Wed, May 15, 9:07 PM (219 days ago)
Liberty Star Uranium & Metals Corp. filed its Form 10-K for the fiscal year ended January 31, 2024. The company reported a net loss of $4,080,258, a significant increase from the net income of $565,595 in the previous year, primarily due to increased operating expenses and a substantial loss on the change in fair value of derivative liabilities. The company's total assets stood at $104,099, with a working capital deficit of $3,048,043. Key financial highlights include: - No revenue generated. - Operating expenses increased to $1,540,270. - Significant loss on change in fair value of derivative liability amounting to $2,386,907. - Cash inflows from financing activities totaled $1,432,792. - Total liabilities increased to $3,166,898, driven by derivative liabilities and convertible promissory notes. The company remains in the exploration phase, focusing on mineral properties in Arizona, and has not identified commercially viable mineral deposits. The future outlook hinges on securing additional financing to continue operations and exploration activities. Risk factors include the inherent uncertainties in mineral exploration and the need for substantial funds for future development. The company’s financial condition reflects substantial doubt about its ability to continue as a going concern.