Lode-Star Mining Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Lode-Star Mining Inc. has filed its 2023 annual report detailing its financial performance and corporate information.</b>

AI Summary

Lode-Star Mining Inc. (FTSP) filed a Annual Report (10-K) with the SEC on March 22, 2024. Lode-Star Mining Inc. filed its annual report for the fiscal year ended December 31, 2023. The company is incorporated in Nevada and its IRS Employer Identification No. is 47-4347638. Its principal business address is 1 East Liberty Street, Suite 600, Reno, NV 89501. The filing is pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. The SIC code for Lode-Star Mining Inc. is GOLD & SILVER ORES [1040].

Why It Matters

For investors and stakeholders tracking Lode-Star Mining Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Lode-Star Mining Inc.'s operations and financial health for the fiscal year 2023, crucial for investors to assess the company's standing. The report includes details on the company's incorporation, business address, and industry classification, offering foundational information for understanding its business context.

Risk Assessment

Risk Level: low — Lode-Star Mining Inc. shows low risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate, significant financial or operational disclosures that would suggest high risk.

Analyst Insight

Review the full 10-K filing for detailed financial statements, risk factors, and management discussion to understand Lode-Star Mining Inc.'s performance and outlook.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-03-22 — Filing Date (Date of submission)

Key Players & Entities

• Lode-Star Mining Inc. (company) — Registrant name
• 1 East Liberty Street, Suite 600, Reno, NV 89501 (company) — Business address
• 47-4347638 (company) — IRS Employer Identification No.
• GOLD & SILVER ORES [1040] (company) — Standard Industrial Classification
• 2023-12-31 (date) — Fiscal year end
• 2024-03-22 (date) — Filing date

FAQ

Industry Context

Lode-Star Mining Inc. operates within the Gold & Silver Ores industry, as indicated by its SIC code.

Regulatory Implications

The filing is made pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934, a standard regulatory requirement for public companies.

What Investors Should Do

1. Analyze the financial statements within the 10-K for revenue, expenses, and profitability trends.
2. Review the 'Risk Factors' section for potential challenges and uncertainties facing the company.
3. Examine the 'Management's Discussion and Analysis of Financial Condition and Results of Operations' for insights into business performance and strategy.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-03-22: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial filing data extracted, no prior filing data is available for comparison.

Key Financial Figures

• $0.001 — 12(g) of the Act: NONE Common Stock, $0.001 par value Indicate by check mark if t
• $2,246,146 — the rescission, the Company reinstated $2,246,146 in debt owed to LSG that was previously
• $2,601,207 — itors agreed to convert an aggregate of $2,601,207 in debt owed to those parties into 70,3
• $0.037 — the Companys common stock at a price of $0.037 per share. At present, the Company ha
• $4,326,263 — and has incurred accumulated losses of $4,326,263 as of December 31, 2023. These factors
• $5.00 — urity that has a market price less than $5.00 per share, subject to certain exception
• $1,000,000 — erally persons with assets in excess of $1,000,000 (excluding the value of such persons pr
• $200,000 — y residence) or annual income exceeding $200,000 or $300,000 together with their spouse.
• $300,000 — or annual income exceeding $200,000 or $300,000 together with their spouse. For transac
• $0.06 — share of our common stock at a price of $0.06 per share, for a term of five years. 50

Filing Documents

• lsmg-10k.htm (10-K) — 628KB
• lsmg-ex31_1.htm (EX-31.1) — 11KB
• lsmg-ex32_1.htm (EX-32.1) — 7KB
• 0001199835-24-000120.txt (&nbsp;) — 2418KB
• lsmg-20231231.xsd (EX-101.SCH) — 18KB
• lsmg-20231231_cal.xml (EX-101.CAL) — 24KB
• lsmg-20231231_def.xml (EX-101.DEF) — 55KB
• lsmg-20231231_lab.xml (EX-101.LAB) — 146KB
• lsmg-20231231_pre.xml (EX-101.PRE) — 122KB
• lsmg-10k_htm.xml (XML) — 231KB

Properties

Properties 6 Item 3. Legal Proceedings. 6 Item 4. Mine Safety Disclosure 6 PART II Item 5. Market for Registrants Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. 7 Item 6.

Selected Financial Data

Selected Financial Data. 8 Item 7.

