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Chilean Cobalt Corp Com (COBA0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing no revenues and a net loss of $192,968 for the three-month period and $666,278 for the nine-month period ended September 30, 2024.
The company reported total assets of $318,482 and total liabilities of $27,001 as of September 30, 2024, with a stockholders' equity of $291,481.
Operating expenses for the quarter included general and administrative costs amounting to $195,832, with no exploration and development expenses reported.
The company has not generated revenues to date and continues to rely on capital raised from third parties to fund operations.
Chilean Cobalt Corp's management has expressed substantial doubt about the company's ability to continue as a going concern due to recurring losses and insufficient financial resources.
The company is focused on developing the La Cobaltera project in Chile, with plans to raise significant capital to fund exploration and development activities.
Chilean Cobalt Corp has signed non-binding letters of intent with Glencore (GLNCY-1.60%) and US Strategic Metals to establish a supply chain for cobalt and copper.
The company plans to raise additional funds through equity or debt financing to continue its operations and achieve its long-term goals.
Chilean Cobalt Corp's management has identified a material weakness in its internal controls due to a lack of segregation of duties.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Chilean Cobalt Corp Com quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.