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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒ QUARTERLY REPORT UNDER SECTION 13 OR
15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2024
☐ TRANSITION REPORT UNDER SECTION 13 OR
15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ____________
to ____________
Commission file number: 000-54658
MAGELLAN
COPPER & GOLD INC.
(FORMERLY
MAGELLAN GOLD CORPORATION)
(Exact name of registrant as specified in its charter)
Nevada
(State or other jurisdiction of incorporation or
organization) |
27-3566922
(IRS Employer Identification Number) |
|
|
602 Cedar Street, Suite 205
Wallace, Idaho
(Address of principal executive offices) |
83873
(Zip Code) |
Registrant’s telephone number, including
area code: (707) 291-6198
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
N/A |
N/A |
N/A |
Securities registered under Section 12(g) of the Exchange Act: None
Indicate by check mark whether the registrant
(1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements
for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant
has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405
of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes
☒ No ☐
Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company.
See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company”,
and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☐ |
|
Accelerated filer ☐ |
Non-accelerated Filer ☒ |
|
Smaller reporting company ☒ |
Emerging growth company ☐ |
|
|
If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant
is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
On October 15, 2024, there were 25,412,072 shares
of the registrant’s common stock, $.001 par value, issued and outstanding.
MAGELLAN COPPER & GOLD INC.
(FORMERLY MAGELLAN GOLD CORPORATION)
Form 10-Q
June 30, 2024
Table of Contents
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
Magellan Copper & Gold Inc.
(Formerly Magellan Gold Corporation)
Consolidated Balance Sheets
(Unaudited)
| |
| | | |
| | |
| |
June 30, 2024 | | |
December 31, 2023 | |
ASSETS | |
| | | |
| | |
Current assets | |
| | | |
| | |
Cash | |
$ | 3,913 | | |
$ | 99 | |
| |
| | | |
| | |
Total current assets | |
| 3,913 | | |
| 99 | |
| |
| | | |
| | |
Mineral rights and properties | |
| 522,565 | | |
| 100,000 | |
| |
| | | |
| | |
Total assets | |
$ | 526,478 | | |
$ | 100,099 | |
| |
| | | |
| | |
LIABILITIES AND SHAREHOLDERS' DEFICIT | |
| | | |
| | |
Current liabilities: | |
| | | |
| | |
Accounts payable | |
$ | 210,848 | | |
$ | 236,322 | |
Accounts payable - related party | |
| 109,750 | | |
| 73,750 | |
Accrued liabilities | |
| 214,089 | | |
| 214,089 | |
Convertible note payable, net - related party | |
| 285,000 | | |
| 185,000 | |
Convertible note payable, net | |
| 430,978 | | |
| 530,978 | |
Accrued interest - related parties | |
| 85,731 | | |
| 39,778 | |
Accrued interest | |
| 199,814 | | |
| 204,197 | |
Advances payable - related party | |
| 21,875 | | |
| 21,875 | |
Advances payable | |
| 39,338 | | |
| 39,338 | |
Notes payable | |
| 99,000 | | |
| 100,000 | |
Notes payable - related party | |
| 168,000 | | |
| 53,000 | |
Derivative liability | |
| 77,068 | | |
| 86,443 | |
| |
| | | |
| | |
Total current liabilities | |
| 1,941,491 | | |
| 1,784,770 | |
| |
| | | |
| | |
Total liabilities | |
| 1,941,491 | | |
| 1,784,770 | |
| |
| | | |
| | |
Commitments and contingencies | |
| – | | |
| – | |
| |
| | | |
| | |
Shareholders' deficit: | |
| | | |
| | |
Preferred shares, 25,000,000 shares Series A preferred stock - $10.00 stated value; 2,500,000 authorized; 0 shares issued and outstanding | |
| – | | |
| – | |
Common shares, $0.001 par value; 1,000,000,000 shares authorized; 25,412,072 and 19,577,072 shares issued and outstanding, respectively | |
| 25,412 | | |
| 19,577 | |
Additional paid-in capital | |
| 19,757,755 | | |
| 19,289,530 | |
Accumulated deficit | |
| (21,198,180 | ) | |
| (20,993,778 | ) |
Shareholders' deficit: | |
| (1,415,013 | ) | |
| (1,684,671 | ) |
| |
| | | |
| | |
Total liabilities and shareholders' deficit | |
$ | 526,478 | | |
$ | 100,099 | |
See accompanying notes
to the unaudited consolidated financial statements
Magellan Copper & Gold Inc.
(Formerly Magellan Gold Corporation)
Consolidated Statements of Operations
(Unaudited)
| |
| | | |
| | | |
| | | |
| | |
| |
Three Months Ended June 30, | | |
Six Months Ended June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
| | |
| | |
| | |
| |
Operating expenses: | |
| | | |
| | | |
| | | |
| | |
General and administrative expenses | |
$ | 71,817 | | |
$ | 67,620 | | |
$ | 172,181 | | |
$ | 101,565 | |
| |
| | | |
| | | |
| | | |
| | |
Total operating expenses | |
| 71,817 | | |
| 67,620 | | |
| 172,181 | | |
| 101,565 | |
| |
| | | |
| | | |
| | | |
| | |
Operating loss | |
| 71,817 | | |
| 67,620 | | |
| 172,181 | | |
| 101,565 | |
| |
| | | |
| | | |
| | | |
| | |
Other income (expense): | |
| | | |
| | | |
| | | |
| | |
Interest expense | |
| (20,914 | ) | |
| (28,792 | ) | |
| (41,596 | ) | |
| (47,540 | ) |
Gain on change in derivative liability | |
| 18,594 | | |
| 48,845 | | |
| 9,375 | | |
| 70,617 | |
| |
| | | |
| | | |
| | | |
| | |
Total other income (expense) | |
| (2,320 | ) | |
| 20,053 | | |
| (32,221 | ) | |
| 23,077 | |
| |
| | | |
| | | |
| | | |
| | |
Net loss | |
$ | (74,137 | ) | |
$ | (47,567 | ) | |
$ | (204,402 | ) | |
$ | (78,488 | ) |
| |
| | | |
| | | |
| | | |
| | |
Basic net loss per common share | |
$ | (0.00 | ) | |
$ | (0.00 | ) | |
$ | (0.01 | ) | |
$ | (0.00 | ) |
Diluted net loss per common share | |
$ | (0.00 | ) | |
$ | (0.00 | ) | |
$ | (0.01 | ) | |
$ | (0.00 | ) |
| |
| | | |
| | | |
| | | |
| | |
Basic weighted average | |
| 25,412,072 | | |
| 19,487,072 | | |
| 25,245,946 | | |
| 18,898,280 | |
Diluted weighted average | |
| 25,412,072 | | |
| 19,487,072 | | |
| 25,245,946 | | |
| 18,898,280 | |
See accompanying notes
to the unaudited consolidated financial statements
Magellan Copper & Gold Inc.
(Formerly Magellan Gold Corporation)
Consolidated Statements of Shareholders' Deficit
For the six months ended June 30, 2024 and 2023
(Unaudited)
| |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | |
| | |
Additional | | |
| | |
| |
| |
Common Stock | | |
Paid - in | | |
Accumulated | | |
| |
| |
Shares | | |
Par Value | | |
Capital | | |
Deficit | | |
Total | |
| |
| | |
| | |
| | |
| | |
| |
Balance, December 31, 2023 | |
| 19,577,072 | | |
$ | 19,577 | | |
$ | 19,289,530 | | |
$ | (20,993,778 | ) | |
$ | (1,684,671 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Shares issued for the acquisition of mineral properties | |
| 5,500,000 | | |
| 5,500 | | |
| 417,065 | | |
| – | | |
| 422,565 | |
Stock based compensation | |
| 335,000 | | |
| 335 | | |
| 44,573 | | |
| – | | |
| 44,908 | |
Net loss | |
| – | | |
| – | | |
| – | | |
| (130,265 | ) | |
| (130,265 | ) |
Balance, March 31, 2024 | |
| 25,412,072 | | |
| 25,412 | | |
| 19,751,168 | | |
| (21,124,043 | ) | |
| (1,347,463 | ) |
Stock based compensation | |
| – | | |
| – | | |
| 6,587 | | |
| – | | |
| 6,587 | |
Net loss | |
| – | | |
| – | | |
| – | | |
| (74,137 | ) | |
| (74,137 | ) |
Balance, June 30, 2024 | |
| 25,412,072 | | |
$ | 25,412 | | |
$ | 19,757,755 | | |
$ | (21,198,180 | ) | |
$ | (1,415,013 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Balance, December 31, 2022 | |
| 12,772,786 | | |
$ | 12,773 | | |
$ | 18,019,192 | | |
$ | (19,529,742 | ) | |
$ | (1,497,777 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Shares issued for cash | |
| 1,714,286 | | |
| 1,714 | | |
| 238,286 | | |
| – | | |
| 240,000 | |
Shares issued for the acquisition of mineral properties | |
| 5,000,000 | | |
| 5,000 | | |
| 995,000 | | |
| – | | |
| 1,000,000 | |
Stock based compensation | |
| – | | |
| – | | |
| 6,315 | | |
| – | | |
| 6,315 | |
Net loss | |
| – | | |
| – | | |
| – | | |
| (30,921 | ) | |
| (30,921 | ) |
Balance, March 31, 2023 | |
| 19,487,072 | | |
| 19,487 | | |
| 19,258,793 | | |
| (19,560,663 | ) | |
| (282,383 | ) |
Stock based compensation | |
| – | | |
| – | | |
| 6,674 | | |
| – | | |
| 6,674 | |
Net loss | |
| – | | |
| – | | |
| – | | |
| (47,567 | ) | |
| (47,567 | ) |
Balance, June 30, 2023 | |
| 19,487,072 | | |
$ | 19,487 | | |
$ | 19,265,467 | | |
$ | (19,608,230 | ) | |
$ | (323,276 | ) |
See accompanying notes
to the unaudited consolidated financial statements
Magellan Copper & Gold Inc.
(Formerly Magellan Gold Corporation)
Consolidated Statements of Cash Flows
(Unaudited)
| |
| | | |
| | |
| |
Six Months Ended June 30, | |
| |
2024 | | |
2023 | |
Operating activities: | |
| | | |
| | |
Net loss | |
$ | (204,402 | ) | |
$ | (78,488 | ) |
Adjustments to reconcile net loss to net cash used in operating activities: | |
| | | |
| | |
Accretion of discounts on notes payable | |
| – | | |
| 8,019 | |
Stock based compensation | |
| 51,495 | | |
| 12,989 | |
Gain on change in derivative liability | |
| (9,375 | ) | |
| (70,617 | ) |
Changes in operating assets and liabilities: | |
| | | |
| | |
Prepaid expenses and other assets | |
| – | | |
| 5,097 | |
Accounts payable and accrued liabilities | |
| (25,474 | ) | |
| 11,232 | |
Accounts payable - related party | |
| 36,000 | | |
| 18,000 | |
Accrued interest | |
| 41,570 | | |
| 39,521 | |
| |
| | | |
| | |
Net cash used in operating activities | |
| (110,186 | ) | |
| (54,247 | ) |
| |
| | | |
| | |
Investing activities: | |
| | | |
| | |
Cash paid for mineral rights | |
| – | | |
| (100,000 | ) |
| |
| | | |
| | |
Net cash used in investing activities | |
| – | | |
| (100,000 | ) |
| |
| | | |
| | |
Financing activities: | |
| | | |
| | |
Proceeds from notes payable from related parties | |
| 115,000 | | |
| – | |
Proceeds from notes payable from third parties | |
| – | | |
| 21,000 | |
Repayment of notes payable from third parties | |
| (1,000 | ) | |
| – | |
Repayment of advances from third parties | |
| – | | |
| (4,701 | ) |
Repayment of convertible debt | |
| – | | |
| (100,000 | ) |
Proceeds from sale of common stock | |
| – | | |
| 240,000 | |
| |
| | | |
| | |
Net cash provided by financing activities | |
| 114,000 | | |
| 156,299 | |
| |
| | | |
| | |
Net change in cash | |
| 3,814 | | |
| 2,052 | |
Cash at beginning of period | |
| 99 | | |
| 743 | |
| |
| | | |
| | |
Cash at end of period | |
$ | 3,913 | | |
$ | 2,795 | |
| |
| | | |
| | |
Supplemental disclosure of cash flow information | |
| | | |
| | |
Cash paid for interest | |
$ | – | | |
$ | – | |
Cash paid for income taxes | |
$ | – | | |
$ | – | |
| |
| | | |
| | |
Non-cash financing and investing activities: | |
| | | |
| | |
Expenses paid on behalf of the Company | |
$ | – | | |
$ | 4,701 | |
Shares issued for the acquisition of mineral properties | |
$ | 422,565 | | |
$ | 1,000,000 | |
See accompanying notes
to the unaudited consolidated financial statements
MAGELLAN COPPER & GOLD INC.
(FORMERLY MAGELLAN GOLD CORPORATION)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 1 – Organization, Basis of Presentation, and Nature of
Operations
Organization and Nature of Operations
Magellan Copper & Gold Inc. (“we”
“our”, “us”, the “Company” or “Magellan”) was incorporated on September 28, 2010, under
the laws of the State of Nevada. Our principal business is the acquisition and exploration of mineral resources. We have not presently
determined whether the properties to which we have mining rights contain mineral reserves that are economically recoverable.
On August 1, 2024, the Company amended its articles
of incorporation to change their name from Magellan Gold Corporation to Magellan Copper & Gold Inc.
Our primary focus is to explore and develop mineral
properties in the United States. Effective March 31, 2020, we divested our subsidiary holding all our international assets and plan to
advance our Center Star Gold Project and our Kris Project towards resource definition and eventual development, to advance the exploration
efforts on one or more of the Company’s copper project, Blue Jacket, Copper Cliff or Copper Butte and possibly to acquire additional
mineral rights and conduct additional exploration, development and permitting activities. Our mineral lease payments, mineral claim annual
holding costs, permitting applications and exploration and development efforts will require additional capital. We rely upon the sale
of our securities as well as advances and loans from executive management and significant shareholders to fund our operations as we have
not generated any significant revenue.
Note 2 – Summary of Significant Accounting Policies
Basis of Presentation
We prepare our financial statements in accordance
with accounting principles generally accepted in the United States (“GAAP”). The accompanying unaudited interim consolidated
financial statements have been prepared in accordance with GAAP for interim financial information in accordance with Article 8 of Regulation
S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In our
opinion, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating
results for the three and six months ended June 30, 2024 are not necessarily indicative of the results for the full year. While we believe
that the disclosures presented herein are adequate and not misleading, these interim financial statements should be read in conjunction
with the audited financial statements and the footnotes thereto contained in our annual report on Form 10-K for the year ended December
31, 2023.
Our consolidated financial statements include
our accounts and the accounts of our 100% owned subsidiaries, Clearwater and M Gold. All intercompany transactions and balances have been
eliminated. Our consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the
United States of America (“U.S. GAAP”).
