Lode-Star Mining (LSMG) 10-Q 16 May 23 2023 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2023	May 15, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2023
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2023
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 Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		120,937,442

BALANCE SHEETS (Unaudited)

BALANCE SHEETS (Unaudited) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Current assets
Cash	$ 10,767	$ 886
Total current assets and total assets	10,767	886
Total Assets	10,767	886
Current liabilities
Accounts payable and accrued liabilities	1,246	7,260
Due to related parties and accrued interest	42,186	20,136
Total current liabilities and total liabilities	43,432	27,396
Total liabilities	43,433	27,396
STOCKHOLDERS’ DEFICIENCY
Capital Stock Authorized: 480,000,000 voting common shares with a par value of $0.001 per share 20,000,000 preferred shares with a par value of $0.001 per share Issued: 120,937,442 common shares and no preferred shares at March 31, 2023 120,937,442 common shares and no preferred shares at December 31, 2022	73,757	73,757
Additional Paid-In Capital	4,163,056	4,163,056
Accumulated Deficit	(4,269,478)	(4,263,323)
Total stockholders’ deficiency	(32,665)	(26,510)
Total liabilities and stockholders’ deficiency	$ 10,767	$ 886

BALANCE SHEETS (Unaudited) (Par

BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common Stock, Shares Authorized	480,000,000	480,000,000
Commmon Stock, Par Value	$ 0.001	$ 0.001
Preferred Stock, Shares Authorized	20,000,000	20,000,000
Preferred Stock, Par Value	$ 0.001	$ 0.001
Common Stock, Shares, Issued	120,937,442	120,937,442
Preferred Stock, Shares Issued	0	0

STATEMENTS OF OPERATIONS AND CO

STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Revenue
Operating Expenses
Consulting services		6,221
Corporate support services	444	498
Office, foreign exchange and sundry	767	1,870
Professional Fees	456	7,090
Transfer and filing fees	4,488	17,802
Total operating expenses	6,155	33,481
Operating Loss	(6,155)	(33,481)
Other Items
Interest, bank and finance charges		(439)
Total other items		(439)
Net Loss and Comprehensive Loss For The Period	$ (6,155)	$ (33,920)
Basic And Diluted Net Loss Per Common Share	$ 0	$ 0
Weighted Average Number of Common Shares Outstanding  – Basic and Diluted	120,937,442	50,634,536

STATEMENTS OF CASH FLOWS (Unaud

STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating Activities
Net loss for the period	$ (6,155)	$ (33,920)
Adjustments to reconcile net loss to net cash used in operating activities:
Foreign exchange loss		50
Prepaid fees
Accounts payable and accrued liabilities	(6,014)	18,482
Accrued interest payable		419
Net cash provided (used) in operating activities	9,881	(14,969)
Financing Activities
Proceeds from loans payable – related party	22,050	10,000
Net cash provided by financing activities	22,050	10,000
Net Increase (Decrease) In Cash	9,881	(4,969)
Cash, Beginning of Period	886	6,008
Cash, End of Period	10,767	1,039
Supplemental Disclosure of Cash Flow Information
Interest
Income taxes
Expenses paid by related parties on behalf of the Company		$ 5,470

STATEMENTS OF CHANGES IN STOCKH

STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIENCY (EQUITY) (Unaudited) - USD ($)	Common Stock [Member]	Shares To Be Issued	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Beginning balance, value at Dec. 31, 2021	$ 3,425		$ 1,632,181	$ (4,048,109)	$ (2,412,503)
Beginning Balance, Shares at Dec. 31, 2021	50,605,965
Shares issued on cashless exercise of stock options	$ 29		(29)
Shares issued on cashless exercise of stock options, Shares	28,571
Net loss for the period				(33,920)	(33,920)
Ending balance, value at Mar. 31, 2022	$ 3,454	2,186,917	1,632,152	(4,082,029)	(259,506)
Ending Balance, Shares at Mar. 31, 2022	50,634,536
Beginning balance, value at Dec. 31, 2022	$ 73,757		4,163,056	(4,263,323)	(26,510)
Beginning Balance, Shares at Dec. 31, 2022	120,937,442
Net loss for the period				(6,155)	(6,155)
Ending balance, value at Mar. 31, 2023	$ 73,757		$ 4,163,056	$ (4,269,478)	$ (32,665)
Ending Balance, Shares at Mar. 31, 2023	120,937,442

