Lithium (LTUM) 10-Q 18 Aug 23 2023 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2023	Aug. 14, 2023
Cover [Abstract]
Entity Registrant Name	LITHIUM CORPORATION
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	Jun. 30, 2023
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2023
Entity Common Stock Shares Outstanding		116,292,441
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	000-54332
Entity Incorporation State Country Code	NV
Entity Tax Identification Number	98-0530295
Entity Interactive Data Current	Yes
Entity Address Address Line 1	1031 Railroad St. Ste
Entity Address Address Line 2	102B
Entity Address City Or Town	Elko
Entity Address Postal Zip Code	89801
City Area Code	775
Local Phone Number	410-5287
Security 12b Title	Common Stock
Trading Symbol	LTUM
Entity Address State Or Province	NV

Balance Sheets

Balance Sheets - USD ($)	Jun. 30, 2023	Dec. 31, 2022
CURRENT ASSETS
Cash	$ 3,659,396	$ 3,576,911
Marketable securities	212,247	372,972
Deposits	700	700
Prepaid expenses	18,756	37,832
Total Current Assets	3,891,099	3,988,415
OTHER ASSETS
Equipment, net of accumulated depreciation	24,652	28,318
TOTAL ASSETS	3,915,751	4,016,733
CURRENT LIABILITIES
Accounts payable and accrued liabilities	4,687	5,598
Accounts payable and accrued liabilities - related party	20,811	25,718
Allowance for optioned properties	1,999,364	1,999,364
TOTAL CURRENT LIABILITIES	2,024,862	2,030,680
TOTAL LIABILITIES	2,024,862	2,030,680
STOCKHOLDERS' EQUITY
Common stock, 3,000,000,000 shares authorized, par value $0.001; 116,092,441 and 113,692,441 common shares outstanding, respectively	116,093	113,693
Additional paid in capital	8,823,724	8,571,524
Additional paid in capital - options	957,247	887,910
Additional paid in capital - warrants	369,115	369,115
Accumulated deficit	(8,375,290)	(7,956,189)
TOTAL STOCKHOLDERS' EQUITY	1,890,889	1,986,053
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 3,915,751	$ 4,016,733

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Balance Sheets
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	116,092,441	113,692,441

Statements of Operations (Unaud

Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statements of Operations (Unaudited)
REVENUE	$ 0	$ 0	$ 0	$ 0
OPERATING EXPENSES
Professional fees	24,023	32,431	35,526	42,313
Depreciation	1,833	1,833	3,666	3,666
Exploration expenses - related party	0	3,078	3,779	9,297
Exploration expenses	4,798	62,355	4,798	71,221
Consulting fees - related party	68,000	367,967	169,984	412,967
Consulting fees	12,800	384,480	65,953	389,730
Transfer agent and filing fees	4,812	10,634	13,198	17,227
Travel	1,511	3,692	2,596	6,825
General and administrative expenses	7,868	6,579	21,034	10,528
Writedown of mineral property	0	0	0	0
TOTAL OPERATING EXPENSES	125,645	873,049	320,534	963,774
LOSS FROM OPERATIONS	(125,645)	(873,049)	(320,534)	(963,774)
OTHER INCOME (EXPENSES)
Change in fair value of marketable securities	(49,773)	(400,605)	(151,448)	(55,005)
Other income	18,688	19,500	37,076	59,500
Gain (Loss) on sale of marketable securities	5,805	0	5,805	0
Other income - related party	0	0	10,000	0
TOTAL OTHER INCOME (EXPENSE)	(25,280)	(381,105)	(98,567)	4,495
LOSS BEFORE INCOME TAXES	(150,925)	(1,254,154)	(419,101)	(959,279)
PROVISION FOR INCOME TAXES	0	0	0	0
NET INCOME (LOSS)	$ (150,925)	$ (1,254,154)	$ (419,101)	$ (959,279)
NET LOSS PER SHARE: BASIC AND DILUTED	$ 0	$ (0.01)	$ 0	$ (0.01)
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED	115,907,826	105,861,672	115,176,419	104,990,784

