Ridgefield Acquisition Corp. reported its financial results for the third quarter and nine months ended September 30, 2024, revealing continued operational challenges and a significant accumulated deficit. The company has not generated any revenue during the reported periods, maintaining its operational status of having suspended all activities since July 2000, except for administrative matters.

As of September 30, 2024, Ridgefield's cash and cash equivalents stood at $19,217, a decrease from $24,415 at the end of 2023. Total assets also declined to $21,417 from $24,415, while total liabilities increased to $166,394 from $159,418. The accumulated deficit grew to $(2,112,657) from $(2,052,683) at the end of the previous fiscal year, reflecting ongoing financial strain.

Operating expenses for the three months ended September 30, 2024, were $(7,741), a decrease from $(9,861) in the same period of 2023. However, total operating expenses for the nine months increased to $(44,513) from $(35,841) year-over-year. The operating loss for the third quarter improved slightly to $(7,741) from $(9,861) in the prior year, but the net loss for the quarter was $(12,902), marginally lower than $(12,941) in 2023. For the nine months, the net loss escalated to $(59,974) compared to $(45,254) in the same period of 2023, attributed to higher general and administrative expenses and increased interest costs.

The weighted average number of common shares outstanding surged to 27,860,773 for the three months ended September 30, 2024, compared to just 2,860,773 in the same period of 2023, following the issuance of 25,000,000 shares to the President and CEO at a price of $0.002 per share, totaling $50,000. This transaction was part of the company's strategy to raise capital, which is critical given the substantial doubt about its ability to continue operations without additional funding.

Interest expenses rose significantly, with the three-month figure reaching $(4,961) compared to $(2,880) in the prior year. Other expenses also increased to $(5,161) from $(3,080), primarily due to higher interest costs. The company’s financial condition remains precarious, with a working capital deficit of $(4,977) and total stockholders’ equity reflecting a deficit of $(144,977) as of September 30, 2024.

Management plans to address these financial challenges by seeking additional capital through borrowing and equity sales, as the current cash reserves may not suffice for future operational needs or potential acquisitions.