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Natural Resource Holdings Inc (NRHI0.00%). has submitted its 10-Q filing for the quarterly period ended October 31, 2024.
The filing shows that the company did not generate any revenue during the three months ended October 31, 2024. Operating expenses for the period were reported at $8,535, leading to a net loss of $10,252, which is an increase from the net loss of $9,477 in the same period of the previous year.
For the six months ended October 31, 2024, the company also reported no revenue. Operating expenses totaled $16,063, resulting in a net loss of $19,414, a significant decrease from the net loss of $2,019,733 for the same period in 2023. The decrease in net loss was primarily due to a reduction in stock-based compensation expenses.
As of October 31, 2024, Natural Resource Holdings Inc. reported total assets of $37,766, primarily consisting of mining property rights. Total liabilities were $317,862, resulting in a stockholders' deficit of $280,096.
The company has a working capital deficiency of $170,009 as of October 31, 2024, compared to $174,570 as of April 30, 2024. The company plans to address this deficiency through potential public or private offerings to raise additional funds.
Natural Resource Holdings Inc. continues to focus on its mining operations, having acquired mining property rights on two properties. The company is in the exploration stage and plans to commence drilling tests and operations once viable.
The company has not filed income tax returns for several years and has accrued $125,000 in penalties. It is also dependent on financial support from its major shareholder and CEO to continue operations.
The filing indicates that the company has issued convertible notes totaling $151,633 to an unaffiliated party, with a maturity date of December 31, 2025, and an annual interest rate of 2%.
Natural Resource Holdings Inc. acknowledges the need for additional capital to meet its long-term operating requirements and plans to finance these through further issuances of securities and debt instruments.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Natural Resource Holdings Inc quarterly 10-Q report dated December 11, 2024. To report an error, please email earnings@qz.com.