Statements of Stockholders' Equ

Statements of Stockholders' Equity (Unaudited) - USD ($)	Total	Common Stock	Additional Paid-In Capital	Additional Paid-in Capital - Warrants	Additional Paid-in Capital - Options	Retained Earnings (Accumulated Deficit)
Balance, shares at Dec. 31, 2021		103,492,441
Balance, amount at Dec. 31, 2021	$ 1,057,180	$ 103,493	$ 6,925,724	$ 369,115	$ 191,513	$ (6,532,665)
Shares issued for cash, shares		1,600,000
Shares issued for cash, amount	334,000	$ 1,600	332,400	0	0	0
Net income	294,875	$ 0	0	0	0	294,875
Balance, shares at Mar. 31, 2022		105,092,441
Balance, amount at Mar. 31, 2022	1,686,055	$ 105,093	7,258,124	369,115	191,513	(6,237,790)
Balance, shares at Dec. 31, 2021		103,492,441
Balance, amount at Dec. 31, 2021	1,057,180	$ 103,493	6,925,724	369,115	191,513	(6,532,665)
Net income	(959,279)
Stock based compensation	696,397
Balance, shares at Jun. 30, 2022		107,092,441
Balance, amount at Jun. 30, 2022	1,571,498	$ 107,093	7,699,324	369,115	887,910	(7,491,944)
Balance, shares at Mar. 31, 2022		105,092,441
Balance, amount at Mar. 31, 2022	1,686,055	$ 105,093	7,258,124	369,115	191,513	(6,237,790)
Shares issued for cash, shares		2,000,000
Shares issued for cash, amount	443,200	$ 2,000	441,200	0	0	0
Net income	(1,254,154)	0	0	0	0	(1,254,154)
Stock based compensation	696,397	$ 0	0	0	696,397	0
Balance, shares at Jun. 30, 2022		107,092,441
Balance, amount at Jun. 30, 2022	1,571,498	$ 107,093	7,699,324	369,115	887,910	(7,491,944)
Balance, shares at Dec. 31, 2022		113,692,441
Balance, amount at Dec. 31, 2022	1,986,053	$ 113,693	8,571,524	369,115	887,910	(7,956,189)
Shares issued for cash, shares		2,200,000
Shares issued for cash, amount	235,400	$ 2,200	233,200	0	0	0
Net income	(268,176)	0	0	0	0	(268,176)
Stock based compensation	69,337	$ 0	0	0	69,337	0
Balance, shares at Mar. 31, 2023		115,892,441
Balance, amount at Mar. 31, 2023	2,022,614	$ 115,893	8,804,724	369,115	957,247	(8,224,365)
Balance, shares at Dec. 31, 2022		113,692,441
Balance, amount at Dec. 31, 2022	1,986,053	$ 113,693	8,571,524	369,115	887,910	(7,956,189)
Net income	(419,101)
Stock based compensation	69,337
Balance, shares at Jun. 30, 2023		231,984,882
Balance, amount at Jun. 30, 2023	1,890,889	$ 116,093	8,823,724	369,115	957,247	(8,375,290)
Balance, shares at Mar. 31, 2023		115,892,441
Balance, amount at Mar. 31, 2023	2,022,614	$ 115,893	8,804,724	369,115	957,247	(8,224,365)
Shares issued for cash, shares		200,000
Shares issued for cash, amount	19,200	$ 200	19,000	0	0	0
Net income	(150,925)	$ 0	0	0	0	(150,925)
Balance, shares at Jun. 30, 2023		231,984,882
Balance, amount at Jun. 30, 2023	$ 1,890,889	$ 116,093	$ 8,823,724	$ 369,115	$ 957,247	$ (8,375,290)

