M&A - FORMATION MINERALS, INC.

Form Type: 10-Q

Filing Date: 2025-05-28

Corporate Action: Merger

Type: Update

Accession Number: 000121390025048329

Filing Summary: Formation Minerals, Inc. filed its quarterly report for the period ending January 31, 2025, indicating significant corporate activities since the merger with Verde Bio Holdings, Inc. Effective May 9, 2024, Formation Minerals merged with Verde, leading to a new focus on acquiring and developing upstream energy assets, particularly within the oil and gas sector. The report outlines challenges faced by the company, including an accumulated deficit of $22,473,998 and a net loss of $1,694,564 for the period. The financial statements reveal current assets of $184,883 against total liabilities of $4,346,396, highlighting financial stress. The number of common stock shares outstanding as of May 28, 2025, totaled 100,035,585. The report emphasizes ongoing efforts to secure new investment opportunities and financing in light of operational losses.

Form Type: NT 10-Q

Filing Date: 2025-03-18

Corporate Action: Merger

Type: Update

Accession Number: 000101376225000568

Filing Summary: Formation Minerals, Inc. is unable to file its Quarterly Report on Form 10-Q for the period ended January 31, 2025 due to the need for additional time to prepare and review financial statements. The Company expects to file the report within the 5 calendar day extension period granted by Rule 12b-25. A significant change in results of operations is anticipated due to the merger completed on May 9, 2024, with Verde Bio Holdings, Inc. This merger was treated as a reverse acquisition, affecting how the Company's financial results will be reported moving forward. The Company is currently unable to quantify the expected changes in results due to this delay in preparation of its financial statements.