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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, 2023 

Or

 

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

 

For the transition period from  ________________to ________________

 

Commission File 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. 117,692,441 common shares issued and outstanding as of  November 13, 2023

 

 

 

 

 

LITHIUM CORPORATION

 

FORM 10-Q

 

TABLE OF CONTENTS

 

PART I - FINANCIAL INFORMATION

 

3

 

 

 

 

 

 

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

 

30

 

 

 

 

 

 

Item 4.

Controls and Procedures

 

30

 

 

 

 

 

 

PART II - OTHER INFORMATION

 

31

 

 

 

 

 

 

Item 1.

Legal Proceedings

 

31

 

 

 

 

 

 

Item 1A.

Risk Factors

 

31

 

 

 

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

 

31

 

 

 

 

 

 

Item 3.

Defaults Upon Senior Securities

 

31

 

 

 

 

 

 

Item 4.

Mine Safety Disclosures

 

31

 

 

 

 

 

 

Item 5.

Other Information

 

31

 

 

 

 

 

 

Item 6.

Exhibits

 

32

 

 

 

 

 

 

SIGNATURES

 

33

 

 

 

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, 2023 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,

2023

(unaudited)

 

 

December 31,

2022

 

CURRENT ASSETS

 

 

 

 

 

 

Cash

 

$

3,739,217

 

 

$

3,576,911

 

Marketable securities

 

 

357,551

 

 

 

372,972

 

Deposits

 

 

700

 

 

 

700

 

Prepaid expenses

 

 

6,945

 

 

 

37,832

 

Total  Current Assets

 

 

4,104,413

 

 

 

3,988,415

 

 

 

 

 

 

 

 

 

 

OTHER ASSETS

 

 

 

 

 

 

 

 

Equipment, net of accumulated depreciation

 

 

22,819

 

 

 

28,318

 

 

 

 

 

 

 

 

 

 

TOTAL ASSETS

 

$

4,127,232

 

 

$

4,016,733

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

 

 

 

 

Accounts payable and accrued liabilities

 

$

2,788

 

 

$

5,598

 

Accounts payable and accrued liabilities - related party

 

 

33,379

 

 

 

25,718

 

Allowance for optioned properties

 

 

2,292,331

 

 

 

1,999,364

 

 

 

 

 

 

 

 

 

 

TOTAL CURRENT LIABILITIES

 

 

2,328,498

 

 

 

2,030,680

 

 

 

 

 

 

 

 

 

 

TOTAL LIABILITIES 

 

 

2,328,498

 

 

 

2,030,680

 

 

 

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Common stock, 3,000,000,000 shares authorized, par value $0.001; 117,092,441 and 113,692,441 common shares outstanding, respectively

 

 

117,093

 

 

 

113,693

 

Additional paid in capital

 

 

8,902,405

 

 

 

8,571,524

 

Additional paid in capital - options

 

 

957,247

 

 

 

887,910

 

Additional paid in capital - warrants

 

 

369,115

 

 

 

369,115

 

Accumulated deficit

 

 

(8,547,126

)

 

 

(7,956,189

)

 

 

 

 

 

 

 

 

 

TOTAL STOCKHOLDERS' EQUITY

 

 

1,798,734

 

 

 

1,986,053

 

 

 

 

 

 

 

 

 

 

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

 

$

4,127,232

 

 

$

4,016,733

 

 

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

 

 

3

Table of Contents

 

LITHIUM Corporation

Statements of Operations

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months

Ended

September 30,

2023

 

 

Three Months

Ended

September 30,

2022

 

 

Nine Months

Ended

September 30,

2023

 

 

Nine Months

Ended

September 30,

2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

REVENUE

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATING EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Professional fees

 

 

15,575

 

 

 

7,766

 

 

 

51,101

 

 

 

50,079

 

Depreciation

 

 

1,833

 

 

 

1,833

 

 

 

5,499

 

 

 

5,499

 

Exploration expenses

 

 

34,875

 

 

 

1,622

 

 

 

43,452

 

 

 

82,140

 

