Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | May 14, 2021 | |
Cover [Abstract] | ||
Entity Registrant Name | Nevada Canyon Gold Corp. | |
Entity Central Index Key | 0001605481 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2021 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business Flag | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 4,455,093 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2021 |
Balance Sheets (Unaudited)
Balance Sheets (Unaudited) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Current Assets | ||
Cash | $ 898,341 | $ 893,823 |
Prepaid expenses | 1,466 | 1,283 |
Total Current Assets | 899,807 | 895,106 |
Equity investment | 884,924 | 794,542 |
Mineral property interest | 10,395 | 10,395 |
TOTAL ASSETS | 1,795,126 | 1,700,043 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 356,333 | 353,600 |
Related party payables | 1,062,232 | 1,062,232 |
Notes and advances payable | 16,164 | 16,164 |
Total liabilities | 1,434,729 | 1,431,996 |
Stockholders' Equity | ||
Preferred Stock: Authorized 10,000,000 preferred shares, $0.0001 par, none issued and outstanding as of March 31, 2021 and December 31, 2020 | ||
Common Stock: Authorized 100,000,000 common shares, $0.0001 par, 4,455,093 issued and outstanding as of March 31, 2021 and December 31, 2020 | 445 | 445 |
Additional paid-in capital | 526,655 | 526,655 |
Deficit | (166,703) | (259,053) |
Total Stockholder's Equity | 360,397 | 268,047 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 1,795,126 | $ 1,700,043 |
Balance Sheets (Unaudited) (Par
Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares issued | 4,455,093 | 4,455,093 |
Common stock, shares outstanding | 4,455,093 | 4,455,093 |
Statements of Operations (Unaud
Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Operating expenses | ||
General and administrative expenses | $ 3,219 | $ 2,859 |
Professional fees | 3,500 | 2,500 |
Transfer agent and filing fees | 2,790 | 2,487 |
Total Operating Expenses | (9,509) | (7,846) |
Other items | ||
Fair value gain (loss) on equity investments | 90,382 | (232,587) |
Foreign exchange gain (loss) | 11,028 | (36,450) |
Interest income | 449 | 1,394 |
Realized gain on equity investment | 82,280 | |
Net income (loss) | $ 92,350 | $ (193,209) |
Net income (loss) per common share; basic and diluted | $ 0.02 | $ (0.04) |
Weighted average number of common shares outstanding | ||
Basic and diluted | 4,455,093 | 4,455,093 |
Statements of Cash Flow (Unaudi
Statements of Cash Flow (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
OPERATING ACTIVITIES | ||
Net income (loss) | $ 92,350 | $ (193,209) |
Adjustment to reconcile net income (loss) to net cash used by operating activities | ||
Fair value (gain) loss on equity investments | (90,382) | 150,307 |
Foreign exchange (gain) loss | (11,028) | 36,450 |
Changes in operating assets and liabilities | ||
Accounts payable and accrued liabilities | 2,733 | 2,500 |
Prepaid expenses | (183) | (183) |
Net cash used in operating activities | (6,510) | (4,135) |
INVESTING ACTIVITIES | ||
Sale of equity investments | 165,330 | |
Net cash povided by investing activities | 165,330 | |
Effect of foreign currency translation on cash | 11,028 | (36,450) |
Net increase in cash | 4,518 | 124,745 |
Cash, beginning | 893,823 | 367,201 |
Cash, ending | 898,341 | 491,946 |
Supplemental cash flow information | ||
Cash received for interest | 449 | 1,394 |
Cash paid for income taxes | ||
Significant non-cash transactions | ||
Fair value (gain) loss on equity investments | $ (90,382) | $ 232,587 |
Statements of Stockholders' Equ
Statements of Stockholders' Equity (Deficit) (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Total |
Balance at Dec. 31, 2019 | $ 445 | $ 526,655 | $ (547,211) | $ (20,111) |
Balance, shares at Dec. 31, 2019 | 4,455,093 | |||
Net income (loss) | (193,209) | (193,209) | ||
Balance at Mar. 31, 2020 | $ 445 | 526,655 | (740,420) | (213,320) |
Balance, shares at Mar. 31, 2020 | 4,455,093 | |||
Balance at Dec. 31, 2020 | $ 445 | 526,655 | (259,053) | 268,047 |
Balance, shares at Dec. 31, 2020 | 4,455,093 | |||
Net income (loss) | 92,350 | 92,350 | ||
Balance at Mar. 31, 2021 | $ 445 | $ 526,655 | $ (166,703) | $ 360,397 |
Balance, shares at Mar. 31, 2021 | 4,455,093 |
Nature of Business
