Lode-Star Mining (LSMG) 10-K 15 Apr 22 2021 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Dec. 31, 2021	Apr. 13, 2022	Jun. 30, 2021
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2021
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2021
Current Fiscal Year End Date	--12-31
Entity File Number	000-53676
Entity Registrant Name	LODE-STAR MINING INC.
Entity Central Index Key	0001319643
Entity Tax Identification Number	47-4347638
Entity Incorporation, State or Country Code	NV
Entity Address, Address Line One	1 East Liberty Street
Entity Address, Address Line Two	Suite 600
Entity Address, City or Town	Reno
Entity Address, State or Province	NV
Entity Address, Postal Zip Code	89501
City Area Code	(775)
Local Phone Number	234-5443
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 1,252,860
Entity Common Stock, Shares Outstanding		50,634,536
Auditor Firm ID	995
Auditor Name	Smythe LLP
Auditor Location	Vancouver, Canada

BALANCE SHEETS

BALANCE SHEETS - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Current assets
Cash	$ 6,008	$ 12,644
Prepaid fees	273	3,940
Total current assets	6,281	16,584
Mineral Property Interest, unproven		230,180
Total assets	6,281	246,764
Current liabilities:
Accounts payable and accrued liabilities	190,394	84,181
Due to related parties and accrued interest	41,473	2,021,878
Total current liabilities	231,867	2,106,059
Capital Stock:
Authorized: 480,000,000 voting common shares with a par value of $0.001 per share; 20,000,000 preferred shares and 1,000,000 Series A convertible preferred shares Issued: 50,634,536 common shares and no preferred shares at December 31, 2021 50,605,965 common shares and no preferred shares at December 31, 2020	3,454	3,425
Shares To Be Issued – 1,000,000 Series A convertible preferred shares	2,186,917
Additional Paid-In Capital	1,632,152	1,632,181
Accumulated Deficit	(4,048,109)	(3,494,901)
Total stockholders’ deficiency	(225,586)	(1,859,295)
Total liabilities and stockholders’ deficiency	$ 6,281	$ 246,764

BALANCE SHEETS (Parenthetical)

BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
Common Stock, Shares Authorized	480,000,000	480,000,000
Common Stock, Par Value	$ 0.001	$ 0.001
Preferred Stock, Shares Authorized	20,000,000	20,000,000
Common Stock, Shares, Issued	50,634,536	50,605,965
Preferred Stock, Shares Issued	0	0
Series A Preferred Stock [Member]
Preferred Stock, Shares Authorized	1,000,000	1,000,000

STATEMENTS OF OPERATIONS AND CO

STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
Revenue
Operating Expenses
Consulting services	125,117	160,892
Corporate support services	2,010	1,869
Exploration and evaluation	28,443	18,043
Mineral option fees	75,000	100,000
Office, foreign exchange and sundry	7,475	10,425
Professional fees	46,232	40,574
Transfer and filing fees	25,047	23,929
Total operating expenses	309,324	355,732
Operating Loss	(309,324)	(355,732)
Other Expenses
Acquired in-process research and development	(2,186,917)
Impairment		(54,318)
Interest, bank and finance charges	(72,933)	(83,590)
Total other expenses	(2,259,850)	(137,908)
Net Loss and Comprehensive Loss For The Year	$ (2,569,174)	$ (493,640)
Basic and Diluted Net Loss Per Common Share	$ (0.05)	$ (0.01)
Weighted Average Common Shares Outstanding – Basic and Diluted	50,629,605	50,605,965

STATEMENTS OF CASH FLOWS

STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Operating Activities
Net loss for the year	$ (2,569,174)	$ (493,640)
Adjustments to reconcile net loss to net cash used in operating activities:
Acquired in-process research and development	2,186,917
Foreign exchange loss	35	30
Stock options issued for services		3,535
Changes in operating assets and liabilities:
Prepaid fees	3,667	(1,827)
Accrued mineral option fees	75,000	100,000
Accounts payable and accrued liabilities	155,746	182,114
Accrued interest	72,234	82,752
Net cash used in operating activities	(75,575)	(127,036)
Financing Activities
Repayment of loans payable – related party	(6,061)	(5,819)
Proceeds from loans payable – related party	75,000	135,000
Net cash provided by financing activities	68,939	129,181
Net (Decrease) Increase in Cash	(6,636)	2,145
Cash, Beginning of Year	12,644	10,499
Cash, End of Year	6,008	12,644
Supplemental Disclosure of Cash Flow Information
Interest
Income taxes
Non-cash Financing Activity
Expenses paid by related party on behalf of the Company	49,533	105,947
Settlement of shareholder debt recognized in stockholders’ deficiency	$ 2,015,966

