Ridgefield Acquisition Corp Files Q2 2024 10-Q

TL;DR

RDGA 10-Q filed: Equity accounts updated, check financials for Q2 2024.

AI Summary

Ridgefield Acquisition Corp filed its 10-Q for the period ending June 30, 2024. The filing details financial information, including changes in Additional Paid-In Capital and Retained Earnings across various quarters in 2023 and 2024. Notably, Steven N. Bronson is mentioned in relation to a date in April 2024.

Why It Matters

This filing provides a snapshot of Ridgefield Acquisition Corp's financial health and changes in its equity accounts, which is crucial for investors to assess the company's financial standing.

Risk Assessment

Risk Level: low — The filing is a standard quarterly report with no immediate red flags or significant negative events indicated.

Key Numbers

• 2024-06-30 — Reporting Period End Date (Indicates the end of the financial quarter being reported.)
• 2024-03-31 — Prior Quarter End Date (Provides a comparison point for financial changes.)
• 2023-12-31 — Prior Fiscal Year End Date (Shows year-over-year financial context.)

Key Players & Entities

• Ridgefield Acquisition Corp (company) — Filer of the 10-Q
• Steven N. Bronson (person) — Mentioned in relation to a date in April 2024
• 2024-06-30 (date) — End of the reporting period
• 2024-03-31 (date) — Previous reporting period end
• 2023-12-31 (date) — End of prior fiscal year

FAQ

Key Financial Figures

• $18,773 — all, the Company incurred a net loss of $18,773 during the three months ended June 30,
• $11,254 — e 30, 2024 as compared to a net loss of $11,254 during the three months ended June 30,
• $47,072 — 024, the Company incurred a net loss of $47,072 as compared to a net loss of $32,313 du
• $32,313 — of $47,072 as compared to a net loss of $32,313 during the six months ended June 30, 20
• $14,079 — 4, the Company incurred G&A expenses of $14,079, an increase of $6,215 compared to G&A
• $6,215 — G&A expenses of $14,079, an increase of $6,215 compared to G&A expenses of $7,864 duri
• $7,864 — e of $6,215 compared to G&A expenses of $7,864 during the three months ended June 30,
• $36,772 — 4, the Company incurred G&A expenses of $36,772, an increase of $10,792 compared to G&A
• $10,792 — G&A expenses of $36,772, an increase of $10,792 compared to G&A expenses of $25,980 dur
• $25,980 — of $10,792 compared to G&A expenses of $25,980 during the six months ended June 30, 20
• $4,694 — t expense. Other expense increased to $4,694 during the three months ended June 30,
• $3,390 — ths ended June 30, 2024, as compared to $3,390 during the three months ended June 30,
• $4,417 — ompany incurred net interest expense of $4,417 during the three months ended June 30,
• $2,490 — months ended June 30, 2024 compared to $2,490 during the three months ended June 30,
• $623 — terest expense was slightly offset by a $623 decrease in state license fees and fran

Filing Documents

• rdga-20240630x10q.htm (10-Q) — 680KB
• rdga-20240630xex31.htm (EX-31) — 13KB
• rdga-20240630xex32.htm (EX-32) — 5KB
• 0001410578-24-001185.txt ( ) — 2132KB
• rdga-20240630.xsd (EX-101.SCH) — 12KB
• rdga-20240630_cal.xml (EX-101.CAL) — 15KB
• rdga-20240630_def.xml (EX-101.DEF) — 37KB
• rdga-20240630_lab.xml (EX-101.LAB) — 101KB
• rdga-20240630_pre.xml (EX-101.PRE) — 87KB
• rdga-20240630x10q_htm.xml (XML) — 305KB

– FINANCIAL STATEMENTS

PART I – FINANCIAL STATEMENTS ITEM 1.

Financial Statements (unaudited)

Financial Statements (unaudited) Consolidated Balance Sheets 1 Consolidated Statements of Operations 2 Consolidated Statements of Changes in Stockholders' Equity (Deficit) 3 Consolidated Statements of Cash Flows 4

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 5 ITEM 2.

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

Management's Discussion and Analysis of Financial Condition and Results Of Operations 7 ITEM 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 11 ITEM 4.

