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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-Q
(Mark
One)
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the Quarterly Period Ended May 31, 2023
or
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the transition period from __________________________ to __________________________
Commission
file number 000-55517
PUREBASE
CORPORATION
(Exact
name of registrant as specified in its charter)
Nevada |
|
27-2060863 |
(State
or other Jurisdiction |
|
(I.R.S.
Employer |
of
Incorporation or Organization) |
|
Identification
No.) |
8631
State Highway 124 |
|
|
Ione,
California |
|
95640 |
(Address
of Principal Executive Offices) |
|
(Zip
Code) |
(209)
274-9143
(Registrant’s
telephone number, including area code)
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
symbol(s) |
|
Name
of each exchange on which registered |
None |
|
N/A |
|
N/A |
Securities
registered pursuant to Section 12(g) of the Act:
Common
Stock, par value $0.001
(Title
of class)
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 preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files). Yes ☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a small reporting company,
or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller
reporting company” or an “emerging growth 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 7(a)(2)(B) of the Securities Act: ☐
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As
of July 14, 2023, there were 230,863,005 shares of the registrant’s common stock outstanding.
PUREBASE
CORPORATION AND SUBSIDIARIES
FOR
THE QUARTERLY PERIOD ENDED MAY 31, 2023
PUREBASE
CORPORATION AND SUBSIDIARIES
CONDENSED
CONSOLIDATED BALANCE SHEETS
| |
May 31, 2023 | | |
November 30, 2022 | |
| |
(Unaudited) | | |
| |
ASSETS | |
| | |
| |
| |
| | |
| |
Current Assets: | |
| | | |
| | |
Cash and cash equivalents | |
$ | 23,248 | | |
$ | 19,055 | |
Accounts receivable | |
| 66,376 | | |
| - | |
Prepaid expenses and other assets | |
| 1,184 | | |
| 4,731 | |
Total Current Assets | |
| 90,808 | | |
| 23,786 | |
| |
| | | |
| | |
Property and equipment, net | |
| 620,000 | | |
| 620,000 | |
Right of use asset | |
| 59,699 | | |
| 79,599 | |
| |
| | | |
| | |
Total Assets | |
$ | 770,507 | | |
$ | 723,385 | |
| |
| | | |
| | |
LIABILITIES AND STOCKHOLDERS’ DEFICIT | |
| | | |
| | |
| |
| | | |
| | |
Current Liabilities: | |
| | | |
| | |
Accounts payable and accrued expenses | |
$ | 412,557 | | |
$ | 115,478 | |
Settlement liability | |
| - | | |
| 400,000 | |
Lease liability, current | |
| 39,869 | | |
| 38,882 | |
Note payable to officer | |
| 13,716 | | |
| 28,716 | |
Convertible notes payable, related party | |
| 12,000 | | |
| 36,000 | |
Notes payable, related party | |
| - | | |
| 25,000 | |
Notes payable | |
| | | |
| | |
Total Current Liabilities | |
| 478,142 | | |
| 644,076 | |
| |
| | | |
| | |
Lease liability, net of current portion | |
| 20,696 | | |
| 40,880 | |
Convertible notes payable; related party, net of current portion | |
| 1,331,742 | | |
| 610,889 | |
| |
| | | |
| | |
Total Liabilities | |
| 1,830,580 | | |
| 1,295,845 | |
| |
| | | |
| | |
Commitments and Contingencies (Note 9) | |
| | | |
| | |
| |
| | | |
| | |
Stockholders’ Deficit: | |
| | | |
| | |
Preferred stock, $0.001 par value; 10,000,000 shares authorized; no shares issued and outstanding, at May 31, 2023 and November 30, 2022 | |
| - | | |
| - | |
Common stock, $0.001 par value; 520,000,000 shares authorized; 230,763,005 and 230,753,005 shares issued and outstanding, at May 31, 2023 and November 30, 2022, respectively | |
| 160,360 | | |
| 160,350 | |
Additional paid in capital | |
| 60,273,231 | | |
| 52,910,839 | |
Accumulated deficit | |
| (61,493,664 | ) | |
| (53,643,649 | ) |
Total Stockholders’ Deficit | |
| (1,060,073 | ) | |
| (572,460 | ) |
| |
| | | |
| | |
Total Liabilities and Stockholders’ Deficit | |
$ | 770,507 | | |
$ | 723,385 | |
The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
PUREBASE
CORPORATION AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
| |
May 31, 2023 | | |
May 31, 2022 | | |
May 31, 2023 | | |
May 31, 2022 | |
| |
For the Three Months Ended | | |
For the Six Months Ended | |
| |
May 31, 2023 | | |
May 31, 2022 | | |
May 31, 2023 | | |
May 31, 2022 | |
Revenue, net | |
$ | 66,376 | | |
$ | 228,476 | | |
$ | 118,632 | | |
$ | 228,476 | |
| |
| | | |
| | | |
| | | |
| | |
Cost of goods sold | |
| 26,606 | | |
| 88,030 | | |
| 49,069 | | |
| 91,282 | |
| |
| | | |
| | | |
| | | |
| | |
Operating Income | |
| 39,770 | | |
| 140,446 | | |
| 69,563 | | |
| 137,194 | |
| |
| | | |
| | | |
| | | |
| | |
Operating Expenses: | |
| | | |
| | | |
| | | |
| | |
Selling, general and administrative | |
| 2,321,585 | | |
| 7,622,810 | | |
| 8,208,455 | | |
| 18,823,211 | |
Total Operating Expenses | |
| 2,321,585 | | |
| 7,622,810 | | |
| 8,208,455 | | |
| 18,823,211 | |
| |
| | | |
| | | |
| | | |
| | |
Loss From Operations | |
| (2,281,815 | ) | |
| (7,482,364 | ) | |
| (8,138,892 | ) | |
| (18,686,017 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other Income (Expense): | |
| | | |
| | | |
| | | |
| | |
Other income | |
| 275,000 | | |
| - | | |
| 310,401 | | |
| 2,007 | |
Interest expense | |
| (12,401 | ) | |
| (11,013 | ) | |
| (21,524 | ) | |
| (31,911 | ) |
Total Other Income (Expense), net | |
| 262,599 | | |
| (11,013 | ) | |
| 288,877 | | |
| (29,904 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net Loss | |
$ | (2,019,216 | ) | |
$ | (7,493,377 | ) | |
$ | (7,850,015 | ) | |
$ | (18,715,921 | ) |
| |
| | | |
| | | |
| | | |
| | |
Loss per Common Share - Basic and Diluted | |
$ | (0.01 | ) | |
$ | (0.03 | ) | |
$ | (0.03 | ) | |
$ | (0.08 | ) |
| |
| | | |
| | | |
| | | |
| | |
Weighted Average Shares Outstanding - Basic and Diluted | |
| 230,473,222 | | |
| 229,316,070 | | |
| 230,609,928 | | |
| 222,424,978 | |
The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
PUREBASE
CORPORATION AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIT
FOR
THE THREE AND SIX MONTHS ENDED MAY 31, 2023 AND 2022
(Unaudited)
|
|
|
|
|
|
|
| |
| | |
| | |
Additional | | |
| | |
| |
|
|
Preferred
Stock | |
Common Stock | | |
Paid-in | | |
Accumulated | | |
Stockholders’ | |
|
|
Shares |
|
|
Amount | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Deficit | |
Balance at November 30, 2021 |
|
|
- |
|
|
$ |
- | |
| 215,380,751 | | |
$ | 144,977 | | |
$ | 18,730,863 | | |
$ | (21,061,224 | ) | |
$ | (2,185,384 | ) |
|
|
|
|
|
|
|
| |
| | | |
| | | |
| | | |
| | | |
| | |
Stock based compensation - shares |
|
|
- |
|
|
|
- | |
| - | | |
| - | | |
| 10,949,738 | | |
| - | | |
| 10,949,738 | |
|
|
|
|
|
|
|
| |
| | | |
| | | |
| | | |
| | | |
| | |
Net loss |
|
|
- |
|
|
|
- | |
| - | | |
| - | | |
| - | | |
| (11,222,544 | ) | |
| (11,222,544 | ) |
|
|
|
|
|
|
|
| |
| | | |
| | | |
| | | |
| | | |
| | |
Balance as of February 28, 2022 |
|
|
- |
|
|
$ |
- | |
| 215,380,751 | | |
$ | 144,977 | | |
$ | 29,680,601 | | |
$ | (32,283,768 | ) | |
$ | (2,458,190 | ) |
|
|
|
|
|
|
|
| |
| | | |
| | | |
| | | |
| | | |
| | |
Stock based compensation - shares |
|
|
- |
|
|
|
- | |
| - | | |
| - | | |
| 7,304,345 | | |
| - | | |
| 7,304,345 | |
|
|
|
|
|
|
|
| |
| | | |
| | | |
| | | |
| | | |
| | |
Convertible debt converted into common stock |
|
|
- |
|
|
|
- | |
| 23,741,655 | | |
| 23,742 | | |
| 2,549,429 | | |
| - | | |
| 2,573,171 | |
|
|
|
|
|
|
|
| |
| | | |
| | | |
| | | |
| | | |
| | |
Net loss |
|
|
- |
|
|
|
- | |
| - | | |
| - | | |
| - | | |
| (7,493,377 | ) | |
| (7,493,377 | ) |
|
|
|
|
|
|
|
| |
| | | |
| | | |
| | | |
| | | |
| | |
Balance at May 31, 2022 |
|
|
- |
|
|
$ |
- | |
| 239,122,406 | | |
$ | 168,719 | | |
$ | 39,534,375 | | |
$ | (39,777,146 | ) | |
$ | (74,052 | ) |
|
|
|
|
|
|
|
| |
| | | |
| | | |
| | | |
| | | |
| | |
Balance at November 30, 2022 |
|
|
- |
|
|
$ |
- | |
| 230,753,005 | | |
$ | 160,350 | | |
$ | 52,910,839 | | |
$ | (53,643,649 | ) | |
$ | (572,460 | ) |
|
|
|
|
|
|
|
| |
| | | |
| | | |
| | | |
| | | |
| | |
Stock based compensation - shares |
|
|
- |
|
|
|
- | |
| - | | |
| - | | |
| 5,485,013 | | |
| - | | |
| 5,485,013 | |
|
|
|
|
|
|
|
| |
| | | |
| | | |
| | | |
| | | |
| | |
Settlement share surrender |
|
|
- |
|
|
|
- | |
| (300,000 | ) | |
| (300 | ) | |
| 300 | | |
| - | | |
| - | |
|
|
|
|
|
|
|
| |
| | | |
| | | |
| | | |
| | | |
| | |
Net loss |
|
|
- |
|
|
|
- | |
| - | | |
| - | | |
| - | | |
| (5,830,799 | ) | |
| (5,830,799 | ) |
|
|
|
|
|
|
|
| |
| | | |
| | | |
| | | |
| | | |
| | |
Balance as of February 28, 2023 |
|
|
- |
|
|
$ |
- | |
| 230,453,005 | | |
$ | 160,050 | | |
$ | 58,396,152 | | |
$ | (59,474,448 | ) | |
$ | (918,246 | ) |
|
|
|
|
|
|
|
| |
| | | |
| | | |
| | | |
| | | |
| | |
Stock based compensation - shares |
|
|
- |
|
|
|
- | |
| - | | |
| - | | |
| 1,841,389 | | |
| - | | |
| 1,841,389 | |
|
|
|
|
|
|
|
| |
| | | |
| | | |
| | | |
| | | |
| | |
Conversion of board of director accrued debt |
|
|
- |
|
|
|
- | |
| 310,000 | | |
| 310 | | |
| 35,690 | | |
| - | | |
| 36,000 | |
|
|
|
|
|
|
|
| |
| | | |
| | | |
| | | |
| | | |
| | |
Net loss |
|
|
- |
|
|
|
- | |
| - | | |
| - | | |
| - | | |
| (2,019,216 | ) | |
| (2,019,216 | ) |
|
|
|
|
|
|
|
| |
| | | |
| | | |
| | | |
| | | |
| | |
Balance at May 31, 2023 |
|
|
- |
|
|
$ |
- | |
| 230,763,005 | | |
$ | 160,360 | | |
$ | 60,273,231 | | |
$ | (61,493,664 | ) | |
$ | (1,060,073 | ) |
The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
PUREBASE
CORPORATION AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
| |
May 31, 2023 | | |
May 31, 2022 | |
| |
For the Six Months Ended | |
| |
May 31, 2023 | | |
May 31, 2022 | |
Cash Flows From Operating Activities: | |
| | | |
| | |
Net loss | |
$ | (7,850,015 | ) | |
$ | (18,715,921 | ) |
Adjustments to reconcile net loss to net cash used in operating activities: | |
| | | |
| | |
Stock based compensation | |
| 7,326,402 | | |
| 18,254,083 | |
Amortization of debt discount | |
| - | | |
| 5,329 | |
Non-cash director compensation | |
| 12,000 | | |
| - | |
Gain on debt forgiveness | |
| (35,401 | ) | |
| - | |
Gain on settlement | |
| (275,000 | ) | |
| - | |
Changes in operating assets and liabilities: | |
| | | |
| | |
Accounts receivable | |
| (66,376 | ) | |
| (35,696 | ) |
Prepaid expenses and other assets | |
| 3,547 | | |
| 3,446 | |
Right of use asset | |
| 19,900 | | |
| - | |
Accounts payable and accrued expenses | |
| 323,333 | | |
| 62,979 | |
Settlement liability | |
| (125,000 | ) | |
| - | |
Change in settlement liability | |
| (19,197 | ) | |
| - | |
| |
| | | |
| | |
Net Cash Used In Operating Activities | |
| (685,807 | ) | |
| (425,780 | ) |
| |
| | | |
| | |
Cash Flows From Financing Activities: | |
| | | |
| | |
Advances from related party | |
| 705,000 | | |
| 410,000 | |
Payments on notes payable, related party | |
| (15,000 | ) | |
| (10,000 | ) |
| |
| | | |
| | |
Net Cash Provided By Financing Activities | |
| 690,000 | | |
| 400,000 | |
| |
| | | |
| | |
Net Increase (Decrease) In Cash and Cash Equivalents | |
| 4,193 | | |
| (25,780 | ) |
| |
| | | |
| | |
Cash and Cash Equivalents - Beginning of Period | |
| 19,055 | | |
| 132,309 | |
| |
| | | |
| | |
Cash and Cash Equivalents - End of Period | |
$ | 23,248 | | |
$ | 106,529 | |
| |
| | | |
| | |
Supplemental Cash Flow Information: | |
| | | |
| | |
Noncash operating and financing activities: | |
| | | |
| | |
Forgiveness of accounts payable due to USMC | |
$ | (15,853 | ) | |
$ | - | |
Vendors paid for on behalf of the Company by USMC | |
$ | 8,320 | | |
$ | 4,282 | |
Expenses paid for on behalf of the Company by USMC | |
$ | 7,533 | | |
$ | - | |
Due to affiliates exchanged for convertible debt | |
$ | - | | |
$ | 884,493 | |
Convertible debt converted to common stock | |
$ | - | | |
$ | 2,464,262 | |
Accrued interest converted to common stock | |
$ | - | | |
$ | 108,909 | |
Director compensation - accrued as convertible debt converted to common stock | |
$ | 36,000 | | |
$ | - | |
The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
PUREBASE
CORPORATION AND SUBSIDIARIES
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE
1 – ORGANIZATION AND BUSINESS OPERATIONS
Corporate
Overview
PureBase
Corporation (“PureBase” or the “Company”) was incorporated in the State of Nevada on March 2, 2010. The Company
is an industrial mineral and natural resource company that provides solutions to the agriculture and construction materials markets in
the United States through its two subsidiaries, PureBase Agricultural, Inc., a Nevada corporation (“PureBase AG”), and U.S.
Agricultural Minerals, LLC, a Nevada limited liability company (“PureBase SCM”), respectively.
The
Company is headquartered in Ione, California.
Agricultural
Sector
The
Company develops specialized fertilizers, sun protectants, soil amendments and bio-stimulants for organic and non-organic sustainable
agriculture. The Company has developed and will seek to develop additional products derived from mineralized materials of leonardite,
kaolin clay, laterite, and other natural minerals. These mineral and soil amendments are used to protect crops, plants and fruits from
the sun and winter damage, to provide nutrients to plants, and to improve dormancy and soil ecology to help farmers increase the yields
of their harvests. The Company is building a brand family under the parent trade name “PureBase,” consisting of its PureBase
Shade Advantage (WP) product, a kaolin-clay based sun protectant for crops and Humic Advantage, a humic acid product derived from leonardite.
Construction
Sector
The
Company has been developing and testing a kaolin-based product that it believes will help create a lower CO2-emitting concrete through
the use of high-quality supplementary cementitious materials (“SCMs”). The Company is developing an SCM that it believes
can potentially replace up to 40% of cement, the most polluting part of concrete. As government agencies continue to enact stricter requirements
for less-polluting forms of concrete, the Company believes there are significant opportunities for high-quality SCM products in the construction-materials
sector.
The
Company utilizes the services of US Mine Corporation (“USMC”), a Nevada corporation and a significant shareholder of the
Company, for the development and contract mining of industrial mineral and metal projects, exploration drilling, preparation of feasibility
studies, mine modeling, on-site construction, production, site reclamation, and product fulfillment. Exploration services include securing
necessary permits, environmental compliance, and reclamation plans. In addition, a substantial portion of the minerals used by the Company
are obtained from properties owned or controlled by USMC. A. Scott Dockter, the Company’s Principal Executive Officer and a director,
and John Bremer, a director, are also officers, directors, and owners of USMC.
NOTE
2 – GOING CONCERN AND LIQUIDITY
The
accompanying condensed consolidated financial statements have been prepared on the basis that the Company will continue as a going concern,
which contemplates realization of assets and the satisfaction of liabilities in the normal course of business. As of May 31, 2023, the
Company had a significant accumulated deficit of $61,493,664 and working capital deficit of $387,334. For the six months ended May 31,
2023, the Company had a loss from operations of $8,138,892 and negative cash flows from operations of $685,807. The Company’s operating
activities consume the majority of its cash resources. The Company anticipates that it will continue to incur operating losses as it
executes its development plans for 2023. In addition, the Company has had and expects to have negative cash flows from operations, at
least into the near future. The Company has previously funded, and plans to continue funding, these losses primarily with additional
infusions of cash from advances from USMC and the sale of equity and convertible notes. The accompanying condensed consolidated financial
statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern.
The
Company’s plan, through the continued promotion of its products to existing and potential customers, is to generate sufficient
revenues to cover its anticipated expenses. The Company is currently exploring several options to meet its short-term cash requirements,
including future line of credits and issuances of equity securities or equity-linked securities to USMC and other third parties.
Although
no assurances can be given as to the Company’s ability to deliver on its revenue plans or that unforeseen expenses may arise, management
currently believes that the revenue to be generated from operations together with equity and debt financing, including funding from USMC
in connection with the March 23, 2022 securities purchase agreement, March 7, 2023 securities purchase agreement, and July 10, 2023 line
of credit agreement will provide the necessary funding for the Company to continue as a going concern for the next twelve months. The
March 23, 2022 securities purchase agreement provides for the issuance by the Company of up to an aggregate of $1,000,000 of two-year
convertible promissory notes to USMC (See Note 6). The notes bear interest at 5% per annum and any outstanding principal or interest
under the notes are convertible into shares of the Company’s common stock, at any time at the option of the holder, at a conversion
price of $0.39 per share. Currently, the Company has issued $919,209 of convertible notes under the March 23, 2022 securities purchase
agreement and may issue an additional $80,791 of convertible notes. The March 7, 2023 securities purchase agreement provides for the
issuance by the Company of up to an aggregate of $1,000,000 of two-year convertible promissory notes to USMC (See Note 6). The notes
bear interest at 8% per annum and any outstanding principal or interest under the notes are convertible into shares of the Company’s
common stock, at any time at the option of the holder, at a conversion price of $0.10 per share. Currently, the Company has issued $412,533
of convertible notes under the March 7, 2023 securities purchase agreement and may issue an additional $587,467 of convertible notes
under such agreement. The July 10, 2023 line of credit agreement provides for the issuance for up to one year of up to an aggregate of
$1,000,000 of advances from USMC under an unsecured convertible grid promissory note (See Note 12). The note bears interest at 8% annum
and any outstanding principal or accrued interest under the note is convertible into shares of the Company’s common stock at a
conversion price of $0.10 per share on the maturity date. As of the date hereof, there have been no advances from USMC under the July 10, 2023 line of credit agreement. There currently are no other arrangements or agreements for financing, and management cannot guarantee
any other potential debt or equity financing will be available, or if available, on favorable terms. As such, these matters raise substantial
doubt about the Company’s ability to continue as a going concern for a period of twelve months from the date of this report. If
adequate funds are not available on acceptable terms, or at all, the Company will need to curtail operations, or cease its operations
completely.
NOTE
3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis
of Presentation
The
accompanying unaudited condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations
of the Securities and Exchange Commission (“SEC”) including Form 10-Q and Regulation S-X. The information furnished herein
reflects all adjustments (consisting of normal recurring accruals and adjustments, unless otherwise indicated) which are, in the opinion
of management, necessary to fairly state the operating results for the respective periods. Certain information and footnote disclosures
normally present in annual financial statements prepared in accordance with accounting principles generally accepted in the United States
of America (“U.S. GAAP”) have been omitted pursuant to such rules and regulations. These financial statements and the information
included under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations”
should be read in conjunction with the audited financial statements and notes thereto for the year ended November 30, 2022 in our Annual
Report on Form 10-K filed on February 28, 2023 with the SEC. The results of the six months ended May 31, 2023 (unaudited) are not necessarily
indicative of the results to be expected for the full year ending November 30, 2023.
Principles
of Consolidation
These
condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries PureBase AG and PureBase
SCM. Intercompany accounts and transactions have been eliminated upon consolidation.
Use
of Estimates
The
preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and equity-based transactions at the date of the financial statements and the revenues and
expenses during the reporting period. The Company bases its estimates and assumptions on current facts, historical experience, and various
other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about
the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources.
The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there
are material differences between the estimates and the actual results, future results of operations will be affected.
The
Company believes the following critical accounting policies affect its more significant judgments and estimates used in the preparation
of the condensed consolidated financial statements. Significant estimates include the useful lives of property and equipment, deferred
tax asset and valuation allowance, and assumptions used in the Black-Scholes valuation methods, such as expected volatility, risk-free
interest rate, and expected dividend rate.
Revenue
The
Company accounts for revenue in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification
(“ASC”) Topic 606, Revenue from Contracts with Customers. The Company derives revenues from the sale of products from
its agricultural sector and construction sector. The Company’s contracted transaction price is allocated to each distinct performance
obligation and recognized as revenue when, or as, the performance obligation is satisfied. The Company’s contracts have a single
performance obligation which are not separately identifiable from other promises in the contracts and is, therefore, not distinct. The
Company’s performance obligation is satisfied upon the transfer of risk of loss to the customer.
Practical
Expedients
As
part of ASC Topic 606, the Company has adopted several practical expedients including:
|
● |
Significant
Financing Component – the Company does not adjust the promised amount of consideration for the effects of a significant financing
component since the Company expects, at contract inception, that the period between when the Company transfers a promised good or
service to the customer and when the customer pays for that good or service will be one year or less. |
|
● |
Unsatisfied
and Partially Unsatisfied Performance Obligations – for all performance obligations related to contracts with a duration for
less than one year, the Company has elected to apply the optional exemption provided in ASC Topic 606 and therefore is not required
to disclose the aggregate amount of transaction price allocated to performance obligations that are unsatisfied or partially satisfied
at the end of the reporting period. |
|
● |
Shipping
and Handling Activities – the Company elected to account for shipping and handling activities as a fulfillment cost rather
than as a separate performance obligation. |
|
● |
Right
to Invoice – the Company has a right to consideration from a customer in an amount that corresponds directly with the value
provided to the customer of the Company’s performance completed to date. The Company may recognize revenue in the amount to
which the entity has a right to invoice. |
Disaggregated
Revenue
Revenue
consists of the following by product offering for the six months ended May 31, 2023:
SCHEDULE
OF DISAGGREGATED REVENUE
CROP WHITE II | | |
SHADE ADVANTAGE (WP) | | |
SulFe Hume Si ADVANTAGE | | |
Total | |
| | |
| | |
| | |
| |
$ | - | | |
$ | 67,152 | | |
$ | 51,480 | | |
$ | 118,632 | |
Revenue
consists of the following by product offering for the six months ended May 31, 2022:
CROP WHITE II | | |
SHADE ADVANTAGE (WP) | | |
SulFe Hume Si ADVANTAGE | | |
Total | |
| | |
| | |
| | |
| |
$ | 192,780 | | |
$ | 35,696 | | |
$ | - | | |
$ | 228,476 | |
Cash
and Cash Equivalents
The
Company considers all highly liquid investments with maturities of three months or less at the time of purchase to be cash equivalents.
There were no cash equivalents as of May 31, 2023 and November 30, 2022.
Accounts
Receivable
The
Company periodically assesses its accounts and other receivables for collectability on a specific identification basis. If collectability
of an account becomes unlikely, an allowance is recorded for that doubtful account. As of May 31, 2023 and November 30, 2022, the Company
has determined that no allowance for doubtful accounts was necessary.
Property
and Equipment
Property
and equipment are recorded at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the related
assets, generally three
to five
years. Expenditures that enhance
the useful lives of the assets are capitalized and depreciated.
SCHEDULE OF ESTIMATED USEFUL LIFE OF PROPERTY AND EQUIPMENT
Equipment |
3-5
years |
Autos
and trucks |
5
years |
Maintenance
and repairs are charged to expense as incurred. At the time of retirement or other disposition of property and equipment, the cost and
accumulated depreciation will be removed from the accounts and the resulting gain or loss, if any, will be reflected in operations. The
Company currently has $620,000 in property and equipment, primarily two ball mills, acquired on May 1, 2020. As of May 31, 2023, the
Company has not put the acquired property and equipment to use. As such, the Company has not recorded depreciation related to these assets.
Impairment
of Long-Lived Assets
The
Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of such
assets may not be recoverable. Recoverability of these assets is determined by comparing the forecasted undiscounted net cash flows of
the operation to which the assets relate to the carrying amount. If the operation is determined to be unable to recover the carrying
amount of its assets, then these assets are written down first, followed by other long-lived assets of the operation to fair value. Fair
value is determined based on discounted cash flows or appraised values, depending on the nature of the assets. No impairment losses were
recorded during the three and six months ended May 31, 2023 and May 31, 2022.
Shipping
and Handling
The
Company incurs shipping and handling costs which are charged back to the customer. The Company did not incur shipping and handling costs
during the three months ended May 31, 2023 and 2022, respectively. The Company incurred shipping and handling costs of $2,000 and no
shipping and handling costs during the six months ended May 31, 2023 and 2022, respectively.
Advertising
and Marketing Costs
The
Company expenses advertising and marketing costs as incurred and such costs are recorded in selling, general and administrative expenses
in the accompanying condensed consolidated statements of operations. Advertising and marketing expenses were $2,643 for the three and
six months ended May 31, 2023. There were no advertising and marketing expenses for the three and six months ended May 31, 2022.
Fair
Value Measurements
As
defined in ASC 820, Fair Value Measurements and Disclosures, fair value is the price that would be received to sell an asset or
paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The Company
utilizes market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about
risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or
generally unobservable. ASC 820 establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy
gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurement) and
the lowest priority to unobservable inputs (level 3 measurement). This fair value measurement framework applies at both initial and subsequent
measurement.
Level
1: |
Quoted
prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in
which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing
basis. Level 1 primarily consists of financial instruments such as exchange-traded derivatives, marketable securities and listed
equities. |
|
|
Level
2: |
Pricing
inputs are other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as
of the reported date. Level 2 includes those financial instruments that are valued using models or other valuation methodologies.
These models are primarily industry-standard models that consider various assumptions, including quoted forward prices for commodities,
time value, volatility factors and current market and contractual prices for the underlying instruments, as well as other relevant
economic measures. Substantially all of these assumptions are observable in the marketplace throughout the full term of the instrument,
can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace.
Instruments in this category generally include non-exchange-traded derivatives such as commodity swaps, interest rate swaps, options
and collars. |
|
|
Level
3: |
Pricing
inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally
developed methodologies that result in management’s best estimate of fair value. |
Fair
Value of Financial Instruments
The
carrying value of cash, accounts receivable, accounts payable, and accrued expenses approximate their fair values based on the short-term
maturity of these instruments. The carrying amount of notes approximates the estimated fair value for these financial instruments as
management believes that such notes constitute substantially all of the Company’s debt and interest payable on the notes based
on the Company’s incremental borrowing rate.
Loss
Per Common Share
Net
loss per share of common stock is computed by dividing the net loss by the weighted average number of shares of common stock outstanding
during the three and six month periods ended May 31, 2023 and 2022. All outstanding options are considered potential common stock. The
dilutive effect, if any, of stock options are calculated using the treasury stock method. All outstanding convertible notes are considered
common stock at the beginning of the period or at the time of issuance, if later, pursuant to the if-converted method. Since the effect
of common stock equivalents is anti-dilutive with respect to losses, outstanding options have been excluded from the Company’s
computation of net loss per share of common stock for the three and six months ended May 31, 2023 and May 31, 2022.
The
following table summarizes the stocks that were excluded from the diluted per share calculation because the effect of including these
potential shares was antidilutive due to the Company’s net loss position even though the exercise price could be less than the
average market price of the common stock:
SCHEDULE
OF OUTSTANDING SHARES EXCLUDED FROM DILUTED LOSS PER SHARE
| |
Three Months Ended, | |
| |
May 31, 2023 | | |
May 31, 2022 | |
| |
| | |
| |
Convertible Notes | |
| 6,656,110 | | |
| - | |
Stock Options | |
| 128,688,187 | | |
| 1,595,000 | |
Total | |
| 135,344,297 | | |
| 1,595,000 | |
| |
Six Months Ended, | |
| |
May 31, 2023 | | |
May 31, 2022 | |
| |
| | |
| |
Convertible Notes | |
| 6,656,110 | | |
| - | |
Stock Options | |
| 128,688,187 | | |
| 59,595,000 | |
Total | |
| 135,344,297 | | |
| 59,595,000 | |
Stock-Based
Compensation
The
Company applies the provisions of ASC 718, Compensation—Stock Compensation (“ASC 718”), which requires the measurement
and recognition of compensation expense for all stock-based awards made to employees, including employee stock options, in the accompanying
condensed consolidated statements of operations.
