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0001165527-12-000278.txt : 20120409 0001165527-12-000278.hdr.sgml : 20120409 20120409095519 ACCESSION NUMBER: 0001165527-12-000278 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20111231 FILED AS OF DATE: 20120409 DATE AS OF CHANGE: 20120409 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Lithium Corp CENTRAL INDEX KEY: 0001415332 STANDARD INDUSTRIAL CLASSIFICATION: COMMUNICATION SERVICES, NEC [4899] IRS NUMBER: 980530295 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-54332 FILM NUMBER: 12748968 BUSINESS ADDRESS: STREET 1: 200 S VIRGINIA ST - 8TH FLOOR CITY: RENO STATE: NV ZIP: 89501 BUSINESS PHONE: 775.322.0626 MAIL ADDRESS: STREET 1: 200 S VIRGINIA ST - 8TH FLOOR CITY: RENO STATE: NV ZIP: 89501 FORMER COMPANY: FORMER CONFORMED NAME: Utalk Communications Inc. DATE OF NAME CHANGE: 20071016 10-K 1 g5866a.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) [X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2011 [ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to ___________ Commission file number 000-54332 LITHIUM CORPORATION (Exact name of registrant as specified in its charter) Nevada 98-0530295 (State or other jurisdiction (I.R.S. Employer of incorporation or organization) Identification No.) 10597 Double R Blvd., Suite 2, Reno Nevada 89521 (Address of principal executive offices) (Zip Code) 775.410.5287 (Registrant's telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Title of Each Class Name of Each Exchange On Which Registered ------------------- ----------------------------------------- N/A N/A Securities registered pursuant to Section 12(g) of the Act: Common Stock, $0.001 par value (Title of class) Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 the Securities Act. Yes [ ] No [X] Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act Yes [ ] No [X] Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the last 90 days. Yes [X] No [ ] Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (ss.232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registration statement was required to submit and post such files). Yes [X] No [ ] Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (ss.229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. [ ] Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definition of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act. Large accelerated filer [ ] Accelerated filer [ ] Non-accelerated filer [ ] Smaller reporting company [X] Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [ ] No [X] The aggregate market value of Common Stock held by non-affiliates of the Registrant on June 30, 2011 was $10,476,554.85 based on a $0.23995 average bid and asked price of such common equity, as of the last business day of the registrant's most recently completed second fiscal quarter. Indicate the number of shares outstanding of each of the registrant's classes of common stock as of the latest practicable date. 63,661,408 as of March 30, 2012 DOCUMENTS INCORPORATED BY REFERENCE None. TABLE OF CONTENTS Item 1. Business............................................................. 3 Item 1A. Risk Factors..........................................................6 Item 1B. Unresolved Staff Comments............................................10 Item 2. Properties...........................................................10 Item 4. Mine Safety Disclosures..............................................10 Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities............................10 Item 6. Selected Financial Data..............................................12 Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations................................................12 Item 7A. Quantitative and Qualitative Disclosures About Market Risk...........16 Item 8. Financial Statements and Supplementary Data..........................17 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure.................................................29 Item 9A. Controls and Procedures..............................................29 Item 9B. Other Information....................................................30 Item 10. Directors, Executive Officers and Corporate Governance...............30 Item 11. Executive Compensation...............................................34 Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters..........................................37 Item 13. Certain Relationships and Related Transactions, and Director Independence.........................................................38 Item 14. Principal Accounting Fees and Services...............................38 Item 15. Exhibits, Financial Statement Schedules..............................39 2 PART I ITEM 1. BUSINESS This annual report contains forward-looking statements. These statements relate to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology such as "may", "should", "expects", "plans", "anticipates", "believes", "estimates", "predicts", "potential" or "continue" or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors, including the risks in the section entitled "Risk Factors" that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Except as required by applicable law, including the securities laws of the United States, we do not intend to update any of the forward-looking statements to conform these statements to actual results. Our financial statements are stated in United States Dollars (US$) and are prepared in accordance with United States Generally Accepted Accounting Principles. In this annual report, unless otherwise specified, all dollar amounts are expressed in United States dollars and all references to "common shares" refer to the common shares in our capital stock. As used in this current report and unless otherwise indicated, the terms "we", "us" and "our" mean Lithium Corporation, and our wholly owned subsidiary, Nevada Lithium Corporation, unless otherwise indicated. GENERAL OVERVIEW We were incorporated under the laws of the State of Nevada on January 30, 2007 under the name "Utalk Communications Inc." At inception, we were a development stage corporation engaged in the business of developing and marketing a call-back service using a call-back platform. Because we were not successful in implementing our business plan, we considered various alternatives to ensure the viability and solvency of our company. On August 31, 2009, we entered into a letter of intent with Nevada Lithium Corporation regarding a business combination which may be effected in one of several different ways, including an asset acquisition, merger of our company and Nevada Lithium Corporation, or a share exchange whereby we would purchase the shares of Nevada Lithium Corporation from its shareholders in exchange for restricted shares of our common stock. Effective September 30, 2009, we effected a one (1) old for 60 new forward stock split of our issued and outstanding common stock. As a result, our authorized capital increased from 50,000,000 shares of common stock with a par value of $0.001 to 3,000,000,000 shares of common stock with a par value of $0.001 and our issued and outstanding shares increased from 4,470,000 shares of common stock to 268,200,000 shares of common stock. Also effective September 30, 2009, we have changed our name from "Utalk Communications, Inc." to "Lithium Corporation", by way of a merger with our wholly owned subsidiary Lithium Corporation, which was formed solely for the change of name. The name change and forward stock split becomes effective with the Over-the-Counter Bulletin Board at the opening for trading on October 1, 2009 under the new stock symbol "LTUM". Our new CUSIP number is 536804 107. On October 9, 2009, we entered into a share exchange agreement with Nevada Lithium Corporation, a Nevada corporation, and the shareholders of Nevada Lithium Corporation. The closing of the transactions contemplated in the share exchange agreement and the acquisition of all of the issued and outstanding common stock in the capital of Nevada Lithium Corporation occurred on October 19, 2009. In accordance with the closing of the share exchange agreement, we 3 issued 12,350,000 shares of our common stock to the former shareholders of Nevada Lithium Corporation in exchange for the acquisition, by our company, of all of the 12,350,000 issued and outstanding shares of Nevada Lithium Corporation. Also, pursuant to the terms of the share exchange agreement, a then director of our company cancelled 220,000,000 restricted shares of our common stock. OUR CURRENT BUSINESS We are an exploration stage mining company engaged in the identification, acquisition, and exploration of metals and minerals with a focus on lithium mineralization on properties located in Nevada. Our current operational focus is to conduct exploration activities on our properties in Nevada, known as the Fish Lake Valley property, the Salt Wells property, and the San Emidio prospect. FISH LAKE VALLEY PROPERTY Fish Lake Valley is a lithium enriched playa (also known as a salar, or salt pan), which is located in west central Nevada in northern Esmeralda county, and the property is roughly centered at 417050E 4195350N (NAD 27 CONUS). We currently hold ninety two - eighty (80) acre Association Placer claims that cover approximately 7360 acres. Lithium-enriched Tertiary-era Fish Lake formation Rhyolitic tuffs or ash flow tuffs have accumulated in a valley or basinal environment. Over time interstitial formational waters in contact with these tuffs, have become enriched in lithium, which could possibly be amenable to the extraction by evaporative methods. The property was originally held under mining lease purchase agreement dated June 1, 2009 between Nevada Lithium Corporation, and Nevada Alaska Mining Co. Inc., Robert Craig, Barbara Craig, and Elizabeth Dickman. Nevada Lithium had agreed to issue the vendors $350,000 worth of common stock of our company in eight regular disbursements, the last of which occurred on March 31, 2011. To date all disbursements have been made of stock worth a total of $350,000, and claim ownership has been transferred to Lithium Corporation. The geological setting at Fish Lake Valley is highly analogous to the salars of Chile, Bolivia, & Peru, and more importantly Clayton Valley, where Chemetall has its Silver Peak lithium-brine operation. Access is excellent in Fish Lake Valley with all weather gravel roads leading to the property from State Highways 264, and 265, and maintained gravel roads ring the Playa. Power is available approximately 10 miles from the property, and the village of Dyer is approximately 12 miles to the south, while the town of Tonopah Nevada is approximately 50 miles to the East. Our company has completed a number of geochemical and geophysical studies on the property, and conducted a short drill program on the periphery of the playa in the fall of 2010. Near-surface brine sampling during the spring of 2011 has outlined a boron/lithium/potassium anomaly that is roughly 1.3 x 2 miles long, which has a smaller higher grade core where lithium mineralization ranges from 100 to 150 mg/L, with boron ranging from 1,500 to 2,670 mg/L, and potassium from 5,400 to 8,400 mg/L. Our company had planned to drill this property during the summer/fall of 2011, but it had been considerably wetter than normal there, and the opportunity to safely drill this property did not present itself in 2011. Our company plans to drill this property as soon as feasible in 2012. SALT WELLS The Salt Wells property was acquired through staking a 12,320 acre parcel that covers the Eightmile Basin, a playa, which lies approximately 15 miles to the southeast of Fallon, the county seat of Churchill County, Nevada. In 2011 the property was reduced through allowing a number of non-prospective, non-strategic claims to lapse. Currently our company holds 6400 acres here. Exploratory sediment sampling of the playa was conducted in the summer and fall of 2009 and 83% of the samples taken within the claim area have returned anomalous values in lithium, with the highest value being in the order of 750 ppm Li. In 2010 continued geochemical work, and geophysical studies were performed on the property, and a brine sampling program is currently underway there. Brine sampling in the winter and spring of 2011 delineated an anomaly here which is roughly three quarters of a mile wide by one and a half miles 4 long, with values up to 36.5 mg/L lithium. This work was followed up by a gravity geophysical survey during the summer of 2011, which indicated that the brine anomaly in this property is proximal to a basin bounding structure. The strong lithium values coupled with proximity to a geothermal field and quaternary faulting possibly indicate that conditions may be favorable for the formation of a subsurface lithium brine reservoir similar to that currently being exploited at Silver Peak in Esmeralda County, Nevada. After two failed attempts to drill the property due to wet conditions in spring and summer 2011 our company finally succeeded in completing a 31 site - 3,437 foot direct push drill program in September, 2011. In all 46 samples were taken, at varying depths down to 155 feet subsurface. All samples were submitted to Inspectorate Laboratory in Reno Nevada, with check samples analyzed by ALS Laboratories also of Reno. Strong brines were discovered during the drilling here, however lithium values were generally lower than anticipated, and we are presently considering various options for ongoing exploration here in 2012. SAN EMIDIO The San Emidio property was acquired through the staking of claims in September 2011. The twenty - eighty (80) acre Association Placer claims staked here cover an area of approximately 1600 acres. The property is approximately 65 miles north-northeast of Reno, Nevada, and has excellent infrastructure. Lithium Corporation developed this prospect during 2009, and 2010 through surface sampling, and the early reconnaissance sampling determined that anomalous values for Lithium occur in the Playa sediments over a good portion of the playa. This sampling appeared to indicate that the most prospective areas on the Playa may be on the newly staked block proximal to the southern margin of the basin, where it is possible the structures that are responsible for the geothermal system here may also have influenced Lithium deposition in sediments. In spring 2011 our company conducted near-surface brine sampling and a high resolution gravity geophysical survey in summer/fall 2011. The company permitted a 7 hole drilling program with the BLM in late fall, and a Direct Push drill program was commenced in early February 2012. Drilling here delineated a narrow elongate shallow brine reservoir which is greater than 2.5 miles length, and which is adjacent to a basinal feature outlined by the earlier gravity survey. Two values of over 20 milligrams/liter lithium were obtained from two holes located centrally in this brine anomaly. Our Company is currently considering various options for ongoing exploration here in 2012. OTHER Our company allowed all 62 Association Placer Claims held at our Cortez Prospect in Lander County Nevada to lapse in September of 2011, as although drilling there in the summer of 2011 determined that a considerable volume of brine can be found locally, lithium contents were low, and our company concluded that it would perhaps be more prudent to focus resources elsewhere. Lithium Corporation also remained active during 2011 exploring other locations which are felt to be prospective for hosting lithium mineralization, as well as evaluating opportunities brought to the company by third parties. COMPETITION The mining industry is intensely competitive. We compete with numerous individuals and companies, including many major mining companies, which have substantially greater technical, financial and operational resources and staffs. Accordingly, there is a high degree of competition for access to funds. There are other competitors that have operations in the area and the presence of these competitors could adversely affect our ability to compete for financing and obtain the service providers, staff or equipment necessary for the exploration and exploitation of our properties. 5 COMPLIANCE WITH GOVERNMENT REGULATION Mining operations and exploration activities are subject to various national, state, provincial and local laws and regulations in United States, as well as other jurisdictions, which govern prospecting, development, mining, production, exports, taxes, labor standards, occupational health, waste disposal, protection of the environment, mine safety, hazardous substances and other matters. We believe that we are and will continue to be in compliance in all material respects with applicable statutes and the regulations passed in the United States. There are no current orders or directions relating to our company with respect to the foregoing laws and regulations. RESEARCH AND DEVELOPMENT We have incurred $Nil in research and development expenditures over the last two fiscal years. EMPLOYEES Currently our only employees are our directors and officers. We do and will continue to outsource contract employment as needed. With project advancement and if we are successful in any exploration or drilling programs, we may retain additional employees. SUBSIDIARIES We have one wholly owned subsidiary, Nevada Lithium Corporation, a Nevada corporation. ITEM 1A. RISK FACTORS Our business operations are subject to a number of risks and uncertainties, including, but not limited to those set forth below: RISKS ASSOCIATED WITH MINING ALL OF OUR PROPERTIES ARE IN THE EXPLORATION STAGE. THERE IS NO ASSURANCE THAT WE CAN ESTABLISH THE EXISTENCE OF ANY MINERAL RESOURCE ON ANY OF OUR PROPERTIES IN COMMERCIALLY EXPLOITABLE QUANTITIES. UNTIL WE CAN DO SO, WE CANNOT EARN ANY REVENUES FROM OPERATIONS AND IF WE DO NOT DO SO WE WILL LOSE ALL OF THE FUNDS THAT WE EXPEND ON EXPLORATION. IF WE DO NOT DISCOVER ANY MINERAL RESOURCE IN A COMMERCIALLY EXPLOITABLE QUANTITY, OUR BUSINESS COULD FAIL. Despite exploration work on our mineral properties, we have not established that any of them contain any mineral reserve, nor can there be any assurance that we will be able to do so. If we do not, our business could fail. A mineral reserve is defined by the Securities and Exchange Commission in its Industry Guide 7 (which can be viewed over the Internet at http://www.sec.gov/about/forms/industryguides.pdf) as that part of a mineral deposit which could be economically and legally extracted or produced at the time of the reserve determination. The probability of an individual prospect ever having a "reserve" that meets the requirements of the Securities and Exchange Commission's Industry Guide 7 is extremely remote; in all probability our mineral resource property does not contain any 'reserve' and any funds that we spend on exploration will probably be lost. Even if we do eventually discover a mineral reserve on one or more of our properties, there can be no assurance that we will be able to develop our properties into producing mines and extract those resources. Both mineral exploration and development involve a high degree of risk and few properties which are explored are ultimately developed into producing mines. 