Cover
Cover | 9 Months Ended |
Sep. 30, 2020 | |
Cover [Abstract] | |
Entity Registrant Name | Lithium Corp |
Entity Central Index Key | 0001415332 |
Document Type | S-1 |
Amendment Flag | false |
Entity Small Business | true |
Entity Emerging Growth Company | false |
Entity Filer Category | Non-accelerated Filer |
Balance Sheets
Balance Sheets - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
CURRENT ASSETS | |||
Cash | $ 221,790 | $ 346,260 | $ 555,029 |
Marketable securities | 0 | 771 | |
Deposits | 700 | 700 | 700 |
Prepaid expenses | 13,979 | 20,504 | 91,712 |
Total Current Assets | 236,469 | 367,464 | 648,212 |
OTHER ASSETS | |||
Mineral properties | 0 | 377,663 | |
TOTAL ASSETS | 236,469 | 367,464 | 1,025,875 |
CURRENT LIABILITIES | |||
Accounts payable and accrued liabilities | 12,901 | 16,909 | 12,886 |
Allowance for optioned properties | 0 | 443,308 | |
TOTAL CURRENT LIABILITIES | 12,901 | 16,909 | 456,194 |
TOTAL LIABILITIES | 12,901 | 16,909 | 456,194 |
Commitments and contingencies | 0 | 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 | 95,652 |
Additional paid in capital | 4,322,347 | 4,322,347 | 4,322,347 |
Additional paid in capital - options | 191,513 | 191,513 | 191,513 |
Additional paid in capital - warrants | 369,115 | 369,115 | 369,115 |
Accumulated other comprehensive income | 0 | (771) | |
Accumulated deficit | (4,755,059) | (4,628,072) | (4,408,175) |
TOTAL STOCKHOLDERS' EQUITY | 223,568 | 350,555 | 569,681 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 236,469 | $ 367,464 | $ 1,025,875 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
STOCKHOLDERS' EQUITY | |||
Common stock, shares par value | $ 0.001 | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 3,000,000,000 | 3,000,000,000 | 3,000,000,000 |
Common stock, shares outstanding | 95,651,644 | 95,651,644 | 95,651,644 |
Common stock, shares issued | 95,651,644 | 95,651,644 | 95,651,644 |
Statements of Operations (Unaud
Statements of Operations (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 | Dec. 31, 2018 | |
Statements of Operations (Unaudited) | ||||||
REVENUE | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
OPERATING EXPENSES | ||||||
Professional fees | 4,750 | 7,500 | 23,301 | 27,489 | 35,185 | 39,618 |
Exploration expenses | 15,899 | 16,698 | ||||
Consulting fees | 18,000 | 25,000 | 58,500 | 85,000 | 107,500 | 124,000 |
Insurance expense | 0 | 0 | 0 | 6,935 | 6,935 | 19,863 |
Exploration expenses | 15,331 | 6,320 | 19,470 | 13,398 | ||
Investor relations | 0 | 19,250 | 0 | 56,639 | 67,161 | 116,434 |
Transfer agent and filing fees | 5,629 | 1,037 | 14,742 | 8,319 | 12,920 | 18,742 |
Consulting fees - related party | 18,000 | 25,000 | 58,500 | 85,000 | ||
Travel | 522 | 1,022 | 3,660 | 1,908 | 7,228 | 15,962 |
General and administrative expenses | 1,356 | 1,475 | 7,314 | 6,946 | 9,398 | 10,312 |
Writedown of mineral property | 390,200 | 0 | ||||
TOTAL OPERATING EXPENSES | 45,588 | 61,604 | 126,987 | 206,634 | 652,426 | 361,629 |
LOSS FROM OPERATIONS | (45,588) | (61,604) | (126,987) | (206,634) | (652,426) | (361,629) |
OTHER INCOME (EXPENSES) | ||||||
Gain (Loss) on sale of marketable securities | 0 | 0 | 0 | (919) | (919) | 54,133 |
Gain on sale of mineral property | 0 | 0 | 0 | 443,308 | 443,308 | 202,901 |
Loss on investment | 0 | 0 | 0 | (10,000) | (10,000) | 0 |
Interest income | 0 | 0 | 0 | 140 | 140 | 102 |
TOTAL OTHER INCOME (EXPENSE) | 0 | 0 | 0 | 432,529 | 432,529 | 257,136 |
INCOME (LOSS) BEFORE INCOME TAXES | (45,588) | (61,604) | (126,987) | 225,895 | (219,897) | (104,493) |
PROVISION FOR INCOME TAXES | 0 | 0 | 0 | 0 | 0 | 0 |
NET INCOME (LOSS) | $ (45,588) | $ (61,604) | $ (126,987) | $ 225,895 | (219,897) | (104,493) |
Gain on change in fair value of marketable securities | 0 | (771) | ||||
OTHER COMPREHENSIVE INCOME (LOSS) | $ (219,897) | $ (105,264) | ||||
NET INCOME (LOSS) PER SHARE: BASIC AND DILUTED | $ 0 | $ 0 | $ 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 | 95,651,644 | 93,590,672 |
Statement Of Stockholder's Equi
Statement Of Stockholder's Equity (Unaudited) - USD ($) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital - Warrants [Member] | Additional Paid-in Capital - Options [Member] | Other Comprehensive Loss [Member] | Accumulated Deficit [Member] |
Balance, shares at Dec. 31, 2017 | 89,368,553 | ||||||
Balance, amount at Dec. 31, 2017 | $ 106,410 | $ 89,369 | $ 3,760,095 | $ 369,115 | $ 191,513 | $ 0 | $ (4,303,682) |
Stock issued on stock warrant exercise, shares | 3,724,000 | ||||||
Stock issued on stock warrant exercise, amount | 279,285 | $ 3,724 | 275,561 | 0 | 0 | 0 | 0 |
Stock issued on stock option exercise, shares | 1,250,000 | ||||||