For
stock options issued to employees and members of the Company’s Board of Directors (the “Board”) for their services,
the Company estimates the grant date fair value of each option using the Black-Scholes option pricing model. The use of the Black-Scholes
option pricing model requires management to make assumptions with respect to the expected term of the option, the expected volatility
of the common stock consistent with the expected life of the option, risk-free interest rates and expected dividend yields of the common
stock. For awards subject to service-based vesting conditions, including those with a graded vesting schedule, the Company recognizes
stock-based compensation expense equal to the grant date fair value of stock options on a straight-line basis over the requisite service
period, which is generally the vesting term. Forfeitures are recorded as they are incurred as opposed to being estimated at the time
of grant and revised.
Pursuant
to ASU 2018-07 Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting,
the Company accounts for stock options issued to non-employees for their services in accordance with ASC 718. The Company uses valuation
methods and assumptions to value the stock options that are in line with the process for valuing employee stock options as noted above.
Leases
With
the adoption of ASC 842, Leases, operating lease agreements are required to be recognized on the balance sheet as Right-of-Use
(“ROU”) assets and corresponding lease liabilities. ROU assets include any prepaid lease payments and exclude any lease incentives
and initial direct costs incurred. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term.
The lease terms may include options to extend or terminate the lease if it is reasonably certain that the Company will exercise that
option.
The
Company leases its corporate offices. All of the leases are classified as operating leases. The Company is a party to a two-year lease
with USMC for 1,000 square feet of office space located in Ione, California (the “Ione Lease”) with respect to its corporate
operations (See Note 7). Effective November 1, 2022, the Ione Lease was amended to extend the lease through October 2024 and to add
an additional 700 square feet of office space for a total monthly rental price of $3,500 per month, with automatic one-month renewals.
The remaining weighted average term is 1.4 years. The Company discounted lease payments using its estimated incremental borrowing rate
at December 1, 2020. The weighted average incremental borrowing rate applied was 5%.
In
accordance with ASC 842, the Company recognized a ROU asset and corresponding lease liability on the condensed consolidated balance sheet
for long-term office leases. See Note 7 – Leases for further discussion, including the impact on the accompanying unaudited condensed
consolidated financial statements and related disclosures.
Income
Taxes
Deferred
tax assets and liabilities are recognized for the future tax consequences attributable to differences between the condensed consolidated
financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets, including
tax loss and credit carry forwards, and liabilities are measured using enacted tax rates expected to apply to taxable income in the years
in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a
change in tax rates is recognized in operations in the period that includes the enactment date.
The
Company utilizes ASC 740, Income Taxes, which requires the recognition of deferred tax assets and liabilities for the expected
future tax consequences of events that have been included in the condensed consolidated financial statements or tax returns. The Company
accounts for income taxes using the asset and liability method to compute the differences between the tax basis of assets and liabilities
and the related financial amounts, using currently enacted tax rates. A valuation allowance is recorded when it is “more likely-than-not”
that a deferred tax asset will not be realized.
For
uncertain tax positions that meet a “more likely than not” threshold, the Company recognizes the benefit of uncertain tax
positions in the condensed consolidated financial statements. The Company’s practice is to recognize interest and penalties, if
any, related to uncertain tax positions in income tax expense in the condensed consolidated statements of operations.
Exploration
Stage
In
accordance with U.S. GAAP, expenditures relating to the acquisition of mineral rights are initially capitalized as incurred while exploration
and pre-extraction expenditures are expensed as incurred until such time as the Company exits the exploration stage by establishing proven
or probable reserves. Expenditures relating to exploration activities such as drill programs to establish mineralized materials are expensed
as incurred. Expenditures relating to pre-extraction activities are expensed as incurred until such time proven or probable reserves
are established for that project, after which expenditures relating to mine development activities for that particular project are capitalized
as incurred. As of May 31, 2023, the Company was not engaged in any mine exploration.
Mineral
Rights
Acquisition
costs of mineral rights are capitalized as incurred while exploration and pre-extraction expenditures are expensed as incurred until
such time as the Company exits the exploration stage by establishing proven or probable reserves, as defined by the SEC under Industry
Guide 7, through the completion of a “final” or “bankable” feasibility study. Expenditures relating to exploration
activities are expensed as incurred and expenditures relating to pre-extraction activities are expensed as incurred until such time proven
or probable reserves are established for that project, after which subsequent expenditures relating to development activities for that
particular project are capitalized as incurred.
Where
proven and probable reserves have been established, the project’s capitalized expenditures are depleted over proven and probable
reserves upon commencement of production using the units-of-production method. Where proven and probable reserves have not been established,
such capitalized expenditures are depleted over the estimated production life upon commencement of extraction using the straight-line
method.
The
carrying values of the mineral rights are assessed for impairment by management on a quarterly basis or when indicators of impairment
exist. Should management determine that these carrying values cannot be recovered, the unrecoverable amounts are written off against
earnings. As of May 31, 2023 and 2022, the Company did not have any capitalized mineral rights.
Recent
Accounting Pronouncements
All
newly issued but not yet effective accounting pronouncements have been deemed to be not applicable or immaterial to the Company.
NOTE
4 – MINING RIGHTS
Snow
White Mine located in San Bernardino County, CA – Deposit
On
November 28, 2014 US Mining and Minerals Corporation entered into a Purchase Agreement in which it agreed to sell its fee simple property
interest and certain mining claims to USMC. In contemplation of the Plan and Agreement of Reorganization, on December 1, 2014, USMC,
assigned its rights and obligations under the Purchase Agreement to the Company pursuant to an Assignment of Purchase Agreement. As a
result of the Assignment, the Company assumed the purchaser position under the Purchase Agreement. The Purchase Agreement involves the
sale of approximately 280 acres of mining property containing 5 placer mining claims known as the Snow White Mine located near Barstow,
California in San Bernardino County. The property is covered by a Conditional Use Permit allowing the mining of the property and a Plan
of Operation and Reclamation Plan has been approved by San Bernardino County and Bureau of Land Management. An initial deposit of $50,000
was paid to the Company and held in escrow, and the Purchase Agreement required the payment of an additional $600,000 at the end of the
escrow period. There was a delay in the original seller, Joseph Richard Matthewson, receiving a clear title to the property and a fully
permitted project, both of which were conditions to the closing of the sale from US Mining and Minerals Corporation to the Company. In
light of the foregoing, and the payment of an additional $25,000, the parties agreed to extend the closing. Due to delays in the Company
securing the necessary funding to close the purchase of the Snow White Mine property, John Bremer, a shareholder and a director of the
Company, paid $575,000 to acquire the property interest and mining claims on or about October 15, 2015. Mr. Bremer agreed to transfer
title to the Company upon payment of $575,000 plus expenses to Mr. Bremer, however, the Company is under no obligation to do so. The
mining claims require a minimum royalty payment of $3,500 per year to be made by the Company, which is paid by USMC.
On
April 1, 2020, the Company entered into a purchase and sale agreement with the Bremer Family 1995 Living Trust (the “Trust”),
pursuant to which the Company will purchase the Snow White Mine for $836,000 (the “Purchase Price”) from the Trust. The Purchase
Price plus 5% interest is payable in full in cash at closing. On April 14, 2022, the agreement was amended to extend the closing date
to April 14, 2023. On April 7, 2023 the agreement was further amended to extend the Closing Date to April 1, 2024.
NOTE
5 – PROPERTY AND EQUIPMENT
Property
and equipment consisted of the following at:
SCHEDULE
OF PROPERTY AND EQUIPMENT
| |
May 31, 2023 | | |
November 30, 2022 | |
| |
| | |
| |
Furniture and equipment | |
$ | 6,952 | | |
$ | 6,952 | |
Machinery and equipment | |
| 35,151 | | |
| 35,151 | |
Automobiles and trucks | |
| 25,061 | | |
| 25,061 | |
Construction in process | |
| 620,000 | | |
| 620,000 | |
Property
and equipment, gross | |
| 687,164 | | |
| 687,164 | |
Less: accumulated depreciation | |
| (67,164 | ) | |
| (67,164 | ) |
Property and equipment, net | |
$ | 620,000 | | |
$ | 620,000 | |
There
was no depreciation expense for the three or six months ended May 31, 2023 and 2022.
NOTE
6 – NOTES PAYABLE
Bayshore
Capital Advisors, LLC
On
February 26, 2016, the Company issued a promissory note to Bayshore Capital Advisors, LLC (“Bayshore Capital”), an affiliate
through common ownership of a 10% major stockholder of the Company, for $25,000 for working capital at an interest rate of 6% per annum.
The note was payable August 26, 2016, or when the Company closes a bridge financing, whichever occurs first. On February 4, 2023, Bayshore
Capital agreed to cancel the $25,000 debt, plus $10,146 of accrued and unpaid interest. Prior to the cancellation of the note, the Company
was in default on the note. Total interest expense on the note was $255 and $750 for the six months ended May 31, 2023 and 2022, respectively.
Total interest expense on the note was zero and $380 for the three months ended May 31, 2023 and 2022.
A.
Scott Dockter – President and Chief Executive Officer
On
August 31, 2017, the Company issued a note in the amount of $197,096 to A. Scott Dockter, President, Chief Executive Officer and a director
of the Company, to consolidate the total amounts due to Mr. Dockter. The note bears interest at 6% and is due upon demand. During the
six months ended May 31, 2023, the Company paid $15,000 towards the outstanding balance of the note. Total interest expense on the note
was $612 and $1,706 for the six months ended May 31, 2023 and 2022, respectively. Total interest expense on the note was $233 and $837
for the three months ended May 31, 2023 and 2022, respectively. The balance on the note was $13,716 and $28,716 as of May 31, 2023 and
November 30, 2022, respectively. There was $41,779 and $41,167 of accrued interest as of May 31, 2023 and November 30, 2022, respectively.
Convertible
Promissory Notes – USMC
December
1, 2019
On
December 1, 2019, in connection with the September 26, 2019 securities purchase agreement with USMC (See Note 12), the Company issued
a convertible promissory note in the amount of $20,000 to USMC, with a maturity date of December 31, 2021 (“Tranche #1”).
The note bears interest at 5% per annum which is payable on maturity. Amounts due under the note may be converted into shares of the
Company’s common stock, at any time at the option of the holder, at a conversion price of $0.16 per share. On April 7, 2022, the
December 1, 2019 note was amended to extend the maturity date to April 30, 2022 and USMC gave notice of conversion of the outstanding
principal balance of $20,000 plus accrued interest totaling $2,351 through such date, into 139,692 shares of the Company’s common
stock.
The
issuance of Tranche #1 resulted in a discount from the beneficial conversion feature totaling $20,000. Total straight-line amortization
of this discount was zero for the three and six months ended May 31, 2023 and May 31, 2022. Total interest expense on Tranche #1 was
approximately zero and $350 for the six months ended May 31, 2023 and 2022, respectively. Total interest expense on Tranche #1 was approximately
zero and $100 for the three months ended May 31, 2023 and 2022, respectively.
January
1, 2020
On
January 1, 2020, in connection with the September 26, 2019 securities purchase agreement with USMC (See Note 12), the Company issued
a convertible promissory note in the amount of $86,000 to USMC, with a maturity date of January 1, 2022 (“Tranche #2”). The
note bears interest at 5% per annum which is payable on maturity. Amounts due under the note may be converted into shares of the Company’s
common stock, at any time at the option of the holder, at a conversion price of $0.16 per share. On April 7, 2022, the January 1, 2020
note was amended to extend the maturity date to April 30, 2022 and USMC gave notice of conversion of the outstanding principal balance
of $86,000 plus accrued interest totaling $9,743 through such date, into 598,392 shares of the Company’s common stock.
The
issuance of Tranche #2 resulted in a discount from the beneficial conversion feature totaling $32,250. Total straight-line amortization
of this discount totaled zero and $1,412 for the three and six months ended May 31, 2023 and May 31, 2022, respectively. Total interest
expense on Tranche #2 was approximately zero and $1,500 for the six months ended May 31, 2023 and 2022, respectively. Total interest
expense on Tranche #2 was approximately zero and $450 for the three months ended May 31, 2023 and 2022, respectively.
February
1, 2020
On
February 1, 2020, in connection with the September 26, 2019 securities purchase agreement with USMC (See Note 12), the Company issued
a convertible promissory note in the amount of $72,000 to USMC, with a maturity date of February 1, 2022 (“Tranche #3”).
The note bears interest at 5% per annum which is payable on maturity. Amounts due under the note may be converted into shares of the
Company’s common stock, at any time at the option of the holder, at a conversion price of $0.16 per share. On April 7, 2022, the
February 1, 2020 note was amended to extend the maturity date to April 30, 2022 and USMC gave notice of conversion of the outstanding
principal balance of $72,000 plus accrued interest totaling $7,851 through such date, into 499,068 shares of the Company’s common
stock.
The
issuance of Tranche #3 resulted in a discount from the beneficial conversion feature totaling $36,000. Total straight-line amortization
of this discount totaled zero and $3,103 for the six months ended May 31, 2023 and May 31, 2022, respectively. Total interest expense
on Tranche #3 was approximately zero and $1,260 for the six months ended May 31, 2023 and 2022, respectively. Total interest expense
on Tranche #3 was approximately zero and $375 for the three months ended May 31, 2023 and 2022, respectively.
December
1, 2020
On
December 1, 2020, in connection with the September 26, 2019 securities purchase agreement with USMC (See Note 12), the Company issued
a convertible promissory note in the amount of $822,000 to USMC, with a maturity date of November 25, 2022 (“Tranche 4”).
The note bears interest at 5% per annum which is payable on maturity. Amounts due under the note may be converted into shares of the
Company’s common stock at any time at the option of the noteholder, at a conversion price of $0.16 per share. On April 7, 2022
USMC gave notice of conversion of the outstanding principal balance of $822,000 of the December 1, 2020 note, plus accrued interest totaling
$55,401 through such date, into 5,483,753 shares of the Company’s common stock. Total interest expense on Tranche #4 was approximately
zero and $17,700 for the six months ended May 31, 2023 and 2022, respectively. Total interest expense on Tranche #4 was approximately
zero and $7,500 for the three months ended May 31, 2023 and 2022, respectively.
March
17, 2021
On
March 17, 2021, in connection with the March 11, 2021 securities purchase agreement with USMC (See Note 12), the Company issued a convertible
promissory note in the amount of $579,769 to USMC, with a maturity date of March 17, 2023 (“Tranche #5”). The note bears
interest at 5% per annum which is payable on maturity. Amounts due under the note may be converted into shares of the Company’s
common stock at any time at the option of the noteholder, at a conversion price of $0.088 per share. On April 7, 2022 USMC gave notice
of conversion of the outstanding principal balance of $579,769.39 of the March 17, 2021 note, plus accrued interest totaling $30,656
through such date, into 6,936,656 shares of the Company’s common stock. Total interest expense on Tranche #5 was approximately
zero and $8,800 for the six months ended May 31, 2023 and 2022, respectively. Total interest expense on Tranche #5 was approximately
zero and $1,700 for the three months ended May 31, 2023 and 2022, respectively.
March
14, 2022
On
March 14, 2022, in connection with the November 25, 2020 securities purchase agreement with USMC (See Note 12), the Company issued a
convertible promissory note in the amount of $884,429 to USMC, with a maturity date of March 14, 2024 (“Tranche #6”). The
note bears interest at 5% per annum which is payable on maturity. Amounts due under the note may be converted into shares of the Company’s
common stock at any time at the option of the noteholder, at a conversion price of $0.088 per share. On April 7, 2022 USMC gave notice
of conversion of the outstanding principal balance of $884,492 of the March 14, 2022 note, plus accrued interest totaling $2,908 through
such date, into 10,084,093 shares of the Company’s common stock. Total interest expense on Tranche #6 was approximately zero and
$2,908 for the six months ended May 31, 2023 and May 31, 2022. Total interest expense on Tranche #6 was approximately zero and $2,908
for the three months ended May 31, 2023 and May 31, 2022.
August
30, 2022
On
August 30, 2022, in connection with the April 7, 2022 securities purchase agreement with USMC (See Note 12), the Company issued a convertible
promissory note in the amount of $470,862 to USMC, with a maturity date of August 30, 2024 (“Tranche #7”). The note bears
interest at 5% per annum which is payable on maturity. Amounts due under the note may be converted into shares of the Company’s
common stock at any time at the option of the noteholder, at a conversion price of $0.39 per share. Total interest expense on Tranche
#7 was $11,610 for the six months ended May 31, 2023. Total interest expense on Tranche #7 was $5,805 for the three months ended May
31, 2023.
November
29, 2022
On
November 29, 2022, in connection with the April 7, 2022 securities purchase agreement with USMC (See Note 12), the Company issued a convertible
promissory note in the amount of $140,027 to USMC, with a maturity date of August 30, 2024 (“Tranche #8”). The note bears
interest at 5% per annum which is payable on maturity. Amounts due under the note may be converted into shares of the Company’s
common stock at any time at the option of the noteholder, at a conversion price of $0.39 per share. Total interest expense on Tranche
#8 was $3,453 for the six months ended May 31, 2023. Total interest expense on Tranche #8 was $1,726 for the three months ended May 31,
2023.
February
28, 2023
On
February 28, 2023, in connection with the April 7, 2022 securities purchase agreement with USMC (See Note 12), the Company issued a convertible
promissory note in the amount of $308,320 to USMC, with a maturity date of February 28, 2025 (“Tranche #9”). The note bears
interest at 5% per annum which is payable on maturity. Amounts due under the note may be converted into shares of the Company’s
common stock at any time at the option of the noteholder, at a conversion price of $0.39 per share. Total interest expense on Tranche
#9 was $3,801 for the three and six months ended May 31, 2023.
May
31, 2023
On
May 31, 2023, in connection with the March 20, 2023 securities purchase agreement with USMC (See Note 12), the Company issued a convertible
promissory note in the amount of $412,533 to USMC, with a maturity date of May 31, 2025 (“Tranche #10”). The note bears interest
at 8% per annum which is payable on maturity. Amounts due under the note may be converted into shares of the Company’s common stock
at any time at the option of the noteholder, at a conversion price of $0.10 per share. There was no interest expense on Tranche #10 for
the three and six months ended May 31, 2023.
Line
of Credit –USMC
July 10, 2023
On
July 10, 2023 , the Company entered into a line of credit agreement and unsecured convertible grid promissory note with USMC. The
July 10, 2023 line of credit agreement provides for the issuance for up to one year of up to an aggregate of $1,000,000 of advances from
USMC under an unsecured convertible grid promissory note (See Note 12). The note bears interest at 8% annum and any outstanding principal
or accrued interest under the note is convertible into shares of the Company’s common stock at a conversion price of $0.10 per
share on the maturity date. As of the date hereof, there have been no advances from USMC under the July 10, 2023 line of credit agreement.
Convertible
Debt – Board of Directors
On
April 8, 2021, the Company entered into a twelve-month director agreement with Jeffrey Guzy, as amended on August 26, 2022 (the “Guzy
Director Agreement”) pursuant to which Mr. Guzy will serve as a director of the Company, which agreement will automatically renew
(the “Renewal Date”) for successive one-year terms unless either party notifies the other of its desire not to renew the
Agreement within 30 days of the expiration of the then current term. As compensation therefor, Mr. Guzy is entitled to a cash fee of
$1,000 per month which accrues as 0% debt to the Company until the Company has its first cash-flow positive month. Any amounts owed to
Mr. Guzy at the Renewal Date or upon Mr. Guzy’ resignation or removal (the “Termination Date”) will be converted into
the Company’s common stock at a price per share equal to the market price on the exchange or trading market where such stock is
then traded or quoted or the volume-weighted average price (“VWAP”) of the common stock for the 20days immediately preceding
the Renewal Date or the Termination Date, as the case may be. On April 14, 2023, Mr. Guzy converted $24,000 in accrued but unpaid director
fees into 80,000 shares of common stock at $0.15 per share and 150,000 shares of common stock at $0.08 per share. As of May 31, 2023,
cash fees owed to Mr. Guzy under the Guzy Director Agreement were deferred and debt in the amount of $2,000 is owed to Mr. Guzy.
On
August 13, 2021, the Company entered into a twelve-month director agreement with Dr. Kurtis, as amended on August 26, 2022 (the “Kurtis
Director Agreement”) pursuant to which Dr. Kurtis will provide up to five hours per month of board services, which agreement will
automatically renew for successive one-year terms unless either party notifies the other of its desire not to renew the Agreement within
30 days of the expiration of the then current term. As compensation therefor, Dr. Kurtis is entitled to a cash fee of $1,000 per month
which accrues as debt to the Company until the Company has its first cash-flow positive month. Any amounts owed to Dr. Kurtis at the
Renewal Date or the Termination Date will be converted into common stock at a price per share equal to market price on the exchange or
trading market where such stock is then traded or quoted or the VWAP of the common stock for the 20 days immediately preceding the Renewal
Date or the Termination Date, as the case may be. On April 14, 2023, Dr. Kurtis exercised the conversion of $12,000 in accrued but unpaid
director fees to purchase 80,000 shares of common stock at $0.15 per share. As of May 31, 2023, cash fees owed to Dr. Kurtis as per the
terms of the Kurtis Director Agreement were deferred and debt in the amount of $10,000 is owed to Dr. Kurtis.
NOTE
7 – LEASES
The
following table presents net lease cost and other supplemental lease information:
SCHEDULE
OF LEASE COST AND OTHER SUPPLEMENTAL LEASE INFORMATION
| |
Six
Months Ended
May 31, 2023 | |
Lease cost | |
| | |
Operating lease cost (cost resulting from lease payments) | |
$ | 21,000 | |
Short term lease cost | |
| - | |
Sublease income | |
| - | |
Net lease cost | |
$ | 21,000 | |
| |
| | |
Operating lease – operating cash flows (fixed payments) | |
$ | 21,000 | |
Operating lease – operating cash flows (liability reduction) | |
$ | 19,197 | |
Non-current leases – right of use assets | |
$ | 59,699 | |
Current liabilities – operating lease liabilities | |
$ | 39,869 | |
Non-current liabilities – operating lease liabilities | |
$ | 20,696 | |
| |
Six
Months Ended
May 31,2022 | |
Lease cost | |
| | |
Operating lease cost (cost resulting from lease payments) | |
$ | 9,000 | |
Short term lease cost | |
| - | |
Sublease income | |
| - | |
Net lease cost | |
$ | 9,000 | |
| |
| | |
Operating lease – operating cash flows (fixed payments) | |
$ | 9,000 | |
Operating lease – operating cash flows (liability reduction) | |
$ | 8,688 | |
Non-current leases – right of use assets | |
$ | 7,109 | |
Current liabilities – operating lease liabilities | |
$ | 7,407 | |
Non-current liabilities – operating lease liabilities | |
$ | - | |
Future
minimum payments under non-cancelable leases for operating leases for the remaining terms of the leases following the three months ended
May 31, 2023:
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS
Fiscal Year | |
Operating Leases | |
Remainder of 2023 | |
$ | 31,500 | |
2024 | |
| 31,500 | |
Total future minimum lease payments | |
| 63,000 | |
Amount representing interest | |
| (2,435 | ) |
Present value of net future minimum lease payments | |
$ | 60,565 | |
NOTE
8 – ACCOUNTS PAYABLE AND ACCRUED EXPENSES
Accounts
payable and accrued expenses consist of the following amounts as of:
SCHEDULE
OF ACCOUNTS PAYABLE AND ACCRUED EXPENSES
| |
May 31, 2023 | | |
November 30, 2022 | |
| |
| | |
| |
Accounts payable | |
$ | 316,496 | | |
$ | 30,078 | |
Accrued interest – related party | |
| 66,595 | | |
| 57,266 | |
Accrued compensation | |
| 29,466 | | |
| 28,134 | |
Accounts payable and accrued expenses | |
$ | 412,557 | | |
$ | 115,478 | |
NOTE
9 – COMMITMENTS AND CONTINGENCIES
Office
and Rental Property Leases
The
Company is leasing office space from USMC, a company that is owned by the Company’s majority shareholders and directors, A. Scott
Dockter and John Bremer (See Note 12).
Mineral
Properties
The
Company’s mineral rights require various annual lease payments (See Note 4).
Legal
Matters
On
July 8, 2020, the Company’s former Chief Financial Officer, Al Calvanico (“Calvanico”), filed a demand for arbitration
alleging retaliation, wrongful termination, and demand for a minimum of $600,000 in alleged stock value, plus interest, recovery of past
and future wages, attorneys’ fees, and punitive damages (collectively, the “Calvanico Claims”). The Company denied
all Calvanico Claims. The Company believes Calvanico is owed nothing because it takes the position that Calvanico was not terminated,
but rather, his employment contract expired on September 21, 2019, in accordance with its terms, and was not renewed by the Company and
because Calvanico never exercised his stock options. On February 14, 2020, the Company requested in writing that Calvanico exercise his
stock options within 30 days. Calvanico failed to do so. The Company and Calvanico engaged in binding arbitration which concluded on
February 3, 2023. On June 20, 2023, the arbitrator decided in favor of the Company with respect to breach of contract, fraud and negligent
representation and wrongful discharge and in favor of Calvanico for attorneys’ fees for Calvanico’s asserted claims in accordance
with his employment agreement with the Company. A teleconference was set for July 18, 2023 for determination of the amount of attorneys’
fees to be awarded.
On
March 29, 2019, the Company was served with a complaint filed by Superior Soils Supplements LLC (“Superior Soils”) in the
Superior Court of the State of California in and for the County of Kings (Case #19C-0124) relating to 64 truckloads of soil amendments
delivered to a customer by the Company on behalf of Superior Soils. Superior Soils alleged that the soil amendments were not labeled
correctly requiring the entire shipment of product to be returned to the Company. The complaint alleges breach of contract, misrepresentations,
fraudulent concealment and unfair competition. The complaint sought damages of approximately $400,000 and, although the Company vigorously
defended such claims and believed there was little to no risk of liability, it accrued $400,000 for such risk. On April 28, 2023, the
Company and Superior Soils entered into a settlement agreement and mutual release pursuant to which the Company paid $125,000 to Superior
Soils and Superior Soils filed a dismissal with prejudice.
Contractual
Matters
On
November 1, 2013, the Company entered into an agreement with USMC, in which USMC provides various technical evaluations and mine development
services for the Company with regard to the various mining properties/rights owned by the Company. Terms of services and compensation
will be determined for each project undertaken by USMC.
On
October 12, 2018, the Company entered into a material supply agreement with USMC, pursuant to which USMC provides designated natural
resources to the Company at predetermined prices (See Note 12).
Note
10 - STOCKHOLDERS’ EQUITY
On
May 19, 2022, the Company entered into an agreement with Newbridge Securities Corporation (“Newbridge”) for a twelve-month
term, pursuant to which Newbridge provided investment banking and corporate advisory services to the Company. As consideration therefor,
the Company issued Newbridge 300,000 shares of common stock on June 17, 2022 which shares were subject to a 12-month lockup from the
date of issuance. The shares were issued at a fair value of $0.35 per share.
On
June 9, 2023, effective April 8, 2023, the Company entered into a one-year advisory agreement with Dr. Karen Scrivener
(“Scrivener Agreement”) pursuant to which Dr. Scrivener will provide certain strategic decision advisory services
to the Company. As compensation therefor, Dr. Scrivener was issued 100,000
shares of the Company’s common stock on June 9, 2023 at $0.08
per share.
Note
11 – STOCK-BASED COMPENSATION
The
Company accounted for its stock-based compensation in accordance with the fair value recognition provisions of FASB ASC Topic 718.
2017
Equity Incentive Plan
On
November 10, 2017, the Board approved the 2017 PureBase Corporation Stock Option Plan which is intended to be a qualified stock option
plan (the “Option Plan”). The Board reserved 10,000,000 shares of the Company’s common stock to be issued pursuant
to options granted under the Option Plan. The Option Plan was subsequently approved by shareholders on September 28, 2018. As of May
31, 2023, options to purchase an aggregate of 128,688,187 shares of common stock have been granted under the Option Plan.
The
Company has also granted options to purchase an aggregate of 500,000 shares of common stock pursuant to employment contracts with certain
employees prior to the adoption of the Option Plan.
On
June 3, 2022, in connection with the settlement agreement with Agregen, Robert Hurtado, James Todd Gauer and John Gingerich, the Company
granted James Todd Gauer an immediately exercisable option to purchase 8,669,400 shares of common stock, the equivalent number of shares
of common stock that were surrendered to the Company, at an exercise price of $2.50 per share and a fair value of $1,856,151. The option
was valued using the Black-Scholes option pricing model under the assumptions in the below table.
On
August 26, 2022, the Company granted immediately exercisable options to purchase an aggregate of 2,223,787 shares of common stock to
members of the Board, consultants and employees for services to be performed. The options were issued at an exercise price of $0.24 per
share and a total fair value of $522,411. The options were valued using the Black-Scholes option pricing model under the assumptions
in the below table.