Statements of Cash Flows (Unaud

Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) for the period	$ (419,101)	$ (959,279)
Adjustment to reconcile net income (loss) to net cash used in operating activities
Change in fair value of marketable securities	151,448	55,005
Depreciation	3,666	3,666
Stock based compensation	69,337	696,397
Gain on sale of marketable securities	(5,805)	0
Changes in assets and liabilities:
(Increase) Decrease in prepaid expenses	19,076	4,385
Increase (decrease) in accounts payable and accrued liabilities	(5,818)	11,057
Net Cash (Used in) Operating Activities	(187,197)	(188,769)
CASH FLOWS FROM INVESTING ACTIVITY:
Cash from property agreements	0	65,000
Cash from sale of marketable securities	15,082	0
Purchase of equipment	0	(35,650)
Net Cash Provided by Investing Activities	15,082	29,350
CASH FLOWS FROM FINANCING ACTIVITY:
Shares issued for cash	254,600	777,200
Net Cash Provided by Finanicng Activity	254,600	777,200
Increase (Decrease) in cash	82,485	617,781
Cash, beginning of period	3,576,911	2,243,121
Cash, end of period	3,659,396	2,860,902
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest	0	0
Cash paid for income taxes	0	0
NON CASH TRANSACTIONS
Marketable securities received as consideration for mineral property	$ 0	$ 0

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2023
Summary of Significant Accounting Policies
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. Such estimates include the useful life of equipment and inputs related to the calculation of the fair value of stock options. Actual results could differ from those estimates. Revenue Recognition The Company recognizes revenues under 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. Research and Development Research and development costs are expensed as incurred. During the three and six months ended June 30, 2023 and 2022, the Company did not have any research and development costs. Advertising Costs Advertising costs are expensed as incurred. During three and six months ended June 30, 2023 and 2022, the Company did not have any advertising costs. 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, represented by 3,700,000 stock options outstanding at June 30, 2023 (December 31, 2022: 3,700,000), is excluded 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 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. The Company does not expect that recent accounting pronouncements or changes in accounting pronouncements during the three and six months ended June 30, 2023, are of significance or potential significance to the Company.

Going Concern

Going Concern	6 Months Ended
	Jun. 30, 2023
Going Concern
Going Concern	Note 2 – Going Concern As reflected in the accompanying financial statements, the Company has used $187,197 (2022: $188,769) of cash in operations for the six months ended June 30, 2023. 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	6 Months Ended
	Jun. 30, 2023
Fair Value of Financial Instruments
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 June 30, 2023 and December 31, 2022, respectively: Fair Value Measurements at June 30, 2023 Level 1 Level 2 Level 3 Assets Cash $ 3,659,396 $ - $ - Marketable securities 212,247 - - Total Assets 3,871,643 - - Liabilities Total Liabilities - - - $ 3,871,643 $ - $ - Fair Value Measurements at December 31, 2022 Level 1 Level 2 Level 3 Assets Cash $ 3,576,911 $ - $ - Marketable securities 372,972 - - Total Assets 3,949,883 - - Liabilities Total Liabilities - - - $ 3,949,883 $ - $ -

Marketable Securities

Marketable Securities	6 Months Ended
	Jun. 30, 2023
Marketable Securities
Marketable Securities	Note 4 – Marketable Securities The Company owns marketable securities (common stock) as outlined below: Balance, December 31, 2022 $ 372,972 Fair value adjustment (151,448 ) Disposals (9,277 ) Balance, June 30, 2023 $ 212,247 The Company classifies it’s marketable securities as available for sale. During the year ended December 31, 2022, the Company received 7,050,000 common shares from a related party with a value of $126,697 related to the option of the Fish Lake Property. During the three and six months ended June 30, 2023, the Company disposed marketable securities with a cost of $9,277 for proceeds of $15,083 resulting in a gain of $5,805.