Consulting fees - related party

 

 

76,000

 

 

 

45,000

 

 

 

245,984

 

 

 

457,967

 

Consulting fees  

 

 

16,200

 

 

 

6,250

 

 

 

82,153

 

 

 

395,980

 

Transfer agent and filing fees

 

 

11,719

 

 

 

6,647

 

 

 

24,917

 

 

 

23,874

 

Travel

 

 

3,060

 

 

 

4,877

 

 

 

5,656

 

 

 

11,702

 

General and administrative expenses

 

 

8,966

 

 

 

11,088

 

 

 

30,000

 

 

 

21,616

 

Writedown of mineral property

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

TOTAL OPERATING EXPENSES

 

 

168,228

 

 

 

85,083

 

 

 

488,762

 

 

 

1,048,857

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LOSS FROM OPERATIONS

 

 

(168,228

)

 

 

(85,083

)

 

 

(488,762

)

 

 

(1,048,857

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OTHER INCOME (EXPENSES)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain (Loss) on sale of marketable securities

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Change in fair value of marketable securities

 

 

(22,663

)

 

 

(7,382

)

 

 

(174,111

)

 

 

(62,387

)

Other income

 

 

19,055

 

 

 

-

 

 

 

56,131

 

 

 

59,500

 

Gain (Loss) on sale of marketable securities

 

 

-

 

 

 

-

 

 

 

5,805

 

 

 

-

 

Other income - related party

 

 

-

 

 

 

-

 

 

 

10,000

 

 

 

-

 

TOTAL OTHER INCOME (EXPENSE)

 

 

(3,608

)

 

 

(7,382

)

 

 

(102,175

)

 

 

(2,887

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LOSS BEFORE INCOME TAXES

 

 

(171,836

)

 

 

(92,465

)

 

 

(590,937

)

 

 

(1,051,744

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PROVISION FOR INCOME TAXES

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET INCOME (LOSS)

 

$

(171,836

)

 

$

(92,465

)

 

$

(590,937

)

 

$

(1,051,744

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain on change in fair value of marketable securities

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OTHER COMPREHENSIVE INCOME (LOSS)

 

$

(171,836

)

 

$

(92,465

)

 

$

(590,937

)

 

$

(1,051,744

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET LOSS PER SHARE: BASIC AND DILUTED

 

$

(0.00

)

 

$

(0.00

)

 

$

(0.01

)

 

$

(0.01

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED

 

 

115,892,441

 

 

 

108,912,006

 

 

 

115,592,075

 

 

 

106,322,448

 

 

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

 

 

4

Table of Contents

 

LITHIUM Corparation

Statements of Stockholders' Equity

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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, 2021

 

 

103,492,441

 

 

$

103,493

 

 

$

6,925,724

 

 

$

369,115

 

 

$

191,513

 

 

$

(6,532,665

)

 

$

1,057,180

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares issued for cash

 

 

1,600,000

 

 

 

1,600

 

 

 

332,400

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

334,000

 

Net income (Loss)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

294,875

 

 

 

294,875

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, March 31, 2022

 

 

105,092,441

 

 

 

105,093

 

 

 

7,258,124

 

 

 

369,115

 

 

 

191,513

 

 

 

(6,237,790

)

 

 

1,686,055

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares issued for cash

 

 

2,000,000

 

 

 

2,000

 

 

 

441,200

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

443,200

 

Stock based compensation

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

696,397

 

 

 

-

 

 

 

696,397

 

Net income (Loss)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(1,254,154

)

 

 

(1,254,154

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, June 30, 2022

 

 

107,092,441

 

 

 

107,093

 

 

 

7,699,324

 

 

 

369,115

 

 

 

887,910

 

 

 

(7,491,944

)

 

 

1,571,498

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares issued for cash

 

 

3,600,000

 

 

 

3,600

 

 

 

568,000

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

571,600

 

Net income (Loss)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(104,157

)

 

 

(104,157

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, September 30, 2022

 

 

110,692,441

 

 

$

110,693

 

 

$

8,267,324