STATEMENTS OF CHANGES IN STOCKH

STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIENCY (EQUITY) - USD ($)	Common Stock [Member]	Shares To Be Issued	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Beginning balance, value at Dec. 31, 2019	$ 3,425		$ 1,628,646	$ (3,001,261)	$ (1,369,190)
Shares, Outstanding, Beginning Balance at Dec. 31, 2019	50,605,965
Stock options issued for services			3,535		3,535
Net loss for the year				(493,640)	(493,640)
Settlement of shareholder debt
Ending balance, value at Dec. 31, 2020	$ 3,425		1,632,181	(3,494,901)	(1,859,295)
Shares, Outstanding, Ending Balance at Dec. 31, 2020	50,605,965
Net loss for the year				(2,569,174)	(2,569,174)
Shares issued on cashless exercise of stock options	$ 29		(29)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	28,571
Preferred shares to be issued (1,000,000 Preferred)		2,186,917			2,186,917
Settlement of shareholder debt				2,015,966	2,015,966
Ending balance, value at Dec. 31, 2021	$ 3,454	$ 2,186,917	$ 1,632,152	$ (4,048,109)	$ (225,586)
Shares, Outstanding, Ending Balance at Dec. 31, 2021	50,634,536

BASIS OF PRESENTATION AND NATUR

BASIS OF PRESENTATION AND NATURE OF OPERATIONS	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
BASIS OF PRESENTATION AND NATURE OF OPERATIONS	1. BASIS OF PRESENTATION AND NATURE OF OPERATIONS Organization Lode-Star Mining Inc. (“the Company”) was incorporated in the State of Nevada, U.S.A., on December 9, 2004. The Company’s principal executive offices are located in Reno, Nevada. The Company was originally formed for the purpose of acquiring exploration stage natural resource properties. The Company acquired a mineral property interest from Lode-Star Gold INC., a private Nevada corporation (“LSG”) on December 11, 2014, in consideration for the issuance of 35,000,000 On December 28, 2021, the Company acquired from Sapir Pharmaceuticals, Inc., a Delaware company (“Sapir”), all of the assets used in connection with the proprietary stabilized formulation of the Epigallocatechin-gallate (EGCG) molecule for further pharmaceutical development (the “Assets”). The consideration for these Assets is 1,000,000 450 Going Concern The accompanying financial statements have been prepared assuming the Company will continue as a going concern. The future of the Company is dependent upon its ability to and to obtain additional financing to execute its business plan. As shown in the accompanying financial statements, the Company has had no revenue and has incurred accumulated losses of $ 2,569,174 In March 2020, the World Health Organization declared COVID-19 a global pandemic. This contagious disease outbreak and the related adverse public health developments have adversely affected workforces, economies, and financial markets, leading to a global economic downturn. Governments and central banks have reacted with significant monetary and fiscal interventions designed to stabilize economic conditions. The duration and impact of the COVID- 19 outbreak is unknown at this time, as is the efficacy of the government and central bank interventions.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). Because a precise determination of many assets and liabilities is dependent upon future events, the preparation of financial statements for a period necessarily involves the use of estimates which have been made using careful judgment. All dollar amounts are in U.S. dollars unless otherwise noted. The financial statements have, in management’s opinion, been properly prepared within reasonable limits of materiality and within the framework of the significant accounting policies summarized below: a) Basis of Accounting The Company’s financial statements have been prepared using the accrual method of accounting. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the periods presented have been reflected herein. b) Cash and Cash Equivalents Cash consists of cash on deposit with high quality, major financial institutions. For purposes of the balance sheets and statements of cash flows, the Company considers all highly liquid debt instruments purchased with maturity of 90 days or less to be cash equivalents. At December 31, 2021 and 2020, the Company had no items that were cash equivalents. c) Foreign Currency Accounting The Company’s functional currency is the U.S. dollar. Branch office activities are generally in Canadian dollars. Transactions in Canadian currency are translated into U.S. dollars as follows: i) monetary items at the exchange rate prevailing at the balance sheet date; ii) non-monetary items at the historical exchange rate; and iii) revenue and expense items at the rate in effect of the date of transactions. Gains and losses arising on the settlement of foreign currency denominated transactions or balances are recorded in the statements of operations. d) Fair Value of Financial Instruments ASC Topic 820-10 establishes a three-tier value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. These tiers include: ■ Level 1 – defined as observable inputs such as quoted prices in active markets; ■ Level 2 – defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and ■ Level 3 – defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The Company’s financial instruments consist of cash, accounts payable and accrued liabilities, due to related parties, and loans payable. The Company is not exposed to significant interest, currency or credit risks arising from these financial instruments. Pursuant to ASC 820 and 825, the fair value of cash is determined based on “Level 1” inputs, which consist of quoted prices in active markets for identical assets. Accounts payable and accrued liabilities and loans payable are measured using “Level 2” inputs as there are no quoted prices in active markets for identical instruments. The carrying values of cash, accounts payable and accrued liabilities, and loans