6 The commercial viability of an established mineral deposit will depend on a number of factors including, by way of example, the size, grade and other attributes of the mineral deposit, the proximity of the resource to infrastructure such as a smelter, roads and a point for shipping, government regulation and market prices. Most of these factors will be beyond our control, and any of them could increase costs and make extraction of any identified mineral resource unprofitable. MINERAL OPERATIONS ARE SUBJECT TO APPLICABLE LAW AND GOVERNMENT REGULATION. EVEN IF WE DISCOVER A MINERAL RESOURCE IN A COMMERCIALLY EXPLOITABLE QUANTITY, THESE LAWS AND REGULATIONS COULD RESTRICT OR PROHIBIT THE EXPLOITATION OF THAT MINERAL RESOURCE. IF WE CANNOT EXPLOIT ANY MINERAL RESOURCE THAT WE MIGHT DISCOVER ON OUR PROPERTIES, OUR BUSINESS MAY FAIL. Both mineral exploration and extraction require permits from various foreign, federal, state, provincial and local governmental authorities and are governed by laws and regulations, including those with respect to prospecting, mine development, mineral production, transport, export, taxation, labor standards, occupational health, waste disposal, toxic substances, land use, environmental protection, mine safety and other matters. There can be no assurance that we will be able to obtain or maintain any of the permits required for the continued exploration of our mineral properties or for the construction and operation of a mine on our properties at economically viable costs. If we cannot accomplish these objectives, our business could fail. We believe that we are in compliance with all material laws and regulations that currently apply to our activities but there can be no assurance that we can continue to remain in compliance. Current laws and regulations could be amended and we might not be able to comply with them, as amended. Further, there can be no assurance that we will be able to obtain or maintain all permits necessary for our future operations, or that we will be able to obtain them on reasonable terms. To the extent such approvals are required and are not obtained, we may be delayed or prohibited from proceeding with planned exploration or development of our mineral properties. IF WE ESTABLISH THE EXISTENCE OF A MINERAL RESOURCE ON ANY OF OUR PROPERTIES IN A COMMERCIALLY EXPLOITABLE QUANTITY, WE WILL REQUIRE ADDITIONAL CAPITAL IN ORDER TO DEVELOP THE PROPERTY INTO A PRODUCING MINE. IF WE CANNOT RAISE THIS ADDITIONAL CAPITAL, WE WILL NOT BE ABLE TO EXPLOIT THE RESOURCE, AND OUR BUSINESS COULD FAIL. If we do discover mineral resources in commercially exploitable quantities on any of our properties, we will be required to expend substantial sums of money to establish the extent of the resource, develop processes to extract it and develop extraction and processing facilities and infrastructure. Although we may derive substantial benefits from the discovery of a major deposit, there can be no assurance that such a resource will be large enough to justify commercial operations, nor can there be any assurance that we will be able to raise the funds required for development on a timely basis. If we cannot raise the necessary capital or complete the necessary facilities and infrastructure, our business may fail. MINERAL EXPLORATION AND DEVELOPMENT IS SUBJECT TO EXTRAORDINARY OPERATING RISKS. WE DO NOT CURRENTLY INSURE AGAINST THESE RISKS. IN THE EVENT OF A CAVE-IN OR SIMILAR OCCURRENCE, OUR LIABILITY MAY EXCEED OUR RESOURCES, WHICH WOULD HAVE AN ADVERSE IMPACT ON OUR COMPANY. Mineral exploration, development and production involves many risks which even a combination of experience, knowledge and careful evaluation may not be able to overcome. Our operations will be subject to all the hazards and risks inherent in the exploration for mineral resources and, if we discover a mineral resource in commercially exploitable quantity, our operations could be subject to all of the hazards and risks inherent in the development and production of resources, including liability for pollution, cave-ins or similar hazards against which we cannot insure or against which we may elect not to insure. Any such event could result in work stoppages and damage to property, including damage to the environment. We do not currently maintain any insurance coverage against these operating hazards. The payment of any liabilities that arise from any such occurrence would have a material adverse impact on our company. 7 MINERAL PRICES ARE SUBJECT TO DRAMATIC AND UNPREDICTABLE FLUCTUATIONS. We expect to derive revenues, if any, either from the sale of our mineral resource properties or from the extraction and sale of lithium and/or associated byproducts. The price of those commodities has fluctuated widely in recent years, and is affected by numerous factors beyond our control, including international, economic and political trends, expectations of inflation, currency exchange fluctuations, interest rates, global or regional consumptive patterns, speculative activities and increased production due to new extraction developments and improved extraction and production methods. The effect of these factors on the price of base and precious metals, and therefore the economic viability of any of our exploration properties and projects, cannot accurately be predicted. THE MINING INDUSTRY IS HIGHLY COMPETITIVE AND THERE IS NO ASSURANCE THAT WE WILL CONTINUE TO BE SUCCESSFUL IN ACQUIRING MINERAL CLAIMS. IF WE CANNOT CONTINUE TO ACQUIRE PROPERTIES TO EXPLORE FOR MINERAL RESOURCES, WE MAY BE REQUIRED TO REDUCE OR CEASE OPERATIONS. The mineral exploration, development, and production industry is largely un-integrated. We compete with other exploration companies looking for mineral resource properties. While we compete with other exploration companies in the effort to locate and acquire mineral resource properties, we will not compete with them for the removal or sales of mineral products from our properties if we should eventually discover the presence of them in quantities sufficient to make production economically feasible. Readily available markets exist worldwide for the sale of mineral products. Therefore, we will likely be able to sell any mineral products that we identify and produce. In identifying and acquiring mineral resource properties, we compete with many companies possessing greater financial resources and technical facilities. This competition could adversely affect our ability to acquire suitable prospects for exploration in the future. Accordingly, there can be no assurance that we will acquire any interest in additional mineral resource properties that might yield reserves or result in commercial mining operations. RISKS RELATED TO OUR COMPANY THE FACT THAT WE HAVE NOT EARNED ANY OPERATING REVENUES SINCE OUR INCORPORATION RAISES SUBSTANTIAL DOUBT ABOUT OUR ABILITY TO CONTINUE TO EXPLORE OUR MINERAL PROPERTIES AS A GOING CONCERN. We have not generated any revenue from operations since our incorporation and we anticipate that we will continue to incur operating expenses without revenues unless and until we are able to identify a mineral resource in a commercially exploitable quantity on one or more of our mineral properties and we build and operate a mine. We had cash in the amount of $970,030 as of December 31, 2011. At December 31, 2011, we had working capital of $1,022,395. We incurred a net loss of $590,911 for the year ended December 31, 2011 and $1,684,297 since inception. We estimate our average monthly operating expenses to be approximately $42,000, including property costs, management services and administrative costs. Should the results of our planned exploration require us to increase our current operating budget, we may have to raise additional funds to meet our currently budgeted operating requirements for the next 12 months. As we cannot assure a lender that we will be able to successfully explore and develop our mineral properties, we will probably find it difficult to raise debt financing from traditional lending sources. We have traditionally raised our operating capital from sales of equity securities, but there can be no assurance that we will continue to be able to do so. If we cannot raise the money that we need to continue exploration of our mineral properties, we may be forced to delay, scale back, or eliminate our exploration activities. If any of these were to occur, there is a substantial risk that our business would fail. Management has plans to seek additional capital through a private placement of its capital stock. These conditions raise substantial doubt about our company's ability to continue as a going concern. Although there are no assurances that management's plans will be realized, management believes that our company will be able to continue operations in the future. The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts of and classification of liabilities that might be necessary in the event our company cannot continue in existence." We continue to experience net operating losses. 8 RISKS ASSOCIATED WITH OUR COMMON STOCK TRADING ON THE OTC BULLETIN BOARD MAY BE VOLATILE AND SPORADIC, WHICH COULD DEPRESS THE MARKET PRICE OF OUR COMMON STOCK AND MAKE IT DIFFICULT FOR OUR STOCKHOLDERS TO RESELL THEIR SHARES. Our common stock is quoted on the OTC Bulletin Board service of the Financial Industry Regulatory Authority. Trading in stock quoted on the OTC Bulletin Board is often thin and characterized by wide fluctuations in trading prices, due to many factors that may have little to do with our operations or business prospects. This volatility could depress the market price of our common stock for reasons unrelated to operating performance. Moreover, the OTC Bulletin Board is not a stock exchange, and trading of securities on the OTC Bulletin Board is often more sporadic than the trading of securities listed on a quotation system like NASDAQ or a stock exchange like Amex. Accordingly, shareholders may have difficulty reselling any of their shares. OUR STOCK IS A PENNY STOCK. TRADING OF OUR STOCK MAY BE RESTRICTED BY THE SEC'S PENNY STOCK REGULATIONS AND FINRA'S SALES PRACTICE REQUIREMENTS, WHICH MAY LIMIT A STOCKHOLDER'S ABILITY TO BUY AND SELL OUR STOCK. Our stock is a penny stock. The Securities and Exchange Commission has adopted Rule 15g-9 which generally defines "penny stock" to be any equity security that has a market price (as defined) less than $5.00 per share or an exercise price of less than $5.00 per share, subject to certain exceptions. Our securities are covered by the penny stock rules, which impose additional sales practice requirements on broker-dealers who sell to persons other than established customers and "accredited investors". The term "accredited investor" refers generally to institutions with assets in excess of $5,000,000 or individuals with a net worth in excess of $1,000,000 or annual income exceeding $200,000 or $300,000 jointly with their spouse. The penny stock rules require a broker-dealer, prior to a transaction in a penny stock not otherwise exempt from the rules, to deliver a standardized risk disclosure document in a form prepared by the SEC which provides information about penny stocks and the nature and level of risks in the penny stock market. The broker-dealer also must provide the customer with current bid and offer quotations for the penny stock, the compensation of the broker-dealer and its salesperson in the transaction and monthly account statements showing the market value of each penny stock held in the customer's account. The bid and offer quotations, and the broker-dealer and salesperson compensation information, must be given to the customer orally or in writing prior to effecting the transaction and must be given to the customer in writing before or with the customer's confirmation. In addition, the penny stock rules require that prior to a transaction in a penny stock not otherwise exempt from these rules, the broker-dealer must make a special written determination that the penny stock is a suitable investment for the purchaser and receive the purchaser's written agreement to the transaction. These disclosure requirements may have the effect of reducing the level of trading activity in the secondary market for the stock that is subject to these penny stock rules. Consequently, these penny stock rules may affect the ability of broker-dealers to trade our securities. We believe that the penny stock rules discourage investor interest in, and limit the marketability of, our common stock. In addition to the "penny stock" rules promulgated by the Securities and Exchange Commission, the Financial Industry Regulatory Authority has adopted rules that require that in recommending an investment to a customer, a broker-dealer must have reasonable grounds for believing that the investment is suitable for that customer. Prior to recommending speculative low priced securities to their non-institutional customers, broker-dealers must make reasonable efforts to obtain information about the customer's financial status, tax status, investment objectives and other information. Under interpretations of these rules, the Financial Industry Regulatory Authority believes that there is a high probability that speculative low-priced securities will not be suitable for at least some customers. The Financial Industry Regulatory Authority requirements make it more difficult for broker-dealers to recommend that their customers buy our common stock, which may limit your ability to buy and sell our stock. OTHER RISKS TRENDS, RISKS AND UNCERTAINTIES We have sought to identify what we believe to be the most significant risks to our business, but we cannot predict whether, or to what extent, any of such risks may be realized nor can we guarantee that we have identified all possible risks that might arise. Investors should carefully consider all of such risk factors before making an investment decision with respect to our common stock. 9 ITEM 1B. UNRESOLVED STAFF COMMENTS As a "smaller reporting company", we are not required to provide the information required by this Item. ITEM 2. PROPERTIES Our corporate head office is located at 10597 Double R Blvd - Suite 2, Reno, Nevada, 89521, our monthly rent is $500. Additionally the company rents storage space in Reno for field equipment for $66 per month. MINERAL PROPERTIES As of the date of this annual report on Form 10-K, we hold the following properties: Fish Lake Valley, Salt Wells and San Emidio. For detailed description of these properties, please see the section entitled "Business" above. ITEM 3. LEGAL PROCEEDINGS We know of no material, existing or pending legal proceedings against us, nor are we involved as a plaintiff in any material proceeding or pending litigation. There are no proceedings in which any of our directors, officers or affiliates, or any registered or beneficial shareholder, is an adverse party or has a material interest adverse to our company. ITEM 4. MINE SAFETY DISCLOSURES Not applicable. PART II ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES Our common shares are quoted on the Over-the-Counter Bulletin Board under the symbol "LTUM." The following quotations, obtained from Stockwatch, reflect the high and low bids for our common shares based on inter-dealer prices, without retail mark-up, mark-down or commission and may not represent actual transactions. The high and low bid prices of our common stock for the periods indicated below are as follows: OTC Bulletin Board(1) Quarter Ended High Low ------------- ---- --- December 31, 2011 $0.32 $0.12 September 30, 2011 $0.38 $0.151 June 30, 2011 $1.92 $0.18 March 31, 2011 $0.30 $0.165 December 31, 2010 $0.38 $0.30 September 30, 2010 $0.51 $0.30 June 30, 2010 $1.04 $0.35 March 31, 2010 $1.41 $0.90 December 31, 2009 $1.40 $0.60 ---------- (1) Over-the-counter market quotations reflect inter-dealer prices without retail mark-up, mark-down or commission, and may not represent actual transactions. 10 Our shares are issued in registered form. Nevada Agency and Transfer Company, 50 West Liberty Street, Suite 880, Reno, Nevada 89501 (Telephone: (775) 322-0626; Facsimile: (775) 322-5623 is the registrar and transfer agent for our common shares. On March 30th, 2012, the shareholders' list showed 11 registered shareholders with 63,661,408 common shares outstanding. DIVIDEND POLICY We have not paid any cash dividends on our common stock and have no present intention of paying any dividends on the shares of our common stock. Our current policy is to retain earnings, if any, for use in our operations and in the development of our business. Our future dividend policy will be determined from time to time by our board of directors. EQUITY COMPENSATION PLAN INFORMATION On December 29, 2009, our board of approved the adoption of the 2009 Stock Plan which permits our company to issue up to 6,050,000 shares of our common stock to directors, officers, employees and consultants. This plan has not been approved by our security holders. The following table summarizes certain information regarding our equity compensation plans as at December 31, 2011: Equity Compensation Plan Information

