Nevada Canyon Gold Corp. Files Q2 2024 10-Q
Ticker: NGLD · Form: 10-Q · Filed: Aug 12, 2024 · CIK: 1605481
Sentiment: neutral
Topics: 10-Q, mining, gold, silver
TL;DR
Nevada Canyon Gold Corp. 10-Q filed. Financials for Q2 2024 out.
AI Summary
Nevada Canyon Gold Corp. filed its 10-Q for the period ending June 30, 2024. The company, formerly Tech Foundry Ventures, Inc., is involved in gold and silver ores. Financial details for the quarter and year-to-date are presented, including balance sheet information as of December 31, 2023, and March 31, 2024.
Why It Matters
This filing provides investors with an update on Nevada Canyon Gold Corp.'s financial performance and position for the second quarter of 2024, crucial for understanding the company's operational status.
Risk Assessment
Risk Level: medium — As a mining company, Nevada Canyon Gold Corp. is subject to inherent risks associated with exploration, extraction, commodity price volatility, and regulatory environments.
Key Numbers
- 20240630 — Period End Date (Indicates the end of the reporting quarter)
- 20240812 — Filing Date (Date the 10-Q was submitted to the SEC)
Key Players & Entities
- Nevada Canyon Gold Corp. (company) — Filer of the 10-Q
- Tech Foundry Ventures, Inc. (company) — Former name of Nevada Canyon Gold Corp.
- 20240630 (date) — End of the reporting period
- 20240812 (date) — Filing date
FAQ
What is the primary business of Nevada Canyon Gold Corp.?
Nevada Canyon Gold Corp. is involved in GOLD & SILVER ORES, as indicated by its Standard Industrial Classification code [1040].
When was the company formerly known as?
The company was formerly known as Tech Foundry Ventures, Inc., with a name change date of 20140414.
What is the fiscal year end for Nevada Canyon Gold Corp.?
The company's fiscal year ends on December 31 (1231).
What period does this 10-Q filing cover?
This 10-Q filing covers the period ending June 30, 2024 (20240630).
Where is Nevada Canyon Gold Corp. incorporated?
Nevada Canyon Gold Corp. is incorporated in Nevada (NV).
Filing Stats: 4,584 words · 18 min read · ~15 pages · Grade level 16.2 · Accepted 2024-08-12 16:04:35
Key Financial Figures
- $0.01 — nge on which registered Common Stock, $0.01 par value NGLD OTC Pink Indicate
Filing Documents
- form10-q.htm (10-Q) — 997KB
- ex31-1.htm (EX-31.1) — 11KB
- ex31-2.htm (EX-31.2) — 11KB
- ex32-1.htm (EX-32.1) — 5KB
- ex32-2.htm (EX-32.2) — 6KB
- 0001493152-24-031255.txt ( ) — 3957KB
- ngld-20240630.xsd (EX-101.SCH) — 35KB
- ngld-20240630_cal.xml (EX-101.CAL) — 34KB
- ngld-20240630_def.xml (EX-101.DEF) — 106KB
- ngld-20240630_lab.xml (EX-101.LAB) — 248KB
- ngld-20240630_pre.xml (EX-101.PRE) — 177KB
- form10-q_htm.xml (XML) — 585KB
– FINANCIAL INFORMATION
Part I – FINANCIAL INFORMATION 3
Financial Statements
Item 1. Financial Statements 3 Condensed Consolidated Balance Sheets 3 Condensed Consolidated Statements of Operations 4 Condensed Consolidated Statements of Stockholders' Equity 5 Condensed Consolidated Statements of Cash Flow 6 Notes to the Condensed Consolidated Financial Statements 7
Management's Discussion and Analysis of Financial Conditions and Results of Operations
Item 2. Management's Discussion and Analysis of Financial Conditions and Results of Operations 16 Results of Operations 18 Off-Balance Sheet Arrangements 25
Quantitative and Qualitative Disclosures about Market Risk
Item 3. Quantitative and Qualitative Disclosures about Market Risk 25
Controls and Procedures
Item 4. Controls and Procedures 25
— OTHER INFORMATION
PART II — OTHER INFORMATION 26
Legal Proceedings
Item 1. Legal Proceedings 26
Risk Factors
Item 1A. Risk Factors 26
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 26
Defaults Upon Senior Securities
Item 3. Defaults Upon Senior Securities 26
