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Share Name | Share Symbol | Market | Type |
---|---|---|---|
James River Holdings Corporation (GM) | USOTC:JRIV | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.10 | 0.00 | 01:00:00 |
Delaware
|
45-2579623
|
|
(State or other jurisdiction of incorporation)
|
(IRS Employer Identification No.)
|
Large accelerated filer
|
o
|
Accelerated filer
|
o
|
Non-accelerated filer
|
o
|
Smaller reporting company
|
x
|
Page
|
|||||
PART I. FINANCIAL INFORMATION
|
|||||
Item 1.
|
Consolidated Financial Statements (Unaudited):
|
3 | |||
Unaudited Consolidated Balance Sheets as of June 30, 2013 and December 31, 201
2
|
3 | ||||
Unaudited Consolidated Statements of Operations for the Three and Six Months ended June 30, 2013 and 2012
|
4 | ||||
Unaudited Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2013 and 201
2
|
5 | ||||
Notes to Unaudited Consolidated Financial Statements
|
6 | ||||
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
7 | |||
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk
|
10 | |||
Item 4.
|
Controls and Procedures
|
10 | |||
PART II. OTHER INFORMATION
|
|||||
Item 1.
|
Legal Proceedings
|
11 | |||
Item 1A.
|
Risk Factors
|
11 | |||
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
11 | |||
Item 3.
|
Defaults Upon Senior Securities
|
11 | |||
Item 4.
|
Mine Safety Disclosures
|
11 | |||
Item 5.
|
Other Information
|
11 | |||
Item 6.
|
Exhibits
|
12 |
June 30,
2013
|
December 31,
2012
|
|||||||
ASSETS
|
||||||||
Current assets
|
||||||||
Cash and cash equivalents
|
$ | 150,396 | $ | 239,796 | ||||
Accounts receivable
|
234,612 | 82,711 | ||||||
Inventory
|
15,000 | 15,000 | ||||||
Total current assets
|
400,008 | 337,507 | ||||||
Property and equipment, net of accumulated depreciation
|
17,253,828 | 17,430,063 | ||||||
Goodwill
|
2,437,250 | 2,437,250 | ||||||
Intangible assets, net of accumulated amortization
|
20,691 | 48,815 | ||||||
TOTAL ASSETS
|
$ | 20,111,777 | $ | 20,253,635 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
Current liabilities
|
||||||||
Accrued expenses
|
$ | 145,741 | $ | 133,116 | ||||
Accounts payable
|
90,448 | - | ||||||
Short-term debt, net of unamortized discounts
|
5,327,084 | 2,324,749 | ||||||
Total current liabilities
|
5,563,273 | 2,457,865 | ||||||
Long-term debt, net of unamortized discounts
|
8,585,602 | 10,647,527 | ||||||
Long-term debt to related parties
|
1,517,823 | 2,243,787 | ||||||
TOTAL LIABILITIES
|
15,666,698 | 15,349,179 | ||||||
Stockholders' Equity
|
||||||||
Preferred stock, $0.001 par value, 10,000,000 shares authorized,
|
||||||||
none issued and outstanding
|
- | - | ||||||
Common stock, $0.001 par value, 100,000,000 shares
authorized, 53,204,812 issued and outstanding
|
53,204 | 53,204 | ||||||
Additional paid-in capital
|
6,985,197 | 6,985,197 | ||||||
Accumulated deficit
|
(2,593,322 | ) | (2,133,945 | ) | ||||
TOTAL STOCKHOLDERS' EQUITY
|
4,445,079 | 4,904,456 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
|
$ | 20,111,777 | $ | 20,253,635 |
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
June 30, 2013
|
June 30, 2012
|
June 30, 2013
|
June 30, 2012
|
|||||||||||||
Revenue
|
||||||||||||||||
Rental income
|
$ | 362,330 | $ | - | $ | 716,817 | $ | - | ||||||||
Property management income
|
4,284 | - | 9,084 | - | ||||||||||||
Pavement maintenance income
|
407,671 | - | 410,950 | - | ||||||||||||
Total revenue
|
774,285 | - | 1,136,851 | - | ||||||||||||
Cost of revenue
|
207,421 | - | 212,992 | - | ||||||||||||
Operating expenses
|
||||||||||||||||
General and administrative
|
306,744 | 107,767 | 624,234 | 124,202 | ||||||||||||
Depreciation expense
|
179,302 | - | 353,143 | - | ||||||||||||
Amortization expense
|
13,169 | - | 28,124 | - | ||||||||||||
Total operating expenses
|
499,215 | 107,767 | 1,005,501 | 124,202 | ||||||||||||
Income (loss) from operations
|
67,649 | (107,767 | ) | (81,642 | ) | (124,202 | ) | |||||||||
Other expense
|
||||||||||||||||
Interest expense
|
(192,492 | ) | - | (377,735 | ) | - | ||||||||||
Net loss
|
$ | (124,843 | ) | $ | (107,767 | ) | $ | (459,377 | ) | $ | (124,202 | ) | ||||
