Mon, Aug 19, 7:46 PM (148 days ago)
Lithium Corporation's Q2 2024 report shows continued financial challenges, reflecting a net loss of $211,091, up from $150,925 in Q2 2023. Revenue remains nonexistent, with increased exploration and consulting expenses contributing to the loss. Total current assets decreased to $3,574,715 from $4,023,249, while current liabilities slightly increased, resulting in working capital of $1,321,555. Cash flow from operations worsened, with a net cash outflow of $277,013 compared to $187,197 in the prior year. The company continues to rely on equity financing, having exhausted its previous agreement with Lincoln Park Capital, which raised $4,101,888 from share sales. Management expresses uncertainty about future operations, emphasizing the need for additional capital to sustain operations, while ongoing exploration efforts focus on lithium properties in Nevada. The financial position raises concerns about the company's ability to continue as a going concern without further funding or operational revenue.