Gold Rock (GRHI) 10-Q 2 Aug 24 2024 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2024	Aug. 01, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2024
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--12-31
Entity File Number	000-56304
Entity Registrant Name	GOLD ROCK HOLDINGS, INC.
Entity Central Index Key	0000894501
Entity Tax Identification Number	87-0434297
Entity Incorporation, State or Country Code	NV
Entity Address, Address Line One	2020 General Booth Blvd.
Entity Address, Address Line Two	Suite 230
Entity Address, City or Town	Virginia Beach
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	23454
City Area Code	(757)
Local Phone Number	306-6090
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		236,886,969

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - UNAUDITED - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Current Assets
Cash	$ 234,634	$ 108
Accounts Receivable	6,500
Total Current Assets	241,134	108
Total Assets	241,134	108
Current Liabilities
Accounts Payable and Accrued Expenses	3,321	9,900
Accrued Board of Director Compensation	80,500
Total Current Liabilities	83,821	9,900
Total Liabilities	83,821	9,900
Stockholders' Equity (Deficit)
Common Stock - $0.001 Par; 850,000,000 Shares Authorized, 238,136,969 and 231,053,636 Issued and Outstanding, Respectively	238,136	231,053
Additional Paid-In-Capital	1,043,809	625,192
Accumulated Deficit	(1,124,632)	(866,037)
Total Stockholders' Equity (Deficit)	157,313	(9,792)
Total Liabilities and Stockholders' Equity (Deficit)	$ 241,134	$ 108

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS - UNAUDITED (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock par value (in Dollars per share)	$ 0.001	$ 0.001
Common stock shares authorized	850,000,000	850,000,000
Common stock shares issued	238,136,969	231,053,636
Common stock shares outstanding	238,136,969	231,053,636

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - UNAUDITED - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Sales	$ 6,500		$ 6,500
Cost of Sales
Gross Profit	6,500		6,500
Operating Expenses
Board of Director Compensation			137,500	170,000
Consulting	10,500	3,000	21,000	6,000
General and Administrative	88,999	7,298	106,595	30,656
Total Expenses	99,499	10,298	265,095	206,656
Net Loss for the Period	$ (92,999)	$ (10,298)	$ (258,595)	$ (206,656)
Weighted Average Number of Common Shares - Basic	238,068,288	231,053,636	236,438,251	162,837,377
Weighted Average Number of Common Shares - Diluted	238,068,288	231,053,636	236,438,251	162,837,377
Net Loss for the Period Per Common Shares - Basic	$ 0	$ 0	$ 0	$ 0
Net Loss for the Period Per Common Shares - Diluted	$ 0	$ 0	$ 0	$ 0

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash Flows from Operating Activities
Net Loss for the Period	$ (258,595)	$ (206,656)
Non-Cash Adjustments:
Common Stock  Issued for Board of Director & Consulting Services		172,000
Common Stock Issued to Prepay Director for Payment of Operating Expenses		29,000
Changes in Assets and Liabilities:
Accounts Receivable	(6,500)
Accounts Payable and Accrued Expenses	(6,579)	3,800
Accrued Board of Directors Compensation	80,500
Net Cash Flows Used In Operating Activities	(191,174)	(1,856)
Cash Flows from Investing Activities
Cash Flows from Financing Activities
Cash Proceeds Received from Sale of Common Stock	425,000
Capital Contributions from Directors	700	1,760
Net Cash Flows Provided by Financing Activities	425,700	1,760
Net Change in Cash	234,526	(96)
Cash - Beginning of Period	108	1,284
Cash - End of Period	234,634	1,188
Cash Paid During the Period for:
Interest
Income Taxes

