2024 Q4 Form 10-Q Financial Statement

#000147793224008092 Filed on December 16, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2023 Q4
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $312.2K
YoY Change -14.32%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $9.100K
YoY Change 0.0%
% of Gross Profit
Operating Expenses $367.3K $326.8K
YoY Change 12.4% -26.59%
Operating Profit -$367.3K -$326.8K
YoY Change 12.4% -26.59%
Interest Expense $84.17K $109.0K
YoY Change -22.75% -272.58%
% of Operating Profit
Other Income/Expense, Net -$104.2K -$107.8K
YoY Change -3.36% 70.78%
Pretax Income -$471.4K -$434.6K
YoY Change 8.49% -14.5%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$471.4K -$434.6K
YoY Change 8.49% -14.5%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share $0.00 $0.00
COMMON SHARES
Basic Shares Outstanding 9.693B shares 8.002B shares
Diluted Shares Outstanding 9.693B shares 6.957B shares

Balance Sheet

Concept 2024 Q4 2023 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $400.00
YoY Change
Cash & Equivalents $6.913K $395.00
Short-Term Investments
Other Short-Term Assets $5.500K
YoY Change -90.73%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $10.41K $5.895K
YoY Change 76.64% -90.06%
LONG-TERM ASSETS
Property, Plant & Equipment $1.023M $1.060M
YoY Change -3.43% -3.32%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $1.023M $1.060M
YoY Change -3.43% -3.32%
TOTAL ASSETS
Total Short-Term Assets $10.41K $5.895K
Total Long-Term Assets $1.023M $1.060M
Total Assets $1.034M $1.066M
YoY Change -2.99% -7.78%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $905.9K $772.1K
YoY Change 17.33% 8.16%
Accrued Expenses $1.052M $1.045M
YoY Change 0.68% 13.39%
Deferred Revenue
YoY Change
Short-Term Debt $1.782M
YoY Change -5.23%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $5.700M $4.236M
YoY Change 34.55% 15.36%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $0.00
YoY Change
Total Long-Term Liabilities $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $5.700M $4.236M
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $5.700M $4.236M
YoY Change 34.55% 15.36%
SHAREHOLDERS EQUITY
Retained Earnings -$81.85M -$74.35M
YoY Change 10.09% 3.09%
Common Stock $9.693M $7.633M
YoY Change 26.99% 26619.95%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$4.666M -$3.171M
YoY Change
Total Liabilities & Shareholders Equity $1.034M $1.066M
YoY Change -2.99% -7.78%

Cashflow Statement

Concept 2024 Q4 2023 Q4
OPERATING ACTIVITIES
Net Income -$471.4K -$434.6K
YoY Change 8.49% -14.5%
Depreciation, Depletion And Amortization $9.100K
YoY Change 0.0%
Cash From Operating Activities -$136.7K
YoY Change -61.59%
INVESTING ACTIVITIES
Capital Expenditures $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 136.8K
YoY Change -60.63%
NET CHANGE
Cash From Operating Activities -136.7K
Cash From Investing Activities 0.000
Cash From Financing Activities 136.8K
Net Change In Cash 150.0
YoY Change -101.82%
FREE CASH FLOW
Cash From Operating Activities -$136.7K
Capital Expenditures $0.00
Free Cash Flow -$136.7K
YoY Change -61.59%

