HNO International, Inc.

Non-viable hydrogen micro-cap with a going-concern warning, essentially no cash, and deeply negative margins.

Strengths

• Revenue grew off a tiny base (+1,446%) to $66K and net loss narrowed in cash terms ex-SBC
• Commercially available product line and stated near-term hydrogen-facility plans

Risks

• Going concern; cash of only $9,525 with ~0 quarters runway and current ratio 0.12
• Net loss $6.6M on $66K revenue (margin -10,090%); dependent on dilutive financing, CEO-controlled via super-voting preferred

Notable findings

• Going concernWe have concluded that conditions and events raise substantial doubt about the Company’s ability to continue as a going concern for a period of at least 12 months from the date the financial statement
• Net lossNet loss (net margin -10090.6%)
• Cash burnNegative free cash flow (-1.2M)
• Auditor changeRecent 8-K item 4.01 8-K ↗
• Weak liquidityCurrent ratio 0.12 (<1)
• Chronic dilutionShare count +98%/yr over 2y (dilution)
• Revenue declineRevenue -100.0% YoY