Lithium (LTUM) 10-Q 16 Nov 20 2020 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2020	Nov. 10, 2020
Cover [Abstract]
Entity Registrant Name	Lithium Corp
Entity Central Index Key	0001415332
Document Type	10-Q
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Document Period End Date	Sep. 30, 2020
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2020
Entity Common Stock Shares Outstanding		95,651,644
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes

Balance Sheets

Balance Sheets - USD ($)	Sep. 30, 2020	Dec. 31, 2019
CURRENT ASSETS
Cash	$ 221,790	$ 346,260
Deposits	700	700
Prepaid expenses	13,979	20,504
Total Current Assets	236,469	367,464
TOTAL ASSETS	236,469	367,464
CURRENT LIABILITIES
Accounts payable and accrued liabilities	12,901	16,909
TOTAL CURRENT LIABILITIES	12,901	16,909
TOTAL LIABILITIES	12,901	16,909
Commitments and contingencies	0	0
STOCKHOLDERS' EQUITY
Common stock, 3,000,000,000 shares authorized, par value $0.001; 95,651,644 and 95,651,644 common shares outstanding, respectively	95,652	95,652
Additional paid in capital	4,322,347	4,322,347
Additional paid in capital - options	191,513	191,513
Additional paid in capital - warrants	369,115	369,115
Accumulated deficit	(4,755,059)	(4,628,072)
TOTAL STOCKHOLDERS' EQUITY	223,568	350,555
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 236,469	$ 367,464

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2020	Dec. 31, 2019
STOCKHOLDERS' EQUITY
Common stock, shares authorized	3,000,000,000	3,000,000,000
Common stock, shares par value	$ 0.001	$ 0.001
Common stock, shares outstanding	95,651,644	95,651,644

Statements of Operations (unaud

Statements of Operations (unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statements of Operations (unaudited)
REVENUE	$ 0	$ 0	$ 0	$ 0
OPERATING EXPENSES
Professional fees	4,750	7,500	23,301	27,489
Exploration expenses	15,331	6,320	19,470	13,398
Consulting fees - related party	18,000	25,000	58,500	85,000
Insurance expense	0	0	0	6,935
Investor relations	0	19,250	0	56,639
Transfer agent and filing fees	5,629	1,037	14,742	8,319
Travel	522	1,022	3,660	1,908
General and administrative expenses	1,356	1,475	7,314	6,946
TOTAL OPERATING EXPENSES	45,588	61,604	126,987	206,634
LOSS FROM OPERATIONS	(45,588)	(61,604)	(126,987)	(206,634)
OTHER INCOME (EXPENSES)
Gain (Loss) on sale of marketable securities	0	0	0	(919)
Gain on sale of mineral property	0	0	0	443,308
Loss on investment	0	0	0	(10,000)
Interest income	0	0	0	140
TOTAL OTHER INCOME (EXPENSE)	0	0	0	432,529
INCOME (LOSS) BEFORE INCOME TAXES	(45,588)	(61,604)	(126,987)	225,895
PROVISION FOR INCOME TAXES	0	0	0	0
NET INCOME (LOSS)	$ (45,588)	$ (61,604)	$ (126,987)	$ 225,895
NET INCOME (LOSS) PER SHARE: BASIC AND DILUTED	$ 0	$ 0	$ 0	$ 0
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED	95,651,644	95,651,644	95,651,644	95,651,644

Statements of Stockholders' Equ

Statements of Stockholders' Equity - USD ($)	Total	Common Stock	Additional Paid-in Capital - Options	Additional Paid-in Capital - Warrants	Additional Paid-In Capital	Other Comprehensive Loss	Accumulated Deficit
Balance, shares at Dec. 31, 2018		95,651,644
Balance, amount at Dec. 31, 2018	$ 569,681	$ 95,652	$ 191,513	$ 369,115	$ 4,322,347	$ (771)	$ (4,408,175)
Realized loss on sale of marketable securities	771	0	0	0	0	771	0
Net loss	(219,897)	$ 0	0	0	0	0	(219,897)
Balance, shares at Dec. 31, 2019		95,651,644
Balance, amount at Dec. 31, 2019	350,555	$ 95,652	191,513	369,115	4,322,347	0	(4,628,072)
Net loss	(126,987)	$ 0	0	0	0	0	(126,987)
Balance, shares at Sep. 30, 2020		95,651,644
Balance, amount at Sep. 30, 2020	$ 223,568	$ 95,652	$ 191,513	$ 369,115	$ 4,322,347	$ 0	$ (4,755,059)

Statements of Cash Flows (unaud

Statements of Cash Flows (unaudited) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) for the period	$ (45,588)	$ (61,604)	$ (126,987)	$ 225,895	$ (219,897)
Adjustment to reconcile net income to net cash used in operating activities
Loss on investment in Summa, LLC	0	0	0	10,000
Loss on sale of marketable securities	0	0	0	919
Gain on sale of mineral property	0	0	0	443,308
Changes in assets and liabilities:
Decrease in prepaid expenses			6,525	72,008
Increase (decrease) in accounts payable and accrued liabilities			(4,008)	(1,246)
Net Cash Used in Operating Activities			(124,470)	(135,732)
CASH FLOWS FROM INVESTING ACTIVITIES:
Cash paid for mineral properties			0	(12,537)
Cash paid for investment in Summa, LLC			0	(10,000)
Cash from sale of marketable securities			0	623
Net Cash Provided by (Used in) Investing Activities			0	(21,914)
Decrease in cash			(124,470)	(157,646)
Cash, beginning of period			346,260	555,029	555,029
Cash, end of period	$ 221,790	$ 397,383	221,790	397,383	$ 346,260
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest			0	0
Cash paid for income taxes			$ 0	$ 0

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2020
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 battery or Tech metals prospects in British Columbia and is currently in the exploration stage. 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. 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 Effective January 1, 2018, the Company adopted ASC 606 — Revenue from Contracts with Customers. Under ASC 606, the Company recognizes revenue from the commercial sales of products, licensing agreements and contracts to perform pilot studies by applying the following steps: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to each performance obligation in the contract; and (5) recognize revenue when each performance obligation is satisfied. For the comparative periods, revenue has not been adjusted and continues to be reported under ASC 605 — Revenue Recognition. Under ASC 605, revenue is recognized when the following criteria are met: (1) persuasive evidence of an arrangement exists; (2) the performance of service has been rendered to a customer or delivery has occurred; (3) the amount of fee to be paid by a customer is fixed and determinable; and (4) the collectability of the fee is reasonably assured. There was no impact on the Company’s financial statements as a result of adopting Topic 606 for the nine months ended September 30, 2020 and 2019, or the twelve months ended December 31, 2019. Income per Share Basic income per share is computed by dividing loss available to common shareholders by the weighted average number of common shares outstanding during the period. 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. The Company did not have any dilutive securities for the periods ended September 30, 2020 and 2019. 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. Optioned Properties Properties under the Company’s ownership which have been optioned to a third party are deemed the Company’s property until all obligations under an option agreement are met, at which point the ownership of the property transfers to the third party. All non-refundable payments received prior to all obligations under an option agreement being met are considered liabilities until such time all obligations have been met, at which time ownership of the property transfers to the third party and the Company includes option payments into its statement of operations. Recent Accounting Pronouncements In January 2016, the Financial Accounting Standards Board ("FASB"), issued Accounting Standards Update ("ASU") 2016-01, "Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities," which amends the guidance in U.S. generally accepted accounting principles on the classification and measurement of financial instruments. Changes to the current guidance primarily affect the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. In addition, the ASU clarifies guidance related to the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale debt securities. In May 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-09, Compensation-Stock Compensation (Topic 718): Scope of Modification Accounting In February 2016, the FASB issued ASU 2016-02, “Leases” Topic 842, which amends the guidance in former ASC Topic 840, Leases

