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MMEX Resources (MMEX0.00%) Corporation has submitted its 10-Q filing for the quarterly period ended January 31, 2025.
The filing includes financial statements for the quarter, showing no revenue generated during the period. General and administrative expenses increased to $334,166 from $313,937 in the same quarter the previous year, primarily due to additional consultant fees.
Project costs for the quarter were $0, down from $5,890 in the previous year, reflecting timing differences in costs related to the Trans Permian H2Hub project.
Depreciation and amortization expenses remained consistent at $9,099 for the quarter, unchanged from the previous year.
Interest expense increased to $204,055 from $89,742, attributed to new notes payable and related party notes payable.
The company reported a net loss of $531,555 for the quarter, compared to a net loss of $418,668 in the previous year.
MMEX Resources has a working capital deficit of $6,155,764 as of January 31, 2025, with current assets of $6,000 and current liabilities of $6,161,764.
Net cash used in operating activities was $386,105, while net cash provided by financing activities was $385,207, resulting in no cash at the end of the period.
The company acknowledges substantial doubt about its ability to continue as a going concern, citing continuous losses and a working capital deficit.
MMEX Resources is focused on developing clean fuels infrastructure projects powered by renewable energy, with ongoing discussions for a Blue Hydrogen to Power Project at its Pecos County, Texas site.
The company is involved in litigation with Sabby Volatility Warrant Master Fund, Ltd., with the court ordering MMEX to reserve shares for potential conversions.
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 March 14, 2025. To report an error, please email earnings@qz.com.