Stock issued on stock option exercise, amount | 43,250 | $ 1,250 | 42,000 | 0 | 0 | 0 | 0 |
Stock issued mineral property acquisition, shares | 400,000 | ||||||
Stock issued mineral property acquisition, amount | 146,000 | $ 400 | 145,600 | 0 | 0 | 0 | 0 |
Stock issued for cash, shares | 909,091 | ||||||
Stock issued for cash, amount | 100,000 | $ 909 | 99,091 | 0 | 0 | 0 | 0 |
Other comprehensive loss | (771) | 0 | 0 | 0 | 0 | (771) | 0 |
Net loss | (104,493) | $ 0 | 0 | 0 | 0 | 0 | (104,493) |
Balance, shares at Dec. 31, 2018 | 95,651,644 | ||||||
Balance, amount at Dec. 31, 2018 | 569,681 | $ 95,652 | 4,322,347 | 369,115 | 191,513 | (771) | (4,408,175) |
Net loss | (219,897) | 0 | 0 | 0 | 0 | 0 | (219,897) |
Realized loss on sale of marketable securities | 771 | $ 0 | 0 | 0 | 0 | 771 | 0 |
Balance, shares at Dec. 31, 2019 | 95,651,644 | ||||||
Balance, amount at Dec. 31, 2019 | 350,555 | $ 95,652 | 4,322,347 | 369,115 | 191,513 | 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 | $ 4,322,347 | $ 369,115 | $ 191,513 | $ 0 | $ (4,755,059) |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Net income (loss) for the period | $ (126,987) | $ 225,895 | $ (219,897) | $ (104,493) |
Adjustment to reconcile net income to net cash used in operating activities | ||||
Loss on investment in Summa, LLC | 0 | 10,000 | 10,000 | 0 |
Loss on sale of marketable securities | 0 | 919 | 919 | (54,133) |
Gain on sale of mineral property | 0 | (443,308) | (443,308) | (202,901) |
Writedown of mineral property | (390,200) | 0 | ||
Changes in assets and liabilities: | ||||
(Increase) decrease in prepaid expenses | 6,525 | 72,008 | 71,208 | (35,875) |
Increase (decrease) in accounts payable and accrued liabilities | (4,008) | (1,246) | 4,023 | 3,808 |
Net Cash Used in Operating Activities | (124,470) | (135,732) | (967,255) | (393,594) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Cash paid for mineral properties | 0 | (12,537) | 767,863 | (137) |
Cash paid for investment in Summa, LLC | 0 | (10,000) | (10,000) | 0 |
Cash from sale of marketable securities | 0 | 623 | 623 | 100,133 |
Cash from properties | 0 | 100,000 | ||
Net Cash Provided by (Used in) Investing Activities | 0 | (21,914) | 758,486 | 199,996 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Cash received from warrants/options exercise | 0 | 322,535 | ||
Shares issued for cash | 0 | 100,000 | ||
Net Cash Provided by Financing Activities | 0 | 422,535 | ||
Decrease in cash | (124,470) | (157,646) | (208,769) | 228,937 |
Cash, beginning of period | 346,260 | 555,029 | 555,029 | 326,092 |
Cash, end of period | 221,790 | 397,383 | 346,260 | 555,029 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||||
Cash paid for interest | 0 | 0 | 0 | 0 |
Cash paid for income taxes | $ 0 | $ 0 | 0 | 0 |
NON-CASH TRANSACTIONS: | ||||
Marketable securities received as consideration for mineral property option | $ 0 | $ 29,127 | ||
Shares issued as consideration for mineral property option | 146,000 | |||
Urealized loss on marketable securities | $ 0 | $ 771 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
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 | 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 flake graphite 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 year ended December 31, 2019 or 2018. 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. 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 Leases (Topic 842). The Company adopted the standard effective January 1, 2019. The standard allows a number of optional practical expedients to use for transition. The Company choose the certain practical expedients allowed under the transition guidance which permitted us to not to reassess any existing or expired contracts to determine if they contain embedded leases, to not to reassess our lease classification on existing leases, to account for lease and non-lease components as a single lease component for equipment leases, and whether initial direct costs previously capitalized would qualify for capitalization under FASB ASC 842. The new standard also provides practical expedients and recognition exemptions for an entity’s ongoing accounting policy elections. The Company has elected the short-term lease recognition for all leases that qualify, which means that we do not recognize a ROU asset and lease liability for any lease with a term of twelve months or less. The most significant impact of adopting the standard was the recognition of ROU assets and lease liabilities for operating leases on the Company’s consolidated balance sheet but it did not have an impact on the Company’s consolidated statements of operations or consolidated statements of cash flows. The Company did not have a cumulative effect on adoption prior to January 1, 2019. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820), Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement. In June 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2018-07, Compensation-Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting In March 2018, the FASB issued ASU No. 2018-05, Income Taxes (Topic 740) - Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118 In February 2018, the FASB issued ASU No. 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income In July 2017, the FASB issued ASU 2017-11, Earnings Per Share (Topic 260), Distinguishing Liabilities from Equity (Topic 480) and Derivatives and Hedging (Topic 815): I. Accounting for Certain Financial Instruments with Down Round Features; II. Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Non-Controlling Interests with a Scope Exception. Distinguishing Liabilities from Equity, In May 2017, the FASB issued ASU 2017-09, Compensation-Stock Compensation (Topic 718): Scope of Modification Accounting In January 2017, the FASB issued ASU No. 2017-4, Intangibles – Goodwill and Other (Topic 350): “Simplifying the Test for Goodwill Impairment. In January 2017, the FASB issued ASU No. 2017-1, Business Combinations (Topic 805): Clarifying the Definition of a Business. |
Going Concern
Going Concern | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
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. | As reflected in the accompanying financial statements, the Company has a working capital of $350,555 (2018: $192,018) as at December 31, 2019 and has used $186,855 (2018: $393,594) of cash in operations for the year ended December 31, 2019. 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 | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
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 $ - $ - | 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 December 31, 2019 and 2018, respectively: Fair Value Measurements at December 31, 2019 Level 1 Level 2 Level 3 Assets Cash $ 346,260 $ - $ - Marketable securities - - - Total Assets 346,260 - - Liabilities Total Liabilities - - - $ 346,260 $ - $ - Fair Value Measurements at December 31, 2018 Level 1 Level 2 Level 3 Assets Cash $ 555,029 $ - $ - Marketable securities 771 - - Total Assets 555,800 - - Liabilities Total Liabilities - - - $ 555,800 $ - $ - |
Marketable Securities
Marketable Securities | 12 Months Ended |
Dec. 31, 2019 | |
Marketable Securities | |
Note 4 - Marketable Securities | The Company owns marketable securities (common stock) as outlined below: Balance, December 31, 2018 $ 771 Disbursements (771 ) Balance, December 31, 2019 $ - The Company classifies it’s marketable securities as available for sale. During year ended December 31, 2019, the Company sold 10 shares of Ablemarle Corporation held using the cost basis for cash proceeds of $623 for a realized loss of $919. During the year ended December 31, 2019, the Company realized a loss on sale of marketable securities of $919 respectively. |
Prepaid Expenses
Prepaid Expenses | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Prepaid Expenses | ||
Note 5 - 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 | Prepaid expenses consisted of the following at December 31, 2019 and 2018: December 31, 2019 December 31, 2018 Bonds $ 9,381 $ 9,381 Transfer agent fees 11,123 13,124 Insurance - 6,935 Office Misc. - 6,000 Investor relations - 56,272 Total prepaid expenses $ 20,504 $ 91,712 |
Mineral Properties
Mineral Properties | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Mineral Properties | ||
Note 6 - 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. | 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. As at December 31, 2018, the Company had recorded $217,668 in acquisition costs related to the Yeehaw and Melissa properties. 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) As at December 31, 2018, 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 $159,859 as of December 31, 2018. 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 December 31, 2019, 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(1,600acres) $ 11,438 $ (11,438 ) $ 0 Cherryville/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 may earn 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 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 December 31, 2018, 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 | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Allowance for Optioned Properties | ||
