The Company’s consolidated financial statements have been presented on the basis that it is a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has an accumulated deficit of $1,287,295 at December 31, 2025, which, among other factors, raises substantial doubt about the Company’s ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent upon the Company’s ability to generate profitable operations in the future and to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they are due. The report also notes a material weakness in internal control over financial reporting, tied to inadequate segregation of duties and limited accounting staff.
The Company has inadequate segregation of duties within its cash disbursement control design. During the year ended December 31, 2025, the Company internally performed all aspects of its financial reporting process, including, but not limited to, the underlying accounting records and the recording of journal entries and for the preparation of financial statements. This process was deficient, because these duties were performed often times by the same people, and therefore a lack of review was created over the financial reporting process that might result in a failure to detect errors in spreadsheets, calculations, or assumptions used to compile the financial statements and related disclosures as filed with the SEC. The Company is continuing the process of remediating its control deficiencies. However, the material weakness in internal control over financial reporting that has been identified will not be remediated until numerous internal controls are implemented and operate for a period of time, are tested, and the Company is able to conclude that such internal controls are operating effectively. There has been no change in our internal controls that occurred during our most recent fiscal quarter, which has materially affected, or is likely to affect such controls.
As of December 31, 2025, Gold Rock Holdings, Inc. had an accumulated deficit of $1,287,295 and working capital deficit of $2,310. Both management and the auditor disclosed substantial doubt about its ability to continue as a going concern, reflecting dependence on future debt or equity financing. The Company’s going concern assessment notes that management intends to raise additional funds by way of an offering of our debt or equity securities and that continued operations depend on securing such funding. The company presents its consolidated financial statements on the going concern basis, anticipating it will realize assets and settle liabilities in the ordinary course.
As of December 31, 2025, it has an accumulated deficit of $1,287,295, which raises substantial doubt about its ability to continue operations. The going concern depends on generating profitable operations and securing the financing needed to meet obligations when due. The report identifies a material weakness in internal control over financial reporting, resulting from inadequate segregation of duties and a small accounting staff. Specifically, cash disbursement controls lack proper separation, and the company performed many financial reporting tasks in-house, increasing the risk of undiscovered errors. Remediation is underway, but the weakness will not be fully remediated until new controls are implemented, tested, and proven effective over time.
There has been no change in internal controls in the most recent quarter that materially affected them. Management and the auditor both express substantial doubt about continued operations, citing dependence on future debt or equity financing. Continued operations depend on securing additional funds through a debt or equity offering, with the going concern assessment noting ongoing fundraising plans to support operations.
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