EDGAR 10-K Filing

Company CIK: 1807616
Filing Year: 2024
Filename: 1807616_10-K_2024_0001213900-24-045019.json

---

ITEM 1. BUSINESS
Item 1. Business

---

ITEM 1A. RISK FACTORS
Item 1A. Risk Factors

---

ITEM 1B. UNRESOLVED STAFF COMMENTS
ITEM 1B. UNRESOLVED STAFF COMMENTS
None

---

ITEM 2. PROPERTIES
ITEM 2. PROPERTIES
The Company’s headquarters are located 621 S. Virgil Avenue #470, Los Angeles, CA 90005. Our phone number is (213) 219-7746. Management believes that our current leased property will be sufficient for its current and immediately foreseeable administrative needs.

---

ITEM 3. LEGAL PROCEEDINGS
ITEM 3. LEGAL PROCEEDINGS
There are no legal proceedings that have occurred within the past five years concerning the Company, our directors, or control persons which involved a criminal conviction, a criminal proceeding, an administrative or civil proceeding limiting one’s participation in the securities or banking industries, or a finding of securities or commodities law violations.

---

ITEM 4. MINE SAFETY DISCLOSURE
ITEM 4. MINE SAFETY DISCLOSURES
Not applicable.
Part II

---

ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY
ITEM 5. MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
Market Information
Our common stock is quoted on the OTC Pink Sheets under the symbol “HIGR.”
Holders
As of the date of this report there were approximately 69 holders of record of Company common stock. This does not include an indeterminate number of persons who hold our Common Stock in brokerage accounts and otherwise in “street name.”
Stock Authorized
The Company is authorized to issue two classes of stock. The total number of shares of stock which the Company is authorized to issue is One Billion One Hundred Ten Million (1,110,000,000) shares of capital stock, consisting of One Billion One Hundred Million (1,100,000,000) shares of Common Stock, $0.001 par value and Ten Million (10,000,000) shares of preferred stock, $0.001 par value (the “Preferred Stock”).
Dividends
We have not previously declared or paid any dividends on our common stock and do not anticipate declaring any dividends in the foreseeable future. The payment of dividends on our common stock is within the discretion of our board of directors.
Options and Warrants
We do not have any outstanding options or warrants.
Securities Authorized for Issuance under Equity Compensation Plans
The Company does not have any equity compensation plans or any individual compensation arrangements with respect to its Common Stock or Preferred Stock. The issuance of any of our Common Stock or Preferred Stock is within the discretion of our Board of Directors, which has the power to issue any or all of our authorized but unissued shares without stockholder approval.
Transfer Agent
The transfer agent for our Common Stock is Globex Transfer, LLC at 780 Deltona Blvd., Suite 202, Deltona, FL 32725. The transfer agent’s telephone number is (813) 344-4490.
Recent Sales of Unregistered Securities
None
Securities authorized for issuance under equity compensation plans
We do not have any equity compensation plans and accordingly we have no securities authorized for issuance there under.
Purchases of Equity Securities by the Issuer and Affiliated Purchasers
We did not purchase any of our shares of common stock or other securities during the year ended December 31, 2023.

---

ITEM 6. SELECTED FINANCIAL DATA
ITEM 6. RESERVED
Not required for smaller reporting companies.

---

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS
ITEM 7. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Overview
Plan of Operation
Our principal business objective is to maximize shareholders returns through a combination of (1) distributions to our shareholders, (2) sustainable long-term growth in cash flows from distribution of our products, which we hope to pass on to shareholders in the form of distributions, (3) potential long-term appreciation in the value of our properties from capital gains upon future sale, (4) other sustainable agricultural business opportunity which the Board of Directors determines to be beneficial to Company, or (5) distribution of plant-based finished consumer product and integrate the use of CBD Oils into its worldwide health supplement business to include expansion into the cosmetics sector using multiple strains of CBD oils and compounds.
For the 12 months following the commencement of the offering the Company will focus on two areas of operations. These two core business activities will be the continued the sales of its Nutritional Health Supplements and the build out of the Harvest Island Garden Resort.
The Nutritional Health Supplements will be sold primarily online and the new retail website is currently being redesigned and developed to increase internet traffic and customer retention. For the first 12 months, no additional products will be added to the current supplement line. New branding is in development to update the marketing and online image and presentment in a very competitive nutritional supplement industry. The Company plans to also update the customer experience with online videos with renown experts in the Patent areas of alkalization, amino acids, advanced minerals and the use of whole rice concentrates and how these methods and ingredients may help the user increase overall health and wellness.
Results of Operations for the Year Ended December 31, 2023 compared to the Year Ended December 31, 2022
Sales and Cost of Sales
For the year ended December 31, 2023 we had $109,491 of sales compared to $207,854 for the year ended December 31, 2022. Our cost of sales for the year ended December 31, 2023 was $58,573 compared to $112,834 for the year ended December 31, 2022. The Company just recently started to generate revenue in the beginning of 2020.
Professional fees
For the year ended December 31, 2023 we incurred $87,997 of professional fee expenses compared to $40,700 for the year ended December 31, 2022. The decrease of professional fees in the current period is attributed to an decrease of audit, legal and accounting expenses.
Rent expense
For the year ended December 31, 2023 we incurred $0 of rent expense compared to $30,000 for the year ended December 31, 2022. We signed a lease agreement with Sella Property, LLC on March 16, 2020. The lease calls for rent payments of $30,000 in annual installments due on the 16th day of March each year.
Depreciation Expense
For the year ended December 31, 2023 we incurred $27,565 of Depreciation expense compared to $0 for the year ended December 31, 2022.
General and administrative
For the year ended December 31, 2023 we incurred $54,838 of G&A expense compared to $21,021 for the year ended December 31, 2022. The decrease in the current year is attributed to an decrease of expenses of the operation.
Other income (expense)
For the year ended December 31, 2023, we had interest expense of $2,276, compared to interest expense of $0 for the year ended December 31, 2022.
Net income
For the year ended December 31, 2023, the Company had a net loss of $121,758 as compared to a net income of $3,300 in the prior period.
Liquidity and Capital Resources
As reflected in the accompanying financial statements, the Company has just recently begun to generate revenue. We have an accumulated deficit of $838,979 and had a net loss of $121,758 for the year ended December 31, 2023..
We used $44,435 from operating activities for the year ended December 31, 2023, compared to the used $84,612 for the year ended December 31, 2022.
We received $29,435 from investing activities for the year ended December 31, 2023, compared to received $58,000 for the year ended December 31, 2022.
We used $14,844 from financing activities for the year ended December 31, 2023, compared to a used cash of $55,980 for the year ended December 31, 2022.
Off-Balance Sheet Arrangements
We have no off-balance sheet arrangements.
Going Concern
The accompanying financial statements have been prepared assuming the continuation of the Company as a going concern. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and is dependent on debt and equity financing to fund its operations. Management of the Company is making efforts to raise additional funding until a registration statement relating to an equity funding facility is in effect. While management of the Company believes that it will be successful in its capital formation and planned operating activities, there can be no assurance that the Company will be able to raise additional equity capital or be successful in the development and commercialization of the products it develops or initiates collaboration agreements thereon. The accompanying financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the possible inability of the Company to continue as a going concern.
Off Balance Sheet Arrangements
We have not entered into any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources and would be considered material to investors.
Critical Accounting Policies, Judgments and Estimates
Refer to Note 2 of the Financial Statements for a summary of our critical accounting policies.