Note 7 - 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. | 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 December 31, 2019, the Company has received $330,000 and 240,000 common shares (valued at $112,267) in relation to the option agreement. The $443,308 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, 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 December 31, 2018, 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 period 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 | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Capital Stock | ||
Note 8 - 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). | 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. Common Stock On January 22, 2018, the Company issued 200,000 shares gross proceeds of $7,000 pursuant to the exercise of stock options. On February 7, 2018, the Company issued 50,000 shares gross proceeds of $1,250 pursuant to the exercise of stock options. On February 28, 2018, the Company issued 500,000 shares for gross proceeds of $12,500 pursuant to the exercise of stock options. On February 28, 2018, the Company issued 400,000 at $0.365 shares per share as consideration for the Yeehaw and Melissa Properties (see Note 6). On March 7, 2018, the Company issued 1,324,000 common shares for gross proceeds of $90,300 pursuant to the exercise of warrants. On April 17, 2018, the Company issued 2,400,000 common shares for gross proceeds of $120,000 pursuant to the exercise of warrants. On July 20, 2018, the Company issued 500,000 common shares for gross proceeds of $22,500 pursuant to the exercise of stock options. On October 12, 2018, the Company issued 909,091 common shares for gross proceeds of $100,000. There were 95,651,644 shares of common stock issued and outstanding as of December 31, 2019 (2018: 95,651,644). Warrants On March 27, 2017, as part of the issuance of common stock, the Company issued 2,400,000 warrants exercisable at $0.05 for the first 12 months after closing and $0.075 for the following 12 months after closing. The fair value of the warrants has been measured at $86,180. The warrants vested six months after being granted. On July 31, 2017, as part of the issuance of common stock, the Company issued 1,900,000 warrants exercisable at $0.075 for 24 months after closing. The fair value of the warrants has been measured at $69,489. The warrants vested six months after being granted. During the year-ended December 31, 2018, the Company received proceeds of $210,300 from the exercise of warrants. The table below outlines the change in warrants for the years-ended December 31, 2019 and 2018: Number Balance, December 31, 2017 3,724,000 Exercised (3,724,000 ) Balance, December 31, 2018 and 2019 - |
Related Party Transactions
Related Party Transactions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Related Party Transactions | ||
Note 9 - 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). | The Company paid consulting fees totaling $120,000 to related parties for the year ended December 31, 2019 (2018: $120,000). |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Taxes | |
Note 10 - Income Taxes | As of December 31, 2019, the Company had net operating loss carry forwards of approximately $4,628,000 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 years ended December 31, 2019 and 2018: 2019 2018 Federal income tax benefit attributable to: Current operations $ 219,897 $ 537,475 Less: valuation allowance (219,897 ) (537,475 ) Net provision for Federal income taxes $ - $ - The cumulative tax effect at the expected rate of 21% (2018: 21%) of significant items comprising our net deferred tax amount is as follows at December 31, 2019 and 2018: December 31, 2019 December 31, 2018 Deferred tax asset attributable to: Net operating loss carryover $ 971,797 $ 925,619 Less: valuation allowance (971,797 ) (925,619 ) Net deferred tax asset $ - $ - Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry forwards of approximately $4,628,000 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. |
Commitment and Contingencies
Commitment and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitment and Contingencies | |
