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Tamboran Resources Corporation(TBN) - 2025 Q1 - Quarterly Report
TBNTamboran Resources Corporation(TBN)2024-11-12 11:15

Financial Performance - The company did not generate any revenue during the three months ended September 30, 2024, as it has not yet commenced natural gas production [101]. - Total operating costs and expenses increased to 6.98millionforthethreemonthsendedSeptember30,2024,comparedto6.98 million for the three months ended September 30, 2024, compared to 4.32 million for the same period in 2023, representing a 61.2% increase [100]. - Net loss for the three months ended September 30, 2024, was 6.76million,comparedtoanetlossof6.76 million, compared to a net loss of 3.75 million for the same period in 2023, indicating an increase in losses of 80.5% [100]. - Interest income, net increased by 0.7millionto0.7 million to 0.8 million for the three months ended September 30, 2024, compared to 0.1millionforthesameperiodin2023[106].−Thecompanyrecognizedaforeigncurrencytranslationgainof0.1 million for the same period in 2023 [106]. - The company recognized a foreign currency translation gain of 12.1 million for the three months ended September 30, 2024, compared to a loss of 5.3millionforthesameperiodin2023[107].CashFlow−AsofSeptember30,2024,cashandcashequivalentswere5.3 million for the same period in 2023 [107]. Cash Flow - As of September 30, 2024, cash and cash equivalents were 74.0 million, a decrease of 0.7millionfromJune30,2024[114].−Netcashusedinoperatingactivitieswas0.7 million from June 30, 2024 [114]. - Net cash used in operating activities was 4.15 million for the three months ended September 30, 2024, compared to 3.34millionforthesameperiodin2023[120].−Netcashusedininvestingactivitieswas3.34 million for the same period in 2023 [120]. - Net cash used in investing activities was 14.5 million for the three months ended September 30, 2024, compared to 18.9millionforthesameperiodin2023[122].−Netcashfromfinancingactivitieswas18.9 million for the same period in 2023 [122]. - Net cash from financing activities was 16.7 million for the three months ended September 30, 2024, compared to $34.4 million for the same period in 2023 [123]. Internal Controls and Compliance - As of September 30, 2024, the company did not maintain effective internal control over financial reporting due to a material weakness identified in its Annual Report for the year ended June 30, 2024 [127]. - The identified deficiencies in internal control include insufficient evidence of internal control performance, inadequate resources in key accounting roles, and lack of IT general controls over the cloud-based ERP system [128]. - The company is implementing a remediation plan with external consultants to improve its control environment and internal controls [129]. - The company cannot predict the success of its remediation plan or the outcome of its assessment at this time [130]. - The company continues to hire personnel with the required technical knowledge to ensure compliance with reporting requirements [129]. - The company has implemented a new enterprise resource planning system to support financial reporting and internal controls [129]. Risk Factors and Corporate Actions - There were no material changes in risk factors for the quarterly period ended September 30, 2024, compared to the previous annual report [135]. - No shares of the company's common stock were repurchased during the three months ended September 30, 2024 [135]. - The company has not adopted or terminated any trading arrangements by directors or officers during the quarter [136]. - The company is subject to a merits review regarding its environmental management plan, which could impact its operations [134].