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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-Q
x |
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|
|
For
the quarterly period ended March 31, 2023 |
|
OR |
|
o |
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For
the transition period from to
Commission
file number: 001-06412
![(GOLDRICH LOGO)](https://www.sec.gov/Archives/edgar/data/59860/000119983523000494/gm001_v1.jpg)
GOLDRICH MINING COMPANY
(Exact
Name of Registrant as Specified in its Charter)
alaska |
|
91-0742812 |
(State
of other jurisdiction of incorporation or organization) |
|
(I.R.S.
Employer Identification No.) |
|
|
|
2525 E. 29th Ave. Ste. 10B-160 |
|
|
Spokane, WA |
|
99223 |
(Address
of Principal Executive Offices) |
|
(Zip
Code) |
(509)
535-7367
(Registrants
Telephone Number, including Area Code)
Securities
registered pursuant to Section 12(b) of the Act:
Title
of Each Class |
Trading
Symbol(s) |
Name
of Each Exchange on Which
Registered |
Common
Stock, $0.10 par value |
GRMC |
OTC Expert Market |
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the past 12 months (or for such shorter period that the registrant was required to file such reports),
and (2) has been subject to such filing requirements for the past 90 days. o Yes x
No
Indicate
by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive
Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such
shorter period that the registrant was required to submit and post such files). x Yes o
No
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company or an emerging growth company. See the definitions of large accelerated filer, accelerated filer,
smaller reporting company and emerging growth company in Rule 12b-2 of the Exchange Act:
Large
Accelerated Filer o |
Accelerated
Filer o |
Non-Accelerated Filer x
|
Small Reporting Company x
Emerging Growth Company o |
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate
by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) o Yes x No
Number
of shares of issuers common stock outstanding at September 22, 2023: 196,559,523
TABLE
OF CONTENTS
PART
I – FINANCIAL INFORMATION
Item
1. Financial Statements
Goldrich
Mining Company |
Condensed
Consolidated Balance Sheets (Unaudited) |
| |
March 31, | | |
December 31, | |
| |
2023 | | |
2022 | |
ASSETS | |
| | | |
| | |
Current assets: | |
| | | |
| | |
Cash and cash equivalents | |
$ | 3,866 | | |
$ | 3,969 | |
Prepaid expenses | |
| 75,651 | | |
| 106,527 | |
Total current assets | |
| 79,517 | | |
| 110,496 | |
| |
| | | |
| | |
Mineral interests: | |
| | | |
| | |
Mineral interests | |
| 626,428 | | |
| 626,428 | |
Total mineral interests | |
| 626,428 | | |
| 626,428 | |
| |
| | | |
| | |
Other assets: | |
| | | |
| | |
Investment in CGL LLC | |
| 25,000 | | |
| 25,000 | |
Total other assets | |
| 25,000 | | |
| 25,000 | |
Total assets | |
$ | 730,945 | | |
$ | 761,924 | |
| |
| | | |
| | |
LIABILITIES AND STOCKHOLDERS DEFICIT | |
| | | |
| | |
Current liabilities: | |
| | | |
| | |
Accounts payable and accrued liabilities | |
$ | 1,584,653 | | |
$ | 1,534,863 | |
Interest payable | |
| 779,200 | | |
| 720,111 | |
Convertible interest payable – related party | |
| 2,308,993 | | |
| 2,151,466 | |
Related party payable | |
| 1,323,988 | | |
| 1,264,216 | |
Notes payable | |
| 1,250,169 | | |
| 1,250,169 | |
Notes payable – related party | |
| 4,211,769 | | |
| 4,195,979 | |
Notes payable in gold | |
| 528,161 | | |
| 483,514 | |
Dividends payable on preferred stock | |
| 30,618 | | |
| 30,618 | |
Total current liabilities | |
| 12,017,551 | | |
| 11,630,936 | |
| |
| | | |
| | |
Long-term liabilities: | |
| | | |
| | |
Subscription payable | |
| 40,000 | | |
| 70,000 | |
Remediation and asset retirement obligation | |
| 277,178 | | |
| 275,424 | |
Total long-term liabilities | |
| 317,178 | | |
| 345,424 | |
Total liabilities | |
| 12,334,729 | | |
| 11,976,360 | |
| |
| | | |
| | |
Commitments and contingencies (Notes 8) | |
| | | |
| | |
Stockholders deficit: | |
| | | |
| | |
Preferred stock; no par value, 8,998,700 shares authorized; no shares issued or outstanding | |
| - | | |
| - | |
Convertible preferred stock series A; 5% cumulative dividends, no par value, 1,000,000 shares authorized; 475,000 issues and 150,000 shares outstanding, $300,000 liquidation preferences | |
| 150,000 | | |
| 150,000 | |
Convertible preferred stock series B; no par value, 300 shares authorized, 200 shares issued and outstanding, $200,000 liquidation preference | |
| 57,758 | | |
| 57,758 | |
Convertible preferred stock series C; no par value, 250 shares authorized, issued and outstanding, $250,000 liquidation preference | |
| 52,588 | | |
| 52,588 | |
Convertible preferred stock series D; no par value, 150 shares authorized, 90 shares outstanding, $90,000 liquidation preference | |
| - | | |
| - | |
Convertible preferred stock series E; no par value, 300 shares authorized, issued and outstanding, $300,000 liquidation preference | |
| 10,829 | | |
| 10,829 | |
Convertible preferred stock series F; no par value, 300 shares authorized, 153 shares issued and outstanding, $50,000 liquidation preference | |
| - | | |
| - | |
Common stock; $0.10 par value, 750,000,000 shares authorized; 188,448,412 and 185,448,412 issued and outstanding, respectively | |
| 18,844,841 | | |
| 18,544,841 | |
Additional paid-in capital | |
| 10,177,652 | | |
| 10,447,652 | |
Accumulated deficit | |
| (40,897,452 | ) | |
| (40,478,104 | ) |
Total stockholders deficit | |
| (11,603,784 | ) | |
| (11,214,436 | ) |
Total liabilities and stockholders deficit | |
$ | 730,945 | | |
$ | 761,924 | |
The
accompanying notes are an integral part of these condensed consolidated financial statements.
Goldrich
Mining Company |
Condensed
Consolidated Statements of Operations
(Unaudited) |
| |
|
|
|
|
|
| |
| |
Three Months Ended | |
| |
March 31, | |
| |
2023 | | |
2022 | |
Operating expenses: | |
| | | |
| | |
Mine preparation costs | |
$ | 3,263 | | |
$ | 8,830 | |
Management fees and salaries | |
| 47,700 | | |
| 51,525 | |
Professional services | |
| 10,088 | | |
| 38,211 | |
General and administration | |
| 48,536 | | |
| 52,360 | |
Office supplies and other | |
| 1,366 | | |
| 8,570 | |
Directors fees | |
| - | | |
| 3,600 | |
Mineral property maintenance | |
| 31,486 | | |
| 31,486 | |
Arbitration and settlement costs (Note 3) | |
| 19,256 | | |
| 7,775 | |
Total operating expenses | |
| 161,695 | | |
| 202,357 | |
| |
| | | |
| | |
Other (income) expense: | |
| | | |
| | |
Miscellaneous income | |
| (5,787 | ) | |
| - | |
Change in fair value of notes payable in gold | |
| 44,647 | | |
| 36,363 | |
Interest expense and finance costs – related party | |
| 157,527 | | |
| 152,408 | |
Interest expense and finance costs | |
| 61,266 | | |
| 73,663 | |
Total other (income) expense | |
| 257,653 | | |
| 262,434 | |
| |
| | | |
| | |
Net loss | |
| 419,348 | | |
| 464,791 | |
| |
| | | |
| | |
Preferred dividends | |
| 1,875 | | |
| 1,875 | |
Net loss available to common stockholders | |
$ | 421,223 | | |
$ | 466,666 | |
| |
| | | |
| | |
Net loss per common share – basic and diluted | |
$ | (nil) | | |
$ | (nil) | |
| |
| | | |
| | |
Weighted average common shares outstanding – basic and diluted | |
| 186,615,079 | | |
| 181,423,786 | |
The
accompanying notes are an integral part of these condensed consolidated financial statements.
Goldrich
Mining Company |
Condensed
Consolidated Statements of Changes in Stockholders Deficit (Unaudited) |
|
2023
Stockholders Deficit |
| |
|
|
|
|
|
| | |
|
|
|
|
|
| | |
| | |
| | |
| |
| |
Preferred Stock | | |
Common Stock | | |
Additional | | |
| | |
| |
| |
Shares | | |
Par Value | | |
Shares | | |
No Par Value | | |
Paid-in Capital
| | |
Accumulated Deficit
| | |
Total | |
Balance, December 31, 2022 | |
| 150,993 | | |
$ | 271,175 | | |
| 185,448,412 | | |
$ | 18,544,841 | | |
$ | 10,447,652 | | |
$ | (40,478,104 | ) | |
$ | (11,214,436 | ) |
Common shares issued for subscription payable | |
| - | | |
| - | | |
| 3,000,000 | | |
| 300,000 | | |
| (270,000 | ) | |
| - | | |
| 30,000 | |
Net Loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (419,348 | ) | |
| (419,348 | ) |
Balance, March 31, 2023 | |
| 150,993 | | |
$ | 271,175 | | |
| 188,448,412 | | |
$ | 18,844,841 | | |
$ | 10,177,652 | | |
$ | (40,897,452 | ) | |
$ | (11,603,784 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
2022 Stockholders Deficit | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| |
Preferred Stock | | |
Common Stock | | |
Additional | | |
| | |
| |
| |
Shares | | |
Par Value | | |
Shares | | |
No Par Value | | |
Paid-in Capital
| | |
Accumulated
Deficit | | |
Total | |
Balance, December 31, 2021 | |
| 151,053 | | |
$ | 271,175 | | |
| 179,787,595 | | |
$ | 17,978,760 | | |
$ | 10,880,576 | | |
$ | (39,422,474 | ) | |
$ | (10,291,963 | ) |
Warrants Exercised | |
| - | | |
| - | | |
| 2,660,817 | | |
| 266,081 | | |
| (162,924 | ) | |
| - | | |
| 103,157 | |
Net Loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (464,791 | ) | |
| (464,791 | ) |
Balance, March 31, 2022 | |
| 151,053 | | |
$ | 271,175 | | |
| 182,448,412 | | |
$ | 18,244,841 | | |
$ | 10,717,652 | | |
$ | (39,887,265 | ) | |
$ | (10,653,597 | ) |
The
accompanying notes are an integral part of these condensed consolidated financial statements.
Goldrich
Mining Company |
Condensed
Consolidated Statements of Cash Flows (Unaudited) |
| |
|
|
|
|
|
| |
| |
Three Months Ended | |
| |
March 31, | |
| |
2023 | | |
2022 | |
Cash flows from operating activities: | |
| | | |
| | |
Net loss | |
$ | (419,348 | ) | |
$ | (464,791 | ) |
Adjustments to reconcile net loss to net cash used in operating activities: | |
| | | |
| | |
Finance costs | |
| 790 | | |
| - | |
Change in fair value of notes payable in gold | |
| 44,647 | | |
| 36,363 | |
Accretion of asset retirement obligation | |
| 1,754 | | |
| 1,686 | |
| |
| | | |
| | |
Change in: | |
| | | |
| | |
Prepaid expenses | |
| 30,876 | | |
| 13,377 | |
Accounts payable and accrued liabilities | |
| 49,790 | | |
| 36,779 | |
Interest payable | |
| 59,089 | | |
| 57,719 | |
Interest payable – related party | |
| 157,527 | | |
| 152,408 | |
Related party payable | |
| 59,772 | | |
| 62,422 | |
Net cash used - operating activities | |
| (15,103 | ) | |
| (104,037 | ) |
| |
| | | |
| | |
Cash flows from financing activities: | |
| | | |
| | |
Proceeds from warrant exercises, net | |
| - | | |
| 103,157 | |
Proceeds from notes payable and warrants – related party, net | |
| 15,000 | | |
| - | |
Net cash provided - financing activities | |
| 15,000 | | |
| 103,157 | |
| |
| | | |
| | |
Net decrease in cash and cash equivalents | |
| (103 | ) | |
| (880 | ) |
| |
| | | |
| | |
Cash and cash equivalents, beginning of period | |
| 3,969 | | |
| 3,762 | |
Cash and cash equivalents, end of period | |
$ | 3,866 | | |
$ | 2,882 | |
| |
| | | |
| | |
Non-cash investing and financing activities: | |
| | | |
| | |
Common shares issued for subscription payable | |
$ | 30,000 | | |
$ | - | |
The
accompanying notes are an integral part of these condensed consolidated financial statements.
Goldrich
Mining Company |
Notes
to the Condensed Consolidated Financial Statements (unaudited) |
|
The
unaudited financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United
States of America for interim financial information, as well as the instructions to Form 10-Q. Accordingly, they do not include all of
the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial
statements and as a result, they are condensed. In the opinion of the Companys management, all adjustments (consisting of only
normal recurring accruals) considered necessary for a fair presentation of the interim financial statements have been included. Operating
results for the three-month period ended March 31, 2023 are not necessarily indicative of the results that may be expected for the fiscal
year ending December 31, 2023.
