10-Q: Brightrock Gold Corporation Reports Zero Revenue in Q2 2006, Cites Going Concern Uncertainty

Brightrock Gold Corporation, formerly Go Call, Inc., reports no revenue for the three and six months ended June 30, 2006, and expresses substantial doubt about its ability to continue as a going concern.

Summary

• Brightrock Gold Corporation, formerly Go Call, Inc., released its Form 10-Q for the quarter ended June 30, 2006.
• The company reported no revenue for both the three and six months ended June 30, 2006.
• The company's net loss for the three months ended June 30, 2006, was $0, the same as for the three months ended June 30, 2005.
• The company's net loss per share (basic and diluted) was $0.00 for both periods.
• The company has an accumulated deficit of $9,810,524.
• The company states there is substantial doubt regarding its ability to continue as a going concern.
• The company's business plan is to seek new business opportunities or engage in a merger or acquisition with an unidentified company.
• The company is considered a blank check company and a shell company.
• As of June 30, 2006, the company had 28,679,120 shares of common stock outstanding.
• The company's disclosure controls and procedures were deemed not effective as of June 30, 2006, due to limited resources and lack of appropriate accounting personnel and an independent audit committee.

Sentiment

Score: 2

Explanation: The document paints a very negative picture due to the lack of revenue, accumulated deficit, going concern uncertainty, and ineffective disclosure controls.

Positives

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

Negatives

• The company reports no revenue for the three and six months ended June 30, 2006.
• The company has an accumulated deficit of $9,810,524.
• The company expresses substantial doubt about its ability to continue as a going concern.
• The company's disclosure controls and procedures were deemed not effective as of June 30, 2006.

Risks

• The company's ability to continue as a going concern is uncertain.
• The company's business plan is dependent on finding new business opportunities or a merger/acquisition, which may not be successful.
• The company's status as a blank check company and a shell company imposes restrictions.
• The company's disclosure controls and procedures are not effective, which could lead to errors in financial reporting.
• The company cites risks related to inadequate capital, failure to earn revenues or profits, volatility of stock price, and potential litigation.

Future Outlook

The company's future success depends on obtaining capital financing and implementing a plan of operation to generate sales. The outcome of these plans is uncertain.

Management Comments

• Management acknowledges 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 company and a shell company, Brightrock Gold faces significant regulatory hurdles and limitations compared to operating companies with established revenue streams. The company's strategy of seeking a merger or acquisition is common for such entities, but the success rate is highly variable.

Comparison to Industry Standards

• It is difficult to compare Brightrock Gold to industry standards due to its status as a blank check and shell company with no specific operations.
• Companies in a similar situation often seek to merge with private companies looking to go public, but the terms and valuations of such deals vary widely.
• Without revenue or assets, Brightrock Gold's financial metrics are significantly below those of established companies in any sector.

Stakeholder Impact

• Shareholders face significant risk due to the company's financial condition and uncertain future.
• The company's employees (if any) face job insecurity due to the going concern uncertainty.
• The company's creditors face risk of non-payment due to the company's financial condition.

Next Steps

• The company needs to obtain funding from new investors.
• The company needs to implement a plan of operation to generate sales.
• The company needs to resolve its liquidity problems and increase profitability.
• The company needs to improve its disclosure controls and procedures.

Key Dates

Keywords

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