FinTrade Sherpa, Inc., formerly known as Lode-Star Mining Inc., reported a net loss of $79,052 for the fiscal year ending December 31, 2024, compared to a net loss of $62,940 in the previous year, marking a 26% increase in losses. The company has not generated any revenue since its inception, resulting in an accumulated deficit of $4,405,315 as of the end of 2024. Operating expenses rose to $79,052, up from $62,940 in 2023, primarily due to increased office and professional fees. The company's current assets decreased to $1,175 from $2,474, while current liabilities surged to $169,677 from $91,924, leading to a working capital deficiency of $168,502.
In a significant strategic shift, FinTrade Sherpa announced its transition from mining to technology, specifically focusing on developing an artificial intelligence-powered financial research platform. This change was formalized with a name change on February 14, 2025, and the execution of an Asset Purchase Agreement, License Agreement, and Software Development Agreement. The company plans to issue 227 million common shares as part of the acquisition of intellectual property related to AI technology, which is expected to enhance its operational capabilities.
The company has faced challenges in securing financing, relying heavily on related party advances for its operations. As of December 31, 2024, amounts due to related parties increased to $144,904 from $77,235 in the previous year. The company has indicated that it will need to pursue additional equity and/or debt financing to continue its operations and execute its business plan. However, there are no assurances that such financing will be available or on acceptable terms.
FinTrade Sherpa's market presence remains limited, with its common stock traded under the symbol "LSMG" on the OTCQB marketplace. The stock has experienced sporadic trading activity, with a recorded high of $0.024 and a low of $0.003 in 2024. As of December 31, 2024, the company had 69 shareholders on record. The company does not anticipate paying dividends in the foreseeable future, as it plans to reinvest any available cash into its new business initiatives.
Looking ahead, the company acknowledges substantial doubt about its ability to continue as a going concern without securing additional capital. Management's plans include reducing operational expenditures if necessary and exploring various financing options. The future of FinTrade Sherpa hinges on its ability to successfully pivot to its new business model and generate revenue from its AI technology initiatives.
About FinTrade Sherpa, Inc.
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