BASIS OF PRESENTATION AND NATUR

BASIS OF PRESENTATION AND NATURE OF OPERATIONS	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
BASIS OF PRESENTATION AND NATURE OF OPERATIONS	1. BASIS OF PRESENTATION AND NATURE OF OPERATIONS 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 in Reno, Nevada. The Company was originally formed to acquire exploration stage natural resource properties. At present, the Company has no business activity and is actively seeking a project to invest in . Going Concern The accompanying unaudited interim 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 establish a business and to obtain new 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 $ 4,269,478 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. Basis of Presentation The unaudited interim financial information reflects all adjustments which, in the opinion of management, are necessary to fairly state the Company’s financial position and the results of its operations for the periods presented. These financial statements should be read in conjunction with the Company’s financial statements and notes thereto included in the Company’s Annual report on Form 10-K for the year ended December 31, 2022. The Company assumes that the users of the interim financial information herein have read, or have access to, the audited financial statements for the year ended December 21, 2022, and that the adequacy of additional disclosure needed for a fair presentation may be determined in that context. Accordingly, certain footnote disclosures, which would substantially duplicate the disclosures contained in the Company’s financial statements for the fiscal year ended December 31, 2022, have been omitted. The results of operations for the three months ended March 31, 2023 are not necessarily indicative of results for the entire year ending December 31, 2023.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2023
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 generally accepted accounting principles in the United States (“GAAP”) with accounting policies as disclosed in the Company’s annual audited financial statements. 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. 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.

TRANSACTIONS WITH LODE-STAR GOL

TRANSACTIONS WITH LODE-STAR GOLD INC.	3 Months Ended
	Mar. 31, 2023
Extractive Industries [Abstract]
TRANSACTIONS WITH LODE-STAR GOLD INC.	3. TRANSACTIONS WITH LODE-STAR GOLD INC. 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 LSG, 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. Termination of the Option Agreement On January 14, 2022, in connection with the Sapir Agreements (note 4), 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. The carrying value of the 20% undivided interest was $ 230,179 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 the financial statements for the year ended December 31, 2021, 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 Sapir Pharmaceutical Related On December 23, 2021, the Company attempted to acquire from Sapir Pharmaceuticals, all of the assets used in connection with the proprietary stabilized formulation of the Epigallocatechin-gallate (EGCG) molecule for further pharmaceutical development. In June 2022, due to circumstances beyond the control of either party, the Company entered into a Rescission Agreement to terminate the Sapir Agreements and restore both the Company and Sapir to their respective positions immediately in advance of the execution and delivery of the Sapir Agreements. No shares or compensation of the Company was paid to Sapir. On June 8, 2022, and in connection with the rescission of the Sapir Agreements, we entered into a debt reinstatement agreement (the “Reinstatement Agreement”) with LSG pursuant to which we agreed to reinstate the Debt. Also on June 8, 2022, we entered into debt conversion agreements with three related parties, including LSG, pursuant to which the creditors converted an aggregate of $ 2,601,207 70,302,906

CAPITAL STOCK

CAPITAL STOCK	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
CAPITAL STOCK	4. 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 0.001 120,937,442 no 70,302,906 Options On November 20, 2018, the Company granted 500,000 non-qualified stock options pursuant to its Equity Incentive Plan, to key outside consultants. 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. During the year ended December 31, 2021 50,000 of the options were exercised on March 4, 2021 on a cashless basis, resulting in the issuance of 28,571 common shares. At December 31, 2021, the remaining 450,000 options had an intrinsic value of $15,750 based on the exercise price of $0.06 per option and a market price of $0.095 per share. During the year ended December 31, 2022, the remaining 450,000 options were cancelled. On February 14, 2017, the Company granted 9,500,000 non-qualified stock options pursuant to the Equity Incentive Plan, to key corporate officers and outside consultants. 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. At December 31, 2021, the options had an intrinsic value of $332,500 based on the exercise price of $0.06 per option and a market price of $0.095 per share. During the year ended December 31, 2022, the options expired unexercised. Summary of option activity for the fiscal years ended December 31, 2022 and 2021 and for the period March 31, 2023: Schedule of Options Outstanding Weighted Average Options Life Remaining Intrinsic Outstanding (Years) Value Balance December 31, 2020 10,000,000 $ 800,000 Exercised (50,000 ) Balance December 31, 2021 9,950,000 0.20 $ 348,250 Issued - Cancelled (450,000 ) Expired (9,500,000 ) Balance December 31, 2022 and March 31, 2023 - - $ Nil

