Wed, May 15, 10:43 AM (73 days ago)
Golden Star Resource Corp. reported its financial results for the quarter ended March 31, 2024. The company remains in the exploration stage and has not generated any revenue. Key financial metrics include a net loss of $34,850 for the nine months ended March 31, 2024, compared to a net loss of $33,792 in the same period in 2023. The company’s cash position declined slightly from $9 to $6, while total assets increased to $7,006 from $2,669 due to prepaid fees. Liabilities increased to $813,269 from $774,081, primarily due to higher accounts payable and amounts due to related parties. The stockholders’ equity deficit widened to $806,263 from $771,412. The company’s primary source of cash flow has been from related party loans, which are non-interest bearing and due on demand. The report highlights substantial doubt about the company's ability to continue as a going concern, citing the need for additional financing to meet obligations and fund operations. Management plans to raise equity financing but acknowledges the uncertainty of success. The company has not undertaken any recent exploration activities due to lack of funds and market conditions.