Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2024 | May 29, 2024 | |
Cover [Abstract] | ||
Entity Registrant Name | Inception Mining Inc. | |
Entity Central Index Key | 0001416090 | |
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 | Mar. 31, 2024 | |
Entity Filer Category | Non-accelerated Filer | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2024 | |
Entity Common Stock Shares Outstanding | 2,638,874,873 | |
Entity File Number | 000-55219 | |
Entity Incorporation State Country Code | NV | |
Entity Tax Identification Number | 35-2302128 | |
Entity Address Address Line 1 | 5330 South 900 East | |
Entity Address Address Line 2 | Suite 280 | |
Entity Address City Or Town | Murray | |
Entity Address State Or Province | UT | |
Entity Address Postal Zip Code | 84117 | |
City Area Code | 801 | |
Local Phone Number | 312-8113 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Current Assets | ||
Cash and cash equivalents | $ 12 | $ 2 |
Prepaid expenses and other current assets | 5,611 | 10,000 |
Note receivable, net of allowance | 0 | 0 |
Total Current Assets | 5,623 | 10,002 |
Property, plant and equipment, net | 3,077 | 3,258 |
Right of use operating lease asset | 6,171 | 9,595 |
Other assets | 531 | 531 |
Total Assets | 15,402 | 23,386 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 1,423,057 | 1,332,038 |
Accrued interest - related parties | 7,719 | 0 |
Operating lease liability - current portion | 6,171 | 9,595 |
Note payable - current portion | 125,000 | 125,000 |
Notes payable - related parties | 930,208 | 32,895 |
Convertible notes payable - net of discount | 28,853 | 37,540 |
Derivative liabilities | 162,655 | 39,281 |
Total Current Liabilities | 683,663 | 1,576,349 |
Long-term notes payable - related parties, net of current portion | 10,300 | 868,618 |
Total Liabilities | 693,963 | 2,444,967 |
Commitments and Contingencies | 0 | 0 |
Preferred stock, $0.00001 par value; 10,000,000 shares authorized, 51 shares issued and outstanding | 1 | 1 |
Common stock, $0.00001 par value; 10,300,000,000 shares authorized, 2,638,874,873 shares issued and outstanding | 26,389 | 26,389 |
Additional paid-in capital | 26,465,611 | 26,465,611 |
Accumulated deficit | (29,170,562) | (28,913,582) |
Total Stockholders' Deficit | (2,678,561) | (2,421,581) |
Total Liabilities and Stockholders' Deficit | $ 15,402 | $ 23,386 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2024 | Dec. 31, 2023 |
Condensed Consolidated Balance Sheets | ||
Preferred stock, par value | $ 0.00001 | $ 0.00001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 51 | 51 |
Preferred stock, shares outstanding | 51 | 51 |
Common stock, par value | $ 0.00001 | $ 0.00001 |
Common stock, shares authorized | 10,300,000,000 | 10,300,000,000 |
Common stock, shares issued | 2,638,874,873 | 2,638,874,873 |
Common stock, shares outstanding | 2,638,874,873 | 2,638,874,873 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Operating Expenses | ||
General and administrative | $ 123,737 | $ 291,811 |
Depreciation and amortization | 181 | 179 |
Total Operating Expenses | 123,918 | 291,990 |
Loss from Operations | (123,918) | (291,990) |
Other Income/(Expenses) | ||
Change in derivative liability | (16,258) | 3,205,202 |
Initial derivative expense | (57,116) | 0 |
Loss on extinguishment of debt | 0 | 5,897,425 |
Interest expense | (59,668) | (183,976) |
Total Other Income/(Expenses) | (133,062) | 8,918,651 |
Net Income (Loss) from Operations before Income Taxes | (256,980) | 8,626,661 |
Provision for Income Taxes | 0 | 0 |
Net Income (Loss) from Continuing Operations | (256,980) | 8,626,661 |
Net Loss from Discontinued Operations | 0 | (497,581) |
Gain on Sale of Mine Property in Discontinued Operations | 0 | 7,154,653 |
Net Income from Discontinued Operations | 0 | 6,657,072 |
Net Income (Loss) | (256,980) | 15,283,733 |
Net Loss - Non-Controlling Interest | 0 | (13,671) |
Net Income (Loss) - Controlling Interest | $ (256,980) | $ 15,270,062 |
Net income (loss) per share - Continuing Operations - Basic and Diluted | $ 0 | $ 0.01 |
Net income (loss) per share - Discontinued Operations - Basic and Diluted | 0 | 0 |
Net income (loss) per share - Basic | 0 | 0.01 |
Net income (loss) per share - Diluted | $ 0 | $ 0 |
Weighted average number of shares outstanding during the period - Basic | 2,638,874,873 | 1,694,827,331 |
Weighted average number of shares outstanding during the period - Diluted | 2,638,874,873 | 431,989,839,251 |
Net Income (Loss) | $ (256,980) | $ 15,283,733 |
Other Comprehensive Income (Loss) | ||
Exchange differences arising on translating foreign operations | 0 | (86,472) |
Total Comprehensive Income (Loss) | $ (256,980) | $ 15,197,261 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (Deficit) (Unaudited) - USD ($) | Total | Common Stock | Preferred Stock | Additional Paid-In Capital | Retained Earnings (Accumulated Deficit) | Accumulated other comprehensive loss | Noncontrolling Interest |
Balance, shares at Dec. 31, 2022 | 244,634,016 | 51 | |||||
Balance, amount at Dec. 31, 2022 | $ (34,131,043) | $ 2,446 | $ 1 | $ 8,152,715 | $ (41,655,570) | $ (618,683) | $ (11,952) |
Shares issued for services, shares | 120,000,001 | ||||||
Shares issued for services, amount | 122,286 | $ 1,200 | 0 | 121,086 | 0 | 0 | 0 |
Shares issued with extinguishment of debt, shares | 2,117,097,999 | ||||||
Shares issued with extinguishment of debt, amount | 18,057,410 | $ 21,171 | 0 | 18,036,239 | 0 | 0 | 0 |
Effects of sale of mine property | 703,436 | 0 | 0 | 0 | 0 | 705,155 | (1,719) |
Foreign currency translation adjustment | (86,472) | 0 | 0 | 0 | 0 | (86,472) | 0 |
Net income for the period | 15,283,733 | $ 0 | $ 0 | 0 | 15,270,062 | 0 | 13,671 |
Balance, shares at Mar. 31, 2023 | 2,481,732,016 | 51 | |||||
Balance, amount at Mar. 31, 2023 | (50,650) | $ 24,817 | $ 1 | 26,310,040 | (26,385,508) | 0 | 0 |
Balance, shares at Dec. 31, 2023 | 2,638,874,873 | 51 | |||||
Balance, amount at Dec. 31, 2023 | (2,421,581) | $ 26,389 | $ 1 | 26,465,611 | (28,913,582) | 0 | 0 |
Net income for the period | (256,980) | $ 0 | $ 0 | 0 | (256,980) | 0 | 0 |
Balance, shares at Mar. 31, 2024 | 2,638,874,873 | 51 | |||||
Balance, amount at Mar. 31, 2024 | $ (2,678,561) | $ 26,389 | $ 1 | $ 26,465,611 | $ (29,170,562) | $ 0 | $ 0 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash Flows From Operating Activities: | ||
Net income for the period | $ (256,980) | $ 15,283,733 |
Net Income (Loss) from discontinued operations | 0 | 497,581 |
Gain on sale of mine property in discontinued operations | 0 | (7,154,653) |
Adjustments to reconcile net income (loss) to net cash used in operations | ||
Depreciation and amortization expense | 181 | 179 |
Common stock issued for services | 0 | 122,286 |
Loss on extinguishment of debt | 0 | (5,897,425) |
Change in derivative liability | 16,258 | 3,205,202 |
Initial derivative expense | 57,116 | 0 |
Expenses paid in behalf of the company by related party | 10,300 | 0 |
Amortization of right-of-use asset | 3,424 | 3,314 |
Amortization of debt discount | 37,190 | 15,643 |
Changes in operating assets and liabilities: | ||
Other receivables | 0 | 3,105,000 |
Prepaid expenses and other current assets | 4,389 | 988 |
Accounts payable and accrued liabilities | 87,595 | (44,620) |
Accounts payable and accrued liabilities - related parties | 7,719 | (1,421,586) |
Net Cash Provided By (Used In) Continuing Operations | (32,808) | 1,305,238 |
Net Cash Provided By (Used In) Discontinued Operations | 0 | (466) |
Net Cash Provided By (Used In) Operating Activities | (32,808) | 1,304,772 |
Cash Flows From Investing Activities: | ||
Investing activities of discontinued operations | 0 | (652) |
Net Cash Used In Investing Activities | 0 | (652) |
Cash Flows From Financing Activities: | ||
Repayment of notes payable-related parties | 0 | (39,000) |
Repayment of convertible notes payable | (45,877) | (1,246,480) |
Proceeds from notes payable-related parties | 28,695 | 6,408 |
Proceeds from convertible notes payable | 50,000 | 0 |
Net Cash Provided by Continuing Financing Activities | 32,818 | (1,279,072) |
Effects of exchange rate changes on cash | 0 | 1,105 |
Net Change in Cash | 10 | 26,153 |
Cash at Beginning of Period | 2 | 0 |
Cash at End of Period | 12 | 26,153 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | 5,117 | 146,248 |
Cash paid for taxes | 0 | 0 |
Supplemental disclosure of non-cash investing and financing activities: | ||
Note receivable acquired for sale of mine property | 0 | 5,700,000 |
Common stock issued for settlement of notes payable - related parties | 0 | 18,057,410 |
Recognition of debt discounts on convertible note payable | $ 63,250 | $ 0 |