Controls and Procedures

Controls and Procedures 11

– OTHER INFORMATION

PART II – OTHER INFORMATION ITEM 6. Exhibits 12

SIGNATURES

SIGNATURES 13 i Table of Contents

: FINANCIAL INFORMATION

PART I: FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements RIDGEFIELD ACQUISITION CORP. AND SUBSIDIARY Consolidated Balance Sheets ( unaudited ) June 30, December 31, 2024 2023 ASSETS CURRENT ASSETS Cash and cash equivalents $ 36,010 $ 24,415 Prepaid Expenses 400 — TOTAL ASSETS $ 36,410 $ 24,415 LIABILITIES AND STOCKHOLDERS' DEFICIT CURRENT LIABILITIES Accounts payable and accrued expenses $ 7,164 $ 16,507 Related party notes and interest payable 161,321 142,911 TOTAL LIABILITIES 168,485 159,418 COMMITMENTS AND CONTINGENCIES — — STOCKHOLDERS' EQUITY (DEFICIT) Preferred stock, $ .01 par value; authorized - 5,000,000 shares; issued - none — — Common stock, $ .001 par value; authorized - 30,000,000 shares; issued and outstanding - 27,860,773 on June 30, 2024 and 2,860,773 on December 31, 2023 27,861 2,861 Additional paid in capital 1,939,819 1,914,819 Accumulated deficit ( 2,099,755 ) ( 2,052,683 ) TOTAL STOCKHOLDERS' EQUITY (DEFICIT) ( 132,075 ) ( 135,003 ) TOTAL LIABILITIES & STOCKHOLDERS' EQUITY (DEFICIT) $ 36,410 $ 24,415 See accompanying notes to these unaudited consolidated financial statements. 1 Table of Contents RIDGEFIELD ACQUISITION CORP. AND SUBSIDIARY Consolidated Statements of Operations ( unaudited ) Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 OPERATING EXPENSES General and administrative expenses $ ( 14,079 ) $ ( 7,864 ) $ ( 36,772 ) $ ( 25,980 ) Total Operating Expenses ( 14,079 ) ( 7,864 ) ( 36,772 ) ( 25,980 ) OPERATING LOSS ( 14,079 ) ( 7,864 ) ( 36,772 ) ( 25,980 ) OTHER EXPENSE Other expense ( 277 ) ( 900 ) ( 1,877 ) ( 2,000 ) Interest expense ( 4,417 ) ( 2,490 ) ( 8,423 ) ( 4,333 ) Total Other Expense ( 4,694 ) ( 3,390 ) ( 10,300 ) ( 6,333 ) NET LOSS $ ( 18,773 ) $ ( 11,254 ) $ ( 47,072 ) $ ( 32,313 ) NET LOSS PER COMMON SHARE Basic and Dilutive $ — $ — $ — $ ( 0.01 ) WEIGHTED AVERAGE NUMBER

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements ( unaudited ) NOTE 1 – THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization and Nature of Operations Ridgefield Acquisition Corp. ("we", "us", "our", "Ridgefield" or the "Company") was incorporated under the laws of the State of Colorado on October 13, 1983. Effective June 23, 2006, the Company was reincorporated under the laws of the State of Nevada through the merger of the Company with a wholly owned subsidiary of the Company. Since July 2000, the Company has suspended all operations, except for necessary administrative matters. The Company has no principal operations or revenue - producing activities. The Company is pursuing an acquisition strategy whereby it is seeking to arrange for a merger, acquisition or other business combination with a viable operating entity. Going Concern and Liquidity The Company has an accumulated deficit balance as of June 30, 2024 and net loss during the six months ended June 30, 2024. These conditions, among others, raise substantial doubt about the Company's ability to continue operations as a going concern. The Company's financial statements are prepared using U.S. GAAP applicable to a going concern for the next twelve months from the date of this filing, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it establishes a revenue stream and becomes profitable. The Company is continually analyzing its current costs and is attempting to make additional cost reductions where possible. We expect that we will continue to generate losses from operations throughout 2024. In order to continue as a going concern and to develop a reliable source of revenues and achieve a profitable level of operations, the Company will need, among other things, additional capital resou

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 Special Note Regarding Forward-Looking Statements This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The words "believe," "may," "will," "potentially," "estimate," "continue," "anticipate," "intend," "could," "would," "project," "plan," "expect" and similar expressions that convey uncertainty of future events or outcomes are intended to identify forward-looking statements. These forward-looking statements include, but are not limited to, statements concerning our future financial and operating results; our business strategy of pursuing the acquisition of an operating entity; future financing initiatives; our intentions, expectations and beliefs regarding a merger, acquisition or other business combination with a viable operating entity; and our ability to comply with evolving legal standards and regulations, particularly concerning requirements for being a public company and United States export regulations. These forward-looking statements speak only as of the date of this Form 10-Q and are subject to uncertainties, assumptions and business and economic risks. As such, our actual results could differ materially from those set forth in the forward-looking statements It is not possible for us to predict all risks, nor can we assess the impact of all factors on our 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 we may make. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this Form 10-Q may not occur, and actual results could differ materially and adversely from those anticipated or implied in our forw

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