Going Concern

Going Concern	9 Months Ended
	Sep. 30, 2020
Going Concern
Note 2 - Going Concern	As reflected in the accompanying financial statements, the Company has a working capital of $223,568 as at September 30, 2020 (December 31, 2019: $350,555) and has used $124,470 (2019: $135,732) of cash in operations for the nine months ended September 30, 2020. This raises substantial doubt about its ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the Company’s ability to raise additional capital and implement its business plan. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. Management believes that actions presently being taken to obtain additional funding and implement its strategic plans provide the opportunity for the Company to continue as a going concern.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2020
Fair Value of Financial Instruments
Note 3 - Fair Value of Financial Instruments	Under FASB ASC 820-10-5, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). The standard outlines a valuation framework and creates a fair value hierarchy in order to increase the consistency and comparability of fair value measurements and the related disclosures. Under GAAP, certain assets and liabilities must be measured at fair value, and FASB ASC 820-10-50 details the disclosures that are required for items measured at fair value. The Company has certain financial instruments that must be measured under the new fair value standard. The Company’s financial assets and liabilities are measured using inputs from the three levels of the fair value hierarchy. The three levels are as follows: - Level 1 - Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. - Level 2 - Inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs). - Level 3 - Unobservable inputs that reflect our assumptions about the assumptions that market participants would use in pricing the asset or liability. The following schedule summarizes the valuation of financial instruments at fair value on a recurring basis in the balance sheets as of September 30, 2020 and December 31, 2019, respectively: Fair Value Measurements at September 30, 2020 Level 1 Level 2 Level 3 Assets Cash $ 221,790 $ - $ - Total Assets 221,790 - - Liabilities Total Liabilities - - - $ 221,790 $ - $ - Fair Value Measurements at December 31, 2019 Level 1 Level 2 Level 3 Assets Cash $ 346,260 $ - $ - Total Assets 346,260 - - Liabilities Total Liabilities - - - $ 346,260 $ - $ -

Prepaid Expenses

Prepaid Expenses	9 Months Ended
	Sep. 30, 2020
Prepaid Expenses
Note 4 - Prepaid Expenses	Prepaid expenses consisted of the following at September 30, 2020 and December 31, 2019: September 30, 2020 December 31, 2018 Bonds $ 9,381 $ 9,381 Transfer agent fees and filing fees 3,000 11,123 Investor relations 1,598 - Total prepaid expenses $ 13,979 $ 20,504

Mineral Properties

Mineral Properties	9 Months Ended
	Sep. 30, 2020
Mineral Properties
Note 5 - Mineral Properties	Yeehaw and Melissa Properties On March 17, 2017, the Company entered into an agreement whereby the Company has the option to acquire mineral properties in Revelstoke, British Columbia. To acquire the properties, the Company must issue 1,000,000 common shares on March 1, 2017 (issued) and 400,000 common shares (issued) on the anniversary of the agreement. The properties are subject to a 1% NSR, which may be purchased by the Company for $500,000. During the year-ended December 31, 2019, the Company recorded a $217,668 allowance for the properties and has a net book value of $Nil. 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) During the year-ended December 31, 2019, the Company recorded a $159,859 allowance for the properties and has a net book value of $Nil. On March 10, 2016, the Company entered into an agreement with respect to the Fish Lake Property whereby the purchaser may earn an 80% interest in the property for payments of $300,000, 80,000 shares (post 10:1 rollback and 2:1 split) and work performed on the property over the next three years totaling $1,100,000 and $30,000 reimbursement of costs relating to the property. Should these terms be met, the purchaser has the ability to purchase the remaining 20% of the property for $1,000,000. The Company shall retain a 2.5% NSR on the property should they sell 100% of their interest. As of September 30, 2020, the Company has received $330,000 and 240,000 common shares (valued at $112,267) in relation to the option agreement. The $443,308 had been recorded as a liability against the property until either the purchaser returns the property to the Company or the purchaser has met all the obligations associated with the agreement, at which time the liability will be charged to the statement of operations. During the year-ended December 31, 2019, the property was returned to the Company and $443,308 was taken into income. 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 $ (11,438 ) $ 0 BC Sugar 8019.41 (hectares) $ 21,778 (21,778 ) $ 0 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. On May 3, 2016, the Company entered into an agreement with respect to the San Emidio Property whereby the purchaser could have earned an 80% interest in the property for payments of $100,000, 30,000 shares (post 10:1 rollback and 2:1 split) and work performed on the property over the next three years totaling $600,000. Should these terms had been met, the purchaser had the ability to purchase the remaining 20% of the property for $1,000,000 in which case te Company would have retained a 2.5% NSR on the property. During the fiscal year 2019, the Company has received $100,000 and 40,000 common shares (valued at $102,901) in relation to the option agreement. The Company recorded $202,901 as a liability against the property until either the purchaser returns the property to the Company or the purchaser has met all the obligations associated with the agreement, at which time the liability will be charged to the statement of operations. During the year ended December 31, 2018, the Company received notification that the purchaser had returned the property and, as such, $202,901 was taken into income.