Nature of Business
Nature of Business | 3 Months Ended |
Mar. 31, 2024 | |
Nature of Business | |
Nature of Business | 1. Nature of Business Inception Mining, Inc. (formerly known as Gold American Mining Corp.) was incorporated under the name of Golf Alliance Corporation and under the laws of the State of Nevada on July 2, 2007. Inception Mining, Inc. is a precious metal mineral acquisition, exploration and development company. Inception Development, Inc., its wholly owned subsidiary, was incorporated under the laws of the State of Idaho on January 28, 2013. Golf Alliance Corporation pursued its original business plan to provide opportunities for golfers to play on private golf courses normally closed to them due to the membership requirements of the private clubs. During the year ended July 31, 2010, the Company decided to redirect its business focus toward precious metal mineral acquisition and exploration. On March 5, 2010, the Company amended its articles of incorporation to (1) change its name to Silver America, Inc. and (2) increase its authorized common stock from 100,000,000 to 500,000,000. In 2020, the Company increased its authorized common stock from 500,000,000 to 800,000,000. In 2022, the Company increased its authorized common stock from 800,000,000 to 10,300,000,000. On June 23, 2010, the Company amended its articles of incorporation to change its name to Gold American Mining Corp. On November 21, 2012, the Company implemented a 200 to 1 reverse stock split. Upon effectiveness of the stock split, each shareholder canceled 200 shares of common stock for every share of common stock owned as of November 21, 2012. This reverse stock split was effective on February 13, 2013. All share and per share references have been retroactively adjusted to reflect this 200 to 1 reverse stock split in the financial statements and in the notes to financial statements for all periods presented, to reflect the stock split as if it occurred on the first day of the first period presented. On February 25, 2013, Gold American Mining Corp. and its majority shareholder (the “Majority Shareholder”), and its wholly owned subsidiary, Inception Development Inc. (the “Subsidiary”), entered into an Asset Purchase Agreement (the “Asset Purchase Agreement”) with Inception Resources, LLC, a Utah corporation (“Inception Resources”), pursuant to which Inception purchased the U.P. and Burlington Gold Mine in consideration of 16,000,000 shares of common stock of Inception, the assumption of promissory notes in the amount of $950,000 and the assignment of a 3% net royalty. Inception Resources was an entity owned by and under the control of the majority shareholder. This transaction was deemed an asset purchase by entities under common control. The Asset Purchase Agreement closed on February 25, 2013 (the “Closing”). Inception was a “shell company” (as such term is defined in Rule 12b-2 under the Securities Exchange Act of 1934, as amended) immediately prior to our acquisition of the gold mine pursuant to the terms of the Asset Purchase Agreement. As a result of such acquisition, the Company’s operations were then focused on the ownership and operation of the mine acquired from Inception Resources and the Company then ceased to be a shell company as it no longer has nominal operations. On February 21, 2020, the Company sold the Up & Burlington property and mineral rights to Ounces High Exploration, Inc. in exchange for $250,000 in cash consideration and 66,974,252 shares of common stock of Hawkstone Mining Limited, a publicly-trade Australian company. On May 17, 2013, the Company amended its articles of incorporation to change its name to Inception Mining, Inc. (“Inception” or the “Company”). On October 2, 2015, the Company consummated a merger with Clavo Rico Ltd. (“Clavo Rico”). Clavo Rico is a privately held Turks and Caicos company with principal operations in Honduras, Central America. Clavo Rico operates the Clavo Rico mining concession through its subsidiaries Compañía Minera Cerros del Sur, S.A de C.V. and Compañía Minera Clavo Rico, S.A. de C.V. and holds other mining concessions. Pursuant to the agreement, the Company issued 240,225,901 shares of common stock of Inception and assumed promissory notes in the amount of $5,488,980 and accrued interest of $3,434,426. Under this merger agreement, there was a change in control, and it was treated for accounting purposes as a reverse recapitalization with Clavo Rico, Ltd. being the surviving entity. Its workings include several historical underground operations dating back to the early Mayan and Spanish occupation. On January 11, 2016, the Company implemented a 5.5 to 1 reverse stock split. This reverse stock split was effective on May 26, 2016. All share and per share references have been retroactively adjusted to reflect this 5.5 to 1 reverse stock split in the financial statements and in the notes to financial statements for all periods presented, to reflect the stock split as if it occurred on the first day of the first period presented. Immediately before the Reverse Split, the Company had 266,669,980 shares of common stock outstanding. Immediately after the Reverse Split, the Company had 48,485,451 shares of common stock outstanding, pending fractional-share rounding-up calculations to adjust for the Reverse Split. On January 12, 2023, Inception Mining, Inc. (the “ Company Since the divestiture of the Clavo Rico Mine, the Company has been operating as a consultant and advisor to the mining industry, including to Mother Lode Mining, the new owner of the Clavo Rico mine. It also has an ongoing financial interest in the Clavo Rico Mine under the LOI, with monthly payments due through February 2025 that are secured by a net smelter royalty. COVID-19 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
Summary of Significant Accounting Policies | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Going Concern - Management is currently working to make changes that will result in profitable operations and to obtain additional funding sources to meet the Company’s need for cash during the next twelve months and beyond. Principles of Consolidation - Basis of Presentation - Condensed Financial Statements - In the opinion of management, all adjustments have been made consisting of normal recurring adjustments and consolidating entries, necessary to present fairly the consolidated financial position of the Company and subsidiaries as of March 31, 2024, the results of its consolidated statements of operations and comprehensive income (loss) for the three-month periods ended March 31, 2024 and 2023, its condensed consolidated statement of stockholders’ deficit and its consolidated cash flows for the three-month periods ended March 31, 2024 and 2023. The results of consolidated operations for the interim periods are not necessarily indicative of the results for the full year. Use of Estimates – Cash and Cash Equivalents - Settlement of Contracts in Company’s Equity– Fair Value Measurements - Fair value measurements do not include transaction costs. A fair value hierarchy is used to prioritize the quality and reliability of the information used to determine fair values. Categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fair value hierarchy is defined into the following three categories: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which all significant inputs are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3: Unobservable inputs to the valuation methodology that are significant to the measurement of fair value of assets or liabilities. