Inception Mining Inc. Q2 2024 10-Q Filed

TL;DR

**INCEPTION MINING INC. Q2 2024 10-Q FILED: Financials for H1 2024 & 2023 released. Key liabilities and discontinued operations detailed.**

AI Summary

Inception Mining Inc. filed its Q2 2024 10-Q report on October 15, 2024, covering the period ending June 30, 2024. The company, formerly known as Gold American Mining Corp., is involved in gold and silver ores. The filing details financial information for the first six months of 2024 and 2023, including significant figures related to discontinued operations and liabilities.

Why It Matters

This filing provides a snapshot of Inception Mining Inc.'s financial health and operational status for the second quarter of 2024, which is crucial for investors and stakeholders to assess the company's performance and future prospects.

Risk Assessment

Risk Level: medium — The filing contains financial data that requires careful analysis to understand the company's financial health, including details on liabilities and discontinued operations.

Key Numbers

• 2024-06-30 — Reporting Period End (Covers the second quarter of 2024.)
• 2024-01-01 — Period Start (Beginning of the reporting period for 2024.)
• 2638874873 — Discontinued Operations Value (A significant financial figure related to discontinued operations for the period.)
• 32895 — Financial Metric (A specific financial number reported for the period.)
• 58275 — Financial Metric (Another specific financial number reported for the period.)

Key Players & Entities

• INCEPTION MINING INC. (company) — Filer
• GOLD AMERICAN MINING CORP. (company) — Former company name
• 20240630 (date) — Reporting period end date
• 20241015 (date) — Filing date
• 2638874873 (dollar_amount) — Financial figure related to discontinued operations
• 22695 (dollar_amount) — Financial figure
• 32895 (dollar_amount) — Financial figure
• 58275 (dollar_amount) — Financial figure
• 24047 (dollar_amount) — Financial figure

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) — 928KB
• 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
• 0001096906-24-001993.txt ( ) — 4930KB
• imii-20240630.xsd (EX-101.SCH) — 48KB
• imii-20240630_lab.xml (EX-101.LAB) — 303KB
• imii-20240630_cal.xml (EX-101.CAL) — 55KB
• imii-20240630_pre.xml (EX-101.PRE) — 264KB
• imii-20240630_def.xml (EX-101.DEF) — 156KB
• imii_10q_htm.xml (XML) — 718KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements 3 Condensed Consolidated Balance Sheets as of June 30, 2024 (Unaudited) and December 31, 2023 3 Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the Three and Six months Ended June 30, 2024, and 2023 (Unaudited) 4 Condensed Consolidated Statements of Stockholders' Deficit for the Six months Ended June 30, 2024, and 2023 (Unaudited) 5 Condensed Consolidated Statements of Cash Flows for the Six months Ended June 30, 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 18 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 22 Item 4.

Controls and Procedures

Controls and Procedures 22

– OTHER INFORMATION

PART II – OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 23 Item 1A.

Risk Factors

Risk Factors 23 Item 2. Unregistered Sales of Equity Securities and Use of Protocols 23 Item 3. Defaults Upon Senior Securities 23 Item 4. Mine Safety Disclosures 23 Item 5. Other Information 23 Item 6. Exhibits 24 Signature Page 26 2 Table of Contents

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Inception Mining , Inc. Condensed Consolidated Balance Sheets June 30, 2024 December 31, 2023 (Unaudited) ASSETS Current Assets Cash and cash equivalents $ 2 $ 2 Prepaid expenses and other current assets - 10,000 Total Current Assets 2 10,002 Property, plant and equipment, net 2,896 3,258 Right of use operating lease asset 2,593 9,595 Other assets 531 531 Total Assets $ 6,022 $ 23,386 LIABILITIES AND STOCKHOLDERS' DEFICIT Current Liabilities Accounts payable and accrued liabilities $ 1,562,663 $ 1,332,038 Accrued interest - related parties 5,216 - Operating lease liability - current portion 2,593 9,595 Note payable - current portion 125,000 125,000 Notes payable - related parties 919,738 32,895 Convertible notes payable - net of discount 238,075 37,540 Derivative liabilities 333,827 39,281 Total Current Liabilities 3,187,112 1,576,349 Long-term notes payable - related parties, net of current portion - 868,618 Total Liabilities 3,187,112 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 ( 29,673,091 ) ( 28,913,582 ) Total Stockholders' Deficit ( 3,181,090 ) ( 2,421,581 ) Total Liabilities and Stockholders' Deficit $ 6,022 $ 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 For the Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Operatin

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