Nature of Business | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Business | 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. The Company is involved in acquiring and exploring mineral properties in Nevada. Going Concern The Company’s unaudited interim condensed financial statements are prepared using accounting principles generally accepted in the United States of America (“US GAAP”) applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has only recently begun its exploration operations 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. If the Company is unable to obtain adequate capital, it could be forced to cease operations. Continued Uncertainty due to Global Outbreak of COVID-19 In March of 2020, the World Health Organization declared an outbreak of COVID-19 Global pandemic. The COVID-19 has impacted vast array of businesses through the restrictions put in place by most governments internationally, including the USA federal government as well as provincial and municipal governments, regarding travel, business operations and isolation/quarantine orders. At this time, it is unknown to what extent the impact of the COVID-19 outbreak may have on the Company as this will depend on future developments that are highly uncertain and that cannot be predicted with confidence. These uncertainties arise from the inability to predict the ultimate geographic spread of the disease, and the duration of the outbreak, including the duration of travel restrictions, business closures or disruptions, and quarantine/isolation measures that are currently, or may be put, in place world-wide to fight the virus. While the extent of the impact is unknown, the COVID-19 outbreak may hinder the Company’s ability to raise financing for exploration or operating costs due to uncertain capital markets, supply chain disruptions, increased government regulations and other unanticipated factors, all of which may also negatively impact the Company’s business and financial condition. |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | NOTE 2 - BASIS OF PRESENTATION The unaudited interim condensed financial statements of the Company have been prepared in accordance with US GAAP for interim condensed financial information and the rules and regulations of the Securities and Exchange Commission (“SEC”). They do not include all information and footnotes required by US GAAP for complete financial statements. Except as disclosed herein, there have been no material changes in the information disclosed in the notes to the financial statements for the year ended December 31, 2020, included in the Company’s Annual Report on Form 10-K, filed with the SEC. The unaudited interim condensed financial statements should be read in conjunction with those financial statements included in Form 10-K. In the opinion of management, all adjustments considered necessary for fair presentation, consisting solely of normal recurring adjustments, have been made. Operating results for the three months ended March 31, 2021, are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. Recent Accounting Pronouncements The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 3 – RELATED PARTY TRANSACTIONS Amounts due to related parties at March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 Advances due to the Chief Executive Officer (“CEO”) (a) $ 170,232 $ 170,232 Amounts due to a company controlled by the CEO (a) 360,000 360,000 Advances due to a director (a) 271,000 271,000 Amounts due to a company controlled by a director (a) 240,000 240,000 Advances due to a major shareholder (a) 21,000 21,000 Related party advances $ 1,062,232 $ 1,062,232 (a) These amounts are non-interest bearing, unsecured and due on demand. During the three-month periods ended March 31, 2021 and 2020, the Company did not have any transactions with its related parties. |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities | 3 Months Ended |
Mar. 31, 2021 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Liabilities | NOTE 4 – ACCOUNTS PAYABLE AND ACCRUED LIABILITIES March 31, 2021 December 31, 2020 Trade payables $ 352,633 $ 345,400 Accrued liabilities 3,700 8,200 $ 356,333 $ 353,600 |
Mineral Property Interests
Mineral Property Interests | 3 Months Ended |
Mar. 31, 2021 | |
Mineral Industries Disclosures [Abstract] | |