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement is disclosed and is determined based on the lowest level input that is significant to the fair value measurement. The carrying value of the Company’s cash, accounts payable, short-term borrowings (including convertible notes payable), and other current assets and liabilities approximate fair value because of their short-term maturity. The fair value of financial instruments on March 31, 2024 are summarized below: Level 1 Level 2 Level 3 Total Debt derivative liabilities $ - $ - $ 47,574 $ 47,574 Total Liabilities $ - $ - $ 47,574 $ 47,574 The fair value of financial instruments on December 31, 2023 are summarized below: Level 1 Level 2 Level 3 Total Debt derivative liabilities $ - $ - $ 39,281 $ 39,281 Total Liabilities $ - $ - $ 39,281 $ 39,281 The Company recognizes its derivative liabilities as level 3 and values its derivatives using the methods discussed in Note 3. While the Company believes that its valuation methods are appropriate and consistent with other market participants, it recognizes that the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. The primary assumptions that would significantly affect the fair values using the methods discussed below are that of volatility and market price of the underlying common stock of the Company. Notes Receivable Long-Lived Assets - Properties, Plant and Equipment - Building 7 to 15 years Vehicles and equipment 3 to 7 years Processing and laboratory 5 to 15 years Furniture and fixtures 2 to 3 years Stock Issued for Goods and Services - Stock-Based Compensation - Income (Loss) per Common Share - The following tables summaries the changes in the net earnings per common share for the three-month periods ended March 31, 2024 and 2023: For the Three Months Ended Numerator March 31, 2024 March 31, 2023 Net Income (Loss) - Controlling Interest $ (256,980 ) $ 15,270,062 Gain on Extinguishment of Debt - (5,897,425 ) Interest Expense - 66,166 Change in Derivative Liabilities - (3,220,312 ) Adjusted Net Income (Loss) - Controlling Interest $ (256,980 ) $ 6,218,491 Denominator Shares Shares Basic Weighted Average Number of Shares Outstanding during Period 2,638,874,873 1,694,827,331 Dilutive Shares - 430,295,011,920 Diluted Weighted Average Number of Shares Outstanding during Period 2,638,874,873 431,989,839,251 Diluted Net Income (Loss) per Share $ (0.00 ) $ 0.00 Other Comprehensive Income (Loss) – Derivative Liabilities - Income Taxes - Deferred income taxes arise from temporary differences between the tax and financial statement recognition of revenue and expense. In evaluating the Company’s ability to recover its deferred tax assets, management considers all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies and recent financial operations. In projecting future taxable income, the Company develops assumptions including the amount of future state and federal pretax operating income, the reversal of temporary differences, and the implementation of feasible and prudent tax planning strategies. These assumptions require significant judgment about the forecasts of future taxable income and are consistent with the plans and estimates that the Company is using to manage the underlying businesses. The Company provides a valuation allowance for deferred tax assets for which the Company does not consider realization of such deferred tax assets to be more likely than not. Changes in tax laws and rates could also affect recorded deferred tax assets and liabilities in the future. Management is not aware of any such changes that would have a material effect on the Company’s results of operations, cash flows or financial position. Business Segments Operating Lease The supplemental balance sheet information related to the operating lease for the periods is as follows: March 31, 2024 December 31, 2023 Operating leases Long-term right-of-use assets $ 6,171 $ 9,595 Short-term operating lease liabilities $ 6,171 $ 9,595 Long-term operating lease liabilities - - Total operating lease liabilities $ 6,171 $ 9,595 Maturities of the Company’s undiscounted operating lease liabilities are as follows: The Company made cash payments of $3,732 and $3,987 for the three months ended March 31, 2024 and 2023, respectively. The Company incurred rent expense of $3,424 and $3,700 for the three months ended March 31, 2024 and 2023, respectively. Non-Controlling Interest Policy Recently Issued Accounting Pronouncements – |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Financial Instruments | |
Derivative Financial Instruments | 3. Derivative Financial Instruments The Company follows the guidance in ASC 825-10 which defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions, and risk of non-performance. ASC 825-10 establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The following table provides a summary of changes in fair value of the Company’s Level 3 financial liabilities as of March 31, 2024: Debt Derivative Liabilities Balance, December 31, 2023 $ 39,281 Transfers in upon initial fair value of derivative liabilities 107,116 Change in fair value of derivative liabilities 16,258 Balance, March 31, 2024 $ 162,655 Derivative Liabilities – At March 31, 2024, the Company marked to market the fair value of the debt derivatives and determined a fair value of $162,655. The Company recorded a loss from change in fair value of debt derivatives of $16,258 and an initial derivative expense of $57,116 for the period ended March 31, 2024. The fair value of the embedded derivatives was determined using the Monte Carlo Pricing Model. The Monte Carlo Pricing Model was based on the following assumptions: (1) dividend yield of 0%, (2) expected volatility of 435.2% (3) weighted average risk-free interest rate of 5.18% to 5.32% (4) expected life of 0.21 to 0.58 years, and (5) the quoted market price of the Company’s common stock at each valuation date. Based upon ASC 840-15-25 (EITF Issue 00-19, paragraph 11) the Company has adopted a sequencing approach regarding the application of ASC 815-40 to its outstanding convertible notes. Pursuant to the sequencing approach, the Company evaluates its contracts based upon earliest issuance date. |
Note Receivable
Note Receivable | 3 Months Ended |
Mar. 31, 2024 | |
Note Receivable | |
Note Receivable | 4. Note Receivable On January 12, 2023, Inception Mining, Inc. (the “ Company The purchase price for the sale of CMCS by the Company to MLM consisted of the following cash consideration (a) $280,000 was delivered by MLM to the Company on January 3, 2023 to pay outstanding debts owed by the Corporation; (b) $300,000 was delivered by MLM to the Company on January 5, 2023 to satisfy existing debts of the Company; (c) $100,000 was delivered by MLM to the Company on January 16, 2023; (d) $200,000 was delivered by MLM to the Company on January 17, 2023; (e) $1,200,000 was delivered by MLM to the Company on January 18, 2023, to pay a settlement amount for existing debt of the Company; (f) $500,000 was delivered by MLM to the Company on January 23, 2023, to satisfy existing debts of the Company; (g) $500,000 was delivered by MLM to the Corporation on January 24, 2023 to satisfy existing debts of the Corporation. In addition to the amounts already delivered under the LOI, an additional amount of $2,620,000 shall be paid by MLM to the Company over a period of twenty-four (24) months (the “Monthly Payments”). The Monthly Payments shall be paid as follows: (i) $25,000 due March 1, 2023, (ii) $50,000 due on the first day of each of April, May and June 2023, and (iii) $100,000 due on the first day of each month for the following twenty months, until February 1, 2025 at which point all amounts due and payable hereunder shall be delivered in a final balloon payment. The Company has received several payments leaving an outstanding balance of $2,219,442 as of March 31, 2024. MLM is currently $340,000 behind on payments. Outstanding balances and missed Monthly Payments will be secured by a 10% NSR on the Clavo Rico mine production until the Monthly Payments are delivered and the purchase price is paid in full. In addition to the Monthly Payments, the Company will receive a carried forward net profits interest royalty (“NPI”) of 5% on the Clavo Rico mine production until the total NPI paid to the Company is $1,000,000, subject to limited conditions. However, the Company has elected to create an allowance for doubtful collection of this note for the full outstanding balance of $2,219,442 as of March 31, 2024. The following table summarizes the note receivable of the Company as of March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 Note Receivable from Mother Load Mining, Inc. pursuant to a Letter of Intent dated effective January 12, 2023, in the original principal amount of $5,700,000, accruing no interest, with monthly payments beginning on March 31, 2023, maturing February 1, 2025. $ 2,219,442 $ 2,700,000 Less: Payments received - (480,558 ) Total Note Receivable outstanding 2,219,442 2,219,442 Less: Allowance for Doubtful Note Receivable (2,219,442 ) (2,219,442 ) Total Note Receivable $ - $ - |
Properties Plant and Equipment
Properties Plant and Equipment Net | 3 Months Ended |
Mar. 31, 2024 | |
Properties Plant and Equipment Net | |
Properties, Plant and Equipment, Net | 5. Properties, Plant and Equipment, Net Properties, plant and equipment at March 31, 2024 and December 31, 2023 consisted of the following: March 31, 2024 December 31, 2023 Machinery and Equipment $ 25,368 $ 25,368 Office Equipment and Furniture 1,627 1,627 26,995 26,995 Less Accumulated Depreciation (23,918 ) (23,737 ) Total Property, Plant and Equipment $ 3,077 $ 3,258 During the nine months ended March 31, 2024 and 2023, the Company recognized depreciation expense of $181 and $179, respectively. |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities | 3 Months Ended |
