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Northern Minerals & Exploration Ltd (NMEX-1.96%) 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 for the three months ended January 31, 2025 and 2024. Officer compensation remained constant at $6,600 for both periods.
Consulting fees to related parties increased to $19,400 from $18,000, with additional fees paid to the CEO. Professional fees rose slightly to $5,500 from $5,000, attributed to increased audit expenses.
General and administrative expenses were $4,899 compared to a negative $2,684 in the previous year, due to a correction of an error in the prior period.
Interest expense for the quarter was $2,936, up from $2,860, resulting in a net loss of $39,335 compared to $29,776 in the previous year.
For the six months ended January 31, 2025, the company reported a net loss of $116,797, up from $91,466 in the previous year. The increase is attributed to higher general and administrative expenses, including stock issued for services.
The company's cash used in operating activities was $82,652, while cash provided by financing activities was $60,000, primarily from related party loans and stock sales to directors.
The filing notes several loans in default, including a $15,000 promissory note and a $60,000 loan with accrued interest. The company also has a promissory note for $85,000 issued to Golden Sands Exploration Inc.
Northern Minerals & Exploration Ltd acknowledges substantial doubt about its ability to continue as a going concern, citing an accumulated deficit of $3,654,980 as of January 31, 2025.
The company plans to fund operations through equity financing, which may be insufficient to meet its financial requirements over the next twelve months.
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 March 17, 2025. To report an error, please email earnings@qz.com.