Idaho Copper Corp. Files Q1 2024 Report

Ticker: COPR · Form: 10-Q · Filed: Jun 3, 2024 · CIK: 1263364

Sentiment: neutral

Topics: 10-Q, reporting, compliance

Related Tickers: COPR

TL;DR

**COPR filed its 10-Q, all good on reporting.**

AI Summary

Idaho Copper Corp. filed its quarterly report for the period ended April 30, 2024. The company is registered in Nevada and its common stock trades under the symbol COPR on the OTC exchange. Idaho Copper Corp. has confirmed it has filed all required reports for the preceding 12 months and has been subject to such filing requirements for the past 90 days.

Why It Matters

This filing provides an update on Idaho Copper Corp.'s financial and operational status, which is crucial for investors to assess the company's performance and future prospects.

Risk Assessment

Risk Level: low — The filing is a standard quarterly report and does not indicate any immediate financial distress or significant new risks.

Key Players & Entities

FAQ

What is the principal executive office address for Idaho Copper Corp.?

The principal executive offices are located at 800 W. Main Street, Suite 1460, Boise, ID 83702.

What is the Commission File Number for Idaho Copper Corp.?

The Commission File Number is 333-108715.

What is the I.R.S. Employer Identification No. for Idaho Copper Corp.?

The I.R.S. Employer Identification No. is 98-0221494.

Has Idaho Copper Corp. filed all required reports for the preceding 12 months?

Yes, the registrant has voluntarily filed all periodic reports under the Securities Exchange Act of 1934 for the preceding 12 months.

Is Idaho Copper Corp. subject to the filing requirements for the past 90 days?

Yes, the registrant has been subject to such filing requirements for the past 90 days.

Filing Stats: 4,460 words · 18 min read · ~15 pages · Grade level 16.9 · Accepted 2024-05-31 22:00:20

Filing Documents

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 17 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 19 Item 4.

Controls and Procedures

Controls and Procedures 19 PART II. OTHER INFORMATION 20 Item 1.

Legal Proceedings

Legal Proceedings 20 Item 1A.

Risk Factors

Risk Factors 20 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 20 Item 3. Defaults Upon Senior Securities 20 Item 4. Mine Safety Disclosures 20 Item 5. Other Information 20 Item 6. Exhibits 21

Signatures

Signatures 22 FORWARD LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, that involve substantial risks and uncertainties. Forward-looking statements include statements preceded by, followed by or that include the words "may," "could," "would," "should," "believe," "expect," "anticipate," "plan," "estimate," "target," "project," "intend" and similar words or expressions. In addition, any statements that refer to expectations, projections, or other characterizations of future events or circumstances are forward-looking statements. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements. Investors should carefully consider all of such risks before making an investment decision with respect to the Company's stock. The following discussion and analysis should be read in conjunction with our condensed consolidated financial statements for Idaho Copper Corporation. Any forward-looking statement made by us in this Form 10Q is based only on information currently available to us and speaks only as of the

financial statements should be read in conjunction with that report

financial statements should be read in conjunction with that report. 8 Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiary. All significant intercompany balances and transactions have been eliminated in the consolidation. The condensed consolidated financial statements included herein, presented in accordance with US GAAP and stated in United States dollars, have been prepared by the Company, pursuant to the rules and regulations of the SEC. Liquidity and Going Concern We have incurred recurring losses since inception and expect to continue to incur losses as a result of legal and professional fees and our corporate general and administrative expenses. On April 30, 2024, we had $ 1,005,010 in cash. Our net loss incurred for the three months ended April 30, 2024, was $ 1,044,266 and the working capital deficit was $ 440,301 on April 30, 2024. As a result, there is substantial doubt about our ability to continue as a going concern. In the event that we are unable to generate sufficient cash from our operating activities or raise additional funds, we may be required to delay, reduce or severely curtail our operations or otherwise impede our on-going business efforts, which could have a material adverse effect on our business, operating results, financial condition and long-term prospects. The Company expects to seek to obtain additional funding through increased revenues and future financing. There can be no assurance as to the availability or terms upon which such financing and capital might be available. The accompanying condensed consolidated

financial statements have been prepared assuming that the Company will continue as a going concern

financial statements have been prepared assuming that the Company will continue as a going concern. Use of Estimates The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash Cash is comprised of cash balances. Cash is held at major financial institutions and is subject to credit risk to the extent that those balances exceed applicable Federal Deposit Insurance Corporation ("FDIC") insurance amounts of $ 250,000 . From time to time, the Company has certain cash balances, including restricted cash, that may exceed insured limits. The Company utilizes large and reputable banking institutions which it believes mitigates these risks. The Company has not experienced any losses in such accounts. As of April 30, 2023, the Company's cash balance did no t exceed the insurance limits. Stock-Based Compensation The Company accounts for stock-based instruments issued to employees in accordance with ASC Topic 718, Compensation – Stock Compensation, and Certain Redeemable Financial Instruments . Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 718 requires companies to recognize in the statement of operations the grant-date fair value of stock options and other equity-based compensation issued to employees. The value of the portion of an award that is ultimately expected to vest is recognized as an expense over the requisite service periods using the straight-line attribution method. Fair Value of Financial Instruments The book values of cash, accounts receivable, and accounts payable approximate their respective fair values due to the short-term nature

View Full Filing

View this 10-Q filing on SEC EDGAR

View on Read The Filing