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Minerva Gold Inc Com (MINR) has submitted its 10-Q filing for the quarterly period ended November 30, 2024.
The filing includes financial statements for the quarter, showing total assets of $3,600 compared to $58 at the end of the previous fiscal year. Total liabilities increased to $60,300 from $33,710.
The company reported a net loss of $4,668 for the three months ended November 30, 2024, compared to a net loss of $992 for the same period in the previous year. For the nine months ended November 30, 2024, the net loss was $23,048, compared to $16,140 for the same period in 2023.
Cash flows used in operating activities for the nine-month period ended November 30, 2024, were $18,470, while cash flows used in investing activities were $3,500. Cash flows from financing activities provided $22,070 from loans from related parties.
The company has not generated any revenue to date and continues to rely on loans from related parties to fund its operations. As of November 30, 2024, the company had $100 in cash and cash equivalents.
Minerva Gold Inc Com is a junior mineral exploration company focused on the identification, acquisition, and exploration of precious metals in Kazakhstan. The company has not yet established a source of revenue sufficient to cover its operating costs.
The report highlights the company's going concern status, with management acknowledging substantial doubt about the company's ability to continue as a going concern within one year from the issuance of the financial statements.
Management plans to address the going concern uncertainty by securing additional capital resources through funding from management, significant shareholders, and pursuing third-party equity and debt financing.
The filing also notes that the company terminated its Mineral Property Option Agreement with Tuzashuu Ken Limited Liability Company after failing to meet the required obligations, resulting in the loss of rights to the Arsy deposit.
Minerva Gold Inc Com does not have any off-balance sheet arrangements that could impact its financial condition. The company is not involved in any legal proceedings and has not issued any senior securities during the reporting period.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Minerva Gold Inc Com quarterly 10-Q report dated January 10, 2025. To report an error, please email earnings@qz.com.