Lithium (LTUM) 10-Q6 Aug 142014 Q2 Quarterly reportFinancial data

Company Profile

Document_and_Entity_Informatio

Document and Entity Information	6 Months Ended
Document and Entity Information	Jun. 30, 2014	Aug. 01, 2014
Document and Entity Information [Abstract]	'	'
Entity Registrant Name	'Lithium Corp	'
Entity Central Index Key	'0001415332	'
Trading Symbol	'ltum	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Smaller Reporting Company	'
Entity Common Stock, Shares Outstanding	'	74,661,408
Document Type	'10-Q	'
Document Period End Date	30-Jun-14	'
Amendment Flag	'false	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q2	'

Balance_Sheets_Unaudited

Balance Sheets (Unaudited) (USD $)	Jun. 30, 2014	Dec. 31, 2013
CURRENT ASSETS	'	'
Cash	$553,191	$807,556
Deposits	700	700
Prepaid expenses	33,109	22,401
Total Other Current Assets	587,000	830,657
OTHER ASSETS	'	'
Investment	100,000	'
Mineral properties	194,743	188,348
TOTAL ASSETS	881,743	1,019,005
CURRENT LIABILITIES	'	'
Accounts payable and accrued liabilities	18,918	12,982
TOTAL CURRENT LIABILITIES	18,918	12,982
TOTAL LIABILITIES	18,918	12,982
Commitments and contingencies	'	'
STOCKHOLDERS' EQUITY	'	'
Common stock, 3,000,000,000 shares authorized, par value $0.01; 74,661,408 and 74,911,408 common shares outstanding, respectively	74,662	74,912
Additional paid in capital	3,368,453	3,370,703
Additional paid in capital - options	120,578	120,578
Additional paid in capital - warrants	257,949	257,949
Deficit accumulated during the exploration stage	-2,958,817	-2,818,119
TOTAL STOCKHOLDERS' EQUITY	862,825	1,006,023
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$881,743	$1,019,005

Balance_Sheets_Parentheticals_

Balance Sheets (Parentheticals) (Unaudited) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Statement of Financial Position [Abstract]	'	'
Common stock shares authorized	3,000,000,000	3,000,000,000
Common stock, par value (in dollars per share)	$0.01	$0.01
Common stock shares outstanding	74,661,408	74,911,408

Statements_of_Operations_Unaud

Statements of Operations (Unaudited) (USD $)	3 Months Ended		6 Months Ended		89 Months Ended
Statements of Operations (Unaudited) (USD $)	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014
Income Statement [Abstract]	'	'	'	'	'
REVENUE	'	'	'	'	'
OPERATING EXPENSES	'	'	'	'	'
Professional fees	16,848	14,547	28,210	30,033	301,481
Depreciation	'	54	'	108	2,434
Exploration expenses	17,579	18,444	24,801	24,588	764,018
Consulting fees	21,375	11,550	45,525	39,450	416,380
Insurance expense	2,915	4,372	2,915	8,744	51,701
Investor relations	11,380	7,570	18,615	24,774	290,900
Management fees	'	'	'	'	53,800
Transfer agent and filing fees	1,354	1,887	1,904	3,900	56,496
Travel	1,078	8,257	13,558	14,536	106,920
Stock-based compensation	'	'	'	10,089	296,102
Website development costs	'	'	'	'	3,912
Write-down of website costs	'	'	'	'	12,000
Write-down of mineral properties	'	'	'	'	518,747
General and Administrative expenses	1,938	3,179	5,334	5,453	93,374
TOTAL OPERATING EXPENSES	74,467	69,860	140,862	161,675	2,968,265
LOSS FROM OPERATIONS	-74,467	-69,860	-140,862	-161,675	-2,968,265
OTHER INCOME (EXPENSES)	'	'	'	'	'
Other income	'	'	'	'	17,952
Interest expense	'	'	'	'	-11,850
Interest income	70	95	164	189	3,346
TOTAL OTHER INCOME (EXPENSE)	70	95	164	189	9,448
LOSS BEFORE INCOME TAXES	-74,397	-69,765	-140,698	-161,486	-2,958,817
PROVISION FOR INCOME TAXES	'	'	'	'	'
NET LOSS	($74,397)	($69,765)	($140,698)	($161,486)	($2,958,817)
NET LOSS PER SHARE: BASIC AND DILUTED (in dollars per share)	$0	$0	$0	$0	'
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED (in shares)	74,661,408	74,911,408	74,683,507	74,911,408	'