RECENT SALES OF UNREGISTERED SECURITIES; USE OF PROCEEDS FROM REGISTERED SECURITIES On April 28, 2011, we issued 150,000 shares of our common stock upon the exercise of stock options to a consultant of our company. Each stock option was exercisable at $0.24 per share. We issued all of the shares to one (1) person in an offshore transaction relying on Regulation S and/or Section 4(2) of the Securities Act of 1933. On May 5, 2011, we issued 200,000 shares of our common stock upon the exercise of stock options to a consultant of our company. Each stock option was exercisable at $0.24 per share. We issued all of the shares to one (1) person in an offshore transaction relying on Regulation S and/or Section 4(2) of the Securities Act of 1933. PURCHASE OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS We did not purchase any of our shares of common stock or other securities during our fourth quarter of our fiscal year ended December 31, 2011. 11 ITEM 6. SELECTED FINANCIAL DATA As a "smaller reporting company", we are not required to provide the information required by this Item. ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion should be read in conjunction with our consolidated audited financial statements and the related notes that appear elsewhere in this annual report. The following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in the forward looking statements. Factors that could cause or contribute to such differences include, but are not limited to those discussed below and elsewhere in this annual report, particularly in the section entitled "Risk Factors" beginning on page 7 of this annual report. Our consolidated audited financial statements are stated in United States Dollars and are prepared in accordance with United States Generally Accepted Accounting Principles. OVERVIEW We were incorporated under the laws of the State of Nevada on January 30, 2007 under the name "Utalk Communications Inc." At inception, we were a development stage corporation engaged in the business of developing and marketing a call-back service using a call-back platform. Because we were not successful in implementing our business plan, we considered various alternatives to ensure the viability and solvency of our company. We are an exploration stage mining company engaged in the identification, acquisition, and exploration of metals and minerals with a focus on lithium mineralization on properties located in Nevada. PLAN OF OPERATIONS AND CASH REQUIREMENTS CASH REQUIREMENTS Our current operational focus is to conduct exploration activities on our properties in Nevada, known as the Fish Lake Valley property, the Salt Wells property, and San Emidio. We expect to review other potential exploration projects from time to time as they are presented to us. Our net cash provided by financing activities during the year ended December 31, 2011 was $84,984 as compared to $1,829,653 during the year ended December 31, 2010. Over the next twelve months we expect to expend funds as follows: ESTIMATED NET EXPENDITURES DURING THE NEXT TWELVE MONTHS General, Administrative Expenses $200,000 Exploration Expenses 250,000 Travel 50,000 -------- TOTAL $500,000 ======== We have suffered recurring losses from operations. The continuation of our company is dependent upon our company attaining and maintaining profitable operations and raising additional capital as needed. The continuation of our business is dependent upon obtaining further financing, a successful program of exploration and/or development, and, finally, achieving a profitable level of operations. The issuance of additional equity securities by us could result in a significant dilution in the equity interests of our 12 current stockholders. Obtaining commercial loans, assuming those loans would be available, will increase our liabilities and future cash commitments. There are no assurances that we will be able to obtain further funds required for our continued operations. As noted herein, we are pursuing various financing alternatives to meet our immediate and long-term financial requirements. There can be no assurance that additional financing will be available to us when needed or, if available, that it can be obtained on commercially reasonable terms. If we are not able to obtain the additional financing on a timely basis, we will be unable to conduct our operations as planned, and we will not be able to meet our other obligations as they become due. In such event, we will be forced to scale down or perhaps even cease our operations. RESULTS OF OPERATIONS - TWELVE MONTHS ENDED DECEMBER 31, 2011 AND 2010 The following summary of our results of operations should be read in conjunction with our financial statements for the year ended December 31, 2011, which are included herein. Our operating results for the twelve months ended December 31, 2011, for the twelve months ended December 31, 2010 and the changes between those periods for the respective items are summarized as follows: Change Between Twelve Month Period Ended Twelve Months Twelve Months December 31, 2011 Ended Ended and December 31, December 31, December 30, 2011 2010 2010 ---------- ---------- ---------- Revenue $ Nil $ Nil $ Nil Professional fees 27,903 44,306 (16,403) Exploration expenses 264,379 182,721 81,658 Consulting fees 49,120 178,744 (129,624) Insurance expense 15,601 3,303 12,298 Amortization 552 1,000 (448) Investor Relations 71,406 93,712 (22,306) Interest 985 3,949 (2,964) Management fees Nil 41,800 (41,800) Transfer agent and filing fees 12,536 6,224 6,312 Travel 18,805 20,403 (1,598) Stock option compensation Nil 244,045 (244,045) Website development Nil Nil Nil Write-down of website Nil Nil Nil Write-down of property 134,213 15,396 118,817 General and administrative 14,668 16,814 (2,385) ---------- ---------- ---------- Total Operating Expenses $ 610,168 $ 852,656 $(242,488) ========= ========= ========= Our accumulated losses increased to $1,684,297 as of December 31, 2011. Our financial statements report a net loss of $590,911 for the twelve month period ended December 31, 2011 compared to a net loss of $852,656 for the twelve month period ended December 31, 2010. Our losses have decreased primarily as a result of no stock options being granted in the most current fiscal year end. Our total current liabilities as of December 31, 2011 were $21,730 as compared to total current liabilities of $47,237 as of December 31, 2010. The decrease was due to the Company having less trades payable at year-end. 13 Our operating expenses for the year ended December 31, 2011 were $610,168 compared to $852,656 as of December 31, 2010. The decrease in operating expenses were primarily a result of no stock options being granted in the most current fiscal year end. LIQUIDITY AND FINANCIAL CONDITION At At December 31, December 31, 2011 2010 ---------- ---------- Current assets $1,044,125 $1,461,658 Current liabilities 21,730 47,267 ---------- ---------- Working capital $1,022,395 $1,414,421 ========== ========== WORKING CAPITAL CASH FLOWS Year Ended December 31 2011 2010 ---------- ---------- Net cash (used in) operating activities $ (487,498) $ (685,986) Net Cash (used in) investing activities (26,214) (105,420) Net cash provided by financing activities 84,984 1,829,653 ---------- ---------- Net increase (decrease) in cash during period $ (428,728) 1,038,247 ========== ========== OPERATING ACTIVITIES Net cash used in operating activities was $487,498 for the year ended December 31, 2011 compared with net cash used in operating activities of $685,986 in the same period in 2010. INVESTING ACTIVITIES Net cash used in investing activities was $26,214 for the year ended December 31, 2011 compared to net cash used in investing activities of $236,670 in the same period in 2010. The decrease in use of cash of $210,456 in investing activities is mainly attributable to less funds being used to acquire mineral property interests in the most currently completed fiscal year end. FINANCING ACTIVITIES Net cash provided by financing activities was $84,984 for the year ended December 31, 2011 compared to $1,829,653 provided by financing activities in the same period in 2010. CONTRACTUAL OBLIGATIONS As a "smaller reporting company", we are not required to provide tabular disclosure obligations. GOING CONCERN As of December 31, 2011, our company has accumulated losses of $1,684,297 since inception and has earned no revenues since inception. Our company intends to fund operations through equity financing arrangements, which may be insufficient to fund its capital expenditures, working capital and other cash requirements for the year ending December 31, 2011. The ability of our company to emerge from the development stage is dependent upon, among other things, obtaining additional financing to continue operations, and development of our business plan. In response to these problems, management intends to raise additional funds through public or private placement offerings. These factors, among others, raise substantial doubt about our company's ability to continue as a 14 going concern. The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty. OFF-BALANCE SHEET ARRANGEMENTS We have no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to stockholders. CRITICAL ACCOUNTING POLICIES The discussion and analysis of our financial condition and results of operations are based upon our financial statements, which have been prepared in accordance with the accounting principles generally accepted in the United States of America. Preparing financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses. These estimates and assumptions are affected by management's application of accounting policies. We believe that understanding the basis and nature of the estimates and assumptions involved with the following aspects of our financial statements is critical to an understanding of our financial statements. EXPLORATION STAGE COMPANY The accompanying financial statements have been prepared in accordance with generally accepted accounting principles related to accounting and reporting by exploration stage companies. An exploration stage company is one in which planned principal operations have not commenced or if its operations have commenced, there has been no significant revenues there from. ACCOUNTING BASIS The Company uses the accrual basis of accounting and accounting principles generally accepted in the United States of America ("GAAP" accounting). The Company has adopted a December 31 fiscal year end. CASH AND CASH EQUIVALENTS Cash includes cash on account, demand deposits, and short-term instruments with maturities of three months or less. CONCENTRATIONS OF CREDIT RISK The Company maintains its cash in bank deposit accounts, the balances of which at times may exceed federally insured limits. The Company continually monitors its banking relationships and consequently has not experienced any losses in such accounts. The Company believes it is not exposed to any significant credit risk on cash and cash equivalents. USE OF ESTIMATES The preparation of 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 consolidated financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. REVENUE RECOGNITION The Company is in the exploration stage and has yet to realize revenues from operations. Once the Company has commenced operations, it will recognize revenues when delivery of goods or completion of services has occurred provided there is persuasive evidence of an agreement, acceptance has been approved by its customers, the fee is fixed or determinable based on the completion of stated terms and conditions, and collection of any related receivable is probable. PRINCIPLES OF CONSOLIDATION The consolidated financial statements include the accounts of our wholly-owned subsidiary. All material inter-company transactions have been eliminated. 15 LOSS PER SHARE Basic loss per share is computed by dividing loss available to common shareholders by the weighted average number of common shares outstanding during the year. The computation of diluted earnings per share assumes the conversion, exercise or contingent issuance of securities only when such conversion, exercise or issuance would have a dilutive effect on earnings per share. The dilutive effect of convertible securities is reflected in diluted earnings per share by application of the "if converted" method. In the periods in which a loss is incurred, the effect of potential issuances of shares under options and warrants would be anti-dilutive, and therefore basic and diluted losses per share are the same. COMPUTER EQUIPMENT Computer equipment is stated on the basis of historical cost less accumulated depreciation. Depreciation is provided using the straight-line method over the estimated useful lives of the assets which has been estimated as 2 years. Impairment losses are recorded on computer equipment used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets' carrying amount. INCOME TAXES The asset and liability approach is used to account for income taxes by recognizing deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax basis of assets and liabilities. FINANCIAL INSTRUMENTS The Company's financial instruments consist of cash, accounts receivable, prepaid expenses, and accounts payable and accrued liabilities. Unless otherwise noted, it is management's opinion that the Company is not exposed to significant interest, currency or credit risks arising from these financial instruments. Because of the short maturity and capacity of prompt liquidation of such assets and liabilities, the fair value of these financial instruments approximate their carrying values, unless otherwise noted. MINERAL PROPERTIES Costs of exploration, carrying and retaining unproven mineral lease properties are expensed as incurred. Mineral property acquisition costs are capitalized including licenses and lease payments. Although the Company has taken steps to verify title to mineral properties in which it has an interest, these procedures do not guarantee the Company's title. Such properties may be subject to prior agreements or transfers and title may be affected by undetected defects. Impairment losses are recorded on mineral properties used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets' carrying amount. Impairment of $134,213 was recorded in 2011 relating to the abandonment of some mineral claims. ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK As a "smaller reporting company", we are not required to provide the information required by this Item. 16 ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA [AUDIT REPORT INSERTS HERE] 17 Lithium Corporation (An Exploration Stage Company) Consolidated Balance Sheets As of December 31, 2011 and 2010

