Wed, Dec 4, 9:37 PM (215 days ago)
Royalty Management Holding Corporation (RMCO) filed an amendment to its Form 10-Q for the quarter ending March 31, 2024, to restate certain financial information. The company reported total revenues of $162,100, up from $134,904 in the prior year, driven by increased environmental services volume. Operating expenses decreased significantly to $145,610 from $208,774, primarily due to reduced professional fees. Notably, RMCO reported a net income of $153,756 compared to a net loss of $280,660 in the same quarter of 2023. Cash and cash equivalents stood at $124,823, while total liabilities decreased to $3,527,242. The amendment also reflects changes in warrant liabilities, which were adjusted to $113,465. The company is focused on maintaining liquidity and has no immediate cash requirements. However, it faces uncertainties regarding future capital raising and operational growth. Overall, RMCO's financial health shows improvement, with reduced losses and increased revenues, although future performance may be impacted by market conditions and capital availability.