Patriot Gold Corp. Files Q3 2024 10-Q

TL;DR

Patriot Gold Corp. filed its Q3 2024 10-Q. Financials are in.

AI Summary

Patriot Gold Corp. filed its 10-Q for the period ending September 30, 2024. The company, formerly Northern Ostrich Corp., is incorporated in Nevada and operates in the gold and silver ores sector. Its principal executive offices are located in Reno, Nevada.

Why It Matters

This filing provides investors with the latest financial performance and operational updates for Patriot Gold Corp. during the third quarter of 2024.

Risk Assessment

Risk Level: low — This is a routine financial filing with no immediate red flags or significant new disclosures.

Key Players & Entities

• PATRIOT GOLD CORP (company) — Filer
• NORTHERN OSTRICH CORP (company) — Former Company Name
• Reno, Nevada (location) — Business Address
• 20240930 (date) — Reporting Period End Date

FAQ

Key Financial Figures

• $0.001 — ate: 60,354,539 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 September 30, 2024 and December 31,
• $1,500,000 — ction price. The transaction price was C$1,500,000 plus 3% of the Net Smelter Returns on t

Filing Documents

• patriot_i10q-093024.htm (10-Q) — 600KB
• patriot_ex3101.htm (EX-31.1) — 10KB
• patriot_ex3201.htm (EX-32.1) — 4KB
• 0001683168-24-007940.txt ( ) — 3395KB
• pgol-20240930.xsd (EX-101.SCH) — 27KB
• pgol-20240930_cal.xml (EX-101.CAL) — 32KB
• pgol-20240930_def.xml (EX-101.DEF) — 124KB
• pgol-20240930_lab.xml (EX-101.LAB) — 257KB
• pgol-20240930_pre.xml (EX-101.PRE) — 213KB
• patriot_i10q-093024_htm.xml (XML) — 396KB

Financial Statements

Financial Statements 4 Consolidated Balance Sheets as of September 30, 2024 (Unaudited) and December 31, 2023 (Audited) 4 Consolidated Statements of Operations (Unaudited) for the three and nine months ended September 30, 2024 and 2023 (Unaudited) 5 Consolidated Statements of Stockholders' Equity (Unaudited) for the three and nine months ended September 30, 2024 and 2023 (Unaudited) 6 Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023 (Unaudited) 7 Consolidated Notes to (Unaudited) Financial Statements 8 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 16 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 20 PART II – OTHER INFORMATION 21 Item 1.

Legal Proceedings

Legal Proceedings 21 Item 1A. Risk Factors (not applicable) 21 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 21 Item 3. Defaults Upon Senior Securities 21 Item 4. Mine Safety Disclosures 21 Item 5. Other Information 21 Item 6. Exhibits 21

Signatures

Signatures 22 2 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. 3

Financial Statements

Item 1. Financial Statements PATRIOT GOLD CORP . CONSOLIDATED BALANCE SHEETS (Unaudited) (Audited) September 30, 2024 December 31, 2023 ASSETS Current assets: Cash $ 520,032 $ 1,701,720 Marketable securities 15,518 32,237 Royalty receivables, net of allowance for uncollectible receivables 269,704 358,645 Prepaid expenses 128,807 161,439 Total current assets 934,061 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 $ 1,993,061 $ 3,313,041 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable and accrued liabilities $ 40,438 $ 39,229 Accounts payable and accrued liabilities – related parties 245,000 238,836 Total current liabilities 285,438 278,065 Commitments and contingencies – – Stockholders' equity: Preferred stock, par value $ .001 ; 6,500,000 shares authorized; no shares issued at September 30, 2024 and December 31, 2023, respectively – – Series A Preferred stock, par value $ .001 ; 13,500,000 shares authorized; 290,000 shares issued at September 30, 2024 and December 31, 2023, respectively 290 290 Common stock, par value $ .001 ; 400,000,000 shares authorized; 60,354,539 and 69,354,539 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively 60,355 69,355 Treasury stock ( 100,000 shares) ( 9,093 ) ( 9,093 ) Additional paid-in capital 28,115,899 28,200,259 Common shares to be issued 22,400 22,400 Accumulated other comprehensive income (loss) ( 15,407 ) ( 15,414 ) Accumulated deficit ( 26,466,821 ) ( 25,232,821 ) Total stockholders' equity 1,707,623 3,034,976 Total liabilities and stockholders' equity $ 1,993,061 $ 3,313,041 The accompanying notes are an integral part of these consolidated financial statements. 4 PATRIOT GOLD CORP. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) For the Three

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS September 30, 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 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 statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect 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 period. M

View Full Filing

View this 10-Q filing on SEC EDGAR