See the accompanying notes to the consolidated financial statements 18 Lithium Corporation (An Exploration Stage Company) Consolidated Statements of Operations For the years ended December 31, 2011 and 2010 For the period from January 30, 2007 (Inception) to December 31, 2011

See the accompanying notes to the consolidated financial statements 19 Lithium Corporation (An Exploration Stage Company) Consolidated Statement of Stockholders' Equity From January 30, 2007 (Inception) to December 31, 2011

See the accompanying notes to the consolidated financial statements 20 Lithium Corporation (An Exploration Stage Company) Consolidated Statements of Cash Flows For the years ended December 31, 2011 and 2010 For the period from January 30, 2007 (Inception) to December 31, 2011

See the accompanying notes to the consolidated financial statements 21 Lithium Corporation (An Exploration Stage Company) Notes to Consolidated Financial Statements December 31, 2011 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Lithium Corporation (formerly Utalk Communications Inc.) was incorporated on January 30, 2007 under the laws of Nevada. On September 30, 2009, Utalk Communications Inc. changed its name to Lithium Corporation. Nevada Lithium Corporation was incorporated on March 16, 2009 under the laws of Nevada under the name Lithium Corporation. On September 10, 2009, the Company amended its articles of incorporation to change its name to Nevada Lithium Corporation. By agreement dated October 09, 2009 Nevada Lithium Corporation and Lithium Corporation amalgamated as Lithium Corporation. Lithium Corporation is engaged in the acquisition and development of certain lithium interests in the state of Nevada, and is currently in the exploration stage. These consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles. EXPLORATION STAGE COMPANY The accompanying financial statements have been prepared in accordance with generally accepted accounting principles related to accounting and reporting by exploration stage companies. An exploration stage company is one in which planned principal operations have not commenced or if its operations have commenced, there has been no significant revenues there from. ACCOUNTING BASIS The Company uses the accrual basis of accounting and accounting principles generally accepted in the United States of America ("GAAP" accounting). The Company has adopted a December 31 fiscal year end. CASH AND CASH EQUIVALENTS Cash includes cash on account, demand deposits, and short-term instruments with maturities of three months or less. CONCENTRATIONS OF CREDIT RISK The Company maintains its cash in bank deposit accounts, the balances of which at times may exceed federally insured limits. The Company continually monitors its banking relationships and consequently has not experienced any losses in such accounts. The Company believes it is not exposed to any significant credit risk on cash and cash equivalents. USE OF ESTIMATES The preparation of 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 consolidated financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. REVENUE RECOGNITION The Company is in the exploration stage and has yet to realize revenues from operations. Once the Company has commenced operations, it will recognize revenues when delivery of goods or completion of services has occurred provided there is persuasive evidence of an agreement, acceptance has been approved by its customers, the fee is fixed or determinable based on the completion of stated terms and conditions, and collection of any related receivable is probable. 22 Lithium Corporation (An Exploration Stage Company) Notes to Consolidated Financial Statements December 31, 2011 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) PRINCIPLES OF CONSOLIDATION The consolidated financial statements include the accounts of our wholly-owned subsidiary. All material inter-company transactions have been eliminated. LOSS PER SHARE Basic loss per share is computed by dividing loss available to common shareholders by the weighted average number of common shares outstanding during the year. The computation of diluted earnings per share assumes the conversion, exercise or contingent issuance of securities only when such conversion, exercise or issuance would have a dilutive effect on earnings per share. The dilutive effect of convertible securities is reflected in diluted earnings per share by application of the "if converted" method. In the periods in which a loss is incurred, the effect of potential issuances of shares under options and warrants would be anti-dilutive, and therefore basic and diluted losses per share are the same. COMPUTER EQUIPMENT Computer equipment is stated on the basis of historical cost less accumulated depreciation. Depreciation is provided using the straight-line method over the estimated useful lives of the assets which has been estimated as 2 years. Impairment losses are recorded on computer equipment used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets' carrying amount. INCOME TAXES The asset and liability approach is used to account for income taxes by recognizing deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax basis of assets and liabilities. FINANCIAL INSTRUMENTS The Company's financial instruments consist of cash, accounts receivable, prepaid expenses, and accounts payable and accrued liabilities. Unless otherwise noted, it is management's opinion that the Company is not exposed to significant interest, currency or credit risks arising from these financial instruments. Because of the short maturity and capacity of prompt liquidation of such assets and liabilities, the fair value of these financial instruments approximate their carrying values, unless otherwise noted. MINERAL PROPERTIES Costs of exploration, carrying and retaining unproven mineral lease properties are expensed as incurred. Mineral property acquisition costs are capitalized including licenses and lease payments. Although the Company has taken steps to verify title to mineral properties in which it has an interest, these procedures do not guarantee the Company's title. Such properties may be subject to prior agreements or transfers and title may be affected by undetected defects. Impairment losses are recorded on mineral properties used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets' carrying amount. Impairment of $134,213 was recorded in 2011 relating to the abandonment of some mineral claims. 23 Lithium Corporation (An Exploration Stage Company) Notes to Consolidated Financial Statements December 31, 2011 NOTE 2 - GOING CONCERN Lithium's financial statements are prepared using generally accepted accounting principles applicable to a going concern, which contemplates that the Company will continue in operation for the foreseeable future and will realize its assets and liquidate its liabilities in the normal course of business. However, Lithium has no current source of revenue, recurring losses and a deficit accumulated during the exploration stage of $1,684,297 as of December 31, 2011. These factors, among others, raise, substantial doubt about the Company's ability to continue as a going concern. Lithium's management plans on raising cash from public or private debt or equity financing, on an as-needed basis and in the longer term, revenues from the acquisition, exploration and development of mineral interests, if found. Lithium's ability to continue as a going concern is dependent on these additional cash financings and, ultimately, upon achieving profitable operations through the development of mineral interests. The successful outcome of future activities cannot be determined at this time. The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty. NOTE 3 - PREPAID EXPENSES Prepaid expenses consisted of the following at December 31, 2011 and 2010: 2011 2010 -------- -------- Professional fees $ -- $ 10,275 Exploration costs 9,000 34,352 Bonds 39,754 12,975 Rent 298 298 Insurance 12,395 -- Office 5,804 -- Investor relations 6,170 -- Consulting -- 5,000 -------- -------- Total prepaid expenses $ 73,421 $ 62,900 ======== ======== NOTE 4 - PROPERTY AND EQUIPMENT 2011 2010 -------- -------- Computer Equipment $ 2,433 $ 2,002 Less: Accumulated amortization (2,056) (1,504) -------- -------- Property and equipment, net $ 377 $ 498 ======== ======== Amortization expense was $522 and $1,000 for the years ended December 31, 2011 and 2010, respectively. 24 Lithium Corporation (An Exploration Stage Company) Notes to Consolidated Financial Statements December 31, 2011 NOTE 5 - MINERAL PROPERTIES FISH LAKE PROPERTY The Company has purchased a 100% interest in the Fish Lake property by making staged payments of $350,000 worth of common stock. Title to the pertinent claims was transferred to the Company through quit claim deed dated June 1st 2011, and this quitclaim was recorded at the county level on August 3rd 2011, and at the BLM on August 4th 2011. Quarterly stock disbursements were made on the following schedule: 1st Disbursement: within 10 days of signing agreement (paid) 2nd Disbursement: within 10 days of June 30, 2009 (paid) 3rd Disbursement: within 10 days of December 30, 2009 (paid) 4th Disbursement: within 10 days of March 31, 2010 (paid) 5th Disbursement: within 10 days of June 30, 2010 (paid) 6th Disbursement: within 10 days of September 30, 2010 (paid) 7th Disbursement: within 10 days of December 31, 2010 (paid) 8th Disbursement: within 10 days of March 31, 2011 (paid) As at December 31, 2011, the Company has recorded $414,168 in acquisition costs related to the Fish Lake Property. STAKED PROPERTIES The Company has staked claims with various registries as summarized below: Name Claims (Area in Acres) Amount ---- ---------------------- ------ Salt Wells 156 (12,480) $74,452 Other $17,896 The Company performs an impairment test on an annual basis to determine whether a write-down is necessary with respect to the properties. The Company believes no circumstances have occurred and no evidence has been uncovered that warrant a write-down of the mineral properties other than those abandoned by management and thus included in write-down of mineral properties. Impairment of $134,213 was recorded in 2011 relating to the abandonment of some mineral claims. NOTE 6 - CAPITAL STOCK The Company is authorized to issue 300,000,000 shares of it $0.001 par value common stock. On September 30, 2009, the Company effected a 60-for-1 forward stock split of its $0.001 par value common stock. All share and per share amounts have been retroactively restated to reflect the splits discussed above. COMMON STOCK On January 30, 2007, the Company issued 240,000,000 shares of its common stock to founders for proceeds of $20,000. During the year-ended December 31, 2008, the Company issued 28,200,000 shares of its common stock for total proceeds of 47,000. 25 Lithium Corporation (An Exploration Stage Company) Notes to Consolidated Financial Statements December 31, 2011 NOTE 6 - CAPITAL STOCK (CONTINUED) On October 9, 2009, the Company cancelled 220,000,000 shares of its common stock. Also on October 9, 2009, the Company issued 12,350,000 shares of its common stock for 100 percent of the issued and outstanding stock of Nevada Lithium Corp. Refer to Note 3. On January 10, 2010, the Company issued 53,484 shares of its common stock as part of the Fish Lake Property acquisition. On March 24, 2010, the Company issued 2,000,000 units in a private placement, raising gross proceeds of $2,000,000, or $1.00 per unit. Each unit consists of one common share in the capital of our company and one non-transferable common share purchase warrant. Each whole common share purchase warrant non-transferable entitles the holder thereof to purchase one share of common stock in the capital of our company, for a period of twelve months commencing the closing, at a purchase price of $1.20 per warrant share and at a purchase price of $1.35 per warrant share for a period of twenty-four months thereafter. On April 30, 2010, the Company issued 38,068 shares of its common stock as part of the Fish Lake Property acquisition. On July 10, 2010, the Company issued 104,168 shares of its common stock as part of the Fish Lake Property acquisition. On October 10, 2010, the Company issued 171,568 of its common stock as part of the Fish Lake Property acquisition. On January 10, 2011, the Company issued 163,856 shares of its common stock as part of the Fish Lake Property acquisition. On April 10, 2011, the Company issued 230,264 shares of its common stock as part of the Fish Lake Property acquisition. On April 28, 2011, the Company issued 150,000 shares of its common stock as part of a stock option exercise. On May 5, 2011, the Company issued 200,000 shares of its common stock as part of a stock option exercise. There were 63,661,408 shares of common stock issued and outstanding as of December 31, 2011. WARRANTS Outstanding at Issue Date Number Price Expiry Date December 31, 2011 ---------- ------ ----- ----------- ----------------- March 24, 2010 2,000,000 $1.35 March 24, 2012 2,000,000 The warrants were valued using the Black-Scholes option pricing model using the following assumptions: term of 1 and years, dividend yield of 0%, risk free interest rates of 0.03% and 1.60%% and volatility of 110%. The fair value of the warrants was adjusted against additional paid in capital. 26 Lithium Corporation (An Exploration Stage Company) Notes to Consolidated Financial Statements December 31, 2011 NOTE 6 - CAPITAL STOCK (CONTINUED) Stock Based Compensation The Company granted 500,000 options at an exercise price of $0.28 to consultants in exchange for various professional services. The Company granted another 800,000 options to consultants for management services at exercise price of $0.24. These options were vested on the date of grant. During the year ended December 31, 2011, 350,000 stock options were exercised for proceeds totalling $84,000. The Company uses the Black-Scholes option valuation model to value stock options granted. The Black- Scholes model was developed for use in estimating the fair value of traded options that have no vesting restrictions and are fully transferable. The model requires management to make estimates, which are subjective and may not be representative of actual results. Assumptions used to determine the fair value of the stock based compensation is as follows: Risk free interest rate 2.40% Expected dividend yield 0% Expected stock price volatility 93% Expected life of options 5 years Weighted Total Average Weighted Total Remaining Average Exercise Options Life Exercise Options Prices Outstanding (Years) Price Exercisable ------ ----------- ------- ----- ----------- $0.28 500,000 3.73 $0.28 500,000 $0.24 450,000 3.73 $0.24 450,000 Total stock-based compensation for the year- ended December 31, 2011 was $Nil (2010: $244,045). The following table summarizes the stock options outstanding at December 31, 2011: Outstanding at Issue Date Number Price Expiry Date December 31, 2010 ---------- ------ ----- ----------- ----------------- September 23, 2010 500,000 $0.28 September 23, 2015 500,000 September 23, 2010 450,000 $0.24 September 23, 2015 450,000 27 Lithium Corporation (An Exploration Stage Company) Notes to Consolidated Financial Statements December 31, 2011 NOTE 7 - INCOME TAXES A. As of December 31, 2011, the Company had net operating loss carry forwards of approximately $1,684,297 that may be available to reduce future years' taxable income in varying amounts through 2031. Future tax benefits which may arise as a result of these losses have not been recognized in these financial statements, as their realization is determined not likely to occur and accordingly, the Company has recorded a valuation allowance for the deferred tax asset relating to these tax loss carry-forwards. B. The provision for Federal income tax consists of the following at December 31: 2011 2010 ---------- ---------- Federal income tax benefit attributable to: Current operations $ 200,910 $ 289,903 Less: valuation allowance (200,910) (289,903) ---------- ---------- Net provision for Federal income taxes $ 0 $ 0 ========== ========== The cumulative tax effect at the expected rate of 34% of significant items comprising our net deferred tax amount is as follows at December 31: 2011 2010 ---------- ---------- Deferred tax asset attributable to: Net operating loss carryover $ 572,661 $ 371,751 Less: valuation allowance (572,661) (371,751) ---------- ---------- Net deferred tax asset $ 0 $ 0 ========== ========== Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry forwards of approximately $1,684,297 for Federal income tax reporting purposes are subject to annual limitations. Should a change in ownership occur net operating loss carry forwards may be limited as to use in future years. NOTE 8 - SUBSEQUENT EVENTS The Company has analyzed its operations subsequent to December 31, 2011 through the date these financial statements were issued, and has determined that it does not have any other material subsequent events to disclose. 28 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE There were no disagreements related to accounting principles or practices, financial statement disclosure, internal controls or auditing scope or procedure during the two fiscal years and interim periods, including the interim period up through the date the relationship ended. ITEM 9A. CONTROLS AND PROCEDURES MANAGEMENT'S REPORT ON DISCLOSURE CONTROLS AND PROCEDURES We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our reports filed under the SECURITIES EXCHANGE ACT OF 1934, as amended, is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms, and that such information is accumulated and communicated to our management, including our president (our principal executive officer, principal financial officer and principle accounting officer) to allow for timely decisions regarding required disclosure. As of December 31, 2011, the end of our fiscal year covered by this report, we carried out an evaluation, under the supervision and with the participation of our president (our principal executive officer, principal financial officer and principle accounting officer), of the effectiveness of the design and operation of our disclosure controls and procedures. Based on the foregoing, our president (our principal executive officer, principal financial officer and principle accounting officer) concluded that our disclosure controls and procedures were effective as of the end of the period covered by this annual report. MANAGEMENT'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING Our management is responsible for establishing and maintaining adequate internal control over financial reporting responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of control procedures. The objectives of internal control include providing management with reasonable, but not absolute, assurance that assets are safeguarded against loss from unauthorized use or disposition, and that transactions are executed in accordance with management's authorization and recorded properly to permit the preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States. Our management assessed the effectiveness of our internal control over financial reporting as of December 31, 2011. In making this assessment, our management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO") in INTERNAL CONTROL-INTEGRATED FRAMEWORK. Our management has concluded that, as of December 31, 2011, our internal control over financial reporting is effective. Our management reviewed the results of their assessment with our board of directors. This annual report does not include an attestation report of our company's registered public accounting firm regarding internal control over financial reporting. Management's report was not subject to attestation by our company's registered public accounting firm pursuant to temporary rules of the Securities and Exchange Commission that permit our company to provide only management's report in this annual report. INHERENT LIMITATIONS ON EFFECTIVENESS OF CONTROLS Internal control over financial reporting has inherent limitations which include but is not limited to the use of independent professionals for advice and guidance, interpretation of existing and/or changing rules and principles, segregation of management duties, scale of organization, and personnel factors. Internal control over financial reporting is a process which involves human diligence and compliance and is subject to lapses in judgment and breakdowns resulting from human failures. Internal control over financial reporting also can be circumvented by collusion or improper management override. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements on a timely basis, however these inherent limitations are known features of the financial reporting process and it is possible to design into the process safeguards to reduce, though not eliminate, this risk. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and 29 presentation. Projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING There have been no changes in our internal controls over financial reporting that occurred during the year ended December 31, 2011 that have materially or are reasonably likely to materially affect, our internal controls over financial reporting. ITEM 9B. OTHER INFORMATION None. PART III ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE All directors of our company hold office until the next annual meeting of the security holders or until their successors have been elected and qualified. The officers of our company are appointed by our board of directors and hold office until their death, resignation or removal from office. Our directors and executive officers, their ages, positions held, and duration as such, are as follows: Position Held Date First Elected Name with the Company Age or Appointed ---- ---------------- --- ------------ Tom Lewis President, Treasurer, 57 August 25, 2009 Secretary and Director John Hiner Vice President of 64 October 25, 2009 Exploration and Director Henry (Kip) Tonking Director 57 November 17, 2009 Stephen Goss Director 61 February 8, 2010 John Webster Director 55 July 19, 2010 BUSINESS EXPERIENCE The following is a brief account of the education and business experience during at least the past five years of each director, executive officer and key employee of our company, indicating the person's principal occupation during that period, and the name and principal business of the organization in which such occupation and employment were carried out. TOM LEWIS - PRESIDENT, TREASURER, SECRETARY AND DIRECTOR Mr. Lewis has more than 35 years experience in the Oil and Gas and Mineral exploration industries. He has held various positions including Project Geologist, Project Manager, Senior Project Geologist, and Vice President Exploration. He also was an integral member of the development team that explored, and developed the Cortez Hills deposit in Crescent Valley Nevada. In 1973 Mr. Lewis started his career in the Oil Fields, and worked in the Geophysical, and Drilling industries until 1981, when he became a Petroleum Landman for Westburne Petroleum & Minerals. While there he was responsible for the acquisition and disposition of interests and maintaining title to petroleum lands in various locales in the United States, and Western Canada. In 1989 he 30 started his own business as a consulting geologist and has worked in numerous locations over the past 20 years, including the United States, Mexico, Canada, Portugal, Chile, Africa, India and Honduras. Some of the positions he held include: working with Teck Cominco in 1996 evaluating and exploring precious metal deposits in Southern Mexico; Project Manager on the Farim Phosphate deposit for Champion Resources in Guinea Bissau, West Africa in 1998; Project Geologist in 2001 and 2002 for Crystal Graphite Corporation, Project Geologist on the Midway Gold project in Tonopah Nevada, followed by two years as Senior Geologist at the Cortez Joint Venture in Crescent Valley, Nevada. By August 2005 he was named Vice President of Exploration in Portugal for St Elias Mines, working on the Jales project, and developing grass roots projects in Nevada. Following his experience in Portugal and Nevada he consulted to Selkirk Metals and New World Resource Corp. on projects in western Canada and Nevada. Most recently he consulted to Kinross Gold USA evaluating possible acquisitions. JOHN HINER - VICE PRESIDENT OF EXPLORATION AND DIRECTOR Mr. Hiner is a Geologist who has over 30 years of experience in the Mineral exploration, and Oil and Gas industries, and has considerable experience in this capacity, and also has been an officer or director of several public companies. John brings a great deal of depth and insight to the Board of Directors of our Company. HENRY (KIP) TONKING - DIRECTOR Mr. Tonking is a graduate of the Mackay School of Mines at the University of Nevada in Reno, Nevada, graduating with a B.Sc. in Geology in 1979. Currently based in Reno, Kip has provided exploration and management services to a number of major and junior mining firms throughout the western Unites States, with his principal focus being the State of Nevada. He has over 30 years of experience in minerals exploration and real estate development. Mr. Tonking is currently the owner and President of T & T Exploration, a mineral exploration consulting firm, Vice President of Golden Crescent Corporation, and Manager of All American Resources, all of which are Nevada based companies. Kip's experience in, and knowledge of Nevada has been a valuable asset to our Company. STEPHEN GOSS - DIRECTOR Mr. Goss has over twenty years experience as a mineral landman, and has worked for The Bunker Hill Company, U.S. Borax and Chemical Corporation and Kennecott Exploration Company. He has been involved with several start-up mineral exploration companies, most notably Timberline Resources Corporation, where he was a co-founder and acted as its CEO from January 2004 to May 2006. Mr. Goss received a M.S. degree in Geography from the University of Idaho and is licensed as a Certified General real estate appraiser in the State of Washington. The Company feels that Steve's administrative and land management skills were an essential addition to the Board of Directors, due to the issues of maintaining a large land base. JOHN WEBSTER- DIRECTOR Mr. Webster has been a CPA since 1987. He graduated Summa Cum Laude from Gonzaga University in Spokane, Washington, with a BA in Economics and Accounting. John has extensive experience in S.E.C. reporting and auditing, governmental audits, tax issues and consulting for closely held business enterprises. John is a life-long resident of Spokane and has served as member of a number of community planning and development boards. He has also served as an officer and director of several local arts organizations. From 1996 to 2006, John was one of the founding senior principals and Vice-President of Williams & Webster, P.S., a Spokane based regional CPA firm specializing in the auditing of small public companies and consulting for emerging public companies. John served as the firm's technical principal and assisted in all merger and acquisitions transactions for both accounting and tax issues. John is the latest Director appointed to our Board, and his accounting, and reporting skills are a welcome addition to the Board. EMPLOYMENT AGREEMENTS We have no formal employment agreements with any of our employees, directors or officers. 31 FAMILY RELATIONSHIPS There are no family relationships between any of our directors, executive officers and proposed directors or executive officers. INVOLVEMENT IN CERTAIN LEGAL PROCEEDINGS To the best of our knowledge, none of our directors or executive officers has, during the past ten years: 1. been convicted in a criminal proceeding or been subject to a pending criminal proceeding (excluding traffic violations and other minor offences); 2. had any bankruptcy petition filed by or against the business or property of the person, or of any partnership, corporation or business association of which he was a general partner or executive officer, either at the time of the bankruptcy filing or within two years prior to that time; 3. been subject to any order, judgment, or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction or federal or state authority, permanently or temporarily enjoining, barring, suspending or otherwise limiting, his involvement in any type of business, securities, futures, commodities, investment, banking, savings and loan, or insurance activities, or to be associated with persons engaged in any such activity; 4. been found by a court of competent jurisdiction in a civil action or by the SEC or the Commodity Futures Trading Commission to have violated a federal or state securities or commodities law, and the judgment has not been reversed, suspended, or vacated; 5. been the subject of, or a party to, any federal or state judicial or administrative order, judgment, decree, or finding, not subsequently reversed, suspended or vacated (not including any settlement of a civil proceeding among private litigants), relating to an alleged violation of any federal or state securities or commodities law or regulation, any law or regulation respecting financial institutions or insurance companies including, but not limited to, a temporary or permanent injunction, order of disgorgement or restitution, civil money penalty or temporary or permanent cease-and-desist order, or removal or prohibition order, or any law or regulation prohibiting mail or wire fraud or fraud in connection with any business entity; or 6. been the subject of, or a party to, any sanction or order, not subsequently reversed, suspended or vacated, of any self-regulatory organization (as defined in Section 3(a)(26) of the Exchange Act (15 U.S.C. 78c(a)(26))), any registered entity (as defined in Section 1(a)(29) of the Commodity Exchange Act (7 U.S.C. 1(a)(29))), or any equivalent exchange, association, entity or organization that has disciplinary authority over its members or persons associated with a member. COMPLIANCE WITH SECTION 16(A) OF THE SECURITIES EXCHANGE ACT OF 1934 Section 16(a) of the Securities Exchange Act of 1934, as amended, requires our executive officers and directors and persons who own more than 10% of a registered class of our equity securities to file with the Securities and Exchange Commission initial statements of beneficial ownership, reports of changes in ownership and annual reports concerning their ownership of our shares of common stock and other equity securities, on Forms 3, 4 and 5, respectively. Executive officers, directors and greater than 10% shareholders are required by the Securities and Exchange Commission regulations to furnish us with copies of all Section 16(a) reports they file. Based solely on our review of the copies of such forms received by our company, or written representations from certain reporting persons that no Form 5s were required for those persons, we believe that, during the fiscal year ended December 31, 2011, all filing requirements applicable to our officers, directors and greater than 10% beneficial owners as well as our officers, directors and greater than 10% beneficial owners of our subsidiaries were complied with, with the exception of the following: 32 Number of Transactions Not Number of Late Reported on a Timely Failure to File Name Reports Basis Requested Forms ---- ------- ----- --------------- Hleiss Mazen 1(1) 3 Nil ---------- (1) the insider was late filing an Exit Form 4, Notice of Change of Beneficial Ownership. CODE OF ETHICS Effective March 25, 2011, our company's board of directors adopted a Code of Business Conduct and Ethics that applies to, among other persons, our company's principal executive officer and our principal financial and accounting officer, as well as persons performing similar functions. As adopted, our Code of Business Conduct and Ethics sets forth written standards that are designed to deter wrongdoing and to promote: (1) honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships; (2) full, fair, accurate, timely, and understandable disclosure in reports and documents that we file with, or submit to, the Securities and Exchange Commission and in other public communications made by us; (3) compliance with applicable governmental laws, rules and regulations; (4) the prompt internal reporting of violations of the Code of Business Conduct and Ethics to an appropriate person or persons identified in the Code of Business Conduct and Ethics; and (5) accountability for adherence to the Code of Business Conduct and Ethics. Our Code of Business Conduct and Ethics requires, among other things, that all of our company's personnel shall be accorded full access to our president and secretary with respect to any matter which may arise relating to the Code of Business Conduct and Ethics. Further, all of our company's personnel are to be accorded full access to our company's board of directors if any such matter involves an alleged breach of the Code of Business Conduct and Ethics by our president or secretary. In addition, our Code of Business Conduct and Ethics emphasizes that all employees, and particularly managers and/or supervisors, have a responsibility for maintaining financial integrity within our company, consistent with generally accepted accounting principles, and federal, provincial and state securities laws. Any employee who becomes aware of any incidents involving financial or accounting manipulation or other irregularities, whether by witnessing the incident or being told of it, must report it to his or her immediate supervisor or to our company's president or secretary. If the incident involves an alleged breach of the Code of Business Conduct and Ethics by the president or secretary, the incident must be reported to any member of our board of directors. Any failure to report such inappropriate or irregular conduct of others is to be treated as a severe disciplinary matter. It is against our company policy to retaliate against any individual who reports in good faith the violation or potential violation of our company's Code of Business Conduct and Ethics by another. Our Code of Business Conduct and Ethics is filed herewith with the Securities and Exchange Commission as Exhibit 14.1 to this annual report. We will provide a copy of the Code of Business Conduct and Ethics to any person without charge, upon request. Requests can be sent to: Lithium Corporation, 10597 Double R Blvd. - Suite 2, Reno, Nevada 89521. 33 BOARD AND COMMITTEE MEETINGS Our board of directors held no formal meetings during the year ended December 31, 2011. All proceedings of the board of directors were conducted by resolutions consented to in writing by all the directors and filed with the minutes of the proceedings of the directors. Such resolutions consented to in writing by the directors entitled to vote on that resolution at a meeting of the directors are, according to the Nevada General Corporate Law and our Bylaws, as valid and effective as if they had been passed at a meeting of the directors duly called and held. NOMINATION PROCESS As of December 31, 2011, we did not effect any material changes to the procedures by which our shareholders may recommend nominees to our board of directors. Our board of directors does not have a policy with regards to the consideration of any director candidates recommended by our shareholders. Our board of directors has determined that it is in the best position to evaluate our company's requirements as well as the qualifications of each candidate when the board considers a nominee for a position on our board of directors. If shareholders wish to recommend candidates directly to our board, they may do so by sending communications to the president of our company at the address on the cover of this annual report. AUDIT COMMITTEE Currently our audit committee consists of our entire board of directors. We do not have a standing audit committee as we currently have limited working capital and no revenues. With our recent management change however, we have positioned ourselves with an audit committee financial expert and independent director should we be able to raise sufficient funding to execute our business plan. With success we will form an audit, compensation committee and other applicable committees utilizing our directors expertise. AUDIT COMMITTEE FINANCIAL EXPERT Our board of directors has determined that John Webster qualifies as an "audit committee financial expert" as defined in Item 407(d)(5)(ii) of Regulation S-K. ITEM 11. EXECUTIVE COMPENSATION The particulars of the compensation paid to the following persons: (a) our principal executive officer; (b) each of our two most highly compensated executive officers who were serving as executive officers at the end of the years ended December 31, 2011 and 2010; and (c) up to two additional individuals for whom disclosure would have been provided under (b) but for the fact that the individual was not serving as our executive officer at the end of the years ended December 31, 2011 and 2010, who we will collectively refer to as the named executive officers of our company, are set out in the following summary compensation table, except that no disclosure is provided for any named executive officer, other than our principal executive officers, whose total compensation did not exceed $100,000 for the respective fiscal year: 34 SUMMARY COMPENSATION TABLE

