GOLD ROCK HOLDINGS, INC.
For the period ended Dec 31, 2024. Filed Mar 25, 2025.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2024 · Filed Mar 25, 2025
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What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-K
Period ended 2023-12-31; filed 2024-03-22.
0001091818-24-000027
Item 7. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-K
Period ended 2024-12-31; filed 2025-03-25.
0001091818-25-000017
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 37 previous paragraphs and 39 current paragraphs.
25 unchanged; 11 reworded; 3 added; 1 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 0 previous and 0 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (3)
Current report
Gross profit margins for year ended December 31, 2024 increased to 100% from 0% for the year ended December 31, 2023.
Current report
For the year ended December 31, 2024, net cash used in operations of $216,194 was the result of a net loss of $240,694, from an increase in accounts receivables of $44,000, a decrease in accounts payable and accrued expenses of $8,500 and from an increase in accrued board of directors’ compensation of $77,000.
Current report
For the year ended December 31, 2023, net cash used in operations of $22,258 was the result of a net loss of $231,311, from common stock issued for board of director and consulting services of $172,000 and from common stock issued to prepay director for payment of operating expenses of $29,000 and from the increase in accounts payable and accrued expenses of $8,725.
Removed paragraphs (1)
Previous report
Gross margins for year ended December 2023 and 2022 was $-0- due to the Company having no sales.
Reworded paragraphs (11)
Previous wording
On December 31, 2023, we had total assets of $108 and total liabilities of $9,900. In the absence of significant revenue and profits, we will be completely dependent on additional debt and equity financing. If we are unable to raise needed funds on acceptable terms, we will not be able to execute our business plan, develop or enhance existing services, take advantage of future opportunities, if any, or respond to competitive pressures or unanticipated requirements. If we do not obtain sufficient capital, we will not be able to continue operations.
Current wording
On December 31, 2024, we had total assets of $253,614 and total liabilities of $78,400. In the absence of significant revenue and profits, we will be completely dependent on additional debt and equity financing. If we are unable to raise needed funds on acceptable terms, we will not be able to execute our business plan, develop or enhance existing services, take advantage of future opportunities, if any, or respond to competitive pressures or unanticipated requirements. If we do not obtain sufficient capital, we will not be able to continue operations.
Previous wording
As of December 31, 2023, Gold Rock Holdings, Inc. had an accumulated deficit of $866,037, which included a net loss of $232,311. Also, during the year ended December 31 2023, we used net cash of $22,586 for operating activities. These factors raise substantial doubt about our ability to continue as a going concern.
Current wording
As of December 31, 2024, Gold Rock Holdings, Inc. had an accumulated deficit of $1,106,731, which included a net loss of $240,694. Also, during the year ended December 31 2024, we used net cash of $216,914 for operating activities. These factors raise substantial doubt about our ability to continue as a going concern.
Previous wording
While we are attempting to generate revenues, our cash position may not be significant enough to support our daily operations. Management intends to raise additional funds by way of an offering of our debt or equity securities (See Item 9B- Other Information; Subsequent Events). Management believes that the actions presently being taken to further implement our business plan and generate revenues provide the opportunity for Gold Rock Holdings, Inc. to continue as a going concern. While we believe in the viability of our strategy to generate revenues and in our ability to raise additional funds, we may not be successful.
Current wording
While we are attempting to generate revenues, our cash position may not be significant enough to support our daily operations. Management intends to raise additional funds by way of an offering of our debt or equity securities (See Item 9B- Other Information). Management believes that the actions presently being taken to further implement our business plan and generate revenues provide the opportunity for Gold Rock Holdings, Inc. to continue as a going concern. While we believe in the viability of our business strategy to generate revenues and in our ability to raise additional funds, we may not be successful.
Previous wording
Revenues for the Company's year ended December 31, 2023 and December 31, 2022 totaled $-0- from no sales.
Current wording
Revenues for the Company’s year ended December 31, 2024 totaled $138,000 from sales of it AI coding and language modeling and in December 31, 2023 the Company had -0- revenue.
Previous wording
Cost of Goods Sold for the year ended December 31, 2023 and December 31, 2023 totaled $-0-; no sales
Current wording
Cost of Goods Sold for the year ended December 31, 2024 and December 31, 2023 totaled $-0-.
Previous wording
Gross profit for the year ended December 31, 2023 and 2022 was $-0- due to -0- sales.
Current wording
Gross profit for the year ended December 31, 2024 was $138,000 and for the year ended December 31, 2023 was $-0- due to no sales.
Previous wording
General and Administrative expenses for the year ended December 31, 2023 totaled $50,311 compared to $41,682 for December 31, 2022, primarily due to increases in professional service fees.
Current wording
General and Administrative expenses for the year ended December 31, 2024 totaled $108,837 compared to $50,311 for December 31, 2023, primarily due to increases in professional service fees and other general business expenses.
Previous wording
Total Operating expenses for the year ended December 31, 2023 totaled $232,311 compared to $434,182 for December 31, 2022. Board of Director fees were $170,000for the year ended December 31, 2023 and $30,000 for the year ended December 31, 2022, the increase for the year ended December 31, 2023 was from new Board of Directors’ compensation agreement. Consulting Fees for the year ended December 31, 2023 were $12,000 compared to $362,500 in December 31, 2022. The decrease was due to less accrued consulting expenses.
Current wording
Total Operating expenses for the year ended December 31, 2024 totaled $379,194 compared to $232,311 for December 31, 2023. Advertising fees were $30,857 for the year ended December 31, 2024 compared to $-0- advertising cost for the year ended December 31, 2023. Board of Director fees were $212,500 for the year ended December 31, 2024 compared to $170,000 for the year ended December 31, 2023. Consulting Fees for the year ended December 31, 2024 were $27,000 compared to $12,000 in December 31, 2023.
Previous wording
Net loss for the years ended December 31, 2023 and 2022 were $232,311 and $434,182, respectively. The decrease in loss was due to decrease in consulting fees.
Current wording
Net loss for the years ended December 31, 2024 and 2023 were $240,694 and $232,311 respectively. The increases in loss was due to the increases in advertising cost, consulting fees, board of directors compensation and General and Administrative cost.
Previous wording
As of December 31, 2023, our assets totaled $108 in Cash. The Company's total liabilities were $9,900 which consisted of accounts payable and accrued expenses. As of December 31, 2023, the Company had an accumulated deficit of $866,037 and working capital deficit of $9,792.
Current wording
As of December 31, 2024, our assets totaled 253,614 that consist of $209,614 in cash and $44,000 in account receivable. The Company’s total liabilities were 78,400 which consisted of accounts payable and accrued expenses and accrued board of director compensation fees. As of December 31, 2024, the Company had an accumulated deficit of $1,106,731 and working capital of $175,214.
Previous wording
Net cash provided by financing activities was $21,410 for year ended December 31, 2023, and was $39,876 for year ended December 31, 2022.
Current wording
Net cash provided by financing activities was $425,700 for year ended December 31, 2024, and was $21,410 for year ended December 31, 2023.