form 10-Q involve risks and uncertainties, including statements as to:

 

  ● our future strategic plans;

 

  ● our future operating results;

 

  ● our business prospects;

 

  ● our contractual arrangements and relationships with third parties;

 

  ● the dependence of our future success on the general economy;

 

  ● our possibility of not successfully raising future financings; and

 

  ● the adequacy of our cash resources and working capital.

 

These forward-looking statements can generally be identified as such because the context of the statement will include words such as we “believe,” “anticipate,” “expect,” “estimate” or words of similar meaning. Similarly, statements that describe our future plans, objectives or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties which are described in close proximity to such statements, and which could cause actual results to differ materially from those anticipated. Shareholders, potential investors and other readers are urged to consider these factors in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included herein are only made as of the date of this Form 10-Q, and we undertake no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.

 

Executive Overview

 

Hi-Great Group Holding Company (the “Company”) is a development stage enterprise that was originally incorporated, on September 31, 2010, under the laws of the State of Nevada.

 

On March 8, 2019, the eight judicial District Court of Nevada appointed Custodian Ventures, LLC as custodian for Hi-Great Group Holding Company, proper notice having been given to the officers and directors of Hi-Great Group Holding Company. There was no opposition.

 

On March 15, 2019, the Company filed a certificate of revival with the state of Nevada, appointing David Lazar as, President, Secretary, Treasurer and Director.

 

2

 

 

On March 20, 2019, the Company issued 70,000,000 shares of common stock to Custodian Ventures, LLC (controlled by David Lazar) at par for shares valued at $70,000 in exchange for settlement of a portion of a related party loan for amounts advanced to the Company in the amount of $16,100, and the promissory note issued to the Company in the amount $53,900.

 

On October 14, 2019, as a result of a private transactions, 70,000,000 shares of common stock (the “Shares”) of Hi-Great Group Holding Co. (the “Company”), were transferred from Custodian Ventures LLC to Esther Yang (the “Purchaser”). As a result, the Purchaser became a 70% holder of the voting rights of the issued and outstanding share capital of the Company, on a fully diluted basis, and became the controlling shareholder.

 

On October 14, 2019, and effective October 15, 2019, the existing director and officer resigned. Accordingly, David Lazar, serving as a director and an officer, ceased to be the Company’s Chief Executive Officer, Chief Financial Officer, President, Treasurer, Secretary and a Director. At the effective date of the transfer, Ho Soon Yang consented to act as the new President, CEO, CFO, Treasurer, Secretary and Chairman of the Board of Directors of the Company.

 

Ho Soon Yang was appointed as a Chief Executive Officer, President, Secretary, Treasurer and Chairman of Board of Directors of the Company.

 

On February 25, 2020 the Board of Directors via Written Consent Approved the Addition of Alex Jun Ho Yang to the Board of Directors on the same day, and effective immediately, the following Officers were appointed, Alex Jun Ho Yang. Chief Executive Officer, Ho Soon Yang, Chief Financial Officer and Esther Yang as Secretary to the Company. Previously, Ho Soon Yang was the acting President, Chief Executive Officer, Chief Financial Officer, Treasurer and Secretary of the Company and the sole Director of the Company.

 

On April 16, 2020, Esther Yang through a Share Purchase Agreement sold 65,001,000 of the 70,000,000 shares she had purchased from Custodian Ventures, LLC in the Company to Jun Ho Yang and Ho Soon Yan. On April 22, 2020, she resigned as Corporate Secretary and Director of the Company. As of March 31, 2024, Esther Yang remaining shares is 4,999,000.

 

On April 24, 2020, Madeline Choi was appointed as Secretary to the Company by the Current Board of Directors.

 

On April 29, 2020, Madeline Choi was transferred 1,000,000 shares from Alex Jun Ho Yang as compensation for serving as Secretary.

 

On September 22, 2020, Madeline Choi resigned as Secretary of the Company and Ho Soon Yang resumed the role of Secretary.

 

Hi-Great Group Company has withdrawn CBD Oils from our business plan. Hi-Great Group Holding Company holds the exclusive worldwide license agreement New Business plan with the KRAS gene among the most frequently mutated genes across all cancers, including pancreatic, lung, and colorectal. KRAS is thought to be an initial “driver” mutation that leads to cancer formation. And continue to market, sell and distribute SellaCare, Inc’s organic longevity health supplement. the current worldwide exclusive license agreement with SellaCare, Inc. in the areas of Longevity and additional health benefits and also expand into the lucrative cosmetic sector as an overall sustainable revenue platform as they become a significant supplier in each of the six industry sectors remaining as same. 

 

Website: Under construction

 

3

 

 

Our Business Objectives

 

Our principal business objective is to maximize shareholders returns through a combination of (1) dividends to our shareholders, (2) sustainable long-term growth in cash flows from distribution of the products described herein, (3) potential long-term appreciation in the value of our properties from capital gains upon future sales, (4) other sustainable agricultural business opportunity which the Board of Directors determines to be beneficial to Company, or (5) distribution of plant-based finished consumer product and integrate the use of specialty herbs into its worldwide health supplement business to include expansion into the cosmetics sector using multiple herbal oils and compounds.

 

Business Overview

 

Hi-Great Group Company has been refocusing our efforts on an exclusive global licensing agreement pertaining to the KRAS gene. This gene is frequently mutated in a variety of cancers, including those affecting the pancreas, lungs, and colon, and is considered a pivotal “driver” mutation in cancer initiation. We will also uphold our commitment to marketing, selling, and distributing SellaCare, Inc.’s organic longevity health supplement under our existing worldwide exclusive license agreement. Furthermore, we plan to diversify into the thriving cosmetic sector as a strategic component of our sustainable revenue approach, all while retaining our presence in the other six industry sectors. 