Statements_of_Cash_Flows_Unaud

Statements of Cash Flows (Unaudited) (USD $)	6 Months Ended		89 Months Ended
Statements of Cash Flows (Unaudited) (USD $)	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:	'	'	'
Net loss for the period	($140,698)	($161,486)	($2,958,817)
Adjustments to reconcile net loss to net cash used in operating activities	'	'	'
Write-down of software development	'	'	12,000
Write-down of mineral properties	'	'	518,747
Stock-based compensation	'	10,089	296,102
Amortization	'	108	2,433
Changes in assets and liabilities:	'	'	'
(Increase) in deposits	'	-700	-700
(Increase) decrease in prepaid expenses	-10,708	32,113	-33,109
Increase (decrease) in accounts payable and accrued liabilities	5,936	-22,036	18,918
Net Cash Used in Operating Activities	-145,470	-141,912	-2,144,426
CASH FLOWS FROM INVESTING ACTIVITIES:	'	'	'
Purchase of equipment	'	-375	-2,433
Purchase of software development	'	'	-12,000
Purchase of long term investment	-100,000	'	-100,000
Interest in mineral properties	-6,395	-14,763	-442,490
Net Cash Used in Investing Activities	-106,395	-15,138	-556,923
CASH FLOWS FROM FINANCING ACTIVITIES:	'	'	'
Proceeds from (repayment to) director	'	'	6,335
Repurchase of stock	-2,500	'	-2,500
Proceeds from sale of stock	'	'	3,250,705
Net Cash Provided by (Used in) Financing Activities	-2,500	'	3,254,540
Increase (decrease) in cash	-254,365	-157,050	553,191
Cash, beginning of period	807,556	1,186,651	'
Cash, end of period	553,191	1,029,601	553,191
SUPPLEMENTAL CASH FLOW INFORMATION:	'	'	'
Cash paid for interest	'	'	10,451
Cash paid for income taxes	'	'	'
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVITIES:	'	'	'
Common stock issued for mineral properties	'	8,500	271,000
Shareholder debt converted to contributed capital	'	'	$6,335

Summary_of_Significant_Account

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2014
Accounting Policies [Abstract]	'
Summary of Significant Accounting Policies	'
	Note 1 - Summary of Significant Accounting Policies

	Lithium Corporation (formerly Utalk Communications Inc.) (the "Company") was incorporated on January 30, 2007 under the laws of Nevada. On September 30, 2009, Utalk Communications Inc. changed its name to Lithium Corporation.

	Nevada Lithium Corporation was incorporated on March 16, 2009 under the laws of Nevada under the name Lithium Corporation. On September 10, 2009, the Company amended its articles of incorporation to change its name to Nevada Lithium Corporation. By agreement dated October 9, 2009 Nevada Lithium Corporation and Lithium Corporation amalgamated as Lithium Corporation. Lithium Corporation is engaged in the acquisition and development of certain lithium interests in the state of Nevada, and is currently in the exploration stage. These financial statements have been prepared in accordance with U.S. generally accepted accounting principles.

	Exploration Stage Company
	The accompanying financial statements have been prepared in accordance with generally accepted accounting principles related to accounting and reporting by exploration stage companies. An exploration stage company is one in which planned principal operations have not commenced or if its operations have commenced, there has been no significant revenues there from.

	Accounting Basis
	The Company uses the accrual basis of accounting and accounting principles generally accepted in the United States of America ("GAAP" accounting). The Company has adopted a December 31 fiscal year end.

	Basis of Presentation
	The accompanying unaudited interim financial statements of Lithium Corporation have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission ("SEC"), and should be read in conjunction with the audited financial statements and notes thereto contained in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2013 filed with the SEC. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for the financial statements to be not misleading have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Certain notes to the financial statements which would substantially duplicate the disclosure contained in the audited financial statements for the most recent fiscal year 2013 as reported in Form 10-K, have been omitted.

	Cash and Cash Equivalents
	Cash includes cash on account, demand deposits, and short-term instruments with maturities of three months or less.

	Concentrations of Credit Risk
	The Company maintains its cash in bank deposit accounts, the balances of which at times may exceed federally insured limits. The Company continually monitors its banking relationships and consequently has not experienced any losses in such accounts. The Company believes it is not exposed to any significant credit risk on cash and cash equivalents.

	Use of Estimates
	The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.

	Revenue Recognition
	The Company is in the exploration stage and has yet to realize revenues from operations. Once the Company has commenced operations, it will recognize revenues when delivery of goods or completion of services has occurred provided there is persuasive evidence of an agreement, acceptance has been approved by its customers, the fee is fixed or determinable based on the completion of stated terms and conditions, and collection of any related receivable is probable.

	Loss per Share
	Basic loss per share is computed by dividing loss available to common shareholders by the weighted average number of common shares outstanding during the year. The computation of diluted earnings per share assumes the conversion, exercise or contingent issuance of securities only when such conversion, exercise or issuance would have a dilutive effect on earnings per share. The dilutive effect of convertible securities is reflected in diluted earnings per share by application of the "if converted" method. In the periods in which a loss is incurred, the effect of potential issuances of shares under options and warrants would be anti-dilutive, and therefore basic and diluted losses per share are the same.

	Income Taxes
	The asset and liability approach is used to account for income taxes by recognizing deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax basis of assets and liabilities.

	Financial Instruments
	The Company's financial instruments consist of cash, deposits, prepaid expenses, and accounts payable and accrued liabilities. Unless otherwise noted, it is management's opinion that the Company is not exposed to significant interest, currency or credit risks arising from these financial instruments. Because of the short maturity and capacity of prompt liquidation of such assets and liabilities, the fair value of these financial instruments approximate their carrying values, unless otherwise noted.