payable approximate their fair values due to the immediate or short term maturity of these financial instruments. e) Asset Retirement Obligations The Company has no asset retirement obligations, including environmental rehabilitation expenditures, which relate to an existing condition caused by past operations. f) Use of Estimates and Assumptions The preparation of financial statements, in conformity with GAAP, requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying disclosures. By their nature, these estimates are subject to measurement uncertainty and the effect on the financial statements of changes in such estimates in future periods could be significant. Significant areas requiring management’s estimates and assumptions are determining the fair value of transactions involving related parties and common stock, fair value of assets acquired with non-monetary consideration, evaluating impairment of mineral property interest and calculating stock-based compensation. Actual results may differ from the estimates. g) Basic and Diluted Earnings Per Share The Company reports basic earnings or loss per share in accordance with ASC Topic 260, “Earnings Per Share”. Basic earnings per share is computed by dividing net earnings available to common stockholders by the weighted average number of common shares outstanding during the period. As the Company generated net losses in the periods presented, the impact of including potential shares from outstanding options and warrants would be anti-dilutive and is therefore not part of the net loss per share calculation. h) Acquired In-Process Research and Development Expenses Acquired in-process research and development (“IPR&D”) expense includes the initial costs of IPR&D projects, acquired directly in a transaction other than a business combination, that do not have an alternative future use and is expensed on acquisition. i) Income Taxes The Company uses the asset and liability method of accounting for income taxes in accordance with ASC Topic 740, Income Taxes. This standard requires the use of an asset and liability approach for financial accounting and reporting on income taxes. If it is more likely than not that some portion or all of a deferred tax asset will not be realized, a valuation allowance is recognized. j) Acquisitions Business combinations are accounted for using the acquisition method of accounting, which generally requires that assets acquired, including IPR&D projects, and liabilities assumed be recorded at their fair values as of the acquisition date on the Balance Sheet. Any excess of consideration over the fair value of net assets acquired is recorded as goodwill. The determination of estimated fair value requires significant estimates and assumptions. As a result, adjustments to the fair values of assets acquired and liabilities assumed within the measurement period, which may be up to one year from the acquisition date, with the corresponding offset to goodwill. Transaction costs associated with business combinations are expensed as they are incurred. When it is determined net assets acquired do not meet the definition of a business combination under the acquisition method of accounting, the transaction is accounted for as an acquisition of assets and, therefore, no goodwill is recorded and contingent consideration, such as payments upon achievement of various developmental, regulatory and commercial milestones, generally are not recognized at the acquisition date. In an asset acquisition, upfront payments allocated to IPR&D projects at the acquisition date and subsequent milestone payments are expensed as incurred on the Statements of Operations unless there is an alternative future use. k) Stock-Based Compensation Stock-based compensation is accounted for in accordance with ASC 718 whereby a compensation charge based on the fair value of the equity instruments issued, measured at the grant date, is recorded against earnings over the period during which the employee is required to perform the services in exchange for the award (generally the vesting period). The Company uses the Black-Scholes pricing model as a method for determining the estimated fair value for all stock options awarded to employees, officers, directors and consultants. The expected term of the options is based upon an evaluation of historical and expected future exercise behavior. The risk-free interest rate is based on rates published by the government for bonds with a maturity similar to the expected remaining life of the options at the valuation date. Volatility is determined based upon historical volatility of the Company’s stock and adjusted if future volatility is expected to vary from historical experience. The dividend yield is assumed to be none as the Company has not paid dividends nor does the Company anticipate paying any dividends in the foreseeable future. l) Related Party Transactions In accordance with ASC 850, the Company discloses: the nature of the related party relationship(s) involved; a description of the transactions, including transactions to which no amounts or nominal amounts were ascribed, for each of the periods for which income statements are presented, and such other information deemed necessary to an understanding of the effects of the transactions on the financial statements; the dollar amounts of transactions for each of the periods for which income statements are presented and the effects of any change in the method of establishing the terms from that used in the preceding period; and amounts due from or to related parties as of the date of each balance sheet presented and, if not otherwise apparent, the terms and manner of settlement. m) Recent Accounting Pronouncements The Company has implemented all applicable new accounting pronouncements that are in effect. Those pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

