2024 Q2 Form 10-Q Financial Statement
#000106299324010308 Filed on May 15, 2024
Income Statement
| Concept | 2024 Q2 | 2024 Q1 | 2023 Q1 |
|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 |
| YoY Change | |||
| Cost Of Revenue | |||
| YoY Change | |||
| Gross Profit | |||
| YoY Change | |||
| Gross Profit Margin | |||
| Selling, General & Admin | $1.311M | $1.727M | $794.0K |
| YoY Change | 115.98% | 117.51% | 34.12% |
| % of Gross Profit | |||
| Research & Development | $2.389M | $2.660M | $1.250M |
| YoY Change | 10.65% | 112.8% | |
| % of Gross Profit | |||
| Depreciation & Amortization | $13.00K | ||
| YoY Change | |||
| % of Gross Profit | |||
| Operating Expenses | $598.0K | $1.169M | $722.0K |
| YoY Change | 15.89% | 61.91% | 21.96% |
| Operating Profit | -$645.0K | -$1.263M | -$805.0K |
| YoY Change | 2.06% | 56.89% | -44.52% |
| Interest Expense | $47.00K | $94.00K | $83.00K |
| YoY Change | -59.48% | 13.25% | 56.6% |
| % of Operating Profit | |||
| Other Income/Expense, Net | -$529.0K | -$1.190M | -$1.311M |
| YoY Change | -168.61% | -9.23% | 358.39% |
| Pretax Income | -$1.174M | -$2.453M | -$2.116M |
| YoY Change | -944.6% | 15.93% | 156.48% |
| Income Tax | |||
| % Of Pretax Income | |||
| Net Earnings | -$961.0K | -$2.257M | -$2.116M |
| YoY Change | -791.37% | 6.66% | 156.48% |
| Net Earnings / Revenue | |||
| Basic Earnings Per Share | $0.00 | -$0.01 | -$0.01 |
| Diluted Earnings Per Share | $0.00 | -$0.01 | -$0.01 |
| COMMON SHARES | |||
| Basic Shares Outstanding | 382.8M shares | 382.8M shares | 309.6M shares |
| Diluted Shares Outstanding | 383.6M shares | 329.8M shares | 309.6M shares |
Balance Sheet
| Concept | 2024 Q2 | 2024 Q1 | 2023 Q1 |
|---|---|---|---|
| SHORT-TERM ASSETS | |||
| Cash & Short-Term Investments | $8.318M | $10.90M | $10.60M |
| YoY Change | 16.88% | 2.85% | 5225.13% |
| Cash & Equivalents | $8.318M | $10.90M | $10.60M |
| Short-Term Investments | |||
| Other Short-Term Assets | $97.00K | $144.0K | $100.0K |
| YoY Change | -29.2% | 44.0% | 112.77% |
| Inventory | |||
| Prepaid Expenses | |||
| Receivables | |||
| Other Receivables | $72.00K | $18.00K | $11.00K |
| Total Short-Term Assets | $8.487M | $11.06M | $10.71M |
| YoY Change | 16.92% | 3.3% | 4115.75% |
| LONG-TERM ASSETS | |||
| Property, Plant & Equipment | $7.861M | $7.870M | $7.884M |
| YoY Change | 4.23% | -0.18% | -76.32% |
| Goodwill | |||
| YoY Change | |||
| Intangibles | |||
| YoY Change | |||
| Long-Term Investments | $894.0K | $1.112M | $1.467M |
| YoY Change | -39.96% | -24.2% | |
| Other Assets | $9.000K | $9.000K | $23.00K |
| YoY Change | -59.09% | -60.87% | -34.29% |
| Total Long-Term Assets | $8.774M | $9.001M | $9.374M |
| YoY Change | -3.08% | -3.98% | -71.87% |
| TOTAL ASSETS | |||
| Total Short-Term Assets | $8.487M | $11.06M | $10.71M |
| Total Long-Term Assets | $8.774M | $9.001M | $9.374M |
| Total Assets | $17.26M | $20.06M | $20.08M |
| YoY Change | 5.82% | -0.1% | -40.2% |
| SHORT-TERM LIABILITIES | |||
| YoY Change | |||
| Accounts Payable | $721.0K | $565.0K | $593.0K |
| YoY Change | 55.39% | -4.72% | -69.1% |
| Accrued Expenses | $99.00K | $22.00K | |
| YoY Change | 350.0% | ||
| Deferred Revenue | |||
| YoY Change | |||
| Short-Term Debt | $0.00 | $0.00 | $0.00 |
| YoY Change | |||
| Long-Term Debt Due | $972.0K | $893.0K | $1.996M |
| YoY Change | -54.22% | -55.26% | |
| Total Short-Term Liabilities | $9.076M | $11.77M | $10.77M |
| YoY Change | 29.92% | 9.28% | 456.17% |
| LONG-TERM LIABILITIES | |||
