Thu, Sep 5, 4:23 PM (131 days ago)
For the quarter ending July 31, 2024, Idaho Copper Corporation reported a net loss of $1,035,981, an increase from $587,530 in the same period last year. The company's operating expenses surged to $943,460, driven primarily by a significant rise in stock-based compensation, which totaled $364,808, compared to zero in the prior year. Total assets increased to $732,559, primarily due to a cash balance of $454,256, up from $30,146 at the start of the year. However, the company faces substantial liabilities of $5,652,487, resulting in a stockholders' deficit of $4,919,928. The cash flow statement indicates a cash outflow of $1,599,274 from operations, contrasting with a smaller outflow of $579,634 in the previous year. The company has not generated any revenue historically and continues to rely on financing, having raised $2,023,384 through preferred stock sales during the period. Overall, the financial health of Idaho Copper reflects challenges in achieving operational viability, raising concerns about its ability to continue as a going concern without additional capital.