MMEX Resources Corp [MMEXD], a leading energy company, announced its financial results for the quarter ended July 31, 2023. The company reported a net loss of $1.19 million for the quarter, reflecting the challenging market conditions and ongoing operational expenses. Despite the difficult environment, MMEX Resources Corp remains committed to its long-term growth strategy and is actively pursuing opportunities to drive revenue growth and improve profitability.
During the quarter, MMEX Resources Corp continued to face operating expenses, including general and administrative expenses totaling $324,039. The company also incurred project costs of $0 and recorded depreciation and amortization expenses of $9,097. These expenses contributed to a loss from operations of $333,136. Furthermore, the company reported interest expense of $99,138 and a loss on extinguishment of liabilities of $753,298, resulting in a total other expense of $852,436. As a result, net income (loss) before income taxes amounted to a loss of $1.19 million for the quarter ended July 31, 2023.
During the quarter, MMEX Resources Corp did not generate any revenue. This can be attributed to various factors such as the challenging market conditions and ongoing project development. The absence of revenue in the current quarter is in line with the company's expectations and does not reflect a decline in its overall business prospects. MMEX Resources Corp remains focused on exploring new opportunities to drive revenue growth and expand its market presence.
MMEX Resources Corp maintained a stable financial position during the quarter, with total assets amounting to $1.07 million and total liabilities of $4.02 million. The company's current ratio, which measures its ability to meet short-term obligations, stood at 0.81, indicating a potential liquidity constraint. However, it's important to note that the current liabilities include notes payable that are currently in default. The company is actively working on resolving these default issues to improve its financial stability and creditworthiness.
The basic and diluted earnings per share for MMEX Resources Corp were ($0.00) for the quarter ended July 31, 2023. The weighted average number of common shares outstanding, both on a basic and diluted basis, was 4.3 billion shares. The earnings per share figure reflects the net loss incurred by the company during the reporting period. It's worth noting that the basic and diluted earnings per share for the same quarter of the previous year were ($0.15) based on a lower number of outstanding shares.
Looking ahead, MMEX Resources Corp remains focused on its long-term growth strategy. The company is committed to pursuing opportunities that will drive revenue growth and improve profitability. MMEX Resources Corp is actively exploring partnerships and project developments in the energy sector to expand its market presence and enhance shareholder value.
In conclusion, MMEX Resources Corp reported a net loss of $1.19 million for the quarter ended July 31, 2023. The absence of revenue during the period reflects the challenging market conditions and ongoing project development. However, the company remains determined to overcome these obstacles and achieve long-term success. With a focus on revenue growth, improved financial stability, and a commitment to its shareholders, MMEX Resources Corp is well-positioned for future opportunities in the energy sector.