Century Cobalt Corp, a mineral exploration and development company, has recently released its quarterly report highlighting key financial transactions and developments. The report provides valuable insights into the company’s financial position and performance for the three and nine months ended August 31, 2022.
Table of Contents
Notes Payable and Convertible Notes Payable Transactions
One of the most significant aspects of the report is the notes payable and convertible notes payable transactions, which totaled $1,061,834 for the period ending August 31, 2022. This is a result of multiple borrowings, repayments, foreign exchange adjustments, and debt issue costs that have occurred within this fiscal period.
Key Loan Agreements
The company had previously entered into multiple loan agreements with related and third parties to secure financing for its operations and projects, including its primary focus on the Emperium Cobalt Project in Idaho. Some key loan agreements highlighted in the report include:
- In May 2022, the company repaid the principal for three related-party notes payable, amounting to $55,479
- In March 2022, Century Cobalt Corp entered into a Loan Agreement with a third party for $340,000, with the first drawdown occurring on April 4, 2022
- During April and May 2022, the company repaid the principal and interest on five related-party notes payable, totaling $170,348.
Repayment Schedule
The report also details the repayment schedule for notes payable and convertible notes payable transactions, with $710,543 due by the fiscal year ending November 30, 2022, and an additional $374,000 due by the fiscal year ending November 30, 2023.
Related Party Transactions
In the related party transactions section, the report mentions that as of August 31, 2022, accounts payable and compensation owing to the Company’s CEO amounted to $239,434. Furthermore, the company owed $60,823 to its CEO, less a $21,483 overpayment on related party notes payable, for an aggregate of $39,341.
Emperium Cobalt Project Update
Century Cobalt Corp has also made significant headway in its Emperium Cobalt Project in Idaho through a purchase agreement with Oriental Rainbow Group Ltd. The company recently signed a share purchase agreement on September 14, 2021, to sell the assets of Emperium 1 Holdings Corp to the UK-based Technology Minerals PLC. As of August 31, 2022, Century Cobalt owns approximately 37.5% of the outstanding shares in Technology Minerals PLC.
Operational Update
On the operational side, Century Cobalt signed a twelve-month operating lease for office space in May 2022, with rent expenses of $10,831 and $14,569 recorded for the three and nine months ended August 31, 2022, respectively.
Summary
In summary, Century Cobalt Corp’s Q3 2022 report showcases its ongoing financial commitments and activities, as well as its continued focus on the Emperium Cobalt Project. As the company moves forward, stakeholders will likely keep a close eye on the progress of its various business endeavors and its ability to meet its financial obligations.
Note that we may hold securities mentioned in this article. The source of this article are the SEC filings available at https://www.sec.gov/Archives/edgar/data/1456802/000147793223004504/ccob_10q.htm that we extracted with the help of various software tools. Even though we have implemented various fact-checking processes, some incorrect information may have remained in the article (false positive). Let us know if you find any inconsistencies!