Fri, Dec 13, 8:38 PM (35 days ago)
Northern Minerals & Exploration Ltd. (NMEX) reported a net loss of $77,462 for Q3 2024, up 25.6% from a loss of $61,690 in Q3 2023, attributed to increased general and administrative expenses, including $19,000 in stock issued for services. The company generated no revenue in both periods. Total current assets dropped significantly from $53,139 to $10,662, while liabilities rose from $270,970 to $286,955, reflecting increased accounts payable and accrued liabilities. Cash used in operating activities was $42,477 compared to $37,795 in the prior year. The company’s accumulated deficit grew to $3,615,645, raising concerns about its ability to sustain operations without additional funding, which may dilute equity. Notably, the company has ongoing defaults on several loans and has not secured new financing, emphasizing operational uncertainties moving forward. The report underscores the need for immediate capital to support planned expenditures and suggests a challenging outlook for profitability.