As of September 30, 2024, James Maritime Holdings Inc. reported total assets of $2.75 million, a significant decrease from $3.41 million at the end of 2023. Current assets also fell to $271.8 thousand from $808.4 thousand, while cash increased to $82.5 thousand from $45.6 thousand. Current liabilities rose to $1.90 million, up from $1.67 million, contributing to an increased total stockholders' deficit of $912.8 thousand, compared to $323.1 thousand at the end of 2023. The accumulated deficit expanded to $18.63 million from $13.92 million.

For the three months ending September 30, 2024, net sales were $989.5 thousand, down from $2.38 million in the same period of 2023, primarily due to the loss of a significant customer. Gross profit for the quarter was $14.3 thousand, a sharp decline from $1.34 million year-over-year. The company reported a loss from operations of $3.02 million for the quarter, compared to a profit of $162.5 thousand in the prior year. The net loss for the quarter was $3.27 million, significantly higher than the $268.4 thousand loss reported in the same quarter of 2023.

For the nine months ended September 30, 2024, net sales totaled $4.03 million, down from $6.92 million in the previous year. The cost of goods sold decreased to $3.41 million from $4.99 million, attributed to reduced employee compensation and the loss of a major customer. General and administrative expenses increased to $5.44 million, up 38.6% from $3.93 million, largely due to operational expenses and warrants issued for services. The net loss for the nine-month period was $4.71 million, compared to a loss of $2.48 million in the same period of 2023.

Strategically, the company underwent a name change to Sentinel Holdings, Inc. on July 17, 2024, and continues to operate through its subsidiaries, Gladiator Solutions Inc. and United Security Specialists Inc. Management has indicated plans to expand into new markets, seek additional financing, and explore acquisition opportunities to enhance growth. However, substantial doubt exists regarding the company's ability to continue as a going concern, necessitating immediate capital raising efforts.

The company has also faced challenges in its internal controls, with management identifying material weaknesses due to resource constraints and a lack of personnel with adequate GAAP knowledge. As of September 30, 2024, the company's disclosure controls and procedures were deemed ineffective, and no changes were made to improve internal controls during the quarter.