---------- (1) Mr. Lewis was appointed the president, treasurer, secretary and a director of our company on August 25, 2009. (2) Mr. Lewis provides consulting services to the Company as needed in relation to administration, project generation, and exploration of the Company's properties. There are no arrangements or plans in which we provide pension, retirement or similar benefits for directors or executive officers. Our directors and executive officers may receive share options at the discretion of our board of directors in the future. We do not have any material bonus or profit sharing plans pursuant to which cash or non-cash compensation is or may be paid to our directors or executive officers, except that share options may be granted at the discretion of our board of directors. 2011 GRANTS OF PLAN-BASED AWARDS The following table provides information about equity and non-equity awards granted to the named executives in 2011: GRANTS OF PLAN-BASED AWARDS

35 OUTSTANDING EQUITY AWARDS AT FISCAL YEAR END The particulars of unexercised options, stock that has not vested and equity incentive plan awards for our named executive officers are set out in the following table:

OPTION EXERCISES AND STOCK VESTED During our Fiscal year ended December 31, 2011 there were no options exercised by our named officers. COMPENSATION OF DIRECTORS We do not have any agreements for compensating our directors for their services in their capacity as directors, although such directors are expected in the future to receive stock options to purchase shares of our common stock as awarded by our board of directors. The following table sets forth a summary of the compensation paid to our non-employee directors in 2011: DIRECTOR COMPENSATION

OPTION EXERCISES AND STOCK VESTED During our Fiscal year ended December 31, 2011 there were no options exercised by our named officers. 36 PENSION, RETIREMENT OR SIMILAR BENEFIT PLANS There are no arrangements or plans in which we provide pension, retirement or similar benefits for directors or executive officers. We have no material bonus or profit sharing plans pursuant to which cash or non-cash compensation is or may be paid to our directors or executive officers, except that stock options may be granted at the discretion of the board of directors or a committee thereof. INDEBTEDNESS OF DIRECTORS, SENIOR OFFICERS, EXECUTIVE OFFICERS AND OTHER MANAGEMENT None of our directors or executive officers or any associate or affiliate of our company during the last two fiscal years, is or has been indebted to our company by way of guarantee, support agreement, letter of credit or other similar agreement or understanding currently outstanding. ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS The following table sets forth, as of April 5, 2012, certain information with respect to the beneficial ownership of our common shares by each shareholder known by us to be the beneficial owner of more than 5% of our common shares, as well as by each of our current directors and executive officers as a group. Each person has sole voting and investment power with respect to the shares of common stock, except as otherwise indicated. Beneficial ownership consists of a direct interest in the shares of common stock, except as otherwise indicated. Name and Address of Amount and Nature of Percentage Beneficial Owner Beneficial Ownership of Class(1) ---------------- -------------------- ----------- Tom Lewis 10,000,000 Common Shares 15.708% PO Box 2053 Richland, WA 99352 John Hiner 10,000,000 Common Shares 15.708% 9443 Axlund Road Lynden, WA 98264 Henry Tonking PO Box 6945 Incline Village, NV 89450 Nil 0% Stephen Goss 36 W. 16th Ave Spokane, WA 99203 Nil 0% John Webster 224 W. 16th Avenue, Spokane, WA 99203] Nil 0% Directors and Executive Officers as a Group(1) 20,000,000 Common Shares 31.416% ---------- (1) Under Rule 13d-3, a beneficial owner of a security includes any person who, directly or indirectly, through any contract, arrangement, understanding, relationship, or otherwise has or shares: (i) voting power, which includes the power to vote, or to direct the voting of shares; and (ii) investment power, which includes the power to dispose or direct the disposition of shares. Certain shares may be deemed to be beneficially owned by more than one person (if, for example, persons share the power to vote or the power to dispose of the shares). In addition, shares are deemed to be beneficially owned by a person if the person has the right to acquire the 37 shares (for example, upon exercise of an option) within 60 days of the date as of which the information is provided. In computing the percentage ownership of any person, the amount of shares outstanding is deemed to include the amount of shares beneficially owned by such person (and only such person) by reason of these acquisition rights. As a result, the percentage of outstanding shares of any person as shown in this table does not necessarily reflect the person's actual ownership or voting power with respect to the number of shares of common stock actually outstanding on March 30, 2012. As of March 30, 2012 there were 63,661,408 shares of our company's common stock issued and outstanding CHANGES IN CONTROL We are unaware of any contract or other arrangement the operation of which may at a subsequent date result in a change in control of our company. ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE Except as disclosed herein, no director, executive officer, shareholder holding at least 5% of shares of our common stock, or any family member thereof, had any material interest, direct or indirect, in any transaction, or proposed transaction since the year ended December 31, 2011, in which the amount involved in the transaction exceeded or exceeds the lesser of $120,000 or one percent of the average of our total assets at the year end for the last three completed fiscal years. DIRECTOR INDEPENDENCE We currently act with five (5) directors, consisting of Tom Lewis, John Hiner, Henry Tonking, Stephen Goss and John Webster. We have determined that Henry Tonking, Stephen Goss and John Webster are independent directors, as that term is used in Rule 4200(a)(15) of the Rules of National Association of Securities Dealers. Currently our audit committee consists of our entire board of directors. We currently do not have nominating, compensation committees or committees performing similar functions. There has not been any defined policy or procedure requirements for shareholders to submit recommendations or nomination for directors. Our board of directors has determined that John Webster qualifies as an "audit committee financial expert" as defined in as defined in Item 407(d)(5)(ii) of Regulation S-K. From inception to present date, we believe that the members of our audit committee and the board of directors have been and are collectively capable of analyzing and evaluating our financial statements and understanding internal controls and procedures for financial reporting. ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES The aggregate fees billed for the most recently completed fiscal year ended December 31, 2011 and for fiscal year ended December 31, 2010 for professional services rendered by the principal accountant for the audit of our annual financial statements and review of the financial statements included in our quarterly reports on Form 10-Q and services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for these fiscal periods were as follows: 38 Year Ended December 31, 2011 December 31, 2010 ----------------- ----------------- Audit Fees $ 8,000 $ 8,000 Audit Related Fees $ 5,250 $ 5,250 Tax Fees $ Nil $ 1,800 All Other Fees $ Nil $ Nil ------- ------- Total $13,250 $15,050 ======= ======= Our board of directors pre-approves all services provided by our independent auditors. All of the above services and fees were reviewed and approved by the board of directors either before or after the respective services were rendered. Our board of directors has considered the nature and amount of fees billed by our independent auditors and believes that the provision of services for activities unrelated to the audit is compatible with maintaining our independent auditors' independence. PART IV ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES (a) Financial Statements (1) Financial statements for our company are listed in the index under Item 8 of this document (2) All financial statement schedules are omitted because they are not applicable, not material or the required information is shown in the financial statements or notes thereto. (b) Exhibits Exhibit Number Description ------ ----------- (3) ARTICLES OF INCORPORATION AND BYLAWS 3.1 Articles of Incorporation (incorporated by reference from our Registration Statement on Form SB-2 filed on December 21, 2007). 3.2 By-laws (incorporated by reference from our Registration Statement on Form SB-2 filed on December 21, 2007). 3.3 Articles of Merger (incorporated by reference from our Current Report on Form 8-K filed on October 2, 2009). 3.4 Certificate of Change (incorporated by reference from our Current Report on Form 8-K filed on October 2, 2009). (4) INSTRUMENTS DEFINING THE RIGHTS OF SECURITY HOLDERS, INCLUDING INDENTURES 4.1 2009 Stock Option Plan (incorporated by reference from our Current Report on Form 8-K filed on December 30, 2009) (10) MATERIAL CONTRACTS 10.1 Share exchange agreement dated October 9, 2009, among our company, Nevada Lithium Corporation and the selling shareholders of Nevada Lithium Corporation as set out in the share exchange agreement (incorporated by reference from our Current Report on Form 8-K filed on October 26, 2009). 39 10.2 Lease Purchase Agreement dated June 1, 2009 between Nevada Lithium Corporation as purchaser and Nevada Mining Co., Inc., Robert Craig, Barbara Craig and Elizabeth Dickman as vendors. (incorporated by reference from our Current Report on Form 8-K filed on October 26, 2009). 10.3 Lease Agreement dated March 16, 2009 between Nevada Lithium Corporation as Lessee and Cerro Rico Ventures LLC as Lessor (incorporated by reference from our Current Report on Form 8-K filed on October 26, 2009). (14) CODE OF ETHICS 14.1* Code of Ethics and Business Conduct (21) SUBSIDIARIES OF THE REGISTRANT 21.1 Nevada Lithium Corporation, a Nevada corporation (31) RULE 13A-14(D)/15D-14(D) CERTIFICATIONS 31.1* Section 302 Certification of Principal Executive Officer and Principal Financial Officer. (32) SECTION 1350 CERTIFICATIONS 32.1* Section 906 Certification of Principal Executive Officer and Principal Financial Officer. (101)** INTERACTIVE DATA FILE (FORM 10-K FOR THE YEAR ENDED DECEMBER 31, 2011) 101.INS XBRL Instance Document 101.SCH XBRL Taxonomy Extension Schema Document. 101.CAL XBRL Taxonomy Extension Calculation Linkbase Document. 101.DEF XBRL Taxonomy Extension Definition Linkbase Document. 101.LAB XBRL Taxonomy Extension Label Linkbase Document. 101.PRE XBRL Taxonomy Extension Presentation Linkbase Document. ---------- * Filed herewith. ** Furnished herewith. Pursuant to Rule 406T of Regulation S-T, the Interactive Data Files on Exhibit 101 hereto are deemed not filed or part of any registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, are deemed not filed for purposes of Section 18 of the Securities and Exchange Act of 1934, and otherwise are not subject to liability under those sections SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereto duly authorized. LITHIUM CORPORATION (Registrant) Dated: April 5, 2012 /s/ Tom Lewis --------------------------------------- Tom Lewis President, Treasurer, Secretary and Director (Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer) Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. Dated: April 5, 2012 /s/ Tom Lewis --------------------------------------- Tom Lewis President, Treasurer, Secretary and Director (Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer) Dated: April 5, 2012 /s/ John Hiner --------------------------------------- John Hiner Director Dated: April 5, 2012 /s/ Henry Tonking --------------------------------------- Henry Tonking Director Dated: April 5, 2012 /s/ Stephen Goss --------------------------------------- Stephen Goss Director Dated: April 5, 2012 /s/ John Webster --------------------------------------- John Webster Director 40 EX-31 2 ex31-1.txt EXHIBIT 31.1 CERTIFICATION PURSUANT TO 18 U.S.C. SS 1350, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I, Tom Lewis, certify that: 1. I have reviewed this Annual Report on Form 10-K of Lithium Corporation; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. 6. The registrant's other certifying officer(s) and I have indicated in this report whether or not there were significant changes in internal controls or on other factors that could significantly affect internal controls subsequent to the date of our most recent evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses. Date: April 5, 2012 /s/ Tom Lewis --------------------------------------------------------- Tom Lewis President, Treasurer, Secretary and Director (Principal Executive Officer, Principal Financial Officer and Principal and Accounting Officer) EX-32 3 ex32-1.txt EXHIBIT 32.1 CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 I, Tom Lewis, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that: (1) the Annual Report on Form 10-K of Lithium Corporation for the year ended December 31, 2011 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and (2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Lithium Corporation. Date: April 5, 2012 /s/ Tom Lewis -------------------------------------------- Tom Lewis President, Treasurer, Secretary and Director (Principal Executive Officer, Principal Financial Officer and Principal and Accounting Officer) A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to Lithium Corporation and will be retained by Lithium Corporation and furnished to the Securities and Exchange Commission or its staff upon request. EX-101.INS 4 ltum-20111231.xml 10-K 2011-12-31 false Lithium Corp 0001415332 --12-31 63661408 10476554.85 Smaller Reporting Company Yes No No 2011 FY

