$NGLD
Nevada Canyon Gold Corp

2022 Q4 Form 10-Q Financial Statement

#000149315222032260 Filed on November 14, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q3
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.145M $340.8K $7.250K
YoY Change 1657.47% 4600.55% -37.82%
% of Gross Profit
Research & Development $0.00 $20.76K $2.540K
YoY Change -100.0% 717.32% -65.44%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $469.6K $361.6K $9.800K
YoY Change 501.5% 3589.29% -48.45%
Operating Profit
YoY Change
Interest Expense $74.01K $1.623K -$108.4K
YoY Change -146.44% -101.5% -132.55%
% of Operating Profit
Other Income/Expense, Net -$21.93K -$396.1K $0.00
YoY Change -76.77%
Pretax Income -$417.5K -$795.7K -$118.2K
YoY Change 25.82% 572.93% -137.65%
Income Tax
% Of Pretax Income
Net Earnings -$417.5K -$795.7K -$118.2K
YoY Change 25.82% 572.93% -137.65%
Net Earnings / Revenue
Basic Earnings Per Share -$0.30 -$0.03
Diluted Earnings Per Share -$0.10 -$296.9K -$26.54K
COMMON SHARES
Basic Shares Outstanding 8.685M shares 8.685M shares 4.455M shares
Diluted Shares Outstanding 2.680M shares

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.007M $1.298M $992.9K
YoY Change -29.13% 30.74% 15.81%
Cash & Equivalents $1.007M $1.298M $992.9K
Short-Term Investments
Other Short-Term Assets $4.830K $92.37K $3.680K
YoY Change -77.85% 2410.05% -32.23%
Inventory
Prepaid Expenses $4.829K $92.37K
Receivables
Other Receivables
Total Short-Term Assets $1.012M $1.391M $996.6K
YoY Change -29.86% 39.53% 15.51%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $877.2K $738.8K $525.7K
YoY Change 48.98% 40.53% -42.58%
Other Assets
YoY Change
Total Long-Term Assets $877.2K $738.8K $525.7K
YoY Change 48.98% 40.53% -42.58%
TOTAL ASSETS
Total Short-Term Assets $1.012M $1.391M $996.6K
Total Long-Term Assets $877.2K $738.8K $525.7K
Total Assets $1.889M $2.129M $1.522M
YoY Change -7.01% 39.87% -14.4%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $802.7K $810.2K $386.6K
YoY Change 102.55% 109.56% 11.57%
Accrued Expenses $41.80K $5.700K
YoY Change 45.69%
Deferred Revenue
YoY Change
Short-Term Debt $520.00 $1.066M $16.17K
YoY Change -99.88% 6490.6% -98.5%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.322M $2.353M $1.465M
YoY Change -26.21% 60.61% 2.81%
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 $1.322M $2.353M $1.465M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $1.322M $2.353M $1.465M
YoY Change -26.21% 60.61% 2.81%
SHAREHOLDERS EQUITY
Retained Earnings -$2.508M -$2.090M
YoY Change 163.55%
Common Stock $1.107K $868.00
YoY Change 27.53%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $567.1K -$223.6K $57.31K
YoY Change
Total Liabilities & Shareholders Equity $1.889M $2.129M $1.522M
YoY Change -7.01% 39.87% -14.4%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income -$417.5K -$795.7K -$118.2K
YoY Change 25.82% 572.93% -137.65%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$103.1K -$125.9K -$6.230K
YoY Change -37.29% 1920.71% -63.63%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$40.00K $0.00 $0.00
YoY Change -83.33% -100.0%
Cash From Investing Activities -$40.00K $0.00 $0.00
YoY Change -83.33% -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 -148.0K 0.000 150.0K
YoY Change -117.83% -100.0%
NET CHANGE
Cash From Operating Activities -103.1K -125.9K -6.230K
Cash From Investing Activities -40.00K 0.000 0.000
Cash From Financing Activities -148.0K 0.000 150.0K
Net Change In Cash -291.1K -125.9K 143.8K
YoY Change -168.42% -187.56% -59.85%
FREE CASH FLOW
Cash From Operating Activities -$103.1K -$125.9K -$6.230K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
1298154 usd
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
992891 usd
NGLD Cash Paid For Interest
CashPaidForInterest
-65096 usd
NGLD Cash Received For Interest
CashReceivedForInterest
5285 usd
NGLD Cash Received For Interest
CashReceivedForInterest
694 usd
NGLD Fair Value Gain On Equity Investment
FairValueGainOnEquityInvestment
-163113 usd
NGLD Fair Value Gain On Equity Investment
FairValueGainOnEquityInvestment
317364 usd
us-gaap Nature Of Operations
NatureOfOperations
<p id="xdx_801_eus-gaap--NatureOfOperations_zvnAPKbJ8Jy3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 1 - <span id="xdx_821_z0ZQZ8dx0Kjd">NATURE OF BUSINESS</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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 0pt 0pt 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__20220930_zN7eLF7WC0mg" title="Entity state of incorporation">Nevada</span> on <span id="xdx_90F_edei--EntityIncorporationDateOfIncorporation_dd_c20220101__20220930_zp9DqOkoOQKi" 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: 0pt 0pt 0pt 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 0pt 0pt 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: 0pt 0pt 0pt 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 0pt 0pt 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: 0pt 0pt 0pt 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
8895404 shares
CY2021 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2764815 shares
CY2022Q3 us-gaap Due From Related Parties Current
DueFromRelatedPartiesCurrent
477031 usd
CY2021Q4 us-gaap Due From Related Parties Current
DueFromRelatedPartiesCurrent
963631 usd
CY2022Q3 us-gaap Share Based Compensation
ShareBasedCompensation
316862 usd
us-gaap Share Based Compensation
ShareBasedCompensation
675053 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
CY2022Q3 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
804448 usd
CY2021Q4 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
367578 usd
CY2022Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
5700 usd
CY2021Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
28692 usd
CY2022Q3 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
810148 usd
CY2021Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
396270 usd
CY2021 us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
980000 usd
CY2022Q3 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
CY2022Q3 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
663867 usd
CY2022Q3 us-gaap Convertible Notes Payable
ConvertibleNotesPayable
1064600 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
CY2022Q3 us-gaap Accretion Expense
AccretionExpense
396143 usd
CY2021Q3 us-gaap Accretion Expense
AccretionExpense
3 usd
CY2022Q3 us-gaap Interest Expense
InterestExpense
1623 usd
us-gaap Accretion Expense
AccretionExpense
697535 usd
us-gaap Accretion Expense
AccretionExpense
3 usd
us-gaap Interest Expense
InterestExpense
1623 usd
CY2022Q3 us-gaap Notes Payable
NotesPayable
22438 usd
CY2022Q3 us-gaap Convertible Debt
ConvertibleDebt
600000 usd
us-gaap Repayments Of Debt
RepaymentsOfDebt
25000 usd
CY2022Q3 us-gaap Interest Receivable
InterestReceivable
3750 usd
CY2022Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2022Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000 shares
CY2022Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2022Q3 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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