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0 usd
us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
25000 usd
mmex Gain Loss On Extinguishment Of Liabilities
GainLossOnExtinguishmentOfLiabilities
0 usd
mmex Gain Loss On Extinguishment Of Liabilities
GainLossOnExtinguishmentOfLiabilities
-752150 usd
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-20013 usd
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
0 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-500 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
18500 usd
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
64266 usd
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
38215 usd
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
119023 usd
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
89074 usd
us-gaap Increase Decrease In Other Accounts Payable And Accrued Liabilities
IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities
352390 usd
us-gaap Increase Decrease In Other Accounts Payable And Accrued Liabilities
IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities
375622 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-271585 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-212164 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
0 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
0 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
0 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
0 usd
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
7000 usd
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
100000 usd
us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
0 usd
us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
50000 usd
us-gaap Repayments Of Convertible Debt
RepaymentsOfConvertibleDebt
16276 usd
us-gaap Repayments Of Convertible Debt
RepaymentsOfConvertibleDebt
8614 usd
us-gaap Proceeds From Repayments Of Notes Payable
ProceedsFromRepaymentsOfNotesPayable
0 usd
us-gaap Proceeds From Repayments Of Notes Payable
ProceedsFromRepaymentsOfNotesPayable
-19590 usd
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
50000 usd
us-gaap Proceeds From Repayments Of Related Party Debt
ProceedsFromRepaymentsOfRelatedPartyDebt
302776 usd
us-gaap Proceeds From Repayments Of Related Party Debt
ProceedsFromRepaymentsOfRelatedPartyDebt
30400 usd
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
15900 usd
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
0 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
277600 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
202196 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
6015 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-9968 usd
CY2024Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
898 usd
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
10363 usd
CY2024Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
6913 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
395 usd
us-gaap Interest Paid Net
InterestPaidNet
2152 usd
us-gaap Interest Paid Net
InterestPaidNet
20945 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
0 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
0 usd
mmex Issuance Of Common Stock For Conversion Of Debt
IssuanceOfCommonStockForConversionOfDebt
0 usd
mmex Issuance Of Common Stock For Conversion Of Debt
IssuanceOfCommonStockForConversionOfDebt
204001 usd
mmex Common Stock Issued For Accrued Liability
CommonStockIssuedForAccruedLiability
0 usd
mmex Common Stock Issued For Accrued Liability
CommonStockIssuedForAccruedLiability
17808 usd
mmex Related Party Convertible Note For Note Payable
RelatedPartyConvertibleNoteForNotePayable
0 usd
mmex Related Party Convertible Note For Note Payable
RelatedPartyConvertibleNoteForNotePayable
20000 usd
mmex Common Stock Issued For Accrued Liability Related Parties
CommonStockIssuedForAccruedLiabilityRelatedParties
0 usd
mmex Common Stock Issued For Accrued Liability Related Parties
CommonStockIssuedForAccruedLiabilityRelatedParties
204763 usd
mmex Shares And Warrants Issued For Debt Discount
SharesAndWarrantsIssuedForDebtDiscount
0 usd
mmex Shares And Warrants Issued For Debt Discount
SharesAndWarrantsIssuedForDebtDiscount
86410 usd
mmex Warrants Issued For Debt Discount Related Parties
WarrantsIssuedForDebtDiscountRelatedParties
74332 usd
mmex Warrants Issued For Debt Discount Related Parties
WarrantsIssuedForDebtDiscountRelatedParties
20323 usd
mmex Conversion Of Preferred Stock Into Common Stock
ConversionOfPreferredStockIntoCommonStock
250000 usd
mmex Conversion Of Preferred Stock Into Common Stock
ConversionOfPreferredStockIntoCommonStock
652633 usd
us-gaap Use Of Estimates
UseOfEstimates
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 33.75pt; text-align:justify;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the 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. Actual results could differ from those estimates.</p>
mmex Derivative Liabilities Policy Text Block5 D
DerivativeLiabilitiesPolicyTextBlock5D
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 33.75pt; text-align:justify;">We estimate the fair value of the derivatives using multinomial lattice models that value the derivative liabilities based on a probability weighted cash flow model using projections of the various potential outcomes. These estimates are based on multiple inputs, including the market price of our stock, interest rates, our stock price volatility and management’s estimates of various potential equity financing transactions. These inputs are subject to significant changes from period to period and to management’s judgment; therefore, the estimated fair value of the derivative liabilities will fluctuate from period to period, and the fluctuation may be material.</p>
us-gaap Share Based Compensation
ShareBasedCompensation
0 usd
us-gaap Share Based Compensation
ShareBasedCompensation
28200 usd
