Liberty Star Uranium & Metals Corp. reported significant financial changes in its 10-Q filing for the period ending July 31, 2024. The company experienced a notable increase in net income, achieving $1,149,145 for the three months ended July 31, 2024, compared to a net loss of $203,379 for the same period in 2023. For the six months ended July 31, 2024, net income was $1,460,526, a substantial improvement from a net loss of $321,958 in the prior year.

Total current assets decreased to $37,421 as of July 31, 2024, down from $86,455 as of January 31, 2024. Total assets also fell to $51,831 from $104,099 in the same timeframe. Conversely, total current liabilities increased significantly to $4,632,933 from $3,134,498, leading to a total liabilities rise to $4,665,333 from $3,166,898. This resulted in a total stockholders’ deficit of $(4,613,502) as of July 31, 2024, compared to $(3,062,799) at the beginning of the year.

Operating expenses surged, with net operating expenses for the three months ended July 31, 2024, totaling $419,059, compared to $141,657 in the same period of 2023. For the six-month period, expenses rose to $938,145 from $276,332 year-over-year. The company also recorded a significant gain on the change in fair value of derivative liabilities, amounting to $1,642,566 for the three months ended July 31, 2024, compared to $11,337 in the prior year.

The company’s cash and cash equivalents dwindled to $8,251 as of July 31, 2024, down from $72,099 at the beginning of the year. Cash used in operating activities increased to $658,867 for the six months ended July 31, 2024, compared to $230,866 in the same period of 2023. However, net cash provided by financing activities rose to $595,019, primarily from proceeds of convertible promissory notes and related party notes payable, compared to a net cash outflow of $280,308 in the previous year.

Strategically, the company is focused on its exploration projects, particularly the Tombstone Super Project and Hay Mountain Property, which are expected to involve significant geological and geophysical work. The company is actively seeking additional funding through various means, including stock warrants and equity financing, to support its exploratory activities. The resignation of CEO Brett Gross in September 2023 has led to Patricia Madaris, VP Finance and CFO, stepping in as Interim CEO.