Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Mar. 31, 2022 | Jun. 30, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2021 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity File Number | 333-196075 | ||
Entity Registrant Name | Nevada Canyon Gold Corp. | ||
Entity Central Index Key | 0001605481 | ||
Entity Tax Identification Number | 46-5152859 | ||
Entity Incorporation, State or Country Code | NV | ||
Entity Address, Address Line One | 316 California Avenue | ||
Entity Address, Address Line Two | Suite 543 | ||
Entity Address, City or Town | Reno | ||
Entity Address, State or Province | NV | ||
Entity Address, Postal Zip Code | 89509 | ||
City Area Code | (888) | ||
Local Phone Number | 909-5548 | ||
Title of 12(b) Security | Common Stock, $0.0001 par value per share | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1,485,093 | ||
Entity Common Stock, Shares Outstanding | 8,685,093 | ||
ICFR Auditor Attestation Flag | false | ||
Auditor Firm ID | 1173 | ||
Auditor Name | DALE MATHESON CARR-HILTON LABONTE LLP | ||
Auditor Location | Vancouver, Canada |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Current Assets | ||
Cash | $ 1,420,864 | $ 893,823 |
Prepaid expenses | 21,806 | 1,283 |
Total Current Assets | 1,442,670 | 895,106 |
Equity investment | 318,418 | 794,542 |
Mineral property interest | 270,395 | 10,395 |
TOTAL ASSETS | 2,031,483 | 1,700,043 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 396,270 | 353,600 |
Related party advances | 963,631 | 1,062,232 |
Notes and advances payable | 1,100 | 16,164 |
Convertible notes payable | 430,538 | |
Total Liabilities | 1,791,539 | 1,431,996 |
Stockholders’ Equity | ||
Preferred Stock: Authorized 10,000,000 preferred shares, $0.0001 par, none issued and outstanding as of December 31, 2021 and 2020 | ||
Common Stock: Authorized 100,000,000 common shares, $0.0001 par, 8,685,093 and 4,455,093 issued and outstanding as of December 31, 2021 and 2020, respectively | 868 | 445 |
Additional paid-in capital | 1,190,522 | 526,655 |
Accumulated deficit | (951,446) | (259,053) |
Total Stockholders’ Equity (Deficit) | 239,944 | 268,047 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 2,031,483 | $ 1,700,043 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares issued | 8,685,093 | 4,455,093 |
Common stock, shares outstanding | 8,685,093 | 4,455,093 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Operating expenses | ||
Exploration expenses | $ 15,482 | $ 7,349 |
General and administrative expenses | 60,582 | 11,479 |
Professional fees | 40,220 | 20,900 |
Transfer agent and filing fees | 10,849 | 10,262 |
Total operating expenses | (127,133) | (49,990) |
Other items | ||
Accrued interest expense | (4,936) | |
Accretion expense | (94,404) | |
Fair value gain/(loss) on equity investments | (474,287) | 135,849 |
Foreign exchange gain | 7,119 | 30,552 |
Interest income | 755 | 2,881 |
Realized gain on equity investments | 315 | 168,866 |
Net and comprehensive income/(loss) | $ (692,571) | $ 288,158 |
Net income/(loss) per common share - basic and diluted | $ (0.16) | $ 0.06 |
Weighted average number of common shares outstanding | ||
Basic and diluted | 4,466,682 | 4,455,093 |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Equity - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Dec. 31, 2019 | $ 445 | $ 526,655 | $ (547,211) | $ (20,111) |
Beginning balance, shares at Dec. 31, 2019 | 4,455,093 | |||
Net loss for the year | 288,158 | 288,158 | ||
Ending balance, value at Dec. 31, 2020 | $ 445 | 526,655 | (259,053) | 268,047 |
Ending balance, shares at Dec. 31, 2020 | 4,455,093 | |||
Net loss for the year | (692,571) | (692,571) | ||
Beneficial conversion on convertible notes payable | 663,867 | 663,867 | ||
Common stock retired | $ (178) | 178 | ||
Common stock retired, shares | (1,775,000) | |||
Common stock issued | $ 601 | 601 | ||
Common stock issued, shares | 6,005,000 | |||
Ending balance, value at Dec. 31, 2021 | $ 868 | $ 1,190,522 | $ (951,446) | $ 239,944 |
Ending balance, shares at Dec. 31, 2021 | 8,685,093 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flow - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows used in operating activities | ||
Net income/(loss) | $ (692,571) | $ 288,158 |
Adjustment to reconcile net income/(loss) to net cash used by operating activities: | ||
Non-cash interest expense | 4,936 | |
Fair value loss/(gain) on equity investments | 473,972 | (304,715) |
Foreign exchange gain | (7,119) | (30,552) |
Accretion of convertible debt | 94,404 | |
Changes in operating assets and liabilities: | ||
Accounts payable | 22,671 | 2,600 |
Related party payable | (98,000) | |
Prepaid expenses | (20,523) | |
Net cashed used in operating activities | (222,230) | (44,509) |
INVESTING ACTIVITIES | ||
Sale of equity investments | 2,152 | 540,579 |
Acquisition of mineral property interest | (240,000) | |
Net cash provided by/(used in) investing activities | (237,848) | 540,579 |
FINANCING ACTIVITIES | ||
Convertible notes payable | 980,000 | |
Net cash provided by financing activities | 980,000 | |
Effects of foreign currency exchange on cash | 7,119 | 30,552 |
Net increase in cash | 527,041 | 526,622 |
Cash, at beginning | 893,823 | 367,201 |
Cash, at end | 1,420,864 | 893,823 |
Supplemental cash flow information: | ||
Cash received for interest | 755 | 2,881 |
Cash paid for income taxes | ||
Significant non-cash transactions: | ||
Fair value loss/(gain) on equity investments | $ 474,287 | $ (135,849) |
NATURE OF BUSINESS
NATURE OF BUSINESS | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
NATURE OF BUSINESS | NOTE 1 - NATURE OF BUSINESS Nevada Canyon Gold Corp. (the “Company”) was incorporated under the laws of the state of Nevada on February 27, 2014. On July 6, 2016, the Company changed its name from Tech Foundry Ventures, Inc. to Nevada Canyon Gold Corp. On August 27, 2020, the Company’s Board of Directors approved a one-for-ten (1:10) reverse split On December 15, 2021, the Company incorporated two subsidiaries, Nevada Canyon LLC and Canyon Carbon LLC. Both subsidiaries were incorporated under the laws of the state of Nevada. Going Concern The Company’s consolidated financial statements are prepared using accounting principles generally accepted in the United States of America (“GAAP”) applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company is a mineral exploration company and has not generated or realized any revenues from its business operations. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it becomes profitable. If the Company is unable to obtain adequate capital, it could be forced to cease operations. The outcome of these matters cannot be predicted with any certainty at this time and raises substantial doubt that the Company will be able to continue as a going concern. These consolidated financial statements do not include any adjustments to the amounts and classifications of assets and liabilities that may be necessary should the Company be unable to continue as a going concern. Management intends to obtain additional funding by borrowing funds, and/or a private placement of common stock. Continued Uncertainty due to Global Outbreak of COVID-19 In March of 2020, the World Health Organization declared an outbreak of COVID-19 Global pandemic. The COVID-19 has impacted vast array of businesses through the restrictions put in place by most governments internationally, including the USA federal government as well as provincial and municipal governments, regarding travel, business operations and isolation/quarantine orders. At this time, it is unknown to what extent the impact of the COVID-19 outbreak may have on the Company and its subsidiaries as this will depend on future developments that are highly uncertain and that cannot be predicted with confidence. These uncertainties arise from the inability to predict the ultimate geographic spread of the disease, and the duration of the outbreak, including the duration of travel restrictions, business closures or disruptions, and quarantine/isolation measures that are currently, or may be put, in place world-wide to fight the virus. While the extent of the impact is unknown, the COVID-19 outbreak may hinder the Company’s ability to raise financing for exploration or operating costs due to uncertain capital markets, supply chain disruptions, increased government regulations and other unanticipated factors, all of which may also negatively impact the Company’s business and financial condition. