| SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE
2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis
of Presentation The
Company follows the accrual basis of accounting in accordance with generally accepted accounting principles in the United States of America
(“US GAAP”) and has a year-end of January 31. On March 9, 2023, the Company filed with the State of Nevada for a year-end
change from December 31 to January 31. The condensed consolidated financial statements are based on the balance sheets and statements
of operations of ICUMO on a post-merger basis. The
unaudited condensed consolidated financial statements of the Company for the three-month periods ended April 30, 2024, and 2023 have
been prepared in accordance with US GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q
and Regulation S-X. Accordingly, they do not include all the information and footnotes required by US GAAP for complete financial statements.
However, such information reflects all adjustments (consisting solely of normal recurring adjustments unless otherwise indicated), which
are, in the opinion of management, necessary for the fair presentation of the financial position and the results of operations. Results
shown for interim periods are not necessarily indicative of the results to be obtained for a full fiscal year. The condensed consolidated
balance sheet information as of January 31, 2024, was derived from the audited financial statements included in the Company’s financial
statements as of and for the year ended January 31, 2024, included as an exhibit to the Company’s Quarterly Report on Form 10-Q
for the period ended April 30, 2024, as filed with the Securities and Exchange Commission (the “SEC”). These condensed consolidated
financial statements should be read in conjunction with that report. Principles
of Consolidation The
condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiary. All significant intercompany
balances and transactions have been eliminated in the consolidation. The condensed consolidated financial statements included herein,
presented in accordance with US GAAP and stated in United States dollars, have been prepared by the Company, pursuant to the rules and
regulations of the SEC. Liquidity
and Going Concern We
have incurred recurring losses since inception and expect to continue to incur losses as a result of legal and professional fees and
our corporate general and administrative expenses. On April 30, 2024, we had $ 1,005,010 1,044,266 440,301 Use
of Estimates The
preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities, and disclosure of contingent liabilities at the date of the condensed consolidated
financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from
those estimates. Cash Cash
is comprised of cash balances. Cash is held at major financial institutions and is subject to credit risk to the extent that those balances
exceed applicable Federal Deposit Insurance Corporation (“FDIC”) insurance amounts of $ 250,000 no Stock-Based
Compensation The
Company accounts for stock-based instruments issued to employees in accordance with ASC Topic 718, Compensation – Stock Compensation,
and Certain Redeemable Financial Instruments Fair
Value of Financial Instruments The
book values of cash, accounts receivable, and accounts payable approximate their respective fair values due to the short-term nature
of these instruments. The fair value hierarchy under US GAAP distinguishes between assumptions based on market data (observable inputs)
and an entity’s own assumptions (unobservable inputs). The
hierarchy consists of three levels
● Level
one — Quoted market prices in active markets for identical assets or liabilities;
● Level
two — Inputs other than level one inputs that are either directly or indirectly observable; and
● Level
three — Unobservable inputs developed using estimates and assumptions, which are developed by the reporting entity and reflect
those assumptions that a market participant would use. Determining
which category an asset or liability falls within the hierarchy requires significant judgment. We evaluate our hierarchy disclosures
each quarter. Net
Loss Per Share Net
loss per common share is computed by dividing net loss by the weighted average common shares outstanding during the period as defined
by FASB, ASC Topic 260, Earnings per Share 53,214,479 Income
Taxes The
Company accounts for income taxes in accordance with FASB ASC 740, Income Taxes Deferred
tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income (loss) in the years in which those
temporary differences are expected to be recovered or settled. The
effect of a change in tax rules on deferred tax assets and liabilities is recognized in operations in the year of change. A valuation
allowance is recorded when it is “more likely-than-not” that a deferred tax asset will not be realized. Tax
benefits of uncertain tax positions are recognized only if it is more likely than not that the Company will be able to sustain a position
taken on an income tax return. The Company has no liability for uncertain tax positions as of April 30, 2024. Interest and penalties,
if any, related to unrecognized tax benefits would be recognized as interest expense. The Company does not have any accrued interest
or penalties associated with unrecognized tax benefits, nor was any significant interest expense recognized during the three months ended
April 30, 2024. Recently
Issued and Adopted Accounting Pronouncements In
August 2020, the FASB issued ASU No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives
and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for convertible Instruments and Contracts in an
Entity’s Own Equity 405,305 for
the remaining balance of the unamortized beneficial conversion features attributable to its outstanding convertible notes payable. The
Company elected to use the modified retrospective approach as of the adoption date and recognized an adjustment to the opening balance
of its accumulated deficit of $ 405,305 . Convertible
Debentures The
Company presents convertible debentures separately in its debt and equity components within the balance sheet. The fair value of a compound
instrument at issuance is assigned to its respective debt and equity components. The fair value of the debt component is established
first with the equity component being determined by the residual amount. The
Company measures the cost of equity-settled transactions with employees by reference to the fair value of the equity instruments at the
date in which they are granted. Estimating fair values for share-based payment transactions requires determining the most appropriate