	Mineral Properties
	Costs of exploration, carrying and retaining unproven mineral lease properties are expensed as incurred. Mineral property acquisition costs are capitalized including licenses and lease payments. Although the Company has taken steps to verify title to mineral properties in which it has an interest, these procedures do not guarantee the Company's title. Such properties may be subject to prior agreements or transfers and title may be affected by undetected defects. Impairment losses are recorded on mineral properties used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets' carrying amount. Impairment of $0 and $0 was recorded during the three and six months ended June 30, 2014 and 2013, respectively.

	Office Lease
	The Company rents office space in Las Vegas, Nevada for $700 per month. The arrangement is on a month-by-month basis and can be terminated by either party.

Prepaid_Expenses

Prepaid Expenses	6 Months Ended
Prepaid Expenses	Jun. 30, 2014
Prepaid Expenses [Abstract]	'
Prepaid Expenses	'
	Note 2 - Prepaid Expenses

	Prepaid expenses consisted of the following at June 30, 2014 and December 31, 2013:

		30-Jun-14		31-Dec-13
	Professional fees	$	-	$	1,925
	Exploration costs		-		-
	Bonds		16,271		16,271
	Transfer fees		900		1,800
	Insurance		14,573		-
	Office Misc.		360		1,065
	Investor relations		1,005		1,340
	Consulting		-		-
	Total prepaid expenses	$	33,109	$	22,401

Property_and_Equipment

Property and Equipment	6 Months Ended
	Jun. 30, 2014
Property, Plant and Equipment [Abstract]	'
Property and Equipment	'
	Note 3 - Property and Equipment

		June 30,			31-Dec-13
		2014
	Computer Equipment	$	2,433		$	2,433
	Less: Accumulated amortization		(2,433	)		(2,433	)
	Property and equipment, net	$	-		$	-

	Amortization expense was $0 and $0 for the three and six months ended June 30, 2014, respectively (2013: $54 and $108).

Investment

Investment	6 Months Ended
Investment	Jun. 30, 2014
Investment [Abstract]	'
Investment	'
	Note 4 - Investment

	Effective April 23, 2014, the Company entered into an operating agreement with All American Resources, L.L.C and TY & Sons Investments Inc. with respect to Summa, LLC, a Nevada limited liability company incorporated on December 12, 2013, wherein we hold a 25% membership. The Company's capital contribution to Summa, LLC was $125,000, of which $100,000 was in cash and the balance in services.

	The Company participated in the formation of Summa, which holds 88 fee-title patented lode claims, which cover approximately 1,191.3 acres of prospective mineral lands. The Company has recently signed a joint operating agreement with the other participants to govern the conduct of Summa, and the development of the lands. The Company's president, Tom Lewis, has been named as a managing member of Summa.

	The investment has been accounted for using the equity method of accounting. As such, the Company shall record its proportionate share of income or loss in the investment.

Mineral_Properties

Mineral Properties

6 Months Ended

Jun. 30, 2014

Extractive Industries [Abstract]

Mineral Properties

Note 5 - Mineral Properties

Fish Lake Property

The Company purchased a 100% interest in the Fish Lake property by making staged payments of $350,000 worth of common stock. Title to the pertinent claims was transferred to the Company through quit claim deed dated June 1, 2011, and this quit claim was recorded at the county level on August 3, 2011 and at the BLM on August 4, 2011. Quarterly stock disbursements were made on the following schedule:

1st Disbursement: Within 10 days of signing agreement (paid)

2nd Disbursement: within 10 days of June 30, 2009 (paid)

3rd Disbursement: within 10 days of December 30, 2009 (paid)

4th Disbursement: within 10 days of March 31, 2010 (paid)

5th Disbursement: within 10 days of June 30, 2010 (paid)

6th Disbursement: within 10 days of September 30, 2010 (paid)

7th Disbursement: within 10 days of December 31, 2010 (paid)

8th Disbursement: within 10 days of March 31, 2011 (paid)

As at June 30, 2014, the Company has recorded $436,764 in acquisition costs related to the Fish Lake Property and associated impairment of $276,908 related to abandonment of claims. The carrying value of the Fish Lake Property was $159,856 as of June 30, 2014.

Mt. Heimdal Property

The Company entered into an agreement in April 2013, as amended in August 2013, whereby it earned a 100% interest in the Mt. Heimdal Flake Graphite property in BC, subject to a 1.5% net overriding royalty. The carrying value of the Mt. Heimdal property is $300.

Sugar Property

In June 2013, the company purchased claims in the Cherryville, BC area for 250,000 shares of the Company's common stock. Since this time the company has expanded the claim block considerably, and has expended approximately $45,000 to date exploring this property for flake graphite deposits. In January, 2014, the company agreed to buy back the shares issued pursuant to the June agreement for $2,500. The buy-back was completed in April, 2014 and recorded the purchase of stock in the Company's equity.

