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17 filings

10-K

MDTK 10-K Annual Reports

Bryn - 17 annual reports

Filing record · 2020–202610-K910-Q108-K6

2025
Bryn Annual Report, Year Ended Dec 31, 2025
Byrn, Inc. (BRRN) has filed its 2025 Form 10-K, presenting a financial picture characterized by a "dormant shell" status and significant going concern issues. The company has no current operations or revenue, and its financial statements reflect recurring losses and a substantial accumulated deficit. Management is actively seeking to identify a viable business opportunity, potentially through a reverse merger, to revitalize the company. However, there is substantial doubt about its ability to continue as a going concern, necessitating further fundraising. Investors should note that the company has a complex corporate history involving name changes, share restructurings, and a voided share exchange. Currently, the company operates with a single director and officer, David Lazar, who also serves as CEO, CFO, and other key roles. The lack of operational activity, coupled with the ongoing need for capital and the inherent risks of acquiring an unknown business, positions Byrn, Inc. as a highly speculative investment at this stage.
Apr 2, 2026
2024
Bryn Annual Report, Year Ended Dec 31, 2024
Byrn, Inc. (BRRN) has filed its 2024 Form 10-K, revealing a company currently in a dormant state with no operations or revenue. The company's history is marked by several name changes, custodianships, and a voided share exchange agreement, most recently changing its name to Byrn Inc. in July 2024. The current management intends to explore and identify viable business opportunities, likely through a reverse merger, but has not yet engaged in any discussions regarding potential business combinations. Financially, Byrn, Inc. reported minimal activity with no revenue and operating expenses primarily consisting of administrative expenses related to company operations. The company has a significant accumulated deficit and a working capital deficit, leading its independent auditor to express substantial doubt about its ability to continue as a going concern. Funding for the company has primarily come from interest-free demand loans from David Lazar, who also serves as the sole director and officer. The company has no immediate plans for dividends and intends to retain any earnings for future development.
Apr 15, 2025
2023
Bryn Annual Report, Year Ended Dec 31, 2023
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 $21,221 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.
Jan 6, 2025
2022
Bryn Annual Report, Year Ended Dec 31, 2022
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.
Jan 3, 2025
2021
Bryn Annual Report, Year Ended Dec 31, 2021
Born, Inc. (BRRN) filed its 10-K for the period ending December 31, 2021, indicating the company is a smaller reporting company and an emerging growth company. The filing reveals that Born, Inc. is currently a dormant shell company with no ongoing operations or revenue. The company has a complex corporate history involving changes in name, structure, and custodianship. Notably, the company experienced a significant goodwill impairment of $87,670,010 in February 2021 related to a voided share exchange agreement with Alkeon Creators, Inc. The auditors have expressed substantial doubt about the company's ability to continue as a going concern due to recurring losses and negative cash flows. Management's plan involves exploring and identifying viable business opportunities, potentially through a reverse merger with an operating entity. However, the company lacks sufficient working capital for the next 12 months and anticipates the need for further financing, which may result in significant dilution for existing shareholders. The company's common stock is not quoted on any exchange, and no dividends are currently paid or anticipated. Investors should be aware of the high-risk profile associated with a dormant shell company seeking a future business combination.
Dec 30, 2024
2020-A2
Bryn Annual Report (Amendment), Year Ended Apr 30, 2020
Born Inc. (BRRN) filed an amendment to its 2020 10-K, primarily to replace its auditor due to an SEC order against the former firm. This amendment also includes a restatement of financial statements for the year ended April 30, 2019, which now shows a net income of $1,482,735, a significant improvement from the previously reported $0. This change is attributed to a gain from the extinguishment of $1,492,855 in debt due to the expiration of the statute of limitations on third-party and related-party debt, which was not accounted for in the original filing. The company has been largely dormant since 2013, with new management appointed in late 2019. Born Inc. is currently a shell company actively seeking investment opportunities through synergistic acquisitions or joint ventures. It operates as a 'smaller reporting company' and has no employees, no research and development activities, and no physical office facilities beyond a mailing address. The company's stock is traded on the OTC Pink Sheets and is considered a penny stock, with associated trading risks and potential difficulty for investors to sell shares.