---

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Not applicable to a smaller reporting company.

---

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
ITEM 8 , FINANCIAL STATEMENTS AND SUPPLEMENTARY
Report of Independent registered Accounting Firm - PCAOB # 6222
Balance Sheets as of December 31, 2023 and 2022
Statements of Profit and Loss for the Years Ended December 31, 2023 and 2022
Statements of Stockholders’ Deficit for the Years Ended December 31, 2023 and 2022
Statements of Cash Flows for the Years Ended December 31, 2023 and 2022
Notes to the Financial Statements
M N VIJAYKUMAR
Chartered Accountant
Report of Independent Registered Public Accounting Firm
To the shareholders and the board of directors of Hi-Great Group Holding Company
Opinion on the Financial Statements
We have audited the accompanying balance sheets of Hi-Great Group Holding Company (the “Company”) as of December 31, 2023 and 2022, the related statements of operations, comprehensive income, stockholder’s equity and cash flows, for each of the two years in the period ended December 31, 2023, and the related notes (collectively referred to as the financial statements). In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2023, and 2022, and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2023, in conformity with the accounting principles generally accepted in United States of America.
Basis for Opinion
These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud, and performing procedures that respond to those risks. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by the management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.
Critical Audit Matters
Critical audit matters are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. We determined that there are no critical audit matters.
Going Concern
The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 3 to the financial statements, the Company has suffered recurring losses from operations and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. Management’s plans in regard to these matters are also described in Note 3. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.
/s/ M.N.VIJAY KUMAR
M.N.VIJAY KUMAR
DATE: 17th May 2024 PLACE: BENGALURU, INDIA
No.37, 1st Main, Vinayaka Layout, 3rd Stage, Vijaynagar, Bengaluru- 560040
Mobile: 9980949630, Email: vijaykumarmn17@gmail.com
HI-GREAT GROUP HOLDING COMPANY
BALANCE SHEETS
December 31, December 31,
(Audited) (Audited)
ASSETS
Current assets:
Cash $ 733 $ 30,577
Inventory 54,090 85,290
Advances to Suppliers 1,750 9,250
Receivable from Citi Bank -
-
Total current assets 56,573 125,117
Non-current assets:
Right of use asset - operating lease - related party 27,565 57,000
Total assets $ 84,138 $ 182,117
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current liabilities:
Accounts payable $ 27,400 $ 1,400
Accounts payable - related party -
-
Notes payable - related party -
-
Loan payable - related party -
-
Accrued royalty- related party 144,920 117,547
Deferred revenue -
-
Operating lease obligation, current portion - related party - 14,750
State Income Tax Payable -
-
Total current liabilities 172,320 133,697
Non-Current Liabilities:
Right of Use Liabilities 21,231 42,250
Total Liabilities 193,551 175,947
Commitments and Contingencies
Stockholders’ Deficit:
Preferred stock, par value $0.001 per share; 10,000,000 shares authorized; no shares issued and outstanding
Common stock, par value $0.001 per share; 1,100,000,000 shares authorized; 100,000,000 shares issued and outstanding as of December 30, 2022 and December 31, 2021, respectively 100,000 100,000
Additional paid in capital 629,566 629,566
Accumulated Deficit (838,979 ) (723,396 )
Total stockholders’ equity (109,413 ) 6,170
Total liabilities and stockholders’ equity $ 84,138 $ 182,117
The accompanying notes are an integral part of these unaudited financial statements.
HI-GREAT GROUP HOLDING COMPANY
PROFIT AND LOSS
For the years ended
December 31,
Audited Audited
Sales $ 109,491 $ 207,854
Cost of Goods Sales (31,200 ) (51,964 )
Cost of sales-royalty- related party (27,373 ) (60,870 )
Gross profit 50,918 95,021
Operating expenses:
Professional fees 87,997 40,700
Depreciation Expense 27,565 -
Rent expense -
30,000
General and administrative expenses 54,838 21,021
Total operating expense 170,400 91,721
Income (Loss) from operations (119,482 ) 3,300
Other income (expense):
Interest income
Interest expense (2,276 ) -
Total other (expense) income (2,276 ) -
Net income (loss) $ (121,758 ) $ 3,300
Net income (loss) per common share - basic and diluted $ -
$ -
Weighted average common shares
100,000,000 100,000,000
The accompanying notes are an integral part of these unaudited financial statements.
HI-GREAT GROUP HOLDING COMPANY
STATEMENTS OF STOCKHOLDERS’ DEFICIT
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2023 AND 2022
Common Common Additional
Stock: Stock: Paid-in Accumulated
Shares Amount Capital Deficit Totals
Balance - December 31, 2019 100,000,000 $ 100,000 $ 619,566 $ (719,802 ) $ (236 )
Net Loss (Restated)
(12,782 ) (12,782 )
Balance - December 31, 2020 100,000,000 $ 100,000 $ 619,566 $ (732,584 ) $ (13,018 )
Adjustment - Issuance of Stocks
10,000
10,000
Adjustment
5,289 5,289
Net Income
2,579 2,579
Balance - December 31, 2021 100,000,000 $ 100,000 $ 629,566 $ (724,716 ) $ 4,850
Adjustment
(1,980 ) (1,980 )
Net Income
3,300 3,300
Balance - December 31, 2022 100,000,000 $ 100,000 $ 629,566 $ (723,396 ) $ 6,170
Adjustment
6,176 6,176
Net Income
(121,758 ) (121,758 )
Balance - December 31, 2023 100,000,000 $ 100,000 $ 629,566 $ (838,979 ) $ (109,413 )
The accompanying notes are an integral part of these unaudited financial statements.
HI-GREAT GROUP HOLDING COMPANY
STATEMENTS OF CASH FLOWS
For the twelve months ended
December 31,
Cash Flows from operating activities:
Net Income $ (121,758 ) $ 3,300
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Amortization of right of use asset - operating lease -
-
Changes in operating assets and liabilities:
Inventory 31,200 (23,130 )
Advances to Suppliers 7,500 (9,250 )
Receivable from CitiBank -
-
Accounts payable - related party 26,000 (57,340 )
Accrued royalty 27,373 6,608
Accrued interest -
-
Loan Payable -
-
State Income Tax Payable -
(800 )
Operating Lease Obligation (Current Portion) (14,750 ) (4,000 )
Net cash provided (used) by operating activities (44,435 ) (84,612 )
Cash Flows from Investing Activities:
Notes receivable - Related Party -
-
Right of Use Asset - Related Party 29,435 58,000
Net cash provided (used) by investing activities 29,435 58,000
Cash Flows from Financing Activities:
Proceeds from common stock - related party -
-
Proceeds from notes payable - related party -
-
Operating Lease Obligation (42,250 ) (54,000 )
Right of Use Liabilities 21,231 -
Retained Earnings 6,175 (1,980 )
Net cash provided (used) by financing activities (14,844 ) (55,980 )
Effect of exchange rate changes -
-
Net change in cash (29,844 ) (82,592 )
Cash at beginning of period 30,577 113,169
