Gold Rock Holdings, Inc., a company specializing in engineering and construction management services for high-speed fiber-optic and underground cable infrastructure in the U.S., has released its Form 10-Q report for the third quarter of 2023. The report provides insights into the company's financial performance and operational activities during the period.
Financial Highlights
- Sales: $0 million. The company reported no sales revenue for the three and nine months ended September 30, 2023, as there were no underground fiber contracts during these periods.
- Gross Profit: $0 million. Gross profit remained at zero for both the three and nine months ended September 30, 2023, due to the absence of sales revenue.
- Net Loss for the Period: $(10,554) for the three months ended September 30, 2023, and $(217,210) for the nine months ended September 30, 2023. The increase in net loss for the nine-month period is attributed to higher Board of Director Compensation and General and Administrative Expenses.
- Net Loss for the Period Per Common Shares - Basic and Diluted: $(0.00) for both the three and nine months ended September 30, 2023. This reflects the company's continued financial challenges without revenue generation.
Business Highlights
- Business Overview: Gold Rock Holdings, Inc. provides engineering and construction management services, focusing on site-plans, construction drawings, cost computations, fiber network designs, and related services to assist in laying high-speed fiber-optics and underground cable in the U.S.
- Operational Focus: The company acts as a general contractor, designing cable systems and hiring subcontractors for implementation. It aims to address the broadband infrastructure gap in the U.S. through its 'UGnet' service line.
- Revenue Segments: Currently, Gold Rock Holdings expects to derive 100% of its revenue from its 'UGnet' construction management, engineering services, and fiber network designs related to underground fiber-optic broadband and cable infrastructures.
- Future Outlook: Gold Rock Holdings plans to expand its market presence through marketing campaigns and partnerships with high-tech service providers, internet service providers, and local municipalities. The company is also considering acquisitions to enhance its business operations.
- Strategic Initiatives: On August 28, 2023, Gold Rock Holdings entered into a non-binding Memorandum of Understanding with Loot8, LLC to explore the acquisition of certain assets, potentially expanding its digital capabilities.
- Management Changes: On October 2, 2023, Mr. Marcus Daley was appointed as CEO, bringing experience from roles such as CTO at S&P Global Ratings and Mountain America Credit Union. Mr. Merle Ferguson resigned as CEO but remains Chairman and President.
- Compensation Agreements: New employment contracts were established for key executives with compensation structured in common stock, reflecting a strategic alignment of management incentives with shareholder interests.
SEC Filing: