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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-Q
(Mark
One)
☒
quarterly REPORT under SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the quarterly period ended: June 30, 2023
or
☐
TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the transition period from ______ to ______
Commission
File No. 000-55600
NEVADA
CANYON GOLD CORP.
(Exact
Name of Registrant as Specified in its Charter)
Nevada |
|
46-5152859 |
(State
or other Jurisdiction of |
|
(I.R.S.
Employer |
Incorporation
or Organization) |
|
Identification
No.) |
5655
Riggins Court, Suite 15 |
|
|
Reno,
NV |
|
89502 |
(Address
of Principal Executive Offices) |
|
(Zip
Code) |
(888)
909-5548
Registrant’s
telephone number, including area code
n/a
(Former
name, former address and former fiscal year,
if
changed since last report)
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, $0.0001 par value |
|
NGLD |
|
OTC
Pink |
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 preceding12 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.
Yes
☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically and posted on its Web site, if any, every Interactive Data File required
to be submitted and posted pursuant to Rule 405 of Regulation S-T (§230.405 of this chapter) during the preceding 12 months (or
for such shorter period that the registrant was required to submit and post such files).
Yes
☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting
company. See the definitions of “large accelerated file,” “accelerated filer” and “smaller reporting company”
in Rule 12b-2 of the Exchange Act.
Large
accelerated filer ☐ |
Accelerated
filer ☐ |
Non-accelerated
filer ☒ |
Smaller
reporting company ☒ |
|
Emerging
growth company ☐ |
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. ☐
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes
☐ No ☒
APPLICABLE
ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS
DURING THE PRECEDING FIVE YEARS:
Indicate
by check mark whether the registrant has filed all documents and reports required to be filed by Section l2, 13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.
Yes
☐ No ☐
APPLICABLE
ONLY TO CORPORATE ISSUERS
Indicate
the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: As of August
11, 2023 the number of shares outstanding of the issuer’s common stock, par value $0.0001 per share, is 11,632,950.
table
of contents
Part
I – FINANCIAL INFORMATION
Item
1. Financial Statements
Nevada
Canyon Gold Corp.
Condensed
Consolidated Balance Sheets
(Unaudited)
| |
June 30,
2023 | | |
December 31,
2022 | |
| |
| | |
| |
ASSETS | |
| | | |
| | |
Current Assets | |
| | | |
| | |
Cash | |
$ | 779,198 | | |
$ | 1,007,018 | |
Prepaid expenses | |
| 9,856 | | |
| 4,829 | |
Total Current Assets | |
| 789,054 | | |
| 1,011,847 | |
| |
| | | |
| | |
Investment in equity securities | |
| 61,843 | | |
| 156,805 | |
Mineral property interests | |
| 760,395 | | |
| 720,395 | |
TOTAL ASSETS | |
$ | 1,611,292 | | |
$ | 1,889,047 | |
| |
| | | |
| | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | |
| | | |
| | |
Current Liabilities | |
| | | |
| | |
Accounts payable and accrued liabilities | |
$ | 809,796 | | |
$ | 844,963 | |
Related party payables | |
| 500,000 | | |
| 477,031 | |
Total Liabilities | |
| 1,309,796 | | |
| 1,321,994 | |
| |
| | | |
| | |
Commitments and Contingencies (Notes 5 and 9) | |
| - | | |
| - | |
| |
| | | |
| | |
Stockholders’ Equity | |
| | | |
| | |
Preferred Stock: Authorized 10,000,000 preferred shares, $0.0001 par, none issued and outstanding as of June 30, 2023 and December 31, 2022 | |
| - | | |
| - | |
Common Stock: Authorized 100,000,000 common shares, $0.0001 par, | |
| - | | |
| - | |
11,077,394 issued and outstanding as of June 30, 2023 and December 31, 2022 | |
| 1,107 | | |
| 1,107 | |
Common Stock: Authorized 100,000,000
common shares, $0.0001
par, 11,077,394 issued and outstanding as of June 30, 2023 and December 31, 2022 | |
| 1,107 | | |
| 1,107 | |
Additional paid-in capital | |
| 3,563,620 | | |
| 3,073,447 | |
Obligation to issue shares | |
| 388,889 | | |
| - | |
Accumulated deficit | |
| (3,652,120 | ) | |
| (2,507,501 | ) |
Total Stockholders’
Equity (Deficit) | |
| 301,496 | | |
| 567,053 | |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | |
$ | 1,611,292 | | |
$ | 1,889,047 | |
The accompanying notes are an integral part of these condensed consolidated financial statements
Nevada
Canyon Gold Corp.
Condensed
Consolidated Statements of Operations
(Unaudited)
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
For the three months ended June 30, | | |
For the six months ended June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| | |
| | |
| | |
| |
Operating expenses | |
| | | |
| | | |
| | | |
| | |
Consulting fees | |
$ | 124,167 | | |
$ | 7,597 | | |
$ | 179,493 | | |
$ | 21,726 | |
Director and officer compensation | |
| 421,440 | | |
| 313,417 | | |
| 723,506 | | |
| 358,191 | |
General and administrative expenses | |
| 50,851 | | |
| 5,876 | | |
| 75,565 | | |
| 10,741 | |
Professional fees | |
| 70,320 | | |
| 48,010 | | |
| 76,320 | | |
| 56,332 | |
Transfer agent and filing fees | |
| 3,868 | | |
| 2,545 | | |
| 8,590 | | |
| 9,800 | |
Total operating expenses | |
| (670,646 | ) | |
| (377,445 | ) | |
| (1,063,474 | ) | |
| (456,790 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other income (expense) | |
| | | |
| | | |
| | | |
| | |
Amortization of debt discount | |
| - | | |
| (174,830 | ) | |
| - | | |
| (301,392 | ) |
Fair value gain (loss) on equity investments | |
| (6,224 | ) | |
| (163,284 | ) | |
| (94,962 | ) | |
| 203,850 | |
Foreign exchange gain (loss) | |
| 4 | | |
| (8,211 | ) | |
| 4 | | |
| (967 | ) |
Interest income | |
| 7,321 | | |
| 827 | | |
| 13,813 | | |
| 888 | |
Realized gain (loss) on equity investments | |
| - | | |
| (56,325 | ) | |
| - | | |
| 211,530 | |
Total other income (expense) | |
| 1,101 | | |
| (401,823 | ) | |
| (81,145 | ) | |
| 113,909 | |
Net loss | |
$ | (669,545 | ) | |
$ | (779,268 | ) | |
$ | (1,144,619 | ) | |
$ | (342,881 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net loss per common share - basic | |
$ | (0.09 | ) | |
$ | (0.29 | ) | |
$ | (0.16 | ) | |
$ | (0.13 | ) |
Net loss per common share - diluted | |
$ | (0.09 | ) | |
$ | (0.29 | ) | |
$ | (0.16 | ) | |
$ | (0.13 | ) |
Weighted average number of common shares outstanding : | |
| | | |
| | | |
| | | |
| | |
Basic | |
| 7,074,061 | | |
| 2,680,093 | | |
| 7,074,061 | | |
| 2,680,093 | |
Diluted | |
| 7,074,061 | | |
| 2,680,093 | | |
| 7,074,061 | | |
| 2,680,093 | |
The accompanying notes are an integral part of these condensed consolidated financial statements
Nevada
Canyon Gold Corp.
Condensed
Consolidated Statement of Stockholders’ Equity
(Unaudited)
| |
Shares | | |
Amount | | |
to Issue Shares | | |
Paid-in Capital | | |
Accumulated
Deficit | | |
Stockholders’
Equity | |
| |
Common Stock | | |
Obligation | | |
Additional | | |
| | |
Total
| |
| |
Shares | | |
Amount | | |
to Issue Shares | | |
Paid-in Capital | | |
Accumulated
Deficit | | |
Stockholders’
Equity | |
| |
| | |
| | |
| | |
| | |
| | |
| |
Balance, December 31, 2021 | |
| 8,685,093 | | |
$ | 868 | | |
$ | - | | |
$ | 1,190,522 | | |
$ | (951,446 | ) | |
$ | 239,944 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock-based compensation - directors and CEO | |
| - | | |
| - | | |
| - | | |
| 44,774 | | |
| - | | |
| 44,774 | |
Net income for the three months ended March 31, 2022 | |
| - | | |
| - | | |
| - | | |
| - | | |
| 436,387 | | |
| 436,387 | |
Balance, March 31, 2022 | |
| 8,685,093 | | |
| 868 | | |
| - | | |
| 1,235,296 | | |
| (515,059 | ) | |
| 721,105 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock-based compensation - directors and CEO | |
| - | | |
| - | | |
| - | | |
| 313,417 | | |
| - | | |
| 313,417 | |
Net loss for the three months ended June 30, 2022 | |
| - | | |
| - | | |
| - | | |
| - | | |
| (779,268 | ) | |
| (779,268 | ) |
Balance, June 30, 2022 | |
| 8,685,093 | | |
$ | 868 | | |
$ | - | | |
$ | 1,548,713 | | |
$ | (1,294,327 | ) | |
$ | 255,254 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance, December 31, 2022 | |
| 11,077,394 | | |
$ | 1,107 | | |
$ | - | | |
$ | 3,073,447 | | |
$ | (2,507,501 | ) | |
$ | 567,053 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock-based compensation - consultants | |
| - | | |
| - | | |
| 38,889 | | |
| - | | |
| - | | |
| 38,889 | |
Stock-based compensation - officer | |
| - | | |
| - | | |
| 58,333 | | |
| - | | |
| - | | |
| 58,333 | |
Stock-based compensation - directors and CEO | |
| - | | |
| - | | |
| - | | |
| 243,733 | | |
| - | | |
| 243,733 | |
Net loss for the three months ended March 31, 2023 | |
| - | | |
| - | | |
| - | | |
| - | | |
| (475,074 | ) | |
| (475,074 | ) |
Balance, March 31, 2023 | |
| 11,077,394 | | |
| 1,107 | | |
| 97,222 | | |
| 3,317,180 | | |
| (2,982,575 | ) | |
| 432,934 | |
Balance | |
| 11,077,394 | | |
| 1,107 | | |
| 97,222 | | |
| 3,317,180 | | |
| (2,982,575 | ) | |
| 432,934 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock-based compensation - consultants | |
| - | | |
| - | | |
| 116,667 | | |
| - | | |
| - | | |
| 116,667 | |
Stock-based compensation - officer | |
| - | | |
| - | | |
| 175,000 | | |
| - | | |
| - | | |
| 175,000 | |
Stock-based compensation - directors and CEO | |
| - | | |
| - | | |
| - | | |
| 246,440 | | |
| - | | |
| 246,440 | |
Net loss for the three months ended June 30, 2023 | |
| - | | |
| - | | |
| - | | |
| - | | |
| (669,545 | ) | |
| (669,545 | ) |
Net income loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| (669,545 | ) | |
| (669,545 | ) |
Balance, June 30, 2023 | |
| 11,077,394 | | |
$ | 1,107 | | |
$ | 388,889 | | |
$ | 3,563,620 | | |
$ | (3,652,120 | ) | |
$ | 301,496 | |
Balance | |
| 11,077,394 | | |
$ | 1,107 | | |
$ | 388,889 | | |
$ | 3,563,620 | | |
$ | (3,652,120 | ) | |
$ | 301,496 | |
The accompanying notes are an integral part of these condensed consolidated financial statements
Nevada
Canyon Gold Corp.
Condensed
Consolidated Statements of Cash Flow
(Unaudited)
| |
2023 | | |
2022 | |
| |
For the six months ended June 30, | |
| |
2023 | | |
2022 | |
OPERATING ACTIVITIES: | |
| | | |
| | |
Cash flows used in operating activities | |
| | | |
| | |
Net loss | |
$ | (1,144,619 | ) | |
$ | (342,881 | ) |
Adjustment to reconcile net loss to net cash used in operating activities: | |
| | | |
| | |
Amortization of debt discount | |
| - | | |
| 301,392 | |
Fair value loss (gain) on equity investments | |
| 94,962 | | |
| (203,850 | ) |
Foreign exchange loss | |
| - | | |
| 967 | |
Realized gain on equity investments | |
| - | | |
| (211,530 | ) |
Stock-based compensation - directors and CEO | |
| 490,173 | | |
| 358,191 | |
Stock-based compensation - consulting fees | |
| 155,556 | | |
| - | |
Stock-based compensation - officer | |
| 233,333 | | |
| - | |
Changes in operating assets and liabilities: | |
| | | |
| | |
Prepaid expenses | |
| (5,027 | ) | |
| (21,182 | ) |
Accounts payable | |
| (15,167 | ) | |
| (12,104 | ) |
Accrued interest payable | |
| - | | |
| (42,905 | ) |
Related party payables | |
| (17,031 | ) | |
| (27,000 | ) |
Net cashed used in operating activities | |
| (207,820 | ) | |
| (200,902 | ) |
| |
| | | |
| | |
INVESTING ACTIVITIES: | |
| | | |
| | |
Sale of equity investments | |
| - | | |
| 614,658 | |
Acquisition of mineral property interests | |
| (20,000 | ) | |
| (410,000 | ) |
Net cash provided by (used in) investing activities | |
| (20,000 | ) | |
| 204,658 | |
| |
| | | |
| | |
FINANCING ACTIVITIES: | |
| | | |
| | |
Cash received on subscription to shares | |
| - | | |
| 400 | |
Net cash provided by financing activities | |
| - | | |
| 400 | |
| |
| | | |
| | |
Effects of foreign currency exchange on cash | |
| - | | |
| (967 | ) |
| |
| | | |
| | |
Net increase (decrease) in cash | |
| (227,820 | ) | |
| 3,189 | |
Cash, at beginning of period | |
| 1,007,018 | | |
| 1,420,864 | |
Cash, at end of period | |
$ | 779,198 | | |
$ | 1,424,053 | |
| |
| | | |
| | |
NONCASH INVESTING AND FINANCING ACTIVITIES: | |
| | | |
| | |
Mineral interests acquired with related parties payables, net | |
$ | 20,000 | | |
$ | - | |
The accompanying notes are an integral part of these condensed consolidated financial statements
NEVADA
CANYON GOLD CORP.
NOTES
TO THE CONDENSED
CONSOLIDATED
FINANCIAL STATEMENTS
JUNE
30, 2023
(UNAUDITED)
NOTE
1 - NATURE OF BUSINESS
Nevada
Canyon Gold Corp. (the “Company”) was incorporated under the laws of the state of Nevada on February 27, 2014. On July 6,
2016, the Company changed its name from Tech Foundry Ventures, Inc. to Nevada Canyon Gold Corp. On December 15, 2021, the Company incorporated
two subsidiaries, Nevada Canyon LLC and Canyon Carbon LLC. Both subsidiaries were incorporated under the laws of the state of Nevada.
The Company is involved in acquiring and exploring mineral properties and royalty interests in Nevada and Idaho.
Going
Concern
The
Company’s condensed consolidated financial statements are prepared using accounting principles generally accepted in the United
States of America (“US GAAP”) applicable to a going concern, which contemplates the realization of assets and liquidation
of liabilities in the normal course of business. The Company is in a business of acquiring and exploring mineral properties and royalty
interests and has not generated or realized any revenues from these business operations. The ability of the Company to continue as a
going concern is dependent on the Company obtaining adequate capital to fund operating losses until it becomes profitable. If the Company
is unable to obtain adequate capital, it could be forced to cease operations.
The
outcome of these matters cannot be predicted with any certainty at this time and raises substantial doubt that the Company will be able
to continue as a going concern. These condensed consolidated financial statements do not include any adjustments to the amounts and classifications
of assets and liabilities that may be necessary should the Company be unable to continue as a going concern. Management intends to obtain
additional funding by borrowing funds, and/or a private placement of common stock.
NOTE
2 - BASIS OF PRESENTATION
The
condensed consolidated financial statements of the Company have been prepared in accordance with US GAAP for interim financial information
and the rules and regulations of the Securities and Exchange Commission (“SEC”). They do not include all information and
footnotes required by US GAAP for complete financial statements. Except as disclosed herein, there have been no material changes in the
information disclosed in the notes to the consolidated financial statements for the year ended December 31, 2022, included in the Company’s
Annual Report on Form 10-K, filed with the SEC. The condensed consolidated financial statements should be read in conjunction with those
consolidated financial statements included in Form 10-K, as amended. In the opinion of management, all adjustments considered necessary
for fair presentation, consisting solely of normal recurring adjustments, have been made. Operating results for the three and six months
ended June 30, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023.
Recent
Accounting Pronouncements
The
Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not
believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial
position or results of operations.
NOTE
3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Earnings
per Share
The
Company’s basic earnings per share (“EPS”) is calculated by dividing its net income (loss) available to common stockholders
by the weighted average number of common shares outstanding for the period, excluding unvested portion of restricted stock with performance
conditions.
The
Company’s diluted EPS is calculated by dividing its net income (loss) available to common shareholders by the diluted weighted
average number of shares outstanding during the period. The diluted weighted average number of shares outstanding is the basic weighted
number of shares adjusted for any potentially dilutive debt or equity. Restricted stock with performance conditions is only included
in the diluted EPS calculation to the extent that performance conditions have been met at the measurement date. Dilutive effect of the
restricted stock is determined using the treasury stock method. Shares that have been distributed but not yet vested and thus excluded
from the weighted average shares calculation, were 4,003,333 and 6,005,000 at June 30, 2023 and 2022, respectively.
NOTE
4 – RELATED PARTY TRANSACTIONS
Amounts
due to related parties at June 30, 2023 and December 31, 2022:
SCHEDULE OF RELATED PARTY TRANSACTIONS
| |
June 30,
2023 | | |
December 31,
2022 | |
Amounts due to a Chairman of the board, Chief Financial Officer (“CFO”) and former Chief Executive Officer (“CEO”) and President (a) | |
$ | 100,000 | | |
$ | 117,031 | |
Amounts due to a company controlled by the Chairman of the board, CFO, and former CEO and President (a) | |
| 360,000 | | |
| 360,000 | |
Amounts due to companies controlled by the current CEO, President, and director (a,b) | |
| 40,000 | | |
| - | |
Related party payables | |
$ | 500,000 | | |
$ | 477,031 | |
During
the three- and six-month periods ended June 30, 2023 and 2022, the Company had the following transactions with its related parties:
SCHEDULE OF TRANSACTIONS WITH ITS RELATED PARTIES
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Three months ended June 30, | | |
Six months ended June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Director compensation incurred to the Chairman of the board, CFO and former CEO and President | |
$ | 82,283 | | |
$ | 104,646 | | |
$ | 163,663 | | |
$ | 119,596 | |
Director compensation incurred to a director | |
| 41,039 | | |
| 52,193 | | |
| 81,627 | | |
| 59,649 | |
Director compensation incurred to CEO, President, and director | |
| 123,118 | | |
| 156,578 | | |
| 244,883 | | |
| 178,946 | |
Officer compensation incurred to VP of Operations | |
| 175,000 | | |
| - | | |
| 233,333 | | |
| - | |
Related party transactions | |
$ | 421,440 | | |
$ | 313,417 | | |
$ | 723,506 | | |
$ | 358,191 | |
See
Note 5 - Mineral Property Interests for further information on related party transactions and Note 7 - Stockholders’
Equity for further information regarding stock issued to related parties.
NOTE
5 – MINERAL PROPERTY INTERESTS
As
of June 30, 2023, the Company’s mineral property interests are comprised of the Lazy Claims Property, the Loman Property, and the
Agai-Pah Property located in Mineral County, Nevada, the Swales Property located in Elko County, Nevada, and the Belshazzar Property
located in Quartzburg mining district, Boise County, Idaho. In addition, the Company acquired an option to acquire 100% interest of Target
Minerals, Inc’s (“Target”) 1% production royalty on the Olinghouse Project, located in the Olinghouse Mining District,
Washoe County, Nevada, and acquired 2% net smelter returns royalty (“NSR”) on the Palmetto Project (the “Project”),
located in Esmeralda County, Nevada.
