$LSMG
Lode-Star Mining Inc.

2024 Q1 Form 10-K Financial Statement

#000119983524000120 Filed on March 22, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $8.870K $22.49K $62.94K
YoY Change 43.99% 89.79% -59.46%
% of Gross Profit
Research & Development $0.00
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $8.870K $22.49K $62.94K
YoY Change 43.99% 85.56%
Operating Profit -$8.874K -$62.94K
YoY Change 44.18% -59.53%
Interest Expense $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$8.870K -$22.49K -$62.94K
YoY Change 43.99% 122.23% -103.1%
Income Tax
% Of Pretax Income
Net Earnings -$8.874K -$22.49K -$62.94K
YoY Change 44.18% 122.23% -103.1%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share $0.00 $0.00 $0.00
COMMON SHARES
Basic Shares Outstanding 120.9M shares 120.9M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.900K $2.470K $2.470K
YoY Change -82.36% 177.53% 177.53%
Cash & Equivalents $1.898K $2.474K
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $1.898K $2.474K $2.470K
YoY Change -82.37% 179.23% 177.53%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $0.00 $0.00 $0.00
YoY Change
TOTAL ASSETS
Total Short-Term Assets $1.898K $2.474K $2.470K
Total Long-Term Assets $0.00 $0.00 $0.00
Total Assets $1.898K $2.474K $2.470K
YoY Change -82.37% 179.23% 177.53%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $19.36K $14.69K $14.69K
YoY Change 1448.8% 102.34% 102.34%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $80.86K $77.24K $77.24K
YoY Change 91.66% 283.52% 283.52%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $100.2K $91.92K $91.92K
YoY Change 130.76% 235.54% 235.47%
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 $100.2K $91.92K $91.92K
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $100.2K $91.92K $91.92K
YoY Change 130.75% 235.54% 235.47%
SHAREHOLDERS EQUITY
Retained Earnings -$4.335M -$4.326M
YoY Change 1.54% 1.48%
Common Stock $4.237M $4.237M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$98.32K -$89.45K -$89.45K
YoY Change
Total Liabilities & Shareholders Equity $1.898K $2.474K $2.470K
YoY Change -82.37% 179.23% 177.53%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$8.874K -$22.49K -$62.94K
YoY Change 44.18% 122.23% -103.1%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$4.202K -$13.57K -$55.51K
YoY Change -142.53% -66.49% -45.36%
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 $3.626K 11.17K $57.10K
YoY Change -83.56% -69.94% -40.82%
NET CHANGE
Cash From Operating Activities -$4.202K -13.57K -$55.51K
Cash From Investing Activities
Cash From Financing Activities $3.626K 11.17K $57.10K
Net Change In Cash -$576.00 -2.400K $1.588K
YoY Change -105.83% -27.93% -131.0%
FREE CASH FLOW
Cash From Operating Activities -$4.202K -$13.57K -$55.51K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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<p id="xdx_84E_eus-gaap--NatureOfOperations_zJw6tGGP1wi8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_862_zssoJa37wEJh">Organization</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0"><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 0 0pt 0.3in; text-indent: 0; 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 located in Reno, Nevada. The Company was originally formed for the purpose of acquiring exploration stage natural resource properties. The Company acquired a mineral property interest from Lode-Star Gold Inc., a private Nevada corporation (“LSG”) on December 11, 2014, in consideration for the issuance of <span id="xdx_90C_eus-gaap--CommonStockSharesIssued_iI_c20141211_zdtG8DOtuwA7">35,000,000</span> common shares of the Company. As a result of this transaction, control of the Company was acquired by LSG.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0; 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 0 0pt 0.3in; text-indent: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant to a Purchase Agreement and Royalty Agreement (the “Sapir Agreements”), on December 28, 2021, the Company acquired from Sapir Pharmaceuticals, Inc., a Delaware company (“Sapir”), all of the assets used in connection with the proprietary stabilized formulation of the Epigallocatechin-gallate (EGCG) molecule for further pharmaceutical development (the “Assets”). The consideration for these Assets is <span id="xdx_90C_eus-gaap--BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued_c20221228__20221228__us-gaap--BusinessAcquisitionAxis__custom--SapirPharmaceuticalsIncMember__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember_zeIiAvWkkcOb">1,000,000</span> shares of Series A Convertible Preferred Stock where each preferred share is convertible into <span id="xdx_903_eus-gaap--PreferredStockConvertibleConversionRatio_iI_c20221228__us-gaap--BusinessAcquisitionAxis__custom--SapirPharmaceuticalsIncMember__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember_z7ypftb5yCya">450</span> shares of common stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0; text-align: justify; background-color: white"><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 0 0pt 0.3in; text-indent: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due to circumstances beyond the control of both parties, the Company was unable to develop the Assets. As a result, on June 6, 2022, the Company entered into a rescission agreement with Sapir (the “Rescission Agreement”) in order to rescind the Sapir Agreements and restore both the Company and Sapir to the respective positions we occupied immediately in advance of the execution and delivery of the Sapir Agreements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0; text-align: justify; background-color: white"><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 0 0pt 0.3in; text-indent: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of the date of the Rescission Agreement, the Company did not issue the Preferred Stock to Sapir or execute any payments to Sapir under the Royalty Agreement. See notes 3 and 4 for further details of the Sapir agreements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
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<p id="xdx_84F_eus-gaap--UseOfEstimates_zh2Ttx9NrSde" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.15in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.15in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">f)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_868_zCLDMR8XPn5f">Use of Estimates and Assumptions</span></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0"><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 0 0pt 0.3in; text-indent: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of financial statements, in conformity with GAAP, requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying disclosures.  By their nature, these estimates are subject to measurement uncertainty and the effect on the financial statements of changes in such estimates in future periods could be significant.  Significant areas requiring management’s estimates and assumptions are determining the fair value of transactions involving related parties and common stock.  Actual results may differ from the estimates.</span></p>
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CY2022 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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