2024 Q4 Form 10-Q Financial Statement

#000149315224044839 Filed on November 12, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3
Revenue
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $922.7K
YoY Change 39.15%
Operating Profit
YoY Change
Interest Expense $92.74K
YoY Change 1047.43%
% of Operating Profit
Other Income/Expense, Net $93.78K
YoY Change -873.25%
Pretax Income
YoY Change
Income Tax
% Of Pretax Income
Net Earnings -$828.9K
YoY Change 22.76%
Net Earnings / Revenue
Basic Earnings Per Share $0.03
Diluted Earnings Per Share $0.03
COMMON SHARES
Basic Shares Outstanding 27.01M shares 26.48M shares
Diluted Shares Outstanding 24.49M shares

Balance Sheet

Concept 2024 Q4 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $7.399M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses $518.1K
Receivables
Other Receivables
Total Short-Term Assets $7.918M
YoY Change -24.28%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $2.871M
YoY Change 257.99%
TOTAL ASSETS
Total Short-Term Assets $7.918M
Total Long-Term Assets $2.871M
Total Assets $10.79M
YoY Change -4.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities
Total Long-Term Liabilities
Total Liabilities $1.277M
YoY Change 0.36%
SHAREHOLDERS EQUITY
Retained Earnings -$7.696M
YoY Change 77.85%
Common Stock $2.651K
YoY Change 50.8%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $9.511M
YoY Change
Total Liabilities & Shareholders Equity $10.79M
YoY Change -4.17%