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<pre>NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</pre><pre> </pre><pre>Lithium  Corporation  (formerly Utalk  Communications  Inc.) was incorporated on</pre><pre>January  30,  2007  under the laws of  Nevada.  On  September  30,  2009,  Utalk</pre><pre>Communications Inc. changed its name to Lithium Corporation.</pre><pre> </pre><pre>Nevada Lithium  Corporation was incorporated on March 16, 2009 under the laws of</pre><pre>Nevada under the name Lithium  Corporation.  On September 10, 2009,  the Company</pre><pre>amended  its  articles  of  incorporation  to change its name to Nevada  Lithium</pre><pre>Corporation.  By agreement dated October 09, 2009 Nevada Lithium Corporation and</pre><pre>Lithium Corporation  amalgamated as Lithium Corporation.  Lithium Corporation is</pre><pre>engaged in the acquisition  and development of certain lithium  interests in the</pre><pre>state of Nevada,  and is currently in the exploration  stage. These consolidated</pre><pre>financial  statements  have been  prepared  in  accordance  with U.S.  generally</pre><pre>accepted accounting principles.</pre><pre> </pre><pre>EXPLORATION STAGE COMPANY</pre><pre>The  accompanying  financial  statements  have been prepared in accordance  with</pre><pre>generally accepted accounting  principles related to accounting and reporting by</pre><pre>exploration  stage  companies.  An  exploration  stage  company  is one in which</pre><pre>planned  principal  operations  have not  commenced  or if its  operations  have</pre><pre>commenced, there has been no significant revenues there from.</pre><pre> </pre><pre>ACCOUNTING BASIS</pre><pre>The Company  uses the accrual  basis of  accounting  and  accounting  principles</pre><pre>generally  accepted in the United  States of America  ("GAAP"  accounting).  The</pre><pre>Company has adopted a December 31 fiscal year end.</pre><pre> </pre><pre>CASH AND CASH EQUIVALENTS</pre><pre>Cash includes cash on account,  demand deposits, and short-term instruments with</pre><pre>maturities of three months or less.</pre><pre> </pre><pre>CONCENTRATIONS OF CREDIT RISK</pre><pre>The Company maintains its cash in bank deposit  accounts,  the balances of which</pre><pre>at times may exceed federally insured limits. The Company  continually  monitors</pre><pre>its banking  relationships  and  consequently  has not experienced any losses in</pre><pre>such accounts.  The Company believes it is not exposed to any significant credit</pre><pre>risk on cash and cash equivalents.</pre><pre> </pre><pre>USE OF ESTIMATES</pre><pre>The  preparation  of  consolidated   financial  statements  in  conformity  with</pre><pre>generally accepted  accounting  principles requires management to make estimates</pre><pre>and assumptions  that affect the reported  amounts of assets and liabilities and</pre><pre>disclosure of contingent  assets and liabilities at the date of the consolidated</pre><pre>financial statements and the reported amount of revenues and expenses during the</pre><pre>reporting period. Actual results could differ from those estimates.</pre><pre> </pre><pre>REVENUE RECOGNITION</pre><pre>The Company is in the  exploration  stage and has yet to realize  revenues  from</pre><pre>operations.  Once  the  Company  has  commenced  operations,  it will  recognize</pre><pre>revenues when delivery of goods or completion of services has occurred  provided</pre><pre>there is persuasive  evidence of an agreement,  acceptance  has been approved by</pre><pre>its  customers,  the fee is fixed or  determinable  based on the  completion  of</pre><pre>stated  terms and  conditions,  and  collection  of any  related  receivable  is</pre><pre>probable.</pre><pre> </pre><pre>PRINCIPLES OF CONSOLIDATION</pre><pre>The consolidated  financial  statements include the accounts of our wholly-owned</pre><pre>subsidiary. All material inter-company transactions have been eliminated.</pre><pre> </pre><pre>LOSS PER SHARE</pre><pre>Basic  loss  per  share  is  computed  by  dividing  loss  available  to  common</pre><pre>shareholders by the weighted average number of common shares  outstanding during</pre><pre>the year. The computation of diluted  earnings per share assumes the conversion,</pre><pre>exercise  or  contingent  issuance  of  securities  only when  such  conversion,</pre><pre>exercise or issuance  would have a dilutive  effect on earnings  per share.  The</pre><pre>dilutive effect of convertible  securities is reflected in diluted  earnings per</pre><pre>share by  application of the "if  converted"  method.  In the periods in which a</pre><pre>loss is incurred,  the effect of potential issuances of shares under options and</pre><pre>warrants  would be  anti-dilutive,  and therefore  basic and diluted  losses per</pre><pre>share are the same.</pre><pre> </pre><pre>COMPUTER EQUIPMENT</pre><pre>Computer  equipment is stated on the basis of historical  cost less  accumulated</pre><pre>depreciation.  Depreciation is provided using the straight-line  method over the</pre><pre>estimated  useful  lives of the  assets  which  has been  estimated  as 2 years.</pre><pre>Impairment  losses are recorded on computer  equipment  used in operations  when</pre><pre>indicators of impairment are present and the  undiscounted  cash flows estimated</pre><pre>to be generated by those assets are less than the assets' carrying amount.</pre><pre> </pre><pre>INCOME TAXES</pre><pre>The  asset  and  liability  approach  is used to  account  for  income  taxes by</pre><pre>recognizing  deferred tax assets and  liabilities  for the  expected  future tax</pre><pre>consequences of temporary  differences  between the carrying amounts and the tax</pre><pre>basis of assets and liabilities.</pre><pre> </pre><pre>FINANCIAL INSTRUMENTS</pre><pre>The  Company's  financial  instruments  consist  of cash,  accounts  receivable,</pre><pre>prepaid expenses, and accounts payable and accrued liabilities. Unless otherwise</pre><pre>noted, it is management's opinion that the Company is not exposed to significant</pre><pre>interest,  currency or credit risks  arising from these  financial  instruments.</pre><pre>Because of the short maturity and capacity of prompt  liquidation of such assets</pre><pre>and liabilities, the fair value of these financial instruments approximate their</pre><pre>carrying values, unless otherwise noted.</pre><pre> </pre><pre>MINERAL PROPERTIES</pre><pre>Costs of exploration,  carrying and retaining  unproven mineral lease properties</pre><pre>are expensed as incurred.  Mineral  property  acquisition  costs are capitalized</pre><pre>including  licenses and lease payments.  Although the Company has taken steps to</pre><pre>verify title to mineral properties in which it has an interest, these procedures</pre><pre>do not guarantee the Company's  title.  Such  properties may be subject to prior</pre><pre>agreements  or  transfers  and  title may be  affected  by  undetected  defects.</pre><pre>Impairment  losses are recorded on mineral  properties  used in operations  when</pre><pre>indicators of impairment are present and the  undiscounted  cash flows estimated</pre><pre>to be  generated  by those  assets are less than the  assets'  carrying  amount.</pre><pre>Impairment of $134,213 was recorded in 2011 relating to the  abandonment of some</pre><pre>mineral claims.</pre>

<pre>NOTE 2 - GOING CONCERN</pre><pre> </pre><pre>Lithium's financial  statements are prepared using generally accepted accounting</pre><pre>principles  applicable to a going concern,  which  contemplates that the Company</pre><pre>will  continue in  operation  for the  foreseeable  future and will  realize its</pre><pre>assets and liquidate its liabilities in the normal course of business.  However,</pre><pre>Lithium  has no  current  source  of  revenue,  recurring  losses  and a deficit</pre><pre>accumulated  during the exploration stage of $1,684,297 as of December 31, 2011.</pre><pre>These  factors,  among  others,  raise,  substantial  doubt about the  Company's</pre><pre>ability to continue as a going concern.  Lithium's  management  plans on raising</pre><pre>cash from public or private debt or equity financing,  on an as-needed basis and</pre><pre>in the longer term,  revenues from the acquisition,  exploration and development</pre><pre>of mineral interests, if found. Lithium's ability to continue as a going concern</pre><pre>is dependent on these additional cash financings and, ultimately, upon achieving</pre><pre>profitable  operations  through  the  development  of  mineral  interests.   The</pre><pre>successful  outcome of future  activities cannot be determined at this time. The</pre><pre>accompanying  financial  statements  do not include any  adjustments  that might</pre><pre>result from the outcome of this uncertainty.</pre>

<pre>NOTE 3 - PREPAID EXPENSES</pre><pre> </pre><pre>Prepaid expenses consisted of the following at December 31, 2011 and 2010:</pre><pre> </pre><pre>                                                     2011                 2010</pre><pre>                                                   --------             --------</pre><pre>Professional fees                                  $     --            $ 10,275</pre><pre>Exploration costs                                     9,000               34,352</pre><pre>Bonds                                                39,754               12,975</pre><pre>Rent                                                    298                  298</pre><pre>Insurance                                            12,395                   --</pre><pre>Office                                                5,804                   --</pre><pre>Investor relations                                    6,170                   --</pre><pre>Consulting                                               --                5,000</pre><pre>                                                   --------             --------</pre><pre>Total prepaid expenses                             $ 73,421             $ 62,900</pre><pre>                                                   ========             ========</pre>

<pre>NOTE 4 - PROPERTY AND EQUIPMENT</pre><pre> </pre><pre>                                                     2011                2010</pre><pre>                                                   --------            --------</pre><pre>Computer Equipment                                 $  2,433            $  2,002</pre><pre>Less: Accumulated amortization                       (2,056)             (1,504)</pre><pre>                                                   --------            --------</pre><pre>Property and equipment, net                        $    377            $    498</pre><pre>                                                   ========            ========</pre><pre> </pre><pre>Amortization  expense was $522 and $1,000 for the years ended  December 31, 2011</pre><pre>and 2010, respectively.</pre>

<pre>NOTE 5 - MINERAL PROPERTIES</pre><pre> </pre><pre>FISH LAKE PROPERTY</pre><pre>The Company has  purchased a 100%  interest in the Fish Lake  property by making</pre><pre>staged payments of $350,000 worth of common stock. Title to the pertinent claims</pre><pre>was  transferred to the Company through quit claim deed dated June 1st 2011, and</pre><pre>this  quitclaim was recorded at the county level on August 3rd 2011,  and at the</pre><pre>BLM on August 4th 2011. Quarterly stock disbursements were made on the following</pre><pre>schedule:</pre><pre> </pre><pre>     1st Disbursement:  within 10 days of signing agreement (paid)</pre><pre>     2nd Disbursement:  within 10 days of June 30, 2009 (paid)</pre><pre>     3rd Disbursement:  within 10 days of December 30, 2009 (paid)</pre><pre>     4th Disbursement:  within 10 days of March 31, 2010 (paid)</pre><pre>     5th Disbursement:  within 10 days of June 30, 2010 (paid)</pre><pre>     6th Disbursement:  within 10 days of September 30, 2010 (paid)</pre><pre>     7th Disbursement:  within 10 days of December 31, 2010 (paid)</pre><pre>     8th Disbursement:  within 10 days of March 31, 2011 (paid)</pre><pre> </pre><pre>As at December 31, 2011, the Company has recorded  $414,168 in acquisition costs</pre><pre>related to the Fish Lake Property.</pre><pre> </pre><pre>STAKED PROPERTIES</pre><pre> </pre><pre>The Company has staked claims with various registries as summarized below:</pre><pre> </pre><pre>     Name             Claims (Area in Acres)      Amount</pre><pre>     ----             ----------------------      ------</pre><pre>     Salt Wells            156 (12,480)           $74,452</pre><pre>     Other                                        $17,896</pre><pre> </pre><pre>The Company performs an impairment test on an annual basis to determine  whether</pre><pre>a write-down is necessary with respect to the properties.  The Company  believes</pre><pre>no circumstances have occurred and no evidence has been uncovered that warrant a</pre><pre>write-down of the mineral  properties  other than those  abandoned by management</pre><pre>and thus included in write-down  of mineral  properties.  Impairment of $134,213</pre><pre>was recorded in 2011 relating to the abandonment of some mineral claims.</pre>

<pre>NOTE 6 - CAPITAL STOCK</pre><pre> </pre><pre>The Company is  authorized  to issue  300,000,000  shares of it $0.001 par value</pre><pre>common stock.  On September 30, 2009,  the Company  effected a 60-for-1  forward</pre><pre>stock split of its $0.001 par value common stock.</pre><pre> </pre><pre>All share and per share amounts have been retroactively  restated to reflect the</pre><pre>splits discussed above.</pre><pre> </pre><pre>COMMON STOCK</pre><pre> </pre><pre>On January 30, 2007, the Company issued  240,000,000  shares of its common stock</pre><pre>to founders for proceeds of $20,000.</pre><pre> </pre><pre>During the year-ended December 31, 2008, the Company issued 28,200,000 shares of</pre><pre>its common stock for total proceeds of 47,000.</pre><pre> </pre><pre>On October 9,  2009,  the  Company  cancelled  220,000,000  shares of its common</pre><pre>stock.  Also on October 9, 2009,  the Company  issued  12,350,000  shares of its</pre><pre>common  stock for 100  percent  of the issued  and  outstanding  stock of Nevada</pre><pre>Lithium Corp. Refer to Note 3.</pre><pre> </pre><pre>On January 10, 2010,  the Company  issued  53,484  shares of its common stock as</pre><pre>part of the Fish Lake Property acquisition.</pre><pre> </pre><pre>On March 24, 2010, the Company issued  2,000,000  units in a private  placement,</pre><pre>raising gross proceeds of $2,000,000,  or $1.00 per unit.  Each unit consists of</pre><pre>one common share in the capital of our company and one  non-transferable  common</pre><pre>share   purchase   warrant.   Each   whole   common   share   purchase   warrant</pre><pre>non-transferable  entitles  the holder  thereof to purchase  one share of common</pre><pre>stock in the capital of our company,  for a period of twelve  months  commencing</pre><pre>the closing,  at a purchase  price of $1.20 per warrant  share and at a purchase</pre><pre>price of $1.35 per warrant share for a period of twenty-four months thereafter.</pre><pre> </pre><pre>On April 30, 2010,  the Company issued 38,068 shares of its common stock as part</pre><pre>of the Fish Lake Property acquisition.</pre><pre> </pre><pre>On July 10, 2010,  the Company issued 104,168 shares of its common stock as part</pre><pre>of the Fish Lake Property acquisition.</pre><pre> </pre><pre>On October 10, 2010,  the Company  issued 171,568 of its common stock as part of</pre><pre>the Fish Lake Property acquisition.</pre><pre> </pre><pre>On January 10, 2011,  the Company  issued  163,856 shares of its common stock as</pre><pre>part of the Fish Lake Property acquisition.</pre><pre> </pre><pre>On April 10, 2011, the Company issued 230,264 shares of its common stock as part</pre><pre>of the Fish Lake Property acquisition.</pre><pre> </pre><pre>On April 28, 2011, the Company issued 150,000 shares of its common stock as part</pre><pre>of a stock option exercise.</pre><pre> </pre><pre>On May 5, 2011, the Company issued 200,000 shares of its common stock as part of</pre><pre>a stock option exercise.</pre><pre> </pre><pre>There  were  63,661,408  shares of common  stock  issued and  outstanding  as of</pre><pre>December 31, 2011.</pre><pre> </pre><pre>WARRANTS</pre><pre> </pre><pre>                                                               Outstanding at</pre><pre>Issue Date         Number      Price       Expiry Date        December 31, 2011</pre><pre>----------         ------      -----       -----------        -----------------</pre><pre>March 24, 2010    2,000,000    $1.35     March 24, 2012          2,000,000</pre><pre> </pre><pre>The warrants were valued using the Black-Scholes  option pricing model using the</pre><pre>following  assumptions:  term of 1 and years,  dividend  yield of 0%,  risk free</pre><pre>interest rates of 0.03% and 1.60%% and volatility of 110%. The fair value of the</pre><pre>warrants was adjusted against additional paid in capital.</pre><pre> </pre><pre>Stock Based Compensation</pre><pre> </pre><pre>The Company granted 500,000 options at an exercise price of $0.28 to consultants</pre><pre>in exchange  for various  professional  services.  The Company  granted  another</pre><pre>800,000  options to  consultants  for  management  services at exercise price of</pre><pre>$0.24.  These  options  were vested on the date of grant.  During the year ended</pre><pre>December 31, 2011,  350,000 stock options were exercised for proceeds  totalling</pre><pre>$84,000.  The Company uses the  Black-Scholes  option  valuation  model to value</pre><pre>stock  options  granted.  The  Black-  Scholes  model was  developed  for use in</pre><pre>estimating  the fair value of traded  options that have no vesting  restrictions</pre><pre>and are fully  transferable.  The model requires  management to make  estimates,</pre><pre>which  are  subjective  and  may  not  be   representative  of  actual  results.</pre><pre>Assumptions used to determine the fair value of the stock based  compensation is</pre><pre>as follows:</pre><pre> </pre><pre>     Risk free interest rate                          2.40%</pre><pre>     Expected dividend yield                             0%</pre><pre>     Expected stock price volatility                    93%</pre><pre>     Expected life of options                       5 years</pre><pre> </pre><pre>                                     Weighted         Total</pre><pre>                                     Average         Weighted</pre><pre>                      Total         Remaining        Average</pre><pre>     Exercise        Options          Life           Exercise       Options</pre><pre>      Prices       Outstanding       (Years)          Price       Exercisable</pre><pre>      ------       -----------       -------          -----       -----------</pre><pre>      $0.28          500,000          3.73            $0.28         500,000</pre><pre>      $0.24          450,000          3.73            $0.24         450,000</pre><pre> </pre><pre>Total  stock-based  compensation  for the year- ended December 31, 2011 was $Nil</pre><pre>(2010: $244,045).</pre><pre> </pre><pre>The following  table  summarizes  the stock options  outstanding at December 31,</pre><pre>2011:</pre><pre> </pre><pre>                                                               Outstanding at</pre><pre>    Issue Date        Number     Price       Expiry Date      December 31, 2010</pre><pre>    ----------        ------     -----       -----------      -----------------</pre><pre>September 23, 2010    500,000    $0.28    September 23, 2015      500,000</pre><pre>September 23, 2010    450,000    $0.24    September 23, 2015      450,000</pre>

