Carriage House Event Center Reports Significant Losses and Doubt About Its Ability to Continue as a Going Concern

Carriage House Event Center, Inc. reported its financial results for the three and nine months ended September 30, 2024, revealing continued operational challenges and significant losses. The company, which has not generated any revenue since its inception, recorded a net loss of $13,600 for the third quarter of 2024, a substantial increase from the net loss of $2,803 in the same period of 2023. For the nine months ended September 30, 2024, the net loss was $23,005, compared to $11,634 for the corresponding period in 2023.

General and administrative expenses surged to $13,600 for the third quarter of 2024, up 385.2% from $2,803 in 2023, primarily due to $10,000 in consulting fees. For the nine-month period, these expenses totaled $23,005, reflecting a 97.7% increase from $11,634 in 2023, again attributed to the same consulting fees.

As of September 30, 2024, the company reported total assets of $32,001, an increase from $29,006 at the end of 2023. However, total liabilities also rose to $180,800 from $154,800, leading to a total stockholders' deficit of $148,799, compared to $125,794 at the end of the previous fiscal year. The accumulated deficit increased to $182,949 from $159,944.

Cash at the end of the third quarter of 2024 was $32,001, down from $41,806 a year earlier. The company used $24,005 in operating activities during the nine months ended September 30, 2024, compared to $11,634 in the prior year. Financing activities provided $27,000 in cash during the same period, down from $52,000 in 2023, with proceeds from related party loans totaling $30,000 in 2024, compared to $55,000 in the previous year.

Carriage House Event Center continues to pursue its business plan, which includes the planned acquisition of an 8,050 square foot building in Mesa, Arizona, expected to be funded through common or preferred stock and debt, with completion anticipated in the fourth quarter of 2024. The company has expressed substantial doubt about its ability to continue as a going concern due to ongoing losses and insufficient working capital. Management is exploring potential merger opportunities if the business plan cannot be fulfilled.

The company remains a wholly-owned subsidiary of Blue Carriage Events, Inc., and has not issued any preferred stock. As of September 30, 2024, it had 4,450,000 shares of common stock outstanding, with management and affiliates holding 92.6% of the shares.