What Is Going On With Force Minerals Corp (OTCMKTS:FORC)?
Force Minerals Corp (OTCMKTS:FORC) revenue for the quarter closed August 31, 2015 was $0 compared to $0, in the same quarter a year earlier. The company has not earned any revenues so far, and do not expect earning revenues until it encounters commercially prolific minerals to use. All of the prospects are undeveloped. They project that they will have to resolve the cash shortfall via additional equity financings in the imminent period. The company can offer no assurance, but then such financings will be accessible on terms acceptable to firm.
Force Minerals reported that operating expenses for the quarter closed August 31, 2015 came at $122,896 compared to $77,182 in the same period, a year earlier. Operating expenses comprised primarily of promotion and advertising, consulting fees, office expenses, professional fees and management fees. The increase can be attributed to a jump in advertising and management costs appropriate for normal businesses.
Force Minerals’ net loss from operations for the quarter closed August 31, 2015 stood at $(122,896) compared to $(77,182) in the same period, a year ago. Other income (expense) comprised of loss on interest expense and derivative valuation.
The loss or gain on derivative valuation is attributable to the fair value change of the derivative liability. Interest cost is mainly attributable to the preliminary interest expense linked with the estimation of derivative instruments at release and the addition of the convertible debentures in their respective terms.
Interest linked with the derivative instruments for the quarter closed August 31, 2015 was $(534,749) compared to $(90,566), in the same period, a year ago. The value change on derivative valuation cost for the quarter closed August 31, 2015 was gain of $291,624 against a loss of $20,069 in the comparable period.
Net loss for the quarter closed August 31, 2015 stood at $(366,021) against a net loss of $(187,816) for the same period closed August 31, 2014. This jump in loss can be linked to growth in operating costs and other expenses linked with the valuation of derivative assets.© Copyright 2016 OTC News Magazine. All rights reserved.