Prepaid Expenses

Prepaid Expenses	6 Months Ended
	Jun. 30, 2023
Prepaid Expenses
Prepaid Expenses	Note 5 - Prepaid Expenses Prepaid expenses consisted of the following at June 30, 2023 and December 31, 2022: June 30, 2023 December 31, 2022 Professional fees $ 4,500 $ 4,500 Other 7,269 14,918 Transfer agent fees 6,987 18,413 Total prepaid expenses $ 18,756 $ 37,832

Capital Stock

Capital Stock	6 Months Ended
	Jun. 30, 2023
Capital Stock
Capital Stock	Note 6 - Capital Stock The Company is authorized to issue 3,000,000,000 shares of it $0.001 par value common stock. Common Stock During the year-ended December 31, 2022, the Company issued 10,200,000 common shares for proceeds of $1,656,000. During the six months ended June 30, 2023, the Company issued 2,400,000 common shares for proceeds of $254,600.

Stock Options

Stock Options	6 Months Ended
	Jun. 30, 2023
Stock Options
Stock Options	Note 7 – Stock Options On May 26, 2022, the Company granted 3,700,000 stock options with an exercise price of $0.22, a term of 5 years and vest immediately. These options were vested on the date of grant and resulted in stock-based compensation of $696,397. Of the options granted, 1,600,000 were granted to 4 related parties including officers and directors and 2,100,000 were granted to 15 consultants of the Company. On January 24, 2023, the exercise price of the options was amended to $0.10 per share resulting in a $69,337 stock-based compensation expense for the six months ended June 30, 2023. As of June 30, 2023, no stock options have been exercised. The fair value of options granted during the year ended December 31, 2022 were determined using the Black Scholes method with the following assumptions: June 30, 2023 Risk free interest rate 3.58 % Stock volatility factor 101%-114 % Weighted average expected life of options 1.8-4.3 years Expected dividend yield 0 % A summary of the Company’s stock option activity and related information follows: Six Months Ended June 30, 2023 Six Months Ended June 30, 2022 Options Weighted Average Exercise Price Options Weighted Average Exercise Price Outstanding, beginning of period 3,700,000 $ 0.22 - - Granted - - 3,700,000 $ 0.22 Repricing - (0.12 ) - - Outstanding, end of period 3,700,000 $ 0.10 3,700,000 $ 0.22 As of June 30, 2023, the intrinsic value of the stock options was approximately $0. Stock option expense for the six months ended June 30, 2023 was $69,337 (2022: $777,200). The following table summarizes the stock options outstanding at June 30, 2023: Issue Date Number Price Expiry Date Outstanding at June 30, 2023 Weighted Average Remaining Contractual Life (in years) May 26, 2022 3,700,000 $ 0.10 May 26, 2027 3,700,000 3.85

Mineral Properties

Mineral Properties	6 Months Ended
	Jun. 30, 2023
Mineral Properties
Mineral Properties	Note 8 – Mineral Properties Fish Lake Valley On April 29, 2021 we signed a Letter Of Intent (LOI) with Morella Corporation (formerly Altura Mining Limited) an Australian Lithium explorer and developer, and related party, whereby Morella can earn a 60% interest in the Fish Lake Valley property by paying the Company $675,000, issuing the equivalent of $500,000 worth of Altura stock, and expending $2,000,000 of exploration work in the next four years. To date Morella Corporation has paid $250,000 and issued 28,176,951 common shares with a fair value of $1,456,407. The Letter of Intent was signed with a purchaser that has a common director as the Company. San Emidio On September 16 th North Big Smokey On May 24, 2022 the Company signed a Letter Of Intent (LOI) with Morella Corporation, an Australian Lithium explorer and developer, and related party, whereby Morella can earn a 60% interest in the Big North Smokey property by issuing the equivalent of $500,000 worth of Morella Corporation stock, and expending $1,000,000 of exploration work in the next four years. To date Morella Corporation has paid $65,000 and issued 7,050,000 common shares with a fair value of $126,697. The Letter of Intent was signed with a purchaser that has a common director as the Company.

