Golden Star Resource Corp. reported its financial results for the third quarter of 2024, revealing a continued challenging environment for the exploration-stage company. As of September 30, 2024, total assets increased significantly to $7,000 from $2,813 as of June 30, 2024. However, total liabilities also rose to $840,471, up from $821,854 in the previous quarter. This resulted in a total stockholders' deficiency of $(833,471), compared to $(819,041) at the end of June 2024.
The company recorded a net loss of $(14,430) for Q3 2024, slightly higher than the $(13,513) loss reported in Q3 2023. Net cash used in operating activities improved marginally to $(16,032) from $(17,360) year-over-year, while net cash provided by financing activities decreased to $16,019 from $17,347. The cash balance at the end of Q3 2024 was $(0), a slight improvement from $(4) in the same period last year.
Golden Star Resource Corp. has not generated any revenue to date and remains in the exploration stage, primarily focused on acquiring and exploring mining claims. The company has accumulated a total deficit of $(940,531) since its inception. The working capital deficit increased to $833,471 as of September 30, 2024, from $819,041 in the previous quarter, indicating ongoing financial strain.
The company has a related party balance of $421,565, which includes $393,565 owed to a principal shareholder’s company for operating expenses, an increase from $377,546 as of June 30, 2024. The remaining $28,000 owed to a director has remained unchanged. No expenditures were incurred on mineral property during the period, consistent with the previous quarter.
Management has indicated a need for additional funds to meet obligations and maintain operations, with plans to raise equity financing as necessary. The company has substantial doubt about its ability to continue as a going concern without securing further capital.
Golden Star Resource Corp. holds a 100% interest in four contiguous unpatented lode mining claims in Nevada, acquired in 2013. The claims, totaling 82.64 acres, are currently maintained without any significant facilities or equipment. The next maintenance fee is due on September 1, 2025.
About Golden Star Resource Corp.
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