For
further information refer to the financial statements and footnotes thereto in the Companys Annual Report on Form 10-K for the
year ended December 31, 2022.
Going
Concern
The
accompanying condensed consolidated financial statements have been prepared under the assumption that the Company will continue as a
going concern. The Company has incurred losses since its inception and does not have sufficient cash to fund normal operations and meet
debt obligations for the next 12 months without deferring payment on certain current liabilities and/or raising additional funds.
The
Company currently has no historical recurring source of revenue, negative working capital of $11,938,034, and an accumulated deficit
of $40,897,452 at March 31, 2023. These factors raise substantial doubt about the Companys ability to continue as a going concern.
The Company may profitably execute a production business plan, and thereby, its ability to continue as a going concern may improve and
become less dependent on the Companys ability to raise capital to fund its future exploration and working capital requirements.
The Companys plans for the long-term return to and continuation as a going concern include the profitable exploitation of its
mining properties and financing the Companys future operations through sales of its common stock and/or debt. The condensed consolidated
financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern.
If the going concern basis were not appropriate for these financial statements, adjustments would be necessary in the carrying value
of assets and liabilities, the reported expenses and the balance sheet classifications used.
| 2. | SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES |
Earnings
(Loss) Per Share
We
are authorized to issue 750,000,000 shares of common stock, $0.10 par value per share. At March 31, 2023, there were 188,448,412 shares
of our common stock issued and outstanding.
For
the three-month periods ended March 31, 2023 and 2022, potentially dilutive shares including outstanding stock options, warrants, convertible
interest, and convertible preferred stock were excluded from the computation of diluted loss per share because they were anti-dilutive
due to net losses in those periods. For the periods ended March 31, 2023 and 2022, potentially dilutive common stock equivalents excluded
from the calculation of diluted earnings per share are as follows:
Schedule of Anti-Dilutive Stock Common Stock Equivalent
| |
March 31, 2023 | | |
March 31, 2022 | |
Stock options | |
| 1,025,000 | | |
| 1,050,000 | |
Warrants | |
| 18,114,446 | | |
| 19,667,077 | |
Convertible Preferred Stock | |
| 30,190,475 | | |
| 32,190,475 | |
Convertible interest payable | |
| 153,932,841 | | |
| 112,240,467 | |
Total | |
| 203,262,762 | | |
| 165,148,019 | |
Goldrich
Mining Company |
Notes
to the Condensed Consolidated Financial Statements (unaudited) |
|
Fair
Value Measurements
When
required to measure assets or liabilities at fair value, the Company uses a fair value hierarchy based on the level of independent, objective
evidence surrounding the inputs used. The Company determines the level within the fair value hierarchy in which the fair value measurements
in their entirety fall. The categorization within the fair value hierarchy is based upon the lowest level of input that is significant
to the fair value measurement. Level 1 uses quoted prices in active markets for identical assets or liabilities, Level 2 uses significant
other observable inputs, and Level 3 uses significant unobservable inputs. The amount of the total gains or losses for the period are
included in earnings that are attributable to the change in unrealized gains or losses relating to those assets and liabilities still
held at the reporting date.
During
2023 and 2022, the Company determined fair value on a recurring basis and non-recurring basis as follows:
Schedule
of Fair Value On Recurring and Non-Recurring Basis
| |
Balance March 31, 2023 | | |
Balance December 31, 2022 | | |
Fair Value Hierarchy level | |
Liabilities | |
| | | |
| | | |
| | |
Recurring: Notes payable in gold (Note 7) | |
$ | 528,161 | | |
$ | 483,514 | | |
| 2 | |
The
carrying amounts of financial instruments, including notes payable and notes payable – related party, approximate fair value at
March 31, 2023 and December 31, 2022. The inputs to the valuation of Level 2 liabilities are described in Note 6 Notes Payable in
Gold.
On
April 3, 2012, Goldrich Placer, LLC (GP), a subsidiary of Goldrich, entered into a term sheet for a joint venture with
NyacAU, LLC (NyacAU), an Alaskan private company, to bring Goldrichs Chandalar placer gold properties into production
as defined in the joint venture agreement (the Operating Agreement), which was subsequently signed and made effective April
2, 2012. In each case as used herein in reference to the JV, production is as defined by the Operating Agreement. As part
of the Operating Agreement, GP and NyacAU (together the Members) formed a 50:50 joint venture company, Goldrich NyacAU
Placer LLC (GNP), to operate the Chandalar placer mines, with NyacAU acting as managing partner.
Arbitration
In
December 2017, the Company filed an arbitration statement of claim against NyacAU and other parties. The claim challenged certain accounting
treatment of capital leases, allocations of tax losses, charges to the JV for funding costs related to the JV managers financing,
related-party transactions, and other items of dispute in a previous mediation that was unsuccessful in reaching an agreement. As a result,
the Company participated in an arbitration before a panel of three independent arbitrators during 2018 through 2022 to address these
items.
Settlement
Agreement
On
March 31, 2023, the Company signed a settlement agreement between the Company, NyacAU, LLC (NyacAU), Goldrich Placer, LLC
(GP), Goldrich NyacAU Placer, LLC (GNP), Dr. J. Michael James, individually (Dr. James), and
Bear Leasing, LLC (Bear Leasing) (each a Party and, collectively, the Parties).
Goldrich
Mining Company |
Notes
to the Condensed Consolidated Financial Statements (unaudited) |
|
In
April 2023, all outstanding arbitration issues were resolved with a settlement agreement whereby Goldrich paid $105,000 to NyacAU. The
resolution includes all outstanding arbitration issues, awards, and orders including mutual release of all outstanding issues before
the Alaska superior court and all court-entered judgments. The agreement also terminates and supersedes all prior agreements between
all Parties except a security agreement between NyacAU and GNP to secure repayment of fifty percent (50%) of a funding mechanism known
as Line of Credit 1 (LOC1), which was advanced by NyacAU to GNP. GNP was formally dissolved in 2019.
Even
though the settlement agreement was consummated subsequent to the end of the 2022 year, the arbitration claim was filed and has been
open since 2018; therefore, the event requires the financial effects to be reflected in the financial statement for the year ended December
31, 2022. As a result, the previous expense accruals of $638,193 for arbitration awards and interest made in 2021 and prior years were
removed and the settlement amount of $105,000 was recorded. This resulted in a gain on settlement being recorded at December 31, 2022
of $533,193.
Option
Agreement
Concurrent
with signing the settlement agreement, Goldrich also signed an option agreement with the Parties. The option agreement, among other things,
grants Goldrich, or its designee, the right, but not the obligation, to become operator of the Chandalar placer mining permit. If the
option is exercised, Goldrich or its designee would also obtain ownership of all camp facilities and mining equipment remaining at the
Chandalar placer mine site owned by NyacAU and its affiliates. Currently Goldrich owns the claims but NyacAU is the named operator on
the mining permits.
To
exercise the option, Goldrich, or its designee, must give written and electronic notice of its intent to do so by April 30, 2024 and
pay $1,000,000 into escrow within five business days of giving notice. Upon exercise of the option, Goldrich or its designee would assume
all reclamation responsibilities and liability and NyacAU would be released from any reclamation liability. Also, NyacAU would be entitled
to limited payments out of the production of placer gold at the Chandalar placer mine up to the greater of $8,500,000 or 4,860 ounces
of fine gold (the Maximum Amount). No production payment shall be due to NyacAU on the first 5,000 ounces of fine gold production. Thereafter,
NyacAU would receive at least 5% of all production from the Chandalar placer mine until the Maximum Amount is paid. Additionally, after
the first 5,000 ounces of fine gold production, NyacAU would be entitled to a minimum annual payment equal to the value of $120,000 or
68 fine gold ounces, whichever is greater, and such payment would apply towards the satisfaction of the Maximum Amount.
| 4. | RELATED
PARTY TRANSACTIONS |
In
addition to related party transactions described in Note 5, the Company has accrued amounts to the Companys Chief Executive Officer
(CEO), Chief Financial Officer (CFO), and board of directors fees for amounts earned but not yet paid. Beginning
in January 2016 and through March 31, 2023, the CEOs salary has not been paid in full. Salary due to the CFO has been accrued
and remains unpaid, as have board of directors fees.
Schedule
of Related Party Transactions
CEO | |
Three Months ended 3/31/23 | | |
Year ended 12/31/22 | |
Balance at beginning of period | |
$ | 994,017 | | |
$ | 793,720 | |
Deferred salary | |
| 45,000 | | |
| 180,000 | |
Deferred expenses | |
| 3,899 | | |
| 20,297 | |
Payments | |
| - | | |
| - | |
Ending Balance | |
$ | 1,042,916 | | |
$ | 994,017 | |
| |
| | | |
| | |
CFO | |
| | | |
| | |
Balance at beginning of period | |
$ | 104,844 | | |
$ | 91,981 | |
Deferred fees | |
| 2,700 | | |
| 12,863 | |
Payments | |
| - | | |
| - | |
Ending Balance | |
$ | 107,544 | | |
$ | 104,844 | |
| |
| | | |
| | |
Board fees payable and expenses payable (1, 2, 3) | |
| 173,528 | | |
| 165,355 | |
Total Related party payables | |
$ | 1,323,988 | | |
$ | 1,264,216 | |
Goldrich
Mining Company |
Notes
to the Condensed Consolidated Financial Statements (unaudited) |
|
| 5. | NOTES
PAYABLE & NOTES PAYABLE – RELATED PARTY |
At
March 31, 2023 and December 31, 2022, the Company had outstanding notes payable of $1,250,169, respectively, and outstanding notes payable
– related party of $4,211,769 and $4,195,979, respectively. The notes payable and notes payable – related party and accrued
interest of 15% are due within 10 days of a demand notice of the holders. There has been no notice of default or demand issued by any
holder.
During
the three months ended March 31, 2023, the Company issued additional notes payable of $15,790, discounted at 5%, or $790, resulting in
net proceeds of $15,000 from a related party, Nicholas Gallagher, a shareholder and director of the Company, who also holds the full
balance of the notes payable – related party described above. During the three months ended March 31, 2022, the Company received
no additional tranches of the notes payable and notes payable - related party. The notes are due upon demand; therefore, all discounts
have been immediately expensed to finance costs.
During
the three months ended March 31, 2023 and March 31, 2022, the Company paid no finder fees to related party entities, and incurred $450
and $nil, respectively, of other finance and placement costs. Interest of $204,408 and $193,224 was expensed during the three-month periods
ended March 31, 2023 and March 31, 2022, respectively, of which $157,527 and $152,408 was to related parties, respectively, which is
included in interest expense and finance costs on the condensed consolidated statements of operations. Interest and finders fees are
included in accounts payable and accrued liabilities, interest payable and interest payable – related party on the condensed consolidated
balance sheet at March 31, 2023 and December 31, 2022.
Inter-Creditor
Agreement
As
a result of an Amended and Restated Loan, Security, and Intercreditor Agreement (the Amended Agreement) dated November
1, 2019 and a First Amendment dated August 25, 2021, for each holder of the notes payable, whether or not a related party:
| 1. | The
borrower and holder entered into a Deed of Trust where under the notes are secured by a security
interest in all real property, claims, contracts, agreements, leases, permits and the like. |
| 2. | The
Company entered into a written Guaranty (Guaranty) where under, among other
conditions, the Company unconditionally guarantees and promises to pay to the order of each
holder the principal sum and all interest payable on each note payable held by such holder
when and as the same becomes due, whether at the stated maturity thereof, by acceleration,
call for redemption, tender, or otherwise. The Company is not in default as no demand
has been made for payment or delivery. |
Goldrich
Mining Company |
Notes
to the Condensed Consolidated Financial Statements (unaudited) |
|
| 3. | Mr.
Gallagher, at his option, has the right to convert outstanding but unpaid and future interest
on his note into shares of the Companys common stock at $0.015 per share. At March
31, 2023, Mr. Gallaghers interest would convert to 153,932,841 common shares. |
| 4. | All
loans by Mr. Gallagher and any additional loans made by Mr. Gallagher are designated as Senior
Notes and accounted for as Notes payable – related party and all loans by the other
holders made prior to August 25, 2021 were designated as Junior Notes. Additionally, notes
arising in the future to certain unrelated parties are also designated as Senior notes. Senior
Notes, which include principal and interest are entitled to be repaid in full before any
of the Junior Notes are repaid. |
| 5. | The
Company confirmed that the written Guaranty extends to the repayment of additional loans
made by the holders. |
| 6. | The
Company confirmed that repayment of additional loans will be and remain secured by the Deed
of Trust. |
During
2013, the Company issued notes payable in gold totaling $820,000, less a discount of $205,000, for net proceeds of $615,000. Under the
terms of the notes, the Company agreed to deliver gold to the holders at the lesser of $1,350 per ounce of fine gold or a 25% discount
to market price as calculated on the contract date and specify delivery of gold in November 2014. The notes bear interest at a rate of
10% per annum and penalty interest of 10% per annum on any due and unpaid interest.