 

Results of Operation for the Nine Months Ended March 31, 2024 and 2022

 

Sales and Cost of Sales

 

For the three months ended March 31, 2024, we had $9,050 of sales compared to $24,269 for the three months ended March 31, 2023. Our cost of sales for the three months ended March 31, 2024, was $4,873 compared to $11,397 for the three months ended March 31, 2023. The Company just recently started to generate revenue in the beginning of 2020.

 

Professional fees

 

For the three months ended March 31, 2024, we incurred $6,500 of professional fee expenses compared to $7,000 for the three months ended March 31, 2023. The decrease in professional fees in the current period is attributed to an decrease of legal and audit expenses.

 

General and administrative

 

For the three months ended March 31, 2024, we incurred $1,596 of general and administrative expense (“G&A”) compared to $6,490 for the three months ended March 31, 2023. The decrease in the current year is attributed to a decrease of shipping expenses in this quarter.

 

Other income (expense)

 

For the three months ended March 31, 2024, we had an interest expense of $0, compared to $2,276 for the three months ended March 31, 2023.

 

4

 

 

Net loss

 

For the three months ended March 31, 2024, the Company had a net loss of $3,918 as compared to a net loss of $7,959 for the three months ended March 31, 2023.

 

Liquidity and Capital Resources

 

As reflected in the accompanying unaudited financial statements, the Company has just recently begun to generate revenue. We have an accumulated deficit of $842,897 and had a net loss of $3,918 for the three months ended March 31, 2024.

 

Operating Activities

 

We had cash received of $954 for the three months ended March 31, 2024, compared to cash received of $19,188 for the three months ended March 31, 2023.

 

We had used $0 for investing activities for the three months ended March 31, 2024, compared to investing $29,435 for a right of use of asset in the prior period.

 

We had used $0 for financing activities for the three months ended March 31, 2024, compared to the used $41,844 for the three months ended March 31, 2023.

 

Critical Accounting Estimates and Policies

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.  Note 2 to the Financial Statements describes the significant accounting policies and methods used in the preparation of the Financial Statements. Estimates are used for, but not limited to, contingencies and taxes.  Actual results could differ materially from those estimates. The following critical accounting policies are impacted significantly by judgments, assumptions, and estimates used in the preparation of the Financial Statements.

 

We are subject to various loss contingencies arising in the ordinary course of business. We consider the likelihood of loss or impairment of an asset or the incurrence of a liability, as well as our ability to reasonably estimate the amount of loss in determining loss contingencies.  An estimated loss contingency is accrued when management concludes that it is probable that an asset has been impaired, or a liability has been incurred and the amount of the loss can be reasonably estimated.  We regularly evaluate current information available to us to determine whether such accruals should be adjusted.

 

We recognize deferred tax assets (future tax benefits) and liabilities for the expected future tax consequences of temporary differences between the book carrying amounts and the tax basis of assets and liabilities.  The deferred tax assets and liabilities represent the expected future tax return consequences of those differences, which are expected to be either deductible or taxable when the assets and liabilities are recovered or settled.  Future tax benefits have been fully offset by a 100% valuation allowance as management is unable to determine that it is more likely than not that this deferred tax asset will be realized.

 

Off-Balance Sheet Arrangements

 

We have not entered into any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources and would be considered material to investors.

 

Recent Accounting Pronouncements

 

The Company has implemented all the new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

 

5

 

 

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

Not applicable to smaller reporting companies.

 

ITEM 4. CONTROLS AND PROCEDURES

 

Evaluation of Disclosure Controls and Procedures

 

We maintain disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) that are designed to be effective in providing reasonable assurance that information required to be disclosed in our reports under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission (the “SEC”), and that such information is accumulated and communicated to our management to allow timely decisions regarding required disclosure. Our Chief Executive Officer and Chief Financial Officer evaluated the effectiveness of our disclosure controls and procedures as of the end of the period covered by this report. Based on that evaluation, they concluded that our disclosure controls and procedures were not effective for the quarterly period ended March 31, 2024.

 

The following aspects of the Company were noted as potential material weaknesses:

 

●lack of an audit committee

 

●lack of segregation of duties

 

In designing and evaluating disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable, not absolute assurance of achieving the desired objectives. Also, the design of a control system must reflect the fact that there are resource constraints and the benefits of controls must be considered relative to their costs.

 

Changes in Internal Controls

 

Based on that evaluation, our Chief Executive Officer and our Chief Financial Officer concluded that no change occurred in the Company’s internal controls over financial reporting during the quarter ended March 31, 2024, that has materially affected, or is reasonably likely to materially affect, the Company’s internal controls over financial reporting.

 

6

 

 

PART II - OTHER INFORMATION

 

ITEM 1. LEGAL PROCEEDINGS

 

None.

 

ITEM 1A. RISK FACTORS

 

We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and, as such, are not required to provide the information under this Item; however, due to the current circumstance we have chosen to include the following risk factor.

 

On January 30, 2020, the World Health Organization declared the coronavirus outbreak a “Public Health Emergency of International Concern” and on March 10, 2020, declared it to be a pandemic. The coronavirus and actions taken to mitigate it have had and are expected to continue to have an adverse impact on the economies and financial markets of many countries, including the geographical area in which the Company operates. While it is unknown how long these conditions will last and what the complete financial effect will be on the company, to date, the Company has not experienced a material impact.