Cash at end of period $ 733 $ 30,577
Supplemental schedule of cash flow information:
Non-cash investing and financing activities:
Note receivable-related party $ -
$ -
Common stock-related party $ -
$ -
Right of use asset - operating lease $ -
$ -
The accompanying notes are an integral part of these unaudited financial statements.
HI-GREAT GROUP HOLDING COMPANY
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2023
NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS
Basis of Presentation and Organization
Hi-Great Group Holding Company (the “Company”) is a development stage enterprise that was originally incorporated, on September 30, 2010, under the laws of the State of Nevada.
On March 8, 2019, the eight judicial District Court of Nevada appointed Custodian Ventures, LLC as custodian for Hi-Great Group Holding Company, proper notice having been given to the officers and directors of Hi-Great Group Holding Company. There was no opposition.
On March 15, 2019, the Company filed a certificate of revival with the state of Nevada, appointing David Lazar as President, Secretary, Treasurer and Director.
On October 11, 2019, Custodian Ventures entered into a stock purchase agreement whereby they transferred 70,000,000 shares of common stock to Esther Yang in exchange for $225,000 in cash. As a result of the sale, there was a change of control of the Company. There is no family relationship or other relationship between the Seller and the Purchaser.
On March 19, 2020, the Company entered in a licensing agreement with SellaCare, Inc. for the licensing of Patents and all future products developed by the SellaCare, Inc. The licensing agreement calls for the Company to pay 25% of all Gross revenues or $1,000, whichever is greater and not less than $1,000, beginning April 30, 2020 and payable the 15th of every month thereafter.
On March 16, 2020, the Company entered into a land lease for property located in the unincorporated area of Pearblossom, County of Los Angeles, California, in agreement with Sella Property, LLC. Sella Property, LLC is an entity controlled by Esther Yang. The lease calls for rent payments of $30,000 in annual installments due on the 16th day of March each year.
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of presentation
The Company’s financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).
Use of estimates
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates.
Concentrations of Credit Risk
We maintain our cash in bank deposit accounts, the balances of which at times may exceed federally insured limits. We continually monitor our banking relationships and consequently have not experienced any losses in our accounts. We believe we are not exposed to any significant credit risk on cash.
Cash and Cash Equivalents
For purposes of reporting within the statements of cash flows, the Company considers all cash on hand, cash accounts not subject to withdrawal restrictions or penalties, and all highly liquid debt instruments purchased with a maturity of three months or less to be cash and cash equivalents. There were no cash equivalents for the year ended December 31, 2023 or 2022.
Reclassifications
Certain reclassifications have been made to the prior period financial information to conform to the presentation used in the financial statements for the year ended December 31, 2023.
Revenue Recognition
The Company records revenue in accordance with FASB Accounting Standards Codification (“ASC”) as topic 606 (“ASC 606”). The revenue recognition standard in ASC 606 outlines a single comprehensive model for recognizing revenue as performance obligations, defined in a contract with a customer as goods or services transferred to the customer in exchange for consideration, are satisfied. The standard also requires expanded disclosures regarding the Company’s revenue recognition policies and significant judgments employed in the determination of revenue. The Company is involved in Agritourism and sells herbal supplements. The Company sells herbal supplements it buys directly from SellaCare, Inc. and sells those supplements using the SellaCare brand. SellaCare, Inc is a company that is controlled by the Company’s majority shareholder.
Cost of Goods Sold
Cost of sales includes all direct expenses incurred to produce the revenue for the period. This includes, but is not limited to, product cost and shipping. Cost of goods sold are recorded in the same period as the resulting revenue. The company pays a sales based royalty payment of 25% of gross revenue to SellaCare, Inc., its related party. This royalty expense is included in cost of goods sold.
Leases
The Company adopted the new lease accounting standard, “Accounting Standards Codification Topic 842 Leases (ASC 842)” using the modified retrospective basis for all agreements existing as of January 1, 2019 as described further below under Accounting Standards Adopted.
The Company recognizes a right-of-use asset and lease liability for all financing and operating leases with terms greater than twelve months. The lease liability is measured based on the present value of the lease payments not yet paid. The right-of-use asset is measured based on the initial measurement of the lease liability adjusted for any direct costs incurred upon commencement of the lease. The right-of-use assets are amortized on a straight-line basis over the lease term and are tested for impairment in a manner consistent with the other long-lived assets held by the Company.
Stock-based Compensation
In June 2018, the FASB issued ASU 2018-07, Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. ASU 2018-07 allows companies to account for nonemployee awards in the same manner as employee awards. The guidance is effective for fiscal years beginning after December 15, 2018, and interim periods within those annual periods. We adopted this ASU on January 1, 2019. The adoption of ASU 2018-07 did not have a material impact on our financial statements.
Fair value of financial instruments
The Company follows paragraph 825-10-50-10 of the FASB Accounting Standards Codification for disclosures about fair value of its financial instruments and paragraph 820-10-35-37 of the FASB Accounting Standards Codification (“Paragraph 820-10-35-37”) to measure the fair value of its financial instruments. Paragraph 820-10-35-37 establishes a framework for measuring fair value in accounting principles generally accepted in the United States of America (U.S. GAAP), and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements and related disclosures, Paragraph 820-10-35-37 establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three (3) broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three (3) levels of fair value hierarchy defined by Paragraph 820-10-35-37 are described below:
Level 1: Quoted market prices available in active markets for identical assets or liabilities as of the reporting date.
Level 2: Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date.
