Patriot Gold Corp. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Patriot Gold Corp. filed its quarterly report (10-Q) for the period ending March 31, 2024.</b>

AI Summary

PATRIOT GOLD CORP (PGOL) filed a Quarterly Report (10-Q) with the SEC on May 14, 2024. Patriot Gold Corp. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's fiscal year ends on December 31st. Patriot Gold Corp. is incorporated in Nevada. The company's SIC code is 1040 for Gold & Silver Ores.

Why It Matters

For investors and stakeholders tracking PATRIOT GOLD CORP, this filing contains several important signals. This filing provides investors with an update on the company's financial performance and operational status during the first quarter of 2024. As a gold and silver ore company, this report is crucial for understanding its position in the precious metals market and any developments related to its mining activities.

Risk Assessment

Risk Level: low — PATRIOT GOLD CORP shows low risk based on this filing. The filing is a standard quarterly report (10-Q) with no immediate red flags, indicating a routine disclosure of financial information.

Analyst Insight

Monitor future filings for specific financial results and operational updates from Patriot Gold Corp.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed Period of Report)
• 2024-05-14 — Filing Date (Filed as of date)
• 1231 — Fiscal Year End (Fiscal year end)

Key Players & Entities

• PATRIOT GOLD CORP (company) — Filer name
• 2024-03-31 (date) — Conformed period of report
• 2024-05-14 (date) — Filed as of date
• 0001683168-24-003383 (filing_id) — Accession number
• NV (location) — State of incorporation
• 1040 (industry_code) — Standard Industrial Classification

FAQ

Industry Context

Patriot Gold Corp. operates in the Gold & Silver Ores industry (SIC 1040). This sector is subject to commodity price fluctuations and exploration risks.

Regulatory Implications

As a publicly traded company, Patriot Gold Corp. is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the filing of quarterly (10-Q) and annual (10-K) reports.

What Investors Should Do

1. Review the full 10-Q filing for detailed financial statements and management discussion.
2. Analyze any specific operational updates or disclosures regarding mining projects.
3. Compare Q1 2024 results with previous periods to identify trends.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-14: Filing Date — Date the 10-Q filing was submitted to the SEC.

Year-Over-Year Comparison

This is the initial 10-Q filing for the period ending March 31, 2024, and no prior period comparison data is available within this specific document excerpt.

Key Financial Figures

• $0.001 — ate: 61,354,539 shares of common stock, $0.001 par value, issued and outstanding as of
• $250,000 — it Insurance Corporation ("FDIC") up to $250,000, while accounts at banks in Canada are
• $100,000 — it Insurance Corporation ("CDIC") up to $100,000. At March 31, 2024 and December 31, 202
• $1,500,000 — ction price. The transaction price was C$1,500,000 plus 3% of the Net Smelter Returns on t

Filing Documents

• patriotgold_i10q33124.htm (10-Q) — 491KB
• patriotgold_ex3101.htm (EX-31.1) — 10KB
• patriotgold_ex3201.htm (EX-32.1) — 4KB
• 0001683168-24-003383.txt (&nbsp;) — 3136KB
• pgol-20240331.xsd (EX-101.SCH) — 27KB
• pgol-20240331_cal.xml (EX-101.CAL) — 32KB
• pgol-20240331_def.xml (EX-101.DEF) — 117KB
• pgol-20240331_lab.xml (EX-101.LAB) — 251KB
• pgol-20240331_pre.xml (EX-101.PRE) — 208KB
• patriotgold_i10q33124_htm.xml (XML) — 354KB

Financial Statements

Financial Statements 2 Consolidated Balance Sheets as of March 31, 2024 (Unaudited) and December 31, 2023 (Audited) 2 Consolidated Statements of Operations (Unaudited) for the three months ended March 31, 2024 and 2023 (Unaudited) 3 Consolidated Statements of Stockholders' Equity (Unaudited) for the three months ended March 31, 2024 and 2023 (Unaudited) 4 Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 (Unaudited) 5 Consolidated Notes to (Unaudited) Financial Statements 6 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 17 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 20 Item 4.

Controls and Procedures

Controls and Procedures 21 PART II – OTHER INFORMATION 22 Item 1.

