Goliath Film & Media Holdings Reports Revenue Growth and Improved Net Loss for Six Months Ending October 31, 2024

Goliath Film & Media Holdings reported its financial results for the six months ending October 31, 2024, revealing a total revenue of $32,726, attributed to film production revenues from distribution fees related to its projects "Merry Ex's" and "Bridal Boot Camp." This marks a significant increase compared to the same period in 2023, during which the company reported no revenues. Despite this revenue generation, Goliath experienced a net loss of $2,033 for the six months, a notable improvement from the net loss of $21,581 reported in the prior year.

The company's operating expenses rose to $34,759 for the six months ended October 31, 2024, up 61.1% from $21,581 in the same period last year. This increase was primarily driven by higher professional fees and consulting services. For the three months ended October 31, 2024, operating expenses surged by 127.8% to $24,518, compared to $10,764 in the same quarter of 2023. The increase in expenses reflects the company's ongoing investment in its operational capabilities as it seeks to expand its film production and distribution activities.

Goliath's total assets increased to $1,719 as of October 31, 2024, up from $437 at the end of April 2024, primarily due to an increase in cash. However, total liabilities also rose to $104,354, compared to $101,039 in the previous period, largely due to an increase in accounts payable to related parties. The company reported a stockholders' deficit of $102,635, reflecting accumulated losses over time, which raises concerns about its ability to continue as a going concern.

In terms of strategic developments, Goliath entered into a Film Representation Agreement on September 30, 2024, which grants the company exclusive rights to represent a film to distributors for six months, earning a distribution fee of 10% of the producers' net proceeds. The company continues to rely on advances from related parties for working capital, with total advances amounting to $8,195 for the six months ended October 31, 2024, compared to $7,000 in the same period of 2023.

Looking ahead, Goliath anticipates cash needs of approximately $200,000 for the fiscal year ending April 30, 2025, which includes working capital for project development and general administrative expenses. The company plans to raise additional capital through stock sales or loans from affiliates to support its operations and growth strategy. Management remains focused on executing its business plan in the digital content space, despite the challenges posed by its current financial position.