Allowance for Optioned Properti

Allowance for Optioned Properties	6 Months Ended
	Jun. 30, 2023
Allowance for Optioned Properties
Allowance for Optioned Properties	Note 9 – Allowance for Optioned Properties Fish Lake Valley On October 21, 2021 we signed an agreement with Morella Corporation, an Australian Lithium explorer and developer, and related entity whereby Morella Corporation can earn a 60% interest in the Fish Lake Valley property by paying the Company $675,000, issuing the equivalent of $500,000 worth of Altura stock, and expending $2,000,000 of exploration work in the next four years. As of June 30, 2023, the Company has received $250,000 and received 35,226,951 common shares with a fair value of $1,456,407 in relation to the letter of intent. The Company recorded $1,706,407 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. The agreement was signed with a purchaser that has a common director as the Company. San Emidio On September 16, 2021, the Company entered into a Letter of Intent with respect to the San Emidio Property whereby the optionor will pay $50,000 on signing (received) and issue 200,000 common shares within 5 days of closing. As of June 30, 2023, the Company has received $50,000 and 200,000 common shares, valued at $51,260, in relation to the letter of intent. The Company recorded $101,260 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. North Big Smokey On May 24, 2022 the Company signed a Letter Of Intent (LOI) with Morella Corporation, an Australian Lithium explorer and developer, and related party, whereby Morella can earn a 60% interest in the Big North Smokey property by issuing the equivalent of $500,000 worth of Morella Corporation stock, and expending $1,000,000 of exploration work in the next four years. To date Morella Corporation has paid $65,000 and received 7,050,000 common shares with a fair value of $126,697. The Company recorded $191,697 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. The Letter of Intent was signed with a purchaser that has a common director as the Company.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2023
Related Party Transactions
Related Party Transactions	Note 10 – Related Party Transactions For the three and six months ended June 30, 2023, the Company paid cash consulting fees totaling $68,000 and $140,000 (2022: $45,000 and $90,000), respectively, to related parties and non-cash stock option compensation expenses of $Nil and $29,984 ($322,966 and $322,966) to related parties. The Company paid exploration fees totaling $0 and $3,779 to related parties for the three and six months ended June 30, 2023 (2022: $3,078 and $9,297). The Company paid rent fees totaling $1,500 and $3,000 to related parties for the three and six months ended June 30, 2023 (2022: $1,500 and $3,000). As at June 30, 2023, the Company had $20,811 owing to related parties (December 31, 2022: $25,718). During the six months ended June 30, 2023, the company received $10,000 (2022: $Nil) in distributions from Summa, LLC, a Limited Liability Corporation with some shared management. The Company holds a 25% investment in Summa LLC. The investment was written off in 2016 as there was significant doubt about the fair value of the investment in the period. During the year ended December 31, 2022, the Company received $65,000 and received 7,050,000 common shares with a fair value of $126,697 from a related party through common directors in relation to the letter of intent signed in relation to the North Big Smokey Property. See notes 4, 7 and 8. During the year ended December 31, 2022, the Company received $150,000 and 35,226,951 common shares from a related party through common directors with a fair value of $1,456,407 in relation to the agreement signed in relation to the Fish Lake property. See note 4, 7 and 8.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2023
Commitments and contingencies
Commitments and Contingencies	Note 12 – Commitments and Contingencies On July 1, 2021, the Company signed a rental agreement with a related party for office and storage space. The rental agreement is on a month-to-month basis for a monthly fee of $500 with no escalating payments. As the Company cannot determine the amount of time it will stay in the lease then a lease period cannot be determined and, as such, the agreement does not fall under ASC 842. From time to time, we may be involved in routine legal proceedings, as well as demands, claims and threatened litigation that arise in the normal course of our business. The ultimate amount of liability, if any, for any claims of any type (either alone or in the aggregate) may materially and adversely affect our financial condition, results of operations and liquidity. In addition, the ultimate outcome of any litigation is uncertain. Any outcome, whether favorable or unfavorable, may materially and adversely affect us due to legal costs and expenses, diversion of management attention and other factors. We expense legal costs in the period incurred. We cannot assure you that additional contingencies of a legal nature or contingencies having legal aspects will not be asserted against us in the future, and these matters could relate to prior, current or future transactions or events. As of December 31, 2022, there were no pending or threatened litigation against the Company.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2023
Subsequent Events
Subsequent Events	Note 13 – Subsequent Events The Company has analyzed its operations subsequent to June 30, 2023 through the date these financial statements were issued, and has determined that it does not have any material subsequent events.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
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. Such estimates include the useful life of equipment and inputs related to the calculation of the fair value of stock options. Actual results could differ from those estimates.
Revenue Recognition	The Company recognizes revenues under 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.
Research and Development	Research and development costs are expensed as incurred. During the three and six months ended June 30, 2023 and 2022, the Company did not have any research and development costs.
Advertising Costs	Advertising costs are expensed as incurred. During three and six months ended June 30, 2023 and 2022, the Company did not have any advertising costs.
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, represented by 3,700,000 stock options outstanding at June 30, 2023 (December 31, 2022: 3,700,000), is excluded 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	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. The Company does not expect that recent accounting pronouncements or changes in accounting pronouncements during the three and six months ended June 30, 2023, are of significance or potential significance to the Company.