Dec 19, 2024
2020
Bryn Annual Report, Year Ended Dec 31, 2020
Born, Inc. (BRRN) is a holding company currently classified as a shell company with no ongoing operations or revenue as of its latest SEC filing on December 19, 2024. The company has undergone significant corporate changes, including name changes, reverse stock splits, and shifts in control, with a history of dormancy and a voided share exchange agreement. Management is actively seeking to identify and acquire a viable business, likely through a reverse merger, to re-establish operations. However, the company faces substantial risks due to its limited capital, potential for further dilution through future financing or acquisitions, and the inherent uncertainties of acquiring an early-stage or financially unstable entity. Investors should note that Born, Inc. is a smaller reporting company and an emerging growth company, which allows for certain regulatory accommodations. The company's financial statements indicate a history of significant operating losses and a substantial accumulated deficit, raising substantial doubt about its ability to continue as a going concern. The company has no current plans for dividend payments and anticipates incurring further operating losses in the near term related to SEC reporting obligations and the search for a business combination.
Dec 19, 2024
2020-A
Bryn Annual Report (Amendment), Year Ended Apr 30, 2020
Quture International, Inc. (QUTR) presents a unique filing as a "smaller reporting company" and "shell company" with a significant history of dormancy. The company was dormant from March 2013 until December 2019 when new management, led by David Lazar, was appointed as custodian. As of the filing date (September 23, 2020, for the fiscal year ended April 30, 2020), Quture has no employees, no research and development activities, and no registered intellectual property. The company's stated business objective is to seek synergistic acquisitions or joint ventures. However, it has not generated any revenue since inception and is heavily reliant on financing from its sole director, David Lazar, who provided a $42,560 interest-free loan and was granted significant super-voting preferred stock. The company's financial statements present substantial doubt about its ability to continue as a going concern, with a significant working capital deficit and a disclaimer of opinion from its auditors due to insufficient audit evidence from the prior dormant period. Investors should be aware that Quture International, Inc. is in the very early stages of its business plan under new management. The company has no active operations, no revenue, and a history of dormancy. Its future prospects are entirely dependent on its ability to successfully identify and execute acquisitions or joint ventures, which is highly uncertain. The significant dilution and control represented by the preferred stock issued to David Lazar also warrant careful consideration. The company's stock is traded on the OTC Pink Sheets, which typically involves thin trading and price volatility.
Sep 23, 2020
2020
Bryn Annual Report, Year Ended Apr 30, 2020
Quture International, Inc. (BRRN) presents a complex picture in its July 21, 2020, 10-K filing, highlighting a company that has been dormant for an extended period and is now under new management with a stated intention to pursue synergistic acquisitions or joint ventures. As a smaller reporting company and a shell company, its primary focus appears to be on strategic re-engagement rather than existing operations, as it generated no revenue and has no employees. The company is heavily reliant on its sole director and officer, David Lazar, who also serves as its custodian, for funding and operational direction. Significant events include the appointment of Mr. Lazar as custodian and subsequently as the sole director and officer. A substantial issuance of preferred shares to Mr. Lazar with super-voting rights significantly alters the capital structure. Investors should note the substantial going concern doubt expressed by the auditors due to significant operating losses and a working capital deficit, underscoring the need for additional capital. The company's stock is traded on the OTC Pink Sheets, characterized by low liquidity and volatile pricing, and is subject to penny stock regulations, making it difficult for investors to sell shares. The independent auditors issued a disclaimer of opinion on the financial statements due to insufficient records and inability to obtain sufficient audit evidence.
