Retrieve Medical Holdings Inc

What they do

The company was incorporated in 2007 as Surf A Movie Solutions and tried several businesses before entering the hemp-based pharmaceutical and nutraceutical space in 2014. It licensed the Canna-Pet brand for hemp-based pet health products and sold Canna-Pet products from October 2014. It terminated that license agreement effective October 1, 2015 and ceased operations relating to the sale of hemp-based products for pets. The excerpts do not describe any active operations after 2015; the company remains a shell with no reported revenue.

Revenue drivers

• Canna-Pet licensed pet products — The company sold hemp-based pet health products under an exclusive license from Canna-Pet, LLC beginning October 2014; this was the only identified revenue source, and it was discontinued after the license termination in October 2015.
• Hemp-based human products — The company stated it had taken initial steps toward over-the-counter, THC-free hemp-based products for the human market; the excerpts do not show any sales or completed development.
• No current revenue — All reported quarterly revenues in the provided data are $0.00 (2016-2017), and the going-concern discussion references a cumulative net loss through September 30, 2022 of $5,354,556 with $68,553 of negative operating cash flow.

Recent performance

The company has no reported revenue in any period shown. Net losses increased each year from $28,407 in 2018 to $164,969 in 2022. Operating cash flow was negative $68,553 in 2022, versus negative $14,256 in 2021 and negative $119 in 2020. As of December 31, 2022, total assets were $102,480 and total liabilities were $705,876, producing negative shareholder equity of $603,396. The 10-K states that cumulative net losses through September 30, 2022 were $5,354,556.

Strategy

The fil ings describe no active business strategy or commercial operations. Management states it will actively seek additional sources of liquidity, but there is no assurance such financing can be obtained on acceptable terms or at all. The company acknowledges that its going-concern status and lack of commercial operations may make raising funds more difficult. The only recent 8-K event listed since the last 10-K is a change of accountants on January 20, 2023. The excerpts do not disclose any new products, acquisitions, or lines of business under development.

Risks

• Going concern — The company's independent registered public accounting firm has expressed substantial doubt about its ability to continue as a going concern.
• No revenue or operations — The company has no reported revenue, terminated its only identified product license in 2015, and reports no active commercial business.
• Financing risk — The company requires additional working capital and states it may be unable to secure necessary financing on acceptable terms or at all.
• Dilution and penny stock — Future equity or convertible issuances would reduce current shareholders' percentage ownership, and the common stock is subject to SEC penny stock rules that limit trading.

Outlook

Management states that the company's continuation as a going concern depends on obtaining additional financing and ultimately attaining profitability. It is actively seeking sources of liquidity but provides no assurance that funds can be raised on acceptable terms or at all. If adequate funds are not available, management says the company may not be able to pursue prospective business endeavors or opportunities. No specific revenue or product milestones are disclosed.