Net Loss per Common Share
We compute basic net loss per common share by
dividing our net loss attributable to common shareholders by our weighted-average number of common shares outstanding during the period.
Computation of diluted net loss per common share adds the weighted-average number of potential common shares outstanding to the weighted-average
common shares outstanding, as calculated for basic net loss per share, except for instances in which there is a net loss. For the six
months ended June 30, 2024, 72,000 stock options, 117,500 warrants, and 2,189,156 shares issuable from convertible notes were considered
for their dilutive effects. For the six months ended June 30, 2023, 72,000 stock options, 117,500 warrants, and 2,053,780 shares
issuable from convertible notes were considered for their dilutive effects.
Derivative Financial Instruments
Fair value accounting requires bifurcation of
embedded derivative instruments such as conversion features in convertible debt or equity instruments and measurement of their fair value
for accounting purposes. In assessing the convertible debt instruments, management determines if the convertible debt host instrument
is conventional convertible debt and further if there is a beneficial conversion feature requiring measurement. If the instrument is not
considered conventional convertible debt under ASC 470, the Company will continue its evaluation process of these instruments as derivative
financial instruments under ASC 815. The Company applies the guidance in ASC 815-40-35-12 to determine the order in which each convertible
instrument would be evaluated for derivative classification. The Company’s sequencing policy is to evaluate for reclassification
contracts with the earliest maturity date first.
Once determined, derivative liabilities are adjusted
to reflect fair value at each reporting period end, with any increase or decrease in the fair value being recorded in results of operations
as an adjustment to fair value of derivatives.
Recent Accounting Pronouncements
The Company does not believe that any recently
issued effective pronouncements, or pronouncements issued but not yet effective, if adopted, would have a material effect on the accompanying
financial statements.
Liquidity and Going Concern
Our consolidated financial statements have been
prepared on a going concern basis, which assumes that we will be able to meet our obligations and continue our operations during the next
fiscal year. Asset realization values may be significantly different from carrying values as shown in our consolidated financial statements
and do not give effect to adjustments that would be necessary to the carrying values of assets and liabilities should we be unable to
continue as a going concern. At June 30, 2024, we had a working capital deficit of $1,937,578, we had not yet generated any significant
revenues or achieved profitable operations and we have accumulated losses of $21,198,180. We expect to incur further losses in the development
of our business, all of which raises substantial doubt as to our ability to continue as a going concern. Our ability to continue as a
going concern depends on our ability to generate future profits and/or to obtain the necessary financing to meet our obligations arising
from normal business operations when they come due, of which there can be no assurance.
We anticipate that additional funding will be
in the form of additional loans from officers, directors or significant shareholders, or equity financing from the sale of our common
stock but cannot assure that any future financing will occur.
Note 3 – Mineral Rights and Properties
Kris Project
On June 6, 2023, the Company entered a memorandum
of understanding for earn-in agreement (“MOU”) with Gold Express Mines, Inc. (“GEM”). Per the MOU, the Company
agreed to earn-in for up to 50% working interest in the Kris Project, which is comprised of 74 unpatented mining claims located in Plumas
County, CA. In March 2023, the Company paid Gold Express Mines, Inc. $100,000, which was recorded as a deposit, and shall spend $400,000
on the Kris Project in allowable expenditures over the next thirty-six months, assuming permitting for the work is obtained. If permitting
delays the exploration and other work programs, the earn-in period shall be extended accordingly. Allowable expenditures are sampling,
drilling, assaying, geologic mapping, and mine site improvements made or performed directly on the existing mine site or expanded mine
site. Consulting fees for work directly benefiting the Project are also allowed including management of work, preparation of reports,
and planning for Future work. Claim maintenance fees on the existing claims are also allowable expenditures, as are the costs of future
land acquisitions which are deemed to benefit the Kris Project, and which are approved by both parties beforehand. As part of the agreement,
the Company shall make the Bureau of Land Management claim maintenance fees on the existing claims no later than August 15, 2023, and
by August 15th in ensuing years during the earn-in period. The Company shall pay for the annual Plumas County “notice
of intent to hold” recording costs and any other Plumas County fees or taxes which accrue during the earn-in period. These shall
all be allowable expenses under the earn-in agreement. As of December 31, 2023, the $100,000 deposit paid to Golden Express for the MOU
was reclassed to mineral rights and properties on the balance sheet. As of June 30, 2024, the $100,000 deposit paid to Golden Express
for the MOU remained in mineral rights and properties on the balance sheet.
Blue Jacket and Cuprum Project
On January 4, 2024, the Company entered into a
purchase agreement with GEM, pursuant to which, among other things (i) the Company agreed to purchase certain mineral assets owned and
controlled by GEM for a purchase price equal to 5,500,000 shares of the Company’s common stock, par value $0.001 per share; and
(ii) GEM agreed to assign to the Company a certain lease for mineral properties for a purchase price of 500,000 shares of common stock.
As of June 30, 2024, the total purchase price for the acquisition was determined to be $422,565 which consisted of 5,500,000 shares of
common stock with a fair value of $422,565. As of the date of this filing, the Company and GEM have not completed the assignment of leases
and the 500,000 shares related to assignment have not been issued. The Company concluded the transaction qualified as an asset acquisition
and all such acquisition costs have been capitalized. The Company concluded the purchase of a single set of assets qualified as an asset
acquisition and all such acquisition costs have been capitalized as mineral rights and properties on the balance sheet. As of June 30,
2024, the GEM mineral rights and properties balance totaled $422,565.
Note 4 – Fair Value of Financial Instruments
Financial assets and liabilities recorded at fair
value in our consolidated balance sheets are categorized based upon a fair value hierarchy established by GAAP, which prioritizes the
inputs used to measure fair value into the following levels:
Level 1 – Quoted market
prices in active markets for identical assets or liabilities at the measurement date.
Level 2 – Quoted prices
for similar assets or liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are
not active; or other inputs that are observable and can be corroborated by observable market data.
Level 3 – Inputs reflecting
management’s best estimates and assumptions of what market participants would use in pricing assets or liabilities at the measurement
date. The inputs are unobservable in the market and significant to the valuation of the instruments.
A financial instrument’s categorization
within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.
The carrying values for cash and cash equivalents,
prepaid assets, accounts payable and accrued liabilities, related party line of credit and notes payable approximate their fair value
due to their short-term maturities.
Fair Value Measurements
The Company’s assets and liabilities recorded
at fair value have been categorized based upon a fair value hierarchy.
The following table presents information about
the Company’s liabilities measured at fair value on a recurring basis and the Company’s estimated level within the fair value
hierarchy of those assets and liabilities as of June 30, 2024 and December 31, 2023:
Schedule of fair value of liabilities | |
| | |
| | |
| | |
| |
| |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Fair value at June 30, 2024 | |
Liabilities: | |
| | | |
| | | |
| | | |
| | |
Derivative liability | |
$ | – | | |
$ | – | | |
$ | 77,068 | | |
$ | 77,068 | |
| |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Fair value at December 31, 2023 | |
Liabilities: | |
| | | |
| | | |
| | | |
| | |
Derivative liability | |
$ | – | | |
$ | – | | |
$ | 86,443 | | |
$ | 86,443 | |
There were no transfers between Level 1, 2 or
3 during the period.
The table below presents the change in the fair
value of the derivative liability during the six months ended June 30, 2024:
Schedule of fair value of the derivative liability | |
| |
Fair value as of December 31, 2023 | |
$ | 86,443 | |
Gain on change in fair value of derivatives | |
| (9,375 | ) |
Fair value as of June 30, 2024 | |
$ | 77,068 | |
Note 5 – Notes payable, Convertible Note
Payable and Derivative Liability
Unsecured advances
As of June 30, 2024 and December 31, 2023, the
advances balance totaled $39,338.
Notes payable
As of June 30, 2024 and December 31, 2023, the
notes payable balance was $99,000 and $100,000, with accrued interest of $23,221 and $17,301, respectively. The promissory notes bear
interest at 12% per annum and are payable on demand.
Series 2019A 10% Unsecured Convertible Notes
In 2019, the Company sold $135,000 of Series 2019A
10% Unsecured Convertible Notes. The purchase price of the Note is equal to the principal amount of the Note. The Series 2019A Notes are
convertible into shares of Common Stock at a conversion price of $1.00 during the life of the Note. The lenders were issued 100,000 common
stock warrants with an exercise price of $2.00 per share. The Company evaluated the conversion option and concluded a beneficial conversion
feature was present at issuance. The Company recognized the beneficial conversion feature and relative fair value of the warrants as a
debt discount and additional paid in capital in August and December 2019. The $135,000 debt discount is amortized over the term of the
loan. The Notes will accrue interest at the rate of 10% per annum, payable quarterly in arrears. The Notes mature twelve (12) months from
the date of issue. The maturity date can be extended at the option of the Company for an additional one (1) year. There are two Series
2019A 10% Unsecured Convertible Notes that were due and payable in August 2020 and are currently past due and in default. The default
interest rate on the notes is 12%. As of June 30, 2024 and December 31, 2023, the balance due under these notes is $75,000, with accrued
interest of $39,969 and $35,481, respectively.
On October 1, 2019, the Company sold a 10% Unsecured
Convertible Note for $145,978 due on demand to settle accounts payable. The purchase price of the 10% Unsecured Convertible Note is equal
to the principal amount of the Note. The 10% Unsecured Convertible Note is convertible into shares of Common Stock at a conversion price
of $1.00 during the life of the Note. The Company evaluated the conversion option and concluded a beneficial conversion feature was present
at issuance. The Company recognized the beneficial conversion feature as a debt discount and additional paid in capital in October 2019.
The debt discount will be amortized over the term of the loan. The 10% Unsecured Convertible Note will accrue interest at the rate of
10% per annum payable quarterly, accruing from the date of issuance. As of June 30, 2024 and December 31, 2023, the balance due under
this note is $145,978, with accrued interest of $69,309 and $62,031, respectively.
Series 2020A 8% Unsecured Convertible Notes
In 2020, the Company sold $285,000 of Series 2020A
8% Unsecured Convertible Notes with a maturity date of November 30, 2020. The purchase price of the Note is equal to the principal amount
of the Note. The Series 2020A Notes are convertible into shares of Common Stock at a conversion price of $0.50 during the life of the
Note. The lenders were issued 142,500 common stock warrants with an exercise price of $0.50 per share for a term of 5 years. Two related
parties purchased $60,000 of the 2020A notes. The Company evaluated the conversion option and concluded a beneficial conversion feature
was present at issuance. The Company recognized the beneficial conversion feature as a debt discount and additional paid in capital as
of December 31, 2020. The $237,263 debt discount will be amortized over the term of the loan. The Notes will accrue interest at the rate
of 8% per annum, payable quarterly in arrears. In July 2020, $25,000 of Series 2020A 8% Unsecured Convertible Notes were converted into
50,000 shares of common stock at a conversion price of $0.50 per share. The Series 2020A 8% Unsecured Convertible Notes that were due
and payable in November 2020 and are currently past due. If a default notice is received the interest rate will be 12%. During the six
months ended June 30, 2024, $10,000 was reclassed from convertible notes related party to convertible notes third party. As of June 30,
2024 and December 31, 2023, the balance due to a third party under these notes is $210,000 and $200,000, with accrued interest of $67,315
and $56,297, respectively.
Convertible Note
On February 10, 2021, the Company entered into
a debt agreement to borrow $200,000. The secured note has an original issuance discount of $16,000 along with $9,000 in legal and finder
fees recorded as a discount, which will be amortized over the life of the note. The loan is secured by common stock of the Company, bears
interest at a rate of 10% and has a six-month maturity. In August 2021, the note was extended six months and the interest rate was increased
to 12%. The unpaid principal is convertible into shares of the Company’s common stock at the conversion price. The conversion price
shall be the less of 90% of the lowest trading price during the previous twenty (20) trading day period ending on the issuance date, or
during the previous twenty (20) trading day period ending on date of conversion of this note. The Company issued the debt holder 266,667
common shares as a commitment fee. Due to the variable conversion feature the note conversion feature was bifurcated from the note and
recorded as a derivative liability. The day one derivative liability of $95,715 was recorded as a discount on the convertible notes payable.
On February 9, 2022, the Company extended the maturity to May 10, 2022. In consideration of the extension, the Company issued the debt
holder 180,000 shares of common stock valued at $54,000. The incremental value of the debt modification of $54,000 will be recorded over
the remaining life of the note ending May 10, 2022. On May 11, 2022, the Company agreed to a second amendment to extend the maturity of
the AJB note to August 10, 2022. In consideration for the extension, the Company issued 233,334 shares of common stock at a price of $0.30
per share for a total value of $70,000. The incremental value of the debt modification of $70,000 will be recorded over the remaining
life of the note ending August 10, 2022. On August 9, 2022, the Company agreed to a third amendment to extend the maturity of the AJB
note to November 9, 2022. In consideration for the extension, the Company issued 233,334 shares of common stock at a price of $0.24 per
share for a total value of $56,000. The incremental value of the debt modification of $56,000 will be recorded over the remaining life
of the note ending November 9, 2022. Th AJB Convertible Note is due and payable in November 2023. In January 2023, the Note was extended
to August 11, 2023 and is currently past due. In consideration for the extension, the principal amount of the note was increased by $10,000.
The incremental value of the debt modification of $10,000 will be recorded as a debt discount and amortized over the remaining life of
the note ending August 11, 2023. During the year ended December 31, 2023, the Company amortized $10,000 of debt discount. During the year
ended December 31, 2023, the Company repaid $100,000 of principal on this note. On January 2, 2024, GEM, a related party, assumed the
debt from AJB Capital Investments, LLC. As of June 30, 2024 and December 31, 2023, the balance on the loan was $0 and $110,000, net of
discount of $0, with accrued interest of $0 and $33,087, respectively.
Note 6 – Stockholders’ Deficit
Common stock
During the six months ended June 30, 2024, the
Company issued 85,000 shares of common stock with a fair value of $20,938 to a board member of the Company for services provided.
Stock Warrants, Stock Options, and the 2017
Equity Incentive Plan:
Under the 2017 Equity Incentive Plan, the Company
is authorized to grant rights to acquire up to a maximum of 200,000 shares of common stock. The 2017 Plan provides for the grant of (1)
both incentive and non-statutory stock options, (2) stock bonuses, (3) rights to purchase restricted stock and (4) stock appreciation
rights. As of June 30 2024, the Company had 128,000 shares available for future grants.
