Patriot Gold's Cash Dries Up, Going Concern Doubts Mount

TL;DR

**PGOL is burning cash with no revenue, making it a high-risk bet on a turnaround that looks increasingly unlikely.**

AI Summary

PATRIOT GOLD CORP (PGOL) reported a significant net loss of $1,226,233 for the nine months ended September 30, 2025, compared to a net loss of $1,234,000 for the same period in 2024. The company experienced a complete cessation of revenues, reporting $0 for the nine months ended September 30, 2025, a sharp decline from $361,523 in the prior year. Total assets decreased substantially to $162,222 as of September 30, 2025, from $531,035 at December 31, 2024, primarily due to a drop in cash from $401,207 to $49,268. Current liabilities, however, surged to $1,597,609 from $738,305, driven by increases in accounts payable and accrued liabilities, including a new $251,234 convertible note payable to a related party. The company explicitly stated it expects to need approximately $1,000,000 to fund operations over the next twelve months and acknowledged that current cash on hand is insufficient, raising substantial doubt about its ability to continue as a going concern.

Why It Matters

This filing paints a dire picture for PATRIOT GOLD CORP, highlighting a complete lack of revenue and rapidly dwindling cash reserves, which directly impacts investor confidence and the company's ability to fund its natural resource exploration. The significant increase in liabilities, particularly to related parties, suggests a reliance on internal financing that may not be sustainable. For employees, this raises concerns about job security, while customers (or potential customers in the exploration phase) face uncertainty regarding future project viability. In the competitive gold exploration market, PGOL's financial instability makes it a less attractive partner or acquisition target, potentially limiting its strategic options.

Risk Assessment

Risk Level: high — The company explicitly states it expects to need approximately $1,000,000 to fund operations over the next twelve months, but only has $49,268 in cash as of September 30, 2025. This, coupled with a complete cessation of revenues ($0 for the nine months ended September 30, 2025) and a significant increase in current liabilities to $1,597,609, provides specific evidence of substantial doubt about its ability to continue as a going concern.

Analyst Insight

Investors should avoid PGOL given the severe liquidity issues, complete lack of revenue, and explicit going concern warning. Existing shareholders should consider divesting, as the company's ability to fund future operations and generate value is highly questionable without significant, currently unsecured, financing.

Financial Highlights

debt To Equity

N/A

revenue

$0

operating Margin

N/A

total Assets

$162,222

total Debt

$1,597,609

net Income

$-1,226,233

eps

N/A

gross Margin

N/A

cash Position

$49,268

revenue Growth

-100.0%

Revenue Breakdown

Key Numbers

• $1,226,233 — Net Loss (for the nine months ended September 30, 2025, indicating continued unprofitability.)
• $0 — Revenues (for the nine months ended September 30, 2025, a significant drop from $361,523 in 2024.)
• $49,268 — Cash (as of September 30, 2025, a sharp decrease from $401,207 at December 31, 2024.)
• $1,597,609 — Total Current Liabilities (as of September 30, 2025, a substantial increase from $738,305 at December 31, 2024.)
• $1,000,000 — Estimated Funding Need (for operations over the next twelve months, significantly exceeding current cash.)
• $251,234 — Convertible Note Payable (new related-party debt as of September 30, 2025, contributing to increased liabilities.)
• $162,222 — Total Assets (as of September 30, 2025, down from $531,035 at December 31, 2024, reflecting asset depletion.)
• 60,354,539 — Shares Outstanding (as of November 12, 2025, indicating the current share count.)

