$FOMI
FORMATION MINERALS, INC. Stock $fomi

$fomi Overview Financials Valuation SEC Filings Company Website

2024 Q3 Form 10-K Financial Statement

#000121390024068254 Filed on August 13, 2024

Income Statement

Concept	2024 Q3	2024 Q2	2024
Revenue	$36.14K	$0.00	$1.146K
YoY Change	10687.76%		-74.05%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin		$22.53K	$1.147M
YoY Change			85.89%
% of Gross Profit
Research & Development		$0.00	$10.15K
YoY Change			-93.73%
% of Gross Profit
Depreciation & Amortization	$0.00
YoY Change	-100.0%
% of Gross Profit
Operating Expenses	$728.8K	$22.53K	$10.15K
YoY Change	10440.95%		-93.73%
Operating Profit	-$692.7K		-$1.157M
YoY Change	365.5%		48.56%
Interest Expense		$0.00	$4.009K
YoY Change			-51.54%
% of Operating Profit
Other Income/Expense, Net	$981.7K
YoY Change	9565.01%
Pretax Income		-$22.53K	-$1.680M
YoY Change			114.53%
Income Tax
% Of Pretax Income
Net Earnings	$289.0K	-$22.53K	-$1.678M
YoY Change	-294.14%		119.03%
Net Earnings / Revenue	799.73%		-146414.22%
Basic Earnings Per Share	$0.00		-$0.03
Diluted Earnings Per Share	$0.00	$0.00	-$0.03
COMMON SHARES
Basic Shares Outstanding	91.38M shares		56.35M shares
Diluted Shares Outstanding	84.04M shares		56.35M shares

Balance Sheet

Concept	2024 Q3	2024 Q2	2024
SHORT-TERM ASSETS
Cash & Short-Term Investments		$0.00	$0.00
YoY Change			-100.0%
Cash & Equivalents	-$4.880K
Short-Term Investments
Other Short-Term Assets		$14.81K	$14.81K
YoY Change			15.16%
Inventory
Prepaid Expenses
Receivables	$63.80K	$64.26K
Other Receivables
Total Short-Term Assets	$88.67K	$14.81K	$14.81K
YoY Change	251.82%	-62.66%	-62.65%
LONG-TERM ASSETS
Property, Plant & Equipment	$236.5K	$394.7K
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets	$236.5K	$0.00	$0.00
YoY Change
TOTAL ASSETS
Total Short-Term Assets	$88.67K	$14.81K	$14.81K
Total Long-Term Assets	$236.5K	$0.00	$0.00
Total Assets	$325.2K	$14.81K	$14.81K
YoY Change	1190.14%	-62.66%	-62.65%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable		$336.4K	$336.4K
YoY Change			-37.79%
Accrued Expenses		$99.32K	$99.32K
YoY Change		91.0%	91.0%
Deferred Revenue
YoY Change
Short-Term Debt		$229.9K	$229.9K
YoY Change		177.52%	17.15%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities		$848.4K	$848.4K
YoY Change		-22.96%	-22.96%
LONG-TERM LIABILITIES
Long-Term Debt		$0.00	$0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities		$0.00	$0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities		$848.4K	$848.4K
Total Long-Term Liabilities		$0.00	$0.00
Total Liabilities	$2.550M	$848.4K	$848.4K
YoY Change	123.24%	-22.96%	-25.79%
SHAREHOLDERS EQUITY
Retained Earnings	-$20.00M	-$3.506M
YoY Change	223.83%	-41.84%
Common Stock	$913.8K	$563.5K
YoY Change	-15.73%	-47.5%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity	-$2.224M	-$833.6K	-$833.6K
YoY Change
Total Liabilities & Shareholders Equity	$325.2K	$14.81K	$14.81K
YoY Change	1190.14%	-62.66%	-62.65%

