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Liberty Star Uranium & Metals Corp (LBSR+12.96%). has submitted its 10-Q filing for the quarterly period ended October 31, 2024.
The filing includes financial statements for the quarter, showing net income of $926,992 compared to a net loss of $252,609 in the same quarter the previous year. The change in net income was primarily due to a gain on the change in fair value of derivative liabilities.
The company reported total assets of $81,138 as of October 31, 2024, compared to $104,099 as of January 31, 2024. Current liabilities were $2,014,848, with a total stockholders' deficit of $1,966,110.
Liberty Star's cash and cash equivalents at the end of the period totaled $27,158, with a working capital deficit of $1,966,502. Cash used in operating activities was $817,627 for the nine months ended October 31, 2024.
During the quarter, the company received advances of $210,000 from its Chairman, Pete O’Heeron, and repaid $25,000. The advances are unsecured, non-interest bearing, and payable on demand.
Liberty Star continues to focus on exploration activities at its Tombstone Super Project and Hay Mountain Property in Arizona. The company plans further drilling to ascertain commercially viable deposits of copper and other metals.
The filing notes the company's ongoing need for additional financing to continue its exploration activities and maintain its claims. Management is seeking funds through equity financing, debt financing, or joint venture agreements.
The company identified a material weakness in its internal controls over financial reporting due to limited personnel, which affects the segregation of accounting duties and responsibilities.
Liberty Star does not anticipate cash dividend payments to common stockholders in the near future.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Liberty Star Uranium & Metals Corp quarterly 10-Q report dated December 16, 2024. To report an error, please email earnings@qz.com.