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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 September 30, 2022

 

Or

  

TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

   

For the transition period from  ________________to ________________

 

Commission File Number 000-54332

 

LITHIUM CORPORATION

(Exact name of registrant as specified in its charter)

 

Nevada

 

98-0530295

(State or other jurisdiction of incorporation or organization)

 

(IRS Employer Identification No.)

 

 

 

1031 Railroad St. Ste. 102B, Elko, Nevada

 

89801

(Address of principal executive offices)

 

(Zip Code)

 

(775) 410-5287

(Registrant’s telephone number, including area code)

 

(Former name, former address and former fiscal year, if changed since last report)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading Symbol(s)

 

Name of exchange on which registered

 

 

 

 

 

Common Stock

 

LTUM

 

N/A

 

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 smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer 

 

Accelerated filer

Non-Accelerated filer 

Smaller reporting company 

Emerging growth company 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes      No 

 

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY

PROCEEDINGS DURING THE PRECEDING FIVE YEARS:

 

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes      No

 

APPLICABLE ONLY TO CORPORATE ISSUERS:

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. 112,092,441common shares issued and outstanding as of November 14, 2022.

 

 

 

 

 

LITHIUM CORPORATION

 

FORM 10-Q

 

TABLE OF CONTENTS

 

PART I - FINANCIAL INFORMATION

 

 

 

 

Item 1.

Financial Statements

 

3

 

 

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

15

 

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

 

31

 

 

 

 

Item 4.

Controls and Procedures

 

31

 

 

 

 

PART II - OTHER INFORMATION

 

 

 

 

Item 1.

Legal Proceedings

 

32

 

 

 

 

Item 1A.

Risk Factors

 

32

 

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

 

32

 

 

 

 

Item 3.

Defaults Upon Senior Securities

 

32

 

 

 

 

Item 4.

Mine Safety Disclosures

 

32

 

 

 

 

Item 5.

Other Information

 

32

 

 

 

 

Item 6.

Exhibits

 

33

 

 

 

 

SIGNATURES

 

34

         

 

2

Table of Contents

 

PART I - FINANCIAL INFORMATION

 

Item 1. Financial Statements

 

Our unaudited interim financial statements for the three month period ended September 30, 2022 form part of this quarterly report. They are stated in United States Dollars (US$) and are prepared in accordance with United States Generally Accepted Accounting Principles.

 

LITHIUM Corporation

Balance Sheets

 

ASSETS

 

 

September 30,

2022

 

 

December 31,

2021

 

CURRENT ASSETS

 

 

 

 

 

 

Cash

 

$

3,424,685

 

 

$

2,243,121

 

Marketable securities

 

 

584,488

 

 

 

393,481

 

Deposits

 

 

700

 

 

 

700

 

Prepaid expenses

 

 

31,673

 

 

 

21,804

 

Total Current Assets

 

 

4,041,546

 

 

 

2,659,106

 

 

 

 

 

 

 

 

 

 

OTHER ASSETS

 

 

 

 

 

 

 

 

Equipment, net of accumulated depreciation

 

 

30,151

 

 

 

-

 

 

 

 

 

 

 

 

 

 

TOTAL ASSETS

 

$

4,071,697

 

 

$

2,659,106

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

 

 

 

 

Accounts payable and accrued liabilities

 

$

5,541

 

 

$

18,705

 

Accounts payable and accrued liabilities - related party

 

 

27,851

 

 

 

2,251

 

Allowance for optioned properties

 

 

1,999,364

 

 

 

1,580,970

 

 

 

 

 

 

 

 

 

 

TOTAL CURRENT LIABILITIES

 

 

2,032,756

 

 

 

1,601,926

 

 

 

 

 

 

 

 

 

 

TOTAL LIABILITIES

 

 

2,032,756

 

 

 

1,601,926

 

 

 

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Common stock, 3,000,000,000 shares authorized, par value $0.001; 110,692,441 and 103,492,441 common shares outstanding, respectively

 

 

110,693

 

 

 

103,493

 

Additional paid in capital

 

 

8,267,324

 

 

 

6,925,724

 

Additional paid in capital - options

 

 

887,910

 

 

 

191,513

 

Additional paid in capital - warrants

 

 

369,115

 

 

 

369,115

 

Accumulated deficit

 

 

(7,596,101

)

 

 

(6,532,665

)

 

 

 

 

 

 

 

 

 

TOTAL STOCKHOLDERS' EQUITY

 

 

2,038,941

 

 

 

1,057,180

 

 

 

 

 

 

 

 

 

 

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

 

$

4,071,697

 

 

$

2,659,106

 

 

The accompanying notes are an integral part of these financial statements.