Cashflow Statement

Concept	2024 Q3	2024 Q2	2024
OPERATING ACTIVITIES
Net Income	$289.0K	-$22.53K	-$1.678M
YoY Change	-294.14%		119.03%
Depreciation, Depletion And Amortization	$0.00
YoY Change	-100.0%
Cash From Operating Activities	-$289.1K	-$85.76K	-$206.8K
YoY Change	1519.52%		-52.51%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities		$0.00	-$26.79K
YoY Change
Cash From Investing Activities	$140.0K	$0.00	-$26.79K
YoY Change	-57.56%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities	$140.5K	89.71K	$189.9K
YoY Change			374.4%
NET CHANGE
Cash From Operating Activities	-$289.1K	-85.76K	-$206.8K
Cash From Investing Activities	$140.0K	0.000	-$26.79K
Cash From Financing Activities	$140.5K	89.71K	$189.9K
Net Change In Cash	-$8.584K	3.950K	-$26.96K
YoY Change	-41.88%		-93.43%
FREE CASH FLOW
Cash From Operating Activities	-$289.1K	-$85.76K	-$206.8K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

Frame	Concept Type	Concept / XBRL Key	Value	Unit
CY2023	us-gaap	Income Tax Expense Benefit IncomeTaxExpenseBenefit		usd
CY2024	us-gaap	Earnings Per Share Diluted EarningsPerShareDiluted	-0.030
CY2024Q2	us-gaap	Restricted Cash Current RestrictedCashCurrent		usd
CY2024	dei	Document Type DocumentType	10-K
CY2024	dei	Document Annual Report DocumentAnnualReport	true
CY2024	dei	Document Period End Date DocumentPeriodEndDate	2024-04-30
CY2024	dei	Current Fiscal Year End Date CurrentFiscalYearEndDate	--04-30
CY2024	dei	Document Fiscal Year Focus DocumentFiscalYearFocus	2024
CY2024	dei	Document Transition Report DocumentTransitionReport	false
CY2024	dei	Entity File Number EntityFileNumber	001-41209
CY2024	dei	Entity Registrant Name EntityRegistrantName	FORMATION MINERALS, INC.
CY2024	dei	Entity Incorporation State Country Code EntityIncorporationStateCountryCode	NV
CY2024	dei	Entity Tax Identification Number EntityTaxIdentificationNumber	87-2406468
CY2024	dei	Entity Address Address Line1 EntityAddressAddressLine1	P.O. Box 67
CY2024	dei	Entity Address City Or Town EntityAddressCityOrTown	Jacksboro
CY2024	dei	Entity Address State Or Province EntityAddressStateOrProvince	TX
CY2024	dei	Entity Address Postal Zip Code EntityAddressPostalZipCode	76458
CY2024	dei	City Area Code CityAreaCode	972
CY2024	dei	Local Phone Number LocalPhoneNumber	217-4080
CY2024	dei	Security12g Title Security12gTitle	Common Stock, par value $0.01 per share
CY2024	dei	Entity Well Known Seasoned Issuer EntityWellKnownSeasonedIssuer	No
CY2024	dei	Entity Voluntary Filers EntityVoluntaryFilers	No
CY2024	dei	Entity Current Reporting Status EntityCurrentReportingStatus	Yes
CY2024	dei	Entity Interactive Data Current EntityInteractiveDataCurrent	Yes
CY2024	dei	Entity Filer Category EntityFilerCategory	Non-accelerated Filer
CY2024	dei	Entity Small Business EntitySmallBusiness	true
CY2024	dei	Entity Emerging Growth Company EntityEmergingGrowthCompany	true
CY2024	dei	Entity Ex Transition Period EntityExTransitionPeriod	false
CY2024	dei	Icfr Auditor Attestation Flag IcfrAuditorAttestationFlag	false
CY2024	dei	Document Fin Stmt Error Correction Flag DocumentFinStmtErrorCorrectionFlag	false
CY2024	dei	Entity Shell Company EntityShellCompany	false
CY2024Q3	dei	Entity Common Stock Shares Outstanding EntityCommonStockSharesOutstanding	91380533	shares
CY2024Q2	ecd	Non Rule10b51 Arr Trmntd Flag NonRule10b51ArrTrmntdFlag	false
CY2024Q2	ecd	Rule10b51 Arr Trmntd Flag Rule10b51ArrTrmntdFlag	false
CY2024Q2	ecd	Non Rule10b51 Arr Adopted Flag NonRule10b51ArrAdoptedFlag	false
CY2024Q2	ecd	Rule10b51 Arr Adopted Flag Rule10b51ArrAdoptedFlag	false
CY2024	dei	Auditor Firm AuditorFirmId	5525
CY2024	dei	Auditor Name AuditorName	Fruci & Associates II, PLLC
CY2024	dei	Auditor Location AuditorLocation	Spokane, Washington
CY2023Q2	us-gaap	Cash Cash	26786	usd
CY2023Q2	us-gaap	Restricted Cash Current RestrictedCashCurrent	172	usd
CY2024Q2	us-gaap	Other Prepaid Expense Current OtherPrepaidExpenseCurrent	14805	usd
CY2023Q2	us-gaap	Other Prepaid Expense Current OtherPrepaidExpenseCurrent	12688	usd
CY2024Q2	us-gaap	Assets Current AssetsCurrent	14805	usd
