M2i Global, Inc. (formerly Inky Inc.) reported significant financial developments in its 10-Q filing for the period ending August 31, 2024. The company, which shifted its focus to developing a global value supply chain for critical minerals, remains in a pre-revenue state, with total revenues reported at $0 for both the three and nine months ended August 31, 2024. This marks a decline from $3,400 in revenues for the same nine-month period in 2023.
The company's financial position reflects a notable increase in total current assets, which rose to $59,320,000 from $48,197,000 as of November 30, 2023. However, total current liabilities surged to $2,138,371, up from $1,087,143, leading to a total liabilities increase to $2,138,371 from $1,087,143. The accumulated deficit also widened significantly, reaching $(4,925,011) compared to $(2,113,921) in the previous fiscal period.
Operating expenses for the three months ended August 31, 2024, decreased to $716,546 from $1,446,398 in the same period of 2023, primarily due to reduced travel and professional fees. However, for the nine months ended August 31, 2024, operating expenses increased to $2,740,543 from $2,016,929, attributed to higher travel and professional fees related to the company's strategic shifts.
The net loss for the three months ended August 31, 2024, was $(737,400), a decrease from $(1,446,398) in the prior year. For the nine-month period, the net loss increased to $(2,811,090) from $(2,013,529) in 2023. The company reported a net cash used in operating activities of $(1,400,469) for the nine months ended August 31, 2024, compared to $(954,702) in the previous year.
Strategically, M2i Global became the sole shareholder of U.S. Minerals and Metals Corp. in May 2023 and entered a strategic partnership with Komodo Capital on June 30, 2024, to enhance access to critical minerals. The company also established an offtake agreement with NTM Minerals Limited for 88,000 tonnes of copper valued at approximately $850 million, issuing 12 million shares of common stock as part of this agreement.
The company’s cash position decreased to $28,213 as of August 31, 2024, down from $48,197 at the end of November 2023. Despite the challenges, M2i Global anticipates future revenues within the first or second quarters of the next fiscal year, contingent on securing additional investment capital.
About M2i Global, Inc.
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