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Lode-Star Mining Inc (LSMG0.00%). has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing no revenue and a net loss of $12,285. The company continues to operate without generating revenue and is seeking new business opportunities.
Operating expenses for the quarter were $12,285, compared to $8,844 in the same quarter of the previous year. The increase in expenses is primarily due to higher office and foreign exchange costs.
Cash at the end of the period was $3,575, up from $2,474 at the beginning of the year, primarily due to financing activities from the company's majority shareholder.
The company has a working capital deficiency of $124,002 as of September 30, 2024, compared to $89,450 at the end of the previous year.
Lode-Star Mining Inc. is dependent on financing from its majority shareholder, Lode-Star Gold Inc., with $122,059 owed to related parties as of the end of the quarter.
The company acknowledges substantial doubt about its ability to continue as a going concern due to its lack of revenue and accumulated deficit of $4,360,815.
The filing does not report any unregistered sales of equity securities during the quarter.
The company's disclosure controls and procedures were deemed not effective due to the size and nature of its operations.
Lode-Star Mining Inc. does not currently have any intellectual property or employees, and relies on external consultants and advisors for its operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Lode-Star Mining Inc quarterly 10-Q report dated November 15, 2024. To report an error, please email earnings@qz.com.