2023 Q4 Form 10-Q Financial Statement

#000149315223040444 Filed on November 13, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3 2022 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 $897.9K $642.1K $340.8K
YoY Change -21.56% 88.41% 4600.55%
% of Gross Profit
Research & Development $50.97K $21.02K $20.76K
YoY Change 1.25% 717.32%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $948.9K $663.1K $361.6K
YoY Change 102.06% 83.4% 3589.29%
Operating Profit
YoY Change
Interest Expense $113.8K $8.082K $1.623K
YoY Change 53.7% 397.97% -101.5%
% of Operating Profit
Other Income/Expense, Net $0.00 -$12.13K -$396.1K
YoY Change -100.0% -96.94%
Pretax Income -$835.1K -$675.2K -$795.7K
YoY Change 100.02% -15.14% 572.93%
Income Tax
% Of Pretax Income
Net Earnings -$835.1K -$675.2K -$795.7K
YoY Change 100.02% -15.14% 572.93%
Net Earnings / Revenue
Basic Earnings Per Share -$0.07 -$0.30
Diluted Earnings Per Share -$0.03 -$0.07 -$296.9K
COMMON SHARES
Basic Shares Outstanding 24.62M shares 11.63M shares 8.685M shares
Diluted Shares Outstanding 9.109M shares 2.680M shares

Balance Sheet

Concept 2023 Q4 2023 Q3 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $9.744M $9.983M $1.298M
YoY Change 867.65% 669.03% 30.74%
Cash & Equivalents $9.744M $4.681M $1.298M
Short-Term Investments
Other Short-Term Assets $541.0K $5.302M $92.37K
YoY Change 11101.45% 5639.72% 2410.05%
Inventory
Prepaid Expenses $541.0K $473.4K $92.37K
Receivables
Other Receivables
Total Short-Term Assets $10.29M $10.46M $1.391M
YoY Change 916.5% 651.98% 39.53%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $836.5K $802.0K $738.8K
YoY Change -4.64% 8.56% 40.53%
Other Assets
YoY Change
Total Long-Term Assets $836.5K $802.0K $738.8K
YoY Change -4.64% 8.56% 40.53%
TOTAL ASSETS
Total Short-Term Assets $10.29M $10.46M $1.391M
Total Long-Term Assets $836.5K $802.0K $738.8K
Total Assets $11.12M $11.26M $2.129M
YoY Change 488.76% 428.74% 39.87%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $846.3K $812.7K $810.2K
YoY Change 5.44% 0.32% 109.56%
Accrued Expenses $5.700K
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $1.066M
YoY Change -100.0% -100.0% 6490.6%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.306M $1.273M $2.353M
YoY Change -1.19% -45.91% 60.61%
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 $1.306M $1.273M $2.353M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $1.306M $1.273M $2.353M
YoY Change -1.19% -45.91% 60.61%
SHAREHOLDERS EQUITY
Retained Earnings -$5.162M -$4.327M -$2.090M
YoY Change 105.88% 107.05%
Common Stock $2.523K $1.758K $868.00
YoY Change 127.91% 102.53%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $9.816M $9.986M -$223.6K
YoY Change
Total Liabilities & Shareholders Equity $11.12M $11.26M $2.129M
YoY Change 488.76% 428.74% 39.87%

Cashflow Statement

Concept 2023 Q4 2023 Q3 2022 Q3
OPERATING ACTIVITIES
Net Income -$835.1K -$675.2K -$795.7K
YoY Change 100.02% -15.14% 572.93%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$539.8K -$397.9K -$125.9K
YoY Change 423.37% 216.05% 1920.71%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 -$40.00K $0.00
YoY Change -100.0%
Cash From Investing Activities $0.00 -$40.00K $0.00
YoY Change -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 301.0K 9.642M 0.000
YoY Change -303.34% -100.0%
NET CHANGE
Cash From Operating Activities -539.8K -397.9K -125.9K
Cash From Investing Activities 0.000 -40.00K 0.000
Cash From Financing Activities 301.0K 9.642M 0.000
Net Change In Cash -238.8K 9.204M -125.9K
YoY Change -17.98% -7411.12% -187.56%
FREE CASH FLOW
Cash From Operating Activities -$539.8K -$397.9K -$125.9K
Capital Expenditures
Free Cash Flow
YoY Change

