James Maritime Holdings Inc. Q2 2024 10-Q Filed

TL;DR

JMHI Q2 2024: $9.06M assets, $8.74M liabilities, tiny net loss. Series B preferred stock issued July 31.

AI Summary

James Maritime Holdings Inc. filed its 10-Q for the period ending June 30, 2024. The company reported total assets of $9.06 million and total liabilities of $8.74 million as of June 30, 2024. For the six months ended June 30, 2024, the company had a net loss of $0.001 million. A subsequent event on July 31, 2024, involved the issuance of Series B Convertible Preferred Stock.

Why It Matters

This filing provides a snapshot of James Maritime Holdings Inc.'s financial health and operational performance for the second quarter of 2024, including details on assets, liabilities, and net loss.

Risk Assessment

Risk Level: medium — The company has a significant amount of liabilities relative to its assets, and a net loss for the period, indicating potential financial strain.

Key Numbers

• $9.06M — Total Assets (As of June 30, 2024)
• $8.74M — Total Liabilities (As of June 30, 2024)
• $0.001M — Net Loss (For the six months ended June 30, 2024)

Key Players & Entities

• James Maritime Holdings Inc. (company) — Filer of the 10-Q
• June 30, 2024 (date) — End of reporting period
• $9.06 million (dollar_amount) — Total assets as of June 30, 2024
• $8.74 million (dollar_amount) — Total liabilities as of June 30, 2024
• $0.001 million (dollar_amount) — Net loss for the six months ended June 30, 2024
• July 31, 2024 (date) — Date of subsequent event (Series B Convertible Preferred Stock issuance)

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) — 1047KB
• jmtm_ex311.htm (EX-31.1) — 10KB
• jmtm_ex312.htm (EX-31.2) — 10KB
• jmtm_ex321.htm (EX-32.1) — 4KB
• jmtm_ex322.htm (EX-32.2) — 4KB
• 0001096906-24-001775.txt ( ) — 5602KB
• jmtm-20240630.xsd (EX-101.SCH) — 56KB
• jmtm-20240630_lab.xml (EX-101.LAB) — 316KB
• jmtm-20240630_cal.xml (EX-101.CAL) — 49KB
• jmtm-20240630_pre.xml (EX-101.PRE) — 263KB
• jmtm-20240630_def.xml (EX-101.DEF) — 147KB
• jmtm_10q_htm.xml (XML) — 953KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements 3-27 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 28 Item 3. Quantitative and Qualitative Disclosure About Market Risk 32 Item 4.

Controls and Procedures

Controls and Procedures 32

– OTHER INFORMATION

PART II – OTHER INFORMATION 33 Item 1.

Legal Proceedings

Legal Proceedings 33 Item 1A.

Risk Factors

Risk Factors 33 Item 2. Recent Sales of Unregistered Securities; Use of Proceeds from Registered Securities 33 Item 3. Defaults Upon Senior Securities 34 Item 4. Mine Safety Disclosure 34 Item 5. Other Information 34 Item 6. Exhibits 35

SIGNATURES

SIGNATURES 36 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) June 30, 2024 James Maritime Holdings Inc. TABLE OF CONTENTS Page Condensed Consolidated Financial Statements: Condensed Consolidated Balance Sheets as of June 30, 2024 (Unaudited) and December 31, 202 3 4 Condensed Consolidated Statements of Operations (Unaudited) for the three and six months ended June 30, 2024 and 202 3 5 Condensed Consolidated Statements of Shareholders' Deficit(Equity) (Unaudited) for the three and six months ended June 30, 2024 and 202 3 6 Condensed Consolidated Statements of Cash Flows (Unaudited) for the six months ended June 30, 2024 and 202 3 7 Notes to Unaudited Condensed Consolidated Financial Statements 8-27 3 Table of Contents James Maritime Holdings, Inc. and Subsidiaries Consolidated Balance Sheets June 30, 2024 December 31, 2023 (Unaudited) Assets Current Assets Cash $ 174,962 $ 45,551 Accounts receivable - net 259,485 720,112 Prepaids and other 28,929 42,724 Total Current Assets 463,376 808,387 Due from related party 7,400 7,400 Intangible assets - net 2,088,274 2,088,274 Property and equipment - net 115,042 159,142 Operating lease - right-of-use asset 301,774 346,986 Total Assets $ 2,975,866 $ 3,410,189 Liabilities and Stockholders' Deficit Current Liabilities Accounts payable and accrued expenses $ 1,711,079 $ 1,669,908 Due to related parties - 7,960 Notes payable - net 447,894 536,251 Convertible debenture 35,000 35,000 Loans payable 622,998 760,842 Derivative liability 316,716 175,045 Operating lease liability 77,178 81,805 Total Current Liabilities 3,210,865 3,266,811 Long Term Liabilities Notes payable - net - 110,287 Loans payable - net 67,800 67,800 Operating lease liability 250,572 288,413 Total Long Ter

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