valuation model, which is dependent on the terms and conditions of the grant. The
fair value of the Company’s stock option and warrant grants are estimated using the Black-Scholes-Merton Option Pricing model,
which uses certain assumptions related to risk-free interest rates, expected volatility, expected life of the stock options or warrants,
and future dividends. Compensation expenses are recorded based upon the value derived from the Black-Scholes-Merton Option Pricing model
and based on actual experience. The assumptions used in the Black-Scholes-Merton Option Pricing model could materially affect compensation
expense recorded in future periods. Unproven
Mineral Right Interests The
Company capitalizes into intangible assets all costs, net of any recoveries, of acquiring, exploring, and evaluating an unproven mineral
right interest, until the rights to which they relate are placed into production, at which time these deferred costs will be amortized
over the estimated useful life of the rights upon commissioning the property, or written-off if the rights are disposed of, impaired
or abandoned. Management
reviews the carrying amounts of mineral rights annually or when there are indicators of impairment and will recognize impairment based
upon current exploration results and upon assessment of the probability of profitable exploitation of the rights. An indication of impairment
includes but is not limited to expiration of the right to explore, substantive expenditure in the specific area is neither budgeted nor
planned, and if the entity has decided to discontinue exploration activity in a specific area. Management’s assessment of the mineral
right’s fair value is also based upon a review of other mineral right transactions that have occurred in the same geographic area
as that of the rights under review. Costs
include the cash consideration and the fair value of shares issued on the acquisition of mineral rights. Rights acquired under option
or joint venture agreements, whereby payments are made at the sole discretion of the Company, are not accrued and are only recorded in
the accounts when the payments are made. Proceeds from property option payments received by the Company are netted against the deferred
costs of the related mineral rights, with any excess being included in operations. The
application of the Company’s accounting policy for unproven mineral right interests requires judgment in determining whether it
is likely that future economic benefits will flow to the Company, which may be based on assumptions about future events or circumstances.
Estimates and assumptions may change if new information becomes available. If, after expenditures are capitalized, information becomes
available suggesting that the recovery of the expenditures is unlikely, the amount capitalized is impaired with a corresponding charge
to profit or loss in the period in which the new information becomes available. There
may be material uncertainties associated with the Company’s title and ownership of its unproven mineral right interests. Ordinarily
the Company does not own the land upon which an interest is located, and title may be subject to unregistered prior agreements or transfers
or other undetected defects. Impairment
of Long-Lived Assets The
Company’s long-lived assets and other assets (consisting of property and equipment) are reviewed for impairment in accordance with
the guidance of the FASB ASC Topic 360-10, Property, Plant, and Equipment Reclamation
provision An
obligation to incur restoration, rehabilitation and environmental costs arises when environmental disturbance is caused by the exploration,
development, or ongoing production of a mineral property interest. Such costs arising from the decommissioning of plant and other site
preparation work, discounted to their net present value, are provided and capitalized at the start of each project to the carrying amount
of the asset, as soon as the obligation to incur such costs arises. Discount rates using a pre-tax rate that reflect the time value of
money are used to calculate the net present value. These costs are charged against profit or loss over the economic life of the related
asset, through amortization using either the unit-of-production or straight-line method. The related liability is adjusted for each period
for the unwinding of the discount rate and for changes to the current market-based discount rate, amount or timing of the underlying
cash flows needed to settle the obligation. Costs for restoration of subsequent site damage which is created on an ongoing basis during
production are provided for at their net present values and charged against profits as extraction progresses. As of January 31, 2024,
there are no costs as production has not yet commenced. Related
party transactions Parties
are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant
influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject
to common control or significant common influence, related parties may be individuals or corporate entities. A transaction is considered
to be a related party transaction when there is a transfer of resources or obligations between related parties. Related party transactions
that are in the normal course of business and have commercial substance are measured at the exchange amount, which is determined on a
cost recovery basis. Stock
Purchase Warrants The
Company accounts for warrants issued to purchase shares of its common stock as equity in accordance with FASB ASC 480, Accounting
for Derivative Financial Instruments Indexed to, and Potentially Settled in, a Company’s Own Stock, Distinguishing Liabilities
from Equity. Accounting for Certain Financial Instruments
with Characteristics of both Liabilities and Equity Accounting for Derivative Financial Instruments
Indexed to, and Potentially Settled in, a Company’s Own Stock If
the warrants do not require liability classification under ASC 815-40, in order to conclude equity classification, we also assess whether
the warrants are indexed to our common stock and whether the warrants are classified as equity under ASC 815-40 or other US GAAP. After
all such assessments, we conclude whether the warrants are classified as liability or equity. Liability classified warrants require fair
value accounting at issuance and subsequent to initial issuance with all changes in fair value after the issuance date recorded in the
statements of operations. Equity classified warrants only require fair value accounting at issuance with no changes recognized subsequent
to the issuance date. |
