Texas Mineral Resources Corp. Files 10-Q for Period Ending February 29, 2024

TL;DR

<b>Texas Mineral Resources Corp. has filed its quarterly report (10-Q) for the period ending February 29, 2024, detailing financial information and company history.</b>

AI Summary

Texas Mineral Resources Corp. (TMRC) filed a Quarterly Report (10-Q) with the SEC on April 12, 2024. Texas Mineral Resources Corp. filed a 10-Q report for the period ending February 29, 2024. The company's fiscal year ends on August 31. The filing covers the quarterly period from December 1, 2023, to February 29, 2024. It also includes comparative data for prior periods, such as February 28, 2023, and August 31, 2023. The company was formerly known as Texas Rare Earth Resources Corp. and Standard Silver Corp.

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 update on the company's financial performance and position as of February 29, 2024. Understanding the details within this report is crucial for assessing the company's operational status and potential future performance in the gold and silver ores sector.

Risk Assessment

Risk Level: low — Texas Mineral Resources Corp. shows low risk based on this filing. The filing is a standard 10-Q, providing routine financial updates without immediate significant positive or negative indicators. Specific financial performance data is not detailed in the provided text.

Analyst Insight

Review the full 10-Q filing for detailed financial statements, management discussion, and risk factors to form an investment thesis.

Key Numbers

• 2024-02-29 — Period End Date (Quarterly report period)
• 2024-04-12 — Filing Date (Date the report was filed)
• 0831 — Fiscal Year End (Company's fiscal year end month and day)
• 2011-01-28 — Name Change Date (Date of name change from Texas Rare Earth Resources Corp.)
• 2008-09-24 — Name Change Date (Date of name change from Standard Silver Corp.)

Key Players & Entities

• Texas Mineral Resources Corp. (company) — Filer name
• Texas Rare Earth Resources Corp. (company) — Former company name
• Standard Silver Corp. (company) — Former company name
• 2024-02-29 (date) — Period of report
• 2024-04-12 (date) — Filing date
• 0001445942 (company) — Central Index Key
• 1040 (industry_code) — Standard Industrial Classification for Gold & Silver Ores
• SIERRA BLANCA (location) — Business and mailing address city

FAQ

Key Dates

• 2024-02-29: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-04-12: Filing Date — Date the 10-Q report was officially submitted to the SEC.
• 2023-08-31: Fiscal Year End — Marks the end of the company's annual fiscal year.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides investors with a timely update on the company's financial condition between annual reports.)

SIC Code 1040

Standard Industrial Classification code for Gold & Silver Ores. (Indicates the primary industry in which Texas Mineral Resources Corp. operates.)

Filing Documents

• tmrc-10q_022924.htm (10-Q) — 526KB
• ex31-1.htm (EX-31.1) — 15KB
• ex31-2.htm (EX-31.2) — 15KB
• ex32-1.htm (EX-32.1) — 5KB
• ex32-2.htm (EX-32.2) — 5KB
• 0001999371-24-004754.txt (&nbsp;) — 2346KB
• tmrc-20240229.xsd (EX-101.SCH) — 21KB
• tmrc-20240229_cal.xml (EX-101.CAL) — 19KB
• tmrc-20240229_def.xml (EX-101.DEF) — 70KB
• tmrc-20240229_lab.xml (EX-101.LAB) — 213KB
• tmrc-20240229_pre.xml (EX-101.PRE) — 154KB
• tmrc-10q_022924_htm.xml (XML) — 187KB

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 21 Item 1A.

Risk Factors

Risk Factors 21 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 21 Item 3 Defaults upon Senior Securities 21 Item 4 Mine Safety Disclosures 21 Item 5 Other Information 21 Item 6 Exhibits 22

Signatures

Signatures 24 2 TEXAS MINERAL RESOURCES CORP. CONSOLIDATED BALANCE SHEETS (Unaudited) February 29, August 31, 2024 2023 ASSETS CURRENT ASSETS Cash and cash equivalents $ 764,493 $ 1,079,307 Prepaid expenses and other current assets 49,710 39,577 Total current assets 814,203 1,118,884 Mineral properties, net 415,607 415,607 TOTAL ASSETS $ 1,229,810 $ 1,534,491 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable and accrued liabilities $ 41,114 $ 93,406 Total current liabilities and liabilities 41,114 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 February 29, 2024 and August 31, 2023 — — Common stock, par value $ 0.01 ; 100,000,000 shares authorized, 73,932,575 and 73,728,263 shares issued and oustanding as of February 29, 2024 and August 31, 2023, respectively 739,326 737,283 Additional paid-in capital 43,156,045 43,047,824 Accumulated deficit ( 42,706,675 ) ( 42,344,022 ) Total shareholders' equity 1,188,696 1,441,085 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 1,229,810 $ 1,534,491 The accompanying notes are an integral part of these interim consolidated financial statements. 3 TEXAS MINERAL RESOURCES CORP. CONSOLIDATED For the Six and Three Months Ended February 29, 2024 and February 28, 2023 (Unaudited) Six Months Ended Three Months Ended 2024 2023 2024 2023 OPERATING EXPENSES Exploration costs $ 7,878 $ 629,559 $ 7,878 $ 398,184 General and administrative expenses 461,166 626,378 228,257 284,187 Total operating expenses 469,044 1,255,937 236,135 682,371 LOSS FROM OPERATIONS ( 469,044 ) ( 1,255,937 ) ( 236,135 ) ( 682,371 ) OTHER INCOME Other income 106,391 14,925 94,893 9,531 Total other income 106,391 14,925 94,893 9,531 NET LOSS $ ( 362,653 ) $ ( 1,241,012

View Full Filing

View this 10-Q filing on SEC EDGAR