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT) - UNAUDITED - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance - March 31, 2024 at Dec. 31, 2022	$ 87,482	$ 144,353	$ (633,726)	$ (401,891)
Beginning balance, shares at Dec. 31, 2022	87,482,208
Common Stock Issued for Accounts Payable and Accrued Expenses	$ 95,714	306,286		402,000
Common Stock Issued for Accounts Payable and Accrued Expenses, shares	95,714,286
Common Stock Issued to Prepay Director for Payment of Operating Expenses	$ 6,905	22,095		29,000
Common Stock Issued to Prepay Director for Payment of Operating Expenses, shares	6,904,761
Common Stock Issued for Board of Director & Consulting Services	$ 40,952	131,048		172,000
Common Stock Issued for Board of Director & Consulting Services, shares	40,952,381
Net Loss for the Period			(196,358)	(196,358)
Balance - June 30, 2024 at Mar. 31, 2023	$ 231,053	603,782	(830,084)	4,751
Ending balance, shares at Mar. 31, 2023	231,053,636
Capital Contributions - Directors		1,760		1,760
Net Loss for the Period			(10,298)	(10,298)
Balance - June 30, 2024 at Jun. 30, 2023	$ 231,053	605,542	(840,382)	(3,787)
Ending balance, shares at Jun. 30, 2023	231,053,636
Balance - March 31, 2024 at Dec. 31, 2023	$ 231,053	625,192	(866,037)	(9,792)
Beginning balance, shares at Dec. 31, 2023	231,053,636
Common Stock Sold	$ 5,833	344,167		350,000
Common Stock Sold, shares	5,833,333
Capital Contributions - Directors		700		700
Net Loss for the Period			(165,596)	(165,596)
Balance - June 30, 2024 at Mar. 31, 2024	$ 236,886	970,059	(1,031,633)	175,312
Ending balance, shares at Mar. 31, 2024	236,886,969
Common Stock Sold	$ 1,250	73,750		75,000
Common Stock Sold, shares	1,250,000
Net Loss for the Period			(92,999)	(92,999)
Balance - June 30, 2024 at Jun. 30, 2024	$ 238,136	$ 1,043,809	$ (1,124,632)	$ 157,313
Ending balance, shares at Jun. 30, 2024	238,136,969

Organization & Description of B

Organization & Description of Business	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization & Description of Business	NOTE 1 – Organization & Description of Business The Company was incorporated in the State of Nevada in February 1997 as Affordable Homes of America. In March 1999 we merged into Kowtow, Inc. and changed our name to Affordable Homes of America, Inc. On October 12, 2000, we changed our name to World Homes, Inc. and on August 23, 2001, we changed our name to Composite Industries of America, Inc. On September 02, 2004, the Company changed its name to Gold Rock Holdings, Inc. On January 08, 2009, the Company did a name change to The Affordable Homes Group, Inc. On March 01, 2011, the Company changed its name to Global Green Group, Inc. On January 09, 2015, the Company changed its name back to Gold Rock Holdings, Inc., the current name of the Company. In 2019, Gold Rock Holdings, Inc. established itself as a provider of engineering and construction management services producing site-plans, construction drawings, cost computations, fiber network designs, and other related construction services. The Company changed its business model from engineering and construction management services, as a result of a change in control on October 2, 2023. Gold Rock intends to grow and further establish itself through mergers, acquisition and management of technological assets. On December 12, 2023, the Company formed a wholly owned subsidiary in the State of Wyoming by the name of Loot 8, Inc. LOOT8 Inc., had no activity through December 31, 2023. LOOT8, Inc. currently is in the beta testing phase of its business and has no revenue. However, it has developed a Web3 content management system (CMS) pioneering the “Relationship Economy” through SocialFi, and a new monetization model. This model is designed to empower individuals with compelling stories to monetize their relationships beyond traditional influencer models.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	NOTE 2 – Summary of Significant Accounting Policies Basis of Presentation The accompanying condensed consolidated balance sheet has been derived from the December 31, 2023 audited financial statements and the unaudited condensed consolidated financial statements as of June 30, 2024 and 2023, have been prepared in accordance with generally accepted accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the audited financial statements and related footnotes included in our Annual report on Form 10-K for the year ended December 31, 2023 (the “2023 Annual Report”), filed with the Securities and Exchange Commission (the “SEC”). It is management’s opinion, however, that all material adjustments (consisting of normal recurring adjustments), have been made which are necessary for fair condensed consolidated financial statements presentation. Operating results for the three and six months ended June 30, 2024, are not necessarily indicative of the results of operations expected for the year ending December 31, 2024. Principles of Consolidation The condensed consolidated financial statements include the accounts of Gold Rock Holdings, Inc., and its wholly owned subsidiary, LOOT8 Inc., (the “Company”). All significant inter-company balances have been eliminated in consolidation. Method of Accounting The Company’s consolidated financial statements have been prepared and presented in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) Use of Estimates The preparation of condensed consolidated financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents Cash and cash equivalents may include time deposits, certificates of deposit, and all highly liquid debt instruments with original maturities of three months or less. The Company maintains cash and cash equivalents at financial institutions located in the United States, which periodically may exceed federally insured amounts. Earnings (Loss) per Share Earnings (loss) per share of common stock are computed in accordance with FASB ASC 260 “Earnings per Share”. Basic earnings (loss) per share are computed by dividing income or loss available to common shareholders by the weighted-average number of common shares outstanding for each period. Diluted earnings per share are calculated by adjusting the weighted average number of shares outstanding assuming conversion of all potentially dilutive stock options, warrants and convertible securities, if dilutive. Common stock equivalents that are anti-dilutive are excluded from both diluted weighted average number of common shares outstanding and diluted earnings (loss) per share. Stock-Based Compensation We account for employee and non-employee stock-based compensation in accordance with the guidance of FASB ASC Topic 718, Compensation—Stock Compensation, Fair Value of Financial Instruments The estimated fair values for financial instruments are determined at discrete points in time based on relevant market information. These estimates involve uncertainties and cannot be determined with precision. The carrying amounts of accounts payable and accrued liabilities approximate fair value given their short-term nature or effective interest rates. Revenue Recognition The Company implemented ASC 606, Revenue from Contracts with Customers The Company recognizes revenue and cost of goods sold from product sales or services rendered when control of the promised goods are transferred to our clients in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods and services. To achieve this core principle, we apply the following five steps: identify the contract with the client, identify the performance obligations in the contract, determine the transaction price, allocate the transaction price to performance obligations in the contract and recognize revenues when or as the Company satisfies a performance obligation.