Stock option activity within the 2017 Equity Incentive
Plan and warrant activity outside the plan, for the six months ended June 30, 2024 is as follows:
Schedule of options and warrant activity | |
| | |
| | |
| | |
| |
| |
Stock Options | | |
Stock Warrants | |
| |
Shares | | |
Weighted Average Exercise Price | | |
Shares | | |
Weighted Average Exercise Price | |
Outstanding at December 31, 2023 | |
| 72,000 | | |
$ | 2.00 | | |
| 117,500 | | |
$ | 0.50 | |
Granted | |
| – | | |
| – | | |
| – | | |
| – | |
Cancelled | |
| – | | |
| – | | |
| – | | |
| – | |
Expired | |
| – | | |
| – | | |
| – | | |
| – | |
Exercised | |
| – | | |
| – | | |
| – | | |
| – | |
Outstanding at June 30, 2024 | |
| 72,000 | | |
$ | 2.00 | | |
| 117,500 | | |
$ | 0.50 | |
Exercisable at June 30, 2024 | |
| 72,000 | | |
$ | 2.00 | | |
| 117,500 | | |
$ | 0.50 | |
As of June 30, 2024,
the outstanding stock options have a weighted average remaining term of 3.32 years and have no intrinsic value, and
the outstanding stock warrants have a weighted average remaining term of 0.93 years and have no intrinsic value.
Note 7 – Commitments and Contingencies
Mining Claims
We currently own directly or hold indirectly through
mineral leases or other contracts a total of 192 unpatented mining claims. To maintain these claims, annual payments are required to be
made to the United States Bureau of Land Management by the 1st of September of each year. Additionally, state laws impose additional filings
and fees which are required to be made with the Recorder’s Office in the local county in which the claims are located. Additionally,
some counties impose property taxes on unpatented mining claims which are due at various dates. As of June 30, 2024, all the unpatented
mineral claims are believed by the Company Management to be in good standing.
Note 8 – Executive Employment Agreement
Effective August 1, 2020, the Company and Michael
Lavigne, executed a Restricted Stock Unit Agreement pursuant to which the Company agreed to grant to Mr. Lavigne, in consideration of
services to be rendered as President, CEO and Director, restricted stock units consisting of 15,000 units for each month of service. The
vested stock units will be settled in shares of common stock upon or as soon as practicable (a) upon written request any time after December
31, 2020 or (b) following the termination date, whichever occurs first. As of June 30, 2024 and December 31, 2023, 705,000 and 615,000
restricted stock units may be settled in shares of common stock, respectively. During the six months ended June 30, 2024, the Company
recognized $11,357 of stock-based compensation related to the agreement, respectively.
Note 9 – Related Party Transactions
Notes Payable – Related Parties
As of December 31, 2023, the notes payable –
related parties balance was $53,000, with accrued interest of $9,409. The promissory notes bear interest at 12% per annum and are payable
on demand. During the six months ended June 30, 2024, the Company entered into four unsecured promissory notes with GEM totaling $115,000.
The promissory notes bear interest at 5% per annum and are payable on demand. As of June 30, 2024, the notes payable – related parties
balance was $168,000, with accrued interest of $14,471.
Unsecured advances – related party
As of June 30, 2024 and December 31, 2023, the
advances related party balance totaled $21,875.
Series 2020A 8% Unsecured Convertible Notes
In 2020, the Company sold $285,000 of Series 2020A
8% Unsecured Convertible Notes with a maturity date of November 30, 2020. The purchase price of the Note is equal to the principal amount
of the Note. The Series 2020A Notes are convertible into shares of Common Stock at a conversion price of $0.50 during the life of the
Note. The lenders were issued 142,500 common stock warrants with an exercise price of $0.50 per share for a term of 5 years. Two related
parties purchased $60,000 of the 2020A notes. The Company evaluated the conversion option and concluded a beneficial conversion feature
was present at issuance. The Company recognized the beneficial conversion feature as a debt discount and additional paid in capital as
of December 31, 2020. The $237,263 debt discount will be amortized over the term of the loan. The Notes will accrue interest at the rate
of 8% per annum, payable quarterly in arrears. In July 2020, $25,000 of Series 2020A 8% Unsecured Convertible Notes were converted into
50,000 shares of common stock at a conversion price of $0.50 per share. The Series 2020A 8% Unsecured Convertible Notes that were due
and payable in November 2020 and are currently past due. If a default notice is received the interest rate will be 12%. During the six
months ended June 30, 2024, $10,000 was reclassed from convertible notes related party to convertible notes third party. As of June 30,
2024 and December 31, 2023, the balance due to a related party under these notes is $50,000 and $60,000, with accrued interest of $16,592
and $17,238, respectively.
3% Secured Convertible Note
On July 1, 2020, the Company issued a $125,000
Secured Convertible Note to a related party as part of the purchase of Clearwater Mining Corporation. The convertible note is secured
by common stock of the Company, matures on July 1, 2022 and will accrue interest at the rate of 3% per annum, payable yearly in arrears
beginning July 1, 2021. The Note is convertible into shares of Common Stock at a conversion price of $0.50 during the life of the Note.
The Company evaluated the conversion option and concluded a beneficial conversion feature was present at issuance. The Company recognized
the beneficial conversion feature and relative fair value of the warrants as a debt discount and additional paid in capital in July 2019.
The $87,500 debt discount will be amortized over the term of the loan. Amortization expense of $21,815 was recognized during the year
ended December 31, 2022. As of June 30, 2024 and December 31, 2023, the balance due to a related party under this note was $125,000, with
accrued interest of $15,000 and $13,130, respectively.
Convertible Note
On February 10, 2021, the Company entered into
a debt agreement to borrow $200,000. The secured note has an original issuance discount of $16,000 along with $9,000 in legal and finder
fees recorded as a discount, which will be amortized over the life of the note. The loan is secured by common stock of the Company, bears
interest at a rate of 10% and has a six-month maturity. In August 2021, the note was extended six months and the interest rate was increased
to 12%. The unpaid principal is convertible into shares of the Company’s common stock at the conversion price. The conversion price
shall be the less of 90% of the lowest trading price during the previous twenty (20) trading day period ending on the issuance date, or
during the previous twenty (20) trading day period ending on date of conversion of this note. The Company issued the debt holder 266,667
common shares as a commitment fee. Due to the variable conversion feature the note conversion feature was bifurcated from the note and
recorded as a derivative liability. The day one derivative liability of $95,715 was recorded as a discount on the convertible notes payable.
On February 9, 2022, the Company extended the maturity to May 10, 2022. In consideration of the extension, the Company issued the debt
holder 180,000 shares of common stock valued at $54,000. The incremental value of the debt modification of $54,000 will be recorded over
the remaining life of the note ending May 10, 2022. On May 11, 2022, the Company agreed to a second amendment to extend the maturity of
the AJB note to August 10, 2022. In consideration for the extension, the Company issued 233,334 shares of common stock at a price of $0.30
per share for a total value of $70,000. The incremental value of the debt modification of $70,000 will be recorded over the remaining
life of the note ending August 10, 2022. On August 9, 2022, the Company agreed to a third amendment to extend the maturity of the AJB
note to November 9, 2022. In consideration for the extension, the Company issued 233,334 shares of common stock at a price of $0.24 per
share for a total value of $56,000. The incremental value of the debt modification of $56,000 will be recorded over the remaining life
of the note ending November 9, 2022. Th AJB Convertible Note is due and payable in November 2023. In January 2023, the Note was extended
to August 11, 2023 and is currently past due. In consideration for the extension, the principal amount of the note was increased by $10,000.
The incremental value of the debt modification of $10,000 will be recorded as a debt discount and amortized over the remaining life of
the note ending August 11, 2023. During the year ended December 31, 2023, the Company amortized $10,000 of debt discount. During the year
ended December 31, 2023, the Company repaid $100,000 of principal on this note. On January 2, 2024, GEM, a related party, assumed the
debt from AJB Capital Investments, LLC. For consideration for the assumption of debt, the Company issued 250,000 shares of common stock
at $0.0768 per share for total of $19,200 to GEM, for the assumption of the AJB convertible note.
As of June 30, 2024, the total derivative liability
on the above note was adjusted to a fair value of $77,068. The fair value of the conversion option was estimated using the Black-Scholes
option pricing model and the following assumptions during the period: fair value of stock $0.14, volatility of 158.36%, expected term
of 0.50 years, risk-free rate of 5.33% and a dividend yield of 0%.
As of June 30, 2024, the balance on the loan was
$110,000, with accrued interest of $39,668.
Consulting Agreement
On December 29, 2022, the Company entered into
a two-year consulting agreement with Rock Creek Mining Company commencing on December 1, 2022, to provide consulting and advisory services.
Michael Lavigne, the Company’s CEO, is an officer and a Director of Rock Creek Mining Company. The consulting agreement provides
for compensation of $6,000 per month, payable on demand. During the six months ended June 30, 2024, the Company incurred consulting fees
of $36,000.
Conflicts of Interests
Athena Silver Corporation (“Athena”)
is a company under common control. Mr. Gibbs is a significant investor in both Magellan and Athena. Magellan and Athena are both exploration
stage companies involved in the business of acquisition and exploration of mineral resources.
Silver Saddle Resources, LLC is also a company
under common control. Mr. Gibbs is a significant investor and managing member of Silver Saddle. Magellan and Silver Saddle are both exploration
stage companies involved in the business of acquisition and exploration of mineral resources.
Gold Express Mines, Inc. (“GEM”) is
a company under common control. Mr. Crosby and Mr. Ryan are both on the board and/or hold management roles in both Magellan and GEM. Magellan
and GEM are both exploration stage companies involved in the business of acquisition and exploration of mineral resources.
The existence of common ownership and common management
could result in significantly different operating results or financial positions from those that could have resulted had Magellan, Athena,
Silver Saddle and Gold Express been autonomous.
Accrued Interest - Related Parties
As of June 30, 2024, Mr. Malhotra is no longer
considered a related party, and therefore all amounts due to him have been reclassified out of related party accounts.
Accrued interest due to related parties is included
in our consolidated balance sheets as follows:
Schedule of accrued interest due to related parties | |
| | |
| |
| |
June 30, 2024 | | |
December 31, 2023 | |
Accrued interest payable – Mr. Gibbs | |
$ | 23,519 | | |
$ | 19,730 | |
Accrued interest payable – Mr. Joseph Lavigne | |
| 5,653 | | |
| 4,277 | |
Accrued interest payable – Mr. Schifrin | |
| 15,000 | | |
| 13,130 | |
Accrued interest payable – Gold Express Mines, Inc. | |
| 41,559 | | |
| – | |
Accrued interest payable – Mr. Malhotra | |
| – | | |
| 2,641 | |
| |
$ | 85,731 | | |
$ | 39,778 | |
Note 10 – Subsequent Events
On September 11, 2024, the Company entered into
a debt conversion agreement to issue a total of 265,693 shares of our common stock for the conversion of $31,000 in principal and $6,197
of interest.
On September 20, 2024, the Company entered into a
debt conversion agreement to issue a total of 479,870 shares of our common stock for the conversion of $50,000 in principal and $17,182
of interest.
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
We use the terms “Magellan,”
“we,” “our,” and “us” to refer to Magellan Copper & Gold Inc. (formerly Magellan Gold
Corporation).
The following discussion and analysis provides
information that management believes is relevant for an assessment and understanding of our results of operations and financial condition.
This information should be read in conjunction with our audited financial statements, which are included in our Annual Report on Form
10-K for the fiscal year ended December 31, 2023, and our interim unaudited financial statements and notes thereto included with this
report in Part I, Item 1.
Forward-Looking Statements
Some of the information presented in this Form
10-Q constitutes “forward-looking statements”. These forward-looking statements include, but are not limited to, statements
that include terms such as “may,” “will,” “intend,” “anticipate,” “estimate,”
“expect,” “continue,” “believe,” “plan,” or the like, as well as all statements that are
not historical facts. Forward-looking statements are inherently subject to risks and uncertainties that could cause actual results to
differ materially from current expectations. Although we believe our expectations are based on reasonable assumptions within the bounds
of our knowledge of our business and operations, there can be no assurance that actual results will not differ materially from expectations.
All forward-looking statements speak only as of
the date on which they are made. We undertake no obligation to update such statements to reflect events that occur or circumstances that
exist after the date on which they are made.
Overview
We were incorporated on September 28, 2010, in
Nevada. Our principal business is the acquisition and exploration of mineral resources. We have not presently determined whether the properties
to which we have mineral rights contain mineral reserves that are economically recoverable.
We have only had limited operations to date, and
we rely upon the sale of our securities and borrowings from significant investors to fund our operations, as we have not generated any
revenue.
Effective July 1, 2020, Magellan entered into
a stock purchase agreement to acquire Clearwater Gold Mining Corporation (“Clearwater”) which owns certain unpatented mining
claims in Idaho County, Idaho that include the historic Center Star Gold Mine near Elk City, Idaho. The Center Star Mine hosts high grade
gold mineralization that was discovered in the early 1900’s. There was periodic historic production and development work done under
different ownership through the 1980s. With the high-grade gold mineralization present, Magellan will be evaluating the historic mine
data to assess the potential to develop a gold resource at Center Star. The project area is located 45 miles from Grangeville, Idaho and
near the town of Elk City, Idaho.
In consideration for 100% of the issued and outstanding
shares of Clearwater, Magellan has agreed to pay its sole shareholder 1,000,000 shares of Magellan common stock and $150,000 in cash.
The cash consideration of $25,000 was paid and the balance of $125,000 is evidenced by a secured promissory note due in two years. The
Note is secured by the Clearwater shares and assets.
On January 3, 2023, the Company entered into an
asset purchase agreement with Gold Express Mines, Inc (“Gold Express”). Pursuant to the agreement, the Seller sold the following
1) Golden, Idaho Project located in Idaho County, Idaho and consisting of seventy-two unpatented mining claims 2) Seafoam District - located
in Custer County, Idaho and consisting of five unpatented mining claims 3) Blacktail District - located in Lemhi County, Idaho and consisting
of eight unpatented mining claims 4) Big-it Project- located in Shoshone County, Idaho consisting of twenty-five unpatented mining claims
and a mineral lease over three unpatented mining claims and 94.86 acres of real property and 5) Terror Gulch (Capparelli Group) located
in Shoshone County, Idaho consisting of twenty-six unpatented mining claims. As of March 31, 2023, the total purchase price for the acquisition
was determined to be $1,000,000 which consisted of 5,000,000 shares of common stock with a fair value of $1,000,000. The Company concluded
the transaction qualified as an asset acquisition and all such acquisition costs have been capitalized. The Company concluded the purchase
of a single set of assets qualified as an asset acquisition and all such acquisition costs have been capitalized as mineral rights and
properties on the balance sheet. During the year ended December 31, 2023, the Company evaluated the mineral rights and properties for
impairment and recorded an impairment expense of $1,000,000. As of December 31, 2023, the Gold Express mineral rights and properties balance
totaled $0.
