10-Q - PATRIOT GOLD CORP (0001080448) (Filer)

Tue, May 14, 6:20 PM (245 days ago)

Patriot Gold Corp. reported a net loss of $367,108 for Q1 2024, a significant decline from the net income of $225,992 in Q1 2023. This shift was primarily driven by a decrease in royalty revenue from the Moss Mine, down to $361,523 from $493,286. Operating expenses surged to $749,908 from $256,173, largely due to increased mineral costs and general administrative expenses. Cash decreased to $1,266,168 from $1,701,720 at year-end 2023, impacted by higher operating expenses and reduced royalty receivables. The company canceled 8 million shares, impacting equity. Future liquidity remains uncertain due to suspended Moss Mine royalty payments and ongoing litigation to recover these funds. Management expects sufficient funds to cover operational costs for the next 12 months.