After
several amendments to the terms of the note agreements, through the date of the issuance of these financial statements, the gold notes
have not been paid and the note holders have not demanded payment or delivery of gold. At March 31, 2023 and December 31, 2022, 266.788
ounces of fine gold was due and deliverable to the holder of the notes.
The
Company estimates the fair value of the notes based on the market approach with Level 2 inputs of gold delivery contracts based upon
previous contractual delivery dates, using the market price of gold on March 31, 2023 of approximately $1,980 per ounce as quoted on
the London PM Fix market or $528,161 in total. The valuation resulted in an increase in gold notes payable of $44,647 during the three
months ended March 31, 2023. At March 31, 2023 and 2022, this resulted in a loss on change in fair value of notes payable in gold of
$44,647 and $36,363, respectively on the condensed consolidated statement of operations.
At
December 31, 2022, the fair value was calculated using the market approach with Level 2 inputs of gold delivery contracts based upon
previous contractual delivery dates. At December 31, 2022, the Company had outstanding total notes payable in gold of $483,514.
Interest
of $12,208 was expensed during the three months ended March 31, 2023, and $151,847 is accrued at March 31, 2023 and is included in interest
payable. Interest of $10,981 was expensed during the three months ended March 31, 2022, and $139,639 is accrued at December 31, 2022
and is included in interest payable.
During
the year ended December 31, 2022, the Company received cash of $30,000 which is included in stock subscription payable at December 31,
2022, for a private placement of common shares priced at $0.01 per share, of which $5,000 was from William Orchow, a related party. During
the three months ended March 31, 2023, the Company reduced stock subscription payable by $30,000 and issued 3,000,000 common shares.
Goldrich
Mining Company |
Notes
to the Condensed Consolidated Financial Statements (unaudited) |
|
During
the three months ended March 31, 2022, the Company received $103,157 cash as a result of the exercise of Class R warrants at an exercise
price of $0.045 and T warrants at an exercise price of $0.03 per common share, resulting in the issuance of 2,660,817 common shares.
Of that amount, 1,555,555 of the warrants exercised were owned by Mr. Gallagher and were transferred to unrelated parties. The unrelated
parties then exercised the warrants for cash.
During
the year ended December 31, 2021, the Company received $40,000 for the exercise of Class T warrants which are included in stock subscription
payable at March 31, 2023 and December 31, 2022. Once the exercise is complete, the Company will issue 1,333,333 common shares for the
exercise. These warrants were exercised subsequent to March 31, 2023.
| 8. | COMMITMENTS
AND CONTINGENCIES |
The
Company has entered into a consulting contract for $46,500 for which the services have not yet been received.
The
Company is subject to Alaska state annual claims rental fees in order to maintain its non-patented claims. In addition to the annual
claims rental fees of $125,945 due November 30 of each year, the Company is also required to meet annual labor requirements of approximately
$61,100 due November 30 of each year. The Company can carry forward costs for annual labor that exceed the required yearly totals for
four years. The Company has significant carryovers to 2023 to satisfy its annual labor requirements. This carryover expires in the years
2023 through 2027 if unneeded to satisfy requirements in those years.
Subsequent
to March 31, 2023, the Company received $162,667 cash as a result of exercise of Class R warrants at an exercise price of $0.024 per
common share. Ownership of these warrants had been in the hands of Mr. Gallagher and were sold by him personally to unrelated parties.
The unrelated parties then exercised the warrants for cash, resulting in the issuance of 6,777,778 common shares.
Subsequent
to March 31, 2023, the Company received cash of $12,500 of additional notes payable – related party from Mr. Nicholas Gallagher,
and cash of $122,000 of additional notes payable from unrelated parties.
Item
2. Managements Discussion and Analysis of Financial Condition or Plan of Operation
As
used in herein, the terms Goldrich, the Company, we, us, and our
refer to Goldrich Mining Company.
This
discussion and analysis contains forward-looking statements that involve known or unknown risks, uncertainties and other factors that
may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance
or achievements expressed or implied by the forward-looking statements. Except for historical information, the matters set forth herein,
which are forward-looking statements, involve certain risks and uncertainties that could cause actual results to differ. Potential risks
and uncertainties include, but are not limited to, unexpected changes in business and economic conditions; significant increases or decreases
in gold prices; changes in interest and currency exchange rates; unanticipated grade changes; metallurgy, processing, access, availability
of materials, equipment, supplies and water; results of current and future exploration and production activities; local and community
impacts and issues; timing of receipt and maintenance of government approvals; accidents and labor disputes; environmental costs and
risks; competitive factors, including competition for property acquisitions; and availability of external financing at reasonable rates
or at all, and those set forth under the heading Risk Factors in our Form 10-K filed with the United States Securities
and Exchange Commission (the SEC) on July 5, 2023. Forward- looking statements can be identified by terminology such as
may, will, should, expects, intends, plans, anticipates,
believes, estimates, predicts, potential, continues or the negative
of these terms or other comparable terminology. Although the Company believes that the expectations reflected in the forward-looking
statements are reasonable, it cannot guarantee future results, levels of activity, performance or achievements. Forward-looking statements
are made based on managements beliefs, estimates, and opinions on the date the statements are made, and the Company undertakes
no obligation to update such forward-looking statements if these beliefs, estimates, and opinions should change, except as required by
law.
This
discussion and analysis should be read in conjunction with the accompanying unaudited condensed consolidated financial statements and
related notes. The discussion and analysis of the financial condition and results of operations are based upon the unaudited condensed
consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United
States of America. The preparation of financial statements in conformity with accounting principles generally accepted in the United
States of America requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities,
disclosure of any contingent liabilities at the financial statement date and reported amounts of revenue and expenses during the reporting
period. On an on-going basis the Company reviews its estimates and assumptions. The estimates were based on historical experience
and other assumptions that the Company believes to be reasonable under the circumstances. Actual results are likely to differ from those
estimates under different assumptions or conditions, but the Company does not believe such differences will materially affect our condensed
consolidated financial position or results of operations. Critical accounting policies, the policies the Company believes are most important
to the presentation of its condensed consolidated financial statements and require the most difficult, subjective and complex judgments
are outlined below in Critical Accounting Policies and have not changed significantly.
General
Our
Chandalar, Alaska gold mining property contains both hard-rock (lode) targets and placer deposits and has seen over a hundred years of
intermittent mining exploration and extraction history. There has been extraction of gold from several alluvial, or placer gold streams,
and from an array of small quartz veins that dot the property. However, only in very recent times is the primary source of the gold becoming
evident. As a result of our exploration, considering structural geology, petrographic, geochemical and geophysical evidence, we have
realized that all of the gold is sourced within a system of magmatic hydrothermal alteration features such as small pegmatitic dikes
and chloritized schist. We believe these features are common to and link all of the hard-rock (lode) prospects, the weathering of which
generated the gold placer deposits, and furthermore are an outlying expression of an underlying gold bearing pluton.
We
have defined drilling targets for a hard-rock (lode) gold deposit in an area of interest approximately 1,800 feet wide and over five
miles long, possibly underlain by a series of mineralized magmatic intrusions (plutons). Exploration therefore has taken on two directions;
one toward defining a low-grade, large tonnage body of mineralization running beneath the headwaters of Little Squaw Creek where dense
swarms of gold mineralized pegmatitic dikelets are seen, the other a deeper, larger mineralized plutonic body(ies) from which the districts
mineralizing fluids may have emanated and migrated through Chandalar country rock.
In
December 2021, Goldrich submitted a permit application to the Alaska Department of Natural Resources (DNR) to carry out
a multi-year, 25,000-foot diamond core drill program at the Companys Chandalar Property. The permit was received in February 2022.
The target zone of this hard-rock (lode) drill program, located on the Little Squaw Creek (LSC) drainage, is immediately
above and partially overlapping the LSC placer deposit and mine. The target zone sits at the heart of a zone surrounded by historic placer
workings in every creek and four historic hard-rock gold mines. Previous exploration, including drill programs, soil and rock samples,
airborne magnetic and radiometric studies, and advanced petrographic studies in addition to the angularity of the placer gold nuggets
indicates close proximity of the LSC placer deposit to a hard-rock source. Subject to financing, Goldrich plans to commence the program
in May 2024.
Although
our main focus continues to be the exploration of these hard-rock targets, we also endeavor to develop our placer properties as a source
of internal cash to protect us from future market fluctuations and to provide funds for future exploration. In 2012, Goldrich and NyacAU
LLC (NyacAU) formed Goldrich NyacAU Placer LLC (GNP), a 50/50 joint-venture company, managed by NyacAU, to
mine Goldrichs various placer properties at Chandalar.
As
shown below, the placer gold extracted by GNP increased each year from 2015 through 2018, trending toward production figures that were
anticipated by a preliminary economic assessment authored by qualified geologists for us:
Year | |
Ounces of Placer Gold | | |
Ounces of
Fine Gold | |
2015 | |
| 4,400 | | |
| 3,900 | |
2016 | |
| 10,200 | | |
| 8,200 | |
2017 | |
| 15,000 | | |
| 12,300 | |
2018 | |
| 20,900 | | |
| 17,100 | |
Although
GNPs extraction increased over the years, ultimately the extraction numbers attained over those years fell short of the Minimum
Production Requirements required in the GNP Operating Agreement. According to the terms of the agreement, GNP was required to pay a Minimum
Production Requirement of 1,100 ounces for 2016, 1,200 ounces for 2017, and 1,300 ounces for 2018 to both Goldrich and NyacAU by October
31, 2018. This payment was not made. Under the joint venture Operating Agreement, GNP would be dissolved if GNP failed to meet the Minimum
Production Requirement. On August 20, 2018, we announced the intended dissolution of the GNP joint venture. GNP was formally dissolved
in May 2019.
Subsequent
to 2019, Goldrich commissioned an independent third-party mining engineering firm to complete a mining plan and initial assessment for
the Companys Chandalar Mine. In June, 2021, Goldrich released the results of an independent Initial Assessment Report (the IA),
prepared in accordance with the new SEC Subpart 1300 property disclosure requirements, for the Companys Chandalar placer mine.
The IA was prepared by Global Resources Engineering (GRE), a widely-respected mining engineering firm in Denver, Colorado.
After
the release of the IA, a Revised and Amended Initial Assessment Report (the RAIA) was prepared by GRE and has a revised
and amended date of February 24, 2023 and an effective date of May 31, 2021. The RAIA did not change the results of the economic analysis.
Both
the IA and RAIA completed the economic analysis based on a 0.004 raw troy ounce per bank cubic yard cutoff pit constrained mineral resource
that utilized a 0.002 raw troy ounce per bank cubic yard grade shell for grade estimation so there was no change in the economic analysis.
However, the RAIA reported the pit constrained mineral resources at a 0.004 raw troy ounce per bank cubic yard cutoff while the IA pit
constrained mineral resource used a 0.002 raw troy ounce per bank cubic yard cutoff. This difference caused measured and indicated mineral
resources to decrease from 120,000 ounces of fine gold in the IA to 119,000 ounces of fine gold in the RAIA and inferred mineral resources
to decrease from 17,000 ounces of fine gold in the IA to 16,000 ounces of fine gold in the RAIA. The RAIA was also revised to include
additional information requested by the SEC and to add statements of opinions of qualified persons on the adequacy of sample preparation,
security, analytical procedures, and the adequacy of the data.
Using
a base case gold price of $1,650, the key economic results of the RAIA with a summarized gold price sensitivity analysis were as follows
(A complete copy of the RAIA may be downloaded at https://www.goldrichmining.com/chandalar-gold-district/technical-reports.html).
| |
Base Case | |
Gold Price Sensitivity Analysis |
Parameter | |
$1,650 Gold | |
$1,500 | |
$2,000 | |
$2,500 |
Undiscounted Pre-Tax Net Cash Flow: | |
$75 million | |
$57 million | |
$116 million | |
$175 million |
After-tax NPV@5%(1): | |
$64 million | |
$50 million | |
$92 million | |
$129 million |
After-tax IRR(1): | |
139% | |
112% | |
195% | |
275% |
Undiscounted After-tax Net Cash Flow(1): | |
$72 million | |
$57 million | |
$103 million | |
$145 million |
After-tax Payback Period (years): | |
1.3 | |
1.44 | |
1.19 | |
1.1 |
All-in Sustaining Costs: | |
$799/Au oz. | |
| |
| |
|
All-in Costs: | |
$1,064/Au oz. | |
| |
| |
|
Total Operating Costs: | |
$646/Au oz. | |
| |
| |
|
The
RAIA pit-constrained mineral resources for the Little Squaw Creek Placer deposit at a 0.004 raw troy ounce per bank cubic yard cutoff
is as follows:
Classification | |
Resource Volume (1000s bcy) | |
Raw(1) Gold Grade (troy oz./bcy) | |
Raw(1) Gold (troy oz) | |
Fine(2) Gold (troy oz) |
Measured | |
2,609 | |
0.0302 | |
79,000 | |
69,000 |
Indicated | |
2,188 | |
0.0265 | |
58,000 | |
50,000 |
Measured & Indicated | |
4,797 | |
0.0285 | |
137,000 | |
119,000 |
Inferred | |
771 | |
0.0245 | |
19,000 | |
16,000 |
| (1) | Raw
Gold - Gold as recovered from the placer deposit, historically 84% gold and 16% other metals like silver and copper (referred to as 840
fine). The Mineral Resource is constrained by a 0.002 raw troy ounce per bank cubic yard grade shell and a 0.004 raw troy ounce per bank
cubic yard cutoff (840 fineness) at an assumed gold price of 1,600 $/tr oz, assumed mining cost of 4.50 $/bcy, assumed processing and
administrative cost of 7.25 $/bcy, an assumed gold purity of 84%, and pit slopes of 45 degrees. These costs are preliminary estimates
(prior to economic analysis). |
| (2) | Fine
Gold - Gold that is 99.99% pure (referred to as 9999 fine). |
Goldrich
will decide if a preliminary feasibility study should also be prepared for the Chandalar Mine. A preliminary feasibility study would
allow Goldrich to disclose any reserves of the Chandalar Mine. The Company is encouraged by the results of the IA as it helps establish
the value of the placer deposit, shows a large geochemical anomaly indicative of a potential large hard-rock (lode) gold source, and
may provide financing opportunities.