Mar. 31, 2024 | |
Accounts Payable and Accrued Liabilities | |
Accounts Payable and Accrued Liabilities | 6. Accounts Payable and Accrued Liabilities Accounts payable and accrued liabilities at March 31, 2024 and December 31, 2023 consisted of the following: March 31, 2024 December 31, 2023 Accounts Payable $ 368,111 $ 348,902 Accrued Liabilities 994,035 913,887 Accrued Salaries and Benefits 60,911 69,249 Total Accrued Liabilities $ 1,423,057 $ 1,332,038 |
Notes Payable
Notes Payable | 3 Months Ended |
Mar. 31, 2024 | |
Notes Payable | |
Notes Payable | 7. Notes Payable Notes payable were comprised of the following as of March 31, 2024 and December 31, 2023: Notes Payable March 31, 2024 December 31, 2023 Phil Zobrist $ 60,000 $ 60,000 Antczak Polich Law LLC 65,000 65,000 Total Notes Payable 125,000 125,000 Less Short-Term Notes Payable (125,000 ) (125,000 ) Total Long-Term Notes Payable $ - $ - Phil Zobrist Antczak Polich Law, LLC |
Notes Payable Related Parties
Notes Payable Related Parties | 3 Months Ended |
Mar. 31, 2024 | |
Notes Payable Related Parties | |
Notes Payable - Related Parties | 8. Notes Payable – Related Parties Notes payable – related parties were comprised of the following as of March 31, 2024 and December 31, 2023: Notes Payable - Related Parties Relationship March 31, 2024 December 31, 2023 Cluff-Rich PC 401K Affiliate - Controlled by Director 51,000 51,000 Debra D'ambrosio Immediate Family Member 484,208 455,513 Francis E. Rich Immediate Family Member 100,000 100,000 Pine Valley Investments Affiliate - Controlled by Significant Shareholder 295,000 295,000 Whit Cluff Affiliate - Director 10,300 - Total Notes Payable - Related Parties 940,508 901,513 Less Short-Term Notes Payable - Related Parties (930,208 ) (32,895 ) Total Long-Term Notes Payable - Related Parties $ 10,300 $ 868,618 Cluff-Rich PC 401K (Affiliate – Controlled by Director) – D. D’Ambrosio (Immediate Family Member of Director) – D. D’Ambrosio (Immediate Family Member of Director) – D. D’Ambrosio (Immediate Family Member of Director) – D. D’Ambrosio (Immediate Family Member of Director) – Francis E. Rich (Immediate Family Member of Director) – Pine Valley Investments, LLC (Affiliate – Controlled by Significant Shareholder) – Whit Cluff (Affiliate – Director) – Typically, any gains or losses on the extinguishment of debts are reported on the statement of operations. However, since all of the debts in this section are related parties, the gains or losses on the extinguishment of debts have been recorded as additional paid-in capital instead of gains or losses. |
Convertible Notes Payable
Convertible Notes Payable | 3 Months Ended |
Mar. 31, 2024 | |
Convertible Notes Payable | |
Convertible Notes Payable | 9. Convertible Notes Payable Convertible notes payable were comprised of the following as of March 31, 2024 and December 31, 2023: Convertible Notes Payable March 31, 2024 December 31, 2023 1800 Diagonal Lending $ 95,074 $ 77,701 Total Convertible Notes Payable 95,074 77,701 Less Unamortized Discount (66,221 ) (40,161 ) Total Convertible Notes Payable, Net of Unamortized Debt Discount 28,853 37,540 Less Short-Term Convertible Notes Payable (28,853 ) (37,540 ) Total Long-Term Convertible Notes Payable, Net of Unamortized Debt Discount $ - $ - 1800 Diagonal Lending LLC 1800 Diagonal Lending LLC |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2024 | |
Related Party Transactions | |
Related Party Transactions | 10. Related Party Transactions Consulting Agreement Mr. Cluff currently serves as a director of the Company and has a separate agreement as a consultant of the Company effective as of October 2, 2015. Employment Agreements Notes Payable – Accounts Payable – |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies | |
Commitments and Contingencies | 12. Commitments and Contingencies Litigation The Company at times is subject to other legal proceedings that arise in the ordinary course of business. The following is a summary of pending or threatened lawsuits that could reasonably be expected to have a material effect on the results of operations of the Company. On March 4, 2024, the Company filed a lawsuit against Mother Lode Mining, Inc., a Canadian company, and Robert Salna (the “Defendants"), alleging an amount of not less than $2,237,800 (plus interest, additional costs and attorneys’ fees) due from Defendants as a result of their breach of their obligations and duties arising from the sale of Compañía Minera Cerros Del Sur, S.A. de C.V. in 2023 (the “Sale”). In the complaint, filed in the United States District Court for the District of Utah, Central Division, the Company asserts claims related to alleged breach of contract and unjust enrichment against the Defendants, and seeks a monetary judgment and an award of attorneys’ fees and other expenses. The complaint arises from the Defendants’ failure to convey agreed-upon consideration to the Company as contracted for the sale of CMCS. The Company intends to pursue the lawsuit aggressively. Despite several attempts, the Company has not yet effected service of process on Mother Lode Mining, Inc. On January 18, 2023, the Company negotiated a settlement with Antilles Family Office, LLC through which the Company paid $1,200,000 to Antilles and the remaining balance of $1,873,532 and the accrued interest of $3,695,059 under the original Secured Redeemable Convertible Promissory Note was forgiven. The Company’s former subsidiary, Compañía Minera Clavo Rico, S.A. de C.V., has been served with a lawsuit filed by SAR, the taxing authority in Honduras, alleging additional tax liability due. The Complaint alleges that HNL7,186,151,96 lempires are due in a demand for execution of a forced extrajudicial title. The Company had accrued $256,674 in this matter, but the liability was extinguished with the sale of the subsidiary. In the opinion of management, as of March 31, 2024, the amount of ultimate liability with respect to such matters, if any, may be likely to have a material impact on the Company’s business, financial position, results of operations or liquidity. However, as the outcome of litigation and other claims is difficult to predict significant changes in the estimated exposures could exist. On September 22, 2023, the Company entered into a consulting agreement with William McCluskey. This agreement requires the Company to pay $200,000 in consulting fees to William McCluskey before March 31, 2025. This amount is currently reported in accounts payable at March 31, 2024. |
Discontinued Operations
Discontinued Operations | 3 Months Ended |
Mar. 31, 2024 | |
Discontinued Operations | |
Discontinued Operations | 13. Discontinued Operations During the year ended December 31, 2022, the Company decided to discontinue all of its operating activities. Based on that decision, the Company’s board of directors committed to a plan to sell the CMCS entity operating the mine in Honduras. On January 24, 2023, the Company sold its CMCS entity and all mine operations in Honduras. In accordance with the provisions of ASC 205-20, the Company has zero reported assets and liabilities of the discontinued operations (held for sale) in the consolidated balance sheets as of March 31, 2024 and December 31, 2023. In accordance with the provisions of ASC 205-20, the Company has not included in the results of continuing operations the results of operations of the discontinued operations in the consolidated statements of operations and comprehensive loss. The results of operations from discontinued operations for the three months ended March 31, 2024 and 2023 have been reflected as discontinued operations in the consolidated statements of operations and comprehensive loss for the three months ended March 31, 2024 and 2023, and consist of the following. Three Months Ended March 31, 2024 March 31, 2023 Precious Metals Income $ - $ - Cost of goods sold - 315,152 Gross profit - (315,152 ) OPERATING EXPENSES OF DISCONTINUED OPERATIONS: General and administrative - 181,519 Depreciation and amortization - 212 - 181,731 OPERATING INCOME (LOSS) OF DISCONTINUED OPERATIONS - (496,883 ) OTHER (INCOME) EXPENSE OF DISCONTINUED OPERATIONS Interest expense - 698 - 698 INCOME (LOSS) BEFORE INCOME TAXES OF DISCONTINUED OPERATIONS - (497,581 ) Provision for income taxes of discontinued operations - - NET INCOME (LOSS) OF DISCONTINUED OPERATIONS $ - $ (497,581 ) The Company recognized a gain on the sale of mine property in discontinued operations of $7,154,653 during the three months