Lazy
Claims Property
On
August 2, 2017, the Company entered into an exploration lease agreement (the “Lazy Claims Agreement”) with Tarsis Resources
US Inc. (“Tarsis”), a Nevada corporation, to lease the Lazy Claims, consisting of three claims. The term of the Lazy Claims
Agreement is ten years, and is subject to extension for additional two consecutive 10-year terms. Full consideration of the Lazy Claims
Agreement consists of the following: an initial cash payment of $1,000 to Tarsis, paid upon the execution of the Lazy Claims Agreement,
with $2,000 payable to Tarsis on each subsequent anniversary of the effective date. The Company agreed to pay Tarsis a 2% production
royalty (the “Lazy Claims Royalty”) based on the gross returns from the production and sale of minerals from the Lazy Claims.
Should the Lazy Claims Royalty payments to Tarsis be in excess of $2,000 per year, the Company will not be required to pay a $2,000 annual
minimum payment.
During
the three- and six-month periods ended June 30, 2023 and 2022, the Company did not incur any expenses associated with the Lazy Claims.
Loman
Property
In
December 2019, the Company acquired 27 mining claims for a total of $10,395. The claims were acquired by the Company from a third-party.
During
the three- and six-month periods ended June 30, 2023 and 2022, the Company did not incur any expenses associated with the Loman Claims.
Agai-Pah
Property
On
May 19, 2021, the Company entered into exploration lease with option to purchase agreement (the “Agai-Pah Property Agreement”)
with MSM Resource, L.L.C., a Nevada limited liability Corporation on the Agai-Pah Property, consisting of 20 unpatented mining claims
totaling 400 acres, located in sections 32 & 33, T4N, R34E, MDM, Mineral County, Nevada about 10 miles northeast of the town of Hawthorne
(the “Agai-Pah Property”). Alan Day, the managing member of MSM, is the CEO, President, and director of the Company.
The
term of the Agai-Pah Property Agreement commenced on May 19, 2021, and continues for ten years, subject to the Company’s right
to extend the Agai-Pah Property Agreement for two additional terms of ten years each, and subject to the Company’s option to purchase
the Property.
Full
consideration of the Agai-Pah Property Agreement consists of the following: (i) an initial cash payment of $20,000 to be paid within
90 days from the execution of the Agai-Pah Property Agreement on May 19, 2021 (the “Effective Date”), and (ii) annual payments
of $20,000 to be paid on the anniversary of the Effective Date while the Agai-Pah Property Agreement remains in effect. The Company has
the exclusive option and right to acquire 100% ownership of the Agai-Pah Property (the “Agai-Pah Purchase Option”). To exercise
the Agai-Pah Purchase Option, the Company will be required to pay $750,000 (the “Agai-Pah Purchase Price”). The Agai-Pah
Purchase Price can be paid in either cash and/or equity of the Company, or a combination thereof, at the election of MSM. The annual
payments paid by the Company to MSM, shall not be applied or credited against the Purchase Price.
The
Company made the initial cash payment of $20,000 on November 6, 2021, pursuant to a verbal extension granted to the Company by MSM, and
made the first $20,000 anniversary payment on June 20, 2022. As at June 30, 2023, the Company accrued the second $20,000 anniversary
payment.
During
the three- and six-month periods ended June 30, 2023 and 2022, the Company did not incur any expenses associated with the Agai-Pah Property.
Belshazzar
Property
On
June 4, 2021, the Company entered into exploration lease with option to purchase agreement (the “Belshazzar Property Agreement”)
with Belshazzar Holdings, L.L.C., a Nevada limited liability Corporation on the Belshazzar Property, consisting of ten unpatented lode
mining claims and seven unpatented placer mineral claims totaling 200 acres, within Quartzburg mining district, in Boise County, Idaho
(the “Belshazzar Property”). Alan Day, the managing member of Belshazzar, is the CEO, President, and director of the Company.
The
term of the Belshazzar Property Agreement commenced on June 4, 2021, and continues for ten years, subject to the Company’s right
to extend the Belshazzar Property Agreement for two additional terms of ten years each, and subject to the Company’s option to
purchase the Belshazzar Property.
Full
consideration of the Belshazzar Property Agreement consists of the following: (i) an initial cash payment of $20,000 to be paid within
90 days from the execution of the Belshazzar Property Agreement on June 4, 2021 (the “effective date”), and (ii) annual payments
of $20,000 to be paid on the anniversary of the Effective Date while the Belshazzar Property Agreement remains in effect. The Company
has the exclusive option and right to acquire 100% ownership of the Belshazzar Property (the “Belshazzar Purchase Option”).
To exercise the Belshazzar Purchase Option, the Company will be required to pay $800,000 (the “Belshazzar Purchase Price”).
The Belshazzar Purchase Price can be paid in either cash and/or equity of the Company, or a combination thereof, at the election of BH.
The annual payments paid by the Company to BH, shall not be applied or credited against the Belshazzar Purchase Price. The Belshazzar
Property is subject to a 1% Gross Returns Royalty payable to the property owner, from the commencement of commercial production subject
to certain terms.
The
Company made the initial cash payment of $20,000 on November 6, 2021, pursuant to a verbal extension granted to the Company by BH, and
made the first $20,000 anniversary payment on June 20, 2022. As at June 30, 2023, the Company accrued the second $20,000 anniversary
payment.
During
the three- and six-month periods ended June 30, 2023 and 2022, the Company did not incur any expenses associated with the Belshazzar
Property.
Swales
Property
On
December 27, 2021, the Company entered into exploration lease with option to purchase agreement (the “Swales Property Agreement”)
with Mr. W. Wright Parks III., (“Mr. Parks”) on the Swales Property, consisting of 40 unpatented lode mining claims totaling
800 acres, within Swales Mountain Mining District in Elko County, Nevada (the “Swales Property”).
The
term of the Swales Property Agreement commenced on December 27, 2021, and continues for ten years, subject to the Company’s right
to extend the Swales Property Agreement for two additional terms of ten years each, and subject to the Company’s option to purchase
the Swales Property.
Full
consideration of the Swales Property Agreement consists of the following: (i) an initial cash payment of $20,000 to be paid within 90
days from the execution of the Belshazzar Agreement on December 27, 2021 (the “effective date”), and (ii) annual payments
of $20,000 to be paid on the anniversary of the Effective Date while the Swales Property Agreement remains in effect. The Company has
the exclusive option and right to acquire 100% ownership of the Swales Property (the “Swales Purchase Option”). To exercise
the Swales Purchase Option, the Company will be required to pay $750,000 (the “Swales Purchase Price”). The Swales Purchase
Price can be paid in either cash and/or equity of the Company, or a combination thereof, at the election of Mr. Parks. The annual payments
paid by the Company to Mr. Parks, shall not be applied or credited against the Swales Purchase Price.
The
Company made the initial cash payment of $20,000 on January 15, 2022, and made the first $20,000 anniversary payment on March 14, 2023,
which was initially accrued at December 31, 2022.
During
the three- and six-month periods ended June 30, 2023 and 2022, the Company did not incur any expenses associated with the Swales Property.
Olinghouse
Project
On
December 17, 2021, the Company’s wholly-owned subsidiary, Nevada Canyon, LLC, entered into an Option to Purchase Agreement (the
“Olinghouse Agreement”) with Target Minerals, Inc (“Target”), a private Nevada company, to acquire
100% interest of Target’s 1% production royalty on the Olinghouse Project, located in the Olinghouse Mining District, Washoe County,
Nevada.
The
Company has the exclusive right and option (the “Olinghouse Purchase Option”), exercisable at any time during the Olinghouse
Option Period, as further defined below, at its sole discretion, to acquire 100% of a 1% production royalty from the net smelter returns
on all minerals and products produced from certain properties comprising the Olinghouse Project.
The
term of the Olinghouse Purchase Option shall be the later of one year, or 60 days after the date on which the Company delivers to Target
a written notice to exercise the Olinghouse Purchase Option, subject to further extension if Target’s conditions to closing are
not fully satisfied or otherwise waived by the Company. Full consideration of the Olinghouse Agreement consists of the following: (i)
an initial cash option payment of $200,000 payable upon execution of the Agreement, which the Company paid on December 18, 2021, and
(ii) purchase price (the “Olinghouse Purchase Price”) which shall be paid by the Company to Target in either cash or common
shares of the Company, the determination of which shall be as follows:
|
● |
if
the Company’s 10-day volume weighted average price (“VWAP”) Calculation is less than $1.25 per share, the Olinghouse
Purchase Price shall be paid in cash; or |
|
|
|
|
● |
if
the Company’s 10-day VWAP Calculation is more than $1.25 per share, the Olinghouse Purchase Price shall be paid in the form
of 2,000,000 Shares of the Company’s common stock. |
On
December 23, 2022, the Company and Target agreed to extend the Olinghouse Purchase Option for an additional one-year term, expiring on
December 17, 2023, for a one-time cash payment of $40,000.
During
the three- and six-month periods ended June 30, 2023 and 2022, the Company did not incur any additional expenses associated with the
Olinghouse Project.
Palmetto
Project
On
January 27, 2022, Nevada Canyon, LLC entered into a Royalty Purchase Agreement with Smooth Rock Ventures, LLC, a wholly-owned subsidiary
of Smooth Rock Ventures Corp. (“Smooth Rock”), to acquire a 2% net smelter returns royalty on the Palmetto Project. Alan
Day, the Company’s CEO, President, and director, is also a director and Vice-President of Smooth Rock.
To
acquire the 2% NSR on the Palmetto Project, Nevada Canyon agreed to pay Smooth Rock a one-time cash payment of $350,000, which was paid
on February 7, 2022.
During
the three- and six-month periods ended June 30, 2023 and 2022, the Company did not incur any additional expenses associated with the
Palmetto Project.
NOTE
6 – EQUITY INVESTMENT
As
at June 30, 2023 and December 31, 2022, the Company’s equity investments consist of 511,750 common shares of Walker River Resources
Corp. (“WRR”).
At
June 30, 2023 and December 31, 2022, the fair value of the equity investment was $61,843 and $156,805, respectively, based on the
market price of WRR Shares at June 30, 2023 and December 31, 2022, respectively. Fair value is measured using Level 1 inputs in the
fair value hierarchy. During the three-month period ended June 30, 2023 the revaluation of the equity investment in WRR resulted in
a $6,224 loss on the change in fair value of the equity investments (June 30, 2022 - $163,284). During the six-month period ended
June 30, 2023 the revaluation of the equity investment in WRR resulted in a $94,962 loss on the change in fair value of the equity
investments (June 30, 2022 - $203,850 gain).
The
Company did not sell any WRR Shares during the three- and six-month periods ended June 30, 2023. During the three-month period ended
June 30, 2022, the Company sold 500,000 WRR Shares for net proceeds of $219,763. The Company recorded a net realized loss of $56,325
on the sale of WRR Shares. During the six-month period ended June 30, 2022, the Company sold 1,171,083 WRR Shares for net proceeds of
$614,658. The Company recorded a net realized gain of $211,530 on the sale of WRR Shares.
NOTE
7 – STOCKHOLDERS’ EQUITY
The
Company was formed with one class of common stock, $0.0001 par value and is authorized to issue 100,000,000 common shares and one class
of preferred stock, $0.0001 par value and is authorized to issue 10,000,000 preferred shares. Voting rights are not cumulative and, therefore,
the holders of more than 50% of the common stock could, if they chose to do so, elect all of the directors of the Company.
Equity
transactions during the three- and six-month periods ended June 30, 2023:
During
the three- and six-month periods ended June 30, 2023 and 2022, the Company recognized share-based compensation as follows:
SCHEDULE OF RECOGNIZED SHARE-BASED COMPENSATION
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Three months ended June 30, | | |
Six months ended June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Directors and CEO | |
$ | 246,440 | | |
$ | 313,417 | | |
$ | 490,173 | | |
$ | 358,191 | |
Officer – VP of Operations | |
| 175,000 | | |
| - | | |
| 233,333 | | |
| - | |
Consultants | |
| 116,667 | | |
| - | | |
| 155,556 | | |
| - | |
Total | |
$ | 538,107 | | |
$ | 313,417 | | |
$ | 879,062 | | |
$ | 358,191 | |
Directors:
On
December 30, 2021, the Company distributed a total of 6,005,000 shares of common stock to the Company’s directors (the “Director
Shares”). The Director Shares are subject to the terms and conditions included in 3-year lock-up and vesting agreements (the “Lock-up
Agreements”), which contemplate that the Director Shares will vest in equal annual installments over a 3-year term during which
term the shareholders agreed not to sell, directly or indirectly, or enter into any other transactions involving the Company’s
common shares regardless if the shares have vested or not.
The
fair value of the shares was determined to be approximately $2,924,796 or $0.4938 per share based on the trading price of the Company’s
common stock on the issue date adjusted for the restrictions under the Lock-up Agreements. The shares vest over a three-year time period.
As
stated above, the Company distributed all of the awarded shares prior to vesting. As at June 30, 2023, 2,001,667 shares have vested and
4,003,333 shares are unvested. As of June 30, 2023, unvested compensation related to the Director Shares of $1,486,769 will be recognized
over the next 1.5 years.
Officer
– VP of Operations:
On
February 24, 2023, the Company entered into a consulting agreement with the Company’s newly appointed Vice President of Operations
(the “VP Agreement”). The Company agreed to issue 2,000,000 shares of its common stock for the services. The shares vest
ratably over a two-year period, beginning March 1, 2023, and vested shares are distributed quarterly. The fair value of the shares was
$1,400,000 or $0.70 per share based on the trading price of the Company’s common stock on the date the service period began.
As
of June 30, 2023, the shares vested under the VP Agreement but not yet distributed totaled 333,333. These shares were issued on July
5, 2023. Unvested compensation related to the Shares to be issued under the VP Agreement of $1,166,667 will be recognized over the next
1.67 years.
Consultants:
On
February 24, 2023, the Company entered into two separate consulting agreements with consultants (the “Consulting Agreements”)
in exchange for a total of 2,000,000 shares of its common stock. All shares vest ratably over a three-year period, beginning March 1,
2023, and vested shares are distributed quarterly. The fair value of the shares was $1,400,000 or $0.70 per share based on the trading
price of the Company’s common stock on the date the service period began.
As
of June 30, 2023, the shares vested under the Consulting Agreements but not yet distributed totaled 222,222. These shares were issued
on July 5, 2023. Unvested compensation related to the Shares to be issued under the Consulting Agreements of $1,244,444 will be recognized
over the next 2.67 years.
Warrants
and Options
During
the six-month period ended June 30, 2023 and for the year ended December 31, 2022, the Company did not have any warrants or options issued
and exercisable.
NOTE
8 – CONVERTIBLE NOTES PAYABLE
During
the year ended December 31, 2021, the Company received $980,000 in cash proceeds under the convertible promissory notes financing, in
addition, the Company’s existing debt holder agreed to convert $15,064 the Company owed on account of unsecured, non-interest-bearing
note payable due on demand into a convertible promissory note for a total of $20,000. The convertible promissory notes (the “Notes”)
were due in twelve months after their issuances (the “Maturity Date”) and accrued interest at a rate of 15% per annum. During
the three- and six-month periods ended June 30, 2022, the Company recorded $174,830 and $301,392 in amortization of debt discount on
the Notes, respectively. The balance of the Notes at December 31, 2022 was $Nil as all of the notes were paid or converted into shares
of the Company’s common stock during the year ended December 31, 2022.
NOTE
9 – CONTRACTUAL AGREEMENTS
On
February 3, 2023, the Company entered into a public relations services agreement (the “Agreement”) with Think Ink Marketing
Data & Email Services, Inc. (“Think Ink”) to develop an investor outreach program. The Agreement is for a six-month term.
During the six-month period ended June 30, 2023 the Company paid $40,000, which were recognized as general and administrative expenses
for the quarter ended June 30, 2023. Subsequent to June 30, 2023, the Company paid an additional $20,000 to Think Ink to continue its
services.
On
April 5, 2023, the Company entered into a consulting services agreement (the “Warm Springs Agreement”) with Warm Springs
Consulting LLC. (“Warm Springs”) to develop registry-verified carbon credits for voluntary and compliance markets in the
State of Nevada and the Western United States. The Warm Springs Agreement is for a nine-month term, and the Company agreed to an
initial budget of $115,525, of which $65,820 was paid during the quarter ended June 30, 2023, and was expensed during the same period
as part of professional fees.
NOTE
10 – SUBSEQUENT EVENT
Subsequent
to June 30, 2023, the Company received $323,911 in net subscriptions to 432,914 units of the Company’s common stock under the offering
of up to 12,500,000 units (the “Units”) of the Company’s securities pursuant to Regulation A, which was made effective
on September 27, 2022. The Unit consists of one share of the Company’s common stock and a warrant to purchase a share of common
stock at an exercise price of $1.20 over the next two years.
Item
2. Management’s Discussion and Analysis of Financial Conditions and Results of Operations
Forward
Looking Statements
This
Quarterly Report on Form 10-Q, including “Management’s Discussion and Analysis of Financial Condition and Results of Operations”
in Item 2 of Part I of this report include forward-looking statements within the meaning of Section 27A of the Securities Exchange Act
of 1934, as amended, and the Private Securities Litigation Reform Act of 1995 (collectively, the “Reform Act”). The Reform
Act provides a safe harbor for forward-looking statements to encourage companies to provide prospective information about themselves
so long as they identify these statements as forward-looking and provide meaningful cautionary statements identifying important factors
that could cause actual results to differ from the projected results. All statements, other than statements of historical fact that we
make in this Quarterly Report on Form 10-Q are forward-looking. The words “anticipates,” “believes,” “expects,”
“intends,” “will continue,” “estimates,” “plans,” “projects,” the negative
of these terms and similar expressions are intended to identify forward-looking statements. However, the absence of these words does
not mean the statement is not forward-looking.
Forward-looking
statements involve risks, uncertainties or other factors which may cause actual results to differ materially from the future results,
performance or achievements expressed or implied by the forward-looking statements. These statements are based on our management’s
beliefs and assumptions, which in turn are based on currently available information. Certain risks, uncertainties or other important
factors are detailed in this Quarterly Report on Form 10-Q and may be detailed from time to time in other reports we file with the Securities
and Exchange Commission, including on Forms 8-K and 10-K.
Examples
of forward-looking statements in this Quarterly Report on Form 10-Q include, but are not limited to, our expectations regarding our ability
to generate operating cash flows and to fund our working capital and capital expenditure requirements. Important assumptions relating
to the forward-looking statements include, among others, assumptions regarding demand for our future products, the timing and cost of
capital expenditures, competitive conditions and general economic conditions. These assumptions could prove inaccurate. Although we believe
that the estimates and projections reflected in the forward-looking statements are reasonable, our expectations may prove to be incorrect.