MINERAL PROPERTY INTEREST

MINERAL PROPERTY INTEREST	12 Months Ended
	Dec. 31, 2021
Extractive Industries [Abstract]
MINERAL PROPERTY INTEREST	3. MINERAL PROPERTY INTEREST The Company’s mineral property interest was in a group of thirty-one claims known as the “Goldfield Bonanza Project” (the “Property”), in the State of Nevada. Pursuant to an option agreement dated October 14, 2014, as amended October 31, 2019 (“Option Agreement”), with Lode-Star Gold INC. (“LSG”), a private Nevada corporation, the Company acquired an initial 20% undivided interest in and to the mineral claims owned by LSG and an option to earn a further 60% interest in the claims. LSG received 35,000,000 shares of the Company’s common stock and is its controlling shareholder. Until the Company has earned the additional 60% interest, the net smelter royalty will be split 79.2% to LSG, 19.8% to the Company and 1% to the former Property owner. The exercise of the 60% option was segregated into two separate 30% options, such that the Company may earn a 30% interest in the Property (for a total of 50%) (the “Second Option”) by completing the following actions: ● paying LSG $5 million in cash from the Property’s mineral production proceeds in the form of a NSR royalty (the “Initial Payment”); ● paying LSG all accrued and unpaid penalty payments under the Option Agreement; ● repaying to LSG (i) all loans, advances or other payments made by LSG to the Company and (ii) all expenditures on the Property funded by or on behalf of LSG until the date on which the Initial Payment has been completed; and ● funding all expenditures on the Property until the date on which the Initial Payment has been completed. Following the exercise of the Second Option, the Company may earn an additional 30% interest in the Property (for a total of 80%) (the “Third Option”) by completing the following actions: ● paying LSG a further $5 million in cash from the Property’s mineral production proceeds in the form of an NSR royalty (the “Final Payment”); and ● funding all expenditures on the Property from the date on which the Second Option is exercised until the date on which the Final Payment has been completed. If the Company fails to make any cash payments to LSG within one year of the date of the option agreement, it is required to pay LSG an additional $100,000, and in any subsequent years in which the Company fails to complete the payment of the entire $5 million, it must make quarterly cash payments to LSG of $25,000. On January 11, 2017, LSG agreed to defer payment of all amounts due in accordance with the mineral option agreement until further notice, however $25,000 per quarter plus interest on amounts due will still be accrued. On January 17, 2017, the Company and LSG agreed that as of January 1, 2017, all outstanding balances shall carry a compound interest rate of 5% per annum. It was further agreed that the ongoing payment deferral shall apply to both interest and principal. The total amount of such fees due at December 31, 2020 was $ 623,913 88,716 On January 22, 2020, the Company executed a toll milling agreement (the “Agreement”) with Scorpio Gold Corporation’s affiliate, Goldwedge LLC. The Agreement allowed for the processing of ore delivered from the Company’s Property to the 400 ton per day Goldwedge milling facility located in Manhattan, Nevada. Under the terms of the Agreement, the Company would advance funds required for the design, engineering, permitting and modifications to the Goldwedge facility to include the addition of a flotation circuit, supporting reagent tanks/silos, secondary lining of process containment ponds, leak detection and monitoring wells associated with fluid containments. The Agreement provided for the Company to recoup the advanced funds through a reduction in toll milling rates until all advanced funds have been offset. Following that, the toll charges would revert to standard rates. Subsequent to a change in ownership of Scorpio, the Company re-assessed the agreement, concluding that it is unlikely to be completed and that the Company has no commitment to continue with it. Based on that, the total of $54,318 incurred in connection with the agreement and included in prepaid fees has been written off and charged to impairment expense at December 31, 2020. Termination of the Option Agreement On January 14, 2022, the Company executed a settlement and termination agreement (the “Settlement Agreement”) with LSG to terminate the Option Agreement between the parties. Pursuant to the Settlement Agreement, the Company and LSG have agreed to the immediate termination of the Option Agreement (other than certain standard provisions that will survive according to their terms), with the result that the Company will return its 20% undivided interest in and to the Property to LSG. In exchange, LSG has agreed to forgive all amounts owing by the Company to LSG under the Option Agreement, which includes $2,246,146 in accrued, unpaid penalties and other payments. The Settlement Agreement also includes a broad mutual release. The full terms of the Settlement Agreement were agreed to between the parties prior to December 31, 2021, with the formal execution to be completed as soon as the documentation was prepared. Therefore, the impact of the Settlement Agreement has been reflected in these financial statements, to most accurately report the Company’s financial position on December 31, 2021, resulting in a gain on settlement of shareholder debt of $ 2,015,966 2,246,146 230,180

PHARMACEUTICAL DEVELOPMENT PROJ

PHARMACEUTICAL DEVELOPMENT PROJECT	12 Months Ended
	Dec. 31, 2021
Research and Development [Abstract]
PHARMACEUTICAL DEVELOPMENT PROJECT	4. PHARMACEUTICAL DEVELOPMENT PROJECT On December 23 rd The consideration to be paid by the Company for these assets is 1,000,000 450 The Company recorded the transaction as an asset acquisition as management concluded that all of the gross value received was related to the Assets. The fair value of the assets acquired was estimated to be $ 2,186,917 2,186,917 Pursuant to the terms of the Purchase Agreement, Sapir, as the holder of the Preferred Stock, agreed that until December 28, 2022, without the prior written consent of the holders of a majority of the common stock of the Company issued and outstanding immediately prior to the closing, it will not (i) cause the Company to effect more than one reverse stock split; (ii) issue any additional shares of Preferred Stock or rights to acquire the same or (iii) create any new series of preferred stock. At the closing, the parties also executed and delivered a royalty agreement (the “Royalty Agreement”) pursuant to which the Company shall pay Sapir a royalty equal to five percent (5%) of the gross revenues realized from licenses or products generated or derived from the Business, including all license and/or sublicense fees, development and/or research fees, grants, joint ventures and other royalty payments received directly or indirectly by the Company. The royalty is due each quarter commencing when the Company first receives revenues generated by the Assets. The royalty is to be paid for 5 years from the first date that initial proceeds are received by the Company directly or indirectly from the Business, and is automatically extended for a single additional 5-year period unless terminated in accordance with the terms of the Royalty Agreement. No amount has been accrued for the royalty payable as management cannot reliably estimate an amount payable.

