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

 

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

 

 

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,

 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

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.

 

 

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, 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

Table of Contents

  

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