Mon, Aug 19, 5:50 PM (148 days ago)
Chilean Cobalt Corp. reported significant financial challenges in its quarterly report for the period ending June 30, 2024. The company continues to operate without generating any revenue, posting net losses of $210,134 for Q2 2024 and $473,310 for the first half of the year, compared to $275,722 and $611,409 in the same periods of 2023. Operating expenses decreased due to lower stock option compensation and reduced contractor fees, yet the overall financial health remains precarious, with an accumulated deficit of $32,973,548. Cash reserves dwindled to $417,317 from $799,871 at the end of 2023, raising concerns about liquidity and the ability to fund operations for the next 12 months. The company is actively seeking $3 million to $5 million in working capital and an additional $20 million for future operations, relying heavily on equity financing. A going concern opinion from auditors underscores the uncertainty surrounding the company's viability without successful capital raises or revenue generation. The report highlights ongoing risks, including the need for strategic acquisitions and exploration efforts to establish a profitable operational framework.