CY2023Q2	us-gaap	Assets Current AssetsCurrent	39646	usd
CY2024Q2	us-gaap	Assets Assets	14805	usd
CY2023Q2	us-gaap	Assets Assets	39646	usd
CY2024Q2	us-gaap	Accounts Payable And Accrued Liabilities Current AccountsPayableAndAccruedLiabilitiesCurrent	162800	usd
CY2023Q2	us-gaap	Accounts Payable And Accrued Liabilities Current AccountsPayableAndAccruedLiabilitiesCurrent	105868	usd
CY2024Q2	fomi	Demand Loan Current DemandLoanCurrent	229854	usd
CY2023Q2	fomi	Demand Loan Current DemandLoanCurrent	113375	usd
CY2024Q2	us-gaap	Liabilities Current LiabilitiesCurrent	848417	usd
CY2023Q2	us-gaap	Liabilities Current LiabilitiesCurrent	1101239	usd
CY2024Q2	us-gaap	Liabilities Liabilities	848417	usd
CY2023Q2	us-gaap	Liabilities Liabilities	1101239	usd
CY2024Q2	us-gaap	Common Stock Par Or Stated Value Per Share CommonStockParOrStatedValuePerShare	0.01
CY2023Q2	us-gaap	Common Stock Par Or Stated Value Per Share CommonStockParOrStatedValuePerShare	0.01
CY2024Q2	us-gaap	Common Stock Shares Authorized CommonStockSharesAuthorized	250000000	shares
CY2023Q2	us-gaap	Common Stock Shares Authorized CommonStockSharesAuthorized	250000000	shares
CY2024Q2	us-gaap	Common Stock Shares Outstanding CommonStockSharesOutstanding	56349183	shares
CY2023Q2	us-gaap	Common Stock Shares Outstanding CommonStockSharesOutstanding	56349183	shares
CY2024Q2	us-gaap	Common Stock Value CommonStockValue	563492	usd
CY2023Q2	us-gaap	Common Stock Value CommonStockValue	425431	usd
CY2024Q2	fomi	Shares To Be Issue SharesToBeIssue	804000	shares
CY2023Q2	fomi	Shares To Be Issue SharesToBeIssue	804000	shares
CY2024Q2	fomi	Shares To Be Issued Value SharesToBeIssuedValue	15755	usd
CY2023Q2	fomi	Shares To Be Issued Value SharesToBeIssuedValue	15755	usd
CY2024Q2	us-gaap	Additional Paid In Capital AdditionalPaidInCapital	2092812	usd
CY2023Q2	us-gaap	Additional Paid In Capital AdditionalPaidInCapital	4533073	usd
CY2023Q2	us-gaap	Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax	-231505	usd
CY2023Q2	us-gaap	Retained Earnings Accumulated Deficit RetainedEarningsAccumulatedDeficit	-6027209	usd
CY2024Q2	us-gaap	Stockholders Equity StockholdersEquity	-833612	usd
CY2023Q2	us-gaap	Stockholders Equity StockholdersEquity	-1284455	usd
CY2023Q2	us-gaap	Noncontrolling Interest In Variable Interest Entity NoncontrollingInterestInVariableInterestEntity	42061	usd
CY2023Q2	fomi	Development Reserve DevelopmentReserve	180801	usd
CY2024Q2	us-gaap	Stockholders Equity Including Portion Attributable To Noncontrolling Interest StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	-833612	usd
CY2023Q2	us-gaap	Stockholders Equity Including Portion Attributable To Noncontrolling Interest StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	-1061593	usd
CY2024Q2	us-gaap	Liabilities And Stockholders Equity LiabilitiesAndStockholdersEquity	14805	usd
CY2023Q2	us-gaap	Liabilities And Stockholders Equity LiabilitiesAndStockholdersEquity	39646	usd
CY2024	us-gaap	Revenues Revenues	1146	usd
CY2023	us-gaap	Revenues Revenues	4417	usd
CY2024	us-gaap	General And Administrative Expense GeneralAndAdministrativeExpense	1147258	usd
CY2023	us-gaap	General And Administrative Expense GeneralAndAdministrativeExpense	617175	usd
CY2024	us-gaap	Research And Development Expense ResearchAndDevelopmentExpense	10145	usd
CY2023	us-gaap	Research And Development Expense ResearchAndDevelopmentExpense	161922	usd
CY2024	us-gaap	Operating Income Loss OperatingIncomeLoss	-1157403	usd
CY2023	us-gaap	Operating Income Loss OperatingIncomeLoss	-779097	usd
CY2024	us-gaap	Interest Expense InterestExpense	4009	usd
CY2023	us-gaap	Interest Expense InterestExpense	8273	usd
CY2024	us-gaap	Gain Or Loss On Sale Of Stock In Subsidiary GainOrLossOnSaleOfStockInSubsidiary	-519442	usd
CY2024	us-gaap	Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest	-1679708	usd
CY2023	us-gaap	Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest	-782953	usd
CY2024	us-gaap	Profit Loss ProfitLoss	-1679708	usd
CY2023	us-gaap	Profit Loss ProfitLoss	-782953	usd
