2024 Q1 Form 10-Q Financial Statement
#000199937124000433 Filed on January 16, 2024
Income Statement
| Concept | 2024 Q1 | 2023 Q4 |
|---|---|---|
| Revenue | $0.00 | $0.00 |
| YoY Change | ||
| Cost Of Revenue | ||
| YoY Change | ||
| Gross Profit | ||
| YoY Change | ||
| Gross Profit Margin | ||
| Selling, General & Admin | $228.3K | $232.9K |
| YoY Change | -19.68% | -31.94% |
| % of Gross Profit | ||
| Research & Development | $7.880K | $0.00 |
| YoY Change | -98.02% | -100.0% |
| % of Gross Profit | ||
| Depreciation & Amortization | $0.00 | $0.00 |
| YoY Change | -100.0% | |
| % of Gross Profit | ||
| Operating Expenses | $236.1K | $232.9K |
| YoY Change | -65.39% | -59.39% |
| Operating Profit | -$236.1K | -$232.9K |
| YoY Change | -65.39% | -59.39% |
| Interest Expense | $9.900K | $11.50K |
| YoY Change | 113.36% | |
| % of Operating Profit | ||
| Other Income/Expense, Net | $94.89K | $11.50K |
| YoY Change | 895.62% | 113.16% |
| Pretax Income | -$141.2K | -$221.4K |
| YoY Change | -79.01% | -61.03% |
| Income Tax | ||
| % Of Pretax Income | ||
| Net Earnings | -$141.2K | -$221.4K |
| YoY Change | -79.01% | -61.03% |
| Net Earnings / Revenue | ||
| Basic Earnings Per Share | $0.00 | $0.00 |
| Diluted Earnings Per Share | $0.00 | $0.00 |
| COMMON SHARES | ||
| Basic Shares Outstanding | 73.78M shares | 73.78M shares |
| Diluted Shares Outstanding | 73.80M shares | 73.77M shares |
Balance Sheet
| Concept | 2024 Q1 | 2023 Q4 |
|---|---|---|
| SHORT-TERM ASSETS | ||
| Cash & Short-Term Investments | $764.5K | $904.5K |
| YoY Change | -50.27% | -50.96% |
| Cash & Equivalents | $764.5K | $904.5K |
| Short-Term Investments | ||
| Other Short-Term Assets | $49.71K | $24.45K |
| YoY Change | -22.51% | -94.17% |
| Inventory | ||
| Prepaid Expenses | ||
| Receivables | ||
| Other Receivables | ||
| Total Short-Term Assets | $814.2K | $928.9K |
| YoY Change | -49.16% | -58.97% |
| LONG-TERM ASSETS | ||
| Property, Plant & Equipment | $415.6K | $415.6K |
| YoY Change | ||
| Goodwill | ||
| YoY Change | ||
| Intangibles | ||
| YoY Change | ||
| Long-Term Investments | ||
| YoY Change | ||
| Other Assets | ||
| YoY Change | ||
| Total Long-Term Assets | $415.6K | $415.6K |
| YoY Change | -1.77% | -1.77% |
| TOTAL ASSETS | ||
| Total Short-Term Assets | $814.2K | $928.9K |
| Total Long-Term Assets | $415.6K | $415.6K |
| Total Assets | $1.230M | $1.345M |
| YoY Change | -39.26% | -49.97% |
| SHORT-TERM LIABILITIES | ||
| YoY Change | ||
| Accounts Payable | $41.11K | $67.03K |
| YoY Change | 0.51% | -37.96% |
| 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 | $41.11K | $67.03K |
| YoY Change | 0.53% | -37.95% |
| 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 | $41.11K | $67.03K |
| Total Long-Term Liabilities | $0.00 | $0.00 |
| Total Liabilities | $41.11K | $67.03K |
| YoY Change | 0.51% | -37.96% |
| SHAREHOLDERS EQUITY | ||
| Retained Earnings | -$42.71M | -$42.57M |
| YoY Change | 4.18% | 5.57% |
| Common Stock | $739.3K | $737.8K |
| YoY Change | 1.39% | 1.22% |
| Preferred Stock | ||
| YoY Change | ||
| Treasury Stock (at cost) | ||
| YoY Change | ||
| Treasury Stock Shares | ||
| Shareholders Equity | $1.189M | $1.278M |
| YoY Change | ||
| Total Liabilities & Shareholders Equity | $1.230M | $1.345M |
| YoY Change | -39.26% | -49.97% |
Cashflow Statement
| Concept | 2024 Q1 | 2023 Q4 |
|---|---|---|
| OPERATING ACTIVITIES | ||
| Net Income | -$141.2K | -$221.4K |
| YoY Change | -79.01% | -61.03% |
| Depreciation, Depletion And Amortization | $0.00 | $0.00 |
| YoY Change | -100.0% | |
| Cash From Operating Activities | -$140.0K | -$174.8K |
| YoY Change | -54.4% | -65.0% |
| INVESTING ACTIVITIES | ||
| Capital Expenditures | ||
| YoY Change | ||
| Acquisitions | ||
| YoY Change | ||
| Other Investing Activities | $0.00 | |
| YoY Change | -100.0% | |
| Cash From Investing Activities | $0.00 | |
