KAT Exploration, Inc. (OTC: KATX) reported a significant increase in operational losses for the fiscal year ending November 30, 2024, with a loss from operations amounting to $184,802, compared to a loss of $56,330 in the previous fiscal year. The increase in losses is primarily attributed to consulting fees and accounting expenses incurred during the year. The company's stockholders' deficit also widened to $193,055 from $18,518 in the prior year, reflecting the ongoing challenges faced by the company since it has had limited operations since November 30, 2015.
The company has been actively seeking merger or acquisition opportunities to revitalize its operations. In a strategic development, KAT Exploration entered into a joint venture with GS Mining Company LLC, which involves the contribution of mine leases and agreements to a newly formed limited liability company, of which KAT Exploration owns 80%. The joint venture aims to develop and operate a gold mining and milling operation in Colorado, with KAT Exploration committing $3.5 million to upgrade the associated mines and facilities.
As of November 30, 2024, KAT Exploration had only one employee, Gregory Klok, who serves as both CEO and CFO. The company has not reported any significant customer counts or user statistics, as it remains in a dormant state while pursuing potential business transactions. The company’s cash position improved slightly, with $522 on hand at the end of the fiscal year, compared to no cash reserves the previous year. However, the company does not have any arrangements with banks or financial institutions for future financing.
Looking ahead, KAT Exploration anticipates continued operational losses, estimating a loss of between $10,000 to $12,000 for the fourth quarter of 2024 and between $1,000 to $2,000 per quarter thereafter. The management has indicated that these losses are expected to persist until a successful merger or acquisition is completed. The company has expressed no plans for cash distributions or dividends in the foreseeable future, as it focuses on stabilizing its financial condition and exploring new business opportunities.
About KAT EXPLORATION, INC.
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