$FOMI
FORMATION MINERALS, INC. Stock $fomi

$fomi Overview Financials Valuation SEC Filings Company Website

2024 Q3 Form 10-Q Financial Statement

#000121390024081092 Filed on September 23, 2024

Income Statement

Concept	2024 Q3	2024 Q2	2023 Q3
Revenue	$36.14K	$0.00	$335.00
YoY Change	10687.76%		-91.03%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin		$22.53K	$141.9K
YoY Change
% of Gross Profit
Research & Development		$0.00	$6.914K
YoY Change
% of Gross Profit
Depreciation & Amortization	$0.00		$15.48K
YoY Change	-100.0%
% of Gross Profit
Operating Expenses	$728.8K	$22.53K	$6.914K
YoY Change	10440.95%
Operating Profit	-$692.7K		-$148.8K
YoY Change	365.5%		-17.91%
Interest Expense		$0.00	$2.041K
YoY Change			-4.49%
% of Operating Profit
Other Income/Expense, Net	$981.7K		$10.16K
YoY Change	9565.01%
Pretax Income		-$22.53K	-$150.5K
YoY Change			-16.23%
Income Tax
% Of Pretax Income
Net Earnings	$289.0K	-$22.53K	-$148.9K
YoY Change	-294.14%		-16.44%
Net Earnings / Revenue	799.73%		-44438.21%
Basic Earnings Per Share	$0.00		$0.00
Diluted Earnings Per Share	$0.00	$0.00	$0.00
COMMON SHARES
Basic Shares Outstanding	91.38M shares		56.35M shares
Diluted Shares Outstanding	84.04M shares		5.363M shares

Balance Sheet

Concept	2024 Q3	2024 Q2	2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments		$0.00	$12.19K
YoY Change
Cash & Equivalents	-$4.880K		$12.19K
Short-Term Investments
Other Short-Term Assets		$14.81K	$13.02K
YoY Change
Inventory
Prepaid Expenses
Receivables	$63.80K	$64.26K
Other Receivables
Total Short-Term Assets	$88.67K	$14.81K	$25.20K
YoY Change	251.82%	-62.66%	-90.99%
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	$25.20K
Total Long-Term Assets	$236.5K	$0.00	$0.00
Total Assets	$325.2K	$14.81K	$25.20K
YoY Change	1190.14%	-62.66%	-90.99%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable		$336.4K	$538.5K
YoY Change
Accrued Expenses		$99.32K	$63.50K
YoY Change		91.0%	-0.42%
Deferred Revenue
YoY Change
Short-Term Debt		$229.9K	$80.96K
YoY Change		177.52%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities		$848.4K	$1.142M
YoY Change		-22.96%	27.52%
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	$1.142M
Total Long-Term Liabilities		$0.00	$0.00
Total Liabilities	$2.550M	$848.4K	$1.142M
YoY Change	123.24%	-22.96%	27.52%
SHAREHOLDERS EQUITY
Retained Earnings	-$20.00M	-$3.506M	-$6.176M
YoY Change	223.83%	-41.84%	12.39%
Common Stock	$913.8K	$563.5K	$1.084M
YoY Change	-15.73%	-47.5%	85.02%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity	-$2.224M	-$833.6K	-$1.339M
YoY Change
Total Liabilities & Shareholders Equity	$325.2K	$14.81K	$25.20K
YoY Change	1190.14%	-62.66%	-90.99%

Cashflow Statement

Concept	2024 Q3	2024 Q2	2023 Q3
OPERATING ACTIVITIES
Net Income	$289.0K	-$22.53K	-$148.9K
YoY Change	-294.14%		-16.44%
Depreciation, Depletion And Amortization	$0.00		$15.48K
YoY Change	-100.0%
Cash From Operating Activities	-$289.1K	-$85.76K	-$17.85K
YoY Change	1519.52%		-88.54%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities		$0.00
YoY Change
Cash From Investing Activities	$140.0K	$0.00	$329.9K
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
YoY Change
NET CHANGE
Cash From Operating Activities	-$289.1K	-85.76K	-$17.85K
Cash From Investing Activities	$140.0K	0.000	$329.9K
Cash From Financing Activities	$140.5K	89.71K
Net Change In Cash	-$8.584K	3.950K	-$14.77K
YoY Change	-41.88%		-90.76%
FREE CASH FLOW
Cash From Operating Activities	-$289.1K	-$85.76K	-$17.85K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