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2023
Fair Value of Financial Instruments
Schedule of the valuation of financial instruments measured at fair value on a recurring basis	Fair Value Measurements at June 30, 2023 Level 1 Level 2 Level 3 Assets Cash $ 3,659,396 $ - $ - Marketable securities 212,247 - - Total Assets 3,871,643 - - Liabilities Total Liabilities - - - $ 3,871,643 $ - $ - Fair Value Measurements at December 31, 2022 Level 1 Level 2 Level 3 Assets Cash $ 3,576,911 $ - $ - Marketable securities 372,972 - - Total Assets 3,949,883 - - Liabilities Total Liabilities - - - $ 3,949,883 $ - $ -

Marketable Securities (Tables)

Marketable Securities (Tables)	6 Months Ended
	Jun. 30, 2023
Marketable Securities
Schedule of Marketable Securities	Balance, December 31, 2022 $ 372,972 Fair value adjustment (151,448 ) Disposals (9,277 ) Balance, June 30, 2023 $ 212,247

Prepaid Expenses (Tables)

Prepaid Expenses (Tables)	6 Months Ended
	Jun. 30, 2023
Prepaid Expenses
Schedule of prepaid expenses	June 30, 2023 December 31, 2022 Professional fees $ 4,500 $ 4,500 Other 7,269 14,918 Transfer agent fees 6,987 18,413 Total prepaid expenses $ 18,756 $ 37,832

Stock Options (Tables)

Stock Options (Tables)	6 Months Ended
	Jun. 30, 2023
Stock Options
Schedule of assumptions used to value stock options	June 30, 2023 Risk free interest rate 3.58 % Stock volatility factor 101%-114 % Weighted average expected life of options 1.8-4.3 years Expected dividend yield 0 %
Schedule of stock options activity	Six Months Ended June 30, 2023 Six Months Ended June 30, 2022 Options Weighted Average Exercise Price Options Weighted Average Exercise Price Outstanding, beginning of period 3,700,000 $ 0.22 - - Granted - - 3,700,000 $ 0.22 Repricing - (0.12 ) - - Outstanding, end of period 3,700,000 $ 0.10 3,700,000 $ 0.22
Schedule of stock options outstanding	Issue Date Number Price Expiry Date Outstanding at June 30, 2023 Weighted Average Remaining Contractual Life (in years) May 26, 2022 3,700,000 $ 0.10 May 26, 2027 3,700,000 3.85

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details Narrative) - shares	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Stock Option [Member]
Antidilutive shares	3,700,000	3,700,000

Going Concern (Details Narrativ

Going Concern (Details Narrative) - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Going Concern
Net Cash Used in Operating Activities	$ (187,197)	$ (188,769)