CAPITAL STOCK

CAPITAL STOCK	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
CAPITAL STOCK	5. CAPITAL STOCK Capitalization The authorized capital of the Company is 500,000,000 shares of capital stock, divided into 480,000,000 0.001 20,000,000 0.001 50,634,536 no 28,571 1,000,000 450 Options A total of 9,950,000 On November 20, 2018, the Company granted 500,000 non-qualified stock options pursuant to its Equity Incentive Plan, to key outside consultants, with 50% vesting after one year and 50% vesting after two years. Each option is exercisable into one share of the Company’s common stock at a price of $0.06 per share, for a term of five years. The options had an estimated grant date fair value of $10,408. 50,000 of the options were exercised on March 4, 2021 on a cashless basis at a price of $0.06, resulting in the issuance of 28,571 common shares. The cash component, equivalent to $3,000, is calculated as 21,429 shares at $0.14, the closing market price of the Company on the date of issuance. The 500,000 options were fully expensed by December 31, 2020. For the year ended December 31, 2021, $Nil (2020 - $3,535) was included in consulting services expense, based on fair value estimates determined using the Black-Scholes option pricing model with an average risk-free rate of 2.88% 5 years 195.37% 0% 0.06 0.095 On February 14, 2017, the Company granted 9,500,000 332,500 760,000 0.06 0.095 Summary of option activity in the current year and options outstanding (all fully vested) at December 31, 2021: Schedule of Options Outstanding Options Outstanding Weighted Average Intrinsic Balance December 31, 2020 and 2019 10,000,000 $ 800,000 Issued - Exercised (50,000 ) Expired - Balance December 31, 2021 9,950,000 0.20 $ 348,250 Warrants During the year ended December 31, 2021, no warrants to purchase shares of common stock were issued, exercised, or expired. On November 19, 2020, 3,336,060 warrants issued in 2015 expired without being exercised, leaving no warrants outstanding and no intrinsic value at December 31, 2021 or 2020.

RELATED PARTY TRANSACTIONS AND

RELATED PARTY TRANSACTIONS AND AMOUNTS DUE	12 Months Ended
	Dec. 31, 2021
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS AND AMOUNTS DUE	6. RELATED PARTY TRANSACTIONS AND AMOUNTS DUE As described in Note 3, the Company has terminated its mineral option agreement with LSG and entered in a Settlement Agreement, with the result that the Company has returned its 20% undivided interest in and to the Property to LSG, the Company’s majority shareholder. In exchange, LSG agreed to forgive all the following amounts owing by the Company to LSG under the Option Agreement, which includes the following principal and interest amounts (the parties agreed that no further interest would be accrued after Q3 of 2021). i) $ 402,540 353,007 62,009 47,701 ii) $ 805,000 730,000 161,310 132,982 The settlement of the amounts owing to LSG resulted in a gain on settlement of shareholder debt recognized in stockholders’ deficiency of $2,015,966. The following amounts are due to a related party, LSG’s principal shareholder, not to LSG and therefore remain outstanding. i) $ 3,950 3,915 ii) $ 33,939 40,000 3,584 1,644 During the year ended December 31, 2021, the Company incurred $ 75,000 100,000 At December 31, 2021, the total due to related parties of $ 41,473 2,021,878 ■ Loans and accrued interest - $41,473 (2020: $1,309,249) ■ Mineral option fees payable and accrued interest - $0 (2020: $712,629) During the year ended December 31, 2021, the Company incurred $ 100,000 100,000

CONTRACTUAL OBLIGATIONS AND COM

CONTRACTUAL OBLIGATIONS AND COMMITMENTS	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
CONTRACTUAL OBLIGATIONS AND COMMITMENTS	7. CONTRACTUAL OBLIGATIONS AND COMMITMENTS See Notes 3 and 4 for details about the Company’s obligations and commitments.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
INCOME TAXES	8. INCOME TAXES In December 2014, the Company underwent a change in control which subjected it to limitations under Internal Revenue Code Section 382. That section restricts post-change annual net operating loss utilization, based on applying an IRS- prescribed rate to the purchase price of the stock acquired in the change in control. The Company accordingly revised its estimates of net operating loss carry forwards, resulting in a reduction in the estimate of losses available for utilization in the amount of approximately $872,000. A reconciliation of income tax benefit to the amount computed at the estimated rate of 34% 34% Schedule of Reconciliation of Income Tax Benefit 2021 2020 Expected income tax recovery $ 873,500 $ 167,800 Adjustment for non-deductible amounts (104,000 ) (120,900 ) Increase in valuation allowance (769,500 ) (46,900 ) Income Tax Benefit $ - $ - Significant components of deferred income tax assets are as follows: Schedule of Deferred Income Tax Assets 2021 2020 Deferred income tax assets Net operating losses carried forward $ 1,163,400 $ 412,300 Valuation allowance (1,163,400 ) (412,300 ) Deferred Income Tax Assets $ - $ - The Company has approximately $ 951,000 951,000 Realization of the above losses carried forward is dependent on the Company filing the applicable tax returns with the tax authorities and generating sufficient taxable income prior to expiration of the losses carried forward. Continuing use of the acquired historic business or a significant portion of the acquired assets for two years after a change of control transaction is required, otherwise the annual net operating loss limitation on pre-change losses is zero. The two-year continuing use requirement has been met.