Note 11 - Commitment and Contingencies | From time to time, we may become involved in litigation relating to claims arising out of its operations in the normal course of business. We are not involved in any pending legal proceeding or litigation and, to the best of our knowledge, no governmental authority is contemplating any proceeding to which we area party or to which any of our properties is subject, which would reasonably be likely to have a material adverse effect on us, except for the following: On December 4, 2015 a claim was filed in the United States District Court, District of Nevada against a number of defendants both individually, and in their various capacities with different organizations or governmental departments. Included in the list of defendants was our Company and its president Tom Lewis, amongst others. This challenge was with respect to land in Tonopah, Nye County that is a part of the Hughes claim package, and the plaintiff alleged that the recorded title to the parcel of land, that comprises the Hughes claims here, was wrongfully changed by the County Recorder to Summa, LLC, a company which our Company holds a significant investment. Additionally the plaintiff alleged that the defendants, including the Company and its president engaged in racketeering, and were part of a conspiracy to fraudulently strip the lands from the plaintiff. Title had been legally changed pursuant to a prior court order issued by the United States District Court of Nevada, and the Company, its president and all other defendants deny any wrongdoing. Dual identical actions were filed by the plaintiff at this time against the Company and the other defendants: the first mentioned above was filed in the United States District Court, District of Nevada, and the second case was filed in the Fifth Judicial District Court of Nevada in Nye County against an identical list of defendants. Tom Lewis was never legally served, and received notice in April 2016 that the Plaintiff was discontinuing its action against him. On May 3, 2016, the case in the Fifth Judicial District Court of Nevada was dismissed with prejudice, and the defendants, including the Company, were awarded legal fees and costs to be paid by the plaintiff, and the Judge was to decide whether Nevada’s Anti-Slapp legislation for frivolous actions applied in this matter. Should the Anti-Slapp portion of the co-Defendants petition be approved it could result in punitive damages of up to $10,000 for each Defendant. The plaintiff immediately appealed, and March 8, 2017 was set as the date to hear the appeal. On February 6, 2017, the United States District Court, District of Nevada dismissed with predjudice the case against the Company and the other defendants. On March 8, 2017 the Fifth Judicial District Court of Nevada dismissed the appeal stemming from May 3, 2016, and upheld the defendant’s right to costs, and pending submittal of additional costs for council to attend that hearing will make a written final ruling shortly with respect to costs, and the Anti-Slapp sanctions. At the same time a trial date was set for May 8, 2018 where the court will hear Summa’s petition for “Quiet Title” with respect to its Tonopah properties. On March 13, 2018 Summa was victorious in a “Quiet Title” ruling set out in the Fifth Judicial District Court where Judge Wanker ruled that Summa’s claim to title in the contested claims is superior to that of any other entity that has come forward with a claim to date. The Company is of the opinion that these actions were baseless and without merit, and intends to continue to vigorously defend our position as need be. |
Subsequent Events
Subsequent Events | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Subsequent Events | ||
Note 12 - 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. | The Company has analyzed its operations subsequent to December 31, 2019 through the date these financial statements were issued, and has determined that it does not have any material subsequent events to disclose other than those below. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
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. | 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. | 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. | 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. | 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. | 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 year ended December 31, 2019 or 2018. |
