10-Q - Circle Energy, Inc./NV (0001911467) (Filer)

Fri, Nov 8, 3:07 PM (68 days ago)

Circle Energy, Inc. (Ticker: CIRC) reported its Q3 2024 results, showing no revenue generation, consistent with its ongoing startup phase in oil and gas exploration. The company recorded a net loss of $15,273 for the quarter, a slight improvement from $16,306 in Q3 2023, primarily due to reduced general and administrative expenses. Total assets decreased to $254,991 from $310,357 at year-end 2023, largely attributed to a decline in cash reserves to $217,677. For the nine-month period ending September 30, 2024, the net loss was $51,371, down from $62,035 in the same period last year. The company continues to incur operational costs without any production, focusing on acquiring additional leases and preparing for future drilling. Management has indicated sufficient cash to meet obligations for the next year but will require additional funding for extensive drilling operations, potentially through partnerships or equity sales. The company is under obligation to drill two wells within three years on its current lease, with estimated costs of $750,000 per well. Overall, Circle Energy remains in a critical phase of development with a focus on strategic growth and operational readiness.