BASIS OF PRESENTATION AND NAT_2

BASIS OF PRESENTATION AND NATURE OF OPERATIONS (Policies)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Organization	Organization Lode-Star Mining Inc. (“the Company”) was incorporated in the State of Nevada, U.S.A., on December 9, 2004. The Company’s principal executive offices are located in Reno, Nevada. The Company was originally formed for the purpose of acquiring exploration stage natural resource properties. The Company acquired a mineral property interest from Lode-Star Gold INC., a private Nevada corporation (“LSG”) on December 11, 2014, in consideration for the issuance of 35,000,000 On December 28, 2021, the Company acquired from Sapir Pharmaceuticals, Inc., a Delaware company (“Sapir”), all of the assets used in connection with the proprietary stabilized formulation of the Epigallocatechin-gallate (EGCG) molecule for further pharmaceutical development (the “Assets”). The consideration for these Assets is 1,000,000 450
Going Concern	Going Concern The accompanying financial statements have been prepared assuming the Company will continue as a going concern. The future of the Company is dependent upon its ability to and to obtain additional financing to execute its business plan. As shown in the accompanying financial statements, the Company has had no revenue and has incurred accumulated losses of $ 2,569,174 In March 2020, the World Health Organization declared COVID-19 a global pandemic. This contagious disease outbreak and the related adverse public health developments have adversely affected workforces, economies, and financial markets, leading to a global economic downturn. Governments and central banks have reacted with significant monetary and fiscal interventions designed to stabilize economic conditions. The duration and impact of the COVID- 19 outbreak is unknown at this time, as is the efficacy of the government and central bank interventions.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Basis of Accounting	a) Basis of Accounting The Company’s financial statements have been prepared using the accrual method of accounting. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the periods presented have been reflected herein.
Cash and Cash Equivalents	b) Cash and Cash Equivalents Cash consists of cash on deposit with high quality, major financial institutions. For purposes of the balance sheets and statements of cash flows, the Company considers all highly liquid debt instruments purchased with maturity of 90 days or less to be cash equivalents. At December 31, 2021 and 2020, the Company had no items that were cash equivalents.
Foreign Currency Accounting	c) Foreign Currency Accounting The Company’s functional currency is the U.S. dollar. Branch office activities are generally in Canadian dollars. Transactions in Canadian currency are translated into U.S. dollars as follows: i) monetary items at the exchange rate prevailing at the balance sheet date; ii) non-monetary items at the historical exchange rate; and iii) revenue and expense items at the rate in effect of the date of transactions. Gains and losses arising on the settlement of foreign currency denominated transactions or balances are recorded in the statements of operations.
Fair Value of Financial Instruments	d) Fair Value of Financial Instruments ASC Topic 820-10 establishes a three-tier value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. These tiers include: ■ Level 1 – defined as observable inputs such as quoted prices in active markets; ■ Level 2 – defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and ■ Level 3 – defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The Company’s financial instruments consist of cash, accounts payable and accrued liabilities, due to related parties, and loans payable. The Company is not exposed to significant interest, currency or credit risks arising from these financial instruments. Pursuant to ASC 820 and 825, the fair value of cash is determined based on “Level 1” inputs, which consist of quoted prices in active markets for identical assets. Accounts payable and accrued liabilities and loans payable are measured using “Level 2” inputs as there are no quoted prices in active markets for identical instruments. The carrying values of cash, accounts payable and accrued liabilities, and loans payable approximate their fair values due to the immediate or short term maturity of these financial instruments.
Asset Retirement Obligations	e) Asset Retirement Obligations The Company has no asset retirement obligations, including environmental rehabilitation expenditures, which relate to an existing condition caused by past operations.
Use of Estimates and Assumptions	f) Use of Estimates and Assumptions The preparation of financial statements, in conformity with GAAP, requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying disclosures. By their nature, these estimates are subject to measurement uncertainty and the effect on the financial statements of changes in such estimates in future periods could be significant. Significant areas requiring management’s estimates and assumptions are determining the fair value of transactions involving related parties and common stock, fair value of assets acquired with non-monetary consideration, evaluating impairment of mineral property interest and calculating stock-based compensation. Actual results may differ from the estimates.
Basic and Diluted Earnings Per Share	g) Basic and Diluted Earnings Per Share The Company reports basic earnings or loss per share in accordance with ASC Topic 260, “Earnings Per Share”. Basic earnings per share is computed by dividing net earnings available to common stockholders by the weighted average number of common shares outstanding during the period. As the Company generated net losses in the periods presented, the impact of including potential shares from outstanding options and warrants would be anti-dilutive and is therefore not part of the net loss per share calculation.
Acquired In-Process Research and Development Expenses	h) Acquired In-Process Research and Development Expenses Acquired in-process research and development (“IPR&D”) expense includes the initial costs of IPR&D projects, acquired directly in a transaction other than a business combination, that do not have an alternative future use and is expensed on acquisition.
Income Taxes	i) Income Taxes The Company uses the asset and liability method of accounting for income taxes in accordance with ASC Topic 740, Income Taxes. This standard requires the use of an asset and liability approach for financial accounting and reporting on income taxes. If it is more likely than not that some portion or all of a deferred tax asset will not be realized, a valuation allowance is recognized.
Acquisitions	j) Acquisitions Business combinations are accounted for using the acquisition method of accounting, which generally requires that assets acquired, including IPR&D projects, and liabilities assumed be recorded at their fair values as of the acquisition date on the Balance Sheet. Any excess of consideration over the fair value of net assets acquired is recorded as goodwill. The determination of estimated fair value requires significant estimates and assumptions. As a result, adjustments to the fair values of assets acquired and liabilities assumed within the measurement period, which may be up to one year from the acquisition date, with the corresponding offset to goodwill. Transaction costs associated with business combinations are expensed as they are incurred. When it is determined net assets acquired do not meet the definition of a business combination under the acquisition method of accounting, the transaction is accounted for as an acquisition of assets and, therefore, no goodwill is recorded and contingent consideration, such as payments upon achievement of various developmental, regulatory and commercial milestones, generally are not recognized at the acquisition date. In an asset acquisition, upfront payments allocated to IPR&D projects at the acquisition date and subsequent milestone payments are expensed as incurred on the Statements of Operations unless there is an alternative future use.
Stock-Based Compensation	k) Stock-Based Compensation Stock-based compensation is accounted for in accordance with ASC 718 whereby a compensation charge based on the fair value of the equity instruments issued, measured at the grant date, is recorded against earnings over the period during which the employee is required to perform the services in exchange for the award (generally the vesting period). The Company uses the Black-Scholes pricing model as a method for determining the estimated fair value for all stock options awarded to employees, officers, directors and consultants. The expected term of the options is based upon an evaluation of historical and expected future exercise behavior. The risk-free interest rate is based on rates published by the government for bonds with a maturity similar to the expected remaining life of the options at the valuation date. Volatility is determined based upon historical volatility of the Company’s stock and adjusted if future volatility is expected to vary from historical experience. The dividend yield is assumed to be none as the Company has not paid dividends nor does the Company anticipate paying any dividends in the foreseeable future.
Related Party Transactions	l) Related Party Transactions In accordance with ASC 850, the Company discloses: the nature of the related party relationship(s) involved; a description of the transactions, including transactions to which no amounts or nominal amounts were ascribed, for each of the periods for which income statements are presented, and such other information deemed necessary to an understanding of the effects of the transactions on the financial statements; the dollar amounts of transactions for each of the periods for which income statements are presented and the effects of any change in the method of establishing the terms from that used in the preceding period; and amounts due from or to related parties as of the date of each balance sheet presented and, if not otherwise apparent, the terms and manner of settlement.
Recent Accounting Pronouncements	m) Recent Accounting Pronouncements The Company has implemented all applicable new accounting pronouncements that are in effect. Those pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