Recently Issued Accounting Stan

Recently Issued Accounting Standards	6 Months Ended
	Jun. 30, 2024
Accounting Changes and Error Corrections [Abstract]
Recently Issued Accounting Standards	NOTE 3 – Recently Issued Accounting Standards The Company has implemented all new accounting pronouncements that are in effect and is evaluating any that may impact its financial statements, including the new lease standard. The Company does not have any leases and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

Going Concern

Going Concern	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Going Concern	NOTE 4 – Going Concern The Company’s condensed 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 $ 1,124,632

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	NOTE 5 – Related Party Transactions During the six months ended June 30, 2024, a director of the Company paid one invoice of the Company in the amount of $ 700 30,760 6,904,761 29,000 0.0042 The Company has a consulting agreement with a majority shareholder/board of director. The agreement is for $ 1,000 3,000 6,000 The Company entered into a compensation agreement beginning January 1, 2023 and ending on December 31, 2028 in the amount of $ 95,000 75,000 0 75,000 170,000 The Company entered into an agreement with the officer of LOOT8 for $12,500 monthly of which $10,000 will be paid monthly and $2,500 will be deferred until the Company’s financial health is projected to support full payment. 37,500 62,500

Stock

Stock	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Stock	NOTE 6 – Stock Preferred Stock Preferred stock consists of 50,000,000 0.001 20,000,000 0 Common Stock Common stock consists of 850,000,000 0.001 238,136,969 231,053,636 During the six months ended June 30, 2023, the Company issued 40,952,381 172,000 During the six months ended June 30, 2023, the Company issued 6,904,761 29,000 During the six months ended June 30, 2023, the Company issued 95,714,286 402,000 During the six months ended June 30, 2024 the Company sold 7,083,333 425,000

Sponsorship Commitment

Sponsorship Commitment	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Sponsorship Commitment	NOTE 7 – Sponsorship Commitment On February 13, 2024, LOOT8, Inc., the Company’s wholly owned subsidiary entered into a sponsorship commitment with a consultant to the University of Houston in the amount of $125,000 for one year ending on February 12, 2025 to be paid in twelve (12) installments of $10,416.66 each. 20,821 41,649

