Northern Minerals & Exploration Ltd. Files 10-Q for Q2 2024

TL;DR

<b>Northern Minerals & Exploration Ltd. has filed its Q2 2024 10-Q report, detailing its financial performance and business activities.</b>

AI Summary

NORTHERN MINERALS & EXPLORATION LTD. (NMEX) filed a Quarterly Report (10-Q) with the SEC on March 18, 2024. The company filed its 10-Q for the period ending January 31, 2024. The filing covers the second quarter of fiscal year 2024. Northern Minerals & Exploration Ltd. was formerly known as Punchline Resources Ltd. and Punchline Entertainment, Inc. The company's business address is in Cisco, Texas. The SIC code for the company is GOLD & SILVER ORES [1040].

Why It Matters

For investors and stakeholders tracking NORTHERN MINERALS & EXPLORATION LTD., this filing contains several important signals. This filing provides investors with the latest financial data and operational updates for Northern Minerals & Exploration Ltd., crucial for assessing its current standing and future prospects in the gold and silver ores sector. Understanding the company's financial health and any disclosed risks or strategic moves in this 10-Q is essential for making informed investment decisions regarding NMEX.

Risk Assessment

Risk Level: low — NORTHERN MINERALS & EXPLORATION LTD. shows low risk based on this filing. The filing is a standard 10-Q report with no immediate red flags, indicating a routine disclosure of financial information.

Analyst Insight

Monitor future filings for specific financial performance metrics and operational updates related to gold and silver exploration.

Key Numbers

• 2024-01-31 — Period End Date (Q2 2024)
• 2024-03-18 — Filing Date (10-Q filing date)
• 0731 — Fiscal Year End (Company fiscal year end)
• 1040 — SIC Code (Gold & Silver Ores)

Key Players & Entities

• NORTHERN MINERALS & EXPLORATION LTD. (company) — Filer name
• NMEX (company) — Ticker symbol
• 10-Q (filing) — Form type
• 20240131 (date) — Period of report
• 20240318 (date) — Filing date
• Punchline Resources Ltd. (company) — Former company name
• Punchline Entertainment, Inc. (company) — Former company name
• GOLD & SILVER ORES (industry) — Standard Industrial Classification

FAQ

Industry Context

The company operates in the Gold & Silver Ores industry, which involves the exploration and extraction of precious metals.

Regulatory Implications

The filing is a standard SEC Form 10-Q, which is a quarterly report required by the Securities and Exchange Commission for publicly traded companies.

What Investors Should Do

1. Review the full 10-Q filing for detailed financial statements and management's discussion and analysis.
2. Track future SEC filings for updates on exploration activities and financial results.
3. Research the company's historical performance and market position within the gold and silver mining sector.

Year-Over-Year Comparison

This is the 10-Q filing for the second quarter of fiscal year 2024, providing updated financial information compared to previous periods.

Key Financial Figures

• $6,600 — compensation Officer compensation was $6,600 and $6,600 for the three months ended J
• $18,000 — onsulting – related party services were $18,000 and $18,000 for the three months ended
• $5,000 — fessional fees Professional fees were $5,000 and $0 for the three months ended Janua
• $0 — ees Professional fees were $5,000 and $0 for the three months ended January 31,
• $2,684 — neral and administrative expenses were ($2,684) and $1,151 for the three months ended
• $1,151 — ministrative expenses were ($2,684) and $1,151 for the three months ended January 31,
• $3,835 — 4 and 2023, respectively, a decrease of $3,835 or 333.2%. In Q1 $8,000 was incorrectly
• $8,000 — , a decrease of $3,835 or 333.2%. In Q1 $8,000 was incorrectly recorded and discovered
• $2,860 — 24 and 2023, we had interest expense of $2,860 and $1,585, respectively. We also had $
• $1,585 — , we had interest expense of $2,860 and $1,585, respectively. We also had $468 of othe
• $468 — 0 and $1,585, respectively. We also had $468 of other income in the prior period. 1
• $29,776 — January 31, 2024, we had a net loss of $29,776 as compared to a net loss of $26,871 fo
• $26,871 — of $29,776 as compared to a net loss of $26,871 for the three months ended January 31,
• $2,905 — s ended January 31, 2023 an increase of $2,905 or 10.8%. The increase is due to the re
• $13,200 — compensation Officer compensation was $13,200 and $13,200 for the six months ended Ja

