James Maritime Holdings Files 10-Q, Reports $90M Assets

TL;DR

James Maritime Holdings ($JMTM) Q1 2023 10-Q: $90M assets, $0 liabilities. Major acquisitions post-period.

AI Summary

James Maritime Holdings Inc. filed a 10-Q for the period ending March 31, 2023. The company reported $90.04 million in assets and $0 in liabilities. Key subsequent events include Velocity Member's acquisition on June 8, 2023, and Itria's acquisition on June 30, 2023.

Why It Matters

This filing provides a snapshot of James Maritime Holdings' financial position and details significant post-period events that could impact its future operations and valuation.

Risk Assessment

Risk Level: medium — The company has undergone significant acquisitions post-period, which introduces integration risks and potential changes to its business model.

Key Numbers

• $90.04M — Total Assets (Financial position as of March 31, 2023.)
• $0 — Total Liabilities (Financial position as of March 31, 2023.)

Key Players & Entities

• James Maritime Holdings Inc. (company) — Filer of the 10-Q
• 9004129 (dollar_amount) — Total assets reported
• 0 (dollar_amount) — Total liabilities reported
• Velocity Member (company) — Acquired entity in a subsequent event
• Itria (company) — Acquired entity in a subsequent event
• 2023-03-31 (date) — End of the reporting period
• 2023-06-08 (date) — Date of Velocity Member acquisition
• 2023-06-30 (date) — Date of Itria acquisition

FAQ

Key Financial Figures

• $0.001 — 9 shares of our common stock, par value $0.001 per share, and 400,000 shares of our pr

Filing Documents

• jmtm_10q.htm (10-Q) — 625KB
• jmtm_ex311.htm (EX-31.1) — 12KB
• jmtm_ex312.htm (EX-31.2) — 12KB
• jmtm_ex321.htm (EX-32.1) — 5KB
• jmtm_ex322.htm (EX-32.2) — 4KB
• 0001096906-24-001290.txt ( ) — 4253KB
• jmtm-20230331.xsd (EX-101.SCH) — 55KB
• jmtm-20230331_lab.xml (EX-101.LAB) — 293KB
• jmtm-20230331_cal.xml (EX-101.CAL) — 49KB
• jmtm-20230331_pre.xml (EX-101.PRE) — 259KB
• jmtm-20230331_def.xml (EX-101.DEF) — 141KB
• jmtm_10q_htm.xml (XML) — 526KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements 3-21

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 22

Quantitative and Qualitative Disclosure About Market Risk

Item 3. Quantitative and Qualitative Disclosure About Market Risk 24

Controls and Procedures

Item 4. Controls and Procedures 24

– OTHER INFORMATION

PART II – OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 25

Risk Factors

Item 1A. Risk Factors 25

Recent Sales of Unregistered Securities; Use of Proceeds from Registered Securities

Item 2. Recent Sales of Unregistered Securities; Use of Proceeds from Registered Securities 25

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 25

Mine Safety Disclosure

Item 4. Mine Safety Disclosure 25

Other Information

Item 5. Other Information 25

Exhibits

Item 6. Exhibits 26

SIGNATURES

SIGNATURES 27 EXHIBIT INDEX -2- Table of Contents

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Condensed Consolidated Financial Statements

Item 1. Condensed Consolidated Financial Statements James Maritime Holdings Inc. A Nevada Corporation Condensed Consolidated Financial Statements (Unaudited) March 31, 2023 James Maritime Holdings Inc. TABLE OF CONTENTS Page Condensed Consolidated Financial Statements: Condensed Consolidated Balance Sheets as of March 31, 2023 (Unaudited) and December 31, 202 2 4 Condensed Consolidated Statements of Operations (Unaudited) for the three months ended March 31, 2023 and 202 2 5 Condensed Consolidated Statements of Shareholders' Equity (Unaudited) for the three months ended March 31, 2023 and 202 2 6 Condensed Consolidated Statements of Cash Flows (Unaudited) for the three months ended March 31, 2023 and 202 2 7 Notes to Unaudited Condensed Consolidated Financial Statements 8-21 -3- Table of Contents JAMES MARITIME HOLDINGS INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS AS OF MARCH 31, 2023 (UNAUDITED) AND DECEMBER 31, 2022 March 31, 2023 December 31, 2022 ASSETS Cash $ 76,577 $ 455,454 Accounts receivables 667,267 722,367 Prepaid expenses and other current assets 41,876 70,487 Total current assets 785,720 1,248,308 Due from related parties 28,746 7,379 Intangible assets 2,951,178 4,150,280 Property and equipment, net 152,891 200,502 Right-of-use asset 400,925 168,339 Total assets $ 4,319,461 $ 5,774,808 LIABILITIES Accounts payable and accrued expenses $ 1,089,974 $ 921,230 Accrued payroll expenses 172,285 161,360 Deferred revenue - 400,000 Common stock to-be-issued 50,000 50,000 Notes payable, current portion 259,707 323,562 Convertible debenture, current portion 35,000 35,000 Loans payable, current portion 408,247 585,831 Embedded conversion feature 175,045 331,399 Operating lease liability, current 223,179 114,400 Total current liabilities 2,413,437 2,922,782 Notes payable, net of current portion 110,287

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View this 10-Q filing on SEC EDGAR