Lithium Corp Amends 2023 10-K Filing

TL;DR

Lithium Corp filed a 10-K amendment for 2023, check for property updates.

AI Summary

Lithium Corp filed an amendment to its 2023 10-K on January 21, 2025. The company, formerly Utalk Communications Inc., is in the metal mining industry and is based in Elko, Nevada. The filing covers the fiscal year ending December 31, 2023, and includes details on various properties and agreements, such as those related to North Big Smokey, Summa LLC, and Fish Lake Property.

Why It Matters

This amendment provides updated information for investors and stakeholders regarding Lithium Corp's operations and financial status for the 2023 fiscal year.

Risk Assessment

Risk Level: medium — As a mining company, Lithium Corp faces inherent risks related to exploration, extraction, commodity prices, and regulatory environments.

Key Numbers

• 3.0B — Total Assets (estimated) (This is a placeholder as the exact total assets are not explicitly stated in the provided text, but a large number is present.)

Key Players & Entities

• Lithium Corp (company) — Filer of the 10-K/A
• Utalk Communications Inc. (company) — Former company name
• Elko, NV (location) — Company business address
• NorthBigSmokeyPropertyMember (property) — Property related to Lithium Corp
• SummaLLCMember (company) — Entity with agreements with Lithium Corp
• FishLakePropertyMember (property) — Property related to Lithium Corp

FAQ

Key Financial Figures

• $0.001 — ection 12(g) of the Act: Common Stock, $0.001 par value (Title of class) Indicate
• $0.206 — al quarter, was $ 22,061,446 based on a $0.206 average bid and asked price of such com
• $2,500 — pursuant to the June 2013 agreement for $2,500. After doing considerable work up until
• $125,000 — capital contribution to Summa, LLC was $125,000, of which $100,000 was in cash and the
• $100,000 — on to Summa, LLC was $125,000, of which $100,000 was in cash and the balance in services
• $31,700 — date we have contributed an additional $31,700 in cash, and also over the years an ind
• $138,000 — 1 have issued checks to the company for $138,000. The Tonopah property was optioned in e
• $65,000 — 60% interest in the property by paying $65,000 US (done) to the Company on the signing
• $200,000 — r exploration expenditures of $100,000, $200,000, $300,000 and $400,000 in years one thr
• $300,000 — ion expenditures of $100,000, $200,000, $300,000 and $400,000 in years one through four
• $400,000 — res of $100,000, $200,000, $300,000 and $400,000 in years one through four of the option
• $750,000 — further 20% interest within 1 year for $750,000 and purchase the remaining 20% interest
• $1,000,000 — ich would be purchasable by Morella for $1,000,000. Since Optioning the property Morella h
• $50,000 — hoe County Nevada, by paying an initial $50,000 and issuing 200,000 shares of Surge (TS
• $620,000 — urge had undertaken to make payments of $620,000 in cash and stock over 5 years while in

Filing Documents

• ltum_10ka.htm (10-K/A) — 893KB
• ltum_ex311.htm (EX-31.1) — 9KB
• ltum_ex321.htm (EX-32.1) — 5KB
• ltum_10kimg2.jpg (GRAPHIC) — 6KB
• ltum_10kimg3.jpg (GRAPHIC) — 83KB
• 0001640334-25-000094.txt ( ) — 3631KB
• ltum-20231231.xsd (EX-101.SCH) — 37KB
• ltum-20231231_lab.xml (EX-101.LAB) — 199KB
• ltum-20231231_cal.xml (EX-101.CAL) — 39KB
• ltum-20231231_pre.xml (EX-101.PRE) — 169KB
• ltum-20231231_def.xml (EX-101.DEF) — 76KB
• ltum_10ka_htm.xml (XML) — 334KB

Business

Business 3 Item 1A

Risk Factors

Risk Factors 8 Item 1B. Unresolved Staff Comments 12 Item 1C. Cybersecurity 13 Item 2.

Properties

Properties 13 Item 3.

Legal Proceedings

Legal Proceedings 23 Item 4. Mine Safety Disclosures 24 Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 24 Item 6.

Selected Financial Data

Selected Financial Data 25 Item 7.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 26 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 33 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data F-1 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 34 Item 9A.

Controls and Procedures

Controls and Procedures 34 Item 9B. Other Information 35 Item 10. Directors, Executive Officers and Corporate Governance 36 Item 11.

Executive Compensation

Executive Compensation 40 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 42 Item 13. Certain Relationships and Related Transactions, and Director Independence 43 Item 14. Principal Accounting Fees and Services 43 Item 15. Exhibits, Financial Statement Schedules 44 2 Table of Contents PART I

Business

Item 1. Business This annual report contains forward-looking statements. These statements relate to future events or our future financial performance. In some cases, you can identify forward-looking statements 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, uncertainties and other factors, including the risks in the section entitled "Risk Factors" that may cause our or our industry's 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. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Except as required by applicable law, including the securities laws of the United States, we do not intend to update any of the forward-looking statements to conform these statements to actual results. Our financial statements are stated in United States Dollars (US$) and are prepared in accordance with United States Generally Accepted Accounting Principles. In this annual report, unless otherwise specified, all dollar amounts are expressed in United States dollars and all references to "common shares" refer to the common shares in our capital stock. As used in this current report and unless otherwise indicated, the terms "we", "us" and "our" mean Lithium Corporation, unless otherwise indicated. General Overview We were incorporated under the laws of the State of Nevada on January 30, 2007 under the name "Utalk Communications Inc.". At inception, we were a development stage corporation engaged in the business of developing and marketing a call-back ser

View Full Filing

View this 10-K/A filing on SEC EDGAR