| YoY Change | -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 | ||
| YoY Change | ||
| NET CHANGE | ||
| Cash From Operating Activities | -140.0K | -$174.8K |
| Cash From Investing Activities | 0.000 | |
| Cash From Financing Activities | ||
| Net Change In Cash | -140.0K | -$174.8K |
| YoY Change | -170.48% | -65.0% |
| FREE CASH FLOW | ||
| Cash From Operating Activities | -$140.0K | -$174.8K |
| Capital Expenditures | ||
| Free Cash Flow | ||
| YoY Change |
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<p id="xdx_807_eus-gaap--NatureOfOperations_zYn34FPh2hfk" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 1 – <span style="letter-spacing: -0.1pt"><span id="xdx_823_z200uDPDw8S8">GENERAL</span></span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Exploration-Stage <span style="letter-spacing: -0.1pt">Company</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Basis of <span style="letter-spacing: -0.1pt">Presentation</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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, 2023, dated November 29, 2023 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, 2023 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-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Principles of <span style="letter-spacing: -0.1pt">Consolidation</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Going <span style="letter-spacing: -0.1pt">Concern</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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 November 30, 2023, of approximately $<span id="xdx_900_eus-gaap--RetainedEarningsAccumulatedDeficit_iI_dxL_c20231130_zMtp8KN0Tzo1" title="Accumulated deficit::XDX::-42565433"><span style="-sec-ix-hidden: xdx2ixbrl0303">42,565,000</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-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On November 30, 2023, the Company had a working capital surplus of approximately $<span id="xdx_90C_ecustom--WorkingCapital_iI_c20231130_z08xuE2Y1mh1" title="Working capital surplus">862,000</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-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 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_905_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20231130__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--RoundTopMountainDevelopmentCompanyLLCMember_z4Fgi9ANa1Db" title="Ownership interest">19.611</span>% as of November 30, 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. Total cash calls in the amount of $<span id="xdx_902_ecustom--EquityMethodInvestmentCashCallRequested_c20230901__20231130__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--RoundTopMountainDevelopmentCompanyLLCMember_zcKdHNwWuKP" title="Cash call contribution requested">362,000</span> were requested during the first fiscal quarter ended November 30, 2023. <span style="background-color: white">The Company provided notices of non-contribution stating that it would not contribute the $<span id="xdx_904_ecustom--EquityMethodInvestmentCashCallPortionNotContributed_c20230901__20231130__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--RoundTopMountainDevelopmentCompanyLLCMember_zMJ5hELjGiD9" title="Cash call contribution portion not contributed">362,000</span> which then became the shortfall amount resulting in dilution of the Company’s ownership interest.</span> 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> | |
| CY2023Q4 | tmrc |
Working Capital
WorkingCapital
|
862000 | usd |
| CY2023Q4 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
100000000 | shares |
| CY2023Q4 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.01 | |
| CY2023Q4 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
10000000 | shares |
| CY2023Q4 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.001 |