SCHEDULE
OF BLACK-SCHOLES OPTION MODEL ASSUMPTIONS
Grant Date | |
Number of Options | | |
Stock Price | | |
Exercise Price | | |
Expected Volatility | | |
Risk-free Interest Rate | | |
Dividend Rate | | |
Expected Term | |
Fair Value | |
4/8/2021 | |
| 250,000 | | |
$ | 0.15 | | |
$ | 0.10 | | |
| 281.00 | % | |
| 0.85 | % | |
| 0.00 | % | |
2.50 years | |
$ | 36,708 | |
8/13/2021 | |
| 200,000 | | |
$ | 0.46 | | |
$ | 0.36 | | |
| 266.00 | % | |
| 0.79 | % | |
| 0.00 | % | |
3.50 years | |
$ | 90,944 | |
10/6/2021 | |
| 116,000,000 | | |
$ | 0.38 | | |
$ | 0.38 | | |
| 278.00 | % | |
| 1.26 | % | |
| 0.00 | % | |
3.88 years | |
$ | 43,808,780 | |
6/3/2022 | |
| 8,669,400 | | |
$ | 0.22 | | |
$ | 2.50 | | |
| 274.50 | % | |
| 2.95 | % | |
| 0.00 | % | |
3.50 years | |
$ | 1,856,151 | |
8/26/2022 | |
| 1,734,615 | | |
$ | 0.24 | | |
$ | 0.24 | | |
| 269.24 | % | |
| 3.20 | % | |
| 0.00 | % | |
3.50 years | |
$ | 411,668 | |
8/26/2022 | |
| 242,424 | | |
$ | 0.24 | | |
$ | 0.24 | | |
| 276.76 | % | |
| 3.20 | % | |
| 0.00 | % | |
3.00 years | |
$ | 57,264 | |
8/26/2022 | |
| 246,748 | | |
$ | 0.24 | | |
$ | 0.24 | | |
| 207.37 | % | |
| 3.20 | % | |
| 0.00 | % | |
2.50 years | |
$ | 53,479 | |
The
Company did not grant stock options during the six months ended May 31, 2023 and May 31, 2022.
The
weighted average non-vested grant date fair value of non-vested options was zero and $10,917,826 at May 31, 2023 and November 30, 2022,
respectively.
Compensation
based stock option activity for qualified and unqualified stock options are summarized as follows:
SCHEDULE OF STOCK OPTION ACTIVITY
| |
| | |
Weighted | |
| |
Number of | | |
Average | |
| |
Shares | | |
Exercise Price | |
Outstanding at November 30, 2021 | |
| 117,795,000 | | |
$ | 0.39 | |
Granted | |
| - | | |
| - | |
Exercised | |
| - | | |
| - | |
Expired or cancelled | |
| - | | |
| - | |
Outstanding at May 31, 2022 | |
| 117,795,000 | | |
$ | 0.39 | |
| |
| | | |
| | |
Outstanding at November 30, 2022 | |
| 128,688,187 | | |
$ | 0.53 | |
Granted | |
| - | | |
| - | |
Exercised | |
| - | | |
| - | |
Expired or cancelled | |
| - | | |
| - | |
Outstanding at May 31, 2023 | |
| 128,688,187 | | |
$ | 0.53 | |
The
following table summarizes information about options to purchase shares of the Company’s common stock outstanding and exercisable
at May 31, 2023:
SCHEDULE OF STOCK OPTION SHARES OUTSTANDING AND EXERCISABLE
| | |
| | |
Weighted- | | |
Weighted- | | |
| |
| | |
| | |
Average | | |
Average | | |
| |
Exercise | | |
Outstanding | | |
Remaining Life | | |
Exercise | | |
Number | |
Price | | |
Options | | |
In Years | | |
Price | | |
Exercisable | |
| | |
| | |
| | |
| | |
| |
$ | 0.10 | | |
| 400,000 | | |
| 1.39 | | |
$ | 0.10 | | |
| 400,000 | |
| 0.10 | | |
| 645,000 | | |
| 2.54 | | |
| 0.10 | | |
| 645,000 | |
| 0.12 | | |
| 50,000 | | |
| 5.57 | | |
| 0.12 | | |
| 50,000 | |
| 0.24 | | |
| 2,223,787 | | |
| 4.16 | | |
| 0.24 | | |
| 2,223,787 | |
| 0.36 | | |
| 200,000 | | |
| 3.45 | | |
| 0.36 | | |
| 200,000 | |
| 0.38 | | |
| 116,000,000 | | |
| 5.59 | | |
| 0.38 | | |
| 116,000,000 | |
| 2.50 | | |
| 8,669,400 | | |
| 4.26 | | |
| 2.50 | | |
| 8,669,400 | |
| 3.00 | | |
| 500,000 | | |
| 3.01 | | |
| 3.00 | | |
| 500,000 | |
| | | |
| 128,688,187 | | |
| 5.44 | | |
$ | 0.53 | | |
| 128,688,187 | |
The
compensation expense attributed to the issuance of the options is recognized as options vest.
The
stock options granted are exercisable over various terms from thee to ten years from the grant date and vest over various terms from
the grant date to five years.
Total
compensation expense related to the options was $7,326,402 and $18,254,083 for the six months ended May 31, 2023 and May 31, 2022, respectively.
Total compensation expense related to the options was $1,841,389 and $7,304,345 for the three months ended May 31, 2023 and May 31, 2022,
respectively. As of May 31, 2023, there was no future compensation cost related to non-vested stock options.
The
aggregate intrinsic value is $31,155 for total outstanding and exercisable options, which was based on an estimated fair value of the
Company’s common stock of $0.13 as of May 31, 2023, which is the aggregate fair value of the common stock that would have been
received by the option holders had all option holders exercised their options as of that date, net of the aggregate exercise price.
NOTE
12 – RELATED PARTY TRANSACTIONS
Bayshore
Capital Advisors, LLC
On
February 26, 2016, the Company issued a promissory note to Bayshore Capital Advisors, LLC (“Bayshore Capital”), an affiliate
through common ownership of a 10% major stockholder of the Company, for $25,000 for working capital at an interest rate of 6% per annum.
The note was payable August 26, 2016, or when the Company closes a bridge financing, whichever occurs first. On February 4, 2023, Bayshore
Capital agreed to cancel the $25,000 debt, plus $10,146 of accrued and unpaid interest. Prior to the cancellation of the note, the Company
was in default on the note. Total interest expense on the note was $255 and $750 for the six months ended May 31, 2023 and 2022, respectively.
Total interest expense on the note was zero and $380 for the three months ended May 31, 2023 and 2022, respectively.
US
Mine Corporation
The
Company entered into a contract mining agreement with USMC, a company which A. Scott Dockter, the Company’s Chief Executive Officer
and a director, and John Bremer, a director, each own 33%, pursuant to which USMC provides various technical evaluations and mine development
services to the Company. During the six months ended May 31, 2023 and 2022, the Company made $34,364 and no purchases from USMC, respectively.
No services were rendered by USMC for the six months ended May 31, 2023 and 2022. In addition, during the six months ended May 31, 2023
and 2022, USMC paid $15,853 and $4,438, respectively, of expenses to the Company’s vendors and creditors on behalf of the Company.
During the six months ended May 31, 2023 and 2022, USMC made cash advances to the Company of $705,000 and $410,000, respectively, which
are recorded as part of due to affiliates and convertible notes payable, related party on the Company’s condensed consolidated
balance sheets. All amounts owed for services rendered, expenses paid on behalf of the Company, and cash advances were converted into
the Company’s common stock pursuant to the September 5, 2019 Debt Exchange Agreement, the November 25, 2020 Securities Purchase
Agreement (See Note 6) and the April 7, 2022 Securities Purchase Agreement (See Note 6). The Company had a balance due of $406,604 and
zero to USMC on May 31, 2023 and November 30, 2022, respectively.
USMC
Notes
The
Company has entered into various securities purchase agreements with USMC pursuant to which USMC may purchase the Company’s unsecured
convertible promissory notes (See Note 6). The outstanding balance on the convertible notes due to USMC was $1,331,742 and $610,889 on
May 31, 2023 and November 30, 2022, respectively. Interest expense on the convertible notes due to USMC totaled $18,864 and $32,518 for
the six months ended May 31, 2023 and May 31, 2022, respectively. Interest expense on the convertible notes due to USMC totaled $11,333
and $13,033 for the three months ended May 31, 2023 and May 31, 2022, respectively.
USMC
Line of Credit
On
July 10, 2023, the Company entered into a line of credit agreement and unsecured convertible grid promissory note with USMC. The July 10, 2023 line of credit agreement provides for the issuance for up to one year of up to an aggregate of $1,000,000 of advances from USMC
under an unsecured convertible grid promissory note (See Note 6). The note bears interest at 8% annum and any outstanding principal or
accrued interest under the note is convertible into shares of the Company’s common stock at a conversion price of $0.10 per share
on the maturity date. As of the date hereof, there have been no advances from USMC under the July 10, 2023 line of credit agreement.
USMC
Mining Agreements
On
April 22, 2020, the Company entered into a Material Supply Agreement (the “Supply Agreement”) with USMC which amended the
prior Materials Supply Agreement entered into on October 12, 2018. Under the terms of the Supply Agreement, all kaolin clay purchased
by the Company from USMC under the Supply Agreement must be used exclusively for agricultural products and supplementary cementitious
materials. The Company will pay $25 per ton for the kaolin clay for supplementary cementitious materials and $145 per ton for bagged
products for clay for agriculture (in each case plus an additional $5 royalty fee per ton). The Supply Agreement also provides that if
USMC provides pricing to any other customer which is more favorable than that provided to the Company, USMC will adjust the cost to the
Company to conform to the more favorable terms. The initial term of the Supply Agreement is three years, which automatically renews for
three successive one-year terms, unless either party provides notice of termination at least sixty days prior to the end of the then
current term. Either party has the right to terminate the Supply Agreement for a material breach which is not cured within 90 days. For
the six months ended May 31, 2023 and 2022, the Company purchased $34,365 and $72,236, respectively, under the Supply Agreement. For
the three months ended May 31, 2023 and 2022, the Company purchased $12,450 and $72,236, respectively, under the Supply Agreement. Since
April 22, 2020, the Company has purchased $292,806 of materials under the Supply Agreement.
US
Mine LLC
As compensation for such right, the Company issued a ten-year convertible promissory note in the principal
amount of $ to US Mine, LLC (the “US Mine Note”). The US Mine Note bears interest at the rate of% per annum
which is payable upon maturity. Amounts due under the US Mine Note may be converted into shares of the Company’s common stock at
the option of the noteholder, at a conversion price of $ per share. .
On
October 6, 2021, and prior to consummation of activities under the Materials Extraction Agreement, the Company and US Mine, LLC executed
an amendment to the Materials Extraction Agreement (the “Amendment”). Pursuant to the Amendment, the US Mine Note was retroactively
rescinded, ab initio and an option to purchase an aggregate of shares of the Company’s common stock at an exercise
price of $ per share until April 6, 2028, was issued to US Mine, LLC as compensation. Shares subject to the option vested as to 58,000,000
shares on April 6, 2022, 29,000,000 shares on October 6, 2022, and 29,000,000 shares on April 6, 2023. This agreement was further amended
and restated on June 21, 2022, with the same option purchase, vesting and exercise schedule. For the three and six months ended May 31,
2023 the Company expensed $ and $ in stock-based compensation expense related to the issuance of the option on October
16, 2021 to US Mine LLC under the Materials Extraction Agreement.
Transactions
with Officers
On
August 31, 2017, the Company issued a note in the amount of $197,096 to A. Scott Dockter, President, Chief Executive Officer and a director
of the Company, to consolidate the total amounts due to Mr. Dockter. The note bears interest at 6% and is due upon demand. During the
six months ended May 31, 2023, the Company paid $15,000 towards the outstanding balance of the note. Total interest expense on the note
was $612 and $1,706 for the six months ended May 31, 2023 and 2022, respectively. Total interest expense on the note was $233 and $837
for the three months ended May 31, 2023 and 2022, respectively. The balance on the note was $13,716 and $28,716 as of May 31, 2023 and
November 30, 2022, respectively. There was $41,779 and $41,167 of accrued interest as of May 31, 2023 and November 30, 2022, respectively.
Convertible
Debt – Board of Directors
On
April 8, 2021, the Company entered into the Guzy Director Agreement (See Note 6) pursuant to which Mr. Guzy will serve as a director
of the Company, which agreement will automatically renew for successive one-year terms unless either party notifies the other of its
desire not to renew the Agreement within 30 days of the expiration of the then current term. As compensation therefor, Mr. Guzy is entitled
to a cash fee of $1,000 per month which accrues as 0% debt to the Company until the Company has its first cash-flow positive month. Any
amounts owed to Mr. Guzy at the Renewal Date or upon Mr. Guzy’ resignation or removal will be converted into common stock at a
price per share equal to market price on the exchange or trading market where such stock is then traded or quoted or the VWAP of the
common stock for the 20-days immediately preceding the Renewal Date or the Termination Date, as the case may be. The Agreement also includes
a non-competition provision during the term of the Agreement and for twelve months thereafter.
On
August 13, 2021, the Company entered into the Kurtis Director Agreement (See Note 6) pursuant to which Dr. Kurtis will provide up to
five hours per month of board services, which agreement will automatically renew for successive one-year terms unless either party notifies
the other of its desire not to renew the Agreement within 30 days of the expiration of the then current term. As compensation therefor,
Dr. Kurtis is entitled to a cash fee of $1,000 per month which accrues as debt to the Company until the Company has its first cash-flow
positive month. Any amounts owed to Dr. Kurtis at the Renewal Date or upon Dr. Kurtis’ resignation or removal will be converted
into common stock at a price per share equal to market price on the exchange or trading market where such stock is then traded or quoted
or the VWAP of the common stock for the 20-days immediately preceding the Renewal Date or the Termination Date, as the case may be. The
Agreement includes a non-competition provision during the term of the Agreement and for twelve months thereafter.
On
June 9, 2023, effective April 8, 2023, the Company entered into a one-year advisory agreement with Dr. Karen Scrivener (“Scrivener
Agreement”) pursuant to which Dr. Scrivener will provide certain advisory services to the Company. As compensation therefor, Dr.
Scrivener was issued 100,000 shares of the Company’s common stock on June 9, 2023 at $0.08 per share.
Leases
On
October 1, 2020, the Company entered into a two-year lease agreement for its office space with USMC with a monthly rent of $1,500 (See
Note 7). The lease was amended to extend the term for an additional two years to November 1, 2024 and to add an additional 700 square
feet of office space for a total monthly rental price of $3,500 per month,
NOTE
13 – CONCENTRATION OF CREDIT RISK
Cash
Deposits
Financial
instruments that potentially subject the Company to concentrations of credit risk consist principally of cash deposits. Accounts at each
institution are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000. As of May 31, 2023 and November
30, 2022, the Company had no deposits in excess of the FDIC insured limit.
Revenues
Three
customers accounted for 99% of total revenue for the six months ended May 31, 2023, as set forth below:
SCHEDULE
OF CONCENTRATION OF CREDIT RISK
Customer A | |
| 44 | % |
Customer B | |
| 40 | % |
Customer C | |
| 15 | % |
Three
customers accounted for 100% of total revenue for the six months ended May 31, 2022, as set forth below:
Customer A | |
| 84 | % |
Customer B | |
| 8 | % |
Customer C | |
| 8 | % |
Accounts
Receivable
Two
customers accounted for 100% of the accounts receivable as of May 31, 2023, as set forth below:
Customer A | |
| 73 | % |
Customer B | |
| 27 | % |
There
were no receivables as of November 30, 2022.
Vendors
One
supplier accounted for 100% of purchases for the three months ended May 31, 2023.
Three
suppliers accounted for 60% of purchases as of May 31, 2022, as set forth below:
Vendor A | |
| 31 | % |
Vendor B | |
| 16 | % |
Vendor C | |
| 13 | % |
NOTE
14 – SUBSEQUENT EVENTS
In
accordance with ASC 855, Subsequent Events, which establishes general standards of accounting for and disclosure of events that
occur after the balance sheet date but before financial statements are issued, the Company has evaluated all events and transactions
that occurred after May 31, 2023 through the date the condensed consolidated financial statements were filed. During this period the
Company did not have any material reportable subsequent events other than those stated below:
On
July 10, 2023, the Company entered into a line of credit agreement and unsecured convertible grid promissory note with USMC. The July 10, 2023 line of credit agreement provides for the issuance for up to one year of up to an aggregate of $1,000,000 of advances from USMC
under an unsecured convertible grid promissory note (See Note 12). The note bears interest at 8% annum and any outstanding principal
or accrued interest under the note is convertible into shares of the Company’s common stock at a conversion price of $0.10 per
share on the maturity date. As of the date hereof, there have been no advances from USMC under the July 10, 2023 line of credit agreement.
ITEM
2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
This
Quarterly Report on Form 10-Q includes forward-looking statements that reflect management’s current views with respect to future
events and financial performance. Forward-looking statements
are statements in respect of future events or our future financial performance. In some cases, you can identify forward-looking statements
by terminology such as “may,” “should,” “expects,” “plans,” “anticipates,”
“believes,” “estimates,” “predicts,” “potential” or “continue” or the negative
of these terms or other comparable terminology. These statements include statements regarding the
intent, belief or current expectations of our management team, as well as the assumptions on which such statements are based. Prospective
investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risk and uncertainties,
and that actual results may differ materially from those contemplated by such forward-looking statements. These statements are
only predictions and involve known and unknown risks, uncertainties and other factors, including the risks set forth in the section entitled
“Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended November 30, 2022, as filed with the Securities
and Exchange Commission (the “SEC”) on February 28, 2023, any of which may cause our company’s or our industry’s
actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity,
performance or achievements expressed or implied in our forward-looking statements. These risks and factors include, by way of example
and without limitation:
● |
absence
of contracts with customers or suppliers; |
● |
our
ability to maintain and develop relationships with customers and suppliers; |
● |
the
impact of competitive products and pricing; |
● |
supply
constraints or difficulties; |
● |
the
retention and availability of key personnel; |
● |
general
economic and business conditions; |
● |
substantial
doubt about our ability to continue as a going concern; |
● |
our
ability to successfully implement our business plan; |
● |
our
need to raise additional funds in the future; |
● |
our
ability to successfully recruit and retain qualified personnel in order to continue our operations; |
● |
our
ability to successfully acquire, develop or commercialize new products; |
● |
the
commercial success of our products; |
● |
the
impact of any industry regulation; |
● |
our
ability to develop existing mining projects or establish proven or probable reserves; |
● |
our
dependence on one vendor for our minerals for our products; |
● |
the
impact of potentially losing the rights to properties; |
● |
the
impact of the increase in the price of natural resources; and |
● |
the
continued impact of the COVID-19 pandemic. |
We
undertake no obligation to update or revise forward-looking statements to reflect events or circumstances occurring after the date of
this Quarterly Report, except as required by law.
As
used in this Quarterly Report and unless otherwise indicated, the terms “Company,” “we,” “us,” and
“our,” refer to PureBase Corporation and its wholly-owned subsidiaries, PureBase Agricultural, Inc., a Nevada corporation
(“PureBase AG”) and U.S. Agricultural Minerals, LLC, a Nevada limited liability company (“PureBase SCM”).
Business
Overview
We
are an industrial mineral and natural resource company that provides solutions to the agriculture and construction materials markets
in the United States, through our two subsidiaries, PureBase AG, and PureBase SCM, respectively. The Company has not yet commenced mining
operations and relies on US Mine LLC for its raw materials.
Agricultural
Sector
We
develop specialized fertilizers, sun protectants, soil amendments and bio-stimulants for organic and non-organic sustainable agriculture.
We have developed and will seek to develop additional products derived from mineralized materials of leonardite, kaolin clay, laterite,
and other natural minerals. These mineral and soil amendments are used to protect crops, plants and fruits from the sun and winter damage,
to provide nutrients to plants, and to improve dormancy and soil ecology to help farmers increase the yields of their harvests. We are
building a brand family under the parent trade name “PureBase,” consisting of its PureBase Shade Advantage WP product, a
kaolin-clay based sun protectant for crops and Humic Advantage a humic acid product derived from leonardite.
Construction
Sector
We
are developing and testing a kaolin-based product that it believes will help create a lower CO2-emitting concrete through the use of
high-quality supplementary cementitious materials (“SCMs”). We are developing SCMs for the construction material markets,
particularly the cement markets that we believe can potentially replace up to 40% of cement, the most polluting part of concrete. As
government agencies continue to enact stricter requirements for less-polluting forms of concrete, we believe there are significant opportunities
for high-quality SCM products in the construction-materials sector.
We
utilize the services of USMC, for the development and contract mining of industrial mineral and metal projects, exploration drilling,
preparation of feasibility studies, mine modeling, on-site construction, production, site reclamation and for product fulfillment. Exploration
services include securing necessary permits, environmental compliance, and reclamation plans. In addition, a substantial portion of the
minerals used by the Company are obtained from properties owned or controlled by USMC.
A.
Scott Dockter, the Company’s Chief Executive Officer and a director, and John Bremer, a director, are also officers, directors
and owners of USMC.
Recent
Developments
On
July 10, 2023, the Company entered into a line of credit agreement and unsecured convertible grid promissory note with USMC. The July 10, 2023 line of credit agreement provides for the issuance for up to one year of up to an aggregate of $1,000,000 of advances from USMC
under an unsecured convertible grid promissory note (See Note 12). The note bears interest at 8% annum and any outstanding principal
or accrued interest under the note is convertible into shares of the Company’s common stock at a conversion price of $0.10 per
share on the maturity date. As of the date hereof, there have been no advances from USMC under the July 10, 2023 line of credit agreement.
Results
of Operations
Comparison
of the Three Months Ended May 31, 2023 to the Three Months Ended May 31, 2022
| |
May 31, 2023 | | |
May 31, 2022 | | |
Variance | |
Revenue, net | |
$ | 66,376 | | |
$ | 228,476 | | |
$ | (162,100 | ) |
| |
| | | |
| | | |
| | |
Cost of goods sold | |
| 26,606 | | |
| 88,030 | | |
| (61,424 | ) |
| |
| | | |
| | | |
| | |
Operating income | |
$ | 39,770 | | |
$ | 140,446 | | |
$ | (100,676 | ) |
| |
| | | |
| | | |
| | |
Operating Expenses: | |
| | | |
| | | |
| | |
Selling, general and administrative | |
| 2,321,585 | | |
| 7,622,810 | | |
| (5,301,225 | ) |
Loss from operations | |
| (2,281,815 | ) | |
| (7,482,364 | ) | |
| 5,200,549 | |
Other income (expense) | |
| 275,000 | | |
| - | | |
| 275,000 | |
Interest expense | |
| (12,401 | ) | |
| (11,013 | ) | |
| 1,388 | |
Net Loss | |
$ | (2,019,216 | ) | |
$ | (7,493,377 | ) | |
$ | 5,474,161 | |
Revenues
Revenue
decreased by $162,100, or 71% for the three months ended May 31, 2023, as compared to the three months ended May 31, 2022. This decrease
was primarily due to a decrease in purchases by the Company’s customers during the three months ended May 31, 2023.
Cost
of Goods Sold
Cost
of goods sold decreased by $61,424, or 70%, for the three months ended May 31, 2023, as compared to the three months ended May 31, 2022,
directly corresponding with the decrease in revenue during the three months ended May 31, 2023.
Operating
Expenses
Total
operating expenses decreased by $5,301,225, or 70%, for the three months ended May 31, 2023, as compared to the three months ended May
31, 2022. The decrease in operating expenses was primarily due to a decrease in stock-based compensation of $5,462,956 for the three
months ended May 31, 2023, as compared to the three months ended May 31, 2022.
The
Company continued to expense the option to purchase an aggregate of 116,000,000 shares of common stock granted to US Mine LLC on October
6, 2021 through March 2023, which constituted 99% of stock-based compensation during the period. As of April,2023, the Company no
longer expensed such option which resulted in a decreased stock-based compensation expense during the three months ended May 31,
2023 compared to the three months ended May 31, 2022.
Other
Income
The
increase in other income for the three months ended May 31, 2023, as compared to the three months ended May 31, 2022, is due to a recognized
gain of $275,000 from the settlement with Superior Soils on April 28, 2023.
Interest
Expense
Interest
expense increased by $1,388 or 13%, for the three months ended May 31, 2023, as compared to the three months ended May 31, 2022, primarily
due to a increase in outstanding debt.
Comparison
of the Six Months Ended May 31, 2023 to the Six Months Ended May 31, 2022
| |
May 31, 2023 | | |
May 31, 2022 | | |
Variance | |
Revenue, net | |
$ | 118,632 | | |
$ | 228,476 | | |
$ | (109,844 | ) |
| |
| | | |
| | | |
| | |
Cost of goods sold | |
| 49,069 | | |
| 91,282 | | |
| (42,213 | ) |
| |
| | | |
| | | |
| | |
Operating income | |
$ | 69,563 | | |
$ | 137,194 | | |
$ | (67,631 | ) |
| |
| | | |
| | | |
| | |
Operating Expenses: | |
| | | |
| | | |
| | |
Selling, general and administrative | |
| 8,208,455 | | |
| 18,823,211 | | |
| (10,614,756 | ) |
Loss from operations | |
| (8,138,892 | ) | |
| (18,868,017 | ) | |
| 10,547,125 | |
Other income (expense) | |
| 310,401 | | |
| 2,007 | | |
| 308,394 | |
Interest expense | |
| (21,524 | ) | |
| (31,911 | ) | |
| 10,387 | |
Net Loss | |
$ | (7,850,015 | ) | |
$ | (18,715,921 | ) | |
$ | 10,865,906 | |
Revenues
Revenue
decreased by $109,844, or 48%, for the six months ended May 31, 2023, as compared to the six months ended May 31, 2022. This decrease
was primarily due to a decrease in purchases by the Company’s customers during the six months ended May 31, 2023.
Cost
of Goods Sold
Cost
of goods sold expenses decreased by $42,213, or 46%, for the six months ended May 31, 2023, as compared to the six months ended May 31,
2022, directly corresponding with the decrease in revenue during the six months ended May 31, 2023.
Operating
Expenses
Total
operating expenses decreased by $10,614,756, or 56%, for the six months ended May 31, 2023, as compared to the six months ended May 31,
2022. The decrease in operating expenses was primarily due to a decrease in stock-based compensation of $10,927,681 for the six months
ended May 31, 2023, as compared to the six months ended May 31, 2022.
The
Company continued to expense the option to purchase an aggregate of 116,000,000 shares of common stock granted to US Mine LLC on October
6, 2021 through March 2023, which constituted 99% of stock-based compensation during the period. As of April, 2023, the Company no
longer expensed such option which resulted in a decreased stock-based compensation expense during the six months ended May 31, 2023
compared to the six months ended May 31, 2022.
Other
Income
Other
income increased by $308,394 for the six months ended May 31, 2023, as compared to the six months ended May 31, 2022, primarily due to
a gain on legal settlement of $275,000, and gain on forgiveness of debt and accrued interest in the amount of $35,401.
Interest
Expense
Interest
expense decreased by $10,387, or 33%, for the six months ended May 31, 2023, as compared to the six months ended May 31, 2022, primarily
due to a decrease in outstanding debt.
Liquidity
and Capital Resources
As
of May 31, 2023, we had cash on hand of $23,248 and a working capital deficiency of $387,334, as compared to cash on hand of $19,055
and a working capital deficiency of $620,290 as of November 30, 2022. The decrease in working capital deficiency is primarily a result
of a decrease in settlement liability from $400,000 to $225,000 and an increase in accounts receivable of $66,376, which were partially
offset by an increase in accounts payable and accrued expenses of $297,079.
The
Company’s operating activities consume the majority of its cash resources. The Company anticipates that it will continue to incur
operating losses as it executes its development plans for 2023, as well as other potential strategic and business development initiatives.
In addition, the Company has had and expects to have negative cash flows from operations, at least into the near future. The Company
has previously funded, and plans to continue funding, these losses with cash advances from USMC and the sale of equity and convertible
notes. The accompanying condensed consolidated financial statements do not include any adjustments that might be necessary should the
Company be unable to continue as a going concern.
Although
no assurances can be given as to the Company’s ability to deliver on its revenue plans or that unforeseen expenses may arise, management
currently believes that the revenue to be generated from operations together with equity and debt financing, including funding from USMC
in connection with the March 23, 2022 securities purchase agreement, March 7, 2023 securities purchase agreement, and July 10, 2023 line
of credit agreement will provide the necessary funding for the Company to continue as a going concern for the next twelve months.
On
February 28, 2023, in connection with the securities purchase agreement with USMC, dated April 7, 2022, the Company issued a 5% convertible
promissory note in the principal amount of $308,320 to USMC, which matures on February 28, 2025. Amounts due under the note may be converted
into shares of the Company’s common stock at any time at the option of the noteholder, at a conversion price of $0.39 per share.
On
May 31, 2023, in connection with the securities purchase agreement with USMC, dated March 20, 2023, the Company issued an 8% convertible
promissory note in the principal amount of $412,533 to USMC, which matures on May 31, 2025 Amounts due under the note may be converted
into shares of the Company’s common stock at any time at the option of the noteholder, at a conversion price of $0.10 per share.
On
July 10, 2023, the Company entered into a line of credit agreement and unsecured convertible grid promissory note with USMC. The July 10, 2023 line of credit agreement provides for the issuance for up to one year of up to an aggregate of $1,000,000 of advances from USMC
under an unsecured convertible grid promissory note (See Note 12). The note bears interest at 8% annum and any outstanding principal
or accrued interest under the note is convertible into shares of the Company’s common stock at a conversion price of $0.10 per
share on the maturity date. As of the date hereof, there have been no advances from USMC under the July 10, 2023 line of credit agreement.
Going
Concern
The
unaudited condensed consolidated financial statements contained in this Quarterly Report on Form 10-Q have been prepared assuming that
the Company will continue as a going concern. The Company has accumulated losses from inception through May 31, 2023 of $61,493,664 as
well as negative cash flows from operating activities and a working capital deficiency. During the six months ended May 31, 2023, the
Company received net cash proceeds of $705,000 from USMC and USMC paid $15,853 to vendors on behalf of the Company. If the Company does
not generate additional revenue and obtain equity and debt financing from USMC or other third parties, it will not have sufficient cash
to meet its obligations for the twelve months following the date of this Quarterly Report. There currently are no other arrangements
or agreements for financing, and there can be no assurances that any other potential debt or equity financing will be available, or if
available, on favorable terms. As such, these matters raise substantial doubt about the Company’s ability to continue as a going
concern for a period of twelve months from the issue date of this report.
Working
Capital Deficiency
| |
May 31, 2023 | | |
November 30, 2022 | |
Current assets | |
$ | 90,808 | | |
$ | 23,786 | |
Current liabilities | |
| 478,142 | | |
| 644,076 | |
Working capital deficiency | |
$ | (387,334 | ) | |
$ | (620,290 | ) |
The
increase in current assets as of May 31, 2023 is primarily due to the increase of accounts receivable of $66,376. The decrease in current
liabilities is primarily a result of a reduction in settlement liability from $400,000 to $225,000, partially offset by an increase in
accounts payable and accrued expenses of $297,079.
