In This Story
Ridgefield Acquisition Corp. (RDGA0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing indicates that Ridgefield Acquisition Corp. has suspended all operations since July 2000, except for necessary administrative matters. The company is pursuing an acquisition strategy to merge with a viable operating entity.
Ridgefield reported no revenues for the nine months ended September 30, 2024, and incurred a net loss of $59,974, compared to a net loss of $45,254 in the same period of the previous year.
General and administrative expenses for the nine months ended September 30, 2024, were $44,513, an increase from $35,841 in the previous year, attributed to additional compliance costs related to filing SEC reports.
Interest expense contributed to other expenses, which increased to $15,461 for the nine months ended September 30, 2024, from $9,413 in the previous year, primarily due to new borrowings.
As of September 30, 2024, Ridgefield had cash and cash equivalents of $19,217 and a working capital deficit of $144,977, including related party debt.
The company executed two revolving promissory notes with related parties, providing potential loans up to $200,000 each, with interest rates of 8% and 10% per annum, respectively.
On April 23, 2024, Ridgefield sold 25,000,000 shares of its common stock to its President and CEO for $50,000, to address immediate financial needs.
The filing notes that Ridgefield's ability to continue as a going concern depends on obtaining adequate capital to fund operating losses until a revenue stream is established.
Ridgefield's management plans to raise additional capital through borrowing and/or sales of equity and debt securities to support its acquisition strategy.
The filing also highlights the impact of economic conditions, inflation, and geopolitical events on the company's operations and acquisition strategy.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Ridgefield Acquisition Corp. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.