10-Q: Brightrock Gold Corporation Reports Continued Losses and Going Concern Uncertainty in September 2002 10-Q Filing

Brightrock Gold Corporation's September 2002 10-Q filing reveals ongoing losses, no revenue, and substantial doubt about the company's ability to continue as a going concern.

Summary

• Brightrock Gold Corporation, formerly Go Call, Inc., filed its 10-Q report for the quarter ended September 30, 2002.
• The company reports no revenue for the three and nine months ended September 30, 2002, and 2001.
• The company's net loss for the three months ended September 30, 2002, was $0, the same as the three months ended September 30, 2001.
• The company's net loss for the nine months ended September 30, 2002, was $0, the same as the nine months ended September 30, 2001.
• As of September 30, 2002, the company had shareholders' equity of $0.
• The company states there is substantial doubt about its ability to continue as a going concern.
• The company's business plan is to seek new business opportunities or to engage in a merger or acquisition with an unidentified company.
• The company is considered a blank check company and a shell company.
• As of September 30, 2002, there were 28,679,120 shares of common stock outstanding.
• The company's disclosure controls and procedures were not effective as of September 30, 2002, due to limited resources and lack of appropriate accounting personnel and an independent audit committee.

Sentiment

Score: 2

Explanation: The document paints a bleak picture of the company's financial condition, with no revenue, ongoing losses, and a going concern warning. The lack of effective disclosure controls further contributes to the negative sentiment.

Positives

• The company is seeking new business opportunities or a merger/acquisition.

Negatives

• The company reports no revenue for the periods presented.
• The company has a net loss of $0 for both the three and nine months ended September 30, 2002.
• The company has $0 in shareholders' equity as of September 30, 2002.
• There is substantial doubt about the company's ability to continue as a going concern.
• The company is a blank check and shell company with no specific business plan.
• Disclosure controls and procedures were deemed ineffective.

Risks

• The company faces risks related to inadequate capital, failure to earn revenues or profits, and volatility of its stock price.
• The company's future success depends on its ability to generate capital financing.
• The company's independent auditor has expressed substantial doubt about its ability to continue as a going concern.
• The company is subject to penny stock rules, which require broker-dealers to provide risk disclosure documents prior to transactions.
• The company's status as a shell company restricts its use of certain registration forms and limits liquidity in its stock.

Future Outlook

The company's future success depends on its ability to generate capital financing and implement its plan of operation to generate sales.

Management Comments

• Management states there is substantial doubt regarding the company's ability to continue as a going concern.
• Management plans to obtain funding from new investors and implement a plan of operation to generate sales.

Industry Context

As a blank check and shell company, Brightrock Gold's situation is not directly comparable to established companies with ongoing operations. The company's focus on seeking new business opportunities or a merger/acquisition is typical for such entities.

Comparison to Industry Standards

• Given Brightrock Gold's status as a blank check and shell company with no revenue, direct comparison to industry standards is not applicable.
• Companies in similar situations often face challenges in securing funding and identifying viable business opportunities.

Stakeholder Impact

• Shareholders face significant risk due to the company's financial instability and going concern uncertainty.
• The company's ability to continue operations and generate value for stakeholders is highly uncertain.

Next Steps

• The company plans to obtain funding from new investors.
• The company plans to implement its plan of operation to generate sales.

Key Dates

Keywords

Brightrock Gold Corporation, financial statements, going concern, shell company, blank check company, 10-Q, losses, no revenue