Level 3: Pricing inputs that are generally unobservable inputs and not corroborated by market data.
The carrying amount of the Company’s financial assets and liabilities, such as cash, prepaid expenses and accrued expenses approximate their fair value because of the short maturity of those instruments. The Company’s notes payable estimates the fair value of such instruments as the notes bear interest rates that are consistent with current market rates.
Income taxes
The Company follows Section 740-10-30 of the FASB Accounting Standards Codification, which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are based on the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the fiscal year in which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the fiscal years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the Statements of Income in the period that includes the enactment date.
The Company adopted section 740-10-25 of the FASB Accounting Standards Codification (“Section 740-10-25”) with regards to uncertainty income taxes. Section 740-10-25 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under Section 740-10-25, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent (50%) likelihood of being realized upon ultimate settlement. Section 740-10-25 also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures. The Company had no material adjustments to its liabilities for unrecognized income tax benefits according to the provisions of Section 740-10-25.
Net income (loss) per common share
Net income (loss) per common share is computed pursuant to section 260-10-45 of the FASB Accounting Standards Codification. Basic net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock and potentially outstanding shares of common stock during the period. The weighted average number of common shares outstanding and potentially outstanding common shares assumes that the Company incorporated as of the beginning of the first period presented.
The Company’s diluted loss per share is the same as the basic loss per share for the years ended December 31, 2023 and 2022, as the inclusion of any potential shares would have had an anti-dilutive effect due to the Company generating a loss.
Adoption of Recent Accounting Pronouncements
The Company has implemented all new accounting applicable pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.
NOTE 3 - GOING CONCERN
The accompanying financial statements have been prepared assuming the continuation of the Company as a going concern. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and is dependent on debt and equity financing to fund its operations. Management of the Company is making efforts to raise additional funding until a registration statement relating to an equity funding facility is in effect. While management of the Company believes that it will be successful in its capital formation and planned operating activities, there can be no assurance that the Company will be able to raise additional equity capital or be successful in the development and commercialization of the products it develops or initiates collaboration agreements thereon. The accompanying financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the possible inability of the Company to continue as a going concern.
NOTE 4 - RELATED PARTY TRANSACTIONS
On December 27, 2019, the company obtained a loan in the amount of $5,000 from Jung Ho Yang. The note bears an interest rate of 5% and matures on November 30, 2020. As of December 31, 2020, there is $253 of interest accrued on this note. This note is paid.
On January 28, 2020, the company obtained a loan in the amount of $10,000 from Sellacare America, Inc. The note bears an interest rate of 5% and matures on November 30, 2020 As of December 31, 2020, there is $463 of interest accrued on this note. This note is paid.
On March 19, 2020, the Company entered in a licensing agreement with SellaCare, Inc. for the licensing of Patents and all future products developed by the SellaCare, Inc. The licensing agreement calls for the Company to pay 25% of all Gross revenues or $1,000, whichever is greater and not less than $1,000, beginning April 30, 2020 and payable the 15th of every month thereafter. As of December 31, 2020, $44,891 of licensing expense has been accrued.
On March 16, 2020, the Company entered into a land lease for property located in the unincorporated area in Pearblossom, County of Los Angeles, California, in agreement with Sella Property, LLC. Sella Property, LLC is an entity controlled by Company’s majority shareholder. The lease calls for rent payments of $30,000 in annual installments due on the 16th day of March each year. The lease begins March 16, 2020 and matures March 16, 2025.
As of December 31, 2023, a total of $0 in loan payable to related party.
NOTE 5 - PREFERRED STOCK
The Preferred Stock may be issued from time to time in one or more series. The Board is authorized to fix the number of shares of any series of Preferred Stock and to determine the designation of any such series. The Board is also authorized to determine or alter the rights, preferences, privileges, and restrictions granted to or imposed upon any wholly unissued series of Preferred Stock and, within the limits and restrictions stated in any resolution or resolutions of the Board originally fixing the number of shares constituting any series, to increase or decrease (but not below the number of shares of such series than outstanding) the number of shares of any such series subsequent to the issue of shares of that series.
Currently, no preferred shares have been designated.
NOTE 6 - OPERATING LEASE
On February 2016, the FASB issued Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842). The ASU introduces a new leasing model for both lessees and lessors. Topic 842 provides guidance in how to identify whether a lease arrangement exists. Management has evaluated its leasing arrangement and has classified it as operating lease.
Operating Lease Obligations
On March 16, 2020, the Company entered into a land lease for property located in the unincorporated area Pearblossom, County of Los Angeles, State of California.in agreement with Sella Property, LLC. Sella Property, LLC is a company controlled by the majority shareholder of the Company. The lease calls for rent payments of $30,000 in annual installments due on the 16th day of March each year. The lease begins March 16, 2020 and matures March 16, 2025.
Lease obligations at December 31, 2023 consisted of the following:
Right to Use Asset - USD
Right to Use Liability - USD 21231
The following Cost related to the lease of the Company for the year ended December 31,2023
Lease Depreciation - USD
Lease Interest - USD 2276
Total Lease Cost - USD
NOTE 7 - SUBSEQUENT EVENTS
Management has evaluated subsequent events pursuant to the requirements of ASC Topic 855, from the balance sheet date through the date the financial statements were issued and has determined that no material subsequent events exist.

