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Zhen Ding Resources Inc (RBTK0.00%). has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing no revenues due to the continued idling of its mineral processing operations and inability to secure a renewed permit or financing to resume mining activities.
The company reported a net loss of $171,120 for the three months ended September 30, 2024, compared to a net loss of $816,310 for the same period in 2023. This decrease in net loss is attributed to the absence of stock-based compensation during the period.
For the nine months ended September 30, 2024, the company reported a net loss of $460,935, a 58.45% decrease from the net loss of $1,109,367 for the same period in 2023. The change is due to cost-cutting measures.
The company had a working capital deficit of $11,193,936 as of September 30, 2024, with current assets consisting entirely of cash amounting to $6,613.
Cash used in operating activities during the nine months ended September 30, 2024, was $75,037, compared to $65,513 in the same period in 2023. Cash provided by financing activities was $92,500, an increase from $53,850 in 2023.
Zhen Ding Resources plans to seek an investment of approximately $3,350,000 to restart its mineral processing plant in China and extend Xinzhou Gold's mining permit, which would allow resumption of ore extraction and refinery activities.
The company continues to seek proposals from prospective investors and partners for smaller drilling operations and other joint venture projects.
Zhen Ding Resources acknowledges the substantial doubt regarding its ability to continue as a going concern, dependent on financial support from stockholders and the ability to obtain necessary equity financing.
The filing also details the company's corporate structure, with Zhen Ding Mining Co. Ltd. being a joint venture partner with Xinzhou Gold, focusing on ore processing and production in China.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Zhen Ding Resources Inc quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.