ROCKY MOUNTAIN INDUSTRIALS, INC. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Form 10-Q)
The following discussion should be read in conjunction with our consolidated financial statements and accompanying notes included elsewhere in this Quarterly Report on Form 10-Q. This discussion includes forward-looking statements for the purposes of
Overview
We have been incorporated into the
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company and wholly-owned subsidiary of the Company (“Merger Sub”), and
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While
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began shutting down almost all of RMR Logistics’ operations with the closure of its
Operating results
Comparison of the three and nine month periods ended
Revenue
Our revenues for the three and nine month periods ended
were
Cost of Goods Sold
Our cost of goods sold for the three-month and nine-month periods ended
Functionnary costs
Our operating expenses for the three-month and nine-month periods ended
Interest expense, net
Our interest expense, net for the three-month and nine-month periods ended
interest expense for the same period ended
Net profit (net loss)
Our net loss for the three and nine month periods ended
has been
Cash and capital resources
From
In past years, the Company has financed its operations using cash proceeds received from the issuance of common and preferred shares and proceeds from debt financing. However, several significant transactions have taken place over the last 12 months which have had a positive impact on the Company’s net financial position and have strengthened its financial position and its ability to meet its future obligations over the next 12 months. without the need to raise additional funds as it has traditionally been required to do so. These include:
Rail Park FDP and Final Plat were unanimously approved by the
1.
sales and construction. 20 Table of Contents
At
for a gross selling price of
2. batches available in the
inflows for the Company with significant interest from many potential light and heavy industrial tenants.The RMRP Metro District bond offering closed onApril 15, 2021 , raising total proceeds of approximately$65.2M . These bond proceeds will fund the public
3. the infrastructure costs of the
budgeted at between$60M and$75M of which approximately 75% is considered public infrastructure and therefore not an obligation of the Company. The Company is responsible for the remaining approximately 25%. Construction on the south parcels of theRail Park (approximately 150 acres)
4. started in
$12M to fund it portion of construction costs (i.e., those not funded withMetro District bond proceeds). To date the Company has received approximately$2M as reimbursement of
5. “pre-construction” costs that were incurred prior to the closing of the Bond
Offering in April.
6. In
to the
Recently issued accounting pronouncements
We do not expect the adoption of the recently issued accounting pronouncements to have a material impact on our net results of operations, financial condition or cash flows.
Off-balance sheet arrangements
We have no off-balance sheet arrangements.
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