 

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

 

None.

 

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

 

None.

 

ITEM 4. MINING SAFETY DISCLOSURES

 

Not applicable.

 

ITEM 5. OTHER INFORMATION.

 

None

 

ITEM 6. EXHIBITS

 

Exhibit
Number		   Exhibit Description
31.1   Certification of Chief Executive Officer, pursuant to Rule 13a-14(a) of the Exchange Act, as enacted by Section 302 of the Sarbanes-Oxley Act of 2002. (filed herewith)
     
31.2   Certification of Chief Financial Officer, pursuant to Rule 13a-14(a) of the Exchange Act, as enacted by Section 302 of the Sarbanes-Oxley Act of 2002. (filed herewith)
     
32   Certification of Chief Executive Officer and Chief Financial Officer, pursuant to 18 United States Code Section 1350, as enacted by Section 906 of the Sarbanes-Oxley Act of 2002. (filed herewith)
     
101.INS   Inline XBRL Instance Document.
     
101.SCH   Inline XBRL Taxonomy Extension Schema Document.
     
101.CAL   Inline XBRL Taxonomy Extension Calculation Linkbase Document.
     
101.DEF   Inline XBRL Taxonomy Extension Definition Linkbase Document.
     
101.LAB   Inline XBRL Taxonomy Extension Label Linkbase Document.
     
101.PRE   Inline XBRL Taxonomy Extension Presentation Linkbase Document.
     
104   Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

 

7

 

 

SIGNATURES

 

In accordance with the requirements of the Exchange Act, the Registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  HI-GREAT GROUP HOLDING COMPANY
     
Date: May 30, 2024 By: /s/ Jun Ho Yang
  Name:  Jun Ho Yang
  Title: Chief Executive Officer
(Principal Executive Officer)
     
Date: May 30, 2024 By: /s/ Ho Soon Yang
  Name: Ho Soon Yang
  Title: Chief Financial Officer
(Principal Financial and Accounting Officer)

 

 

 

8

 

219-7746 false --12-31 Q1 0001807616 true NONE None 0001807616 2024-01-01 2024-03-31 0001807616 2024-05-29 0001807616 2024-03-31 0001807616 2023-12-31 0001807616 us-gaap:RelatedPartyMember 2024-03-31 0001807616 us-gaap:RelatedPartyMember 2023-12-31 0001807616 2023-01-01 2023-03-31 0001807616 us-gaap:CommonStockMember 2019-12-31 0001807616 us-gaap:AdditionalPaidInCapitalMember 2019-12-31 0001807616 us-gaap:RetainedEarningsMember 2019-12-31 0001807616 2019-12-31 0001807616 us-gaap:RetainedEarningsMember 2020-01-01 2020-12-31 0001807616 2020-01-01 2020-12-31 0001807616 us-gaap:CommonStockMember 2020-12-31 0001807616 us-gaap:AdditionalPaidInCapitalMember 2020-12-31 0001807616 us-gaap:RetainedEarningsMember 2020-12-31 0001807616 2020-12-31 0001807616 us-gaap:AdditionalPaidInCapitalMember 2021-01-01 2021-12-31 0001807616 2021-01-01 2021-12-31 0001807616 us-gaap:RetainedEarningsMember 2021-01-01 2021-12-31 0001807616 us-gaap:CommonStockMember 2021-12-31 0001807616 us-gaap:AdditionalPaidInCapitalMember 2021-12-31 0001807616 us-gaap:RetainedEarningsMember 2021-12-31 0001807616 2021-12-31 0001807616 us-gaap:RetainedEarningsMember 2022-01-01 2022-12-31 0001807616 2022-01-01 2022-12-31 0001807616 us-gaap:CommonStockMember 2022-12-31 0001807616 us-gaap:AdditionalPaidInCapitalMember 2022-12-31 0001807616 us-gaap:RetainedEarningsMember 2022-12-31 0001807616 2022-12-31 0001807616 us-gaap:RetainedEarningsMember 2023-01-01 2023-03-31 0001807616 us-gaap:CommonStockMember 2023-03-31 0001807616 us-gaap:AdditionalPaidInCapitalMember 2023-03-31 0001807616 us-gaap:RetainedEarningsMember 2023-03-31 0001807616 2023-03-31 0001807616 us-gaap:RetainedEarningsMember 2023-04-01 2023-06-30 0001807616 2023-04-01 2023-06-30 0001807616 us-gaap:CommonStockMember 2023-06-30 0001807616 us-gaap:AdditionalPaidInCapitalMember 2023-06-30 0001807616 us-gaap:RetainedEarningsMember 2023-06-30 0001807616 2023-06-30 0001807616 us-gaap:RetainedEarningsMember 2023-07-01 2023-09-30 0001807616 2023-07-01 2023-09-30 0001807616 us-gaap:CommonStockMember 2023-09-30 0001807616 us-gaap:AdditionalPaidInCapitalMember 2023-09-30 0001807616 us-gaap:RetainedEarningsMember 2023-09-30 0001807616 2023-09-30 0001807616 us-gaap:RetainedEarningsMember 2023-10-01 2023-12-31 0001807616 2023-10-01 2023-12-31 0001807616 us-gaap:CommonStockMember 2023-12-31 0001807616 us-gaap:AdditionalPaidInCapitalMember 2023-12-31 0001807616 us-gaap:RetainedEarningsMember 2023-12-31 0001807616 us-gaap:RetainedEarningsMember 2024-01-01 2024-03-31 0001807616 us-gaap:CommonStockMember 2024-03-31 0001807616 us-gaap:AdditionalPaidInCapitalMember 2024-03-31 0001807616 us-gaap:RetainedEarningsMember 2024-03-31 0001807616 2019-10-11 2019-10-11 0001807616 2020-03-19 0001807616 2020-04-30 0001807616 2020-03-16 2020-03-16 0001807616 higr:JungHoYangMember 2019-12-27 2019-12-27 0001807616 higr:LoanMember higr:JungHoYangMember 2019-12-27 0001807616 higr:LoanMember higr:JungHoYangMember 2019-12-27 2019-12-27 0001807616 higr:JungHoYangMember 2020-12-31 0001807616 higr:SellacareAmericaIncMember 2020-01-28 2020-01-28 0001807616 higr:LoanMember higr:SellacareAmericaIncMember 2020-01-28 0001807616 higr:LoanMember higr:SellacareAmericaIncMember 2020-01-28 2020-01-28 0001807616 higr:SellacareAmericaIncMember 2020-12-31 0001807616 2022-06-30 2022-06-30 0001807616 2020-03-16 0001807616 higr:SellaPropertyLLCMember 2024-01-01 2024-03-31 0001807616 higr:SellaPropertyLLCOneMember 2024-01-01 2024-03-31 0001807616 2023-01-01 2023-12-31 xbrli:shares iso4217:USD iso4217:USD xbrli:shares xbrli:pure