Cash
Flows
| |
Six Months Ended May 31, | |
| |
2023 | | |
2022 | |
Net cash used in operating activities | |
$ | (685,807 | ) | |
$ | (425,780 | ) |
Net cash provided by investing activities | |
| - | | |
| - | |
Net cash provided by financing activities | |
| 690,000 | | |
| 400,000 | |
Increase (decrease) in cash | |
$ | 4,193 | | |
$ | (25,780 | ) |
Operating
Activities
Net
cash used in operating activities was $685,807 for the six months ended May 31, 2023, primarily due to a net loss of $7,850,015, which
primarily consisted of a non-cash expense of $7,326,402 related to stock-based compensation cost, professional fees of $542,885 and wages
of $258,840, partially offset by a decrease of $275,000 in a settlement liability.
Net
cash used in operating activities was $425,780 for the six months ended May 31, 2022, primarily due to a net loss of $18,715,921, which
primarily consisted of a non-cash expense of $18,254,083 related to stock-based compensation cost, wages of $252,068 and professional
fees of $239,529.
Investing
Activities
There
were no investing activities during the six months ended May 31, 2023 and May 31, 2022.
Financing
Activities
For
the six months ended May 31, 2022, net cash provided by financing activities was $690,000, consisting of $705,000 which was advanced
to the Company by USMC and recorded as part of convertible notes payable, related party on the Company’s balance sheet. The advance
was partially offset by $15,000 of principal payments to notes due to officers.
For
the six months ended May 31, 2022, net cash provided by financing activities was $400,000, consisting of $410,000 which was advanced
to the Company by USMC and recorded as part of convertible notes payable, related party on the Company’s balance sheet and a $10,000
principal payment to notes due to officers.
Off-Balance
Sheet Arrangements
We
have no off-balance sheet arrangements.
Critical
Accounting Policies and Procedures
Our
significant accounting policies are more fully described in Note 1 to our condensed consolidated financial statements included in this
Quarterly Report and in our Annual Report on Form 10-K for the fiscal year ended November 30, 2022, as filed with the SEC on February
28, 2023.
Recently
Adopted Accounting Pronouncements
Our
recently adopted accounting pronouncements are more fully described in Note 3 to our unaudited condensed consolidated financial statements
included in this Quarterly Report.
ITEM
3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
As
a smaller reporting company we are not required to provide the information required by this Item.
ITEM
4. CONTROLS AND PROCEDURES
Evaluation
of Disclosure Controls and Procedures
We
maintain disclosure controls and procedures (as that term is defined in Rules 13a-15I and 15d-15(e) under the Securities Exchange Act
of 1934, as amended (the “Exchange Act”)) that are designed to ensure that information required to be disclosed in our reports
under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and
forms, and that such information is accumulated and communicated to our management, including our principal executive officer and principal
financial officer, as appropriate, to allow timely decisions regarding required disclosures. In designing disclosure controls and procedures,
our management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible disclosure controls
and procedures. The design of any disclosure controls and procedures also is based in part upon certain assumptions about the likelihood
of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future
conditions. Any controls and procedures, no matter how well designed and operated, can provide only reasonable, not absolute, assurance
of achieving the desired control objectives.
Our
management, with the participation of our principal executive officer and principal financial officer, has evaluated the effectiveness
of the design and operation of our disclosure controls and procedures as of the end of the period covered by this Report. Based upon
that evaluation and subject to the foregoing, our principal executive officer and principal financial officer concluded that, our disclosure
controls and procedures were not effective as of May 31, 2023 due to the material weaknesses in internal control over financial reporting
described below.
Material
Weaknesses in Internal Control over Financial Reporting
A
material weakness, as defined in the standards established by Sarbanes-Oxley is a deficiency, or a combination of deficiencies, in internal
control over financial reporting such that there is a reasonable possibility that a material misstatement of our annual or interim consolidated
financial statements will not be prevented or detected on a timely basis.
The
ineffectiveness of the Company’s internal control over financial reporting was due to the following material weaknesses:
● |
Inadequate
segregation of duties consistent with control objectives; |
● |
Lack
of formal policies and procedures; |
● |
Lack
of risk assessment procedures on internal controls to detect financial reporting risks on a timely manner; and |
● |
Lack
of personnel with U.S. GAAP experience including a chief financial officer. |
Management’s
Plan to Remediate the Material Weakness
Management
has been implementing and continues to implement measures designed to ensure that control deficiencies contributing to the material weakness
are remediated, such that these controls are designed, implemented, and operating effectively. The remediation actions include:
● |
Continue
to search for and evaluate qualified independent outside directors; |
● |
Hiring
a qualified chief financial officer before December 31, 2023; |
● |
Identify
gaps in the Company’s skills base and expertise required to meet the financial reporting requirements of a public company;
and |
● |
Continue
to develop policies and procedures on internal control over financial reporting and monitor the effectiveness of operations on existing
controls and procedures. |
We
have engaged a third-party financial operations consulting firm to assist with the preparation of SEC reporting.
Management
will continue to monitor and evaluate the effectiveness of our internal controls and procedures over financial reporting on an ongoing
basis and is committed to taking further action and implementing additional enhancements or improvements, as necessary and as funds allow.
Changes
in Internal Control Over Financial Reporting
There
have been no changes in our internal controls over financial reporting that occurred during the quarter ended May 31, 2023 that have
materially affected, or that are reasonably likely to materially affect, our internal control over financial reporting.
PART
II - OTHER INFORMATION
ITEM
1. LEGAL PROCEEDINGS
On
July 8, 2020, the Company’s former Chief Financial Officer, Al Calvanico (“Calvanico”), filed a demand for arbitration
alleging retaliation, wrongful termination, and demand for a minimum of $600,000 in alleged stock value, plus interest, recovery of past
and future wages, attorneys’ fees, and punitive damages (collectively, the “Calvanico Claims”). The Company denied
all Calvanico Claims. The Company believes Calvanico is owed nothing because it takes the position that Calvanico was not terminated,
but rather, his employment contract expired on September 21, 2019, in accordance with its terms, and was not renewed by the Company and
because Calvanico never exercised his stock options. On February 14, 2020, the Company requested in writing that Calvanico exercise his
stock options within 30 days. Calvanico failed to do so. The Company and Calvanico engaged in binding arbitration which concluded on
February 3, 2023. On June 20, 2023, the arbitrator decided in favor of the Company with respect to breach of contract, fraud and negligent
representation and wrongful discharge and in favor of Calvanico for attorneys’ fees for Calvanico’s asserted claims in accordance
with his employment agreement with the Company. A teleconference was set for July 18, 2023 for determination of the amount of attorneys’
fees to be awarded.
On
March 29, 2019, the Company was served with a complaint filed by Superior Soils Supplements LLC (“Superior Soils”) in the
Superior Court of the State of California in and for the County of Kings (Case #19C-0124) relating to 64 truckloads of soil amendments
delivered to a customer by the Company on behalf of Superior Soils. Superior Soils alleged that the soil amendments were not labeled
correctly requiring the entire shipment of product to be returned to the Company. The complaint alleges breach of contract, misrepresentations,
fraudulent concealment and unfair competition. The complaint sought damages of approximately $400,000 and, although the Company vigorously
defended such claims and believed there was little to no risk of liability, it accrued $400,000 for such risk. On April 28, 2023, the
Company and Superior Soils entered into a settlement agreement and mutual release pursuant to which the Company paid $125,000 to Superior
Soils and Superior Soils filed a dismissal with prejudice.
ITEM
1A. RISK FACTORS
As
a smaller reporting company we are not required to provide the information required by this Item.
ITEM
2. UNREGISTERED SALES OF EQUITY SECURITIES
There
were no sales of equity securities during the period covered by this Report that were not registered under the Securities Act and were
not previously reported in a Current Report on Form 8-K filed by the Company other than those noted below.
On
April 14, 2023, Jeffrey Guzy, a director, converted $24,000 in accrued but unpaid director fees into 80,000 shares of common stock at
$0.15 per share and 150,000 shares of common stock at $0.08 per share.
On
April 14, 2023, Dr. Kimberly Kurtis, a director, converted $12,000 in accrued but unpaid director fees into 80,000 shares of common stock
at $0.15 per share.
The
above issuances did not involve any underwriters, underwriting discounts or commissions, or any public offering and we believe are exempt
from the registration requirements of the Securities Act of 1933 by virtue of Section 4(2) thereof.
ITEM
3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM
4. MINE SAFETY DISCLOSURES
None.
ITEM
5. OTHER INFORMATION
None.
ITEM
6. EXHIBITS
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.
PUREBASE CORPORATION
|
|
|
|
By: |
/s/
A. Scott Dockter |
|
A. Scott Dockter |
|
Chief Executive Officer and Chief Financial Officer |
|
(Principal
Executive Officer and Principal Financial and Accounting Officer) |
|
|
|
Date: July 14, 2023 |
|
Exhibit
31
PUREBASE
CORPORATION
CERTIFICATION
PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I,
A. Scott Dockter, certify that:
1.
|
I
have reviewed this Quarterly Report on Form 10-Q of PureBase Corporation; |
|
|
2.
|
Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period covered by this report; |
|
|
3.
|
Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in
this report; |
|
|
4.
|
The
registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a–15(e) and 15d–15(e)) and internal control over financial reporting (as defined
in Exchange Act Rules 13a–15(f) and 15d–15(f)) for the registrant and have: |
|
(a)
|
designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared; |
|
(b)
|
designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles; |
|
(c)
|
evaluated
the effectiveness of the 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 control over financial reporting that occurred during the registrant’s
most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal
control over financial reporting; and |
5.
|
The
registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control 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 control 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 control over financial reporting. |
By:
|
/s/
A. Scott Dockter |
|
A.
Scott Dockter |
|
Chief
Executive Officer and Chief Financial Officer |
|
(Principal
Executive Officer and Principal Financial and Accounting Officer) |
|
|
|
Date:
July 14, 2023 |
|
Exhibit
32
PUREBASE
CORPORATION
CERTIFICATION
PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with this Quarterly Report on Form 10-Q of PureBase Corporation as filed with the Securities and Exchange Commission on the
date hereof (the “Report”), the undersigned, in the capacity and on the date indicated below, hereby certifies pursuant to
18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to his 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 operation of
the registrant. |
By:
|
/s/
A. Scott Dockter |
|
A.
Scott Dockter |
|
Chief
Executive Officer and Chief Financial Officer |
|
(Principal
Executive Officer and Principal Financial and Accounting Officer) |
|
|
|
Date:
July 14, 2023 |
|
v3.23.2
Cover - shares
|
6 Months Ended |
|
May 31, 2023 |
Jul. 14, 2023 |
Cover [Abstract] |
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|
|
Document Fiscal Period Focus |
Q2
|
|
Document Fiscal Year Focus |
2023
|
|
Current Fiscal Year End Date |
--11-30
|
|
Entity File Number |
000-55517
|
|
Entity Registrant Name |
PUREBASE
CORPORATION
|
|
Entity Central Index Key |
0001575858
|
|
Entity Tax Identification Number |
27-2060863
|
|
Entity Incorporation, State or Country Code |
NV
|
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Entity Address, Address Line One |
8631
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Ione
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CA
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v3.23.2
Condensed Consolidated Balance Sheets - USD ($)
|
May 31, 2023 |
Nov. 30, 2022 |
Current Assets: |
|
|
Cash and cash equivalents |
$ 23,248
|
$ 19,055
|
Accounts receivable |
66,376
|
|
Prepaid expenses and other assets |
1,184
|
4,731
|
Total Current Assets |
90,808
|
23,786
|
Property and equipment, net |
620,000
|
620,000
|
Right of use asset |
59,699
|
79,599
|
Total Assets |
770,507
|
723,385
|
Current Liabilities: |
|
|
Accounts payable and accrued expenses |
412,557
|
115,478
|
Settlement liability |
|
400,000
|
Lease liability, current |
39,869
|
38,882
|
Convertible notes payable, related party |
12,000
|
36,000
|
Total Current Liabilities |
478,142
|
644,076
|
Lease liability, net of current portion |
20,696
|
40,880
|
Convertible notes payable; related party, net of current portion |
1,331,742
|
610,889
|
Total Liabilities |
1,830,580
|
1,295,845
|
Stockholders’ Deficit: |
|
|
Common stock, $0.001 par value; 520,000,000 shares authorized; 230,763,005 and 230,753,005 shares issued and outstanding, at May 31, 2023 and November 30, 2022, respectively |
160,360
|
160,350
|
Additional paid in capital |
60,273,231
|
52,910,839
|
Accumulated deficit |
(61,493,664)
|
(53,643,649)
|
Total Stockholders’ Deficit |
(1,060,073)
|
(572,460)
|
Total Liabilities and Stockholders’ Deficit |
770,507
|
723,385
|
Officer [Member] |
|
|
Current Liabilities: |
|
|
Notes payable |
13,716
|
28,716
|
Related Party [Member] |
|
|
Current Liabilities: |
|
|
Notes payable |
|
$ 25,000
|
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v3.23.2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
|
May 31, 2023 |
Nov. 30, 2022 |
Statement of Financial Position [Abstract] |
|
|
Common stock, par value |
$ 0.001
|
$ 0.001
|
Common Stock, shares authorized |
520,000,000
|
520,000,000
|
Common Stock, shares issued |
230,763,005
|
230,753,005
|
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230,763,005
|
230,753,005
|
X |
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v3.23.2
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
|
3 Months Ended |
6 Months Ended |
May 31, 2023 |
May 31, 2022 |
May 31, 2023 |
May 31, 2022 |
Income Statement [Abstract] |
|
|
|
|
Revenue, net |
$ 66,376
|
$ 228,476
|
$ 118,632
|
$ 228,476
|
Cost of goods sold |
26,606
|
88,030
|
49,069
|
91,282
|
Operating Income |
39,770
|
140,446
|
69,563
|
137,194
|
Operating Expenses: |
|
|
|
|
Selling, general and administrative |
2,321,585
|
7,622,810
|
8,208,455
|
18,823,211
|
Total Operating Expenses |
2,321,585
|
7,622,810
|
8,208,455
|
18,823,211
|
Loss From Operations |
(2,281,815)
|
(7,482,364)
|
(8,138,892)
|
(18,686,017)
|
Other Income (Expense): |
|
|
|
|
Other income |
275,000
|
|
310,401
|
2,007
|
Interest expense |
(12,401)
|
(11,013)
|
(21,524)
|
(31,911)
|
Total Other Income (Expense), net |
262,599
|
(11,013)
|
288,877
|
(29,904)
|
Net Loss |
$ (2,019,216)
|
$ (7,493,377)
|
$ (7,850,015)
|
$ (18,715,921)
|
Loss per Common Share - Basic and Diluted |
$ (0.01)
|
$ (0.03)
|
$ (0.03)
|
$ (0.08)
|
Weighted Average Shares Outstanding - Basic and Diluted |
230,473,222
|
229,316,070
|
230,609,928
|
222,424,978
|
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v3.23.2
Condensed Consolidated Statements of Stockholders' Deficit (Unaudited) - USD ($)
|
Preferred Stock [Member] |
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Total |
Beginning balance, value at Nov. 30, 2021 |
|
$ 144,977
|
$ 18,730,863
|
$ (21,061,224)
|
$ (2,185,384)
|
Beginning balance, shares at Nov. 30, 2021 |
|
215,380,751
|
|
|
|
Stock based compensation - shares |
|
|
10,949,738
|
|
10,949,738
|
Net loss |
|
|
|
(11,222,544)
|
(11,222,544)
|
Ending balance, value at Feb. 28, 2022 |
|
$ 144,977
|
29,680,601
|
(32,283,768)
|
(2,458,190)
|
Beginning balance, shares at Feb. 28, 2022 |
|
215,380,751
|
|
|
|
Beginning balance, value at Nov. 30, 2021 |
|
$ 144,977
|
18,730,863
|
(21,061,224)
|
(2,185,384)
|
Beginning balance, shares at Nov. 30, 2021 |
|
215,380,751
|
|
|
|
Net loss |
|
|
|
|
(18,715,921)
|
Ending balance, value at May. 31, 2022 |
|
$ 168,719
|
39,534,375
|
(39,777,146)
|
(74,052)
|
Beginning balance, shares at May. 31, 2022 |
|
239,122,406
|
|
|
|
Beginning balance, value at Feb. 28, 2022 |
|
$ 144,977
|
29,680,601
|
(32,283,768)
|
(2,458,190)
|
Beginning balance, shares at Feb. 28, 2022 |
|
215,380,751
|
|
|
|
Stock based compensation - shares |
|
|
7,304,345
|
|
7,304,345
|
Net loss |
|
|
|
(7,493,377)
|
(7,493,377)
|
Convertible debt converted into common stock |
|
$ 23,742
|
2,549,429
|
|
2,573,171
|
Beginning balance, shares |
|
23,741,655
|
|
|
|
Ending balance, value at May. 31, 2022 |
|
$ 168,719
|
39,534,375
|
(39,777,146)
|
(74,052)
|
Beginning balance, shares at May. 31, 2022 |
|
239,122,406
|
|
|
|
Beginning balance, value at Nov. 30, 2022 |
|
$ 160,350
|
52,910,839
|
(53,643,649)
|
(572,460)
|
Beginning balance, shares at Nov. 30, 2022 |
|
230,753,005
|
|
|
|
Stock based compensation - shares |
|
|
5,485,013
|
|
5,485,013
|
Net loss |
|
|
|
(5,830,799)
|
(5,830,799)
|
Settlement share surrender |
|
$ (300)
|
300
|
|
|
Beginning balance, shares |
|
(300,000)
|
|
|
|
Ending balance, value at Feb. 28, 2023 |
|
$ 160,050
|
58,396,152
|
(59,474,448)
|
(918,246)
|
Beginning balance, shares at Feb. 28, 2023 |
|
230,453,005
|
|
|
|
Beginning balance, value at Nov. 30, 2022 |
|
$ 160,350
|
52,910,839
|
(53,643,649)
|
(572,460)
|
Beginning balance, shares at Nov. 30, 2022 |
|
230,753,005
|
|
|
|
Net loss |
|
|
|
|
(7,850,015)
|
Ending balance, value at May. 31, 2023 |
|
$ 160,360
|
60,273,231
|
(61,493,664)
|
(1,060,073)
|
Beginning balance, shares at May. 31, 2023 |
|
230,763,005
|
|
|
|
Beginning balance, value at Feb. 28, 2023 |
|
$ 160,050
|
58,396,152
|
(59,474,448)
|
(918,246)
|
Beginning balance, shares at Feb. 28, 2023 |
|
230,453,005
|
|
|
|
Stock based compensation - shares |
|
|
1,841,389
|
|
1,841,389
|
Net loss |
|
|
|
(2,019,216)
|
(2,019,216)
|
Conversion of board of director accrued debt |
|
$ 310
|
35,690
|
|
36,000
|
Beginning balance, shares |
|
310,000
|
|
|
|
Ending balance, value at May. 31, 2023 |
|
$ 160,360
|
$ 60,273,231
|
$ (61,493,664)
|
$ (1,060,073)
|
Beginning balance, shares at May. 31, 2023 |
|
230,763,005
|
|
|
|
X |
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v3.23.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
6 Months Ended |
May 31, 2023 |
May 31, 2022 |
Cash Flows From Operating Activities: |
|
|
Net loss |
$ (7,850,015)
|
$ (18,715,921)
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
Stock based compensation |
7,326,402
|
18,254,083
|
Amortization of debt discount |
|
5,329
|
Non-cash director compensation |
12,000
|
|
Gain on debt forgiveness |
(35,401)
|
|
Gain on settlement |
(275,000)
|
|
Changes in operating assets and liabilities: |
|
|
Accounts receivable |
(66,376)
|
(35,696)
|
Prepaid expenses and other assets |
3,547
|
3,446
|
Right of use asset |
19,900
|
|
Accounts payable and accrued expenses |
323,333
|
62,979
|
Settlement liability |
(125,000)
|
|
Change in settlement liability |
(19,197)
|
|
Net Cash Used In Operating Activities |
(685,807)
|
(425,780)
|
Cash Flows From Financing Activities: |
|
|
Advances from related party |
705,000
|
410,000
|
Payments on notes payable, related party |
(15,000)
|
(10,000)
|
Net Cash Provided By Financing Activities |
690,000
|
400,000
|
Net Increase (Decrease) In Cash and Cash Equivalents |
4,193
|
(25,780)
|
Cash and Cash Equivalents - Beginning of Period |
19,055
|
132,309
|
Cash and Cash Equivalents - End of Period |
23,248
|
106,529
|
Noncash operating and financing activities: |
|
|
Forgiveness of accounts payable due to USMC |
(15,853)
|
|
Vendors paid for on behalf of the Company by USMC |
8,320
|
4,282
|
Expenses paid for on behalf of the Company by USMC |
7,533
|
|
Due to affiliates exchanged for convertible debt |
|
884,493
|
Convertible debt converted to common stock |
|
2,464,262
|
Accrued interest converted to common stock |
|
108,909
|
Director compensation - accrued as convertible debt converted to common stock |
$ 36,000
|
|
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v3.23.2
ORGANIZATION AND BUSINESS OPERATIONS
|
6 Months Ended |
May 31, 2023 |
Accounting Policies [Abstract] |
|
ORGANIZATION AND BUSINESS OPERATIONS |
NOTE
1 – ORGANIZATION AND BUSINESS OPERATIONS
Corporate
Overview
PureBase
Corporation (“PureBase” or the “Company”) was incorporated in the State of Nevada on March 2, 2010. The Company
is an industrial mineral and natural resource company that provides solutions to the agriculture and construction materials markets in
the United States through its two subsidiaries, PureBase Agricultural, Inc., a Nevada corporation (“PureBase AG”), and U.S.
Agricultural Minerals, LLC, a Nevada limited liability company (“PureBase SCM”), respectively.
The
Company is headquartered in Ione, California.
Agricultural
Sector
The
Company develops specialized fertilizers, sun protectants, soil amendments and bio-stimulants for organic and non-organic sustainable
agriculture. The Company has developed and will seek to develop additional products derived from mineralized materials of leonardite,
kaolin clay, laterite, and other natural minerals. These mineral and soil amendments are used to protect crops, plants and fruits from
the sun and winter damage, to provide nutrients to plants, and to improve dormancy and soil ecology to help farmers increase the yields
of their harvests. The Company is building a brand family under the parent trade name “PureBase,” consisting of its PureBase
Shade Advantage (WP) product, a kaolin-clay based sun protectant for crops and Humic Advantage, a humic acid product derived from leonardite.
Construction
Sector
The
Company has been developing and testing a kaolin-based product that it believes will help create a lower CO2-emitting concrete through
the use of high-quality supplementary cementitious materials (“SCMs”). The Company is developing an SCM that it believes
can potentially replace up to 40% of cement, the most polluting part of concrete. As government agencies continue to enact stricter requirements
for less-polluting forms of concrete, the Company believes there are significant opportunities for high-quality SCM products in the construction-materials
sector.
The
Company utilizes the services of US Mine Corporation (“USMC”), a Nevada corporation and a significant shareholder of the
Company, for the development and contract mining of industrial mineral and metal projects, exploration drilling, preparation of feasibility
studies, mine modeling, on-site construction, production, site reclamation, and product fulfillment. Exploration services include securing
necessary permits, environmental compliance, and reclamation plans. In addition, a substantial portion of the minerals used by the Company
are obtained from properties owned or controlled by USMC. A. Scott Dockter, the Company’s Principal Executive Officer and a director,
and John Bremer, a director, are also officers, directors, and owners of USMC.
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v3.23.2
GOING CONCERN AND LIQUIDITY
|
6 Months Ended |
May 31, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
GOING CONCERN AND LIQUIDITY |
NOTE
2 – GOING CONCERN AND LIQUIDITY
The
accompanying condensed consolidated financial statements have been prepared on the basis that the Company will continue as a going concern,
which contemplates realization of assets and the satisfaction of liabilities in the normal course of business. As of May 31, 2023, the
Company had a significant accumulated deficit of $61,493,664 and working capital deficit of $387,334. For the six months ended May 31,
2023, the Company had a loss from operations of $8,138,892 and negative cash flows from operations of $685,807. The Company’s operating
activities consume the majority of its cash resources. The Company anticipates that it will continue to incur operating losses as it
executes its development plans for 2023. In addition, the Company has had and expects to have negative cash flows from operations, at
least into the near future. The Company has previously funded, and plans to continue funding, these losses primarily with additional
infusions of cash from advances from USMC and the sale of equity and convertible notes. The accompanying condensed consolidated financial
statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern.
The
Company’s plan, through the continued promotion of its products to existing and potential customers, is to generate sufficient
revenues to cover its anticipated expenses. The Company is currently exploring several options to meet its short-term cash requirements,
including future line of credits and issuances of equity securities or equity-linked securities to USMC and other third parties.
Although
no assurances can be given as to the Company’s ability to deliver on its revenue plans or that unforeseen expenses may arise, management
currently believes that the revenue to be generated from operations together with equity and debt financing, including funding from USMC
in connection with the March 23, 2022 securities purchase agreement, March 7, 2023 securities purchase agreement, and July 10, 2023 line
of credit agreement will provide the necessary funding for the Company to continue as a going concern for the next twelve months. The
March 23, 2022 securities purchase agreement provides for the issuance by the Company of up to an aggregate of $1,000,000 of two-year
convertible promissory notes to USMC (See Note 6). The notes bear interest at 5% per annum and any outstanding principal or interest
under the notes are convertible into shares of the Company’s common stock, at any time at the option of the holder, at a conversion
price of $0.39 per share. Currently, the Company has issued $919,209 of convertible notes under the March 23, 2022 securities purchase
agreement and may issue an additional $80,791 of convertible notes. The March 7, 2023 securities purchase agreement provides for the
issuance by the Company of up to an aggregate of $1,000,000 of two-year convertible promissory notes to USMC (See Note 6). The notes
bear interest at 8% per annum and any outstanding principal or interest under the notes are convertible into shares of the Company’s
common stock, at any time at the option of the holder, at a conversion price of $0.10 per share. Currently, the Company has issued $412,533
of convertible notes under the March 7, 2023 securities purchase agreement and may issue an additional $587,467 of convertible notes
under such agreement. The July 10, 2023 line of credit agreement provides for the issuance for up to one year of up to an aggregate of
$1,000,000 of advances from USMC under an unsecured convertible grid promissory note (See Note 12). The note bears interest at 8% annum
and any outstanding principal or accrued interest under the note is convertible into shares of the Company’s common stock at a
conversion price of $0.10 per share on the maturity date. As of the date hereof, there have been no advances from USMC under the July 10, 2023 line of credit agreement. There currently are no other arrangements or agreements for financing, and management cannot guarantee
any other potential debt or equity financing will be available, or if available, on favorable terms. As such, these matters raise substantial
doubt about the Company’s ability to continue as a going concern for a period of twelve months from the date of this report. If
adequate funds are not available on acceptable terms, or at all, the Company will need to curtail operations, or cease its operations
completely.
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- DefinitionThe entire disclosure when substantial doubt is raised about the ability to continue as a going concern. Includes, but is not limited to, principal conditions or events that raised substantial doubt about the ability to continue as a going concern, management's evaluation of the significance of those conditions or events in relation to the ability to meet its obligations, and management's plans that alleviated or are intended to mitigate the conditions or events that raise substantial doubt about the ability to continue as a going concern.
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
6 Months Ended |
May 31, 2023 |
Accounting Policies [Abstract] |
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
NOTE
3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis
of Presentation
The
accompanying unaudited condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations
of the Securities and Exchange Commission (“SEC”) including Form 10-Q and Regulation S-X. The information furnished herein
reflects all adjustments (consisting of normal recurring accruals and adjustments, unless otherwise indicated) which are, in the opinion
of management, necessary to fairly state the operating results for the respective periods. Certain information and footnote disclosures
normally present in annual financial statements prepared in accordance with accounting principles generally accepted in the United States
of America (“U.S. GAAP”) have been omitted pursuant to such rules and regulations. These financial statements and the information
included under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations”
should be read in conjunction with the audited financial statements and notes thereto for the year ended November 30, 2022 in our Annual
Report on Form 10-K filed on February 28, 2023 with the SEC. The results of the six months ended May 31, 2023 (unaudited) are not necessarily
indicative of the results to be expected for the full year ending November 30, 2023.
Principles
of Consolidation
These
condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries PureBase AG and PureBase
SCM. Intercompany accounts and transactions have been eliminated upon consolidation.
Use
of Estimates
The
preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and equity-based transactions at the date of the financial statements and the revenues and
expenses during the reporting period. The Company bases its estimates and assumptions on current facts, historical experience, and various
other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about
the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources.
The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there
are material differences between the estimates and the actual results, future results of operations will be affected.
The
Company believes the following critical accounting policies affect its more significant judgments and estimates used in the preparation
of the condensed consolidated financial statements. Significant estimates include the useful lives of property and equipment, deferred
tax asset and valuation allowance, and assumptions used in the Black-Scholes valuation methods, such as expected volatility, risk-free
interest rate, and expected dividend rate.
Revenue
The
Company accounts for revenue in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification
(“ASC”) Topic 606, Revenue from Contracts with Customers. The Company derives revenues from the sale of products from
its agricultural sector and construction sector. The Company’s contracted transaction price is allocated to each distinct performance
obligation and recognized as revenue when, or as, the performance obligation is satisfied. The Company’s contracts have a single
performance obligation which are not separately identifiable from other promises in the contracts and is, therefore, not distinct. The
Company’s performance obligation is satisfied upon the transfer of risk of loss to the customer.
