Idaho Copper Corp
For the period ended Jul 31, 2024. Filed Sep 5, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jul 31, 2024 · Filed Sep 5, 2024
COPR-WT$0.73+21.7%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-04-30; filed 2024-06-03.
0001493152-24-022274
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2024-07-31; filed 2024-09-05.
0001493152-24-035116
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 40 previous paragraphs and 49 current paragraphs.
31 unchanged; 9 reworded; 8 added; 0 removed; 0 previous and 1 current paragraphs rearranged.
Tables are not compared: 0 previous and 0 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (8)
Current report
For the six months ended July 31, 2024, compared to the six months ended July 31, 2023
Current report
Revenue
Current report
Operating Expenses
Current report
The Company had operating expenses of $1,918,422 for the six months ended July 31, 2024, compared to $800,096 for the six months ended July 31, 2023. The increase was primarily due to the increase in payroll and related expenses ($452,650 for the six months ended July 31, 2024 compared to $357,000 for the same period in 2024), rent expense ($143,085 for the six months ended July 31, 2024 compared to $21,000 for the same period in 2023), and other general and administrative expenses ($428,022 for the six months ended July 31, 2024 compared to $24,554 for the same period in 2023), stock-based compensation ($554,056 for the six months ended July 31, 2024 compared to $140,741 for the same period in 2023), and professional fees ($340,609 for the six months ended July 31, 2024 compared to $256,801 for the same period in 2023. The increase in payroll and related expenses is related to a pay increase for two officers. The increase in rent expense is primarily due to a settlement of $100,000 and the larger facility rented. The increase in other general and administrative expenses was primarily due to scanning services of $363,268. The increase in stock-based compensation was primarily due to conversions of accrued compensation for officers and the issuances of common stock to various third parties for services. The increase in professional fees relates to increased services required for funding activities and the preparation for the filing of Form S-1.
Current report
Other Income / Expenses
Current report
The Company had other expenses, net, of $161,825 for the six months ended July 31, 2024, compared to $362,435 of income for the six months ended July 31. 2023.
Current report
Net Loss
Current report
The Company had a net loss of $2,080,247 for the six months ended July 31, 2024, compared to $1,162,531 for the six months ended July 31, 2023.
Reworded paragraphs (9)
Previous wording
The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the condensed consolidated financial statements and notes thereto for the three months ended April 30, 2024, and 2023, and related management discussion herein.
Current wording
The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the condensed consolidated financial statements and notes thereto for the six months ended July 31, 2024, and 2023, and related management discussion herein.
Previous wording
Several conditions and events cast substantial doubt about the Company’s ability to continue as a going concern. The Company has incurred cumulative net losses of $32,588,150 from its inception to April 30, 2024, and requires capital for its contemplated operational and marketing activities to take place. The Company’s ability to raise additional capital through debt or future issuances of capital stock is unknown. The obtainment of additional financing, the successful development of the Company’s contemplated plan of operations, and its transition, ultimately, to the attainment of profitable operations are necessary for the Company to continue operations. The ability to successfully resolve these factors raises substantial doubt about the Company’s ability to continue as a going concern.
Current wording
Several conditions and events cast substantial doubt about the Company’s ability to continue as a going concern. The Company has incurred cumulative net losses of $34,085,857 from its inception to July 31, 2024, and requires capital for its contemplated operational and marketing activities to take place. The Company’s ability to raise additional capital through debt or future issuances of capital stock is unknown. The obtainment of additional financing, the successful development of the Company’s contemplated plan of operations, and its transition, ultimately, to the attainment of profitable operations are necessary for the Company to continue operations. The ability to successfully resolve these factors raises substantial doubt about the Company’s ability to continue as a going concern.