| Long-Term Debt | $19.00K | $30.00K | $813.0K |
| YoY Change | -97.94% | -96.31% | |
| Other Long-Term Liabilities | |||
| YoY Change | |||
| Total Long-Term Liabilities | $19.00K | $30.00K | $813.0K |
| YoY Change | -97.94% | -96.31% | |
| TOTAL LIABILITIES | |||
| Total Short-Term Liabilities | $9.076M | $11.77M | $10.77M |
| Total Long-Term Liabilities | $19.00K | $30.00K | $813.0K |
| Total Liabilities | $9.095M | $11.80M | $11.59M |
| YoY Change | 15.01% | 1.87% | 498.14% |
| SHAREHOLDERS EQUITY | |||
| Retained Earnings | -$129.9M | -$128.9M | -$123.8M |
| YoY Change | 5.28% | 4.15% | |
| Common Stock | $109.3M | $109.0M | $105.4M |
| YoY Change | 3.75% | 3.41% | |
| Preferred Stock | |||
| YoY Change | |||
| Treasury Stock (at cost) | |||
| YoY Change | |||
| Treasury Stock Shares | |||
| Shareholders Equity | $4.108M | $4.888M | $4.735M |
| YoY Change | |||
| Total Liabilities & Shareholders Equity | $17.26M | $20.06M | $20.08M |
| YoY Change | 5.82% | -0.1% | -40.2% |
Cashflow Statement
| Concept | 2024 Q2 | 2024 Q1 | 2023 Q1 |
|---|---|---|---|
| OPERATING ACTIVITIES | |||
| Net Income | -$961.0K | -$2.257M | -$2.116M |
| YoY Change | -791.37% | 6.66% | 156.48% |
| Depreciation, Depletion And Amortization | $13.00K | ||
| YoY Change | |||
| Cash From Operating Activities | -$3.662M | $8.152M | $5.826M |
| YoY Change | 13.69% | 39.92% | -1326.53% |
| INVESTING ACTIVITIES | |||
| Capital Expenditures | $0.00 | $155.0K | $0.00 |
| YoY Change | -100.0% | -100.0% | |
| Acquisitions | |||
| YoY Change | |||
| Other Investing Activities | $0.00 | ||
| YoY Change | -100.0% | ||
| Cash From Investing Activities | $0.00 | -$155.0K | $0.00 |
| YoY Change | -100.0% | -100.0% | |
| FINANCING ACTIVITIES | |||
| Cash Dividend Paid | |||
| YoY Change | |||
| Common Stock Issuance & Retirement, Net | |||
| YoY Change | |||
| Debt Paid & Issued, Net | |||
| YoY Change | |||
| Cash From Financing Activities | 1.081M | $592.0K | $3.406M |
| YoY Change | -82.62% | ||
| NET CHANGE | |||
| Cash From Operating Activities | -3.662M | $8.152M | $5.826M |
| Cash From Investing Activities | 0.000 | -$155.0K | $0.00 |
| Cash From Financing Activities | 1.081M | $592.0K | $3.406M |
| Net Change In Cash | -2.581M | $8.589M | $9.232M |
| YoY Change | -25.83% | -6.96% | -1535.77% |
| FREE CASH FLOW | |||
| Cash From Operating Activities | -$3.662M | $8.152M | $5.826M |
| Capital Expenditures | $0.00 | $155.0K | $0.00 |
| Free Cash Flow | -$3.662M | $7.997M | $5.826M |
| YoY Change | 5.2% | 37.26% | -1997.72% |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
| CY2022Q4 | us-gaap |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
6981000 | usd |
| CY2023Q1 | us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
95000 | usd |
| CY2024Q1 | us-gaap |
Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
|
1450000 | usd |
| CY2023Q1 | us-gaap |
Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
|
2000000 | usd |
| CY2024Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
592000 | usd |
| CY2023Q4 | us-gaap |
Common Stock No Par Value
CommonStockNoParValue
|
0 | |
| CY2024Q1 | us-gaap |
Common Stock No Par Value
CommonStockNoParValue
|
0 | |
| CY2023Q1 | lcgmf |
Noncontrolling Interest Increase From Preference Equity Issuance
NoncontrollingInterestIncreaseFromPreferenceEquityIssuance
|
3536000 | usd |
| CY2023Q4 | us-gaap |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
6018000 | usd |
| CY2024Q1 | us-gaap |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
8259000 | usd |