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. | 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. | 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. | 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. | 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. | 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 | Leases (Topic 842). The Company adopted the standard effective January 1, 2019. The standard allows a number of optional practical expedients to use for transition. The Company choose the certain practical expedients allowed under the transition guidance which permitted us to not to reassess any existing or expired contracts to determine if they contain embedded leases, to not to reassess our lease classification on existing leases, to account for lease and non-lease components as a single lease component for equipment leases, and whether initial direct costs previously capitalized would qualify for capitalization under FASB ASC 842. The new standard also provides practical expedients and recognition exemptions for an entity’s ongoing accounting policy elections. The Company has elected the short-term lease recognition for all leases that qualify, which means that we do not recognize a ROU asset and lease liability for any lease with a term of twelve months or less. The most significant impact of adopting the standard was the recognition of ROU assets and lease liabilities for operating leases on the Company’s consolidated balance sheet but it did not have an impact on the Company’s consolidated statements of operations or consolidated statements of cash flows. The Company did not have a cumulative effect on adoption prior to January 1, 2019. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820), Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement. In June 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2018-07, Compensation-Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting In March 2018, the FASB issued ASU No. 2018-05, Income Taxes (Topic 740) - Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118 In February 2018, the FASB issued ASU No. 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income In July 2017, the FASB issued ASU 2017-11, Earnings Per Share (Topic 260), Distinguishing Liabilities from Equity (Topic 480) and Derivatives and Hedging (Topic 815): I. Accounting for Certain Financial Instruments with Down Round Features; II. Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Non-Controlling Interests with a Scope Exception. Distinguishing Liabilities from Equity, In May 2017, the FASB issued ASU 2017-09, Compensation-Stock Compensation (Topic 718): Scope of Modification Accounting In January 2017, the FASB issued ASU No. 2017-4, Intangibles – Goodwill and Other (Topic 350): “Simplifying the Test for Goodwill Impairment. In January 2017, the FASB issued ASU No. 2017-1, Business Combinations (Topic 805): Clarifying the Definition of a Business. |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Fair Value of Financial Instruments | ||
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 $ - $ - | Fair Value Measurements at December 31, 2019 Level 1 Level 2 Level 3 Assets Cash $ 346,260 $ - $ - Marketable securities - - - Total Assets 346,260 - - Liabilities Total Liabilities - - - $ 346,260 $ - $ - Fair Value Measurements at December 31, 2018 Level 1 Level 2 Level 3 Assets Cash $ 555,029 $ - $ - Marketable securities 771 - - Total Assets 555,800 - - Liabilities Total Liabilities - - - $ 555,800 $ - $ - |
Marketable Securities (Tables)
Marketable Securities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Marketable Securities | |
Schedule for marketable securities | Balance, December 31, 2018 $ 771 Disbursements (771 ) Balance, December 31, 2019 $ - |
Prepaid Expenses (Tables)
Prepaid Expenses (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
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 | December 31, 2019 December 31, 2018 Bonds $ 9,381 $ 9,381 Transfer agent fees 11,123 13,124 Insurance - 6,935 Office Misc. - 6,000 Investor relations - 56,272 Total prepaid expenses $ 20,504 $ 91,712 |
Mineral Properties (Tables)
Mineral Properties (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Mineral Properties | ||
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 | The Company has staked claims with various registries as summarized below: Name Claims Cost Impairment Net Carry Value San Emidio 20(1,600acres) $ 11,438 $ (11,438 ) $ 0 Cherryville/BC Sugar 8019.41(hectares) $ 21,778 (21,778 ) $ 0 |
Capital Stock (Tables)
Capital Stock (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Capital Stock | |
Schedule of change in warrants | Number Balance, December 31, 2017 3,724,000 Exercised (3,724,000 ) Balance, December 31, 2018 and 2019 - |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Taxes | |
Schedule provision for Federal income tax | 2019 2018 Federal income tax benefit attributable to: Current operations $ 219,897 $ 537,475 Less: valuation allowance (219,897 ) (537,475 ) Net provision for Federal income taxes $ - $ - |
Schedule of deferred tax assets | December 31, 2019 December 31, 2018 Deferred tax asset attributable to: Net operating loss carryover $ 971,797 $ 925,619 Less: valuation allowance (971,797 ) (925,619 ) Net deferred tax asset $ - $ - |