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation These consolidated financial statements and related notes are presented in accordance with US GAAP, and are presented in United States dollars. Principles of consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Nevada Canyon LLC and Canyon Carbon LLC. On consolidation, all intercompany balances and transactions are eliminated. Use of Estimates and Assumptions The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. The Company regularly evaluates estimates and assumptions related to the fair value of stock-based compensation, impairment of its interest in mineral properties, and deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. Basis of Accounting The Company’s consolidated financial statements are prepared using the accrual method of accounting, except for cash flow information. Equity Investments Equity investments are classified as available for sale and are stated at fair market value. Unrealized gains and losses are recognized in the Company’s consolidated statement of operations. Income Taxes Income tax expense is based on pre-tax financial accounting income. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases. Deferred tax assets, including tax loss and credit carry forwards, and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Deferred income tax expense represents the change during the period in the deferred tax assets and deferred tax liabilities. The components of the deferred tax assets and liabilities are individually classified as current and non-current based on their characteristics. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not some portion or all of the deferred tax assets will not be realized. Income/ Loss per Share The Company’s basic income/loss per share is calculated by dividing its net income/loss available to common stockholders by the weighted average number of common shares outstanding for the period. The Company’s dilutive income/loss per share is calculated by dividing its net income/loss available to common shareholders by the diluted weighted average number of shares outstanding during the period. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. The convertible debentures outstanding at December 31, 2021, were not included in diluted weighted average number of shares as their effect would be anti-dilutive. Fair Value of Financial Instruments The Company’s financial instruments include cash, equity investment, accounts payable, related party payables, notes payable. The carrying value of these financial instruments approximates their fair value based on their short-term nature. The Company is not exposed to significant interest, exchange or credit risk arising from these financial instruments. The fair value hierarchy under US GAAP is based on the following three levels of inputs, of which the first two are considered observable and the last unobservable: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2: Observable inputs other than Level I, quoted prices for similar assets or liabilities in active prices whose inputs are observable or whose significant value drivers are observable; and Level 3: Assets and liabilities whose significant value drivers are unobservable by little or no market activity and that are significant to the fair value of the assets or liabilities. Certain assets and liabilities are measured at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments only in certain circumstances (for example, when there is evidence of impairment). There were no assets or liabilities measured at fair value on a nonrecurring basis during the periods ended December 31, 2021 and 2020. Cash and equity investment are measured at fair value using level 1 inputs. Stock-Based Compensation For equity awards, such as stock options, total compensation cost is based on the grant date fair value and for liability awards, such as stock appreciation rights, total compensation cost is based on the settlement value. The Company recognizes stock-based compensation expense for all awards over the service period required to earn the award, which is the shorter of the vesting period or the time period an employee becomes eligible to retain the award at retirement. Mining Interests and Mineral Exploration Expenditures Exploration costs are expensed in the period in which they occur. The Company capitalizes costs for acquiring and leasing mining properties and expenses costs to maintain mineral rights as incurred. Should a property reach the production stage, capitalized costs would be amortized using the units-of-production method based on periodic estimates of ore reserves. Impairment of Long-lived Assets The Company periodically reviews its long-lived assets to determine if any events or changes in circumstances have transpired which indicate that the carrying value of its assets may not be recoverable. The Company determines impairment by comparing the undiscounted net future cash flows estimated to be generated by its assets to their respective carrying amounts. If impairment is deemed to exist, the assets will be written down to fair value. Convertible Debt with Beneficial Conversion Feature The Company accounts for beneficial conversion options (“BCF”) embedded in convertible notes in accordance with ASC 470-20. ASC 470-20 generally requires companies to recognize an embedded beneficial conversion feature present in a convertible instrument separately at issuance by allocating a portion of the proceeds equal to the intrinsic value of that feature to additional paid-in capital, resulting in a discount on the convertible instrument. This discount on convertible debt is accreted from the date on which the BCF is first recognized through the stated maturity date. The intrinsic value is calculated at the commitment date being the difference between the conversion price and the fair value of the common stock or other securities into which the security is convertible, multiplied by the number of shares into which the security is convertible. If the intrinsic value of the BCF is greater than the proceeds allocated to the convertible instrument, the amount of the discount assigned to the beneficial conversion feature shall be limited to the amount of the proceeds allocated to the convertible instrument. Recent Accounting Pronouncements The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 3 – RELATED PARTY TRANSACTIONS Amounts due to related parties at December 31, 2021 and 2020: SCHEDULE OF RELATED PARTY TRANSACTIONS December 31, 2021 December 31, 2020 Amounts