Previous wording
The Company had operating expenses of $880,337 for the three months ended April 30, 2024, compared to $401,156 for the three months ended April 30, 2023. The increase was primarily due to the increase in professional fees ($258,915 for the three months ended April 30, 2024 compared to $129,145 for the same period in 2023), payroll and related expenses ($257,500 for the three months ended April 30, 2024 compared to $107,000 for the same period in 2024), rent expense ($113,700 for the three months ended April 30, 2024 compared to $10,500 for the same period in 2023), and other general and administrative expenses ($155,598 for the three months ended April 30, 2024 compared to $13,770 for the same period in 2023), offset by the decrease in stock-based compensation ($94,624 for the three months ended April 30, 2024 compared to $140,741 for the same period in 2023).
Current wording
The Company had operating expenses of $943,460 for the three months ended July 31, 2024, compared to $398,940 for the three months ended July 31, 2023. The increase was primarily due to the increase in stock-based compensation ($364,808 for the three months ended July 31, 2024 compared to $0 for the same period in 2023), rent expense ($29,385 for the three months ended July 31, 2024 compared to $10,500 for the same period in 2023), and other general and administrative expenses ($272,423 for the three months ended July 31, 2024 compared to $10,784 for the same period in 2023), offset by the decrease in professional fees ($81,694 for the three months ended July 31, 2024 compared to $127,656 for the same period in 2023) and payroll and related expenses ($195,150 for the three months ended July 31, 2024 compared to $250,000 for the same period in 2023. The increase in stock-based compensation was primarily due to the conversion of officers’ accrued compensation into common stock. The increase in rent expense was due to larger facility needs. The increase in other general and administrative costs was primarily due to scanning services for the quarter. The decrease in payroll and related expenses was primarily due to officers converting accrued compensation into common stock.
Previous wording
The Company had other expenses of $107,508 for the three months ended April 30, 2024, compared to $173,845 of income for the three months ended April 30. 2023.
Current wording
The Company had other expenses, net, of $92,521 for the three months ended July 31, 2024, compared to $188,590 of expense for the three months ended July 31. 2023.
Previous wording
The Company had a net loss of $987,845 for the three months ended April 30, 2024, compared to $575,001 for the three months ended April 30, 2023.
Current wording
The Company had a net loss of $1,035,981 for the three months ended July 31, 2024, compared to $587,530 for the three months ended July 31, 2023.
Previous wording
As of April 30, 2024, the Company had cash of $1,005,010. We do not have sufficient resources to effectuate our business. We expect to incur expenses offset by revenues during the next twelve months of operations. We estimate that these expenses will be comprised primarily of general expenses including overhead, legal and accounting fees. To maintain our plan of growth, we need to raise a minimum of an additional $750,000. These factors raise substantial doubts about the Company’s ability to continue as a going concern.
Current wording
As of July 31, 2024, the Company had cash of $454,256. We do not have sufficient resources to effectuate our business. We expect to incur expenses offset by revenues during the next twelve months of operations. We estimate that these expenses will be comprised primarily of general expenses including overhead, legal and accounting fees. The Company does not project revenue for the next few years, as is typical in mining companies. The Company has and will continue to raise capital to fund the expenses. To maintain our plan of growth, we need to raise a minimum of an additional $750,000. These factors raise substantial doubts about the Company’s ability to continue as a going concern.
Previous wording
Operations used cash of $778,436 for the three months ended April 30, 2024, compared to cash used of $314,653 for the same period in 2023.
Current wording
Operations used cash of $1,599,274 for the six months ended July 31, 2024, compared to cash used of $579,634 for the same period in 2023.
Previous wording
We used cash in financing activities of $0 for the three months ended April 30, 2024, compared to $0 for the same period in 2023.
Current wording
We used cash in financing activities of $0 for the six months ended July 31, 2024, compared to $0 for the same period in 2023.
Previous wording
We had cash provided by financing activities for the three months ended April 30, 2024, of $1,753,000 compared to $0 for the same period in 2023.
Current wording
We had cash provided by financing activities for the six months ended July 31, 2024, of $2,023,384 compared to $201,200 for the same period in 2023.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
The Company has had no revenue historically to date.