Allowance for Optioned Properti

Allowance for Optioned Properties	9 Months Ended
	Sep. 30, 2020
Allowance for Optioned Properties
Note 6 - Allowance for Optioned Properties	Fish Lake Valley On March 10, 2016, the Company entered into an agreement with respect to the Fish Lake Property whereby the purchaser may earn an 80% interest in the property for payments of $300,000, 80,000 shares (post 10:1 rollback and 2:1 split) and work performed on the property over the next three years totaling $1,100,000 and $30,000 reimbursement of costs relating to the property. Should these terms be met, the purchaser has the ability to purchase the remaining 20% of the property for $1,000,000. The Company shall retain a 2.5% NSR on the property should they sell 100% of their interest. As of September 30, 2020, the Company has received $330,000 and 240,000 common shares (valued at $113,308) in relation to the option agreement. The Company recorded $443,308 as a liability against the property until either the purchaser returns the property to the Company or the purchaser has met all the obligations associated with the agreement, at which time the liability will be charged to the statement of operations. During the year ended December 31, 2019, the Company received notification that the purchaser had returned the property and, as such, $443,308 was taken into income. San Emidio On May 3, 2016, the Company entered into an agreement with respect to the San Emidio Property whereby the purchaser may earn an 80% interest in the property for payments of $100,000, 60,000 shares (post 10:1 rollback and 2:1 split) and work performed on the property over the next three years totaling $600,000. Should these terms be met, the purchaser has the ability to purchase the remaining 20% of the property for $1,000,000. The Company shall retain a 2.5% NSR on the property should they sell 100% of their interest. As of September 30, 2020, the Company has received $100,000 and 40,000 common shares (valued at $102,901) in relation to the option agreement. The $202,901 has been recorded as a liability against the property until either the purchaser returns the property to the Company or the purchaser has met all the obligations associated with the agreement, at which time the liability will be charged to the statement of operations. During the year ended December 31, 2018, the Company received notification that the purchaser had returned the property and, as such, $202,901 was taken into income.

Capital Stock

Capital Stock	9 Months Ended
	Sep. 30, 2020
Capital Stock
Note 7 - 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 During the nine months ended September 30, 2020, there was no activity in the Company’s common stock. There were 95,651,644 shares of common stock issued and outstanding as of September 30, 2020 (December 31, 2019: 95,651,644).

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2020
Related Party Transactions
Note 8 - Related Party Transactions	The Company paid consulting fees totaling $18,000 and $58,500 to related parties for the three and nine months ended September 30, 2020 (2019: $25,000 and $85,000).

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2020
Subsequent Events
Note 9 - Subsequent Events	The Company has analyzed its operations subsequent to September 30, 2020 through the date these financial statements were issued, and has determined that it does not have any material subsequent events to disclose.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2020
Summary of Significant Accounting Policies
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.
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	Effective January 1, 2018, the Company adopted ASC 606 — Revenue from Contracts with Customers. Under ASC 606, the Company recognizes revenue from the commercial sales of products, licensing agreements and contracts to perform pilot studies by applying the following steps: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to each performance obligation in the contract; and (5) recognize revenue when each performance obligation is satisfied. For the comparative periods, revenue has not been adjusted and continues to be reported under ASC 605 — Revenue Recognition. Under ASC 605, revenue is recognized when the following criteria are met: (1) persuasive evidence of an arrangement exists; (2) the performance of service has been rendered to a customer or delivery has occurred; (3) the amount of fee to be paid by a customer is fixed and determinable; and (4) the collectability of the fee is reasonably assured. There was no impact on the Company’s financial statements as a result of adopting Topic 606 for the nine months ended September 30, 2020 and 2019, or the twelve months ended December 31, 2019.
Income per Share	Basic income per share is computed by dividing loss available to common shareholders by the weighted average number of common shares outstanding during the period. 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. The Company did not have any dilutive securities for the periods ended September 30, 2020 and 2019.
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.
Optioned Properties	Properties under the Company’s ownership which have been optioned to a third party are deemed the Company’s property until all obligations under an option agreement are met, at which point the ownership of the property transfers to the third party. All non-refundable payments received prior to all obligations under an option agreement being met are considered liabilities until such time all obligations have been met, at which time ownership of the property transfers to the third party and the Company includes option payments into its statement of operations.
Recent Accounting Pronouncements	In January 2016, the Financial Accounting Standards Board ("FASB"), issued Accounting Standards Update ("ASU") 2016-01, "Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities," which amends the guidance in U.S. generally accepted accounting principles on the classification and measurement of financial instruments. Changes to the current guidance primarily affect the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. In addition, the ASU clarifies guidance related to the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale debt securities. In May 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-09, Compensation-Stock Compensation (Topic 718): Scope of Modification Accounting In February 2016, the FASB issued ASU 2016-02, “Leases” Topic 842, which amends the guidance in former ASC Topic 840, Leases