Staked Properties

The Company has staked claims with various registries as summarized below:

Name

Claims

Cost

Impairment

Net Carry Value

San Emidio

20 (1,600 acres)

11,438

(5,719

)

5,719

Cherryville/BC Sugar

8019.41 (hectares)

21,778

Nil

21,778

The Company performs an impairment test on an annual basis to determine whether a write-down is necessary with respect to the properties. The Company believes no circumstances have occurred and no evidence has been uncovered that warrant a write-down of the mineral properties other than those abandoned by management and thus included in write-down of mineral properties. No impairment charges were recorded during the period ended June 30, 2014.

Capital_Stock

Capital Stock

6 Months Ended

Jun. 30, 2014

Equity [Abstract]

Capital Stock

Note 6 - Capital Stock

The Company is authorized to issue 300,000,000 shares of it $0.001 par value common stock. On September 30, 2009, the Company effected a 60-for-1 forward stock split of its $0.001 par value common stock.

All share and per share amounts have been retroactively restated to reflect the splits discussed above.

Common Stock

On January 30, 2007, the Company issued 240,000,000 shares of its common stock to founders for proceeds of $20,000.

During the year-ended December 31, 2008, the Company issued 28,200,000 shares of its common stock for total proceeds of 47,000.

On October 9, 2009, the Company cancelled 220,000,000 shares of its common stock. Also on October 9, 2009, the Company issued 12,350,000 shares of its common stock for 100 percent of the issued and outstanding stock of Nevada Lithium Corp. Refer to Note 3.

On January 10, 2010, the Company issued 53,484 shares of its common stock as part of the Fish Lake Property acquisition.

On March 24, 2010, the Company issued 2,000,000 units in a private placement, raising gross proceeds of $2,000,000, or $1.00 per unit. Each unit consists of one common share in the capital of our company and one non-transferable common share purchase warrant. Each whole common share purchase warrant non-transferable entitles the holder thereof to purchase one share of common stock in the capital of our company, for a period of twelve months commencing the closing, at a purchase price of $1.20 per warrant share and at a purchase price of $1.35 per warrant share for a period of twenty-four months thereafter.

On April 30, 2010, the Company issued 38,068 shares of its common stock as part of the Fish Lake Property acquisition.

On July 10, 2010, the Company issued 104,168 shares of its common stock as part of the Fish Lake Property acquisition.

On October 10, 2010, the Company issued 171,568 of its common stock as part of the Fish Lake Property acquisition.

On January 10, 2011, the Company issued 163,856 shares of its common stock as part of the Fish Lake Property acquisition.

On April 10, 2011, the Company issued 230,264 shares of its common stock as part of the Fish Lake Property acquisition.

On April 28, 2011, the Company issued 150,000 shares of its common stock as part of a stock option exercise.

On May 5, 2011, the Company issued 200,000 shares of its common stock as part of a stock option exercise.

On November 19, 2012, the Company issued 11,000,000 shares of its common stock as part of private placement.

On June 6, 2013, the Company issued 250,000 shares of its common stock as part of the Cherryville property acquisition located in British Columbia.

On January 17, 2014 the Company repurchased the 250,000 shares of its common stock issued as part of the Cherryville property acquisition for $2,500. The shares were returned to the treasury and retired in April 2014.

There were 74,661,408 shares of common stock issued and outstanding as of June 30, 2014.

Warrants

Issue Date

Outstanding at

Number

Price

Expiry Date

30-Jun-14

Nov. 19, 2012

11,000,000

0.15

Nov. 18, 2014

11,000,000

The warrants were valued using the Black-Scholes option pricing model using the following assumptions: term of 5 years, dividend yield of 0%, risk free interest rates of 0.67% and volatility of 129%. The fair value of the warrants was adjusted against additional paid in capital.

Stock Based Compensation

During the year ended December 31, 2010, the Company granted 500,000 consultants options at an exercise price of $0.28 and 400,000 options at an exercise price of $0.24 to consultants in exchange for various professional services. On May 31, 2012, the options granted with exercise prices of $0.28 and $0.24were modified to exercise prices at $0.07. The modification resulted in stock based compensation of $11,524. Also on May 31, 2012, the Company granted an additional 400,000 options to consultants for management services with an exercise price of $0.07. These options were vested on the date of grant and resulted in stock-based compensation of $23,891.

On March 15, 2013, all pre-existing options were modified to exercise prices of $0.045. The modification resulted in stock-based compensation of $8,848. Also on March 15, 2013, the Company issued an additional 200,000 options at an exercise price of $0.045 to consultants for management services. These options were vested on the date of grant and resulted in stock-based compensation of $7,794.

The Company uses the Black-Scholes option valuation model to value stock options. The Black-Scholes model was developed for use in estimating the fair value of traded options that have no vesting restrictions and are fully transferable. The model requires management to make estimates, which are subjective and may not be representative of actual results. Assumptions used to determine the fair value of the remaining stock options are as follows:

Modification

New Options

Risk free interest rate

0.35%

0.67%

Expected dividend yield

Expected stock price volatility

129%

Expected life of options

3 years

5 years

Total

Weighted

Total

Options

Exercise Prices

Options

Average

Weighted

Exercisable

Outstanding

Remaining Life

Average

(Years)

Exercise Price

0.045

800,000

2.3

0.045

800,000

Total stock-based compensation for the three and six months ended June 30, 2014 was $0 and $0 (2013: $0 and $10,089).

