01—Abstract
Summary
Summary of the 10-K filed January 3, 2025. Cited figures are marked; the original filing is the authoritative source.
Born, Inc. (BRRN) presents a complex financial picture in its 2025 10-K filing, primarily characterized by its status as a "shell company" with no current operations or revenue.
The company has a history of dormancy and significant corporate changes, including a name change and a voided share exchange agreement. The financial statements reveal a substantial accumulated deficit and negative shareholders' equity, leading to "substantial doubt" from auditors regarding its ability to continue as a going concern.
Management is actively seeking a viable business opportunity, likely through a reverse merger, to inject operations and revenue into the company. Investors should note the significant dilution risk associated with potential future financing and the inherent uncertainties of investing in a company in this developmental stage.
02—Key points
Key Highlights
- Born, Inc. is currently a "dormant shell company" with no revenue-generating operations as of the filing date.
- The company's financial statements show a significant accumulated deficit and negative shareholders' equity, leading auditors to express "substantial doubt" about its ability to continue as a going concern.
- Management is actively seeking to acquire an operating entity through a reverse merger or similar transaction to establish a viable business.
- There is a high risk of significant dilution for existing shareholders due to potential future equity or convertible debt issuances required to fund operations or acquisitions.
- The company's common stock is not quoted on any exchange, limiting liquidity for investors.
- The company has a history of corporate restructuring, including name changes, reverse stock splits, and voided transactions.
- There is no indication of any current business operations or products being developed or marketed by Born, Inc.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-KFY2022filed January 3, 2025Financial Statements
FY2022 against FY2021
| Line item | FY2022FY2021 | Change |
|---|---|---|
| Operating Expenses | $5K$87.67M | −100.0% |
| Operating Income | -$5K-$87.67M | +100.0% |
| Net Income | -$5K-$87.67M | +100.0% |
| Shares Outstanding (Basic) | 419.76M367.40M | +14.3% |
05—Questions
Frequently Asked Questions
What is the current business status of Born, Inc.?
Born, Inc. is currently a "dormant shell company" with no active operations or revenue. Management is actively seeking to identify and acquire a viable business, likely through a reverse merger, to establish a new operational focus.
What are the key financial concerns highlighted in the report?
The most significant financial concerns are the company's substantial accumulated deficit, negative shareholders' equity, and lack of operating cash flow. This has led the independent auditor to express "substantial doubt" about the company's ability to continue as a going concern.
What are the risks for investors looking at Born, Inc.?
Investors face significant risks, including the company's current lack of operations, the uncertainty of finding and successfully integrating a new business, the high likelihood of substantial share dilution from future financing, and the illiquidity of the stock as it is not traded on any exchange.
Has the company had significant changes in its corporate structure or business focus historically?
Yes, Born, Inc. (formerly Quture International, Inc.) has undergone numerous changes, including a name change, a reverse stock split, a voided share exchange agreement, and periods of dormancy. The company was initially formed to be a healthcare knowledge solution company but has pivoted towards seeking a new business through a reverse merger.
06—Continue