Mon, Sep 16, 9:31 PM (105 days ago)
Liberty Star Uranium & Metals Corp. reported a net income of $1,149,145 for Q2 2024, a significant recovery from a net loss of $203,379 in Q2 2023, primarily driven by a gain of $851,032 from the change in derivative liability value. Revenue remains non-existent, as the company is still in the exploration phase. Operating expenses increased notably, with geological and geophysical costs rising to $42,758, and general and administrative expenses up by $166,798, reflecting higher legal and audit fees. As of July 31, 2024, the company had $8,251 in cash, with a working capital deficit of $2,877,542, indicating liquidity challenges. Total liabilities surged to $4,665,333, largely due to increases in convertible debt and related party notes. The company continues to seek financing to support exploration activities, facing substantial uncertainty regarding the discovery of commercially viable mineral deposits. The outlook remains cautious as management navigates operational and financial challenges while striving for future growth.