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Lithium Corporation 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 $279,108, compared to a net loss of $171,836 in the same quarter the previous year. The increase in net loss is attributed to higher consulting fees, exploration expenses, and changes in the fair value of marketable securities.
Total operating expenses for the quarter were $201,288, up from $168,228 in the same quarter the previous year. The company reported no revenue for the quarter.
Cash and cash equivalents as of September 30, 2024, were $3,195,599, down from $3,667,617 at the end of 2023. Total current assets were $3,277,962, while total current liabilities were $2,233,682.
The company's working capital decreased to $1,044,280 as of September 30, 2024, from $1,797,272 at the end of 2023.
Lithium Corp (LTUM-11.17%) continues its exploration activities, focusing on lithium mineralization in Nevada and other prospects in British Columbia. The company has various agreements with Morella Corporation for exploration and potential development of its properties.
The report highlights the company's ongoing efforts to secure additional funding and implement strategic plans to continue operations, acknowledging substantial doubt about its ability to continue as a going concern without additional capital.
No significant changes in internal controls over financial reporting were noted during the period covered by the report.
The filing also includes details on the company's financial instruments, mineral properties, and related party transactions.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Lithium Corp quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.