$TMRC
Texas Mineral Resources Corp.

2023 Q3 Form 10-Q Financial Statement

#000138713123008486 Filed on July 17, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $325.3K $870.4K
YoY Change -16.52% 194.67%
% of Gross Profit
Research & Development $60.71K $91.28K
YoY Change -85.99% -82.44%
% of Gross Profit
Depreciation & Amortization $0.00 $0.00
YoY Change -100.0% -100.0%
% of Gross Profit
Operating Expenses $386.0K $961.6K
YoY Change -53.1% 17.96%
Operating Profit -$961.6K
YoY Change 17.96%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $9.630K $9.710K
YoY Change 245.16% 707.15%
Pretax Income -$399.0K -$951.9K
YoY Change -51.35% 16.94%
Income Tax
% Of Pretax Income
Net Earnings -$399.0K -$951.9K
YoY Change -51.35% 16.94%
Net Earnings / Revenue
Basic Earnings Per Share -$0.01
Diluted Earnings Per Share -$0.01 -$0.01
COMMON SHARES
Basic Shares Outstanding 73.73M shares 72.96M shares
Diluted Shares Outstanding 73.27M shares

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.079M $1.375M
YoY Change -53.95% -61.17%
Cash & Equivalents $1.079M $1.375M
Short-Term Investments $0.00 $0.00
Other Short-Term Assets $39.58K $42.01K
YoY Change -86.5% 1.18%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $1.119M $1.417M
YoY Change -57.57% -60.45%
LONG-TERM ASSETS
Property, Plant & Equipment $415.6K
YoY Change 1523.6%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00 $7.500K
YoY Change -100.0% 0.0%
Other Assets
YoY Change
Total Long-Term Assets $415.6K $423.1K
YoY Change -7.01% -5.83%
TOTAL ASSETS
Total Short-Term Assets $1.119M $1.417M
Total Long-Term Assets $415.6K $423.1K
Total Assets $1.534M $1.840M
YoY Change -50.24% -54.36%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $93.41K $64.91K
YoY Change 127.27% -75.54%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $93.41K $64.91K
YoY Change 127.26% -75.99%
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 $93.41K $64.91K
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $93.41K $64.91K
YoY Change 127.27% -75.99%
SHAREHOLDERS EQUITY
Retained Earnings -$42.34M -$41.94M
YoY Change 6.52% 7.74%
Common Stock $737.3K $737.2K
YoY Change 1.18% 1.32%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.441M $1.776M
YoY Change
Total Liabilities & Shareholders Equity $1.534M $1.840M
YoY Change -50.24% -54.36%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income -$399.0K -$951.9K
YoY Change -51.35% 16.94%
Depreciation, Depletion And Amortization $0.00 $0.00
YoY Change -100.0% -100.0%
Cash From Operating Activities -$303.5K -$200.1K
YoY Change -74.7% -60.52%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00
YoY Change -100.0% -100.0%
Acquisitions
YoY Change
Other Investing Activities $7.500K $0.00
YoY Change
Cash From Investing Activities $7.500K $0.00
YoY Change -101.49% -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 38.00K
YoY Change -100.0% -43.7%
NET CHANGE
Cash From Operating Activities -303.5K -200.1K
Cash From Investing Activities 7.500K 0.000
Cash From Financing Activities 0.000 38.00K
Net Change In Cash -296.0K -162.1K
YoY Change -82.62% -65.58%
FREE CASH FLOW
Cash From Operating Activities -$303.5K -$200.1K
Capital Expenditures $0.00 $0.00
Free Cash Flow -$303.5K -$200.1K
YoY Change -56.31% -57.89%