Important factors that could cause actual results to differ materially from the results and events anticipated or implied by such forward-looking
statements include:
|
● |
management’s
plans, objectives and budgets for its future operations and future economic performance; |
|
● |
capital
budget and future capital requirements; |
|
● |
meeting
future capital needs; |
|
● |
our
dependence on management and the need to recruit additional personnel; |
|
● |
limited
trading for our common stock; |
|
● |
the
level of future expenditures; |
|
● |
impact
of recent accounting pronouncements; |
|
● |
the
outcome of regulatory and litigation matters; and |
|
● |
the
assumptions described in this report underlying such forward-looking statements. |
Actual
results and developments may materially differ from those expressed in, or implied by, such statements due to a number of factors, including:
|
● |
those
described in the context of such forward-looking statements; |
|
● |
future
product development and marketing costs; |
|
● |
the
markets of our domestic operations; |
|
● |
the
impact of competitive products and pricing; |
|
● |
the
political, social and economic climate in which we conduct operations; and |
|
● |
the
risk factors described in other documents and reports filed with the Securities and Exchange Commission, including our Offering Statement
Pursuant to Regulation A (SEC File No. 000-55600). |
We
operate in an extremely competitive environment. New risks emerge from time to time. It is not possible for us to predict all of those
risks, nor can we assess the impact of all of those risks on our business or the extent to which any factor may cause actual results
to differ materially from those contained in any forward-looking statement. We believe these forward-looking statements are reasonable.
However, you should not place undue reliance on any forward-looking statements, which are based on current expectations. Further, forward-looking
statements speak only as of the date they are made, and unless required by law, we expressly disclaim any obligation or undertaking to
update publicly any of them in light of new information or future events.
The
following is management’s discussion and analysis of financial condition and results of operations and is provided as a supplement
to the accompanying unaudited condensed consolidated financial statements and notes to help provide an understanding of our financial
condition, results of operations and cash flows during the periods included in the accompanying unaudited condensed consolidated financial
statements.
In
this Quarterly Report on Form 10-Q, “Company,” “the Company,” “us,” and “our” refer to
Nevada Canyon Gold Corp. and its wholly-owned subsidiaries, Nevada Canyon LLC and Canyon Carbon LLC, incorporated in Nevada, unless the
context requires otherwise.
We
intend the following discussion to assist in the understanding of our financial position and our results of operations for the three-
and six-month periods ended June 30, 2023 and 2022. You should refer to the Financial Statements and related Notes in conjunction with
this discussion.
General
We
were incorporated under the laws of the state of Nevada on February 27, 2014. On December 15, 2021, we incorporated two subsidiaries,
Nevada Canyon LLC and Canyon Carbon LLC. Both subsidiaries were incorporated under the laws of the state of Nevada.
We
are a US-based natural resource company headquartered in Reno, Nevada. The Company has a large, strategic land position and royalties,
in multiple projects, within some of Nevada’s highest-grade historical mining districts. As of the date of the filing of this Quarterly
report on Form 10-Q our mineral property interests are comprised of the Lazy Claims Property, the Loman Property, and the Agai-Pah Property
located in Mineral County, Nevada, the Swales Property located in Elko County, Nevada, and the Belshazzar Property located in Quartzburg
mining district, Boise County, Idaho. In addition, we acquired a 2% net smelter returns royalty (“NSR”) on the Palmetto Project,
located in Esmeralda County, Nevada, and have an option to acquire 100% interest of Target Minerals, Inc’s (“Target”)
1% production royalty on the Olinghouse Project, located in the Olinghouse Mining District, Washoe County, Nevada.
Critical
Accounting Policies and Estimates
Our
consolidated financial statements and related public financial information are based on the application of accounting principles generally
accepted in the United States of America (“GAAP”) and are presented in US dollars. GAAP requires the use of estimates; assumptions,
judgments and subjective interpretations of accounting principles that have an impact on the assets, liabilities, revenues and expense
amounts reported. These estimates can also affect supplemental information contained in our external disclosures including information
regarding contingencies, risk and financial condition. We believe our use of estimates and underlying accounting assumptions adhere to
GAAP and are consistently and conservatively applied. We base our estimates on historical experience and on various other assumptions
that we believe to be reasonable under the circumstances. Actual results may differ materially from these estimates under different assumptions
or conditions. We continue to monitor significant estimates made during the preparation of our consolidated financial statements.
The
following discussion of our financial condition and results of operations should be read in conjunction with our unaudited condensed
consolidated financial statements for the three- and six-month periods ended June 30, 2023 and 2022, together with notes thereto, which
are included in this Quarterly Report on Form 10-Q, as well as our most recent audited consolidated financial statements on Form 10-K,
as amended, for the year ended December 31, 2022.
Results
of Operations
Three-
and six-month periods ended June 30, 2023, compared to the three- and six-month periods ended June 30, 2022:
| |
Three months ended June 30, | | |
Changes between the | | |
Six months ended June 30, | | |
Changes between the | |
| |
2023 | | |
2022 | | |
periods | | |
2023 | | |
2022 | | |
periods | |
Operating expenses | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Consulting fees | |
$ | 124,167 | | |
$ | 7,597 | | |
$ | 116,570 | | |
$ | 179,493 | | |
$ | 21,726 | | |
$ | 157,767 | |
Director and officer compensation | |
| 421,440 | | |
| 313,417 | | |
| 108,023 | | |
| 723,506 | | |
| 358,191 | | |
| 365,315 | |
General and administrative expenses | |
| 50,851 | | |
| 5,876 | | |
| 44,975 | | |
| 75,565 | | |
| 10,741 | | |
| 64,824 | |
Professional fees | |
| 70,320 | | |
| 48,010 | | |
| 22,310 | | |
| 76,320 | | |
| 56,332 | | |
| 19,988 | |
Transfer agent and filing fees | |
| 3,868 | | |
| 2,545 | | |
| 1,323 | | |
| 8,590 | | |
| 9,800 | | |
| (1,210 | ) |
Total operating expenses | |
| (670,646 | ) | |
| (377,445 | ) | |
| 293,201 | | |
| (1,063,474 | ) | |
| (456,790 | ) | |
| 606,684 | |
Other income (expense) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Amortization of debt discount | |
| - | | |
| (174,830 | ) | |
| (174,830 | ) | |
| - | | |
| (301,392 | ) | |
| (301,392 | ) |
Fair value gain (loss) on equity investments | |
| (6,224 | ) | |
| (163,284 | ) | |
| (157,060 | ) | |
| (94,962 | ) | |
| 203,850 | | |
| (298,812 | ) |
Foreign exchange gain (loss) | |
| 4 | | |
| (8,211 | ) | |
| (8,215 | ) | |
| 4 | | |
| (967 | ) | |
| (971 | ) |
Interest income | |
| 7,321 | | |
| 827 | | |
| 6,494 | | |
| 13,813 | | |
| 888 | | |
| 12,925 | |
Realized gain (loss) on equity investment | |
| - | | |
| (56,325 | ) | |
| (56,325 | ) | |
| - | | |
| 211,530 | | |
| (211,530 | ) |
Total other income (expense) | |
| 1,101 | | |
| (401,823 | ) | |
| (402,924 | ) | |
| (81,145 | ) | |
| 113,909 | | |
| (195,054 | ) |
Net loss | |
$ | (669,545 | ) | |
$ | (779,268 | ) | |
$ | (109,723 | ) | |
$ | (1,144,619 | ) | |
$ | (342,881 | ) | |
$ | 801,738 | |
Revenues
We
had no revenues for the three- and six-month periods ended June 30, 2023 and 2022. Due to the exploration rather than the production
nature of our business, we do not expect to have significant operating revenue in the foreseeable future.
Operating
Expenses
Our
operating expenses for the three- and six-month periods ended June 30, 2023 and 2022 included general and administrative expenses, professional
fees, director and officer compensation, consulting fees, and transfer agent and filing fees.
During
the three-month period ended June 30, 2023, our operating expenses increased by $293,201 or 78%, to $670,646 as compared to $377,445
for the three months ended June 30, 2022. This change was associated with $421,440 in director and officer compensation we recorded
on the shares that we distributed to our three directors on December 30, 2021, and with the vesting of share awards we granted to
our VP of Operations on February 24, 2023. During comparative three-month period ended June 30, 2022, we recorded $313,417 in
director and officer compensation. Our consulting fees increased by $116,570, from $7,597 we incurred during the three-month period
ended June 30, 2022, to $124,167 we incurred during the current period ended June 30, 2023, and which were associated with the
vesting of shares awarded to consultants for their services in March 2023; our general and administrative expenses increased by
$44,975, from $5,876 we incurred during the three-month period ended June 30, 2022, to $50,851 we incurred during the three-month
period ended June 30, 2023. This increase was associated with the investor outreach program we started in the second quarter of our
Fiscal 2023. Our professional fees increased by $22,310, from $48,010 we incurred during the three-month period ended June 30, 2022,
to $70,320 we incurred during the three-month period ended June 30, 2023. The professional fees increased as a result of a
consulting agreement with Warm Springs Consulting LLC. (“Warm Springs”) to develop registry-verified carbon credits for
voluntary and compliance markets in the State of Nevada and the Western United States. Our transfer agent and filing fees increased by
$1,323, from $2,545 we incurred during the three-month period ended June 30, 2022, to $3,868 we incurred during the three-month
period ended June 30, 2023.
On
a year-to-date basis, our operating expenses increased by $606,684 or 133%, to $1,063,474 as compared to $456,790 for the six months
ended June 30, 2022. This change was associated with $723,506 in director and officer compensation we recorded on the shares that we
distributed to our three directors on December 30, 2021, and with the vesting of share awards we granted to our VP of Operations on
February 24, 2023. During comparative six-month period ended June 30, 2022, we recorded $358,191 in director and officer
compensation. Our consulting fees increased by $157,767, from $21,726 we incurred during the six-month period ended June 30, 2022,
to $179,493 we incurred during the current period ended June 30, 2023, and which were associated with the vesting of shares awarded
to consultants for their services in March 2023; our general and administrative expenses increased by $64,824, from $10,741 we
incurred during the six-month period ended June 30, 2022, to $75,565 we incurred during the six-month period ended June 30, 2023.
This increase was associated with the investor outreach program we started in the second quarter of our Fiscal 2023. Our
professional fees increased by $19,988, from $56,332 we incurred during the six-month period ended June 30, 2022, to $76,320 we
incurred during the six-month period ended June 30, 2023. The professional fees increased as a result of the consulting agreement
with Warm Springs to develop registry-verified carbon credits for voluntary and compliance markets in the State of Nevada and the
Western United States. The above increases were in part offset by the transfer agent and filing fees, which decreased by $1,210, from
$9,800 we incurred during the six-month period ended June 30, 2022, to $8,590 we incurred during the six-month period ended June 30,
2023.
Other
Income (Expenses)
During
the three-month period ended June 30, 2023, we recognized $6,224 loss on fair value of investments in equity securities (2022 –
$163,284). The loss resulted from revaluation of Walker River Resources Corp. (“WRR”) Shares and was caused mainly by decreased
market price of WRR’s Shares from CAD$0.18 per share at March 31, 2023, to CAD$0.16 per share at June 30, 2023, and to a smaller
degree from fluctuation of exchange rates between the US and Canadian dollars. We earned $7,321 in interest revenue (2022 - $827) and
recorded $4 gain (2022 - $8,211 loss) on foreign exchange associated with the funds held in Canadian dollars.
During
the six-month period ended June 30, 2023, we recognized $94,962 loss on fair value of investments in equity securities (2022 –
$203,850 gain). The loss resulted from revaluation of WRR Shares and was caused mainly by decreased market price of WRR’s Shares
from CAD$0.415 per share at December 31, 2022, to CAD$0.16 per share at June 30, 2023, and to a smaller degree from fluctuation of exchange
rates between the US and Canadian dollars. We earned $13,813 in interest revenue (2022 - $888) and recorded $4 gain (2022 - $967 loss)
on foreign exchange associated with the funds held in Canadian dollars.
During
the comparative three-month period ended June 30, 2022, we recorded $56,325 loss on investments in equity securities which was associated
with the sale of 500,000 WRR Shares for net proceeds of $219,763. In addition, we recorded $174,830 amortization of debt discount associated
with the beneficial conversion we recognized on the convertible notes payable we issued in October of 2021. We did not have similar transactions
during the three-month period ended June 30, 2023.
During
the comparative six-month period ended June 30, 2022 we recorded $211,530 gain on equity investments which was associated with the
sale of 1,171,083 WRR Shares for net proceeds of $614,658. In addition, we recorded $301,392 amortization of debt discount
associated with the beneficial conversion we recognized on the convertible notes payable we issued in October of 2021. We did not
have similar transactions during the six-month period ended June 30, 2023.
Net
Loss
During
the three months ended June 30, 2023, we incurred net loss of $669,545, as compared to net loss of $779,268 we generated during the three-month
period ended June 30, 2022. This change mainly resulted from absence of sales of WRR Shares resulting in no realized loss or gain recorded
on equity investments, as compared to $56,325 realized loss for the three-month period ended June 30, 2023, and reduced fluctuation of
WRR Share price which resulted in fair value loss of $6,224, as compared to $163,284 loss we recorded during the comparative period.
In addition, since we converted October 2021 notes payable during the year ended December 31, 2022, there was no amortization of debt
discount for the three-month period ended June 30, 2023, as compared to $174,830 loss in the comparative period. These decreases were
in part offset by increased director and officer compensation of $421,440, which increased from $313,417 for the period ended June 30,
2022, an increase in consulting fees from $7,597 for the period ended June 30, 2022, to $124,167 for the period ended June 30, 2023,
and an increase in professional fees from $48,010 for the period ended June 30, 2022, to $70,320 for the period ended June 30, 2023.
During
the six months ended June 30, 2023, we incurred net loss of $1,144,619, as compared to net loss of $342,881 we generated during the six-month
period ended June 30, 2022. This change mainly resulted from absence of sales of WRR Shares resulting in no realized loss or gain recorded
on equity investments to date in 2023, as compared to $211,530 realized gain for the six-month period ended June 30, 2022, and reduced
fluctuation of WRR Share price which resulted in fair value loss of $94,962, as compared to $203,850 gain we recorded during the comparative
period. In addition, since we converted October 2021 notes payable during the year ended December 31, 2022, there was no amortization
of debt discount for the six-month period ended June 30, 2023, as compared to $301,392 expense in the comparative period. These decreases
were offset by increased director and officer compensation of $723,506, which increased from $358,191 for the period ended June 30, 2022,
an increase in consulting fees from $21,726 for the period ended June 30, 2022, to $179,493 for the period ended June 30, 2023, and an
increase in professional fees from $56,332 for the period ended June 30, 2022, to $76,320 for the period ended June 30, 2023.
Liquidity
and Capital Resources
| |
June 30,
2023 | | |
December 31,
2022 | |
| |
| | |
| |
Current assets | |
$ | 789,054 | | |
$ | 1,011,847 | |
Current liabilities | |
| 1,309,796 | | |
| 1,321,994 | |
Working capital deficit | |
$ | (520,742 | ) | |
$ | (310,147 | ) |
As
of June 30, 2023, we had a cash balance of $779,198 and working capital deficit of $520,742 with cash flows used in operations totaling
$207,820 for the period then ended. During the six months ended June 30, 2023, our operations were funded with cash on hand, which was
generated by selling our investment in WRR Shares during the year ended December 31, 2022, and from the issuance of convertible notes
payable in October 2021. Our operating activities did not generate sufficient cash flows to satisfy our cash requirements for the six-month
period ended June 30, 2023. Due to the exploration rather than the production nature of our business, there is no assurance that we will
be able to generate sufficient cash from our operations. If we are unable to generate sufficient cash flow from our operations to repay
the amounts owing when due, we may be required to continue selling our equity investments in WRR or raise additional financing by borrowing
funds or issuing our equity. There can be no assurance that we will be successful in our efforts to raise additional capital.
Cash
Flow
| |
Six Months Ended June 30, | |
| |
2023 | | |
2022 | |
Cash flows used in operating activities | |
$ | (207,820 | ) | |
$ | (200,902 | ) |
Cash flows provided by (used in) investing activities | |
| (20,000 | ) | |
| 204,658 | |
Cash flows provided by financing activities | |
| - | | |
| 400 | |
Effects of foreign currency translation on cash | |
| - | | |
| (967 | ) |
Net increase (decrease) in cash during the period | |
$ | (227,820 | ) | |
$ | 3,189 | |
Net
cash used in operating activities
During
the six months ended June 30, 2023, our net cash used in operating activities increased by $6,918, or 3%, to $207,820 for the six months
ended June 30, 2023, compared with $200,902 for the comparative period in 2022. During the six months ended June 30, 2023, we used $170,595
to cover our cash operating costs, which were determined by reducing the net loss of $1,144,619 the Company incurred during the period,
by non-cash items included in the net loss of $974,024; we used $5,027 to increase our prepaid expenses, and $17,031 to reduce amounts
due to our related parties. These uses of cash were further increased by $15,167 decrease in accounts payable and accrued liabilities.
During
the six months ended June 30, 2022, our net cash used in operating activities increased by $149,363, or 290%, to $200,902, compared with
$51,539 for the comparative period in 2021. During the six months ended June 30, 2022, we used $97,711 to cover our cash operating costs,
which were determined by reducing the net loss of $342,881 the Company incurred during the period, by non-cash items included in the
net loss of $245,170; we used $12,104 to decrease our accounts payable and accrued liabilities, $27,000 to decrease amounts due to our
related parties, and $21,182 to increase our prepaid expenses, of which $39,250 were associated with prepaid share issuance costs related
to our offering of up to 12,500,000 units (the “Units”) of our securities pursuant to Regulation A. In additional $42,905
were used to pay interest accrued on a convertible note payable.
Adjustments
to reconcile net loss to net cash used in operating activities
During
the six months ended June 30, 2023, we recognized $94,962 loss on revaluation of fair value of our investments in WRR Shares. In
addition, we recognized $490,173 in director compensation associated with the par-value shares we distributed to our directors on
December 30, 2021, $233,333 and $155,556 we recorded as the vesting of shares awarded to our VP of Operations and to our
consultants, respectively, in accordance with the consulting agreements we executed in February of 2023.
During
the six months ended June 30, 2022, we recognized $203,850 gain on revaluation of fair value of equity investments associated with WRR
Shares and recorded $211,530 gain on sale of 1,171,083 WRR Shares for net proceeds of $614,658 (CAD$769,400). In addition, we recognized
$967 loss on foreign exchange fluctuations associated with cash we held in high-interest savings account at a major Canadian bank, and
recorded $301,392 in amortization of debt discount associated with the convertible notes payable we issued in October 2021. In addition,
we recorded $358,191 in director compensation associated with the par-value shares we distributed to our directors on December 30, 2021.
Net
cash provided by (used in) investing activities
During
the six-month period ended June 30, 2023, we used $20,000 to make an option payment on our Swales Property, which we accrued in December
of 2022.
During
the six-month period ended June 30, 2022, we generated $614,658 on the sale of 1,171,083 WRR Shares. During the same period, we used
$410,000 to acquire our mineral property interests.
Net
cash provided by financing activities
During
the six-month period ended June 30, 2023, we did not generate any funds from our financing activities.
During
the six-month period ended June 30, 2022, we received $400 from the sale of 4,000,000 par-value shares to two of our directors, which
shares were considered distributed on December 30, 2021, however, we received cash payment from the directors subsequent to December
31, 2021.
