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Magellan Copper and Gold Inc (MAGE0.00%). has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing general and administrative expenses of $107,170, compared to $59,194 in the same quarter the previous year. The increase is mainly related to mineral claim payments.
Total other income for the quarter was $40,568, compared to an expense of $122,052 in the previous year, primarily due to changes in derivative liability.
Net loss for the quarter was $66,602, compared to $181,246 in the previous year.
For the nine months ended September 30, 2024, general and administrative expenses were $279,351, compared to $160,759 in the previous year. The increase is associated with mineral claim payments, professional fees, and stock-based compensation.
Total other income for the nine months was $8,347, compared to an expense of $98,975 in the previous year, mainly due to changes in derivative liability.
Net loss for the nine months was $271,004, compared to $259,734 in the previous year.
Magellan Copper and Gold Inc. had $16,042 in cash and a working capital deficit of $1,910,217 as of September 30, 2024.
Net cash used in operating activities was $122,557 for the nine months ended September 30, 2024, compared to $56,757 in the previous year.
Net cash provided by financing activities was $138,500, compared to $168,899 in the previous year.
The company continues to focus on advancing its Center Star gold project, Kris gold project, and copper projects towards resource definition and development.
Magellan Copper and Gold Inc. has not generated significant revenue and relies on the sale of securities and borrowings from significant investors to fund operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Magellan Copper and Gold Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.