Lithium Corp Files 2023 Annual Report on Form 10-K

TL;DR

<b>Lithium Corp filed its 2023 10-K, detailing operations, properties, and financial structure.</b>

AI Summary

Lithium Corp (LTUM) filed a Annual Report (10-K) with the SEC on April 4, 2024. Lithium Corp operates in the Metal Mining industry. The company's fiscal year ends on December 31st. Key properties include North Big Smokey, Summa LLC, Altura, Fish Lake, and San Emidio. The filing references stock options and warrants. Financial data includes accumulated deficit and additional paid-in capital.

Why It Matters

For investors and stakeholders tracking Lithium Corp, this filing contains several important signals. This 10-K provides a comprehensive overview of Lithium Corp's business activities and financial standing for the fiscal year 2023. Investors can analyze the company's asset portfolio, including various lithium properties, and its capital structure, which includes stock options and warrants.

Risk Assessment

Risk Level: medium — Lithium Corp shows moderate risk based on this filing. The company's financial statements indicate an accumulated deficit, suggesting a history of losses, which poses a risk to future profitability and solvency.

Analyst Insight

Investors should closely examine the company's strategy for developing its lithium properties and its path to profitability given the reported accumulated deficit.

Key Numbers

• 1231 — Fiscal Year End (Fiscal year end date)
• 2023-12-31 — Fiscal Year End (Fiscal year end date)
• 2024-04-04 — Filing Date (Filed as of date)
• 000-54332 — SEC File Number (SEC file number)

Key Players & Entities

• Lithium Corp (company) — Filer name
• 10-K (document) — Form type
• 2023-12-31 (date) — Conformed period of report
• 2024-04-04 (date) — Filed as of date
• 1031 RAILROAD ST. STE. 102B (address) — Business address
• ELKO (location) — Business address city
• NV (location) — Business address state
• Utalk Communications Inc. (company) — Former company name

FAQ

Industry Context

Lithium Corp operates within the metal mining industry, specifically focusing on lithium extraction and development.

Regulatory Implications

The company is subject to standard SEC regulations for public filings, including the annual 10-K report.

What Investors Should Do

1. Review the company's detailed property descriptions and exploration plans.
2. Analyze the financial statements for trends in assets, liabilities, and equity.
3. Investigate the terms and implications of stock options and warrants.

Year-Over-Year Comparison

This filing is the company's annual report for the fiscal year 2023.

Key Financial Figures

• $0.001 — ection 12(g) of the Act: Common Stock, $0.001 par value (Title of class) Indicate
• $0.1025 — al quarter, was $ 10,363,102 based on a $0.1025 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_10k.htm (10-K) — 853KB
• ltum_10kimg2.jpg (GRAPHIC) — 6KB
• 0001640334-24-000558.txt (&nbsp;) — 3295KB
• ltum-20231231.xsd (EX-101.SCH) — 36KB
• ltum-20231231_lab.xml (EX-101.LAB) — 198KB
• 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_10k_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 20 Item 4. Mine Safety Disclosures 21 Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 21 Item 6.

Selected Financial Data

Selected Financial Data 22 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 23 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 30 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 31 Item 9A.

Controls and Procedures

Controls and Procedures 31 Item 9B. Other Information 32 Item 10. Directors, Executive Officers and Corporate Governance 33 Item 11.

Executive Compensation

Executive Compensation 37 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 39 Item 13. Certain Relationships and Related Transactions, and Director Independence 40 Item 14. Principal Accounting Fees and Services 40 Item 15. Exhibits, Financial Statement Schedules 41 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 filing on SEC EDGAR