James Maritime Holdings Inc. Q3 2024 10-Q Filed

TL;DR

JMTM Q3 10-Q: Minimal revenue, $9M assets, stock/warrant issuances. Watch closely.

AI Summary

James Maritime Holdings Inc. filed its Q3 2024 10-Q report on November 14, 2024, for the period ending September 30, 2024. The company reported minimal financial activity with $0.001 in revenue and $9,000,000 in assets. Key transactions included the issuance of Series B Preferred Stock and warrants for services and cash during the reporting period.

Why It Matters

This filing provides a snapshot of James Maritime Holdings Inc.'s financial health and operational activities for the third quarter of 2024, which is crucial for investors to assess the company's performance.

Risk Assessment

Risk Level: low — The filing is a routine quarterly report with limited financial data, suggesting low immediate risk from this specific document.

Key Numbers

• $0.001 — Revenue (Reported for the period ending Q3 2024)
• $9,000,000 — Total Assets (As of the end of Q3 2024)
• 2024-09-30 — Reporting Period End Date (The end date for the Q3 2024 financial statements)

Key Players & Entities

• James Maritime Holdings Inc. (company) — Filer of the 10-Q report
• 20240930 (date) — End of the reporting period
• 20241114 (date) — Filing date of the 10-Q
• $9,000,000 (dollar_amount) — Total assets reported
• Series B Preferred Stock (company) — Type of stock issued

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) — 1158KB
• 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) — 5KB
• 0001096906-24-002113.txt ( ) — 5710KB
• jmtm-20240930.xsd (EX-101.SCH) — 56KB
• jmtm-20240930_lab.xml (EX-101.LAB) — 313KB
• jmtm-20240930_cal.xml (EX-101.CAL) — 48KB
• jmtm-20240930_pre.xml (EX-101.PRE) — 259KB
• jmtm-20240930_def.xml (EX-101.DEF) — 141KB
• jmtm_10q_htm.xml (XML) — 981KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements 3-35

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 36

Quantitative and Qualitative Disclosure About Market Risk

Item 3. Quantitative and Qualitative Disclosure About Market Risk 40

Controls and Procedures

Item 4. Controls and Procedures 40

– OTHER INFORMATION

PART II – OTHER INFORMATION 41

Legal Proceedings

Item 1. Legal Proceedings 41

Risk Factors

Item 1A. Risk Factors 41

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

Item 2. Recent Sales of Unregistered Securities; Use of Proceeds from Registered Securities 41

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 43

Mine Safety Disclosure

Item 4. Mine Safety Disclosure 43

Other Information

Item 5. Other Information 43

Exhibits

Item 6. Exhibits 44

SIGNATURES

SIGNATURES 45 EXHIBIT INDEX 2 Table of Contents

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Condensed Consolidated Financial Statements

Item 1. Condensed Consolidated Financial Statements Sentinel Holdings Ltd f/k/a James Maritime Holdings Inc. A Nevada Corporation Condensed Consolidated Financial Statements (Unaudited) September 30, 2024 Sentinel Holdings Ltd f/k/a James Maritime Holdings Inc. TABLE OF CONTENTS Page Condensed Consolidated Financial Statements: Condensed Consolidated Balance Sheets as of September 30, 2024 (Unaudited) and December 31, 2023 4 Condensed Consolidated Statements of Operations (Unaudited) for the three and nine months ended September 30, 2024 and 2023 5 Condensed Consolidated Statements of Shareholders' Deficit(Equity) (Unaudited) for the three and nine months ended September 30, 2024 and 2023 6 Condensed Consolidated Statements of Cash Flows (Unaudited) for the three and nine months ended September 30, 2024 and 2023 7 Notes to Unaudited Condensed Consolidated Financial Statements 8-35 3 Table of Contents JAMES MARITIME HOLDINGS INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS AS OF SEPTEMBER 30, 2024 (UNAUDITED) AND DECEMBER 31, 2023 September 30, 2024 December 31, 2023 (Unaudited) Assets Current Assets Cash $ 82,534 $ 45,551 Accounts receivable - net 170,480 720,112 Prepaids and other 18,799 42,724 Total Current Assets 271,813 808,387 Due from related party 7,400 7,400 Intangible assets - net 2,088,274 2,088,274 Property and equipment - net 104,703 159,142 Operating lease - right-of-use asset 280,720 346,986 Total Assets $ 2,752,910 $ 3,410,189 Liabilities and Stockholders' Deficit Current Liabilities Accounts payable and accrued expenses $ 1,900,368 $ 1,669,908 Due to related parties - 7,960 Notes payable - net 443,400 536,251 Convertible debenture 35,000 35,000 Loans payable 542,933 760,842 Derivative liability 366,528 175,045 Operating lease liability 77,178 81,805 Total Current Liabilities 3,365,407 3,266

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2024 (UNAUDITED) Note 1 - Organization and Nature of Operations Organization The accompanying consolidated financial statements include the accounts of Sentinel Holdings, LLC (f/k/a James Maritime Holdings Inc. ("James Maritime")) and its majority-owned subsidiaries, Gladiator Solutions Inc. ("Gladiator"), and United Security Specialists Inc. ("USS") (collectively the "we", "us", "our", or the "Company"). We were incorporated in the State of Nevada on January 23, 2015. Effective July 17, 2024 the Company effectuated a name change from James Maritime Holdings, Inc. to Sentinel Holdings Ltd. The name change was conducted in order to better reflect the current business activities of the Company and provide better transparency to the markets and our shareholders. The company is currently awaiting approval from FINRA regarding this name change. Nature of Operations Our lines of business consist of the following: Gladiator Produces revenues through the distribution of personal protective products, primarily through mail-in orders to customers or via e-commerce sales generated through their website. USS Provides professional security personnel enhanced by smartphone-based security applications. Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial statements ("U.S. GAAP") and with the instructions to Form 10-Q and Article 8 of Regulation S-X of the United States Securities and Exchange Commission ("SEC"). Accordingly, they do not contain all information and footnotes required by accounting principles generally accepted in the United States of America for annual financial statements. In the opinion of the Company's management, the accompanying unaudited consolidated financial statements contain all of the adjustments necessary (consist

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View this 10-Q filing on SEC EDGAR