v3.22.2.2
NATURE OF BUSINESS AND GOING CONCERN
9 Months Ended
Sep. 30, 2022
Accounting Policies [Abstract]  
NATURE OF BUSINESS AND GOING CONCERN

1 – NATURE OF BUSINESS AND GOING CONCERN

 

Overview

 

Ameriguard Security Services, Inc., a Nevada company (“AGSS”) formerly Health Revenue Assurance Holdings, Inc). (“HRAA”) intended to become a provider of revenue cycle services to a broad range of healthcare providers.

 

On February 10, 2012, HRAA entered into an Agreement and Plan of Merger and Reorganization with Health Revenue Assurance Holdings, Inc. (formerly known as Anvex International, Inc., “HRAH”), a Nevada company, and its wholly-owned subsidiary Health Revenue Acquisition Corporation (“Acquisition Sub”), which was treated for accounting purposes as a reverse recapitalization with HRAA, considered the accounting acquirer.

 

The Company had been dormant since August 2014.

 

On July 14, 2020, as a result of a custodianship in Clark County, Nevada, Case Number: A816259, Custodian Ventures LLC (“Custodian”) was appointed Custodian of the Company.

 

On July 15, 2020 Custodian appointed David Lazar as the Company’s Chief Executive Officer, President, Secretary, Chief Financial Officer, Chief Executive Officer and Chairman of the Board of Directors.

 

On September 8, 2021, in a private stock purchase agreement, 10,000,000 shares of Series A-1 Preferred Stock, $0.001 par value per share (AGSS), were transferred from Custodian Ventures, LLC to Ameriguard Security Services, Inc. California corporation (“Ameriguard”). As a result, the Ameriguard became holder of approximately 91% of the voting rights of the issued and outstanding share capital of the Company on a fully-diluted basis and became the controlling shareholder. The consideration paid for the Shares was $450,000. In connection with the transaction, David Lazar has forgiven the Company from all debts owed to him and/or Custodian Ventures, LLC.

 

On September 8, 2021, the Company accepted the resignations from David Lazar as the Company’s Chief Executive Officer, Chief Financial Officer, Treasurer, Secretary and as a Member of the Board of Directors. Effective on the same date to fill the vacancies created by Mr. Lazar’s resignations, the Company appointed Lawrence Garcia as the Company’s President, CEO, CFO, Treasurer, Secretary, and Chairman of the Board of Directors. These resignations are in connection with the consummation of the private stock purchase agreement and was not the result of any disagreement with Company on any matter relating to Company’s operations, policies or practices.

 

On March 11, 2022, the Company, amended its articles of incorporation to change its name to Ameriguard Security Services, Inc. from Health Revenue Assurance Holdings, Inc. The name was deemed effective by FINRA on March 17, 2022.

 

Going Concern

 

The accompanying financial statements have been prepared assuming AGSS will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business for the twelve months following the date of these financial statements. As of September 30, 2022, AGSS had no cash and an accumulated deficit of $10,103,511.

 

Because AGSS does not expect that existing operational cash flow will be sufficient to fund presently anticipated operations, this raises substantial doubt about AGSS’s ability to continue as a going concern. Therefore, AGSS will need to raise additional funds and is currently exploring alternative sources of financing. Recently the Company is being funded by Ameriguard which has extended interest-free demand loans to AGSS. Historically, AGSS raised capital through private placements, to finance working capital needs and may attempt to raise capital through the sale of common stock or other securities and obtaining some short-term loans. The Company will be required to continue to so until its operations become profitable. Also, AGSS has, in the past, paid for consulting services with its common stock to maximize working capital, and intends to continue this practice where feasible.