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Enertopia Corp (ENRT-10.71%) has filed its Form 10-Q for the quarterly period ended November 30, 2024. The report is available for review filing.
The financial statements reveal total assets of $218,873, a decrease from $342,630 as of August 31, 2024. The decrease is attributed to a reduction in cash and cash equivalents and marketable securities.
Current liabilities decreased to $274,905 from $316,032. The company reported a working capital deficit of $67,032 as of November 30, 2024.
Enertopia Corp incurred a net loss of $83,130 for the quarter, compared to a net loss of $409,748 in the same period the previous year. This decrease in net loss is primarily due to reduced expenses in consulting, research and development, and exploration.
The company continues to focus on its lithium exploration activities in Nevada and the development of green technology intellectual property. Research and development expenses amounted to $22,948 for the quarter.
Cash used in operating activities was $103,072, while cash provided by investing activities was $75,947, resulting in a net decrease in cash of $27,125 for the quarter.
The report highlights a going concern uncertainty due to cumulative losses of $15,608,047 and the need for additional financing to continue operations.
Enertopia Corp is pursuing various financing alternatives to meet its financial obligations and continue its operations. There is no assurance that additional financing will be available when needed.
The company holds 155,166,088 common shares issued and outstanding as of January 13, 2025, with no new shares issued during the quarter.
Enertopia Corp's management continues to evaluate its strategic options to enhance shareholder value through its lithium claims and green technology assets.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Enertopia Corp quarterly 10-Q report dated January 13, 2025. To report an error, please email earnings@qz.com.