Wed, Jan 15, 7:00 PM (33 days ago)
Lithium Corporation (LTUM) reported a net loss of $279,108 for Q3 2024, an increase of $107,272 from Q3 2023. Total operating expenses rose to $201,288, driven by higher exploration expenses ($69,792 vs. $34,875 in 2023) and consulting fees. The company has no revenue and continues to operate at a loss, with a cumulative net loss of $812,883 for the nine months ending September 30, 2024, compared to $590,937 in the prior year. As of September 30, 2024, Lithium Corporation had total assets of $3,293,449, including cash of $3,195,599, down from $3,667,617 at year-end 2023. Current liabilities slightly increased to $2,233,682. The company has sufficient working capital of $1,044,280 to support operations for the next year, despite ongoing cash outflows from operating activities. The company’s exploration efforts focus on lithium properties in Nevada, with a significant commitment from Morella Corporation to develop the Fish Lake Valley property. However, uncertainties remain regarding future funding and operational viability, given the reliance on equity financing and the lack of current revenues.