Exhibit 31.1

 

CHIEF EXECUTIVE OFFICER

 

I, Jun Ho Yang, hereby certify that:

 

(1)I have reviewed this quarterly report on Form 10-Q of Hi-Great Holding Company:

 

(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)The registrant’s other certifying officers and I are 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

 

(5)The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

 

(a)All significant deficiencies 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.

 

Date: May 30, 2024 By: /s/ Jun Ho Yang
  Name:  Jun Ho Yang
  Title: Chief Executive Officer

 

Exhibit 31.2

 

CHIEF FINANCIAL OFFICER

 

I, Ho Soon Yang , hereby certify that:

 

(1)I have reviewed this quarterly report on Form 10-Q of Hi-Great Holding Company:

 

(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)The registrant’s other certifying officers and I are 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

 

(5)The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

 

(a)All significant deficiencies 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.

 

Date: May 30, 2024 By: /s/ Ho Soon Yang
  Name:  Ho Soon Yang
  Title: Chief Financial Officer

 

Exhibit 32

 

CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

Pursuant to section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code), the undersigned officer of Hi-Great Holding Company, a Nevada corporation (the “Company”), do hereby certify, to the best of their knowledge, that:

 

1.The Quarterly Report on Form 10-Q for the period ending March 31, 2024 (the “Report”) of the Company complies in all material respects with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

 

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

Date: May 30, 2024 By: /s/ Jun Ho Yang
  Name: Jun Ho Yang
  Title: Chief Executive Officer 
     
Date: May 30, 2024 By: /s/ Ho Soon Yang
  Name:  Ho Soon Yang
  Title: Chief Financial Officer

 