ended March 31, 2023. This gain was comprised of the Company’s investments in the subsidiaries and any inter-company loans that were provided to or from the subsidiaries. This gain was reported as a separate line item in discontinued operations in the consolidated statements of operations and comprehensive loss. In accordance with the provisions of ASC 205-20, the Company has separately reported the cash flow activity of the discontinued operations in the consolidated statements of cash flows. The cash flow activity from discontinued operations for the three months ended March 31, 2024 and 2023 have been reflected as discontinued operations in the consolidated statements of cash flows for the three months ended March 31, 2024 and 2023, and consist of the following. Three Months Ended March 31, 2024 March 31, 2023 DISCONTINUED OPERATING ACTIVITIES Net loss $ - $ (497,581 ) Depreciation expense - 4,259 Changes in operating assets and liabilities: Trade receivables - 91 Inventories - (12,981 ) Prepaid expenses and other current assets - (34,670 ) Accounts payable and accrued liabilities - (294,243 ) Accounts payable and accrued liabilities - related parties - 834,659 Net cash provided by operating activities of discontinued operations $ - $ (466 ) INVESTING ACTIVITIES OF DISCONTINUED OPERATIONS Purchase of property, plant and equipment $ - $ (652 ) Net cash provided by (used in) investing activities of discontinued operations $ - $ (652 ) |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2024 | |
Subsequent Events | |
Subsequent Events | 14. Subsequent Events Management has evaluated subsequent events, in accordance with FASB ASC Topic 855, “Subsequent Events,” through the date which the financial statements were available to be issued and there are no material subsequent events. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Summary of Significant Accounting Policies | |
Going Concern | Going Concern - Management is currently working to make changes that will result in profitable operations and to obtain additional funding sources to meet the Company’s need for cash during the next twelve months and beyond. |
Principles of Consolidation | Principles of Consolidation - |
Basis of Presentation | Basis of Presentation - |
Condensed Financial Statements | Condensed Financial Statements - In the opinion of management, all adjustments have been made consisting of normal recurring adjustments and consolidating entries, necessary to present fairly the consolidated financial position of the Company and subsidiaries as of March 31, 2024, the results of its consolidated statements of operations and comprehensive income (loss) for the three-month periods ended March 31, 2024 and 2023, its condensed consolidated statement of stockholders’ deficit and its consolidated cash flows for the three-month periods ended March 31, 2024 and 2023. The results of consolidated operations for the interim periods are not necessarily indicative of the results for the full year. |
Use of Estimates | Use of Estimates – |
Cash and Cash Equivalents | Cash and Cash Equivalents - |
Settlement of Contracts in Company's Equity | Settlement of Contracts in Company’s Equity– |
Fair Value Measurements | Fair Value Measurements - Fair value measurements do not include transaction costs. A fair value hierarchy is used to prioritize the quality and reliability of the information used to determine fair values. Categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fair value hierarchy is defined into the following three categories: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which all significant inputs are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3: Unobservable inputs to the valuation methodology that are significant to the measurement of fair value of assets or liabilities. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement is disclosed and is determined based on the lowest level input that is significant to the fair value measurement. The carrying value of the Company’s cash, accounts payable, short-term borrowings (including convertible notes payable), and other current assets and liabilities approximate fair value because of their short-term maturity. The fair value of financial instruments on March 31, 2024 are summarized below: Level 1 Level 2 Level 3 Total Debt derivative liabilities $ - $ - $ 47,574 $ 47,574 Total Liabilities $ - $ - $ 47,574 $ 47,574 The fair value of financial instruments on December 31, 2023 are summarized below: Level 1 Level 2 Level 3 Total Debt derivative liabilities $ - $ - $ 39,281 $ 39,281 Total Liabilities $ - $ - $ 39,281 $ 39,281 The Company recognizes its derivative liabilities as level 3 and values its derivatives using the methods discussed in Note 3. While the Company believes that its valuation methods are appropriate and consistent with other market participants, it recognizes that the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. The primary assumptions that would significantly affect the fair values using the methods discussed below are that of volatility and market price of the underlying common stock of the Company. |
Notes Receivable | Notes Receivable |
Long-Lived Assets | Long-Lived Assets - |
Properties, Plant and Equipment | Properties, Plant and Equipment - Building 7 to 15 years Vehicles and equipment 3 to 7 years Processing and laboratory 5 to 15 years Furniture and fixtures 2 to 3 years |
Stock Issued for Goods and Services | Stock Issued for Goods and Services - |
Stock-Based Compensation | Stock-Based Compensation - |
Income (Loss) per Common Share | Income (Loss) per Common Share - The following tables summaries the changes in the net earnings per common share for the three-month periods ended March 31, 2024 and 2023: For the Three Months Ended Numerator March 31, 2024 March 31, 2023 Net Income (Loss) - Controlling Interest $ (256,980 ) $ 15,270,062 Gain on Extinguishment of Debt - (5,897,425 ) Interest Expense - 66,166 Change in Derivative Liabilities - (3,220,312 ) Adjusted Net Income (Loss) - Controlling Interest $ (256,980 ) $ 6,218,491 Denominator Shares Shares Basic Weighted Average Number of Shares Outstanding during Period 2,638,874,873 1,694,827,331 Dilutive Shares - 430,295,011,920 Diluted Weighted Average Number of Shares Outstanding during Period 2,638,874,873 431,989,839,251 Diluted Net Income (Loss) per Share $ (0.00 ) $ 0.00 |
Other Comprehensive Income (Loss) | Other Comprehensive Income (Loss) – |
Derivative Liabilities | Derivative Liabilities - |
Income Taxes | Income Taxes - Deferred income taxes arise from temporary differences between the tax and financial statement recognition of revenue and expense. In evaluating the Company’s ability to recover its deferred tax assets, management considers all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies and recent financial operations. In projecting future taxable income, the Company develops assumptions including the amount of future state and federal pretax operating income, the reversal of temporary differences, and the implementation of feasible and prudent tax planning strategies. These assumptions require significant judgment about the forecasts of future taxable income and are consistent with the plans and estimates that the Company is using to manage the underlying businesses. The Company provides a valuation allowance for deferred tax assets for which the Company does not consider realization of such deferred tax assets to be more likely than not. Changes in tax laws and rates could also affect recorded deferred tax assets and liabilities in the future. Management is not aware of any such changes that would have a material effect on the Company’s results of operations, cash flows or financial position. |
Business Segments | Business Segments |
Operating Lease | Operating Lease The supplemental balance sheet information related to the operating lease for the periods is as follows: March 31, 2024 December 31, 2023 Operating leases Long-term right-of-use assets $ 6,171 $ 9,595 Short-term operating lease liabilities $ 6,171 $ 9,595 Long-term operating lease liabilities - - Total operating lease liabilities $ 6,171 $ 9,595 Maturities of the Company’s undiscounted operating lease liabilities are as follows: The Company made cash payments of $3,732 and $3,987 for the three months ended March 31, 2024 and 2023, respectively. The Company incurred rent expense of $3,424 and $3,700 for the three months ended March 31, 2024 and 2023, respectively. |
Non-Controlling Interest Policy | Non-Controlling Interest Policy |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements – |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Summary of Significant Accounting Policies | |