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 26
Other Information
Item 5. Other Information 26
Exhibits
Item 6. Exhibits 27
SignatureS
SignatureS 28 2 Part I – FINANCIAL INFORMATION Item 1. Financial Statements Nevada Canyon Gold Corp. Condensed Consolidated Balance Sheets (Unaudited) June 30, 2024 December 31, 2023 ASSETS Current Assets Cash $ 9,106,886 $ 9,744,392 Prepaid expenses 543,359 541,034 Total Current Assets 9,650,245 10,285,426 Investment in equity securities 74,779 56,105 Mineral property and royalty interests 1,295,395 780,395 TOTAL ASSETS $ 11,020,419 $ 11,121,926 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities Accounts payable and accrued liabilities $ 808,267 $ 846,307 Related party payables 500,000 460,000 Total Liabilities 1,308,267 1,306,307 Commitments and Contingencies (Note 4) - - Stockholders' Equity Preferred Stock: Authorized 10,000,000 preferred shares, $ 0.0001 par, none issued and outstanding as of June 30, 2024 and December 31, 2023 - - Common Stock: Authorized 100,000,000 common shares, $ 0.0001 par, 26,055,343 and 25,240,051 issued and outstanding as of June 30, 2024 and December 31, 2023, respectively 2,605 2,523 Additional paid-in capital 16,274,605 14,957,547 Obligation to issue shares 302,167 18,000 Accumulated deficit ( 6,867,225 ) ( 5,162,451 ) Total Stockholders' Equity 9,712,152 9,815,619 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 11,020,419 $ 11,121,926 The accompanying notes are an integral part of these condensed consolidated financial statements 3 Nevada Canyon Gold Corp. Condensed Consolidated Statements of Operations (Unaudited) 2024 2023 2024 2023 For the three months ended June 30, For the six months ended June 30, 2024 2023 2024 2023 Operating expenses Investor awareness and marketing $ 359,367 $ 41,593 $ 777,642 $ 48,518 Consulting fees 124,166 124,167 248,646 179,493 Director and officer compensation 420,768 421,440 841,534 723,506 General and administrative 22,272 9,258 38,279 27,047 Professio
FINANCIAL STATEMENTS
FINANCIAL STATEMENTS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2024 AND 2023 (UNAUDITED) NOTE 1 - NATURE OF BUSINESS Nevada Canyon Gold Corp. (the "Company") was incorporated under the laws of the state of Nevada on February 27, 2014 . On July 6, 2016, the Company changed its name from Tech Foundry Ventures, Inc. to Nevada Canyon Gold Corp. On December 15, 2021, the Company incorporated two subsidiaries, Nevada Canyon LLC and Canyon Carbon LLC. Both subsidiaries were incorporated under the laws of the state of Nevada. The Company is involved in acquiring and exploring mineral properties and royalty interests in Nevada and Idaho. Going Concern The Company's condensed consolidated financial statements are prepared using accounting principles generally accepted in the United of liabilities in the normal course of business. The Company is in the business of acquiring and exploring mineral properties and royalty interests and has not generated or realized any revenues from these business operations. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it becomes profitable. As of June 30, 2024, the Company's management has assessed the Company's ability to continue as a going concern. Management's assessment is based on various factors, including historical and projected financial performance, liquidity, and other relevant circumstances. As of the date of these condensed consolidated financial statements, the Company has sufficient cash to meet its working capital requirements and fund its exploration programs and general day-to-day operations for at least the next 12 months. This assessment takes into account the Company's current cash balances as a result of the sale of the Company's common shares under offering statement on Form 1-A (the "Of