Mineral Property Interests | NOTE 5 – MINERAL PROPERTY INTERESTS Lazy Claims On August 2, 2017, the Company entered into an exploration lease agreement (the “Lazy Claims Agreement”) with Tarsis Resources US Inc. (“Tarsis”), a Nevada corporation, to lease the Lazy Claims, consisting of three claims. The term of the Lazy Claims Agreement is ten years, and is subject to extension for additional two consecutive 10-year terms. Full consideration of the Lazy Claims Agreement consists of the following: an initial cash payment of $1,000 to Tarsis, paid upon the execution of the Lazy Claims Agreement, with $2,000 payable to Tarsis on each subsequent anniversary of the effective date. The Company agreed to pay Tarsis a 2% production royalty (the “Lazy Claims Royalty”) based on the gross returns from the production and sale of minerals from the Lazy Claims. Should the Lazy Claims Royalty payments to Tarsis be in excess of $2,000 per year, the Company will not be required to pay a $2,000 annual minimum payment. During the three-month periods ended March 31, 2021 and 2020, the Company did not incur any expenses associated with the Lazy Claims. Loman Claims In December 2019 the Company acquired 27 mining claims for a total of $10,395. The claims were acquired by the Company from a third-party. During the three-month periods ended March 31, 2021 and 2020, the Company did not incur any expenses associated with the Loman Claims. |
Equity Investment
Equity Investment | 3 Months Ended |
Mar. 31, 2021 | |
Equity Investment | |
Equity Investment | NOTE 6 – EQUITY INVESTMENT As at March 31, 2021, the Company’s equity investments consist of 8,218,000 common shares of Walker River Resources Corp. (“WRR”) and warrants to acquire an additional 1,900,000 WRR common shares (the “WRR Warrants”). The WRR Warrants expire on July 18, 2022, and can be exercised without further consideration into 1,900,000 common shares in the capital of WRR (the “WRR Shares”). The terms of the WRR Warrants contain a provision which prevents the Company from exercising any part of the WRR Warrants which would result in the Company owning 10% or more of the issued and outstanding shares of WRR. Because these warrants can be exercised for no further consideration they have been accounted for as being equivalent to shares and classified as available for sale. At March 31, 2021, the fair market value of the equity investment was calculated to be $884,924 (2020 - $794,542) based on the market price of WRR Shares at March 31, 2021. During the three-month period ended March 31, 2020, the Company sold 1,269,000 WRR Shares for net proceeds of $165,330. The Company recorded a net realized gain of $82,280 on the sale of WRR Shares. The Company did not sell any WRR Shares during the three-month period ended March 31, 2021. The revaluation of the equity investment in WRR Shares resulted in $90,382 gain (2020 - $232,587 loss). The gain resulted from the increase of the market price of WRR Shares from CAD$0.10 per share at December 31, 2020, to CAD$0.11 per share at March 31, 2021. In comparison, during the three-month period ended March 31, 2020, the market price of WRR Shares decreased from CAD$0.085 per share at December 31, 2019, to CAD$0.07 per share at March 31, 2020, resulting in an overall loss. |
Notes and Advances Payable
Notes and Advances Payable | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Notes and Advances Payable | NOTE 7 – NOTES AND ADVANCES PAYABLE At March 31, 2021, the Company’s liability associated with notes and advances payable consisted of $15,064 the Company received as an advance for its operating activities during the year ended December 31, 2018, and $1,100 the Company received from WRR as a payment of its vendor payable. The advances are non-interest bearing, unsecured and due on demand. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Stockholders' Equity | NOTE 8 – STOCKHOLDERS’ EQUITY The Company was formed with one class of common stock, $0.0001 par value and is authorized to issue 100,000,000 common shares and one class of preferred stock, $0.0001 par value and is authorized to issue 10,000,000 preferred shares. Voting rights are not cumulative and, therefore, the holders of more than 50% of the common stock could, if they chose to do so, elect all of the directors of the Company. During the three-month period ended March 31, 2021 and for the year ended December 31, 2020, the Company did not have any transactions that would have resulted in issuance of the shares of its common stock |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | Amounts due to related parties at March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 Advances due to the Chief Executive Officer (“CEO”) (a) $ 170,232 $ 170,232 Amounts due to a company controlled by the CEO (a) 360,000 360,000 Advances due to a director (a) 271,000 271,000 Amounts due to a company controlled by a director (a) 240,000 240,000 Advances due to a major shareholder (a) 21,000 21,000 Related party advances $ 1,062,232 $ 1,062,232 (a) These amounts are non-interest bearing, unsecured and due on demand. |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Payables and Accruals [Abstract] | |