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2020
Fair Value of Financial Instruments (Tables)
Schedule of the valuation of financial instruments measured at fair value on a recurring basis	Fair Value Measurements at September 30, 2020 Level 1 Level 2 Level 3 Assets Cash $ 221,790 $ - $ - Total Assets 221,790 - - Liabilities Total Liabilities - - - $ 221,790 $ - $ - Fair Value Measurements at December 31, 2019 Level 1 Level 2 Level 3 Assets Cash $ 346,260 $ - $ - Total Assets 346,260 - - Liabilities Total Liabilities - - - $ 346,260 $ - $ -

Prepaid Expenses (Tables)

Prepaid Expenses (Tables)	9 Months Ended
	Sep. 30, 2020
Prepaid Expenses
Schedule for prepaid expenses	September 30, 2020 December 31, 2018 Bonds $ 9,381 $ 9,381 Transfer agent fees and filing fees 3,000 11,123 Investor relations 1,598 - Total prepaid expenses $ 13,979 $ 20,504

Mineral Properties (Tables)

Mineral Properties (Tables)	9 Months Ended
	Sep. 30, 2020
Mineral Properties (Tables)
Schedule of staked claims	Name Claims Cost Impairment Net Carry Value San Emidio 20 (1,600 acres) $ 11,438 $ (11,438 ) $ 0 BC Sugar 8019.41 (hectares) $ 21,778 (21,778 ) $ 0

Going Concern (Details Narrativ

Going Concern (Details Narrative) - USD ($)	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Going Concern
Working capital	$ 223,568		$ 350,555
Net Cash Used in Operating Activities	$ (124,470)	$ (135,732)

Fair Value of Financial Instr_3

Fair Value of Financial Instruments (Details) - Fair Value, Measurements, Recurring [Member] - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Fair Value, Inputs, Level 1 [Member]
Assets
Cash	$ 221,790	$ 346,260
Total Assets	221,790	346,260
Liabilities
Total	221,790	346,260
Fair Value, Inputs, Level 2 [Member]
Assets
Cash	0	0
Total Assets	0	0
Liabilities
Total	0	0
Total Liabilities	0	0
Fair Value, Inputs, Level 3 [Member]
Assets
Cash	0	0
Total Assets	0	0
Liabilities
Total	0	0
Total Liabilities	$ 0	$ 0

Prepaid Expenses (Details)

Prepaid Expenses (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Prepaid Expenses
Bonds	$ 9,381	$ 9,381
Transfer agent fees and filing fees	3,000	11,123
Investor relations	1,598	0
Total prepaid expenses	$ 13,979	$ 20,504

Mineral Properties (Details)

Mineral Properties (Details)	9 Months Ended
	Sep. 30, 2020USD ($)ainteger
San Emidio [Member]
Claims | integer	20
Area of staked properties | a	1,600
Cost	$ 11,438
Impairment	(11,438)
Net Carry Value	$ 0
Bc Sugar [Member]
Area of staked properties | a	8,019.41
Cost	$ 21,778
Impairment	(21,778)
Net Carry Value	$ 0