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CY2023Q3 NGLD Stock Based Compensation Obligation To Issue Shares For Consultants
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us-gaap Payments To Acquire Mineral Rights
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Proceeds From Other Equity
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NGLD Proceeds From Escrowed Cash Recieved On Subscription To Shares
ProceedsFromEscrowedCashRecievedOnSubscriptionToShares
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NGLD Payments Of Stock Issuance Cash Costs On Shares To Be Issued
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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NGLD Mineral Interests Acquired With Related Parties Payables Net
MineralInterestsAcquiredWithRelatedPartiesPayablesNet
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us-gaap Nature Of Operations
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<p id="xdx_806_eus-gaap--NatureOfOperations_zApxkqHylpw" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 1 - <span id="xdx_820_zmp0Sk5sFfgg">NATURE OF BUSINESS</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; 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_903_edei--EntityIncorporationStateCountryCode_c20230101__20230930_z3S7FF9e3nC" title="State of incorporation">Nevada</span> on <span id="xdx_909_edei--EntityIncorporationDateOfIncorporation_dd_c20230101__20230930_zsrjCYPy7jh8" 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; 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; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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 the 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of September 30, 2023, the Company’s management has assessed the Company’s ability to continue as a going concern. Management’s assessment is based on various factors, including historical and projected financial performance, liquidity, and other relevant circumstances. As of the date of these condensed consolidated financial statements, the Company has sufficient cash including escrowed cash to meet its working capital requirements and fund its exploration programs and general day-to-day operations for at least the next 12 months. This assessment takes into account the Company’s current cash balances as a result of the sale of the Company’s common shares under offering statement on Form 1-A (the “Offering”), and expected future cash inflows from the Offering and future financing the management is planning to undertake.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">While the Company believes it has the financial resources to continue its operations for the next 12 months, it is important to note that there are inherent uncertainties in projecting future cash flows, and there can be no assurance that these projections will be realized. The Company continues to closely monitor its financial position, market conditions, and other factors that may impact its ability to continue as a going concern. Management’s assessment is based on the information available as of the date of this report. If unforeseen events, adverse market conditions, or other factors negatively affect the Company’s financial position in the future, there may be a need to adjust the going concern assessment. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. In the event that the Company’s ability to continue as a going concern becomes doubtful, adjustments to the carrying values of assets and liabilities, as well as additional disclosures, would be necessary.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In prior reporting periods, the Company concluded that substantial doubt regarding its ability to continue as a going concern existed. The cash received from sale of its common stock in the three month period ended September 30, 2023 (Note 7), alleviated the substantial doubt.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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
CY2023Q3 us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
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CY2022Q3 us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
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us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
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us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
675053 usd
CY2023Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2023Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000 shares
CY2023Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2023Q3 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.
CY2023Q3 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
1.20
CY2023Q3 us-gaap Warrants And Rights Outstanding Term
WarrantsAndRightsOutstandingTerm
P24M
CY2023Q3 us-gaap Share Based Compensation
ShareBasedCompensation
540816 usd
CY2022Q3 us-gaap Share Based Compensation
ShareBasedCompensation
316862 usd
us-gaap Share Based Compensation
ShareBasedCompensation
1419878 usd
us-gaap Share Based Compensation
ShareBasedCompensation
676053 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Granted
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted
5537260 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodIntrinsicValue
1.20
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Other
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOther
55373 shares
NGLD Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Warrants Issued In Period Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsWarrantsIssuedInPeriodIntrinsicValue
1.20
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Exercised
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised
1250 shares
NGLD Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Exercised In Period Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExercisedInPeriodIntrinsicValue
1.20
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
5591383 shares
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedIntrinsicValue
1.20
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
5591383 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Outstanding Weighted Average Remaining Contractual Terms
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageRemainingContractualTerms
P1Y11M15D
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
CY2022Q3 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
396143 usd
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
697535 usd
CY2023Q3 us-gaap Prepaid Advertising
PrepaidAdvertising
280978 usd
CY2022Q4 us-gaap Prepaid Advertising
PrepaidAdvertising
367 usd
CY2023Q3 NGLD Prepaid Deferred Share Issuance Costs
PrepaidDeferredShareIssuanceCosts
176885 usd
CY2023Q3 NGLD Prepaid Conference Fees
PrepaidConferenceFees
9950 usd
CY2023Q3 us-gaap Prepaid Taxes
PrepaidTaxes
3177 usd
CY2022Q4 us-gaap Prepaid Taxes
PrepaidTaxes
1462 usd
CY2023Q3 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
2375 usd
CY2022Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
3000 usd
CY2023Q3 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
473365 usd
CY2022Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
4829 usd

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