CY2024	us-gaap	Net Income Loss Attributable To Noncontrolling Interest NetIncomeLossAttributableToNoncontrollingInterest	-1801	usd
CY2023	us-gaap	Net Income Loss Attributable To Noncontrolling Interest NetIncomeLossAttributableToNoncontrollingInterest	-16895	usd
CY2024	us-gaap	Net Income Loss NetIncomeLoss	-1677907	usd
CY2023	us-gaap	Net Income Loss NetIncomeLoss	-766058	usd
CY2024	us-gaap	Earnings Per Share Basic EarningsPerShareBasic	-0.03
CY2023	us-gaap	Earnings Per Share Basic EarningsPerShareBasic	-0.009
CY2024	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	56349183	shares
CY2023	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	87645057	shares
CY2024	us-gaap	Profit Loss ProfitLoss	-1679708	usd
CY2023	us-gaap	Profit Loss ProfitLoss	-782953	usd
CY2024	us-gaap	Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax	66783	usd
CY2023	us-gaap	Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax	16825	usd
CY2024	fomi	Deconsolidation Of Subsidiary DeconsolidationOfSubsidiary	66783	usd
CY2024	us-gaap	Comprehensive Income Net Of Tax ComprehensiveIncomeNetOfTax	-1679708	usd
CY2023	us-gaap	Comprehensive Income Net Of Tax ComprehensiveIncomeNetOfTax	-766128	usd
CY2024	us-gaap	Net Income Loss Available To Common Stockholders Diluted NetIncomeLossAvailableToCommonStockholdersDiluted	-1677907	usd
CY2023	us-gaap	Net Income Loss Available To Common Stockholders Diluted NetIncomeLossAvailableToCommonStockholdersDiluted	-766058	usd
CY2024	us-gaap	Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent	61374	usd
CY2023	us-gaap	Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent	15737	usd
CY2024	fomi	Deconsolidation Of Subsidiary Deficit DeconsolidationOfSubsidiaryDeficit	61374	usd
CY2024	us-gaap	Other Comprehensive Income Loss Net Of Tax Portion Attributable To Noncontrolling Interest OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToNoncontrollingInterest	1801	usd
CY2023	us-gaap	Other Comprehensive Income Loss Net Of Tax Portion Attributable To Noncontrolling Interest OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToNoncontrollingInterest	16895	usd
CY2024	us-gaap	Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax	5409	usd
CY2023	us-gaap	Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax	1088	usd
CY2024	fomi	Deconsolidation Of Subsidiary Noncontrollin Interest DeconsolidationOfSubsidiaryNoncontrollinInterest	5409	usd
CY2024	us-gaap	Comprehensive Income Net Of Tax ComprehensiveIncomeNetOfTax	-1679708	usd
CY2023	us-gaap	Comprehensive Income Net Of Tax ComprehensiveIncomeNetOfTax	-766128	usd
CY2022Q2	us-gaap	Stockholders Equity Including Portion Attributable To Noncontrolling Interest StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	-463205	usd
CY2023	fomi	Stock Issued During Period Value Subsidiary Issuance Of Shares Pursuant To Private Placement StockIssuedDuringPeriodValueSubsidiaryIssuanceOfSharesPursuantToPrivatePlacement	45	usd
CY2023	us-gaap	Stock Issued During Period Value Restricted Stock Award Gross StockIssuedDuringPeriodValueRestrictedStockAwardGross	36440	usd
CY2023	us-gaap	Stock Issued During Period Value Issued For Services StockIssuedDuringPeriodValueIssuedForServices	131255	usd
CY2023	us-gaap	Profit Loss ProfitLoss	-782953	usd
CY2023	us-gaap	Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax	16825	usd
CY2023Q2	us-gaap	Stockholders Equity Including Portion Attributable To Noncontrolling Interest StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	-1061593	usd
CY2024	us-gaap	Stock Issued During Period Value Restricted Stock Award Gross StockIssuedDuringPeriodValueRestrictedStockAwardGross	773199	usd
CY2024	us-gaap	Profit Loss ProfitLoss	-1679708	usd
CY2024	us-gaap	Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax	66783	usd
CY2024	us-gaap	Noncontrolling Interest Decrease From Deconsolidation NoncontrollingInterestDecreaseFromDeconsolidation	1067707	usd
CY2024Q2	us-gaap	Stockholders Equity Including Portion Attributable To Noncontrolling Interest StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	-833612	usd