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	NOTE 8 – Subsequent Events As noted in Note 7, the Company has terminated their consultant agreement on July 18, 2024. The Company is in discussions with the University of Houston to possible enter into a direct agreement to continue their sponsorship.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated balance sheet has been derived from the December 31, 2023 audited financial statements and the unaudited condensed consolidated financial statements as of June 30, 2024 and 2023, have been prepared in accordance with generally accepted accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the audited financial statements and related footnotes included in our Annual report on Form 10-K for the year ended December 31, 2023 (the “2023 Annual Report”), filed with the Securities and Exchange Commission (the “SEC”). It is management’s opinion, however, that all material adjustments (consisting of normal recurring adjustments), have been made which are necessary for fair condensed consolidated financial statements presentation. Operating results for the three and six months ended June 30, 2024, are not necessarily indicative of the results of operations expected for the year ending December 31, 2024.
Principles of Consolidation	Principles of Consolidation The condensed consolidated financial statements include the accounts of Gold Rock Holdings, Inc., and its wholly owned subsidiary, LOOT8 Inc., (the “Company”). All significant inter-company balances have been eliminated in consolidation.
Method of Accounting	Method of Accounting The Company’s consolidated financial statements have been prepared and presented in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”)
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents may include time deposits, certificates of deposit, and all highly liquid debt instruments with original maturities of three months or less. The Company maintains cash and cash equivalents at financial institutions located in the United States, which periodically may exceed federally insured amounts.
Earnings (Loss) per Share	Earnings (Loss) per Share Earnings (loss) per share of common stock are computed in accordance with FASB ASC 260 “Earnings per Share”. Basic earnings (loss) per share are computed by dividing income or loss available to common shareholders by the weighted-average number of common shares outstanding for each period. Diluted earnings per share are calculated by adjusting the weighted average number of shares outstanding assuming conversion of all potentially dilutive stock options, warrants and convertible securities, if dilutive. Common stock equivalents that are anti-dilutive are excluded from both diluted weighted average number of common shares outstanding and diluted earnings (loss) per share.
Stock-Based Compensation	Stock-Based Compensation We account for employee and non-employee stock-based compensation in accordance with the guidance of FASB ASC Topic 718, Compensation—Stock Compensation,
Fair Value of Financial Instruments	Fair Value of Financial Instruments The estimated fair values for financial instruments are determined at discrete points in time based on relevant market information. These estimates involve uncertainties and cannot be determined with precision. The carrying amounts of accounts payable and accrued liabilities approximate fair value given their short-term nature or effective interest rates.
Revenue Recognition	Revenue Recognition The Company implemented ASC 606, Revenue from Contracts with Customers The Company recognizes revenue and cost of goods sold from product sales or services rendered when control of the promised goods are transferred to our clients in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods and services. To achieve this core principle, we apply the following five steps: identify the contract with the client, identify the performance obligations in the contract, determine the transaction price, allocate the transaction price to performance obligations in the contract and recognize revenues when or as the Company satisfies a performance obligation.

Going Concern (Details Narrativ

Going Concern (Details Narrative) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accumulated deficit	$ 1,124,632	$ 866,037

Related Party Transactions (Det

Related Party Transactions (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Related parties amount of transaction			$ 700	$ 30,760
Common stock issued to prepay director for payment of operating expenses			$ 29,000
Stock issuance to reimburse			$ 0.0042
Agreement monthly charges			$ 1,000
Consulting expense			3,000	6,000
Agreement amount payable	$ 95,000		95,000
Annually paid	75,000		75,000
Board of director compensation	0	$ 0	$ 75,000	$ 170,000
Related party transactions description			The Company entered into an agreement with the officer of LOOT8 for $12,500 monthly of which $10,000 will be paid monthly and $2,500 will be deferred until the Company’s financial health is projected to support full payment.
Board of director compensation	$ 37,500		$ 62,500
Common Stock [Member]
Common stock issued to prepay director for payment of operating expenses, shares			6,904,761

Stock (Details Narrative)

Stock (Details Narrative) - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jan. 11, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Preferred stock, shares authorized	50,000,000			50,000,000
Preferred stock, par value (in Dollars per share)	$ 0.001			$ 0.001
Preferred stock, shares issued	0			0
Preferred stock, shares outstanding	0			0
Common stock, shares authorized	850,000,000			850,000,000
Common stock, par value	$ 0.001			$ 0.001
Common stock, shares issued	238,136,969			231,053,636
Common stock, shares outstanding	238,136,969			231,053,636
Shares issued		$ 40,952,381
Shares issued, value		172,000
Common stock issued for consulting and director compensation, shares		6,904,761
Common stock issued for consulting and director compensation		$ 29,000
Number of share sold	7,083,333
Received on transaction	$ 425,000
Common Stock [Member]
Class of Stock [Line Items]
Common stock issued for accounts payable and accrued expenses, shares		95,714,286
Common stock issued for accounts payable and accrued expenses		$ 402,000
Series A Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, shares authorized			20,000,000

Sponsorship Commitment (Details

Sponsorship Commitment (Details Narrative) - USD ($)		3 Months Ended	6 Months Ended
	Feb. 13, 2024	Jun. 30, 2024	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Sponsorship description	Company’s wholly owned subsidiary entered into a sponsorship commitment with a consultant to the University of Houston in the amount of $125,000 for one year ending on February 12, 2025 to be paid in twelve (12) installments of $10,416.66 each.
General and administrative expenses		$ 20,821	$ 41,649