2022 Q4 Form 10-Q Financial Statement

#000119983522000663 Filed on November 14, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q3
Revenue $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $11.85K $10.51K $43.78K
YoY Change -74.16% -75.99% 2.43%
% of Gross Profit
Research & Development $270.00 $0.00 $32.77K
YoY Change -100.0% 14.34%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $12.12K $10.51K $76.55K
YoY Change -73.57% -86.27% 7.2%
Operating Profit -$10.51K -$76.55K
YoY Change -86.28%
Interest Expense $2.000K -$1.660K -$25.34K
YoY Change -438.98% -93.45% 16.4%
% of Operating Profit
Other Income/Expense, Net -$1.664K
YoY Change
Pretax Income -$10.12K -$12.17K -$101.9K
YoY Change -99.55% -88.06% 9.35%
Income Tax
% Of Pretax Income
Net Earnings -$10.12K -$12.17K -$101.9K
YoY Change -99.55% -88.06% 9.35%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share $0.00 -$100.60 -$2.012K
COMMON SHARES
Basic Shares Outstanding 120.9M shares 120.9M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $890.00 $4.210K $11.29K
YoY Change -85.19% -62.71% -10.82%
Cash & Equivalents $886.00 $4.211K $11.29K
Short-Term Investments
Other Short-Term Assets $0.00 $270.00 $1.440K
YoY Change -100.0% -81.25% -97.44%
Inventory
Prepaid Expenses $273.00
Receivables
Other Receivables
Total Short-Term Assets $886.00 $4.484K $12.73K
YoY Change -85.89% -64.78% -81.55%
LONG-TERM ASSETS
Property, Plant & Equipment $230.2K
YoY Change 0.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $0.00 $0.00 $230.2K
YoY Change -100.0% 0.0%
TOTAL ASSETS
Total Short-Term Assets $886.00 $4.484K $12.73K
Total Long-Term Assets $0.00 $0.00 $230.2K
Total Assets $886.00 $4.484K $242.9K
YoY Change -85.89% -98.15% -18.81%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.260K $12.56K $167.1K
YoY Change -96.19% -92.48% 172.48%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $20.14K $8.320K $2.271M
YoY Change -51.43% -99.63% 16.96%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $27.40K $20.88K $2.438M
YoY Change -88.18% -99.14% 21.72%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $27.40K $20.88K $2.438M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $27.40K $20.88K $2.438M
YoY Change -88.18% -99.14% 21.72%
SHAREHOLDERS EQUITY
Retained Earnings -$4.263M -$4.253M
YoY Change 5.32%
Common Stock $4.237M $4.237M
YoY Change 159.04%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$26.51K -$16.39K -$2.195M
YoY Change
Total Liabilities & Shareholders Equity $886.00 $4.484K $242.9K
YoY Change -85.89% -98.15% -18.81%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income -$10.12K -$12.17K -$101.9K
YoY Change -99.55% -88.06% 9.35%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$40.49K -$3.350K -$12.26K
YoY Change 110.56% -72.68% -52.43%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 37.16K 7.000K 10.00K
YoY Change 166.57% -30.0% -66.67%
NET CHANGE
Cash From Operating Activities -40.49K -3.350K -12.26K
Cash From Investing Activities
Cash From Financing Activities 37.16K 7.000K 10.00K
Net Change In Cash -3.330K 3.650K -2.260K
YoY Change -37.05% -261.5% -153.43%
FREE CASH FLOW
Cash From Operating Activities -$40.49K -$3.350K -$12.26K
Capital Expenditures
Free Cash Flow
YoY Change

