Mon, Sep 16, 5:23 PM (95 days ago)
MMEX Resources Corporation's Q3 2024 results show continued financial challenges, with no revenue generated and a net loss of $455,222 compared to a loss of $1,185,572 in Q3 2023. General and administrative expenses rose to $350,531, driven by increased consultant fees, while project costs of $5,430 were incurred for the Trans Permian H2Hub project. Current liabilities significantly outpaced current assets, resulting in a working capital deficit of $5,261,962. Cash flow from operations was negative at $107,514, although financing activities provided $106,876, primarily from related-party notes. The company reported a total stockholders' deficit of $4,229,650 and an accumulated deficit of $81,376,613. The financial statements raise substantial doubt about MMEX's ability to continue as a going concern, highlighting ongoing losses and reliance on private and public financing. Future operations hinge on securing additional capital to support its clean fuels infrastructure projects. The company has plans for hydrogen production and renewable energy projects, but successful execution is contingent upon adequate funding.