v3.25.1

Condensed Interim Consolidated Balance Sheets - USD ($)	Jan. 31, 2025	Apr. 30, 2024
Current Assets
Cash		$ 3,704
Accounts receivable	133,658	64,257
Prepayments and other receivables	51,225	85,867
Total current assets	184,883	153,828
Non-current assets
Oil and natural gas properties, net based on the full cost method of accounting	186,747	394,736
Total assets	371,630	548,564
Current Liabilities
Accounts payable and accrued liabilities	2,770,440	1,006,500
Convertible notes payable	159,731	32,583
Warrant liabilities	575,397	1,228,018
Dividends payable	700,245	185,757
Total Liabilities	4,346,396	2,538,621
Commitments and contingencies
STOCKHOLDERS’ DEFIECIENCY
Common Stock: $0.01 par value, 1,850,000,000 authorized, 99,112,508 and 6,921,350 issued and outstanding as of January 31, 2025 and April 30, 2024 respectively.	991,126	69,214
Additional paid-in capital	17,508,031	18,205,604
Accumulated deficit	(22,473,998)	(20,264,946)
Total Stockholders’ deficiency	(3,974,766)	(1,990,057)
Total liabilities and stockholders’ deficiency	371,630	548,564
Class A Preferred Stock
STOCKHOLDERS’ DEFIECIENCY
Preferred stock, value	17	17
Class B Preferred Stock
STOCKHOLDERS’ DEFIECIENCY
Preferred stock, value	58	54
Related Parties
Current Liabilities
Amounts and loans due related parties	$ 140,583	$ 85,763

Sum of the carrying values as of the balance sheet date of obligations incurred through that date and due within one year (or the operating cycle, if longer), including liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received, taxes, interest, rent and utilities, accrued salaries and bonuses, payroll taxes and fringe benefits.

FORMATION MINERALS, INC. 10-Q