---

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURES
We have had no “disagreements” (as such term is defined in Item 304 of Regulation S-K) with our Accountant on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedures.

---

ITEM 9A. CONTROLS AND PROCEDURES
ITEM 9A. CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
Under the supervision and with the participation of our management, including our chief executive officer and principal financial officer, we conducted an evaluation of our disclosure controls and procedures, as such term is defined under Rule 13a-15(e) and Rule 15d-15(e) promulgated under the Securities Exchange Act of 1934, as amended, as of December 31, 2017. Based on this evaluation, our chief executive officer and principal financial officer have concluded such controls and procedures to be ineffective as of December 31, 2023, to ensure that information required to be disclosed by the issuer in the reports that it files or submits under the Act is recorded, processed, summarized and reported, within the time periods specified in the Commission’s rules and forms and to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Act is accumulated and communicated to the issuer’s management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.
Management’s Annual Report on Internal Control over Financial Reporting
Management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Rules 13a-15 (f) and 15d- 15 (f) under the Exchange Act, for the Company.
Our internal control over financial reporting is the process designed by and under the supervision of our CEO and CFO, or the persons performing similar functions, to provide reasonable assurance regarding the reliability of our financial reporting and the preparation of our financial statements for external reporting in accordance with accounting principles generally accepted in the United States of America. Management has evaluated the effectiveness of our internal control over financial reporting using the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission in Internal Control over Financial Reporting - Guidance for Smaller Public Companies.
Under the supervision and with the participation of our CEO and CFO, or the persons performing similar functions, our management has assessed the effectiveness of our internal control over financial reporting as of December 31, 2023, and concluded that it is not effective because of the material weakness described below:
In connection with the preparation of our financial statements for the year ended December 31, 2023, due to resource constraints, material weaknesses became evident to management regarding our lack of resources and segregation of duties. The Company has not established an audit committee and lacks documentation of its internal control process. A material weakness is a significant deficiency in one or more of the internal control components that alone or in the aggregate precludes our internal controls from reducing to an appropriately low level the risk that material misstatements in our consolidated financial statements will not be prevented or detected on a timely basis.
This annual report does not include an attestation report of our registered public accounting firm regarding internal control over financial reporting. Management’s report was not subject to attestation by the registrant’s registered public accounting firm pursuant to rules of the Securities and Exchange Commission that permit the registrant to provide only management’s report in this annual report.
Evaluation of Changes in Internal Control over Financial Reporting
During the year ended December 31, 2023, there were no changes in our internal control over financial reporting identified in connection with the evaluation required by paragraph (d) of Securities Exchange Act Rules 13a-15 or 15d-15 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. We intend to recruit additional professionals, as our business conditions warrant, to ensure that we include all necessary disclosure in our filings with the Securities and Exchange Commission. Although we believe that these corrective steps will enable management to conclude that the internal controls over our financial reporting are effective when the staff is in place and trained, we cannot provide assurance that these steps will be sufficient. We may be required to expend additional resources to identify, assess and correct any additional weaknesses in internal control.
Important Considerations
The effectiveness of our disclosure controls and procedures and our internal control over financial reporting is subject to various inherent limitations, including cost limitations, judgments used in decision making, assumptions about the likelihood of future events, the soundness of our systems, the possibility of human error, and the risk of fraud. Moreover, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions and the risk that the degree of compliance with policies or procedures may deteriorate over time. Because of these limitations, there can be no assurance that any system of disclosure controls and procedures or internal control over financial reporting will be successful in preventing all errors or fraud or in making all material information known in a timely manner to the appropriate levels of management.

---

ITEM 9B. OTHER INFORMATION
ITEM 9B. OTHER INFORMATION
On November 19, 2021, High-Great Group Holding Company (the “Registrant”) decided to dismiss MICHAEL GILLESPIE & ASSOCIATES, PLLC as the Registrant’s independent registered public accounting firm. The reason for the dismissal of MICHAEL GILLESPIE was due to difficulty in working with him that cause unreasonable delay and several amendments to the previously filed 10Qs. On November 19, 2021, the Company engaged M.S. Madhava Rao as its independent accountant to provide auditing services for going forward for the Company. Prior to such engagement, the Company had no consultations with M.S. Madhava Rao. The decision to hire M.S. Madhava Rao was approved by the Company’s Board of Directors. The disagreement between the Registrant and MICHAEL GILLESPIE & ASSOCIATES on a matter related to accounting principles or practices was resolved to the satisfaction of Mr. Rao.