Jul 21, 2020
2012
Bryn Annual Report, Year Ended Jun 30, 2012
This 10-K covers Techs Loanstar, Inc. (OTCQB: TCLN), which was renamed Quture International, Inc. after its August 2011 share exchange with Quture, Inc. The filing does not match the company named in the request (Byrn, Inc., BRRN). For fiscal year ended April 30, 2012, the financials reflect Quture as the accounting acquirer. Revenue was $40,900, up from $19,900, but the net loss widened to $2,676,257 from $119,269. About $1.3 million of the expense came from non-cash warrant and stock compensation, and software development ($460,055) and salaries ($227,000) were the other major costs. The company is a pre-commercial healthcare performance-measurement software business whose products (QualOptima and QSurg) are still being migrated onto the InterSystems platform, and it had no full-time employees. The balance sheet is weak. At April 30, 2012 the company had $51,521 in cash, total liabilities of $2,288,999, and a stockholders' deficit of $(2,203,354). Its auditor, R.R. Hawkins & Associates, expressed substantial doubt about its ability to continue as a going concern. Management states that current cash will not satisfy requirements for the next twelve months and estimates roughly $480,000 of operating costs plus $48,000 for reporting over that period. The MD&A also contains a contradictory statement that current cash will be sufficient for the next 12 months, which investors should weigh carefully. Disclosure controls were deemed not effective, with three material weaknesses identified. For investors, the key issues are funding dependence, dilution, and execution risk. Convertible notes totaling $315,000 in face value convert at a 50% discount to market, and the authorized share count is 2.5 billion against roughly 2.2 billion shares outstanding. The CEO controls about 68% of the voting power. The InterSystems license expires in September 2012, and the QualOptima commercial launch is planned for later in 2012. The stock traded between $0.0011 and $0.1633 across the two reported quarterly price tables, reflecting high volatility and thin trading.
Aug 13, 2012
2011
Bryn Annual Report, Year Ended Apr 30, 2011
Byrn, Inc. (filed as Techs Loanstar, Inc., ticker TCLN) is a development-stage shell that completed a reverse merger with ZenZuu USA, Inc. in February 2010. The business is an exclusive 10-year U.S. license to ZenZuu's online social network and advertising revenue-share model, but the company has generated no revenue in fiscal 2011 (year ended April 30, 2011) and only nominal revenue since inception. The filing reports a net loss of $830,361 for FY2011 (down from $1,397,739 in the prior eleven-month period, which included an $808,333 license impairment), cash of just $408, total assets of $90,139, total liabilities of $1,458,777, and a stockholders' deficit of $(1,368,638). Management states that current funds are insufficient to continue operations and the auditor (R.R. Hawkins & Associates) expresses substantial doubt about going concern. The investment case is dominated by dilution and balance-sheet stress. Shares outstanding rose from roughly 43 million to 182.6 million at fiscal year-end and to 342 million by July 29, 2011, driven by a 2-for-1 stock dividend, conversions of convertible notes at steep discounts (up to 45-65% to market), and stock issued for accounts payable. Subsequent to year-end, the company issued about 159.5 million more shares through July 31, 2011. The license itself carries a $550,000 unpaid balance and a 25% royalty on local advertising revenue, and the company's dependence on ZenZuu, whose operations were suspended in early 2009, is a central risk. Management has disclosed material weaknesses in internal controls, including no audit committee and no outside directors. The filing also discloses a pending merger with Q'uture Inc., announced in April 2011 and definitive agreement signed July 25, 2011, which could change the company's business entirely. Investors should weigh the extremely speculative nature of the company, the heavy dilution, the going-concern doubt, and the uncertain outcome of the proposed acquisition.
Aug 9, 2011
2010-A2
Bryn Annual Report (Amendment), Year Ended Apr 30, 2010
Techs Loanstar, Inc. (BRRN/TCLN) filed this amended annual report (Amendment No. 2 to the Form 10-K/A for the fiscal year ended April 30, 2010) to revise Item 9A controls disclosures and restate the audit report and financial statements. The company is a development-stage entity that completed a reverse merger on February 10, 2010 with ZenZuu USA, Inc., acquiring an exclusive U.S. license to ZenZuu's online social network and revenue-sharing advertising model. The restatement reclassifies a $808,333 license impairment into operating expenses (increasing the loss from operations to $1,162,854 from $354,521) and reverses the elimination of ZZP's historical deficit, but leaves the net loss unchanged at $1,397,739 ($0.05 per share). Investors should note that the filing reports only $244 in cash, $1.2 million in total liabilities, a stockholders' deficit of about $1.2 million, no revenue for the period, and a going-concern warning from the auditor. Management concluded that disclosure controls and internal control over financial reporting were not effective, citing material weaknesses including the absence of a functioning audit committee, inadequate segregation of duties, and ineffective period-end reporting controls. The company has no employees beyond its officers and directors, and it says it will need to raise substantial additional capital, likely through dilutive convertible debt or discounted equity, to pay the remaining $550,000 license obligation and fund its plan. Management states that without new financing the company may have to cease operations, in which case investors could lose their entire investment. The filing also discloses a large dilution overhang from $150,000 of convertible notes that convert at steep discounts, and a stock dividend of two shares for each share held in July 2010, which expanded shares outstanding to roughly 139.9 million.