Key Players & Entities

• PATRIOT GOLD CORP (company) — registrant of the 10-Q filing
• Nevada (location) — state of incorporation for Patriot Gold Corp and Provex Resources, Inc.
• Canadian Securities Exchange (exchange) — where PGOL common stock trades
• Over-The-Counter market (exchange) — where PGOL common stock trades
• Patriot Gold Canada Corp (company) — wholly owned subsidiary incorporated in British Columbia, Canada
• Provex Resources, Inc. (company) — wholly owned subsidiary, later renamed Goldbase, Inc.
• Goldbase, Inc. (company) — renamed wholly owned subsidiary of Patriot Gold Corp
• Golden Vertex (company) — entity from which royalty receivables are due related to the Moss Mine
• Moss Mine (location) — natural resource property in Arizona generating royalty receivables
• SEC (regulator) — Securities and Exchange Commission, governing body for filings

FAQ

Risk Factors

• Going Concern Doubt [high — financial]: The company has a net loss of $1,226,233 for the nine months ended September 30, 2025, and $0 in revenues. Current cash of $49,268 is insufficient to fund estimated operational needs of $1,000,000 over the next twelve months, raising substantial doubt about its ability to continue as a going concern.
• Deteriorating Liquidity [high — financial]: Cash position has plummeted from $401,207 at December 31, 2024, to $49,268 as of September 30, 2025. This, coupled with a significant increase in current liabilities to $1,597,609, severely constrains the company's financial flexibility.
• Increasing Liabilities [high — financial]: Total current liabilities have surged from $738,305 to $1,597,609, driven by a $251,234 convertible note payable to a related party and increased accounts payable and accrued liabilities.
• Asset Depletion [medium — financial]: Total assets have decreased from $531,035 to $162,222, primarily due to the significant reduction in cash reserves.
• Cessation of Revenue [high — operational]: The company reported $0 in revenues for the nine months ended September 30, 2025, a complete halt from $361,523 in the same period last year, indicating a critical failure in revenue generation.
• Related Party Debt [medium — financial]: A new convertible note payable of $251,234 to a related party has been added, increasing liabilities and potentially creating future financial obligations with associated parties.

Industry Context

Patriot Gold Corp. operates in the natural resource exploration sector, focusing on acquiring, exploring, and developing properties. This industry is capital-intensive and subject to commodity price volatility, regulatory hurdles, and exploration risks. Companies in this space often rely on external financing to fund exploration and development activities.

Regulatory Implications

As a publicly traded company, Patriot Gold Corp. is subject to SEC regulations and reporting requirements. The company's disclosure of substantial doubt about its going concern status will likely attract scrutiny from regulators and investors regarding its financial viability and future prospects.

What Investors Should Do

1. Review the company's plan to secure $1,000,000 in funding to address the going concern issue.
2. Assess the terms and potential dilution impact of the $251,234 convertible note payable to a related party.
3. Monitor any developments regarding the company's exploration activities and potential for future revenue generation.
4. Consider the high risk associated with the company's current financial condition and lack of revenue.

Key Dates

• 2025-09-30: Nine months ended reporting period — Company reported $0 revenue and a net loss of $1,226,233, highlighting severe financial distress.
• 2025-09-30: Balance Sheet Date — Total assets significantly decreased to $162,222, while current liabilities surged to $1,597,609, including a new $251,234 convertible note.
• 2024-09-30: Prior year nine months ended reporting period — Company reported $361,523 in revenue and a net loss of $1,234,000, indicating a drastic decline in performance.
• 2024-12-31: Prior year end balance sheet date — Company had total assets of $531,035 and current liabilities of $738,305, showing a substantial deterioration in financial position.

Glossary

Going Concern

An accounting assumption that a company will continue to operate for the foreseeable future. If substantial doubt exists, it must be disclosed. (The company explicitly states substantial doubt about its ability to continue as a going concern due to insufficient cash and high liabilities.)

Convertible Note Payable

A debt instrument that can be converted into equity of the issuing company under certain conditions. (A new $251,234 convertible note payable to a related party has increased the company's liabilities.)

Accumulated Deficit

The cumulative net losses of a company that have not been offset by net income. (The company has a substantial accumulated deficit of $29,608,673 as of September 30, 2025, reflecting its history of unprofitability.)

Marketable Securities

Short-term, highly liquid investments that can be readily converted into cash. (The company holds $22,082 in marketable securities, which are noted as lacking liquidity and not sufficient to cover operational costs.)