Fair Value of Financial Instr_3

Fair Value of Financial Instruments (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Marketable securities	$ 212,247	$ 372,972
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member]
Cash	3,659,396	3,576,911
Marketable securities	212,247	372,972
Total Assets	3,871,643	3,949,883
Liabilities	0	0
Total Liabilities	3,871,643	3,949,883
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member]
Cash	0	0
Marketable securities	0	0
Total Assets	0	0
Liabilities	0	0
Total Liabilities	0	0
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member]
Cash	0	0
Marketable securities	0	0
Total Assets	0	0
Liabilities	0	0
Total Liabilities	$ 0	$ 0

Marketable Securities (Details)

Marketable Securities (Details)	6 Months Ended
	Jun. 30, 2023 USD ($)
Marketable Securities
Marketable Securities, Beginning	$ 372,972
Fair value adjustment	(151,448)
Disposals	(9,277)
Marketable Securities, Ending	$ 212,247

Marketable Securities (Details

Marketable Securities (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Marketable securities gain	$ 5,805	$ 0	$ 5,805	$ 0
Proceeds from marketable securities			15,083
Disposals			$ (9,277)
Fish Lake Property [Member]
Common shares received, shares					7,050,000
Common shares received, amount					$ 126,697

Prepaid Expenses (Details)

Prepaid Expenses (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Prepaid Expenses
Professional fees	$ 4,500	$ 4,500
Other	7,269	14,918
Transfer agent fees	6,987	18,413
Total prepaid expenses	$ 18,756	$ 37,832

Capital Stock (Details Narrativ

Capital Stock (Details Narrative) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Capital Stock
Stock issued during period, shares	2,400,000	10,200,000
Common stock, shares, authorized	3,000,000,000	3,000,000,000
Stock issued during period, amount	$ 254,600	$ 1,656,000
Common stock, shares par value	$ 0.001	$ 0.001

Stock Options (Details)

Stock Options (Details)	6 Months Ended
	Jun. 30, 2023
Risk free interest rate	3.58%
Expected dividend yield	0%
Minimum [Member]
Stock volatility factor	101%
Weighted average expected life of options	1 year 9 months 18 days
Maximum [Member]
Stock volatility factor	114%
Weighted average expected life of options	4 years 3 months 18 days

Stock Options (Details 1)

Stock Options (Details 1) - $ / shares	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Stock Options
Options outstanding, beginning of year	3,700,000	0
Options granted	0	3,700,000
Options, Repricing	0	0
Options outstanding, end of year	3,700,000	3,700,000
Weighted average exercise price outstanding, beginning of year	$ 0.22	$ 0
Weighted average exercise price granted	0	0.22
Weighted Average Exercise Price, Repricing	(0.12)	0
Weighted average exercise price outstanding, end of year	$ 0.10	$ 0.22

Stock Options (Details 2)

Stock Options (Details 2) - $ / shares	1 Months Ended	6 Months Ended
	May 26, 2022	Jun. 30, 2023
Weighted Average Remaining Contractual Life	5 years
Stock Option [Member]
Weighted Average Remaining Contractual Life		3 years 10 months 6 days
Stock option issuance date		May 26, 2022
Number of share issued		3,700,000
Number of outstanding share		3,700,000
Stock option expire date		May 26, 2027
Stock option, price per share		$ 0.10

Stock Options (Details Narrativ

Stock Options (Details Narrative) - USD ($)	1 Months Ended	6 Months Ended
	May 26, 2022	Jun. 30, 2023	Jun. 30, 2022	Jan. 24, 2023
Intrinsic value of the stock options		$ 0
Stock option expenses		69,337	$ 777,200
Stock option term	5 years
Number of granted shares	3,700,000
Stock-based compensation		$ 69,337
Shares granted to related parties	1,600,000
4 Related Parties [Member]
Shares granted to related parties	1,600,000
15 Consultants [Member]
Shares granted to related parties	2,100,000
Stock Option [Member]
Stock option term		3 years 10 months 6 days
Exercise price	$ 0.22			$ 0.10