Aug 1, 2011
2010-A
Bryn Annual Report (Amendment), Year Ended Apr 30, 2010
This amended Form 10-K/A for the fiscal year ended April 30, 2010 was filed by Techs Loanstar, Inc. (now Byrn, Inc.) and was prepared to add management's evaluation of disclosure controls, reclassify certain items in the Statements of Operations, Stockholders' Deficit and Cash Flows, and restate the auditor's report. Following a February 2010 share exchange, the company acquired ZenZuu USA, Inc., a development-stage company whose business plan centers on an exclusive U.S. license to an online social network and advertising revenue-sharing model. The company reported no revenue for the eleven months ended April 30, 2010, an operating loss of $1,162,854 (including an $808,333 impairment of the license), and a net loss of $1,397,739, with a stockholders' deficit of $1,204,013 and cash of only $244. The auditor expressed substantial doubt about the company's ability to continue as a going concern. The company's liquidity position is precarious. Management states that current cash will not satisfy requirements for the next twelve months, the company has $1,204,257 in total liabilities, and the remaining $550,000 license fee is owed to ZenZuu, Inc. Management estimates about $300,000 is needed over the next twelve months to continue operations, plus $48,000 to maintain reporting status, and warns that investors could lose their entire investment. Management concluded that internal control over financial reporting was not effective, citing material weaknesses including the lack of a functioning audit committee and outside directors, inadequate segregation of duties, and ineffective period-end financial reporting controls. The filing also discloses significant dilution risk: convertible notes convert at discounts of up to 45% to market, and 5,666,912 shares were issued on April 30, 2010 to settle $838,000 of convertible notes and $108,741 of accrued interest. Shares outstanding were 43,066,912 before a two-for-one stock dividend paid in July 2010, and the company's common stock trades on the OTC Bulletin Board under the symbol TCLN.
Jun 17, 2011
2010
Bryn Annual Report, Year Ended Apr 30, 2010
Byrn, Inc. (BRRN) is not the company named in this filing. The document is the fiscal year ended April 30, 2010 10-K of Techs Loanstar, Inc. (OTC BB: TCLN), a development-stage shell that completed a reverse merger with ZenZuu USA, Inc. on February 10, 2010. ZenZuu holds an exclusive U.S. license to an online social network and advertising revenue-share model, with the ZenZuu social network itself having stalled in early 2009. The company reported no revenue for FY2010, an operating expense base of $354,521, and a net loss of $1,397,739, which includes an $808,333 impairment of the license and a $75,000 forfeited deposit. Cash was $244 against total liabilities of $1,204,257, producing a stockholders' deficit of $1,204,013. The auditor expressed substantial doubt about the company's ability to continue as a going concern, and management states that it would have to cease operations without new financing. The investment case is very weak. Management's own filing says the company's operations are not sustainable without new capital, and it estimates needing roughly $348,000 over the next twelve months. Dilution is a central concern: $150,000 of convertible notes convert at up to a 45% discount, and a 2-for-1 stock dividend was paid in July 2010, expanding shares outstanding to about 140 million. Control is concentrated, with insider Tu Vu and related trusts controlling a large block and the license agreement allowing ZZI to nominate a board majority. The internal control assessment identified material weaknesses, including no functioning audit committee and no outside directors. The filing also shows several governance and disclosure issues. The auditor changed twice in one year (Moore & Associates, then Seale and Beers, then R.R. Hawkins), and the stated ticker and filing details do not match the requested company name. Investors should verify the registrant's identity against EDGAR before relying on any figures.
