$NGLD
Nevada Canyon Gold Corp

2022 Q3 Form 10-Q Financial Statement

#000149315222022650 Filed on August 15, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 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 $340.8K $377.5K $79.35K
YoY Change 4600.55% 1168.31% 734.38%
% of Gross Profit
Research & Development $20.76K
YoY Change 717.32%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $361.6K $377.4K $79.35K
YoY Change 3589.29% 1168.25% 734.38%
Operating Profit
YoY Change
Interest Expense $1.623K $827.00 $642.3K
YoY Change -101.5% 354.4% 530.56%
% of Operating Profit
Other Income/Expense, Net -$396.1K -$174.8K -$126.6K
YoY Change
Pretax Income -$795.7K -$779.3K $436.4K
YoY Change 572.93% 132.72% 372.54%
Income Tax
% Of Pretax Income
Net Earnings -$795.7K -$779.3K $436.4K
YoY Change 572.93% 132.72% 372.54%
Net Earnings / Revenue
Basic Earnings Per Share -$0.30 -$0.29 $0.16
Diluted Earnings Per Share -$296.9K -$290.8K $72.98K
COMMON SHARES
Basic Shares Outstanding 8.685M shares 2.680M shares 2.680M shares
Diluted Shares Outstanding 2.680M shares 2.680M shares 5.980M shares

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.298M $1.424M $1.382M
YoY Change 30.74% 65.04% 53.81%
Cash & Equivalents $1.298M $1.424M $1.382M
Short-Term Investments
Other Short-Term Assets $92.37K $42.99K $32.15K
YoY Change 2410.05% 838.65% 2087.07%
Inventory
Prepaid Expenses $92.37K $42.99K
Receivables
Other Receivables
Total Short-Term Assets $1.391M $1.467M $1.414M
YoY Change 39.53% 69.13% 57.13%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $738.8K $779.5K $1.179M
YoY Change 40.53% 25.63% 31.67%
Other Assets
YoY Change
Total Long-Term Assets $738.8K $779.5K $1.179M
YoY Change 40.53% 25.63% 31.67%
TOTAL ASSETS
Total Short-Term Assets $1.391M $1.467M $1.414M
Total Long-Term Assets $738.8K $779.5K $1.179M
Total Assets $2.129M $2.247M $2.593M
YoY Change 39.87% 50.99% 44.43%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $810.2K $824.2K $830.4K
YoY Change 109.56% 114.63% 133.05%
Accrued Expenses $5.700K $21.22K $25.10K
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $1.066M $690.1K $537.2K
YoY Change 6490.6% 4170.61% 3224.5%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.353M $1.991M $1.872M
YoY Change 60.61% 36.17% 30.46%
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 $2.353M $1.991M $1.872M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $2.353M $1.991M $1.872M
YoY Change 60.61% 36.17% 30.46%
SHAREHOLDERS EQUITY
Retained Earnings -$2.090M -$1.294M
YoY Change
Common Stock $868.00 $868.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$223.6K $255.3K $721.1K
YoY Change
Total Liabilities & Shareholders Equity $2.129M $2.247M $2.593M
YoY Change 39.87% 50.99% 44.43%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$795.7K -$779.3K $436.4K
YoY Change 572.93% 132.72% 372.54%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$125.9K -$129.2K -$71.68K
YoY Change 1920.71% 186.96% 1001.08%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $179.8K $24.89K
YoY Change 8261.4%
Cash From Investing Activities $0.00 $179.8K $24.89K
YoY Change 8261.4%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 0.000 400.0
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -125.9K -129.2K -71.68K
Cash From Investing Activities 0.000 179.8K 24.89K
Cash From Financing Activities 0.000 0.000 400.0
Net Change In Cash -125.9K 50.55K -46.39K
YoY Change -187.56% -217.89%
FREE CASH FLOW
Cash From Operating Activities -$125.9K -$129.2K -$71.68K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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us-gaap Nature Of Operations
NatureOfOperations
<p id="xdx_80E_eus-gaap--NatureOfOperations_zgQzkISRuySd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 1 - <span id="xdx_828_zcJTmxEjI5qb">NATURE OF BUSINESS</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nevada Canyon Gold Corp. (the “Company”) was incorporated under the laws of the state of <span id="xdx_90F_edei--EntityIncorporationStateCountryCode_c20220101__20220630_zsjGZWPdoPt1" title="Entity state of incorporation">Nevada</span> on <span id="xdx_909_edei--EntityIncorporationDateOfIncorporation_dd_c20220101__20220630_zBhomc2ti3vg" title="Date of incorporation">February 27, 2014</span>. The Company is involved in acquiring and exploring mineral properties and royalty interests in Nevada and Idaho. On December 15, 2021, the Company incorporated two subsidiaries, Nevada Canyon LLC and Canyon Carbon LLC. Both subsidiaries were incorporated under the laws of the state of Nevada.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Going Concern</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s condensed consolidated financial statements are prepared using accounting principles generally accepted in the United States of America (“GAAP”) applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company is in a business of acquiring and exploring mineral properties and royalty interests and has not generated or realized any revenues from these business operations. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it becomes profitable. If the Company is unable to obtain adequate capital, it could be forced to cease operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
NV
dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2014-02-27
NGLD Deferred Stock Issuance Costs
DeferredStockIssuanceCosts
39250 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P3Y
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
8853757 shares
CY2021 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2764815 shares
CY2022Q2 us-gaap Due From Related Parties Current
DueFromRelatedPartiesCurrent
477031 usd
CY2021Q4 us-gaap Due From Related Parties Current
DueFromRelatedPartiesCurrent
963631 usd
CY2022Q2 us-gaap Share Based Compensation
ShareBasedCompensation
313417 usd
us-gaap Share Based Compensation
ShareBasedCompensation
358191 usd
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P3Y
CY2022Q1 us-gaap Share Price
SharePrice
0.4938
CY2022Q2 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
802948 usd
CY2021Q4 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
367578 usd
CY2022Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
21218 usd
CY2021Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
28692 usd
CY2022Q2 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
824166 usd
CY2021Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
396270 usd
CY2021 us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
980000 usd
CY2022Q2 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
1000000 usd
us-gaap Stock Issued During Period Shares Conversion Of Convertible Securities
StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities
2666667 shares
us-gaap Debt Instrument Convertible Beneficial Conversion Feature
DebtInstrumentConvertibleBeneficialConversionFeature
677200 usd
CY2022Q2 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
663867 usd
CY2022Q2 us-gaap Convertible Notes Payable
ConvertibleNotesPayable
689025 usd
CY2021Q4 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
1000000 usd
CY2021 us-gaap Stock Issued During Period Shares Conversion Of Convertible Securities
StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities
2666667 shares
CY2021 us-gaap Debt Instrument Convertible Beneficial Conversion Feature
DebtInstrumentConvertibleBeneficialConversionFeature
677200 usd
CY2021Q4 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
663867 usd
CY2021Q4 us-gaap Convertible Notes Payable
ConvertibleNotesPayable
430538 usd
CY2022Q2 us-gaap Accretion Expense
AccretionExpense
174830 usd
us-gaap Accretion Expense
AccretionExpense
301392 usd
CY2022Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2022Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000 shares
CY2022Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2022Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
us-gaap Common Stock Voting Rights
CommonStockVotingRights
Voting rights are not cumulative and, therefore, the holders of more than 50% of the common stock could, if they chose to do so, elect all of the directors of the Company.
CY2021Q4 us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
1775000 shares

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