Practical
Expedients
As
part of ASC Topic 606, the Company has adopted several practical expedients including:
|
● |
Significant
Financing Component – the Company does not adjust the promised amount of consideration for the effects of a significant financing
component since the Company expects, at contract inception, that the period between when the Company transfers a promised good or
service to the customer and when the customer pays for that good or service will be one year or less. |
|
● |
Unsatisfied
and Partially Unsatisfied Performance Obligations – for all performance obligations related to contracts with a duration for
less than one year, the Company has elected to apply the optional exemption provided in ASC Topic 606 and therefore is not required
to disclose the aggregate amount of transaction price allocated to performance obligations that are unsatisfied or partially satisfied
at the end of the reporting period. |
|
● |
Shipping
and Handling Activities – the Company elected to account for shipping and handling activities as a fulfillment cost rather
than as a separate performance obligation. |
|
● |
Right
to Invoice – the Company has a right to consideration from a customer in an amount that corresponds directly with the value
provided to the customer of the Company’s performance completed to date. The Company may recognize revenue in the amount to
which the entity has a right to invoice. |
Disaggregated
Revenue
Revenue
consists of the following by product offering for the six months ended May 31, 2023:
SCHEDULE
OF DISAGGREGATED REVENUE
CROP WHITE II | | |
SHADE ADVANTAGE (WP) | | |
SulFe Hume Si ADVANTAGE | | |
Total | |
| | |
| | |
| | |
| |
$ | - | | |
$ | 67,152 | | |
$ | 51,480 | | |
$ | 118,632 | |
Revenue
consists of the following by product offering for the six months ended May 31, 2022:
CROP WHITE II | | |
SHADE ADVANTAGE (WP) | | |
SulFe Hume Si ADVANTAGE | | |
Total | |
| | |
| | |
| | |
| |
$ | 192,780 | | |
$ | 35,696 | | |
$ | - | | |
$ | 228,476 | |
Cash
and Cash Equivalents
The
Company considers all highly liquid investments with maturities of three months or less at the time of purchase to be cash equivalents.
There were no cash equivalents as of May 31, 2023 and November 30, 2022.
Accounts
Receivable
The
Company periodically assesses its accounts and other receivables for collectability on a specific identification basis. If collectability
of an account becomes unlikely, an allowance is recorded for that doubtful account. As of May 31, 2023 and November 30, 2022, the Company
has determined that no allowance for doubtful accounts was necessary.
Property
and Equipment
Property
and equipment are recorded at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the related
assets, generally three
to five
years. Expenditures that enhance
the useful lives of the assets are capitalized and depreciated.
SCHEDULE OF ESTIMATED USEFUL LIFE OF PROPERTY AND EQUIPMENT
Equipment |
3-5
years |
Autos
and trucks |
5
years |
Maintenance
and repairs are charged to expense as incurred. At the time of retirement or other disposition of property and equipment, the cost and
accumulated depreciation will be removed from the accounts and the resulting gain or loss, if any, will be reflected in operations. The
Company currently has $620,000 in property and equipment, primarily two ball mills, acquired on May 1, 2020. As of May 31, 2023, the
Company has not put the acquired property and equipment to use. As such, the Company has not recorded depreciation related to these assets.
Impairment
of Long-Lived Assets
The
Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of such
assets may not be recoverable. Recoverability of these assets is determined by comparing the forecasted undiscounted net cash flows of
the operation to which the assets relate to the carrying amount. If the operation is determined to be unable to recover the carrying
amount of its assets, then these assets are written down first, followed by other long-lived assets of the operation to fair value. Fair
value is determined based on discounted cash flows or appraised values, depending on the nature of the assets. No impairment losses were
recorded during the three and six months ended May 31, 2023 and May 31, 2022.
Shipping
and Handling
The
Company incurs shipping and handling costs which are charged back to the customer. The Company did not incur shipping and handling costs
during the three months ended May 31, 2023 and 2022, respectively. The Company incurred shipping and handling costs of $2,000 and no
shipping and handling costs during the six months ended May 31, 2023 and 2022, respectively.
Advertising
and Marketing Costs
The
Company expenses advertising and marketing costs as incurred and such costs are recorded in selling, general and administrative expenses
in the accompanying condensed consolidated statements of operations. Advertising and marketing expenses were $2,643 for the three and
six months ended May 31, 2023. There were no advertising and marketing expenses for the three and six months ended May 31, 2022.
Fair
Value Measurements
As
defined in ASC 820, Fair Value Measurements and Disclosures, fair value is the price that would be received to sell an asset or
paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The Company
utilizes market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about
risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or
generally unobservable. ASC 820 establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy
gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurement) and
the lowest priority to unobservable inputs (level 3 measurement). This fair value measurement framework applies at both initial and subsequent
measurement.
Level
1: |
Quoted
prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in
which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing
basis. Level 1 primarily consists of financial instruments such as exchange-traded derivatives, marketable securities and listed
equities. |
|
|
Level
2: |
Pricing
inputs are other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as
of the reported date. Level 2 includes those financial instruments that are valued using models or other valuation methodologies.
These models are primarily industry-standard models that consider various assumptions, including quoted forward prices for commodities,
time value, volatility factors and current market and contractual prices for the underlying instruments, as well as other relevant
economic measures. Substantially all of these assumptions are observable in the marketplace throughout the full term of the instrument,
can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace.
Instruments in this category generally include non-exchange-traded derivatives such as commodity swaps, interest rate swaps, options
and collars. |
|
|
Level
3: |
Pricing
inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally
developed methodologies that result in management’s best estimate of fair value. |
Fair
Value of Financial Instruments
The
carrying value of cash, accounts receivable, accounts payable, and accrued expenses approximate their fair values based on the short-term
maturity of these instruments. The carrying amount of notes approximates the estimated fair value for these financial instruments as
management believes that such notes constitute substantially all of the Company’s debt and interest payable on the notes based
on the Company’s incremental borrowing rate.
Loss
Per Common Share
Net
loss per share of common stock is computed by dividing the net loss by the weighted average number of shares of common stock outstanding
during the three and six month periods ended May 31, 2023 and 2022. All outstanding options are considered potential common stock. The
dilutive effect, if any, of stock options are calculated using the treasury stock method. All outstanding convertible notes are considered
common stock at the beginning of the period or at the time of issuance, if later, pursuant to the if-converted method. Since the effect
of common stock equivalents is anti-dilutive with respect to losses, outstanding options have been excluded from the Company’s
computation of net loss per share of common stock for the three and six months ended May 31, 2023 and May 31, 2022.
The
following table summarizes the stocks that were excluded from the diluted per share calculation because the effect of including these
potential shares was antidilutive due to the Company’s net loss position even though the exercise price could be less than the
average market price of the common stock:
SCHEDULE
OF OUTSTANDING SHARES EXCLUDED FROM DILUTED LOSS PER SHARE
| |
Three Months Ended, | |
| |
May 31, 2023 | | |
May 31, 2022 | |
| |
| | |
| |
Convertible Notes | |
| 6,656,110 | | |
| - | |
Stock Options | |
| 128,688,187 | | |
| 1,595,000 | |
Total | |
| 135,344,297 | | |
| 1,595,000 | |
| |
Six Months Ended, | |
| |
May 31, 2023 | | |
May 31, 2022 | |
| |
| | |
| |
Convertible Notes | |
| 6,656,110 | | |
| - | |
Stock Options | |
| 128,688,187 | | |
| 59,595,000 | |
Total | |
| 135,344,297 | | |
| 59,595,000 | |
Stock-Based
Compensation
The
Company applies the provisions of ASC 718, Compensation—Stock Compensation (“ASC 718”), which requires the measurement
and recognition of compensation expense for all stock-based awards made to employees, including employee stock options, in the accompanying
condensed consolidated statements of operations.
For
stock options issued to employees and members of the Company’s Board of Directors (the “Board”) for their services,
the Company estimates the grant date fair value of each option using the Black-Scholes option pricing model. The use of the Black-Scholes
option pricing model requires management to make assumptions with respect to the expected term of the option, the expected volatility
of the common stock consistent with the expected life of the option, risk-free interest rates and expected dividend yields of the common
stock. For awards subject to service-based vesting conditions, including those with a graded vesting schedule, the Company recognizes
stock-based compensation expense equal to the grant date fair value of stock options on a straight-line basis over the requisite service
period, which is generally the vesting term. Forfeitures are recorded as they are incurred as opposed to being estimated at the time
of grant and revised.
Pursuant
to ASU 2018-07 Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting,
the Company accounts for stock options issued to non-employees for their services in accordance with ASC 718. The Company uses valuation
methods and assumptions to value the stock options that are in line with the process for valuing employee stock options as noted above.
Leases
With
the adoption of ASC 842, Leases, operating lease agreements are required to be recognized on the balance sheet as Right-of-Use
(“ROU”) assets and corresponding lease liabilities. ROU assets include any prepaid lease payments and exclude any lease incentives
and initial direct costs incurred. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term.
The lease terms may include options to extend or terminate the lease if it is reasonably certain that the Company will exercise that
option.
The
Company leases its corporate offices. All of the leases are classified as operating leases. The Company is a party to a two-year lease
with USMC for 1,000 square feet of office space located in Ione, California (the “Ione Lease”) with respect to its corporate
operations (See Note 7). Effective November 1, 2022, the Ione Lease was amended to extend the lease through October 2024 and to add
an additional 700 square feet of office space for a total monthly rental price of $3,500 per month, with automatic one-month renewals.
The remaining weighted average term is 1.4 years. The Company discounted lease payments using its estimated incremental borrowing rate
at December 1, 2020. The weighted average incremental borrowing rate applied was 5%.
In
accordance with ASC 842, the Company recognized a ROU asset and corresponding lease liability on the condensed consolidated balance sheet
for long-term office leases. See Note 7 – Leases for further discussion, including the impact on the accompanying unaudited condensed
consolidated financial statements and related disclosures.
Income
Taxes
Deferred
tax assets and liabilities are recognized for the future tax consequences attributable to differences between the condensed consolidated
financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets, including
tax loss and credit carry forwards, and liabilities are measured using enacted tax rates expected to apply to taxable income in the years
in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a
change in tax rates is recognized in operations in the period that includes the enactment date.
The
Company utilizes ASC 740, Income Taxes, which requires the recognition of deferred tax assets and liabilities for the expected
future tax consequences of events that have been included in the condensed consolidated financial statements or tax returns. The Company
accounts for income taxes using the asset and liability method to compute the differences between the tax basis of assets and liabilities
and the related financial amounts, using currently enacted tax rates. A valuation allowance is recorded when it is “more likely-than-not”
that a deferred tax asset will not be realized.
For
uncertain tax positions that meet a “more likely than not” threshold, the Company recognizes the benefit of uncertain tax
positions in the condensed consolidated financial statements. The Company’s practice is to recognize interest and penalties, if
any, related to uncertain tax positions in income tax expense in the condensed consolidated statements of operations.
Exploration
Stage
In
accordance with U.S. GAAP, expenditures relating to the acquisition of mineral rights are initially capitalized as incurred while exploration
and pre-extraction expenditures are expensed as incurred until such time as the Company exits the exploration stage by establishing proven
or probable reserves. Expenditures relating to exploration activities such as drill programs to establish mineralized materials are expensed
as incurred. Expenditures relating to pre-extraction activities are expensed as incurred until such time proven or probable reserves
are established for that project, after which expenditures relating to mine development activities for that particular project are capitalized
as incurred. As of May 31, 2023, the Company was not engaged in any mine exploration.
Mineral
Rights
Acquisition
costs of mineral rights are capitalized as incurred while exploration and pre-extraction expenditures are expensed as incurred until
such time as the Company exits the exploration stage by establishing proven or probable reserves, as defined by the SEC under Industry
Guide 7, through the completion of a “final” or “bankable” feasibility study. Expenditures relating to exploration
activities are expensed as incurred and expenditures relating to pre-extraction activities are expensed as incurred until such time proven
or probable reserves are established for that project, after which subsequent expenditures relating to development activities for that
particular project are capitalized as incurred.
Where
proven and probable reserves have been established, the project’s capitalized expenditures are depleted over proven and probable
reserves upon commencement of production using the units-of-production method. Where proven and probable reserves have not been established,
such capitalized expenditures are depleted over the estimated production life upon commencement of extraction using the straight-line
method.
The
carrying values of the mineral rights are assessed for impairment by management on a quarterly basis or when indicators of impairment
exist. Should management determine that these carrying values cannot be recovered, the unrecoverable amounts are written off against
earnings. As of May 31, 2023 and 2022, the Company did not have any capitalized mineral rights.
Recent
Accounting Pronouncements
All
newly issued but not yet effective accounting pronouncements have been deemed to be not applicable or immaterial to the Company.
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v3.23.2
MINING RIGHTS
|
6 Months Ended |
May 31, 2023 |
Extractive Industries [Abstract] |
|
MINING RIGHTS |
NOTE
4 – MINING RIGHTS
Snow
White Mine located in San Bernardino County, CA – Deposit
On
November 28, 2014 US Mining and Minerals Corporation entered into a Purchase Agreement in which it agreed to sell its fee simple property
interest and certain mining claims to USMC. In contemplation of the Plan and Agreement of Reorganization, on December 1, 2014, USMC,
assigned its rights and obligations under the Purchase Agreement to the Company pursuant to an Assignment of Purchase Agreement. As a
result of the Assignment, the Company assumed the purchaser position under the Purchase Agreement. The Purchase Agreement involves the
sale of approximately 280 acres of mining property containing 5 placer mining claims known as the Snow White Mine located near Barstow,
California in San Bernardino County. The property is covered by a Conditional Use Permit allowing the mining of the property and a Plan
of Operation and Reclamation Plan has been approved by San Bernardino County and Bureau of Land Management. An initial deposit of $50,000
was paid to the Company and held in escrow, and the Purchase Agreement required the payment of an additional $600,000 at the end of the
escrow period. There was a delay in the original seller, Joseph Richard Matthewson, receiving a clear title to the property and a fully
permitted project, both of which were conditions to the closing of the sale from US Mining and Minerals Corporation to the Company. In
light of the foregoing, and the payment of an additional $25,000, the parties agreed to extend the closing. Due to delays in the Company
securing the necessary funding to close the purchase of the Snow White Mine property, John Bremer, a shareholder and a director of the
Company, paid $575,000 to acquire the property interest and mining claims on or about October 15, 2015. Mr. Bremer agreed to transfer
title to the Company upon payment of $575,000 plus expenses to Mr. Bremer, however, the Company is under no obligation to do so. The
mining claims require a minimum royalty payment of $3,500 per year to be made by the Company, which is paid by USMC.
On
April 1, 2020, the Company entered into a purchase and sale agreement with the Bremer Family 1995 Living Trust (the “Trust”),
pursuant to which the Company will purchase the Snow White Mine for $836,000 (the “Purchase Price”) from the Trust. The Purchase
Price plus 5% interest is payable in full in cash at closing. On April 14, 2022, the agreement was amended to extend the closing date
to April 14, 2023. On April 7, 2023 the agreement was further amended to extend the Closing Date to April 1, 2024.
|
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- DefinitionThe entire disclosure for mineral industries.
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v3.23.2
PROPERTY AND EQUIPMENT
|
6 Months Ended |
May 31, 2023 |
Property, Plant and Equipment [Abstract] |
|
PROPERTY AND EQUIPMENT |
NOTE
5 – PROPERTY AND EQUIPMENT
Property
and equipment consisted of the following at:
SCHEDULE
OF PROPERTY AND EQUIPMENT
| |
May 31, 2023 | | |
November 30, 2022 | |
| |
| | |
| |
Furniture and equipment | |
$ | 6,952 | | |
$ | 6,952 | |
Machinery and equipment | |
| 35,151 | | |
| 35,151 | |
Automobiles and trucks | |
| 25,061 | | |
| 25,061 | |
Construction in process | |
| 620,000 | | |
| 620,000 | |
Property
and equipment, gross | |
| 687,164 | | |
| 687,164 | |
Less: accumulated depreciation | |
| (67,164 | ) | |
| (67,164 | ) |
Property and equipment, net | |
$ | 620,000 | | |
$ | 620,000 | |
There
was no depreciation expense for the three or six months ended May 31, 2023 and 2022.
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- DefinitionThe entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections.
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v3.23.2
NOTES PAYABLE
|
6 Months Ended |
May 31, 2023 |
Debt Disclosure [Abstract] |
|
NOTES PAYABLE |
NOTE
6 – NOTES PAYABLE
Bayshore
Capital Advisors, LLC
On
February 26, 2016, the Company issued a promissory note to Bayshore Capital Advisors, LLC (“Bayshore Capital”), an affiliate
through common ownership of a 10% major stockholder of the Company, for $25,000 for working capital at an interest rate of 6% per annum.
The note was payable August 26, 2016, or when the Company closes a bridge financing, whichever occurs first. On February 4, 2023, Bayshore
Capital agreed to cancel the $25,000 debt, plus $10,146 of accrued and unpaid interest. Prior to the cancellation of the note, the Company
was in default on the note. Total interest expense on the note was $255 and $750 for the six months ended May 31, 2023 and 2022, respectively.
Total interest expense on the note was zero and $380 for the three months ended May 31, 2023 and 2022.
A.
Scott Dockter – President and Chief Executive Officer
On
August 31, 2017, the Company issued a note in the amount of $197,096 to A. Scott Dockter, President, Chief Executive Officer and a director
of the Company, to consolidate the total amounts due to Mr. Dockter. The note bears interest at 6% and is due upon demand. During the
six months ended May 31, 2023, the Company paid $15,000 towards the outstanding balance of the note. Total interest expense on the note
was $612 and $1,706 for the six months ended May 31, 2023 and 2022, respectively. Total interest expense on the note was $233 and $837
for the three months ended May 31, 2023 and 2022, respectively. The balance on the note was $13,716 and $28,716 as of May 31, 2023 and
November 30, 2022, respectively. There was $41,779 and $41,167 of accrued interest as of May 31, 2023 and November 30, 2022, respectively.
Convertible
Promissory Notes – USMC
December
1, 2019
On
December 1, 2019, in connection with the September 26, 2019 securities purchase agreement with USMC (See Note 12), the Company issued
a convertible promissory note in the amount of $20,000 to USMC, with a maturity date of December 31, 2021 (“Tranche #1”).
The note bears interest at 5% per annum which is payable on maturity. Amounts due under the note may be converted into shares of the
Company’s common stock, at any time at the option of the holder, at a conversion price of $0.16 per share. On April 7, 2022, the
December 1, 2019 note was amended to extend the maturity date to April 30, 2022 and USMC gave notice of conversion of the outstanding
principal balance of $20,000 plus accrued interest totaling $2,351 through such date, into 139,692 shares of the Company’s common
stock.
The
issuance of Tranche #1 resulted in a discount from the beneficial conversion feature totaling $20,000. Total straight-line amortization
of this discount was zero for the three and six months ended May 31, 2023 and May 31, 2022. Total interest expense on Tranche #1 was
approximately zero and $350 for the six months ended May 31, 2023 and 2022, respectively. Total interest expense on Tranche #1 was approximately
zero and $100 for the three months ended May 31, 2023 and 2022, respectively.
January
1, 2020
On
January 1, 2020, in connection with the September 26, 2019 securities purchase agreement with USMC (See Note 12), the Company issued
a convertible promissory note in the amount of $86,000 to USMC, with a maturity date of January 1, 2022 (“Tranche #2”). The
note bears interest at 5% per annum which is payable on maturity. Amounts due under the note may be converted into shares of the Company’s
common stock, at any time at the option of the holder, at a conversion price of $0.16 per share. On April 7, 2022, the January 1, 2020
note was amended to extend the maturity date to April 30, 2022 and USMC gave notice of conversion of the outstanding principal balance
of $86,000 plus accrued interest totaling $9,743 through such date, into 598,392 shares of the Company’s common stock.
The
issuance of Tranche #2 resulted in a discount from the beneficial conversion feature totaling $32,250. Total straight-line amortization
of this discount totaled zero and $1,412 for the three and six months ended May 31, 2023 and May 31, 2022, respectively. Total interest
expense on Tranche #2 was approximately zero and $1,500 for the six months ended May 31, 2023 and 2022, respectively. Total interest
expense on Tranche #2 was approximately zero and $450 for the three months ended May 31, 2023 and 2022, respectively.
February
1, 2020
On
February 1, 2020, in connection with the September 26, 2019 securities purchase agreement with USMC (See Note 12), the Company issued
a convertible promissory note in the amount of $72,000 to USMC, with a maturity date of February 1, 2022 (“Tranche #3”).
The note bears interest at 5% per annum which is payable on maturity. Amounts due under the note may be converted into shares of the
Company’s common stock, at any time at the option of the holder, at a conversion price of $0.16 per share. On April 7, 2022, the
February 1, 2020 note was amended to extend the maturity date to April 30, 2022 and USMC gave notice of conversion of the outstanding
principal balance of $72,000 plus accrued interest totaling $7,851 through such date, into 499,068 shares of the Company’s common
stock.
The
issuance of Tranche #3 resulted in a discount from the beneficial conversion feature totaling $36,000. Total straight-line amortization
of this discount totaled zero and $3,103 for the six months ended May 31, 2023 and May 31, 2022, respectively. Total interest expense
on Tranche #3 was approximately zero and $1,260 for the six months ended May 31, 2023 and 2022, respectively. Total interest expense
on Tranche #3 was approximately zero and $375 for the three months ended May 31, 2023 and 2022, respectively.
December
1, 2020
On
December 1, 2020, in connection with the September 26, 2019 securities purchase agreement with USMC (See Note 12), the Company issued
a convertible promissory note in the amount of $822,000 to USMC, with a maturity date of November 25, 2022 (“Tranche 4”).
The note bears interest at 5% per annum which is payable on maturity. Amounts due under the note may be converted into shares of the
Company’s common stock at any time at the option of the noteholder, at a conversion price of $0.16 per share. On April 7, 2022
USMC gave notice of conversion of the outstanding principal balance of $822,000 of the December 1, 2020 note, plus accrued interest totaling
$55,401 through such date, into 5,483,753 shares of the Company’s common stock. Total interest expense on Tranche #4 was approximately
zero and $17,700 for the six months ended May 31, 2023 and 2022, respectively. Total interest expense on Tranche #4 was approximately
zero and $7,500 for the three months ended May 31, 2023 and 2022, respectively.
March
17, 2021
On
March 17, 2021, in connection with the March 11, 2021 securities purchase agreement with USMC (See Note 12), the Company issued a convertible
promissory note in the amount of $579,769 to USMC, with a maturity date of March 17, 2023 (“Tranche #5”). The note bears
interest at 5% per annum which is payable on maturity. Amounts due under the note may be converted into shares of the Company’s
common stock at any time at the option of the noteholder, at a conversion price of $0.088 per share. On April 7, 2022 USMC gave notice
of conversion of the outstanding principal balance of $579,769.39 of the March 17, 2021 note, plus accrued interest totaling $30,656
through such date, into 6,936,656 shares of the Company’s common stock. Total interest expense on Tranche #5 was approximately
zero and $8,800 for the six months ended May 31, 2023 and 2022, respectively. Total interest expense on Tranche #5 was approximately
zero and $1,700 for the three months ended May 31, 2023 and 2022, respectively.
March
14, 2022
On
March 14, 2022, in connection with the November 25, 2020 securities purchase agreement with USMC (See Note 12), the Company issued a
convertible promissory note in the amount of $884,429 to USMC, with a maturity date of March 14, 2024 (“Tranche #6”). The
note bears interest at 5% per annum which is payable on maturity. Amounts due under the note may be converted into shares of the Company’s
common stock at any time at the option of the noteholder, at a conversion price of $0.088 per share. On April 7, 2022 USMC gave notice
of conversion of the outstanding principal balance of $884,492 of the March 14, 2022 note, plus accrued interest totaling $2,908 through
such date, into 10,084,093 shares of the Company’s common stock. Total interest expense on Tranche #6 was approximately zero and
$2,908 for the six months ended May 31, 2023 and May 31, 2022. Total interest expense on Tranche #6 was approximately zero and $2,908
for the three months ended May 31, 2023 and May 31, 2022.
August
30, 2022
On
August 30, 2022, in connection with the April 7, 2022 securities purchase agreement with USMC (See Note 12), the Company issued a convertible
promissory note in the amount of $470,862 to USMC, with a maturity date of August 30, 2024 (“Tranche #7”). The note bears
interest at 5% per annum which is payable on maturity. Amounts due under the note may be converted into shares of the Company’s
common stock at any time at the option of the noteholder, at a conversion price of $0.39 per share. Total interest expense on Tranche
#7 was $11,610 for the six months ended May 31, 2023. Total interest expense on Tranche #7 was $5,805 for the three months ended May
31, 2023.
November
29, 2022
On
November 29, 2022, in connection with the April 7, 2022 securities purchase agreement with USMC (See Note 12), the Company issued a convertible
promissory note in the amount of $140,027 to USMC, with a maturity date of August 30, 2024 (“Tranche #8”). The note bears
interest at 5% per annum which is payable on maturity. Amounts due under the note may be converted into shares of the Company’s
common stock at any time at the option of the noteholder, at a conversion price of $0.39 per share. Total interest expense on Tranche
#8 was $3,453 for the six months ended May 31, 2023. Total interest expense on Tranche #8 was $1,726 for the three months ended May 31,
2023.
February
28, 2023
On
February 28, 2023, in connection with the April 7, 2022 securities purchase agreement with USMC (See Note 12), the Company issued a convertible
promissory note in the amount of $308,320 to USMC, with a maturity date of February 28, 2025 (“Tranche #9”). The note bears
interest at 5% per annum which is payable on maturity. Amounts due under the note may be converted into shares of the Company’s
common stock at any time at the option of the noteholder, at a conversion price of $0.39 per share. Total interest expense on Tranche
#9 was $3,801 for the three and six months ended May 31, 2023.
May
31, 2023
On
May 31, 2023, in connection with the March 20, 2023 securities purchase agreement with USMC (See Note 12), the Company issued a convertible
promissory note in the amount of $412,533 to USMC, with a maturity date of May 31, 2025 (“Tranche #10”). The note bears interest
at 8% per annum which is payable on maturity. Amounts due under the note may be converted into shares of the Company’s common stock
at any time at the option of the noteholder, at a conversion price of $0.10 per share. There was no interest expense on Tranche #10 for
the three and six months ended May 31, 2023.
Line
of Credit –USMC
July 10, 2023
On
July 10, 2023 , the Company entered into a line of credit agreement and unsecured convertible grid promissory note with USMC. The
July 10, 2023 line of credit agreement provides for the issuance for up to one year of up to an aggregate of $1,000,000 of advances from
USMC under an unsecured convertible grid promissory note (See Note 12). The note bears interest at 8% annum and any outstanding principal
or accrued interest under the note is convertible into shares of the Company’s common stock at a conversion price of $0.10 per
share on the maturity date. As of the date hereof, there have been no advances from USMC under the July 10, 2023 line of credit agreement.
Convertible
Debt – Board of Directors
On
April 8, 2021, the Company entered into a twelve-month director agreement with Jeffrey Guzy, as amended on August 26, 2022 (the “Guzy
Director Agreement”) pursuant to which Mr. Guzy will serve as a director of the Company, which agreement will automatically renew
(the “Renewal Date”) for successive one-year terms unless either party notifies the other of its desire not to renew the
Agreement within 30 days of the expiration of the then current term. As compensation therefor, Mr. Guzy is entitled to a cash fee of
$1,000 per month which accrues as 0% debt to the Company until the Company has its first cash-flow positive month. Any amounts owed to
Mr. Guzy at the Renewal Date or upon Mr. Guzy’ resignation or removal (the “Termination Date”) will be converted into
the Company’s common stock at a price per share equal to the market price on the exchange or trading market where such stock is
then traded or quoted or the volume-weighted average price (“VWAP”) of the common stock for the 20days immediately preceding
the Renewal Date or the Termination Date, as the case may be. On April 14, 2023, Mr. Guzy converted $24,000 in accrued but unpaid director
fees into 80,000 shares of common stock at $0.15 per share and 150,000 shares of common stock at $0.08 per share. As of May 31, 2023,
cash fees owed to Mr. Guzy under the Guzy Director Agreement were deferred and debt in the amount of $2,000 is owed to Mr. Guzy.
On
August 13, 2021, the Company entered into a twelve-month director agreement with Dr. Kurtis, as amended on August 26, 2022 (the “Kurtis
Director Agreement”) pursuant to which Dr. Kurtis will provide up to five hours per month of board services, which agreement will
automatically renew for successive one-year terms unless either party notifies the other of its desire not to renew the Agreement within
30 days of the expiration of the then current term. As compensation therefor, Dr. Kurtis is entitled to a cash fee of $1,000 per month
which accrues as debt to the Company until the Company has its first cash-flow positive month. Any amounts owed to Dr. Kurtis at the
Renewal Date or the Termination Date will be converted into common stock at a price per share equal to market price on the exchange or
trading market where such stock is then traded or quoted or the VWAP of the common stock for the 20 days immediately preceding the Renewal
Date or the Termination Date, as the case may be. On April 14, 2023, Dr. Kurtis exercised the conversion of $12,000 in accrued but unpaid
director fees to purchase 80,000 shares of common stock at $0.15 per share. As of May 31, 2023, cash fees owed to Dr. Kurtis as per the
terms of the Kurtis Director Agreement were deferred and debt in the amount of $10,000 is owed to Dr. Kurtis.
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- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
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v3.23.2
LEASES
|
6 Months Ended |
May 31, 2023 |
Leases |
|
LEASES |
NOTE
7 – LEASES
The
following table presents net lease cost and other supplemental lease information:
SCHEDULE
OF LEASE COST AND OTHER SUPPLEMENTAL LEASE INFORMATION
| |
Six
Months Ended
May 31, 2023 | |
Lease cost | |
| | |
Operating lease cost (cost resulting from lease payments) | |
$ | 21,000 | |
Short term lease cost | |
| - | |
Sublease income | |
| - | |
Net lease cost | |
$ | 21,000 | |
| |
| | |
Operating lease – operating cash flows (fixed payments) | |
$ | 21,000 | |
Operating lease – operating cash flows (liability reduction) | |
$ | 19,197 | |
Non-current leases – right of use assets | |
$ | 59,699 | |
Current liabilities – operating lease liabilities | |
$ | 39,869 | |
Non-current liabilities – operating lease liabilities | |
$ | 20,696 | |
| |
Six
Months Ended
May 31,2022 | |
Lease cost | |
| | |
Operating lease cost (cost resulting from lease payments) | |
$ | 9,000 | |
Short term lease cost | |
| - | |
Sublease income | |
| - | |
Net lease cost | |
$ | 9,000 | |
| |
| | |
Operating lease – operating cash flows (fixed payments) | |
$ | 9,000 | |
Operating lease – operating cash flows (liability reduction) | |
$ | 8,688 | |
Non-current leases – right of use assets | |
$ | 7,109 | |
Current liabilities – operating lease liabilities | |
$ | 7,407 | |
Non-current liabilities – operating lease liabilities | |
$ | - | |
Future
minimum payments under non-cancelable leases for operating leases for the remaining terms of the leases following the three months ended
May 31, 2023:
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS
Fiscal Year | |
Operating Leases | |
Remainder of 2023 | |
$ | 31,500 | |
2024 | |
| 31,500 | |
Total future minimum lease payments | |
| 63,000 | |
Amount representing interest | |
| (2,435 | ) |
Present value of net future minimum lease payments | |
$ | 60,565 | |
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- DefinitionThe entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability.