On June 6, 2023, the Company entered a memorandum
of understanding for earn-in agreement(“MOU”) with Gold Express Mines, Inc. Per the MOU, the Company agreed to earn-in for
up to 50% working interest in Kris Project, which has 74 unpatented mining claims located in Plumas County, CA. In March 2023, the Company
paid Gold Express Mines, Inc. $100,000, which was recorded as a deposit, and shall spend $400,000 on the Kris Project in allowable expenditures
over the next thirty-six months, assuming permitting for the work is obtained. If permitting delays the exploration and other work programs,
the earn-in period shall be extended accordingly. Allowable expenditures are sampling, drilling, assaying, geologic mapping, and mine
site improvements made or performed directly on the existing mine site or expanded mine site. Consulting fees for work directly benefiting
the Project are also allowed including management of work, preparation of reports, and planning for Future work. Claim maintenance fees
on the existing claims are also allowable expenditures, as are the costs of future land acquisitions which are deemed to benefit the Kris
Project, and which are approved by both parties beforehand. As part of the agreement, the Company shall make the Bureau of Land Management
claim maintenance fees on the existing claims no later than August 15, 2023, and by August 15th in ensuing years during the
earn-in period. The Company shall pay for the annual Plumas County “notice of intent to hold” recording costs and any other
Plumas County fees or taxes which accrue during the earn-in period. These shall all be allowable expenses under the earn-in agreement.
As of December 31, 2023, the $100,000 deposit paid to Golden Express for the MOU was reclassed to mineral rights and properties on the
balance sheet.
On January 4, 2024 the Company entered into an
asset purchase agreement with Gold Express. Pursuant to the agreement, the Seller sold the following 1) Copper Butte Project located in
Pinal County, Arizona and consisting of 66 unpatented mining claims 2) Blue Jacket Project located in Idaho County, Idaho and consisting
of 79 unpatented mining claims and 3) Copper Cliff Project located in Adams County, Idaho and consisting of 71 unpatented mining claims
and a mineral lease with option to purchase consisting of patented mining claims known as the Copper Cliff Patented Claims located in
Adams County, Idaho upon landowner approval. As of June 30, 2024, the total purchase price for the acquisition for the three projects
was determined to be $422,565, to be paid upon landowner approval, consisting of 5,500,000 shares of common stock for the three projects
with a fair market value of $422,565. As of the date of this filing, the Company and GEM have not completed the assignment of leases and
the 500,000 shares related to assignment have not been issued. The Company concluded the transaction qualified as an asset acquisition
and all costs have been capitalized. The Company concluded the purchase of a single set of assets qualified as an asset acquisition and
all such acquisition costs have been capitalized as mineral rights and properties on the balance sheet.
Our primary focus is to advance our Center Star
gold project, our Kris gold project and our copper projects, Blue Jacket, Copper Cliff and Copper Butte towards resource definition and
eventual development, and possibly to acquire additional mineral rights and conduct additional exploration, development and permitting
activities. Our permitting applications and exploration and development efforts will require additional capital. We rely upon the sale
of our securities as well as advances and loans from executive management and significant shareholders to fund our operations as we have
not generated any significant revenue.
Results of Operations for the three months
ended June 30, 2024 and 2023
| |
Three months ended June 30, | |
| |
2024 | | |
2023 | |
Operating expenses: | |
| | | |
| | |
General and administrative expenses | |
$ | 71,817 | | |
$ | 67,620 | |
Total operating expenses | |
| 71,817 | | |
| 67,620 | |
| |
| | | |
| | |
Operating loss | |
| (71,817 | ) | |
| (67,620 | ) |
| |
| | | |
| | |
Other income (expense): | |
| | | |
| | |
Interest expense | |
| (20,914 | ) | |
| (28,792 | ) |
Gain on change in derivative liability | |
| 18,594 | | |
| 48,845 | |
Total other income (expense) | |
| (2,320 | ) | |
| 20,053 | |
| |
| | | |
| | |
Net loss | |
$ | (74,137 | ) | |
$ | (47,567 | ) |
Operating expenses
During
the three months ended June 30, 2024, our total operating expenses included general and administrative expenses of $71,817 as
compared to $67,620 during the three months ended June 30, 2023. The $4,197 increase is primarily associated with increases in
professional fees and stock-based compensation.
Other income (expense)
During
the three months ended June 30, 2024, total other expense was $2,320 as compared to other income of $20,053 during the
three months ended June 30, 2023. The $22,373 change was mainly related to change in derivative liability.
Results of Operations for the six months
ended June 30, 2024 and 2023
| |
Six months ended June 30, | |
| |
2024 | | |
2023 | |
Operating expenses: | |
| | | |
| | |
General and administrative expenses | |
$ | 172,181 | | |
$ | 101,565 | |
Total operating expenses | |
| 172,181 | | |
| 101,565 | |
| |
| | | |
| | |
Operating loss | |
| (172,181 | ) | |
| (101,565 | ) |
| |
| | | |
| | |
Other income (expense): | |
| | | |
| | |
Interest expense | |
| (41,596 | ) | |
| (47,540 | ) |
Gain on change in derivative liability | |
| 9,375 | | |
| 70,617 | |
Total other income (expense) | |
| (32,221 | ) | |
| 23,077 | |
| |
| | | |
| | |
Net loss | |
$ | (204,402 | ) | |
$ | (78,488 | ) |
Operating expenses
During
the six months ended June 30, 2024, our total operating expenses included general and administrative expenses of $172,181 as compared
to $101,565 during the six months ended June 30, 2023. The $70,616 increase is primarily associated with increases in professional
fees and stock-based compensation.
Other income (expense)
During
the six months ended June 30, 2024, total other expense was $32,221 as compared to other income of $23,077 during the six
months ended June 30, 2023. The $55,298 change was mainly related to change in derivative liability.
Liquidity and Capital Resources
Our unaudited consolidated financial statements
have been prepared on a going concern basis, which assumes that we will be able to meet our obligations and continue our operations during
the next fiscal year. Asset realization values may be significantly different from carrying values as shown in our consolidated financial
statements and do not give effect to adjustments that would be necessary to the carrying values of assets and liabilities should we be
unable to continue as a going concern. At June 30, 2024, we had not yet generated sufficient revenues or achieved profitable operations
and we have accumulated losses of $21,198,180. We expect to incur further losses in the development of our business, all of which raises
substantial doubt about our ability to continue as a going concern. Our ability to continue as a going concern depends on our ability
to generate future profits and/or to obtain the necessary financing to meet our obligations arising from normal business operations when
they come due, of which there can be no assurance.
We anticipate that additional funding will be
in the form of additional loans from officers, directors or significant shareholders, or equity financing from the sale of our common
stock but cannot assure that any future financing will occur.
Cash Flows
A summary of our cash provided by and used in
operating, investing and financing activities is as follows:
| |
Six months ended June 30, | |
| |
2024 | | |
2023 | |
Net cash used in operating activities | |
$ | (110,186 | ) | |
$ | (54,247 | ) |
| |
| | | |
| | |
Net cash used in investing activities | |
| – | | |
| (100,000 | ) |
| |
| | | |
| | |
Net cash provided by financing activities | |
| 114,000 | | |
| 156,299 | |
| |
| | | |
| | |
Net change in cash | |
| 3,814 | | |
| 2,052 | |
Cash beginning of period | |
| 99 | | |
| 743 | |
Cash end of period | |
$ | 3,913 | | |
$ | 2,795 | |
At June 30, 2024, we
had $3,913 in cash and a $1,937,578 working capital deficit. This compares to cash of $99 and a working capital deficit of $1,784,671
at December 31, 2023.
Net cash used in operating
activities during the six months ended June 30, 2024 was $110,186 and was mainly comprised of our $204,402 net loss during the period,
adjusted by a non-cash charges of $51,495 of stock compensation and a gain on change in derivative liability of $9,375. In addition, it
reflects changes in operating assets and liabilities of $52,096.
Net cash used in operating
activities during the six months ended June 30, 2023 was $54,247 and was mainly comprised of our $78,488 net loss during the period, adjusted
by a non-cash charges of $12,989 of stock compensation, accretion of discounts on notes payable of $8,019 and a gain on change in derivative
liability of $70,617. In addition, it reflects changes in operating assets and liabilities of $73,850.
Net cash used in investing
activities during the six months ended June 30, 2023 was $100,000 which was comprised of cash payment for acquisition of mineral properties.
During the six months
ended June 30, 2024, net cash provided by financing activities was $114,000 comprised of proceeds from notes payable related parties which
were offset by repayment of notes payable.
During the six months
ended June 30, 2023, net cash provided by financing activities was $156,299 which was comprised of $240,000 proceeds from sale of common
stock, $21,000 proceeds from notes payable, third parties , which were offset with the repayment of convertible debt of $100,000
and repayment of advances from third parties of $4,701.
Off Balance Sheet Arrangements
We do not have and have never had any off-balance
sheet arrangements.
Critical Accounting Policies and Estimates
The preparation of financial statements in conformity
with accounting principles generally accepted in the United States of America requires management to make estimates, assumptions and judgments
that affect the amounts reported in the financial statements, including the notes thereto. We consider critical accounting policies to
be those that require more significant judgments and estimates in the preparation of our financial statements, including the following:
long lived assets; intangible assets valuations; and income tax valuations. Management relies on historical experience and other assumptions
believed to be reasonable in making its judgment and estimates. Actual results could differ materially from those estimates.
Management believes its application of accounting
policies, and the estimates inherently required therein, are reasonable. These accounting policies and estimates are periodically reevaluated,
and adjustments are made when facts and circumstances dictate a change.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES
ABOUT MARKET RISK
Not applicable.
Our management, with the participation of our
CEO and CFO, evaluated the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the period
covered by this report. Based upon this evaluation, our CEO and CFO concluded that our disclosure controls and procedures were not effective
as of such date as a result of material weaknesses in our internal control over financial reporting due to lack of segregation of duties,
a limited corporate governance structure, and lack of a formal review process that includes multiple levels of review as discussed in
Item 9A of our Form 10-K for the fiscal year ended December 31, 2023.
While we strive to segregate duties as much as
practicable, there is an insufficient volume of transactions at this point in time to justify additional full time staff. We believe that
this is typical in many exploration stage companies. We may not be able to fully remediate the material weakness until we commence mining
operations, at which time we would expect to hire more staff. We will continue to monitor and assess the costs and benefits of additional
staffing.
Changes in Internal Control Over Financial
Reporting:
There were no changes in our internal control
over financial reporting that occurred during the last fiscal quarter covered by this report that has materially affected, or is reasonably
likely to materially affect, our internal control over financial reporting.
ITEM 4. CONTROLS AND PROCEDURES
Conclusion Regarding the Effectiveness of Disclosure
Controls and Procedures:
We maintain disclosure controls and procedures
that are designed to ensure that information required to be disclosed in our Exchange Act reports is recorded, processed, summarized and
reported within the time periods specified in the Securities and Exchange Commission’s (“SEC”) rules and forms, and
that such information is accumulated and communicated to management, including Michael Lavigne, our Principal Accounting Officer, as appropriate,
to allow timely decisions regarding required disclosure. Management necessarily applied its judgment in assessing the costs and benefits
of such controls and procedures, which, by their nature, can provide only reasonable assurance regarding management’s control objectives.
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
None.
ITEM 1A. RISK FACTORS
There have been no material changes from the risk
factors disclosed in Item 1A. to Part I. of our Annual Report on Form 10-K for the year ended December 31, 2023.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES
AND USE OF PROCEEDS
None, except as previously reported.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4. MINE SAFETY DISCLOSURES
None.
ITEM 5. OTHER INFORMATION
During the quarter ended June 30, 2024, no director
or officer adopted or terminated any Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement, as each term is defined in
Item 408(a) of Regulation S-K.
ITEM 6. EXHIBITS
_____________
* Filed or furnished herewith.
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
Dated: October 15, 2024
|
MAGELLAN COPPER & GOLD INC.
(formerly MAGELLAN GOLD CORPORATION)
By: /s/ Michael Lavigne
Michael Lavigne
Chief Executive Officer and Chief Financial Officer
(Principal Executive, Financial and Accounting Officer) |
Exhibit 31.1
CERTIFICATION
I, Michael Lavigne, certify that:
1. |
I have
reviewed this Quarterly Report on Form 10-Q of Magellan Copper & Gold Inc. (formerly Magellan Gold Corporation); |
|
|
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
|
|
3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
|
|
4. |
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
|
|
|
(a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
|
|
|
|
(b) |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
|
|
|
|
(c) |
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
|
|
|
|
(d) |
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
|
|
5. |
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
|
|
|
|
(a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
|
|
|
|
(b) |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
|
|
Dated: October 15, 2024 |
/s/ Michael Lavigne |
|
Michael Lavigne, Chief Executive Officer
(Principal Executive Officer) |
Exhibit 31.2
CERTIFICATION
I, John Ryan , certify that:
1. |
I have reviewed this Quarterly Report on Form 10-Q of Magellan Copper & Gold Inc. (formerly Magellan Gold Corporation); |
|
|
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
|
|
3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
|
|
4. |
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
|
|
|
(a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
|
|
|
|
(b) |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
|
|
|
|
(c) |
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
|
|
|
|
(d) |
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
|
|
5. |
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
|
|
|
|
(a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
|
|
|
|
(b) |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
|
|
Dated: October 15, 2024 |
/s/ John Ryan |
|
John Ryan, Chief Financial Officer
(Principal Financial Officer) |
Exhibit 32.1
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the
Quarterly Report of Magellan Copper & Gold Inc. (the “Company”) (formerly Magellan Gold Corporation); on Form 10-Q for
the period ended June 30, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”),
I, Michael Lavigne, Chief Executive Officer (Principal Executive Officer) of the Company, certify, pursuant to 18 U.S.C. Section
1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
|
(1) |
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
|
|
|
|
(2) |
The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company. |
/s/ Michael Lavigne
Michael Lavigne
Chief Executive Officer
(Principal Executive Officer)
Dated: October 15, 2024
Exhibit 32.2
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly
Report of Magellan Copper & Gold Inc. (the “Company”) (formerly Magellan Gold Corporation); on Form 10-Q for the period ended June 30, 2024, as filed with the Securities
and Exchange Commission on the date hereof (the “Report”), I, John Ryan, Chief Financial Officer (Principal Accounting Officer)
of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
|
(1) |
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
|
|
|
|
(2) |
The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company. |
/s/ John Ryan
John Ryan
Chief Financial Officer
(Principal Accounting Officer)
Dated: October 15, 2024
v3.24.3
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|
|
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false
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Document Period End Date |
Jun. 30, 2024
|
|
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Q2
|
|
Document Fiscal Year Focus |
2024
|
|
Current Fiscal Year End Date |
--12-31
|
|
Entity File Number |
000-54658
|
|
Entity Registrant Name |
MAGELLAN
COPPER & GOLD INC.