The following table summarizes the stock options outstanding at June 30, 2014:

Outstanding at

Issue Date

Number

Price

Expiry Date

30-Jun-14

23-Sep-10

500,000

0.045

23-Sep-15

500,000

31-May-12

100,000

0.045

31-May-17

100,000

15-Mar-13

200,000

0.045

15-Mar-18

200,000

Income_Taxes

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2014
Income Tax Disclosure [Abstract]	'
Income Taxes	'
	Note 7 - Income Taxes

	As of June 30, 2014, the Company had net operating loss carry forwards of approximately $2,958,817 that may be available to reduce future years' taxable income in varying amounts through 2033. Future tax benefits which may arise as a result of these losses have not been recognized in these financial statements, as their realization is determined not likely to occur and accordingly, the Company has recorded a valuation allowance for the deferred tax asset relating to these tax loss carry-forwards.

	The provision for Federal income tax consists of the following for the three months ended June 30, 2014 and 2013:

		2014			2013
	Federal income tax benefit attributable to:
	Current operations	$	25,295		$	23,720
	Less: valuation allowance		(25,295	)		(23,720	)
	Net provision for Federal income taxes	$	0		$	0

	The cumulative tax effect at the expected rate of 34% of significant items comprising our net deferred tax amount is as follows at June 30, 2014 and December 31, 2013:

		30-Jun-14			31-Dec-13
	Deferred tax asset attributable to:
	Net operating loss carryover	$	1,005,997		$	958,160
	Less: valuation allowance		(1,005,997	)		(958,160	)
	Net deferred tax asset	$	0		$	0

	Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry forwards of approximately $2,958,817 for Federal income tax reporting purposes are subject to annual limitations. Should a change in ownership occur net operating loss carry forwards may be limited as to use in future years.

Subsequent_Events

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2014
SubsequentEvents [Abstract]	'
Subsequent Events	'
	Note 8 - Subsequent Events

	The Company has analyzed its operations subsequent to June 30, 2014 through the date these financial statements were issued, and has determined that it does not have any other material subsequent events to disclose.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2014
Accounting Policies [Abstract]	'
Exploration Stage Company	'
	Exploration Stage Company
	The accompanying financial statements have been prepared in accordance with generally accepted accounting principles related to accounting and reporting by exploration stage companies. An exploration stage company is one in which planned principal operations have not commenced or if its operations have commenced, there has been no significant revenues there from.
Accounting Basis	'
	Accounting Basis
	The Company uses the accrual basis of accounting and accounting principles generally accepted in the United States of America ("GAAP" accounting). The Company has adopted a December 31 fiscal year end.
Basis of Presentation	'
	Basis of Presentation
	The accompanying unaudited interim financial statements of Lithium Corporation have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission ("SEC"), and should be read in conjunction with the audited financial statements and notes thereto contained in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2013 filed with the SEC. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for the financial statements to be not misleading have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Certain notes to the financial statements which would substantially duplicate the disclosure contained in the audited financial statements for the most recent fiscal year 2013 as reported in Form 10-K, have been omitted.
Cash and Cash Equivalents	'
	Cash and Cash Equivalents
	Cash includes cash on account, demand deposits, and short-term instruments with maturities of three months or less.
Concentrations of Credit Risk	'
	Concentrations of Credit Risk
	The Company maintains its cash in bank deposit accounts, the balances of which at times may exceed federally insured limits. The Company continually monitors its banking relationships and consequently has not experienced any losses in such accounts. The Company believes it is not exposed to any significant credit risk on cash and cash equivalents.
Use of Estimates	'
	Use of Estimates
	The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Revenue Recognition	'
	Revenue Recognition
	The Company is in the exploration stage and has yet to realize revenues from operations. Once the Company has commenced operations, it will recognize revenues when delivery of goods or completion of services has occurred provided there is persuasive evidence of an agreement, acceptance has been approved by its customers, the fee is fixed or determinable based on the completion of stated terms and conditions, and collection of any related receivable is probable.
Loss per Share	'
	Loss per Share
	Basic loss per share is computed by dividing loss available to common shareholders by the weighted average number of common shares outstanding during the year. The computation of diluted earnings per share assumes the conversion, exercise or contingent issuance of securities only when such conversion, exercise or issuance would have a dilutive effect on earnings per share. The dilutive effect of convertible securities is reflected in diluted earnings per share by application of the "if converted" method. In the periods in which a loss is incurred, the effect of potential issuances of shares under options and warrants would be anti-dilutive, and therefore basic and diluted losses per share are the same.

