Timberline Resources Corp

2024 Q3 Form 10-Q Financial Statement

#000165495424010210 Filed on August 09, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $109.9K
YoY Change -36.28%
Cash & Equivalents $109.9K
Short-Term Investments
Other Short-Term Assets $92.12K
YoY Change 179.58%
Inventory
Prepaid Expenses $92.12K
Receivables
Other Receivables
Total Short-Term Assets $202.0K
YoY Change -1.65%
LONG-TERM ASSETS
Property, Plant & Equipment $14.21M
YoY Change 0.58%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $528.6K
YoY Change 0.0%
Total Long-Term Assets $14.74M
YoY Change 0.53%
TOTAL ASSETS
Total Short-Term Assets $202.0K
Total Long-Term Assets $14.74M
Total Assets $14.94M
YoY Change 0.5%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $42.07K
YoY Change -45.24%
Accrued Expenses $6.696K
YoY Change 59.28%
Deferred Revenue
YoY Change
Short-Term Debt $346.0K
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $575.3K
YoY Change 16.11%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $149.4K
YoY Change 5.0%
Total Long-Term Liabilities $149.4K
YoY Change 5.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $575.3K
Total Long-Term Liabilities $149.4K
Total Liabilities $724.8K
YoY Change 13.63%
SHAREHOLDERS EQUITY
Retained Earnings -$77.34M
YoY Change 1.81%
Common Stock $190.0K
YoY Change 18.99%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $14.22M
YoY Change
Total Liabilities & Shareholders Equity $14.94M
YoY Change 0.5%

Cashflow Statement

Concept 2024 Q3 2024 Q2

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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dei Entity File Number
EntityFileNumber
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dei Entity Registrant Name
EntityRegistrantName
TIMBERLINE RESOURCES CORPORATION
dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
DE
dei Entity Tax Identification Number
EntityTaxIdentificationNumber
82-0291227
dei Entity Address Address Line1
EntityAddressAddressLine1
9030 NORTH HESS ST.
dei Entity Address Address Line2
EntityAddressAddressLine2
SUITE 161
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dei City Area Code
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dei Local Phone Number
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CY2023Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
175305 usd
CY2024Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
123828 usd
CY2023Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
123828 usd
CY2024Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
14209178 usd
CY2023Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
14155178 usd
CY2024Q2 us-gaap Depreciation
Depreciation
0 usd
tlrs Companymergeragreement Textblock
CompanymergeragreementTextblock
<p style="font-size:10pt;font-family:times new roman;margin:0px"><strong><em>NOTE 5 – MERGER AGREEMENT</em></strong></p><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">On April 16, 2024, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with McEwen Mining Inc., a Colorado corporation (“McEwen”), and Lookout Merger Sub, Inc., a Delaware corporation and direct subsidiary of McEwen (“Merger Sub”). The Merger Agreement provides that, among other things and subject to the terms and conditions of the Merger Agreement, Merger Sub will merge with and into the Company, with the Company surviving and continuing as the surviving corporation as a direct, wholly owned subsidiary of McEwen (such transaction, the “Merger”).</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">At the effective date of the Merger, each outstanding share of common stock of the Company will be converted into the right to receive 0.01 of a share of common stock of McEwen. The Company has called for a special meeting of its stockholders to consider and approve the Merger, to be held on August 16, 2024. If approved by the Company’s stockholders, the Merger is expected to be consummated in the third calendar quarter of 2024.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><em>Bridge Financing</em></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">In connection with the Merger Agreement, on April 16, 2024, the Company and McEwen entered into a note whereby McEwen would provide the Company with loans totaling approximately $500,000, as the Company may request from time to time (the “Note”). For each calendar month, McEwen is not obligated to make any loan that would cause the aggregate amount of loans for such calendar month to exceed the lesser of (i) the monthly budget for each calendar month provided by the Company to McEwen in advance of such applicable month from time to time or (ii) the Company’s monthly budget as provided on a schedule to the Note. The Note bears interest at a per annum rate of 15%, accruing monthly, and matures on October 15, 2024, <span style="text-decoration:underline">provided</span>, that if the Merger Agreement is terminated by the Company, then the Maturity Date shall be 5 business days following the effective date of such termination; provided further, however, that if the Merger Agreement is terminated by McEwen, then the Maturity Date shall be 20 calendar days following the effective date of such termination. The Company has the right to prepay the Note, in whole or in part, at any time without penalty.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">During the nine months ended June 30, 2024, the Company received a total of $346,000 of the bridge financing. At June 30, 2024, the balance of the note payable – related party is $346,000. During the three and nine months ended June 30, 2024, $6,568 has been accrued for interest and is included in accrued interest payable – related party on the condensed consolidated balance sheet.</p>
CY2024Q2 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
26785000 usd
CY2024Q2 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0.07
us-gaap Debt Instrument Term
DebtInstrumentTerm
P2Y8M8D
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
8335000 shares
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.18
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
2300000 shares
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
0.18
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
6035000 shares
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.17
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
100000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
0.10
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
5935000 shares
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.18
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
5935000 shares
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
0.18
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P1Y1M6D
tlrs Mineral Properties Annual Fees
MineralPropertiesAnnualFees
285523 usd

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