Managements Discussion and Analysis of Financial Condition and Results of Operation

Managements Discussion and Analysis of Financial Condition and Results of Operation. 8 Item 7A. Quantitative and Qualitative Disclosures About Market Risk. 11 Item 8. Financial 12 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure. 13 Item 9A. Controls and Procedures. 13 Item 9B. Other Information. 14 PART III Item 10. Directors, Executive Officers and Corporate Governance. 14 Item 11. Executive Compensation. 17 Item 12. Security 18 Item 13. Certain Relationships and Related Transactions, and Director Independence. 20 Item 14. Principal Accounting Fees and Services. 21 PART IV Item 15. Exhibits and Financial Statement Schedules. 22 Cautionary Note Regarding Forward-Looking Statements. This current report on Form 10-K (this Report) contains forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as may, should, expects, plans, anticipates, believes, estimates, predicts, potential or continue or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks and the risks set out below, any of which may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. These risks include, by way of example and not in limitation: the uncertainty of future revenue and profitability based upon our current financial condition and history of losses; our lack of operating history; risks relating to our liquidity; risks related to the market for our common stock and our ability to dilute our current shareholders interest; risks related to our ability to locate and proc

BUSINESS

BUSINESS Lode-Star Mining Inc. (the Company) was incorporated in the State of Nevada, U.S.A., on December 9, 2004. The Companys principal executive offices are in Reno, Nevada. The Company was originally formed to acquire exploration stage natural resource properties. On January 14, 2022, the Company formally returned its 20% undivided interest in the Goldfield Bonanza Project to Lode Star Gold, Inc., the optionor of that property (LSG), pursuant to a settlement and termination agreement (the Settlement Agreement). On December 28, 2021, the Company acquired from Sapir Pharmaceuticals, Inc., a Delaware corporation (Sapir), all of the assets used in connection with the proprietary stabilized formulation of the Epigallocatechin-gallate (EGCG) molecule for further pharmaceutical development. On June 6, 2022, the Company and Sapir agreed to rescind the acquisition due to circumstances beyond either partys control. In connection with the rescission, the Company reinstated $2,246,146 in debt owed to LSG that was previously forgiven under the Settlement Agreement in order to facilitate the Sapir transaction. On June 21, 2022 the Company, LSG and certain related party creditors agreed to convert an aggregate of $2,601,207 in debt owed to those parties into 70,302,906 shares of the Companys common stock at a price of $0.037 per share. At present, the Company has no current business project and no cash generating operations. Management is actively seeking business opportunities. Going Concern The accompanying financial statements have been prepared assuming the Company will continue as a going concern. The future of the Company is dependent upon its ability to establish a business and to obtain new financing to execute its business plan. As shown in the accompanying financial statements, the Company has had no revenue and has incurred accumulated losses of $4,326,263 as of December 31, 2023. These factors raise substantial doubt about the Companys ability to cont

PROPERTIES

PROPERTIES The Company currently has no Properties. ITEM 3. LEGAL PROCEEDINGS We are not a party to any pending legal proceeding which management believes is likely to result in a material liability and no such action has been threatened against us, or, to the best of our knowledge, is contemplated. ITEM 4. MINE SAFETY DISCLOSURES Not applicable. 6 PART II ITEM 5. MARKET FOR REGISTRANTS COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES Our stock is quoted under the symbol LSMG on the OTCQB marketplace of the OTC Markets Group. OTCQB companies must verify via an annual OTCQB Certification, signed by the company CEO or CFO, that their company information is current, including information about a companys reporting status, company profile, information on management and boards, major shareholders, law firms, transfer agents, and IR / PR firms. The high and low bid quotations of our common stock for the 2023 and 2022 quarters are as follows: 2023 2022 Quarter Ended High Low High Low March 31 $ 0.046 $ 0.005 $ 0.095 $ 0.0325 June 30 $ 0.04 $ 0.0151 $ 0.038 $ 0.0325 September 30 $ 0.02 $ 0.02 $ 0.05 $ 0.037 December 31 $ 0.02 $ 0.02 $ 0.046 $ 0.005 These quotations reflect inter-dealer prices, without retail mark-up, mark-down or commissions and may not represent actual transactions. The market for our common stock has been sporadic and there have been significant periods during which there were few, if any, transactions in the common stock and no reported quotations. Accordingly, reliance should not be placed on the quotes listed above, as the trades and depth of the market may be limited, and therefore, such quotes may not be a true indication of the current market value of the Companys common stock. OTCQB On December 31, 2023, we had 70 shareholders on record of our common stock. Capitalization Shares Our authorized capital is 500,000,000 shares of capital stock, divid

View Full Filing

View this 10-K filing on SEC EDGAR