---

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
Identity of Officers and Directors
Our bylaws provide that the number of directors who shall constitute the whole board shall be such number as the board of directors shall at the time have designated. Each director shall be selected for a term of one year and until his successor is elected and qualified. Vacancies are filled by a majority vote of the remaining directors then in office with the successor elected for the unexpired term and until the successor is elected and qualified.
The officers and directors are as follows:
Name
Age Positions Held
Alex Jun Ho Yang (1)
CEO and Chairman
Ho Soon Yang (2)
CFO, Treasurer and Secretary
(1) On February 25, 2020, Alex Jun Ho Yang was appointed to the Board of Director, and as President and Chief Executive Officer,
(2) On October 14, 2019, Ho Soon Yang consented to act as the President, CEO, CFO, Treasurer, Secretary and Chairman of the Board of Directors of the Company. On February 25, 2020, Ho Soon Yang resigned as President, Chief Executive Officer, and Secretary, but remained Chief Financial Officer and Treasurer.
(3) On April 24, 2020. Madeline Choi was appointed as Secretary to the Company by the Current Board of Directors. On September 22, 2022, Madeline Choi resigned as Secretary. Ho Soon Yang was appointed as Secretary of the Company by the Board of Directors.
Director Independence
We do not have any independent directors serving on our Board of Director.
Executive Officers and Directors
Jun Ho Yang, Chief Executive Officer & Director.
With over 25 years of running and starting successful business Alex Jun Ho Yang is a seasoned executive focused on the profitability of all his ventures Real Estate Company Sella Property, LLC and his Charitable Foundation, The Christian Herald USA. With his experience in real estate and finance he turned his expertise into starting and running a successful internet company, rentonweb.com. He continues to remain active his long-time real estate firm Sella Property, LLC focusing on the California Market. He has founded numerous charities and foundations and has served as a Founding Pastor at his Church in California, Cornerstone Church, and as a Missionary to Africa. He graduated high school and four-year degree at Emanuel University in Los Angeles California. From January 2014, to the present, he has been the President of Sella Property, the real estate property owner. From March 2012, to the present, he has been CEO of The Christian Herald, a Christian based foundation.
Ho Soon Yang, Chief Financial Officer, Treasurer, and Secretary
Ho Soon Yang is an experienced executive with over 25 years of business experience in the fields of importing and exporting She has devoted much her time to importing and exporting Nutritional Supplements and Specialty materials. She has worked for Sellacare, INC the last 5 years, Inc. In addition, she oversaw all technology, products and customer service for Sellacare, INC. She attended high school and graduated from Han Yang University in Seoul, South Korea. From February 2011 to the present, she has been President of SellaCare Inc,
Board Leadership Structure and Risk Oversight
The Board oversees our business and considers the risks associated with our business strategy and decisions. The Board currently implements its risk oversight function as a whole. Each of the Board committees, when established, will also provide risk oversight in respect of its areas of concentration and reports material risks to the board for further consideration.
Term of Office
Directors serve until the next annual meeting and until their successors are elected and qualified. Officers are appointed to serve for one (1) year until the meeting of the Board following the annual meeting of shareholders and until their successors have been elected and qualified.
Significant Employees
We have no significant employees other than our officers.
Family Relationships
Alex Jun Ho Yang and Ho Soon Yang are husband and wife. We expect, as the Company grows to bring in additional unrelated officers and or directors to the Company.
Director or Officer Involvement in Certain Legal Proceedings
During the past five (5) years, none of the following occurred with respect to one of our present or former directors or executive officers: (1) any bankruptcy petition filed by or against any business of which such person was a general partner or executive officer either at the time of the bankruptcy or within two (2) years prior to that time; (2) any conviction in a criminal proceeding or being subject to a pending criminal proceeding (excluding traffic violations and other minor offenses); (3) being subject to any order, judgment or decree, not subsequently reversed, suspended or vacated, of any court of any competent jurisdiction, permanently or temporarily enjoining, barring, suspending or otherwise limiting his involvement in any type of business, securities or banking activities; and (4) being found by a court of competent jurisdiction (in a civil action), the Securities and Exchange Commission or the Commodities Futures Trading Commission to have violated a federal or state securities or commodities law, and the judgment has not been reversed, suspended, or vacated.
Director Independence
We use the definition of “independence” of The NASDAQ Stock Market to make this determination. NASDAQ Listing Rule 5605(a)(2) provides that an “independent director” is a person other than an officer or employee of the company or any other individual having a relationship which, in the opinion of the Company’s Board, would interfere with the exercise of independent judgment in carrying out the responsibilities of a director. Under such definitions, we have no independent directors. However, our Common Stock is not currently quoted or listed on any national exchange or interdealer quotation system with a requirement that a majority of our Board be independent and, therefore, the Company is not subject to any director independence requirements.
Section 16(a) Beneficial Ownership Reporting Compliance
Section 16(a) of the Exchange Act requires a company’s directors, officers, and stockholders who beneficially own more than 10% of any class of equity securities of the Company registered pursuant to Section 12 of the Exchange Act (collectively referred to herein as the “Reporting Persons”), to file initial statements of beneficial ownership of securities and statements of changes in beneficial ownership of securities with respect to the company’s equity securities with the SEC. All Reporting Persons are required by SEC regulation to furnish us with copies of all reports that such Reporting Persons file with the SEC pursuant to Section 16(a).
Code of Ethics
We have not yet adopted a code of ethics that applies to our principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions.
Audit Committee and Audit Committee Financial Expert
We do not currently have an audit committee financial expert, nor do we have an audit committee. Our board of directors, handles the functions that would otherwise be handled by an audit committee. We do not currently have the capital resources to pay director fees to a qualified independent expert who would be willing to serve on our board and who would be willing to act as an audit committee financial expert. As our business expands and as we appoint others to our board of directors, we expect that we will seek a qualified independent expert to become a member of our board of directors. Before retaining any such expert our board would make a determination as to whether such person is independent.
ITEM 11, EXECUTIVE COMPENSATION
Summary Compensation Table
Name and Principal Position (a) Year
(b) Salary
($) (c)
Bonus
($) (d) Stock
Awards ($) (e) Option
Awards ($) (f) Non-Equity
Incentive Plan
Compensation ($) (g) Change in Pensions
Value and Nonqualified Deferred Compensation Earnings
($) (h) All Other
Compensation
($) (i) Total
($) (j)
Alex Jun Ho Yang
CEO
Ho Soon Yang,
CFO, Treasurer, Secretary
Madeline Choi,
1,000,000
1,000,000
Secretary (From April-September 2020)
Madeline Choi received 1,000,000 shares as compensation in 2020. There are no officer or directors of the Company has received any compensation in 2019
Our directors and officers do not have unexercised options, stock that has not vested, or equity incentive plan awards.
We do not currently have a stock option plan. No individual grants of stock options, whether or not in tandem with stock appreciation rights known as SARs or freestanding SARs have been made to any executive officer or any director since our inception; accordingly, no stock options have been granted or exercised by any of the officers or directors since inception.
We do not have any long-term incentive plans that provide compensation intended to serve as incentive for performance. No individual grants or agreements regarding future payouts under non-stock price-based plans have been made to any executive officer or any director or any employee or consultant since our inception; accordingly, no future payouts under non-stock price-based plans or agreements have been granted or entered into or exercised by our officer or director or employees or consultants since inception.
To the knowledge of management, during the past five years, no present or former director, or executive officer of the Company:
1. Has filed a petition under the federal bankruptcy laws or any state insolvency law, nor had a receiver, fiscal agent or similar officer appointed by a court for the business or property of such person, or any partnership in which he or she was a general partner at or within two years before the time of such filing, or any corporation or business association of which he or she was an executive officer at or within two years before the time of such filing;