Filing Documents

• nmex20240131_10q.htm (10-Q) — 433KB
• ex_637320.htm (EX-31.1) — 13KB
• ex_637321.htm (EX-31.2) — 13KB
• ex_637322.htm (EX-32.1) — 7KB
• 0001437749-24-008277.txt (&nbsp;) — 2048KB
• nmex-20240131.xsd (EX-101.SCH) — 18KB
• nmex-20240131_cal.xml (EX-101.CAL) — 16KB
• nmex-20240131_def.xml (EX-101.DEF) — 144KB
• nmex-20240131_lab.xml (EX-101.LAB) — 123KB
• nmex-20240131_pre.xml (EX-101.PRE) — 156KB
• nmex20240131_10q_htm.xml (XML) — 161KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements 3

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 11

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 13

Controls and Procedures

Item 4. Controls and Procedures 13

– OTHER INFORMATION

PART II – OTHER INFORMATION 14

Legal Proceedings

Item 1. Legal Proceedings 14

Risk Factors

Item 1A. Risk Factors 14

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 14

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 14

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 14

Other Information

Item 5. Other Information 14

Exhibits

Item 6. Exhibits 14

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements NORTHERN MINERALS & EXPLORATION LTD. CONSOLIDATED FINANCIAL STATEMENTS Condensed Consolidated Balance Sheets as of January 31, 2024 (Unaudited) and July 31, 2023 (Audited) 4 Condensed Consolidated Statements of Operations for the Three and Six Months ended January 31, 2024 and 2023 (Unaudited) 5 Condensed Consolidated Statement of Changes in Stockholders' Equity (Deficit) for the Three and Six Months ended January 31, 2024 and 2023 (Unaudited) 6 Condensed Consolidated Statements of Cash Flows for the Six Months ended January 31, 2024 and 2023 (Unaudited) 7 Notes to Condensed Consolidated Financial Statements (Unaudited) 8 3 NORTHERN MINERALS & EXPLORATION LTD. CONDENSED CONSOLIDATED BALANCE SHEETS January 31, July 31, 2024 2023 (Unaudited) (Audited) ASSETS Current Assets: Cash $ 10,339 $ 6,900 Total Current Assets 10,339 6,900 TOTAL ASSETS $ 10,339 $ 6,900 LIABILITIES & STOCKHOLDERS ' DEFICIT Current Liabilities: Accounts payable $ 46,464 $ 43,364 Accounts payable – related party 26,500 26,500 Accrued liabilities 30,332 27,152 Loans payable - current 86,000 86,000 Total Current Liabilities 189,296 183,016 Loan payable – long term 85,000 85,000 TOTAL LIABILITIES 274,296 268,016 Commitments and Contingencies Stockholders' Deficit: Preferred stock, $ 0.001 par value, 50,000,000 shares authorized; no shares issued — — Common stock, $ 0.001 par value, 250,000,000 shares authorized; 93,301,023 and 89,059,357 shares issued and outstanding as of January 31, 2024 and July 31, 2023, respectively 93,300 89,059 Common stock to be issued 55,000 30,000 Additional paid-in-capital 3,047,052 2,987,668 Accumulated deficit ( 3,459,309 ) ( 3,367,843 ) Total Stockholders' Deficit ( 263,957 ) ( 261,116 ) TOTAL LIABILITIES & STOCKHOLDERS' DEFICIT $ 10,339 $ 6,900 The accompanying notes are an integral part of these unaudited consolidated

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

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

Forward-Looking Statements

Forward-Looking Statements This report on Form 10-Q contains certain forward-looking statements. All statements other than statements of historical fact are "forward-looking statements" for purposes of these provisions, including any projections of earnings, revenues, or other financial items; any statements of the plans, strategies, and objectives of management for future operation; any statements concerning proposed new products, services, or developments; any statements regarding future economic conditions or performance; statements of belief; and any statement of assumptions underlying any of the foregoing. Such forward-looking statements are subject to inherent risks and uncertainties, and actual results could differ materially from those anticipated by the forward-looking statements. These forward-looking statements involve significant risks and uncertainties, including, but not limited to, the following: competition, promotional costs and the risk of declining revenues. Our actual results could differ materially from those anticipated in such forward-looking statements as a result of a number of factors. These forward-looking statements are made as of the date of this filing, and we assume no obligation to update such forward-looking statements. The following discusses our financial condition and results of operations based upon our unaudited financial statements which have been prepared in conformity with accounting principles generally accepted in the United States. It should be read in conjunction with our financial statements and the notes thereto included elsewhere herein. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Except as required by applicable law, including the securities laws of the United States, we do not intend to update any of the forward-looking statements to conform these statements to actual resu

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View this 10-Q filing on SEC EDGAR