| CY2024Q1 | us-gaap |
Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
|
-826000 | usd |
| CY2024Q1 | us-gaap |
Convertible Debt Noncurrent
ConvertibleDebtNoncurrent
|
0 | usd |
| CY2023Q1 | lcgmf |
Class Of Warrant Or Right Issued
ClassOfWarrantOrRightIssued
|
18461015 | shares |
| CY2023Q1 | lcgmf |
Class Of Warrant Or Right Exercise Price Of Warrants Or Rights Issued
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRightsIssued
|
0.07 | |
| CY2023Q1 | lcgmf |
Class Of Warrant Or Right Exercise Price Of Warrants Or Rights Issued
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRightsIssued
|
0.095 | |
| CY2023Q1 | us-gaap |
Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
|
1306000 | usd |
| CY2024Q1 | us-gaap |
General Insurance Expense
GeneralInsuranceExpense
|
18000 | usd |
| CY2023Q1 | us-gaap |
General Insurance Expense
GeneralInsuranceExpense
|
11000 | usd |
| CY2024Q1 | us-gaap |
Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
|
-196000 | usd |
| CY2023Q1 | us-gaap |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
8496000 | usd |
| CY2024Q1 | us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
660000 | usd |
| CY2024Q1 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
329761311 | shares |
| CY2023Q1 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
309567975 | shares |
| CY2023Q1 | us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
|
0.07 | |
| CY2024Q1 | us-gaap |
Accrued Liabilities Current
AccruedLiabilitiesCurrent
|
99000 | usd |
| CY2023Q4 | us-gaap |
Accrued Liabilities Current
AccruedLiabilitiesCurrent
|
0 | usd |
| CY2024Q1 | us-gaap |
Operating Lease Expense
OperatingLeaseExpense
|
4000 | usd |
| CY2023Q1 | us-gaap |
Operating Lease Expense
OperatingLeaseExpense
|
4000 | usd |
| CY2023Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
|
14295000 | shares |
| CY2024Q1 | us-gaap |
Common Stock Shares Authorized Unlimited
CommonStockSharesAuthorizedUnlimited
|
Unlimited | |
| CY2023 | us-gaap |
Common Stock Shares Authorized Unlimited
CommonStockSharesAuthorizedUnlimited
|
Unlimited | |
| CY2024Q1 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
329761311 | shares |
| CY2023Q1 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
309567975 | shares |
| CY2023Q1 | us-gaap |
Profit Loss
ProfitLoss
|
-2116000 | usd |
| CY2024Q1 | lcgmf |
Stock Issued During Period Value Private Placement
StockIssuedDuringPeriodValuePrivatePlacement
|
654000 | usd |
| CY2024Q1 | us-gaap |
Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
|
27000 | usd |
| CY2024Q1 | lcgmf |
Stock Issued During Period Value Conversion Of Convertible Debentures Original
StockIssuedDuringPeriodValueConversionOfConvertibleDebenturesOriginal
|
234000 | usd |
| CY2024Q1 | lcgmf |
Stock Issued During Period Value Conversion Of Convertible Debentures Induced
StockIssuedDuringPeriodValueConversionOfConvertibleDebenturesInduced
|
2723000 | usd |
| CY2024Q1 | lcgmf |
Noncontrolling Interest Increase From Common Equity Issuance
NoncontrollingInterestIncreaseFromCommonEquityIssuance
|
450000 | usd |
| CY2024Q1 | us-gaap |
Profit Loss
ProfitLoss
|
-2453000 | usd |
| CY2024Q1 | us-gaap |
Nature Of Operations
NatureOfOperations
|
