Fri, Feb 28, 6:16 PM (58 days ago)
**Summary of PureBase Corporation (Ticker: PUBC) 10-K for the Fiscal Year Ended November 30, 2024** For the fiscal year ending November 30, 2024, PureBase Corporation reported a net loss of $1,477,545, a significant improvement from a loss of $9,087,329 in the prior year. Revenue decreased by 5% to $310,511, primarily due to reduced purchases from key customers. Operating expenses slightly increased to $1,605,095, attributed to higher administrative costs, but stock-based compensation saw a drastic reduction to $20,762 from over $7 million. The company continues to face liquidity challenges, with a working capital deficiency of $1,093,058 and cash of $28,100. The company is heavily reliant on US Mine Corporation (USMC) for funding, which has provided significant advances and lines of credit. As of November 30, 2024, the total debt to USMC stood at $1,788,403. Looking forward, PureBase aims to enhance its market position in the agricultural and construction sectors, focusing on sustainable products. However, risks include dependency on USMC for financing, regulatory challenges, and the need for additional capital to sustain operations. The company remains classified as a smaller reporting company and has not yet achieved profitability, raising concerns about its ability to continue as a going concern.