Aug 13, 2010
2009-A
Bryn Annual Report (Amendment), Year Ended Apr 30, 2009
Techs Loanstar, Inc. (now Byrn, Inc.) is a development-stage Nevada company, incorporated April 7, 2006, that plans to offer low-cost custom loan management database and e-commerce software to payday and short-term equity loan businesses. The company has generated no revenue since inception. For the fiscal year ended April 30, 2009, it reported a net loss of $18,932, compared with $29,351 in fiscal 2008, and a cumulative deficit of $59,429. At April 30, 2009, it had $0 cash, total liabilities of $36,929, and a stockholders' deficit of $36,929. Its sole officer and director, Gary Pizzacalla, advanced $16,548 in unsecured, non-interest-bearing loans. The auditor, Seale and Beers, CPAs, included a going-concern paragraph, stating that the company's accumulated deficit raises substantial doubt about its ability to continue as a going concern. Management states that current funds are insufficient for the next 12 months. The company estimates it needs about $24,000 to establish operations and $14,000 to maintain SEC reporting status over that period, and it plans to fund these needs through a private placement of common stock. If that fails, it would need to seek debt financing or cease operations, in which case investors would lose their entire investment. Management also reported that internal controls were not effective, citing material weaknesses including the lack of a functioning audit committee and of a majority of outside directors. As of April 30, 2009, there were 40,400,000 shares outstanding, and Mr. Pizzacalla held 28,000,000 of them, or 69%. The stock is quoted on the OTC Bulletin Board under the symbol TCLN, with 32 active shareholders of record. The company has no employees other than its officer and director, and it has not paid dividends or granted options.
Jan 20, 2010
2009
Bryn Annual Report, Year Ended Apr 30, 2009
Techs Loanstar, Inc. is a development-stage company incorporated in April 2006, aiming to provide proprietary loan management software and services to the payday and equity loan industry. As of the fiscal year ended April 30, 2009, the company has not generated any revenue and its primary activities have been related to software development and operational setup. The company's auditor has expressed substantial doubt about its ability to continue as a going concern due to its accumulated deficit and lack of operating revenue. The company's plan of operation involves the staged procurement and customization of open-source database applications, the development of e-commerce transaction software, and the creation of client functionality modules. Significant capital is required to execute this plan, and Techs Loanstar intends to raise funds through private placements of common stock or, if necessary, debt financing, though the latter would be difficult to secure. The company is heavily reliant on its sole officer and director, Gary Pizzacalla, for funding and operational direction, with Mr. Pizzacalla having advanced $16,548 to the company as of April 30, 2009.
Jul 16, 2009
2008
Bryn Annual Report, Year Ended Apr 30, 2008
Techs Loanstar, Inc. is a development-stage company incorporated in April 2006, aiming to provide proprietary loan management software and services to the payday and equity loan industry. As of April 30, 2008, the company has not generated any revenue and is heavily reliant on securing additional capital to fund its business plan. The company's sole officer and director, Gary Pizzacalla, has invested $7,000, and other investors have contributed $15,500. The company estimates needing approximately $24,000 for operations and $14,000 to maintain its reporting status over the next 12 months. Without additional funding, Techs Loanstar faces the significant risk of ceasing operations, leading to a total loss for investors. The company's auditor has expressed substantial doubt about its ability to continue as a going concern. Techs Loanstar plans to raise capital through private placements, but success is not guaranteed. If private placements fail, the company may need to seek debt financing, which would be difficult to secure and likely come with high-interest rates, further jeopardizing its viability. The business plan involves staging the procurement and customization of open-source loan management software, estimated to cost $7,000 for customization, $4,000 for e-commerce transaction software, and $8,000 for client functionality modules. Marketing efforts are estimated to cost $15,000. The company's sole officer and director is currently unpaid and has agreed to provide operating capital as a non-secured loan, but this is not contractually guaranteed.
Jul 9, 2008