Gold Rock Holdings, Inc. reported its financial results for the third quarter and the nine months ended September 30, 2024, reflecting significant changes in revenue and expenses compared to the previous fiscal period. The company generated sales of $66,000 for the three months ended September 30, 2024, and $72,500 for the nine months, marking a notable increase from $0 in both periods of 2023. This growth in revenue is attributed to the company's strategic shift from engineering and construction management services to focusing on mergers, acquisitions, and management of technological assets, effective October 2, 2023.
Total expenses for the third quarter of 2024 were $45,595, a substantial rise from $10,554 in the same quarter of 2023. For the nine-month period, total expenses increased to $310,690 from $217,210 year-over-year. The net income for the third quarter of 2024 was $20,405, a significant turnaround from a net loss of $(10,554) in the third quarter of 2023. However, the company reported a net loss of $(238,190) for the nine months ended September 30, 2024, compared to a loss of $(217,210) for the same period in 2023.
As of September 30, 2024, Gold Rock Holdings had total assets of $259,303, with cash reserves of $215,303. The total current liabilities stood at $81,585, resulting in total stockholders' equity of $177,718, a recovery from a deficit of $(7,194) as of September 30, 2023. The accumulated deficit increased to $(1,104,227) from $(850,936) year-over-year, raising concerns about the company's ability to continue as a going concern.
Strategically, Gold Rock formed a new subsidiary, Loot8, Inc., on December 12, 2023, which is currently in beta testing and has not yet generated revenue. Loot8 aims to develop a Web3 content management system and has established a sponsorship commitment with the University of Houston for $125,000, to be paid in installments.
The company has also seen changes in its management structure, with Marcus Daley appointed as CEO on October 2, 2023, following the resignation of Merle Ferguson from that role. The compensation agreements for key executives have been adjusted, including the termination of a contract with the Board Chairman and a new contract pending.
Overall, while Gold Rock Holdings has made strides in revenue generation and strategic direction, it continues to face challenges related to profitability and financial stability.
About GOLD ROCK HOLDINGS, INC.
About 10-Q Filings
A 10-Q form is an important financial report that public companies in the United States must submit every three months. It gives a clear picture of a company's financial health and recent performance.
Key points about the 10-Q:
- Frequency: Companies file it three times a year, covering the first three quarters. The fourth quarter is covered in a more comprehensive annual report.
-
Content: It includes:
- Financial statements showing the company's current financial position
- Updates from management on the performance and projections of the business
- Information about potential risks the company faces
- Details on how the company is run internally
- Deadline: Must be filed within 40 or 45 days after the quarter ends, depending on the size of the company.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.