2. Was convicted in a criminal proceeding or named subject of a pending criminal proceeding (excluding traffic violations and other minor offenses);
3. Was the subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently or temporarily enjoining him from or otherwise limiting, the following activities:
i. Acting as a futures commission merchant, introducing broker, commodity trading advisor, commodity pool operator, floor broker, leverage transaction merchant, associated person of any of the foregoing, or as an investment advisor, underwriter, broker or dealer in securities, or as an affiliate person, director or employee of any investment company, or engaging in or continuing any conduct or practice in connection with such activity;
ii. Engaging in any type of business practice;
iii. Engaging in any activity in connection with the purchase or sale of any security or commodity or in connection with any violation of federal or state securities laws or federal commodities laws;
4. Was the subject of any order, judgment, or decree, not subsequently reversed, suspended, or vacated, of any federal or state authority barring, suspending, or otherwise limiting for more than 60 days the right of such person to engage in any such activity.
5. Was found by a court of competent jurisdiction in a civil action or by the Securities and Exchange Commission to have violated any federal or state securities law, and the judgment in such civil action or finding by the Securities and Exchange Commission has not been subsequently reversed, suspended, or vacated.
6. Was found by a court of competent jurisdiction in a civil action or by the Commodity Futures Trading Commission to have violated any federal commodities law, and the judgment in such civil action or finding by the Commodity Futures Trading Commission has not been subsequently reversed, suspended or vacated.
Director Compensation
We do not currently pay any compensation to our directors, nor do we pay directors’ expenses in attending board meetings.
Employment Agreements
The Company is not a party to any employment agreements.
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
The following table sets forth, as of July 11, 2022, the number and percentage of our outstanding shares of common stock owned by (i) each person known to us to beneficially own more than 5% of our outstanding common stock, (ii) each director, (iii) each named executive officer, and (iv) all officers and directors as a group. Common stock beneficially owned and percentage ownership was based on our, shares outstanding on July 11, 2022 of 100,000,000.
Common Stock
Direct
Indirect
Total
Percentage
Name and Address of Beneficial Owner
Executive Officers and Directors (1)
Jun Ho Yang
31,500,000
31,500,000
31.5 %
Ho Soon Yang
32,501,000
32,501,000
32.5 %
Madeline Choi
1,000,000
1,000,000
1.0 %
Officers and Directors as a Group (3 persons)
65,001,000
65,001,000
%
Other 5% Holders (2)
Chihhsiang Tu
5,000,000
5,000,000
5.0 %
Chugwen You
5,000,000
5,000,000
5.0 %
Shuchan Yu
7,935,250
7,935,250
7.9 %
Common stock owned by 5% shareholders (3 persons)
17,935,250
17,935,250
17.9 %
(1) 621 S. Virgil Avenue #470, Los Angeles, CA 90005
(2) LIN, JINGPINGLI, ZHONGHE CITY, TAIPEI, TW
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE
The following information summarizes transactions we have either engaged in for the past two fiscal years or propose to engage in, involving our executive officers, directors, more than 5% stockholders, or immediate family members of these persons. These transactions were negotiated between related parties without “arm’s length” bargaining and, as a result, the terms of these transactions may be different than transactions negotiated between unrelated persons.
On December 27, 2019, the company obtained a loan in the amount of $5,000 from Jung Ho Yang. The note bears an interest rate of 5% and matures on November 30, 2020. As of December 31, 2022, this note was paid.
On January 28, 2020, the company obtained a loan in the amount of $10,000 from Sellacare America, Inc. The note bears an interest rate of 5% and matures on November 30, 2020 As of December 31, 2022, this note was paid.
On March 19, 2020, the Company entered in a licensing agreement with SellaCare, Inc. for the licensing of Patents and all future products developed by the SellaCare, Inc. The licensing agreement calls for the Company to pay 25% of all Gross revenues or $1,000, whichever is greater and not less than $1,000, beginning April 30, 2020 and payable the 15th of every month thereafter. As of December 31, 2022, $53,366 of licensing expense has been accrued.
On March 16, 2020, the Company entered into a land lease for property located in the unincorporated area in Pearblossom, County of Los Angeles, California, in agreement with Sella Property, LLC. Sella Property, LLC is an entity controlled by Company’s majority shareholder. The lease calls for rent payments of $30,000 in annual installments due on the 16th day of March each year. The lease begins March 16, 2020 and matures March 16, 2025. The company has made lease payments of $35,000 as of ended December 31, 2022. As of December 31, 2022, $115,000 in lease payments remain.
As of December 31, 2022, there is no loan payable to another related party.
ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES
Audit Fees
The following table presents the aggregate fees billed for each of the last two fiscal years by M N Vijaykumar & Associates, PLLC our Independent Registered Public Accounting Firm, in connection with the audit of our financial statements and other professional services rendered by those accounting firms.
Audit fees $ 32,250 $ 20,000
Audit-related fees $ - $ -
Tax fees $ - $ 1,162
All other fees $ 32,250 $ 21,162
Audit fees represent fees for professional services rendered by our principal accountants for the audit of our annual financial statements and review of the financial statements included in our Forms 10-K or services that are normally provided by our principal accountants in connection with statutory and regulatory filings or engagements.
Audit-related fees represent professional services rendered for assurance and related services by the accounting firm that are reasonably related to the performance of the audit or review of our financial statements that are not reported under audit fees.
Tax fees represent professional services rendered by the accounting firm for tax compliance, tax advice, and tax planning.
All other fees represent fees billed for products and services provided by the accounting firm, other than the services reported for the other three categories.
PART IV
ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES
(a)(1) Financial Statements
The audited financial statements of the Company are included in this report under Item 8.
(a)(2) Financial Statement Schedules
All financial statement schedules are included in the footnotes to the financial statements or are inapplicable or not required.
(a)(3) Exhibits
The following documents have been filed as part of this report.
Exhibit No.
Description
31.1
Rule 13a14(a)/15d-14(a) Certification of Chief Executive Officer and Chief Financial Officer
32.1
Section 1350 Certification of Chief Executive Officer and Chief Financial Officer
101.INS*
Inline XBRL Instance Document(1)
101.SCH*
Inline XBRL Taxonomy Extension Schema Document(1)
101.CAL*
Inline XBRL Taxonomy Extension Calculation Linkbase Document(1)
101.DEF*
Inline XBRL Taxonomy Extension Definition Linkbase Document(1)
101.LAB*
Inline XBRL Taxonomy Extension Label Linkbase Document(1)
101.PRE*
Inline XBRL Taxonomy Extension Presentation Linkbase Document(1)
104*
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).
SIGNATURES
In accordance with the requirements of the Exchange Act, the Registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
HI-GREAT GROUP HOLDING COMPANY
Date: May 20, 2024 By: /s/ Jun Ho Yang
Name: Jun Ho Yang
Title: Chief Executive Officer
(Principal Executive Officer)
Date: May 20, 2024 By: /s/ Ho Soon Yang
Name: Ho Soon Yang
Title: Chief Financial Officer
(Principal Financial and Accounting Officer)
false true FY false true NONE
2023-01-01 2023-12-31
2024-05-20
2023-06-30
2023-12-31
2022-12-31
us-gaap:RelatedPartyMember
2023-12-31
us-gaap:RelatedPartyMember
2022-12-31
2022-01-01 2022-12-31
us-gaap:CommonStockMember
2019-12-31
us-gaap:AdditionalPaidInCapitalMember
2019-12-31
us-gaap:RetainedEarningsMember
2019-12-31
2019-12-31
us-gaap:RetainedEarningsMember
2020-01-01 2020-12-31
2020-01-01 2020-12-31
us-gaap:CommonStockMember
2020-12-31
us-gaap:AdditionalPaidInCapitalMember
2020-12-31
us-gaap:RetainedEarningsMember
2020-12-31
2020-12-31
us-gaap:AdditionalPaidInCapitalMember
2021-01-01 2021-12-31
2021-01-01 2021-12-31
us-gaap:RetainedEarningsMember
2021-01-01 2021-12-31
us-gaap:CommonStockMember
2021-12-31
us-gaap:AdditionalPaidInCapitalMember
2021-12-31
us-gaap:RetainedEarningsMember
2021-12-31
2021-12-31
us-gaap:RetainedEarningsMember
2022-01-01 2022-12-31
us-gaap:CommonStockMember
2022-12-31
us-gaap:AdditionalPaidInCapitalMember
2022-12-31
us-gaap:RetainedEarningsMember
2022-12-31
us-gaap:RetainedEarningsMember
2023-01-01 2023-12-31
us-gaap:CommonStockMember
2023-12-31
us-gaap:AdditionalPaidInCapitalMember
2023-12-31
us-gaap:RetainedEarningsMember
2023-12-31
2019-10-11 2019-10-11
2020-03-19
2020-04-30
2020-03-16 2020-03-16
higr:JungHoYangMember
2019-12-27 2019-12-27
higr:LoanMember higr:JungHoYangMember
2019-12-27
higr:LoanMember higr:JungHoYangMember
2019-12-27 2019-12-27
higr:JungHoYangMember
2020-12-31
higr:SellacareAmericaIncMember
2020-01-28 2020-01-28
higr:LoanMember higr:SellacareAmericaIncMember
2020-01-28
higr:SellacareAmericaIncMember
2020-12-31
2020-12-01 2020-12-31
2020-03-16
higr:SellaPropertyLLCMember
2023-01-01 2023-12-31
higr:SellaPropertyLLCOneMember
2023-01-01 2023-12-31
2023-10-01 2023-12-31
xbrli:shares
iso4217:USD
iso4217:USD
xbrli:shares
xbrli:pure