v3.24.1.1.u2
Cover - shares
 3 Months Ended
Mar. 31, 2024
May 29, 2024
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Transition Report false  
Entity Interactive Data Current No  
Amendment Flag false  
Document Period End Date Mar. 31, 2024  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q1  
Entity Information [Line Items]    
Entity Registrant Name HI-GREAT GROUP HOLDING COMPANY  
Entity Central Index Key 0001807616  
Entity File Number 000-56200  
Entity Tax Identification Number 46-2218131  
Entity Incorporation, State or Country Code NV  
Current Fiscal Year End Date --12-31  
Entity Current Reporting Status Yes  
Entity Shell Company false  
Entity Filer Category Non-accelerated Filer  
Entity Small Business true  
Entity Emerging Growth Company false  
Entity Incorporation, Date of Incorporation Sep. 30, 2010  
Entity Contact Personnel [Line Items]    
Entity Address, Address Line One 621 South Virgil Avenue  
Entity Address, Address Line Two #470  
Entity Address, City or Town Los Angeles  
Entity Address, State or Province CA  
Entity Address, Postal Zip Code 90005  
Entity Phone Fax Numbers [Line Items]    
City Area Code (213)  
Local Phone Number 219-7746  
Entity Listings [Line Items]    
Title of 12(b) Security None  
No Trading Symbol Flag true  
Security Exchange Name NONE  
Entity Common Stock, Shares Outstanding   100,000,000
v3.24.1.1.u2
Balance Sheets - USD ($)
Mar. 31, 2024
Dec. 31, 2023
Current assets:    
Cash $ 1,687 $ 733
Inventory 51,480 54,090
Advances to Suppliers 1,750 1,750
Receivable from Citi Bank
Total current assets 54,917 56,573
Non-current assets:    
Total assets 82,482 84,138
Current liabilities:    
Accounts payable 27,400 27,400
Deferred revenue
State Income Tax Payable
Total current liabilities 174,582 172,320
Non-Current Liabilities:    
Total Liabilities 195,813 193,551
Commitments and Contingencies
Stockholders’ Deficit:    
Preferred stock, par value $0.001 per share; 10,000,000 shares authorized; no shares issued and outstanding
Common stock, par value $0.001 per share; 1,100,000,000 shares authorized; 100,000,000 shares issued and outstanding as of December 30, 2022 and December 31, 2021, respectively 100,000 100,000
Additional paid in capital 629,566 629,566
Accumulated Deficit (842,897) (838,979)
Total stockholders’ equity (113,331) (109,413)
Total liabilities and stockholders’ equity 82,482 84,138
Related Party    
Non-current assets:    
Right of use asset – operating lease – related party 27,565 27,565
Current liabilities:    
Accounts payable – related party
Notes payable – related party
Loan payable – related party
Accrued royalty– related party 147,182 144,920
Operating lease obligation, current portion – related party
Non-Current Liabilities:    
Operating lease obligation – related party $ 21,231 $ 21,231
v3.24.1.1.u2
Balance Sheets (Parentheticals) - $ / shares
Mar. 31, 2024
Dec. 31, 2023
Statement of Financial Position [Abstract]    
Preferred stock, par value (in Dollars per share) $ 0.001 $ 0.001
Preferred stock, shares authorized 10,000,000 10,000,000
Preferred stock, shares issued
Preferred stock, shares outstanding
Common stock, par value (in Dollars per share) $ 0.001 $ 0.001
Common stock, shares authorized 1,100,000,000 1,100,000,000
Common stock, shares issued 100,000,000 100,000,000
Common stock, shares outstanding 100,000,000 100,000,000
v3.24.1.1.u2
Profit and Loss (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Income Statement [Abstract]    
Sales $ 9,050 $ 24,269
Cost of sales-royalty – related party (2,263) (4,317)
Cost of goods sales (2,610) (7,080)
Gross profit 4,178 12,872
Operating expenses:    
Professional fees 6,500 7,000
Depreciation Expense   27,565
Rent expense (22,500)
General and administrative expenses 1,596 6,490
Total operating expense 8,096 18,555
Income (Loss) from operations (3,918) (5,683)
Other income (expense):    
Interest income
Interest expense   (2,276)
Total other (expense) income (2,276)
Net income (loss) $ (3,918) $ (7,959)
Net income (loss) per common share – basic (in Dollars per share)
Weighted average common shares (in Shares) 100,000,000 100,000,000
v3.24.1.1.u2
Profit and Loss (Unaudited) (Parentheticals) - $ / shares
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Income Statement [Abstract]    
Net income (loss) per common share – diluted
v3.24.1.1.u2
Statements of Stockholders’ Deficit - USD ($)
Common Stock
Additional Paid-in Capital
Accumulated Deficit
Total
Balance at Dec. 31, 2019 $ 100,000 $ 619,566 $ (719,802) $ (236)
Balance (in Shares) at Dec. 31, 2019 100,000,000      
Net income (loss)     (12,782) (12,782)
Balance at Dec. 31, 2020 $ 100,000 619,566 (732,584) (13,018)
Balance (in Shares) at Dec. 31, 2020 100,000,000      
Net income (loss)     2,579 2,579
Balance at Dec. 31, 2021 $ 100,000 629,566 (724,716) 4,850
Balance (in Shares) at Dec. 31, 2021 100,000,000      
Adjustment – Issuance of Stocks   10,000   10,000
Adjustment     5,289 5,289
Net income (loss)     3,300 3,300
Balance at Dec. 31, 2022 $ 100,000 629,566 (723,396) 6,170
Balance (in Shares) at Dec. 31, 2022 100,000,000      
Adjustment     (1,980) (1,980)
Net income (loss)     (7,959) (7,959)
Balance at Mar. 31, 2023 $ 100,000 629,566 (731,355) (1,789)
Balance (in Shares) at Mar. 31, 2023 100,000,000      
Net income (loss)     (58,599) (58,599)
Balance at Jun. 30, 2023 $ 100,000 629,566 (789,954) (60,388)
Balance (in Shares) at Jun. 30, 2023 100,000,000      
Net income (loss)     (24,838) (24,838)
Balance at Sep. 30, 2023 $ 100,000 629,566 (814,792) (85,226)
Balance (in Shares) at Sep. 30, 2023 100,000,000      
Net income (loss)     (30,361) (30,361)
Balance at Dec. 31, 2023 $ 100,000 629,566 (838,979) (109,413)
Balance (in Shares) at Dec. 31, 2023 100,000,000      
Adjustment     6,175 6,175
Net income (loss)     (3,918) (3,918)
Balance at Mar. 31, 2024 $ 100,000 $ 629,566 $ (842,897) $ (113,331)
Balance (in Shares) at Mar. 31, 2024 100,000,000      
v3.24.1.1.u2
Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash Flows from operating activities:    
Net Income $ (3,918) $ (7,959)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Amortization of right of use asset – operating lease
Changes in operating assets and liabilities:    
Inventory 2,610 7,080
Advances to Suppliers 7,500
Receivable from CitiBank
Accounts payable – related party (4,000)
Accrued royalty 2,263 4,317
Accrued interest
Loan Payable
State Income Tax Payable
Operating Lease Obligation (Current Portion) 12,250
Net cash provided (used) by operating activities 954 19,188
Cash Flows from Investing Activities:    
Notes receivable – Related Party
Right of Use Asset – Related Party 29,435
Net cash provided (used) by investing activities 29,435
Cash Flows from Financing Activities:    
Proceeds from common stock – related party
Right of Use Liabilities (35,610)
Operating Lease Obligation (12,409)
Retained Earnings 6,175
Net cash provided (used) by financing activities (41,844)
Effect of exchange rate changes
Net change in cash 954 6,779
Cash at beginning of period 733 30,577
Cash at end of period 1,687 37,356
Non-cash investing and financing activities:    
Note receivable-related party
Common stock-related party
Right of use asset – operating lease $ 0
v3.24.1.1.u2
Organization and Description of Business
 3 Months Ended
Mar. 31, 2024
Organization and Description of Business [Abstract]  
ORGANIZATION AND DESCRIPTION OF BUSINESS

NOTE 1 – ORGANIZATION AND DESCRIPTION OF BUSINESS

 

Basis of Presentation and Organization

 

Hi-Great Group Holding Company (the “Company”) is a development stage enterprise that was originally incorporated, on September 30, 2010, under the laws of the State of Nevada.