|
|
Entity Central Index Key |
0001515317
|
|
Entity Tax Identification Number |
27-3566922
|
|
Entity Incorporation, State or Country Code |
NV
|
|
Entity Address, Address Line One |
602 Cedar Street
|
|
Entity Address, Address Line Two |
Suite 205
|
|
Entity Address, City or Town |
Wallace
|
|
Entity Address, State or Province |
ID
|
|
Entity Address, Postal Zip Code |
83873
|
|
City Area Code |
707
|
|
Local Phone Number |
291-6198
|
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Yes
|
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Entity Interactive Data Current |
Yes
|
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Entity Filer Category |
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|
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Entity Emerging Growth Company |
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|
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Entity Shell Company |
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|
25,412,072
|
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MAGELLAN GOLD CORPORATION
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v3.24.3
Consolidated Balance Sheets (Unaudited) - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Current assets |
|
|
Cash |
$ 3,913
|
$ 99
|
Total current assets |
3,913
|
99
|
Mineral rights and properties |
522,565
|
100,000
|
Total assets |
526,478
|
100,099
|
Current liabilities: |
|
|
Accounts payable |
210,848
|
236,322
|
Accounts payable - related party |
109,750
|
73,750
|
Accrued liabilities |
214,089
|
214,089
|
Convertible note payable, net - related party |
285,000
|
185,000
|
Convertible note payable, net |
430,978
|
530,978
|
Accrued interest - related parties |
85,731
|
39,778
|
Accrued interest |
199,814
|
204,197
|
Advances payable - related party |
21,875
|
21,875
|
Advances payable |
39,338
|
39,338
|
Notes payable |
99,000
|
100,000
|
Notes payable - related party |
168,000
|
53,000
|
Derivative liability |
77,068
|
86,443
|
Total current liabilities |
1,941,491
|
1,784,770
|
Total liabilities |
1,941,491
|
1,784,770
|
Commitments and contingencies |
|
|
Shareholders' deficit: |
|
|
Preferred shares, 25,000,000 shares Series A preferred stock - $10.00 stated value; 2,500,000 authorized; 0 shares issued and outstanding |
0
|
0
|
Common shares, $0.001 par value; 1,000,000,000 shares authorized; 25,412,072 and 19,577,072 shares issued and outstanding, respectively |
25,412
|
19,577
|
Additional paid-in capital |
19,757,755
|
19,289,530
|
Accumulated deficit |
(21,198,180)
|
(20,993,778)
|
Shareholders' deficit: |
(1,415,013)
|
(1,684,671)
|
Total liabilities and shareholders' deficit |
$ 526,478
|
$ 100,099
|
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v3.24.3
Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Preferred stock, shares authorized |
25,000,000
|
25,000,000
|
Common stock, par value |
$ 0.001
|
$ 0.001
|
Common stock, shares authorized |
1,000,000,000
|
1,000,000,000
|
Common stock, shares issued |
25,412,072
|
19,577,072
|
Common stock, shares outstanding |
25,412,072
|
19,577,072
|
Series A Preferred Stock [Member] |
|
|
Preferred stock, shares authorized |
2,500,000
|
2,500,000
|
Preferred stock, par value |
$ 10.00
|
$ 10.00
|
Preferred stock, shares issued |
0
|
0
|
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0
|
0
|
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v3.24.3
Consolidated Statements of Operations (Unaudited) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Operating expenses: |
|
|
|
|
General and administrative expenses |
$ 71,817
|
$ 67,620
|
$ 172,181
|
$ 101,565
|
Total operating expenses |
71,817
|
67,620
|
172,181
|
101,565
|
Operating loss |
71,817
|
67,620
|
172,181
|
101,565
|
Other income (expense): |
|
|
|
|
Interest expense |
(20,914)
|
(28,792)
|
(41,596)
|
(47,540)
|
Gain on change in derivative liability |
18,594
|
48,845
|
9,375
|
70,617
|
Total other income (expense) |
(2,320)
|
20,053
|
(32,221)
|
23,077
|
Net loss |
$ (74,137)
|
$ (47,567)
|
$ (204,402)
|
$ (78,488)
|
Basic net loss per common share |
$ (0.00)
|
$ (0.00)
|
$ (0.01)
|
$ (0.00)
|
Diluted net loss per common share |
$ (0.00)
|
$ (0.00)
|
$ (0.01)
|
$ (0.00)
|
Basic weighted average |
25,412,072
|
19,487,072
|
25,245,946
|
18,898,280
|
Diluted weighted average |
25,412,072
|
19,487,072
|
25,245,946
|
18,898,280
|
X |
- DefinitionAmount of increase (decrease) in the fair value of derivatives recognized in the income statement.
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v3.24.3
Consolidated Statements of Shareholders' Deficit (Unaudited) - USD ($)
|
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Total |
Beginning balance, value at Dec. 31, 2022 |
$ 12,773
|
$ 18,019,192
|
$ (19,529,742)
|
$ (1,497,777)
|
Beginning balance, shares at Dec. 31, 2022 |
12,772,786
|
|
|
|
Shares issued for cash |
$ 1,714
|
238,286
|
|
240,000
|
Shares issued for cash, shares |
1,714,286
|
|
|
|
Shares issued for the acquisition of mineral properties |
$ 5,000
|
995,000
|
|
1,000,000
|
Shares issued for the acquisition of mineral properties, shares |
5,000,000
|
|
|
|
Stock based compensation |
|
6,315
|
|
6,315
|
Net loss |
|
|
(30,921)
|
(30,921)
|
Ending balance, value at Mar. 31, 2023 |
$ 19,487
|
19,258,793
|
(19,560,663)
|
(282,383)
|
Ending balance, shares at Mar. 31, 2023 |
19,487,072
|
|
|
|
Beginning balance, value at Dec. 31, 2022 |
$ 12,773
|
18,019,192
|
(19,529,742)
|
(1,497,777)
|
Beginning balance, shares at Dec. 31, 2022 |
12,772,786
|
|
|
|
Net loss |
|
|
|
(78,488)
|
Ending balance, value at Jun. 30, 2023 |
$ 19,487
|
19,265,467
|
(19,608,230)
|
(323,276)
|
Ending balance, shares at Jun. 30, 2023 |
19,487,072
|
|
|
|
Beginning balance, value at Mar. 31, 2023 |
$ 19,487
|
19,258,793
|
(19,560,663)
|
(282,383)
|
Beginning balance, shares at Mar. 31, 2023 |
19,487,072
|
|
|
|
Stock based compensation |
|
6,674
|
|
6,674
|
Net loss |
|
|
(47,567)
|
(47,567)
|
Ending balance, value at Jun. 30, 2023 |
$ 19,487
|
19,265,467
|
(19,608,230)
|
(323,276)
|
Ending balance, shares at Jun. 30, 2023 |
19,487,072
|
|
|
|
Beginning balance, value at Dec. 31, 2023 |
$ 19,577
|
19,289,530
|
(20,993,778)
|
(1,684,671)
|
Beginning balance, shares at Dec. 31, 2023 |
19,577,072
|
|
|
|
Shares issued for the acquisition of mineral properties |
$ 5,500
|
417,065
|
|
422,565
|
Shares issued for the acquisition of mineral properties, shares |
5,500,000
|
|
|
|
Stock based compensation |
$ 335
|
44,573
|
|
44,908
|
Stock based compensation, shares |
335,000
|
|
|
|
Net loss |
|
|
(130,265)
|
(130,265)
|
Ending balance, value at Mar. 31, 2024 |
$ 25,412
|
19,751,168
|
(21,124,043)
|
(1,347,463)
|
Ending balance, shares at Mar. 31, 2024 |
25,412,072
|
|
|
|
Beginning balance, value at Dec. 31, 2023 |
$ 19,577
|
19,289,530
|
(20,993,778)
|
(1,684,671)
|
Beginning balance, shares at Dec. 31, 2023 |
19,577,072
|
|
|
|
Net loss |
|
|
|
(204,402)
|
Ending balance, value at Jun. 30, 2024 |
$ 25,412
|
19,757,755
|
(21,198,180)
|
(1,415,013)
|
Ending balance, shares at Jun. 30, 2024 |
25,412,072
|
|
|
|
Beginning balance, value at Mar. 31, 2024 |
$ 25,412
|
19,751,168
|
(21,124,043)
|
(1,347,463)
|
Beginning balance, shares at Mar. 31, 2024 |
25,412,072
|
|
|
|
Stock based compensation |
|
6,587
|
|
6,587
|
Net loss |
|
|
(74,137)
|
(74,137)
|
Ending balance, value at Jun. 30, 2024 |
$ 25,412
|
$ 19,757,755
|
$ (21,198,180)
|
$ (1,415,013)
|
Ending balance, shares at Jun. 30, 2024 |
25,412,072
|
|
|
|
X |
- DefinitionThe portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
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v3.24.3
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Operating activities: |
|
|
Net loss |
$ (204,402)
|
$ (78,488)
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
Accretion of discounts on notes payable |
0
|
8,019
|
Stock based compensation |
51,495
|
12,989
|
Gain on change in derivative liability |
(9,375)
|
(70,617)
|
Changes in operating assets and liabilities: |
|
|
Prepaid expenses and other assets |
0
|
5,097
|
Accounts payable and accrued liabilities |
(25,474)
|
11,232
|
Accounts payable - related party |
36,000
|
18,000
|
Accrued interest |
41,570
|
39,521
|
Net cash used in operating activities |
(110,186)
|
(54,247)
|
Investing activities: |
|
|
Cash paid for mineral rights |
0
|
(100,000)
|
Net cash used in investing activities |
0
|
(100,000)
|
Financing activities: |
|
|
Proceeds from notes payable from related parties |
115,000
|
0
|
Proceeds from notes payable from third parties |
0
|
21,000
|
Repayment of notes payable from third parties |
(1,000)
|
0
|
Repayment of advances from third parties |
0
|
(4,701)
|
Repayment of convertible debt |
0
|
(100,000)
|
Proceeds from sale of common stock |
0
|
240,000
|
Net cash provided by financing activities |
114,000
|
156,299
|
Net change in cash |
3,814
|
2,052
|
Cash at beginning of period |
99
|
743
|
Cash at end of period |
3,913
|
2,795
|
Supplemental disclosure of cash flow information |
|
|
Cash paid for interest |
0
|
0
|
Cash paid for income taxes |
0
|
0
|
Non-cash financing and investing activities: |
|
|
Expenses paid on behalf of the Company |
0
|
4,701
|
Shares issued for the acquisition of mineral properties |
$ 422,565
|
$ 1,000,000
|
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v3.24.3
Pay vs Performance Disclosure - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Mar. 31, 2024 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Pay vs Performance Disclosure [Table] |
|
|
|
|
|
|
Net Income (Loss) |
$ (74,137)
|
$ (130,265)
|
$ (47,567)
|
$ (30,921)
|
$ (204,402)
|
$ (78,488)
|
X |
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v3.24.3
Organization, Basis of Presentation, and Nature of Operations
|
6 Months Ended |
Jun. 30, 2024 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Organization, Basis of Presentation, and Nature of Operations |
Note 1 – Organization, Basis of Presentation, and Nature of
Operations
Organization and Nature of Operations
Magellan Copper & Gold Inc. (“we”
“our”, “us”, the “Company” or “Magellan”) was incorporated on September 28, 2010, under
the laws of the State of Nevada. Our principal business is the acquisition and exploration of mineral resources. We have not presently
determined whether the properties to which we have mining rights contain mineral reserves that are economically recoverable.
On August 1, 2024, the Company amended its articles
of incorporation to change their name from Magellan Gold Corporation to Magellan Copper & Gold Inc.
Our primary focus is to explore and develop mineral
properties in the United States. Effective March 31, 2020, we divested our subsidiary holding all our international assets and plan to
advance our Center Star Gold Project and our Kris Project towards resource definition and eventual development, to advance the exploration
efforts on one or more of the Company’s copper project, Blue Jacket, Copper Cliff or Copper Butte and possibly to acquire additional
mineral rights and conduct additional exploration, development and permitting activities. Our mineral lease payments, mineral claim annual
holding costs, permitting applications and exploration and development efforts will require additional capital. We rely upon the sale
of our securities as well as advances and loans from executive management and significant shareholders to fund our operations as we have
not generated any significant revenue.
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- DefinitionThe entire disclosure for the organization, consolidation and basis of presentation of financial statements disclosure, and significant accounting policies of the reporting entity. May be provided in more than one note to the financial statements, as long as users are provided with an understanding of (1) the significant judgments and assumptions made by an enterprise in determining whether it must consolidate a VIE and/or disclose information about its involvement with a VIE, (2) the nature of restrictions on a consolidated VIE's assets reported by an enterprise in its statement of financial position, including the carrying amounts of such assets, (3) the nature of, and changes in, the risks associated with an enterprise's involvement with the VIE, and (4) how an enterprise's involvement with the VIE affects the enterprise's financial position, financial performance, and cash flows. Describes procedure if disclosures are provided in more than one note to the financial statements.
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v3.24.3
Summary of Significant Accounting Policies
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
Summary of Significant Accounting Policies |
Note 2 – Summary of Significant Accounting Policies
Basis of Presentation
We prepare our financial statements in accordance
with accounting principles generally accepted in the United States (“GAAP”). The accompanying unaudited interim consolidated
financial statements have been prepared in accordance with GAAP for interim financial information in accordance with Article 8 of Regulation
S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In our
opinion, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating
results for the three and six months ended June 30, 2024 are not necessarily indicative of the results for the full year. While we believe
that the disclosures presented herein are adequate and not misleading, these interim financial statements should be read in conjunction
with the audited financial statements and the footnotes thereto contained in our annual report on Form 10-K for the year ended December
31, 2023.
Our consolidated financial statements include
our accounts and the accounts of our 100% owned subsidiaries, Clearwater and M Gold. All intercompany transactions and balances have been
eliminated. Our consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the
United States of America (“U.S. GAAP”).
Net Loss per Common Share
We compute basic net loss per common share by
dividing our net loss attributable to common shareholders by our weighted-average number of common shares outstanding during the period.
Computation of diluted net loss per common share adds the weighted-average number of potential common shares outstanding to the weighted-average
common shares outstanding, as calculated for basic net loss per share, except for instances in which there is a net loss. For the six
months ended June 30, 2024, 72,000 stock options, 117,500 warrants, and 2,189,156 shares issuable from convertible notes were considered
for their dilutive effects. For the six months ended June 30, 2023, 72,000 stock options, 117,500 warrants, and 2,053,780 shares
issuable from convertible notes were considered for their dilutive effects.
Derivative Financial Instruments
Fair value accounting requires bifurcation of
embedded derivative instruments such as conversion features in convertible debt or equity instruments and measurement of their fair value
for accounting purposes. In assessing the convertible debt instruments, management determines if the convertible debt host instrument
is conventional convertible debt and further if there is a beneficial conversion feature requiring measurement. If the instrument is not
considered conventional convertible debt under ASC 470, the Company will continue its evaluation process of these instruments as derivative
financial instruments under ASC 815. The Company applies the guidance in ASC 815-40-35-12 to determine the order in which each convertible
instrument would be evaluated for derivative classification. The Company’s sequencing policy is to evaluate for reclassification
contracts with the earliest maturity date first.