Going
Concern
At
June 30, 2023, we had a working capital deficit of $520,742 and cash on hand of $779,198, which is sufficient enough to support our current
plan of operations for the next 12-month period. Our investments in equity securities include 511,750 WRR Shares valued at $61,843. We
have been using WRR Shares and may continue using them as a source of additional cash inflow. Subsequent to June 30, 2023, we have received
$323,911 in net subscriptions to 432,914 units of our common stock under the offering of up to 12,500,000 units (the “Units”)
of our securities pursuant to Regulation A. To support our operations beyond the 12-month period we may require additional funds; therefore,
we continue to actively pursue other means of financing our operations through equity and/or debt financing. There can be no assurance
that we will be able to procure funds sufficient to support our day-to-day operations and exploration programs. If operating difficulties
or other factors (many of which are beyond our control) delay our realization of revenues or cash flows from operations, we may be limited
in our ability to pursue our business plan. Moreover, if our resources from obtaining additional capital or cash flows from operations,
once we commence them, do not satisfy our operational needs or if unexpected expenses arise due to unanticipated pressures or if we decide
to expand our business plan beyond its currently anticipated level or otherwise, we will require additional financing to fund our operations,
in addition to anticipated cash generated from our operations. Additional financing might not be available on terms favorable to us,
or at all. If adequate funds were not available or were not available on acceptable terms, our ability to fund our operations, take advantage
of unanticipated opportunities, develop or enhance our business or otherwise respond to competitive pressures would be significantly
limited. In a worst-case scenario, we might not be able to fund our operations or to remain in business, which could result in a total
loss of our stockholders’ investment. If we raise additional funds through the issuance of equity or convertible debt securities,
the percentage ownership of our stockholders would be reduced, and these newly issued securities might have rights, preferences or privileges
senior to those of existing stockholders.
Impact
of Inflation
We
believe that inflation has had a negligible effect on operations over the past fiscal quarter.
Capital
Expenditures
During
the six months ended June 30, 2023, we used $20,000 to make an annual option payment on Swales Property.
During
the six months ended June 30, 2022, we used $20,000 to make an initial cash payment to acquire Swales Property, $20,000 to make the first
anniversary payment on Agai-Pah Property, and further $20,000 to make the first anniversary payment on Belshazzar Property. In addition,
we made a $350,000 one-time cash payment to acquire 2% NSR on Palmetto Project.
Unproved
Mineral Properties
As
of the date of this Quarterly report on Form 10-Q, our mineral property interests are comprised of the Lazy Claims Property, the Loman
Property, and the Agai-Pah Property located in Mineral County, Nevada, the Swales Property located in Elko County, Nevada, and the Belshazzar
Property located in Quartzburg mining district, Boise County, Idaho. In addition, we acquired a 2% net smelter returns royalty on the
Palmetto Project, located in Esmeralda County, Nevada, and have an option to acquire 100% interest of Target Minerals, Inc’s (“Target”)
1% production royalty on the Olinghouse Project, located in the Olinghouse Mining District, Washoe County, Nevada.
Lazy
Claims Property
We
acquired the Lazy Claims Property through an exploration lease agreement with Tarsis Resources US Inc. (“Tarsis”), a Nevada
corporation, dated for reference August 2, 2017 (the “Lazy Claims Agreement”). The Lazy Claims Agreement grants us a right
to conduct exploratory work for minerals on three Lazy Claims totaling 60 acres located in Mineral County, Nevada about 18 miles southeast
of the town of Hawthorne (the “Lazy Claims”).
The
term of the Lazy Claims Agreement is ten years and is subject to extension for an additional two consecutive 10-year terms. Full consideration
for the Lazy Claims Agreement consists of the following: an initial cash payment of $1,000 to Tarsis, which we paid upon the execution
of the Lazy Claims Agreement, with $2,000 payable to Tarsis on each subsequent anniversary of the effective date. We agreed to pay Tarsis
a 2% production royalty (the “Lazy Claims Royalty”) based on the gross returns from the production and sale of minerals from
the Lazy Claims Property. Should the Lazy Claims Royalty payments to Tarsis be in excess of $2,000 per year, we will not be required
to pay a $2,000 annual minimum payment.
Loman
Property
In
December 2019 we acquired 27 unpatented mining claims for a total of $10,395 from a third-party (the “Loman Property”). The
claims comprising Loman Property were transferred and re-registered into the Company’s name in the fiscal 2021.
Agai-Pah
Property
On
May 19, 2021, we entered into exploration lease with option to purchase agreement (the “Agai-Pah Agreement”) with MSM Resource,
L.L.C., (“MSM”) a Nevada limited liability Corporation on the Agai-Pah Property, consisting of 20 unpatented mining claims
totaling 400 acres, located in sections 32 & 33, T4N, R34E, MDM, Mineral County, Nevada about 10 miles northeast of the town of Hawthorne
(the “Agai-Pah Property”). Alan Day, the managing member of MSM, is also our CEO, President, and director.
The
term of the Agai-Pah Agreement commenced on May 19, 2021, and continues for ten years, subject to our right to extend the Agai-Pah Agreement
for two additional terms of ten years each, and subject to the Company’s option to purchase the Agai-Pah Property.
Full
consideration of the Agai-Pah Agreement consists of the following: (i) an initial cash payment of $20,000 to be paid within 90 days from
the execution of the Agai-Pah Agreement on May 19, 2021 (the “Effective Date”), and (ii) annual payments of $20,000 to be
paid on the anniversary of the Effective Date while the Agai-Pah Agreement remains in effect. We retain the exclusive option and right
to acquire 100% ownership of the Agai-Pah Property (the “Agai-Pah Purchase Option”). To exercise the Agai-Pah Purchase Option,
we will be required to pay $750,000 (the “Agai-Pah Purchase Price”). The Agai-Pah Purchase Price can be paid in either cash
and/or equity, or a combination thereof, at the election of MSM. The annual payments paid by us, shall not be applied or credited against
the Purchase Price.
We
made the initial cash payment of $20,000 on November 6, 2021, and made the first $20,000 anniversary payment on June 20, 2022. The second
$20,000 anniversary payment was accrued as at June 30, 2023.
Belshazzar
Property
On
June 4, 2021, we entered into exploration lease with option to purchase agreement (the “Belshazzar Agreement”) with Belshazzar
Holdings, L.L.C., (“BH”) a Nevada limited liability Corporation on the Belshazzar Property, consisting of ten unpatented
lode mining claims and seven unpatented placer mineral claim totaling 200 acres, within Quartzburg mining district, in Boise County,
Idaho (the “Belshazzar Property”). Alan Day, the managing member of BH, is also our CEO, President, and director.
The
term of the Belshazzar Agreement commenced on June 4, 2021, and continues for ten years, subject to our right to extend the Belshazzar
Agreement for two additional terms of ten years each, and subject to our option to purchase the Belshazzar Property.
Full
consideration of the Belshazzar Agreement consists of the following: (i) an initial cash payment of $20,000 to be paid within 90 days
from the execution of the Belshazzar Agreement on June 4, 2021 (the “effective date”), and (ii) annual payments of $20,000
to be paid on the anniversary of the Effective Date while the Belshazzar Agreement remains in effect. We retain the exclusive option
and right to acquire 100% ownership of the Belshazzar Property (the “Belshazzar Purchase Option”). To exercise the Belshazzar
Purchase Option, we will be required to pay $800,000 (the “Belshazzar Purchase Price”). The Belshazzar Purchase Price can
be paid in either cash and/or equity, or a combination thereof, at the election of BH. The annual payments paid by us to BH, shall not
be applied or credited against the Belshazzar Purchase Price. The Belshazzar Property is subject to a 1% Gross Returns Royalty payable
to the property owner, from the commencement of commercial production subject to certain terms.
We
made the initial cash payment of $20,000 on November 6, 2021, and made the first $20,000 anniversary payment on June 20, 2022. The second
$20,000 anniversary payment was accrued as at June 30, 2023.
Swales
Property
On
December 27, 2021, we entered into an exploration lease with option to purchase agreement (the “Swales Property Agreement”)
with Mr. W. Wright Parks III., (“Mr. Parks”) on the Swales Property, consisting of 40 unpatented lode mining claims totaling
800 acres (the “Swales Property”).
The
term of the Agreement commenced on December 27, 2021, and continues for ten years, subject to the Company’s right to extend the
Swales Property Agreement for two additional terms of ten years each, and subject to the Company’s option to purchase the Swales
Property.
Full
consideration of the Swales Property Agreement consists of the following: (i) an initial cash payment of $20,000 to be paid within 90
days from the execution of the Belshazzar Agreement on December 27, 2021 (the “effective date”), and (ii) annual payments
of $20,000 to be paid on the anniversary of the Effective Date while the Swales Property Agreement remains in effect.
The
Company has the exclusive option and right to acquire 100% ownership of the Swales Property (the “Swales Purchase Option”).
To exercise the Swales Purchase Option, the Company will be required to pay $750,000 (the “Swales Purchase Price”). The Swales
Purchase Price can be paid in either cash and/or equity of the Company, or a combination thereof, at the election of Mr. Parks. The annual
payments paid by the Company to Mr. Parks, shall not be applied or credited against the Swales Purchase Price.
We
made the initial cash payment of $20,000 on January 15, 2022, and made the first anniversary payment on March 14, 2023.
Olinghouse
Project
On
December 17, 2021, our wholly-owned subsidiary, Nevada Canyon, LLC, entered into an Option to Purchase Agreement (the “Olinghouse
Agreement”) with Target Minerals, Inc (“Target”), to acquire 100% interest of Target’s 1% production royalty
on the Olinghouse Project.
The
Company has the exclusive right and option (the “Olinghouse Purchase Option”), exercisable at any time during the Olinghouse
Option Period, as further defined below, at its sole discretion, to acquire 100% of a 1% production royalty from the net smelter returns
on all minerals and products produced from certain properties comprising the Olinghouse Project.
The
term of the Olinghouse Purchase Option shall be the later of one year, or 60 days after the date on which the Company delivers to Target
a written notice to exercise the Olinghouse Purchase Option, subject to further extension if Target’s conditions to closing are
not fully satisfied or otherwise waived by the Company. Full consideration of the Olinghouse Agreement consists of the following: (i)
an initial cash option payment of $200,000 payable upon execution of the Agreement, which we paid on December 18, 2021, and (ii) purchase
price (the “Olinghouse Purchase Price”) which shall be paid by the Company to Target in either cash or common shares of the
Company, the determination of which shall be as follows:
|
● |
if
the Company’s 10-day volume weighted average price (“VWAP”) Calculation is less than $1.25 per share, the Olinghouse
Purchase Price shall be paid in cash; or |
|
● |
if
the Company’s 10-day VWAP Calculation is more than $1.25 per share, the Olinghouse Purchase Price shall be paid in the form
of 2,000,000 Shares of the Company’s common stock. |
On
December 23, 2022, Target agreed to extend the Olinghouse Purchase Option for an additional one-year term, expiring on December 17, 2023,
for a one-time cash payment of $40,000.
Palmetto
Project
On
January 27, 2022, our wholly-owned subsidiary, Nevada Canyon, LLC, entered into a Royalty Purchase Agreement (the “Royalty Agreement”)
with Smooth Rock Ventures, LLC, a wholly-owned subsidiary of Smooth Rock Ventures Corp. (“Smooth Rock”), to acquire a 2%
net smelter returns royalty (“NSR”) on the Palmetto Project (the “Palmetto Project”), located in Esmeralda County,
Nevada. Alan Day, our CEO, President, and director, is also a director and Vice-President of Smooth Rock.
To
acquire the 2% NSR on the Palmetto Project, Nevada Canyon agreed to pay Smooth Rock a one-time cash payment of $350,000, which was paid
on February 7, 2022.
Off-Balance
Sheet Arrangements
None.
Use
of Estimates
Areas
where significant estimation judgments are made and where actual results could differ materially from these estimates are the carrying
value of certain assets and liabilities which are not readily apparent from other sources and the classification of net operating loss
and tax credit carry forwards.
We
evaluate impairment of our long-lived assets whenever there is an indication that carrying value of the long-lived asset may not be recoverable.
We have not recognized any impairment charge on our long-lived assets during the quarter ended June 30, 2023.
Item
3. Quantitative and Qualitative Disclosures about Market Risk
As
a “smaller reporting company” as defined by Item 10 of Regulation S-K, we are not required to provide information
required by this item.
Item
4. Controls and Procedures
(a)
Evaluation of Disclosure Controls and Procedures
We
conducted an evaluation, under the supervision and with the participation of the Chief Executive Officer and our Chief Financial Officer,
of the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(f) under the Securities Exchange Act of 1934
as amended (the “Exchange Act”)). Based on this evaluation, our Chief Executive Officer and our Chief Financial Officer,
concluded that our disclosure controls and procedures, as of the end of the fiscal quarter covered by this quarterly report on Form 10-Q,
were not effective to ensure that information required to be disclosed by us in reports that we file or submit under the Exchange Act
is recorded, processed, summarized and reported within the time periods specified in Securities and Exchange Commission rules and forms.
(b)
Changes in Internal Controls over Financial Reporting
During
the quarter ended June 30, 2023, there has been no change in internal control over financial reporting that has materially affected,
or is reasonably likely to materially affect, our internal control over financial reporting.
Because
of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Projections of any evaluation
of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that
the degree of compliance with the policies or procedures may deteriorate.
PART
II — OTHER INFORMATION
Item
1. Legal Proceedings
None.
Item
1A. Risk Factors
We
incorporate by reference the Risk Factors included as Item 1A of our Annual Report on Form 10-K we filed with the Securities and Exchange
Commission on March 27, 2023.
Item
2. Unregistered Sales of Equity Securities and Use of Proceeds
None.
Item
3. Defaults Upon Senior Securities
None.
Item
4. Mine Safety Disclosures
None.
Item
5. Other Information
On
February 3, 2023, the Company entered into a public relations services agreement (the “Agreement”) with Think Ink Marketing
Data & Email Services, Inc. (“Think Ink”) to develop an investor outreach program. The Agreement is for a six-month term. During the six-month period ended June
30, 2023 the Company paid $40,000, which were recognized as general and administrative expenses for the quarter ended June 30, 2023. Subsequent
to June 30, 2023, the Company paid an additional $20,000 to Think Ink to continue its services.
On
April 5, 2023, the Company entered into a consulting services agreement (the “Warm Springs Agreement”) with Warm Springs
Consulting LLC. (“Warm Springs”) to develop registry-verified carbon credits for voluntary and compliance markets in the
State of Nevada and the Western United States. The Warm Springs Agreement is for a nine-month term, and the Company agreed to an initial budget of
$115,525, of which $65,820 was paid during the quarter ended June 30, 2023, and was expensed during the same period as part of
professional fees.
Item
6. Exhibits
|
(a) |
The
following exhibits are filed with this quarterly report on Form 10-Q or are incorporated herein by reference: |
Exhibit
Number |
|
Description |
|
|
|
10.01.1 |
|
Definitive
Agreement, dated December 17, 2015 (1) |
10.01.2 |
|
Exploration
and Option Agreement, dated September 15, 2015 (1) |
10.02 |
|
Exploration
Lease and Option to Purchase Agreement, dated June 7, 2017 (2) |
10.03 |
|
Option
Purchase Agreement, dated July 5, 2017 (3) |
10.04 |
|
Exploration
Lease Agreement, dated August 2, 2017 (4) |
10.05 |
|
Definitive
Purchase Agreement dated July 11, 2018 (5) |
10.06 |
|
Exploration
Lease with Option to Purchase Agreement, dated May 19, 2021 (6) |
10.07 |
|
Exploration
Lease with Option to Purchase Agreement, dated June 4, 2021 (7) |
10.08 |
|
Convertible
Note Agreement (8) |
10.09 |
|
Subscription
Agreement (8) |
10.10 |
|
Royalty
Option to Purchase Agreement, dated December 17, 2021 (9) |
10.11 |
|
Exploration
Lease with Option to Purchase Agreement, dated December 27, 2021 (10) |
10.12 |
|
Share
Cancellations and Releases tendered by Mr. Michael Levine and BCIM management, LLC (Ron Tattum) dated December 30, 2021 (11) |
10.13 |
|
Form
of a lock-up agreement between the Company and certain Subscribers dated December 30, 2021 (11) |
10.14 |
|
Royalty
Purchase Agreement, dated January 27, 2022(12) |
10.15 |
|
Form
of a vesting and lock-up agreement between the Company and certain Subscribers with an effective date of December 30, 2021 (13) |
10.16 |
|
Public Relations Services Agreement between the Company and Think Ink Marketing Data & Email Services, Inc. (“Think Ink”) dated February 3, 2023 (15) |
10.17 |
|
Consulting
Agreement, dated February 24, 2023, by and between Nevada Canyon Gold Corp. and Ryan McMillan (14) |
10.18 |
|
Consulting
Agreement, dated February 24, 2023, by and between Nevada Canyon Gold Corp. and RNR Enterprises (14) |
10.19 |
|
Consulting
Agreement, dated February 24, 2023, by and between Nevada Canyon Gold Corp. and Little Hill Holdings LLC (14) |
10.20 |
|
April
5, 2023, by and between Nevada Canyon Gold Corp. and Warm Springs Consulting LLC* |
31.1 |
|
Certification
of the Chief Executive Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934*. |
31.2 |
|
Certification
of the Chief Financial Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934*. |
32.1 |
|
Certification
of the Chief Executive Officer pursuant to 18 U.S.C Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of
2002*. |
32.2 |
|
Certification
of the Chief Financial Officer pursuant to 18 U.S.C Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of
2002*. |
101.INS |
|
Inline
XBRL Instance Document. |
101.SCH |
|
Inline
XBRL Taxonomy Extension Schema. |
101.CAL |
|
Inline
XBRL Taxonomy Extension Calculation Linkbase. |
101.DEF |
|
Inline
XBRL Taxonomy Extension Definition Linkbase. |
101.LAB |
|
Inline
XBRL Taxonomy Extension Label Linkbase. |
101.PRE |
|
Inline
XBRL Taxonomy Extension Presentation Linkbase. |
104 |
|
Cover
Page Interactive Data File (embedded within the Inline XBRL document) |
|
(1) |
Incorporated
by reference herein from the Form 8-K filed by the Company on December 22, 2015. |
|
(2) |
Incorporated
by reference herein from the Form 8-K filed by the Company on June 8, 2017. |
|
(3) |
Incorporated
by reference herein from the Form 8-K filed by the Company on July 7, 2017. |
|
(4) |
Incorporated
by reference herein from the Form 8-K filed by the Company on August 7, 2017. |
|
(5) |
Incorporated
by reference herein from the Form 8-K filed by the Company on July 12, 2018. |
|
(6) |
Incorporated
by reference herein from the Form 8-K filed by the Company on May 19, 2021. |
|
(7) |
Incorporated
by reference herein from the Form 8-K filed by the Company on June 7, 2021. |
|
(8) |
Incorporated
by reference herein from the Form 8-K filed by the Company on September 13, 2021. |
|
(9) |
Incorporated
by reference herein from the Form 8-K filed by the Company on December 21, 2021. |
|
(10) |
Incorporated
by reference herein from the Form 8-K filed by the Company on December 28, 2021. |
|
(11) |
Incorporated
by reference herein from the Form 8-K filed by the Company on December 30, 2021. |
|
(12) |
Incorporated
by reference herein from the Form 8-K filed by the Company on February 1, 2022. |
|
(13) |
Incorporated
by reference herein from the Form 8-K/A filed by the Company on March 25, 2022. |
|
(14) |
Incorporated
by reference herein from the Form 8-K filed by the Company on February 27, 2023. |
|
(15) |
Incorporated by reference herein from the Form 10-Q filed by the Company on May 12, 2023. |
|
* |
Filed
herewith. |
SignatureS
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
|
NEVADA
CANYON GOLD CORP. |
|
|
August
11, 2023 |
/s/
Alan Day |
|
Alan
Day |
|
Chief
Executive Officer (Principal Executive Officer), |
|
President
and Member of the Board of Directors |
Exhibit
10.20
Consulting
Services Agreement |
|
|
This
Consulting Agreement (“Agreement”) is effective this 5th day of March, 2023 (“Effective Date”).
