Tue, Nov 12, 3:28 PM (94 days ago)
Golden Royal Development Inc. (Ticker: GRDV) reported a challenging financial position for the quarter ending June 30, 2024. The company recorded no revenue, consistent with prior periods, as it remains in the exploration stage of its mineral properties. Operating expenses decreased to $6,108 for the quarter, down from $16,115 in the prior year, contributing to a net loss of $6,108 compared to $16,115 a year earlier. For the nine-month period, losses totaled $28,253, reflecting a reduction from $50,707 in the previous year. As of June 30, 2024, cash reserves dwindled to $19, with a working capital deficit of $286,227, up from $257,974 at the previous fiscal year-end. The company’s accumulated deficit now stands at $316,528. The reliance on advances from the CEO raises concerns about liquidity and future operations, particularly as the company anticipates needing approximately $2.5 million to initiate revenue-generating activities. The report highlights ongoing uncertainties regarding financing and operational viability, emphasizing the need for additional capital to support future exploration efforts. The independent auditor expressed substantial doubt regarding the company’s ability to continue as a going concern within the next twelve months.