Tue, May 14, 6:15 PM (167 days ago)
Athena Gold Corporation's Q1 2024 financial results show a slight decline in financial health compared to the previous quarter. Key points include: 1. **Assets and Liabilities**: Total assets increased to $6.9 million from $6.7 million, driven by a rise in investment securities. Current liabilities remained stable at around $321,000, while long-term liabilities rose significantly to $277,000 from $103,000 due to increased warrant liability. 2. **Revenue and Expenses**: The company reported no revenue, consistent with its exploration stage. Operating expenses increased to $169,000 from $157,000 in Q1 2023, primarily due to higher exploration and evaluation costs. 3. **Net Loss**: The net loss widened to $122,000 from a profit of $239,000 in Q1 2023, impacted by a $118,000 revaluation loss on warrant liabilities and an unrealized gain of $165,000 on investments. 4. **Cash Flow**: Cash flow from operations was negative at $69,000, with financing activities providing a net inflow of $82,000, leading to a closing cash balance of $16,000. 5. **Capital and Liquidity**: The company raised $148,000 through a private placement in January 2024. Despite this, Athena Gold remains in a negative working capital position of $280,000, highlighting the need for further financing to sustain operations. 6. **Future Outlook**: The company anticipates continued losses and plans to secure additional funding to support its exploration activities and maintain financial stability. Overall, Athena Gold's financial position reflects the challenges typical of early-stage mining companies, with ongoing exploration expenses and the necessity for external funding to continue operations.