 

On March 8, 2019, the eight judicial District Court of Nevada appointed Custodian Ventures, LLC as custodian for Hi-Great Group Holding Company, proper notice having been given to the officers and directors of Hi-Great Group Holding Company. There was no opposition.

 

On March 15, 2019, the Company filed a certificate of revival with the state of Nevada, appointing David Lazar as President, Secretary, Treasurer and Director.

 

On October 11, 2019, Custodian Ventures entered into a stock purchase agreement whereby they transferred 70,000,000 shares of common stock to Esther Yang in exchange for $225,000 in cash. As a result of the sale, there was a change of control of the Company. There is no family relationship or other relationship between the Seller and the Purchaser.

 

On March 19, 2020, the Company entered in a licensing agreement with SellaCare, Inc. for the licensing of Patents and all future products developed by the SellaCare, Inc. The licensing agreement calls for the Company to pay 25% of all Gross revenues or $1,000, whichever is greater and not less than $1,000, beginning April 30, 2020 and payable the 15th of every month thereafter.

 

On March 16, 2020, the Company entered into a land lease for property located in the unincorporated area of Pearblossom, County of Los Angeles, California, in agreement with Sella Property, LLC. Sella Property, LLC is an entity controlled by Esther Yang. The lease calls for rent payments of $30,000 in annual installments due on the 16th day of March each year.

 

In March 2020, the World Health Organization categorized the novel coronavirus (COVID-19) as a pandemic, and it continues to spread throughout the United States and the rest of the world with different geographical locations impacted more than others. The outbreak of COVID-19 and public and private sector measures to reduce its transmission, such as the imposition of social distancing and orders to work-from-home, stay-at-home and shelter-in-place, have had a minimal impact on our day to day operations. However, this could impact our efforts to enter into a business combination as other businesses have had to adjust, reduce or suspend their operating activities. The extent of the impact will vary depending on the duration and severity of the economic and operational impacts of COVID-19. The Company is unable to predict the ultimate impact at this time.

v3.24.1.1.u2
Summary of Significant Accounting Policies
 3 Months Ended
Mar. 31, 2024
Summary of Significant Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Basis of presentation

 

The accompanying unaudited financial statements are prepared on the basis of accounting principles generally accepted in the United States of America (“GAAP”). The accompanying unaudited financial statements reflect all adjustments, consisting of only normal recurring items, which, in the opinion of management, are necessary for a fair statement of the results of operations for the periods shown and are not necessarily indicative of the results to be expected for the full year ending March 31, 2024. The Company is a development stage enterprise devoting substantial efforts to establishing a new business, financial planning, raising capital, and research into products which may become part of the Company’s product portfolio. The Company has not realized significant sales through since inception. A development stage company is defined as one in which all efforts are devoted substantially to establishing a new business and, even if planned principal operations have commenced, revenues are insignificant.

 

Use of estimates

 

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates

 

Cash and Cash Equivalents

 

For purposes of reporting within the statements of cash flows, the Company considers all cash on hand, cash accounts not subject to withdrawal restrictions or penalties, and all highly liquid debt instruments purchased with a maturity of six months or less to be cash and cash equivalents.

 

Reclassifications

 

No reclassifications have been made to the current period financial information to conform to the presentation used in the financial statements for the nine months ended March 31, 2024.

 

Revenue Recognition

 

The Company records revenue in accordance with FASB Accounting Standards Codification (“ASC”) as topic 606 (“ASC 606”). The revenue recognition standard in ASC 606 outlines a single comprehensive model for recognizing revenue as performance obligations, defined in a contract with a customer as goods or services transferred to the customer in exchange for consideration, are satisfied. The standard also requires expanded disclosures regarding the Company’s revenue recognition policies and significant judgments employed in the determination of revenue. The Company is involved in Agritourism and sells herbal supplements. The Company sells herbal supplements it buys directly from SellaCare, Inc. and sells those supplements using the SellaCare brand. SellaCare, Inc is a company that is controlled by the Company’s majority shareholder.

 

Cost of Goods Sold

 

Cost of sales includes all direct expenses incurred to produce the revenue for the period. This includes, but is not limited to, product cost and shipping. Cost of goods sold are recorded in the same period as the resulting revenue. The company pays a sales based royalty payment of 25% of gross revenue to SellaCare, Inc., its related party. This royalty expense is included in cost of goods sold.

 

Leases

 

The Company adopted the new lease accounting standard, “Accounting Standards Codification Topic 842 Leases (ASC 842)” using the modified retrospective basis for all agreements existing as of January 1, 2019 as described further below under Accounting Standards Adopted.

