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Inception Mining Inc (IMII+255.56%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a net loss of $279,946, compared to a net loss of $534,059 in the same quarter the previous year. The change is attributed to a decrease in general and administrative expenses and changes in derivative liabilities.
Total operating expenses for the quarter were $109,924, down from $480,037 in the previous year. The decrease was primarily due to reduced consulting expenses.
Other income and expenses for the quarter amounted to a net expense of $170,022, compared to $54,022 in the previous year. This change was influenced by a decrease in derivative liabilities and interest expenses.
For the nine-month period ended September 30, 2024, the company reported a net loss of $1,039,455, compared to a net income of $14,992,619 in the previous year. The difference is largely due to changes in derivative liabilities, gain on sale of mine property, and gain on extinguishment of debt.
Inception Mining's balance sheet as of September 30, 2024, shows total assets of $3,244 and a working capital deficit of $3,439,237, indicating insufficient working capital for the next twelve months.
The company continues to face substantial doubt about its ability to continue as a going concern, with management working to raise additional capital and implement its business plan.
The filing also details a lawsuit filed by Inception Mining against Mother Lode Mining, Inc., seeking $2,237,800 for breach of contract related to the sale of Compañía Minera Cerros Del Sur, S.A. de C.V.
Inception Mining's current operations include consulting and advisory services to the mining industry, with ongoing financial interests in the Clavo Rico Mine under a Letter of Intent with Mother Lode Mining, Inc.
The company does not have any off-balance sheet arrangements that are expected to have a material effect on its financial condition.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Inception Mining Inc quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.