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v3.23.2
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
|
6 Months Ended |
May 31, 2023 |
Payables and Accruals [Abstract] |
|
ACCOUNTS PAYABLE AND ACCRUED EXPENSES |
NOTE
8 – ACCOUNTS PAYABLE AND ACCRUED EXPENSES
Accounts
payable and accrued expenses consist of the following amounts as of:
SCHEDULE
OF ACCOUNTS PAYABLE AND ACCRUED EXPENSES
| |
May 31, 2023 | | |
November 30, 2022 | |
| |
| | |
| |
Accounts payable | |
$ | 316,496 | | |
$ | 30,078 | |
Accrued interest – related party | |
| 66,595 | | |
| 57,266 | |
Accrued compensation | |
| 29,466 | | |
| 28,134 | |
Accounts payable and accrued expenses | |
$ | 412,557 | | |
$ | 115,478 | |
|
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- DefinitionThe entire disclosure for accounts payable and accrued liabilities at the end of the reporting period.
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v3.23.2
COMMITMENTS AND CONTINGENCIES
|
6 Months Ended |
May 31, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
COMMITMENTS AND CONTINGENCIES |
NOTE
9 – COMMITMENTS AND CONTINGENCIES
Office
and Rental Property Leases
The
Company is leasing office space from USMC, a company that is owned by the Company’s majority shareholders and directors, A. Scott
Dockter and John Bremer (See Note 12).
Mineral
Properties
The
Company’s mineral rights require various annual lease payments (See Note 4).
Legal
Matters
On
July 8, 2020, the Company’s former Chief Financial Officer, Al Calvanico (“Calvanico”), filed a demand for arbitration
alleging retaliation, wrongful termination, and demand for a minimum of $600,000 in alleged stock value, plus interest, recovery of past
and future wages, attorneys’ fees, and punitive damages (collectively, the “Calvanico Claims”). The Company denied
all Calvanico Claims. The Company believes Calvanico is owed nothing because it takes the position that Calvanico was not terminated,
but rather, his employment contract expired on September 21, 2019, in accordance with its terms, and was not renewed by the Company and
because Calvanico never exercised his stock options. On February 14, 2020, the Company requested in writing that Calvanico exercise his
stock options within 30 days. Calvanico failed to do so. The Company and Calvanico engaged in binding arbitration which concluded on
February 3, 2023. On June 20, 2023, the arbitrator decided in favor of the Company with respect to breach of contract, fraud and negligent
representation and wrongful discharge and in favor of Calvanico for attorneys’ fees for Calvanico’s asserted claims in accordance
with his employment agreement with the Company. A teleconference was set for July 18, 2023 for determination of the amount of attorneys’
fees to be awarded.
On
March 29, 2019, the Company was served with a complaint filed by Superior Soils Supplements LLC (“Superior Soils”) in the
Superior Court of the State of California in and for the County of Kings (Case #19C-0124) relating to 64 truckloads of soil amendments
delivered to a customer by the Company on behalf of Superior Soils. Superior Soils alleged that the soil amendments were not labeled
correctly requiring the entire shipment of product to be returned to the Company. The complaint alleges breach of contract, misrepresentations,
fraudulent concealment and unfair competition. The complaint sought damages of approximately $400,000 and, although the Company vigorously
defended such claims and believed there was little to no risk of liability, it accrued $400,000 for such risk. On April 28, 2023, the
Company and Superior Soils entered into a settlement agreement and mutual release pursuant to which the Company paid $125,000 to Superior
Soils and Superior Soils filed a dismissal with prejudice.
Contractual
Matters
On
November 1, 2013, the Company entered into an agreement with USMC, in which USMC provides various technical evaluations and mine development
services for the Company with regard to the various mining properties/rights owned by the Company. Terms of services and compensation
will be determined for each project undertaken by USMC.
On
October 12, 2018, the Company entered into a material supply agreement with USMC, pursuant to which USMC provides designated natural
resources to the Company at predetermined prices (See Note 12).
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v3.23.2
STOCKHOLDERS’ EQUITY
|
6 Months Ended |
May 31, 2023 |
Equity [Abstract] |
|
STOCKHOLDERS’ EQUITY |
Note
10 - STOCKHOLDERS’ EQUITY
On
May 19, 2022, the Company entered into an agreement with Newbridge Securities Corporation (“Newbridge”) for a twelve-month
term, pursuant to which Newbridge provided investment banking and corporate advisory services to the Company. As consideration therefor,
the Company issued Newbridge 300,000 shares of common stock on June 17, 2022 which shares were subject to a 12-month lockup from the
date of issuance. The shares were issued at a fair value of $0.35 per share.
On
June 9, 2023, effective April 8, 2023, the Company entered into a one-year advisory agreement with Dr. Karen Scrivener
(“Scrivener Agreement”) pursuant to which Dr. Scrivener will provide certain strategic decision advisory services
to the Company. As compensation therefor, Dr. Scrivener was issued 100,000
shares of the Company’s common stock on June 9, 2023 at $0.08
per share.
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- DefinitionThe entire disclosure for equity.
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v3.23.2
STOCK-BASED COMPENSATION
|
6 Months Ended |
May 31, 2023 |
Share-Based Payment Arrangement [Abstract] |
|
STOCK-BASED COMPENSATION |
Note
11 – STOCK-BASED COMPENSATION
The
Company accounted for its stock-based compensation in accordance with the fair value recognition provisions of FASB ASC Topic 718.
2017
Equity Incentive Plan
On
November 10, 2017, the Board approved the 2017 PureBase Corporation Stock Option Plan which is intended to be a qualified stock option
plan (the “Option Plan”). The Board reserved 10,000,000 shares of the Company’s common stock to be issued pursuant
to options granted under the Option Plan. The Option Plan was subsequently approved by shareholders on September 28, 2018. As of May
31, 2023, options to purchase an aggregate of 128,688,187 shares of common stock have been granted under the Option Plan.
The
Company has also granted options to purchase an aggregate of 500,000 shares of common stock pursuant to employment contracts with certain
employees prior to the adoption of the Option Plan.
On
June 3, 2022, in connection with the settlement agreement with Agregen, Robert Hurtado, James Todd Gauer and John Gingerich, the Company
granted James Todd Gauer an immediately exercisable option to purchase 8,669,400 shares of common stock, the equivalent number of shares
of common stock that were surrendered to the Company, at an exercise price of $2.50 per share and a fair value of $1,856,151. The option
was valued using the Black-Scholes option pricing model under the assumptions in the below table.
On
August 26, 2022, the Company granted immediately exercisable options to purchase an aggregate of 2,223,787 shares of common stock to
members of the Board, consultants and employees for services to be performed. The options were issued at an exercise price of $0.24 per
share and a total fair value of $522,411. The options were valued using the Black-Scholes option pricing model under the assumptions
in the below table.
SCHEDULE
OF BLACK-SCHOLES OPTION MODEL ASSUMPTIONS
Grant Date | |
Number of Options | | |
Stock Price | | |
Exercise Price | | |
Expected Volatility | | |
Risk-free Interest Rate | | |
Dividend Rate | | |
Expected Term | |
Fair Value | |
4/8/2021 | |
| 250,000 | | |
$ | 0.15 | | |
$ | 0.10 | | |
| 281.00 | % | |
| 0.85 | % | |
| 0.00 | % | |
2.50 years | |
$ | 36,708 | |
8/13/2021 | |
| 200,000 | | |
$ | 0.46 | | |
$ | 0.36 | | |
| 266.00 | % | |
| 0.79 | % | |
| 0.00 | % | |
3.50 years | |
$ | 90,944 | |
10/6/2021 | |
| 116,000,000 | | |
$ | 0.38 | | |
$ | 0.38 | | |
| 278.00 | % | |
| 1.26 | % | |
| 0.00 | % | |
3.88 years | |
$ | 43,808,780 | |
6/3/2022 | |
| 8,669,400 | | |
$ | 0.22 | | |
$ | 2.50 | | |
| 274.50 | % | |
| 2.95 | % | |
| 0.00 | % | |
3.50 years | |
$ | 1,856,151 | |
8/26/2022 | |
| 1,734,615 | | |
$ | 0.24 | | |
$ | 0.24 | | |
| 269.24 | % | |
| 3.20 | % | |
| 0.00 | % | |
3.50 years | |
$ | 411,668 | |
8/26/2022 | |
| 242,424 | | |
$ | 0.24 | | |
$ | 0.24 | | |
| 276.76 | % | |
| 3.20 | % | |
| 0.00 | % | |
3.00 years | |
$ | 57,264 | |
8/26/2022 | |
| 246,748 | | |
$ | 0.24 | | |
$ | 0.24 | | |
| 207.37 | % | |
| 3.20 | % | |
| 0.00 | % | |
2.50 years | |
$ | 53,479 | |
The
Company did not grant stock options during the six months ended May 31, 2023 and May 31, 2022.
The
weighted average non-vested grant date fair value of non-vested options was zero and $10,917,826 at May 31, 2023 and November 30, 2022,
respectively.
Compensation
based stock option activity for qualified and unqualified stock options are summarized as follows:
SCHEDULE OF STOCK OPTION ACTIVITY
| |
| | |
Weighted | |
| |
Number of | | |
Average | |
| |
Shares | | |
Exercise Price | |
Outstanding at November 30, 2021 | |
| 117,795,000 | | |
$ | 0.39 | |
Granted | |
| - | | |
| - | |
Exercised | |
| - | | |
| - | |
Expired or cancelled | |
| - | | |
| - | |
Outstanding at May 31, 2022 | |
| 117,795,000 | | |
$ | 0.39 | |
| |
| | | |
| | |
Outstanding at November 30, 2022 | |
| 128,688,187 | | |
$ | 0.53 | |
Granted | |
| - | | |
| - | |
Exercised | |
| - | | |
| - | |
Expired or cancelled | |
| - | | |
| - | |
Outstanding at May 31, 2023 | |
| 128,688,187 | | |
$ | 0.53 | |
The
following table summarizes information about options to purchase shares of the Company’s common stock outstanding and exercisable
at May 31, 2023:
SCHEDULE OF STOCK OPTION SHARES OUTSTANDING AND EXERCISABLE
| | |
| | |
Weighted- | | |
Weighted- | | |
| |
| | |
| | |
Average | | |
Average | | |
| |
Exercise | | |
Outstanding | | |
Remaining Life | | |
Exercise | | |
Number | |
Price | | |
Options | | |
In Years | | |
Price | | |
Exercisable | |
| | |
| | |
| | |
| | |
| |
$ | 0.10 | | |
| 400,000 | | |
| 1.39 | | |
$ | 0.10 | | |
| 400,000 | |
| 0.10 | | |
| 645,000 | | |
| 2.54 | | |
| 0.10 | | |
| 645,000 | |
| 0.12 | | |
| 50,000 | | |
| 5.57 | | |
| 0.12 | | |
| 50,000 | |
| 0.24 | | |
| 2,223,787 | | |
| 4.16 | | |
| 0.24 | | |
| 2,223,787 | |
| 0.36 | | |
| 200,000 | | |
| 3.45 | | |
| 0.36 | | |
| 200,000 | |
| 0.38 | | |
| 116,000,000 | | |
| 5.59 | | |
| 0.38 | | |
| 116,000,000 | |
| 2.50 | | |
| 8,669,400 | | |
| 4.26 | | |
| 2.50 | | |
| 8,669,400 | |
| 3.00 | | |
| 500,000 | | |
| 3.01 | | |
| 3.00 | | |
| 500,000 | |
| | | |
| 128,688,187 | | |
| 5.44 | | |
$ | 0.53 | | |
| 128,688,187 | |
The
compensation expense attributed to the issuance of the options is recognized as options vest.
The
stock options granted are exercisable over various terms from thee to ten years from the grant date and vest over various terms from
the grant date to five years.
Total
compensation expense related to the options was $7,326,402 and $18,254,083 for the six months ended May 31, 2023 and May 31, 2022, respectively.
Total compensation expense related to the options was $1,841,389 and $7,304,345 for the three months ended May 31, 2023 and May 31, 2022,
respectively. As of May 31, 2023, there was no future compensation cost related to non-vested stock options.
The
aggregate intrinsic value is $31,155 for total outstanding and exercisable options, which was based on an estimated fair value of the
Company’s common stock of $0.13 as of May 31, 2023, which is the aggregate fair value of the common stock that would have been
received by the option holders had all option holders exercised their options as of that date, net of the aggregate exercise price.
|
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- DefinitionThe entire disclosure for share-based payment arrangement.
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v3.23.2
RELATED PARTY TRANSACTIONS
|
6 Months Ended |
May 31, 2023 |
Related Party Transactions [Abstract] |
|
RELATED PARTY TRANSACTIONS |
NOTE
12 – RELATED PARTY TRANSACTIONS
Bayshore
Capital Advisors, LLC
On
February 26, 2016, the Company issued a promissory note to Bayshore Capital Advisors, LLC (“Bayshore Capital”), an affiliate
through common ownership of a 10% major stockholder of the Company, for $25,000 for working capital at an interest rate of 6% per annum.
The note was payable August 26, 2016, or when the Company closes a bridge financing, whichever occurs first. On February 4, 2023, Bayshore
Capital agreed to cancel the $25,000 debt, plus $10,146 of accrued and unpaid interest. Prior to the cancellation of the note, the Company
was in default on the note. Total interest expense on the note was $255 and $750 for the six months ended May 31, 2023 and 2022, respectively.
Total interest expense on the note was zero and $380 for the three months ended May 31, 2023 and 2022, respectively.
US
Mine Corporation
The
Company entered into a contract mining agreement with USMC, a company which A. Scott Dockter, the Company’s Chief Executive Officer
and a director, and John Bremer, a director, each own 33%, pursuant to which USMC provides various technical evaluations and mine development
services to the Company. During the six months ended May 31, 2023 and 2022, the Company made $34,364 and no purchases from USMC, respectively.
No services were rendered by USMC for the six months ended May 31, 2023 and 2022. In addition, during the six months ended May 31, 2023
and 2022, USMC paid $15,853 and $4,438, respectively, of expenses to the Company’s vendors and creditors on behalf of the Company.
During the six months ended May 31, 2023 and 2022, USMC made cash advances to the Company of $705,000 and $410,000, respectively, which
are recorded as part of due to affiliates and convertible notes payable, related party on the Company’s condensed consolidated
balance sheets. All amounts owed for services rendered, expenses paid on behalf of the Company, and cash advances were converted into
the Company’s common stock pursuant to the September 5, 2019 Debt Exchange Agreement, the November 25, 2020 Securities Purchase
Agreement (See Note 6) and the April 7, 2022 Securities Purchase Agreement (See Note 6). The Company had a balance due of $406,604 and
zero to USMC on May 31, 2023 and November 30, 2022, respectively.
USMC
Notes
The
Company has entered into various securities purchase agreements with USMC pursuant to which USMC may purchase the Company’s unsecured
convertible promissory notes (See Note 6). The outstanding balance on the convertible notes due to USMC was $1,331,742 and $610,889 on
May 31, 2023 and November 30, 2022, respectively. Interest expense on the convertible notes due to USMC totaled $18,864 and $32,518 for
the six months ended May 31, 2023 and May 31, 2022, respectively. Interest expense on the convertible notes due to USMC totaled $11,333
and $13,033 for the three months ended May 31, 2023 and May 31, 2022, respectively.
USMC
Line of Credit
On
July 10, 2023, the Company entered into a line of credit agreement and unsecured convertible grid promissory note with USMC. The July 10, 2023 line of credit agreement provides for the issuance for up to one year of up to an aggregate of $1,000,000 of advances from USMC
under an unsecured convertible grid promissory note (See Note 6). The note bears interest at 8% annum and any outstanding principal or
accrued interest under the note is convertible into shares of the Company’s common stock at a conversion price of $0.10 per share
on the maturity date. As of the date hereof, there have been no advances from USMC under the July 10, 2023 line of credit agreement.
USMC
Mining Agreements
On
April 22, 2020, the Company entered into a Material Supply Agreement (the “Supply Agreement”) with USMC which amended the
prior Materials Supply Agreement entered into on October 12, 2018. Under the terms of the Supply Agreement, all kaolin clay purchased
by the Company from USMC under the Supply Agreement must be used exclusively for agricultural products and supplementary cementitious
materials. The Company will pay $25 per ton for the kaolin clay for supplementary cementitious materials and $145 per ton for bagged
products for clay for agriculture (in each case plus an additional $5 royalty fee per ton). The Supply Agreement also provides that if
USMC provides pricing to any other customer which is more favorable than that provided to the Company, USMC will adjust the cost to the
Company to conform to the more favorable terms. The initial term of the Supply Agreement is three years, which automatically renews for
three successive one-year terms, unless either party provides notice of termination at least sixty days prior to the end of the then
current term. Either party has the right to terminate the Supply Agreement for a material breach which is not cured within 90 days. For
the six months ended May 31, 2023 and 2022, the Company purchased $34,365 and $72,236, respectively, under the Supply Agreement. For
the three months ended May 31, 2023 and 2022, the Company purchased $12,450 and $72,236, respectively, under the Supply Agreement. Since
April 22, 2020, the Company has purchased $292,806 of materials under the Supply Agreement.
US
Mine LLC
As compensation for such right, the Company issued a ten-year convertible promissory note in the principal
amount of $ to US Mine, LLC (the “US Mine Note”). The US Mine Note bears interest at the rate of% per annum
which is payable upon maturity. Amounts due under the US Mine Note may be converted into shares of the Company’s common stock at
the option of the noteholder, at a conversion price of $ per share. .
On
October 6, 2021, and prior to consummation of activities under the Materials Extraction Agreement, the Company and US Mine, LLC executed
an amendment to the Materials Extraction Agreement (the “Amendment”). Pursuant to the Amendment, the US Mine Note was retroactively
rescinded, ab initio and an option to purchase an aggregate of shares of the Company’s common stock at an exercise
price of $ per share until April 6, 2028, was issued to US Mine, LLC as compensation. Shares subject to the option vested as to 58,000,000
shares on April 6, 2022, 29,000,000 shares on October 6, 2022, and 29,000,000 shares on April 6, 2023. This agreement was further amended
and restated on June 21, 2022, with the same option purchase, vesting and exercise schedule. For the three and six months ended May 31,
2023 the Company expensed $ and $ in stock-based compensation expense related to the issuance of the option on October
16, 2021 to US Mine LLC under the Materials Extraction Agreement.
Transactions
with Officers
On
August 31, 2017, the Company issued a note in the amount of $197,096 to A. Scott Dockter, President, Chief Executive Officer and a director
of the Company, to consolidate the total amounts due to Mr. Dockter. The note bears interest at 6% and is due upon demand. During the
six months ended May 31, 2023, the Company paid $15,000 towards the outstanding balance of the note. Total interest expense on the note
was $612 and $1,706 for the six months ended May 31, 2023 and 2022, respectively. Total interest expense on the note was $233 and $837
for the three months ended May 31, 2023 and 2022, respectively. The balance on the note was $13,716 and $28,716 as of May 31, 2023 and
November 30, 2022, respectively. There was $41,779 and $41,167 of accrued interest as of May 31, 2023 and November 30, 2022, respectively.
Convertible
Debt – Board of Directors
On
April 8, 2021, the Company entered into the Guzy Director Agreement (See Note 6) pursuant to which Mr. Guzy will serve as a director
of the Company, which agreement will automatically renew for successive one-year terms unless either party notifies the other of its
desire not to renew the Agreement within 30 days of the expiration of the then current term. As compensation therefor, Mr. Guzy is entitled
to a cash fee of $1,000 per month which accrues as 0% debt to the Company until the Company has its first cash-flow positive month. Any
amounts owed to Mr. Guzy at the Renewal Date or upon Mr. Guzy’ resignation or removal will be converted into common stock at a
price per share equal to market price on the exchange or trading market where such stock is then traded or quoted or the VWAP of the
common stock for the 20-days immediately preceding the Renewal Date or the Termination Date, as the case may be. The Agreement also includes
a non-competition provision during the term of the Agreement and for twelve months thereafter.
On
August 13, 2021, the Company entered into the Kurtis Director Agreement (See Note 6) pursuant to which Dr. Kurtis will provide up to
five hours per month of board services, which agreement will automatically renew for successive one-year terms unless either party notifies
the other of its desire not to renew the Agreement within 30 days of the expiration of the then current term. As compensation therefor,
Dr. Kurtis is entitled to a cash fee of $1,000 per month which accrues as debt to the Company until the Company has its first cash-flow
positive month. Any amounts owed to Dr. Kurtis at the Renewal Date or upon Dr. Kurtis’ resignation or removal will be converted
into common stock at a price per share equal to market price on the exchange or trading market where such stock is then traded or quoted
or the VWAP of the common stock for the 20-days immediately preceding the Renewal Date or the Termination Date, as the case may be. The
Agreement includes a non-competition provision during the term of the Agreement and for twelve months thereafter.
On
June 9, 2023, effective April 8, 2023, the Company entered into a one-year advisory agreement with Dr. Karen Scrivener (“Scrivener
Agreement”) pursuant to which Dr. Scrivener will provide certain advisory services to the Company. As compensation therefor, Dr.
Scrivener was issued 100,000 shares of the Company’s common stock on June 9, 2023 at $0.08 per share.
Leases
On
October 1, 2020, the Company entered into a two-year lease agreement for its office space with USMC with a monthly rent of $1,500 (See
Note 7). The lease was amended to extend the term for an additional two years to November 1, 2024 and to add an additional 700 square
feet of office space for a total monthly rental price of $3,500 per month,
|
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- 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
CONCENTRATION OF CREDIT RISK
|
6 Months Ended |
May 31, 2023 |
Risks and Uncertainties [Abstract] |
|
CONCENTRATION OF CREDIT RISK |
NOTE
13 – CONCENTRATION OF CREDIT RISK
Cash
Deposits
Financial
instruments that potentially subject the Company to concentrations of credit risk consist principally of cash deposits. Accounts at each
institution are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000. As of May 31, 2023 and November
30, 2022, the Company had no deposits in excess of the FDIC insured limit.
Revenues
Three
customers accounted for 99% of total revenue for the six months ended May 31, 2023, as set forth below:
SCHEDULE
OF CONCENTRATION OF CREDIT RISK
Customer A | |
| 44 | % |
Customer B | |
| 40 | % |
Customer C | |
| 15 | % |
Three
customers accounted for 100% of total revenue for the six months ended May 31, 2022, as set forth below:
Customer A | |
| 84 | % |
Customer B | |
| 8 | % |
Customer C | |
| 8 | % |
Accounts
Receivable
Two
customers accounted for 100% of the accounts receivable as of May 31, 2023, as set forth below:
Customer A | |
| 73 | % |
Customer B | |
| 27 | % |
There
were no receivables as of November 30, 2022.
Vendors
One
supplier accounted for 100% of purchases for the three months ended May 31, 2023.
Three
suppliers accounted for 60% of purchases as of May 31, 2022, as set forth below:
Vendor A | |
| 31 | % |
Vendor B | |
| 16 | % |
Vendor C | |
| 13 | % |
|
X |
- DefinitionThe entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.
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v3.23.2
SUBSEQUENT EVENTS
|
6 Months Ended |
May 31, 2023 |
Subsequent Events [Abstract] |
|
SUBSEQUENT EVENTS |
NOTE
14 – SUBSEQUENT EVENTS
In
accordance with ASC 855, Subsequent Events, which establishes general standards of accounting for and disclosure of events that
occur after the balance sheet date but before financial statements are issued, the Company has evaluated all events and transactions
that occurred after May 31, 2023 through the date the condensed consolidated financial statements were filed. During this period the
Company did not have any material reportable subsequent events other than those stated below:
On
July 10, 2023, the Company entered into a line of credit agreement and unsecured convertible grid promissory note with USMC. The July 10, 2023 line of credit agreement provides for the issuance for up to one year of up to an aggregate of $1,000,000 of advances from USMC
under an unsecured convertible grid promissory note (See Note 12). The note bears interest at 8% annum and any outstanding principal
or accrued interest under the note is convertible into shares of the Company’s common stock at a conversion price of $0.10 per
share on the maturity date. As of the date hereof, there have been no advances from USMC under the July 10, 2023 line of credit agreement.
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- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
6 Months Ended |
May 31, 2023 |
Accounting Policies [Abstract] |
|
Basis of Presentation |
Basis
of Presentation
The
accompanying unaudited condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations
of the Securities and Exchange Commission (“SEC”) including Form 10-Q and Regulation S-X. The information furnished herein
reflects all adjustments (consisting of normal recurring accruals and adjustments, unless otherwise indicated) which are, in the opinion
of management, necessary to fairly state the operating results for the respective periods. Certain information and footnote disclosures
normally present in annual financial statements prepared in accordance with accounting principles generally accepted in the United States
of America (“U.S. GAAP”) have been omitted pursuant to such rules and regulations. These financial statements and the information
included under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations”
should be read in conjunction with the audited financial statements and notes thereto for the year ended November 30, 2022 in our Annual
Report on Form 10-K filed on February 28, 2023 with the SEC. The results of the six months ended May 31, 2023 (unaudited) are not necessarily
indicative of the results to be expected for the full year ending November 30, 2023.
|
Principles of Consolidation |
Principles
of Consolidation
These
condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries PureBase AG and PureBase
SCM. Intercompany accounts and transactions have been eliminated upon consolidation.
|
Use of Estimates |
Use
of Estimates
The
preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and equity-based transactions at the date of the financial statements and the revenues and
expenses during the reporting period. The Company bases its estimates and assumptions on current facts, historical experience, and various
other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about
the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources.
The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there
are material differences between the estimates and the actual results, future results of operations will be affected.
The
Company believes the following critical accounting policies affect its more significant judgments and estimates used in the preparation
of the condensed consolidated financial statements. Significant estimates include the useful lives of property and equipment, deferred
tax asset and valuation allowance, and assumptions used in the Black-Scholes valuation methods, such as expected volatility, risk-free
interest rate, and expected dividend rate.
|
Revenue |
Revenue
The
Company accounts for revenue in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification
(“ASC”) Topic 606, Revenue from Contracts with Customers. The Company derives revenues from the sale of products from
its agricultural sector and construction sector. The Company’s contracted transaction price is allocated to each distinct performance
obligation and recognized as revenue when, or as, the performance obligation is satisfied. The Company’s contracts have a single
performance obligation which are not separately identifiable from other promises in the contracts and is, therefore, not distinct. The
Company’s performance obligation is satisfied upon the transfer of risk of loss to the customer.
Practical
Expedients
As
part of ASC Topic 606, the Company has adopted several practical expedients including:
|
● |
Significant
Financing Component – the Company does not adjust the promised amount of consideration for the effects of a significant financing
component since the Company expects, at contract inception, that the period between when the Company transfers a promised good or
service to the customer and when the customer pays for that good or service will be one year or less. |
|
● |
Unsatisfied
and Partially Unsatisfied Performance Obligations – for all performance obligations related to contracts with a duration for
less than one year, the Company has elected to apply the optional exemption provided in ASC Topic 606 and therefore is not required
to disclose the aggregate amount of transaction price allocated to performance obligations that are unsatisfied or partially satisfied
at the end of the reporting period. |
|
● |
Shipping
and Handling Activities – the Company elected to account for shipping and handling activities as a fulfillment cost rather
than as a separate performance obligation. |
|
● |
Right
to Invoice – the Company has a right to consideration from a customer in an amount that corresponds directly with the value
provided to the customer of the Company’s performance completed to date. The Company may recognize revenue in the amount to
which the entity has a right to invoice. |
Disaggregated
Revenue
Revenue
consists of the following by product offering for the six months ended May 31, 2023:
SCHEDULE
OF DISAGGREGATED REVENUE
CROP WHITE II | | |
SHADE ADVANTAGE (WP) | | |
SulFe Hume Si ADVANTAGE | | |
Total | |
| | |
| | |
| | |
| |
$ | - | | |
$ | 67,152 | | |
$ | 51,480 | | |
$ | 118,632 | |
Revenue
consists of the following by product offering for the six months ended May 31, 2022:
CROP WHITE II | | |
SHADE ADVANTAGE (WP) | | |
SulFe Hume Si ADVANTAGE | | |
Total | |
| | |
| | |
| | |
| |
$ | 192,780 | | |
$ | 35,696 | | |
$ | - | | |
$ | 228,476 | |
|
Cash and Cash Equivalents |
Cash
and Cash Equivalents
The
Company considers all highly liquid investments with maturities of three months or less at the time of purchase to be cash equivalents.
There were no cash equivalents as of May 31, 2023 and November 30, 2022.
|
Accounts Receivable |
Accounts
Receivable
The
Company periodically assesses its accounts and other receivables for collectability on a specific identification basis. If collectability
of an account becomes unlikely, an allowance is recorded for that doubtful account. As of May 31, 2023 and November 30, 2022, the Company
has determined that no allowance for doubtful accounts was necessary.
|
Property and Equipment |
Property
and Equipment
Property
and equipment are recorded at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the related
assets, generally three
to five
years. Expenditures that enhance
the useful lives of the assets are capitalized and depreciated.
