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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, 2024

☐ 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 November 14, 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	28
	Item 4.	Controls and Procedures	28
PART II - OTHER INFORMATION			29
	Item 1.	Legal Proceedings	29
	Item 1A.	Risk Factors	29
	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	29
	Item 3.	Defaults Upon Senior Securities	29
	Item 4.	Mine Safety Disclosures	29
	Item 5.	Other Information	29
	Item 6.	Exhibits	30
SIGNATURES			31

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, 2024 (unaudited)			December 31, 2023
CURRENT ASSETS
Cash	$	3,195,599		$	3,667,617
Marketable securities		77,613			332,082
Deposits		700			700
Prepaid expenses		4,050			22,850
Total Current Assets		3,277,962			4,023,249

OTHER ASSETS
Equipment, net of accumulated depreciation		15,487			20,986

TOTAL ASSETS	$	3,293,449		$	4,044,235

LIABILITIES AND STOCKHOLDERS' EQUITY

LIABILITIES
CURRENT LIABILITIES
Accounts payable and accrued liabilities	$	10,773		$	8,386
Accounts payable and accrued liabilities - related party		31,807			26,489
Allowance for optioned properties		2,191,102			2,191,102

TOTAL CURRENT LIABILITIES		2,233,682			2,225,977

TOTAL LIABILITIES		2,233,682			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		(9,387,265	)		(8,574,382	)

TOTAL STOCKHOLDERS' EQUITY		1,059,767			1,818,258

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	3,293,449		$	4,044,235

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

Table of Contents

LITHIUM Corporation
Statements of Operations
(unaudited)

	Three Months Ended September 30, 2024			Three Months Ended September 30, 2023			Nine Months Ended September 30, 2024			Nine Months Ended September 30, 2023

REVENUE	$	-		$	-		$	-		$	-

OPERATING EXPENSES
Professional fees		11,347			15,575			47,323			51,101
Depreciation		1,833			1,833			5,499			5,499
Exploration expenses		69,792			34,875			174,824			43,452
Consulting fees - related party		87,000			76,000			231,000			245,984
Consulting fees		17,000			16,200			101,392			82,153
Transfer agent and filing fees		5,128			11,719			16,291			24,917
Travel		3,935			3,060			17,141			5,656
General and administrative expenses		5,253			8,966			22,972			30,000
TOTAL OPERATING EXPENSES		201,288			168,228			616,442			488,762

LOSS FROM OPERATIONS		(201,288	)		(168,228	)		(616,442	)		(488,762	)

OTHER INCOME (EXPENSES)
Change in fair value of marketable securities		(97,448	)		(22,663	)		(254,469	)		(174,111	)
Other income		19,628			19,055			58,028			56,131
Gain (Loss) on sale of marketable securities		-			-			-			5,805
Other income - related party		-			-			-			10,000
TOTAL OTHER INCOME (EXPENSE)		(77,820	)		(3,608	)		(196,441	)		(102,175	)

LOSS BEFORE INCOME TAXES		(279,108	)		(171,836	)		(812,883	)		(590,937	)

PROVISION FOR INCOME TAXES		-			-			-			-

NET INCOME (LOSS)	$	(279,108	)	$	(171,836	)	$	(812,883	)	$	(590,937	)

Gain on change in fair value of marketable securities	$	-		$	-		$	-		$	-

OTHER COMPREHENSIVE INCOME (LOSS)	$	(279,108	)	$	(171,836	)	$	(812,883	)	$	(590,937	)

NET LOSS PER SHARE: BASIC AND DILUTED	$	(0.00	)	$	(0.00	)	$	(0.01	)	$	(0.01	)

WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED		117,892,441			115,892,441			117,892,441			115,592,075

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

Table of Contents

LITHIUM Corparation

Statements of Stockholders' Equity

(unaudited)

Additional

Paid-in