Schedule of Fair Value of Financial Instruments | Level 1 Level 2 Level 3 Total Debt derivative liabilities $ - $ - $ 47,574 $ 47,574 Total Liabilities $ - $ - $ 47,574 $ 47,574 Level 1 Level 2 Level 3 Total Debt derivative liabilities $ - $ - $ 39,281 $ 39,281 Total Liabilities $ - $ - $ 39,281 $ 39,281 |
Schedule of Property and Equipment Useful Lives | Building 7 to 15 years Vehicles and equipment 3 to 7 years Processing and laboratory 5 to 15 years Furniture and fixtures 2 to 3 years |
Schedule of Balance Sheet Operating Lease | March 31, 2024 December 31, 2023 Operating leases Long-term right-of-use assets $ 6,171 $ 9,595 Short-term operating lease liabilities $ 6,171 $ 9,595 Long-term operating lease liabilities - - Total operating lease liabilities $ 6,171 $ 9,595 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Financial Instruments | |
Summary of Changes in Fair Value of Level 3 Financial Liabilities | Debt Derivative Liabilities Balance, December 31, 2023 $ 39,281 Transfers in upon initial fair value of derivative liabilities 107,116 Change in fair value of derivative liabilities 16,258 Balance, March 31, 2024 $ 162,655 |
Note Receivable (Tables)
Note Receivable (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Note Receivable | |
Schedule of Note Receivable | March 31, 2024 December 31, 2023 Note Receivable from Mother Load Mining, Inc. pursuant to a Letter of Intent dated effective January 12, 2023, in the original principal amount of $5,700,000, accruing no interest, with monthly payments beginning on March 31, 2023, maturing February 1, 2025. $ 2,219,442 $ 2,700,000 Less: Payments received - (480,558 ) Total Note Receivable outstanding 2,219,442 2,219,442 Less: Allowance for Doubtful Note Receivable (2,219,442 ) (2,219,442 ) Total Note Receivable $ - $ - |
Properties Plant and Equipmen_2
Properties Plant and Equipment Net (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Properties Plant and Equipment Net | |
Schedule of Properties, Plant and Equipment | March 31, 2024 December 31, 2023 Machinery and Equipment $ 25,368 $ 25,368 Office Equipment and Furniture 1,627 1,627 26,995 26,995 Less Accumulated Depreciation (23,918 ) (23,737 ) Total Property, Plant and Equipment $ 3,077 $ 3,258 |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Accounts Payable and Accrued Liabilities | |
Schedule of Accounts Payable and Accrued Liabilities | March 31, 2024 December 31, 2023 Accounts Payable $ 368,111 $ 348,902 Accrued Liabilities 994,035 913,887 Accrued Salaries and Benefits 60,911 69,249 Total Accrued Liabilities $ 1,423,057 $ 1,332,038 |
Notes Payable (Tables)
Notes Payable (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Payable | |
Schedule of Notes Payable | Notes Payable March 31, 2024 December 31, 2023 Phil Zobrist $ 60,000 $ 60,000 Antczak Polich Law LLC 65,000 65,000 Total Notes Payable 125,000 125,000 Less Short-Term Notes Payable (125,000 ) (125,000 ) Total Long-Term Notes Payable $ - $ - |
Notes Payable Related Parties (
Notes Payable Related Parties (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Payable Related Parties | |
Schedule of Related Parties Notes Payable | Notes Payable - Related Parties Relationship March 31, 2024 December 31, 2023 Cluff-Rich PC 401K Affiliate - Controlled by Director 51,000 51,000 Debra D'ambrosio Immediate Family Member 484,208 455,513 Francis E. Rich Immediate Family Member 100,000 100,000 Pine Valley Investments Affiliate - Controlled by Significant Shareholder 295,000 295,000 Whit Cluff Affiliate - Director 10,300 - Total Notes Payable - Related Parties 940,508 901,513 Less Short-Term Notes Payable - Related Parties (930,208 ) (32,895 ) Total Long-Term Notes Payable - Related Parties $ 10,300 $ 868,618 |
Convertible Notes Payable (Tabl
Convertible Notes Payable (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Convertible Notes Payable | |
Schedule of Convertible Notes Payable | Convertible Notes Payable March 31, 2024 December 31, 2023 1800 Diagonal Lending $ 95,074 $ 77,701 Total Convertible Notes Payable 95,074 77,701 Less Unamortized Discount (66,221 ) (40,161 ) Total Convertible Notes Payable, Net of Unamortized Debt Discount 28,853 37,540 Less Short-Term Convertible Notes Payable (28,853 ) (37,540 ) Total Long-Term Convertible Notes Payable, Net of Unamortized Debt Discount $ - $ - |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Discontinued Operations | |
Schedule of Discontinued operations | Three Months Ended March 31, 2024 March 31, 2023 Precious Metals Income $ - $ - Cost of goods sold - 315,152 Gross profit - (315,152 ) OPERATING EXPENSES OF DISCONTINUED OPERATIONS: General and administrative - 181,519 Depreciation and amortization - 212 - 181,731 OPERATING INCOME (LOSS) OF DISCONTINUED OPERATIONS - (496,883 ) OTHER (INCOME) EXPENSE OF DISCONTINUED OPERATIONS Interest expense - 698 - 698 INCOME (LOSS) BEFORE INCOME TAXES OF DISCONTINUED OPERATIONS - (497,581 ) Provision for income taxes of discontinued operations - - NET INCOME (LOSS) OF DISCONTINUED OPERATIONS $ - $ (497,581 ) Three Months Ended March 31, 2024 March 31, 2023 DISCONTINUED OPERATING ACTIVITIES Net loss $ - $ (497,581 ) Depreciation expense - 4,259 Changes in operating assets and liabilities: Trade receivables - 91 Inventories - (12,981 ) Prepaid expenses and other current assets - (34,670 ) Accounts payable and accrued liabilities - (294,243 ) Accounts payable and accrued liabilities - related parties - 834,659 Net cash provided by operating activities of discontinued operations $ - $ (466 ) INVESTING ACTIVITIES OF DISCONTINUED OPERATIONS Purchase of property, plant and equipment $ - $ (652 ) Net cash provided by (used in) investing activities of discontinued operations $ - $ (652 ) |
Nature of Business (Details Nar
Nature of Business (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | ||||||||||
Jan. 11, 2016 | Oct. 02, 2015 | Nov. 21, 2012 | Feb. 21, 2020 | Mar. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 30, 2022 | Dec. 31, 2020 | Dec. 30, 2020 | Mar. 05, 2010 | Mar. 04, 2010 | |
Common stock, shares authorized | 10,300,000,000 | 10,300,000,000 | 10,300,000,000 | 800,000,000 | 800,000,000 | 500,000,000 | 500,000,000 | 100,000,000 | ||||
Cancellation of stock split shares, description | Upon effectiveness of the stock split, each shareholder canceled 200 shares of common stock for every share of common stock owned as of November 21, 2012 | |||||||||||
Reverse stock split description | 5.5 to 1 reverse stock split | 200 to 1 reverse stock split | 5.5 to 1 reverse stock split | |||||||||
Description | Inception Resources, LLC, a Utah corporation (“Inception Resources”), pursuant to which Inception purchased the U.P. and Burlington Gold Mine in consideration of 16,000,000 shares of common stock of Inception, the assumption of promissory notes in the amount of $950,000 and the assignment of a 3% net royalty | |||||||||||
Accrued interest | $ 6,747 | |||||||||||
Common stock, shares outstanding | 2,638,874,873 | 2,638,874,873 | ||||||||||
Gold American Mining Corp [Member] | ||||||||||||
Cash consideration | $ 66,974,252 | |||||||||||
Immediately Before Reverse Split [Member] | ||||||||||||
Common stock, shares outstanding | 266,669,980 | |||||||||||
Immediately after Reverse Split [Member] | ||||||||||||
Common stock, shares outstanding | 48,485,451 | |||||||||||
Clavo Rico Ltd. [Member] | ||||||||||||
Shares issued for conversion of debt, shares | 240,225,901 | |||||||||||
Shares issued for conversion of debt | $ 5,488,980 | |||||||||||
Accrued interest | $ 3,434,426 | |||||||||||
Ounces High Exploration, Inc. [Member] | ||||||||||||
Cash consideration received in exchange of properties | $ 250,000 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Warrant liabilities | $ 0 | $ 0 |
Debt derivative liabilities | 47,574 | 39,281 |
Total Liabilities | 47,574 | 39,281 |
Fair Value, Inputs, Level 1 [Member] | ||
Warrant liabilities | 0 | 0 |
Debt derivative liabilities | 0 | 0 |
Total Liabilities | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Warrant liabilities | 0 | 0 |
Debt derivative liabilities | 0 | 0 |
Total Liabilities | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Warrant liabilities | 0 | 0 |
Debt derivative liabilities | 47,574 | 39,281 |
Total Liabilities | $ 47,574 | $ 39,281 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Details 1) | 3 Months Ended |
Apr. 01, 2024 | |
Minimum [Member] | Building [Member] | |
Properties, plant and equipment | 7 years |
Minimum [Member] | Vehicles and Equipment [Member] | |
Properties, plant and equipment | 3 years |
