Star Gold Corp. reported its financial results for the three months ended July 31, 2024, revealing a net loss of $99,437, an increase of $10,483 compared to a net loss of $88,954 for the same period in 2023. The company did not report any operating revenue for both periods, reflecting its ongoing focus on exploration rather than production. Total operating expenses rose to $87,309 from $80,681 year-over-year, primarily driven by increased legal and professional fees, which amounted to $34,664, up from $25,412 in the prior year.
The company's cash and cash equivalents increased significantly to $14,400,000 as of July 31, 2024, compared to $5,168,000 at the end of April 2024. This increase was attributed to net cash provided by financing activities, which totaled $40,000,000, doubling from $20,000,000 in the same quarter of the previous year. The net cash used by operating activities slightly improved to $(18,768,000) from $(19,777,000) year-over-year.
Total current assets also saw a substantial rise, reaching $15,734,000 as of July 31, 2024, compared to $6,974,000 at the end of April 2024. However, total current liabilities increased significantly to $336,607,000 from $256,410,000, contributing to a total liabilities figure of $864,107,000, up from $743,910,000. Consequently, the total stockholders’ equity deficit widened to $(156,806,000) from $(57,369,000).
Star Gold Corp. continues to focus on its Longstreet Property, which comprises 142 mineral claims covering approximately 2,500 acres. The company plans to commence hydrology drilling and geochemical analysis for the Longstreet Project in the fiscal year ending April 30, 2025, and intends to prepare an Environmental Impact Statement (EIS) and a plan of operation, pending governmental review.
The company has incurred operating losses since its inception and relies on financing through debt and equity securities to fund its operations. Management believes it can source additional capital through various means, including public offerings and joint ventures. As of July 31, 2024, the company reported an accumulated deficit of $12,956,976 and a working capital deficit of $320,873.
Star Gold Corp. operates without any employees, relying on independent contractors for its business activities. The company has not engaged in any material legal proceedings and has no significant off-balance sheet arrangements that could materially affect its financial condition.
About Star Gold Corp.
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