CAPITAL STOCK (Tables)

CAPITAL STOCK (Tables)	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Schedule of Options Outstanding	Summary of option activity in the current year and options outstanding (all fully vested) at December 31, 2021: Schedule of Options Outstanding
CAPITAL STOCK	Options Outstanding Weighted Average Intrinsic Balance December 31, 2020 and 2019 10,000,000 $ 800,000 Issued - Exercised (50,000 ) Expired - Balance December 31, 2021 9,950,000 0.20 $ 348,250

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Schedule of Reconciliation of Income Tax Benefit	A reconciliation of income tax benefit to the amount computed at the estimated rate of 34% 34% Schedule of Reconciliation of Income Tax Benefit
INCOME TAXES	2021 2020 Expected income tax recovery $ 873,500 $ 167,800 Adjustment for non-deductible amounts (104,000 ) (120,900 ) Increase in valuation allowance (769,500 ) (46,900 ) Income Tax Benefit $ - $ -
Schedule of Deferred Income Tax Assets	Significant components of deferred income tax assets are as follows: Schedule of Deferred Income Tax Assets
INCOME TAXES (Details 2)	2021 2020 Deferred income tax assets Net operating losses carried forward $ 1,163,400 $ 412,300 Valuation allowance (1,163,400 ) (412,300 ) Deferred Income Tax Assets $ - $ -

BASIS OF PRESENTATION AND NAT_3

BASIS OF PRESENTATION AND NATURE OF OPERATIONS (Details Narrative)	Dec. 28, 2021shares	Dec. 11, 2014shares	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Restructuring Cost and Reserve [Line Items]
Net Income (Loss) Attributable to Parent | $			$ 2,569,174	$ 493,640
Lode Star Gold Inc [Member]
Restructuring Cost and Reserve [Line Items]
Business Acquisition, Equity Interest Issued or Issuable, Description		The Company acquired a mineral property interest from Lode-Star Gold INC., a private Nevada corporation (“LSG”) on December 11, 2014, in consideration for the issuance of 35,000,000 common shares of the Company.
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares		35,000,000
Sapir Pharmaceuticals Inc [Member] | Series A Preferred Stock [Member]
Restructuring Cost and Reserve [Line Items]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares	1,000,000
Preferred Stock, Convertible, Conversion Ratio	450