Once determined, derivative liabilities are adjusted
to reflect fair value at each reporting period end, with any increase or decrease in the fair value being recorded in results of operations
as an adjustment to fair value of derivatives.
Recent Accounting Pronouncements
The Company does not believe that any recently
issued effective pronouncements, or pronouncements issued but not yet effective, if adopted, would have a material effect on the accompanying
financial statements.
Liquidity and Going Concern
Our consolidated financial statements have been
prepared on a going concern basis, which assumes that we will be able to meet our obligations and continue our operations during the next
fiscal year. Asset realization values may be significantly different from carrying values as shown in our consolidated financial statements
and do not give effect to adjustments that would be necessary to the carrying values of assets and liabilities should we be unable to
continue as a going concern. At June 30, 2024, we had a working capital deficit of $1,937,578, we had not yet generated any significant
revenues or achieved profitable operations and we have accumulated losses of $21,198,180. We expect to incur further losses in the development
of our business, all of which raises substantial doubt as to our ability to continue as a going concern. Our ability to continue as a
going concern depends on our ability to generate future profits and/or to obtain the necessary financing to meet our obligations arising
from normal business operations when they come due, of which there can be no assurance.
We anticipate that additional funding will be
in the form of additional loans from officers, directors or significant shareholders, or equity financing from the sale of our common
stock but cannot assure that any future financing will occur.
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v3.24.3
Mineral Rights and Properties
|
6 Months Ended |
Jun. 30, 2024 |
Extractive Industries [Abstract] |
|
Mineral Rights and Properties |
Note 3 – Mineral Rights and Properties
Kris Project
On June 6, 2023, the Company entered a memorandum
of understanding for earn-in agreement (“MOU”) with Gold Express Mines, Inc. (“GEM”). Per the MOU, the Company
agreed to earn-in for up to 50% working interest in the Kris Project, which is comprised of 74 unpatented mining claims located in Plumas
County, CA. In March 2023, the Company paid Gold Express Mines, Inc. $100,000, which was recorded as a deposit, and shall spend $400,000
on the Kris Project in allowable expenditures over the next thirty-six months, assuming permitting for the work is obtained. If permitting
delays the exploration and other work programs, the earn-in period shall be extended accordingly. Allowable expenditures are sampling,
drilling, assaying, geologic mapping, and mine site improvements made or performed directly on the existing mine site or expanded mine
site. Consulting fees for work directly benefiting the Project are also allowed including management of work, preparation of reports,
and planning for Future work. Claim maintenance fees on the existing claims are also allowable expenditures, as are the costs of future
land acquisitions which are deemed to benefit the Kris Project, and which are approved by both parties beforehand. As part of the agreement,
the Company shall make the Bureau of Land Management claim maintenance fees on the existing claims no later than August 15, 2023, and
by August 15th in ensuing years during the earn-in period. The Company shall pay for the annual Plumas County “notice
of intent to hold” recording costs and any other Plumas County fees or taxes which accrue during the earn-in period. These shall
all be allowable expenses under the earn-in agreement. As of December 31, 2023, the $100,000 deposit paid to Golden Express for the MOU
was reclassed to mineral rights and properties on the balance sheet. As of June 30, 2024, the $100,000 deposit paid to Golden Express
for the MOU remained in mineral rights and properties on the balance sheet.
Blue Jacket and Cuprum Project
On January 4, 2024, the Company entered into a
purchase agreement with GEM, pursuant to which, among other things (i) the Company agreed to purchase certain mineral assets owned and
controlled by GEM for a purchase price equal to 5,500,000 shares of the Company’s common stock, par value $0.001 per share; and
(ii) GEM agreed to assign to the Company a certain lease for mineral properties for a purchase price of 500,000 shares of common stock.
As of June 30, 2024, the total purchase price for the acquisition was determined to be $422,565 which consisted of 5,500,000 shares of
common stock with a fair value of $422,565. As of the date of this filing, the Company and GEM have not completed the assignment of leases
and the 500,000 shares related to assignment have not been issued. The Company concluded the transaction qualified as an asset acquisition
and all such acquisition costs have been capitalized. The Company concluded the purchase of a single set of assets qualified as an asset
acquisition and all such acquisition costs have been capitalized as mineral rights and properties on the balance sheet. As of June 30,
2024, the GEM mineral rights and properties balance totaled $422,565.
|
X |
- DefinitionThe entire disclosure for mineral industries.
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v3.24.3
Fair Value of Financial Instruments
|
6 Months Ended |
Jun. 30, 2024 |
Fair Value Disclosures [Abstract] |
|
Fair Value of Financial Instruments |
Note 4 – Fair Value of Financial Instruments
Financial assets and liabilities recorded at fair
value in our consolidated balance sheets are categorized based upon a fair value hierarchy established by GAAP, which prioritizes the
inputs used to measure fair value into the following levels:
Level 1 – Quoted market
prices in active markets for identical assets or liabilities at the measurement date.
Level 2 – Quoted prices
for similar assets or liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are
not active; or other inputs that are observable and can be corroborated by observable market data.
Level 3 – Inputs reflecting
management’s best estimates and assumptions of what market participants would use in pricing assets or liabilities at the measurement
date. The inputs are unobservable in the market and significant to the valuation of the instruments.
A financial instrument’s categorization
within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.
The carrying values for cash and cash equivalents,
prepaid assets, accounts payable and accrued liabilities, related party line of credit and notes payable approximate their fair value
due to their short-term maturities.
Fair Value Measurements
The Company’s assets and liabilities recorded
at fair value have been categorized based upon a fair value hierarchy.
The following table presents information about
the Company’s liabilities measured at fair value on a recurring basis and the Company’s estimated level within the fair value
hierarchy of those assets and liabilities as of June 30, 2024 and December 31, 2023:
Schedule of fair value of liabilities | |
| | |
| | |
| | |
| |
| |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Fair value at June 30, 2024 | |
Liabilities: | |
| | | |
| | | |
| | | |
| | |
Derivative liability | |
$ | – | | |
$ | – | | |
$ | 77,068 | | |
$ | 77,068 | |
| |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Fair value at December 31, 2023 | |
Liabilities: | |
| | | |
| | | |
| | | |
| | |
Derivative liability | |
$ | – | | |
$ | – | | |
$ | 86,443 | | |
$ | 86,443 | |
There were no transfers between Level 1, 2 or
3 during the period.
The table below presents the change in the fair
value of the derivative liability during the six months ended June 30, 2024:
Schedule of fair value of the derivative liability | |
| |
Fair value as of December 31, 2023 | |
$ | 86,443 | |
Gain on change in fair value of derivatives | |
| (9,375 | ) |
Fair value as of June 30, 2024 | |
$ | 77,068 | |
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v3.24.3
Notes payable, Convertible Note Payable and Derivative Liability
|
6 Months Ended |
Jun. 30, 2024 |
Debt Disclosure [Abstract] |
|
Notes payable, Convertible Note Payable and Derivative Liability |
Note 5 – Notes payable, Convertible Note
Payable and Derivative Liability
Unsecured advances
As of June 30, 2024 and December 31, 2023, the
advances balance totaled $39,338.
Notes payable
As of June 30, 2024 and December 31, 2023, the
notes payable balance was $99,000 and $100,000, with accrued interest of $23,221 and $17,301, respectively. The promissory notes bear
interest at 12% per annum and are payable on demand.
Series 2019A 10% Unsecured Convertible Notes
In 2019, the Company sold $135,000 of Series 2019A
10% Unsecured Convertible Notes. The purchase price of the Note is equal to the principal amount of the Note. The Series 2019A Notes are
convertible into shares of Common Stock at a conversion price of $1.00 during the life of the Note. The lenders were issued 100,000 common
stock warrants with an exercise price of $2.00 per share. The Company evaluated the conversion option and concluded a beneficial conversion
feature was present at issuance. The Company recognized the beneficial conversion feature and relative fair value of the warrants as a
debt discount and additional paid in capital in August and December 2019. The $135,000 debt discount is amortized over the term of the
loan. The Notes will accrue interest at the rate of 10% per annum, payable quarterly in arrears. The Notes mature twelve (12) months from
the date of issue. The maturity date can be extended at the option of the Company for an additional one (1) year. There are two Series
2019A 10% Unsecured Convertible Notes that were due and payable in August 2020 and are currently past due and in default. The default
interest rate on the notes is 12%. As of June 30, 2024 and December 31, 2023, the balance due under these notes is $75,000, with accrued
interest of $39,969 and $35,481, respectively.
On October 1, 2019, the Company sold a 10% Unsecured
Convertible Note for $145,978 due on demand to settle accounts payable. The purchase price of the 10% Unsecured Convertible Note is equal
to the principal amount of the Note. The 10% Unsecured Convertible Note is convertible into shares of Common Stock at a conversion price
of $1.00 during the life of the Note. The Company evaluated the conversion option and concluded a beneficial conversion feature was present
at issuance. The Company recognized the beneficial conversion feature as a debt discount and additional paid in capital in October 2019.
The debt discount will be amortized over the term of the loan. The 10% Unsecured Convertible Note will accrue interest at the rate of
10% per annum payable quarterly, accruing from the date of issuance. As of June 30, 2024 and December 31, 2023, the balance due under
this note is $145,978, with accrued interest of $69,309 and $62,031, respectively.
Series 2020A 8% Unsecured Convertible Notes
In 2020, the Company sold $285,000 of Series 2020A
8% Unsecured Convertible Notes with a maturity date of November 30, 2020. The purchase price of the Note is equal to the principal amount
of the Note. The Series 2020A Notes are convertible into shares of Common Stock at a conversion price of $0.50 during the life of the
Note. The lenders were issued 142,500 common stock warrants with an exercise price of $0.50 per share for a term of 5 years. Two related
parties purchased $60,000 of the 2020A notes. The Company evaluated the conversion option and concluded a beneficial conversion feature
was present at issuance. The Company recognized the beneficial conversion feature as a debt discount and additional paid in capital as
of December 31, 2020. The $237,263 debt discount will be amortized over the term of the loan. The Notes will accrue interest at the rate
of 8% per annum, payable quarterly in arrears. In July 2020, $25,000 of Series 2020A 8% Unsecured Convertible Notes were converted into
50,000 shares of common stock at a conversion price of $0.50 per share. The Series 2020A 8% Unsecured Convertible Notes that were due
and payable in November 2020 and are currently past due. If a default notice is received the interest rate will be 12%. During the six
months ended June 30, 2024, $10,000 was reclassed from convertible notes related party to convertible notes third party. As of June 30,
2024 and December 31, 2023, the balance due to a third party under these notes is $210,000 and $200,000, with accrued interest of $67,315
and $56,297, respectively.
Convertible Note
On February 10, 2021, the Company entered into
a debt agreement to borrow $200,000. The secured note has an original issuance discount of $16,000 along with $9,000 in legal and finder
fees recorded as a discount, which will be amortized over the life of the note. The loan is secured by common stock of the Company, bears
interest at a rate of 10% and has a six-month maturity. In August 2021, the note was extended six months and the interest rate was increased
to 12%. The unpaid principal is convertible into shares of the Company’s common stock at the conversion price. The conversion price
shall be the less of 90% of the lowest trading price during the previous twenty (20) trading day period ending on the issuance date, or
during the previous twenty (20) trading day period ending on date of conversion of this note. The Company issued the debt holder 266,667
common shares as a commitment fee. Due to the variable conversion feature the note conversion feature was bifurcated from the note and
recorded as a derivative liability. The day one derivative liability of $95,715 was recorded as a discount on the convertible notes payable.
On February 9, 2022, the Company extended the maturity to May 10, 2022. In consideration of the extension, the Company issued the debt
holder 180,000 shares of common stock valued at $54,000. The incremental value of the debt modification of $54,000 will be recorded over
the remaining life of the note ending May 10, 2022. On May 11, 2022, the Company agreed to a second amendment to extend the maturity of
the AJB note to August 10, 2022. In consideration for the extension, the Company issued 233,334 shares of common stock at a price of $0.30
per share for a total value of $70,000. The incremental value of the debt modification of $70,000 will be recorded over the remaining
life of the note ending August 10, 2022. On August 9, 2022, the Company agreed to a third amendment to extend the maturity of the AJB
note to November 9, 2022. In consideration for the extension, the Company issued 233,334 shares of common stock at a price of $0.24 per
share for a total value of $56,000. The incremental value of the debt modification of $56,000 will be recorded over the remaining life
of the note ending November 9, 2022. Th AJB Convertible Note is due and payable in November 2023. In January 2023, the Note was extended
to August 11, 2023 and is currently past due. In consideration for the extension, the principal amount of the note was increased by $10,000.
The incremental value of the debt modification of $10,000 will be recorded as a debt discount and amortized over the remaining life of
the note ending August 11, 2023. During the year ended December 31, 2023, the Company amortized $10,000 of debt discount. During the year
ended December 31, 2023, the Company repaid $100,000 of principal on this note. On January 2, 2024, GEM, a related party, assumed the
debt from AJB Capital Investments, LLC. As of June 30, 2024 and December 31, 2023, the balance on the loan was $0 and $110,000, net of
discount of $0, with accrued interest of $0 and $33,087, respectively.
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- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
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v3.24.3
Stockholders’ Deficit
|
6 Months Ended |
Jun. 30, 2024 |
Equity [Abstract] |
|
Stockholders’ Deficit |
Note 6 – Stockholders’ Deficit
Common stock
During the six months ended June 30, 2024, the
Company issued 85,000 shares of common stock with a fair value of $20,938 to a board member of the Company for services provided.
Stock Warrants, Stock Options, and the 2017
Equity Incentive Plan:
Under the 2017 Equity Incentive Plan, the Company
is authorized to grant rights to acquire up to a maximum of 200,000 shares of common stock. The 2017 Plan provides for the grant of (1)
both incentive and non-statutory stock options, (2) stock bonuses, (3) rights to purchase restricted stock and (4) stock appreciation
rights. As of June 30 2024, the Company had 128,000 shares available for future grants.
Stock option activity within the 2017 Equity Incentive
Plan and warrant activity outside the plan, for the six months ended June 30, 2024 is as follows:
Schedule of options and warrant activity | |
| | |
| | |
| | |
| |
| |
Stock Options | | |
Stock Warrants | |
| |
Shares | | |
Weighted Average Exercise Price | | |
Shares | | |
Weighted Average Exercise Price | |
Outstanding at December 31, 2023 | |
| 72,000 | | |
$ | 2.00 | | |
| 117,500 | | |
$ | 0.50 | |
Granted | |
| – | | |
| – | | |
| – | | |
| – | |
Cancelled | |
| – | | |
| – | | |
| – | | |
| – | |
Expired | |
| – | | |
| – | | |
| – | | |
| – | |
Exercised | |
| – | | |
| – | | |
| – | | |
| – | |
Outstanding at June 30, 2024 | |
| 72,000 | | |
$ | 2.00 | | |
| 117,500 | | |
$ | 0.50 | |
Exercisable at June 30, 2024 | |
| 72,000 | | |
$ | 2.00 | | |
| 117,500 | | |
$ | 0.50 | |
As of June 30, 2024,
the outstanding stock options have a weighted average remaining term of 3.32 years and have no intrinsic value, and
the outstanding stock warrants have a weighted average remaining term of 0.93 years and have no intrinsic value.