Mineral Properties (Details Nar

Mineral Properties (Details Narrative) - USD ($)	1 Months Ended				3 Months Ended		6 Months Ended		12 Months Ended
	May 24, 2022	Oct. 21, 2021	Sep. 16, 2021	Apr. 29, 2021	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Common shares issued, shares				28,176,951
Company paid				250,000
Initial amount paid on signing LOI					$ 250,000		$ 250,000
Expenditure in exploration					$ 4,798	$ 62,355	$ 4,798	$ 71,221
San Emidio [Member]
Common shares issued, shares			200,000				200,000
Initial amount paid on signing LOI			$ 50,000
Ownership percentage			80%
Common shares received, amount			$ 51,260
Fish Lake Property [Member]
Fair value of stock option									$ 1,456,407
Altura [Member] | Big North Smokey [Member]
Common shares issued, shares	7,050,000
Ownership percentage	60%
Expenditure in exploration	$ 1,000,000
Fair value of stock option	126,697
Amount paid for acquisition	65,000
Common stock issued, amount	$ 500,000
Altura [Member] | Fish Lake Property [Member]
Initial amount paid on signing LOI		$ 500,000		$ 500,000
Ownership percentage		60%		60%
Expenditure in exploration		$ 2,000,000		$ 2,000,000
Fair value of stock option				1,456,407
Amount paid for acquisition		$ 675,000		675,000
Common stock issued, amount				$ 500,000			$ 50,000

Allowance for Optioned Proper_2

Allowance for Optioned Properties (Details Narrative) - USD ($)	1 Months Ended				3 Months Ended		6 Months Ended		12 Months Ended
	May 24, 2022	Oct. 21, 2021	Sep. 16, 2021	Apr. 29, 2021	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Liability against the property	$ 191,697
Common shares issued, shares				28,176,951
Initial amount received on signing LOI					$ 250,000		$ 250,000
Expenditure in exploration					$ 1,706,407		$ 1,706,407
Common shares issued, shares					35,226,951		35,226,951
Expenditure in exploration					$ 4,798	$ 62,355	$ 4,798	$ 71,221
San Emidio [Member]
Common shares issued, shares			200,000				200,000
Initial amount received on signing LOI			$ 50,000
Ownership percentage			80%
Common shares received, amount			$ 50,000				$ 51,260
Fish Lake Property [Member]
Fair value of stock option									$ 1,456,407
Common shares received, amount									$ 126,697
Altura [Member] | Big North Smokey [Member]
Common shares issued, shares	7,050,000
Fair value of stock option	$ 126,697
Ownership percentage	60%
Expenditure in exploration	$ 1,000,000
Common stock issued, amount	500,000
Amount paid for acquisition	$ 65,000
Altura [Member] | Fish Lake Property [Member]
Initial amount received on signing LOI		$ 500,000		$ 500,000
Fair value of stock option				$ 1,456,407
Ownership percentage		60%		60%
Expenditure in exploration		$ 2,000,000		$ 2,000,000
Common stock issued, amount				500,000			50,000
Amount paid for acquisition		$ 675,000		$ 675,000
Surge Battery Metals [Member] | San Emidio [Member]
Liability against the property					$ 101,260		$ 101,260

Related Party Transactions (Det

Related Party Transactions (Detail Narrative) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Stock option compensation expenses	$ 0	$ 322,966	$ 29,984	$ 322,966
Consulting fees - related party	68,000	45,000	140,000	90,000
Owing to related parties	20,811		20,811		$ 25,718
Expenditure in exploration	0	3,078	3,779	9,297
Rent fees	$ 1,500	$ 1,500	3,000	3,000
Summa LLC [Member]
Other income			$ 10,000	$ 0
Company investment percentage			25%
North Big Smokey Property [Member]
Fair value of stock option					$ 126,697
Common share receive					7,050,000
Proceeds from related party					$ 65,000
Fish Lake Property [Member]
Fair value of stock option					$ 1,456,407
Common share receive					35,226,951
Proceeds from related party					$ 150,000

Commitments and Contingencies (

Commitments and Contingencies (Detail Narrative)	Jul. 01, 2021 USD ($)
Commitments and contingencies
Monthly rent	$ 500