Looking
forward, our ability to develop either hard-rock (lode) targets or placer deposits is subject to financing. The on-going development
of the hard-rock gold targets, the recent change in SEC regulations which allow us to release the new information in the IA, and significant
increases in the price of gold since 2019, and the settlement of the arbitration appear to have increased the availability of funds so
we are hopeful to secure sufficient funds for a major exploration program and for reopening the placer mine.
Liquidity
and Capital Resources
We
are an exploration stage company and have incurred losses since our inception. We currently do not have sufficient cash to support the
Company through 2023 and beyond. We anticipate that we will incur approximately $700,000 for general operating expenses and property
maintenance, $275,000 for interest, and $630,000 for interest – related party, over the next 12 months, in addition to the current
liabilities on the balance sheet at March 31, 2023 of $12,017,551. Additional funds will be needed for any exploration expenditures,
should any be undertaken. We plan to raise the financing through a combination of debt and/or equity placements, sale of mining property
interests, and revenue from placer operations.
On
March 31, 2023, we signed a settlement agreement between the Company, NyacAU, LLC (NyacAU), Goldrich Placer, LLC (GP),
Goldrich NyacAU Placer, LLC (GNP), Dr. J. Michael James, individually (Dr. James), and Bear Leasing, LLC
(Bear Leasing) (each a Party and, collectively, the Parties).
Subject
to Goldrich making a payment of $105,000 to NyacAU by April 30, 2023, which was made on April 27, 2023, the settlement agreement, among
other things, resolved all outstanding arbitration issues, awards, and orders including mutual release of all outstanding issues before
the Alaska superior court and all court-entered judgments. The agreement also terminated and superseded all prior agreements between
all Parties except a security agreement between NyacAU and GNP to secure repayment of fifty percent (50%) of a funding mechanism known
as Line of Credit 1 (LOC1), which was advanced by NyacAU to GNP. GNP was formally dissolved in 2019.
Even
though the settlement agreement was consummated subsequent to the end of the 2022 year, the nature and magnitude of the event requires
the financial effects to be reflected in the financial statement for the year ended December 31, 2022. As a result, the previous expense
accruals of $638,193 made in 2021 and prior years were removed and the settlement amount of $105,000 was recorded, resulting in a gain
on settlement of $533,193 at December 31, 2022.
Because
the exercise of the option agreement is at the election of the Company, no financial effects of the option have been recognized at March
31, 2023. If the option agreement is exercised by April 2024, the $1,000,000 payment would be recorded for the purchase of equipment,
Goldrich would become the named operator on the Chandalar placer mining permits, the $8,500,000 liability would be recognized and a reclamation
liability would be recognized. While the GRE Revised and Amended Initial Assessment Report reflects ample resources to justify a mining
activity at the Chandalar Mine, the option would only be exercised if we were able to secure financing sufficient to start up a mining
operation or secure a mining partner to economically extract the gold in a mining operation.
The
audit opinion and notes that accompany our consolidated financial statements for the year ended December 31, 2022, disclose a going
concern qualification to our ability to continue in business. The accompanying consolidated financial statements have been prepared
under the assumption that we will continue as a going concern. We are an exploration stage company and we have incurred losses since
our inception. We do not have sufficient cash to fund normal operations and meet debt obligations for the next 12 months without deferring
payment on certain current liabilities and raising additional funds. We believe that the going concern condition cannot be removed with
confidence until the Company has entered into a business climate where funding of its activities is more assured.
We
currently have only a brief, recent history of a recurring source of revenue and in 2016 received our first cash distribution from the
joint venture. If we profitably execute a production business plan, our ability to continue as a going concern may improve and become
less dependent on our ability to raise capital to fund our future exploration and working capital requirements. Our plans for the long-term
include the profitable exploitation of our mining properties and financing our future operations through sales of our common stock and/or
debt. Additionally, the capital markets and general economic conditions in the United States are constantly changing and may present
significant obstacles to raising the required funds. These factors raise substantial doubt about our ability to continue as a going concern.
During
the three months ended March 31, 2023, we completed financings of $15,000 compared to $103,157 net cash for note financings and placements
of our securities during the three months ended March 31, 2022. On November 1, 2019, the Company and lenders entered into the Amended
and Restated Loan Security and Intercreditor Agreement (the Agreement). Under the Agreement, the borrower and holders entered
into a Deed of Trust whereunder the Notes are secured by a security interest in all real property, claims, contracts, agreements, leases,
permits and the like.
If
we are unable to timely satisfy our obligations under these secured senior notes payable, the notes payable in gold, originally due November
2018 and subsequently amended to be on demand, and the interest on both the secured senior note due quarterly and the notes payable in
gold, and we are not able to re-negotiate the terms of such agreements, the holders will have rights against us, including potentially
seizing or selling our assets. The notes payable in gold are secured against our right to future distributions of gold extracted by our
joint venture with NyacAU. At March 31, 2023, we had outstanding total notes payable in gold of $528,161, representing 266.788 ounces
of fine gold due on demand. During the year ended December 31, 2019, the Company renegotiated terms with the holders. The Fourth Delayed
Delivery Required Quantity shall be delivered to the Purchaser at the Delivery Point on the date that is sixty (60) days after the date
that the Purchaser gives notice to the Company. To date, the gold notes have not been paid, the note holders have not demanded payment
and have indicated willingness to work with the Company to extend the due date.
At
March 31, 2023, the Company had outstanding Notes payable of $1,250,169 and outstanding Notes payable – related party of $4,211,769.
The Notes payable and Notes payable – related party had matured on October 31, 2018. In November 2019, the Company and the holders
of the notes amended the notes, and the notes are now due within 10 days of a demand notice of the holders. There has been no notice
of default or demand issued by any holder.
We
believe we will be able to secure sufficient financing for further operations and exploration activities of our Company, but we cannot
give assurance we will be successful in attracting financing on terms acceptable to us, if at all. Additionally, anticipating continued
placer production after dissolution of GNP, we look forward to internal cash flow and additional options for financing. A successful
mining operation may provide the long-term financial strength for the Company to remove the going concern condition in future years.
To increase its access to financial markets, Goldrich, which is currently on the OTC Expert Market, intends to requalify to be quoted
on the OTCQB of the OTC Markets and intends to also seek a listing of its shares on a recognized stock exchange in Canada.
The
consolidated financial statements do not include any adjustments that might be necessary should the Company be unable to continue as
a going concern. If the going concern basis were not appropriate for these financial statements, adjustments would be necessary in the
carrying value of assets and liabilities, the reported expenses and the balance sheet classifications used.
Results
of Operations
On
March 31, 2023, we had total liabilities of $12,334,729 and total assets of $730,945. This compares to total liabilities of $11,976,360
and total assets of $761,924 on December 31, 2022. As of March 31, 2023, our liabilities consist of $277,178 for remediation and asset
retirement obligations, $528,161 of notes payable in gold, $1,250,169 of notes payable, $4,211,769 of notes payable – related party,
$1,584,653 of trade payables and accrued liabilities, $779,200 of accrued interest payable, $2,308,993 of accrued convertible interest
payable – related party, $1,323,988 due to related parties, $40,000 of subscriptions payable and $30,618 for dividends payable.
Of these liabilities, $12,017,551 is due within 12 months. The increase in liabilities compared to December 31, 2022 is due to an increase
in trade and related party payables, an increase in interest payable and convertible interest payable – related party, an increase
in notes payable – related party and an increase in the notes payable in gold. Total assets and its components did not experience
significant changes, with the exception of a decrease in cash and a decrease in prepaid expenses during the quarter ended March 31, 2023.
On
March 31, 2023, we had negative working capital of $11,938,034 and a stockholders deficit of $11,603,784 compared to negative
working capital of $11,520,440 and stockholders deficit of $11,214,436 for the year ended December 31, 2022. Working capital decreased
during the quarter ended March 31, 2023 due to the accruals of accounts and trade payables that exceeded cash proceeds from Notes payable
and Notes payable – related party, and the reduction of prepaid expenses. Stockholders equity decreased due to an operating
loss for the period ended March 31, 2023.
During
the three months ended March 31, 2023, the Company reported total operating expense of $161,695, compared to $202,357 for the three months
ended March 31, 2022. With the exception of arbitration expenses and mineral property maintenance, all expenses are lower year over year.
Total other (income) expense for the three months ended March 31, 2023 was $257,653 compared to $262,434 for the same period of 2022,
mainly due to a decrease in interest expense and $5,787 in miscellaneous income during the three months ended March 31, 2023.
During
the three months ended March 31, 2023, we used cash from operating activities of $15,103 compared to $104,037 for the period ended March
31, 2022. Net losses were slightly lower year over year mainly due to a decrease in mine prep costs, management fees and salaries, professional
services, general and administrative expenses, office supplies, directors fees, and interest expense. Net losses were $419,348
and $464,791 for the three months ended March 31, 2023 and 2022, respectively.
During
the three months ended March 31, 2023 and 2022 respectively, we used no cash in investing activities.
During
the three months ended March 31, 2023, cash of $15,000 was provided by financing activities, compared to $103,157 provided during the
same period of 2022.
Private
Placement Offerings
During
the year ended December 31, 2022, the Company raised $30,000 from investors for a private placement of common stock at a price of $0.01
per share, and is included in stock subscription payable at December 31, 2022. During the three months ended March 31, 2023, stock subscription
payable was reduced by $30,000 and the Company issued 3,000,000 shares of common stock. No private placement offerings occurred during
the three months ended March 31, 2023.
Notes
Payable in Gold, Notes Payable & Notes Payable – Related Party
At
March 31, 2023, we owed $528,161 for Notes payable in Gold, $1,250,169 for Notes payable and $4,211,769 for Notes payable – related
party. Interest payable on these borrowings totaled $3,088,193. These borrowings have matured beyond their original due dates and have
been amended to be due upon demand.
Effective
November 1, 2019, we entered into an Amended and Restated Loan, Security, and Intercreditor Agreement (the Amended Agreement)
and effective August 25, 2021, we entered into First Amendment to the Amended and Restated Loan, Security, and Intercreditor Agreement
dated November 1, 2019 (First Amendment) with Nicholas Gallagher, a related party and member of our Board of Directors,
in his capacity as agent for and on behalf of the holders of the Notes payable.
As
a result of the borrowings under the Notes payable in gold, Notes payable and Notes payable – related party (collectively, the
Notes), we are faced with a significant hurdle in financing the Company going forward, whether to conduct exploration programs
or initiate a mining program at the Chandalar mine. Our near-term cash requirements are greater than the assets we have available to
satisfy them, and the holders of the Notes could choose to exercise their rights to demand payment, which would result in a default situation
relative to the Notes. Mr. Gallagher is secured in his lending to the Company by means of the Amended Agreement, and if he were to demand
payment, the Company would not be able to pay him the amounts due and he would be entitled to sell the assets secured under his deed
of trust in order to pay his debt. We believe these holders to be friendly to the Company and that they will refrain from demanding payment,
but the Company cannot control the potential demands nor the consequences that would be extracted as a result of default on the Notes.
Subsequent
Events
Subsequent
to March 31, 2023, the Company received $162,667 cash as a result of exercise of Class R warrants at an exercise price of $0.024 per
common share. Ownership of these warrants had been in the hands of a related party and were sold by him personally to unrelated parties.
The unrelated parties then exercised the warrants for cash, resulting in the issuance of 6,777,778 common shares.
Subsequent
to March 31, 2023, the Company received cash of $12,500 of additional notes payable – related party from Mr. Nicholas Gallagher,
and $122,000 of additional notes payable from unrelated parties.
