Fri, Sep 13, 2:46 PM (99 days ago)
Natural Resource Holdings, Inc. reported a net loss of $9,162 for the quarter ending July 31, 2024, a significant reduction compared to a $2,010,256 loss in the same quarter of 2023. This improvement is attributed to a drastic decrease in operating expenses, primarily due to the absence of stock-based compensation that had inflated previous costs. The company's current liabilities decreased slightly from $174,570 to $165,987, maintaining a working capital deficiency of $165,987. The company reported no revenue for the quarter and continues to rely on financing through convertible notes, which contributed $16,394 in cash flow from financing activities. Despite the reduced losses, the ongoing lack of revenue and significant accumulated deficit of $2,471,644 raise concerns about the company's ability to continue as a going concern. Management plans to raise additional funds to support operations but faces uncertainty regarding the timing and success of these efforts. The company is in the exploration stage for mining operations, with plans to begin drilling between May and October 2024. The financial health remains precarious, with no current assets and reliance on external funding necessary for future operations.