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us-gaap Nature Of Operations
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<p id="xdx_84E_eus-gaap--NatureOfOperations_zHl7GGC6Be12" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.3in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_862_zCQ0ua24PSAc">Organization</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 0.3in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lode-Star Mining Inc. (the “Company”) was incorporated in the State of Nevada, U.S.A., on December 9, 2004. The Company’s principal executive offices are in Reno, Nevada. The Company was originally formed to acquire exploration stage natural resource properties.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 0.3in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On January 14, 2022, the Company formally returned its 20% undivided interest in the Goldfield Bonanza Project to Lode Star Gold, Inc., the optionor of that property (“LSG”), pursuant to a settlement and termination agreement (the “Settlement Agreement”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 0.3in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On December 28, 2021, the Company acquired from Sapir Pharmaceuticals, Inc., a Delaware corporation (“Sapir”), all of the assets used in connection with the proprietary stabilized formulation of the Epigallocatechin-gallate (EGCG) molecule for further pharmaceutical development. On June 6, 2022, the Company and Sapir agreed to rescind the acquisition due to circumstances beyond either party’s control. In connection with the rescission, the Company reinstated $2,246,146 in debt owed to LSG that was previously forgiven under the Settlement Agreement in order to facilitate the Sapir transaction.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 0.3in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On June 21, 2022 the Company, LSG and certain related party creditors agreed to convert an aggregate of $2,601,207 in debt owed to those parties into 70,302,906 shares of the Company’s common stock at a price of $0.037 per share.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 0.3in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At present, the Company has no current business project and no cash generating operations. Management is actively seeking business opportunities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.3in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2022Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-4253207 usd
us-gaap Basis Of Accounting
BasisOfAccounting
<p id="xdx_846_eus-gaap--BasisOfAccounting_z8gnkM02U90i" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.3in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_867_zuLQ91A90XOf">Basis of Presentation</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 0.3in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The unaudited interim financial information furnished herein reflects all adjustments which, in the opinion of management, are necessary to fairly state the Company’s financial position and the results of its operations for the periods presented. These financial statements should be read in conjunction with the Company’s financial statements and notes thereto included in the Company’s report on Form 10-K for the year ended December 31, 2021. The Company assumes that the users of the interim financial information herein have read, or have access to, the audited financial statements for the preceding fiscal year, and that the adequacy of additional disclosure needed for a fair presentation may be determined in that context. Accordingly, footnote disclosures, which would substantially duplicate the disclosures contained in the Company’s financial statements for the fiscal year ended December 31, 2021, have been omitted. The results of operations for the nine months ended September 30, 2022 are not necessarily indicative of results for the entire year ending December 31, 2022.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 0.3in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). Because a precise determination of many assets and liabilities is dependent upon future events, the preparation of financial statements for a period necessarily involves the use of estimates which have been made using careful judgment. All dollar amounts are in U.S. dollars unless otherwise noted. The financial statements have, in management’s opinion, been properly prepared within reasonable limits of materiality.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 0.3in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has implemented all applicable new accounting pronouncements that are in effect. Those pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.</span></p>
us-gaap Research And Development In Process
ResearchAndDevelopmentInProcess
2186917 usd
CY2022Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
480000000 shares
CY2022Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2022Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
20000000 shares
CY2022Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2022Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
120937442 shares
CY2022Q3 lsmg Shares Issued To Shareholder To Settle Debt
SharesIssuedToShareholderToSettleDebt
2601207 usd
lsmg Disclosure Capital Stock Details Abstract
DisclosureCapitalStockDetailsAbstract
<table cellpadding="0" cellspacing="0" id="xdx_885_ecustom--DisclosureCapitalStockDetailsAbstract_z4wIG4r9Snlc" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%; margin-left: 0.3in" summary="xdx: Disclosure - CAPITAL STOCK (Details)"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">Options <br/> Outstanding</td><td style="border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">Weighted Average<br/> Life Remaining (Years)</td><td style="border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">Intrinsic Value</td><td style="border-bottom: Black 1pt solid"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: center"> </td><td> </td> <td colspan="2" style="white-space: nowrap; text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="white-space: nowrap; text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="white-space: nowrap; text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 41%; text-indent: -8.65pt; padding-left: 8.65pt">Balance December 31, 2021</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_c20220101__20220930__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zQ9DvzbWtcl6" style="width: 8%; text-align: right">9,950,000</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98E_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dxH_c20210101__20211231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zg4gVw2ZVA4d" style="width: 8%; text-align: right" title="::XDX::P2M12D">0.20</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iS_c20220101__20220930__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zRO2zMjgyoXg" style="width: 8%; text-align: right">348,250</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-indent: -8.65pt; padding-left: 8.65pt">Expired</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod_iN_di_c20220101__20220930__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zLWGwdwBffGa" style="border-bottom: Black 1pt solid; text-align: right">(9,950,000</td><td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt; text-indent: -8.65pt; padding-left: 8.65pt">Balance September 30, 2022</td><td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_d0_c20220101__20220930__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zXf5KRtblU19" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">-</td><td style="border-bottom: Black 1pt solid; white-space: nowrap; padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">-</td><td style="border-bottom: Black 1pt solid; white-space: nowrap; padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iE_d0_c20220101__20220930__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zowkzBKOLlV8" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">-</td><td style="border-bottom: Black 1pt solid; white-space: nowrap; padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> </table>
us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
1050 usd

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