Mining
Permit and Future Mining Activities
The
recent upward movements in the price of gold to a range of $1,800 to $2,000 per ounce or higher during the past few years have created
renewed interest in gold mining, gold exploration and investments in companies engaging in those activities, including the junior mining/exploration
sector in which we participate. Additionally, the fact that we own a mine that has produced over 44,000 ounces in recent years along
an annual increasing trend has caught the interest of placer mining companies and investors who support placer mining operations. We
believe we have the fundamentals to raise capital and continue our primary strategy of exploration and secondarily placer mining.
If
we can attract sufficient financing to reinstate the placer mining operation, we may have a viable and productive path forward toward
obtaining financing in the short-term to achieve long-term profitability. To effectively pursue this strategy, we have negotiated the
option agreement described above to provide for facilities, equipment and mining permit to commence work, while taking on the reclamation
liability for the Chandalar placer mine. While the GRE Revised and Amended Initial Assessment Report reflects ample resources to justify
a mining activity at the Chandalar placer mine, the option would only be exercised if we were able to secure financing sufficient to
start up a mining operation or secure a mining partner to economically extract the gold in a mining operation.
We
do believe there are investors motivated to provide funding for exploration programs to locate and exploit the hard rock deposits from
which the placer mineralization is coming from. This strategy can be pursued independent of any mining activities.
Off-Balance
Sheet Arrangements
We
have no off-balance sheet arrangements.
Inflation
We
do not believe that inflation has had a significant impact on our condensed consolidated results of operations or financial condition.
Contractual
Obligations
See
Subsequent Events above.
Critical
Accounting Policies
We
have identified our critical accounting policies, the application of which may materially affect the financial statements, either because
of the significance of the financials statement item to which they relate, or because they require managements judgment in making
estimates and assumptions in measuring, at a specific point in time, events which will be settled in the future. The critical accounting
policies, judgments and estimates which management believes have the most significant effect on the financial statements are set forth
below:
| ● | Estimates
of the recoverability of the carrying value of our mining and mineral property assets. We
use publicly available pricing or valuation estimates of comparable property and equipment
to assess the carrying value of our mining and mineral property assets. However, if future
results vary materially from the assumptions and estimates used by us, we may be required
to recognize an impairment in the assets carrying value. |
| ● | Estimates
of our environmental liabilities. Our potential obligations in environmental remediation,
asset retirement obligations or reclamation activities are considered critical due to the
assumptions and estimates inherent in accruals of such liabilities, including uncertainties
relating to specific reclamation and remediation methods and costs, the application and changing
of environmental laws, regulations and interpretations by regulatory authorities. |
Item
3. Quantitative and Qualitative Disclosures about Market Risk
Not
applicable.
Item
4. Controls and Procedures
Evaluation
of Disclosure Controls and Procedures
At
the end of the period covered by this Quarterly Report on Form 10-Q, an evaluation was carried out under the supervision of, and with
the participation of, our management, including the Chief Executive Officer and Chief Financial Officer, of the effectiveness of the
design and operation of our disclosure controls and procedures (as defined in Rule 13a – 15(e) and Rule 15d – 15(e) of the
Securities and Exchange Act of 1934, as amended (the Exchange Act)). Based on that evaluation, the Chief Executive Officer
and Chief Financial Officer have concluded that as of the end of the period covered by this Quarterly Report on Form 10-Q, our disclosure
controls and procedures were not effective due to the size of our staff and the resulting inability to segregate duties; however, material
information required to be disclosed by the Company in reports that it files or submits to the SEC under the Exchange Act, is recorded,
processed, summarized and reported within the time period specified in applicable rules and forms.
Changes
in internal controls over financial reporting
During
the quarter ended March 31, 2023, there have been no changes in the Companys internal control over financial reporting that have
materially affected, or are reasonably likely to materially affect, the Companys internal control over financial reporting.
PART
II – OTHER INFORMATION
Item
1. Legal Proceedings
In
2018, we filed a claim before an Arbitration panel consisting of 3 independent arbitrators against our joint venture partner to obtain
relief from certain accounting practices employed by the manager of the joint venture. In response to our filing, the managing partner,
NyacAU LLC, filed an Arbitration Counter Claim against us, naming the officers and directors of the Company as they were constituted
in 2012, at the time the JVs Operating Agreement was signed by the respective partners. On March 31, 2023, the Company signed
a settlement agreement between the Company, NyacAU, LLC (NyacAU), Goldrich Placer, LLC (GP), Goldrich NyacAU
Placer, LLC (GNP), Dr. J. Michael James, individually (Dr. James), and Bear Leasing, LLC (Bear Leasing)
(each a Party and, collectively, the Parties).
Goldrich
made a payment of $105,000 to NyacAU by April 30, 2023, and the settlement agreement, among other things, resolved all outstanding arbitration
issues, awards, and orders including mutual release of all outstanding issues before the Alaska superior court and all court-entered
judgments. The agreement also terminates and supersedes all prior agreements between all Parties except a security agreement between
NyacAU and GNP to secure repayment of fifty percent (50%) of a funding mechanism known as Line of Credit 1 (LOC1), which was advanced
by NyacAU to GNP. GNP was formally dissolved in 2019.
Item
1A. Risk Factors
There
have been no changes to our risk factors as reported in our annual report on Form 10-K for the year ended December 31, 2022.
Item
2. Unregistered Sales of Equity Securities and Use Of Proceeds
See
full disclosure in section entitled Sale of Unregistered Securities above, which is incorporated by reference to this Item
2.
Item
3. Defaults upon Senior Securities
None.
Item
4. Mine Safety Disclosure
Our
exploration properties are subject to regulation by the Federal Mine Safety and Health Administration (MSHA) under the Federal
Mine Safety and Health Act of 1977 (the Mine Act). Pursuant to Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer
Protection Act (The Dodd-Frank Act), issuers that are operators, or that have a subsidiary that is an operator, of a coal
or other mine in the United States are required to disclose in their periodic reports filed with the SEC information regarding specified
health and safety violations, orders and citations, related assessments and legal actions, and mining-related fatalities.
During
the quarter ended March 31, 2023, we had no such specified health and safety violations, orders or citations, related assessments or
legal actions, mining-related fatalities, or similar events in relation to our United States operations requiring disclosure pursuant
to Section 1503(a) of the Dodd-Frank Act.
Item
5. Other Information
None.
Item
6. Exhibits
SIGNATURES
In
accordance with Section 12 of the Securities Exchange Act of 1934, the Registrant has caused this Quarterly Report on Form 10-Q to be
signed on its behalf by the undersigned, thereunto duly authorized.
Date:
September 22, 2023
|
GOLDRICH
MINING COMPANY |
|
|
|
|
|
|
By |
/s/ William
Schara |
|
|
William Schara, Chief Executive Officer and President |
|
In
accordance with Section 12 of the Securities Exchange Act of 1934, the Registrant has caused Quarterly Report on Form 10-Q to be signed
on its behalf by the undersigned, thereunto duly authorized.
Date:
September 22, 2023
|
GOLDRICH
MINING COMPANY |
|
|
|
|
|
|
By |
/s/
Ted R. Sharp |
|
|
Ted R. Sharp, Chief Financial Officer |
|
Exhibit
31.1
CERTIFICATION
I,
William Schara, certify that:
| 1. | I
have reviewed this quarterly report on Form 10-Q of Goldrich Mining Company; |
| 2. | Based
on my knowledge, this report does not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of the circumstances
under which such statements were made, not misleading with respect to the period covered
by this report. |
| 3. | Based
on my knowledge, the financial statements, and other financial information included in this
report, fairly present in all material respects, the financial condition, results of operations
and cash flows of the registrant as of, and for, the periods presented in this report. |
| 4. | The
registrants other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e))
and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f)
and 15d-15(f)) for the registrant and have: |
| (a) | Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures
to be designed under our supervision, to ensure that material information relating to the
registrant, including its consolidated subsidiaries, is made known to us by others within
those entities, particularly during the period in which this report is being prepared; |
| (b) | Designed
such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles; |
| (c) | Evaluated
the effectiveness of the registrants disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures,
as of the end of the period covered by this report based on such evaluation; and |
| (d) | Disclosed
in this report any change in the registrants internal control over financial reporting that
occurred during the registrants most recent fiscal quarter (fourth quarter in the case of
an annual report) that has materially affected, or is reasonably likely to materially affect,
the registrants internal control over financial reporting; and |
| 5. | The
registrants other certifying officer and I have disclosed, based on our most recent evaluation
of internal control over financial reporting, to the registrants auditors and the audit
committee of the registrants board of directors: |
| a) | All
significant deficiencies and material weaknesses in the design or operation of internal control
over financial reporting which are reasonably likely to adversely affect the registrants
ability to record, process, summarize and report financial information; and |
| b) | Any
fraud, whether or not material, that involves management or other employees who have a significant
role in the registrants internal control over financial reporting. |
Date:
September 22, 2023
By: |
/s/
William Schara |
|
|
William
Schara, Chief Executive Officer, President and Principal Executive Officer |
A
signed original of this written statement has been provided to the registrant and will be retained by the registrant to be furnished
to the Securities and Exchange Commission or its staff upon request.
Exhibit
31.2
CERTIFICATION
I,
Ted R. Sharp, certify that:
| 1. | I
have reviewed this quarterly report on Form 10-Q of Goldrich Mining Company; |
| 2. | Based
on my knowledge, this report does not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of the circumstances
under which such statements were made, not misleading with respect to the period covered
by this report. |
| 3. | Based
on my knowledge, the financial statements, and other financial information included in this
report, fairly present in all material respects, the financial condition, results of operations
and cash flows of the registrant as of, and for, the periods presented in this report. |
| 4. | The
registrants other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e))
and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f)
and 15d-15(f)) for the registrant and have: |
| (a) | Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures
to be designed under our supervision, to ensure that material information relating to the
registrant, including its consolidated subsidiaries, is made known to us by others within
those entities, particularly during the period in which this report is being prepared; |
| (b) | Designed
such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles; |
| (c) | Evaluated
the effectiveness of the registrants disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures,
as of the end of the period covered by this report based on such evaluation; and |
| (d) | Disclosed
in this report any change in the registrants internal control over financial reporting that
occurred during the registrants most recent fiscal quarter (fourth quarter in the case of
an annual report) that has materially affected, or is reasonably likely to materially affect,
the registrants internal control over financial reporting; and |
| 5. | The
registrants other certifying officer and I have disclosed, based on our most recent evaluation
of internal control over financial reporting, to the registrants auditors and the audit
committee of the registrants board of directors: |
| a) | All
significant deficiencies and material weaknesses in the design or operation of internal control
over financial reporting which are reasonably likely to adversely affect the registrants
ability to record, process, summarize and report financial information; and |
| b) | Any
fraud, whether or not material, that involves management or other employees who have a significant
role in the registrants internal control over financial reporting. |
Date:
September 22, 2023
By: |
/s/ Ted
R. Sharp |
|
|
Ted
R. Sharp, Chief Financial Officer, Principal Financial Officer |
A
signed original of this written statement has been provided to the registrant and will be retained by the registrant to be furnished
to the Securities and Exchange Commission or its staff upon request.
Exhibit
32.1
CERTIFICATION
PURSUANT TO
18
U.S.C. SECTION 1350,
AS
ADOPTED PURSUANT TO
SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with the Quarterly Report of Goldrich Mining Company, (the Company) on Form 10-Q for the period ending March 31, 2023, as filed with the Securities and Exchange Commission on the date hereof (the Report), I, William Schara, Chief Executive
Officer, President and Principal Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002, that:
| 1. | The
Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange
Act of 1934; and |
| 2. | The
information contained in the Report fairly presents, in all material respects, the financial
condition and results of operations of Goldrich Mining Company. |
/s/
William Schara |
DATE: September 22, 2023 |
William
Schara, Chief Executive Officer and President |
A
signed original of this written statement required by Section 906 has been provided to Goldrich Mining Company and will be retained by
Goldrich Mining Company to be furnished to the Securities and Exchange Commission or its staff upon request.
Exhibit
32.2
CERTIFICATION
PURSUANT TO
18
U.S.C. SECTION 1350,
AS
ADOPTED PURSUANT TO
SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with the Quarterly Report of Goldrich Mining Company, (the Company) on Form 10-Q for the period ending March 31, 2023, as filed with the Securities and Exchange Commission on the date hereof (the Report), I, Ted R. Sharp, Chief Financial
Officer and Principal Financial Officer of the Company, certify, pursuant to 81 U.S.C. Section 1350, as adopted pursuant to Section 906
of the Sarbanes-Oxley Act of 2002, that:
| 1. | The
Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange
Act of 1934; and |
| 2. | The
information contained in the Report fairly presents, in all material respects, the financial
condition and results of operations of Goldrich Mining Company. |
/s/
Ted R. Sharp |
DATE: September 22, 2023 |
Ted
R. Sharp, Chief Financial Officer |
A
signed original of this written statement required by Section 906 has been provided to Goldrich Mining Company and will be retained by
Goldrich Mining Company to be furnished to the Securities and Exchange Commission or its staff upon request.