RELATED PARTY TRANSACTIONS AND

RELATED PARTY TRANSACTIONS AND AMOUNTS DUE	3 Months Ended
	Mar. 31, 2023
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS AND AMOUNTS DUE	5. RELATED PARTY TRANSACTIONS AND AMOUNTS DUE At March 31, 2023, the Company had the following amounts due to related parties: i) $ 7,687 ii) $ 34,500

BASIS OF PRESENTATION AND NAT_2

BASIS OF PRESENTATION AND NATURE OF OPERATIONS (Policies)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Going Concern	Going Concern The accompanying unaudited interim 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 establish a business and to obtain new 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 $ 4,269,478 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.
Basis of Presentation	Basis of Presentation The unaudited interim financial information reflects all adjustments which, in the opinion of management, are necessary to fairly state the Company’s financial position and the results of its operations for the periods presented. These financial statements should be read in conjunction with the Company’s financial statements and notes thereto included in the Company’s Annual report on Form 10-K for the year ended December 31, 2022. The Company assumes that the users of the interim financial information herein have read, or have access to, the audited financial statements for the year ended December 21, 2022, and that the adequacy of additional disclosure needed for a fair presentation may be determined in that context. Accordingly, certain footnote disclosures, which would substantially duplicate the disclosures contained in the Company’s financial statements for the fiscal year ended December 31, 2022, have been omitted. The results of operations for the three months ended March 31, 2023 are not necessarily indicative of results for the entire year ending December 31, 2023.

CAPITAL STOCK (Tables)

CAPITAL STOCK (Tables)	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Schedule of Options Outstanding	Summary of option activity for the fiscal years ended December 31, 2022 and 2021 and for the period March 31, 2023: Schedule of Options Outstanding Weighted Average Options Life Remaining Intrinsic Outstanding (Years) Value Balance December 31, 2020 10,000,000 $ 800,000 Exercised (50,000 ) Balance December 31, 2021 9,950,000 0.20 $ 348,250 Issued - Cancelled (450,000 ) Expired (9,500,000 ) Balance December 31, 2022 and March 31, 2023 - - $ Nil

BASIS OF PRESENTATION AND NAT_3

BASIS OF PRESENTATION AND NATURE OF OPERATIONS (Details Narrative) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Retained Earnings (Accumulated Deficit)	$ 4,269,478	$ 4,263,323

TRANSACTIONS WITH LODE-STAR G_2

TRANSACTIONS WITH LODE-STAR GOLD INC. (Details Narrative) - USD ($)		12 Months Ended
	Jun. 08, 2023	Dec. 31, 2022	Mar. 31, 2023	Jan. 14, 2022
Reserve Quantities [Line Items]
Due to related parties and accrued interest		$ 20,136	$ 42,186
Sapir Pharmaceutical [Member]
Reserve Quantities [Line Items]
Debt Conversion, Converted Instrument, Amount	$ 2,601,207
Common Stock [Member] | Sapir Pharmaceutical [Member]
Reserve Quantities [Line Items]
Debt Conversion, Converted Instrument, Shares Issued	70,302,906
Settlement Agreement [Member]
Reserve Quantities [Line Items]
Due to related parties and accrued interest				$ 230,179
Settlement Agreement [Member] | Common Stock [Member]
Reserve Quantities [Line Items]
Gain (Loss) on Extinguishment of Debt		$ 2,015,966

CAPITAL STOCK (Details)

CAPITAL STOCK (Details) - Equity Option [Member] - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Offsetting Assets [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number, Beginning Balance	9,950,000	10,000,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Intrinsic Value	$ 348,250	$ 800,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Expirations in Period	(9,500,000)	(50,000)
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number, Ending Balance	0	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
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Forfeitures in Period	(450,000)

CAPITAL STOCK (Details Narrativ

CAPITAL STOCK (Details Narrative) - $ / shares	3 Months Ended
	Dec. 31, 2022	Mar. 31, 2023
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	$ 0.001	$ 0.001
Preferred Stock, Shares Authorized	20,000,000	20,000,000
Preferred Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Common Stock, Shares, Issued	120,937,442	120,937,442
Preferred Stock, Shares Issued	0	0
Common Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Shares Issued to Shareholder to Settle Debt (in shares)	70,302,906

RELATED PARTY TRANSACTIONS AN_2

RELATED PARTY TRANSACTIONS AND AMOUNTS DUE (Details Narrative) - Lode Star Gold Inc [Member]	Mar. 31, 2023 USD ($)
Bridge Loan Vendor Financing [Member]
Related Party Transaction [Line Items]
Due to Related Parties	$ 7,687
Bridge Loan Direct Financing [Member]
Related Party Transaction [Line Items]
Due to Related Parties	$ 34,500