Texas Mineral Resources Corp. Files 10-Q for Period Ending November 30, 2023

TL;DR

<b>Texas Mineral Resources Corp. has filed its quarterly report for the period ending November 30, 2023, detailing its financial status and operations.</b>

AI Summary

Texas Mineral Resources Corp. (TMRC) filed a Quarterly Report (10-Q) with the SEC on January 16, 2024. Texas Mineral Resources Corp. filed a 10-Q report for the period ending November 30, 2023. The company's fiscal year ends on August 31. The filing covers the quarterly period from September 1, 2023, to November 30, 2023. Previous filings indicate a name change from Texas Rare Earth Resources Corp. in 2011 and Standard Silver Corp. in 2008. The company is involved in Gold & Silver Ores (SIC code 1040).

Why It Matters

For investors and stakeholders tracking Texas Mineral Resources Corp., this filing contains several important signals. This 10-Q filing provides investors with an updated view of the company's financial performance and operational activities for the recent quarter. Understanding the details within this report is crucial for assessing the company's current standing and future prospects in the gold and silver mining sector.

Risk Assessment

Risk Level: low — Texas Mineral Resources Corp. shows low risk based on this filing. The filing is a standard 10-Q report with no immediate indicators of significant financial distress or major operational changes, suggesting a low immediate risk based solely on this document.

Analyst Insight

Review the detailed financial statements and management discussion within the 10-Q to understand the company's operational performance and financial health.

Key Numbers

• 2023-11-30 — Conformed Period of Report (Quarterly report period end date)
• 2024-01-16 — Filed as of Date (Date the report was filed)
• 0831 — Fiscal Year End (Company's fiscal year end month and day)
• 1040 — Standard Industrial Classification (Industry code for Gold & Silver Ores)

Key Players & Entities

• Texas Mineral Resources Corp. (company) — Filer
• Texas Rare Earth Resources Corp. (company) — Former company name
• Standard Silver Corp. (company) — Former company name
• SIERRA BLANCA (location) — Business and Mail Address City
• TX (location) — Business and Mail Address State
• DE (location) — State of Incorporation

FAQ

Industry Context

Texas Mineral Resources Corp. operates in the mining sector, specifically focusing on Gold & Silver Ores as indicated by its SIC code.

Regulatory Implications

The company is subject to SEC regulations for public filings, including the requirement to submit quarterly 10-Q reports.

What Investors Should Do

1. Analyze the financial statements within the 10-Q for revenue, expenses, and net income.
2. Review management's discussion and analysis (MD&A) for insights into operational performance and future outlook.
3. Check for any new disclosures regarding assets, liabilities, or significant contractual agreements.

Key Dates

• 2023-11-30: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-01-16: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides investors with a comprehensive update on the company's financial performance and operational status during the quarter.)

SIC Code

Standard Industrial Classification code used to categorize businesses. (Indicates Texas Mineral Resources Corp. operates within the Gold & Silver Ores industry.)

Year-Over-Year Comparison

This filing is a standard 10-Q report for the period ending November 30, 2023, providing updated financial and operational information compared to previous filings.

Filing Documents

• tmrc-10q_113023.htm (10-Q) — 540KB
• ex31-1.htm (EX-31.1) — 18KB
• ex31-2.htm (EX-31.2) — 18KB
• ex32-1.htm (EX-32.1) — 6KB
• ex32-2.htm (EX-32.2) — 6KB
• 0001999371-24-000433.txt (&nbsp;) — 2124KB
• tmrc-20231130.xsd (EX-101.SCH) — 21KB
• tmrc-20231130_cal.xml (EX-101.CAL) — 18KB
• tmrc-20231130_def.xml (EX-101.DEF) — 65KB
• tmrc-20231130_lab.xml (EX-101.LAB) — 166KB
• tmrc-20231130_pre.xml (EX-101.PRE) — 115KB
• tmrc-10q_113023_htm.xml (XML) — 156KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) 3 Item 2

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 11 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 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 23 2 TEXAS MINERAL RESOURCES CORP. CONSOLIDATED BALANCE SHEETS (Unaudited) November 30, August 31, 2023 2023 ASSETS CURRENT ASSETS Cash and cash equivalents $ 904,487 $ 1,079,307 Prepaid expenses and other current assets 24,447 39,577 Total current assets 928,934 1,118,884 Mineral properties, net 415,607 415,607 TOTAL ASSETS $ 1,344,541 $ 1,534,491 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable and accrued liabilities $ 67,033 $ 93,406 Total current liabilities 67,033 93,406 COMMITMENTS AND CONTINGENCIES SHAREHOLDERS' EQUITY Preferred stock, par value $ 0.001 ; 10,000,000 shares authorized, no shares issued and oustanding as of November 30, 2023 and August 31, 2023 — — Common stock, par value $ 0.01 ; 100,000,000 shares authorized, 73,784,799 and 73,728,262 shares issued and oustanding as of November 30, 2023 and August 31, 2023, respectively 737,848 737,283 Additional paid-in capital 43,105,093 43,047,824 Accumulated deficit ( 42,565,433 ) ( 42,344,022 ) Total shareholders' equity 1,277,508 1,441,085 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 1,344,541 $ 1,534,491 The accompanying notes are an integral part of these consolidated financial statements. 3 TEXAS MINERAL RESOURCES CORP. CONSOLIDATED STATEMENTS OF OPERATIONS For the Three Months Ended November 30, 2023 and 2022 (Unaudited) 2023 2022 OPERATING EXPENSES Exploration costs $ — $ 231,375 General and administrative expenses 232,909 342,191 Total operating expenses 232,909 573,566 LOSS FROM OPERATIONS ( 232,909 ) ( 573,566 ) OTHER INCOME Interest income 11,498 5,394 Total other income 11,498 5,394 NET LOSS $ ( 221,411 ) $ ( 568,172 ) Net loss per share: Basic and diluted net loss per share $ ( 0.00 ) $ ( 0.01 ) Weighted average shares outstanding: Basic and diluted 73,766,161 72,881,900 The accompanying notes are an integral part of th

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View this 10-Q filing on SEC EDGAR