Wed, May 15, 7:53 PM (72 days ago)
Lithium Corporation's Q1 2024 financials reflect a challenging quarter with a net loss of $322,684, up from $268,176 in Q1 2023. The increase in losses is mainly due to higher exploration expenses and changes in the fair value of marketable securities. The company remains in the exploration stage with no revenue generated. Key financials include: - Cash: $3.54 million, down from $3.67 million at year-end 2023. - Current assets: $3.78 million, down from $4.02 million. - Current liabilities: $2.25 million, slightly up from $2.23 million. - Stockholders' equity: $1.55 million, down from $1.82 million. Operating expenses rose to $237,488 from $194,889, driven by increased exploration and consulting fees. Cash used in operations was $127,943, up from $81,930. No significant investing or financing activities occurred during the quarter. The company has ongoing commitments and no immediate revenue prospects, raising concerns about its ability to continue as a going concern. Future operations will heavily depend on securing additional funding and successful exploration outcomes.