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v3.23.3
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
|
Mar. 31, 2023 |
Dec. 31, 2022 |
Current assets: |
|
|
Cash and cash equivalents |
$ 3,866
|
$ 3,969
|
Prepaid expenses |
75,651
|
106,527
|
Total current assets |
79,517
|
110,496
|
Mineral interests: |
|
|
Mineral interests |
626,428
|
626,428
|
Total mineral interests |
626,428
|
626,428
|
Other assets: |
|
|
Investment in CGL LLC |
25,000
|
25,000
|
Total other assets |
25,000
|
25,000
|
Total assets |
730,945
|
761,924
|
Current liabilities: |
|
|
Accounts payable and accrued liabilities |
1,584,653
|
1,534,863
|
Interest payable |
779,200
|
720,111
|
Convertible interest payable – related party |
2,308,993
|
2,151,466
|
Related party payable |
1,323,988
|
1,264,216
|
Notes payable |
1,250,169
|
1,250,169
|
Notes payable – related party |
4,211,769
|
4,195,979
|
Notes payable in gold |
528,161
|
483,514
|
Dividends payable on preferred stock |
30,618
|
30,618
|
Total current liabilities |
12,017,551
|
11,630,936
|
Long-term liabilities: |
|
|
Subscription payable |
40,000
|
70,000
|
Remediation and asset retirement obligation |
277,178
|
275,424
|
Total long-term liabilities |
317,178
|
345,424
|
Total liabilities |
12,334,729
|
11,976,360
|
Stockholders deficit: |
|
|
Convertible preferred stock series F; no par value, 300 shares authorized, 153 shares issued and outstanding, $50,000 liquidation preference |
|
|
Common stock; $0.10 par value, 750,000,000 shares authorized; 188,448,412 and 185,448,412 issued and outstanding, respectively |
18,844,841
|
18,544,841
|
Additional paid-in capital |
10,177,652
|
10,447,652
|
Accumulated deficit |
(40,897,452)
|
(40,478,104)
|
Total stockholders deficit |
(11,603,784)
|
(11,214,436)
|
Total liabilities and stockholders deficit |
730,945
|
761,924
|
Series A Preferred Stock [Member] |
|
|
Stockholders deficit: |
|
|
Convertible preferred stock series F; no par value, 300 shares authorized, 153 shares issued and outstanding, $50,000 liquidation preference |
150,000
|
150,000
|
Series B Preferred Stock [Member] |
|
|
Stockholders deficit: |
|
|
Convertible preferred stock series F; no par value, 300 shares authorized, 153 shares issued and outstanding, $50,000 liquidation preference |
57,758
|
57,758
|
Series C Preferred Stock [Member] |
|
|
Stockholders deficit: |
|
|
Convertible preferred stock series F; no par value, 300 shares authorized, 153 shares issued and outstanding, $50,000 liquidation preference |
52,588
|
52,588
|
Series D Preferred Stock [Member] |
|
|
Stockholders deficit: |
|
|
Convertible preferred stock series F; no par value, 300 shares authorized, 153 shares issued and outstanding, $50,000 liquidation preference |
|
|
Series E Preferred Stock [Member] |
|
|
Stockholders deficit: |
|
|
Convertible preferred stock series F; no par value, 300 shares authorized, 153 shares issued and outstanding, $50,000 liquidation preference |
10,829
|
10,829
|
Series F Preferred Stock [Member] |
|
|
Stockholders deficit: |
|
|
Convertible preferred stock series F; no par value, 300 shares authorized, 153 shares issued and outstanding, $50,000 liquidation preference |
|
|
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v3.23.3
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)
|
Mar. 31, 2023 |
Dec. 31, 2022 |
Preferred Stock, Par Value |
$ 0
|
$ 0
|
Preferred Stock, Shares Authorized |
8,998,700
|
8,998,700
|
Preferred Stock, Shares Issued |
0
|
0
|
Preferred Stock, Shares Outstanding |
0
|
0
|
Common Stock, Par Value |
$ 0.10
|
$ 0.10
|
Common Stock, Shares Authorized |
750,000,000
|
750,000,000
|
Common Stock, Shares, Issued |
188,448,412
|
185,448,412
|
Common Stock, Shares, Outstanding |
188,448,412
|
185,448,412
|
Series A Preferred Stock [Member] |
|
|
Preferred Stock, Par Value |
$ 0
|
$ 0
|
Preferred Stock, Shares Authorized |
1,000,000
|
1,000,000
|
Preferred Stock, Shares Issued |
475,000
|
475,000
|
Preferred Stock, Shares Outstanding |
150,000
|
150,000
|
Preferred Stock, Liquidation Preference, Value |
$ 300,000
|
$ 300,000
|
Series B Preferred Stock [Member] |
|
|
Preferred Stock, Par Value |
$ 0
|
$ 0
|
Preferred Stock, Shares Authorized |
300
|
300
|
Preferred Stock, Shares Issued |
200
|
200
|
Preferred Stock, Shares Outstanding |
200
|
200
|
Preferred Stock, Liquidation Preference, Value |
$ 200,000
|
$ 200,000
|
Series C Preferred Stock [Member] |
|
|
Preferred Stock, Par Value |
$ 0
|
$ 0
|
Preferred Stock, Shares Authorized |
250
|
250
|
Preferred Stock, Shares Issued |
250
|
250
|
Preferred Stock, Shares Outstanding |
250
|
250
|
Preferred Stock, Liquidation Preference, Value |
$ 250,000
|
$ 250,000
|
Series D Preferred Stock [Member] |
|
|
Preferred Stock, Par Value |
$ 0
|
$ 0
|
Preferred Stock, Shares Authorized |
150
|
150
|
Preferred Stock, Shares Issued |
90
|
90
|
Preferred Stock, Shares Outstanding |
90
|
90
|
Preferred Stock, Liquidation Preference, Value |
$ 90,000
|
$ 90,000
|
Series E Preferred Stock [Member] |
|
|
Preferred Stock, Par Value |
$ 0
|
$ 0
|
Preferred Stock, Shares Authorized |
300
|
300
|
Preferred Stock, Shares Issued |
300
|
300
|
Preferred Stock, Shares Outstanding |
300
|
300
|
Preferred Stock, Liquidation Preference, Value |
$ 300,000
|
$ 300,000
|
Series F Preferred Stock [Member] |
|
|
Preferred Stock, Par Value |
$ 0
|
$ 0
|
Preferred Stock, Shares Authorized |
300
|
300
|
Preferred Stock, Shares Issued |
153
|
153
|
Preferred Stock, Shares Outstanding |
153
|
153
|
Preferred Stock, Liquidation Preference, Value |
$ 50,000
|
$ 50,000
|
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v3.23.3
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
|
3 Months Ended |
Mar. 31, 2023 |
Mar. 31, 2022 |
Operating expenses: |
|
|
Mine preparation costs |
$ 3,263
|
$ 8,830
|
Management fees and salaries |
47,700
|
51,525
|
Professional services |
10,088
|
38,211
|
General and administration |
48,536
|
52,360
|
Office supplies and other |
1,366
|
8,570
|
Directors fees |
|
3,600
|
Mineral property maintenance |
31,486
|
31,486
|
Arbitration and settlement costs (Note 3) |
19,256
|
7,775
|
Total operating expenses |
161,695
|
202,357
|
Other (income) expense: |
|
|
Miscellaneous income |
(5,787)
|
|
Change in fair value of notes payable in gold |
44,647
|
36,363
|
Interest expense and finance costs – related party |
157,527
|
152,408
|
Interest expense and finance costs |
61,266
|
73,663
|
Total other (income) expense |
257,653
|
262,434
|
Net loss |
419,348
|
464,791
|
Preferred dividends |
1,875
|
1,875
|
Net loss available to common stockholders |
$ 421,223
|
$ 466,666
|
[custom:EarningsPerShareBasicAndDiluted1] |
$ 0
|
$ 0
|
Weighted average common shares outstanding – basic and diluted |
186,615,079
|
181,423,786
|
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v3.23.3
Condensed Consolidated Statements of Changes in Stockholders' Deficit (Unaudited) - USD ($)
|
Preferred Stock [Member] |
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Total |
Beginning balance, value at Dec. 31, 2021 |
$ 271,175
|
$ 17,978,760
|
$ 10,880,576
|
$ (39,422,474)
|
$ (10,291,963)
|
Beginning Balance, Shares at Dec. 31, 2021 |
151,053
|
179,787,595
|
|
|
|
Common shares issued for subscription payable |
|
|
|
|
|
Net Loss |
|
|
|
(464,791)
|
(464,791)
|
Warrants Exercised |
|
$ 266,081
|
(162,924)
|
|
103,157
|
Warrants exercised, Shares |
|
2,660,817
|
|
|
|
Ending balance, value at Mar. 31, 2022 |
$ 271,175
|
$ 18,244,841
|
10,717,652
|
(39,887,265)
|
(10,653,597)
|
Ending Balance, Shares at Mar. 31, 2022 |
151,053
|
182,448,412
|
|
|
|
Beginning balance, value at Dec. 31, 2022 |
$ 271,175
|
$ 18,544,841
|
10,447,652
|
(40,478,104)
|
(11,214,436)
|
Beginning Balance, Shares at Dec. 31, 2022 |
150,993
|
185,448,412
|
|
|
|
Common shares issued for subscription payable |
|
$ 300,000
|
(270,000)
|
|
30,000
|
Common shares issued for subscription payable, Shares |
|
3,000,000
|
|
|
|
Net Loss |
|
|
|
(419,348)
|
(419,348)
|
Ending balance, value at Mar. 31, 2023 |
$ 271,175
|
$ 18,844,841
|
$ 10,177,652
|
$ (40,897,452)
|
$ (11,603,784)
|
Ending Balance, Shares at Mar. 31, 2023 |
150,993
|
188,448,412
|
|
|
|
X |
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v3.23.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
3 Months Ended |
Mar. 31, 2023 |
Mar. 31, 2022 |
Cash flows from operating activities: |
|
|
Net loss |
$ (419,348)
|
$ (464,791)
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
Finance costs |
790
|
|
Change in fair value of notes payable in gold |
44,647
|
36,363
|
Accretion of asset retirement obligation |
1,754
|
1,686
|
Change in: |
|
|
Prepaid expenses |
30,876
|
13,377
|
Accounts payable and accrued liabilities |
49,790
|
36,779
|
Interest payable |
59,089
|
57,719
|
Interest payable – related party |
157,527
|
152,408
|
Related party payable |
59,772
|
62,422
|
Net cash used - operating activities |
(15,103)
|
(104,037)
|
Cash flows from financing activities: |
|
|
Proceeds from warrant exercises, net |
|
103,157
|
Proceeds from notes payable and warrants – related party, net |
15,000
|
|
Net cash provided - financing activities |
15,000
|
103,157
|
Net decrease in cash and cash equivalents |
(103)
|
(880)
|
Cash and cash equivalents, beginning of period |
3,969
|
3,762
|
Cash and cash equivalents, end of period |
3,866
|
2,882
|
Non-cash investing and financing activities: |
|
|
Common shares issued for subscription payable |
$ 30,000
|
|
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v3.23.3
BASIS OF PRESENTATION
|
3 Months Ended |
Mar. 31, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
BASIS OF PRESENTATION |
The
unaudited financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United
States of America for interim financial information, as well as the instructions to Form 10-Q. Accordingly, they do not include all of
the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial
statements and as a result, they are condensed. In the opinion of the Companys management, all adjustments (consisting of only
normal recurring accruals) considered necessary for a fair presentation of the interim financial statements have been included. Operating
results for the three-month period ended March 31, 2023 are not necessarily indicative of the results that may be expected for the fiscal
year ending December 31, 2023.
For
further information refer to the financial statements and footnotes thereto in the Companys Annual Report on Form 10-K for the
year ended December 31, 2022.
Going
Concern
The
accompanying condensed consolidated financial statements have been prepared under the assumption that the Company will continue as a
going concern. The Company has incurred losses since its inception and does not have sufficient cash to fund normal operations and meet
debt obligations for the next 12 months without deferring payment on certain current liabilities and/or raising additional funds.
The
Company currently has no historical recurring source of revenue, negative working capital of $11,938,034, and an accumulated deficit
of $40,897,452 at March 31, 2023. These factors raise substantial doubt about the Companys ability to continue as a going concern.
The Company may profitably execute a production business plan, and thereby, its ability to continue as a going concern may improve and
become less dependent on the Companys ability to raise capital to fund its future exploration and working capital requirements.
The Companys plans for the long-term return to and continuation as a going concern include the profitable exploitation of its
mining properties and financing the Companys future operations through sales of its common stock and/or debt. The condensed consolidated
financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern.
If the going concern basis were not appropriate for these financial statements, adjustments would be necessary in the carrying value
of assets and liabilities, the reported expenses and the balance sheet classifications used.
|
X |
- DefinitionThe entire disclosure for the basis of accounting, or basis of presentation, used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).
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v3.23.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
3 Months Ended |
Mar. 31, 2023 |
Accounting Policies [Abstract] |
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
| 2. | SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES |
Earnings
(Loss) Per Share
We
are authorized to issue 750,000,000 shares of common stock, $0.10 par value per share. At March 31, 2023, there were 188,448,412 shares
of our common stock issued and outstanding.
