10-Q - Minerva Gold Inc. (0001854816) (Filer)

Fri, Jan 10, 5:43 PM (3 days ago)

Minerva Gold Inc. (ticker: MNVR) reported its quarterly results for the period ending November 30, 2024. The company remains in a precarious financial position, with total assets increasing to $3,600 from $58 in February 2024, primarily due to a rise in cash and non-current assets. However, total liabilities surged to $60,300 from $33,710, driven by increased accounts payable and loans from related parties. For the quarter, Minerva recorded no revenue, incurring operating expenses of $4,668, up from $992 year-over-year, resulting in a net loss of $4,668 compared to a loss of $992 in the same quarter last year. Over the nine months, losses totaled $23,048, significantly higher than $16,140 in the prior period. The company has expressed substantial doubt about its ability to continue as a going concern, citing the need for additional capital to cover operational costs. Management plans to secure funding through equity and debt financing but acknowledges the uncertainty surrounding these efforts. Furthermore, a terminated mineral property option agreement has constrained operational capacity. Cash flow from financing activities showed improvement, with $22,070 raised from related party loans, contrasting sharply with the previous year's $1,067. Overall, while cash reserves have improved, ongoing operational losses and liabilities present significant challenges for Minerva Gold Inc.