Company research
FORMATION MINERALS, INC.
CIK 1885336Updated Oct 6, 2026
SecurityFOMI · OTC · equity
Historical securities (1)
SSTC · NYSE_AMERICAN · equity · closed Apr 5, 2023Name history
SensaSure Technologies, Inc. · through Apr 24, 2024
FOMI price & chart
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OTC:FOMI on TradingView ↗About the company
Formation is an oil and gas company based in Jacksboro, Texas, focused on acquiring and managing high-growth oil and gas minerals and royalties in the premier U.S. basins. The Company currently owns producing mineral, royalty, and overriding royalty interests in the DJ Basin of Colorado and Wyoming, the Haynesville Shale of Louisiana, the Delaware and Permian Basin of Texas, the Marcellus and Utica shales in West Virginia, and the Anadarko Basin in Oklahoma. The Company is focused on providing strong stockholder returns through asset growth generated by our acquisitions and organic growth of the Company’s properties.
In the news
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Recent filings
NT 10-K filing
10-Q filing
NT 10-Q filing
Entry into a Material Definitive Agreement · Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement · Unregistered Sales of Equity Securities
Items 1.01, 2.03, 3.02, 9.01
Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
Items 3.01
Show 5 more recent filings
Financials
FY 2024 · USDSource
Source
Source
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balance sheet · annual statements
| Line item | Q3 2025 | Q3 2024 | Q3 2023 | Q2 2025 | Q2 2024 | Q2 2023 | Q1 2025 | Q1 2024 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ASSETS | |||||||||||
| AssetsUSD | 371,630Source | — | 68,541Source | 329,674Source | 15,358Source | 154,947Source | 325,153Source | 25,203Source | 14,805Source | 39,646Source | 439,645Source |
| Current assets: | |||||||||||
| Assets, CurrentUSD | 184,883Source | — | 68,541Source | 128,253Source | 15,358Source | 154,947Source | 88,668Source | 25,203Source | 14,805Source | 39,646Source | 439,645Source |
| LIABILITIES AND EQUITY | |||||||||||
| LiabilitiesUSD | 4,346,396Source | 617,853Source | 907,879Source | 3,252,450Source | 1,165,528Source | 846,126Source | 2,549,576Source | 1,142,103Source | 848,417Source | 1,101,239Source | 902,850Source |
| Stockholders’ equity: | |||||||||||
| Common Stock, Value, IssuedUSD | 991,126Source | 563,492Source | 369,140Source | 991,126Source | 447,431Source | 576,820Source | 913,806Source | 436,431Source | 563,492Source | 425,431Source | 564,060Source |
| Additional Paid in CapitalUSD | 17,508,031Source | 2,286,039Source | 4,512,364Source | 17,419,832Source | 4,665,073Source | 4,258,896Source | 16,861,874Source | 4,599,073Source | 2,092,812Source | 4,533,073Source | 4,242,504Source |
| Retained Earnings (Accumulated Deficit)USD | -22,473,998Source | -3,483,139Source | -5,797,777Source | -21,333,808Source | -6,334,768Source | -5,644,371Source | -20,000,176Source | -6,176,077Source | -3,505,671Source | -6,027,209Source | -4,433,352Source |
| Accumulated Other Comprehensive Income (Loss), Net of TaxUSD | — | — | -213,947Source | — | — | -178,630Source | — | — | — | — | -195,610Source |
| Stockholders' Equity Attributable to ParentUSD | -3,974,766Source | 119,018Source | -1,126,440Source | -2,922,776Source | 1,536,209Source | -984,765Source | -2,224,423Source | 1,887,035Source | -833,612Source | -1,284,455Source | 177,602Source |
| Additional Paid in Capital, Common StockUSD | — | 647,900Source | 647,900Source | — | 647,900Source | 647,900Source | — | 647,900Source | — | 647,900Source | 49,600Source |
| Liabilities and EquityUSD | 371,630Source | — | 68,541Source | 329,674Source | 15,358Source | 154,947Source | 325,153Source | 25,203Source | 14,805Source | 39,646Source | 439,645Source |
| Current liabilities: | |||||||||||
| Liabilities, CurrentUSD | — | 617,853Source | 907,879Source | — | 1,165,528Source | 846,126Source | — | 1,142,103Source | 848,417Source | 1,101,239Source | 884,915Source |
| Accounts Payable, CurrentUSD | — | — | — | — | — | — | — | — | — | — | 326,337Source |
| Additional Financial Items | |||||||||||
| Accrued Liabilities, CurrentUSD | — | 43,500Source | 65,394Source | — | — | 60,009Source | — | — | — | 52,000Source | 65,714Source |
| Long-term DebtUSD | — | — | — | — | — | — | — | — | — | — | 17,935Source |
| Property, Plant and Equipment, Net | — | — | — | —Source | — | — | —Source | — | — | — | — |
| Accounts Receivable, after Allowance for Credit Loss, Current | —Source | — | — | —Source | — | —Source | —Source | — | — | — | — |