MINERAL PROPERTY INTEREST (Deta

MINERAL PROPERTY INTEREST (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Reserve Quantities [Line Items]
[custom:SettlementOfShareholderDebt]	$ 2,015,966
Debt Instrument, Decrease, Forgiveness	2,246,146
Write Off of Mineral Property Interest	$ 230,180
Mineral Option [Member]
Reserve Quantities [Line Items]
Due to Related Parties, Current		623,913
Interest Payable		$ 88,716

PHARMACEUTICAL DEVELOPMENT PR_2

PHARMACEUTICAL DEVELOPMENT PROJECT (Details Narrative)	Dec. 28, 2021shares	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Restructuring Cost and Reserve [Line Items]
Research and Development in Process		$ 2,186,917
Fair Value, Inputs, Level 2 [Member]
Restructuring Cost and Reserve [Line Items]
Assets, Fair Value Disclosure		$ 2,186,917
Sapir Pharmaceuticals Inc [Member] | Series A Preferred Stock [Member]
Restructuring Cost and Reserve [Line Items]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares	1,000,000
Preferred Stock, Convertible, Conversion Ratio	450

CAPITAL STOCK (Details)

CAPITAL STOCK (Details)	12 Months Ended
	Dec. 31, 2021USD ($)shares
Offsetting Assets [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance	9,950,000
Equity Option [Member]
Offsetting Assets [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Beginning Balance	10,000,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $	$ 800,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	(50,000)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance	9,950,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term	2 months 12 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $	$ 348,250

CAPITAL STOCK (Details Narrativ

CAPITAL STOCK (Details Narrative)	Dec. 28, 2021shares	Dec. 31, 2021USD ($)$ / sharesshares	Dec. 31, 2020USD ($)$ / sharesshares
Accumulated Other Comprehensive Income (Loss) [Line Items]
Common Stock, Shares Authorized		480,000,000	480,000,000
Common Stock, Par or Stated Value Per Share | $ / shares		$ 0.001	$ 0.001
Preferred Stock, Shares Authorized		20,000,000	20,000,000
Preferred Stock, Par or Stated Value Per Share | $ / shares		$ 0.001
Common Stock, Shares, Issued		50,634,536	50,605,965
Preferred Stock, Shares Issued		0	0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number		9,950,000
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate		2.88%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term		5 years
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate		195.37%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate		0.00%
Stock Option 1 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Exercise Price | $ / shares		$ 0.06
Share Price | $ / shares		$ 0.095
Stock Option 2 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number		9,500,000
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Exercise Price | $ / shares		$ 0.06
Share Price | $ / shares		$ 0.095
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $		$ 332,500	$ 760,000
Series A Preferred Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Preferred Stock, Shares Authorized		1,000,000	1,000,000
Sapir Pharmaceuticals Inc [Member] | Series A Preferred Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares	1,000,000
Preferred Stock, Convertible, Conversion Ratio	450
Common Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period		28,571

RELATED PARTY TRANSACTIONS AN_2

RELATED PARTY TRANSACTIONS AND AMOUNTS DUE (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Increase (Decrease) in Other Accrued Liabilities	$ 75,000	$ 100,000
[custom:DueToRelatedPartiesAndAccruedInterestCurrent-0]	41,473	2,021,878
[custom:ConsultingServices]	125,117	160,892
Lode Star Gold Inc [Member]
Related Party Transaction [Line Items]
Increase (Decrease) in Other Accrued Liabilities	75,000	100,000
Lode Star Gold Inc [Member] | Unsecured Debt 1 [Member]
Related Party Transaction [Line Items]
Due to Related Parties, Current	402,540	353,007
Interest Payable	62,009	47,701
Lode Star Gold Inc [Member] | Unsecured Debt 2 [Member]
Related Party Transaction [Line Items]
Due to Related Parties, Current	805,000	730,000
Interest Payable	161,310	132,982
Lode Star Gold Inc [Member] | Unsecured Debt 3 [Member]
Related Party Transaction [Line Items]
Due to Related Parties, Current	3,950	3,915
Lode Star Gold Inc [Member] | Unsecured Debt 4 [Member]
Related Party Transaction [Line Items]
Due to Related Parties, Current	33,939	40,000
Interest Payable	3,584	1,644
Company Controller By President [Member]
Related Party Transaction [Line Items]
[custom:ConsultingServices]	$ 100,000	$ 100,000

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Expected income tax recovery	$ 873,500	$ 167,800
Adjustment for non-deductible amounts	(104,000)	(120,900)
Increase in valuation allowance	(769,500)	(46,900)
Income Tax Benefit

INCOME TAXES (Details 2)

INCOME TAXES (Details 2) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Deferred income tax assets
Net operating losses carried forward	$ 1,163,400	$ 412,300
Valuation allowance	(1,163,400)	(412,300)
Deferred Income Tax Assets

INCOME TAXES (Details Narrative

INCOME TAXES (Details Narrative) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Operating Loss Carryforwards	$ 951,000	$ 951,000