Going Concern (Details Narrativ
Going Concern (Details Narrative) - USD ($) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Going Concern | ||||
Working capital | $ (223,568) | $ (350,555) | $ (192,018) | |
Net Cash Used in Operating Activities | $ (124,470) | $ (135,732) | $ (967,255) | $ (393,594) |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 |
Fair Value, Inputs, Level 1 [Member] | |||
Cash | $ 346,260 | $ 221,790 | $ 555,029 |
Marketable securities | 0 | 0 | 771 |
Total Assets | 346,260 | 221,790 | 555,800 |
Total Liabilities | 0 | 0 | 0 |
Total | 346,260 | 221,790 | 555,800 |
Fair Value, Inputs, Level 2 [Member] | |||
Cash | 0 | 0 | 0 |
Marketable securities | 0 | 0 | 0 |
Total Assets | 0 | 0 | 0 |
Total Liabilities | 0 | 0 | 0 |
Total | 0 | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | |||
Cash | 0 | 0 | 0 |
Marketable securities | 0 | 0 | 0 |
Total Assets | 0 | 0 | 0 |
Total Liabilities | 0 | 0 | 0 |
Total | $ 0 | $ 0 | $ 0 |
Marketable Securities (Details)
Marketable Securities (Details) | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Marketable Securities | |
Balance, December 31, 2018 | $ 771 |
Disbursements | (771) |
Balance, September 30, 2019 | $ 0 |
Marketable Securities (Details
Marketable Securities (Details Narrative) - 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 | Dec. 31, 2018 | |
Loss on sale of marketable securities | $ 0 | $ 0 | $ 0 | $ (919) | $ (919) | $ 54,133 |
Cash from properties | $ 0 | $ 623 | 623 | $ 100,133 | ||
Ablemarle Corporation [Member] | ||||||
Loss on sale of marketable securities | $ (919) | |||||
Sales of marketable securities | 10 | |||||
Cash from properties | $ 623 |
Prepaid Expenses (Details)
Prepaid Expenses (Details) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Prepaid Expenses | |||
Bonds | $ 9,381 | $ 9,381 | $ 9,381 |
Transfer agent fees and filing fees | 3,000 | 11,123 | 13,124 |
Insurance | 0 | 6,935 | |
Office Misc. | 6,000 | ||
Investor relations | 1,598 | 0 | 56,272 |
Total prepaid expenses | $ 13,979 | $ 20,504 | $ 91,712 |
Mineral Properties (Details)
Mineral Properties (Details) | 9 Months Ended | ||
Sep. 30, 2020USD ($)ainteger | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Net Carry Value | $ 0 | $ 377,663 | |
San Emidio [Member] | |||
Claims | integer | 20 | ||
Area of staked properties | a | 1,600 | ||
Cost | $ 11,438 | ||
Impairment | 11,438 | ||
Net Carry Value | $ 0 | ||
Cherryville/ 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 |
Net carrying value | $ 0 | $ 377,663 | ||||
On March 1, 2017 [Member] | Amended [Member] | ||||||
Payment for common shares anniversary | 400,000 | |||||
Fish Lake Property [Member] | ||||||
Net carrying value | 159,859 | |||||
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 | 0.80% | 1.00% | ||||
Allowance properties | $ 159,859 | |||||
Amount paid for acquisition | $ 300,000 | 350,000 | ||||
Impairment | 276,908 | |||||
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 | 0.20% | |||||
Cost of remaining interest in property | $ 1,000,000 | |||||
Percentage NSR on property retained | 0.025% | |||||
Percentage of property sold | 1.00% | |||||
Amount received | $ 330,000 | $ 330,000 | ||||
Number of shares received | 240,000 | 240,000 | ||||
Carrying value of shares received | $ 112,267 | $ 112,267 | ||||
Value of liability recorded | 443,308 | 443,308 | ||||
Acquisition costs | 436,764 | |||||
Property returned by purchaser and recorded into income | $ 443,308 | 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 earnedmay earn an 80% interest in the property for payments of $100,000, 30,000 shares (post 10:1 rollback and 2:1 split | |||||
Ownership interest | 0.80% | |||||
Amount paid for acquisition | $ 100,000 | |||||
Estimated work to be performed over the next three years | $ 600,000 | |||||
Percentage of remaining interest in property | 0.20% | |||||
Cost of remaining interest in property | $ 1,000,000 | |||||
Percentage NSR on property retained | 0.025% | |||||
Percentage of property sold | 1.00% | |||||
Amount received | $ 100,000 | $ 100,000 | ||||
Number of shares received | 40,000 | 40,000 | ||||
Carrying value of shares received | $ 102,901 | $ 102,901 | ||||
Value of liability recorded | 202,901 | 202,901 | ||||
Property returned by purchaser and recorded into income | 202,901 | 202,901 | ||||
Yeehaw And Melissa Properties [Member] | ||||||
Acquisition costs | $ 217,668 | $ 217,668 | ||||
Payment to Net Smelter Return properties | $ 500,000 | |||||
Yeehaw And Melissa Properties [Member] | On March 17, 2017 [Member] | ||||||
Number of shares issued | 1,000,000 | |||||
Percentage of Net Smelter Return | 0.01% |
