Inline Viewer

Top of Form

Bottom of Form


  Select Page 

 

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 June 30, 2024

 

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. 117,892,441 common shares issued and outstanding as of August 19, 2024

 

 

 

 

 

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

 

29

 

 

 

 

 

 

Item 4.

Controls and Procedures

 

29

 

 

 

 

 

 

PART II - OTHER INFORMATION

 

30

 

 

 

 

 

Item 1.

Legal Proceedings

 

30

 

 

 

 

 

 

Item 1A.

Risk Factors

 

30

 

 

 

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

 

30

 

 

 

 

 

 

Item 3.

Defaults Upon Senior Securities

 

30

 

 

 

 

 

 

Item 4.

Mine Safety Disclosures

 

30

 

 

 

 

 

 

Item 5.

Other Information

 

30

 

 

 

 

 

 

Item 6.

Exhibits

 

31

 

 

 

 

 

 

SIGNATURES 

 

32

 

 

2

Table of Contents

 

PART I - FINANCIAL INFORMATION

 

Item 1. Financial Statements

 

Our unaudited interim financial statements for the six month period ended June 30, 2024 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

 

 

June 30,

 2024

(unaudited)

 

 

December 31,

2023

 

CURRENT ASSETS

 

 

 

 

 

 

Cash

 

$

3,390,604

 

 

$

3,667,617

 

Marketable securities

 

 

175,061

 

 

 

332,082

 

Deposits

 

 

700

 

 

 

700

 

Prepaid expenses

 

 

8,350

 

 

 

22,850

 

Total  Current Assets

 

 

3,574,715

 

 

 

4,023,249

 

 

 

 

 

 

 

 

 

 

OTHER ASSETS

 

 

 

 

 

 

 

 

Equipment, net of accumulated depreciation

 

 

17,320

 

 

 

20,986

 

 

 

 

 

 

 

 

 

 

TOTAL ASSETS

 

$

3,592,035

 

 

$

4,044,235

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

 

 

 

 

Accounts payable and accrued liabilities

 

$

28,190

 

 

$

8,386

 

Accounts payable and accrued liabilities - related party

 

 

33,868

 

 

 

26,489

 

Allowance for optioned properties

 

 

2,191,102

 

 

 

2,191,102

 

 

 

 

 

 

 

 

 

 

TOTAL CURRENT LIABILITIES

 

 

2,253,160

 

 

 

2,225,977

 

 

 

 

 

 

 

 

 

 

TOTAL LIABILITIES 

 

 

2,253,160

 

 

 

2,225,977

 

 

 

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Common stock, 3,000,000,000 shares authorized, par value $0.001; 117,892,441 and 117,892,441 common shares outstanding, respectively

 

 

117,893

 

 

 

117,893

 

Additional paid in capital

 

 

8,948,385

 

 

 

8,948,385

 

Additional paid in capital - options

 

 

1,011,639

 

 

 

957,247

 

Additional paid in capital - warrants

 

 

369,115

 

 

 

369,115

 

Accumulated deficit

 

 

(9,108,157

)

 

 

(8,574,382

)

 

 

 

 

 

 

 

 

 

TOTAL STOCKHOLDERS' EQUITY

 

 

1,338,875

 

 

 

1,818,258

 

 

 

 

 

 

 

 

 

 

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

 

$

3,592,035

 

 

$

4,044,235

 

 

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

 

 

3

Table of Contents

 

LITHIUM Corporation

Statements of Operations

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months

Ended

June 30,

2024

 

 

Three Months

Ended

June 30,

2023

 

 

Six Months

Ended

June 30,

2024

 

 

Six Months

Ended

June 30,

2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

REVENUE

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATING EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Professional fees

 

 

12,138

 

 

 

24,023

 

 

 

35,976

 

 

 

35,526

 

Depreciation

 

 

1,833

 

 

 

1,833

 

 

 

3,666

 

 

 

3,666

 

Exploration expenses

 

 

55,475

 

 

 

4,798

 

 

 

105,032

 

 

 

8,577

 

Consulting fees - related party

 

 

72,000

 

 

 

68,000

 

 

 

144,000

 

 

 

169,984

 

Consulting fees  

 

 

15,000

 

 

 

12,800

 

 

 

84,392

 

 

 

65,953

 

Transfer agent and filing fees

 

 

6,138

 

 

 

4,812

 

 

 

11,163

 

 

 

13,198

 

Travel

 

 

3,333

 

 

 

1,511

 

 

 

13,206

 

 

 

2,596

 

General and administrative expenses

 

 

11,749

 

 

 

7,868

 

 

 

17,719

 

 

 

21,034

 

TOTAL OPERATING EXPENSES

 

 

177,666

 

 

 

125,645

 

 

 

415,154

 

 

 

320,534

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LOSS FROM OPERATIONS

 

 

(177,666

)

 

 

(125,645

)

 

 

(415,154

)

 

 

(320,534

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OTHER INCOME (EXPENSES)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in fair value of marketable securities

 

 

(52,695

)

 

 

(49,773

)

 

 

(157,021

)

 

 

(151,448

)

Other income

 

 

19,270

 

 

 

18,688

 

 

 

38,400

 

 

 

37,076

 

Gain (Loss) on sale of marketable securities

 

 

-

 

 

 

5,805

 

 

 

-

 

 

 

5,805

 

Other income - related party

 

 

-

 

 

 

-

 

 

 

-

 

 

 

10,000

 

TOTAL OTHER INCOME (EXPENSE)

 

 

(33,425

)

 

 

(25,280

)

 

 

(118,621

)

 

 

(98,567

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LOSS BEFORE INCOME TAXES

 

 

(211,091

)

 

 

(150,925

)

 

 

(533,775

)

 

 

(419,101

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PROVISION FOR INCOME TAXES

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET INCOME (LOSS)

 

$

(211,091

)

 

$

(150,925

)

 

$

(533,775

)

 

$

(419,101

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain on change in fair value of marketable securities

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OTHER COMPREHENSIVE INCOME (LOSS)

 

$

(211,091

)

 

$

(150,925

)

 

$

(533,775

)

 

$

(419,101

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET LOSS PER SHARE: BASIC AND DILUTED

 

$

(0.00

)

 

$

(0.00

)

 

$

(0.00

)

 

$

(0.00

)