2023 Q4 Form 10-Q Financial Statement

#000119983523000547 Filed on November 13, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $30.00K
YoY Change 1269.86%
Cash & Equivalents $25.61K
Short-Term Investments
Other Short-Term Assets $10.00K
YoY Change -76.48%
Inventory
Prepaid Expenses $11.72K
Receivables
Other Receivables
Total Short-Term Assets $37.33K
YoY Change -16.5%
LONG-TERM ASSETS
Property, Plant & Equipment $630.0K
YoY Change 0.57%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $30.00K
YoY Change 20.0%
Other Assets
YoY Change
Total Long-Term Assets $651.4K
YoY Change 0.0%
TOTAL ASSETS
Total Short-Term Assets $37.33K
Total Long-Term Assets $651.4K
Total Assets $688.8K
YoY Change -1.06%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.480M
YoY Change -22.99%
Accrued Expenses $3.530M
YoY Change 24.15%
Deferred Revenue
YoY Change
Short-Term Debt $6.110M
YoY Change 7.44%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $12.57M
YoY Change 7.8%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $280.0K
YoY Change -18.54%
Total Long-Term Liabilities $280.7K
YoY Change -18.34%
TOTAL LIABILITIES
Total Short-Term Liabilities $12.57M
Total Long-Term Liabilities $280.7K
Total Liabilities $12.85M
YoY Change 7.06%
SHAREHOLDERS EQUITY
Retained Earnings -$41.66M
YoY Change 2.68%
Common Stock $19.66M
YoY Change 5.99%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$12.16M
YoY Change
Total Liabilities & Shareholders Equity $688.8K
YoY Change -1.06%

Cashflow Statement

Concept 2023 Q4 2023 Q3

Facts In Submission

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us-gaap Basis Of Accounting
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<p id="xdx_80B_eus-gaap--BasisOfAccounting_z8URprFqGh4e" style="margin-top: 0; margin-bottom: 0"></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.3in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1.</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_825_zWHDBXvrRL4h">BASIS OF PRESENTATION</span></b></span></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.3in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The unaudited financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America for interim financial information, as well as the instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements and as a result, they are condensed. In the opinion of the Company’s management, all adjustments (consisting of only normal recurring accruals) considered necessary for a fair presentation of the interim financial statements have been included. Operating results for the three and nine-month periods ended September 30, 2023 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2023.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.3in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For further information refer to the financial statements and footnotes thereto in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.3in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.3in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Going Concern</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.3in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.3in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The accompanying condensed consolidated financial statements have been prepared under the assumption that the Company will continue as a going concern. The Company has incurred losses since its inception and does not have sufficient cash to fund normal operations and meet debt obligations for the next 12 months without deferring payment on certain current liabilities and/or raising additional funds.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.3in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.3in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company currently has no historical recurring source of revenue, negative working capital of $<span id="xdx_900_ecustom--WorkingCapital_iI_c20230930_zzAJ7IPRKXj6">12,534,571</span>, and an accumulated deficit of $<span id="xdx_90E_eus-gaap--RetainedEarningsAccumulatedDeficit_iNI_di_c20230930_zZ83BTsbVavg">41,660,164</span> at September 30, 2023. These factors raise substantial doubt about the Company’s ability to continue as a going concern. The Company may profitably execute a production business plan, and thereby, its ability to continue as a going concern may improve and become less dependent on the Company’s ability to raise capital to fund its future exploration and working capital requirements. The Company’s plans for the long-term return to and continuation as a going concern include the profitable exploitation of its mining properties and financing the Company’s future operations through sales of its common stock and/or debt. The condensed consolidated financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern. If the going concern basis were not appropriate for these financial statements, adjustments would be necessary in the carrying value of assets and liabilities, the reported expenses and the balance sheet classifications used.</span></p>
CY2023Q3 grmc Working Capital
WorkingCapital
12534571 usd
CY2023Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-41660164 usd
CY2023Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
750000000 shares
CY2023Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.10
CY2023Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
196559523 shares
CY2023Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
196559523 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
220550731 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
182841752 shares
CY2023Q3 us-gaap Accrued Professional Fees Current And Noncurrent
AccruedProfessionalFeesCurrentAndNoncurrent
182328 usd
CY2022Q4 us-gaap Accrued Professional Fees Current And Noncurrent
AccruedProfessionalFeesCurrentAndNoncurrent
165355 usd
CY2023Q3 grmc Due To Related Parties Current1
DueToRelatedPartiesCurrent1
1431084 usd
CY2022Q4 grmc Due To Related Parties Current1
DueToRelatedPartiesCurrent1
1264216 usd
CY2023Q3 us-gaap Convertible Notes Payable Current
ConvertibleNotesPayableCurrent
105263 usd
CY2023Q3 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
5263 usd
CY2023Q3 grmc Proceeds From Convertible Notes Payable Net
ProceedsFromConvertibleNotesPayableNet
100000 usd
CY2023Q3 us-gaap Convertible Notes Payable Current
ConvertibleNotesPayableCurrent
105263 usd
CY2023Q3 us-gaap Notes Payable
NotesPayable
1276485 usd
CY2023Q3 grmc Notes Payable Related Parties Classified Current1
NotesPayableRelatedPartiesClassifiedCurrent1
4224927 usd
CY2022Q4 grmc Notes Payable Related Parties Classified Current1
NotesPayableRelatedPartiesClassifiedCurrent1
4195979 usd
CY2023Q3 grmc Finder Fees
FinderFees
208056 usd
grmc Finder Fees
FinderFees
617824 usd
CY2023Q3 us-gaap Increase Decrease In Due To Related Parties
IncreaseDecreaseInDueToRelatedParties
158435 usd
us-gaap Increase Decrease In Due To Related Parties
IncreaseDecreaseInDueToRelatedParties
474363 usd
CY2022Q3 grmc Finder Fees
FinderFees
196442 usd
grmc Finder Fees
FinderFees
585261 usd
CY2022Q3 us-gaap Increase Decrease In Due To Related Parties
IncreaseDecreaseInDueToRelatedParties
155626 usd
us-gaap Increase Decrease In Due To Related Parties
IncreaseDecreaseInDueToRelatedParties
462814 usd
CY2023Q3 grmc Notes Payable In Gold
NotesPayableInGold
499028 usd
CY2023Q3 grmc Change In Fair Value Of Notes Payable In Gold
ChangeInFairValueOfNotesPayableInGold
-11138 usd
CY2022Q3 grmc Change In Fair Value Of Notes Payable In Gold
ChangeInFairValueOfNotesPayableInGold
-38751 usd
grmc Change In Fair Value Of Notes Payable In Gold
ChangeInFairValueOfNotesPayableInGold
15514 usd
grmc Change In Fair Value Of Notes Payable In Gold
ChangeInFairValueOfNotesPayableInGold
-35777 usd
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
30000 usd
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
133157 usd

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