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v3.24.3
Commitments and Contingencies
|
6 Months Ended |
Jun. 30, 2024 |
Commitments and Contingencies Disclosure [Abstract] |
|
Commitments and Contingencies |
Note 7 – Commitments and Contingencies
Mining Claims
We currently own directly or hold indirectly through
mineral leases or other contracts a total of 192 unpatented mining claims. To maintain these claims, annual payments are required to be
made to the United States Bureau of Land Management by the 1st of September of each year. Additionally, state laws impose additional filings
and fees which are required to be made with the Recorder’s Office in the local county in which the claims are located. Additionally,
some counties impose property taxes on unpatented mining claims which are due at various dates. As of June 30, 2024, all the unpatented
mineral claims are believed by the Company Management to be in good standing.
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v3.24.3
Executive Employment Agreement
|
6 Months Ended |
Jun. 30, 2024 |
Executive Employment Agreement |
|
Executive Employment Agreement |
Note 8 – Executive Employment Agreement
Effective August 1, 2020, the Company and Michael
Lavigne, executed a Restricted Stock Unit Agreement pursuant to which the Company agreed to grant to Mr. Lavigne, in consideration of
services to be rendered as President, CEO and Director, restricted stock units consisting of 15,000 units for each month of service. The
vested stock units will be settled in shares of common stock upon or as soon as practicable (a) upon written request any time after December
31, 2020 or (b) following the termination date, whichever occurs first. As of June 30, 2024 and December 31, 2023, 705,000 and 615,000
restricted stock units may be settled in shares of common stock, respectively. During the six months ended June 30, 2024, the Company
recognized $11,357 of stock-based compensation related to the agreement, respectively.
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v3.24.3
Related Party Transactions
|
6 Months Ended |
Jun. 30, 2024 |
Related Party Transactions [Abstract] |
|
Related Party Transactions |
Note 9 – Related Party Transactions
Notes Payable – Related Parties
As of December 31, 2023, the notes payable –
related parties balance was $53,000, with accrued interest of $9,409. The promissory notes bear interest at 12% per annum and are payable
on demand. During the six months ended June 30, 2024, the Company entered into four unsecured promissory notes with GEM totaling $115,000.
The promissory notes bear interest at 5% per annum and are payable on demand. As of June 30, 2024, the notes payable – related parties
balance was $168,000, with accrued interest of $14,471.
Unsecured advances – related party
As of June 30, 2024 and December 31, 2023, the
advances related party balance totaled $21,875.
Series 2020A 8% Unsecured Convertible Notes
In 2020, the Company sold $285,000 of Series 2020A
8% Unsecured Convertible Notes with a maturity date of November 30, 2020. The purchase price of the Note is equal to the principal amount
of the Note. The Series 2020A Notes are convertible into shares of Common Stock at a conversion price of $0.50 during the life of the
Note. The lenders were issued 142,500 common stock warrants with an exercise price of $0.50 per share for a term of 5 years. Two related
parties purchased $60,000 of the 2020A notes. The Company evaluated the conversion option and concluded a beneficial conversion feature
was present at issuance. The Company recognized the beneficial conversion feature as a debt discount and additional paid in capital as
of December 31, 2020. The $237,263 debt discount will be amortized over the term of the loan. The Notes will accrue interest at the rate
of 8% per annum, payable quarterly in arrears. In July 2020, $25,000 of Series 2020A 8% Unsecured Convertible Notes were converted into
50,000 shares of common stock at a conversion price of $0.50 per share. The Series 2020A 8% Unsecured Convertible Notes that were due
and payable in November 2020 and are currently past due. If a default notice is received the interest rate will be 12%. During the six
months ended June 30, 2024, $10,000 was reclassed from convertible notes related party to convertible notes third party. As of June 30,
2024 and December 31, 2023, the balance due to a related party under these notes is $50,000 and $60,000, with accrued interest of $16,592
and $17,238, respectively.
3% Secured Convertible Note
On July 1, 2020, the Company issued a $125,000
Secured Convertible Note to a related party as part of the purchase of Clearwater Mining Corporation. The convertible note is secured
by common stock of the Company, matures on July 1, 2022 and will accrue interest at the rate of 3% per annum, payable yearly in arrears
beginning July 1, 2021. The Note is convertible into shares of Common Stock at a conversion price of $0.50 during the life of the Note.
The Company evaluated the conversion option and concluded a beneficial conversion feature was present at issuance. The Company recognized
the beneficial conversion feature and relative fair value of the warrants as a debt discount and additional paid in capital in July 2019.
The $87,500 debt discount will be amortized over the term of the loan. Amortization expense of $21,815 was recognized during the year
ended December 31, 2022. As of June 30, 2024 and December 31, 2023, the balance due to a related party under this note was $125,000, with
accrued interest of $15,000 and $13,130, respectively.
Convertible Note
On February 10, 2021, the Company entered into
a debt agreement to borrow $200,000. The secured note has an original issuance discount of $16,000 along with $9,000 in legal and finder
fees recorded as a discount, which will be amortized over the life of the note. The loan is secured by common stock of the Company, bears
interest at a rate of 10% and has a six-month maturity. In August 2021, the note was extended six months and the interest rate was increased
to 12%. The unpaid principal is convertible into shares of the Company’s common stock at the conversion price. The conversion price
shall be the less of 90% of the lowest trading price during the previous twenty (20) trading day period ending on the issuance date, or
during the previous twenty (20) trading day period ending on date of conversion of this note. The Company issued the debt holder 266,667
common shares as a commitment fee. Due to the variable conversion feature the note conversion feature was bifurcated from the note and
recorded as a derivative liability. The day one derivative liability of $95,715 was recorded as a discount on the convertible notes payable.
On February 9, 2022, the Company extended the maturity to May 10, 2022. In consideration of the extension, the Company issued the debt
holder 180,000 shares of common stock valued at $54,000. The incremental value of the debt modification of $54,000 will be recorded over
the remaining life of the note ending May 10, 2022. On May 11, 2022, the Company agreed to a second amendment to extend the maturity of
the AJB note to August 10, 2022. In consideration for the extension, the Company issued 233,334 shares of common stock at a price of $0.30
per share for a total value of $70,000. The incremental value of the debt modification of $70,000 will be recorded over the remaining
life of the note ending August 10, 2022. On August 9, 2022, the Company agreed to a third amendment to extend the maturity of the AJB
note to November 9, 2022. In consideration for the extension, the Company issued 233,334 shares of common stock at a price of $0.24 per
share for a total value of $56,000. The incremental value of the debt modification of $56,000 will be recorded over the remaining life
of the note ending November 9, 2022. Th AJB Convertible Note is due and payable in November 2023. In January 2023, the Note was extended
to August 11, 2023 and is currently past due. In consideration for the extension, the principal amount of the note was increased by $10,000.
The incremental value of the debt modification of $10,000 will be recorded as a debt discount and amortized over the remaining life of
the note ending August 11, 2023. During the year ended December 31, 2023, the Company amortized $10,000 of debt discount. During the year
ended December 31, 2023, the Company repaid $100,000 of principal on this note. On January 2, 2024, GEM, a related party, assumed the
debt from AJB Capital Investments, LLC. For consideration for the assumption of debt, the Company issued 250,000 shares of common stock
at $0.0768 per share for total of $19,200 to GEM, for the assumption of the AJB convertible note.
As of June 30, 2024, the total derivative liability
on the above note was adjusted to a fair value of $77,068. The fair value of the conversion option was estimated using the Black-Scholes
option pricing model and the following assumptions during the period: fair value of stock $0.14, volatility of 158.36%, expected term
of 0.50 years, risk-free rate of 5.33% and a dividend yield of 0%.
As of June 30, 2024, the balance on the loan was
$110,000, with accrued interest of $39,668.
Consulting Agreement
On December 29, 2022, the Company entered into
a two-year consulting agreement with Rock Creek Mining Company commencing on December 1, 2022, to provide consulting and advisory services.
Michael Lavigne, the Company’s CEO, is an officer and a Director of Rock Creek Mining Company. The consulting agreement provides
for compensation of $6,000 per month, payable on demand. During the six months ended June 30, 2024, the Company incurred consulting fees
of $36,000.
Conflicts of Interests
Athena Silver Corporation (“Athena”)
is a company under common control. Mr. Gibbs is a significant investor in both Magellan and Athena. Magellan and Athena are both exploration
stage companies involved in the business of acquisition and exploration of mineral resources.
Silver Saddle Resources, LLC is also a company
under common control. Mr. Gibbs is a significant investor and managing member of Silver Saddle. Magellan and Silver Saddle are both exploration
stage companies involved in the business of acquisition and exploration of mineral resources.
Gold Express Mines, Inc. (“GEM”) is
a company under common control. Mr. Crosby and Mr. Ryan are both on the board and/or hold management roles in both Magellan and GEM. Magellan
and GEM are both exploration stage companies involved in the business of acquisition and exploration of mineral resources.
The existence of common ownership and common management
could result in significantly different operating results or financial positions from those that could have resulted had Magellan, Athena,
Silver Saddle and Gold Express been autonomous.
Accrued Interest - Related Parties
As of June 30, 2024, Mr. Malhotra is no longer
considered a related party, and therefore all amounts due to him have been reclassified out of related party accounts.
Accrued interest due to related parties is included
in our consolidated balance sheets as follows:
Schedule of accrued interest due to related parties | |
| | |
| |
| |
June 30, 2024 | | |
December 31, 2023 | |
Accrued interest payable – Mr. Gibbs | |
$ | 23,519 | | |
$ | 19,730 | |
Accrued interest payable – Mr. Joseph Lavigne | |
| 5,653 | | |
| 4,277 | |
Accrued interest payable – Mr. Schifrin | |
| 15,000 | | |
| 13,130 | |
Accrued interest payable – Gold Express Mines, Inc. | |
| 41,559 | | |
| – | |
Accrued interest payable – Mr. Malhotra | |
| – | | |
| 2,641 | |
| |
$ | 85,731 | | |
$ | 39,778 | |
|
X |
- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.24.3
Subsequent Events
|
6 Months Ended |
Jun. 30, 2024 |
Subsequent Events [Abstract] |
|
Subsequent Events |
Note 10 – Subsequent Events
On September 11, 2024, the Company entered into
a debt conversion agreement to issue a total of 265,693 shares of our common stock for the conversion of $31,000 in principal and $6,197
of interest.
On September 20, 2024, the Company entered into a
debt conversion agreement to issue a total of 479,870 shares of our common stock for the conversion of $50,000 in principal and $17,182
of interest.
|
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- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
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v3.24.3
Summary of Significant Accounting Policies (Policies)
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
Basis of Presentation |
Basis of Presentation
We prepare our financial statements in accordance
with accounting principles generally accepted in the United States (“GAAP”). The accompanying unaudited interim consolidated
financial statements have been prepared in accordance with GAAP for interim financial information in accordance with Article 8 of Regulation
S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In our
opinion, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating
results for the three and six months ended June 30, 2024 are not necessarily indicative of the results for the full year. While we believe
that the disclosures presented herein are adequate and not misleading, these interim financial statements should be read in conjunction
with the audited financial statements and the footnotes thereto contained in our annual report on Form 10-K for the year ended December
31, 2023.
Our consolidated financial statements include
our accounts and the accounts of our 100% owned subsidiaries, Clearwater and M Gold. All intercompany transactions and balances have been
eliminated. Our consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the
United States of America (“U.S. GAAP”).
|
Net Loss per Common Share |
Net Loss per Common Share
We compute basic net loss per common share by
dividing our net loss attributable to common shareholders by our weighted-average number of common shares outstanding during the period.
Computation of diluted net loss per common share adds the weighted-average number of potential common shares outstanding to the weighted-average
common shares outstanding, as calculated for basic net loss per share, except for instances in which there is a net loss. For the six
months ended June 30, 2024, 72,000 stock options, 117,500 warrants, and 2,189,156 shares issuable from convertible notes were considered
for their dilutive effects. For the six months ended June 30, 2023, 72,000 stock options, 117,500 warrants, and 2,053,780 shares
issuable from convertible notes were considered for their dilutive effects.
|
Derivative Financial Instruments |
Derivative Financial Instruments
Fair value accounting requires bifurcation of
embedded derivative instruments such as conversion features in convertible debt or equity instruments and measurement of their fair value
for accounting purposes. In assessing the convertible debt instruments, management determines if the convertible debt host instrument
is conventional convertible debt and further if there is a beneficial conversion feature requiring measurement. If the instrument is not
considered conventional convertible debt under ASC 470, the Company will continue its evaluation process of these instruments as derivative
financial instruments under ASC 815. The Company applies the guidance in ASC 815-40-35-12 to determine the order in which each convertible
instrument would be evaluated for derivative classification. The Company’s sequencing policy is to evaluate for reclassification
contracts with the earliest maturity date first.
Once determined, derivative liabilities are adjusted
to reflect fair value at each reporting period end, with any increase or decrease in the fair value being recorded in results of operations
as an adjustment to fair value of derivatives.
|
Recent Accounting Pronouncements |
Recent Accounting Pronouncements
The Company does not believe that any recently
issued effective pronouncements, or pronouncements issued but not yet effective, if adopted, would have a material effect on the accompanying
financial statements.
|
Liquidity and Going Concern |
Liquidity and Going Concern
Our consolidated financial statements have been
prepared on a going concern basis, which assumes that we will be able to meet our obligations and continue our operations during the next
fiscal year. Asset realization values may be significantly different from carrying values as shown in our consolidated financial statements
and do not give effect to adjustments that would be necessary to the carrying values of assets and liabilities should we be unable to
continue as a going concern. At June 30, 2024, we had a working capital deficit of $1,937,578, we had not yet generated any significant
revenues or achieved profitable operations and we have accumulated losses of $21,198,180. We expect to incur further losses in the development
of our business, all of which raises substantial doubt as to our ability to continue as a going concern. Our ability to continue as a
going concern depends on our ability to generate future profits and/or to obtain the necessary financing to meet our obligations arising
from normal business operations when they come due, of which there can be no assurance.