due to the Chief Executive Officer (“CEO”) (a) $ 144,031 $ 170,232 Amounts due to a company controlled by the CEO (a) 360,000 360,000 Amounts due to a former director (a) 220,000 271,000 Amounts due to a company controlled by the former director (a) 240,000 240,000 Advances due to a major shareholder (a) - 21,000 Amounts due from a director for shares (b) (200 ) - Amounts due from a director for shares (b) (200 ) - Related party payables $ 963,631 $ 1,062,232 (a) These amounts are non-interest bearing, unsecured and due on demand. (b) Payment for par-value shares received on January 5, 2022. During the year ended December 31, 2021, the Company repaid a total of $ 98,000 On December 30, 2021, the Company’s former director tendered for cancellation 845,000 930,000 1,775,000 On December 30, 2021, the Company issued a total of 6,005,000 shares of common stock to the Company’s directors (the “Director Shares”). The Director Shares were issued at par value for a total consideration of $ 601 , of which $ 201 were offset against the advances the Company received from its CEO, and $ 400 were received subsequent to December 31, 2021 (Note 9). In addition to the regular restrictive legend, the release of the Director Shares is subject to the terms and conditions included in a 3 -year lock-up and vesting agreement, which contemplates that the Director Shares are to be released in equal annual installments over a 3 -year term, during which term the shareholders agreed not to sell, directly or indirectly, or enter into any other transactions involving the Company’s common shares. The Company analyzed the issuance of the Director Shares pursuant to the guidance available in ASC 718, Compensation—Stock Compensation. 3 years. The Company determined the grant date to be the date the lock-up agreements were agreed to by the board of directors and the beneficiaries, and therefore no stock-based compensation was recorded for the year ended December 31, 2021. |
ACCOUNTS PAYABLE AND ACCRUED LI
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES | 12 Months Ended |
Dec. 31, 2021 | |
Payables and Accruals [Abstract] | |
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES | NOTE 4 – ACCOUNTS PAYABLE AND ACCRUED LIABILITIES SCHEDULE OF ACCOUNTS PAYABLE AND ACCRUED LIABILITIES December 31, 2021 December 31, 2020 Trade payables $ 367,578 $ 345,400 Accrued liabilities 28,692 8,200 Accounts payable and accrued liabilities $ 396,270 $ 353,600 |
MINERAL PROPERTY INTERESTS
MINERAL PROPERTY INTERESTS | 12 Months Ended |
Dec. 31, 2021 | |
Extractive Industries [Abstract] | |
MINERAL PROPERTY INTERESTS | NOTE 5 – MINERAL PROPERTY INTERESTS As of December 31, 2021, the Company’s mineral property interests are comprised of the Lazy Claims Property, the Loman Property, and the Agai-Pah Property located in Mineral County, Nevada, the Swales Property located in Elko County, Nevada, and the Belshazzar Property located in Quartzburg mining district, Boise County, Idaho. In addition, the Company acquired an option to acquire 100% 1% Lazy Claims Property On August 2, 2017, the Company entered into an exploration lease agreement (the “Lazy Claims Agreement”) with Tarsis Resources US Inc. (“Tarsis”), a Nevada corporation, to lease the Lazy Claims, consisting of three claims. The term of the Lazy Claims Agreement is ten years, and is subject to extension for additional two consecutive 10 1,000 2,000 2 2,000 During the year ended December 31, 2021 and 2020, the Company paid $ 2,543 2,543 2,000 2,000 543 543 Loman Property In December 2019 the Company acquired 27 10,395 During the year ended December 31, 2021, the Company paid $ 5,196 4,806 Agai-Pah Property On May 19, 2021, the Company entered into exploration lease with option to purchase agreement (the “Agai-Pah Property Agreement”) with MSM Resource, L.L.C., (“MSM”) a Nevada limited liability Corporation on the Agai-Pah Property, consisting of 20 400 The term of the Agai-Pah Property Agreement commenced on May 19, 2021, and continues for ten years, subject to the Company’s right to extend the Agai-Pah Property Agreement for two additional terms of ten years each, and subject to the Company’s option to purchase the Property. Full consideration of the Agai-Pah Property Agreement consists of the following: (i) an initial cash payment of $ 20,000 20,000 The Company has the exclusive option and right to acquire 100 750,000 20,000 During the year ended December 31, 2021, the Company paid $ 4,791 Nil Subsequent to the date of this transaction Alan Day, the managing member of MSM, became a director of the Company and a related party. Belshazzar Property On June 4, 2021, the Company entered exploration lease with option to purchase agreement (the “Belshazzar Property Agreement”) with Belshazzar Holdings, L.L.C., (“BH”) a Nevada limited liability Corporation on the Belshazzar Property, consisting of ten unpatented lode mining claims and seven unpatented placer mineral claim totaling 200 The term of the Belshazzar Property Agreement commenced on June 4, 2021, and continues for ten years, subject to the Company’s right to extend the Belshazzar Property Agreement for two additional terms of ten years each, and subject to the Company’s option to purchase the Belshazzar Property Full consideration of the Belshazzar Property Agreement consists of the following: (i) an initial cash payment of $ 20,000 20,000 The Company has the exclusive option and right to acquire 100% ownership of the Belshazzar Property (the “Belshazzar Purchase Option”) 800,000 1 20,000 During the year ended December 31, 2021, the Company paid $ 2,825 Nil Subsequent to the date of this transaction Alan Day, the managing member of BH, became a director of the Company and a related party. Swales Property On December 27, 2021, the Company entered into exploration lease with option to purchase agreement (the “Swales Property Agreement”) with Mr. W. Wright Parks III., (“Mr. Parks”) on the Swales Property, consisting of 40 unpatented lode mining claims totaling 800 The term of the Swales Property Agreement commenced on December 27, 2021, and continues for ten years, subject to the Company’s right to extend the Swales Property Agreement for two additional terms of ten years each, and subject to the Company’s option to purchase the Swales Property Full consideration of the Swales Property Agreement consists of the following: (i) an initial cash payment of $ 20,000 20,000 The Company has the exclusive option and right to acquire 100% ownership of the Swales Property (the “Swales Purchase Option”) 750,000 20,000 During the year ended December 31, 2021, the Company did not incur any expenses associated with the Swales Property. Olinghouse Project On December 17, 2021, the Company’s wholly-owned subsidiary, Nevada Canyon, LLC, entered into an Option to Purchase Agreement (the “ Target” Nevada company, to acquire 100% interest of Target’s 1% production royalty on the Olinghouse Project, located in the Olinghouse Mining District, Washoe County, Nevada . The Company has the exclusive right and option (the “Olinghouse Purchase Option”), exercisable at any time during the Olinghouse Option Period, as further defined below, at its sole discretion, to acquire 100% of a 1% production royalty from the net smelter returns on all minerals and products produced from certain properties comprising the Olinghouse Project The term of the Olinghouse Purchase Option shall be the later of one year, or 60 days after the date on which the Company delivers to Target a written notice to exercise the Olinghouse Purchase Option, subject to further extension if Target’s conditions to closing are not fully satisfied or otherwise waived by the Company. Full consideration of the Olinghouse Agreement consists of the following: (i) an initial cash option payment of $ 200,000 ● if the Company’s 10-day volume weighted average price (“VWAP”) Calculation is less than $ 1.25 ● if the Company’s 10-day VWAP Calculation is more than $ 1.25 2,000,000 During the year ended December 31, 2021, the Company did not incur any expenses associated with the Olinghouse Project. |