Legal Proceedings

Legal Proceedings 22 Item 1A. Risk Factors (not applicable) 22 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 22 Item 3. Defaults Upon Senior Securities 22 Item 4. Mine Safety Disclosures 22 Item 5. Other Information 22 Item 6. Exhibits 22

Signatures

Signatures 23 i PART I FINANCIAL INFORMATION CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION THIS QUARTERLY REPORT ON FORM 10-Q, INCLUDING EXHIBITS HERETO, CONTAIN FORWARD-LOOKING STATEMENTS WITHIN THE MEANING OF SECTION 27A OF THE SECURITIES ACT OF 1933, AS AMENDED, AND SECTION 21E OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. THESE FORWARD-LOOKING STATEMENTS ARE TYPICALLY IDENTIFIED BY THE WORDS "ANTICIPATES," "BELIEVES," "EXPECTS," "INTENDS," "FORECASTS," "PLANS," "ESTIMATES," "MAY," "FUTURE," "STRATEGY," OR WORDS OF SIMILAR MEANING. VARIOUS FACTORS COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE EXPRESSED IN THE FORWARD-LOOKING STATEMENTS, INCLUDING THOSE DESCRIBED IN "RISK FACTORS" IN OUR ANNUAL REPORT ON FORM 10-K. WE ASSUME NO OBLIGATIONS TO UPDATE THESE FORWARD-LOOKING STATEMENTS TO REFLECT NEW INFORMATION, ACTUAL RESULTS, CHANGES IN ASSUMPTIONS, OR CHANGES IN OTHER FACTORS, EXCEPT AS REQUIRED BY LAW. 1

Financial Statements

Item 1. Financial Statements PATRIOT GOLD CORP . CONSOLIDATED BALANCE SHEETS (Unaudited) (Audited) March 31, 2024 December 31, 2023 ASSETS Current assets: Cash $ 1,266,168 $ 1,701,720 Marketable securities 32,645 32,237 Royalty receivables, net of allowance for uncollectible receivables 539,407 358,645 Prepaid expenses 92,882 161,439 Total current assets 1,931,102 2,254,041 Long-term assets: Deferred tax asset, net of valuation allowance 1,059,000 1,059,000 Total long-term assets 1,059,000 1,059,000 Total assets $ 2,990,102 $ 3,313,041 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable and accrued liabilities $ 64,919 $ 39,229 Accounts payable and accrued liabilities – related parties 257,429 238,836 Total current liabilities 322,348 278,065 Commitments and contingencies – – Stockholders' equity: Preferred stock, par value $ .001 ; 6,500,000 shares authorized; no shares issued at March 31, 2024 and December 31, 2023, respectively – – Series A Preferred stock, par value $ .001 ; 13,500,000 shares authorized; 290,000 shares issued at March 31, 2024 and December 31, 2023, respectively 290 290 Common stock, par value $ .001 ; 400,000,000 shares authorized; 61,354,539 and 69,354,539 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 61,355 69,355 Treasury stock ( 100,000 shares) ( 9,093 ) ( 9,093 ) Additional paid-in capital 28,208,259 28,200,259 Common shares to be issued 22,400 22,400 Accumulated other comprehensive income (loss) ( 15,528 ) ( 15,414 ) Accumulated deficit ( 25,599,929 ) ( 25,232,821 ) Total stockholders' equity 2,667,754 3,034,976 Total liabilities and stockholders' equity $ 2,990,102 $ 3,313,041 The accompanying notes are an integral part of these consolidated financial statements. 2 PATRIOT GOLD CORP. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) For the Three Months Ended

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2024 NOTE 1 – NATURE OF BUSINESS AND OPERATIONS Patriot Gold Corp. ("Company") was incorporated in the State of Nevada on November 30, 1998. The Company is engaged in natural resource exploration and is focused on acquiring, exploring, and developing natural resource properties. Currently the Company is undertaking programs in Nevada. The Company's common stock trades on the Canadian Securities Exchange under the symbol PGOL, and also on the Over-The-Counter ("OTCQB") market under the symbol PGOL. On May 23, 2017, the Company caused the incorporation of its wholly owned subsidiary, Patriot Gold Canada Corp ("Patriot Canada"), under the laws of British Columbia, Canada. On April 16, 2010, the Company caused the incorporation of its wholly owned subsidiary, Provex Resources, Inc., ("Provex") under the laws of Nevada. Effective May 7, 2018, Provex's name was changed to Goldbase, Inc. ("Goldbase"). NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("US GAAP") and pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC"). These consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Goldbase and Patriot Gold Canada. Collectively, they are referred to herein as "the Company". Inter-company accounts and transactions have been eliminated. Management's Estimates and Assumptions The preparation of the consolidated financial the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting per

View Full Filing

View this 10-Q filing on SEC EDGAR