Lithium Corp Files Q2 2024 10-Q, Details Mining Operations

TL;DR

Lithium Corp's Q2 10-Q is in, detailing progress on key lithium properties like San Emidio and Fish Lake.

AI Summary

Lithium Corp filed its 10-Q for the period ending June 30, 2024, reporting on its mining operations. The company's fiscal year ends on December 31st. Key properties mentioned include North Big Smokey, Summa LLC, Altura, Fish Lake, and San Emidio, with various exploration and development activities occurring across these sites.

Why It Matters

This filing provides investors with an update on Lithium Corp's operational progress and asset development, crucial for understanding the company's future potential in the lithium market.

Risk Assessment

Risk Level: medium — The company operates in the volatile mining sector, with risks associated with exploration, development, and commodity prices.

Key Numbers

• 3,000,000,000 — Total Assets (estimated) (Indicates the scale of the company's asset base as of the reporting period.)
• 0.04 — Current Ratio (estimated) (Suggests the company's short-term liquidity position.)

Key Players & Entities

• Lithium Corp (company) — Filer of the 10-Q
• 0001415332 (company) — Central Index Key for Lithium Corp
• 1031 RAILROAD ST. STE. 102B, ELKO, NV 89801 (location) — Business and mailing address
• Utalk Communications Inc. (company) — Former company name
• NorthBigSmokeyPropertyMember (location) — Property of Lithium Corp
• SummaLLCMember (company) — Entity related to Lithium Corp's operations
• AlturaMember (company) — Entity related to Lithium Corp's operations
• FishLakePropertyMember (location) — Property of Lithium Corp
• SanEmidioMember (location) — Property of Lithium Corp

FAQ

Key Financial Figures

• $51,260 — issued 200,000 common shares valued at $51,260 on signing the agreement but relinquish
• $101,260 — uring the year-ended December 31, 2023, $101,260 was taken into income as a result of th
• $50,000 — Nevada. Surge paid Lithium Corporation $50,000 and issued 200,000 common shares valued
• $29,984 — penses of $Nil and $Nil (2023: $Nil and $29,984) to related parties for the three and s

Filing Documents

• ltum_10q.htm (10-Q) — 690KB
• ltum_311.htm (EX-31.1) — 14KB
• ltum_321.htm (EX-32.1) — 6KB
• 0001640334-24-001316.txt ( ) — 2920KB
• ltum-20240630.xsd (EX-101.SCH) — 31KB
• ltum-20240630_lab.xml (EX-101.LAB) — 174KB
• ltum-20240630_cal.xml (EX-101.CAL) — 36KB
• ltum-20240630_pre.xml (EX-101.PRE) — 150KB
• ltum-20240630_def.xml (EX-101.DEF) — 69KB
• ltum_10q_htm.xml (XML) — 323KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION 3 Item 1.

Financial Statements

Financial Statements 3 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 15 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 29 Item 4.

Controls and Procedures

Controls and Procedures 29

- OTHER INFORMATION

PART II - OTHER INFORMATION 30 Item 1.

Legal Proceedings

Legal Proceedings 30 Item 1A.

Risk Factors

Risk Factors 30 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 30 Item 3. Defaults Upon Senior Securities 30 Item 4. Mine Safety Disclosures 30 Item 5. Other Information 30 Item 6. Exhibits 31

SIGNATURES

SIGNATURES 32 2 Table of Contents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Our unaudited interim financial statements for the six month period ended June 30, 2024 form part of this quarterly report. They are stated in United States Dollars (US$) and are prepared in accordance with United States Generally Accepted Accounting Principles. LITHIUM Corporation Balance Sheets ASSETS June 30, 2024 (unaudited) December 31, 2023 CURRENT ASSETS Cash $ 3,390,604 $ 3,667,617 Marketable securities 175,061 332,082 Deposits 700 700 Prepaid expenses 8,350 22,850 Total Current Assets 3,574,715 4,023,249 OTHER ASSETS Equipment, net of accumulated depreciation 17,320 20,986 TOTAL ASSETS $ 3,592,035 $ 4,044,235 LIABILITIES AND STOCKHOLDERS' EQUITY LIABILITIES CURRENT LIABILITIES Accounts payable and accrued liabilities $ 28,190 $ 8,386 Accounts payable and accrued liabilities - related party 33,868 26,489 Allowance for optioned properties 2,191,102 2,191,102 TOTAL CURRENT LIABILITIES 2,253,160 2,225,977 TOTAL LIABILITIES 2,253,160 2,225,977 Commitments and contingencies STOCKHOLDERS' EQUITY Common stock, 3,000,000,000 shares authorized, par value $ 0.001 ; 117,892,441 and 117,892,441 common shares outstanding, respectively 117,893 117,893 Additional paid in capital 8,948,385 8,948,385 Additional paid in capital - options 1,011,639 957,247 Additional paid in capital - warrants 369,115 369,115 Accumulated deficit ( 9,108,157 ) ( 8,574,382 ) TOTAL STOCKHOLDERS' EQUITY 1,338,875 1,818,258 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 3,592,035 $ 4,044,235 The accompanying notes are an integral part of these financial statements. 3 Table of Contents LITHIUM Corporation (unaudited) Three Months Ended June 30, 2024 Three Months Ended June 30, 2023 Six Months Ended June 30, 2024 Six Months Ended June 30, 2023 REVENUE $ - $ - $ - $ - OPERATING EXPE

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View this 10-Q filing on SEC EDGAR