EQUITY INVESTMENT
EQUITY INVESTMENT | 12 Months Ended |
Dec. 31, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
EQUITY INVESTMENT | NOTE 6 – EQUITY INVESTMENT As at December 31, 2021, the Company’s equity investments consist of 8,197,000 8,218,000 1,900,000 1,900,000 The WRR Warrants expire on July 18, 2022 1,900,000 The terms of the WRR Warrants contain a provision which prevents the Company from exercising any part of the WRR Warrants which would result in the Company owning 10% or more of the issued and outstanding shares of WRR. Because these warrants can be exercised for no further consideration they have been accounted for as being equivalent to shares and classified as available for sale At December 31, 2021, the fair market value of the equity investment was calculated to be $ 318,418 794,542 During the year ended December 31, 2021, the Company sold 21,000 2,152 315 5,640,000 540,579 168,866 The revaluation of the equity investment in WRR resulted in $ 474,287 135,849 0.10 0.04 0.085 0.10 |
NOTES AND ADVANCES PAYABLE
NOTES AND ADVANCES PAYABLE | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
NOTES AND ADVANCES PAYABLE | NOTE 7 – NOTES AND ADVANCES PAYABLE At December 31, 2021, the Company’s liability under notes and advances payable consisted of $ 1,100 16,164 On October 8, 2021, as part of the Company’s convertible promissory notes financing (Note 8), one of the Company’s existing debt holders agreed to convert $ 15,064 20,000 4,936 |
CONVERTIBLE NOTES PAYABLE
CONVERTIBLE NOTES PAYABLE | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
CONVERTIBLE NOTES PAYABLE | NOTE 8 – CONVERTIBLE NOTES PAYABLE During the year ended December 31, 2021, the Company received $ 980,000 15,064 20,000 The convertible promissory notes (the “Notes”) are due in twelve months after their issuances (the “Maturity Date”) and accrue interest at a rate of 15 0.375 5,000,000 The Company determined the embedded beneficial conversion feature present in the Notes to be $ 663,867 SCHEDULE OF CONVERTIBLE NOTES PAYABLE Principal Fair Value on Commitment Date Number of Shares to be issued based on $0.375/Share Intrinsic Value of Beneficial Conversion Feature Discount recorded as part of Additional Paid-in Capital Implied Interest Present Value of the Notes $ 100,000 $ 0.79 266,667 $ 110,667 $ 100,000 2,081 % $ 33 50,000 $ 0.77 133,333 52,667 50,000 1,903 % 21 50,000 $ 0.60 133,333 29,600 29,600 108 % 26,193 600,000 $ 0.60 1,600,000 363,200 363,200 112 % 303,861 25,000 $ 0.60 66,667 15,133 15,133 112 % 12,661 20,000 $ 0.60 53,333 12,107 12,107 112 % 10,100 50,000 $ 0.60 133,333 30,267 30,267 112 % 25,249 25,000 $ 0.60 66,667 15,133 15,133 112 % 12,443 20,000 $ 0.60 53,333 12,107 12,107 112 % 10,100 10,000 $ 0.60 26,667 6,053 6,053 112 % 4,992 50,000 $ 0.60 133,333 30,267 30,267 112 % 24,885 $ 1,000,000 2,666,667 $ 677,200 $ 663,867 $ 430,538 During the year ended December 31, 2021, the Company recorded $ 94,404 |
STOCKHOLDERS_ EQUITY
STOCKHOLDERS’ EQUITY | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
STOCKHOLDERS’ EQUITY | NOTE 9 – STOCKHOLDERS’ EQUITY The Company was formed with one class of common stock, $ 0.0001 100,000,000 0.0001 10,000,000 Voting rights are not cumulative and, therefore, the holders of more than 50% of the common stock could, if they chose to do so, elect all of the directors of the Company On August 27, 2020, the Company’s Board of Directors approved a one-for-ten (1:10) Reverse Stock Split . The record date for the Reverse Stock Split was August 28, 2020, however, it became effective on October 28, 2020, when the Company received an approval from Financial Industry Regulatory Authority (“FINRA”). All share data and per-share amounts have been retroactively restated to account for the Reverse Stock Split. Equity transactions during the year ended December 31, 2021: On December 30, 2021, the Company’s former director tendered for cancellation 845,000 930,000 1,775,000 On December 30, 2021, the Company issued a total of 6,005,000 601 Equity transactions during the year ended December 31, 2020: During the year ended December 31, 2020, the Company did not have any transactions that would have resulted in issuance of its shares. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 10 – INCOME TAXES A reconciliation of the expected income tax expense to the actual income tax expense is as follows: SCHEDULE OF RECONCILIATION OF EXPECTED INCOME TAX EXPENSE 2021 2020 Net income before tax $ (692,571 ) $ 288,158 Statutory tax rate 21 % 21 % Expected income tax recovery at statutory rate (145,440 ) 60,513 Non-deductible expenditures 119,633 1,771 Adjustments relating to previously filed tax returns - (235 ) Change in valuation allowance 25,807 (62,049 ) Total income tax expense $ - $ - The Company has the following deductible temporary differences: SCHEDULE OF DEFERRED TAX ASSETS 2021 2020 Deferred income tax assets Marketable securities $ 13,235 $ - Non-capital loss carry-forward 169,757 143,886 Total deferred income tax assets 182,992 143,886 Deferred income tax liabilities Convertible notes (119,587 ) - Marketable securities - (88,044 ) Less: Valuation allowance (63,405 ) (55,842 ) Net deferred income tax assets $ - $ - The Company has net operating losses of approximately $ 808,000 available to reduce future years’ taxable income. These losses may be carried forward indefinitely. Tax attributes are subject to review, and potential adjustment, by tax authorities. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 11 – SUBSEQUENT EVENTS Purchase agreement to acquire net smelter returns royalty. Subsequent to December 31, 2021, the Company’s wholly owned subsidiary, Nevada Canyon, LLC, entered into a Royalty Purchase Agreement (the “Royalty Agreement”) with Smooth Rock Ventures, LLC, a wholly-owned subsidiary of Smooth Rock Ventures Corp. (“Smooth Rock”), to acquire a 2% net smelter returns royalty (“NSR”) on the Palmetto Project (the “Project”), located in Esmeralda County, Nevada. To acquire the 2% 350,000 |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation These consolidated financial statements and related notes are presented in accordance with US GAAP, and are presented in United States dollars. |
Principles of consolidation | Principles of consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Nevada Canyon LLC and Canyon Carbon LLC. On consolidation, all intercompany balances and transactions are eliminated. |
Use of Estimates and Assumptions | Use of Estimates and Assumptions The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. The Company regularly evaluates estimates and assumptions related to the fair value of stock-based compensation, impairment of its interest in mineral properties, and deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. |
Basis of Accounting | Basis of Accounting The Company’s consolidated financial statements are prepared using the accrual method of accounting, except for cash flow information. |