We anticipate that additional funding will be
in the form of additional loans from officers, directors or significant shareholders, or equity financing from the sale of our common
stock but cannot assure that any future financing will occur.
|
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v3.24.3
Fair Value of Financial Instruments (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Fair Value Disclosures [Abstract] |
|
Schedule of fair value of liabilities |
Schedule of fair value of liabilities | |
| | |
| | |
| | |
| |
| |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Fair value at June 30, 2024 | |
Liabilities: | |
| | | |
| | | |
| | | |
| | |
Derivative liability | |
$ | – | | |
$ | – | | |
$ | 77,068 | | |
$ | 77,068 | |
| |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Fair value at December 31, 2023 | |
Liabilities: | |
| | | |
| | | |
| | | |
| | |
Derivative liability | |
$ | – | | |
$ | – | | |
$ | 86,443 | | |
$ | 86,443 | |
|
Schedule of fair value of the derivative liability |
Schedule of fair value of the derivative liability | |
| |
Fair value as of December 31, 2023 | |
$ | 86,443 | |
Gain on change in fair value of derivatives | |
| (9,375 | ) |
Fair value as of June 30, 2024 | |
$ | 77,068 | |
|
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v3.24.3
Stockholders’ Deficit (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Equity [Abstract] |
|
Schedule of options and warrant activity |
Schedule of options and warrant activity | |
| | |
| | |
| | |
| |
| |
Stock Options | | |
Stock Warrants | |
| |
Shares | | |
Weighted Average Exercise Price | | |
Shares | | |
Weighted Average Exercise Price | |
Outstanding at December 31, 2023 | |
| 72,000 | | |
$ | 2.00 | | |
| 117,500 | | |
$ | 0.50 | |
Granted | |
| – | | |
| – | | |
| – | | |
| – | |
Cancelled | |
| – | | |
| – | | |
| – | | |
| – | |
Expired | |
| – | | |
| – | | |
| – | | |
| – | |
Exercised | |
| – | | |
| – | | |
| – | | |
| – | |
Outstanding at June 30, 2024 | |
| 72,000 | | |
$ | 2.00 | | |
| 117,500 | | |
$ | 0.50 | |
Exercisable at June 30, 2024 | |
| 72,000 | | |
$ | 2.00 | | |
| 117,500 | | |
$ | 0.50 | |
|
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v3.24.3
Related Party Transactions (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Related Party Transactions [Abstract] |
|
Schedule of accrued interest due to related parties |
Schedule of accrued interest due to related parties | |
| | |
| |
| |
June 30, 2024 | | |
December 31, 2023 | |
Accrued interest payable – Mr. Gibbs | |
$ | 23,519 | | |
$ | 19,730 | |
Accrued interest payable – Mr. Joseph Lavigne | |
| 5,653 | | |
| 4,277 | |
Accrued interest payable – Mr. Schifrin | |
| 15,000 | | |
| 13,130 | |
Accrued interest payable – Gold Express Mines, Inc. | |
| 41,559 | | |
| – | |
Accrued interest payable – Mr. Malhotra | |
| – | | |
| 2,641 | |
| |
$ | 85,731 | | |
$ | 39,778 | |
|
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v3.24.3
Summary of Significant Accounting Policies (Details Narrative) - USD ($)
|
6 Months Ended |
|
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
Issuable from convertible notes |
2,189,156
|
2,053,780
|
|
Working capital |
$ 1,937,578
|
|
|
Accumulated losses |
$ 21,198,180
|
|
$ 20,993,778
|
Equity Option [Member] |
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
Issuable from convertible notes |
72,000
|
72,000
|
|
Warrants [Member] |
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
Issuable from convertible notes |
117,500
|
117,500
|
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v3.24.3
Mineral Rights and Properties (Details Narrative) - USD ($)
|
|
|
6 Months Ended |
|
Jan. 04, 2024 |
Mar. 31, 2023 |
Jun. 30, 2024 |
Dec. 31, 2023 |
Business Acquisition [Line Items] |
|
|
|
|
Mineral rights net |
|
|
$ 522,565
|
$ 100,000
|
Golden Express [Member] |
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
Purchase price for the acquisition |
|
$ 100,000
|
|
|
Kris Project [Member] |
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
Mineral rights net |
|
|
100,000
|
$ 100,000
|
Blue Jacket And Cuprum Project [Member] |
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
Purchase price for the acquisition |
|
|
422,565
|
|
Mineral rights net |
|
|
$ 422,565
|
|
Mineral properties purchase price shares |
500,000
|
|
|
|
Stock issued for acquisition, shares |
|
|
5,500,000
|
|
Stock issued for acquisition, value |
|
|
$ 422,565
|
|
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v3.24.3
Fair Value of Financial Instruments (Details - Fair value of assets and liabilities) - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Derivative liability |
$ 77,068
|
$ 86,443
|
Fair Value, Inputs, Level 1 [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Derivative liability |
0
|
0
|
Fair Value, Inputs, Level 2 [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Derivative liability |
0
|
0
|
Fair Value, Inputs, Level 3 [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Derivative liability |
$ 77,068
|
$ 86,443
|
X |
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v3.24.3
Notes payable, Convertible Note Payable and Derivative Liability (Details Narrative) - USD ($)
|
|
|
|
|
|
|
6 Months Ended |
12 Months Ended |
|
|
|
Jan. 02, 2023 |
Aug. 10, 2022 |
Aug. 09, 2022 |
May 11, 2022 |
Feb. 09, 2022 |
Feb. 10, 2021 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Oct. 01, 2019 |
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Advances payable |
|
|
|
|
|
|
$ 39,338
|
|
$ 39,338
|
|
|
|
Convertible notes related party |
|
|
|
|
|
|
10,000
|
|
|
|
|
|
Repaid convertble debt |
|
|
|
|
|
|
(0)
|
$ 100,000
|
|
|
|
|
Gold Express Mines Inc [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Accrued interest |
|
|
|
|
|
|
41,559
|
|
0
|
|
|
|
Convertible Note [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Accrued interest |
|
|
|
|
|
|
39,668
|
|
|
|
|
|
Convertible note balance |
|
|
|
|
|
|
110,000
|
|
|
|
|
|
Unsecured Promissory Notes [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Notes payable |
|
|
|
|
|
|
99,000
|
|
100,000
|
|
|
|
Accrued interest |
|
|
|
|
|
|
$ 23,221
|
|
17,301
|
|
|
|
Interest rate |
|
|
|
|
|
|
12.00%
|
|
|
|
|
|
Convertible Notes Payable [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Accrued interest |
|
|
|
|
|
|
$ 69,309
|
|
62,031
|
|
|
|
Face amount |
|
|
|
|
|
|
|
|
|
|
|
$ 145,978
|
Debt stated interest rate |
|
|
|
|
|
|
|
|
|
|
|
10.00%
|
Conversion price |
|
|
|
|
|
|
|
|
|
|
|
$ 1.00
|
Convertible note balance |
|
|
|
|
|
|
|
|
145,978
|
|
|
|
Convertible Notes Payable [Member] | Series 2019 A Unsecured Conv Note [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Accrued interest |
|
|
|
|
|
|
39,969
|
|
35,481
|
|
|
|
Face amount |
|
|
|
|
|
|
|
|
|
|
$ 135,000
|
|
Debt stated interest rate |
|
|
|
|
|
|
|
|
|
|
10.00%
|
|
Conversion price |
|
|
|
|
|
|
|
|
|
|
$ 1.00
|
|
Unamortized discount |
|
|
|
|
|
|
|
|
|
|
$ 135,000
|
|
Convertible note balance |
|
|
|
|
|
|
|
|
75,000
|
|
|
|
Convertible Notes Payable [Member] | Convertible Note [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Face amount |
|
|
|
|
|
$ 200,000
|
10,000
|
|
|
|
|
|
Unamortized discount |
|
|
|
|
|
9,000
|
|
|
|
|
|
|
Original issuance discount |
|
|
|
|
|
$ 16,000
|
|
|
|
|
|
|
Issuance of common shares to debt holder |
|
|
|
|
|
266,667
|
|
|
|
|
|
|
Derivative liabilities |
|
|
|
|
|
$ 95,715
|
|
|
|
|
|
|
Issuance of shares |
|
|
233,334
|
233,334
|
180,000
|
|
|
|
|
|
|
|
Issuance of shares value |
|
|
$ 56,000
|
$ 70,000
|
$ 54,000
|
|
|
|
|
|
|
|
Incremental value of debt modification |
|
$ 70,000
|
|
|
|
|
10,000
|
|
10,000
|
|
|
|
Repaid convertble debt |
|
|
|
|
|
|
|
|
100,000
|
|
|
|
Series 2020 A Unsecured Convertible Notes [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Notes payable |
|
|
|
|
|
|
210,000
|
|
200,000
|
|
|
|
Accrued interest |
|
|
|
|
|
|
67,315
|
|
56,297
|
|
|
|
Face amount |
|
|
|
|
|
|
|
|
|
$ 285,000
|
|
|
Conversion price |
|
|
|
|
|
|
|
|
|
$ 0.50
|
|
|
AJB Convertible Note [Member] | Gold Express Mines Inc [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of shares |
250,000
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of shares value |
$ 19,200
|
|
|
|
|
|
|
|
|
|
|
|
AJB Convertible Note [Member] | Convertible Note [Member] | Gold Express Mines Inc [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Accrued interest |
|
|
|
|
|
|
0
|
|
33,087
|
|
|
|
Convertible note balance |
|
|
|
|
|
|
0
|
|
$ 110,000
|
|
|
|
Net of discount |
|
|
|
|
|
|
$ 0
|
|
|
|
|
|
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v3.24.3
Stockholders' Deficit (Details - Stock Warrants and Options)
|
6 Months Ended |
Jun. 30, 2024
$ / shares
shares
|
Warrant [Member] |
|
Class of Stock [Line Items] |
|
Warrants outstanding, beginning |
117,500
|
Weighted average exercise price, beginning price | $ / shares |
$ 0.50
|
Warrants outstanding, ending |
117,500
|
Weighted average exercise price, ending price | $ / shares |
$ 0.50
|
Stock warrants exercisable |
117,500
|
Stock warrants exercisable, weighted average exercise price | $ / shares |
$ 0.50
|
Equity Option [Member] |
|
Class of Stock [Line Items] |
|
Stock options outstanding, beginning balance |
72,000
|
Weighted average exercise price, beginning price | $ / shares |
$ 2.00
|
Stock options granted, shares |
0
|
Stock options cancelled, shares |
0
|
Stock options expired, shares |
0
|
Stock options exercised, shares |
0
|
Stock options outstanding, ending balance |
72,000
|
Stock options outstanding, weighted average exercise price ending balance | $ / shares |
$ 2.00
|
Stock options exercisable |
72,000
|
Stock options exercisable, weighted average exercise price | $ / shares |
$ 2.00
|
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Related Party Transactions (Details - Accrued interest) - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Mr. Gibbs [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Accrued interest |
$ 23,519
|
$ 19,730
|
Joseph Lavigne [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Accrued interest |
5,653
|
4,277
|
Mr. Schifrin [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Accrued interest |
15,000
|
13,130
|
Gold Express Mines Inc [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Accrued interest |
41,559
|
0
|
Mr. Malhotra [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Accrued interest |
0
|
2,641
|
Related Parties [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Accrued interest |
$ 85,731
|
$ 39,778
|
X |
- DefinitionAmount of interest payable on debt, including, but not limited to, trade payables.
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Related Party Transactions (Details Narrative) - USD ($)
|
|
|
|
|
|
|
6 Months Ended |
12 Months Ended |
|
Jan. 02, 2023 |
Aug. 10, 2022 |
Aug. 09, 2022 |
May 11, 2022 |
Feb. 09, 2022 |
Feb. 10, 2021 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Oct. 01, 2019 |
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
Proceeds from related party debt |
|
|
|
|
|
|
$ 115,000
|
$ 0
|
|
|
Convertible notes related party |
|
|
|
|
|
|
10,000
|
|
|
|
Repaid convertble debt |
|
|
|
|
|
|
(0)
|
$ 100,000
|
|
|
Total derivative liability adjusted to fair value |
|
|
|
|
|
|
77,068
|
|
|
|
Rock Creek Mining Company [Member] |
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
Consulting fees incurred |
|
|
|
|
|
|
36,000
|
|
|
|
Gold Express Mines Inc [Member] |
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
Accrued interest |
|
|
|
|
|
|
41,559
|
|
$ 0
|
|
Convertible Note [Member] |
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
Accrued interest |
|
|
|
|
|
|
39,668
|
|
|
|
Convertible note balance |
|
|
|
|
|
|
110,000
|
|
|
|
Series 2020 A Unsecured Convertible Note [Member] |
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
Accrued interest |
|
|
|
|
|
|
16,592
|
|
17,238
|
|
Convertible notes related party |
|
|
|
|
|
|
10,000
|
|
|
|
Convertible note balance |
|
|
|
|
|
|
50,000
|
|
60,000
|
|
Secured Convertible Note 3 [Member] |
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
Accrued interest |
|
|
|
|
|
|
15,000
|
|
13,130
|
|
Notes payable |
|
|
|
|
|
|
|
|
125,000
|
|
Convertible Notes Payable [Member] |
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
Accrued interest |
|
|
|
|
|
|
69,309
|
|
62,031
|
|
Convertible note balance |
|
|
|
|
|
|
|
|
145,978
|
|
Face amount |
|
|
|
|
|
|
|
|
|
$ 145,978
|
Convertible Notes Payable [Member] | Convertible Note [Member] |
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
Face amount |
|
|
|
|
|
$ 200,000
|
10,000
|
|
|
|
Original issuance discount |
|
|
|
|
|
16,000
|
|
|
|
|
Unamortized discount |
|
|
|
|
|
$ 9,000
|
|
|
|
|
Issuance of common shares to debt holder |
|
|
|
|
|
266,667
|
|
|
|
|
Derivative liabilities |
|
|
|
|
|
$ 95,715
|
|
|
|
|
Number of shares issued |
|
|
233,334
|
233,334
|
180,000
|
|
|
|
|
|
Number of value issued |
|
|
$ 56,000
|
$ 70,000
|
$ 54,000
|
|
|
|
|
|
Incremental value of debt modification |
|
$ 70,000
|
|
|
|
|
10,000
|
|
10,000
|
|
Repaid convertble debt |
|
|
|
|
|
|
|
|
100,000
|
|
AJB Convertible Note [Member] | Gold Express Mines Inc [Member] |
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
250,000
|
|
|
|
|
|
|
|
|
|
Number of value issued |
$ 19,200
|
|
|
|
|
|
|
|
|
|
Share price |
$ 0.0768
|
|
|
|
|
|
|
|
|
|
AJB Convertible Note [Member] | Convertible Note [Member] | Gold Express Mines Inc [Member] |
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
Accrued interest |
|
|
|
|
|
|
0
|
|
33,087
|
|
Convertible note balance |
|
|
|
|
|
|
0
|
|
110,000
|
|
Note Payable Related Parties [Member] |
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
Notes payable to related party |
|
|
|
|
|
|
168,000
|
|
53,000
|
|
Accrued interest |
|
|
|
|
|
|
14,471
|
|
9,409
|
|
Proceeds from related party debt |
|
|
|
|
|
|
$ 115,000
|
|
|
|
Debt instrument interest rate |
|
|
|
|
|
|
5.00%
|
|
|
|
Related Parties [Member] |
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
Advances from related party |
|
|
|
|
|
|
$ 21,875
|
|
$ 21,875
|
|
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