<pre>NOTE 7 - INCOME TAXES</pre><pre> </pre><pre>A. As of December 31, 2011, the Company had net operating loss carry forwards of</pre><pre>approximately  $1,684,297  that may be available to reduce future years' taxable</pre><pre>income in varying amounts through 2031. Future tax benefits which may arise as a</pre><pre>result of these losses have not been recognized in these  financial  statements,</pre><pre>as their  realization  is determined  not likely to occur and  accordingly,  the</pre><pre>Company has recorded a valuation  allowance for the deferred tax asset  relating</pre><pre>to these tax loss carry-forwards.</pre><pre> </pre><pre>B. The  provision  for Federal  income tax consists of the following at December</pre><pre>31:</pre><pre> </pre><pre>                                                     2011               2010</pre><pre>                                                  ----------         ----------</pre><pre>Federal income tax benefit attributable to:</pre><pre>  Current operations                              $  200,910         $  289,903</pre><pre>  Less: valuation allowance                         (200,910)          (289,903)</pre><pre>                                                  ----------         ----------</pre><pre>Net provision for Federal income taxes            $        0         $        0</pre><pre>                                                  ==========         ==========</pre><pre> </pre><pre>The  cumulative  tax effect at the  expected  rate of 34% of  significant  items</pre><pre>comprising our net deferred tax amount is as follows at December 31:</pre><pre> </pre><pre>                                                     2011               2010</pre><pre>                                                  ----------         ----------</pre><pre>Deferred tax asset attributable to:</pre><pre>  Net operating loss carryover                    $  572,661         $  371,751</pre><pre>  Less: valuation allowance                        (572,661)           (371,751)</pre><pre>                                                  ----------         ----------</pre><pre>Net deferred tax asset                            $        0         $        0</pre><pre>                                                  ==========         ==========</pre><pre> </pre><pre>Due to the change in  ownership  provisions  of the Tax Reform Act of 1986,  net</pre><pre>operating loss carry forwards of approximately $1,684,297 for Federal income tax</pre><pre>reporting  purposes  are  subject  to  annual  limitations.  Should a change  in</pre><pre>ownership  occur net operating  loss carry  forwards may be limited as to use in</pre><pre>future years.</pre>

<pre>NOTE 8 - SUBSEQUENT EVENTS</pre><pre> </pre><pre>The Company has analyzed its operations  subsequent to December 31, 2011 through</pre><pre>the date these financial statements were issued, and has determined that it does</pre><pre>not have any other material subsequent events to disclose.</pre>

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PREPAID EXPENSES	12 Months Ended
Dec. 31, 2011
PREPAID EXPENSES
PREPAID EXPENSES	NOTE 3 - PREPAID EXPENSES Prepaid expenses consisted of the following at December 31, 2011 and 2010: 2011 2010 -------- -------- Professional fees $ -- $ 10,275 Exploration costs 9,000 34,352 Bonds 39,754 12,975 Rent 298 298 Insurance 12,395 -- Office 5,804 -- Investor relations 6,170 -- Consulting -- 5,000 -------- -------- Total prepaid expenses $ 73,421 $ 62,900 ======== ========

PREPAID EXPENSES

12 Months Ended

Dec. 31, 2011

PREPAID EXPENSES

PREPAID EXPENSES

NOTE 3 - PREPAID EXPENSES

Prepaid expenses consisted of the following at December 31, 2011 and 2010:

                                                     2011                 2010

                                                   --------             --------

Professional fees                                  $     --            $ 10,275

Exploration costs                                     9,000               34,352

Bonds                                                39,754               12,975

Rent                                                    298                  298

Insurance                                            12,395                   --

Office                                                5,804                   --

Investor relations                                    6,170                   --

Consulting                                               --                5,000

                                                   --------             --------

Total prepaid expenses                             $ 73,421             $ 62,900

                                                   ========             ========

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GOING CONCERN	12 Months Ended
Dec. 31, 2011
GOING CONCERN
GOING CONCERN	NOTE 2 - GOING CONCERN Lithium's financial statements are prepared using generally accepted accounting principles applicable to a going concern, which contemplates that the Company will continue in operation for the foreseeable future and will realize its assets and liquidate its liabilities in the normal course of business. However, Lithium has no current source of revenue, recurring losses and a deficit accumulated during the exploration stage of $1,684,297 as of December 31, 2011. These factors, among others, raise, substantial doubt about the Company's ability to continue as a going concern. Lithium's management plans on raising cash from public or private debt or equity financing, on an as-needed basis and in the longer term, revenues from the acquisition, exploration and development of mineral interests, if found. Lithium's ability to continue as a going concern is dependent on these additional cash financings and, ultimately, upon achieving profitable operations through the development of mineral interests. The successful outcome of future activities cannot be determined at this time. The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty.

GOING CONCERN

12 Months Ended

Dec. 31, 2011

GOING CONCERN

GOING CONCERN

NOTE 2 - GOING CONCERN

Lithium's financial  statements are prepared using generally accepted accounting

principles  applicable to a going concern,  which  contemplates that the Company

will  continue in  operation  for the  foreseeable  future and will  realize its

assets and liquidate its liabilities in the normal course of business.  However,

Lithium  has no  current  source  of  revenue,  recurring  losses  and a deficit

accumulated  during the exploration stage of $1,684,297 as of December 31, 2011.

These  factors,  among  others,  raise,  substantial  doubt about the  Company's

ability to continue as a going concern.  Lithium's  management  plans on raising

cash from public or private debt or equity financing,  on an as-needed basis and

in the longer term,  revenues from the acquisition,  exploration and development

of mineral interests, if found. Lithium's ability to continue as a going concern

is dependent on these additional cash financings and, ultimately, upon achieving

profitable  operations  through  the  development  of  mineral  interests.   The

successful  outcome of future  activities cannot be determined at this time. The

accompanying  financial  statements  do not include any  adjustments  that might

result from the outcome of this uncertainty.

- Definition

Disclosure of accounting policy for reporting when there is a substantial doubt about an entity's ability to continue as a going concern for a reasonable period of time (generally a year from the balance sheet date). Disclose: (a) pertinent conditions and events giving rise to the assessment of substantial doubt about the entity's ability to continue as a going concern for a reasonable period of time, (b) the possible effects of such conditions and events, (c) management's evaluation of the significance of those conditions and events and any mitigating factors, (d) possible discontinuance of operations, (e) management's plans (including relevant prospective financial information), and (f) information about the recoverability or classification of recorded asset amounts or the amounts or classification of liabilities. If management's plans alleviate the substantial doubt about the entity's ability to continue as a going concern, disclosure of the principal conditions and events that initially raised the substantial doubt about the entity's ability to continue as a going concern would be expected to be considered. Disclose whether operations for the current or prior years generated sufficient cash to cover current obligations, whether waivers were obtained from creditors relating to the company's default under the provisions of debt agreements and possible effects of such conditions and events, such as: whether there is a possible need to obtain additional financing (debt or equity) or to liquidate certain holdings to offset future cash flow deficiencies. Disclose appropriate parent company information when parent is dependent upon remittances from subsidiaries to satisfy its obligations.

+ References+ Details

XML 14 R2.htm IDEA: XBRL DOCUMENT

Consolidated Balance Sheets (USD $)	Dec. 31, 2011	Dec. 31, 2010
CURRENT ASSETS
Cash	$ 970,030	$ 1,398,758
Accounts receivable	674	0
Prepaid expenses	73,421	62,900
TOTAL CURRENT ASSETS	1,044,125	1,461,658
OTHER ASSETS
Property and equipment, net	377	498
Mineral properties	506,516	527,445
TOTAL OTHER ASSETS	506,893	527,943
TOTAL ASSETS	1,551,018	1,989,601
CURRENT LIABILITIES
Accounts payable and accrued liabilities	21,730	41,887
Due to directors, net	0	5,350
TOTAL CURRENT LIABILITIES	21,730	47,237
TOTAL LIABILITIES	21,730	47,237
Commitments and contingencies
STOCKHOLDERS' EQUITY
Common stock, 3,000,000,000 shares authorized, par value $0.001; 63,661,408 common shares issued and outstanding (2010 - 62,917,288)	63,662	62,918
Additional paid in capital	1,718,093	1,476,544
Additional paid in capital - options	179,587	244,045
Additional paid in capital - warrants	1,252,243	1,252,243
Deficit accumulated during the exploration stage	(1,684,297)	(1,093,386)
TOTAL STOCKHOLDERS' EQUITY	1,529,288	1,942,364
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 1,551,018	$ 1,989,601

XML 15 R6.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Cash Flows (USD $)	12 Months Ended		59 Months Ended
Consolidated Statements of Cash Flows (USD $)	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2011
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss for the period	$ (590,911)	$ (852,656)	$ (1,684,297)
Adjustment for non-cash items:
Write-down of software development	0	0	12,000
Write-down of mineral properties.	134,213	15,396	149,608
Stock option compensation expense	0	244,045	244,045
Amortization	552	1,000	2,056
Changes in assets and liabilities:
(Increase) decrease in accounts receivable	(674)	0	(674)
(Increase) decrease in prepaid expenses	(10,521)	(36,350)	(73,421)
Increase (decrease) in accounts payable and accrued liabilities	(20,157)	(57,421)	21,730
NET CASH USED IN OPERATING ACTIVITIES	(487,498)	(685,986)	(1,328,953)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of equipment	(431)	0	(2,433)
Purchase of software development	0	0	(12,000)
Interest in mineral properties	(25,783)	(105,420)	(393,624)
NET CASH USED IN INVESTING ACTIVITIES	(26,214)	(105,420)	(408,057)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from (repayment) of loan payable	0	(169,463)	0
Proceeds from (repayment to) director	984	(884)	6,335
Proceeds from sale of stock	84,000	2,000,000	2,700,705
NET CASH PROVIDED BY FINANCING ACTIVITIES	84,984	1,829,653	2,707,040
Increase (decrease) in cash	(428,728)	1,038,247	970,030
Cash, beginning of period	1,398,758	360,511
CASH, END OF PERIOD	970,030	1,398,758	970,030
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest	0	0	10,451
Cash paid for income taxes	0	0	0
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVITIES:
Common stock issued for mineral properties	87,500	131,250	262,500
Shareholder debt converted to contributed capital	$ 6,335	$ 0	$ 6,335

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2011

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Lithium  Corporation  (formerly Utalk  Communications  Inc.) was incorporated on

January  30,  2007  under the laws of  Nevada.  On  September  30,  2009,  Utalk

Communications Inc. changed its name to Lithium Corporation.

Nevada Lithium  Corporation was incorporated on March 16, 2009 under the laws of

Nevada under the name Lithium  Corporation.  On September 10, 2009,  the Company

amended  its  articles  of  incorporation  to change its name to Nevada  Lithium

Corporation.  By agreement dated October 09, 2009 Nevada Lithium Corporation and

Lithium Corporation  amalgamated as Lithium Corporation.  Lithium Corporation is

engaged in the acquisition  and development of certain lithium  interests in the

state of Nevada,  and is currently in the exploration  stage. These consolidated

financial  statements  have been  prepared  in  accordance  with U.S.  generally

accepted accounting principles.

EXPLORATION STAGE COMPANY

The  accompanying  financial  statements  have been prepared in accordance  with

generally accepted accounting  principles related to accounting and reporting by

exploration  stage  companies.  An  exploration  stage  company  is one in which

planned  principal  operations  have not  commenced  or if its  operations  have

commenced, there has been no significant revenues there from.

ACCOUNTING BASIS

The Company  uses the accrual  basis of  accounting  and  accounting  principles

generally  accepted in the United  States of America  ("GAAP"  accounting).  The

Company has adopted a December 31 fiscal year end.

CASH AND CASH EQUIVALENTS

Cash includes cash on account,  demand deposits, and short-term instruments with

maturities of three months or less.

CONCENTRATIONS OF CREDIT RISK

The Company maintains its cash in bank deposit  accounts,  the balances of which

at times may exceed federally insured limits. The Company  continually  monitors

its banking  relationships  and  consequently  has not experienced any losses in

such accounts.  The Company believes it is not exposed to any significant credit

risk on cash and cash equivalents.

USE OF ESTIMATES

The  preparation  of  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 consolidated

financial statements and the reported amount of revenues and expenses during the

reporting period. Actual results could differ from those estimates.

REVENUE RECOGNITION

The Company is in the  exploration  stage and has yet to realize  revenues  from

operations.  Once  the  Company  has  commenced  operations,  it will  recognize

revenues when delivery of goods or completion of services has occurred  provided

there is persuasive  evidence of an agreement,  acceptance  has been approved by

its  customers,  the fee is fixed or  determinable  based on the  completion  of

stated  terms and  conditions,  and  collection  of any  related  receivable  is

probable.

PRINCIPLES OF CONSOLIDATION

The consolidated  financial  statements include the accounts of our wholly-owned

subsidiary. All material inter-company transactions have been eliminated.

LOSS PER SHARE

Basic  loss  per  share  is  computed  by  dividing  loss  available  to  common

shareholders by the weighted average number of common shares  outstanding during

the year. The computation of diluted  earnings per share assumes the conversion,

exercise  or  contingent  issuance  of  securities  only when  such  conversion,

exercise or issuance  would have a dilutive  effect on earnings  per share.  The

dilutive effect of convertible  securities is reflected in diluted  earnings per

share by  application of the "if  converted"  method.  In the periods in which a

loss is incurred,  the effect of potential issuances of shares under options and

warrants  would be  anti-dilutive,  and therefore  basic and diluted  losses per

share are the same.

COMPUTER EQUIPMENT

Computer  equipment is stated on the basis of historical  cost less  accumulated

depreciation.  Depreciation is provided using the straight-line  method over the

estimated  useful  lives of the  assets  which  has been  estimated  as 2 years.

Impairment  losses are recorded on computer  equipment  used in operations  when

indicators of impairment are present and the  undiscounted  cash flows estimated

to be generated by those assets are less than the assets' carrying amount.

INCOME TAXES

The  asset  and  liability  approach  is used to  account  for  income  taxes by

recognizing  deferred tax assets and  liabilities  for the  expected  future tax

consequences of temporary  differences  between the carrying amounts and the tax

basis of assets and liabilities.

FINANCIAL INSTRUMENTS

The  Company's  financial  instruments  consist  of cash,  accounts  receivable,

prepaid expenses, and accounts payable and accrued liabilities. Unless otherwise

noted, it is management's opinion that the Company is not exposed to significant

interest,  currency or credit risks  arising from these  financial  instruments.

Because of the short maturity and capacity of prompt  liquidation of such assets

and liabilities, the fair value of these financial instruments approximate their

carrying values, unless otherwise noted.

MINERAL PROPERTIES

Costs of exploration,  carrying and retaining  unproven mineral lease properties

are expensed as incurred.  Mineral  property  acquisition  costs are capitalized

including  licenses and lease payments.  Although the Company has taken steps to

verify title to mineral properties in which it has an interest, these procedures

do not guarantee the Company's  title.  Such  properties may be subject to prior

agreements  or  transfers  and  title may be  affected  by  undetected  defects.

Impairment  losses are recorded on mineral  properties  used in operations  when

indicators of impairment are present and the  undiscounted  cash flows estimated

to be  generated  by those  assets are less than the  assets'  carrying  amount.

Impairment of $134,213 was recorded in 2011 relating to the  abandonment of some

mineral claims.

- Definition

The entire disclosure for all significant accounting policies of the reporting entity.

+ References+ Details

XML 18 R3.htm IDEA: XBRL DOCUMENT

Consolidated Balance Sheets Parentheticals (USD $)	Dec. 31, 2011	Dec. 31, 2010
Common Stock, par value	$ 0.001	$ 0.001
Common Stock, shares authorized	3,000,000,000	3,000,000,000
Common Stock, shares issued	63,661,408	62,917,288
Common Stock, shares outstanding	63,661,408	62,917,288

- Definition

Total number of shares of common stock held by shareholders. May be all or portion of the number of common shares authorized. These shares represent the ownership interest of the common shareholders. Shares outstanding equals shares issued minus shares held in treasury and other adjustments, if any.

