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Golden Royal Dev Inc (GRDV) has submitted its Form 10-K filing for the fiscal year ended September 30, 2024.
The filing details the company's business operations, which focus on purchasing and selling mineral leases and other interests in mineral rights. Golden Royal's operations are currently funded by contributions from its majority shareholder, Jacob Roth.
Golden Royal holds several mineral leases in Wyoming, including oil and gas leases in Converse and Laramie Counties and precious metal leases in Crooks County. The company has not commenced any drilling or mining operations on these properties.
The company reported no revenue for the fiscal year 2024, with operating expenses totaling $31,593, leading to a net loss of the same amount. The expenses were primarily related to administrative operations and impairment of mineral rights.
Golden Royal has a working capital deficit of $289,567 as of September 30, 2024, and plans to raise approximately $2.5 million to fund its operations. The company acknowledges substantial doubt about its ability to continue as a going concern.
The company does not have any proved reserves and is currently holding its mineral interests as investments, with plans to sell them if their market value increases.
The filing also highlights risks associated with the company's business, including its dependence on financing, the competitive nature of the mineral exploration industry, and regulatory challenges.
Golden Royal's common stock is listed on the OTC Pink Market, and the company has no plans to pay dividends in the foreseeable future.
The company's internal controls over financial reporting were deemed ineffective due to material weaknesses, including inadequate control activities and a lack of segregation of duties.
Jacob Roth, the company's CEO, owns over 95% of the outstanding common stock, giving him significant control over corporate matters.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Golden Royal Dev Inc annual 10-K report dated January 10, 2025. To report an error, please email earnings@qz.com.