CY2024	us-gaap	Profit Loss ProfitLoss	-1679708	usd
CY2023	us-gaap	Profit Loss ProfitLoss	-782953	usd
CY2024	us-gaap	Other Amortization Of Deferred Charges OtherAmortizationOfDeferredCharges	773199	usd
CY2023	us-gaap	Other Amortization Of Deferred Charges OtherAmortizationOfDeferredCharges	167695	usd
CY2024	us-gaap	Gain Or Loss On Sale Of Stock In Subsidiary GainOrLossOnSaleOfStockInSubsidiary	-519442	usd
CY2024	us-gaap	Increase Decrease In Prepaid Deferred Expense And Other Assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets	14805	usd
CY2023	us-gaap	Increase Decrease In Prepaid Deferred Expense And Other Assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets	10146	usd
CY2024	us-gaap	Increase Decrease In Accounts Payable And Accrued Liabilities IncreaseDecreaseInAccountsPayableAndAccruedLiabilities	117070	usd
CY2023	us-gaap	Increase Decrease In Accounts Payable And Accrued Liabilities IncreaseDecreaseInAccountsPayableAndAccruedLiabilities	83310	usd
CY2024	us-gaap	Increase Decrease In Due To Related Parties IncreaseDecreaseInDueToRelatedParties	78044	usd
CY2023	us-gaap	Increase Decrease In Due To Related Parties IncreaseDecreaseInDueToRelatedParties	123596	usd
CY2023	us-gaap	Increase Decrease In Due To Related Parties Current IncreaseDecreaseInDueToRelatedPartiesCurrent	-16877	usd
CY2024	us-gaap	Net Cash Provided By Used In Operating Activities NetCashProvidedByUsedInOperatingActivities	-206758	usd
CY2023	us-gaap	Net Cash Provided By Used In Operating Activities NetCashProvidedByUsedInOperatingActivities	-435375	usd
CY2024	us-gaap	Cash Divested From Deconsolidation CashDivestedFromDeconsolidation	26786	usd
CY2024	us-gaap	Net Cash Provided By Used In Investing Activities NetCashProvidedByUsedInInvestingActivities	-26786	usd
CY2023	us-gaap	Proceeds From Minority Shareholders ProceedsFromMinorityShareholders	45	usd
CY2024	us-gaap	Proceeds From Related Party Debt ProceedsFromRelatedPartyDebt	189875	usd
CY2023	us-gaap	Proceeds From Related Party Debt ProceedsFromRelatedPartyDebt	39979	usd
CY2024	us-gaap	Net Cash Provided By Used In Financing Activities NetCashProvidedByUsedInFinancingActivities	189875	usd
CY2023	us-gaap	Net Cash Provided By Used In Financing Activities NetCashProvidedByUsedInFinancingActivities	40024	usd
CY2024	us-gaap	Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	16711	usd
CY2023	us-gaap	Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	-14868	usd
CY2024	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect	-26958	usd
CY2023	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect	-410219	usd
CY2023Q2	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	26958	usd
CY2022Q2	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	437177	usd
CY2023Q2	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	26958	usd
CY2024	us-gaap	Nature Of Operations NatureOfOperations	<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1.</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>DESCRIPTION OF BUSINESS</b></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Formation Minerals, Inc. (“FOMI” or the “Company”) was incorporated on September 8, 2020 under the name “SensaSure Technologies Inc.” under the laws of the State of Nevada with an authorized share capital of 250,000,000 shares of common stock, $0.01 par value (the “Common Stock”), 5,000,000 of shares of Class A preferred stock, $0.001 par value (the “Class A Preferred Stock”), and 5,000,000 shares of Class B preferred stock, $0.001 par value (the “Class B Preferred Stock”), as of April 30, 2024. The Company did not issue any shares of Common Stock, Class A Preferred Stock or Class B Preferred Stock before December 21, 2020. On May 9, 2024, the Company’s amended and restated its articles of incorporation (the “Amended and Restated Articles of Incorporation”) to increase the number of shares of capital stock which the Company is authorized to issue to 2,000,000,000 shares and authorize the issuance of up to 150,000,000 shares of “blank check” preferred stock (Note 10).