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Northern Minerals & Exploration Ltd (NMEX). has submitted its 10-Q filing for the quarterly period ended October 31, 2024.
The filing includes financial statements for the quarter, showing no revenue for the three months ended October 31, 2024, consistent with the same period in 2023.
Operating expenses for the quarter were $74,602, an increase from $58,820 in the prior year, primarily due to higher general and administrative expenses.
The company reported a net loss of $77,462 for the quarter, compared to a net loss of $61,690 in the previous year. The increase in net loss is attributed to higher operating expenses.
Cash used in operating activities was $42,477 for the quarter, compared to $37,795 in the same period the previous year.
The company did not engage in any financing activities during the quarter, whereas in the prior year, it raised $33,000 through the sale of common stock.
As of October 31, 2024, Northern Minerals & Exploration Ltd. had outstanding loans, including a $15,000 promissory note currently in default and a $60,000 loan with accrued interest also in default.
The company continues to operate with a stockholders' deficit, reporting a total deficit of $276,293 as of the end of the quarter.
Northern Minerals & Exploration Ltd. acknowledges the need for additional funding to support its operations over the next twelve months, with potential sources including equity or debt financing.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Northern Minerals & Exploration Ltd quarterly 10-Q report dated December 13, 2024. To report an error, please email earnings@qz.com.