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Gold Rock Holdings Inc - Class A (GRHI0.00%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing outlines the company's shift in business model following a change in control on October 2, 2023. Gold Rock Holdings, Inc. now focuses on acquiring and managing technological assets through its wholly-owned subsidiary, LOOT8, Inc.
LOOT8, Inc. has developed a Web3 content management system known as LOOT8, which aims to enable enterprises to manage content on IPFS nodes and leverage AI for interactive content. The company is in the early stages of marketing its platform and has not yet generated revenue.
Gold Rock Holdings reported total assets of $253,614 and total liabilities of $78,400 as of December 31, 2024. The company recorded an accumulated deficit of $1,106,731, with a net loss of $240,694 for the year.
Revenues for the year ended December 31, 2024, totaled $138,000, generated from AI coding and language modeling services. The company had no revenue in the previous year.
Operating expenses increased to $379,194 from $232,311 in the prior year, with significant expenditures on advertising, board of directors' fees, and consulting services.
Gold Rock Holdings raised $425,700 through financing activities in 2024, primarily from the sale of common stock.
The company identified a material weakness in its internal controls over financial reporting, specifically in the segregation of duties within its cash disbursement control design.
Gold Rock Holdings does not anticipate paying dividends on its common stock in the foreseeable future, as it focuses on implementing its business plan and generating revenues.
The filing also details various corporate governance matters, including changes in the board of directors and executive officers, as well as employment agreements with key personnel.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Gold Rock Holdings Inc - Class A annual 10-K report dated March 25, 2025. To report an error, please email earnings@qz.com.