Income Taxes	'
	Income Taxes
	The asset and liability approach is used to account for income taxes by recognizing deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax basis of assets and liabilities.
Financial Instruments	'
	Financial Instruments
	The Company's financial instruments consist of cash, deposits, prepaid expenses, and accounts payable and accrued liabilities. Unless otherwise noted, it is management's opinion that the Company is not exposed to significant interest, currency or credit risks arising from these financial instruments. Because of the short maturity and capacity of prompt liquidation of such assets and liabilities, the fair value of these financial instruments approximate their carrying values, unless otherwise noted.
Mineral Properties	'
	Mineral Properties
	Costs of exploration, carrying and retaining unproven mineral lease properties are expensed as incurred. Mineral property acquisition costs are capitalized including licenses and lease payments. Although the Company has taken steps to verify title to mineral properties in which it has an interest, these procedures do not guarantee the Company's title. Such properties may be subject to prior agreements or transfers and title may be affected by undetected defects. Impairment losses are recorded on mineral properties used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets' carrying amount. Impairment of $0 and $0 was recorded during the three and six months ended June 30, 2014 and 2013, respectively.
Office Lease	'
	Office Lease
	The Company rents office space in Las Vegas, Nevada for $700 per month. The arrangement is on a month-by-month basis and can be terminated by either party.

Prepaid_Expenses_Tables

Prepaid Expenses (Tables)	6 Months Ended
Prepaid Expenses (Tables)	Jun. 30, 2014
Prepaid Expenses [Abstract]	'
Schedule for prepaid expenses	'

		30-Jun-14		31-Dec-13
	Professional fees	$	-	$	1,925
	Exploration costs		-		-
	Bonds		16,271		16,271
	Transfer fees		900		1,800
	Insurance		14,573		-
	Office Misc.		360		1,065
	Investor relations		1,005		1,340
	Consulting		-		-
	Total prepaid expenses	$	33,109	$	22,401

Property_and_Equipment_Tables

Property and Equipment (Tables)	6 Months Ended
	Jun. 30, 2014
Property, Plant and Equipment [Abstract]	'
Schedule of property and equipment	'
		June 30,			31-Dec-13
		2014
	Computer Equipment	$	2,433		$	2,433
	Less: Accumulated amortization		(2,433	)		(2,433	)
	Property and equipment, net	$	-		$	-

Mineral_Properties_Tables

Mineral Properties (Tables)

6 Months Ended

Jun. 30, 2014

Extractive Industries [Abstract]

Schedule of staked claims

Name

Claims

Cost

Impairment

Net Carry Value

San Emidio

20 (1,600 acres)

11,438

(5,719

)

5,719

Cherryville/BC Sugar

8019.41 (hectares)

21,778

Nil

21,778

Capital_Stock_Tables

Capital Stock (Tables)

6 Months Ended

Jun. 30, 2014

Equity [Abstract]

Schedule of common stock issued and outstanding

Issue Date

Outstanding at

Number

Price

Expiry Date

30-Jun-14

Nov. 19, 2012

11,000,000

0.15

Nov. 18, 2014

11,000,000

Schedule of assumptions used to determine stock options

Modification

New Options

Risk free interest rate

0.35%

0.67%

Expected dividend yield

Expected stock price volatility

129%

Expected life of options

3 years

5 years

Schedule of fair value of remaining stock option

Total

Weighted

Total

Options

Exercise Prices

Options

Average

Weighted

Exercisable

Outstanding

Remaining Life

Average

(Years)

Exercise Price

0.045

800,000

2.3

0.045

800,000

Schedule of stock option outstanding

Outstanding at

Issue Date

Number

Price

Expiry Date

30-Jun-14

23-Sep-10

500,000

0.045

23-Sep-15

500,000

31-May-12

100,000

0.045

31-May-17

100,000

15-Mar-13

200,000

0.045

15-Mar-18

200,000

Income_Taxes_Tables

Income Taxes (Tables)	6 Months Ended
Income Taxes (Tables)	Jun. 30, 2014
Income Tax Disclosure [Abstract]	'
Schedule of provision for federal income tax	'

		2014			2013
	Federal income tax benefit attributable to:
	Current operations	$	25,295		$	23,720
	Less: valuation allowance		(25,295	)		(23,720	)
	Net provision for Federal income taxes	$	0		$	0
Schedule of net deferred tax	'

		30-Jun-14			31-Dec-13
	Deferred tax asset attributable to:
	Net operating loss carryover	$	1,005,997		$	958,160
	Less: valuation allowance		(1,005,997	)		(958,160	)
	Net deferred tax asset	$	0		$	0

Summary_of_Significant_Account2

Summary of Significant Accounting Policies (Detail Textuals) (USD $)	3 Months Ended		6 Months Ended		89 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014
Accounting Policies [Abstract]	'	'	'	'	'
Impairment charges	'	'	'	'	$518,747
Office rent per month	'	'	$700	'	'

Prepaid_Expenses_Summary_of_pr

Prepaid Expenses - Summary of prepaid expenses (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Prepaid Expense, Current [Abstract]	'	'
Professional fees	'	$1,925
Exploration costs	'	'
Bonds	16,271	16,271
Transfer fees	900	1,800
Insurance	14,573	'
Office Misc.	360	1,065
Investor relations	1,005	1,340
Consulting	'	'
Total prepaid expenses	$33,109	$22,401

