Himalaya Technologies, Inc. (ticker: HMLA), a company formerly focused on oil and gas properties and now transitioning to an investor hub for information exchange on small-cap public companies, reported a net income of $195,942 for the quarter ended April 30, 2023. The company’s total assets amounted to $206,065, and total liabilities were $1,008,426. This report also includes information on the company’s sale of oil and gas properties and the unwinding of its acquisition of health and wellness company GenBio, Inc.
During the past few years, Himalaya Technologies generated approximately $1,500 per year in net revenue from leases on two properties, which were fully depleted before July 31, 2021. The company had a total of $463 in cash in the United States as of April 30, 2023, and experienced no losses in their accounts.
The net income of $195,942 marks a significant increase for Himalaya Technologies compared to the previous quarter’s net loss of $(228,949). This positive performance can be attributed to various factors, including the sale of oil and gas properties, which generated a gain of $112,000. Additionally, the company reported a change in derivative liability, amounting to $276,221.
Subsequent Events and Business Strategy
Subsequent to the reporting period, Himalaya Technologies sold its social site Kanab.Club and unwound its acquisition of GenBio, Inc. The company purchased domain names finra.watch, finrawatch.org, finrawatch.com, and finrawatch.online and agreed to license social media platform software owned by an affiliate. The company now plans to create an investor hub for information exchange focused on small capitalization public companies and an information distribution platform for small issuers affected by proposed rules requiring investment banking firms recommending securities to register as investment advisors.
On the balance sheet, the company’s investment in GenBio amounted to $189,749, while investment in oil and gas properties was valued at nil. The company also recorded a debt settlement gain of $3,038, and other income of $55 during the quarter.
As Himalaya Technologies, Inc. continues to transition its business strategy, the company’s reported net income for Q3 demonstrates a positive financial outlook. With the sale of oil and gas properties and the unwinding of the GenBio acquisition, the company can now focus on creating its investor hub for small-cap public companies, providing a platform for investors to navigate a changing regulatory landscape. Investors should pay close attention to how this new direction shapes the company’s performance moving forward.
Note that we may hold securities mentioned in this article. All data is based on recent SEC filings. Even though we have implemented various manual and automatic fact-checking and data acquisition processes, some incorrect information may have slipped through (false positive). Let us know if you find any inconsistencies!