Northern Minerals & Exploration Ltd. Files Q3 2024 10-Q

TL;DR

NMEX Q3 10-Q filed. Check financials.

AI Summary

Northern Minerals & Exploration Ltd. filed its Q3 2024 10-Q report for the period ending April 30, 2024. The company, formerly known as Punchline Resources Ltd., is incorporated in Nevada and operates in the Gold & Silver Ores sector. Its principal business address is in Cisco, Texas.

Why It Matters

This filing provides investors with an update on the company's financial performance and operational status for the third quarter of fiscal year 2024.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial and business information.

Key Players & Entities

• NORTHERN MINERALS & EXPLORATION LTD. (company) — Filer
• Punchline Resources Ltd. (company) — Former company name
• 20240430 (date) — Reporting period end date
• 20240613 (date) — Filing date
• Cisco, TX (location) — Business address city and state

FAQ

Key Financial Figures

• $6,600 — compensation Officer compensation was $6,600 and $6,600 for the three months ended A
• $18,000 — onsulting – related party services were $18,000 and $18,000 for the three months ended
• $5,750 — fessional fees Professional fees were $5,750 and $10,000 for the three months ended
• $10,000 — ees Professional fees were $5,750 and $10,000 for the three months ended April 30, 20
• $4,250 — 4 and 2023, respectively, a decrease of $4,250. Professional fees generally consist of
• $5,000 — xpenses. In the current period we had a $5,000 decrease in audit fees, offset with $75
• $750 — 000 decrease in audit fees, offset with $750 for legal fees. General and administra
• $5,934 — eneral and administrative expenses were $5,934 and $7,568 for the three months ended A
• $7,568 — administrative expenses were $5,934 and $7,568 for the three months ended April 30, 20
• $1,634 — 4 and 2023, respectively, a decrease of $1,634 or 21.6%. Interest expense During th
• $2,870 — 24 and 2023, we had interest expense of $2,870 and $1,585, respectively. Net Loss F
• $1,585 — , we had interest expense of $2,870 and $1,585, respectively. Net Loss For the thre
• $39,154 — ed April 30, 2024, we had a net loss of $39,154 as compared to a net loss of $43,753 fo
• $43,753 — of $39,154 as compared to a net loss of $43,753 for the three months ended April 30, 20
• $4,599 — nths ended April 30, 2023 a decrease of $4,599 or 10.5%. The decrease is due to the re

Filing Documents

• nmex20240430_10q.htm (10-Q) — 492KB
• ex_685772.htm (EX-31.1) — 12KB
• ex_685773.htm (EX-31.2) — 12KB
• ex_685774.htm (EX-32.1) — 8KB
• 0001437749-24-020187.txt ( ) — 2180KB
• nmex-20240430.xsd (EX-101.SCH) — 19KB
• nmex-20240430_def.xml (EX-101.DEF) — 139KB
• nmex-20240430_lab.xml (EX-101.LAB) — 124KB
• nmex-20240430_pre.xml (EX-101.PRE) — 151KB
• nmex-20240430_cal.xml (EX-101.CAL) — 17KB
• nmex20240430_10q_htm.xml (XML) — 195KB

– 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 15

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements NORTHERN MINERALS & EXPLORATION LTD. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Condensed Consolidated Balance Sheets as of April 30, 2024 (Unaudited) and July 31, 2023 (Audited) 4 Condensed Consolidated Statements of Operations for the Three and Nine Months ended April 30, 2024 and 2023 (Unaudited) 5 Condensed Consolidated Statement of Changes in Stockholders' Equity (Deficit) for the Three and Nine Months ended April 30, 2024 and 2023 (Unaudited) 6 Condensed Consolidated Statements of Cash Flows for the Nine Months ended April 30, 2024 and 2023 (Unaudited) 7 Notes to Condensed Consolidated Financial Statements (Unaudited) 8 3 NORTHERN MINERALS & EXPLORATION LTD. CONDENSED CONSOLIDATED BALANCE SHEETS April 30, July 31, 2024 2023 (Unaudited) (Audited) ASSETS Current Assets: Cash $ 41,942 $ 6,900 Total Current Assets 41,942 6,900 TOTAL ASSETS $ 41,942 $ 6,900 LIABILITIES & STOCKHOLDERS ' DEFICIT Current Liabilities: Accounts payable $ 44,351 $ 43,364 Accounts payable – related party 26,500 26,500 Accrued liabilities 33,202 27,152 Loans payable - current 86,000 86,000 Total Current Liabilities 190,053 183,016 Loan payable – long term 85,000 85,000 TOTAL LIABILITIES 275,053 268,016 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; 98,634,357 and 89,059,357 shares issued and outstanding as of April 30, 2024 and July 31, 2023, respectively 98,634 89,059 Common stock to be issued 45,000 30,000 Additional paid-in-capital 3,121,718 2,987,668 Accumulated deficit ( 3,498,463 ) ( 3,367,843 ) Total Stockholders' Deficit ( 233,111 ) ( 261,116 ) TOTAL LIABILITIES & STOCKHOLDERS' DEFICIT $ 41,942 $ 6,900 The accompanying notes are an integral part of these unaudited condensed co

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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