Mineral Properties (Details Nar

Mineral Properties (Details Narrative) - USD ($)	May 03, 2016	Mar. 10, 2016	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2018	Mar. 17, 2017
On March 1, 2017 [Member] | Amended [Member]
Payment for common shares anniversary			400,000
Fish Lake Property [Member]
Acquisition description		the Company entered into an agreement with respect to the Fish Lake Property whereby the purchaser may earn an 80% interest in the property for payments of $300,000, 80,000 shares (post 10:1 rollback and 2:1 split
Ownership interest		80.00%	100.00%
Allowance properties				$ 159,859
Amount paid for acquisition		$ 300,000	$ 350,000
Estimated work to be performed over the next three years		1,100,000
Reimbursement of costs related to mineral property		$ 30,000
Percentage of remaining interest in property		20.00%
Cost of remaining interest in property		$ 1,000,000
Percentage NSR on property retained		2.50%
Percentage of property sold		100.00%
Amount received			$ 330,000
Number of shares received			240,000
Carrying value of shares received			$ 112,267
Value of liability recorded			$ 443,308
Property returned by purchaser and recorded into income				443,308
Staked Properties [Member]
Acquisition description	The Company entered into an agreement with respect to the San Emidio Property whereby the purchaser could have earned an 80% interest in the property for payments of $100,000, 30,000 shares (post 10:1 rollback and 2:1 split
Ownership interest	80.00%
Amount paid for acquisition	$ 100,000
Estimated work to be performed over the next three years	$ 600,000
Percentage of remaining interest in property	20.00%
Cost of remaining interest in property	$ 1,000,000
Percentage NSR on property retained	2.50%
Amount received				$ 100,000
Number of shares received				40,000
Carrying value of shares received				$ 102,901
Value of liability recorded				202,901
Property returned by purchaser and recorded into income					$ 202,901
Yeehaw And Melissa Properties [Member]
Payment to Net Smelter Return properties						$ 500,000
Acquisition costs				$ 217,668
Yeehaw And Melissa Properties [Member] | On March 17, 2017 [Member]
Number of shares issued			1,000,000
Percentage of Net Smelter Return			1.00%

Allowance for Optioned Proper_2

Allowance for Optioned Properties (Details Narrative) - USD ($)	May 03, 2016	Mar. 10, 2016	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Fish Lake Valley [Member]
Ownership interest		80.00%
Amount paid for acquisition		$ 300,000
Estimated work to be performed over the next three years		1,100,000
Reimbursement of costs related to mineral property		$ 30,000
Percentage of remaining interest in property		20.00%
Cost of remaining interest in property		$ 1,000,000
Percentage NSR on property retained		2.50%
Percentage of property sold		100.00%
Acquisition description		the Company entered into an agreement with respect to the Fish Lake Property whereby the purchaser may earn an 80% interest in the property for payments of $300,000, 80,000 shares (post 10:1 rollback and 2:1 split)
Amount received			$ 330,000
Number of shares received			240,000
Carrying value of shares received			$ 113,308
Value of liability recorded			443,308
Property returned by purchaser and recorded into income				$ 443,308
San Emidio [Member]
Ownership interest	80.00%
Amount paid for acquisition	$ 100,000
Estimated work to be performed over the next three years	$ 600,000
Percentage of remaining interest in property	20.00%
Cost of remaining interest in property	$ 1,000,000
Percentage NSR on property retained	2.50%
Percentage of property sold	100.00%
Acquisition description	the Company entered into an agreement with respect to the San Emidio Property whereby the purchaser may earn an 80% interest in the property for payments of $100,000, 60,000 shares (post 10:1 rollback and 2:1 split)
Amount received			$ 100,000
Number of shares received			40,000
Carrying value of shares received			$ 102,901
Value of liability recorded			$ 202,901
Property returned by purchaser and recorded into income					$ 202,901

Capital Stock (Details Narrativ

Capital Stock (Details Narrative) - $ / shares	1 Months Ended
	Sep. 30, 2009	Sep. 30, 2020	Dec. 31, 2019
Capital Stock (Details Narrative)
Common stock shares, authorized		3,000,000,000	3,000,000,000
Common stock shares, issued		95,651,644	95,651,644
Common stock shares, outstanding		95,651,644	95,651,644
Common stock shares, par value		$ 0.001	$ 0.001
Forward stock split	60-for-1

Related Party Transactions (Det

Related Party Transactions (Detail Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Related Party Transactions
Consulting fees	$ 18,000	$ 25,000	$ 58,500	$ 85,000