Frame	Concept Type	Concept / XBRL Key	Value	Unit
CY2024Q3	dei	Document Type DocumentType	10-Q
CY2024Q3	dei	Document Quarterly Report DocumentQuarterlyReport	true
CY2024Q3	dei	Document Period End Date DocumentPeriodEndDate	2024-07-31
CY2024Q3	dei	Document Transition Report DocumentTransitionReport	false
CY2024Q3	dei	Entity Registrant Name EntityRegistrantName	FORMATION MINERALS, INC.
CY2024Q3	dei	Entity Incorporation State Country Code EntityIncorporationStateCountryCode	NV
CY2024Q3	dei	Entity File Number EntityFileNumber	001-41209
CY2024Q3	dei	Entity Tax Identification Number EntityTaxIdentificationNumber	87-2406468
CY2024Q3	dei	Entity Address Address Line1 EntityAddressAddressLine1	P.O. Box 67
CY2024Q3	dei	Entity Address City Or Town EntityAddressCityOrTown	Jacksboro
CY2024Q3	dei	Entity Address State Or Province EntityAddressStateOrProvince	TX
CY2024Q3	dei	Entity Address Postal Zip Code EntityAddressPostalZipCode	76458
CY2024Q3	dei	City Area Code CityAreaCode	(972)
CY2024Q3	dei	Local Phone Number LocalPhoneNumber	217-4080
CY2024Q3	dei	Security12b Title Security12bTitle	None
CY2024Q3	dei	Entity Current Reporting Status EntityCurrentReportingStatus	Yes
CY2024Q3	dei	Entity Interactive Data Current EntityInteractiveDataCurrent	Yes
CY2024Q3	dei	Entity Filer Category EntityFilerCategory	Non-accelerated Filer
CY2024Q3	dei	Entity Small Business EntitySmallBusiness	true
CY2024Q3	dei	Entity Emerging Growth Company EntityEmergingGrowthCompany	true
CY2024Q3	dei	Entity Ex Transition Period EntityExTransitionPeriod	true
CY2024Q3	dei	Entity Shell Company EntityShellCompany	false
CY2024Q3	dei	Entity Common Stock Shares Outstanding EntityCommonStockSharesOutstanding	91380533	shares
CY2024Q2	us-gaap	Cash Cash	3704	usd
CY2024Q3	us-gaap	Accounts Receivable Net Current AccountsReceivableNetCurrent	63798	usd
CY2024Q2	us-gaap	Accounts Receivable Net Current AccountsReceivableNetCurrent	64257	usd
CY2024Q3	us-gaap	Other Prepaid Expense Current OtherPrepaidExpenseCurrent	24870	usd
CY2024Q2	us-gaap	Other Prepaid Expense Current OtherPrepaidExpenseCurrent	85867	usd
CY2024Q3	us-gaap	Assets Current AssetsCurrent	88668	usd
CY2024Q2	us-gaap	Assets Current AssetsCurrent	153828	usd
CY2024Q3	us-gaap	Property Plant And Equipment Net PropertyPlantAndEquipmentNet	236485	usd
CY2024Q2	us-gaap	Property Plant And Equipment Net PropertyPlantAndEquipmentNet	394736	usd
CY2024Q3	us-gaap	Assets Assets	325153	usd
CY2024Q2	us-gaap	Assets Assets	548564	usd
CY2024Q3	us-gaap	Bank Overdrafts BankOverdrafts	4880	usd
CY2024Q3	us-gaap	Accounts Payable And Accrued Liabilities Current AccountsPayableAndAccruedLiabilitiesCurrent	1779526	usd
CY2024Q2	us-gaap	Accounts Payable And Accrued Liabilities Current AccountsPayableAndAccruedLiabilitiesCurrent	1006500	usd
CY2024Q3	us-gaap	Convertible Notes Payable Current ConvertibleNotesPayableCurrent	98440	usd
CY2024Q2	us-gaap	Convertible Notes Payable Current ConvertibleNotesPayableCurrent	32583	usd
CY2024Q3	us-gaap	Other Liabilities Current OtherLiabilitiesCurrent	456728	usd
CY2024Q2	us-gaap	Other Liabilities Current OtherLiabilitiesCurrent	85763	usd
CY2024Q2	us-gaap	Warrants And Rights Outstanding WarrantsAndRightsOutstanding	1228018	usd
CY2024Q3	us-gaap	Dividends Payable Current DividendsPayableCurrent	210002	usd
CY2024Q2	us-gaap	Dividends Payable Current DividendsPayableCurrent	185757	usd
CY2024Q3	us-gaap	Liabilities Liabilities	2549576	usd
CY2024Q2	us-gaap	Liabilities Liabilities	2538621	usd
CY2024Q3	us-gaap	Common Stock Par Or Stated Value Per Share CommonStockParOrStatedValuePerShare	0.01
CY2024Q2	us-gaap	Common Stock Par Or Stated Value Per Share CommonStockParOrStatedValuePerShare	0.01
CY2024Q3	us-gaap	Common Stock Shares Authorized CommonStockSharesAuthorized	1850000000	shares
CY2024Q2	us-gaap	Common Stock Shares Authorized CommonStockSharesAuthorized	1850000000	shares
CY2024Q3	us-gaap	Common Stock Shares Outstanding CommonStockSharesOutstanding	91380533	shares