Equity Investments | Equity Investments Equity investments are classified as available for sale and are stated at fair market value. Unrealized gains and losses are recognized in the Company’s consolidated statement of operations. |
Income Taxes | Income Taxes Income tax expense is based on pre-tax financial accounting income. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases. Deferred tax assets, including tax loss and credit carry forwards, and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Deferred income tax expense represents the change during the period in the deferred tax assets and deferred tax liabilities. The components of the deferred tax assets and liabilities are individually classified as current and non-current based on their characteristics. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not some portion or all of the deferred tax assets will not be realized. |
Income/ Loss per Share | Income/ Loss per Share The Company’s basic income/loss per share is calculated by dividing its net income/loss available to common stockholders by the weighted average number of common shares outstanding for the period. The Company’s dilutive income/loss per share is calculated by dividing its net income/loss available to common shareholders by the diluted weighted average number of shares outstanding during the period. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. The convertible debentures outstanding at December 31, 2021, were not included in diluted weighted average number of shares as their effect would be anti-dilutive. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company’s financial instruments include cash, equity investment, accounts payable, related party payables, notes payable. The carrying value of these financial instruments approximates their fair value based on their short-term nature. The Company is not exposed to significant interest, exchange or credit risk arising from these financial instruments. The fair value hierarchy under US GAAP is based on the following three levels of inputs, of which the first two are considered observable and the last unobservable: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2: Observable inputs other than Level I, quoted prices for similar assets or liabilities in active prices whose inputs are observable or whose significant value drivers are observable; and Level 3: Assets and liabilities whose significant value drivers are unobservable by little or no market activity and that are significant to the fair value of the assets or liabilities. Certain assets and liabilities are measured at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments only in certain circumstances (for example, when there is evidence of impairment). There were no assets or liabilities measured at fair value on a nonrecurring basis during the periods ended December 31, 2021 and 2020. Cash and equity investment are measured at fair value using level 1 inputs. |
Stock-Based Compensation | Stock-Based Compensation For equity awards, such as stock options, total compensation cost is based on the grant date fair value and for liability awards, such as stock appreciation rights, total compensation cost is based on the settlement value. The Company recognizes stock-based compensation expense for all awards over the service period required to earn the award, which is the shorter of the vesting period or the time period an employee becomes eligible to retain the award at retirement. |
Mining Interests and Mineral Exploration Expenditures | Mining Interests and Mineral Exploration Expenditures Exploration costs are expensed in the period in which they occur. The Company capitalizes costs for acquiring and leasing mining properties and expenses costs to maintain mineral rights as incurred. Should a property reach the production stage, capitalized costs would be amortized using the units-of-production method based on periodic estimates of ore reserves. |
Impairment of Long-lived Assets | Impairment of Long-lived Assets The Company periodically reviews its long-lived assets to determine if any events or changes in circumstances have transpired which indicate that the carrying value of its assets may not be recoverable. The Company determines impairment by comparing the undiscounted net future cash flows estimated to be generated by its assets to their respective carrying amounts. If impairment is deemed to exist, the assets will be written down to fair value. |
Convertible Debt with Beneficial Conversion Feature | Convertible Debt with Beneficial Conversion Feature The Company accounts for beneficial conversion options (“BCF”) embedded in convertible notes in accordance with ASC 470-20. ASC 470-20 generally requires companies to recognize an embedded beneficial conversion feature present in a convertible instrument separately at issuance by allocating a portion of the proceeds equal to the intrinsic value of that feature to additional paid-in capital, resulting in a discount on the convertible instrument. This discount on convertible debt is accreted from the date on which the BCF is first recognized through the stated maturity date. The intrinsic value is calculated at the commitment date being the difference between the conversion price and the fair value of the common stock or other securities into which the security is convertible, multiplied by the number of shares into which the security is convertible. If the intrinsic value of the BCF is greater than the proceeds allocated to the convertible instrument, the amount of the discount assigned to the beneficial conversion feature shall be limited to the amount of the proceeds allocated to the convertible instrument. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
SCHEDULE OF RELATED PARTY TRANSACTIONS | Amounts due to related parties at December 31, 2021 and 2020: SCHEDULE OF RELATED PARTY TRANSACTIONS December 31, 2021 December 31, 2020 Amounts due to the Chief Executive Officer (“CEO”) (a) $ 144,031 $ 170,232 Amounts due to a company controlled by the CEO (a) 360,000 360,000 Amounts due to a former director (a) 220,000 271,000 Amounts due to a company controlled by the former director (a) 240,000 240,000 Advances due to a major shareholder (a) - 21,000 Amounts due from a director for shares (b) (200 ) - Amounts due from a director for shares (b) (200 ) - Related party payables $ 963,631 $ 1,062,232 (a) These amounts are non-interest bearing, unsecured and due on demand. (b) Payment for par-value shares received on January 5, 2022. |
ACCOUNTS PAYABLE AND ACCRUED _2
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Payables and Accruals [Abstract] | |
SCHEDULE OF ACCOUNTS PAYABLE AND ACCRUED LIABILITIES | SCHEDULE OF ACCOUNTS PAYABLE AND ACCRUED LIABILITIES December 31, 2021 December 31, 2020 Trade payables $ 367,578 $ 345,400 Accrued liabilities 28,692 8,200 Accounts payable and accrued liabilities $ 396,270 $ 353,600 |
CONVERTIBLE NOTES PAYABLE (Tabl
CONVERTIBLE NOTES PAYABLE (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
SCHEDULE OF CONVERTIBLE NOTES PAYABLE | SCHEDULE OF CONVERTIBLE NOTES PAYABLE Principal Fair Value on Commitment Date Number of Shares to be issued based on $0.375/Share Intrinsic Value of Beneficial Conversion Feature Discount recorded as part of Additional Paid-in Capital Implied Interest Present Value of the Notes $ 100,000 $ 0.79 266,667 $ 110,667 $ 100,000 2,081 % $ 33 50,000 $ 0.77 133,333 52,667 50,000 1,903 % 21 50,000 $ 0.60 133,333 29,600 29,600 108 % 26,193 600,000 $ 0.60 1,600,000 363,200 363,200 112 % 303,861 25,000 $ 0.60 66,667 15,133 15,133 112 % 12,661 20,000 $ 0.60 53,333 12,107 12,107 112 % 10,100 50,000 $ 0.60 133,333 30,267 30,267 112 % 25,249 25,000 $ 0.60 66,667 15,133 15,133 112 % 12,443 20,000 $ 0.60 53,333 12,107 12,107 112 % 10,100 10,000 $ 0.60 26,667 6,053 6,053 112 % 4,992 50,000 $ 0.60 133,333 30,267 30,267 112 % 24,885 $ 1,000,000 2,666,667 $ 677,200 $ 663,867 $ 430,538 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
