Inception Mining Inc. Files Q1 2024 10-Q

TL;DR

INCEPTION MINING INC. (IMII) Q1 2024 10-Q FILED. FINANCIALS OUT.

AI Summary

Inception Mining Inc. filed its Q1 2024 10-Q report for the period ending March 31, 2024. The company, formerly known as Gold American Mining Corp., is involved in gold and silver ores. The filing details financial information and business operations for the quarter.

Why It Matters

This filing provides investors with a quarterly update on Inception Mining Inc.'s financial health and operational performance, crucial for assessing the company's current standing in the precious metals market.

Risk Assessment

Risk Level: medium — As a mining company, Inception Mining Inc. is subject to inherent risks associated with resource extraction, commodity price volatility, and regulatory environments.

Key Numbers

• 0.00001 — Net Income per Share (Basic net income (loss) per share for Q1 2024)
• 10000000 — Shares Outstanding (Basic weighted-average shares outstanding for Q1 2024)
• 2638874873 — Total Assets (Total assets as of March 31, 2024)

Key Players & Entities

• INCEPTION MINING INC. (company) — Filer
• GOLD AMERICAN MINING CORP. (company) — Former company name
• SILVER AMERICA, INC. (company) — Former company name
• GOLF ALLIANCE CORP (company) — Former company name
• 20240331 (date) — Reporting period end date
• 20240529 (date) — Filing date

FAQ

Key Financial Figures

• $0.00001 — Additional Other Non- Total ($0.00001 Par) ($0.00001 Par) Paid-in Accum
• $950,000 — on of promissory notes in the amount of $950,000 and the assignment of a 3% net royalty

Filing Documents

• imii_10q.htm (10-Q) — 780KB
• imii_ex311.htm (EX-31.1) — 11KB
• imii_ex312.htm (EX-31.2) — 11KB
• imii_ex321.htm (EX-32.1) — 5KB
• imii_ex322.htm (EX-32.2) — 5KB
• 0001096906-24-001249.txt ( ) — 4620KB
• form-20240331.xsd (EX-101.SCH) — 47KB
• form-20240331_lab.xml (EX-101.LAB) — 297KB
• form-20240331_cal.xml (EX-101.CAL) — 58KB
• form-20240331_pre.xml (EX-101.PRE) — 261KB
• form-20240331_def.xml (EX-101.DEF) — 155KB
• imii_10q_htm.xml (XML) — 642KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements 3 Condensed Consolidated Balance Sheets as of March 31, 2024 (Unaudited) and December 31, 2023 3 Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the Three Months Ended March 31, 2024, and 2023 (Unaudited) 4 Condensed Consolidated Statements of Stockholders' Deficit for the Three Months Ended March 31, 2024, and 2023 (Unaudited) 5 Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024, and 2023 (Unaudited) 6 Notes to Condensed Consolidated Financial Statements (Unaudited) 7 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 17 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 20 Item 4.

Controls and Procedures

Controls and Procedures 20

– OTHER INFORMATION

PART II – OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 21 Item 1A.

Risk Factors

Risk Factors 21 Item 2. Unregistered Sales of Equity Securities and Use of Protocols 21 Item 3. Defaults Upon Senior Securities 21 Item 4. Mine Safety Disclosures 21 Item 5. Other Information 21 Item 6. Exhibits 22 Signature Page 24 2 Table of Contents

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Inception Mining, Inc. Condensed Consolidated Balance Sheets March 31, 2024 December 31, 2023 (Unaudited) ASSETS Current Assets Cash and cash equivalents $ 12 $ 2 Prepaid expenses and other current assets 5,611 10,000 Note receivable, net of allowance - - Total Current Assets 5,623 10,002 Property, plant and equipment, net 3,077 3,258 Right of use operating lease asset 6,171 9,595 Other assets 531 531 Total Assets $ 15,402 $ 23,386 LIABILITIES AND STOCKHOLDERS' DEFICIT Current Liabilities Accounts payable and accrued liabilities $ 1,423,057 $ 1,332,038 Accrued interest - related parties 7,719 - Operating lease liability - current portion 6,171 9,595 Note payable - current portion 125,000 125,000 Notes payable - related parties 930,208 32,895 Convertible notes payable - net of discount 28,853 37,540 Derivative liabilities 162,655 39,281 Total Current Liabilities 683,663 1,576,349 Long-term notes payable - related parties, net of current portion 10,300 868,618 Total Liabilities 693,963 2,444,967 Commitments and Contingencies - - Stockholders' Deficit Preferred stock, $ 0.00001 par value; 10,000,000 shares authorized, 51 shares issued and outstanding 1 1 Common stock, $ 0.00001 par value; 10,300,000,000 shares authorized, 2,638,874,873 shares issued and outstanding 26,389 26,389 Additional paid-in capital 26,465,611 26,465,611 Accumulated deficit ( 29,170,562 ) ( 28,913,582 ) Total Stockholders' Deficit ( 2,678,561 ) ( 2,421,581 ) Total Liabilities and Stockholders' Deficit $ 15,402 $ 23,386 See accompanying notes to the unaudited condensed consolidated financial statements. 3 Table of Contents Inception Mining, Inc. Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) For the Three Months Ended March 31, 2024 March 31, 2023 Operating Expenses

View Full Filing

View this 10-Q filing on SEC EDGAR