CY2024Q2	us-gaap	Common Stock Shares Outstanding CommonStockSharesOutstanding	6921350	shares
CY2024Q3	us-gaap	Common Stock Value CommonStockValue	913806	usd
CY2024Q2	us-gaap	Common Stock Value CommonStockValue	69214	usd
CY2024Q3	us-gaap	Additional Paid In Capital AdditionalPaidInCapital	16861874	usd
CY2024Q2	us-gaap	Additional Paid In Capital AdditionalPaidInCapital	18205604	usd
CY2024Q3	us-gaap	Retained Earnings Accumulated Deficit RetainedEarningsAccumulatedDeficit	-20000176	usd
CY2024Q2	us-gaap	Retained Earnings Accumulated Deficit RetainedEarningsAccumulatedDeficit	-20264946	usd
CY2024Q3	us-gaap	Stockholders Equity StockholdersEquity	-2224423	usd
CY2024Q2	us-gaap	Stockholders Equity StockholdersEquity	-1990057	usd
CY2024Q3	us-gaap	Liabilities And Stockholders Equity LiabilitiesAndStockholdersEquity	325153	usd
CY2024Q2	us-gaap	Liabilities And Stockholders Equity LiabilitiesAndStockholdersEquity	548564	usd
CY2024Q3	us-gaap	Revenues Revenues	36139	usd
CY2023Q3	us-gaap	Revenues Revenues	75694	usd
CY2024Q3	us-gaap	Management Fee Expense ManagementFeeExpense	56035	usd
CY2023Q3	us-gaap	Management Fee Expense ManagementFeeExpense	85243	usd
CY2024Q3	us-gaap	Depletion Depletion	18251	usd
CY2023Q3	us-gaap	Depletion Depletion	56083	usd
CY2023Q3	us-gaap	Depreciation Depreciation	15482	usd
CY2024Q3	us-gaap	General And Administrative Expense GeneralAndAdministrativeExpense	288740	usd
CY2023Q3	us-gaap	General And Administrative Expense GeneralAndAdministrativeExpense	157632	usd
CY2024Q3	us-gaap	Professional Fees ProfessionalFees	365775	usd
CY2023Q3	us-gaap	Professional Fees ProfessionalFees	81626	usd
CY2023Q3	us-gaap	Exploration Expense ExplorationExpense	6581	usd
CY2024Q3	us-gaap	Operating Expenses OperatingExpenses	728801	usd
CY2023Q3	us-gaap	Operating Expenses OperatingExpenses	402647	usd
CY2024Q3	us-gaap	Operating Income Loss OperatingIncomeLoss	-692662	usd
CY2023Q3	us-gaap	Operating Income Loss OperatingIncomeLoss	-326953	usd
CY2024Q3	fomi	Finance Charges FinanceCharges	26817	usd
CY2023Q3	fomi	Finance Charges FinanceCharges	1000	usd
CY2024Q3	us-gaap	Investment Income Investment Expense InvestmentIncomeInvestmentExpense	35050	usd
CY2023Q3	us-gaap	Investment Income Investment Expense InvestmentIncomeInvestmentExpense	728	usd
CY2023Q3	us-gaap	Other Nonoperating Income OtherNonoperatingIncome	11885	usd
CY2024Q3	us-gaap	Gains Losses On Extinguishment Of Debt GainsLossesOnExtinguishmentOfDebt	1043542	usd
CY2024Q3	us-gaap	Nonoperating Income Expense NonoperatingIncomeExpense	981675	usd
CY2023Q3	us-gaap	Nonoperating Income Expense NonoperatingIncomeExpense	10157	usd
CY2024Q3	us-gaap	Net Income Loss NetIncomeLoss	289013	usd
CY2023Q3	us-gaap	Net Income Loss NetIncomeLoss	-316796	usd
CY2024Q3	us-gaap	Preferred Stock Dividends Income Statement Impact PreferredStockDividendsIncomeStatementImpact	24243	usd
CY2023Q3	us-gaap	Preferred Stock Dividends Income Statement Impact PreferredStockDividendsIncomeStatementImpact	19852	usd
CY2024Q3	us-gaap	Net Income Loss Available To Common Stockholders Basic NetIncomeLossAvailableToCommonStockholdersBasic	264770	usd
CY2023Q3	us-gaap	Net Income Loss Available To Common Stockholders Basic NetIncomeLossAvailableToCommonStockholdersBasic	-336648	usd
CY2024Q3	us-gaap	Earnings Per Share Basic EarningsPerShareBasic	0.003
CY2023Q3	us-gaap	Earnings Per Share Basic EarningsPerShareBasic	-0.063
CY2024Q3	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	84036256	shares
CY2023Q3	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	5363405	shares
CY2023Q2	us-gaap	Stockholders Equity StockholdersEquity	2211683	usd
CY2023Q3	us-gaap	Stock Issued During Period Value Issued For Services StockIssuedDuringPeriodValueIssuedForServices	1000	usd
CY2023Q3	us-gaap	Stock Issued During Period Value New Issues StockIssuedDuringPeriodValueNewIssues	11000	usd
CY2023Q3	us-gaap	Dividends Common Stock DividendsCommonStock	19852	usd
CY2023Q3	us-gaap	Net Income Loss NetIncomeLoss	-316796	usd
