In This Story
Tamboran Resources Corporation (TBN-0.18%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing indicates that Tamboran Resources Corporation did not generate any revenue during the quarter as it remains in the exploration stage, focusing on developing natural gas resources in the Northern Territory of Australia.
The company reported a net loss of $6,755,567 for the quarter, compared to a net loss of $3,752,133 in the same period the previous year. The increase in loss is attributed to higher operating expenses, including compensation and benefits, consultancy fees, and general administrative costs.
Operating costs and expenses for the quarter totaled $6,978,071, up from $4,315,992 in the previous year. This includes increased expenses related to stock-based compensation and professional fees.
Interest income for the quarter was $796,043, a significant increase from $83,788 in the previous year, due to interest received from term deposits.
The company reported a foreign currency translation gain of $12,148,177 for the quarter, primarily due to the strengthening of the Australian Dollar.
Tamboran Resources Corporation had cash and cash equivalents of $74,042,004 as of September 30, 2024, a decrease from $74,745,897 at the end of the previous quarter.
The company has significant capital commitments over the next five years, including $24,332,061 for its Sweetpea licenses and $65,463,797 for the Beetaloo Joint Venture.
The filing highlights concerns regarding the company's ability to continue as a going concern, citing the need for additional capital to fund ongoing exploration and development projects.
Tamboran Resources Corporation is in the process of remediating material weaknesses in its internal controls over financial reporting, as identified in its previous annual report.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Tamboran Resources Corporation quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.