---

ITEM 11. EXECUTIVE COMPENSATION

---

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
The following table sets forth, as of July 11, 2022, the number and percentage of our outstanding shares of common stock owned by (i) each person known to us to beneficially own more than 5% of our outstanding common stock, (ii) each director, (iii) each named executive officer, and (iv) all officers and directors as a group. Common stock beneficially owned and percentage ownership was based on our, shares outstanding on July 11, 2022 of 100,000,000.
Common Stock
Direct
Indirect
Total
Percentage
Name and Address of Beneficial Owner
Executive Officers and Directors (1)
Jun Ho Yang
31,500,000
31,500,000
31.5 %
Ho Soon Yang
32,501,000
32,501,000
32.5 %
Madeline Choi
1,000,000
1,000,000
1.0 %
Officers and Directors as a Group (3 persons)
65,001,000
65,001,000
%
Other 5% Holders (2)
Chihhsiang Tu
5,000,000
5,000,000
5.0 %
Chugwen You
5,000,000
5,000,000
5.0 %
Shuchan Yu
7,935,250
7,935,250
7.9 %
Common stock owned by 5% shareholders (3 persons)
17,935,250
17,935,250
17.9 %
(1) 621 S. Virgil Avenue #470, Los Angeles, CA 90005
(2) LIN, JINGPINGLI, ZHONGHE CITY, TAIPEI, TW

---

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE
The following information summarizes transactions we have either engaged in for the past two fiscal years or propose to engage in, involving our executive officers, directors, more than 5% stockholders, or immediate family members of these persons. These transactions were negotiated between related parties without “arm’s length” bargaining and, as a result, the terms of these transactions may be different than transactions negotiated between unrelated persons.
On December 27, 2019, the company obtained a loan in the amount of $5,000 from Jung Ho Yang. The note bears an interest rate of 5% and matures on November 30, 2020. As of December 31, 2022, this note was paid.
On January 28, 2020, the company obtained a loan in the amount of $10,000 from Sellacare America, Inc. The note bears an interest rate of 5% and matures on November 30, 2020 As of December 31, 2022, this note was paid.
On March 19, 2020, the Company entered in a licensing agreement with SellaCare, Inc. for the licensing of Patents and all future products developed by the SellaCare, Inc. The licensing agreement calls for the Company to pay 25% of all Gross revenues or $1,000, whichever is greater and not less than $1,000, beginning April 30, 2020 and payable the 15th of every month thereafter. As of December 31, 2022, $53,366 of licensing expense has been accrued.
On March 16, 2020, the Company entered into a land lease for property located in the unincorporated area in Pearblossom, County of Los Angeles, California, in agreement with Sella Property, LLC. Sella Property, LLC is an entity controlled by Company’s majority shareholder. The lease calls for rent payments of $30,000 in annual installments due on the 16th day of March each year. The lease begins March 16, 2020 and matures March 16, 2025. The company has made lease payments of $35,000 as of ended December 31, 2022. As of December 31, 2022, $115,000 in lease payments remain.
As of December 31, 2022, there is no loan payable to another related party.

---

ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES
ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES
Audit Fees
The following table presents the aggregate fees billed for each of the last two fiscal years by M N Vijaykumar & Associates, PLLC our Independent Registered Public Accounting Firm, in connection with the audit of our financial statements and other professional services rendered by those accounting firms.
Audit fees $ 32,250 $ 20,000
Audit-related fees $ - $ -
Tax fees $ - $ 1,162
All other fees $ 32,250 $ 21,162
Audit fees represent fees for professional services rendered by our principal accountants for the audit of our annual financial statements and review of the financial statements included in our Forms 10-K or services that are normally provided by our principal accountants in connection with statutory and regulatory filings or engagements.
Audit-related fees represent professional services rendered for assurance and related services by the accounting firm that are reasonably related to the performance of the audit or review of our financial statements that are not reported under audit fees.
Tax fees represent professional services rendered by the accounting firm for tax compliance, tax advice, and tax planning.
All other fees represent fees billed for products and services provided by the accounting firm, other than the services reported for the other three categories.
PART IV

---

ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES
ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES
(a)(1) Financial Statements
The audited financial statements of the Company are included in this report under Item 8.
(a)(2) Financial Statement Schedules
All financial statement schedules are included in the footnotes to the financial statements or are inapplicable or not required.
(a)(3) Exhibits
The following documents have been filed as part of this report.
Exhibit No.
Description
31.1
Rule 13a14(a)/15d-14(a) Certification of Chief Executive Officer and Chief Financial Officer
32.1
Section 1350 Certification of Chief Executive Officer and Chief Financial Officer
101.INS*
Inline XBRL Instance Document(1)
101.SCH*
Inline XBRL Taxonomy Extension Schema Document(1)
101.CAL*
Inline XBRL Taxonomy Extension Calculation Linkbase Document(1)
101.DEF*
Inline XBRL Taxonomy Extension Definition Linkbase Document(1)
101.LAB*
Inline XBRL Taxonomy Extension Label Linkbase Document(1)
101.PRE*
Inline XBRL Taxonomy Extension Presentation Linkbase Document(1)
104*
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).