UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended May 31, 2019

Or

☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from  ________________to ________________

Commission File Number 000-54327

CENTURY COBALT CORP.

(Exact name of registrant as specified in its charter)

Nevada	98-0579157
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
10100 Santa Monica Blvd., Suite 300, Century City, Los Angeles, CA	90067
(Address of principal executive offices)	(Zip Code)

(310) 772-2209

(Registrant’s telephone number, including area code)

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of exchange on which registered
Common Stock	CCOB	OTCQB
Preferred Stock	N/A	N/A

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 past 90 days. Yes ☒   No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  ☐   No ☒

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer  ☐		Accelerated filer ☐
Non-Accelerated filer ☒	Smaller reporting company ☒	Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY

PROCEEDINGS DURING THE PRECEDING FIVE YEARS:

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes ☐ No ☐

APPLICABLE ONLY TO CORPORATE ISSUERS:

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. 77,248,120 Common shares issued and outstanding as of July 22, 2019

TABLE OF CONTENTS

PART I - FINANCIAL INFORMATION
Item 1.	Financial Statements	3
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	17
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	21
Item 4.	Controls and Procedures	21
PART II - OTHER INFORMATION
Item 1.	Legal Proceedings	21
Item 1A.	Risk Factors	21
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	21
Item 3.	Defaults Upon Senior Securities	22
Item 4.	Mine Safety Disclosures	22
Item 5.	Other Information	22
Item 6.	Exhibits	22
SIGNATURES		24

2

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

Our unaudited interim financial statements for the six-month period ended May 31, 2019 form part of this quarterly report. They are stated in United States Dollars (US$) and are prepared in accordance with United States Generally Accepted Accounting Principles.

3

CENTURY COBALT CORP.

(FORMERLY FIRST AMERICAN SILVER CORP.)

CONSOLIDATED BALANCE SHEETS

				Restated
	May 31, 2019			November 30, 2018
	(Unaudited)
Assets
Current assets:
Cash	$	25		$	1,172
Prepaid expenses		17,479			10,787
Total current assets		17,504			11,959
Other assets
Resource property		248,000			248,000
Total other assets		248,000			248,000
Total Assets	$	265,504		$	259,959
Liabilities and Stockholders' Equity (Deficit)
Current liabilities:
Accounts payable	$	102,885		$	81,280
Accounts payable - related parties		63,790			27,870
Accrued interest		12,248			3,415
Accrued interest - related parties		23,769			71,231
Due to related parties		68,923			95,640
Notes payable - current portion		41,700			10,000
Notes payable to related parties - current portion		195,000			467,866
Total current liabilities		508,315			757,302
Long term liabilities:
Notes payable		132,875			114,575
Notes payable to related parties		72,500			20,500
Total long term liabilities		205,375			135,075
Total liabilities		713,690			892,377
Commitments and contingencies
Stockholders' equity (deficit):
Preferred stock, $0.001 par value; 20,000,000 shares authorized,
-0- preferred stock shares issued and outstanding as of May 31, 2019 and November 30, 2018		-			-
Common stock, $0.001 par value, 3,500,000,000 shares authorized,
77,248,120 and 74,142,211 issued and outstanding as of May 31, 2019 and November 30, 2018, respectively		77,248			74,142
Additional paid-in capital		2,163,128			1,815,625
Common stock payable		85,120			55,120
Accumulated deficit		(2,773,682	)		(2,577,305	)
Total stockholders' equity (deficit)		(448,186	)		(632,418	)
Total Liabilities and Stockholders' equity (deficit)	$	265,504		$	259,959

The accompanying notes are an integral part of these financial statements.

4

CENTURY COBALT CORP.

(FORMERLY FIRST AMERICAN SILVER CORP.)

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

	For the Three Months Ended						For the Six Months Ended
				Restated						Restated
	May 31, 2019			May 31, 2018			May 31, 2019			May 31, 2018
Operating expenses:
Accounting and legal	$	11,869		$	15,014		$	28,686		$	20,852
Transfer agent and filing fees		5,571			1,263			10,281			2,583
Consulting		35,765			32,425			71,488			32,425
Exploration		30,840			-			32,923			-
General and administrative		17,740			18,228			42,845			18,451
Total operating expenses		101,785			66,980			186,223			74,311
Net operating income (loss)		(101,785	)		(66,980	)		(186,223	)		(74,311	)
Other income (expense):
Interest expense		(12,049	)		(6,564	)		(24,405	)		(13,190	)
Debt forgiveness		-			100,000			14,251			100,000
Total Other income (expense)		(12,049	)		93,436			(10,154	)		86,810
Net income (loss)	$	(113,834	)	$	26,456		$	(196,377	)	$	12,499
Basic and diluted income (loss) per share	$	(0.00	)	$	0.00		$	(0.00	)	$	0.00
Weighted average number of common shares outstanding -
basic and diluted		77,248,120			62,892,211			76,582,568			62,892,211

The accompanying notes are an integral part of these financial statements.