CY2023Q3	us-gaap	Stockholders Equity StockholdersEquity	1887035	usd
CY2024Q2	us-gaap	Stockholders Equity StockholdersEquity	-1990057	usd
CY2024Q3	fomi	Stock Issued During Period Value Adjustment Pursuant To Reverse Acquisition Transaction StockIssuedDuringPeriodValueAdjustmentPursuantToReverseAcquisitionTransaction	-833612	usd
CY2024Q3	us-gaap	Stock Issued During Period Value New Issues StockIssuedDuringPeriodValueNewIssues	50000	usd
CY2024Q3	fomi	Stock Issued During Period Value Issuance Of Class B Preferred Stock Transaction Cost StockIssuedDuringPeriodValueIssuanceOfClassBPreferredStockTransactionCost	100000	usd
CY2024Q3	us-gaap	Adjustments To Additional Paid In Capital Warrant Issued AdjustmentsToAdditionalPaidInCapitalWarrantIssued	184476	usd
CY2024Q3	us-gaap	Dividends Common Stock DividendsCommonStock	24243	usd
CY2024Q3	us-gaap	Net Income Loss NetIncomeLoss	289013	usd
CY2024Q3	us-gaap	Stockholders Equity StockholdersEquity	-2224423	usd
CY2024Q3	us-gaap	Net Income Loss NetIncomeLoss	289013	usd
CY2023Q3	us-gaap	Net Income Loss NetIncomeLoss	-316796	usd
CY2023Q3	us-gaap	Operating Lease Right Of Use Asset Amortization Expense OperatingLeaseRightOfUseAssetAmortizationExpense	14776	usd
CY2023Q3	us-gaap	Depreciation Depreciation	15482	usd
CY2024Q3	us-gaap	Depletion Depletion	18251	usd
CY2023Q3	us-gaap	Depletion Depletion	56083	usd
CY2024Q3	fomi	Shares Issued For Commitment Fee SharesIssuedForCommitmentFee	100000	usd
CY2023Q3	fomi	Shares Issued For Commitment Fee SharesIssuedForCommitmentFee	1000	usd
CY2024Q3	us-gaap	Gains Losses On Extinguishment Of Debt GainsLossesOnExtinguishmentOfDebt	1043542	usd
CY2024Q3	us-gaap	Increase Decrease In Accounts Receivable IncreaseDecreaseInAccountsReceivable	-459	usd
CY2023Q3	us-gaap	Increase Decrease In Accounts Receivable IncreaseDecreaseInAccountsReceivable	-5410	usd
CY2024Q3	us-gaap	Increase Decrease In Prepaid Deferred Expense And Other Assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets	-4935	usd
CY2023Q3	us-gaap	Increase Decrease In Prepaid Deferred Expense And Other Assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets	27984	usd
CY2024Q3	us-gaap	Increase Decrease In Accounts Payable And Accrued Liabilities IncreaseDecreaseInAccountsPayableAndAccruedLiabilities	341784	usd
CY2023Q3	us-gaap	Increase Decrease In Accounts Payable And Accrued Liabilities IncreaseDecreaseInAccountsPayableAndAccruedLiabilities	-120673	usd
CY2023Q3	us-gaap	Increase Decrease In Operating Lease Liability IncreaseDecreaseInOperatingLeaseLiability	-15883	usd
CY2024Q3	us-gaap	Net Cash Provided By Used In Operating Activities NetCashProvidedByUsedInOperatingActivities	-289100	usd
CY2023Q3	us-gaap	Net Cash Provided By Used In Operating Activities NetCashProvidedByUsedInOperatingActivities	-388585	usd
CY2023Q3	us-gaap	Payments To Acquire Oil And Gas Property PaymentsToAcquireOilAndGasProperty	68881	usd
CY2024Q3	us-gaap	Proceeds From Sale Of Oil And Gas Property And Equipment ProceedsFromSaleOfOilAndGasPropertyAndEquipment	140000	usd
CY2023Q3	us-gaap	Proceeds From Sale Of Oil And Gas Property And Equipment ProceedsFromSaleOfOilAndGasPropertyAndEquipment	398750	usd
CY2024Q3	us-gaap	Net Cash Provided By Used In Investing Activities NetCashProvidedByUsedInInvestingActivities	140000	usd
CY2023Q3	us-gaap	Net Cash Provided By Used In Investing Activities NetCashProvidedByUsedInInvestingActivities	329869	usd
CY2024Q3	us-gaap	Proceeds From Convertible Debt ProceedsFromConvertibleDebt	123050	usd
CY2024Q3	us-gaap	Proceeds From Issuance Of Preferred Stock And Preference Stock ProceedsFromIssuanceOfPreferredStockAndPreferenceStock	50000	usd
CY2023Q3	us-gaap	Proceeds From Issuance Of Preferred Stock And Preference Stock ProceedsFromIssuanceOfPreferredStockAndPreferenceStock	11000	usd
CY2024Q3	us-gaap	Repayments Of Convertible Debt RepaymentsOfConvertibleDebt	57193	usd
CY2023Q3	us-gaap	Repayments Of Convertible Debt RepaymentsOfConvertibleDebt	260855	usd