Facts In Submission

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<p id="xdx_806_eus-gaap--NatureOfOperations_z1US80fJNEjg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 1 – <span id="xdx_82D_zi1tfvKrMot2">GENERAL</span></b></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; font-size: 10pt"> </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; font-size: 10pt"><i>Exploration-Stage Company</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; font-size: 10pt"> </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; font-size: 10pt">Since January 1, 2009, Texas Mineral Resources Corp. (the “Company”) has been classified as an “exploration stage” company for purposes of Regulation S-K Item 1300 of the U.S. Securities and Exchange Commission (“SEC”). Under SEC Regulation S-K Item 1300, companies engaged in significant mining operations are classified into three categories, referred to as “stages” - exploration, development, and production. Exploration stage includes all companies that do not have established reserves in accordance with Item 1300. Such companies are deemed to be “in the search for mineral deposits.” Notwithstanding the nature and extent of development-type or production-type activities that have been undertaken or completed, a company cannot be classified as a development or production stage company unless it has established reserves in accordance with Item 1300.</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; font-size: 10pt"> </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; font-size: 10pt"><i>Basis of Presentation</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; font-size: 10pt"> </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; font-size: 10pt">The accompanying unaudited interim consolidated financial statements of Texas Mineral Resources Corp. (“we”, “us”, “our”, the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the SEC, and should be read in conjunction with the audited financial statements and notes thereto contained in our annual report on Form 10-K, for the year ended August 31, 2022, dated November 29, 2022 as filed with the SEC. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements which would substantially duplicate the disclosures contained in the audited financial statements for the most recent fiscal year ended August 31, 2022 as reported in our annual report on Form 10-K, have been omitted.</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; font-size: 10pt"> </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; font-size: 10pt"><i>Principles of Consolidation</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; font-size: 10pt"> </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; font-size: 10pt">The consolidated financial statements include the accounts of Texas Mineral Resources Corp and its proportionate interest in the assets, liabilities, and operations of Round Top Mountain Development Company, LLC (“RTMD”). All significant intercompany balances and transactions have been eliminated.</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; font-size: 10pt"> </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; font-size: 10pt"><i>Going Concern</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; font-size: 10pt"> </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; font-size: 10pt">These financial statements have been prepared assuming that the Company will continue as a going concern. The Company has an accumulated deficit from inception through May 31, 2023, of approximately $<span id="xdx_90B_eus-gaap--RetainedEarningsAccumulatedDeficit_iI_dxL_c20230531_zcuvFKcZoNh1" title="Accumulated deficit::XDX::-41944987"><span style="-sec-ix-hidden: xdx2ixbrl0518">41,945,000</span></span> and has yet to achieve profitable operations, and projects further losses in the development of its business.</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; font-size: 10pt"> </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; font-size: 10pt">On May 31, 2023, the Company had a working capital surplus of approximately $<span id="xdx_908_ecustom--WorkingCapital_iI_c20230531_zgjQ3tZf8qd1" title="Working capital surplus">1,352,000</span>; however the Company’s ability to continue as a going concern is dependent upon its ability to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. The Company doesn’t expect to generate revenue from operations in the near future.</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; font-size: 10pt"> </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; font-size: 10pt">In accordance with our current projected budget, the Company does not have sufficient capital to fund its share of total cash calls required under the RTMD operating agreement (“Operating Agreement”) as well as expected general and administrative expenses during the next twelve months. Failure by the Company to fund required cash calls to RTMD would result in dilution to its then current RTMD ownership interest (<span id="xdx_90F_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20230531__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--RoundTopMountainDevelopmentCompanyLLCMember_z02WEwklzJAd" title="Ownership interest">20</span>% as of May 31, 2023). Accordingly, the Company will be required to either raise additional capital to fund its obligations during the next twelve months or elect to dilute its ownership interest in RTMD. There can be no assurance that the Company will be able to raise the necessary capital to fund its cash calls and expected general and administrative expenses. No cash calls were requested during the third fiscal quarter ended May 31, 2023. Based on these factors, there is substantial doubt as to the Company’s ability to continue as a going concern for a period of twelve months from the issuance date of these financial statements. These financial statements do not include any adjustments to the amounts and classifications of assets and liabilities that may be necessary should we be unable to continue as a going concern.</span></p>
CY2023Q2 tmrc Working Capital
WorkingCapital
1352000 usd
CY2023Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000 shares
CY2023Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2023Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2023Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2020Q1 tmrc Consulting Agreements Number Of Shares
ConsultingAgreementsNumberOfShares
699999 shares
CY2020Q1 tmrc Consulting Agreements Number Of Shares Per Agreement
ConsultingAgreementsNumberOfSharesPerAgreement
233333 shares
CY2020Q1 tmrc Consulting Agreements Value Of Shares
ConsultingAgreementsValueOfShares
448000 usd
CY2020Q1 us-gaap Share Price
SharePrice
0.64

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