In This Story
MMEX Resources (MMEX0.00%) has submitted its quarterly report for the period ended October 31, 2024 filing.
The filing indicates that MMEX Resources did not generate any revenue during the period. General and administrative expenses increased to $358,169 for the three months ended October 31, 2024, compared to $312,175 for the same period in 2023.
Project costs were reported at $0 for the three months ended October 31, 2024, down from $5,482 in the same period in 2023, reflecting timing differences in project expenditures.
Interest expense for the quarter amounted to $84,165, a decrease from $108,952 in the prior year. The decrease is attributed to new notes payable arrangements that included provisions in lieu of interest.
The company reported a net loss of $471,447 for the three months ended October 31, 2024, compared to a net loss of $434,561 in the same period of the previous year.
As of October 31, 2024, MMEX Resources had a working capital deficit of $5,689,303, with current assets totaling $10,413 and current liabilities at $5,699,716.
The filing highlights the company's ongoing efforts to secure additional funding through private or public equity and debt financing to support its operations and projects.
MMEX Resources continues to focus on the development of clean fuels infrastructure projects powered by renewable energy, with plans for projects in Texas and Argentina.
The company acknowledges substantial doubt about its ability to continue as a going concern, given its financial condition and the competitive environment.
There were no significant changes in internal control over financial reporting during the period covered by the report.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the MMEX Resources quarterly 10-Q report dated December 16, 2024. To report an error, please email earnings@qz.com.