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:
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.
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