Between:
Warm
Springs Consulting LLC, an Idaho limited liability company located at 2l7 S. 11th St., Boise, ID, 83704
(“WSC”)
And
Nevada
Canyon Gold Corp.,31 California Ave Suite 543, Reno, NV 89509
(“Client”)
Background:
I. | WSC
is a Boise based women-owned consulting firm that guides organizations in sustainability
and organizational change. |
II. | Client
has determined that WSC has the necessary qualifications, experience and abilities to provide
consulting services to Client. |
III. | WSC
is able and willing to provide such consulting services to Client on the terms and conditions
set out in this Agreement. |
IV. | The
parties decided to work together because they enjoy and respect each other and they trust
one another to be reliable and accountable. The parties value clear and open communication
and expect to navigate any challenges or changes with a commitment to respectful communication.
To ensure that expectations are clearly communicated and carried out, the parties want to
clarify their rights and responsibilities in the writing of this agreement. |
In
exchange for good and valuable consideration (which the parties acknowledge and agree is sufficient), the parties agree to the validity
of the background material above and to the provisions that follow.
Terms:
1. | Services.
WSC and Client (each a “Party”, together referred to as the “Parties”),
have agreed that WSC will provide certain Services to Client for Fees, as described in the
Proposal dated [-date], attached hereto as Exhibit A (the “Services”). |
2. | Working
Relationship. Client agrees to the following terms for delivery and review of materials. |
| 2.1. | Client
will provide all essential information/data/materials essential to complete the Services
in a timely manner. The default timeline will be within two weeks of items requested. |
| 2.2. | Client
will be in communication with WSC partners Deb LaSalle or Amber Bieg as soon as workable
regarding any upsets that may be occurring in the stakeholder community, with Client staff
or others. |
Warm Springs Consulting LLC | Boise, ID | (208) 918-1707 | warmspringsconsulting.com |
Consulting
Services Agreement |
|
|
| 2.3. | Client
will communicate impressions and needs openly, as soon as feasible, even when those communications
are difficult to deliver. |
3. | Duration
& Timelines. This Agreement will commence on the date signed with WSC services to
start immediately and will continue until terminated or as otherwise agreed to by WSC and
the Client. Parties acknowledge that WSC’s compliance with proposed timelines is dependent
on WSC receiving required information/data/materials from the Client per the agreed upon
schedule; therefore, the duration of a timeline in this Agreement will automatically extend
in proportion to any delay in Client’s delivery of materials to WSC. |
4. | Fees,
Invoicing, Payment & Late Fees: WSC will issue invoices for the fees for services
performed based on the scope of work in the enclosed proposal (“Fees”). The total
fees will not exceed the “Not to Exceed Amount” as described in Exhibit A. The
initial invoice will require payment of a retainer of l5% of the Total Estimated Fees per
Exhibit A, and will be submitted upon the signing of this Agreement. Monthly invoices will
be submitted thereafter. Client payments shall be made no later than 30 days after WSC submits
an invoice. All Fees shall be paid in $USD, unless otherwise agreed in writing. Client will
pay l.5% of interest per month if payment due dates are not met. |
5. | Reimbursement
of Travel Costs. Parties acknowledge that WSC may incur travel costs that are necessary
and reasonable for performance of the Services. These travel costs will be invoiced for reimbursement
in addition to the Fees. If travel occurs for reasons that are not related to performance
of the Services, Client will reimburse WSC if WSC obtained prior written consent for reimbursement
for the travel from Client (email being sufficient). For international travel, WSC’s
request will include spending parameters. Domestic travel, including transportation, lodging,
meals, and incidental expenses, shall be reimbursed by Client based on rates and guidance
set forth by the US General Services Administration. |
6. | Out
of Scope Services. Unless this Agreement is modified by mutual agreement, services outside
the scope of the Services in Exhibit A that are requested by the Client in writing and which
WSC agrees to perform in writing will be billed at the following rates: Partner rate is at
$225/hr, Senior rate is $l75/hr, Mid rate is $l50/hr. WSC will inform Client if requested
work is outside the scope of the Services prior to performance, although WSC may not necessarily
be able to inform Client in advance of the total cost. |
7. | Additional
Services. Client will also be given the opportunity to contract for additional services
through WSC’s preparation of new scopes of work that may be attached as additional
exhibits to this Agreement. WSC will prepare a Contract Modification which will specify the
scope of work, pricing and timeframes. Additional Services will be subject to the contractual
provisions contained herein upon written approval by Client. |
8. | Confidential
& Proprietary Information. Except as provided elsewhere in this Agreement, all information
disclosed by one Party (the “Disclosing Party”) to the other Party (the “Receiving
Party”), shall be deemed to be confidential and proprietary (“Proprietary Information”). |
Warm Springs Consulting LLC | Boise, ID | (208) 918-1707 | warmspringsconsulting.com |
Consulting
Services Agreement |
|
|
| 8.1. | The
definition of Proprietary Information includes, but is not limited to marketing plans,
sales proposals, products, services, vendors, training manuals, sales scripts, names of investors,
donor information, fundraising information, business strategies, financial information, forecasts,
personnel information, customer lists, operating procedures, pricing policies, strategic
plans, intellectual property, and all information of third parties that Disclosing Party
has an obligation to keep confidential, or individually identifiable information about an
employee or contractor of a Disclosing Party, including but not limited to any individually
identifiable health or financial information. The Receiving Party acknowledges and agrees
that in any proceeding to enforce this Agreement it will be presumed that the Proprietary
Information constitutes protectable trade secrets, and that the Receiving Party will bear
the burden of proving that any portion of the Proprietary Information was publicly or rightfully
known and disclosed by the Receiving Party. Other than as specifically provided herein, the
Receiving Party shall make no disclosure of any Proprietary Information of the Disclosing
Party without the express written consent of the Disclosing Party, unless the Receiving Party
is required by applicable law, rule, regulation or lawful order or ruling of any court, government
agency or regulatory commission to disclose any Proprietary Information. In that event, the
Receiving Party understands that the Disclosing Party may desire to seek an appropriate protective
order or take steps to protect the confidentiality of such Proprietary Information. Consequently,
the Receiving Party agrees that it will provide the Disclosing Party with prompt notice of
such request(s) to disclose. |
| 8.2. | The
definition of Proprietary Information excludes information that can be demonstrated as: |
(a)
previously known to the Receiving Party, (b) independently developed by the Receiving Party,
(c)
acquired from a third party not under similar non-disclosure obligations to the Disclosing Party, or (d) acquired through the public
domain through no breach by the Receiving Party of this Agreement.
| 8.3. | Return
or Destruction of Proprietary Information. At any time during, or after the termination
of, this Agreement, at Disclosing Party’s written request, Receiving Party shall promptly
return to disclosing Party all copies, whether in written, electronic, or other form or media,
of disclosing Party’s Proprietary Information, or destroy all such copies and certify
in writing to disclosing Party that such Proprietary Information has been destroyed. |
9. | Ownership
of Materials. For the purposes of this Agreement, materials created by WSC (“WSC
Materials”) shall be divided into three categories and ownership regulated as follows: |
| 9.1. | ‘Category
1 Materials” are original materials, data, and similar documents created by WSC
independent from the relationship with Client or prior to this Agreement, and all derivatives
of such documents created by WSC. WSC shall retain all rights to all Category l Materials.
WSC may use and modify Category l Materials for Client’s benefit, and Client shall
obtain no rights to Category l Materials unless specifically granted rights from WSC in writing
or in this Agreement. |
Warm Springs Consulting LLC | Boise, ID | (208) 918-1707 | warmspringsconsulting.com |
Consulting
Services Agreement |
|
|
| 9.2. | ‘Category
2 Materials” are original materials, data, and similar documents created by WSC
during the term of this Agreement for the purpose of providing the Services that do not contain
Proprietary Information disclosed by Client. WSC retains all rights to Category 2 Materials
and grants Client an irrevocable, perpetual, royalty-free license to Category 2 Materials.
WSC may leverage the experience gained in producing Category 2 Materials and use Category
2 Materials for any purpose, provided that, for a period of 3 years, WSC shall not use Category
2 Materials for the purposes of competing with or providing services to entities that are
direct competitors of Client (this includes entities that are not yet competitors but seek
to develop a similar business model to Canyon Carbon Corporation), unless Client provides
prior written consent. |
| 9.3. | ‘Category
3 Materials” are original materials, data, and similar documents created by WSC
during the term of this Agreement that contain Proprietary Information disclosed by Client.
WSC retains all rights to these Category 3 Materials and grants Client an irrevocable, perpetual,
royalty-free license to Category 3 Materials, provided that WSC shall not use or modify Category
3 Materials for purposes outside the scope of this Agreement without prior written consent
from Client. |
| 9.4. | Category
Determination. WSC shall determine the characterization of WSC Materials as Category
l Materials, Category 2 Materials, and Category 3 Materials and provide notice of such characterization
to Client if Client requests. In the event that Client disputes WSC’s characterization,
the parties shall implement the dispute resolution procedures in this Agreement. |
| 9.5. | License
from Client. Client grants WSC a limited, non-transferable, nonexclusive license to copy,
use, store, set up, publicly display, publicly perform and transmit any trade names, trademarks,
service marks, copyrights, content, text, images, software, functionality, page and other
design and layout, media and other materials owned by Client and shared with WSC in connection
with providing the Services in accordance with this Agreement. |
10. | No
Transfer of Rights, Title, or Interest. Unless provided otherwise in this Agreement,
each Party hereby retains its entire right, title, and interest, including all intellectual
property rights, in and to all of its Proprietary Information. Any disclosure of Proprietary
Information under this Agreement shall not be construed as an assignment, grant, option,
license, or other transfer of any such right, title, or interest whatsoever to a receiving
Party. |
11. | Portfolio
Release. Client agrees that WSC has the right to use materials created pursuant to this
Agreement for WSC’s portfolio, samples, self-promotion including advertising for WSC’s
business including without limitation Facebook or Instagram, or any other social media platform
with Client’s prior written consent. In the event Client wishes to exclude some specifc
materials from the release under this paragraph, or to limit the time period of such release,
WSC and Client may agree in writing to such limitation. |
Warm Springs Consulting LLC | Boise, ID | (208) 918-1707 | warmspringsconsulting.com |
Consulting
Services Agreement |
|
|
12. | Data
Security and Protection. WSC will maintain commercially reasonable safeguards against
the destruction, loss or alteration of Client data in the possession or control of WSC (or
its subcontractors). WSC will observe and comply with all applicable federal and state data
privacy and data protection laws and regulations. In addition, Client will do the same for
WSC. The Parties shall promptly notify each other if either becomes aware of any actual or
suspected data violation (or charge or investigation). The Parties shall comply with governmental
authorities in connection with such actual or suspected violation (or charge or investigation). |
13. | No
Representations or Warranties. Each Party acknowledges that all Proprietary Information
is provided on an “AS IS” basis. Disclosing Party does not make any representation
or warranty, expressed or implied, as to the accuracy or completeness of the Proprietary
Information disclosed to Receiving Party. Disclosing Party will not be liable to receiving
Party relating to or resulting from receiving Party’s use of any of the Proprietary
Information or any errors in or omissions from the Proprietary Information. |
14. | No
Guarantee. WSC does not warrant or guarantee any specific level of performance or results
other than the completion of the deliverables specified in this Agreement. Examples of results
obtained for other clients of WSC may be used as a marketing tool and shown to Client for
demonstrative purposes only and should not be construed by Client as indicating any promised
results or level of results. |
15. | Remedies.
The Parties acknowledge that the Proprietary Information exchanged is valuable and unique
and that disclosure in breach of this Agreement will result in irreparable injury to the
adversely affected Party, for which monetary damages, on their own, would be inadequate.
Accordingly, the Parties agree the adversely affected Party shall have the right to seek
an injunction enjoining any such breach or threatened breach of the Agreement. |
| 16.1. | Definition.
For purposes of this Agreement, “force majeure event” means, with respect
to a party, any event or circumstance, whether or not foreseeable, that was not caused by
that party, and any consequences of that event or circumstance. |
| 16.2. | Required
conduct. If a force majeure event prevents a party from complying with any one or more
obligations under this Agreement, that inability to comply will not constitute breach if:
that party uses reasonable efforts to perform those obligations; and that party’s inability
to perform those obligations is not due to its failure to (A) take reasonable measures to
protect itself against events or circumstances of the same type as that force majeure event
or (B) develop and maintain a reasonable contingency plan to respond to events or circumstances
of the same type as that force majeure event; and that party complies with its obligations
under this section. |
| 16.3. | Duty
to notify and mitigate. If a force majeure event occurs, the noncomplying party shall
promptly notify the other party of occurrence of that force majeure event, its effect on
performance, and the expected duration of such effect. Thereafter the noncomplying party
shall update that information as reasonably necessary. During a force majeure event, the
noncomplying party shall use reasonable efforts to limit damages to the other party and to
resume its performance under this Agreement |
Warm Springs Consulting LLC | Boise, ID | (208) 918-1707 | warmspringsconsulting.com |
Consulting
Services Agreement |
|
|
17. | Assignment.
This Agreement may not be transferred or assigned by WSC to any other party without the
written consent of Client. |
18. | Third
Parties. There are no third party beneficiaries under this Agreement. |
19. | Limitation
of Liability and Insurance. WSC maintains liability insurance of at least $l million
and will maintain such insurance in full force and effect during the term of this Agreement.
WSC shall not be liable for any incidental, consequential, indirect or special damages, or
for any loss of profits or business interruptions caused or alleged to have been caused by
the performance or nonperformance of the Services. Client agrees that, in the event WSC is
determined to be liable for any such loss, Client’s sole remedy against WSC is limited
to a refund of payments made by Client for said Services, less expenses paid to subcontractors
or to third parties. WSC is not responsible for errors which result from faulty or incomplete
information supplied to WSC by Client. Client also agrees to not seek damages in excess of
the contractually agreed upon limitations directly or indirectly through suits by or against
other parties. WSC shall not be liable to Client for any costs, damages or delays due to
causes beyond its control, expressly including without limitation, unknown site characteristics,
changes in policies, or changes in terms of services. The limitations of liability in this
Section do not apply if WSC is found to have engaged in gross negligence. |
20. | Dispute
Resolution. In the case of disputes, the Parties shall strive to come into alignment
using reasonable, respectful, good-faith communication. The Parties agree to participate
in voluntary mediation or similar form of conflict resolution (and share the costs equally)
before initiating any civil action for breach or other cause of action in a court of law,
provided that either party may seek an injunction against disclosure of Proprietary Information
prior to mediation if in such party’s judgment such action is necessary to avoid irreparable
damage. |
21. | Binding
Authority. The individuals signing this Agreement on behalf of the Parties have full
authority to enter into this Agreement on behalf of the entity they represent. |
22. | Waiver
of Jury Trial. The parties hereby waive their respective rights to a jury trial of any
claim or cause of action based upon or arising out of this Agreement (including exhibits,
schedules, attachments, and appendices attached to this Agreement) or any of the transactions
contemplated herein, including, without limitation, contract claims, tort claims, breach
of duty claims, and all other common law or statutory claims. The parties represent that
each has reviewed this waiver and each knowingly and voluntarily waives its jury trial rights.
In the event of litigation, a copy of this Agreement may be fled as a written consent to
a trial by the court. |
23. | Attorney
Fees. Reasonable attorney fees are to be awarded to the prevailing party in any formal
court proceeding action to enforce this Agreement or to declare forfeiture or termination
of this Agreement. |
Warm Springs Consulting LLC | Boise, ID | (208) 918-1707 | warmspringsconsulting.com |
Consulting
Services Agreement |
|
|
24. | Governing
Law and Venue. Enforcement or interpretation of this Agreement shall be in accordance
with the laws of the State of Idaho and the venue shall be in Ada County, Idaho. |
25. | Entire
Agreement and Amendments. This Agreement is the final, complete and exclusive Agreement
of the Parties. This Agreement may be altered or amended only by written agreement signed
by both Parties. |
26. | Termination.
This Agreement will terminate on March 3l, 2024. If Client desires to terminate the Agreement
early, Client must submit a written request via email to WSC partner Amber Bieg or Deb LaSalle
at least three (3) days prior to the desired date of early termination. If Client chooses
to terminate this Agreement early, WSC will invoice Client for services provided up to the
date of termination, and upon payment for such services, Client will have no further liability
or obligation to pay for the Services. |
27. | Severability.
If any provision of this Agreement shall be held to be illegal, invalid or unenforceable,
such provision shall be fully severable, and this Agreement shall be construed and enforced
as if such illegal, invalid or unenforceable provision had never comprised a part of this
Agreement, and the remaining provisions of this Agreement shall remain in full force and
effect. |
28. | Waivers.
No failure or delay by either Party in exercising any right under this Agreement will
constitute a waiver of that right. |
[end
of text; signatures follow]
/s/
Amber Bieg |
|
4/5/2023 |
|
/s/
Jeff Cocks |
|
4/5/2023 |
Amber
Bieg, Partner
Warm
Springs Consulting LLC
2l7
S. llth St.
Boise,
ID, 83704 |
|
Date |
|
Nevada
Canyon Gold Corp. |
|
Date |
Warm Springs Consulting LLC | Boise, ID | (208) 918-1707 | warmspringsconsulting.com |
Exhibit
A - Scope of Work Proposal |
|
March
23, 2023
Dear
Jeffrey Cocks and Nevada Canyon Gold,
Our
team at Warm Springs Consulting LLC (WSC) is pleased to submit this proposal to continue our collaboration with Nevada Canyon in Carbon
Credit Development Business Planning and Feasibility Analysis. This is the second phase of the project with Nevada Canyon (started
in March 2022) to explore the feasibility of developing registry-verified carbon credits for both voluntary and compliance markets within
the state of Nevada and the Western US.
We
propose a nine-month engagement, starting March 24, 2023, extending through the end of the year. The scope of work is summarized below
and detailed on the following pages. The project scope will not exceed the amount summarized in the table below. The project will be
billed monthly according to work performed - with all hours billed to a specific task and tracked in 15-minute intervals.
As
part of this scope WSC will apply for grants which may cover some of these costs. Grant funding is not guaranteed. However, should grant
funding be received by WSC to cover a portion of this scope of work, WSC will not bill for that work. Also, if it is deemed not necessary
to perform a task within the scope of work, WSC will not bill for that task. WSC will kick the project off upon the signing of a project
agreement. To accept this agreement, please sign the contract and return promptly.
Led
by WSC Partner, Amber Bieg, our team of consultants are excited to continue this project together.Thank you for the opportunity to support
Nevada Canyon Gold in pursuing this opportunity.
Sincerely,
/s/
Amber Bieg
Amber
Bieg, Partner, Warm Springs Consulting
amber@warmspringsconsulting.com
I Office: 208-918-1707 I Cell: [redacted]
Exhibit
31.1
CERTIFICATION
PURSUANT TO SECTION 302 (a) OF THE SARBANES-OXLEY ACT OF 2002
I,
Alan Day, certify that:
1.
I have reviewed this Quarterly Report on Form 10-Q of Nevada Canyon Gold Corp. (the “registrant”);
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 quarterly report;
3.
Based on my knowledge, the financial statements and other financial information included in this quarterly report fairly presents 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 quarterly report;
4.
The registrant’s 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, is made known to us by others within the entity, 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 registrant’s 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 registrant’s internal controls over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting; and
5.
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal controls over
financial reporting, to the registrant’s auditors and the audit committee of the registrant’s Board of Directors (or persons
performing the equivalent functions):
(a)
All significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are
reasonably likely to adversely affect the registrant’s 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 registrant’s
internal controls over financial reporting.
Dated:
August 11, 2023 |
/s/
Alan Day |
|
Alan
Day |
|
Chief
Executive Officer |
|
(Principal
Executive Officer) |
Exhibit
31.2
CERTIFICATION
PURSUANT TO SECTION 302 (a) OF THE SARBANES-OXLEY ACT OF 2002
I,
Jeffrey A. Cocks, certify that:
1.
I have reviewed this Quarterly Report on Form 10-Q of Nevada Canyon Gold Corp. (the “registrant”);
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 quarterly report;
3.