Property_and_Equipment_Details

Property and Equipment (Details) (Computer Equipment, USD $)	Jun. 30, 2014	Dec. 31, 2013
Computer Equipment	'	'
Property, Plant and Equipment [Line Items]	'	'
Property and equipment, gross	$2,433	$2,433
Less: Accumulated amortization	-2,433	-2,433
Property and equipment, net	'	'

Property_and_Equipment_Detail_

Property and Equipment (Detail Textuals) (USD $)	3 Months Ended		6 Months Ended		89 Months Ended
Property and Equipment (Detail Textuals) (USD $)	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014
Property, Plant and Equipment [Abstract]	'	'	'	'	'
Amortization expenses	$0	$54	'	$108	$2,433

Investment_Detail_Textuals

Investment (Detail Textuals) (Summa, LLC, USD $)	1 Months Ended
Investment (Detail Textuals) (Summa, LLC, USD $)	Apr. 23, 2014
Summa, LLC	'
Investment [Line Items]	'
Membership percentage	25.00%
Capital contribution	$125,000
Capital contribution in cash	$100,000

Mineral_Properties_Summary_of_

Mineral Properties - Summary of staked claims with various registries (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013	Jun. 30, 2014	Jun. 30, 2014
			San Emidio	Cherryville/BC Sugar
			Property	ha
			acre
Mineral Properties [Line Items]	'	'	'	'
Claims	'	'	20	'
Area of staked properties	'	'	1,600	8,019.41
Cost	'	'	$11,438	$21,778
Impairment	'	'	-5,719	'
Net Carry Value	$194,743	$188,348	$5,719	$21,778

Mineral_Properties_Detail_Text

Mineral Properties (Detail Textuals) (USD $)	Jun. 30, 2014	Dec. 31, 2013	Jun. 30, 2014	Aug. 31, 2013	Jan. 31, 2014	Jun. 30, 2013	Jun. 30, 2014
Mineral Properties (Detail Textuals) (USD $)	Jun. 30, 2014	Dec. 31, 2013	Fish Lake Property	Mt. Heimdal Property	Cherryville/BC Sugar	Cherryville/BC Sugar	Cherryville/BC Sugar
Mineral Properties [Line Items]	'	'	'	'	'	'	'
Ownership interest	'	'	100.00%	100.00%	'	'	'
Amount paid for acquisition	'	'	$350,000	'	'	'	'
Acquisition costs	'	'	436,764	'	'	'	'
Property impairment	'	'	276,908	'	'	'	'
Net Carry Value	194,743	188,348	159,856	300	'	'	21,778
Net overriding royalty	'	'	'	1.50%	'	'	'
Number of shares issued for purchasing	'	'	'	'	'	250,000	'
Exploration cost	'	'	'	'	'	45,000	'
Amount paid for buy back the shares	'	'	'	'	$2,500	'	'

Capital_Stock_Summary_of_warra

Capital Stock - Summary of warrants (Details) (Warrants, USD $)	6 Months Ended
	Jun. 30, 2014
Warrants	'
Equity [Line Items]	'
Issue Date	19-Nov-12
Number of warrants issued	11,000,000
Price	$0.15
Expiry Date	18-Nov-14
Outstanding at June 30, 2014	11,000,000

Capital_Stock_Summary_of_assum

Capital Stock - Summary of assumptions used to determine fair value of stock options (Details 1)	6 Months Ended
	Jun. 30, 2014
Modification	'
Equity [Line Items]	'
Risk free interest rate	0.35%
Expected dividend yield	0.00%
Expected stock price volatility	129.00%
Expected life of options	'3 years
New Options	'
Equity [Line Items]	'
Risk free interest rate	0.67%
Expected dividend yield	0.00%
Expected stock price volatility	129.00%
Expected life of options	'5 years

Capital_Stock_Summary_of_stock

Capital Stock - Summary of stock options outstanding (Details 2) (Stock Option, USD $)	6 Months Ended
	Jun. 30, 2014
Stock Option	'
Equity [Line Items]	'
Exercise Prices	$0.05
Total Options Outstanding	800,000
Weighted Average Remaining Life (Years)	'2 years 3 months 18 days
Total Weighted Average Exercise Price	$0.05
Options Exercisable	800,000

Capital_Stock_Summary_of_stock1

Capital Stock - Summary of stock options outstanding (Details 3) (Stock Option, USD $)	6 Months Ended
	Jun. 30, 2014
Equity [Line Items]	'
Total Options Outstanding	800,000
Issue Date September 23, 2010	'
Equity [Line Items]	'
Number	500,000
Price	$0.05
Expiry Date	23-Sep-15
Total Options Outstanding	500,000
Issue Date May 31, 2012	'
Equity [Line Items]	'
Number	100,000
Price	$0.05
Expiry Date	31-May-17
Total Options Outstanding	100,000
Issue Date March 15, 2013	'
Equity [Line Items]	'
Number	200,000
Price	$0.05
Expiry Date	15-Mar-18
Total Options Outstanding	200,000

