Ridgefield Acquisition Corp Files Q3 2024 10-Q

TL;DR

**RDGA files Q3 10-Q: Equity accounts show changes, no major business updates.**

AI Summary

Ridgefield Acquisition Corp filed a 10-Q for the period ending September 30, 2024. The company, previously known as Bio Medical Automation Inc. and Ozo Diversified Automation Inc., is incorporated in Colorado and has its principal executive offices in Carson City, Nevada. The filing details financial information, including changes in retained earnings and additional paid-in capital across various quarters in 2024 and the end of 2023.

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 position and performance.

Risk Assessment

Risk Level: low — The filing is a standard quarterly report with no immediately apparent significant financial distress or major strategic shifts indicated.

Key Numbers

• 2024-09-30 — Reporting Period End Date (The 10-Q covers financial activities up to this date.)
• 2024-06-30 — Previous Quarter End Date (Financial data is presented for comparison with prior periods.)
• 2023-12-31 — Year End Date (Provides year-end financial context for equity accounts.)

Key Players & Entities

• Ridgefield Acquisition Corp (company) — Filer of the 10-Q
• Bio Medical Automation Inc. (company) — Former company name
• Ozo Diversified Automation Inc (company) — Former company name
• Steven N. Bronson (person) — Mentioned in relation to a date

FAQ

Key Financial Figures

• $12,902 — all, the Company incurred a net loss of $12,902 during the three months ended September
• $12,941 — r 30, 2024 as compared to a net loss of $12,941 during the three months ended September
• $59,974 — 024, the Company incurred a net loss of $59,974 as compared to a net loss of $45,254 du
• $45,254 — of $59,974 as compared to a net loss of $45,254 during the nine months ended September
• $7,741 — 4, the Company incurred G&A expenses of $7,741, a decrease of $2,120 compared to G&A e
• $2,120 — d G&A expenses of $7,741, a decrease of $2,120 compared to G&A expenses of $9,861 duri
• $9,861 — e of $2,120 compared to G&A expenses of $9,861 during the three months ended September
• $44,513 — 4, the Company incurred G&A expenses of $44,513, an increase of $8,772 compared to G&A
• $8,772 — G&A expenses of $44,513, an increase of $8,772 compared to G&A expenses of $35,841 dur
• $35,841 — e of $8,772 compared to G&A expenses of $35,841 during the nine months ended September
• $5,161 — t expense. Other expense increased to $5,161 during the three months ended September
• $3,080 — nded September 30, 2024, as compared to $3,080 during the three months ended September
• $4,961 — ompany incurred net interest expense of $4,961 during the three months ended September
• $2,880 — hs ended September 30, 2024 compared to $2,880 during the three months ended September
• $15,461 — d September 30, 2024, other expense was $15,461, as compared to $9,413 during the nine

Filing Documents

• rdga-20240930x10q.htm (10-Q) — 786KB
• rdga-20240930xex31.htm (EX-31) — 11KB
• rdga-20240930xex32.htm (EX-32) — 5KB
• 0001410578-24-001833.txt ( ) — 2376KB
• rdga-20240930.xsd (EX-101.SCH) — 12KB
• rdga-20240930_cal.xml (EX-101.CAL) — 15KB
• rdga-20240930_def.xml (EX-101.DEF) — 37KB
• rdga-20240930_lab.xml (EX-101.LAB) — 101KB
• rdga-20240930_pre.xml (EX-101.PRE) — 87KB
• rdga-20240930x10q_htm.xml (XML) — 387KB

– 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 12

– OTHER INFORMATION

PART II – OTHER INFORMATION ITEM 6. Exhibits 13

SIGNATURES

SIGNATURES 14 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 ) September 30, December 31, 2024 2023 ASSETS CURRENT ASSETS Cash and cash equivalents $ 19,217 $ 24,415 Prepaid Expenses 2,200 — TOTAL ASSETS $ 21,417 $ 24,415 LIABILITIES AND STOCKHOLDERS' DEFICIT CURRENT LIABILITIES Accounts payable and accrued expenses $ 112 $ 16,507 Related party notes and interest payable 166,282 142,911 TOTAL LIABILITIES 166,394 159,418 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 September 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 ( 2,112,657 ) ( 2,052,683 ) TOTAL STOCKHOLDERS' EQUITY (DEFICIT) ( 144,977 ) ( 135,003 ) TOTAL LIABILITIES & STOCKHOLDERS' EQUITY (DEFICIT) $ 21,417 $ 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 Nine Months Ended September 30, September 30, 2024 2023 2024 2023 OPERATING EXPENSES General and administrative expenses $ ( 7,741 ) $ ( 9,861 ) $ ( 44,513 ) $ ( 35,841 ) Total Operating Expenses ( 7,741 ) ( 9,861 ) ( 44,513 ) ( 35,841 ) OPERATING LOSS ( 7,741 ) ( 9,861 ) ( 44,513 ) ( 35,841 ) OTHER EXPENSE Other expense ( 200 ) ( 200 ) ( 2,077 ) ( 2,200 ) Interest expense ( 4,961 ) ( 2,880 ) ( 13,384 ) ( 7,213 ) Total Other Expense ( 5,161 ) ( 3,080 ) ( 15,461 ) ( 9,413 ) NET LOSS $ ( 12,902 ) $ ( 12,941 ) $ ( 59,974 ) $ ( 45,254 ) NET LOSS PER COMMON SHARE Basic and Dilutive $ — $ ( 0.01 ) $ — $ ( 0.01

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 September 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 September 30, 2024 and net loss during the nine months ended September 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 generally accepted accounting principles of the United States 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 the remainder of 2024. In order to continue as a going concern and to develop a reliable source of revenues and achieve a profitable level

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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