SCHEDULE OF RECONCILIATION OF EXPECTED INCOME TAX EXPENSE | A reconciliation of the expected income tax expense to the actual income tax expense is as follows: SCHEDULE OF RECONCILIATION OF EXPECTED INCOME TAX EXPENSE 2021 2020 Net income before tax $ (692,571 ) $ 288,158 Statutory tax rate 21 % 21 % Expected income tax recovery at statutory rate (145,440 ) 60,513 Non-deductible expenditures 119,633 1,771 Adjustments relating to previously filed tax returns - (235 ) Change in valuation allowance 25,807 (62,049 ) Total income tax expense $ - $ - |
SCHEDULE OF DEFERRED TAX ASSETS | The Company has the following deductible temporary differences: SCHEDULE OF DEFERRED TAX ASSETS 2021 2020 Deferred income tax assets Marketable securities $ 13,235 $ - Non-capital loss carry-forward 169,757 143,886 Total deferred income tax assets 182,992 143,886 Deferred income tax liabilities Convertible notes (119,587 ) - Marketable securities - (88,044 ) Less: Valuation allowance (63,405 ) (55,842 ) Net deferred income tax assets $ - $ - |
NATURE OF BUSINESS (Details Nar
NATURE OF BUSINESS (Details Narrative) - Board of Directors [Member] | Aug. 27, 2020 |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |
Reverse stock split description | one-for-ten (1:10) Reverse Stock Split |
Common Stock [Member] | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |
Reverse stock split description | one-for-ten (1:10) reverse split |
SCHEDULE OF RELATED PARTY TRANS
SCHEDULE OF RELATED PARTY TRANSACTIONS (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Related party advances | $ 963,631 | ||
Related party advances | 963,631 | $ 1,062,232 | |
Chief Executive Officer [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Related party advances | [1] | 144,031 | 170,232 |
Company Controlled by the CEO [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Related party advances | [1] | 360,000 | 360,000 |
Director [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Related party advances | [1] | 220,000 | 271,000 |
Company Controlled by A Director [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Related party advances | [1] | 240,000 | 240,000 |
Majority Shareholder [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Related party advances | [1] | 21,000 | |
Director One [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Related party advances | [2] | (200) | |
Director Two [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Related party advances | [2] | $ (200) | |
[1] | These amounts are non-interest bearing, unsecured and due on demand. | ||
[2] | Payment for par-value shares received on January 5, 2022. |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | Dec. 30, 2021 | Mar. 31, 2022 | Dec. 31, 2021 |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Repayment of debt | $ 98,000 | ||
Cancellation of common stock tendered or weighted, shares | 1,775,000 | ||
Number of shares issued, value | $ 601 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||
Director [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Cancellation of common stock tendered or weighted, shares | 845,000 | ||
Numebr of shares issued | 6,005,000 | ||
Number of shares issued, value | $ 601 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||
Director [Member] | Subsequent Event [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Number of shares issued, value | $ 400 | ||
Majority Shareholder [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Cancellation of common stock tendered or weighted, shares | 930,000 | ||
Chief Executive Officer [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Number of shares issued, value | $ 201 |
SCHEDULE OF ACCOUNTS PAYABLE AN
SCHEDULE OF ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Payables and Accruals [Abstract] | ||
Trade payables | $ 367,578 | $ 345,400 |
Accrued liabilities | 28,692 | 8,200 |
Accounts payable and accrued liabilities | $ 396,270 | $ 353,600 |
MINERAL PROPERTY INTERESTS (Det
MINERAL PROPERTY INTERESTS (Details Narrative) | Dec. 27, 2021USD ($)ft² | Dec. 18, 2021USD ($) | Dec. 17, 2021$ / sharesshares | Nov. 06, 2021USD ($) | Jun. 04, 2021USD ($)ft² | May 19, 2021USD ($)ft²Integer | Aug. 02, 2017USD ($) | Dec. 31, 2019USD ($)Integer | Mar. 31, 2022USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Reserve Quantities [Line Items] | |||||||||||
Mineral property interest | $ 240,000 | ||||||||||
Olinghouse Project Agreement [Member] | |||||||||||
Reserve Quantities [Line Items] | |||||||||||
Royalty percentage | 1.00% | ||||||||||
Olinghouse Project Agreement [Member] | Target Minerals Inc [Member] | |||||||||||
Reserve Quantities [Line Items] | |||||||||||
Description of current status of project | Nevada company, to acquire 100% interest of Target’s 1% production royalty on the Olinghouse Project, located in the Olinghouse Mining District, Washoe County, Nevada | ||||||||||
Annual payments | $ 200,000 | ||||||||||
Noncontrolling interest, description | the Olinghouse Option Period, as further defined below, at its sole discretion, to acquire 100% of a 1% production royalty from the net smelter returns on all minerals and products produced from certain properties comprising the Olinghouse Project | ||||||||||
Olinghouse Project Agreement [Member] | Target Minerals Inc [Member] | Volume Weighted Average Price [Member] | |||||||||||
Reserve Quantities [Line Items] | |||||||||||
Purchase price per share | $ / shares | $ 1.25 | ||||||||||
Common stock shares | shares | 2,000,000 | ||||||||||
Lease Agreement [Member] | Tarsis Resources US Inc [Member] | |||||||||||
Reserve Quantities [Line Items] | |||||||||||
Royalty percentage | 2.00% | ||||||||||
Lease description | The term of the Lazy Claims Agreement is ten years, and is subject to extension for additional two consecutive 10-year terms. Full consideration of the Lazy Claims Agreement consists of the following: an initial cash payment of $1,000 to Tarsis, paid upon the execution of the Lazy Claims Agreement, with $2,000 payable to Tarsis on each subsequent anniversary of the effective date. The Company agreed to pay Tarsis a 2% production royalty (the “Lazy Claims Royalty”) based on the gross returns from the production and sale of minerals from the Lazy Claims. Should the Lazy Claims Royalty payments to Tarsis be in excess of $2,000 per year, the Company will not be required to pay a $2,000 annual minimum payment. | ||||||||||
Extension agreement term | 10 years | ||||||||||
Initial cash payment of lease | $ 1,000 | ||||||||||
Lease payable | $ 2,000 | ||||||||||
Lazy Claims Agreement [Member] | |||||||||||
Reserve Quantities [Line Items] | |||||||||||
Annual minimum payment | $ 2,000 | 2,000 | |||||||||
Mineral property interest | 2,543 | 2,543 | |||||||||
Minimum mineral property interest | 543 | 543 | |||||||||
Loman Claims [Member] | |||||||||||
Reserve Quantities [Line Items] | |||||||||||
Mineral property interest | $ 10,395 | 5,196 | 4,806 | ||||||||
Number of mining properties acquired | Integer | 27 | ||||||||||
Agai Pah Property Agreement [Member] | MSM Resource LLC [Member] | |||||||||||