Based on my knowledge, the financial statements and other financial information included in this quarterly report fairly presents 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 quarterly report;
4.
The registrant’s 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, is made known to us by others within the entity, 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 registrant’s 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 registrant’s internal controls over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting; and
5.
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal controls over
financial reporting, to the registrant’s auditors and the audit committee of the registrant’s Board of Directors (or persons
performing the equivalent functions):
(a)
All significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are
reasonably likely to adversely affect the registrant’s 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 registrant’s
internal controls over financial reporting.
Dated:
August 11, 2023 |
/s/
Jeffrey A. Cocks |
|
Jeffrey
A. Cocks |
|
Chief
Financial Officer |
|
(Principal
Accounting Officer) |
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 Nevada Canyon Gold Corp. (the “Company”) on Form 10-Q for the period ending June
30, 2023, as filed with the Securities and Exchange Commission on or about the date hereof (“Report”), I, Alan Day, the Chief
Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as enacted pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002, that to my knowledge:
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 the Company.
Dated:
August 11, 2023 |
/s/
Alan Day |
|
Alan
Day |
|
Chief
Executive Officer |
|
(Principal
Executive Officer) |
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 Nevada Canyon Gold Corp. (the “Company”) on Form 10-Q for the period ending June
30, 2023, as filed with the Securities and Exchange Commission on or about the date hereof (“Report”), I, Jeffrey A. Cocks,
the Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as enacted pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002, that to my knowledge:
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 the Company.
Dated:
August 11, 2023 |
/s/
Jeffrey A. Cocks |
|
Jeffrey
A. Cocks |
|
Chief
Financial Officer |
|
(Principal
Accounting Officer) |
v3.23.2
Cover - shares
|
6 Months Ended |
|
Jun. 30, 2023 |
Aug. 11, 2023 |
Cover [Abstract] |
|
|
Document Type |
10-Q
|
|
Amendment Flag |
false
|
|
Document Quarterly Report |
true
|
|
Document Transition Report |
false
|
|
Document Period End Date |
Jun. 30, 2023
|
|
Document Fiscal Period Focus |
Q2
|
|
Document Fiscal Year Focus |
2023
|
|
Current Fiscal Year End Date |
--12-31
|
|
Entity File Number |
000-55600
|
|
Entity Registrant Name |
NEVADA
CANYON GOLD CORP.
|
|
Entity Central Index Key |
0001605481
|
|
Entity Tax Identification Number |
46-5152859
|
|
Entity Incorporation, State or Country Code |
NV
|
|
Entity Address, Address Line One |
5655
Riggins Court
|
|
Entity Address, Address Line Two |
Suite 15
|
|
Entity Address, City or Town |
Reno
|
|
Entity Address, State or Province |
NV
|
|
Entity Address, Postal Zip Code |
89502
|
|
City Area Code |
(888)
|
|
Local Phone Number |
909-5548
|
|
Title of 12(b) Security |
Common
Stock, $0.0001 par value
|
|
Trading Symbol |
NGLD
|
|
Entity Current Reporting Status |
Yes
|
|
Entity Interactive Data Current |
Yes
|
|
Entity Filer Category |
Non-accelerated Filer
|
|
Entity Small Business |
true
|
|
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false
|
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v3.23.2
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Current Assets |
|
|
Cash |
$ 779,198
|
$ 1,007,018
|
Prepaid expenses |
9,856
|
4,829
|
Total Current Assets |
789,054
|
1,011,847
|
Investment in equity securities |
61,843
|
156,805
|
Mineral property interests |
760,395
|
720,395
|
TOTAL ASSETS |
1,611,292
|
1,889,047
|
Current Liabilities |
|
|
Accounts payable and accrued liabilities |
809,796
|
844,963
|
Total Liabilities |
1,309,796
|
1,321,994
|
Commitments and Contingencies (Notes 5 and 9) |
|
|
Stockholders’ Equity |
|
|
Preferred Stock: Authorized 10,000,000 preferred shares, $0.0001 par, none issued and outstanding as of June 30, 2023 and December 31, 2022 |
|
|
Common Stock: Authorized 100,000,000 common shares, $0.0001 par, 11,077,394 issued and outstanding as of June 30, 2023 and December 31, 2022 |
1,107
|
1,107
|
Additional paid-in capital |
3,563,620
|
3,073,447
|
Obligation to issue shares |
388,889
|
|
Accumulated deficit |
(3,652,120)
|
(2,507,501)
|
Total Stockholders’ Equity (Deficit) |
301,496
|
567,053
|
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
1,611,292
|
1,889,047
|
Related Party [Member] |
|
|
Current Liabilities |
|
|
Related party payables |
$ 500,000
|
$ 477,031
|
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v3.23.2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Statement of Financial Position [Abstract] |
|
|
Preferred stock, shares authorized |
10,000,000
|
10,000,000
|
Preferred stock, par value |
$ 0.0001
|
$ 0.0001
|
Preferred stock, shares issued |
0
|
0
|
Preferred stock, shares outstanding |
0
|
0
|
Common stock, shares authorized |
100,000,000
|
100,000,000
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$ 0.0001
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$ 0.0001
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v3.23.2
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Operating expenses |
|
|
|
|
Consulting fees |
$ 124,167
|
$ 7,597
|
$ 179,493
|
$ 21,726
|
Director and officer compensation |
421,440
|
313,417
|
723,506
|
358,191
|
General and administrative expenses |
50,851
|
5,876
|
75,565
|
10,741
|
Professional fees |
70,320
|
48,010
|
76,320
|
56,332
|
Transfer agent and filing fees |
3,868
|
2,545
|
8,590
|
9,800
|
Total operating expenses |
(670,646)
|
(377,445)
|
(1,063,474)
|
(456,790)
|
Other income (expense) |
|
|
|
|
Amortization of debt discount |
|
(174,830)
|
|
(301,392)
|
Fair value gain (loss) on equity investments |
(6,224)
|
(163,284)
|
(94,962)
|
203,850
|
Foreign exchange gain (loss) |
4
|
(8,211)
|
4
|
(967)
|
Interest income |
7,321
|
827
|
13,813
|
888
|
Realized gain (loss) on equity investments |
|
(56,325)
|
|
211,530
|
Total other income (expense) |
1,101
|
(401,823)
|
(81,145)
|
113,909
|
Net loss |
$ (669,545)
|
$ (779,268)
|
$ (1,144,619)
|
$ (342,881)
|
Net loss per common share - basic |
$ (0.09)
|
$ (0.29)
|
$ (0.16)
|
$ (0.13)
|
Net loss per common share - diluted |
$ (0.09)
|
$ (0.29)
|
$ (0.16)
|
$ (0.13)
|
Weighted average number of common shares outstanding : |
|
|
|
|
Basic |
7,074,061
|
2,680,093
|
7,074,061
|
2,680,093
|
Diluted |
7,074,061
|
2,680,093
|
7,074,061
|
2,680,093
|
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v3.23.2
Condensed Consolidated Statement of Stockholders' Equity (Unaudited) - USD ($)
|
Common Stock [Member] |
Obligation To Issue Shares [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Total |
Balance at Dec. 31, 2021 |
$ 868
|
|
$ 1,190,522
|
$ (951,446)
|
$ 239,944
|
Balance, shares at Dec. 31, 2021 |
8,685,093
|
|
|
|
|
Stock-based compensation - directors and CEO |
|
|
44,774
|
|
44,774
|
Net income loss |
|
|
|
436,387
|
436,387
|
Balance at Mar. 31, 2022 |
$ 868
|
|
1,235,296
|
(515,059)
|
721,105
|
Balance, shares at Mar. 31, 2022 |
8,685,093
|
|
|
|
|
Balance at Dec. 31, 2021 |
$ 868
|
|
1,190,522
|
(951,446)
|
239,944
|
Balance, shares at Dec. 31, 2021 |
8,685,093
|
|
|
|
|
Net income loss |
|
|
|
|
(342,881)
|
Balance at Jun. 30, 2022 |
$ 868
|
|
1,548,713
|
(1,294,327)
|
255,254
|
Balance, shares at Jun. 30, 2022 |
8,685,093
|
|
|
|
|
Balance at Mar. 31, 2022 |
$ 868
|
|
1,235,296
|
(515,059)
|
721,105
|
Balance, shares at Mar. 31, 2022 |
8,685,093
|
|
|
|
|
Stock-based compensation - directors and CEO |
|
|
313,417
|
|
313,417
|
Net income loss |
|
|
|
(779,268)
|
(779,268)
|
Balance at Jun. 30, 2022 |
$ 868
|
|
1,548,713
|
(1,294,327)
|
255,254
|
Balance, shares at Jun. 30, 2022 |
8,685,093
|
|
|
|
|
Balance at Dec. 31, 2022 |
$ 1,107
|
|
3,073,447
|
(2,507,501)
|
567,053
|
Balance, shares at Dec. 31, 2022 |
11,077,394
|
|
|
|
|
Stock-based compensation - directors and CEO |
|
|
243,733
|
|
243,733
|
Net income loss |
|
|
|
(475,074)
|
(475,074)
|
Stock-based compensation - consultants |
|
38,889
|
|
|
38,889
|
Stock-based compensation - officer |
|
58,333
|
|
|
58,333
|
Balance at Mar. 31, 2023 |
$ 1,107
|
97,222
|
3,317,180
|
(2,982,575)
|
432,934
|
Balance, shares at Mar. 31, 2023 |
11,077,394
|
|
|
|
|
Balance at Dec. 31, 2022 |
$ 1,107
|
|
3,073,447
|
(2,507,501)
|
567,053
|
Balance, shares at Dec. 31, 2022 |
11,077,394
|
|
|
|
|
Net income loss |
|
|
|
|
(1,144,619)
|
Balance at Jun. 30, 2023 |
$ 1,107
|
388,889
|
3,563,620
|
(3,652,120)
|
301,496
|
Balance, shares at Jun. 30, 2023 |
11,077,394
|
|
|
|
|
Balance at Mar. 31, 2023 |
$ 1,107
|
97,222
|
3,317,180
|
(2,982,575)
|
432,934
|
Balance, shares at Mar. 31, 2023 |
11,077,394
|
|
|
|
|
Stock-based compensation - directors and CEO |
|
|
246,440
|
|
246,440
|
Net income loss |
|
|
|
(669,545)
|
(669,545)
|
Stock-based compensation - consultants |
|
116,667
|
|
|
116,667
|
Stock-based compensation - officer |
|
175,000
|
|
|
175,000
|
Balance at Jun. 30, 2023 |
$ 1,107
|
$ 388,889
|
$ 3,563,620
|
$ (3,652,120)
|
$ 301,496
|
Balance, shares at Jun. 30, 2023 |
11,077,394
|
|
|
|
|
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v3.23.2
Condensed Consolidated Statements of Cash Flow (Unaudited) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Cash flows used in operating activities |
|
|
|
|
Net loss |
$ (669,545)
|
$ (779,268)
|
$ (1,144,619)
|
$ (342,881)
|
Adjustment to reconcile net loss to net cash used in operating activities: |
|
|
|
|
Amortization of debt discount |
|
174,830
|
|
301,392
|
Fair value loss (gain) on equity investments |
6,224
|
163,284
|
94,962
|
(203,850)
|
Foreign exchange loss |
|
|
|
967
|
Realized gain on equity investments |
|
56,325
|
|
(211,530)
|
Stock-based compensation - directors and CEO |
|
|
490,173
|
358,191
|
Stock-based compensation - consulting fees |
|
|
155,556
|
|
Stock-based compensation - officer |
|
|
233,333
|
|
Changes in operating assets and liabilities: |
|
|
|
|
Prepaid expenses |
|
|
(5,027)
|
(21,182)
|
Accounts payable |
|
|
(15,167)
|
(12,104)
|
Accrued interest payable |
|
|
|
(42,905)
|
Related party payables |
|
|
(17,031)
|
(27,000)
|
Net cashed used in operating activities |
|
|
(207,820)
|
(200,902)
|
INVESTING ACTIVITIES: |
|
|
|
|
Sale of equity investments |
|
|
|
614,658
|
Acquisition of mineral property interests |
|
|
(20,000)
|
(410,000)
|
Net cash provided by (used in) investing activities |
|
|
(20,000)
|
204,658
|
FINANCING ACTIVITIES: |
|
|
|
|
Cash received on subscription to shares |
|
|
|
400
|
Net cash provided by financing activities |
|
|
|
400
|
Effects of foreign currency exchange on cash |
|
|
|
(967)
|
Net increase (decrease) in cash |
|
|
(227,820)
|
3,189
|
Cash, at beginning of period |
|
|
1,007,018
|
1,420,864
|
Cash, at end of period |
$ 779,198
|
$ 1,424,053
|
779,198
|
1,424,053
|
NONCASH INVESTING AND FINANCING ACTIVITIES: |
|
|
|
|
Mineral interests acquired with related parties payables, net |
|
|
$ 20,000
|
|
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v3.23.2
NATURE OF BUSINESS
|
6 Months Ended |
Jun. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
NATURE OF BUSINESS |
NOTE
1 - NATURE OF BUSINESS
Nevada
Canyon Gold Corp. (the “Company”) was incorporated under the laws of the state of Nevada on February 27, 2014. On July 6,
2016, the Company changed its name from Tech Foundry Ventures, Inc. to Nevada Canyon Gold Corp. On December 15, 2021, the Company incorporated
two subsidiaries, Nevada Canyon LLC and Canyon Carbon LLC. Both subsidiaries were incorporated under the laws of the state of Nevada.
The Company is involved in acquiring and exploring mineral properties and royalty interests in Nevada and Idaho.
Going
Concern
The
Company’s condensed consolidated financial statements are prepared using accounting principles generally accepted in the United
States of America (“US GAAP”) applicable to a going concern, which contemplates the realization of assets and liquidation
of liabilities in the normal course of business. The Company is in a business of acquiring and exploring mineral properties and royalty
interests and has not generated or realized any revenues from these business operations. The ability of the Company to continue as a
going concern is dependent on the Company obtaining adequate capital to fund operating losses until it becomes profitable. If the Company
is unable to obtain adequate capital, it could be forced to cease operations.
The
outcome of these matters cannot be predicted with any certainty at this time and raises substantial doubt that the Company will be able
to continue as a going concern. These condensed consolidated financial statements do not include any adjustments to the amounts and classifications
of assets and liabilities that may be necessary should the Company be unable to continue as a going concern. Management intends to obtain
additional funding by borrowing funds, and/or a private placement of common stock.
|
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- DefinitionThe entire disclosure for the nature of an entity's business, major products or services, principal markets including location, and the relative importance of its operations in each business and the basis for the determination, including but not limited to, assets, revenues, or earnings. For an entity that has not commenced principal operations, disclosures about the risks and uncertainties related to the activities in which the entity is currently engaged and an understanding of what those activities are being directed toward.
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v3.23.2
BASIS OF PRESENTATION
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
BASIS OF PRESENTATION |
NOTE
2 - BASIS OF PRESENTATION
The
condensed consolidated financial statements of the Company have been prepared in accordance with US GAAP for interim financial information
and the rules and regulations of the Securities and Exchange Commission (“SEC”). They do not include all information and
footnotes required by US GAAP for complete financial statements. Except as disclosed herein, there have been no material changes in the
information disclosed in the notes to the consolidated financial statements for the year ended December 31, 2022, included in the Company’s
Annual Report on Form 10-K, filed with the SEC. The condensed consolidated financial statements should be read in conjunction with those
consolidated financial statements included in Form 10-K, as amended. In the opinion of management, all adjustments considered necessary
for fair presentation, consisting solely of normal recurring adjustments, have been made. Operating results for the three and six months
ended June 30, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023.
Recent
Accounting Pronouncements
The
Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not
believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial
position or results of operations.
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- DefinitionThe entire disclosure for the basis of presentation and significant accounting policies concepts. Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS). Accounting policies describe all significant accounting policies of the reporting entity.
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
NOTE
3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Earnings
per Share
The
Company’s basic earnings per share (“EPS”) is calculated by dividing its net income (loss) available to common stockholders
by the weighted average number of common shares outstanding for the period, excluding unvested portion of restricted stock with performance
conditions.
The
Company’s diluted EPS is calculated by dividing its net income (loss) available to common shareholders by the diluted weighted
average number of shares outstanding during the period. The diluted weighted average number of shares outstanding is the basic weighted
number of shares adjusted for any potentially dilutive debt or equity. Restricted stock with performance conditions is only included
in the diluted EPS calculation to the extent that performance conditions have been met at the measurement date. Dilutive effect of the
restricted stock is determined using the treasury stock method. Shares that have been distributed but not yet vested and thus excluded
from the weighted average shares calculation, were 4,003,333 and 6,005,000 at June 30, 2023 and 2022, respectively.
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- DefinitionThe entire disclosure for all significant accounting policies of the reporting entity.
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v3.23.2
RELATED PARTY TRANSACTIONS
|
6 Months Ended |
Jun. 30, 2023 |
Related Party Transactions [Abstract] |
|
RELATED PARTY TRANSACTIONS |
NOTE
4 – RELATED PARTY TRANSACTIONS
Amounts
due to related parties at June 30, 2023 and December 31, 2022:
SCHEDULE OF RELATED PARTY TRANSACTIONS
| |
June 30,
2023 | | |
December 31,
2022 | |
Amounts due to a Chairman of the board, Chief Financial Officer (“CFO”) and former Chief Executive Officer (“CEO”) and President (a) | |
$ | 100,000 | | |
$ | 117,031 | |
Amounts due to a company controlled by the Chairman of the board, CFO, and former CEO and President (a) | |
| 360,000 | | |
| 360,000 | |
Amounts due to companies controlled by the current CEO, President, and director (a,b) | |
| 40,000 | | |
| - | |
Related party payables | |
$ | 500,000 | | |
$ | 477,031 | |
(a) |
These
amounts are non-interest bearing, unsecured and due on demand. |
(b) |
This
amount includes annual property payment totaling $20,000 for Agai-Pah Property due to MSM Resource, L.L.C. (“MSM”), and
$20,000 for Belshazzar Property due to Belshazzar Holdings, L.L.C (“Belshazzar”), the entities controlled by Alan Day,
the Company’s CEO, President, and director, who is also the managing member of MSM and Belshazzar. |
During
the three- and six-month periods ended June 30, 2023 and 2022, the Company had the following transactions with its related parties:
SCHEDULE OF TRANSACTIONS WITH ITS RELATED PARTIES
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Three months ended June 30, | | |
Six months ended June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Director compensation incurred to the Chairman of the board, CFO and former CEO and President | |
$ | 82,283 | | |
$ | 104,646 | | |
$ | 163,663 | | |
$ | 119,596 | |
Director compensation incurred to a director | |
| 41,039 | | |
| 52,193 | | |
| 81,627 | | |
| 59,649 | |
Director compensation incurred to CEO, President, and director | |
| 123,118 | | |
| 156,578 | | |
| 244,883 | | |
| 178,946 | |
Officer compensation incurred to VP of Operations | |
| 175,000 | | |
| - | | |
| 233,333 | | |
| - | |
Related party transactions | |
$ | 421,440 | | |
$ | 313,417 | | |
$ | 723,506 | | |
$ | 358,191 | |
See
Note 5 - Mineral Property Interests for further information on related party transactions and Note 7 - Stockholders’
Equity for further information regarding stock issued to related parties.
|
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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v3.23.2
MINERAL PROPERTY INTERESTS
|
6 Months Ended |
Jun. 30, 2023 |
Extractive Industries [Abstract] |
|
MINERAL PROPERTY INTERESTS |
NOTE
5 – MINERAL PROPERTY INTERESTS
As
of June 30, 2023, the Company’s mineral property interests are comprised of the Lazy Claims Property, the Loman Property, and the
Agai-Pah Property located in Mineral County, Nevada, the Swales Property located in Elko County, Nevada, and the Belshazzar Property
located in Quartzburg mining district, Boise County, Idaho. In addition, the Company acquired an option to acquire 100% interest of Target
Minerals, Inc’s (“Target”) 1% production royalty on the Olinghouse Project, located in the Olinghouse Mining District,
Washoe County, Nevada, and acquired 2% net smelter returns royalty (“NSR”) on the Palmetto Project (the “Project”),
located in Esmeralda County, Nevada.
