NEO Battery releases financial statements for the thee months ended May 31, 2020 and 2021
**TSXV: NBM**
**OTC: NBMFF**
NEO Battery Materials Ltd. is a Vancouver-based resource company focused on battery metals and materials. The Company has staked new mining claims in Golden, BC, along a strike with a quartzite bed, targeting silica in the quartzites for a total of 467 hectares. NEO is also focusing on developing silicon anodes, which provide improvements in capacity and efficiency over lithium-ion batteries using graphite in their anode materials.
Recently, the company released the financials for the three months ended May 31, 2020 and 2021.
Highlights:
* Current assets grew from $660K to over $1M, strong percentage growth over just three months
* Total assets was very similar
* Total liabilities dropped from $1.5M down to $300K, a massive drop that allows more movement and freedom of cash when required.
* Pre-revenue, still in the exploration stage so no worries there.
* Expenses have risen due to the ramping up of exploration, also not a problem and very expected
Seems like NEO is on the right path and taking the steps required to more forward to provide shareholder value, they are increasing assets and lowering liabilities, both positive.
Find the full release on sedar.com
This is not financial advice!!
https://www.reddit.com/r/StockMarket/comments/os1i4j/neo_battery_releases_financial_statements_for_the/
