01—Abstract
Summary
Summary of the 10-K filed January 6, 2025. Cited figures are marked; the original filing is the authoritative source.
Born, Inc. (BRRN) has filed its 10-K for the fiscal year ending December 31, 2023.
The company is currently a dormant shell with no operations or revenue. Its historical business focus was on healthcare knowledge solutions and medical software, but it has undergone significant corporate changes, including name changes, reverse stock splits, and custodianship periods. The company's immediate plan is to explore and identify viable business opportunities in the U.S., potentially through a reverse merger with an operating entity.
Management anticipates further capital raises and significant dilution to existing shareholders as part of this process. Financially, Born, Inc. reported minimal administrative expenses and a net loss of $21,221a for 2023, a slight increase from a $4,752 loss in 2022. The company has a substantial accumulated deficit of over $117 million and a working capital deficit, leading its auditors to express substantial doubt about its ability to continue as a going concern.
The company relies on interest-free demand loans from its related party custodian, David Lazar, to fund operations. There is no active trading market for the company's common stock.
02—Key points
Key Highlights
- Born, Inc. is currently a dormant shell company with no revenue or active operations.
- The company is actively seeking a business combination, likely a reverse merger, to re-enter operations.
- Significant accumulated deficit of over $117 million and negative working capital raises substantial doubt about the company's ability to continue as a going concern.
- The company incurred minimal operating expenses ($21,221 in administrative expenses for 2023) and reported a net loss of $21,221 for the year.
- Common stock is not quoted on any exchange, and there is no active market for the shares.
- The company relies on related party loans from David Lazar for funding, with no indication of profitability or dividend distribution in the foreseeable future.
- Significant dilution to existing shareholders is expected if a reverse merger is consummated.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-KFY2023filed January 6, 2025Financial Statements
FY2023 against FY2022
| Line item | FY2023FY2022 | Change |
|---|---|---|
| Operating Expenses | $21K$5K | +346.6% |
| Operating Income | -$21K-$5K | −346.6% |
| Net Income | -$21K-$5K | −346.6% |
| Shares Outstanding (Basic) | 419.76M419.76M | 0.0% |
05—Questions
Frequently Asked Questions
What is Born, Inc.'s current business and financial status?
Born, Inc. is currently a dormant shell company with no revenue or operations. For the fiscal year ended December 31, 2023, the company reported a net loss of $21,221 and has a substantial accumulated deficit. Its auditor has expressed substantial doubt about its ability to continue as a going concern.
What are the company's plans for the future?
The company's management plans to explore and identify viable business opportunities in the U.S., with a focus on potentially acquiring an operating entity through a reverse merger, asset purchase, or similar transaction. This strategy is expected to involve significant capital raises and potential dilution for existing shareholders.
Is Born, Inc. stock publicly traded?
No, Born, Inc.'s common stock is not quoted on any exchange, and there is no active market for its shares.
What is the company's financial health and funding situation?
The company faces significant financial challenges, including a large accumulated deficit and negative working capital. It relies on interest-free demand loans from its related party custodian, David Lazar, for funding. There are no current plans for dividend payments.
06—Continue