CY2024Q3	us-gaap	Repayments Of Related Party Debt RepaymentsOfRelatedPartyDebt	52341	usd
CY2023Q3	us-gaap	Repayments Of Related Party Debt RepaymentsOfRelatedPartyDebt	42000	usd
CY2024Q3	us-gaap	Proceeds From Related Party Debt ProceedsFromRelatedPartyDebt	77000	usd
CY2023Q3	us-gaap	Proceeds From Related Party Debt ProceedsFromRelatedPartyDebt	525000	usd
CY2024Q3	us-gaap	Net Cash Provided By Used In Financing Activities NetCashProvidedByUsedInFinancingActivities	140516	usd
CY2023Q3	us-gaap	Net Cash Provided By Used In Financing Activities NetCashProvidedByUsedInFinancingActivities	233145	usd
CY2024Q3	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect	-8584	usd
CY2023Q3	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect	174429	usd
CY2024Q2	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	3704	usd
CY2023Q2	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	25836	usd
CY2024Q3	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	-4880	usd
CY2023Q3	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	200265	usd
CY2024Q3	us-gaap	Nature Of Operations NatureOfOperations	<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif"><b>1.</b></span></td> <td style="font-size: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>DESCRIPTION OF BUSINESS</b></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Formation Minerals, Inc., a Nevada corporation, (“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, and 5,000,000 shares of Class B preferred stock, $0.001 par value, as of April 30, 2024. The Company did not issue any shares of Common Stock, Class A preferred stock, $0.001 par value or Class B preferred stock, $0.001 par value 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 6). On May 2, 2024, the Certificates of Designation of Preferences, Rights and Limitations of the Class A Preferred Stock and Class B Preferred Stock were cancelled with the Nevada Secretary of State. On May 9, 2024, following the filing of the Amended and Restated Articles of Incorporation, the Company filed a Certificate of Designation of Preferences, Rights and Limitations of Class A Convertible Preferred Stock, par value $0.01 per share (“Class A Preferred Stock”), and a Certificate of Designation of Preferences, Rights and Limitations of Class B Convertible Preferred Stock, par value $0.01 per share (“Class B Preferred Stock”), with the Nevada Secretary of State to designate 2,000 shares of the Company’s authorized and unissued preferred stock as Class A Preferred Stock and 10,000 shares of the Company’s authorized and unissued preferred stock as Class B Preferred Stock, and establish the voting powers, designations, preferences and relative participation and other rights and qualifications, limitations and restrictions of such securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">During the three months ended January 31, 2024, the Company began winding-up the business of Sensabues to reduce operating expenses associated with maintaining the exhale breath technology patents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Since then, management of the Company has been in the process of establishing 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 (“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 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Pursuant to the Merger, the Company completed the following transactions:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">As of the Effective Time, FOMI issued 6,921,350 shares of Common Stock to acquire all 2,078,599,390 outstanding shares of the common stock, par value $0.001, of Verde (the “Verde Common Stock”), based on an exchange ratio of 300.47. The fair value of the consideration effectively transferred was calculated using the number of shares of Verde Common Stock that would have been issued to the stockholders of FOMI on the date the Merger was consummated to give FOMI an equivalent ownership interest in Verde as it has in FOMI multiplying the market price of the shares of Verde Common Stock. The fair value of those shares of Verde Common Stock was determined at $11,414,040 based on the market quote on the date the Merger was consummated.