SCHEDULE OF ESTIMATED USEFUL LIFE OF PROPERTY AND EQUIPMENT
Equipment |
3-5
years |
Autos
and trucks |
5
years |
Maintenance
and repairs are charged to expense as incurred. At the time of retirement or other disposition of property and equipment, the cost and
accumulated depreciation will be removed from the accounts and the resulting gain or loss, if any, will be reflected in operations. The
Company currently has $620,000 in property and equipment, primarily two ball mills, acquired on May 1, 2020. As of May 31, 2023, the
Company has not put the acquired property and equipment to use. As such, the Company has not recorded depreciation related to these assets.
|
Impairment of Long-Lived Assets |
Impairment
of Long-Lived Assets
The
Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of such
assets may not be recoverable. Recoverability of these assets is determined by comparing the forecasted undiscounted net cash flows of
the operation to which the assets relate to the carrying amount. If the operation is determined to be unable to recover the carrying
amount of its assets, then these assets are written down first, followed by other long-lived assets of the operation to fair value. Fair
value is determined based on discounted cash flows or appraised values, depending on the nature of the assets. No impairment losses were
recorded during the three and six months ended May 31, 2023 and May 31, 2022.
|
Shipping and Handling |
Shipping
and Handling
The
Company incurs shipping and handling costs which are charged back to the customer. The Company did not incur shipping and handling costs
during the three months ended May 31, 2023 and 2022, respectively. The Company incurred shipping and handling costs of $2,000 and no
shipping and handling costs during the six months ended May 31, 2023 and 2022, respectively.
|
Advertising and Marketing Costs |
Advertising
and Marketing Costs
The
Company expenses advertising and marketing costs as incurred and such costs are recorded in selling, general and administrative expenses
in the accompanying condensed consolidated statements of operations. Advertising and marketing expenses were $2,643 for the three and
six months ended May 31, 2023. There were no advertising and marketing expenses for the three and six months ended May 31, 2022.
|
Fair Value Measurements |
Fair
Value Measurements
As
defined in ASC 820, Fair Value Measurements and Disclosures, fair value is the price that would be received to sell an asset or
paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The Company
utilizes market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about
risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or
generally unobservable. ASC 820 establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy
gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurement) and
the lowest priority to unobservable inputs (level 3 measurement). This fair value measurement framework applies at both initial and subsequent
measurement.
Level
1: |
Quoted
prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in
which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing
basis. Level 1 primarily consists of financial instruments such as exchange-traded derivatives, marketable securities and listed
equities. |
|
|
Level
2: |
Pricing
inputs are other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as
of the reported date. Level 2 includes those financial instruments that are valued using models or other valuation methodologies.
These models are primarily industry-standard models that consider various assumptions, including quoted forward prices for commodities,
time value, volatility factors and current market and contractual prices for the underlying instruments, as well as other relevant
economic measures. Substantially all of these assumptions are observable in the marketplace throughout the full term of the instrument,
can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace.
Instruments in this category generally include non-exchange-traded derivatives such as commodity swaps, interest rate swaps, options
and collars. |
|
|
Level
3: |
Pricing
inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally
developed methodologies that result in management’s best estimate of fair value. |
|
Fair Value of Financial Instruments |
Fair
Value of Financial Instruments
The
carrying value of cash, accounts receivable, accounts payable, and accrued expenses approximate their fair values based on the short-term
maturity of these instruments. The carrying amount of notes approximates the estimated fair value for these financial instruments as
management believes that such notes constitute substantially all of the Company’s debt and interest payable on the notes based
on the Company’s incremental borrowing rate.
|
Loss Per Common Share |
Loss
Per Common Share
Net
loss per share of common stock is computed by dividing the net loss by the weighted average number of shares of common stock outstanding
during the three and six month periods ended May 31, 2023 and 2022. All outstanding options are considered potential common stock. The
dilutive effect, if any, of stock options are calculated using the treasury stock method. All outstanding convertible notes are considered
common stock at the beginning of the period or at the time of issuance, if later, pursuant to the if-converted method. Since the effect
of common stock equivalents is anti-dilutive with respect to losses, outstanding options have been excluded from the Company’s
computation of net loss per share of common stock for the three and six months ended May 31, 2023 and May 31, 2022.
The
following table summarizes the stocks that were excluded from the diluted per share calculation because the effect of including these
potential shares was antidilutive due to the Company’s net loss position even though the exercise price could be less than the
average market price of the common stock:
SCHEDULE
OF OUTSTANDING SHARES EXCLUDED FROM DILUTED LOSS PER SHARE
| |
Three Months Ended, | |
| |
May 31, 2023 | | |
May 31, 2022 | |
| |
| | |
| |
Convertible Notes | |
| 6,656,110 | | |
| - | |
Stock Options | |
| 128,688,187 | | |
| 1,595,000 | |
Total | |
| 135,344,297 | | |
| 1,595,000 | |
| |
Six Months Ended, | |
| |
May 31, 2023 | | |
May 31, 2022 | |
| |
| | |
| |
Convertible Notes | |
| 6,656,110 | | |
| - | |
Stock Options | |
| 128,688,187 | | |
| 59,595,000 | |
Total | |
| 135,344,297 | | |
| 59,595,000 | |
|
Stock-Based Compensation |
Stock-Based
Compensation
The
Company applies the provisions of ASC 718, Compensation—Stock Compensation (“ASC 718”), which requires the measurement
and recognition of compensation expense for all stock-based awards made to employees, including employee stock options, in the accompanying
condensed consolidated statements of operations.
For
stock options issued to employees and members of the Company’s Board of Directors (the “Board”) for their services,
the Company estimates the grant date fair value of each option using the Black-Scholes option pricing model. The use of the Black-Scholes
option pricing model requires management to make assumptions with respect to the expected term of the option, the expected volatility
of the common stock consistent with the expected life of the option, risk-free interest rates and expected dividend yields of the common
stock. For awards subject to service-based vesting conditions, including those with a graded vesting schedule, the Company recognizes
stock-based compensation expense equal to the grant date fair value of stock options on a straight-line basis over the requisite service
period, which is generally the vesting term. Forfeitures are recorded as they are incurred as opposed to being estimated at the time
of grant and revised.
Pursuant
to ASU 2018-07 Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting,
the Company accounts for stock options issued to non-employees for their services in accordance with ASC 718. The Company uses valuation
methods and assumptions to value the stock options that are in line with the process for valuing employee stock options as noted above.
|
Leases |
Leases
With
the adoption of ASC 842, Leases, operating lease agreements are required to be recognized on the balance sheet as Right-of-Use
(“ROU”) assets and corresponding lease liabilities. ROU assets include any prepaid lease payments and exclude any lease incentives
and initial direct costs incurred. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term.
The lease terms may include options to extend or terminate the lease if it is reasonably certain that the Company will exercise that
option.
The
Company leases its corporate offices. All of the leases are classified as operating leases. The Company is a party to a two-year lease
with USMC for 1,000 square feet of office space located in Ione, California (the “Ione Lease”) with respect to its corporate
operations (See Note 7). Effective November 1, 2022, the Ione Lease was amended to extend the lease through October 2024 and to add
an additional 700 square feet of office space for a total monthly rental price of $3,500 per month, with automatic one-month renewals.
The remaining weighted average term is 1.4 years. The Company discounted lease payments using its estimated incremental borrowing rate
at December 1, 2020. The weighted average incremental borrowing rate applied was 5%.
In
accordance with ASC 842, the Company recognized a ROU asset and corresponding lease liability on the condensed consolidated balance sheet
for long-term office leases. See Note 7 – Leases for further discussion, including the impact on the accompanying unaudited condensed
consolidated financial statements and related disclosures.
|
Income Taxes |
Income
Taxes
Deferred
tax assets and liabilities are recognized for the future tax consequences attributable to differences between the condensed consolidated
financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets, including
tax loss and credit carry forwards, and liabilities are measured using enacted tax rates expected to apply to taxable income in the years
in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a
change in tax rates is recognized in operations in the period that includes the enactment date.
The
Company utilizes ASC 740, Income Taxes, which requires the recognition of deferred tax assets and liabilities for the expected
future tax consequences of events that have been included in the condensed consolidated financial statements or tax returns. The Company
accounts for income taxes using the asset and liability method to compute the differences between the tax basis of assets and liabilities
and the related financial amounts, using currently enacted tax rates. A valuation allowance is recorded when it is “more likely-than-not”
that a deferred tax asset will not be realized.
For
uncertain tax positions that meet a “more likely than not” threshold, the Company recognizes the benefit of uncertain tax
positions in the condensed consolidated financial statements. The Company’s practice is to recognize interest and penalties, if
any, related to uncertain tax positions in income tax expense in the condensed consolidated statements of operations.
|
Exploration Stage |
Exploration
Stage
In
accordance with U.S. GAAP, expenditures relating to the acquisition of mineral rights are initially capitalized as incurred while exploration
and pre-extraction expenditures are expensed as incurred until such time as the Company exits the exploration stage by establishing proven
or probable reserves. Expenditures relating to exploration activities such as drill programs to establish mineralized materials are expensed
as incurred. Expenditures relating to pre-extraction activities are expensed as incurred until such time proven or probable reserves
are established for that project, after which expenditures relating to mine development activities for that particular project are capitalized
as incurred. As of May 31, 2023, the Company was not engaged in any mine exploration.
|
Mineral Rights |
Mineral
Rights
Acquisition
costs of mineral rights are capitalized as incurred while exploration and pre-extraction expenditures are expensed as incurred until
such time as the Company exits the exploration stage by establishing proven or probable reserves, as defined by the SEC under Industry
Guide 7, through the completion of a “final” or “bankable” feasibility study. Expenditures relating to exploration
activities are expensed as incurred and expenditures relating to pre-extraction activities are expensed as incurred until such time proven
or probable reserves are established for that project, after which subsequent expenditures relating to development activities for that
particular project are capitalized as incurred.
Where
proven and probable reserves have been established, the project’s capitalized expenditures are depleted over proven and probable
reserves upon commencement of production using the units-of-production method. Where proven and probable reserves have not been established,
such capitalized expenditures are depleted over the estimated production life upon commencement of extraction using the straight-line
method.
The
carrying values of the mineral rights are assessed for impairment by management on a quarterly basis or when indicators of impairment
exist. Should management determine that these carrying values cannot be recovered, the unrecoverable amounts are written off against
earnings. As of May 31, 2023 and 2022, the Company did not have any capitalized mineral rights.
|
Recent Accounting Pronouncements |
Recent
Accounting Pronouncements
All
newly issued but not yet effective accounting pronouncements have been deemed to be not applicable or immaterial to the Company.
|
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
6 Months Ended |
May 31, 2023 |
Accounting Policies [Abstract] |
|
SCHEDULE OF DISAGGREGATED REVENUE |
Revenue
consists of the following by product offering for the six months ended May 31, 2023:
SCHEDULE
OF DISAGGREGATED REVENUE
CROP WHITE II | | |
SHADE ADVANTAGE (WP) | | |
SulFe Hume Si ADVANTAGE | | |
Total | |
| | |
| | |
| | |
| |
$ | - | | |
$ | 67,152 | | |
$ | 51,480 | | |
$ | 118,632 | |
Revenue
consists of the following by product offering for the six months ended May 31, 2022:
CROP WHITE II | | |
SHADE ADVANTAGE (WP) | | |
SulFe Hume Si ADVANTAGE | | |
Total | |
| | |
| | |
| | |
| |
$ | 192,780 | | |
$ | 35,696 | | |
$ | - | | |
$ | 228,476 | |
|
SCHEDULE OF ESTIMATED USEFUL LIFE OF PROPERTY AND EQUIPMENT |
SCHEDULE OF ESTIMATED USEFUL LIFE OF PROPERTY AND EQUIPMENT
Equipment |
3-5
years |
Autos
and trucks |
5
years |
|
SCHEDULE OF OUTSTANDING SHARES EXCLUDED FROM DILUTED LOSS PER SHARE |
The
following table summarizes the stocks that were excluded from the diluted per share calculation because the effect of including these
potential shares was antidilutive due to the Company’s net loss position even though the exercise price could be less than the
average market price of the common stock:
SCHEDULE
OF OUTSTANDING SHARES EXCLUDED FROM DILUTED LOSS PER SHARE
| |
Three Months Ended, | |
| |
May 31, 2023 | | |
May 31, 2022 | |
| |
| | |
| |
Convertible Notes | |
| 6,656,110 | | |
| - | |
Stock Options | |
| 128,688,187 | | |
| 1,595,000 | |
Total | |
| 135,344,297 | | |
| 1,595,000 | |
| |
Six Months Ended, | |
| |
May 31, 2023 | | |
May 31, 2022 | |
| |
| | |
| |
Convertible Notes | |
| 6,656,110 | | |
| - | |
Stock Options | |
| 128,688,187 | | |
| 59,595,000 | |
Total | |
| 135,344,297 | | |
| 59,595,000 | |
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v3.23.2
PROPERTY AND EQUIPMENT (Tables)
|
6 Months Ended |
May 31, 2023 |
Property, Plant and Equipment [Abstract] |
|
SCHEDULE OF PROPERTY AND EQUIPMENT |
Property
and equipment consisted of the following at:
SCHEDULE
OF PROPERTY AND EQUIPMENT
| |
May 31, 2023 | | |
November 30, 2022 | |
| |
| | |
| |
Furniture and equipment | |
$ | 6,952 | | |
$ | 6,952 | |
Machinery and equipment | |
| 35,151 | | |
| 35,151 | |
Automobiles and trucks | |
| 25,061 | | |
| 25,061 | |
Construction in process | |
| 620,000 | | |
| 620,000 | |
Property
and equipment, gross | |
| 687,164 | | |
| 687,164 | |
Less: accumulated depreciation | |
| (67,164 | ) | |
| (67,164 | ) |
Property and equipment, net | |
$ | 620,000 | | |
$ | 620,000 | |
|
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v3.23.2
LEASES (Tables)
|
6 Months Ended |
May 31, 2023 |
Leases |
|
SCHEDULE OF LEASE COST AND OTHER SUPPLEMENTAL LEASE INFORMATION |
The
following table presents net lease cost and other supplemental lease information:
SCHEDULE
OF LEASE COST AND OTHER SUPPLEMENTAL LEASE INFORMATION
| |
Six
Months Ended
May 31, 2023 | |
Lease cost | |
| | |
Operating lease cost (cost resulting from lease payments) | |
$ | 21,000 | |
Short term lease cost | |
| - | |
Sublease income | |
| - | |
Net lease cost | |
$ | 21,000 | |
| |
| | |
Operating lease – operating cash flows (fixed payments) | |
$ | 21,000 | |
Operating lease – operating cash flows (liability reduction) | |
$ | 19,197 | |
Non-current leases – right of use assets | |
$ | 59,699 | |
Current liabilities – operating lease liabilities | |
$ | 39,869 | |
Non-current liabilities – operating lease liabilities | |
$ | 20,696 | |
| |
Six
Months Ended
May 31,2022 | |
Lease cost | |
| | |
Operating lease cost (cost resulting from lease payments) | |
$ | 9,000 | |
Short term lease cost | |
| - | |
Sublease income | |
| - | |
Net lease cost | |
$ | 9,000 | |
| |
| | |
Operating lease – operating cash flows (fixed payments) | |
$ | 9,000 | |
Operating lease – operating cash flows (liability reduction) | |
$ | 8,688 | |
Non-current leases – right of use assets | |
$ | 7,109 | |
Current liabilities – operating lease liabilities | |
$ | 7,407 | |
Non-current liabilities – operating lease liabilities | |
$ | - | |
|
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS |
Future
minimum payments under non-cancelable leases for operating leases for the remaining terms of the leases following the three months ended
May 31, 2023:
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS
Fiscal Year | |
Operating Leases | |
Remainder of 2023 | |
$ | 31,500 | |
2024 | |
| 31,500 | |
Total future minimum lease payments | |
| 63,000 | |
Amount representing interest | |
| (2,435 | ) |
Present value of net future minimum lease payments | |
$ | 60,565 | |
|
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v3.23.2
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)
|
6 Months Ended |
May 31, 2023 |
Payables and Accruals [Abstract] |
|
SCHEDULE OF ACCOUNTS PAYABLE AND ACCRUED EXPENSES |
Accounts
payable and accrued expenses consist of the following amounts as of:
SCHEDULE
OF ACCOUNTS PAYABLE AND ACCRUED EXPENSES
| |
May 31, 2023 | | |
November 30, 2022 | |
| |
| | |
| |
Accounts payable | |
$ | 316,496 | | |
$ | 30,078 | |
Accrued interest – related party | |
| 66,595 | | |
| 57,266 | |
Accrued compensation | |
| 29,466 | | |
| 28,134 | |
Accounts payable and accrued expenses | |
$ | 412,557 | | |
$ | 115,478 | |
|
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v3.23.2
STOCK-BASED COMPENSATION (Tables)
|
6 Months Ended |
May 31, 2023 |
Share-Based Payment Arrangement [Abstract] |
|
SCHEDULE OF BLACK-SCHOLES OPTION MODEL ASSUMPTIONS |
SCHEDULE
OF BLACK-SCHOLES OPTION MODEL ASSUMPTIONS
Grant Date | |
Number of Options | | |
Stock Price | | |
Exercise Price | | |
Expected Volatility | | |
Risk-free Interest Rate | | |
Dividend Rate | | |
Expected Term | |
Fair Value | |
4/8/2021 | |
| 250,000 | | |
$ | 0.15 | | |
$ | 0.10 | | |
| 281.00 | % | |
| 0.85 | % | |
| 0.00 | % | |
2.50 years | |
$ | 36,708 | |
8/13/2021 | |
| 200,000 | | |
$ | 0.46 | | |
$ | 0.36 | | |
| 266.00 | % | |
| 0.79 | % | |
| 0.00 | % | |
3.50 years | |
$ | 90,944 | |
10/6/2021 | |
| 116,000,000 | | |
$ | 0.38 | | |
$ | 0.38 | | |
| 278.00 | % | |
| 1.26 | % | |
| 0.00 | % | |
3.88 years | |
$ | 43,808,780 | |
6/3/2022 | |
| 8,669,400 | | |
$ | 0.22 | | |
$ | 2.50 | | |
| 274.50 | % | |
| 2.95 | % | |
| 0.00 | % | |
3.50 years | |
$ | 1,856,151 | |
8/26/2022 | |
| 1,734,615 | | |
$ | 0.24 | | |
$ | 0.24 | | |
| 269.24 | % | |
| 3.20 | % | |
| 0.00 | % | |
3.50 years | |
$ | 411,668 | |
8/26/2022 | |
| 242,424 | | |
$ | 0.24 | | |
$ | 0.24 | | |
| 276.76 | % | |
| 3.20 | % | |
| 0.00 | % | |
3.00 years | |
$ | 57,264 | |
8/26/2022 | |
| 246,748 | | |
$ | 0.24 | | |
$ | 0.24 | | |
| 207.37 | % | |
| 3.20 | % | |
| 0.00 | % | |
2.50 years | |
$ | 53,479 | |
|
SCHEDULE OF STOCK OPTION ACTIVITY |
Compensation
based stock option activity for qualified and unqualified stock options are summarized as follows:
SCHEDULE OF STOCK OPTION ACTIVITY
| |
| | |
Weighted | |
| |
Number of | | |
Average | |
| |
Shares | | |
Exercise Price | |
Outstanding at November 30, 2021 | |
| 117,795,000 | | |
$ | 0.39 | |
Granted | |
| - | | |
| - | |
Exercised | |
| - | | |
| - | |
Expired or cancelled | |
| - | | |
| - | |
Outstanding at May 31, 2022 | |
| 117,795,000 | | |
$ | 0.39 | |
| |
| | | |
| | |
Outstanding at November 30, 2022 | |
| 128,688,187 | | |
$ | 0.53 | |
Granted | |
| - | | |
| - | |
Exercised | |
| - | | |
| - | |
Expired or cancelled | |
| - | | |
| - | |
Outstanding at May 31, 2023 | |
| 128,688,187 | | |
$ | 0.53 | |
|
SCHEDULE OF STOCK OPTION SHARES OUTSTANDING AND EXERCISABLE |
The
following table summarizes information about options to purchase shares of the Company’s common stock outstanding and exercisable
at May 31, 2023:
SCHEDULE OF STOCK OPTION SHARES OUTSTANDING AND EXERCISABLE
| | |
| | |
Weighted- | | |
Weighted- | | |
| |
| | |
| | |
Average | | |
Average | | |
| |
Exercise | | |
Outstanding | | |
Remaining Life | | |
Exercise | | |
Number | |
Price | | |
Options | | |
In Years | | |
Price | | |
Exercisable | |
| | |
| | |
| | |
| | |
| |
$ | 0.10 | | |
| 400,000 | | |
| 1.39 | | |
$ | 0.10 | | |
| 400,000 | |
| 0.10 | | |
| 645,000 | | |
| 2.54 | | |
| 0.10 | | |
| 645,000 | |
| 0.12 | | |
| 50,000 | | |
| 5.57 | | |
| 0.12 | | |
| 50,000 | |
| 0.24 | | |
| 2,223,787 | | |
| 4.16 | | |
| 0.24 | | |
| 2,223,787 | |
| 0.36 | | |
| 200,000 | | |
| 3.45 | | |
| 0.36 | | |
| 200,000 | |
| 0.38 | | |
| 116,000,000 | | |
| 5.59 | | |
| 0.38 | | |
| 116,000,000 | |
| 2.50 | | |
| 8,669,400 | | |
| 4.26 | | |
| 2.50 | | |
| 8,669,400 | |
| 3.00 | | |
| 500,000 | | |
| 3.01 | | |
| 3.00 | | |
| 500,000 | |
| | | |
| 128,688,187 | | |
| 5.44 | | |
$ | 0.53 | | |
| 128,688,187 | |
|
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v3.23.2
CONCENTRATION OF CREDIT RISK (Tables)
|
6 Months Ended |
May 31, 2023 |
Risks and Uncertainties [Abstract] |
|
SCHEDULE OF CONCENTRATION OF CREDIT RISK |
Three
customers accounted for 99% of total revenue for the six months ended May 31, 2023, as set forth below:
SCHEDULE
OF CONCENTRATION OF CREDIT RISK
Customer A | |
| 44 | % |
Customer B | |
| 40 | % |
Customer C | |
| 15 | % |
Three
customers accounted for 100% of total revenue for the six months ended May 31, 2022, as set forth below:
Customer A | |
| 84 | % |
Customer B | |
| 8 | % |
Customer C | |
| 8 | % |
Accounts
Receivable
Two
customers accounted for 100% of the accounts receivable as of May 31, 2023, as set forth below:
Customer A | |
| 73 | % |
Customer B | |
| 27 | % |
Three
suppliers accounted for 60% of purchases as of May 31, 2022, as set forth below:
Vendor A | |
| 31 | % |
Vendor B | |
| 16 | % |
Vendor C | |
| 13 | % |
|
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v3.23.2
GOING CONCERN AND LIQUIDITY (Details Narrative) - USD ($)
|
3 Months Ended |
6 Months Ended |
|
|
|
|
May 31, 2023 |
May 31, 2022 |
May 31, 2023 |
May 31, 2022 |
Jul. 10, 2023 |
Mar. 07, 2023 |
Nov. 30, 2022 |
Mar. 23, 2022 |
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
|
|
|
|
Accumulated deficit |
$ 61,493,664
|
|
$ 61,493,664
|
|
|
|
$ 53,643,649
|
|
Working capital deficit |
387,334
|
|
387,334
|
|
|
|
|
|
Loss from operations |
2,281,815
|
$ 7,482,364
|
8,138,892
|
$ 18,686,017
|
|
|
|
|
Cash used in operating activities |
|
|
685,807
|
$ 425,780
|
|
|
|
|
Debt instrument face amount |
|
|
|
|
|
$ 412,533
|
|
|
US Mine Corporation [Member] |
|
|
|
|
|
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
|
|
|
|
Debt instrument face amount |
919,209
|
|
919,209
|
|
|
$ 1,000,000
|
|
$ 1,000,000
|
Debt instrument interest rate stated percentage |
|
|
|
|
|
8.00%
|
|
5.00%
|
Debt instrument convertible conversion price |
|
|
|
|
|
$ 0.10
|
|
$ 0.39
|
US Mine Corporation [Member] | Subsequent Event [Member] |
|
|
|
|
|
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
|
|
|
|
Debt instrument face amount |
|
|
|
|
$ 1,000,000
|
|
|
|
Debt instrument interest rate stated percentage |
|
|
|
|
8.00%
|
|
|
|
Debt instrument convertible conversion price |
|
|
|
|
$ 0.10
|
|
|
|
US Mine Corporation [Member] | Convertible Notes Payable [Member] |
|
|
|
|
|
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
|
|
|
|
Debt instrument face amount |
$ 80,791
|
|
$ 80,791
|
|
|
$ 587,467
|
|
|
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SCHEDULE OF DISAGGREGATED REVENUE (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
May 31, 2023 |
May 31, 2022 |
May 31, 2023 |
May 31, 2022 |
Product Information [Line Items] |
|
|
|
|
Revenue, net |
$ 66,376
|
$ 228,476
|
$ 118,632
|
$ 228,476
|
CROP WHITE II [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
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|
|
|
192,780
|
Shade Advantage (WP) [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Revenue, net |
|
|
67,152
|
35,696
|
SulFe Hume Si ADVANTAGE [Member] |
|
|
|
|
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|
|
|
|
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|
|
$ 51,480
|
|
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v3.23.2
SCHEDULE OF OUTSTANDING SHARES EXCLUDED FROM DILUTED LOSS PER SHARE (Details) - shares
|
3 Months Ended |
6 Months Ended |
May 31, 2023 |
May 31, 2022 |
May 31, 2023 |
May 31, 2022 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
Potentially dilutive securities |
135,344,297
|
1,595,000
|
135,344,297
|
59,595,000
|
Convertible Debt Securities [Member] |
|
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
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6,656,110
|
|
6,656,110
|
|
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|
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
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128,688,187
|
1,595,000
|
128,688,187
|
59,595,000
|
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative)
|
3 Months Ended |
6 Months Ended |
|
May 31, 2023
USD ($)
ft²
|
May 31, 2022
USD ($)
|
May 31, 2023
USD ($)
ft²
|
May 31, 2022
USD ($)
|
Nov. 30, 2022
USD ($)
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
Cash equivalents |
$ 0
|
|
$ 0
|
|
$ 0
|
Allowance for doubtful accounts receivable |
0
|
|
0
|
|
0
|
Property and equipment, net |
620,000
|
|
620,000
|
|
$ 620,000
|
Impairment losses |
0
|
$ 0
|
0
|
$ 0
|
|
Selling, general and administrative |
2,321,585
|
7,622,810
|
8,208,455
|
18,823,211
|
|
Advertising and marketing expenses |
$ 2,643
|
$ 0
|
$ 2,643
|
0
|
|
Area of land | ft² |
700
|
|
700
|
|
|
Payments for rent |
|
|
$ 3,500
|
|
|
Weighted average term |
1 year 4 months 24 days
|
|
1 year 4 months 24 days
|
|
|
Weighted average borrowing rate |
5.00%
|
|
5.00%
|
|
|
US Mine Corporation [Member] |
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
Area of land | ft² |
1,000
|
|
1,000
|
|
|
Shipping and Handling [Member] |
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
Selling, general and administrative |
|
|
$ 2,000
|
$ 0
|
|
Minimum [Member] |
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
Property, Plant and Equipment, Useful Life |
3 years
|
|
3 years
|
|
|
Maximum [Member] |
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
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5 years
|
|
5 years
|
|
|
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v3.23.2
MINING RIGHTS (Details Narrative)
|
Apr. 01, 2020
USD ($)
|
Oct. 15, 2015
USD ($)
|
Dec. 01, 2014
USD ($)
a
Placer
|
Nov. 28, 2014
USD ($)
|
May 31, 2023
ft²
|
Reserve Quantities [Line Items] |
|
|
|
|
|
Acres of land | ft² |
|
|
|
|
700
|
Purchase and Sale Agreement [Member] | Snow White Pozzolan Mine [Member] |
|
|
|
|
|
Reserve Quantities [Line Items] |
|
|
|
|
|
Purchase mining properties |
$ 836,000
|
|
|
|
|
Interest rate |
5.00%
|
|
|
|
|
Snow White Mine [Member] | California, San Bernardino [Member] | Purchase Agreement [Member] | US Mining and Minerals Corp [Member] |
|
|
|
|
|
Reserve Quantities [Line Items] |
|
|
|
|
|
Acres of land | a |
|
|
280
|
|
|
Number of placer mining claim | Placer |
|
|
5
|
|
|
Escrow deposit |
|
|
$ 50,000
|
$ 600,000
|
|
Payment for extend to close purchase agreement |
|
|
$ 25,000
|
|
|
Snow White Mine [Member] | California, San Bernardino [Member] | Purchase Agreement [Member] | US Mining and Minerals Corp [Member] | Mr. John Bremer [Member] |
|
|
|
|
|
Reserve Quantities [Line Items] |
|
|
|
|
|
Payment for purchased property |
|
$ 575,000
|
|
|
|
Royalty payment |
|
$ 3,500
|
|
|
|
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v3.23.2
SCHEDULE OF PROPERTY AND EQUIPMENT (Details) - USD ($)
|
May 31, 2023 |
Nov. 30, 2022 |
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
$ 687,164
|
$ 687,164
|
Less: accumulated depreciation |
(67,164)
|
(67,164)
|
Property and equipment, net |
620,000
|
620,000
|
Furniture and Fixtures [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
6,952
|
6,952
|
Machinery and Equipment [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
35,151
|
35,151
|
Automobiles and Trucks [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
25,061
|
25,061
|
Construction in Progress [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
$ 620,000
|
$ 620,000
|
X |
- DefinitionAmount of accumulated depreciation, depletion and amortization for physical assets used in the normal conduct of business to produce goods and services.