| Prepaid Expense and Other Assets, Current | —Source | — | — | —Source | — | — | — | — | — | — | — |
| Dividends Payable, Current | —Source | — | — | —Source | — | — | —Source | — | — | — | — |
cash flow · annual statements
| Line item | Q4 2024 | Q4 2023 | Q3 2025 | Q3 2024 | Q2 2025 | Q2 2024 | Q1 2025 | Q1 2024 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash flows from operating activities: | |||||||||||
| Net Income (Loss), Including Portion Attributable to Noncontrolling InterestUSD | — | — | -977,009Source | -1,493,092Source | -1,016,569Source | -158,855Source | — | -150,505Source | -1,679,708Source | -782,953Source | -1,047,609Source |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
| Share-based Payment Arrangement, Noncash ExpenseUSD | — | — | — | — | 306,000Source | — | — | — | 215,600Source | 3,780Source | — |
| Changes in operating assets and liabilities: | |||||||||||
| Increase (Decrease) in Accounts ReceivableUSD | — | — | — | — | — | — | -459Source | -5,410Source | — | — | -549Source |
| Net Cash Provided by (Used in) Operating ActivitiesUSD | — | — | — | — | — | — | -289,100Source | -388,585Source | -206,758Source | -435,375Source | -632,119Source |
| Cash flows from investing activities: | |||||||||||
| Net Cash Provided by (Used in) Investing ActivitiesUSD | — | — | — | — | — | — | 140,000Source | 329,869Source | -26,786Source | — | — |
| Cash flows from financing activities: | |||||||||||
| Net Cash Provided by (Used in) Financing ActivitiesUSD | — | — | — | — | — | — | 140,516Source | 233,145Source | 189,875Source | 40,024Source | 368,200Source |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate EffectUSD | — | — | — | — | — | — | -8,584Source | 174,429Source | -26,958Source | -410,219Source | -262,600Source |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash EquivalentsUSD | — | — | — | 11,561Source | 9,555Source | 39,975Source | -4,880Source | 200,265Source | — | 26,958Source | 437,177Source |
| Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash EquivalentsUSD | — | — | — | — | — | — | — | 3,081Source | 16,711Source | -14,868Source | — |
| Additional Financial Items | |||||||||||
| Amortization of Debt Issuance CostsUSD | — | — | — | — | — | — | — | — | — | 36,440Source | 88,210Source |
| General and Administrative ExpenseUSD | — | — | 207,666Source | 206,944Source | 341,869Source | 191,845Source | 288,740Source | 157,632Source | 1,147,258Source | 617,175Source | 878,712Source |
| Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling InterestUSD | — | — | — | — | — | — | — | — | — | -1,079,402Source | -1,047,609Source |
| Net Income (Loss) Attributable to ParentUSD | — | — | -967,009Source | -1,493,092Source | -1,016,569Source | -331,912Source | 289,013Source | -316,796Source | -1,677,907Source | -766,058Source | -929,961Source |
| Net Income (Loss) Attributable to Noncontrolling InterestUSD | — | — | — | — | — | -164Source | — | -1,637Source | -1,801Source | -16,895Source | -117,648Source |
| Net Income (Loss) Available to Common Stockholders, BasicUSD | — | — | -1,140,190Source | -1,511,710Source | -1,333,633Source | -350,826Source | 264,770Source | -336,648Source | — | 883,768Source | — |
| Proceeds from Issuance of Common StockUSD | — | — | — | — | — | — | — | — | — | — | 368,200Source |
| Proceeds from Noncontrolling InterestsUSD | — | — | — | — | — | — | — | — | — | 45Source | — |
| Depreciation and amortization | — | — | — | — | — | — | —Source | — | — | — | — |
| Share-based Payment Arrangement, Expense | — | — | — | —Source | — | — | — | — | — | — | — |
| Depreciation | — | — | — | —Source | — | —Source | — | —Source | — | — | — |
| Dividends Payable, Current | — | — | —Source | — | —Source | — | —Source | — | — | — | — |
| Gain (Loss) on Disposition of Property Plant Equipment | — | — | — | —Source | — | — | — | — | — | — | — |
| Gain (Loss) on Extinguishment of Debt | — | — | — | — | — | — | —Source | — | — | — | — |
| InterestExpenseNonoperating | — | — | —Source | — | — | — | — | — | — | — | — |
| Nonoperating Income (Expense) | — | — | —Source | —Source | —Source | —Source | —Source | —Source | — | — | — |
| Operating Expenses | — | — | —Source | —Source | —Source | —Source | —Source | —Source | — | — | — |
| Payments of Financing Costs | — | — | —Source | — | — | — | — | — | — | — | — |
income statement · annual statements
| Line item | Q4 2024 | Q4 2023 | Q3 2025 | Q3 2024 | Q2 2025 | Q2 2024 | Q1 2025 | Q1 2024 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Total RevenueUSD | — | — | 65,195Source | 75,991Source | 87,281Source | 59,496Source | 36,139Source | 75,694Source | 1,146Source | 4,417Source | 6,424Source |
