Gold Rock Holdings, Inc. Files Q2 2024 10-Q

TL;DR

GRHI filed its Q2 10-Q. Check financials.

AI Summary

Gold Rock Holdings, Inc. filed its 10-Q for the period ending June 30, 2024. The company, previously known as Composite Holdings Inc., World Homes Inc., and Affordable Homes of America Inc., is incorporated in Nevada and operates in the operative builders sector. Its principal business address is in Virginia Beach, VA.

Why It Matters

This filing provides investors with an update on Gold Rock Holdings' financial performance and operational status for the second quarter of 2024.

Risk Assessment

Risk Level: low — This filing is a routine quarterly report and does not contain immediate, significant negative news.

Key Players & Entities

• GOLD ROCK HOLDINGS, INC. (company) — Filer
• Virginia Beach, VA (location) — Business Address
• 20240630 (date) — Reporting Period End Date
• 20240802 (date) — Filing Date
• COMPOSITE HOLDINGS INC (company) — Former Company Name
• WORLD HOMES INC (company) — Former Company Name
• AFFORDABLE HOMES OF AMERICA INC (company) — Former Company Name

FAQ

Key Financial Figures

• $0.001 — 6,969 shares of common stock, par value $0.001 per share. -1- TABLE OF CONTENTS P
• $12,500 m — agreement with the officer of LOOT8 for $12,500 monthly of which $10,000 will be paid mon
• $10,000 — r of LOOT8 for $12,500 monthly of which $10,000 will be paid monthly and $2,500 will be
• $2,500 — which $10,000 will be paid monthly and $2,500 will be deferred until the Company's fi
• $125,000 — University of Houston in the amount of $125,000 for one year ending on February 12, 202
• $10,416.66 — be paid in twelve (12) installments of $10,416.66 each. Payments included in general and

Filing Documents

• grhi20240630.htm (10-Q) — 309KB
• ex311.htm (EX-31.1) — 8KB
• ex312.htm (EX-31.2) — 8KB
• ex321.htm (EX-32.1) — 2KB
• ex322.htm (EX-32.2) — 2KB
• 0001091818-24-000080.txt ( ) — 1648KB
• grhi-20240630.xsd (EX-101.SCH) — 17KB
• grhi-20240630_cal.xml (EX-101.CAL) — 21KB
• grhi-20240630_def.xml (EX-101.DEF) — 35KB
• grhi-20240630_lab.xml (EX-101.LAB) — 126KB
• grhi-20240630_pre.xml (EX-101.PRE) — 93KB
• grhi20240630_htm.xml (XML) — 116KB

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 11 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 14 Item 4.

Controls and Procedures

Controls and Procedures 14 PART II Item 1.

Legal Proceedings

Legal Proceedings 15 Item 1A.

Risk Factors

Risk Factors 15 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 15 Item 3. Defaults Upon Senior Securities 15 Item 4. Mining Safety Disclosures 15 Item 5. Other Information 16 Item 6. Exhibits 16

