Get Started for Free Contexxia identifies hard-to-find pieces of information in SEC filings. No more highlighters, no more redlining, no more poring over huge documents. Fortem Resources Inc. (1382231) 10-Q published on Jul 21, 2020 at 5:19 pm
In March 2020, the World Health Organization declared coronavirus COVID-19 a global pandemic. This contagious disease outbreak, which has continued to spread, has adversely affected workforces, customers, economies, and financial markets globally, leading to an economic downturn. It has also disrupted the normal operations of many businesses, including ours. This outbreak could decrease spending, adversely affect and harm our business and results of operations. It is not possible for us to predict the duration or magnitude of the adverse results of the outbreak and its effects on our business or results of operations at this time.
Expenses decreased during the three months ended May 31, 2020 to $204,417 as compared to $451,879 during the three months ended May 31, 2019.
Our cash used in operating activities for the three months ended May 31, 2020, compared to our cash used in operating activities for the three months ended May 31, 2019, decreased by $385,777, primarily due to decrease in general and administrative expenses.
Our cash provided by financing activities for the three months ended May 31, 2020, compared to our cash provided by financing activities for the three months ended May 31, 2019, decreased by $580,212, due to lower notes payable financing completed in the current period.