Lazy
Claims Property
On
August 2, 2017, the Company entered into an exploration lease agreement (the “Lazy Claims Agreement”) with Tarsis Resources
US Inc. (“Tarsis”), a Nevada corporation, to lease the Lazy Claims, consisting of three claims. The term of the Lazy Claims
Agreement is ten years, and is subject to extension for additional two consecutive 10-year terms. Full consideration of the Lazy Claims
Agreement consists of the following: an initial cash payment of $1,000 to Tarsis, paid upon the execution of the Lazy Claims Agreement,
with $2,000 payable to Tarsis on each subsequent anniversary of the effective date. The Company agreed to pay Tarsis a 2% production
royalty (the “Lazy Claims Royalty”) based on the gross returns from the production and sale of minerals from the Lazy Claims.
Should the Lazy Claims Royalty payments to Tarsis be in excess of $2,000 per year, the Company will not be required to pay a $2,000 annual
minimum payment.
During
the three- and six-month periods ended June 30, 2023 and 2022, the Company did not incur any expenses associated with the Lazy Claims.
Loman
Property
In
December 2019, the Company acquired 27 mining claims for a total of $10,395. The claims were acquired by the Company from a third-party.
During
the three- and six-month periods ended June 30, 2023 and 2022, the Company did not incur any expenses associated with the Loman Claims.
Agai-Pah
Property
On
May 19, 2021, the Company entered into exploration lease with option to purchase agreement (the “Agai-Pah Property Agreement”)
with MSM Resource, L.L.C., a Nevada limited liability Corporation on the Agai-Pah Property, consisting of 20 unpatented mining claims
totaling 400 acres, located in sections 32 & 33, T4N, R34E, MDM, Mineral County, Nevada about 10 miles northeast of the town of Hawthorne
(the “Agai-Pah Property”). Alan Day, the managing member of MSM, is the CEO, President, and director of the Company.
The
term of the Agai-Pah Property Agreement commenced on May 19, 2021, and continues for ten years, subject to the Company’s right
to extend the Agai-Pah Property Agreement for two additional terms of ten years each, and subject to the Company’s option to purchase
the Property.
Full
consideration of the Agai-Pah Property Agreement consists of the following: (i) an initial cash payment of $20,000 to be paid within
90 days from the execution of the Agai-Pah Property Agreement on May 19, 2021 (the “Effective Date”), and (ii) annual payments
of $20,000 to be paid on the anniversary of the Effective Date while the Agai-Pah Property Agreement remains in effect. The Company has
the exclusive option and right to acquire 100% ownership of the Agai-Pah Property (the “Agai-Pah Purchase Option”). To exercise
the Agai-Pah Purchase Option, the Company will be required to pay $750,000 (the “Agai-Pah Purchase Price”). The Agai-Pah
Purchase Price can be paid in either cash and/or equity of the Company, or a combination thereof, at the election of MSM. The annual
payments paid by the Company to MSM, shall not be applied or credited against the Purchase Price.
The
Company made the initial cash payment of $20,000 on November 6, 2021, pursuant to a verbal extension granted to the Company by MSM, and
made the first $20,000 anniversary payment on June 20, 2022. As at June 30, 2023, the Company accrued the second $20,000 anniversary
payment.
During
the three- and six-month periods ended June 30, 2023 and 2022, the Company did not incur any expenses associated with the Agai-Pah Property.
Belshazzar
Property
On
June 4, 2021, the Company entered into exploration lease with option to purchase agreement (the “Belshazzar Property Agreement”)
with Belshazzar Holdings, L.L.C., a Nevada limited liability Corporation on the Belshazzar Property, consisting of ten unpatented lode
mining claims and seven unpatented placer mineral claims totaling 200 acres, within Quartzburg mining district, in Boise County, Idaho
(the “Belshazzar Property”). Alan Day, the managing member of Belshazzar, is the CEO, President, and director of the Company.
The
term of the Belshazzar Property Agreement commenced on June 4, 2021, and continues for ten years, subject to the Company’s right
to extend the Belshazzar Property Agreement for two additional terms of ten years each, and subject to the Company’s option to
purchase the Belshazzar Property.
Full
consideration of the Belshazzar Property Agreement consists of the following: (i) an initial cash payment of $20,000 to be paid within
90 days from the execution of the Belshazzar Property Agreement on June 4, 2021 (the “effective date”), and (ii) annual payments
of $20,000 to be paid on the anniversary of the Effective Date while the Belshazzar Property Agreement remains in effect. The Company
has the exclusive option and right to acquire 100% ownership of the Belshazzar Property (the “Belshazzar Purchase Option”).
To exercise the Belshazzar Purchase Option, the Company will be required to pay $800,000 (the “Belshazzar Purchase Price”).
The Belshazzar Purchase Price can be paid in either cash and/or equity of the Company, or a combination thereof, at the election of BH.
The annual payments paid by the Company to BH, shall not be applied or credited against the Belshazzar Purchase Price. The Belshazzar
Property is subject to a 1% Gross Returns Royalty payable to the property owner, from the commencement of commercial production subject
to certain terms.
The
Company made the initial cash payment of $20,000 on November 6, 2021, pursuant to a verbal extension granted to the Company by BH, and
made the first $20,000 anniversary payment on June 20, 2022. As at June 30, 2023, the Company accrued the second $20,000 anniversary
payment.
During
the three- and six-month periods ended June 30, 2023 and 2022, the Company did not incur any expenses associated with the Belshazzar
Property.
Swales
Property
On
December 27, 2021, the Company entered into exploration lease with option to purchase agreement (the “Swales Property Agreement”)
with Mr. W. Wright Parks III., (“Mr. Parks”) on the Swales Property, consisting of 40 unpatented lode mining claims totaling
800 acres, within Swales Mountain Mining District in Elko County, Nevada (the “Swales Property”).
The
term of the Swales Property Agreement commenced on December 27, 2021, and continues for ten years, subject to the Company’s right
to extend the Swales Property Agreement for two additional terms of ten years each, and subject to the Company’s option to purchase
the Swales Property.
Full
consideration of the Swales Property Agreement consists of the following: (i) an initial cash payment of $20,000 to be paid within 90
days from the execution of the Belshazzar Agreement on December 27, 2021 (the “effective date”), and (ii) annual payments
of $20,000 to be paid on the anniversary of the Effective Date while the Swales Property Agreement remains in effect. The Company has
the exclusive option and right to acquire 100% ownership of the Swales Property (the “Swales Purchase Option”). To exercise
the Swales Purchase Option, the Company will be required to pay $750,000 (the “Swales Purchase Price”). The Swales Purchase
Price can be paid in either cash and/or equity of the Company, or a combination thereof, at the election of Mr. Parks. The annual payments
paid by the Company to Mr. Parks, shall not be applied or credited against the Swales Purchase Price.
The
Company made the initial cash payment of $20,000 on January 15, 2022, and made the first $20,000 anniversary payment on March 14, 2023,
which was initially accrued at December 31, 2022.
During
the three- and six-month periods ended June 30, 2023 and 2022, the Company did not incur any expenses associated with the Swales Property.
Olinghouse
Project
On
December 17, 2021, the Company’s wholly-owned subsidiary, Nevada Canyon, LLC, entered into an Option to Purchase Agreement (the
“Olinghouse Agreement”) with Target Minerals, Inc (“Target”), a private Nevada company, to acquire
100% interest of Target’s 1% production royalty on the Olinghouse Project, located in the Olinghouse Mining District, Washoe County,
Nevada.
The
Company has the exclusive right and option (the “Olinghouse Purchase Option”), exercisable at any time during the Olinghouse
Option Period, as further defined below, at its sole discretion, to acquire 100% of a 1% production royalty from the net smelter returns
on all minerals and products produced from certain properties comprising the Olinghouse Project.
The
term of the Olinghouse Purchase Option shall be the later of one year, or 60 days after the date on which the Company delivers to Target
a written notice to exercise the Olinghouse Purchase Option, subject to further extension if Target’s conditions to closing are
not fully satisfied or otherwise waived by the Company. Full consideration of the Olinghouse Agreement consists of the following: (i)
an initial cash option payment of $200,000 payable upon execution of the Agreement, which the Company paid on December 18, 2021, and
(ii) purchase price (the “Olinghouse Purchase Price”) which shall be paid by the Company to Target in either cash or common
shares of the Company, the determination of which shall be as follows:
|
● |
if
the Company’s 10-day volume weighted average price (“VWAP”) Calculation is less than $1.25 per share, the Olinghouse
Purchase Price shall be paid in cash; or |
|
|
|
|
● |
if
the Company’s 10-day VWAP Calculation is more than $1.25 per share, the Olinghouse Purchase Price shall be paid in the form
of 2,000,000 Shares of the Company’s common stock. |
On
December 23, 2022, the Company and Target agreed to extend the Olinghouse Purchase Option for an additional one-year term, expiring on
December 17, 2023, for a one-time cash payment of $40,000.
During
the three- and six-month periods ended June 30, 2023 and 2022, the Company did not incur any additional expenses associated with the
Olinghouse Project.
Palmetto
Project
On
January 27, 2022, Nevada Canyon, LLC entered into a Royalty Purchase Agreement with Smooth Rock Ventures, LLC, a wholly-owned subsidiary
of Smooth Rock Ventures Corp. (“Smooth Rock”), to acquire a 2% net smelter returns royalty on the Palmetto Project. Alan
Day, the Company’s CEO, President, and director, is also a director and Vice-President of Smooth Rock.
To
acquire the 2% NSR on the Palmetto Project, Nevada Canyon agreed to pay Smooth Rock a one-time cash payment of $350,000, which was paid
on February 7, 2022.
During
the three- and six-month periods ended June 30, 2023 and 2022, the Company did not incur any additional expenses associated with the
Palmetto Project.
|
X |
- DefinitionThe entire disclosure for mineral industries.
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v3.23.2
EQUITY INVESTMENT
|
6 Months Ended |
Jun. 30, 2023 |
Equity Method Investments and Joint Ventures [Abstract] |
|
EQUITY INVESTMENT |
NOTE
6 – EQUITY INVESTMENT
As
at June 30, 2023 and December 31, 2022, the Company’s equity investments consist of 511,750 common shares of Walker River Resources
Corp. (“WRR”).
At
June 30, 2023 and December 31, 2022, the fair value of the equity investment was $61,843 and $156,805, respectively, based on the
market price of WRR Shares at June 30, 2023 and December 31, 2022, respectively. Fair value is measured using Level 1 inputs in the
fair value hierarchy. During the three-month period ended June 30, 2023 the revaluation of the equity investment in WRR resulted in
a $6,224 loss on the change in fair value of the equity investments (June 30, 2022 - $163,284). During the six-month period ended
June 30, 2023 the revaluation of the equity investment in WRR resulted in a $94,962 loss on the change in fair value of the equity
investments (June 30, 2022 - $203,850 gain).
The
Company did not sell any WRR Shares during the three- and six-month periods ended June 30, 2023. During the three-month period ended
June 30, 2022, the Company sold 500,000 WRR Shares for net proceeds of $219,763. The Company recorded a net realized loss of $56,325
on the sale of WRR Shares. During the six-month period ended June 30, 2022, the Company sold 1,171,083 WRR Shares for net proceeds of
$614,658. The Company recorded a net realized gain of $211,530 on the sale of WRR Shares.
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v3.23.2
STOCKHOLDERS’ EQUITY
|
6 Months Ended |
Jun. 30, 2023 |
Equity [Abstract] |
|
STOCKHOLDERS’ EQUITY |
NOTE
7 – STOCKHOLDERS’ EQUITY
The
Company was formed with one class of common stock, $0.0001 par value and is authorized to issue 100,000,000 common shares and one class
of preferred stock, $0.0001 par value and is authorized to issue 10,000,000 preferred shares. Voting rights are not cumulative and, therefore,
the holders of more than 50% of the common stock could, if they chose to do so, elect all of the directors of the Company.
Equity
transactions during the three- and six-month periods ended June 30, 2023:
During
the three- and six-month periods ended June 30, 2023 and 2022, the Company recognized share-based compensation as follows:
SCHEDULE OF RECOGNIZED SHARE-BASED COMPENSATION
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Three months ended June 30, | | |
Six months ended June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Directors and CEO | |
$ | 246,440 | | |
$ | 313,417 | | |
$ | 490,173 | | |
$ | 358,191 | |
Officer – VP of Operations | |
| 175,000 | | |
| - | | |
| 233,333 | | |
| - | |
Consultants | |
| 116,667 | | |
| - | | |
| 155,556 | | |
| - | |
Total | |
$ | 538,107 | | |
$ | 313,417 | | |
$ | 879,062 | | |
$ | 358,191 | |
Directors:
On
December 30, 2021, the Company distributed a total of 6,005,000 shares of common stock to the Company’s directors (the “Director
Shares”). The Director Shares are subject to the terms and conditions included in 3-year lock-up and vesting agreements (the “Lock-up
Agreements”), which contemplate that the Director Shares will vest in equal annual installments over a 3-year term during which
term the shareholders agreed not to sell, directly or indirectly, or enter into any other transactions involving the Company’s
common shares regardless if the shares have vested or not.
The
fair value of the shares was determined to be approximately $2,924,796 or $0.4938 per share based on the trading price of the Company’s
common stock on the issue date adjusted for the restrictions under the Lock-up Agreements. The shares vest over a three-year time period.
As
stated above, the Company distributed all of the awarded shares prior to vesting. As at June 30, 2023, 2,001,667 shares have vested and
4,003,333 shares are unvested. As of June 30, 2023, unvested compensation related to the Director Shares of $1,486,769 will be recognized
over the next 1.5 years.
Officer
– VP of Operations:
On
February 24, 2023, the Company entered into a consulting agreement with the Company’s newly appointed Vice President of Operations
(the “VP Agreement”). The Company agreed to issue 2,000,000 shares of its common stock for the services. The shares vest
ratably over a two-year period, beginning March 1, 2023, and vested shares are distributed quarterly. The fair value of the shares was
$1,400,000 or $0.70 per share based on the trading price of the Company’s common stock on the date the service period began.
As
of June 30, 2023, the shares vested under the VP Agreement but not yet distributed totaled 333,333. These shares were issued on July
5, 2023. Unvested compensation related to the Shares to be issued under the VP Agreement of $1,166,667 will be recognized over the next
1.67 years.
Consultants:
On
February 24, 2023, the Company entered into two separate consulting agreements with consultants (the “Consulting Agreements”)
in exchange for a total of 2,000,000 shares of its common stock. All shares vest ratably over a three-year period, beginning March 1,
2023, and vested shares are distributed quarterly. The fair value of the shares was $1,400,000 or $0.70 per share based on the trading
price of the Company’s common stock on the date the service period began.
As
of June 30, 2023, the shares vested under the Consulting Agreements but not yet distributed totaled 222,222. These shares were issued
on July 5, 2023. Unvested compensation related to the Shares to be issued under the Consulting Agreements of $1,244,444 will be recognized
over the next 2.67 years.
Warrants
and Options
During
the six-month period ended June 30, 2023 and for the year ended December 31, 2022, the Company did not have any warrants or options issued
and exercisable.
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v3.23.2
CONVERTIBLE NOTES PAYABLE
|
6 Months Ended |
Jun. 30, 2023 |
Debt Disclosure [Abstract] |
|
CONVERTIBLE NOTES PAYABLE |
NOTE
8 – CONVERTIBLE NOTES PAYABLE
During
the year ended December 31, 2021, the Company received $980,000 in cash proceeds under the convertible promissory notes financing, in
addition, the Company’s existing debt holder agreed to convert $15,064 the Company owed on account of unsecured, non-interest-bearing
note payable due on demand into a convertible promissory note for a total of $20,000. The convertible promissory notes (the “Notes”)
were due in twelve months after their issuances (the “Maturity Date”) and accrued interest at a rate of 15% per annum. During
the three- and six-month periods ended June 30, 2022, the Company recorded $174,830 and $301,392 in amortization of debt discount on
the Notes, respectively. The balance of the Notes at December 31, 2022 was $Nil as all of the notes were paid or converted into shares
of the Company’s common stock during the year ended December 31, 2022.
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v3.23.2
CONTRACTUAL AGREEMENTS
|
6 Months Ended |
Jun. 30, 2023 |
Contractual Agreements |
|
CONTRACTUAL AGREEMENTS |
NOTE
9 – CONTRACTUAL AGREEMENTS
On
February 3, 2023, the Company entered into a public relations services agreement (the “Agreement”) with Think Ink Marketing
Data & Email Services, Inc. (“Think Ink”) to develop an investor outreach program. The Agreement is for a six-month term.
During the six-month period ended June 30, 2023 the Company paid $40,000, which were recognized as general and administrative expenses
for the quarter ended June 30, 2023. Subsequent to June 30, 2023, the Company paid an additional $20,000 to Think Ink to continue its
services.
On
April 5, 2023, the Company entered into a consulting services agreement (the “Warm Springs Agreement”) with Warm Springs
Consulting LLC. (“Warm Springs”) to develop registry-verified carbon credits for voluntary and compliance markets in the
State of Nevada and the Western United States. The Warm Springs Agreement is for a nine-month term, and the Company agreed to an
initial budget of $115,525, of which $65,820 was paid during the quarter ended June 30, 2023, and was expensed during the same period
as part of professional fees.
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v3.23.2
SUBSEQUENT EVENT
|
6 Months Ended |
Jun. 30, 2023 |
Subsequent Events [Abstract] |
|
SUBSEQUENT EVENT |
NOTE
10 – SUBSEQUENT EVENT
Subsequent
to June 30, 2023, the Company received $323,911 in net subscriptions to 432,914 units of the Company’s common stock under the offering
of up to 12,500,000 units (the “Units”) of the Company’s securities pursuant to Regulation A, which was made effective
on September 27, 2022. The Unit consists of one share of the Company’s common stock and a warrant to purchase a share of common
stock at an exercise price of $1.20 over the next two years.
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Earnings per Share |
Earnings
per Share
The
Company’s basic earnings per share (“EPS”) is calculated by dividing its net income (loss) available to common stockholders
by the weighted average number of common shares outstanding for the period, excluding unvested portion of restricted stock with performance
conditions.
The
Company’s diluted EPS is calculated by dividing its net income (loss) available to common shareholders by the diluted weighted
average number of shares outstanding during the period. The diluted weighted average number of shares outstanding is the basic weighted
number of shares adjusted for any potentially dilutive debt or equity. Restricted stock with performance conditions is only included
in the diluted EPS calculation to the extent that performance conditions have been met at the measurement date. Dilutive effect of the
restricted stock is determined using the treasury stock method. Shares that have been distributed but not yet vested and thus excluded
from the weighted average shares calculation, were 4,003,333 and 6,005,000 at June 30, 2023 and 2022, respectively.
