Fri, Nov 15, 5:35 PM (94 days ago)
Lode-Star Mining Inc. (Ticker: LODE) reported a net loss of $12,285 for Q3 2024, a 39% increase from the previous year, with no revenue generated in either period. Operating expenses rose to $12,285, up from $8,844 in Q3 2023, driven by significant increases in office, foreign exchange, and sundry costs. For the nine months ending September 30, 2024, total operating expenses decreased by 15% to $34,552 compared to $40,447 in the same period of 2023. As of September 30, 2024, Lode-Star held total assets of $3,575 and total liabilities of $127,577, resulting in a working capital deficiency of $124,002. Cash reserves increased by 45% to $3,575, primarily due to related party loans totaling $122,059. The company continues to face substantial doubt regarding its ability to operate as a going concern, reliant on securing additional financing and identifying new business opportunities. Management indicated ongoing funding challenges and the necessity to reduce operational expenditures if financing is not secured.