$NGLD
Nevada Canyon Gold Corp

2023 Q2 Form 10-Q Financial Statement

#000149315223016557 Filed on May 12, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 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 $670.7K $392.8K $79.35K
YoY Change 77.68% 395.06% 734.38%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $670.6K $392.8K $79.35K
YoY Change 77.68% 395.06% 734.38%
Operating Profit
YoY Change
Interest Expense $7.321K $6.492K $642.3K
YoY Change 785.25% -98.99% 530.56%
% of Operating Profit
Other Income/Expense, Net $1.101K $0.00 -$126.6K
YoY Change -100.63% -100.0%
Pretax Income -$669.6K -$475.1K $436.4K
YoY Change -14.08% -208.86% 372.54%
Income Tax
% Of Pretax Income
Net Earnings -$669.5K -$475.1K $436.4K
YoY Change -14.08% -208.87% 372.54%
Net Earnings / Revenue
Basic Earnings Per Share -$0.09 -$0.10 $0.16
Diluted Earnings Per Share -$0.09 -$0.10 $72.98K
COMMON SHARES
Basic Shares Outstanding 11.08M shares 11.08M shares 2.680M shares
Diluted Shares Outstanding 7.074M shares 4.682M shares 5.980M shares

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $779.2K $912.2K $1.382M
YoY Change -45.28% -33.98% 53.81%
Cash & Equivalents $779.2K $912.2K $1.382M
Short-Term Investments
Other Short-Term Assets $9.860K $25.54K $32.15K
YoY Change -77.06% -20.56% 2087.07%
Inventory
Prepaid Expenses $9.856K $25.54K
Receivables
Other Receivables
Total Short-Term Assets $789.1K $937.7K $1.414M
YoY Change -46.21% -33.68% 57.13%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $822.2K $788.5K $1.179M
YoY Change 5.48% -33.12% 31.67%
Other Assets
YoY Change
Total Long-Term Assets $822.2K $788.5K $1.179M
YoY Change 5.48% -33.12% 31.67%
TOTAL ASSETS
Total Short-Term Assets $789.1K $937.7K $1.414M
Total Long-Term Assets $822.2K $788.5K $1.179M
Total Assets $1.611M $1.726M $2.593M
YoY Change -28.28% -33.42% 44.43%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $809.8K $833.2K $830.4K
YoY Change -1.74% 0.34% 133.05%
Accrued Expenses $25.10K
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $537.2K
YoY Change -100.0% -100.0% 3224.5%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.310M $1.293M $1.872M
YoY Change -34.22% -30.9% 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 $1.310M $1.293M $1.872M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $1.310M $1.293M $1.872M
YoY Change -34.22% -30.9% 30.46%
SHAREHOLDERS EQUITY
Retained Earnings -$3.652M -$2.983M
YoY Change 182.16%
Common Stock $1.107K $1.107K
YoY Change 27.53%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $301.5K $432.9K $721.1K
YoY Change
Total Liabilities & Shareholders Equity $1.611M $1.726M $2.593M
YoY Change -28.28% -33.42% 44.43%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$669.5K -$475.1K $436.4K
YoY Change -14.08% -208.87% 372.54%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$133.0K -$74.85K -$71.68K
YoY Change 2.9% 4.42% 1001.08%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 -$20.00K $24.89K
YoY Change -100.0% -180.35%
Cash From Investing Activities $0.00 -$20.00K $24.89K
YoY Change -100.0% -180.35%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 400.0
YoY Change
NET CHANGE
Cash From Operating Activities -133.0K -$74.85K -71.68K
Cash From Investing Activities 0.000 -$20.00K 24.89K
Cash From Financing Activities 0.000 400.0
Net Change In Cash -133.0K -$94.85K -46.39K
YoY Change -363.05% 104.46%
FREE CASH FLOW
Cash From Operating Activities -$133.0K -$74.85K -$71.68K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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CY2023Q1 us-gaap Nature Of Operations
NatureOfOperations
<p id="xdx_801_eus-gaap--NatureOfOperations_zvgFmKUNieY8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 1 - <span id="xdx_82F_zssOxHs2KXs9">NATURE OF BUSINESS</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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_90E_edei--EntityIncorporationStateCountryCode_c20230101__20230331_zinYHEdpgOd2" title="State of incorporation">Nevada</span> on <span id="xdx_90D_edei--EntityIncorporationDateOfIncorporation_dd_c20230101__20230331_zrnWyRt0t3yk" title="Date of incorporation">February 27, 2014</span>. On July 6, 2016, the Company changed its name from Tech Foundry Ventures, Inc. to Nevada Canyon Gold Corp. 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. The Company is involved in acquiring and exploring mineral properties and royalty interests in Nevada and Idaho.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 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; 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 (“US 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 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The outcome of these matters cannot be predicted with any certainty at this time and raises substantial doubt that the Company will be able to continue as a going concern. These condensed consolidated financial statements do not include any adjustments to the amounts and classifications of assets and liabilities that may be necessary should the Company be unable to continue as a going concern. Management intends to obtain additional funding by borrowing funds, and/or a private placement of common stock. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023Q1 dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
NV
CY2023Q1 dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2014-02-27
CY2023Q1 us-gaap Share Based Compensation
ShareBasedCompensation
340955 usd
CY2023Q1 us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
302066 usd
CY2022Q1 us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
44774 usd
CY2023Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2023Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000 shares
CY2023Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2023Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2023Q1 us-gaap Common Stock Voting Rights
CommonStockVotingRights
50% of the common stock
CY2022Q1 us-gaap Share Based Compensation
ShareBasedCompensation
44774 usd
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P3Y
CY2021 us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
980000 usd
CY2021Q4 us-gaap Convertible Debt
ConvertibleDebt
15064 usd
CY2021 us-gaap Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
20000 usd
CY2021Q4 us-gaap Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
0.15 pure
CY2022Q1 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
126562 usd

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