Signatures

Signatures 16 -2-

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS GOLD ROCK HOLDINGS, INC. FINANCIAL REPORTS AT JUNE 30, 2024 INDEX TO FINANCIAL STATEMENTS Condensed Consolidated Balance Sheets at June 30, 2024 - Unaudited and December 31, 2023- Audited 4 Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2024 and 2023- Unaudited 5 Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2024 and 2023- Unaudited 6 Condensed Consolidated Statements of Stockholders' Equity for the Three and Six Months Ended June 30, 2024 and 2023- Unaudited 7 Notes to the Condensed Consolidated Unaudited Financial Statements 8-10 -3- Gold Rock Holdings, Inc. CONDENSED CONSOLIDATED BALANCE SHEETS - UNAUDITED June 30, December 31, 2024 2023 ASSETS Current Assets Cash $ 234,634 $ 108 Accounts Receivable 6,500 - Total Current Assets 241,134 108 Total Assets $ 241,134 $ 108 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) Current Liabilities Accounts Payable and Accrued Expenses $ 3,321 $ 9,900 Accrued Board of Director Compensation 80,500 - Total Current Liabilities 83,821 9,900 Total Liabilities 83,821 9,900 Stockholders' Equity (Deficit) Common Stock - $ 0.001 Par; 850,000,000 Shares Authorized, 238,136,969 and 231,053,636 Issued and Outstanding, Respectively 238,136 231,053 Additional Paid-In-Capital 1,043,809 625,192 Accumulated Deficit ( 1,124,632 ) ( 866,037 ) Total Stockholders' Equity (Deficit) 157,313 ( 9,792 ) Total Liabilities and Stockholders' Equity (Deficit) $ 241,134 $ 108 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. -4- Gold Rock Holdings, Inc. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - UNAUDITED Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Sales $ 6,500 $ - $ 6,500 $ - Cost of Sales - - - - Gross Profit 6,500 - 6,500

MANAGEMENT'S DISCUSSION AND

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following information should be read in conjunction with our financial statements and related notes thereto included in Part I, Item 1, above.

Forward Looking Statements

Forward Looking Statements Certain matters discussed herein are forward-looking our future strategic plans our future operating results; our business prospects; our contractual arrangements and relationships with third parties; the dependence of our future success on the general economy; our possible future financing; and the adequacy of our cash resources and working capital. From time to time, we or our representatives have made or may make forward-looking statements, orally or in writing. Such forward-looking statements may be included in, but not limited to, press releases, oral statements made with the approval of an authorized executive officer or in various filings made by us with the Securities and Exchange Commission. Words or phrases "will likely result", "are expected to", "will continue", "is anticipated", "estimate", "project or projected", or similar expressions are intended to identify "forward-looking important factors that could cause actual results to differ materially from such forward-looking statements. The risks identified here are not all inclusive. New risk factors emerge from time to time and it is not possible for management to predict all of such risk factors, nor can it assess the impact of all such risk factors on the company's business or the extent to which any factor or combination of factors may cause actual results to differ materially from those contained in any forward-looking statements. Accordingly, forward-looking statements should not be relied upon as a prediction of actual results. The financial information set forth in the following discussion should be read in conjunction with the financial statements of Gold Rock Holdings, Inc. included elsewhere her

Business

Business Gold Rock Holdings, Inc., (Gold Rock) a Nevada corporation, is a holding company that acquires technological assets. The Company changed its business model from engineering and construction management services, produce site-plans, construction drawings, cost computations, fiber network designs, and other related construction services, as a result of a change in control on October 2, 2023. Gold Rock intends to grow and further establish itself through mergers, acquisitions, and management of technological assets. As such, Gold Rock Holdings, Inc. (the "Company") announced on December 12, 2023, that it formed a Wyoming corporation by the name of LOOT8, Inc. as its operating wholly-owned subsidiary. LOOT8, Inc. acquired certain intellectual property known as "LOOT8." LOOT8 is a Web3 Commerce and Content Management Engine Software. At its core, it harnesses the power of multiple public blockchains alongside the IPFS file system, with a user-friendly interface akin to Web2. LOOT8 is engineered to cater to a variety of enterprise necessities including digital product passports, private communication channels, and loyalty programs, among others. LOOT8 provides enterprises the capability to oversee and manage their content on IPFS nodes, leveraging AI to make the underlying content interactive as a way to enable small businesses and content creators to scale at a faster pace and to create differentiated experiences. LOOT8, Inc. currently in its infancy in marketing its Web3 online platform phase of its business and has no revenue. However, it has developed a Web3 content management system (CMS) pioneering the "Relationship Economy" through SocialFi, and a new monetization model. This model is designed to empower individuals with compelling stories to monetize their relationships beyond traditional influencer models. The new monetization model is made up of three discrete revenue streams. It is planned that the first stream will be a direct-to-consumer (D2C) m

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