UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q/A
Amendment No. 1
(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
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 January 8, 2025
|
|
LITHIUM CORPORATION
FORM 10-Q
TABLE OF CONTENTS
3 |
|||
|
3 |
||
|
Management’s
Discussion and Analysis of Financial Condition and Results of Operations |
15 |
|
|
28 |
||
|
28 |
||
29 |
|||
|
29 |
||
|
29 |
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29 |
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29 |
||
|
29 |
||
|
29 |
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30 |
||
31 |
|
2 |
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. |
|
|
3 |
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. |
|
4 |
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, 2022 |
|
|
113,692,441 |
|
|
|
113,693 |
|
|
|
8,571,524 |
|
|
|
369,115 |
|
|
|
887,910 |
|
|
|
(7,956,189 |
) |
|
|
1,986,053 |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Shares issued for
cash |
|
|
2,200,000 |
|
|
|
2,200 |
|
|
|
233,200 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
235,400 |
|
|||
Stock based
compensation |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
69,337 |
|
|
|
- |
|
|
|
69,337 |
|
|||
Net income |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(268,176 |
) |
|
|
(268,176 |
) |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Balance, March 31,
2023 |
|
|
115,892,441 |
|
|
|
115,893 |
|
|
|
8,804,724 |
|
|
|
369,115 |
|
|
|
957,247 |
|
|
|
(8,224,365 |
) |
|
|
2,022,614 |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Shares issued for
cash |
|
|
200,000 |
|
|
|
200 |
|
|
|
19,000 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
19,200 |
|
|||
Net income |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(150,925 |
) |
|
|
(150,925 |
) |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Balance, June 30,
2023 |
|
|
116,092,441 |
|
|
|
116,093 |
|
|
|
8,823,724 |
|
|
|
369,115 |
|
|
|
957,247 |
|
|
|
(8,375,290 |
) |
|
|
1,890,889 |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Shares issued for
cash |
|
|
1,000,000 |
|
|
|
1,000 |
|
|
|
78,681 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
79,681 |
|
|||
Net income |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(171,836 |
) |
|
|
(171,836 |
) |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Balance, September
30, 2023 |
|
|
117,092,441 |
|
|
$ |
117,093 |
|
|
$ |
8,902,405 |
|
|
$ |
369,115 |
|
|
$ |
957,247 |
|
|
$ |
(8,547,126 |
) |
|
$ |
1,798,734 |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Balance, December
31, 2023 |
|
|
117,892,441 |
|
|
$ |
117,893 |
|
|
$ |
8,948,385 |
|
|
$ |
369,115 |
|
|
$ |
957,247 |
|
|
$ |
(8,574,382 |
) |
|
$ |
1,818,258 |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Stock based
compensation |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
54,392 |
|
|
|
- |
|
|
|
54,392 |
|
|||
Net income |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(322,684 |
) |
|
|
(322,684 |
) |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Balance, March 31,
2024 |
|
|
117,892,441 |
|
|
|
117,893 |
|
|
|
8,948,385 |
|
|
|
369,115 |
|
|
|
1,011,639 |
|
|
|
(8,897,066 |
) |
|
|
1,549,966 |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Net income |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(211,091 |
) |
|
|
(211,091 |
) |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Balance, June 30,
2024 |
|
|
117,892,441 |
|
|
|
117,893 |
|
|
|
8,948,385 |
|
|
|
369,115 |
|
|
|
1,011,639 |
|
|
|
(9,108,157 |
) |
|
|
1,338,875 |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Net income |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(279,108 |
) |
|
|
(279,108 |
) |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Balance, September
30, 2024 |
|
|
117,892,441 |
|
|
$ |
117,893 |
|
|
$ |
8,948,385 |
|
|
$ |
369,115 |
|
|
$ |
1,011,639 |
|
|
$ |
(9,387,265 |
) |
|
$ |
1,059,767 |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
The accompanying notes are an integral part of these financial
statements. |
|
5 |
LITHIUM Corporation |
||||||||
Statements of Cash Flows |
||||||||
(unaudited) |
||||||||
|
|
|
|
|
||||
|
|
Nine Months Ended September 30, 2024 |
|
|
Nine Months Ended September 30, 2023 |
|
||
CASH FLOWS FROM
OPERATING ACTIVITIES: |
|
|
|
|
|
|
||
Net income (loss) for the period |
|
$ |
(812,883 |
) |
|
$ |
(590,937 |
) |
Adjustment to
reconcile net income (loss) to net cash used in operating activities |
|
|
|
|
|
|
|
|
Change in fair value of marketable securities |
|
|
254,469 |
|
|
|
174,111 |
|
Depreciation |
|
|
5,499 |
|
|
|
5,499 |
|
Stock based compensation |
|
|
54,392 |
|
|
69,337 |
|
|
Gain on sale of marketable securities |
|
|
- |
|
|
|
(5,805 |
) |
Changes in assets
and liabilities: |
|
|
|
|
|
|
|
|
(Increase) Decrease in prepaid expenses |
|
|
18,800 |
|
|
|
30,887 |
|
Increase (decrease) in accounts payable and accrued liabilities |
|
|
7,705 |
|
|
|
4,851 |
|
Net Cash (Used in)
Operating Activities |
|
|
(472,018 |
) |
|
|
(312,057 |
) |
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITY: |
|
|
|
|
|
|
|
|
Cash from property agreements |
|
|
- |
|
|
|
125,000 |
|
Cash from sale of marketable securities |
|
|
- |
|
|
|
15,082 |
|
Net Cash Provided
by Investing Activities |
|
|
- |
|
|
|
140,082 |
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITY: |
|
|
|
|
|
|
|
|
Shares issued for
cash |
|
|
- |
|
|
|
334,281 |
|
Net Cash Provided
by Finanicng Activity |
|
|
- |
|
|
|
334,281 |