MMEX Resources Corp. 10-Q Filing: Financial Update
Ticker: MMEX · Form: 10-Q · Filed: Sep 16, 2024
Sentiment: neutral
Topics: 10-Q, financials, debt
TL;DR
MMEX 10-Q out: Loan paid, debt discount recognized. Check financials.
AI Summary
MMEX Resources Corp. filed a 10-Q for the period ending July 31, 2024. The company, formerly known as MMEX Mining Corp, is incorporated in Nevada and based in Fort Stockton, Texas. The filing details financial information for the quarter, including debt discount recognition and loan repayment.
Why It Matters
This filing provides investors with an update on MMEX Resources Corp.'s financial position and recent debt activities, crucial for understanding the company's stability and operational capacity.
Risk Assessment
Risk Level: medium — The company has a history of name changes and operates in a sector that can be volatile, requiring careful review of its financial disclosures.
Key Numbers
- $1,260 — Debt Discount (Recorded at note inception for recognition over term.)
- $1,098 — Debt Discount (Recorded at note inception for recognition over term.)
- 0430 — Fiscal Year End (Indicates the end of the company's annual financial reporting period.)
Key Players & Entities
- MMEX Resources Corp (company) — Filer
- MMEX Mining Corp (company) — Former company name
- Fort Stockton, Texas (location) — Business address
- $1,260 (dollar_amount) — Debt discount recorded at inception
- $1,098 (dollar_amount) — Debt discount recorded at inception
- April 30, 2024 (date) — Loan paid back in full
- July 31, 2024 (date) — Period of report
FAQ
What was the total amount of debt discount recognized by MMEX Resources Corp. during the reported period?
The filing mentions $1,260 and $1,098 were recorded as debt discounts at the notes' inception to be recognized over their terms, but does not specify a total for the current period.
When was the loan mentioned in the filing paid back in full?
The loan was paid back in full as of April 30, 2024.
What is the fiscal year end for MMEX Resources Corp.?
The fiscal year end for MMEX Resources Corp. is April 30.
What is the business address of MMEX Resources Corp.?
The business address is 3600 Dickinson, Fort Stockton, TX 79735.
What were the previous names of MMEX Resources Corp.?
MMEX Resources Corp. was formerly known as MMEX Mining Corp. and before that, Management Energy, Inc. / MGMT ENERGY, INC.
Filing Stats: 4,575 words · 18 min read · ~15 pages · Grade level 19.2 · Accepted 2024-09-16 13:21:55
Key Financial Figures
- $0.001 — e 9,692,800,957 shares of common stock, $0.001 par value, issued and outstanding. MME
- $155,000 — e to Maple Resources totaled $ 369,235 ($155,000 payable in stock) and $ 327,049 ($140,0
- $140,000 — 55,000 payable in stock) and $ 327,049 ($140,000 payable in stock) as of July 31, 2024 a
Filing Documents
- mmex_10q.htm (10-Q) — 844KB
- mmex_ex311.htm (EX-31.1) — 13KB
- mmex_ex321.htm (EX-32.1) — 4KB
- 0001477932-24-005733.txt ( ) — 4678KB
- mmex-20240731.xsd (EX-101.SCH) — 58KB
- mmex-20240731_lab.xml (EX-101.LAB) — 281KB
- mmex-20240731_cal.xml (EX-101.CAL) — 39KB
- mmex-20240731_pre.xml (EX-101.PRE) — 250KB
- mmex-20240731_def.xml (EX-101.DEF) — 184KB
- mmex_10q_htm.xml (XML) — 728KB
– FINANCIAL INFORMATION
PART I – FINANCIAL INFORMATION
Condensed Consolidated Financial Statements
Item 1. Condensed Consolidated 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 28
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk 33
Controls and Procedures
Item 4. Controls and Procedures 33
– OTHER INFORMATION
PART II – OTHER INFORMATION
Legal Proceedings
Item 1. Legal Proceedings 35
Risk Factors
Item 1A. Risk Factors 35
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 35
Defaults Upon Senior Securities
Item 3. Defaults Upon Senior Securities 35
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 35
Other Information
Item 5. Other Information 35
Exhibits
Item 6. Exhibits 36 2 Table of Contents
– FINANCIAL INFORMATION
PART I – FINANCIAL INFORMATION
Financial Statements
ITEM 1. Financial Statements The accompanying condensed consolidated financial statements of MMEX Resources Corporation and subsidiaries (the "Company") are unaudited and have been prepared in accordance with generally accepted accounting principles for interim financial information and in accordance with the instructions for Form 10-Q. Accordingly, they do not include all of the information and notes required by generally accepted accounting principles for complete financial statements. In the opinion of management, the condensed consolidated financial statements contain all material adjustments, consisting only of normal recurring adjustments, necessary to present fairly the financial condition, results of operations, and cash flows of the Company for the interim periods presented. Operating results and cash flows for any interim period are not necessarily indicative of the results that may be expected for other interim periods or the full fiscal year. These condensed consolidated financial statements and related notes should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Form 10-K for the year ended April 30, 2024 filed with the Securities and Exchange Commission ("SEC"). 3 Table of Contents MMEX RESOURCES CORPORATION Condensed Consolidated Balance Sheets July 31, 2024 April 30, 2024 Assets (unaudited) Current assets: Cash $ 260 $ 898 Prepaid expenses and other current assets 3,500 3,000 Total current assets 3,760 3,898 Property and equipment, net 1,032,312 1,041,409 Total assets $ 1,036,072 $ 1,045,307 Liabilities and Stockholders' Deficit Current liabilities: Accounts payable $ 879,447 $ 841,602 Accrued expenses 988,179 933,143 Accounts payable and accrued expenses – related parties 1,236,256 1,030,523 Note payable, net of discount of $ 4,796 and $ 20,072 at July 31, 2024 and April 30, 2024, respectively 979,319 1,032,630 Note