For
the three-month periods ended March 31, 2023 and 2022, potentially dilutive shares including outstanding stock options, warrants, convertible
interest, and convertible preferred stock were excluded from the computation of diluted loss per share because they were anti-dilutive
due to net losses in those periods. For the periods ended March 31, 2023 and 2022, potentially dilutive common stock equivalents excluded
from the calculation of diluted earnings per share are as follows:
Schedule of Anti-Dilutive Stock Common Stock Equivalent
| |
March 31, 2023 | | |
March 31, 2022 | |
Stock options | |
| 1,025,000 | | |
| 1,050,000 | |
Warrants | |
| 18,114,446 | | |
| 19,667,077 | |
Convertible Preferred Stock | |
| 30,190,475 | | |
| 32,190,475 | |
Convertible interest payable | |
| 153,932,841 | | |
| 112,240,467 | |
Total | |
| 203,262,762 | | |
| 165,148,019 | |
Fair
Value Measurements
When
required to measure assets or liabilities at fair value, the Company uses a fair value hierarchy based on the level of independent, objective
evidence surrounding the inputs used. The Company determines the level within the fair value hierarchy in which the fair value measurements
in their entirety fall. The categorization within the fair value hierarchy is based upon the lowest level of input that is significant
to the fair value measurement. Level 1 uses quoted prices in active markets for identical assets or liabilities, Level 2 uses significant
other observable inputs, and Level 3 uses significant unobservable inputs. The amount of the total gains or losses for the period are
included in earnings that are attributable to the change in unrealized gains or losses relating to those assets and liabilities still
held at the reporting date.
During
2023 and 2022, the Company determined fair value on a recurring basis and non-recurring basis as follows:
Schedule
of Fair Value On Recurring and Non-Recurring Basis
| |
Balance March 31, 2023 | | |
Balance December 31, 2022 | | |
Fair Value Hierarchy level | |
Liabilities | |
| | | |
| | | |
| | |
Recurring: Notes payable in gold (Note 7) | |
$ | 528,161 | | |
$ | 483,514 | | |
| 2 | |
The
carrying amounts of financial instruments, including notes payable and notes payable – related party, approximate fair value at
March 31, 2023 and December 31, 2022. The inputs to the valuation of Level 2 liabilities are described in Note 6 Notes Payable in
Gold.
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v3.23.3
JOINT VENTURE
|
3 Months Ended |
Mar. 31, 2023 |
Equity Method Investments and Joint Ventures [Abstract] |
|
JOINT VENTURE |
On
April 3, 2012, Goldrich Placer, LLC (GP), a subsidiary of Goldrich, entered into a term sheet for a joint venture with
NyacAU, LLC (NyacAU), an Alaskan private company, to bring Goldrichs Chandalar placer gold properties into production
as defined in the joint venture agreement (the Operating Agreement), which was subsequently signed and made effective April
2, 2012. In each case as used herein in reference to the JV, production is as defined by the Operating Agreement. As part
of the Operating Agreement, GP and NyacAU (together the Members) formed a 50:50 joint venture company, Goldrich NyacAU
Placer LLC (GNP), to operate the Chandalar placer mines, with NyacAU acting as managing partner.
Arbitration
In
December 2017, the Company filed an arbitration statement of claim against NyacAU and other parties. The claim challenged certain accounting
treatment of capital leases, allocations of tax losses, charges to the JV for funding costs related to the JV managers financing,
related-party transactions, and other items of dispute in a previous mediation that was unsuccessful in reaching an agreement. As a result,
the Company participated in an arbitration before a panel of three independent arbitrators during 2018 through 2022 to address these
items.
Settlement
Agreement
On
March 31, 2023, the Company signed a settlement agreement between the Company, NyacAU, LLC (NyacAU), Goldrich Placer, LLC
(GP), Goldrich NyacAU Placer, LLC (GNP), Dr. J. Michael James, individually (Dr. James), and
Bear Leasing, LLC (Bear Leasing) (each a Party and, collectively, the Parties).
In
April 2023, all outstanding arbitration issues were resolved with a settlement agreement whereby Goldrich paid $105,000 to NyacAU. The
resolution includes all outstanding arbitration issues, awards, and orders including mutual release of all outstanding issues before
the Alaska superior court and all court-entered judgments. The agreement also terminates and supersedes all prior agreements between
all Parties except a security agreement between NyacAU and GNP to secure repayment of fifty percent (50%) of a funding mechanism known
as Line of Credit 1 (LOC1), which was advanced by NyacAU to GNP. GNP was formally dissolved in 2019.
Even
though the settlement agreement was consummated subsequent to the end of the 2022 year, the arbitration claim was filed and has been
open since 2018; therefore, the event requires the financial effects to be reflected in the financial statement for the year ended December
31, 2022. As a result, the previous expense accruals of $638,193 for arbitration awards and interest made in 2021 and prior years were
removed and the settlement amount of $105,000 was recorded. This resulted in a gain on settlement being recorded at December 31, 2022
of $533,193.
Option
Agreement
Concurrent
with signing the settlement agreement, Goldrich also signed an option agreement with the Parties. The option agreement, among other things,
grants Goldrich, or its designee, the right, but not the obligation, to become operator of the Chandalar placer mining permit. If the
option is exercised, Goldrich or its designee would also obtain ownership of all camp facilities and mining equipment remaining at the
Chandalar placer mine site owned by NyacAU and its affiliates. Currently Goldrich owns the claims but NyacAU is the named operator on
the mining permits.
To
exercise the option, Goldrich, or its designee, must give written and electronic notice of its intent to do so by April 30, 2024 and
pay $1,000,000 into escrow within five business days of giving notice. Upon exercise of the option, Goldrich or its designee would assume
all reclamation responsibilities and liability and NyacAU would be released from any reclamation liability. Also, NyacAU would be entitled
to limited payments out of the production of placer gold at the Chandalar placer mine up to the greater of $8,500,000 or 4,860 ounces
of fine gold (the Maximum Amount). No production payment shall be due to NyacAU on the first 5,000 ounces of fine gold production. Thereafter,
NyacAU would receive at least 5% of all production from the Chandalar placer mine until the Maximum Amount is paid. Additionally, after
the first 5,000 ounces of fine gold production, NyacAU would be entitled to a minimum annual payment equal to the value of $120,000 or
68 fine gold ounces, whichever is greater, and such payment would apply towards the satisfaction of the Maximum Amount.
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v3.23.3
RELATED PARTY TRANSACTIONS
|
3 Months Ended |
Mar. 31, 2023 |
Related Party Transactions [Abstract] |
|
RELATED PARTY TRANSACTIONS |
| 4. | RELATED
PARTY TRANSACTIONS |
In
addition to related party transactions described in Note 5, the Company has accrued amounts to the Companys Chief Executive Officer
(CEO), Chief Financial Officer (CFO), and board of directors fees for amounts earned but not yet paid. Beginning
in January 2016 and through March 31, 2023, the CEOs salary has not been paid in full. Salary due to the CFO has been accrued
and remains unpaid, as have board of directors fees.
Schedule
of Related Party Transactions
CEO | |
Three Months ended 3/31/23 | | |
Year ended 12/31/22 | |
Balance at beginning of period | |
$ | 994,017 | | |
$ | 793,720 | |
Deferred salary | |
| 45,000 | | |
| 180,000 | |
Deferred expenses | |
| 3,899 | | |
| 20,297 | |
Payments | |
| - | | |
| - | |
Ending Balance | |
$ | 1,042,916 | | |
$ | 994,017 | |
| |
| | | |
| | |
CFO | |
| | | |
| | |
Balance at beginning of period | |
$ | 104,844 | | |
$ | 91,981 | |
Deferred fees | |
| 2,700 | | |
| 12,863 | |
Payments | |
| - | | |
| - | |
Ending Balance | |
$ | 107,544 | | |
$ | 104,844 | |
| |
| | | |
| | |
Board fees payable and expenses payable (1, 2, 3) | |
| 173,528 | | |
| 165,355 | |
Total Related party payables | |
$ | 1,323,988 | | |
$ | 1,264,216 | |
| 1) | At
March 31, 2023 and December 31, 2022, the Company owed $1,302, respectively, to Mr. William Orchow, a director and related party for
arbitration related expenses. |
| 2) | At
March 31, 2023 and December 31, 2022, the Company owed Mr. Nicholas Gallagher, a director and related party $35,126 and $26,953, respectively,
for legal expenses related to the notes payable and notes payable – related party. |
| 3) | No
Board meetings were held during the three months ended March 31, 2023. |
|
X |
- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.23.3
NOTES PAYABLE & NOTES PAYABLE – RELATED PARTY
|
3 Months Ended |
Mar. 31, 2023 |
Debt Disclosure [Abstract] |
|
NOTES PAYABLE & NOTES PAYABLE – RELATED PARTY |
| 5. | NOTES
PAYABLE & NOTES PAYABLE – RELATED PARTY |
At
March 31, 2023 and December 31, 2022, the Company had outstanding notes payable of $1,250,169, respectively, and outstanding notes payable
– related party of $4,211,769 and $4,195,979, respectively. The notes payable and notes payable – related party and accrued
interest of 15% are due within 10 days of a demand notice of the holders. There has been no notice of default or demand issued by any
holder.
During
the three months ended March 31, 2023, the Company issued additional notes payable of $15,790, discounted at 5%, or $790, resulting in
net proceeds of $15,000 from a related party, Nicholas Gallagher, a shareholder and director of the Company, who also holds the full
balance of the notes payable – related party described above. During the three months ended March 31, 2022, the Company received
no additional tranches of the notes payable and notes payable - related party. The notes are due upon demand; therefore, all discounts
have been immediately expensed to finance costs.
During
the three months ended March 31, 2023 and March 31, 2022, the Company paid no finder fees to related party entities, and incurred $450
and $nil, respectively, of other finance and placement costs. Interest of $204,408 and $193,224 was expensed during the three-month periods
ended March 31, 2023 and March 31, 2022, respectively, of which $157,527 and $152,408 was to related parties, respectively, which is
included in interest expense and finance costs on the condensed consolidated statements of operations. Interest and finders fees are
included in accounts payable and accrued liabilities, interest payable and interest payable – related party on the condensed consolidated
balance sheet at March 31, 2023 and December 31, 2022.
Inter-Creditor
Agreement
As
a result of an Amended and Restated Loan, Security, and Intercreditor Agreement (the Amended Agreement) dated November
1, 2019 and a First Amendment dated August 25, 2021, for each holder of the notes payable, whether or not a related party:
| 1. | The
borrower and holder entered into a Deed of Trust where under the notes are secured by a security
interest in all real property, claims, contracts, agreements, leases, permits and the like. |
| 2. | The
Company entered into a written Guaranty (Guaranty) where under, among other
conditions, the Company unconditionally guarantees and promises to pay to the order of each
holder the principal sum and all interest payable on each note payable held by such holder
when and as the same becomes due, whether at the stated maturity thereof, by acceleration,
call for redemption, tender, or otherwise. The Company is not in default as no demand
has been made for payment or delivery. |
| 3. | Mr.
Gallagher, at his option, has the right to convert outstanding but unpaid and future interest
on his note into shares of the Companys common stock at $0.015 per share. At March
31, 2023, Mr. Gallaghers interest would convert to 153,932,841 common shares. |
| 4. | All
loans by Mr. Gallagher and any additional loans made by Mr. Gallagher are designated as Senior
Notes and accounted for as Notes payable – related party and all loans by the other
holders made prior to August 25, 2021 were designated as Junior Notes. Additionally, notes
arising in the future to certain unrelated parties are also designated as Senior notes. Senior
Notes, which include principal and interest are entitled to be repaid in full before any
of the Junior Notes are repaid. |
| 5. | The
Company confirmed that the written Guaranty extends to the repayment of additional loans
made by the holders. |
| 6. | The
Company confirmed that repayment of additional loans will be and remain secured by the Deed
of Trust. |
|
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- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
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v3.23.3
NOTES PAYABLE IN GOLD
|
3 Months Ended |
Mar. 31, 2023 |
Notes Payable In Gold |
|
NOTES PAYABLE IN GOLD |
During
2013, the Company issued notes payable in gold totaling $820,000, less a discount of $205,000, for net proceeds of $615,000. Under the
terms of the notes, the Company agreed to deliver gold to the holders at the lesser of $1,350 per ounce of fine gold or a 25% discount
to market price as calculated on the contract date and specify delivery of gold in November 2014. The notes bear interest at a rate of
10% per annum and penalty interest of 10% per annum on any due and unpaid interest.
After
several amendments to the terms of the note agreements, through the date of the issuance of these financial statements, the gold notes
have not been paid and the note holders have not demanded payment or delivery of gold. At March 31, 2023 and December 31, 2022, 266.788
ounces of fine gold was due and deliverable to the holder of the notes.
The
Company estimates the fair value of the notes based on the market approach with Level 2 inputs of gold delivery contracts based upon
previous contractual delivery dates, using the market price of gold on March 31, 2023 of approximately $1,980 per ounce as quoted on
the London PM Fix market or $528,161 in total. The valuation resulted in an increase in gold notes payable of $44,647 during the three
months ended March 31, 2023. At March 31, 2023 and 2022, this resulted in a loss on change in fair value of notes payable in gold of
$44,647 and $36,363, respectively on the condensed consolidated statement of operations.