Minimum [Member] | Furniture and Fixtures [Member] | |
Properties, plant and equipment | 2 years |
Minimum [Member] | Processing And Laboratory Member | |
Properties, plant and equipment | 5 years |
Maximum [Member] | Building [Member] | |
Properties, plant and equipment | 15 years |
Maximum [Member] | Vehicles and Equipment [Member] | |
Properties, plant and equipment | 7 years |
Maximum [Member] | Furniture and Fixtures [Member] | |
Properties, plant and equipment | 3 years |
Maximum [Member] | Processing And Laboratory Member | |
Properties, plant and equipment | 15 years |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Details 2) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Summary of Significant Accounting Policies | ||
Long-term right-of-use assets | $ 6,171 | $ 9,595 |
Short-term operating lease liabilities | 6,171 | 9,595 |
Long-term operating lease liabilities | 0 | 0 |
Total operating lease liabilities | $ 6,171 | $ 9,595 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies (Details 3) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Basic Weighted Average Number of Shares Outstanding during Period | 2,638,874,873 | 1,694,827,331 |
Dilutive Shares | 430,295,011,920 | |
Diluted Weighted Average Number of Shares Outstanding during Period | 2,638,874,873 | 431,989,839,251 |
Diluted Net Income (Loss) per Share | $ 0 | $ 0 |
Gain on Extinguishment of Debt | $ 0 | $ 5,897,425 |
Interest Expense | 59,668 | 183,976 |
Numerator | ||
Net Income (Loss) - Controlling Interest | (256,980) | 15,270,062 |
Gain on Extinguishment of Debt | 0 | (5,897,425) |
Interest Expense | 0 | 66,166 |
Change in Derivative Liabilities | 0 | (3,220,312) |
Adjusted Net Income (Loss) - Controlling Interest | $ (256,980) | $ 6,218,491 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies (Details Narrative) - USD ($) | 3 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Summary of Significant Accounting Policies | ||||
Working capital deficit | $ (2,678,040) | |||
Net loss | (256,980) | $ 15,270,062 | ||
Cash fron operating activites | 32,808 | |||
Accumulated loss since inception | (29,170,562) | |||
Stockholder deficit | (2,678,561) | (50,650) | $ (2,421,581) | $ (34,131,043) |
Cash equivalents | 12 | 2 | ||
Cash deposit insured by FDIC | 250,000 | |||
Note receivable | 2,219,442 | 2,219,442 | ||
Net of reserves | $ 2,219,442 | $ 2,219,442 | ||
Diluted loss per share | 151,563,371 | |||
Operating lease rent expense | $ 3,732 | 3,987 | ||
Payments for Rent | $ 3,424 | $ 3,700 |
Derivative Financial Instrume_3
Derivative Financial Instruments (Details) - Fair Value, Inputs, Level 3 [Member] | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Derivative liabilities, begining balance | $ 39,281 |
Transfers in upon initial fair value of derivative liabilities | 107,116 |
Change in fair value of derivative liabilities | 16,258 |
Derivative liabilities, ending balance | $ 162,655 |
Derivative Financial Instrume_4
Derivative Financial Instruments (Details Narrative) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Fair value of the debt derivatives | $ 162,655 | |
Gain from change in fair value of debt derivatives | 16,258 | |
Initial derivative expense | $ 57,116 | $ 0 |
Dividend yield | 0% | |
Monte Carlo Valuation Model [Member] | Debt Derivative Liability [Member] | Measurement Input, Expected Term [Member] | Minimum [Member] | ||
Expected volatility | 435.20% | |
Weighted average interest free interest rate | 5.18% | |
Fair value of assumptions, expected life | 2 months 15 days | |
Monte Carlo Valuation Model [Member] | Debt Derivative Liability [Member] | Measurement Input, Expected Term [Member] | Maximum [Member] | ||
Weighted average interest free interest rate | 5.32% | |
Fair value of assumptions, expected life | 6 months 29 days |
Note Receivable (Details)
Note Receivable (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Less: Payments received | $ 0 | $ (480,558) |
Total Note Receivable outstanding | 2,219,442 | 2,219,442 |
Less: Allowance for Doubtful Note Receivable | (2,219,442) | (2,219,442) |
Mother Lode Mining Inc [Member] | ||
Total Note Receivable | 0 | 0 |
Outstanding balance | $ 2,219,442 | $ 2,700,000 |
Note Receivable (Details Narrat
Note Receivable (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | ||||||||
Mar. 03, 2023 | Jan. 12, 2023 | Jan. 05, 2023 | Jan. 24, 2023 | Jan. 23, 2023 | Jan. 18, 2023 | Jan. 16, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Bad debt expense | $ 2,219,442 | |||||||||
Letter of Intent [Member] | ||||||||||
Payments for proceeds from loans receivable | $ 1,000,000 | |||||||||
Twenty Months Until February 1, 2025 [Member] | Letter of Intent [Member] | ||||||||||
Debt instrument, periodic payment | $ 100,000 | |||||||||
Mother Lode Mining Inc [Member] | ||||||||||
Purchase price of cash consideration | $ 280,000 | $ 300,000 | $ 500,000 | $ 500,000 | $ 1,200,000 | $ 200,000 | 50,000 | |||
Outstanding balance | 2,219,442 | $ 2,700,000 | ||||||||
Payments yet to be received | 340,000 | |||||||||
Debt instrument, periodic payment | $ 2,620,000 | $ 25,000 |
Properties, Plant and Equipment
Properties, Plant and Equipment, Net (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Properties Plant and Equipment Net | ||
Machinery and Equipment | $ 25,368 | $ 25,368 |
Office Equipment and Furniture | 1,627 | 1,627 |
Property, Plant and Equipment Gross | 26,995 | 26,995 |
Less Accumulated Depreciation | (23,918) | (23,737) |
Total Property, Plant and Equipment | $ 3,077 | $ 3,258 |
Properties Plant and Equipmen_3
Properties Plant and Equipment Net (Details Narrative) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Properties Plant and Equipment Net | ||
Depreciation expense | $ 181 | $ 179 |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Liabilities (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Accounts Payable and Accrued Liabilities | ||
Accounts Payable | $ 368,111 | $ 348,902 |
Accrued Liabilities | 994,035 | 913,887 |
Accrued Salaries and Benefits | 60,911 | 69,249 |
Total Accrued Liabilities | $ 1,423,057 | $ 1,332,038 |
Notes Payable (Details)
Notes Payable (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Total Notes Payable | $ 125,000 | $ 125,000 |
Less Short-Term Notes Payable | (125,000) | (125,000) |
Total Long-Term Notes Payable | 0 | 0 |
Phil Zobrist [Member] | ||
Total Notes Payable | 60,000 | 60,000 |
Antczak Polich Law LLC [Member] | ||
Total Notes Payable | $ 65,000 | $ 65,000 |
Notes Payable (Details Narrativ
Notes Payable (Details Narrative) - USD ($) | 3 Months Ended | ||||||
Oct. 02, 2015 | Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Mar. 21, 2023 | Dec. 31, 2015 | Jan. 11, 2013 | |
Accrued interest | $ 6,747 | ||||||
Gain on extinguishment of debt | 0 | $ 5,897,425 | |||||
Derivative liability | 47,574 | $ 39,281 | |||||
Notes payable | 125,000 | 125,000 | |||||
Payment to related party | 0 | $ 39,000 | |||||
Unsecured Promissory Note [Member] | |||||||
Debt instrument, interest rate, stated percentage | 18% | ||||||
Phil Zobrist [Member] | |||||||
Notes payable, gross | 60,000 | ||||||
Notes payable | $ 60,000 | 60,000 | |||||
Phil Zobrist [Member] | Unsecured Promissory Note [Member] | |||||||
Unsecured debt, current | $ 60,000 | ||||||
Debt instrument, interest rate, stated percentage | 0% | ||||||
Debt instrument, maturity date | Dec. 31, 2016 | Dec. 31, 2024 | |||||
Accrued interest | $ 121,226 | $ 29,412 | |||||
Debt instruments conversion price per share | $ 0.99 | ||||||
Percentage of debt discount | 50% | ||||||
Gain on extinguishment of debt | $ 121,337 | ||||||
Derivative liability | 11,842 | ||||||
Antczak Polich Law LLC [Member] | |||||||
Notes payable, gross | 65,000 | ||||||
Notes payable | 65,000 | $ 65,000 | |||||
Antczak Polich Law LLC [Member] | Unsecured Promissory Note [Member] | |||||||
Unsecured debt, current | $ 75,000 | ||||||
Antczak Polich Law LLC [Member] | Promissory Note [Member] | |||||||
Loan amount paid | 10,000 | ||||||
Payment to related party | $ 10,000 |
Notes Payable Related Parties_2
Notes Payable Related Parties (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Notes payable | $ 125,000 | $ 125,000 |
Less Short-Term Notes Payable - Related Parties | (930,208) | (32,895) |
Total Long-Term Notes Payable - Related Parties | $ 0 | 0 |
Cluff Rich PC 401 K [Member] | ||
Related parties relationship description | Affiliate - Controlled by Director | |
Notes payable | $ 51,000 | 51,000 |
Debra D'ambrosio [Member] | ||
Related parties relationship description | Immediate Family Member | |
Notes payable | $ 484,208 | 455,513 |
Francis E. Rich IRA [Member] | ||
Related parties relationship description | Immediate Family Member | |
