Rock Ridge Reports Record Annual Income and Earnings for 2013
February 14 2014 - 7:58PM
Marketwired
Rock Ridge Reports Record Annual Income and Earnings for 2013
Shareholder Year End Update and 2014 Forecast
LAKE ARROWHEAD, CA--(Marketwired - Feb 14, 2014) - The Board of
Directors and Executive Management of Feb 13, 2014 Rock Ridge
Resources, Inc. (PINKSHEETS: RRRI) are pleased to provide their
shareholders and the investment public a financial overview of the
company's 2013 performance along with a forecast for 2014.
Rock Ridge Resources recently reported their annual report with
OTC Markets. The following is a summary breakdown of that
report:
2013
Overview
During the 3rd quarter, the Company brought into compliance its
Federal and State tax returns from 2007-2012 presenting a net
operating loss carryover of $18,465,000 from previous years of
operations by prior management. In 2013 the Company produced an
annual income of $3,784,314 with a net income of $801,037. These
numbers combine the oil factoring operations with Serenity Lodge, a
wholly owned subsidiary of the Company.
To review the Consolidated Unaudited Statements of Income-Tax
Cash Basis Reporting for the twelve months which ended December 31,
2013, go to OTCmarkets.com. In left corner type in symbol (RRRI)
and on left margin click on filings and disclosures to review
financial report.
2014
Forecast
Rock Ridge specializes in three business operations: (1) Oil
& Gas Factoring and investments in oil & gas stocks. (2)
Alcohol-Drug Treatment Facility and (3) Real Estate Investing. The
Company is focused on helping small resource companies gain faster
access to the working capital which is essential for their success
in the sale of their oil. In the 4th quarter, the Company
began purchasing oil & gas receivables from approved clients
and began equity investments in companies such as Exxon Mobil,
Halliburton and Core Labs.
Serenity Lodge is a cutting edge alcohol-drug treatment facility
located in Lake Arrowhead, California. At the end of 2013, Serenity
Lodge's accounts receivable totaled $1,658,000 from operations. The
company reports on a cash basis and does not use the accrual method
of accounting. Portions of this amount are still being collected
and will reflect on our balance sheet once attained. In 2014 the
company will begin reporting on an accrual basis because its sales
will exceed the $5,000,000 IRS requirement for filing.
In the earlier part of the 3rd quarter, after the recent
completion of 2 newly constructed houses, the Department of Health
Services approved 12 additional beds to our existing license taking
the facility to 30 private licensed beds. Each Serenity client
enjoys the comfort of their own private bedroom, setting the
facility apart from most treatment facilities that require clients
to share rooms.
KC Hollmer, President of Rock Ridge, stated that with Dr. Elwood
Cohen, D.O. Board Certified Primary Care Medicine, and Academy of
Family Practice joined Serenity Lodge in the latter part of the 4th
quarter, our company is now considered a medical assisted facility
and therefore it was decided to incorporate an in-house electronic
medical billing system for its billings to all insurance companies
yielding the company a savings of approximately $250,000 in annual
fees.
Serenity Lodge is off to a strong first quarter. January
billings were $1,249,000 from its clients to insurance companies
for services while collecting cash income of $459,000 with a net
profit of $149,000. End of month Jan 31, receivables exceeded
$2,000,000, which includes current billings and carryover from year
ending 2013. The Company will continue to bill and collect on
its outstanding receivables during 2014 and report accordingly.
RRRI stock price closed at $0.34 on 12-31-2013
For filings and disclosures go to OTCmarkets.com for more
information on Rock Ridge Resources Inc. (RRRI)
Legal Notice Regarding Forward-Looking Statements:
This press release contains forward-looking information within
the meaning of section 27A of the Securities Act of 1933 and
section 21E of the Securities Exchange Act of 1934 and is subject
to the safe harbor created by those sections. This material
contains statements about expected future events and/or financial
results that are forward-looking in nature and subject to risks and
uncertainties. Such forward-looking statements by definition
involve risks, uncertainties and other factors, which may cause the
actual results, performance or achievements of Rock Ridge
Resources, Inc. to be materially different from the statements made
herein. Except for any obligation under the U.S. federal securities
laws, Rock Ridge Resources, Inc. undertakes no obligation to
publicly update any forward-looking statement as a result of new
information, future events or otherwise.
