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Reliant Holdings Inc (RELT+43.88%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in revenue to $898,797 from $668,432 in the same quarter the previous year. This increase is attributed to the acquisition of Reliant Holdings and its related pool business.
Cost of goods sold for the quarter was $679,891, compared to $360,613 in the same quarter of the previous year. This increase is primarily due to the acquisition of Reliant Holdings during the period.
Operating expenses for the quarter rose to $1.1 million from $536,581 in the previous year, largely due to compliance costs related to the acquisition and impairment of certain accounts receivable.
Interest expense for the quarter increased to $153,409 from $36,300 in the previous year, due to new loans taken to fund operations.
Net loss for the quarter was $1,047,725, compared to $283,412 in the previous year. The increase in net loss is attributed to higher operating expenses and interest costs.
Reliant Holdings reported a working capital deficit of $3.5 million as of September 30, 2024, compared to a deficit of $1.7 million as of December 31, 2023.
The company had $1.3 million of net cash used in operating activities for the nine months ended September 30, 2024, compared to $746,171 in the same period the previous year.
Reliant Holdings plans to raise additional funding through the sale of debt or equity to continue operations and support expansion plans.
The filing also details the acquisition of HLDCO, LLC, which was completed on July 25, 2024. The acquisition was accounted for as a reverse acquisition, with HLDCO being the accounting acquirer.
Reliant Holdings identified a material weakness in its internal controls over financial reporting due to a lack of formal processes and procedures.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Reliant Holdings Inc quarterly 10-Q report dated December 20, 2024. To report an error, please email earnings@qz.com.