Net loss per share - basic and diluted
|
$ | (0.00 | ) | $ | (0.00 | ) | (0.01 | ) | (0.00 | ) | ||||||
Weighted average shares outstanding - basic and
diluted
|
53,204,812 | 30,875,012 | 53,204,812 | 30,660,091 |
Six Months Ended June 30, 2013
|
Six Months Ended June 30, 2012
|
|||||||
Cash Flows from Operating Activities
|
||||||||
Net loss
|
$ | (459,377 | ) | $ | (124,202 | ) | ||
Adjustments to reconcile net loss to net cash used in
operating activities:
|
||||||||
Amortization of debt discounts
|
5,418 | - | ||||||
Amortization expense
|
28,124 | - | ||||||
Depreciation expense
|
353,143 | - | ||||||
Changes in operating assets and liabilities:
|
||||||||
Accounts receivable
|
(151,901 | ) | - | |||||
Accrued expenses
|
12,625 | - | ||||||
Accounts payable
|
90,448 | - | ||||||
Net Cash Used in Operating Activities
|
(121,520 | ) | (124,202 | ) | ||||
Cash Flows from Investing Activities
|
||||||||
Cash paid for purchase of fixed assets
|
(48,000 | ) | - | |||||
Net Cash Used in Investing Activities
|
(48,000 | ) | - | |||||
Cash Flows from Financing Activities
|
||||||||
Proceeds from the issuance of debt
|
950,000 | - | ||||||
Commissions paid on the issuance of debt
|
(10,836 | ) | - | |||||
Proceeds from the issuance of debt to related parties
|
214,500 | - | ||||||
Proceeds from sale of common stock
|
- | 246,501 | ||||||
Payments on debt
|
(130,716 | ) | - | |||||
Payments on debt to related parties
|
(942,828 | ) | - | |||||
Net Cash Provided by Financing Activities
|
80,120 | 246,501 | ||||||
Net change in cash
|
(89,400 | ) | 122,299 | |||||
Cash, beginning of period
|
239,796 | 4,000 | ||||||
Cash, end of period
|
150,396 | $ | 126,299 | |||||
Supplemental Disclosures of Cash Flows Information:
|
||||||||
Cash paid for interest
|
$ | 372,317 | $ | - | ||||
Cash paid for income taxes
|
- | - | ||||||
Noncash Investing and Financing Activities
|
||||||||
Debt issued for the purchase of fixed assets
|
128,908 | - |
·
|
The prospect must be an established U.S.-based company with low/no debt, annual revenues of up to $100 million and $2-$10 million in annual EBITDA.
|
·
|
The prospect has bright growth prospects, but is short on growth capital.
|
·
|
The prospect produces in-demand products or provides in-demand services that are not subject to discretionary dollars.
|
·
|
The prospect is geographically situated within the Midwestern region of the U.S.
|
·
|
The prospect operates a simple, straight forward business that James River’s executive management team fully understands.
|
·
|
The prospect shares James River Holding’s core values and ethical business standards.
|
·
|
Lack of segregation of duties
|
·
|
Lack of formal control processes that provide for multiple levels of supervision and review.
|
31.1
|
|
Certification by the Principal Executive Officer of Registrant pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (Rule 13a-14(a) or Rule 15d-14(a)).*
|
31.2
|
Certification by the Principal Accounting Officer of Registrant pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (Rule 13a-14(a) or Rule 15d-14(a)).*
|
|
32.1
|
Certification by the Principal Executive Officer pursuant to 18 U.S.C. 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*
|
|
32.2
|
Certification by the Principal Accounting Officer pursuant to 18 U.S.C. 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*
|
|
101.INS**
|
XBRL Instance Document
|
|
101.SCH**
|
|
XBRL Taxonomy Extension Schema
|
101.CAL**
|
|
XBRL Taxonomy Extension Calculation Linkbase
|
101.DEF**
|
|
XBRL Taxonomy Extension Definition Linkbase
|
101.LAB**
|
|
XBRL Taxonomy Extension Label Linkbase
|
101.PRE**
|
|
XBRL Taxonomy Extension Presentation Linkbase
|
|
JAMES RIVER HOLDING CORP.
|
||
|
|
|
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Dated: September
12
, 2013
|
By:
|
/s/ J. Barry Watts
|
|
|
|
J. Barry Watts
|
|
|
|
Chief Executive Officer (Principal Executive Officer)
|
|
|
|
Chief Financial Officer (Principal Accounting Officer)
|
1 Year James River (GM) Chart |
1 Month James River (GM) Chart |
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