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Trex Acquisition Corp (TRXA0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports that the company generated no revenue for the quarter, compared to $12,912 in the same quarter the previous year. The decrease is attributed to a halt in mining operations as the company consolidates its activities at a new co-location facility.
The company reported a net loss of $311,815 for the quarter, compared to a net loss of $345,760 in the previous year. The decrease in net loss is primarily due to a reduction in stock-based compensation expenses.
Operating expenses for the quarter were $300,561, down from $334,611 in the previous year. This decrease is mainly due to reduced stock issuance for services, despite an increase in management and consulting fees.
Interest expenses for the quarter increased to $11,254 from $1,894 in the previous year.
As of September 30, 2024, Trex Acquisition Corp reported current assets of $207,429 and current liabilities of $1,551,925, resulting in a working capital deficit of $1,344,496.
Net cash used in operating activities was $201,556 for the quarter, compared to $171,215 in the previous year.
There were no net cash flows from investing activities for the quarter.
Net cash provided by financing activities was $201,623 for the quarter, compared to $147,306 in the previous year.
The company plans to fund its working capital requirements through a combination of stock sales and revenue generation from acquisitions. It also intends to lease new mining equipment, subject to financial capability or equity financing.
Trex Acquisition Corp acknowledges a going concern risk, with management intending to raise additional funds through public or private offerings to support operations and implement its business plan.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Trex Acquisition Corp quarterly 10-Q report dated December 27, 2024. To report an error, please email earnings@qz.com.