Tue, Jul 16, 7:04 PM (53 days ago)
Golden Royal Development Inc.'s 10-Q for the quarter ended March 31, 2024, reveals no revenue generation due to the lack of active mining operations. The company reported a net loss of $18,806 for Q1 2024 and $22,145 for the six months ended March 31, 2024, compared to losses of $25,920 and $34,592 for the same periods in 2023. Operating expenses decreased year-over-year primarily due to timing differences in audits and SEC filings. Cash used in operations was $10,305 for the six months ended March 31, 2024, funded by advances from the CEO. The company has a working capital deficit of $280,119 and an accumulated deficit of $310,420, signaling substantial doubt about its ability to continue as a going concern. Future operations depend on raising approximately $2.5 million in capital to initiate revenue-producing activities.