</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">As of the Effective Time, FOMI issued 1,665 shares of Class A Preferred Stock to acquire all outstanding shares of Series A preferred stock, par value $0.001, of Verde (the “Verde Series A Preferred Stock”), which was 500,000 by using an exchange ratio of approximately 300. The fair value of the consideration effectively transferred was calculated using the number of shares of Verde Series A Preferred Stock that would have been issued to the stockholders of FOMI on the date the Merger was consummated to give FOMI an equivalent ownership interest in Verde as it has in FOMI multiplying the fair value per share of Verde Series A Preferred Stock. The fair value of those shares of Verde Series A Preferred Stock was determined at $500.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">As of the Effective Time, FOMI issued 5,354 shares of Class B preferred stock of FOMI to acquire all outstanding shares of Series C preferred stock, par value $0.001, of Verde (the “Verde Series C Preferred Stock”), which was 803 by using an exchange ratio of approximately 0.15. The fair value of the consideration effectively transferred was calculated using the number of shares of Verde Series C Preferred Stock that would have been issued to the stockholders of FOMI on the date the Merger was consummated to give FOMI an equivalent ownership interest in Verde as it has in FOMI multiplying the fair value per share of Verde Series C Preferred Stock. The fair value per share of Verde Series C Preferred Stock was determined at $803.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Effective immediately following the Effective Time, FOMI issued to Spartan Capital Securities, LLC, a New York limited liability company (“Spartan”) 5,000,000 shares of Common Stock in consideration of services Spartan provided; and (ii) FOMI issued 23,110,000 shares of Common Stock to Li Sze Tang, in consideration of services provided.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">As of the Effective Time, FOMI assumed all of Verde’s obligations under Verde’s common stock purchase warrant issued on December 8, 2021 and January 27, 2022 (the “Verde Warrants”) and issued and delivered to the Verde Warrant holder, in exchange for the Verde Warrant, a common stock purchase warrant to purchase up to 205,962 and 210,195 shares of Common Stock, respectively, at an exercise price of $0.75 per share and the Verde Warrants expire on December 8, 2026 and January 27, 2027, respectively (the “FOMI Warrants”) respectively. The FOMI Warrants are subject to a beneficial ownership limitation of 4.99% of the number of shares of Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon exercise of the FOMI Warrants.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i><span style="text-decoration:underline">Going Concern</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">These condensed interim consolidated financial statements have been prepared on a going concern basis, which implies that the Company will continue to realize its assets and discharge its liabilities in the normal course of business. During the period ended July 31, 2024, the Company had a net income of $264,770 and used cash of $289,100 for operating activities. As at July 31, 2024, the Company had an accumulated deficit of $20,000,176. The continuation of the Company as a going concern is dependent upon our ability to identify future investment opportunities and obtain the necessary debt or equity financing, and generating profitable operations from the Company’s future operations. In the past the Company has relied, and expects to continue to rely on the issuance and sale of shares of Common Stock and preferred stock in order to continue to fund its business operations. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern for a period of one year from the date these financial statements were issued on September 23, 2024. These financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. </span></p>
