MMEX Resources Corporation Reports Zero Revenue and Increased Net Loss for Quarter Ending October 31, 2024

MMEX Resources Corporation reported its financial results for the quarter ending October 31, 2024, revealing a continued lack of revenue generation, with total revenues remaining at $0 for both the three and six months ended October 31, 2024 and 2023. The company recorded a net loss of $471,447 for the three months, compared to a loss of $434,561 in the same period last year. For the six months, the net loss was $926,669, a decrease from $1,620,133 in the prior year. The increase in losses is attributed to higher general and administrative expenses, which rose to $358,169 for the quarter, up from $312,175 in the previous year, primarily due to increased consultant fees.

In terms of financial position, MMEX reported total current assets of $10,413,000 as of October 31, 2024, a significant increase from $3,898,000 at the end of the previous fiscal year. However, current liabilities also rose to $5,699,716, resulting in a working capital deficit of $5,689,303. The company’s total assets decreased slightly to $1,033,625,000 from $1,045,307,000, while total liabilities increased from $4,859,061 to $5,699,716. The accumulated deficit grew to $81,848,060, reflecting ongoing operational challenges.

Strategically, MMEX has focused on developing clean fuels infrastructure projects powered by renewable energy. The company has formed several subsidiaries, including Pecos Clean Fuels & Transport, LLC, which is working on an ultra-clean transportation fuels refinery in Texas. The company is also in discussions for a Blue Hydrogen project utilizing natural gas from the Permian Basin. Despite these initiatives, the company has not yet begun generating revenue from these projects, and the completion of these plans is contingent upon securing necessary capital.

Operationally, MMEX's employee headcount and customer statistics were not disclosed in the filing. However, the company has indicated that it continues to seek additional funding through private or public equity and debt financing to support its operations and project developments. The company’s ability to continue as a going concern is under scrutiny due to its ongoing losses, working capital deficit, and reliance on external financing.

Looking ahead, MMEX acknowledges the uncertainty surrounding its ability to meet operational commitments and secure sufficient capital investments. The company plans to continue pursuing funding opportunities while navigating the complexities of entering established and emerging markets. The management's outlook remains cautious, emphasizing the need for strategic financial planning to address the challenges ahead.