 

The Company recognizes a right-of-use asset and lease liability for all financing and operating leases with terms greater than twelve months. The lease liability is measured based on the present value of the lease payments not yet paid. The right-of-use asset is measured based on the initial measurement of the lease liability adjusted for any direct costs incurred upon commencement of the lease. The right-of-use assets are amortized on a straight-line basis over the lease term, and are tested for impairment in a manner consistent with the other long-lived assets held by the Company.

 

Adoption of Recent Accounting Pronouncements

 

The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.
v3.24.1.1.u2
Going Concern
 3 Months Ended
Mar. 31, 2024
Going Concern [Abstract]  
GOING CONCERN

NOTE 3 – GOING CONCERN

 

The accompanying financial statements have been prepared assuming the continuation of the Company as a going concern. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and is dependent on debt and equity financing to fund its operations. Management of the Company is making efforts to raise additional funding until a registration statement relating to an equity funding facility is in effect. While management of the Company believes that it will be successful in its capital formation and planned operating activities, there can be no assurance that the Company will be able to raise additional equity capital or be successful in the development and commercialization of the products it develops or initiates collaboration agreements thereon. The accompanying financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the possible inability of the Company to continue as a going concern.
v3.24.1.1.u2
Related Party Transactions
 3 Months Ended
Mar. 31, 2024
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

NOTE 4 – RELATED PARTY TRANSACTIONS

 

On December 27, 2019, the company obtained a loan in the amount of $5,000 from Jung Ho Yang. The note bears an interest rate of 5% and matures on November 30, 2020. As of December 31, 2020, there is $253 of interest accrued on this note. This note is paid.

 

On January 28, 2020, the company obtained a loan in the amount of $10,000 from Sellacare America, Inc. The note bears an interest rate of 5% and matures on November 30, 2020 As of December 31, 2020, there is $463 of interest accrued on this note. This note is paid.

 

On March 19, 2020, the Company entered in a licensing agreement with SellaCare, Inc. for the licensing of Patents and all future products developed by the SellaCare, Inc. The licensing agreement calls for the Company to pay 25% of all Gross revenues or $1,000, whichever is greater and not less than $1,000, beginning April 30, 2020 and payable the 15th of every month thereafter. As of June 30, 2022, $53,365 of licensing expense has been accrued.

 

On March 16, 2020, the Company entered into a land lease for property located in the unincorporated area in Pearblossom, County of Los Angeles, California, in agreement with Sella Property, LLC. Sella Property, LLC is an entity controlled by Company’s majority shareholder. The lease calls for rent payments of $30,000 in annual installments due on the 16th day of March each year. The lease begins March 16, 2020, and matures March 16, 2025.

 

As of March 31, 2024, a total of $0 in loan payable to related party.
v3.24.1.1.u2
Operating Lease
 3 Months Ended
Mar. 31, 2024
Operating Lease [Abstract]  
OPERATING LEASE

NOTE 5 – OPERATING LEASE

 

On February 2016, the FASB issued Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842). The ASU introduces a new leasing model for both lessees and lessors. Topic 842 provides guidance in how to identify whether a lease arrangement exists. Management has evaluated its leasing arrangement and has classified it as operating lease.

 

Operating Lease Obligations

 

On March 16, 2020, the Company entered into a land lease for property located in the unincorporated area Pearblossom, County of Los Angeles, State of California.in agreement with Sella Property, LLC. Sella Property, LLC is a company controlled by the majority shareholder of the Company. The lease calls for rent payments of $30,000 in annual installments due on the 16th day of March each year. The lease begins March 16, 2020 and matures March 16, 2025.

 

Lease obligations at December 31, 2023 consisted of the following:

 

Right to Use Asset – USD 27565

 

Right to Use Liability – USD 21231

 

The following Cost related to the lease of the Company for the year ended December 31,2023

 

Lease Depreciation -USD 27565

 

Lease Interest -USD 2276

 

Total Lease Cost -USD 29841
v3.24.1.1.u2
Subsequent Events
 3 Months Ended
Mar. 31, 2024
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 6 – SUBSEQUENT EVENTS

 

Management has evaluated subsequent events pursuant to the requirements of ASC Topic 855, from the balance sheet date through the date the financial statements were issued and has determined that no material subsequent events exist.
v3.24.1.1.u2
Pay vs Performance Disclosure - USD ($)
 3 Months Ended 12 Months Ended
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Pay vs Performance Disclosure                
Net Income (Loss) $ (3,918) $ (30,361) $ (24,838) $ (58,599) $ (7,959) $ 3,300 $ 2,579 $ (12,782)
v3.24.1.1.u2
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.24.1.1.u2
Accounting Policies, by Policy (Policies)
 3 Months Ended
Mar. 31, 2024
Summary of Significant Accounting Policies [Abstract]  
Basis of presentation

Basis of presentation

The accompanying unaudited financial statements are prepared on the basis of accounting principles generally accepted in the United States of America (“GAAP”). The accompanying unaudited financial statements reflect all adjustments, consisting of only normal recurring items, which, in the opinion of management, are necessary for a fair statement of the results of operations for the periods shown and are not necessarily indicative of the results to be expected for the full year ending March 31, 2024. The Company is a development stage enterprise devoting substantial efforts to establishing a new business, financial planning, raising capital, and research into products which may become part of the Company’s product portfolio. The Company has not realized significant sales through since inception. A development stage company is defined as one in which all efforts are devoted substantially to establishing a new business and, even if planned principal operations have commenced, revenues are insignificant.
Use of estimates