 

 

3

Table of Contents

 

LITHIUM Corporation

Statements of Operations

 

 

 

Three Months Ended September 30, 2022

 

 

Three Months Ended September 30, 2021

 

 

Nine Months Ended September 30, 2022

 

 

Nine Months Ended September 30, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

REVENUE

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATING EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Professional fees

 

 

7,766

 

 

 

8,750

 

 

 

50,079

 

 

 

63,277

 

Depreciation

 

 

1,833

 

 

 

-

 

 

 

5,499

 

 

 

-

 

Exploration expenses - related party

 

 

2,395

 

 

 

-

 

 

 

11,692

 

 

 

-

 

Exploration expenses

 

 

10,919

 

 

 

9,687

 

 

 

82,140

 

 

 

44,755

 

Consulting fees - related party

 

 

45,000

 

 

 

30,000

 

 

 

457,967

 

 

 

90,000

 

Consulting fees  

 

 

6,250

 

 

 

975

 

 

 

395,980

 

 

 

558,443

 

Transfer agent and filing fees

 

 

6,647

 

 

 

5,032

 

 

 

23,874

 

 

 

21,188

 

Travel

 

 

4,877

 

 

 

5,730

 

 

 

11,702

 

 

 

8,903

 

General and administrative expenses

 

 

11,088

 

 

 

3,152

 

 

 

21,616

 

 

 

9,711

 

TOTAL OPERATING EXPENSES

 

 

96,775

 

 

 

63,326

 

 

 

1,060,549

 

 

 

796,277

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LOSS FROM OPERATIONS

 

 

(96,775

)

 

 

(63,326

)

 

 

(1,060,549

)

 

 

(796,277

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OTHER INCOME (EXPENSES)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in fair value of marketable securities

 

 

(7,382

)

 

 

-

 

 

 

(62,387

)

 

 

-

 

Other income

 

 

-

 

 

 

7,000

 

 

 

59,500

 

 

 

48,000

 

TOTAL OTHER INCOME (EXPENSE)

 

 

(7,382

)

 

 

7,000

 

 

 

(2,887

)

 

 

48,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LOSS BEFORE INCOME TAXES

 

 

(104,157

)

 

 

(56,326

)

 

 

(1,063,436

)

 

 

(748,277

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PROVISION FOR INCOME TAXES

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET INCOME (LOSS)

 

$

(104,157

)

 

$

(56,326

)

 

$

(1,063,436

)

 

$

(748,277

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET LOSS PER SHARE: BASIC AND DILUTED

 

$

(0.00

)

 

$

(0.00

)

 

$

(0.01

)

 

$

(0.01

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED

 

 

108,912,006

 

 

 

101,106,762

 

 

 

106,322,448

 

 

 

98,768,093

 

 

The accompanying notes are an integral part of these financial statements.

 

 

4

Table of Contents

 

LITHIUM Corparation

Statements of Stockholders' Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

Additional

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

Paid-in

 

 

Paid-in

 

 

 

 

 

Total

 

 

 

Common Stock

 

 

Paid-in

 

 

Capital -

 

 

Capital -

 

 

Accumulated

 

 

Stockholders'

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Warrants

 

 

Options

 

 

Deficit

 

 

Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, December 31, 2020

 

 

95,651,644

 

 

$

95,652

 

 

 

 

$

4,322,347

 

 

$

369,115

 

 

$

191,513

 

 

$

(4,787,392

)

 

$

191,235

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares issued for services

 

 

1,375,779

 

 

 

1,376

 

 

 

 

 

555,814

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

557,190

 

Shares issued for cash

 

 

6,465,018

 

 

 

6,465

 

 

 

 

 

2,047,563

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

2,054,028

 

Net loss

 

 

-

 

 

 

-

 

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(1,745,273

)

 

 

(1,745,273

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, December 31, 2021

 

 

103,492,441

 

 

 

103,493

 

 

 

 

 

6,925,724

 

 

 

369,115

 

 

 

191,513

 

 

 

(6,532,665

)

 

 

1,057,180

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares issued for cash