Texas Mineral Resources Corp. Files 10-Q
Ticker: TMRC · Form: 10-Q · Filed: Jul 15, 2024 · CIK: 1445942
| Field | Detail |
|---|---|
| Company | Texas Mineral Resources Corp. (TMRC) |
| Form Type | 10-Q |
| Filed Date | Jul 15, 2024 |
| Risk Level | medium |
| Pages | 16 |
| Reading Time | 19 min |
| Sentiment | neutral |
Sentiment: neutral
Topics: 10-Q, mining, SEC-filing
TL;DR
TMRC filed its 10-Q for Q3 FY24, check for operational updates.
AI Summary
Texas Mineral Resources Corp. filed its 10-Q for the period ending May 31, 2024. The company, formerly known as Texas Rare Earth Resources Corp., is focused on gold and silver ores. Specific financial details and operational updates for this quarter are not detailed in the provided header information.
Why It Matters
This filing provides investors with an update on the company's financial performance and operational status for the most recent quarter.
Risk Assessment
Risk Level: medium — As a mining company, Texas Mineral Resources Corp. is subject to inherent risks related to commodity prices, exploration, and regulatory approvals.
Key Numbers
- 000-53482 — SEC File Number (Identifies the company's filings with the SEC)
- 0001445942 — Central Index Key (Unique identifier for the company in SEC filings)
Key Players & Entities
- Texas Mineral Resources Corp. (company) — Filer of the 10-Q
- Texas Rare Earth Resources Corp. (company) — Former name of the company
- Standard Silver Corp. (company) — Earlier former name of the company
- May 31, 2024 (date) — End of the reporting period
- August 31, 2024 (date) — Fiscal year end
FAQ
What is the primary business of Texas Mineral Resources Corp.?
Texas Mineral Resources Corp. is primarily involved in the GOLD & SILVER ORES industry, as indicated by its SIC code [1040].
When does Texas Mineral Resources Corp.'s fiscal year end?
The company's fiscal year ends on August 31st.
What was the previous name of Texas Mineral Resources Corp.?
The company was formerly known as Texas Rare Earth Resources Corp. and before that, Standard Silver Corp.
What period does this 10-Q filing cover?
This 10-Q filing covers the quarterly period ending on May 31, 2024.
Where is Texas Mineral Resources Corp. headquartered?
The company's business and mailing address is located at 539 El Paso Street, Sierra Blanca, TX 79851.
Filing Stats: 4,788 words · 19 min read · ~16 pages · Grade level 15 · Accepted 2024-07-15 16:28:57
Filing Documents
- tmrc-10q_053124.htm (10-Q) — 804KB
- ex31-1.htm (EX-31.1) — 17KB
- ex31-2.htm (EX-31.2) — 17KB
- ex32-1.htm (EX-32.1) — 6KB
- ex32-2.htm (EX-32.2) — 6KB
- 0001999371-24-008608.txt ( ) — 2722KB
- tmrc-20240531.xsd (EX-101.SCH) — 21KB
- tmrc-20240531_cal.xml (EX-101.CAL) — 20KB
- tmrc-20240531_def.xml (EX-101.DEF) — 70KB
- tmrc-20240531_lab.xml (EX-101.LAB) — 216KB
- tmrc-20240531_pre.xml (EX-101.PRE) — 157KB
- tmrc-10q_053124_htm.xml (XML) — 222KB
Financial Statements
Financial Statements (Unaudited) 3 Item 2 Management's Discussion and Analysis of Financial Condition and Results of Operations 11 Item 3
Quantitative and Qualitative Disclosures
Quantitative and Qualitative Disclosures About Market Risk 19 Item 4
Controls and Procedures
Controls and Procedures 20 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) May 31, August 31, 2024 2023 ASSETS CURRENT ASSETS Cash and cash equivalents $ 594,425 $ 1,079,307 Prepaid expenses and other current assets 47,900 39,577 Total current assets 642,325 1,118,884 Mineral properties, net 415,607 415,607 TOTAL ASSETS $ 1,057,932 $ 1,534,491 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable and accrued liabilities $ 48,727 $ 93,406 Total current liabilities and liabilities 48,727 93,406 COMMITMENTS AND CONTINGENCIES SHAREHOLDERS' EQUITY Preferred stock, par value $ 0.001 ; 10,000,000 shares authorized, no shares issued and outstanding as of May 31, 2024 and August 31, 2023 — — Common stock, par value $ 0.01 ; 100,000,000 shares authorized, 74,064,462 and 73,728,262 shares issued and outstanding as of May 31, 2024 and August 31, 2023, respectively 740,645 737,283 Additional paid-in capital 43,229,599 43,047,824 Accumulated deficit ( 42,961,039 ) ( 42,344,022 ) Total shareholders' equity 1,009,205 1,441,085 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 1,057,932 $ 1,534,491 The accompanying notes are an integral part of these interim consolidated financial statements. 3 TEXAS MINERAL RESOURCES CORP. CONSOLIDATED For the Nine and Three Months Ended May 31, 2024 and 2023 (Unaudited) Nine Months Ended Three Months Ended 2024 2023 2024 2023 OPERATING EXPENSES Exploration costs $ 58,360 $ 720,834 $ 50,482 $ 91,275 General and administrative expenses 673,236 1,496,723 212,071 870,345 Total operating expenses 731,596 2,217,557 262,553 961,620 LOSS FROM OPERATIONS ( 731,596 ) ( 2,217,557 ) ( 262,553 ) ( 961,620 ) OTHER INCOME (EXPENSE) Other income 114,579 24,631 8,189 9,706 Total other income (expense) 114,579 24,631 8,189 9,706 NET LOSS $ ( 617,017 ) $ ( 2,192,926 ) $ ( 25