| Operating Income (Loss)USD | — | — | -368,194Source | -410,490Source | -995,511Source | -303,328Source | -692,662Source | -326,953Source | -1,157,403Source | -779,097Source | -1,043,851Source |
| Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling InterestUSD | — | — | -967,009Source | -1,493,092Source | — | -158,855Source | — | -150,505Source | -1,679,708Source | -782,953Source | -1,047,609Source |
| Net Income (Loss) Attributable to Noncontrolling InterestUSD | — | — | — | — | — | -164Source | — | -1,637Source | -1,801Source | -16,895Source | -117,648Source |
| Net Income (Loss) Attributable to ParentUSD | — | — | -967,009Source | -1,493,092Source | -1,016,569Source | -331,912Source | 289,013Source | -316,796Source | -1,677,907Source | -766,058Source | -929,961Source |
| Earnings Per Share, BasicUSD per share | — | — | -0.01Source | -0.24Source | -0.01Source | -0.06Source | 0Source | -0.06Source | -0.03Source | -0.01Source | -0.02Source |
| Earnings Per Share, DilutedUSD per share | — | — | -0.01Source | -0.24Source | -0.01Source | -0.06Source | 0Source | -0.06Source | -0.03Source | -0.01Source | -0.02Source |
| Weighted Average Number of Shares Outstanding, Basicshares | — | — | 99,112,508Source | 6,178,942Source | 99,855,954Source | 5,742,084Source | 84,036,256Source | 5,363,405Source | 56,349,183Source | 87,645,057Source | 61,379,022Source |
| Weighted Average Number of Shares Outstanding, Dilutedshares | — | — | 99,112,508Source | 6,178,942Source | 99,855,954Source | 5,742,084Source | 84,036,256Source | 5,363,405Source | 56,349,183Source | — | 61,379,022Source |
| Additional Financial Items | |||||||||||
| General and Administrative ExpenseUSD | — | — | 207,666Source | 206,944Source | 341,869Source | 191,845Source | 288,740Source | 157,632Source | 1,147,258Source | 617,175Source | 878,712Source |
| Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling InterestUSD | — | — | — | — | — | — | — | — | — | -1,079,402Source | -1,047,609Source |
| Interest ExpenseUSD | — | — | — | — | — | 1,968Source | — | 2,041Source | 4,009Source | 8,273Source | 10,182Source |
| Interest Expense, DebtUSD | — | — | — | — | — | — | — | 1,384Source | 2,719Source | 5,611Source | — |
| Net Income (Loss) Available to Common Stockholders, BasicUSD | — | — | -1,140,190Source | -1,511,710Source | -1,333,633Source | -350,826Source | 264,770Source | -336,648Source | — | 883,768Source | — |
| Other General and Administrative ExpenseUSD | — | — | — | — | — | — | — | — | 30,800Source | — | — |
| Research and Development ExpenseUSD | — | — | — | — | — | 3,231Source | — | 6,914Source | 10,145Source | 161,922Source | 165,139Source |
| Interest Expense (non-operating) | — | — | —Source | — | — | — | — | — | — | — | — |
| Depreciation, Depletion and Amortization, Nonproduction | — | — | — | — | — | — | —Source | — | — | — | — |
| Management Fee Expense | — | — | —Source | —Source | —Source | —Source | —Source | —Source | — | — | — |
| Nonoperating Income (Expense) | — | — | —Source | —Source | —Source | —Source | —Source | —Source | — | — | — |
| Operating Expenses | — | — | —Source | —Source | —Source | —Source | —Source | —Source | — | — | — |
| Preferred Stock Dividends, Income Statement Impact | — | — | —Source | —Source | —Source | —Source | —Source | —Source | — | — | — |
Filing attachments
ea022786501ex99-1_formation.htm · 8-K · 2025-01-16
EX-99.1 3 ea022786501ex99-1_formation.htm PLACEMENT AGENCY AGREEMENT, DATED AS OF JANUARY 10, 2025, BY AND BETWEEN FORMATION MINERALS, INC. AND ICON CAPITAL GROUP, LLC Exhibit 99.1 MEMBER FINRA/SIPC 895 Dove Street Suite 300 Newport Beach, CA 92660 949-851-4700 www.iconcapg.com banking@iconcapg.com January 10, 2025 Formation Minerals, Inc., a Nevada Corporation P.O. Box 67 Jacksboro, Texas 76458 Dear Mr. Cox: This letter (the “Agreement”) constitutes the agreement between ICON Ca…
Read attachment ↗ea022698201ex99-1_formation.htm · 8-K · 2025-01-07
EX-99.1 4 ea022698201ex99-1_formation.htm PRESS RELEASE, DATED JANUARY 7, 2025 Exhibit 99.1 Formation Minerals, Inc. Announces Entry Into $10,000,000 Equity Financing Agreement with GHS Investments, LLC Jacksboro, Texas, Jan. 07, 2025 (GLOBE NEWSWIRE) - Formation Minerals, Inc. (“Formation” or the “Company”) (OTCQB: FOMI), a pure play oil and gas company based in Jacksboro, Texas, engaged in the acquisition and management of mineral and royalty interests in lower risk, onshore oil and gas …
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