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 |
San Emidio [Member] | |||||
Ownership interest | 0.80% | ||||
Amount paid for acquisition | $ 100,000 | ||||
Estimated work to be performed over the next three years | $ 600,000 | ||||
Percentage of remaining interest in property | 0.20% | ||||
Cost of remaining interest in property | $ 1,000,000 | ||||
Percentage NSR on property retained | 0.025% | ||||
Percentage of property sold | 1.00% | ||||
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 | $ 100,000 | |||
Number of shares received | 40,000 | 40,000 | |||
Carrying value of shares received | $ 102,901 | $ 102,901 | |||
Value of liability recorded | 202,901 | 202,901 | |||
Property returned by purchaser and recorded into income | $ 202,901 | ||||
Fish Lake Valley [Member] | |||||
Ownership interest | 0.80% | ||||
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 | 0.20% | ||||
Cost of remaining interest in property | $ 1,000,000 | ||||
Percentage NSR on property retained | 0.025% | ||||
Percentage of property sold | 1.00% | ||||
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 | $ 330,000 | |||
Number of shares received | 240,000 | 240,000 | |||
Carrying value of shares received | $ 113,308 | $ 112,267 | |||
Value of liability recorded | $ 443,308 | 443,308 | |||
Property returned by purchaser and recorded into income | $ 443,308 |
Capital Stock (Details)
Capital Stock (Details) | 12 Months Ended |
Dec. 31, 2019shares | |
Capital Stock | |
Balance, December 31, 2017 | 3,724,000 |
Exercised | (3,724,000) |
Balance, December 31, 2018 and 2019 |
Capital Stock (Details Narrativ
Capital Stock (Details Narrative) - USD ($) | Oct. 12, 2018 | Mar. 07, 2018 | Feb. 07, 2018 | Jul. 20, 2018 | Apr. 17, 2018 | Feb. 28, 2018 | Jan. 22, 2018 | Jul. 31, 2017 | Mar. 27, 2017 | Sep. 30, 2009 | Dec. 31, 2018 | Sep. 30, 2020 | Dec. 31, 2019 |
Common stock shares, authorized | 3,000,000,000 | 3,000,000,000 | 3,000,000,000 | ||||||||||
Common stock shares, issued | 95,651,644 | 95,651,644 | 95,651,644 | ||||||||||
Common stock shares, outstanding | 95,651,644 | 95,651,644 | 95,651,644 | ||||||||||
Common stock shares, par value | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||||
Forward stock split | 60-for-1 | ||||||||||||
Proceeds from exercise of warrants | $ 210,300 | ||||||||||||
Yeehaw and Melissa [Member] | |||||||||||||
Issuance of common stock shares | 400,000 | ||||||||||||
Consideration value per shares | $ 0.365 | ||||||||||||
Stock Option [Member] | |||||||||||||
Issuance of common stock shares | 909,091 | 50,000 | 500,000 | 500,000 | 200,000 | ||||||||
Proceeds for issuance of common stock | $ 100,000 | $ 1,250 | $ 22,500 | $ 12,500 | $ 7,000 | ||||||||
Warrant [Member] | |||||||||||||
Issuance of common stock shares | 1,324,000 | 2,400,000 | 1,900,000 | 2,400,000 | |||||||||
Proceeds for issuance of common stock | $ 90,300 | $ 120,000 | |||||||||||
Warrants exercisable per share for first twelve months after closing. | $ 0.05 | ||||||||||||
Warrants exercisable per share for the following twelve months after closing. | $ 0.075 | ||||||||||||
Fair Value adjustment of Warrants | $ 69,489 | $ 86,180 | |||||||||||
Warrants exercisable per share for twenty four months after closing | $ 0.075 |
Related Party Transactions (Det
Related Party Transactions (Detail Narrative) - 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 | Dec. 31, 2018 | |
Related Party Transactions | ||||||
Consulting fees | $ 18,000 | $ 25,000 | $ 58,500 | $ 85,000 | $ 107,500 | $ 124,000 |
Income Taxes (Details)
Income Taxes (Details) - 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 | Dec. 31, 2018 | |
Federal income tax benefit attributable to: | ||||||
Current operations | $ 219,897 | $ 537,475 | ||||
Less: valuation allowance | (219,897) | (537,475) | ||||
Net provision for Federal income taxes | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Income Taxes (Details 1)
Income Taxes (Details 1) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax asset attributable to: | ||
Net operating loss carryover | $ 971,797 | $ 925,619 |
Less: valuation allowance | (971,797) | (925,619) |
Net deferred tax asset | $ 0 | $ 0 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Income Taxes | ||
Net operating loss carry forwards | $ 4,628,000 | |
Net operating loss carry forwards expiration year | through 2033 | |
Percentage of cumulative tax effect at expected rate | 21.00% | 21.00% |
Commitment and Contingencies (D
Commitment and Contingencies (Details Narrative) | May 03, 2016 |
Commitment and Contingencies | |
Punitive damages, description | up to $10,000 for each Defendant |