Goliath Film & Media's Losses Mount Amid Zero Revenue, Going Concern Doubt

TL;DR

**GFMH is a zombie company with no revenue, mounting losses, and a going concern warning; avoid at all costs.**

AI Summary

Goliath Film & Media Holdings (GFMH) reported no film production revenues for the three months ended July 31, 2025, mirroring the prior year's period. The company incurred a net loss of $23,387 for the quarter, a significant increase from the $10,241 net loss reported for the same period in 2024, primarily due to higher general and administrative expenses which rose from $10,241 to $23,387. Total assets remained flat at $1,301 as of July 31, 2025, compared to April 30, 2025. Total liabilities increased to $162,622 from $139,235, driven by a rise in accounts payable – related party from $113,324 to $137,079. The company's accumulated deficit deepened to $(1,133,319) from $(1,109,932) at April 30, 2025. GFMH continues to rely entirely on related parties for working capital financing, receiving $5,000 in advances from a related party during the quarter. The filing explicitly states a 'substantial doubt about our ability to continue as a going concern' due to a lack of significant cash, current assets, or established revenue sources.

Why It Matters

This filing paints a bleak picture for GFMH, indicating a company with no operational revenue, increasing losses, and a heavy reliance on related-party financing. For investors, this signals extreme risk and potential for complete loss of investment, as the 'going concern' warning is a critical red flag. Employees face job insecurity given the lack of sustainable operations. Customers are unlikely to be impacted as there's no active film production or distribution generating revenue. The broader market impact is minimal due to GFMH's small size and lack of significant activity, but it serves as a cautionary tale for micro-cap investments in the entertainment sector, highlighting the challenges of breaking into a competitive industry without substantial capital or a viable business model.

Risk Assessment

Risk Level: high — The risk level is high due to the explicit 'substantial doubt about our ability to continue as a going concern' statement in Note 3, coupled with zero film production revenues for the three months ended July 31, 2025, and a net loss of $(23,387). The company's total assets are only $1,301, while total liabilities are $162,622, indicating severe financial distress and an inability to cover its obligations.

Analyst Insight

Investors should immediately divest any holdings in GFMH. The company's lack of revenue, increasing losses, and explicit going concern warning indicate a high probability of bankruptcy or delisting. This is not an investment, but a speculative gamble with extremely poor fundamentals.

Financial Highlights

debt To Equity

N/A

revenue

$0

operating Margin

N/A

total Assets

$1,301

total Debt

$162,622

net Income

$(23,387)

eps

$(0.00)

gross Margin

N/A

cash Position

$1,301

revenue Growth

0.0%

Revenue Breakdown

Key Numbers

• $0 — Film production revenues (No revenue generated for the three months ended July 31, 2025 and 2024)
• $(23,387) — Net loss (Increased from $(10,241) in Q3 2024, indicating worsening financial performance)
• $1,301 — Cash at end of period (Remained flat from beginning of period, showing no operational cash generation)
• $1,301 — Total assets (Extremely low, highlighting minimal operational capacity and financial backing)
• $162,622 — Total liabilities (Significantly higher than total assets, indicating severe insolvency)
• $(1,133,319) — Accumulated deficit (Deepened from $(1,109,932) at April 30, 2025, reflecting persistent losses)
• $137,079 — Accounts payable – related party (Increased from $113,324, showing growing reliance on related-party financing)
• $5,000 — Advances from related party (Only source of financing activities for the quarter, underscoring dependence)
• 138,964,917 — Shares of common stock outstanding (As of September 11, 2025, indicating a large share count for a non-operational company)
• $(0.00) — Loss per share (Basic and diluted, due to the large number of outstanding shares masking the absolute loss)

Key Players & Entities

• Goliath Film & Media Holdings (company) — Registrant and parent company
• Goliath Film and Media International (company) — Subsidiary and accounting acquirer in reverse acquisition
• Goliath Movie Partners 1, LLC (company) — Subsidiary
• China Advanced Technology (company) — Former name of Goliath Film & Media Holdings
• Vitalcare Diabetes Treatment Centers, Inc. (company) — Predecessor company
• Nevada (regulator) — State of incorporation
• OTCBB (regulator) — Exchange where common stock is registered
• $1,301 (dollar_amount) — Total current assets and total assets as of July 31, 2025
• $23,387 (dollar_amount) — Net loss for the three months ended July 31, 2025
• $162,622 (dollar_amount) — Total liabilities as of July 31, 2025

FAQ

Risk Factors

• Going Concern Uncertainty [high — financial]: The company explicitly states 'substantial doubt about our ability to continue as a going concern' due to a lack of significant cash, current assets, or established revenue sources. This is exacerbated by a net loss of $23,387 for the quarter and a deepening accumulated deficit of $(1,133,319).
• Dependence on Related Party Financing [high — financial]: GFMH relies entirely on related parties for working capital, receiving only $5,000 in advances during the quarter. Accounts payable to related parties increased significantly to $137,079, indicating growing reliance and potential pressure from these parties.
• Lack of Revenue Generation [high — operational]: The company reported $0 in film production revenues for the three months ended July 31, 2025, the same as the prior year. This persistent lack of revenue generation severely limits operational capacity and future prospects.
• Negative Working Capital and Insolvency Risk [high — financial]: Total liabilities of $162,622 significantly exceed total assets of $1,301, resulting in negative equity. The increase in liabilities, driven by accounts payable to related parties, further highlights the precarious financial position.
• Increasing Operating Expenses [medium — operational]: General and administrative expenses rose from $10,241 in the prior year period to $23,387 for the three months ended July 31, 2025, contributing to a widening net loss despite no revenue.