+ References+ Details

XML 19 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information (USD $)	12 Months Ended
Document and Entity Information (USD $)	Dec. 31, 2011	Mar. 30, 2012	Jun. 30, 2011
Document and Entity Information
Entity Registrant Name	Lithium Corp
Document Type	10-K
Document Period End Date	Dec. 31, 2011
Amendment Flag	false
Entity Central Index Key	0001415332
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		63,661,408
Entity Public Float			$ 10,476,554.85
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Fiscal Year Focus	2011
Document Fiscal Period Focus	FY

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Consolidated Statements of Operations (USD $)
12 Months Ended 59 Months Ended

Dec. 31, 2011

Dec. 31, 2010

Dec. 31, 2011

REVENUE $ 0 $ 0 $ 0

OPERATING EXPENSES

Professional fees 27,903 44,306 138,519

Amortization 552 1,000 2,056

Exploration expenses 264,379 182,721 513,364

Consulting fees 49,120 178,744 227,864

Insurance expense 15,601 3,303 18,904

Investor relations 71,406 93,712 181,993

Interest expense 985 3,949 11,850

Management fees 0 41,800 53,800

Transfer agent and filing fees 12,536 6,224 34,895

Travel 18,805 20,403 45,328

Stock option compensation 0 244,045 244,045

Website development costs 0 0 3,912

Write-down of website costs 0 0 12,000

Write-down of mineral properties 134,213 15,396 149,609

General and administrative 14,668 16,814 65,415

TOTAL OPERATING EXPENSES 610,168 852,656 1,703,554

LOSS BEFORE FROM OPERATIONS (610,168) (852,656) (1,703,554)

OTHER INCOME (EXPENSE)

Other income 17,952 0 17,952

Interest income 1,305 0 1,305

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-Article 5

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-Number 123R

-Paragraph 64

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CAPITAL STOCK
12 Months Ended

Dec. 31, 2011

CAPITAL STOCK

CAPITAL STOCK
NOTE 6 - CAPITAL STOCK

The Company is authorized to issue 300,000,000 shares of it $0.001 par value
common stock. On September 30, 2009, the Company effected a 60-for-1 forward
stock split of its $0.001 par value common stock.

All share and per share amounts have been retroactively restated to reflect the
splits discussed above.

COMMON STOCK

On January 30, 2007, the Company issued 240,000,000 shares of its common stock
to founders for proceeds of $20,000.

During the year-ended December 31, 2008, the Company issued 28,200,000 shares of
its common stock for total proceeds of 47,000.

On October 9, 2009, the Company cancelled 220,000,000 shares of its common
stock. Also on October 9, 2009, the Company issued 12,350,000 shares of its
common stock for 100 percent of the issued and outstanding stock of Nevada
Lithium Corp. Refer to Note 3.

On January 10, 2010, the Company issued 53,484 shares of its common stock as
part of the Fish Lake Property acquisition.

On March 24, 2010, the Company issued 2,000,000 units in a private placement,
raising gross proceeds of $2,000,000, or $1.00 per unit. Each unit consists of
one common share in the capital of our company and one non-transferable common
share   purchase   warrant.   Each   whole   common   share   purchase   warrant
non-transferable entitles the holder thereof to purchase one share of common
stock in the capital of our company, for a period of twelve months commencing
the closing, at a purchase price of $1.20 per warrant share and at a purchase
price of $1.35 per warrant share for a period of twenty-four months thereafter.

On April 30, 2010, the Company issued 38,068 shares of its common stock as part
of the Fish Lake Property acquisition.

On July 10, 2010, the Company issued 104,168 shares of its common stock as part
of the Fish Lake Property acquisition.

On October 10, 2010, the Company issued 171,568 of its common stock as part of
the Fish Lake Property acquisition.

On January 10, 2011, the Company issued 163,856 shares of its common stock as
part of the Fish Lake Property acquisition.

On April 10, 2011, the Company issued 230,264 shares of its common stock as part
of the Fish Lake Property acquisition.

On April 28, 2011, the Company issued 150,000 shares of its common stock as part
of a stock option exercise.

On May 5, 2011, the Company issued 200,000 shares of its common stock as part of
a stock option exercise.

There were 63,661,408 shares of common stock issued and outstanding as of
December 31, 2011.

WARRANTS

                                                               Outstanding at
Issue Date         Number      Price       Expiry Date       December 31, 2011
----------         ------      -----       -----------        -----------------
March 24, 2010    2,000,000    $1.35     March 24, 2012          2,000,000

The warrants were valued using the Black-Scholes option pricing model using the
following assumptions: term of 1 and years, dividend yield of 0%, risk free
interest rates of 0.03% and 1.60%% and volatility of 110%. The fair value of the
warrants was adjusted against additional paid in capital.

Stock Based Compensation

The Company granted 500,000 options at an exercise price of $0.28 to consultants
in exchange for various professional services. The Company granted another
800,000 options to consultants for management services at exercise price of
$0.24. These options were vested on the date of grant. During the year ended
December 31, 2011, 350,000 stock options were exercised for proceeds totalling
$84,000. The Company uses the Black-Scholes option valuation model to value
stock options granted. The Black- Scholes model was developed for use in
estimating the fair value of traded options that have no vesting restrictions
and are fully transferable. The model requires management to make estimates,
which are subjective and may not be   representative of actual results.
Assumptions used to determine the fair value of the stock based compensation is
as follows:

     Risk free interest rate                          2.40%
     Expected dividend yield                             0%
     Expected stock price volatility                    93%
     Expected life of options                       5 years

                                     Weighted         Total
                                     Average         Weighted
                      Total         Remaining        Average
     Exercise        Options          Life           Exercise       Options
      Prices       Outstanding       (Years)          Price       Exercisable
      ------       -----------       -------          -----       -----------
      $0.28          500,000          3.73            $0.28         500,000
      $0.24          450,000          3.73            $0.24         450,000

Total stock-based compensation for the year- ended December 31, 2011 was $Nil
(2010: $244,045).

The following table summarizes the stock options outstanding at December 31,
2011:

                                                               Outstanding at
    Issue Date        Number     Price       Expiry Date      December 31, 2010
    ----------        ------     -----       -----------      -----------------
September 23, 2010    500,000    $0.28    September 23, 2015      500,000
September 23, 2010    450,000    $0.24    September 23, 2015      450,000

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MINERAL PROPERTIES
12 Months Ended

Dec. 31, 2011

MINERAL PROPERTIES

MINERAL PROPERTIES
NOTE 5 - MINERAL PROPERTIES

FISH LAKE PROPERTY
The Company has purchased a 100% interest in the Fish Lake property by making
staged payments of $350,000 worth of common stock. Title to the pertinent claims
was transferred to the Company through quit claim deed dated June 1st 2011, and
this quitclaim was recorded at the county level on August 3rd 2011, and at the
BLM on August 4th 2011. Quarterly stock disbursements were made on the following
schedule:

     1st Disbursement: within 10 days of signing agreement (paid)
     2nd Disbursement: within 10 days of June 30, 2009 (paid)
     3rd Disbursement: within 10 days of December 30, 2009 (paid)
     4th Disbursement: within 10 days of March 31, 2010 (paid)
     5th Disbursement: within 10 days of June 30, 2010 (paid)
     6th Disbursement: within 10 days of September 30, 2010 (paid)
     7th Disbursement: within 10 days of December 31, 2010 (paid)
     8th Disbursement: within 10 days of March 31, 2011 (paid)

As at December 31, 2011, the Company has recorded $414,168 in acquisition costs
related to the Fish Lake Property.

STAKED PROPERTIES

The Company has staked claims with various registries as summarized below:

     Name             Claims (Area in Acres)      Amount
     ----             ----------------------      ------
     Salt Wells            156 (12,480)           $74,452
     Other                                        $17,896

The Company performs an impairment test on an annual basis to determine whether
a write-down is necessary with respect to the properties. The Company believes
no circumstances have occurred and no evidence has been uncovered that warrant a
write-down of the mineral properties other than those abandoned by management
and thus included in write-down of mineral properties. Impairment of $134,213
was recorded in 2011 relating to the abandonment of some mineral claims.

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INCOME TAXES
12 Months Ended

Dec. 31, 2011

INCOME TAXES

INCOME TAXES
NOTE 7 - INCOME TAXES

A. As of December 31, 2011, the Company had net operating loss carry forwards of
approximately $1,684,297 that may be available to reduce future years' taxable
income in varying amounts through 2031. Future tax benefits which may arise as a
result of these losses have not been recognized in these financial statements,
as their realization is determined not likely to occur and accordingly, the
Company has recorded a valuation allowance for the deferred tax asset relating
to these tax loss carry-forwards.

B. The provision for Federal income tax consists of the following at December
31:

                                                     2011               2010
                                                  ----------         ----------
Federal income tax benefit attributable to:
Current operations                              $ 200,910         $ 289,903
Less: valuation allowance                         (200,910)          (289,903)
                                                  ----------         ----------
Net provision for Federal income taxes            $        0         $        0
                                                  ==========         ==========

The cumulative tax effect at the expected rate of 34% of significant items
comprising our net deferred tax amount is as follows at December 31:

                                                     2011               2010
                                                  ----------         ----------
Deferred tax asset attributable to:
Net operating loss carryover                    $ 572,661         $ 371,751
Less: valuation allowance                        (572,661)           (371,751)
                                                  ----------         ----------
Net deferred tax asset                            $        0         $        0
                                                  ==========         ==========

Due to the change in ownership provisions of the Tax Reform Act of 1986, net
operating loss carry forwards of approximately $1,684,297 for Federal income tax
reporting purposes are subject to annual limitations. Should a change in
ownership occur net operating loss carry forwards may be limited as to use in
future years.

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SUBSEQUENT EVENTS
12 Months Ended

Dec. 31, 2011

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS
NOTE 8 - SUBSEQUENT EVENTS

The Company has analyzed its operations subsequent to December 31, 2011 through
the date these financial statements were issued, and has determined that it does
not have any other material subsequent events to disclose.

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Consolidated Statement of Stockholders' Equity (USD $)

Common Stock Shares

Common Stock Amount

USD ($)

Additional Paid in Capital

USD ($)

Additional Paid in Capital - Warrants

USD ($)

Additional Paid in Capital - Options

USD ($)

Deficit Accumulated during the Exploration Stage

USD ($)

Total

USD ($)

Balance at Jan. 30, 2007 0 0 0 0 0 0 0

Shares issued to founder on January 30, 2007 @ $0.001 per share (par value $0.001 per share) 240,000,000 240,000 (220,000) 0 0 0 20,000

Net loss for the period ended December 31, 2007 $ 0 $ 0 $ 0 $ 0 $ (23,448) $ (23,448)

Balance at Dec. 31, 2007 240,000,000 240,000 (220,000) 0 0 (23,448) (3,448)

Common stock issued for cash @ $0.10 per share 28,200,000 28,200 18,800 0 0 0 47,000

Net loss for the year ended December 31, 2008 0 0 0 0 (26,868) (26,868)

Balance at Dec. 31, 2008 268,200,000 268,200 (201,200) 0 0 (50,316) 16,684

Shares issued in conjunction with merger 12,350,000 12,350 537,355 0 0 0 549,705

Shares cancelled (220,000,000) (220,000) 220,000 0 0 0 0

Net loss for the year ended December 31, 2009 0 0 0 0 (190,414) (190,414)

Balance at Dec. 31, 2009 60,550,000 60,550 556,155 0 0 (240,730) 375,975

Shares issued with respect to Fish Lake 367,288 368 174,632 0 0 0 175,000

Common stock issued for cash @ $1.00 per share 2,000,000 2,000 745,757 1,252,243 0 0 2,000,000

Stock options issued. 0 0 0 244,045 0 244,045

Net loss for the year ended December 31, 2010 0 0 0 0 (852,656) (852,656)

Balance at Dec. 31, 2010 62,917,288 62,918 1,476,544 1,252,243 244,045 (1,093,386) 1,942,364

Shares issued with respect to Fish Lake. 394,120 394 87,106 0 0 0 87,500

Forgiveness of debt 0 6,335 0 0 0 6,335

Options exercised. 350,000 350 148,108 0 (64,458) 0 84,000

Net loss. $ 0 $ 0 $ 0 $ 0 $ (590,911) $ (590,911)

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PROPERTY AND EQUIPMENT
12 Months Ended

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PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT
NOTE 4 - PROPERTY AND EQUIPMENT

                                                     2011                2010
                                                   --------            --------
Computer Equipment                                 $ 2,433            $ 2,002
Less: Accumulated amortization                       (2,056)             (1,504)
                                                   --------            --------
Property and equipment, net                        $    377            $    498
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Consolidated Statements of Operations (USD $)	12 Months Ended		59 Months Ended
Consolidated Statements of Operations (USD $)	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2011
REVENUE	$ 0	$ 0	$ 0
OPERATING EXPENSES
Professional fees	27,903	44,306	138,519
Amortization	552	1,000	2,056
Exploration expenses	264,379	182,721	513,364
Consulting fees	49,120	178,744	227,864
Insurance expense	15,601	3,303	18,904
Investor relations	71,406	93,712	181,993
Interest expense	985	3,949	11,850
Management fees	0	41,800	53,800
Transfer agent and filing fees	12,536	6,224	34,895
Travel	18,805	20,403	45,328
Stock option compensation	0	244,045	244,045
Website development costs	0	0	3,912
Write-down of website costs	0	0	12,000
Write-down of mineral properties	134,213	15,396	149,609
General and administrative	14,668	16,814	65,415
TOTAL OPERATING EXPENSES	610,168	852,656	1,703,554
LOSS BEFORE FROM OPERATIONS	(610,168)	(852,656)	(1,703,554)
OTHER INCOME (EXPENSE)
Other income	17,952	0	17,952
Interest income	1,305	0	1,305
LOSS BEFORE INCOME TAXES	(590,911)	(852,656)	(1,684,297)
PROVISION FOR INCOME TAXES	0	0	0
NET LOSS	$ (590,911)	$ (852,656)	$ (1,684,297)
NET LOSS PER SHARE: BASIC AND DILUTED	$ (0.01)	$ (0.01)
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING:
BASIC AND DILUTED	63,244,913	61,993,466

Consolidated Statement of Stockholders' Equity (USD $)	Common Stock Shares	Common Stock Amount USD ($)	Additional Paid in Capital USD ($)	Additional Paid in Capital - Warrants USD ($)	Additional Paid in Capital - Options USD ($)	Deficit Accumulated during the Exploration Stage USD ($)	Total USD ($)
Balance at Jan. 30, 2007	0	0	0	0	0	0	0
Shares issued to founder on January 30, 2007 @ $0.001 per share (par value $0.001 per share)	240,000,000	240,000	(220,000)	0	0	0	20,000
Net loss for the period ended December 31, 2007		$ 0	$ 0	$ 0	$ 0	$ (23,448)	$ (23,448)
Balance at Dec. 31, 2007	240,000,000	240,000	(220,000)	0	0	(23,448)	(3,448)
Common stock issued for cash @ $0.10 per share	28,200,000	28,200	18,800	0	0	0	47,000
Net loss for the year ended December 31, 2008		0	0	0	0	(26,868)	(26,868)
Balance at Dec. 31, 2008	268,200,000	268,200	(201,200)	0	0	(50,316)	16,684
Shares issued in conjunction with merger	12,350,000	12,350	537,355	0	0	0	549,705
Shares cancelled	(220,000,000)	(220,000)	220,000	0	0	0	0
Net loss for the year ended December 31, 2009		0	0	0	0	(190,414)	(190,414)
Balance at Dec. 31, 2009	60,550,000	60,550	556,155	0	0	(240,730)	375,975
Shares issued with respect to Fish Lake	367,288	368	174,632	0	0	0	175,000
Common stock issued for cash @ $1.00 per share	2,000,000	2,000	745,757	1,252,243	0	0	2,000,000
Stock options issued.		0	0	0	244,045	0	244,045
Net loss for the year ended December 31, 2010		0	0	0	0	(852,656)	(852,656)
Balance at Dec. 31, 2010	62,917,288	62,918	1,476,544	1,252,243	244,045	(1,093,386)	1,942,364
Shares issued with respect to Fish Lake.	394,120	394	87,106	0	0	0	87,500
Forgiveness of debt		0	6,335	0	0	0	6,335
Options exercised.	350,000	350	148,108	0	(64,458)	0	84,000
Net loss.		$ 0	$ 0	$ 0	$ 0	$ (590,911)	$ (590,911)
Balance at Dec. 31, 2011	63,661,408	63,662	1,718,093	1,252,243	179,587	(1,684,297)	1,525,248