$NGLD
Nevada Canyon Gold Corp

2024 Q3 Form 10-Q Financial Statement

#000149315224031255 Filed on August 12, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $938.4K
YoY Change 39.92%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $922.7K $938.4K
YoY Change 39.15% 39.92%
Operating Profit
YoY Change
Interest Expense $92.74K $111.6K
YoY Change 1047.43% 1424.08%
% of Operating Profit
Other Income/Expense, Net $93.78K $73.05K
YoY Change -873.25% 6535.15%
Pretax Income -$865.3K
YoY Change 29.24%
Income Tax
% Of Pretax Income
Net Earnings -$828.9K -$865.3K
YoY Change 22.76% 29.24%
Net Earnings / Revenue
Basic Earnings Per Share $0.03 $0.04
Diluted Earnings Per Share $0.03 $0.04
COMMON SHARES
Basic Shares Outstanding 26.48M shares 25.90M shares
Diluted Shares Outstanding 24.49M shares 23.93M shares

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $9.107M
YoY Change 1068.75%
Cash & Equivalents $7.399M $9.107M
Short-Term Investments
Other Short-Term Assets $543.4K
YoY Change 5410.75%
Inventory
Prepaid Expenses $518.1K $543.4K
Receivables
Other Receivables
Total Short-Term Assets $7.918M $9.650M
YoY Change -24.28% 1123.01%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $1.370M
YoY Change 66.64%
Other Assets
YoY Change
Total Long-Term Assets $2.871M $1.370M
YoY Change 257.99% 66.64%
TOTAL ASSETS
Total Short-Term Assets $7.918M $9.650M
Total Long-Term Assets $2.871M $1.370M
Total Assets $10.79M $11.02M
YoY Change -4.17% 583.95%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $808.3K
YoY Change -0.19%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.308M
YoY Change -0.12%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $1.308M
Total Long-Term Liabilities $0.00
Total Liabilities $1.277M $1.308M
YoY Change 0.36% -0.12%
SHAREHOLDERS EQUITY
Retained Earnings -$7.696M -$6.867M
YoY Change 77.85% 88.03%
Common Stock $2.651K $2.605K
YoY Change 50.8% 135.32%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $9.511M $9.712M
YoY Change
Total Liabilities & Shareholders Equity $10.79M $11.02M
YoY Change -4.17% 583.95%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income -$828.9K -$865.3K
YoY Change 22.76% 29.24%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$327.3K
YoY Change 146.11%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$475.0K
YoY Change
Cash From Investing Activities -$475.0K
YoY Change
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
YoY Change
NET CHANGE
Cash From Operating Activities -327.3K
Cash From Investing Activities -475.0K
Cash From Financing Activities 268.1K
Net Change In Cash -534.2K
YoY Change 301.71%
FREE CASH FLOW
Cash From Operating Activities -$327.3K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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<p id="xdx_808_eus-gaap--NatureOfOperations_zMRo3G3kIFM7" 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_82F_zBrVbq6F4DXk">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_907_edei--EntityIncorporationStateCountryCode_c20240101__20240630_zWwS4bsERrp5" title="State of incorporation">Nevada</span> on <span id="xdx_90B_edei--EntityIncorporationDateOfIncorporation_dd_c20240101__20240630_zx4bAOTRt6hi" 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"> </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 June 30, 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 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>
dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
NV
dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2014-02-27
CY2024Q2 us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
420767 usd
CY2023Q2 us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
421440 usd
us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
841534 usd
us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
723506 usd
CY2024Q2 us-gaap Mineral Properties Net
MineralPropertiesNet
230395 usd
CY2023Q4 us-gaap Mineral Properties Net
MineralPropertiesNet
190395 usd
CY2024Q2 NGLD Royalty Interests
RoyaltyInterests
1065000 usd
CY2023Q4 NGLD Royalty Interests
RoyaltyInterests
590000 usd
CY2024Q2 NGLD Mineral Property Interests And Royalty Interests
MineralPropertyInterestsAndRoyaltyInterests
1295395 usd
CY2023Q4 NGLD Mineral Property Interests And Royalty Interests
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780395 usd
CY2024Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2024Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000 shares
CY2024Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2024Q2 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.
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
12349912 shares
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Intrinsic Value
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1.20
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124994 shares
CY2023 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
363625 shares
NGLD Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Exercised In Period Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExercisedInPeriodIntrinsicValue
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CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Intrinsic Value
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1.20
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
12349912 shares
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1.20
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
11986287 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Outstanding Weighted Average Remaining Contractual Terms
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageRemainingContractualTerms
P1Y3M14D
CY2024Q2 us-gaap Share Based Compensation
ShareBasedCompensation
537434 usd
CY2023Q2 us-gaap Share Based Compensation
ShareBasedCompensation
538107 usd
us-gaap Share Based Compensation
ShareBasedCompensation
1074868 usd
us-gaap Share Based Compensation
ShareBasedCompensation
879062 usd
CY2024Q2 NGLD Prepaid Investor Awareness Marketing
PrepaidInvestorAwarenessMarketing
500000 usd
CY2023Q4 NGLD Prepaid Investor Awareness Marketing
PrepaidInvestorAwarenessMarketing
500367 usd
CY2024Q2 NGLD Prepaid Filing And Listing Fees
PrepaidFilingAndListingFees
40734 usd
CY2023Q4 NGLD Prepaid Filing And Listing Fees
PrepaidFilingAndListingFees
38042 usd
CY2024Q2 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
2625 usd
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OtherPrepaidExpenseCurrent
2625 usd
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PrepaidExpenseCurrent
543359 usd
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