Fri, Oct 11, 3:59 PM (270 days ago)
Minerva Gold Inc. (Ticker: MGV) reported its financial results for the quarter ending August 31, 2024, reflecting continued operational challenges. The company recorded no revenue during the quarter, maintaining a consistent trend from previous periods. Operating expenses increased to $4,982, up from $3,555 in the same quarter of 2023, leading to a net loss of $4,982 compared to $3,555 the prior year. For the six months ended August 31, 2024, total expenses rose to $18,380, resulting in a cumulative loss of $88,432 since inception. Total assets dropped to $0 from $58, while liabilities increased to $52,032 from $33,710, reflecting a deteriorating financial position. Stockholders' equity stood at a negative $52,032, indicating ongoing financial strain. The company has not established a reliable revenue source and is reliant on loans from related parties to sustain operations. Management acknowledges substantial doubt about the company's ability to continue as a going concern and plans to secure additional capital through equity or debt financing. However, there is uncertainty regarding the success of these efforts. The termination of a mineral property option agreement further complicates future operations.