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v3.23.2
NOTES PAYABLE (Details Narrative) - USD ($)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 Months Ended |
6 Months Ended |
|
|
|
|
|
May 31, 2023 |
Apr. 14, 2023 |
Feb. 28, 2023 |
Nov. 29, 2022 |
Aug. 30, 2022 |
Apr. 07, 2022 |
Mar. 14, 2022 |
Aug. 13, 2021 |
Apr. 08, 2021 |
Mar. 17, 2021 |
Dec. 02, 2020 |
Feb. 01, 2020 |
Jan. 01, 2020 |
Dec. 01, 2019 |
Feb. 26, 2016 |
May 31, 2023 |
May 31, 2022 |
May 31, 2023 |
May 31, 2022 |
Jul. 10, 2023 |
Mar. 07, 2023 |
Feb. 04, 2023 |
Nov. 30, 2022 |
Aug. 31, 2017 |
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt issued amount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 412,533
|
|
|
|
Repayments notes payable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 15,000
|
$ 10,000
|
|
|
|
|
|
Amortization of debt discount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,329
|
|
|
|
|
|
Officers compensation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,000
|
|
|
|
|
|
|
Convertible notes payable |
$ 12,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 12,000
|
|
12,000
|
|
|
|
|
$ 36,000
|
|
Director Agreement [Member] | Jeffrey Guzy [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest debt |
|
|
|
|
|
|
|
|
0.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion of stock amount |
|
$ 24,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Officers compensation |
|
|
|
|
|
|
|
|
$ 1,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible notes payable |
2,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,000
|
|
2,000
|
|
|
|
|
|
|
Director Agreement [Member] | Jeffrey Guzy [Member] | Share Price 0.15 [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion price |
|
$ 0.15
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
80,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Director Agreement [Member] | Jeffrey Guzy [Member] | Share Price 0.08 [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion price |
|
$ 0.08
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
150,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Director Agreement [Member] | Kimberly Kurtis [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Officers compensation |
|
|
|
|
|
|
|
$ 1,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible notes payable |
$ 10,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,000
|
|
10,000
|
|
|
|
|
|
|
Conversion of stock amount |
|
$ 12,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion of stock, shares |
|
80,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock price per share |
|
$ 0.15
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible Promissory Notes [Member] | US Mine Corporation [Member] | Tranche #1 [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
|
|
|
|
|
|
|
|
|
Debt maturity date |
|
|
|
|
|
|
|
|
|
|
|
|
|
Dec. 31, 2021
|
|
|
|
|
|
|
|
|
|
|
Accrued interest |
|
|
|
|
|
$ 2,351
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0
|
$ 100
|
0
|
350
|
|
|
|
|
|
Debt issued amount |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 20,000
|
|
|
|
|
|
|
|
|
|
|
Conversion price |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 0.16
|
|
|
|
|
|
|
|
|
|
|
Conversion of stock amount |
|
|
|
|
|
$ 20,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
|
|
139,692
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beneficial conversion feature |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 20,000
|
|
|
|
|
|
|
|
|
|
|
Amortization of debt discount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0
|
0
|
0
|
0
|
|
|
|
|
|
Convertible Promissory Notes [Member] | US Mine Corporation [Member] | Tranche #1 [Member] | Extended Maturity [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt maturity date |
|
|
|
|
|
Apr. 30, 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible Promissory Notes [Member] | US Mine Corporation [Member] | Tranche #2 [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest debt |
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
|
|
|
|
|
|
|
|
|
|
Debt maturity date |
|
|
|
|
|
|
|
|
|
|
|
|
Jan. 01, 2022
|
|
|
|
|
|
|
|
|
|
|
|
Accrued interest |
|
|
|
|
|
$ 9,743
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
450
|
|
1,500
|
|
|
|
|
|
Debt issued amount |
|
|
|
|
|
|
|
|
|
|
|
|
$ 86,000
|
|
|
|
|
|
|
|
|
|
|
|
Conversion price |
|
|
|
|
|
|
|
|
|
|
|
|
$ 0.16
|
|
|
|
|
|
|
|
|
|
|
|
Conversion of stock amount |
|
|
|
|
|
$ 86,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
|
|
598,392
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beneficial conversion feature |
|
|
|
|
|
|
|
|
|
|
|
|
$ 32,250
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of debt discount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0
|
1,412
|
0
|
1,412
|
|
|
|
|
|
Convertible Promissory Notes [Member] | US Mine Corporation [Member] | Tranche #2 [Member] | Extended Maturity [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt maturity date |
|
|
|
|
|
Apr. 30, 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible Promissory Notes [Member] | US Mine Corporation [Member] | Tranche #3 [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest debt |
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt maturity date |
|
|
|
|
|
|
|
|
|
|
|
Feb. 01, 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
Accrued interest |
|
|
|
|
|
$ 7,851
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
375
|
|
1,260
|
|
|
|
|
|
Debt issued amount |
|
|
|
|
|
|
|
|
|
|
|
$ 72,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion price |
|
|
|
|
|
|
|
|
|
|
|
$ 0.16
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion of stock amount |
|
|
|
|
|
$ 72,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
|
|
499,068
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beneficial conversion feature |
|
|
|
|
|
|
|
|
|
|
|
$ 36,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of debt discount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0
|
3,103
|
|
|
|
|
|
Convertible Promissory Notes [Member] | US Mine Corporation [Member] | Tranche #3 [Member] | Extended Maturity [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt maturity date |
|
|
|
|
|
Apr. 30, 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible Promissory Notes [Member] | US Mine Corporation [Member] | Tranche #4 [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest debt |
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt maturity date |
|
|
|
|
|
|
|
|
|
|
Nov. 25, 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accrued interest |
|
|
|
|
|
$ 55,401
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0
|
7,500
|
0
|
17,700
|
|
|
|
|
|
Debt issued amount |
|
|
|
|
|
|
|
|
|
|
$ 822,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion price |
|
|
|
|
|
|
|
|
|
|
$ 0.16
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion of stock amount |
|
|
|
|
|
$ 822,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
|
|
5,483,753
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible Promissory Notes [Member] | US Mine Corporation [Member] | Tranche #5 [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest debt |
|
|
|
|
|
|
|
|
|
5.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt maturity date |
|
|
|
|
|
|
|
|
|
Mar. 17, 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accrued interest |
|
|
|
|
|
$ 30,656
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0
|
1,700
|
0
|
8,800
|
|
|
|
|
|
Debt issued amount |
|
|
|
|
|
|
|
|
|
$ 579,769
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion price |
|
|
|
|
|
|
|
|
|
$ 0.088
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion of stock amount |
|
|
|
|
|
$ 579,769.39
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
|
|
6,936,656
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible Promissory Notes [Member] | US Mine Corporation [Member] | Tranche #6 [Mmeber] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest debt |
|
|
|
|
|
|
5.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt maturity date |
|
|
|
|
|
|
Mar. 14, 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accrued interest |
|
|
|
|
|
$ 2,908
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,908
|
|
2,908
|
|
|
|
|
|
Debt issued amount |
|
|
|
|
|
|
$ 884,429
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion price |
|
|
|
|
|
|
$ 0.088
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion of stock amount |
|
|
|
|
|
$ 884,492
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
|
|
10,084,093
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible Promissory Notes [Member] | US Mine Corporation [Member] | Tranche #7 [Mmeber] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest debt |
|
|
|
|
5.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt maturity date |
|
|
|
|
Aug. 30, 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,805
|
5,805
|
11,610
|
11,610
|
|
|
|
|
|
Debt issued amount |
|
|
|
|
$ 470,862
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion price |
|
|
|
|
$ 0.39
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible Promissory Notes [Member] | US Mine Corporation [Member] | Tranche #8 [Mmeber] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest debt |
|
|
|
5.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt maturity date |
|
|
|
Aug. 30, 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,726
|
|
3,453
|
|
|
|
|
|
|
Debt issued amount |
|
|
|
$ 140,027
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion price |
|
|
|
$ 0.39
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible Promissory Notes [Member] | US Mine Corporation [Member] | Tranche #9 [Mmeber] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest debt |
|
|
5.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt maturity date |
|
|
Feb. 28, 2025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 3,801
|
|
$ 3,801
|
|
|
|
|
|
|
Debt issued amount |
|
|
$ 308,320
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion price |
|
|
$ 0.39
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible Promissory Notes [Member] | US Mine Corporation [Member] | Tranche #10 [ Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest debt |
8.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8.00%
|
|
8.00%
|
|
|
|
|
|
|
Debt maturity date |
May 31, 2025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 0
|
|
$ 0
|
|
|
|
|
|
|
Debt issued amount |
$ 412,533
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 412,533
|
|
$ 412,533
|
|
|
|
|
|
|
Conversion price |
$ 0.10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 0.10
|
|
$ 0.10
|
|
|
|
|
|
|
Unsecured Convertible Promissory Notes [Member] | US Mine Corporation [Member] | Subsequent Event [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8.00%
|
|
|
|
|
Debt issued amount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 1,000,000
|
|
|
|
|
Conversion price |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 0.10
|
|
|
|
|
A. Scott Dockter [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note payable balance |
$ 13,716
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 13,716
|
|
$ 13,716
|
|
|
|
|
28,716
|
|
Interest debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6.00%
|
Accrued interest |
$ 41,779
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
41,779
|
|
41,779
|
|
|
|
|
$ 41,167
|
|
Interest expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
233
|
837
|
612
|
1,706
|
|
|
|
|
|
Debt issued amount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 197,096
|
Repayments notes payable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,000
|
|
|
|
|
|
|
Bayshore Capital Advisors, LLC [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity Method Investment, Ownership Percentage |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.00%
|
|
|
|
|
|
|
|
|
|
Note payable balance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 25,000
|
|
|
|
|
|
|
|
|
|
Interest debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6.00%
|
|
|
|
|
|
|
|
|
|
Debt maturity date |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aug. 26, 2016
|
|
|
|
|
|
|
|
|
|
Cancellation amount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 25,000
|
|
|
Accrued interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 10,146
|
|
|
Interest expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 0
|
$ 380
|
$ 255
|
$ 750
|
|
|
|
|
|
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v3.23.2
SCHEDULE OF LEASE COST AND OTHER SUPPLEMENTAL LEASE INFORMATION (Details) - USD ($)
|
6 Months Ended |
|
May 31, 2023 |
May 31, 2022 |
Nov. 30, 2022 |
Leases |
|
|
|
Operating lease cost (cost resulting from lease payments) |
$ 21,000
|
$ 9,000
|
|
Short term lease cost |
|
|
|
Sublease income |
|
|
|
Net lease cost |
21,000
|
9,000
|
|
Operating lease - operating cash flows (fixed payments) |
21,000
|
9,000
|
|
Operating lease - operating cash flows (liability reduction) |
19,197
|
8,688
|
|
Non-current leases - right of use assets |
59,699
|
7,109
|
$ 79,599
|
Current liabilities - operating lease liabilities |
39,869
|
7,407
|
38,882
|
Non-current liabilities - operating lease liabilities |
$ 20,696
|
|
$ 40,880
|
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v3.23.2
SCHEDULE OF ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($)
|
May 31, 2023 |
Nov. 30, 2022 |
Payables and Accruals [Abstract] |
|
|
Accounts payable |
$ 316,496
|
$ 30,078
|
Accrued interest – related party |
66,595
|
57,266
|
Accrued compensation |
29,466
|
28,134
|
Accounts payable and accrued expenses |
$ 412,557
|
$ 115,478
|
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v3.23.2
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($)
|
Apr. 28, 2023 |
Jul. 08, 2020 |
Mar. 29, 2019 |
Superior Soils Supplements LLC [Member] |
|
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
Complaint seeks damages |
$ 125,000
|
|
$ 400,000
|
Damages accrual |
|
|
$ 400,000
|
Chief Financial Officer, Al Calvanico [Member] |
|
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
Complaint seeks damages |
|
$ 600,000
|
|
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v3.23.2
SCHEDULE OF BLACK-SCHOLES OPTION MODEL ASSUMPTIONS (Details) - USD ($)
|
6 Months Ended |
|
|
May 31, 2023 |
May 31, 2022 |
Nov. 30, 2022 |
Nov. 30, 2021 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
Number of Options |
128,688,187
|
117,795,000
|
128,688,187
|
117,795,000
|
Exercise Price |
|
|
|
|
Option 1 [Member] |
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
Grant Date |
Apr. 08, 2021
|
|
|
|
Number of Options |
250,000
|
|
|
|
Share price |
$ 0.15
|
|
|
|
Exercise Price |
$ 0.10
|
|
|
|
Expected Volatility |
281.00%
|
|
|
|
Risk-free Interest Rate |
0.85%
|
|
|
|
Dividend Rate |
0.00%
|
|
|
|
Expected Term |
2 years 6 months
|
|
|
|
Fair Value |
$ 36,708
|
|
|
|
Option 2 [Member] |
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
Grant Date |
Aug. 13, 2021
|
|
|
|
Number of Options |
200,000
|
|
|
|
Share price |
$ 0.46
|
|
|
|
Exercise Price |
$ 0.36
|
|
|
|
Expected Volatility |
266.00%
|
|
|
|
Risk-free Interest Rate |
0.79%
|
|
|
|
Dividend Rate |
0.00%
|
|
|
|
Expected Term |
3 years 6 months
|
|
|
|
Fair Value |
$ 90,944
|
|
|
|
Option 3 [Member] |
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
Grant Date |
Oct. 06, 2021
|
|
|
|
Number of Options |
116,000,000
|
|
|
|
Share price |
$ 0.38
|
|
|
|
Exercise Price |
$ 0.38
|
|
|
|
Expected Volatility |
278.00%
|
|
|
|
Risk-free Interest Rate |
1.26%
|
|
|
|
Dividend Rate |
0.00%
|
|
|
|
Expected Term |
3 years 10 months 17 days
|
|
|
|
Fair Value |
$ 43,808,780
|
|
|
|
Option 4 [Member] |
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
Grant Date |
Jun. 03, 2022
|
|
|
|
Number of Options |
8,669,400
|
|
|
|
Share price |
$ 0.22
|
|
|
|
Exercise Price |
$ 2.50
|
|
|
|
Expected Volatility |
274.50%
|
|
|
|
Risk-free Interest Rate |
2.95%
|
|
|
|
Dividend Rate |
0.00%
|
|
|
|
Expected Term |
3 years 6 months
|
|
|
|
Fair Value |
$ 1,856,151
|
|
|
|
Option 5 [Member] |
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
Grant Date |
Aug. 26, 2022
|
|
|
|
Number of Options |
1,734,615
|
|
|
|
Share price |
$ 0.24
|
|
|
|
Exercise Price |
$ 0.24
|
|
|
|
Expected Volatility |
269.24%
|
|
|
|
Risk-free Interest Rate |
3.20%
|
|
|
|
Dividend Rate |
0.00%
|
|
|
|
Expected Term |
3 years 6 months
|
|
|
|
Fair Value |
$ 411,668
|
|
|
|
Option 6 [Member] |
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
Grant Date |
Aug. 26, 2022
|
|
|
|
Number of Options |
242,424
|
|
|
|
Share price |
$ 0.24
|
|
|
|
Exercise Price |
$ 0.24
|
|
|
|
Expected Volatility |
276.76%
|
|
|
|
Risk-free Interest Rate |
3.20%
|
|
|
|
Dividend Rate |
0.00%
|
|
|
|
Expected Term |
3 years
|
|
|
|
Fair Value |
$ 57,264
|
|
|
|
Option 7 [Member] |
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
Grant Date |
Aug. 26, 2022
|
|
|
|
Number of Options |
246,748
|
|
|
|
Share price |
$ 0.24
|
|
|
|
Exercise Price |
$ 0.24
|
|
|
|
Expected Volatility |
207.37%
|
|
|
|
Risk-free Interest Rate |
3.20%
|
|
|
|
Dividend Rate |
0.00%
|
|
|
|
Expected Term |
2 years 6 months
|
|
|
|
Fair Value |
$ 53,479
|
|
|
|
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v3.23.2
SCHEDULE OF STOCK OPTION ACTIVITY (Details) - $ / shares
|
6 Months Ended |
May 31, 2023 |
May 31, 2022 |
Share-Based Payment Arrangement [Abstract] |
|
|
Outstanding Options |
128,688,187
|
117,795,000
|
Weighted- Average Exercise Price |
$ 0.53
|
$ 0.39
|
Number of Options, Granted |
|
|
Weighted Average Exercise Price, Granted |
|
|
Number of Options, Exercised |
|
|
Weighted Average Exercise Price, Exercised |
|
|
Number of Options, Expired or Cancelled |
|
|
Weighted Average Exercise Price, Expired or Cancelled |
|
|
Outstanding Options |
128,688,187
|
117,795,000
|
Weighted- Average Exercise Price |
$ 0.53
|
$ 0.39
|
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v3.23.2
SCHEDULE OF STOCK OPTION SHARES OUTSTANDING AND EXERCISABLE (Details)
|
6 Months Ended |
May 31, 2023
$ / shares
shares
|
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] |
|
Outstanding Options |
128,688,187
|
Weighted- Average Remaining Life in Years |
5 years 5 months 8 days
|
Weighted- Average Exercise Price | $ / shares |
$ 0.53
|
Number Exercisable |
128,688,187
|
Exercise Price One [Member] |
|
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] |
|
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$ 0.10
|
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400,000
|
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1 year 4 months 20 days
|
Weighted- Average Exercise Price | $ / shares |
$ 0.10
|
Number Exercisable |
400,000
|
Exercise Price Two [Member] |
|
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] |
|
Range of Exercise Prices | $ / shares |
$ 0.10
|
Outstanding Options |
645,000
|
Weighted- Average Remaining Life in Years |
2 years 6 months 14 days
|
Weighted- Average Exercise Price | $ / shares |
$ 0.10
|
Number Exercisable |
645,000
|
Exercise Price Three [Member] |
|
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] |
|
Range of Exercise Prices | $ / shares |
$ 0.12
|
Outstanding Options |
50,000
|
Weighted- Average Remaining Life in Years |
5 years 6 months 25 days
|
Weighted- Average Exercise Price | $ / shares |
$ 0.12
|
Number Exercisable |
50,000
|
Exercise Price Four [Member] |
|
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] |
|
Range of Exercise Prices | $ / shares |
$ 0.24
|
Outstanding Options |
2,223,787
|
Weighted- Average Remaining Life in Years |
4 years 1 month 28 days
|
Weighted- Average Exercise Price | $ / shares |
$ 0.24
|
Number Exercisable |
2,223,787
|
Exercise Price Five [Member] |
|
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] |
|
Range of Exercise Prices | $ / shares |
$ 0.36
|
Outstanding Options |
200,000
|
Weighted- Average Remaining Life in Years |
3 years 5 months 12 days
|
Weighted- Average Exercise Price | $ / shares |
$ 0.36
|
Number Exercisable |
200,000
|
Exercise Price Six [Member] |
|
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] |
|
Range of Exercise Prices | $ / shares |
$ 0.38
|
Outstanding Options |
116,000,000
|
Weighted- Average Remaining Life in Years |
5 years 7 months 2 days
|
Weighted- Average Exercise Price | $ / shares |
$ 0.38
|
Number Exercisable |
116,000,000
|
Exercise Price Seven [Member] |
|
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] |
|
Range of Exercise Prices | $ / shares |
$ 2.50
|
Outstanding Options |
8,669,400
|
Weighted- Average Remaining Life in Years |
4 years 3 months 3 days
|
Weighted- Average Exercise Price | $ / shares |
$ 2.50
|
Number Exercisable |
8,669,400
|
Exercise Price Eight [Member] |
|
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] |
|
Range of Exercise Prices | $ / shares |
$ 3.00
|
Outstanding Options |
500,000
|
Weighted- Average Remaining Life in Years |
3 years 3 days
|
Weighted- Average Exercise Price | $ / shares |
$ 3.00
|
Number Exercisable |
500,000
|
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STOCK-BASED COMPENSATION (Details Narrative) - USD ($)
|
|
|
|
3 Months Ended |
6 Months Ended |
Aug. 26, 2022 |
Jun. 03, 2022 |
Nov. 10, 2017 |
May 31, 2023 |
May 31, 2022 |
May 31, 2023 |
May 31, 2022 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
Shares of common stock granted exercisable options |
|
|
|
|
|
|
|
Exercise price |
|
|
|
|
|
|
|
Stock option exercisable term |
|
|
|
|
|
10 years
|
|
Vesting period, description |
|
|
|
|
|
vest over various terms from
the grant date to five years.
|
|
Compensation expense |
|
|
|
|
|
$ 7,326,402
|
$ 18,254,083
|
Fair value of common stock |
|
|
|
|
|
|
|
Equity Option [Member] |
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
Compensation expense |
|
|
|
$ 1,841,389
|
$ 7,304,345
|
$ 7,326,402
|
$ 18,254,083
|
Future compensation cost related to non-vested stock options |
|
|
|
$ 0
|
|
0
|
|
Share-Based Payment Arrangement, Option [Member] |
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
Weighted average grant date fair value of options, non-vested |
|
|
|
|
|
0
|
$ 10,917,826
|
Member of Board, Consultants and Employees [Member] |
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
Shares of common stock granted exercisable options |
2,223,787
|
|
|
|
|
|
|
Exercise price |
$ 0.24
|
|
|
|
|
|
|
Fair value |
$ 522,411
|
|
|
|
|
|
|
Option Holders [Member] |
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
Share based compensation, aggregate intrinsic value |
|
|
|
|
|
$ 31,155
|
|
Fair value of common stock |
|
|
|
|
|
$ 0.13
|
|
Settlement Agreement [Member] |
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
Shares of common stock granted exercisable options |
|
8,669,400
|
|
|
|
|
|
Exercise price |
|
$ 2.50
|
|
|
|
|
|
Fair value |
|
$ 1,856,151
|
|
|
|
|
|
2017 Equity Incentve Plan [Member] |
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
Shares of common stock granted exercisable options |
|
|
10,000,000
|
|
|
128,688,187
|
|
2017 Equity Incentve Plan [Member] | Employment Contracts [Member] |
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
Shares of common stock granted exercisable options |
|
|
500,000
|
|
|
|
|
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v3.23.2
RELATED PARTY TRANSACTIONS (Details Narrative)
|
|
|
|
|
|
|
|
|
3 Months Ended |
6 Months Ended |
|
|
|
|
|
|
|
|
|
Jun. 09, 2023
$ / shares
shares
|
Oct. 06, 2021
$ / shares
shares
|
Aug. 13, 2021
USD ($)
|
May 27, 2021
USD ($)
$ / shares
|
Apr. 08, 2021
USD ($)
|
Oct. 01, 2020
USD ($)
ft²
|
Apr. 22, 2020
USD ($)
|
Feb. 26, 2016
USD ($)
|
May 31, 2023
USD ($)
ft²
|
May 31, 2022
USD ($)
|
May 31, 2023
USD ($)
ft²
shares
|
May 31, 2022
USD ($)
shares
|
Jul. 10, 2023
USD ($)
$ / shares
|
Apr. 06, 2023
shares
|
Mar. 07, 2023
USD ($)
|
Feb. 28, 2023 |
Feb. 04, 2023
USD ($)
|
Nov. 30, 2022
USD ($)
|
Oct. 06, 2022
shares
|
Apr. 06, 2022
shares
|
Aug. 31, 2017
USD ($)
|
Cash advances |
|
|
|
|
|
|
|
|
|
|
$ 705,000
|
$ 410,000
|
|
|
|
|
|
|
|
|
|
Debt issued amount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 412,533
|
|
|
|
|
|
|
Share-based payment award options grants in period | shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based payment arrangement noncash expense |
|
|
|
|
|
|
|
|
|
|
$ 7,326,402
|
$ 18,254,083
|
|
|
|
|
|
|
|
|
|
Officers compensation |
|
|
|
|
|
|
|
|
|
|
12,000
|
|
|
|
|
|
|
|
|
|
|
Operating lease monthly rent expense |
|
|
|
|
|
|
|
|
|
|
$ 3,500
|
|
|
|
|
|
|
|
|
|
|
Office space | ft² |
|
|
|
|
|
|
|
|
700
|
|
700
|
|
|
|
|
|
|
|
|
|
|
A. Scott Dockter [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes payable |
|
|
|
|
|
|
|
|
$ 13,716
|
|
$ 13,716
|
|
|
|
|
|
|
$ 28,716
|
|
|
|
Debt instrument interest rate stated percentage |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6.00%
|
Interest expense |
|
|
|
|
|
|
|
|
41,779
|
|
41,779
|
|
|
|
|
|
|
41,167
|
|
|
|
Interest expense |
|
|
|
|
|
|
|
|
233
|
$ 837
|
612
|
1,706
|
|
|
|
|
|
|
|
|
|
Debt issued amount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 197,096
|
Repayments short term debt |
|
|
|
|
|
|
|
|
|
|
15,000
|
|
|
|
|
|
|
|
|
|
|
Director Agreement [Member] | Jeffrey Guzy [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument interest rate stated percentage |
|
|
|
|
0.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Officers compensation |
|
|
|
|
$ 1,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Director Agreement [Member] | Kimberly Kurtis [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Officers compensation |
|
|
$ 1,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Member] | Scrivener Agreement [Member] | Dr Scrivener [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued during period, shares, issued for services | shares |
100,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share price | $ / shares |
$ 0.08
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unsecured Convertible Promissory Notes [Member] | US Mine Corporation [Member] | Subsequent Event [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument interest rate stated percentage |
|
|
|
|
|
|
|
|
|
|
|
|
8.00%
|
|
|
|
|
|
|
|
|
Debt issued amount |
|
|
|
|
|
|
|
|
|
|
|
|
$ 1,000,000
|
|
|
|
|
|
|
|
|
Conversion price | $ / shares |
|
|
|
|
|
|
|
|
|
|
|
|
$ 0.10
|
|
|
|
|
|
|
|
|
US Mine Corporation [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
|
|
|
|
|
|
11,333
|
13,033
|
18,864
|
32,518
|
|
|
|
|
|
|
|
|
|
Payment for purchases made |
|
|
|
|
|
|
|
|
|
|
34,364
|
0
|
|
|
|
|
|
|
|
|
|
Cash advances |
|
|
|
|
|
|
|
|
|
|
15,853
|
4,438
|
|
|
|
|
|
|
|
|
|
Convertible note payable balance |
|
|
|
|
|
|
|
|
406,604
|
|
406,604
|
|
|
|
|
|
|
0
|
|
|
|
Convertible debt |
|
|
|
|
|
|
|
|
1,331,742
|
|
1,331,742
|
|
|
|
|
|
|
$ 610,889
|
|
|
|
Operating lease monthly rent expense |
|
|
|
|
|
$ 1,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease extension term |
|
|
|
|
|
2 years
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Office space | ft² |
|
|
|
|
|
700
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating lease monthly rent expense |
|
|
|
|
|
$ 3,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US Mine Corporation [Member] | Material Supply Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments for inventory |
|
|
|
|
|
|
$ 292,806
|
|
12,450
|
72,236
|
34,365
|
72,236
|
|
|
|
|
|
|
|
|
|
US Mine Corporation [Member] | Material Supply Agreement [Member] | Kaolin Clay for Supplementary Cementitious Materials [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments to materials and products for agriculture, per ton |
|
|
|
|
|
|
25
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US Mine Corporation [Member] | Material Supply Agreement [Member] | Bagged Products for Clay [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments to materials and products for agriculture, per ton |
|
|
|
|
|
|
145
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Royalty fee, per ton |
|
|
|
|
|
|
$ 5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US Mine, LLC [Member] | Materials Extraction Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument interest rate stated percentage |
|
|
|
2.50%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible note payable balance |
|
|
|
$ 50,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion price | $ / shares |
|
|
|
$ 0.43
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Royalty fee, per ton |
|
|
|
$ 5.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Extraction agreement description |
|
|
|
On
May 27, 2021, the Company entered into the Materials Extraction Agreement with US Mine, LLC, pursuant to which the Company acquired the
right to extract up to 100,000,000 of certain raw clay materials. The Materials Extraction Agreement is effective until 100,000,000 tons
of material are extracted.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt conversion description |
|
|
|
The noteholder may convert (i) up to 50% of the outstanding balance
on or after such date as the Company’s common stock is listed for trading on any national securities exchange, (ii) up to an additional
25% of the outstanding balance on or after the six-month anniversary of such initial trading date, and (iii) the remaining 25% on or
after the twelve-month anniversary of such initial trading date. In addition, the Company will pay US Mine, LLC a royalty fee of $5.00
per ton of materials extracted and any royalty not paid in a timely manner with be subject to 15% interest per annum and compounded monthly
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based payment award options grants in period | shares |
|
116,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock exercise price | $ / shares |
|
$ 0.38
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options vested and expected to vest outstanding number | shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
29,000,000
|
|
|
|
|
29,000,000
|
58,000,000
|
|
Share-based payment arrangement noncash expense |
|
|
|
|
|
|
|
|
1,841,389
|
|
7,326,402
|
|
|
|
|
|
|
|
|
|
|
Bayshore Capital Advisors, LLC [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ownership percent |
|
|
|
|
|
|
|
10.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes payable |
|
|
|
|
|
|
|
$ 25,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument interest rate stated percentage |
|
|
|
|
|
|
|
6.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument maturity date |
|
|
|
|
|
|
|
Aug. 26, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt cancellation amount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 25,000
|
|
|
|
|
Interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 10,146
|
|
|
|
|
Interest expense |
|
|
|
|
|
|
|
|
$ 0
|
$ 380
|
$ 255
|
$ 750
|
|
|
|
|
|
|
|
|
|
USMC [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ownership percent |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
33.00%
|
|
|
|
|
|
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CONCENTRATION OF CREDIT RISK (Details Narrative) - USD ($)
|
3 Months Ended |
6 Months Ended |
|
May 31, 2023 |
May 31, 2023 |
May 31, 2022 |
Nov. 30, 2022 |
Concentration Risk [Line Items] |
|
|
|
|
FDIC insured amount |
$ 250,000
|
$ 250,000
|
|
|
Account receivables |
$ 66,376
|
$ 66,376
|
|
|
Revenue from Contract with Customer Benchmark [Member] | Customer Concentration Risk [Member] | Three Customers [Member] |
|
|
|
|
Concentration Risk [Line Items] |
|
|
|
|
Concentration risk, percentage |
|
99.00%
|
100.00%
|
|
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Two Customers [Member] |
|
|
|
|
Concentration Risk [Line Items] |
|
|
|
|
Concentration risk, percentage |
|
100.00%
|
|
|
Accounts Payable [Member] | Supplier Concentration Risk [Member] | One Suppliers [Member] |
|
|
|
|
Concentration Risk [Line Items] |
|
|
|
|
Concentration risk, percentage |
100.00%
|
|
|
|
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Three Suppliers [Member] |
|
|
|
|
Concentration Risk [Line Items] |
|
|
|
|
Concentration risk, percentage |
|
|
60.00%
|
|
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