10-Q: Brightrock Gold Corporation Reports Continued Losses and Going Concern Uncertainty in September 2006 10-Q Filing

Brightrock Gold Corporation's September 2006 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, 2006.
• The company reported no revenue for the three and nine months ended September 30, 2006 and 2005.
• The company incurred a net loss of $0 for the three months ended September 30, 2006, compared to $0 for the three months ended September 30, 2005.
• The company's accumulated deficit remained at $9,810,524.
• The company's auditor expressed substantial doubt about its ability to continue as a going concern due to recurring losses and lack of revenue.
• Management plans to address the going concern issue by obtaining funding from new investors and implementing a plan of operation to generate sales.
• The company is considered a blank check company and a shell company, which imposes certain restrictions.
• The company's disclosure controls and procedures were deemed not effective as of September 30, 2006, due to limited accounting personnel, lack of an independent audit committee, and incomplete assessment of internal control over financial reporting.
• As of September 30, 2006, there were 28,679,120 shares of common stock outstanding.

Sentiment

Score: 2

Explanation: The document paints a bleak picture of the company's financial health, with no revenue, significant accumulated deficit, and a going concern warning. The ineffective disclosure controls further contribute to a negative sentiment.

Positives

• New management filed a Certificate of Revival with the State of Delaware to bring the Company into Good Standing.
• Management is actively seeking funding from new investors to alleviate the working capital deficiency.

Negatives

• The company has no revenue.
• The company has a significant accumulated deficit of $9,810,524.
• The company's auditor has expressed substantial doubt about its ability to continue as a going concern.
• The company's disclosure controls and procedures were deemed not effective.
• The company is a blank check company and a shell company, which imposes certain restrictions.

Risks

• Inadequate capital and barriers to raising additional capital.
• Failure to earn revenues or profits.
• Volatility or decline of the company's stock price.
• Potential fluctuation in quarterly results.
• Rapid and significant changes in markets.
• Litigation or legal claims.
• Insufficient revenues to cover operating costs.
• The company's status as a blank check company and a shell company.

Future Outlook

The company's future success depends on its ability to generate capital financing, obtain funding from new investors, and implement its plan of operation to generate sales.

Management Comments

• Management plans to address the going concern issue by obtaining funding from new investors and implementing a plan of operation to generate sales.

Industry Context

As a blank check company and a shell company, Brightrock Gold faces significant challenges in attracting investors and achieving liquidity in its stock, similar to other companies in this category.

Comparison to Industry Standards

• Given the lack of revenue and the going concern warning, Brightrock Gold's financial performance is significantly below industry standards for publicly traded companies.
• Many development stage companies in the gold exploration sector, for example, actively seek joint venture partners or secure project financing to advance their projects, which Brightrock Gold does not appear to be doing effectively.

Stakeholder Impact

• Shareholders face significant risk due to the company's financial instability and going concern uncertainty.
• The company's ability to attract new investors is crucial for its survival.

Next Steps

• Obtaining funding from new investors to alleviate the working capital deficiency.
• Implementing the plan of operation to generate sales.

Key Dates

Keywords

financial statements, going concern, net loss, revenue, 10-Q, Brightrock Gold Corporation, shell company, blank check company