<div> <p style="margin-left: 21pt; text-indent: -21.3pt; text-align: justify; margin-top: 0pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>1.</b><span style="width: 13.5pt; text-indent: 0pt; display: inline-block;"> </span><b>NATURE OF OPERATIONS AND GOING CONCERN</b></span></span></p> <p style="margin-left: 21.3pt; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Lion Copper and Gold Corp. (together with its subsidiaries, "Lion CG" or the "Company") is a Canadian-based Company advancing its flagship copper assets at Yerington, Nevada through an option to earn-in agreement with Nuton LLC, a Rio Tinto venture. The Company is incorporated in British Columbia, Canada. Its registered and records offices are located at 1200 - 750 West Pender Street, Vancouver, British Columbia, Canada, V6C 2T8. On November 22, 2021, the Company changed its name from Quaterra Resources Inc. to Lion Copper and Gold Corp. The shares of the Company commenced trading under the new name at the open of trading on November 23, 2021. The Company's common shares are listed on the TSX Venture Exchange ("TSXV") under the symbol "LEO" and trades on the OTCQB Market under the symbol "LCGMF".</span></span></p> <p style="margin-left: 21.3pt; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">The Company acquires its mineral properties through option or lease agreements and capitalizes all acquisition costs related to the properties. The underlying value of the amounts recorded as mineral properties does not reflect current or future values. The Company's continued existence depends on discovering economically recoverable mineral reserves and obtaining the necessary funding to complete the development of these properties.</span></span></p> <p style="margin-left: 21.3pt; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">These condensed interim consolidated financial statements are prepared on a going concern basis, which contemplates that the Company will be able to meet its commitments, continue operations and realize its assets and discharge its liabilities in the normal course of business for at least twelve months from the date of approval of these condensed interim consolidated financial statements from the Board of Directors. The Company has incurred ongoing losses and expects to incur further losses in the advancement of its business activities. For the three months ended March 31, 2024, the Company incurred a net loss of $2,453 (2023 - $2,116). As at March 31, 2024, the Company had cash and cash equivalents of $10,899 (December 31, 2023 - $2,310), working capital deficit of $712 (December 31, 2023 - $2,854) and an accumulated deficit of $128,920 (December 31, 2023 - $126,663).</span></span></p> <p style="margin-left: 21.3pt; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">The Company continues to incur losses, has limited financial resources, and has no current source of revenue or cash flow generated from operating activities. To address its financing requirements, the Company plans to seek financing through, but not limited to, debt financing, equity financing and strategic alliances. However, there is no assurance that such financing will be available. If adequate financing is not available or cannot be obtained on a timely basis, the Company may be required to delay, reduce the scope of or eliminate one or more of its exploration programs or relinquish some or all of its rights under the existing option and acquisition agreements. The above factors give rise to material uncertainties that cast substantial doubt on the Company's ability to continue as a going concern. </span></span></p> <p style="margin-left: 21pt; text-align: justify; margin-bottom: 0pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">If the going concern assumptions were not appropriate for these condensed interim consolidated financial statements, then adjustments would be necessary to the carrying values of assets, liabilities, the reported expenses, and the consolidated balance sheet classifications used. Such adjustments could be material.</span></span></p> </div> | |
