Ridgedale Holdings Inc. (formerly Uan Power Corp.) reported its financial results for the three months ended September 30, 2024, revealing no revenue for the period, consistent with the same quarter in the previous year. The company continues to face significant financial challenges, with a net loss of $18.8 million for the quarter, slightly higher than the $18.0 million loss reported for the same period in 2023.

Operating expenses for the quarter decreased significantly to $1.2 million from $7.4 million in the prior year, indicating a substantial reduction in costs. However, interest expenses rose to $17.6 million from $10.6 million year-over-year, contributing to the overall loss before provision for income taxes, which increased to $18.8 million from $18.0 million.

As of September 30, 2024, Ridgedale Holdings had cash equivalents of $3.0 million, down from $4.1 million at the end of June 2024. The company’s total current liabilities increased to $297.8 million from $280.1 million, while total liabilities remained unchanged at $297.8 million. The accumulated deficit also grew to $3.78 million from $3.76 million in the previous quarter.

The company has been funded primarily through loans from Coral Investment Partners, with a demand promissory note reflecting a principal balance of $174.7 million and accrued interest of $123.1 million as of September 30, 2024. Management has indicated that the company does not have sufficient working capital to fund operations over the next 12 months and is exploring potential business opportunities, including acquisitions through reverse mergers or asset purchases. However, no discussions regarding potential business combinations have taken place as of the report date.

Ridgedale Holdings has faced ongoing operational challenges, with management expressing concerns about the company's ability to continue as a going concern due to its history of operating losses and lack of revenue. The company’s strategic focus moving forward will involve investigating and negotiating potential business combinations, although the selection process is expected to be complex and fraught with risks.

Management has acknowledged that internal controls over financial reporting were not effective as of September 30, 2024, which could impact the reliability of financial reporting and compliance with regulatory requirements.