Thu, Jun 13, 7:28 PM (86 days ago)
Northern Minerals & Exploration Ltd. (NMEX) reported its financial performance for the quarter ending April 30, 2024. The company, operating in oil and gas production in Texas and gold and silver exploration in Nevada, disclosed no revenue for the period. Operating expenses totaled $36,284, a decrease from $42,168 in the same period last year, primarily due to reduced professional fees. Interest expenses increased to $2,870 from $1,585. The net loss for the quarter was $39,154, down from $43,753 in the previous year. For the nine months ending April 30, 2024, NMEX's net loss increased to $130,620 from $122,380. Operating expenses rose slightly to $122,020 from $119,571. Cash used in operations was $123,583, while financing activities provided $158,625, mainly from the sale of common stock. The company faces liquidity challenges, with current liabilities exceeding current assets, and has several loans in default. Additional funding is required to sustain operations over the next twelve months, raising substantial doubt about NMEX's ability to continue as a going concern.