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SensAbues AB (“Sensabues”) was incorporated in the Kingdom of Sweden in November 2009. Until November 1, 2023, Sensabues owned the core intellectual properties for the design of sample collection devices and the methodologies to collect, extract and detect the non-volatile substances presented within aerosols in exhaled breath. These aerosols, which originate from the lungs and blood, are captured using electret-based filter technologies. This non-invasive breath-based biological sample collection and testing methodology is called ExaBreath (“EB”) technology. Sensabues performed medical device design and research focusing on developing and commercializing EB for disease detection, exposure monitoring, and drug metabolism.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During year ended April 30, 2023, the Company increased its ownership interest in Sensabues pursuant to private placements completed by Sensabues where 2,200,000 common shares and 440 common shares were issued to the Company and noncontrolling interests respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 30, 2023, the Company owned 93.53% of the total issued and outstanding common shares in Sensabues. During the year ended April 30, 2024, the Company began winding-up the business of Sensabues to reduce operating expenses associated with maintaining the exhale breath technology patents. As of November 1, 2023, Sensabues went into Swedish receivership and was fully deconsolidated from the Company’s consolidated financial statements due to the fact that the Sensabues business was no longer under the control of the Company and will cease to exist upon the completion of bankruptcy procedures. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with the winding-up of the business of Sensabues, management of the Company sought to establish a new business segment to develop energy related businesses which led to the entry into that certain agreement and plan of merger with Verde Bio Holdings, Inc., a Nevada corporation and a growing U.S. energy company engaged in the acquisition and development of high-probability, lower risk onshore oil and gas properties within the major oil and gas plays in the United States (“Verde”), and Formation Minerals Inc., a Nevada corporation and the Company’s then wholly-owned subsidiary (“Merger Sub”), as of December 11, 2023, as amended as of February 8, 2024 (the “Merger Agreement”), providing for the merger of Merger Sub with and into Verde, with Verde continuing as the surviving entity (the “Merger”). The Merger was completed effective at 4:15 p.m., Eastern Time, on May 9, 2024 (the “Effective Time”) and the separate existence of Merger Sub ceased. Following the Effective Time, pursuant to articles of merger filed with the Nevada Secretary of State, Verde was merged with and into the Company with the Company continuing as the surviving corporation and the Company changed its name to “Formation Minerals, Inc.”. Following the Merger, the Company has been focused on the acquisition and exploitation of upstream energy assets, specifically targeting oil and gas mineral interests, oil and gas royalty interests and select non-operated working interests. The Merger is being treated as a non-recognized subsequent event and all financial information presented in these consolidated financial statements represents the historical results of SensaSure Technologies, Inc. (now known as Formation Minerals, Inc.).</p>
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$FOMI
FORMATION MINERALS, INC. Stock $fomi

2024 Q3 Form 10-K Financial Statement

#000121390024068254 Filed on August 13, 2024

Income Statement

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Facts In Submission

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$FOMI FORMATION MINERALS, INC. Stock $fomi

2024 Q3 Form 10-K Financial Statement

#000121390024068254 Filed on August 13, 2024

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$FOMI
FORMATION MINERALS, INC. Stock $fomi