Reserve Quantities [Line Items] | |||||||||||
Mineral property interest | 4,791 | ||||||||||
Description of current status of project | Nevada limited liability Corporation on the Agai-Pah Property, consisting of 20 unpatented mining claims totaling 400 acres, located in sections 32 & 33, T4N, R34E, MDM, Mineral County, Nevada about 10 miles northeast of the town of Hawthorne (the “Agai-Pah Property”) | ||||||||||
Number of mining properties unpatened | Integer | 20 | ||||||||||
Area of land | ft² | 400 | ||||||||||
Extension of agreement, description | The term of the Agai-Pah Property Agreement commenced on May 19, 2021, and continues for ten years, subject to the Company’s right to extend the Agai-Pah Property Agreement for two additional terms of ten years each, and subject to the Company’s option to purchase the Property. | ||||||||||
Business combination, consideration transferred | $ 20,000 | ||||||||||
Annual payments | $ 20,000 | $ 20,000 | |||||||||
Noncontrolling interest, description | The Company has the exclusive option and right to acquire 100% ownership of the Agai-Pah Property (the “Agai-Pah Purchase Option”). | ||||||||||
Equity method investment, ownership percentage | 100.00% | ||||||||||
Payments to acquire equity method investments | $ 750,000 | ||||||||||
Belshazzar Property Agreement [Member] | Belshazzar Holdings LLC [Member] | |||||||||||
Reserve Quantities [Line Items] | |||||||||||
Royalty percentage | 1.00% | ||||||||||
Mineral property interest | $ 2,825 | ||||||||||
Description of current status of project | Nevada limited liability Corporation on the Belshazzar Property, consisting of ten unpatented lode mining claims and seven unpatented placer mineral claim totaling 200 acres, within Quartzburg mining district, in Boise County, Idaho (the “Belshazzar Property”) | ||||||||||
Area of land | ft² | 200 | ||||||||||
Extension of agreement, description | The term of the Belshazzar Property Agreement commenced on June 4, 2021, and continues for ten years, subject to the Company’s right to extend the Belshazzar Property Agreement for two additional terms of ten years each, and subject to the Company’s option to purchase the Belshazzar Property | ||||||||||
Business combination, consideration transferred | $ 20,000 | ||||||||||
Annual payments | $ 20,000 | $ 20,000 | |||||||||
Noncontrolling interest, description | The Company has the exclusive option and right to acquire 100% ownership of the Belshazzar Property (the “Belshazzar Purchase Option”) | ||||||||||
Payments to acquire equity method investments | $ 800,000 | ||||||||||
Swales Property Agreement [Member] | Wright Parks III [Member] | |||||||||||
Reserve Quantities [Line Items] | |||||||||||
Description of current status of project | the Swales Property, consisting of 40 unpatented lode mining claims totaling 800 acres, within Swales Mountain Mining District in Elko County, Nevada (the “Swales Property”) | ||||||||||
Area of land | ft² | 800 | ||||||||||
Extension of agreement, description | The term of the Swales Property Agreement commenced on December 27, 2021, and continues for ten years, subject to the Company’s right to extend the Swales Property Agreement for two additional terms of ten years each, and subject to the Company’s option to purchase the Swales Property | ||||||||||
Business combination, consideration transferred | $ 20,000 | ||||||||||
Annual payments | $ 20,000 | ||||||||||
Noncontrolling interest, description | The Company has the exclusive option and right to acquire 100% ownership of the Swales Property (the “Swales Purchase Option”) | ||||||||||
Payments to acquire equity method investments | $ 750,000 | ||||||||||
Swales Property Agreement [Member] | Wright Parks III [Member] | Subsequent Event [Member] | |||||||||||
Reserve Quantities [Line Items] | |||||||||||
Annual payments | $ 20,000 | ||||||||||
Target Minerals Inc [Member] | |||||||||||
Reserve Quantities [Line Items] | |||||||||||
Percentage of interests acquired | 100.00% |
EQUITY INVESTMENT (Details Narr
EQUITY INVESTMENT (Details Narrative) | 12 Months Ended | ||||
Dec. 31, 2021USD ($)shares | Dec. 31, 2020USD ($)shares | Dec. 31, 2021$ / shares | Dec. 31, 2020$ / shares | Dec. 31, 2019$ / shares | |
Net realized gain | $ 315 | $ 168,866 | |||
Walker River Resources Corp [Member] | |||||
Number of common stock shares issued during the period | shares | 8,197,000 | 8,218,000 | |||
Common shares exchanged for acquire additional warrants | shares | 1,900,000 | 1,900,000 | |||
Warrant expiration date | Jul. 18, 2022 | ||||
Number of warrant exercisable | shares | 1,900,000 | ||||
Warrant description | The terms of the WRR Warrants contain a provision which prevents the Company from exercising any part of the WRR Warrants which would result in the Company owning 10% or more of the issued and outstanding shares of WRR. Because these warrants can be exercised for no further consideration they have been accounted for as being equivalent to shares and classified as available for sale | ||||
Fair value of equity investments | $ 318,418 | $ 794,542 | |||
Number of shares sold | shares | 21,000 | 5,640,000 | |||
Net proceeds from sale of common stock | $ 2,152 | $ 540,579 | |||
Net realized gain | 315 | 168,866 | |||
Gain/loss on revaluation of equity investment | $ 474,287 | $ 135,849 | |||
Common stock, price per share | $ / shares | $ 0.04 | $ 0.10 | $ 0.085 |
NOTES AND ADVANCES PAYABLE (Det
NOTES AND ADVANCES PAYABLE (Details Narrative) - USD ($) | Oct. 08, 2021 | Dec. 31, 2021 | Dec. 31, 2020 |
Notes and advances payable | $ 1,100 | $ 16,164 | |
Walker River Resources Corp [Member] | |||
Proceeds from vendor | $ 1,100 | $ 16,164 | |
Notes and advances payable | $ 15,064 | ||
Conversion of debt | 20,000 | ||
Interest expense | $ 4,936 |
SCHEDULE OF CONVERTIBLE NOTES P
SCHEDULE OF CONVERTIBLE NOTES PAYABLE (Details) | 12 Months Ended | |
Dec. 31, 2021USD ($)Integer$ / shares | Dec. 31, 2020USD ($) | |
Short-term Debt [Line Items] | ||
Principal amount of convertible notes payable | $ 1,000,000 | |
Number of shares to be issued based on $0.375 per share | Integer | 2,666,667 | |
Intrinsic value of beneficial conversion feature | $ 677,200 | |
Discount recorded as part of additional paid in capital | 663,867 | |
Present value of the notes | 430,538 | |
Convetible Notes Payable One [Member] | ||
Short-term Debt [Line Items] | ||
Principal amount of convertible notes payable | $ 100,000 | |
Conversion price | $ / shares | $ 0.79 | |
Number of shares to be issued based on $0.375 per share | Integer | 266,667 | |
Intrinsic value of beneficial conversion feature | $ 110,667 | |
Discount recorded as part of additional paid in capital | $ 100,000 | |
Implied interest | 20.81 | |
Present value of the notes | $ 33 | |
Convertible Notes Payable Two [Member] | ||
Short-term Debt [Line Items] | ||
Principal amount of convertible notes payable | $ 50,000 | |
Conversion price | $ / shares | $ 0.77 | |
Number of shares to be issued based on $0.375 per share | Integer | 133,333 | |
Intrinsic value of beneficial conversion feature | $ 52,667 | |
Discount recorded as part of additional paid in capital | $ 50,000 | |
Implied interest | 19.03 | |
Present value of the notes | $ 21 | |
Convertible Notes Payable Three [Member] | ||
Short-term Debt [Line Items] | ||
Principal amount of convertible notes payable | $ 50,000 | |
Conversion price | $ / shares | $ 0.60 | |
Number of shares to be issued based on $0.375 per share | Integer | 133,333 | |