| CY2022Q4 | us-gaap |
Mineral Properties Net
MineralPropertiesNet
|
7884000 | usd |
| CY2023 | us-gaap |
Payments To Acquire Mineral Rights
PaymentsToAcquireMineralRights
|
596000 | usd |
| CY2023 | lcgmf |
Impairment Expense
ImpairmentExpense
|
602000 | usd |
| CY2023 | lcgmf |
Mineral Property Acquisition Costs Paid By Rio Tinto
MineralPropertyAcquisitionCostsPaidByRioTinto
|
231000 | usd |
| CY2023 | lcgmf |
Additions Disposals To Mineral Property
AdditionsDisposalsToMineralProperty
|
-237000 | usd |
| CY2023Q4 | us-gaap |
Mineral Properties Net
MineralPropertiesNet
|
7647000 | usd |
| CY2024Q1 | us-gaap |
Payments To Acquire Mineral Rights
PaymentsToAcquireMineralRights
|
156000 | usd |
| CY2024Q1 | lcgmf |
Impairment Expense
ImpairmentExpense
|
0 | usd |
| CY2024Q1 | lcgmf |
Mineral Property Acquisition Costs Paid By Rio Tinto
MineralPropertyAcquisitionCostsPaidByRioTinto
|
1000 | usd |
| CY2024Q1 | lcgmf |
Additions Disposals To Mineral Property
AdditionsDisposalsToMineralProperty
|
155000 | usd |
| CY2024Q1 | us-gaap |
Mineral Properties Net
MineralPropertiesNet
|
7802000 | usd |
| CY2024Q1 | lcgmf |
Mineral Exploration Expenditures
MineralExplorationExpenditures
|
2660000 | usd |
| CY2023Q1 | lcgmf |
Mineral Exploration Expenditures
MineralExplorationExpenditures
|
1250000 | usd |
| CY2024Q1 | us-gaap |
Convertible Debt Current
ConvertibleDebtCurrent
|
855000 | usd |
| CY2022Q4 | us-gaap |
Notes Payable Current
NotesPayableCurrent
|
1131000 | usd |
| CY2023 | lcgmf |
Safe Notes Issued Amount
SafeNotesIssuedAmount
|
100000 | usd |
| CY2023 | lcgmf |
Loss On Change In Fair Value Of Safe Notes
LossOnChangeInFairValueOfSafeNotes
|
305000 | usd |
| CY2023 | us-gaap |
Conversion Of Stock Amount Issued1
ConversionOfStockAmountIssued1
|
1536000 | usd |
| CY2023Q4 | us-gaap |
Notes Payable Current
NotesPayableCurrent
|
0 | usd |
| CY2024Q1 | lcgmf |
Class Of Warrant Or Right Exercise Price Of Warrants Or Rights Issued
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRightsIssued
|
0.06 | |
| CY2024Q1 | lcgmf |
Class Of Warrant Or Right Issued
ClassOfWarrantOrRightIssued
|
15696882 | shares |
| CY2024Q1 | us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
-2453000 | usd |
| CY2023Q1 | us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
-1953000 | usd |
| CY2024Q1 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
329761311 | shares |
| CY2023Q1 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
309567975 | shares |
| CY2024Q1 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-0.01 | |
| CY2024Q1 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-0.01 | |
| CY2023Q1 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-0.01 | |
| CY2023Q1 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-0.01 | |
| CY2023Q1 | us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
|
0.052 | |
| CY2024Q1 | lcgmf |
Class Of Warrant Or Right Exercise Price Of Warrants Or Rights Issued
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRightsIssued
|
0.08 | |
| CY2024Q1 | lcgmf |
Class Of Warrant Or Right Expired
ClassOfWarrantOrRightExpired
|
11493767 | shares |
| CY2024Q1 | lcgmf |
Number Of Issuance Of Contingent Warrants
NumberOfIssuanceOfContingentWarrants
|
41707215 | shares |