Cashflow Statement

Concept 2024 Q4 2024 Q3
OPERATING ACTIVITIES
Net Income -$828.9K
YoY Change 22.76%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities
YoY Change
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
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
YoY Change
NET CHANGE
Cash From Operating Activities
Cash From Investing Activities
Cash From Financing Activities
Net Change In Cash
YoY Change
FREE CASH FLOW
Cash From Operating Activities
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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dei Document Quarterly Report
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dei Document Period End Date
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dei Document Fiscal Year Focus
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dei Entity File Number
EntityFileNumber
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dei Entity Registrant Name
EntityRegistrantName
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dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
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dei Entity Tax Identification Number
EntityTaxIdentificationNumber
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dei Entity Address Address Line1
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dei Entity Address Address Line2
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dei Entity Address City Or Town
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dei Entity Address Postal Zip Code
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dei City Area Code
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dei Local Phone Number
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dei Security12b Title
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dei Trading Symbol
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NGLD Stockbased Compensation Directors And Ceo
StockbasedCompensationDirectorsAndCeo
740002 usd
NGLD Stockbased Compensation Directors And Ceo
StockbasedCompensationDirectorsAndCeo
739322 usd
NGLD Stockbased Compensation Issued To Consultants
StockbasedCompensationIssuedToConsultants
350001 usd
NGLD Stockbased Compensation Issued To Consultants
StockbasedCompensationIssuedToConsultants
272223 usd
NGLD Stockbased Compensation Issued To Officer
StockbasedCompensationIssuedToOfficer
525000 usd
NGLD Stockbased Compensation Issued To Officer
StockbasedCompensationIssuedToOfficer
408333 usd
NGLD Stockbased Compensation Investor Awareness And Marketing
StockbasedCompensationInvestorAwarenessAndMarketing
100275 usd
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
-22966 usd
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
291651 usd
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-8973 usd
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-12220 usd
us-gaap Increase Decrease In Due To Related Parties
IncreaseDecreaseInDueToRelatedParties
-17031 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-824134 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-605703 usd
us-gaap Payments To Acquire Mineral Rights
PaymentsToAcquireMineralRights
2035000 usd
us-gaap Payments To Acquire Mineral Rights
PaymentsToAcquireMineralRights
60000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-2035000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-60000 usd
us-gaap Proceeds From Other Equity
ProceedsFromOtherEquity
4429808 usd
NGLD Proceeds From Escrowed Cash Recieved On Subscription To Shares
ProceedsFromEscrowedCashRecievedOnSubscriptionToShares
5569667 usd
NGLD Payments Of Stock Issuance Cash Costs On Shares To Be Issued
PaymentsOfStockIssuanceCashCostsOnSharesToBeIssued
176885 usd
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
517050 usd
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
1500 usd
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
2874 usd
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
182236 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
514176 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
9641854 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-2344958 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
8976151 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
9744392 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
1007018 usd
CY2024Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
7399434 usd
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
9983169 usd
NGLD Mineral Interests Acquired With Related Parties Payables Net
MineralInterestsAcquiredWithRelatedPartiesPayablesNet
20000 usd
NGLD Mineral Interests Acquired With Related Parties Payables Net
MineralInterestsAcquiredWithRelatedPartiesPayablesNet
40000 usd
us-gaap Nature Of Operations
NatureOfOperations
<p id="xdx_808_eus-gaap--NatureOfOperations_zWsS6FwdV0B2" 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_829_z4lZuCclJGVa">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_902_edei--EntityIncorporationStateCountryCode_c20240101__20240930_zpkZ3v61yes" title="State of incorporation">Nevada</span> on <span id="xdx_90C_edei--EntityIncorporationDateOfIncorporation_dd_c20240101__20240930_zNUHzR8QrVe6" 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 September 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 that these condensed consolidated financial statements are issued, 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 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>
dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
NV
dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2014-02-27
CY2024Q3 us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
423468 usd
CY2023Q3 us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
424149 usd
us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
1265002 usd
us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
1147655 usd
CY2024Q3 us-gaap Mineral Properties Net
MineralPropertiesNet
230395 usd
CY2023Q4 us-gaap Mineral Properties Net
MineralPropertiesNet
190395 usd
CY2024Q3 NGLD Royalty Interests
RoyaltyInterests
2565000 usd
CY2023Q4 NGLD Royalty Interests
RoyaltyInterests
590000 usd
CY2024Q3 NGLD Mineral Property Interests And Royalty Interests
MineralPropertyInterestsAndRoyaltyInterests
2795395 usd
CY2023Q4 NGLD Mineral Property Interests And Royalty Interests
MineralPropertyInterestsAndRoyaltyInterests
780395 usd
CY2024Q3 us-gaap Payments To Acquire Mining Assets
PaymentsToAcquireMiningAssets
8547 usd
us-gaap Payments To Acquire Mining Assets
PaymentsToAcquireMiningAssets
8547 usd
CY2023Q3 us-gaap Payments To Acquire Mining Assets
PaymentsToAcquireMiningAssets
7092 usd
us-gaap Payments To Acquire Mining Assets
PaymentsToAcquireMiningAssets
7092 usd
CY2024Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2024Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000 shares
CY2024Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2024Q3 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
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedIntrinsicValue
1.20
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Granted
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted
12499343 shares
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodIntrinsicValue
1.20
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Other
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOther
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
408125 shares
NGLD Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Exercised In Period Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExercisedInPeriodIntrinsicValue
1.20
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Exercised
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised
274425 shares
CY2023 NGLD Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Exercised In Period Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExercisedInPeriodIntrinsicValue
1.20
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
11941787 shares
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedIntrinsicValue
1.20
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
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedIntrinsicValue
1.20
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
11941787 shares
CY2024Q3 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
1.20
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Outstanding Weighted Average Remaining Contractual Terms
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageRemainingContractualTerms
P1Y14D
CY2024Q3 us-gaap Share Based Compensation
ShareBasedCompensation
540135 usd
CY2023Q3 us-gaap Share Based Compensation
ShareBasedCompensation
540816 usd
us-gaap Share Based Compensation
ShareBasedCompensation
1715278 usd
us-gaap Share Based Compensation
ShareBasedCompensation
1419878 usd
CY2024Q3 NGLD Prepaid Investor Awareness Marketing
PrepaidInvestorAwarenessMarketing
500000 usd
CY2023Q4 NGLD Prepaid Investor Awareness Marketing
PrepaidInvestorAwarenessMarketing
500367 usd
CY2024Q3 NGLD Prepaid Filing And Listing Fees
PrepaidFilingAndListingFees
15443 usd
CY2023Q4 NGLD Prepaid Filing And Listing Fees
PrepaidFilingAndListingFees
38042 usd
CY2024Q3 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
2625 usd
CY2023Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
2625 usd
CY2024Q3 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
518068 usd
CY2023Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
541034 usd

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