In This Story
Idaho Copper Corp (COPR+225.00%) has submitted its 10-Q filing for the quarterly period ended October 31, 2024.
The filing includes financial statements for the quarter, showing no revenue and operating expenses of $2,204,968, compared to $436,726 for the same quarter the previous year. The increase in expenses is primarily due to stock-based compensation and professional fees.
The company reported a net loss of $2,352,581 for the quarter, compared to $580,459 in the previous year. The loss is attributed to increased operating expenses and other expenses.
As of October 31, 2024, Idaho Copper Corp had cash of $18,731. The company acknowledges substantial doubt about its ability to continue as a going concern due to recurring losses and a working capital deficit.
The company continues to explore its mineral rights interests in the United States, with the CuMo Project identified as its sole material mining operation.
Idaho Copper Corp has issued 256,942,937 shares of common stock as of October 31, 2024. The company also has 186.67 shares of Series A Preferred Stock issued and outstanding.
The company has been involved in various financing activities, including the conversion of convertible notes payable into common stock and the issuance of preferred stock.
The filing also details related party transactions, including compensation and stock options issued to officers and directors.
Idaho Copper Corp is subject to certain legal proceedings and acknowledges potential risks in its operations, including the need for additional funding to continue its exploration activities.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Idaho Copper Corp quarterly 10-Q report dated December 12, 2024. To report an error, please email earnings@qz.com.