Schedule of Accounts Payable and Accrued Liabilities | March 31, 2021 December 31, 2020 Trade payables $ 352,633 $ 345,400 Accrued liabilities 3,700 8,200 $ 356,333 $ 353,600 |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Related Party Transactions (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 | |
Related party advances | $ 1,062,232 | $ 1,062,232 | |
Chief Executive Officer [Member] | |||
Related party advances | [1] | 170,232 | 170,232 |
Company Controlled by the CEO [Member] | |||
Related party advances | [1] | 360,000 | 360,000 |
Director [Member] | |||
Related party advances | [1] | 271,000 | 271,000 |
Company Controlled by A Director [Member] | |||
Related party advances | [1] | 240,000 | 240,000 |
Major Shareholder [Member] | |||
Related party advances | [1] | $ 21,000 | $ 21,000 |
[1] | These amounts are non-interest bearing, unsecured and due on demand. |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Liabilities - Schedule of Accounts Payable and Accrued Liabilities (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Payables and Accruals [Abstract] | ||
Trade payables | $ 352,633 | $ 345,400 |
Accrued liabilities | 3,700 | 8,200 |
Accounts payable and accrued liabilities | $ 356,333 | $ 353,600 |
Mineral Property Interests (Det
Mineral Property Interests (Details Narrative) | Aug. 02, 2017USD ($) | Dec. 31, 2019USD ($)Integer | Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) |
Lease Agreement [Member] | Tarsis Resources US Inc [Member] | ||||
Lease description | The term of the Lazy Claims Agreement is ten years, and is subject to extension for additional two consecutive 10-year terms. | |||
Extension agreement term | 10 years | |||
Initial cash payment of lease | $ 1,000 | |||
Lease payable | $ 2,000 | |||
Percentage of production royalty pay based on gross returns | 2.00% | |||
Royalty payments | $ 2,000 | |||
Lazy Claims Agreement [Member] | ||||
Annual minimum payment | $ 2,000 | |||
Payments mineral property interest | ||||
Loman Claims [Member] | ||||
Payments mineral property interest | $ 10,395 | |||
Number of mining properties acquired | Integer | 27 |
Equity Investment (Details Narr
Equity Investment (Details Narrative) - USD ($) | 3 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net realized gain | $ 82,280 | |||
Walker River Resources Corp. ("WRR") [Member] | ||||
Number of common stock shares issued during the period | 8,218,000 | |||
Common shares exchanged for acquire additional warrants | 1,900,000 | |||
Warrant expiration date | Jul. 18, 2022 | |||
Warrant description | The terms of the WRR Warrants contain a provision which prevents the Company from exercising any part of the WRR Warrants which would result in the Company owning 10% or more of the issued and outstanding shares of WRR | |||
Fair value of equity investments | $ 884,924 | $ 794,542 | ||
Number of shares sold | 1,269,000 | |||
Net proceeds from sale of common stock | $ 165,330 | |||
Net realized gain | 82,280 | |||
Gain/loss on revaluation of equity investment | $ 90,382 | $ 232,587 | ||
Walker River Resources Corp. ("WRR") [Member] | Canadian Currency [Member] | ||||
Common stock, price per share | $ 0.10 | $ 0.085 | ||
Walker River Resources Corp. ("WRR") [Member] | Canadian Currency [Member] | Maximum [Member] | ||||
Common stock, price per share | $ 0.11 | $ 0.07 |
Notes and Advances Payable (Det
Notes and Advances Payable (Details Narrative) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Notes and advances payable | $ 16,164 | $ 16,164 |
Walker River Resources Corp. ("WRR") [Member] | ||
Notes and advances payable | 15,064 | |
Proceeds from vendor | $ 1,100 |
Stockholders' Equity (Details N
Stockholders' Equity (Details Narrative) - $ / shares | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Equity [Abstract] | ||
Common stock par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Preferred stock par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock voting rights | Voting rights are not cumulative and, therefore, the holders of more than 50% of the common stock could, if they chose to do so, elect all of the directors of the Company. |