Intrinsic value of beneficial conversion feature | $ 29,600 | |
Discount recorded as part of additional paid in capital | $ 29,600 | |
Implied interest | 1.08 | |
Present value of the notes | $ 26,193 | |
Convertible Notes Payable Four [Member] | ||
Short-term Debt [Line Items] | ||
Principal amount of convertible notes payable | $ 600,000 | |
Conversion price | $ / shares | $ 0.60 | |
Number of shares to be issued based on $0.375 per share | Integer | 1,600,000 | |
Intrinsic value of beneficial conversion feature | $ 363,200 | |
Discount recorded as part of additional paid in capital | $ 363,200 | |
Implied interest | 1.12 | |
Present value of the notes | $ 303,861 | |
Convertible Notes Payable Five [Member] | ||
Short-term Debt [Line Items] | ||
Principal amount of convertible notes payable | $ 25,000 | |
Conversion price | $ / shares | $ 0.60 | |
Number of shares to be issued based on $0.375 per share | Integer | 66,667 | |
Intrinsic value of beneficial conversion feature | $ 15,133 | |
Discount recorded as part of additional paid in capital | $ 15,133 | |
Implied interest | 1.12 | |
Present value of the notes | $ 12,661 | |
Convertible Notes Payable Six [Member] | ||
Short-term Debt [Line Items] | ||
Principal amount of convertible notes payable | $ 20,000 | |
Conversion price | $ / shares | $ 0.60 | |
Number of shares to be issued based on $0.375 per share | Integer | 53,333 | |
Intrinsic value of beneficial conversion feature | $ 12,107 | |
Discount recorded as part of additional paid in capital | $ 12,107 | |
Implied interest | 1.12 | |
Present value of the notes | $ 10,100 | |
Convertible Notes Payable Seven [Member] | ||
Short-term Debt [Line Items] | ||
Principal amount of convertible notes payable | $ 50,000 | |
Conversion price | $ / shares | $ 0.60 | |
Number of shares to be issued based on $0.375 per share | Integer | 133,333 | |
Intrinsic value of beneficial conversion feature | $ 30,267 | |
Discount recorded as part of additional paid in capital | $ 30,267 | |
Implied interest | 1.12 | |
Present value of the notes | $ 25,249 | |
Convertible Notes Payable Eight [Member] | ||
Short-term Debt [Line Items] | ||
Principal amount of convertible notes payable | $ 25,000 | |
Conversion price | $ / shares | $ 0.60 | |
Number of shares to be issued based on $0.375 per share | Integer | 66,667 | |
Intrinsic value of beneficial conversion feature | $ 15,133 | |
Discount recorded as part of additional paid in capital | $ 15,133 | |
Implied interest | 1.12 | |
Present value of the notes | $ 12,443 | |
Convertible Notes Payable Nine [Member] | ||
Short-term Debt [Line Items] | ||
Principal amount of convertible notes payable | $ 20,000 | |
Conversion price | $ / shares | $ 0.60 | |
Number of shares to be issued based on $0.375 per share | Integer | 53,333 | |
Intrinsic value of beneficial conversion feature | $ 12,107 | |
Discount recorded as part of additional paid in capital | $ 12,107 | |
Implied interest | 1.12 | |
Present value of the notes | $ 10,100 | |
Convertible Notes Payable Ten [Member] | ||
Short-term Debt [Line Items] | ||
Principal amount of convertible notes payable | $ 10,000 | |
Conversion price | $ / shares | $ 0.60 | |
Number of shares to be issued based on $0.375 per share | Integer | 26,667 | |
Intrinsic value of beneficial conversion feature | $ 6,053 | |
Discount recorded as part of additional paid in capital | $ 6,053 | |
Implied interest | 1.12 | |
Present value of the notes | $ 4,992 | |
Convertible Notes Payable Eleven [Member] | ||
Short-term Debt [Line Items] | ||
Principal amount of convertible notes payable | $ 50,000 | |
Conversion price | $ / shares | $ 0.60 | |
Number of shares to be issued based on $0.375 per share | Integer | 133,333 | |
Intrinsic value of beneficial conversion feature | $ 30,267 | |
Discount recorded as part of additional paid in capital | $ 30,267 | |
Implied interest | 1.12 | |
Present value of the notes | $ 24,885 |
CONVERTIBLE NOTES PAYABLE (Deta
CONVERTIBLE NOTES PAYABLE (Details Narrative) - USD ($) | Oct. 08, 2021 | Dec. 31, 2021 | Dec. 31, 2020 |
Short-term Debt [Line Items] | |||
Proceeds from Convertible Debt | $ 980,000 | ||
Notes Payable, Current | 1,100 | 16,164 | |
Adjustments to Additional Paid in Capital, Convertible Debt with Conversion Feature | 663,867 | ||
Accretion expense | 94,404 | ||
Convertible Notes Payable [Member] | |||
Short-term Debt [Line Items] | |||
Proceeds from Convertible Debt | $ 5,000,000 | ||
Interest rate | 15.00% | ||
Debt conversion price | $ 0.375 | ||
Adjustments to Additional Paid in Capital, Convertible Debt with Conversion Feature | $ 663,867 | ||
Accretion expense | $ 94,404 | ||
Walker River Resources Corp [Member] | |||
Short-term Debt [Line Items] | |||
Notes Payable, Current | $ 15,064 | ||
Debt Conversion, Converted Instrument, Amount | $ 20,000 |
STOCKHOLDERS_ EQUITY (Details N
STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($) | Dec. 30, 2021 | Aug. 27, 2020 | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Common stock par value | $ 0.0001 | $ 0.0001 | ||
Common stock, shares authorized | 100,000,000 | 100,000,000 | ||
Preferred stock par value | $ 0.0001 | $ 0.0001 | ||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | ||
Common stock voting rights | Voting rights are not cumulative and, therefore, the holders of more than 50% of the common stock could, if they chose to do so, elect all of the directors of the Company | |||
Cancellation of common stock tendered or weighted, shares | 1,775,000 | |||
Number of shares issued, value | $ 601 | |||
Board of Directors [Member] | ||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Stockholders' Equity, Reverse Stock Split | one-for-ten (1:10) Reverse Stock Split | |||
Director [Member] | ||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Cancellation of common stock tendered or weighted, shares | 845,000 | |||
Common stock issued, shares | 6,005,000 | |||
Number of shares issued, value | $ 601 | |||
Majority Shareholder [Member] | ||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Cancellation of common stock tendered or weighted, shares | 930,000 |
SCHEDULE OF RECONCILIATION OF E
SCHEDULE OF RECONCILIATION OF EXPECTED INCOME TAX EXPENSE (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Net income before tax | $ (692,571) | $ 288,158 |
Statutory tax rate | 21.00% | 21.00% |
Expected income tax recovery at statutory rate | $ (145,440) | $ 60,513 |
Non-deductible expenditures | 119,633 | 1,771 |
Adjustments relating to previously filed tax returns | (235) | |
Change in valuation allowance | 25,807 | (62,049) |
Total income tax expense |
SCHEDULE OF DEFERRED TAX ASSETS
SCHEDULE OF DEFERRED TAX ASSETS (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Income Tax Disclosure [Abstract] | ||
Marketable securities | $ 13,235 | |
Non-capital loss carry-forward | 169,757 | 143,886 |
Total deferred income tax assets | 182,992 | 143,886 |
Convertible notes | (119,587) | |
Marketable securities | (88,044) | |
Less: Valuation allowance | (63,405) | (55,842) |
Net deferred income tax assets |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) | Dec. 31, 2021USD ($) |
Income Tax Disclosure [Abstract] | |
Operating Loss Carryforwards | $ 808,000 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - Palmetto Project [Member] - Smooth Rock Ventures Corp [Member] - Subsequent Event [Member] | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Subsequent Event [Line Items] | |
Royalty percentage | 2.00% |
Payments to Acquire Royalty Interests in Mining Properties | $ 350,000 |