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Royalty Management Holding Corp Cl A (RMCO-4.84%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing total operating revenues of $145,633, compared to $122,816 in the same quarter the previous year. The increase was primarily due to additional volume from RMC Environmental Services.
Total cost of revenues for the quarter was $5,460, compared to $3,420 in the same quarter the previous year. This increase was also attributed to the additional volume from RMC Environmental Services.
Operating expenses for the quarter were $302,959, up from $186,532 in the previous year, driven by higher general and administrative expenses and professional fees.
The company reported a net loss from operations of $162,785 for the quarter, compared to $67,135 in the previous year.
Other income for the quarter was $50,315, compared to an other loss of $184,189 in the previous year. The improvement was due to a positive gain on warrant fair value adjustment and reduced interest expense following the conversion of convertible debt.
Net loss for the quarter was $112,471, compared to $251,324 in the previous year.
Cash and cash equivalents totaled $145,367 as of September 30, 2024. The company does not anticipate any liquidity issues in the next 12 months.
Royalty Management Holding Corp Cl A has no off-balance sheet arrangements and does not expect any material impact from recently issued accounting pronouncements.
The company identified a material weakness in its internal controls over financial reporting due to an insufficient number of staff performing accounting and reporting functions.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Royalty Management Holding Corp Cl A quarterly 10-Q report dated November 15, 2024. To report an error, please email earnings@qz.com.