Capital_Stock_Detail_Textuals

Capital Stock (Detail Textuals) (USD $)	1 Months Ended
Capital Stock (Detail Textuals) (USD $)	Sep. 30, 2009	Jun. 30, 2014	Dec. 31, 2013
Equity [Abstract]	'	'	'
Number of shares authorized to issue	'	300,000,000	'
Common stock, par value (in dollars per share)	$0.00	$0.01	$0.01
Forward stock split	'60-for-1	'	'

Capital_Stock_Detail_Textuals_

Capital Stock (Detail Textuals 1) (Common Stock, USD $)	0 Months Ended	12 Months Ended	1 Months Ended
	Oct. 09, 2009	Dec. 31, 2008	Jan. 30, 2007
	Oct. 09, 2009	Dec. 31, 2008	Founders
Equity [Line Items]	'	'	'
Stock issued during period, shares	'	28,200,000	240,000,000
Stock issued during period, value	'	$47,000	$20,000
Number of shares cancelled	220,000,000	'	'

Capital_Stock_Detail_Textuals_1

Capital Stock (Detail Textuals 2) (USD $)

0 Months Ended

1 Months Ended

0 Months Ended

1 Months Ended

0 Months Ended

5-May-11

Nov. 19, 2012

Apr. 28, 2011

Oct. 09, 2009

Apr. 10, 2011

Jan. 10, 2011

Oct. 10, 2010

Jul. 10, 2010

Jan. 10, 2010

Apr. 30, 2010

Jan. 17, 2014

Jun. 06, 2013

Common Stock

Nevada Lithium Corp.

Fish Lake Property

Cherryville property

Equity [Line Items]

Number of shares issued as part of acquisition

12,350,000

230,264

163,856

171,568

104,168

53,484

38,068

250,000

Stock issued for stock option exercise

200,000

11,000,000

150,000

Stock repurchased and retired, shares

250,000

Stock repurchased and retired, value

$2,500

Capital_Stock_Detail_Textuals_2

Capital Stock (Detail Textuals 3) (Private Placement, USD $)	1 Months Ended
	Mar. 24, 2010
	Warrant
	Share_Warrant
Private Placement	'
Equity [Line Items]	'
Number of units issued	2,000,000
Gross proceeds from private placement	$2,000,000
Number of units issued price per unit	1
Number of common shares in each unit	1
Number of non transferable common share purchase warrant in each unit	1
Purchase price for period of twelve months commencing the closing	1.2
Purchase price for period of twenty-four months thereafter	1.35

Capital_Stock_Detail_Textuals_3

Capital Stock (Detail Textuals 4)	Jun. 30, 2014	Dec. 31, 2013	Jun. 30, 2014
Capital Stock (Detail Textuals 4)	Jun. 30, 2014	Dec. 31, 2013	Warrants
Equity [Line Items]	'	'	'
Common stock issued	74,661,408	74,911,408	'
Common stock outstanding	74,661,408	74,911,408	'
Method used for valuation	'	'	'Black-Scholes option pricing model
Term	'	'	'5 years
Dividend yield	'	'	0.00%
Risk free interest rates	'	'	0.67%
Volatility	'	'	129.00%

Capital_Stock_Detail_Textuals_4

Capital Stock (Detail Textuals 5) (USD $)	3 Months Ended		6 Months Ended			0 Months Ended	1 Months Ended	12 Months Ended		1 Months Ended	0 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Mar. 15, 2013	31-May-12	Dec. 31, 2010	Dec. 31, 2010	31-May-12	Mar. 15, 2013
					Stock Option	Stock Option	Stock Option	Stock Option	Stock Option	Stock Option	Stock Option
						Consultants	Consultants	Consultants	Consultants	Consultants	Consultants
								Exercise price $0.28	Exercise price $0.24	Exercise price $0.07	Exercise Prices $0.045
Equity [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Number of options granted	'	'	'	'	'	'	'	500,000	400,000	400,000	200,000
Exercise price of options granted	'	'	'	'	'	'	'	$0.28	$0.24	$0.07	$0.05
Modified exercise price	'	'	'	'	'	$0.05	$0.07	'	'	'	'
Stock-based compensation	$0	$0	$0	$10,089	'	$8,848	$11,524	'	'	$23,891	$7,794
Method used for valuation of stock options	'	'	'	'	'Black-Scholes option valuation model	'	'	'	'	'	'

Income_Taxes_Summary_of_provis

Income Taxes - Summary of provision for Federal income (Details) (USD $)	3 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Federal income tax benefit attributable to:	'	'
Current operations	$25,295	$23,720
Less: valuation allowance	-25,295	-23,720
Net provision for Federal income taxes	'	'

Income_Taxes_Summary_of_net_de

Income Taxes - Summary of net deferred tax (Details 1) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Deferred tax asset attributable to:	'	'
Net operating loss carryover	$1,005,997	$958,160
Less: valuation allowance	-1,005,997	-958,160
Net deferred tax asset	$0	$0

Income_Taxes_Detail_Textuals

Income Taxes (Detail Textuals) (USD $)	6 Months Ended	12 Months Ended
Income Taxes (Detail Textuals) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]	'	'
Net operating loss carry forwards	$2,958,817	'
Percentage of cumulative tax effect at expected rate	34.00%	34.00%