Year-Over-Year Comparison

Compared to the nine months ended September 30, 2024, Patriot Gold Corp. has seen a complete cessation of revenues, dropping from $361,523 to $0. While the net loss remained relatively stable at approximately $1.23 million, the company's financial position has severely deteriorated. Total assets have fallen from $531,035 to $162,222, and current liabilities have more than doubled from $738,305 to $1,597,609, significantly increasing financial risk.

Key Financial Figures

• $0.001 — ate: 60,354,539 shares of common stock, $0.001 par value, issued and outstanding as of
• $1,000,000 — expects that it will need approximately $1,000,000 to fund its operations during the next
• $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, 2025 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-093025.htm (10-Q) — 583KB
• patriot_ex3101.htm (EX-31.1) — 10KB
• patriot_ex3201.htm (EX-32.1) — 4KB
• 0001683168-25-008262.txt ( ) — 3430KB
• pgol-20250930.xsd (EX-101.SCH) — 24KB
• pgol-20250930_cal.xml (EX-101.CAL) — 34KB
• pgol-20250930_def.xml (EX-101.DEF) — 117KB
• pgol-20250930_lab.xml (EX-101.LAB) — 260KB
• pgol-20250930_pre.xml (EX-101.PRE) — 211KB
• patriot_i10q-093025_htm.xml (XML) — 418KB

Financial Statements

Financial Statements 2 Consolidated Balance Sheets as of September 30, 2025 (Unaudited) and December 31, 2024 (Audited) 2 Consolidated Statements of Operations (Unaudited) for the three and nine months ended September 30, 2025 and 2024 (Unaudited) 3 Consolidated Statements of Stockholders' Equity (Unaudited) for the three and nine months ended September 30, 2025 and 2024 (Unaudited) 4 Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024 (Unaudited) 5 Consolidated Notes to Financial Statements (Unaudited) 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 18 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 22 Item 4.

Controls and Procedures

Controls and Procedures 22 PART II – OTHER INFORMATION 23 Item 1.

Legal Proceedings

Legal Proceedings 23 Item 1A. Risk Factors (not applicable) 23 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 23 Item 3. Defaults Upon Senior Securities 23 Item 4. Mine Safety Disclosures 23 Item 5. Other Information 23 Item 6. Exhibits 23

Signatures

Signatures 24 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) September 30, 2025 December 31, 2024 ASSETS Current assets: Cash $ 49,268 $ 401,207 Marketable securities 22,082 22,082 Royalty receivables, net of allowance for uncollectible receivables – – Prepaid expenses 90,872 107,746 Total current assets 162,222 531,035 Long-term assets: Deferred tax asset, net of valuation allowance – – Total long-term assets – – Total assets $ 162,222 $ 531,035 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable and accrued liabilities $ 788,875 $ 458,305 Accounts payable and accrued liabilities – related parties 557,500 280,000 Convertible note payable – related party 251,234 – Total current liabilities 1,597,609 738,305 Commitments and contingencies – – Stockholders' equity: Preferred stock, par value $ .001 ; 6,500,000 shares authorized; no shares issued at September 30, 2025 and December 31, 2024, respectively – – Series A Preferred stock, par value $ .001 ; 13,500,000 shares authorized; 290,000 shares issued at September 30, 2025 and December 31, 2024, respectively 290 290 Common stock, par value $ .001 ; 400,000,000 shares authorized; 60,354,539 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively 60,355 60,355 Treasury stock ( 100,000 shares) ( 9,093 ) ( 9,093 ) Additional paid-in capital 28,115,899 28,115,899 Common shares to be issued 22,400 22,400 Accumulated other comprehensive income (loss) ( 16,565 ) ( 14,681 ) Accumulated deficit ( 29,608,673 ) ( 28,382,440 ) Total stockholders' equity ( 1,435,387 ) ( 207,270 ) Total liabilities and stockholders' equity $ 162,222 $ 531,035 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 E

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS September 30, 2025 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 ("OTC") market under the symbol PGOL. On May 23, 2017, the Company caused the incorporation of its wholly owned subsidiary, Patriot Gold Canada Corp ("Patriot Gold 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 report

View Full Filing

View this 10-Q filing on SEC EDGAR