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v3.23.2
RELATED PARTY TRANSACTIONS (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Related Party Transactions [Abstract] |
|
SCHEDULE OF RELATED PARTY TRANSACTIONS |
Amounts
due to related parties at June 30, 2023 and December 31, 2022:
SCHEDULE OF RELATED PARTY TRANSACTIONS
| |
June 30,
2023 | | |
December 31,
2022 | |
Amounts due to a Chairman of the board, Chief Financial Officer (“CFO”) and former Chief Executive Officer (“CEO”) and President (a) | |
$ | 100,000 | | |
$ | 117,031 | |
Amounts due to a company controlled by the Chairman of the board, CFO, and former CEO and President (a) | |
| 360,000 | | |
| 360,000 | |
Amounts due to companies controlled by the current CEO, President, and director (a,b) | |
| 40,000 | | |
| - | |
Related party payables | |
$ | 500,000 | | |
$ | 477,031 | |
(a) |
These
amounts are non-interest bearing, unsecured and due on demand. |
(b) |
This
amount includes annual property payment totaling $20,000 for Agai-Pah Property due to MSM Resource, L.L.C. (“MSM”), and
$20,000 for Belshazzar Property due to Belshazzar Holdings, L.L.C (“Belshazzar”), the entities controlled by Alan Day,
the Company’s CEO, President, and director, who is also the managing member of MSM and Belshazzar. |
|
SCHEDULE OF TRANSACTIONS WITH ITS RELATED PARTIES |
During
the three- and six-month periods ended June 30, 2023 and 2022, the Company had the following transactions with its related parties:
SCHEDULE OF TRANSACTIONS WITH ITS RELATED PARTIES
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Three months ended June 30, | | |
Six months ended June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Director compensation incurred to the Chairman of the board, CFO and former CEO and President | |
$ | 82,283 | | |
$ | 104,646 | | |
$ | 163,663 | | |
$ | 119,596 | |
Director compensation incurred to a director | |
| 41,039 | | |
| 52,193 | | |
| 81,627 | | |
| 59,649 | |
Director compensation incurred to CEO, President, and director | |
| 123,118 | | |
| 156,578 | | |
| 244,883 | | |
| 178,946 | |
Officer compensation incurred to VP of Operations | |
| 175,000 | | |
| - | | |
| 233,333 | | |
| - | |
Related party transactions | |
$ | 421,440 | | |
$ | 313,417 | | |
$ | 723,506 | | |
$ | 358,191 | |
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v3.23.2
STOCKHOLDERS’ EQUITY (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Equity [Abstract] |
|
SCHEDULE OF RECOGNIZED SHARE-BASED COMPENSATION |
During
the three- and six-month periods ended June 30, 2023 and 2022, the Company recognized share-based compensation as follows:
SCHEDULE OF RECOGNIZED SHARE-BASED COMPENSATION
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Three months ended June 30, | | |
Six months ended June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Directors and CEO | |
$ | 246,440 | | |
$ | 313,417 | | |
$ | 490,173 | | |
$ | 358,191 | |
Officer – VP of Operations | |
| 175,000 | | |
| - | | |
| 233,333 | | |
| - | |
Consultants | |
| 116,667 | | |
| - | | |
| 155,556 | | |
| - | |
Total | |
$ | 538,107 | | |
$ | 313,417 | | |
$ | 879,062 | | |
$ | 358,191 | |
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v3.23.2
SCHEDULE OF RELATED PARTY TRANSACTIONS (Details) - Related Party [Member] - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Related Party Transaction [Line Items] |
|
|
|
Related party payables |
|
$ 500,000
|
$ 477,031
|
Chairman of the board, Chief Financial Officer (CFO) and former Chief Executive Officer (CEO) and President [Member] |
|
|
|
Related Party Transaction [Line Items] |
|
|
|
Related party payables |
[1] |
100,000
|
117,031
|
Company controlled by the Chairman of the board, CFO, and former CEO and President [Member] |
|
|
|
Related Party Transaction [Line Items] |
|
|
|
Related party payables |
[2] |
360,000
|
360,000
|
Companies controlled by the current CEO, President, and director [Member] |
|
|
|
Related Party Transaction [Line Items] |
|
|
|
Related party payables |
[1],[2] |
$ 40,000
|
|
|
|
X |
- DefinitionAmount of liabilities classified as other.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 830 -Name Accounting Standards Codification -Section 55 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480167/946-830-55-12
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X |
- DefinitionAmount of liabilities classified as other, due within one year or the normal operating cycle, if longer.
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v3.23.2
SCHEDULE OF TRANSACTIONS WITH ITS RELATED PARTIES (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
|
Related party transactions |
$ 421,440
|
$ 313,417
|
$ 723,506
|
$ 358,191
|
Chairman of the board, CFO and former CEO and President [Member] |
|
|
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
|
Related party transactions |
82,283
|
104,646
|
163,663
|
119,596
|
Director [Member] |
|
|
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
|
Related party transactions |
41,039
|
52,193
|
81,627
|
59,649
|
CEO, President, and Director [Member] |
|
|
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
|
Related party transactions |
123,118
|
156,578
|
244,883
|
178,946
|
VP of Operations [Member] |
|
|
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
|
Related party transactions |
$ 175,000
|
|
$ 233,333
|
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
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v3.23.2
MINERAL PROPERTY INTERESTS (Details Narrative)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Months Ended |
6 Months Ended |
Dec. 23, 2022
USD ($)
|
Jun. 20, 2022
USD ($)
|
Feb. 07, 2022
USD ($)
|
Jan. 27, 2022 |
Dec. 27, 2021
USD ($)
|
Dec. 18, 2021
USD ($)
|
Dec. 17, 2021
$ / shares
shares
|
Nov. 06, 2021
USD ($)
|
Nov. 06, 2021
USD ($)
|
Jun. 15, 2021
USD ($)
|
Jun. 04, 2021
USD ($)
|
May 19, 2021
USD ($)
ft²
Integer
|
Mar. 14, 2021
USD ($)
|
Aug. 02, 2017
USD ($)
|
Dec. 31, 2019
USD ($)
Integer
|
Jun. 30, 2023
USD ($)
|
Jun. 30, 2022
USD ($)
|
Reserve Quantities [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments to acquire mineral interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 20,000
|
$ 410,000
|
Olinghouse Project Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reserve Quantities [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments to acquire rights of the property |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.00%
|
|
Cash option payment to acquire royalty interest |
$ 40,000
|
|
|
|
|
$ 200,000
|
|
|
|
|
|
|
|
|
|
|
|
Olinghouse Project Agreement [Member] | Target Minerals Inc [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reserve Quantities [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity method investment, ownership percentage |
|
|
|
|
|
|
100.00%
|
|
|
|
|
|
|
|
|
|
|
Olinghouse Project Agreement [Member] | Target Minerals Inc [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reserve Quantities [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description of current status of project |
|
|
|
|
|
|
Nevada company, to acquire
100% interest of Target’s 1% production royalty on the Olinghouse Project, located in the Olinghouse Mining District, Washoe County,
Nevada.
|
|
|
|
|
|
|
|
|
|
|
Aquisition of net smelter royalty, description |
|
|
|
|
|
|
the Olinghouse
Option Period, as further defined below, at its sole discretion, to acquire 100% of a 1% production royalty from the net smelter returns
on all minerals and products produced from certain properties comprising the Olinghouse Project.
|
|
|
|
|
|
|
|
|
|
|
Olinghouse Project Agreement [Member] | Target Minerals Inc [Member] | Volume Weighted Average Price [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reserve Quantities [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase price per share | $ / shares |
|
|
|
|
|
|
$ 1.25
|
|
|
|
|
|
|
|
|
|
|
Common stock shares | shares |
|
|
|
|
|
|
2,000,000
|
|
|
|
|
|
|
|
|
|
|
Palmetto Project Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reserve Quantities [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments to acquire rights of the property |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2.00%
|
|
Description of current status of project |
|
|
|
Nevada Canyon, LLC entered into a Royalty Purchase Agreement with Smooth Rock Ventures, LLC, a wholly-owned subsidiary
of Smooth Rock Ventures Corp. (“Smooth Rock”), to acquire a 2% net smelter returns royalty on the Palmetto Project.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Palmetto Project Agreement [Member] | Smooth RockVenture LLC [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reserve Quantities [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Smelter Returns royalty percentage |
|
|
|
2.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
One-time cash payment |
|
|
$ 350,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease Agreement [Member] | Tarsis Resources US Inc [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reserve Quantities [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments to acquire rights of the property |
|
|
|
|
|
|
|
|
|
|
|
|
|
2.00%
|
|
|
|
Lease description |
|
|
|
|
|
|
|
|
|
|
|
|
|
The term of the Lazy Claims
Agreement is ten years, and is subject to extension for additional two consecutive 10-year terms. Full consideration of the Lazy Claims
Agreement consists of the following: an initial cash payment of $1,000 to Tarsis, paid upon the execution of the Lazy Claims Agreement,
with $2,000 payable to Tarsis on each subsequent anniversary of the effective date. The Company agreed to pay Tarsis a 2% production
royalty (the “Lazy Claims Royalty”) based on the gross returns from the production and sale of minerals from the Lazy Claims.
Should the Lazy Claims Royalty payments to Tarsis be in excess of $2,000 per year, the Company will not be required to pay a $2,000 annual
minimum payment.
|
|
|
|
Extension agreement term |
|
|
|
|
|
|
|
|
|
|
|
|
|
10 years
|
|
|
|
Initial cash payment of lease |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 1,000
|
|
|
|
Lease payable |
|
|
|
|
|
|
|
|
|
|
|
|
|
2,000
|
|
|
|
Lazy Claims Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reserve Quantities [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Annual minimum payment |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 2,000
|
|
|
|
Loman Claims [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reserve Quantities [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of mining properties acquired | Integer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
27
|
|
|
Payments mineral property interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 10,395
|
|
|
Agai Pah Property Agreement [Member] | MSM Resource, L.L.C. [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reserve Quantities [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description of current status of project |
|
|
|
|
|
|
|
|
|
|
|
Nevada limited liability Corporation on the Agai-Pah Property, consisting of 20 unpatented mining claims
totaling 400 acres, located in sections 32 & 33, T4N, R34E, MDM, Mineral County, Nevada about 10 miles northeast of the town of Hawthorne
(the “Agai-Pah Property”). Alan Day, the managing member of MSM, is the CEO, President, and director of the Company.
|
|
|
|
|
|
Number of mining properties unpatented | Integer |
|
|
|
|
|
|
|
|
|
|
|
20
|
|
|
|
|
|
Area of land | ft² |
|
|
|
|
|
|
|
|
|
|
|
400
|
|
|
|
|
|
Extension of agreement, description |
|
|
|
|
|
|
|
|
|
|
|
The
term of the Agai-Pah Property Agreement commenced on May 19, 2021, and continues for ten years, subject to the Company’s right
to extend the Agai-Pah Property Agreement for two additional terms of ten years each, and subject to the Company’s option to purchase
the Property.
|
|
|
|
|
|
Payments to acquire mineral interest |
|
$ 20,000
|
|
|
|
|
|
|
$ 20,000
|
|
|
$ 750,000
|
|
|
|
$ 20,000
|
|
Annual payments |
|
|
|
|
|
|
|
|
|
|
|
$ 20,000
|
|
|
|
|
|
Option to acquire property, description |
|
|
|
|
|
|
|
|
|
|
|
The Company has
the exclusive option and right to acquire 100% ownership of the Agai-Pah Property (the “Agai-Pah Purchase Option”)
|
|
|
|
|
|
Percentage of ownership property |
|
|
|
|
|
|
|
|
|
|
|
100.00%
|
|
|
|
|
|
Agai Pah Property Agreement [Member] | Belshazzar Holdings, L.L.C [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reserve Quantities [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description of current status of project |
|
|
|
|
|
|
|
|
|
|
a Nevada limited liability Corporation on the Belshazzar Property, consisting of ten unpatented lode
mining claims and seven unpatented placer mineral claims totaling 200 acres, within Quartzburg mining district, in Boise County, Idaho
(the “Belshazzar Property”). Alan Day, the managing member of Belshazzar, is the CEO, President, and director of the Company.
|
|
|
|
|
|
|
Payments to acquire mineral interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20,000
|
|
Percentage of ownership property |
|
|
|
|
|
|
|
|
|
|
100.00%
|
|
|
|
|
|
|
Belshazzar Property Agreement [Member] | Belshazzar Holdings, L.L.C [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reserve Quantities [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments to acquire rights of the property |
|
|
|
|
|
|
|
|
|
|
1.00%
|
|
|
|
|
|
|
Description of current status of project |
|
|
|
|
|
|
|
|
|
|
200
|
|
|
|
|
|
|
Extension of agreement, description |
|
|
|
|
|
|
|
|
|
|
The
term of the Belshazzar Property Agreement commenced on June 4, 2021, and continues for ten years, subject to the Company’s right
to extend the Belshazzar Property Agreement for two additional terms of ten years each, and subject to the Company’s option to
purchase the Belshazzar Property.
|
|
|
|
|
|
|
Payments to acquire mineral interest |
|
$ 20,000
|
|
|
|
|
|
$ 20,000
|
|
|
$ 800,000
|
|
|
|
|
20,000
|
|
Annual payments |
|
|
|
|
|
|
|
|
|
|
$ 20,000
|
|
|
|
|
|
|
Option to acquire property, description |
|
|
|
|
|
|
|
|
|
|
The Company
has the exclusive option and right to acquire 100% ownership of the Belshazzar Property (the “Belshazzar Purchase Option”).
|
|
|
|
|
|
|
Swales Property Agreement [Member] | Wright Parks III [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reserve Quantities [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity method investment, ownership percentage |
|
|
|
|
100.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
Swales Property Agreement [Member] | Wright Parks III [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reserve Quantities [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description of current status of project |
|
|
|
|
the Swales Property, consisting of 40 unpatented lode mining claims totaling
800 acres, within Swales Mountain Mining District in Elko County, Nevada (the “Swales Property”).
|
|
|
|
|
|
|
|
|
|
|
|
|
Extension of agreement, description |
|
|
|
|
The
term of the Swales Property Agreement commenced on December 27, 2021, and continues for ten years, subject to the Company’s right
to extend the Swales Property Agreement for two additional terms of ten years each, and subject to the Company’s option to purchase
the Swales Property.
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments to acquire mineral interest |
|
|
|
|
$ 750,000
|
|
|
|
|
$ 20,000
|
|
|
$ 20,000
|
|
|
$ 20,000
|
|
Annual payments |
|
|
|
|
$ 20,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Option to acquire property, description |
|
|
|
|
The Company has
the exclusive option and right to acquire 100% ownership of the Swales Property (the “Swales Purchase Option”).
|
|
|
|
|
|
|
|
|
|
|
|
|
Target Minerals Inc [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reserve Quantities [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage of acquire interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
100.00%
|
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v3.23.2
EQUITY INVESTMENT (Details Narrative) - USD ($)
|
3 Months Ended |
6 Months Ended |
|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Realized gain on equity investments |
|
$ (56,325)
|
|
$ 211,530
|
|
Walker River Resources Corp [Member] |
|
|
|
|
|
Shares held as investment |
511,750
|
|
511,750
|
|
511,750
|
Fair value of equity investments |
$ 61,843
|
|
$ 61,843
|
|
$ 156,805
|
Gain/loss on equity investment |
$ 6,224
|
$ 163,284
|
$ 94,962
|
$ 203,850
|
|
Common stock shares |
|
500,000
|
|
1,171,083
|
|
Net proceeds from sale of common stock |
|
$ 219,763
|
|
$ 614,658
|
|
Realized gain on equity investments |
|
$ 56,325
|
|
$ 211,530
|
|
X |
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v3.23.2
SCHEDULE OF RECOGNIZED SHARE-BASED COMPENSATION (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
|
Total |
$ 538,107
|
$ 313,417
|
$ 879,062
|
$ 358,191
|
Director and CEO [Member] |
|
|
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
|
Total |
246,440
|
313,417
|
490,173
|
358,191
|
Officer [Member] |
|
|
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
|
Total |
175,000
|
|
233,333
|
|
Consultants [Member] |
|
|
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
|
Total |
$ 116,667
|
|
$ 155,556
|
|
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v3.23.2
STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($)
|
|
|
6 Months Ended |
|
Feb. 24, 2023 |
Dec. 30, 2021 |
Dec. 30, 2021 |
Jun. 30, 2023 |
Dec. 31, 2022 |
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
|
|
Common stock par value |
|
|
|
$ 0.0001
|
$ 0.0001
|
Common stock, shares authorized |
|
|
|
100,000,000
|
100,000,000
|
Preferred stock par value |
|
|
|
$ 0.0001
|
$ 0.0001
|
Preferred stock, shares authorized |
|
|
|
10,000,000
|
10,000,000
|
Voting rights |
|
|
|
Voting rights are not cumulative and, therefore,
the holders of more than 50% of the common stock could, if they chose to do so, elect all of the directors of the Company.
|
|
Director [Member] |
|
|
|
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
|
|
Number of shares issued |
|
|
6,005,000
|
|
|
Stock based compensation, vesting |
|
3 years
|
|
1 year 6 months
|
|
Fair value of shares from service began |
|
|
$ 2,924,796
|
|
|
Share price |
|
$ 0.4938
|
$ 0.4938
|
|
|
Shares vested |
|
|
|
2,001,667
|
|
Shares Unvested |
|
|
|
4,003,333
|
|
Shares not yet recognized |
|
|
|
$ 1,486,769
|
|
Officer [Member] |
|
|
|
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
|
|
Number of shares issued |
2,000,000
|
|
|
|
|
Stock based compensation, vesting |
|
|
|
1 year 8 months 1 day
|
|
Fair value of shares from service began |
$ 1,400,000
|
|
|
|
|
Share price |
$ 0.70
|
|
|
|
|
Shares vested |
|
|
|
333,333
|
|
Shares not yet recognized |
|
|
|
$ 1,166,667
|
|
Consultant [Member] |
|
|
|
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
|
|
Number of shares issued |
2,000,000
|
|
|
|
|
Stock based compensation, vesting |
|
|
|
2 years 8 months 1 day
|
|
Fair value of shares from service began |
$ 1,400,000
|
|
|
|
|
Share price |
$ 0.70
|
|
|
|
|
Shares not yet recognized |
|
|
|
$ 1,244,444
|
|
Share vested |
|
|
|
222,222
|
|
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v3.23.2
CONVERTIBLE NOTES PAYABLE (Details Narrative) - USD ($)
|
3 Months Ended |
6 Months Ended |
12 Months Ended |
|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2021 |
Dec. 31, 2022 |
Debt Disclosure [Abstract] |
|
|
|
|
|
|
Cash proceeds under convertible promissory notes |
|
|
|
|
$ 980,000
|
|
Convertible debt |
|
|
|
|
15,064
|
|
Convertible promissory note |
|
|
|
|
$ 20,000
|
|
Debt accrued interest percentage |
|
|
|
|
15.00%
|
|
Accretion expense |
|
$ 174,830
|
|
$ 301,392
|
|
|
Notes payable |
|
|
|
|
|
|
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v3.23.2
CONTRACTUAL AGREEMENTS (Details Narrative) - USD ($)
|
1 Months Ended |
3 Months Ended |
6 Months Ended |
Aug. 11, 2023 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
General and administrative expenses |
|
$ 50,851
|
$ 5,876
|
$ 75,565
|
$ 10,741
|
Public Relations Services Agreement [Member] |
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
General and administrative expenses |
|
|
|
40,000
|
|
Public Relations Services Agreement [Member] | Subsequent Event [Member] |
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
General and administrative expenses |
$ 20,000
|
|
|
|
|
Warm Springs Agreement [Member] |
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
Initial budget amount |
|
115,525
|
|
$ 115,525
|
|
Payment to initial budget |
|
$ 65,820
|
|
|
|
X |
- DefinitionPayment to initial budget.
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v3.23.2
X |
- DefinitionExercise price per share or per unit of warrants or rights outstanding.
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