At
December 31, 2022, the fair value was calculated using the market approach with Level 2 inputs of gold delivery contracts based upon
previous contractual delivery dates. At December 31, 2022, the Company had outstanding total notes payable in gold of $483,514.
Interest
of $12,208 was expensed during the three months ended March 31, 2023, and $151,847 is accrued at March 31, 2023 and is included in interest
payable. Interest of $10,981 was expensed during the three months ended March 31, 2022, and $139,639 is accrued at December 31, 2022
and is included in interest payable.
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v3.23.3
STOCKHOLDERS’ DEFICIT
|
3 Months Ended |
Mar. 31, 2023 |
Equity [Abstract] |
|
STOCKHOLDERS’ DEFICIT |
During
the year ended December 31, 2022, the Company received cash of $30,000 which is included in stock subscription payable at December 31,
2022, for a private placement of common shares priced at $0.01 per share, of which $5,000 was from William Orchow, a related party. During
the three months ended March 31, 2023, the Company reduced stock subscription payable by $30,000 and issued 3,000,000 common shares.
During
the three months ended March 31, 2022, the Company received $103,157 cash as a result of the exercise of Class R warrants at an exercise
price of $0.045 and T warrants at an exercise price of $0.03 per common share, resulting in the issuance of 2,660,817 common shares.
Of that amount, 1,555,555 of the warrants exercised were owned by Mr. Gallagher and were transferred to unrelated parties. The unrelated
parties then exercised the warrants for cash.
During
the year ended December 31, 2021, the Company received $40,000 for the exercise of Class T warrants which are included in stock subscription
payable at March 31, 2023 and December 31, 2022. Once the exercise is complete, the Company will issue 1,333,333 common shares for the
exercise. These warrants were exercised subsequent to March 31, 2023.
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v3.23.3
COMMITMENTS AND CONTINGENCIES
|
3 Months Ended |
Mar. 31, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
COMMITMENTS AND CONTINGENCIES |
| 8. | COMMITMENTS
AND CONTINGENCIES |
The
Company has entered into a consulting contract for $46,500 for which the services have not yet been received.
The
Company is subject to Alaska state annual claims rental fees in order to maintain its non-patented claims. In addition to the annual
claims rental fees of $125,945 due November 30 of each year, the Company is also required to meet annual labor requirements of approximately
$61,100 due November 30 of each year. The Company can carry forward costs for annual labor that exceed the required yearly totals for
four years. The Company has significant carryovers to 2023 to satisfy its annual labor requirements. This carryover expires in the years
2023 through 2027 if unneeded to satisfy requirements in those years.
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- DefinitionThe entire disclosure for significant arrangements with third parties, which includes operating lease arrangements and arrangements in which the entity has agreed to expend funds to procure goods or services, or has agreed to commit resources to supply goods or services, and operating lease arrangements. Descriptions may include identification of the specific goods and services, period of time covered, minimum quantities and amounts, and cancellation rights.
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v3.23.3
SUBSEQUENT EVENTS
|
3 Months Ended |
Mar. 31, 2023 |
Subsequent Events [Abstract] |
|
SUBSEQUENT EVENTS |
Subsequent
to March 31, 2023, the Company received $162,667 cash as a result of exercise of Class R warrants at an exercise price of $0.024 per
common share. Ownership of these warrants had been in the hands of Mr. Gallagher and were sold by him personally to unrelated parties.
The unrelated parties then exercised the warrants for cash, resulting in the issuance of 6,777,778 common shares.
Subsequent
to March 31, 2023, the Company received cash of $12,500 of additional notes payable – related party from Mr. Nicholas Gallagher,
and cash of $122,000 of additional notes payable from unrelated parties.
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v3.23.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
3 Months Ended |
Mar. 31, 2023 |
Accounting Policies [Abstract] |
|
Earnings (Loss) Per Share |
Earnings
(Loss) Per Share
We
are authorized to issue 750,000,000 shares of common stock, $0.10 par value per share. At March 31, 2023, there were 188,448,412 shares
of our common stock issued and outstanding.
For
the three-month periods ended March 31, 2023 and 2022, potentially dilutive shares including outstanding stock options, warrants, convertible
interest, and convertible preferred stock were excluded from the computation of diluted loss per share because they were anti-dilutive
due to net losses in those periods. For the periods ended March 31, 2023 and 2022, potentially dilutive common stock equivalents excluded
from the calculation of diluted earnings per share are as follows:
Schedule of Anti-Dilutive Stock Common Stock Equivalent
| |
March 31, 2023 | | |
March 31, 2022 | |
Stock options | |
| 1,025,000 | | |
| 1,050,000 | |
Warrants | |
| 18,114,446 | | |
| 19,667,077 | |
Convertible Preferred Stock | |
| 30,190,475 | | |
| 32,190,475 | |
Convertible interest payable | |
| 153,932,841 | | |
| 112,240,467 | |
Total | |
| 203,262,762 | | |
| 165,148,019 | |
|
Fair Value Measurements |
Fair
Value Measurements
When
required to measure assets or liabilities at fair value, the Company uses a fair value hierarchy based on the level of independent, objective
evidence surrounding the inputs used. The Company determines the level within the fair value hierarchy in which the fair value measurements
in their entirety fall. The categorization within the fair value hierarchy is based upon the lowest level of input that is significant
to the fair value measurement. Level 1 uses quoted prices in active markets for identical assets or liabilities, Level 2 uses significant
other observable inputs, and Level 3 uses significant unobservable inputs. The amount of the total gains or losses for the period are
included in earnings that are attributable to the change in unrealized gains or losses relating to those assets and liabilities still
held at the reporting date.
During
2023 and 2022, the Company determined fair value on a recurring basis and non-recurring basis as follows:
Schedule
of Fair Value On Recurring and Non-Recurring Basis
| |
Balance March 31, 2023 | | |
Balance December 31, 2022 | | |
Fair Value Hierarchy level | |
Liabilities | |
| | | |
| | | |
| | |
Recurring: Notes payable in gold (Note 7) | |
$ | 528,161 | | |
$ | 483,514 | | |
| 2 | |
The
carrying amounts of financial instruments, including notes payable and notes payable – related party, approximate fair value at
March 31, 2023 and December 31, 2022. The inputs to the valuation of Level 2 liabilities are described in Note 6 Notes Payable in
Gold.
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v3.23.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
3 Months Ended |
Mar. 31, 2023 |
Accounting Policies [Abstract] |
|
Schedule of Anti-Dilutive Stock Common Stock Equivalent |
Schedule of Anti-Dilutive Stock Common Stock Equivalent
| |
March 31, 2023 | | |
March 31, 2022 | |
Stock options | |
| 1,025,000 | | |
| 1,050,000 | |
Warrants | |
| 18,114,446 | | |
| 19,667,077 | |
Convertible Preferred Stock | |
| 30,190,475 | | |
| 32,190,475 | |
Convertible interest payable | |
| 153,932,841 | | |
| 112,240,467 | |
Total | |
| 203,262,762 | | |
| 165,148,019 | |
|
Schedule of Fair Value On Recurring and Non-Recurring Basis |
During
2023 and 2022, the Company determined fair value on a recurring basis and non-recurring basis as follows:
Schedule
of Fair Value On Recurring and Non-Recurring Basis
| |
Balance March 31, 2023 | | |
Balance December 31, 2022 | | |
Fair Value Hierarchy level | |
Liabilities | |
| | | |
| | | |
| | |
Recurring: Notes payable in gold (Note 7) | |
$ | 528,161 | | |
$ | 483,514 | | |
| 2 | |
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v3.23.3
RELATED PARTY TRANSACTIONS (Tables)
|
3 Months Ended |
Mar. 31, 2023 |
Related Party Transactions [Abstract] |
|
Schedule of Related Party Transactions |
Schedule
of Related Party Transactions
CEO | |
Three Months ended 3/31/23 | | |
Year ended 12/31/22 | |
Balance at beginning of period | |
$ | 994,017 | | |
$ | 793,720 | |
Deferred salary | |
| 45,000 | | |
| 180,000 | |
Deferred expenses | |
| 3,899 | | |
| 20,297 | |
Payments | |
| - | | |
| - | |
Ending Balance | |
$ | 1,042,916 | | |
$ | 994,017 | |
| |
| | | |
| | |
CFO | |
| | | |
| | |
Balance at beginning of period | |
$ | 104,844 | | |
$ | 91,981 | |
Deferred fees | |
| 2,700 | | |
| 12,863 | |
Payments | |
| - | | |
| - | |
Ending Balance | |
$ | 107,544 | | |
$ | 104,844 | |
| |
| | | |
| | |
Board fees payable and expenses payable (1, 2, 3) | |
| 173,528 | | |
| 165,355 | |
Total Related party payables | |
$ | 1,323,988 | | |
$ | 1,264,216 | |
|
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v3.23.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - shares
|
3 Months Ended |
Mar. 31, 2023 |
Mar. 31, 2022 |
Offsetting Assets [Line Items] |
|
|
Total |
203,262,762
|
165,148,019
|
Warrant [Member] |
|
|
Offsetting Assets [Line Items] |
|
|
Total |
18,114,446
|
19,667,077
|
Convertible Preferred Stock [Member] |
|
|
Offsetting Assets [Line Items] |
|
|
Total |
30,190,475
|
32,190,475
|
Equity Option [Member] |
|
|
Offsetting Assets [Line Items] |
|
|
Total |
1,025,000
|
1,050,000
|
Convertible Interest Payable [Member] |
|
|
Offsetting Assets [Line Items] |
|
|
Total |
153,932,841
|
112,240,467
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v3.23.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2) - USD ($)
|
Mar. 31, 2023 |
Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Recurring: Notes payable in gold (Note 7) |
$ 528,161
|
$ 483,514
|
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] |
|
|
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|
|
Recurring: Notes payable in gold (Note 7) |
$ 528,161
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$ 483,514
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v3.23.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - $ / shares
|
Mar. 31, 2023 |
Dec. 31, 2022 |
Accounting Policies [Abstract] |
|
|
Common Stock, Shares Authorized |
750,000,000
|
750,000,000
|
Common Stock, Par or Stated Value Per Share |
$ 0.10
|
$ 0.10
|
Common Stock, Shares, Issued |
188,448,412
|
185,448,412
|
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188,448,412
|
185,448,412
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v3.23.3
RELATED PARTY TRANSACTIONS (Details) - USD ($)
|
3 Months Ended |
12 Months Ended |
Mar. 31, 2023 |
Dec. 31, 2022 |
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
Balance at beginning of period |
|
$ 1,264,216
|
|
Total Related party payables |
|
1,323,988
|
$ 1,264,216
|
Board fees payable and expenses payable |
[1],[2],[3] |
173,528
|
165,355
|
Chief Executive Officer [Member] |
|
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
Balance at beginning of period |
|
994,017
|
793,720
|
Deferred salary |
|
45,000
|
180,000
|
Deferred fees |
|
3,899
|
20,297
|
Payments |
|
|
|
Total Related party payables |
|
1,042,916
|
994,017
|
Chief Financial Officer [Member] |
|
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
Balance at beginning of period |
|
104,844
|
91,981
|
Deferred fees |
|
2,700
|
12,863
|
Payments |
|
|
|
Total Related party payables |
|
$ 107,544
|
$ 104,844
|
|
|
X |
- DefinitionCarrying value as of the balance sheet date of obligations incurred through that date and payable for professional fees, such as for legal and accounting services received.
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v3.23.3
NOTES PAYABLE & NOTES PAYABLE – RELATED PARTY (Details Narrative) - USD ($)
|
3 Months Ended |
|
Mar. 31, 2023 |
Mar. 31, 2022 |
Dec. 31, 2022 |
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
Notes Payable |
$ 1,250,169
|
|
$ 1,250,169
|
Notes payable - related party |
4,211,769
|
|
$ 4,195,979
|
Finder Fees |
204,408
|
$ 193,224
|
|
Increase (Decrease) in Due to Related Parties |
157,527
|
$ 152,408
|
|
Nicholas Gallagher |
|
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
Proceeds from Related Party Debt |
$ 15,000
|
|
|
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v3.23.3
NOTES PAYABLE IN GOLD (Details Narrative) - USD ($)
|
3 Months Ended |
|
Mar. 31, 2023 |
Mar. 31, 2022 |
Dec. 31, 2022 |
Short-Term Debt [Line Items] |
|
|
|
[custom:NotesPayableInGold-0] |
$ 528,161
|
|
$ 483,514
|
[custom:ChangeInFairValueOfNotesPayableInGold] |
44,647
|
$ 36,363
|
|
Interest Payable, Current |
779,200
|
|
720,111
|
Notes Payable In Gold [Member] |
|
|
|
Short-Term Debt [Line Items] |
|
|
|
Interest Expense |
12,208
|
$ 10,981
|
|
Interest Payable, Current |
$ 151,847
|
|
$ 139,639
|
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