CY2024Q3	dei	Entity Incorporation Date Of Incorporation EntityIncorporationDateOfIncorporation	2020-09-08
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CY2024Q3	us-gaap	Use Of Estimates UseOfEstimates	<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif">(c)</span></td> <td style="font-size: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>Use of Estimates</b></span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The preparation of these condensed interim consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The Company regularly evaluates estimates and assumptions related to the collectability of accounts receivable relating to oil and gas interests which is based on the operator’s production statements, carrying value of oil and gas properties, the useful life, carrying value, and incremental borrowing rate used for right of use assets and lease liabilities, the fair value of stock-based compensation, shares issued to acquire and exchange other equity instruments and equity classified warrants, revenue recognition including the calculation of the reserves and the fair value of the reserves for oil and gas interests, and deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.</span></p>
CY2024Q2	us-gaap	Property Plant And Equipment Net PropertyPlantAndEquipmentNet	394736	usd
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CY2024Q2	fomi	Exchange Ratio Of Common Stock ExchangeRatioOfCommonStock	300.47	pure
CY2024Q3	us-gaap	Dividends Preferred Stock DividendsPreferredStock	210002	usd
CY2024Q2	us-gaap	Dividends Preferred Stock DividendsPreferredStock	185757	usd
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CY2024Q2	fomi	Gross Proceeds GrossProceeds	250000	usd
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CY2024Q3	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate	1	pure
CY2024Q3	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate	0.0123	pure
CY2024Q3	us-gaap	Gains Losses On Extinguishment Of Debt GainsLossesOnExtinguishmentOfDebt	1043542	usd
CY2024Q3	fomi	Stock Issued During Period Value Adjustment Pursuant To Reverse Acquisition Transaction StockIssuedDuringPeriodValueAdjustmentPursuantToReverseAcquisitionTransaction	-833612	usd
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CY2024Q3	us-gaap	Other Nonoperating Income OtherNonoperatingIncome		usd
CY2023Q3	us-gaap	Gains Losses On Extinguishment Of Debt GainsLossesOnExtinguishmentOfDebt		usd
CY2024Q3	us-gaap	Earnings Per Share Diluted EarningsPerShareDiluted	0.003
CY2023Q3	us-gaap	Earnings Per Share Diluted EarningsPerShareDiluted	-0.063
CY2024Q3	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	84036256	shares
CY2023Q3	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	5363405	shares
CY2023Q3	us-gaap	Stock Issued During Period Value Conversion Of Units StockIssuedDuringPeriodValueConversionOfUnits		usd
CY2024Q3	us-gaap	Operating Lease Right Of Use Asset Amortization Expense OperatingLeaseRightOfUseAssetAmortizationExpense		usd
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Files In Submission

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FORMATION MINERALS, INC. Stock $fomi

2024 Q3 Form 10-Q Financial Statement

#000121390024081092 Filed on September 23, 2024

Income Statement

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$FOMI FORMATION MINERALS, INC. Stock $fomi

2024 Q3 Form 10-Q Financial Statement

#000121390024081092 Filed on September 23, 2024

Income Statement

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Facts In Submission

Files In Submission

$FOMI
FORMATION MINERALS, INC. Stock $fomi