Idaho Copper Corporation Reports Net Loss of $2.08M for Six Months Ending July 31, 2024

Idaho Copper Corporation, formerly known as Joway Health Industries Group Inc., reported its financial results for the six-month period ending July 31, 2024. The company experienced a net loss of $2,080,247, a significant increase from the net loss of $1,162,531 reported for the same period in 2023. This trend continued in the most recent quarter, with a net loss of $1,035,981 compared to $587,530 in the prior year.

Operating expenses surged to $1,918,422 for the six months ended July 31, 2024, up from $800,096 in the same period of 2023. The increase was driven by higher payroll and related expenses, which rose to $452,650, and substantial stock-based compensation, which reached $554,056, compared to $140,741 in the previous year. Other notable contributors included rent expenses, which increased to $143,085 from $21,000, and general and administrative expenses, which rose significantly.

The company’s total current assets as of July 31, 2024, were reported at $592,113, with total assets amounting to $732,559. Cash reserves saw a notable increase, climbing from $30,146 on January 31, 2024, to $454,256 by the end of July 2024. This increase in cash was primarily attributed to financing activities, which generated $2,023,384, compared to $201,200 in the same period of 2023.

Total liabilities decreased from $6,212,379 on January 31, 2024, to $5,652,487 on July 31, 2024, while total current liabilities also fell from $1,920,377 to $1,388,059. The company’s additional paid-in capital rose from $25,336,048 to $28,915,982 during the same period, and the total stockholders’ deficit improved from $(6,060,609) to $(4,919,928).

Strategically, Idaho Copper Corporation completed a share exchange with International CuMo Mining Corporation on January 23, 2023, making ICUMO a wholly owned subsidiary. This acquisition has been reflected in the company’s financial statements as the accounting acquirer. The company continues to explore mineral rights interests in the United States but has not yet identified economically recoverable mineral reserves.

As of July 31, 2024, the company reported a working capital deficit of $795,946 and expressed concerns regarding its ability to continue as a going concern without generating sufficient cash from operations or raising additional funds. The company has incurred cumulative net losses of $34,085,857 since inception.