Silver Bull Resources, Inc. Files Quarterly Report (10-Q) for Period Ended January 31, 2024

TL;DR

<b>Silver Bull Resources, Inc. has filed its quarterly report for the period ending January 31, 2024, detailing its financial status and operational disclosures as an exploration stage company.</b>

AI Summary

SILVER BULL RESOURCES, INC. (SVBL) filed a Quarterly Report (10-Q) with the SEC on March 15, 2024. The company filed a Form 10-Q for the quarterly period ended January 31, 2024. As of March 15, 2024, Silver Bull Resources, Inc. had 47,365,652 shares of common stock outstanding. The company is incorporated in Nevada and its principal executive offices are located in Vancouver, Canada. Silver Bull Resources, Inc. is classified as a non-accelerated filer and a smaller reporting company. The company is an exploration stage company.

Why It Matters

For investors and stakeholders tracking SILVER BULL RESOURCES, INC., this filing contains several important signals. This filing provides investors with an update on the company's financial position and operational activities during the specified quarter, crucial for assessing its progress and potential. As an exploration stage company, this report is vital for understanding the company's current stage of development, resource exploration efforts, and any associated expenditures or findings.

Risk Assessment

Risk Level: low — SILVER BULL RESOURCES, INC. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain significant new financial data or operational developments that would indicate a change in risk profile.

Analyst Insight

Monitor future filings for updates on exploration progress, resource discoveries, and any financing activities to assess the company's development trajectory.

Key Numbers

• 47,365,652 — Common Shares Outstanding (As of March 15, 2024)
• 2024-01-31 — Quarterly Period End Date (Form 10-Q filing)
• 1031 — Fiscal Year End (Company's fiscal year end)

Key Players & Entities

• SILVER BULL RESOURCES, INC. (company) — Registrant
• January 31, 2024 (date) — Quarterly period ended
• March 15, 2024 (date) — As of date for outstanding shares
• 47,365,652 (dollar_amount) — Shares of common stock outstanding
• Nevada (location) — State of incorporation
• Vancouver, B.C. (location) — Address of principal executive offices
• 001-33125 (other) — Commission File Number

FAQ

Risk Factors

• Exploration Stage Company Status [medium — operational]: The company is an exploration stage company, meaning it is primarily engaged in the exploration of mineral properties and has not yet established proven reserves or commenced commercial production.

Key Dates

• 2024-01-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-03-15: Filing Date — Date the 10-Q report was filed with the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC) that provides a continuing disclosure of financial performance. (This filing provides the latest financial and operational update for Silver Bull Resources, Inc.)

Exploration Stage Company

A company that is primarily engaged in the planning and exploration of a mineral property and has not yet determined whether it has commercially viable mineral reserves. (Indicates the company's current business focus and risk profile, which is typically higher due to the speculative nature of exploration.)

Key Financial Figures

• $0.01 — e 47,365,652 shares of the registrant's $0.01 par value common stock outstanding, the

Filing Documents

• svbl-20240131.htm (10-Q) — 483KB
• ex31x1.htm (EX-31.1) — 8KB
• ex31x2.htm (EX-31.2) — 8KB
• ex32x1.htm (EX-32.1) — 4KB
• ex32x2.htm (EX-32.2) — 4KB
• 0001079973-24-000383.txt (&nbsp;) — 3897KB
• svbl-20240131.xsd (EX-101.SCH) — 57KB
• svbl-20240131_cal.xml (EX-101.CAL) — 29KB
• svbl-20240131_def.xml (EX-101.DEF) — 207KB
• svbl-20240131_lab.xml (EX-101.LAB) — 373KB
• svbl-20240131_pre.xml (EX-101.PRE) — 208KB
• svbl-20240131_htm.xml (XML) — 374KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION 3

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. 21

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK. 26

CONTROLS AND PROCEDURES

ITEM 4. CONTROLS AND PROCEDURES. 26

– OTHER INFORMATION

PART II – OTHER INFORMATION 27

LEGAL PROCEEDINGS

ITEM 1. LEGAL PROCEEDINGS. 27

RISK FACTORS

ITEM 1A. RISK FACTORS. 27

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS. 27

DEFAULTS UPON SENIOR SECURITIES

ITEM 3. DEFAULTS UPON SENIOR SECURITIES. 27

MINE SAFETY DISCLOSURES

ITEM 4. MINE SAFETY DISCLOSURES. 27

OTHER INFORMATION

ITEM 5. OTHER INFORMATION. 27

EXHIBITS

ITEM 6. EXHIBITS. 28

SIGNATURES

SIGNATURES 29 [The balance of this page has been intentionally left blank.] 2

– FINANCIAL

PART I – FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS. SILVER BULL RESOURCES, INC. (AN EXPLORATION STAGE COMPANY) CONDENSED CONSOLIDATED BALANCE SHEETS January 31, 2024 October 31, 2023 (Unaudited) (Audited) ASSETS CURRENT ASSETS Cash and cash equivalents (Note 15) $ 489,502 $ 1,008,507 Other receivables 4,303 5,685 Accounts receivable (Note 5) 209,682 140,097 Prepaid expenses and deposits 34,061 44,637 Due from related party (Note 7) 62,840 57,853 Total Current Assets 800,388 1,256,779 Value-added tax receivable, net of allowance for uncollectible taxes of $ 570,472 and $ 536,010 , respectively (Note 8) 106,519 100,613 Office and mining equipment, net (Note 9) 128,494 130,937 Property concessions (Note 10) 5,004,386 5,004,386 TOTAL ASSETS $ 6,039,787 $ 6,492,715 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable $ 84,897 $ 517,489 Accrued liabilities and expenses 340,265 258,590 Income tax payable 4,000 3,000 Loan payable (Note 11) — 43,256 Total Current Liabilities 429,162 822,335 Warrant derivative liability (Note 14) 148,171 78,088 TOTAL LIABILITIES 577,333 900,423 COMMITMENTS AND CONTINGENCIES (Note 16) STOCKHOLDERS' EQUITY (Notes 6, 12, 13 and 14) Common stock, $ 0.01 par value; 150,000,000 shares authorized, 47,365,652 shares issued and outstanding 2,541,515 2,541,515 Additional paid-in capital 141,666,852 141,604,015 Accumulated deficit ( 138,838,161 ) ( 138,645,486 ) Other comprehensive income 92,248 92,248 Total Stockholders' Equity 5,462,454 5,592,292 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 6,039,787 $ 6,492,715 The accompanying notes are an integral part of these interim condensed consolidated financial statements. 3 SILVER BULL RESOURCES, INC. (AN EXPLORATION STAGE COMPANY) CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) Three Months Ended January 31, 2024 2023 REVENUES $ — $ —

View Full Filing

View this 10-Q filing on SEC EDGAR