| |
|
| |
|
| Rock Ridge Resources, Inc. |
|
| Consolidated Unaudited Statements of Income - Tax Cash
Basis |
|
| For the twelve months ended December 31, 2013 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| |
|
RockRidge |
|
Serenity |
|
|
Combined |
|
| INCOME |
|
|
|
|
|
|
|
|
| |
Revenues |
|
1,945 |
|
|
|
|
1,945 |
|
| |
Management services |
|
530,000 |
|
100,000 |
|
|
630,000 |
|
| |
Patient income |
|
|
|
3,047,104 |
|
|
3,047,104 |
|
| |
Patient refund |
|
|
|
(101,735 |
) |
|
(101,735 |
) |
| |
Real
estate sale, gain |
|
|
|
207,000 |
|
|
207,000 |
|
| Total Income |
|
531,945 |
|
3,252,369 |
|
|
3,784,314 |
|
| Cost of Goods Sold |
|
|
|
|
|
|
|
|
| |
Counseling |
|
|
|
15,200 |
|
|
15,200 |
|
| |
Detox |
|
|
|
20,760 |
|
|
20,760 |
|
| |
Medical |
|
|
|
84,791 |
|
|
84,791 |
|
| Total COGS |
|
- |
|
120,751 |
|
|
120,751 |
|
| Gross Profit |
|
531,945 |
|
3,131,618 |
|
|
3,663,563 |
|
| EXPENSE |
|
|
|
|
|
|
|
|
| |
Advertising & marketing |
|
|
|
139,573 |
|
|
139,573 |
|
| |
Auto |
|
|
|
92,280 |
|
|
92,280 |
|
| |
Cleaning/housekeeping |
|
|
|
23,352 |
|
|
23,352 |
|
| |
Commission fee |
|
|
|
105,424 |
|
|
105,424 |
|
| |
Consultant |
|
|
|
33,500 |
|
|
33,500 |
|
| |
Contract Services |
|
|
|
17,804 |
|
|
17,804 |
|
| |
Depreciation |
|
|
|
122,700 |
|
|
122,700 |
|
| |
Dues
& fees |
|
|
|
5,822 |
|
|
5,822 |
|
| |
Groceries |
|
|
|
161,052 |
|
|
161,052 |
|
| |
Housing |
|
|
|
561,184 |
|
|
561,184 |
|
| |
Insurance |
|
|
|
147,145 |
|
|
147,145 |
|
| |
Landscape/gardening |
|
|
|
29,577 |
|
|
29,577 |
|
| |
Professional fees |
|
2,800 |
|
45,033 |
|
|
47,833 |
|
| |
Lodge
supplies |
|
|
|
35,377 |
|
|
35,377 |
|
| |
Management fee |
|
|
|
530,000 |
|
|
530,000 |
|
| |
Miscellaneous |
|
|
|
8,476 |
|
|
8,476 |
|
| |
Office expense |
|
34 |
|
21,284 |
|
|
21,318 |
|
| |
Payroll & payroll taxes |
|
|
|
553,052 |
|
|
553,052 |
|
| |
Permits |
|
|
|
11,275 |
|
|
11,275 |
|
| |
Real
estate investmt exp |
|
7,631 |
|
|
|
|
7,631 |
|
| |
Recreation & movies |
|
|
|
36,045 |
|
|
36,045 |
|
| |
Repairs & maintenance |
|
|
|
38,297 |
|
|
38,297 |
|
| |
Taxes |
|
582 |
|
37,004 |
|
|
37,586 |
|
| |
Telephone |
|
|
|
5,893 |
|
|
5,893 |
|
| |
Travel |
|
|
|
18,065 |
|
|
18,065 |
|
| |
Utilities |
|
|
|
72,265 |
|
|
72,265 |
|
| |
|
- |
|
|
|
|
- |
|
| Total Expense |
|
11,047 |
|
2,851,479 |
|
|
2,862,526 |
|
| |
|
|
|
|
|
|
|
|
| NET INCOME |
|
520,898 |
|
280,139 |
|
|
801,037 |
|
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