Industry Context

The film and media industry is highly competitive and capital-intensive, requiring substantial investment in production and distribution. Companies often face long development cycles and uncertain revenue streams. Goliath Film & Media Holdings appears to be in a pre-revenue or non-operational stage, lacking the scale and financial backing to compete effectively.

Regulatory Implications

As a publicly traded entity, GFMH is subject to SEC reporting requirements. The 'going concern' disclosure is a significant red flag that regulators and investors will scrutinize, potentially leading to increased oversight or delisting if conditions do not improve.

What Investors Should Do

1. Avoid investment: The company exhibits severe financial distress, including a lack of revenue, increasing losses, negative equity, and explicit going concern warnings.
2. Monitor related party transactions: Any further increases in related party payables or dependence on their financing should be viewed as negative indicators.
3. Seek clarification on future plans: Investors should look for any disclosures regarding a viable business plan or strategy to generate revenue and achieve profitability, though current indicators are bleak.

Glossary

Accumulated Deficit

The total cumulative net losses of a company that have not been offset by net income or other gains since its inception. (GFMH's accumulated deficit deepened to $(1,133,319), indicating a long history of unprofitability and a significant hurdle to achieving positive equity.)

Going Concern

A business's ability to continue operating for the foreseeable future without the threat of liquidation. (GFMH explicitly states substantial doubt about its ability to continue as a going concern, a critical warning for investors about the company's survival.)

Related Party

A person or entity that has the ability to control or significantly influence the operating decisions of another entity. (GFMH's sole source of financing is from related parties, highlighting a lack of independent financial support and potential conflicts of interest.)

Accounts Payable – Related Party

Money owed by the company to its related parties for goods or services received. (The significant increase in this liability to $137,079 shows growing financial obligations to related entities, increasing dependence.)

Year-Over-Year Comparison

For the three months ended July 31, 2025, GFMH reported a net loss of $23,387, a significant increase from $10,241 in the prior year period. This worsening performance is driven by a substantial rise in general and administrative expenses. Total assets remained flat at $1,301, while total liabilities increased to $162,622, primarily due to a rise in related-party accounts payable. The company's accumulated deficit also grew, underscoring a deteriorating financial condition compared to the previous year.

Key Financial Figures

• $0.001 — nge on which registered Common stock, $0.001 par value GFMH OTCBB There were 1

Filing Documents

• form10-q.htm (10-Q) — 388KB
• ex31-1.htm (EX-31.1) — 12KB
• ex32-1.htm (EX-32.1) — 7KB
• 0001493152-25-013063.txt ( ) — 1993KB
• gfmh-20250731.xsd (EX-101.SCH) — 15KB
• gfmh-20250731_cal.xml (EX-101.CAL) — 21KB
• gfmh-20250731_def.xml (EX-101.DEF) — 49KB
• gfmh-20250731_lab.xml (EX-101.LAB) — 136KB
• gfmh-20250731_pre.xml (EX-101.PRE) — 103KB
• form10-q_htm.xml (XML) — 204KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements 3 Condensed Consolidated Balance Sheets as of July 31, 2025 (unaudited) and April 30, 2025 4 Condensed Consolidated Statements of Operations for the three months ended July 31, 2025 and 2024 (unaudited) 5 Condensed Consolidated Statements of Stockholders' Deficit for the three months ended July 31, 2025 and 2024 (unaudited) 6 Condensed Consolidated Statements of Cash Flows for the three months ended July 31, 2025 and 2024 (unaudited) 7 Notes to the Condensed Consolidated Financial Statements (unaudited) 8

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 14

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 20

Controls and Procedures

Item 4. Controls and Procedures 20

– OTHER INFORMATION

PART II – OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 21

Risk Factors

Item 1A. Risk Factors 21

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 21

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 21

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 21

Other Information

Item 5. Other Information 21

Exhibits

Item 6. Exhibits 21

Signatures

Signatures 22 2 PART I – FINANCIAL INFORMATION Item 1. Financial Statements. The accompanying unaudited financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and in accordance with the instructions for Form 10-Q. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, the financial statements contain all material adjustments, consisting only of normal recurring adjustments necessary to present fairly the financial condition, results of operations, and cash flows of the Company for the interim periods presented. The results for the periods ended July 31, 2025 are not necessarily indicative of the results of operations for the full year. 3 GOLIATH FILM AND MEDIA HOLDINGS CONDENSED CONSOLIDATED BALANCE SHEETS July 31, April 30, 2025 2025 (unaudited) ASSETS Current assets Cash $ 1,301 $ 1,301 Total current assets 1,301 1,301 Total assets $ 1,301 $ 1,301 LIABILITIES AND STOCKHOLDERS' DEFICIT Current liabilities Accounts payable and accrued expenses $ 25,543 $ 25,911 Accounts payable – related party 137,079 113,324 Total current liabilities 162,622 139,235 Total liabilities 162,622 139,235 Commitments and contingencies — — Stockholders' deficit — Preferred stock, $ 0.001 par value, 1,000,000 shares authorized; no shares issued and outstanding at July 31, 2025 and April 30, 2025, respectively — — Common stock, $ 0.001 par value, 199,000,000 shares authorized; 138,964,917 shares issued and outstanding, at July 31, 2025 and April 30, 2025, respectively 138,966 138,966 Additional paid in capital 451,500 451,500 Common stock to be issued 381,532 381,532 Accumulated deficit ( 1,133,319 ) ( 1,109,932 ) Total stockholders' deficit ( 161,321 ) ( 137,934 ) Total liabilities and

View Full Filing

View this 10-Q filing on SEC EDGAR