Notes payable | $ 100,000 | 100,000 |
Pine Valley Investments [Member] | ||
Related parties relationship description | Affiliate - Controlled by Significant Shareholder | |
Notes payable | $ 295,000 | 295,000 |
Related Party One[Member] | ||
Notes payable | 940,508 | 901,513 |
Less Short-Term Notes Payable - Related Parties | (930,208) | (32,895) |
Total Long-Term Notes Payable - Related Parties | $ 10,300 | 868,618 |
Whit Cluff [Member] | ||
Related parties relationship description | Affiliate - Director | |
Notes payable | $ 10,300 | $ 0 |
Notes Payable Related Parties_3
Notes Payable Related Parties (Details Narrative) - USD ($) | 3 Months Ended | ||||||||||
Jan. 08, 2024 | Jan. 02, 2024 | Feb. 01, 2023 | Mar. 31, 2024 | Mar. 15, 2024 | Jan. 01, 2024 | Dec. 31, 2023 | Apr. 30, 2023 | Jan. 31, 2023 | Jan. 01, 2023 | Jun. 29, 2022 | |
Accrued interest | $ 6,747 | ||||||||||
Cluff Rich PC 401 K [Member] | |||||||||||
Number of share issued, settlement | 5,142,857 | ||||||||||
Debt conversion amount | $ 18,000 | ||||||||||
Accrued interest | $ 22,695 | ||||||||||
Cluff Rich PC 401 K [Member] | Unsecured Short-term Promissory Note [Member] | |||||||||||
Debt instrument, maturity date | Mar. 01, 2025 | ||||||||||
Debt instrument, interest rate, effective percentage | 5% | ||||||||||
Accrued interest | 515 | ||||||||||
Gross balance note | 6,000 | $ 10,300 | $ 51,000 | ||||||||
Unsecured debt, current | $ 10,300 | $ 60,000 | |||||||||
Loan amount paid | 9,000 | ||||||||||
Debra D'ambrosio [Member] | |||||||||||
Debt instrument, interest rate, effective percentage | 5% | 5% | |||||||||
Number of share issued, settlement | 23,200,857 | ||||||||||
Debt conversion amount | $ 81,204 | ||||||||||
Accrued interest | $ 2,270 | 4,934 | 0 | ||||||||
Principal balance | $ 22,695 | $ 32,895 | |||||||||
Gross balance note | 32,895 | $ 6,000 | $ 32,895 | ||||||||
Debra D'ambrosio [Member] | Unsecured Short-term Promissory Note [Member] | |||||||||||
Debt instrument, interest rate, effective percentage | 5% | 5% | 3% | ||||||||
Unsecured debt, current | $ 22,695 | $ 32,895 | $ 6,408 | ||||||||
Debra D'ambrosio [Member] | One Unsecured Short Term Promissory Note [Member] | |||||||||||
Debt instrument, maturity date | Mar. 01, 2025 | ||||||||||
Principal balance | 30,000 | ||||||||||
Gross balance note | 422,618 | ||||||||||
Debra D'ambrosio [Member] | Six Unsecured Short Term Promissory Note [Member] | |||||||||||
Accrued interest | $ 81,204 | ||||||||||
Unsecured debt, current | 446,210 | ||||||||||
Francis E. Rich IRA [Member] | |||||||||||
Number of share issued, settlement | 16,428,571 | ||||||||||
Debt conversion amount | $ 57,500 | ||||||||||
Gross balance note | $ 100,000 | ||||||||||
Francis E. Rich IRA [Member] | Two Unsecured Short Term Promissory Note [Member] | |||||||||||
Accrued interest | 47,500 | ||||||||||
Unsecured debt, current | 100,000 | ||||||||||
Pine Valley Investment LLC [Member] | |||||||||||
Number of share issued, settlement | 32,928,571 | ||||||||||
Debt conversion amount | $ 115,250 | ||||||||||
Gross balance note | $ 295,000 | ||||||||||
Pine Valley Investment LLC [Member] | Three Unsecured Short Term Promissory Note [Member] | |||||||||||
Accrued interest | 115,250 | ||||||||||
Unsecured debt, current | $ 295,000 |
Convertible Notes Payable (Deta
Convertible Notes Payable (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Less Short-Term Convertible Notes Payable | $ (28,853) | $ (37,540) |
1800 Diagonal Lending LLC [Member] | ||
Total Convertible Notes Payable | 95,074 | 77,701 |
Convertible Notes Payable [Member] | ||
Total Convertible Notes Payable | 95,074 | 77,701 |
Less Unamortized Discount | (66,221) | (40,161) |
Total Convertible Notes Payable, Net of Unamortized Debt Discount | 28,853 | 37,540 |
Less Short-Term Convertible Notes Payable | (28,853) | (37,540) |
Total Long-Term Convertible Notes Payable, Net of Unamortized Debt Discount | $ 0 | $ 0 |
Convertible Notes Payable (De_2
Convertible Notes Payable (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | |||
Sep. 12, 2023 | Jan. 23, 2024 | Sep. 30, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | |
Accrued interest | $ 6,747 | ||||
Amortization of debt discount | $ 37,190 | $ 15,643 | |||
1800 Diagonal Lending LLC 2[Member] | |||||
Debt instrument, face amount | $ 63,250 | ||||
Original issue discount | $ 13,250 | ||||
Debt instrument, interest rate, stated percentage | 12% | 25% | |||
Proceeds from issuance of debt | $ 50,000 | ||||
Principal balance | $ 7,028 | ||||
Repayments of Long-Term Debt | $ 7,871 | ||||
Long-term debt, gross | 56,222 | ||||
Accrued interest | 843 | ||||
Amortization of debt discount | $ 15,306 | ||||
1800 Diagonal Lending LLC [Member] | |||||
Debt instrument, face amount | $ 116,550 | ||||
Original issue discount | $ 16,550 | ||||
Debt instrument, maturity date | Jun. 15, 2024 | ||||
Debt instrument, interest rate, stated percentage | 11% | 25% | |||
Proceeds from issuance of debt | $ 100,000 | ||||
Principal balance | 77,698 | ||||
Repayments of Long-Term Debt | 48,578 | ||||
Long-term debt | 86,247 | ||||
Long-term debt, gross | $ 38,852 | ||||
Accrued interest | 8,549 | $ 4,273 | |||
Amortization of debt discount | $ 48,338 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | |||
Apr. 01, 2019 | Oct. 31, 2017 | Feb. 28, 2014 | Mar. 31, 2024 | Dec. 31, 2023 | |
Deferred salaries | $ 60,911 | $ 69,249 | |||
Trent D' Ambrosio [Member] | Employment Agreement [Member] | |||||
Compensation amount | $ 300,000 | ||||
Accounts Payable and Accrued Liabilities [Member] | |||||
Deferred salaries | 861,788 | ||||
Stockholder/Director [Member] | |||||
Payment of consulting fees per month | $ 25,000 | $ 18,000 | |||
Debra D'ambrosio [Member] | Notes Payable [Member] | |||||
Due from related parties | 28,695 | ||||
Expenses | 10,300 | ||||
Related Party By related party [Member] | Accounts Payable and Accrued Liabilities [Member] | |||||
Due to related parties | $ 117,794 |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | ||
Sep. 22, 2023 | Jan. 18, 2023 | Mar. 31, 2024 | Dec. 31, 2023 | |
Accrued interest | $ 7,719 | $ 0 | ||
Accrued settlement expense | 256,674 | |||
Consulting fees | $ 200,000 | |||
Antilles Family Office LLC [Member] | ||||
Amount paid | $ 1,200,000 | |||
Accrued interest | 3,695,059 | |||
Outstanding balance | $ 1,873,532 | |||
March 4 2024 [Member] | Mother Lode Mining Inc [Member] | ||||
Loss contingency accrual amount | $ 2,237,800 |
Discontinued Operations (Detail
Discontinued Operations (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Total operating expenses | $ 123,918 | $ 291,990 |
NET INCOME (LOSS) OF DISCONTINUED OPERATIONS | 0 | 497,581 |
Discontinued Operations, Disposed of by Sale [Member] | ||
Precious Metals Income | 0 | 0 |
Cost of goods sold | 0 | 315,152 |
Gross profit (loss) | 0 | (315,152) |
General and administrative | 0 | 181,519 |
Depreciation and amortization | 0 | 212 |
Total operating expenses | 181,731 | |
OPERATING EXPENSES OF DISCONTINUED OPERATIONS | 0 | (496,883) |
Interest expense | 0 | 698 |
OTHER (INCOME) EXPENSE OF DISCONTINUED OPERATIONS | 0 | 698 |
INCOME (LOSS) BEFORE INCOME TAXES OF DISCONTINUED OPERATIONS | 0 | (497,581) |
Provision for income taxes of discontinued operations | 0 | 0 |
NET INCOME (LOSS) OF DISCONTINUED OPERATIONS | $ 0 | $ (497,581) |
Discontinued Operations (Deta_2
Discontinued Operations (Details 1) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net loss | $ 0 | $ (497,581) |
Depreciation expense | 181 | 179 |
Prepaid expenses and other current assets | 4,389 | 988 |
Accounts payable and accrued liabilities | 87,595 | (44,620) |
Accounts payable and accrued liabilities - related parties | 7,719 | (1,421,586) |
Net cash used in investing activities of discontinued operations | 0 | (652) |
Discontinued Operations, Disposed of by Sale [Member] | ||
Net loss | 0 | (497,581) |
Depreciation expense | 0 | 4,259 |
Trade receivables | 0 | (91) |
Inventories | 0 | (12,981) |
Prepaid expenses and other current assets | 0 | (34,670) |
Accounts payable and accrued liabilities | 0 | (294,243) |
Accounts payable and accrued liabilities - related parties | 0 | 834,659 |
Net cash provided by (used in) operating activities of discontinued operations | 0 | (466) |
Purchase of property, plant and equipment | 0 | (652) |
Net cash used in investing activities of discontinued operations | $ 0 | $ (652) |
Discontinued Operations (Deta_3
Discontinued Operations (Details Narrative) | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Discontinued Operations | |
Gain on the sale of mine property in discontinued operations | $ 7,154,653 |