Use of estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates

 
Cash and Cash Equivalents

Cash and Cash Equivalents

For purposes of reporting within the statements of cash flows, the Company considers all cash on hand, cash accounts not subject to withdrawal restrictions or penalties, and all highly liquid debt instruments purchased with a maturity of six months or less to be cash and cash equivalents.
Reclassifications

Reclassifications

No reclassifications have been made to the current period financial information to conform to the presentation used in the financial statements for the nine months ended March 31, 2024.
Revenue Recognition

Revenue Recognition

The Company records revenue in accordance with FASB Accounting Standards Codification (“ASC”) as topic 606 (“ASC 606”). The revenue recognition standard in ASC 606 outlines a single comprehensive model for recognizing revenue as performance obligations, defined in a contract with a customer as goods or services transferred to the customer in exchange for consideration, are satisfied. The standard also requires expanded disclosures regarding the Company’s revenue recognition policies and significant judgments employed in the determination of revenue. The Company is involved in Agritourism and sells herbal supplements. The Company sells herbal supplements it buys directly from SellaCare, Inc. and sells those supplements using the SellaCare brand. SellaCare, Inc is a company that is controlled by the Company’s majority shareholder.
Cost of Goods Sold

Cost of Goods Sold

Cost of sales includes all direct expenses incurred to produce the revenue for the period. This includes, but is not limited to, product cost and shipping. Cost of goods sold are recorded in the same period as the resulting revenue. The company pays a sales based royalty payment of 25% of gross revenue to SellaCare, Inc., its related party. This royalty expense is included in cost of goods sold.
Leases

Leases

The Company adopted the new lease accounting standard, “Accounting Standards Codification Topic 842 Leases (ASC 842)” using the modified retrospective basis for all agreements existing as of January 1, 2019 as described further below under Accounting Standards Adopted.

The Company recognizes a right-of-use asset and lease liability for all financing and operating leases with terms greater than twelve months. The lease liability is measured based on the present value of the lease payments not yet paid. The right-of-use asset is measured based on the initial measurement of the lease liability adjusted for any direct costs incurred upon commencement of the lease. The right-of-use assets are amortized on a straight-line basis over the lease term, and are tested for impairment in a manner consistent with the other long-lived assets held by the Company.
Adoption of Recent Accounting Pronouncements

Adoption of Recent Accounting Pronouncements

The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.
v3.24.1.1.u2
Organization and Description of Business (Details) - USD ($)
 3 Months Ended
Mar. 16, 2020
Oct. 11, 2019
Mar. 31, 2024
Apr. 30, 2020
Mar. 19, 2020
Organization and Description of Business [Line Items]          
Date of Incorporation     Sep. 30, 2010    
Common stock shares (in Shares)   70,000,000      
Common stock, exchange for cash   $ 225,000      
Licensing agreement         25.00%
Gross revenues       $ 1,000 $ 1,000
Payments for rent $ 30,000        
v3.24.1.1.u2
Summary of Significant Accounting Policies (Details)
 3 Months Ended
Mar. 31, 2024
Summary of Significant Accounting Policies [Abstract]  
Royalty payment, percentage 25.00%
v3.24.1.1.u2
Related Party Transactions (Details) - USD ($)
 3 Months Ended
Jun. 30, 2022
Jan. 28, 2020
Dec. 27, 2019
Mar. 31, 2024
Dec. 31, 2023
Dec. 31, 2020
Apr. 30, 2020
Mar. 19, 2020
Mar. 16, 2020
Related Party Transaction [Line Items]                  
Licensing agreement               25.00%  
Gross revenues             $ 1,000 $ 1,000  
Licensing expense $ 53,365                
Rent payments                 $ 30,000
Related Party [Member]                  
Related Party Transaction [Line Items]                  
Loan payable to related party              
Jung Ho Yang [Member]                  
Related Party Transaction [Line Items]                  
loan amount     $ 5,000            
Interest accrued           $ 253      
Sellacare America, Inc [Member]                  
Related Party Transaction [Line Items]                  
loan amount   $ 10,000              
Interest accrued           $ 463      
Sella Property, LLC [Member]                  
Related Party Transaction [Line Items]                  
Lease description       The lease begins March 16, 2020, and matures March 16, 2025.          
Loan [Member] | Jung Ho Yang [Member]                  
Related Party Transaction [Line Items]                  
Interest rate percentage     5.00%            
Maturity date     Nov. 30, 2020            
Loan [Member] | Sellacare America, Inc [Member]                  
Related Party Transaction [Line Items]                  
Interest rate percentage   5.00%              
Maturity date   Nov. 30, 2020              
v3.24.1.1.u2
Operating Lease (Details) - USD ($)
 3 Months Ended 12 Months Ended
Mar. 16, 2020
Mar. 31, 2024
Dec. 31, 2023
Operating Lease [Line Items]      
Rent payments $ 30,000    
Lease depreciation     $ 27,565
Lease interest     2,276
Lease cost     29,841
Related Party [Member]      
Operating Lease [Line Items]      
Right to use asset   $ 27,565 27,565
Right to use liability   $ 21,231 $ 21,231
Sella Property, LLC [Member]      
Operating Lease [Line Items]      
Lease term description   The lease begins March 16, 2020 and matures March 16, 2025.  
Hi Great (PK) (USOTC:HIGR)
Historical Stock Chart
From May 2024 to Jun 2024 Click Here for more Hi Great (PK) Charts.
Hi Great (PK) (USOTC:HIGR)
Historical Stock Chart
From Jun 2023 to Jun 2024 Click Here for more Hi Great (PK) Charts.