Goliath Film & Media Holdings Reports Net Loss, Decrease in Assets and Increase in Liabilities in Q3 2024

Goliath Film & Media Holdings reported its financial results for the three months ended July 31, 2024, revealing a net loss of $10,241, a decrease from the net loss of $10,817 in the same period of the previous year. The company did not generate any revenue during this quarter, consistent with the previous year, and continues to face challenges in its financial performance.

Total operating expenses for the quarter were $10,241, down from $10,817 in the prior year, reflecting a decrease of $576 (5.3%). The breakdown of operating expenses for Q3 2024 included $2,000 for consulting services and $8,109 for professional fees. In contrast, the previous year’s expenses included $2,500 for consulting services and $8,282 for professional fees.

As of July 31, 2024, Goliath's total assets were reported at $304, a decline from $437 as of April 30, 2024. Total liabilities increased to $111,147 from $101,039 in the previous quarter, marking an increase of $10,108. The accumulated deficit rose to $(1,082,841) from $(1,072,600) in the prior quarter, while total stockholders’ deficit also increased to $(110,843) from $(100,602).

Cash at the end of the reporting period was $304, down from $1,168 at the end of July 2023. The company reported net cash used in operating activities of $(2,133) for the quarter, a significant improvement compared to $(10,546) in the same period last year. Cash flow from financing activities included $2,000 in advances from related parties, compared to $2,500 in the prior year.

Goliath continues to rely on related party financing, with a principal balance due to related parties increasing to $11,635 as of July 31, 2024, from $9,635 in the previous quarter. The company has no employees and operates with a focus on developing and distributing digital content in niche markets, including education and faith-based films.

The company has plans to develop and produce at least three projects over the next year, with estimated production costs of approximately $150,000 each. Goliath aims to target underserved markets, particularly in the "Bible Belt" and "Flyover Country," and is positioned to provide content to major streaming platforms, capitalizing on the growing demand for quality programming.