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 33.75pt; text-align:justify;">Certain amounts in the consolidated financial statements for the prior year have been reclassified to conform with the current year presentation.</p>
CY2024Q4 us-gaap Stockholders Equity
StockholdersEquity
-4666091 usd
CY2024Q4 mmex Working Capital Deficit
WorkingCapitalDeficit
-5689303 usd
CY2024Q4 mmex Accounts Payables Related Parties Current
AccountsPayablesRelatedPartiesCurrent
1381201 usd
CY2024Q2 mmex Accounts Payables Related Parties Current
AccountsPayablesRelatedPartiesCurrent
1030523 usd
CY2024Q3 mmex Principle And Accrue Interest
PrincipleAndAccrueInterest
51712 usd
CY2024Q3 us-gaap Debt Instrument Convertible Threshold Percentage Of Stock Price Trigger
DebtInstrumentConvertibleThresholdPercentageOfStockPriceTrigger
1.10 pure
CY2024Q3 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
10984 usd
CY2024Q3 us-gaap Extinguishment Of Debt Amount
ExtinguishmentOfDebtAmount
9308 usd
CY2024Q4 mmex Notes Payable Related Parties Classified Gross
NotesPayableRelatedPartiesClassifiedGross
452529 usd
CY2024Q2 mmex Notes Payable Related Parties Classified Gross
NotesPayableRelatedPartiesClassifiedGross
120478 usd
CY2024Q4 mmex Less Discount
LessDiscount
-111085 usd
CY2024Q2 mmex Less Discount
LessDiscount
-47152 usd
CY2024Q4 mmex Notes Payable Related Party Classified Current
NotesPayableRelatedPartyClassifiedCurrent
341444 usd
CY2024Q2 mmex Notes Payable Related Party Classified Current
NotesPayableRelatedPartyClassifiedCurrent
73326 usd
CY2024Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1247877 usd
CY2024Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1247877 usd
CY2024Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1023212 usd
CY2024Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1041409 usd
us-gaap Depreciation And Amortization
DepreciationAndAmortization
18197 usd
us-gaap Depreciation And Amortization
DepreciationAndAmortization
18197 usd
CY2024Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
1052166 usd
CY2024Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
933143 usd
CY2024Q4 us-gaap Notes Payable
NotesPayable
908899 usd
CY2024Q2 us-gaap Notes Payable
NotesPayable
1054915 usd
CY2024Q4 mmex Notes Payable Discount
NotesPayableDiscount
-2607 usd
CY2024Q2 mmex Notes Payable Discount
NotesPayableDiscount
-22285 usd
CY2024Q4 mmex Note Payable Net Of Discount
NotePayableNetOfDiscount
906292 usd
CY2024Q2 mmex Note Payable Net Of Discount
NotePayableNetOfDiscount
1032630 usd
CY2024Q4 mmex Convertible Notes Payable Currently In Default
ConvertibleNotesPayableCurrentlyInDefault
398955 usd
CY2024Q4 mmex Capital Stock Authorized
CapitalStockAuthorized
50001000000 shares
CY2024Q2 mmex Capital Stock Authorized
CapitalStockAuthorized
25001000000 shares
CY2024Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
50000000000 shares
CY2024Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
25000000000 shares
CY2024Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2024Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
6863204529 shares
CY2023Q4 us-gaap Interest Payable Current
InterestPayableCurrent
9751 usd
us-gaap Payments For Fees
PaymentsForFees
1080 usd
us-gaap Stock Issued During Period Shares Other
StockIssuedDuringPeriodSharesOther
279120377 shares
CY2023Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
17808 usd
us-gaap Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
83736 usd
mmex Loss Recognized Related To Stock Conversions
LossRecognizedRelatedToStockConversions
65928 usd
mmex Stock Issued During Period For Accrued Liabilities Related Parties
StockIssuedDuringPeriodForAccruedLiabilitiesRelatedParties
3174187995 shares
CY2023Q4 mmex Accrued Liability Related Parties
AccruedLiabilityRelatedParties
204763 usd
mmex Stock Issued During Period For Accrued Liabilities Related Parties Value
StockIssuedDuringPeriodForAccruedLiabilitiesRelatedPartiesValue
892133 usd
mmex Loss Recognized Related To Stock Conversions For Related Parties
LossRecognizedRelatedToStockConversionsForRelatedParties
687370 usd
CY2022Q2 us-gaap Preferred Stock Convertible Conversion Price
PreferredStockConvertibleConversionPrice
0.10
CY2022Q2 us-gaap Debt Instrument Convertible Conversion Price1
DebtInstrumentConvertibleConversionPrice1
0.05
CY2023Q2 us-gaap Debt Instrument Convertible Conversion Price1
DebtInstrumentConvertibleConversionPrice1
0.000058
mmex Stock Issued Shares During Period For Debt Discount
StockIssuedSharesDuringPeriodForDebtDiscount
5408823530 shares
mmex Stock Issued Value During Period For Debt Discount
StockIssuedValueDuringPeriodForDebtDiscount
74332 usd
CY2024Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
9692800957 shares
CY2024Q4 mmex Related Party Transactions Disclosure
RelatedPartyTransactionsDisclosure
the Company received the second drawdown of $60,000 from a related party promissory note originally issued on October 16, 2024 for $180,000 to be funded in three drawdowns of $60,000 each

Files In Submission

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0001477932-24-008092-index.html Edgar Link pending
0001477932-24-008092.txt Edgar Link pending
0001477932-24-008092-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
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mmex-20241031.xsd Edgar Link pending
mmex_10q.htm Edgar Link pending
mmex_ex311.htm Edgar Link pending
mmex_ex321.htm Edgar Link pending
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mmex_10q_htm.xml Edgar Link completed
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report.css Edgar Link pending
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FilingSummary.xml Edgar Link unprocessable
mmex-20241031_cal.xml Edgar Link unprocessable
mmex-20241031_def.xml Edgar Link unprocessable
mmex-20241031_lab.xml Edgar Link unprocessable
mmex-20241031_pre.xml Edgar Link unprocessable