Critical Mineral Recovery, Inc.

CIK:0002043019|SEC Filings

Condensed Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Income Statement [Abstract]
Net sales		$ 66,788
Cost of goods sold		219,057
Gross loss		(152,269)
Operating expenses
Salaries and wages	457,740	819,654
Depreciation and amortization	4,018	14,309
General and administrative	1,514,544	1,616,575
Total operating expenses	1,976,302	2,450,538
Loss from operations	(1,976,302)	(2,602,807)
Other income / (expense):
Gain on lease agreement terminations	17,931,905
Fire-related expenses	(329,887)
Interest expense	(77,017)	(91,210)
Total other income / (expense)	17,525,001	(91,210)
Income / loss before provision for income taxes	15,548,699	(2,694,017)
Provision for income taxes
Net income / (loss)	$ 15,548,699	$ (2,694,017)
Weighted average shares outstanding of common stock, basic (in Shares)	30,000	30,000
Weighted average shares outstanding of common stock, diluted (in Shares)	30,000	30,000
Basic net income / (loss) per share of common stock (in Dollars per share)	$ 518.29	$ (89.8)
Diluted net income / (loss) per share of common stock (in Dollars per share)	$ 518.29	$ (89.8)

Condensed Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net income / (loss)	$ 15,548,699	$ (2,694,017)
Adjustments to reconcile net income / (loss) to net cash used in operating activities:
Depreciation and amortization	4,018	175,480
Noncash operating lease expense	5,754	159,375
Gain on lease agreement terminations	(17,931,905)
Changes in operating assets and liabilities:
Accounts receivable, related party		(66,788)
Due from affiliates and other related parties	102,145	32,305
Checks in excess of bank balance		(6,804)
Accounts payable	(139,293)	(1,544,799)
NET CASH USED IN OPERATING ACTIVITIES	(2,410,582)	(3,945,248)
CASH FLOW FROM INVESTING ACTIVITIES
Purchase of property and equipment	(36,579)	(3,143,908)
NET CASH USED IN INVESTING ACTIVITIES	(36,579)	(3,143,908)
CASH FLOWS FROM FINANCING ACTIVITIES
Net borrowings from affiliates	2,662,767	7,317,409
Principal payments on long-term debt	(312,247)	(198,276)
Principal payments on finance lease liabilities, related party	(10,640)	(3,604)
NET CASH PROVIDED BY FINANCING ACITIVITIES	2,339,880	7,115,529
NET CHANGE IN CASH	(107,281)	26,373
CASH, BEGINNING OF PERIOD	119,756	5,935
CASH, END OF PERIOD	12,475	32,308
Cash paid during the year:
Interest paid	71,557	90,014
Noncash investing and financing activities:
ROU assets obtained in exchange for new operating lease liabilities		18,246,023
ROU assets obtained in exchange for new finance lease liabilities		108,475
Noncash operating lease payments recognized as a decrease in amounts due from affiliates	65,922	160,260
Noncash gain on lease agreement terminations	$ 17,931,905

Condensed Balance Sheets - USD ($)	Mar. 31, 2025	Dec. 31, 2024
Current assets
Cash	$ 12,475	$ 119,756
Total current assets	8,025,276	8,300,624
Property and Equipment, at Cost
Machinery, equipment, furniture, and fixtures	114,156	114,156
Construction in progress	36,579
Less accumulated depreciation	(37,635)	(33,617)
Total property, plant, and equipment, net	113,100	80,539
Total noncurrent assets	654,949	628,142
TOTAL ASSETS	8,680,225	8,928,766
Current liabilities
Accounts payable and accrued expenses	489,338	628,632
Current maturities of long-term debt	1,286,629	1,270,204
Advances payable	9,000,000	9,000,000
Total current liabilities	48,588,032	46,922,936
Long-term debt, net	4,032,643	4,361,315
Total noncurrent liabilities	4,549,779	22,012,115
TOTAL LIABILITIES	53,137,811	68,935,051
CONTINGENCIES (NOTE 8)
STOCKHOLDER’S DEFICIT
Common stock, $1.00 par value; authorized, issued and outstanding 30,000 shares at March 31, 2025 (unaudited) and December 31, 2024 (audited)	30,000	30,000
Contributions receivable	(30,000)	(30,000)
Accumulated deficit	(44,457,586)	(60,006,285)
TOTAL STOCKHOLDER’S DEFICIT	(44,457,586)	(60,006,285)
TOTAL LIABILITIES AND STOCKHOLDER’S DEFICIT	8,680,225	8,928,766
Related Party
Current assets
Accounts receivable, related party	1,871,172	1,871,172
Due from affiliates and other related parties	6,141,629	6,309,696
Property and Equipment, at Cost
Right-of-use assets – operating leases, related party	541,849	547,603
Current liabilities
Due to affiliates and other related parties	37,787,712	35,124,945
Current portion of operating lease liabilities, related party	24,353	767,593
Current portion of finance lease liabilities, related party		131,562
Operating lease liabilities, related party	517,136	16,775,305
Finance lease liabilities, related party		$ 875,495