$NGLD
Nevada Canyon Gold Corp

2024 Q2 Form 10-Q Financial Statement

#000149315224017901 Filed on May 06, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $938.4K $1.011M
YoY Change 39.92% 157.29%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $938.4K $1.011M
YoY Change 39.92% 157.29%
Operating Profit
YoY Change
Interest Expense $111.6K $114.1K
YoY Change 1424.08% 1657.1%
% of Operating Profit
Other Income/Expense, Net $73.05K $171.3K
YoY Change 6535.15%
Pretax Income -$865.3K -$839.5K
YoY Change 29.24% 76.7%
Income Tax
% Of Pretax Income
Net Earnings -$865.3K -$839.4K
YoY Change 29.24% 76.7%
Net Earnings / Revenue
Basic Earnings Per Share $0.04 -$0.04
Diluted Earnings Per Share $0.04 -$0.04
COMMON SHARES
Basic Shares Outstanding 25.90M shares 25.32M shares
Diluted Shares Outstanding 23.93M shares 23.30M shares

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $9.107M $9.641M
YoY Change 1068.75% 956.93%
Cash & Equivalents $9.107M $9.641M
Short-Term Investments
Other Short-Term Assets $543.4K $417.2K
YoY Change 5410.75% 1533.36%
Inventory
Prepaid Expenses $543.4K $417.2K
Receivables
Other Receivables
Total Short-Term Assets $9.650M $10.06M
YoY Change 1123.01% 972.63%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $1.370M $893.7K
YoY Change 66.64% 13.35%
Other Assets
YoY Change
Total Long-Term Assets $1.370M $893.7K
YoY Change 66.64% 13.35%
TOTAL ASSETS
Total Short-Term Assets $9.650M $10.06M
Total Long-Term Assets $1.370M $893.7K
Total Assets $11.02M $10.95M
YoY Change 583.95% 534.46%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $808.3K $820.2K
YoY Change -0.19% -1.56%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.308M $1.280M
YoY Change -0.12% -1.01%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $1.308M $1.280M
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $1.308M $1.280M
YoY Change -0.12% -1.01%
SHAREHOLDERS EQUITY
Retained Earnings -$6.867M -$6.002M
YoY Change 88.03% 101.23%
Common Stock $2.605K $2.576K
YoY Change 135.32% 132.7%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $9.712M $9.672M
YoY Change
Total Liabilities & Shareholders Equity $11.02M $10.95M
YoY Change 583.95% 534.46%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income -$865.3K -$839.4K
YoY Change 29.24% 76.7%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$327.3K -$241.4K
YoY Change 146.11% 222.54%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$475.0K -$20.00K
YoY Change 0.0%
Cash From Investing Activities -$475.0K -$20.00K
YoY Change 0.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 268.1K $158.1K
YoY Change
NET CHANGE
Cash From Operating Activities -327.3K -$241.4K
Cash From Investing Activities -475.0K -$20.00K
Cash From Financing Activities 268.1K $158.1K
Net Change In Cash -534.2K -$103.4K
YoY Change 301.71% 8.97%
FREE CASH FLOW
Cash From Operating Activities -$327.3K -$241.4K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2024Q1 us-gaap Nature Of Operations
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<p id="xdx_808_eus-gaap--NatureOfOperations_zve8YrFwHVW7" 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_822_zE9faiakUt88">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_c20240101__20240331_zRY80R1gm9f2" title="State of incorporation">Nevada</span> on <span id="xdx_908_edei--EntityIncorporationDateOfIncorporation_dd_c20240101__20240331_zjonsDOmoxWg" 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 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 (“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 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">As of March 31, 2024, 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 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">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 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
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12244212 shares
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Outstanding Weighted Average Remaining Contractual Terms
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageRemainingContractualTerms
P1Y6M14D
CY2024Q1 us-gaap Share Based Compensation
ShareBasedCompensation
537434 usd
CY2023Q1 us-gaap Share Based Compensation
ShareBasedCompensation
340955 usd
CY2024Q1 NGLD Prepaid Investor Awareness Marketing
PrepaidInvestorAwarenessMarketing
375092 usd
CY2023Q4 NGLD Prepaid Investor Awareness Marketing
PrepaidInvestorAwarenessMarketing
500367 usd
CY2024Q1 NGLD Prepaid Filing And Listing Fees
PrepaidFilingAndListingFees
39439 usd
CY2023Q4 NGLD Prepaid Filing And Listing Fees
PrepaidFilingAndListingFees
38042 usd
CY2024Q1 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
2625 usd
CY2023Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
2625 usd
CY2024Q1 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
417156 usd
CY2023Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
541034 usd

Files In Submission

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0001493152-24-017901-index-headers.html Edgar Link pending
0001493152-24-017901-index.html Edgar Link pending
0001493152-24-017901.txt Edgar Link pending
0001493152-24-017901-xbrl.zip Edgar Link pending
ex31-1.htm Edgar Link pending
ex31-2.htm Edgar Link pending
ex32-1.htm Edgar Link pending
ex32-2.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
form10q.htm Edgar Link pending
MetaLinks.json Edgar Link pending
ngld-20240331.xsd Edgar Link pending
R1.htm Edgar Link pending
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report.css Edgar Link pending
Show.js Edgar Link pending
ngld-20240331_cal.xml Edgar Link unprocessable
form10q_htm.xml Edgar Link completed
FilingSummary.xml Edgar Link unprocessable
ngld-20240331_def.xml Edgar Link unprocessable
ngld-20240331_lab.xml Edgar Link unprocessable
ngld-20240331_pre.xml Edgar Link unprocessable