5

CENTURY COBALT CORP.

(FORMERLY FIRST AMERICAN SILVER CORP.)

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (DEFICIT)  (UNAUDITED)

	Common Stock				Preferred Stock
									Additional Paid-In		Common Stock		Accumulated			Total Stockholders'
	Shares		Amount		Shares		Amount		Capital		Payable		Deficit			Deficiency
For the six months ended May 31, 2018
Balance at November 28, 2017		62,892,211	$	62,892		-	$	-	$	1,206,875	$	15,120	$	(1,800,868	)	$	(515,981	)
Net loss														12,499			12,499
Balance at May 31, 2018 (restated) (unaudited)		62,892,211	$	62,892		-	$	-	$	1,206,875	$	15,120	$	(1,788,369	)	$	(503,482	)
For the three months ended May 31, 2018
Balance at February 28, 2018		62,892,211	$	62,892		-	$	-	$	1,206,875	$	15,120	$	(1,814,825	)	$	(529,938	)
Net loss														26,456			26,456
Balance at May 31, 2018 (restated) (unaudited)		62,892,211	$	62,892		-	$	-	$	1,206,875	$	15,120	$	(1,788,369	)	$	(503,482	)
For the six months ended May 31, 2019
Balance at November 30, 2018		74,142,211	$	74,142		-	$	-	$	1,815,625	$	55,120	$	(2,577,305	)	$	(632,418	)
Shares issued for services		3,105,909		3,106						347,503		-					350,609
Shares payable for services										-		30,000					30,000
Net loss														(196,377	)		(196,377	)
Balance at May 31, 2019 (unaudited)		77,248,120	$	77,248		-	$	-	$	2,163,128	$	85,120	$	(2,773,682	)	$	(448,186	)
For the three months ended May 31, 2019
Balance at February 28, 2019		77,248,120	$	77,248		-	$	-	$	2,154,169	$	68,106	$	(2,659,848	)	$	(360,325	)
Shares issued for services		-		-						8,959							8,959
Shares payable for services												17,014					17,014
Net loss														(113,835	)		(113,835	)
Balance at May 31, 2019 (unaudited)		77,248,120	$	77,248		-	$	-	$	2,163,128	$	85,120	$	(2,773,683	)	$	(448,187	)

The accompanying notes are an integral part of these financial statements.

6

CENTURY COBALT CORP.

(FORMERLY FIRST AMERICAN SILVER CORP.)

 Statements of Cash Flow (Unaudited)

	For the Six Months Ended
					Restated
		May 31, 2019			May 31, 2018
Cash flows from operating activities:
Net income (loss)		$	(196,377	)	$	12,499
Adjustments to reconcile net loss to net cash used in operating activities:
Stock based compensation			32,768			-
Forgiveness of debt			(14,250	)		(100,000	)
Changes in operating assets and liabilities:
Prepaid expenses			(501	)		(4,650	)
Accounts payable			(5,112	)		21,722
Accounts payable expenses - related parties			35,920			2,425
Accrued expenses			8,833			12,870
Accrued expenses - related parties			15,572			320
Due to related parties			-			14,609
Net cash used in operating activities			(123,147	)		(40,205	)
Cash flows from financing activities
Proceeds from notes payable - current portion			-			10,000
Proceeds from notes payable to related parties - current portion			20,000			30,000
Proceeds from notes payable - long term portion			50,000			-
Proceeds from notes payable to related parties - long term portion			52,000			-
Net cash provided by financing activities			122,000			40,000
Net increase (decrease) in cash			(1,147	)		(205	)
Cash - beginning of the year			1,172			541
Cash - end of the year		$	25		$	336
Supplemental disclosures:
Interest paid		$	-		$	-
Income taxes		$	-		$	-
Non-cash transactions:
Stock Compensation		$	32,768		$	-

The accompanying notes are an integral part of these financial statements.

7

CENTURY COBALT CORP.

(FORMERLY FIRST AMERICAN SILVER CORP.)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

MAY 31, 2019

NOTE 1 – NATURE OF OPERATIONS

Century Cobalt Corp. (formerly First American Silver Corp.) was incorporated in the state of Nevada on April 29, 2008.  The Company’s principal office is located at 10100 Santa Monica Boulevard, Suite 300, Century City, California 90067.  The Company’s principal business activity is the identification and exploration of mineral properties for the purposes of discovering economical cobalt assets.

NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES

Exploration Stage Company

On June 10, 2014, the Financial Accounting Standards Board ("FASB") issued update ASU 2014-10, Development Stage Entities (Topic 915).   Amongst other things, the amendments in this update removed the definition of development stage entity from Topic 915, thereby removing the distinction between development stage entities and other reporting entities from US GAAP.  In addition, the amendments eliminate the requirements for development stage entities to (1) present inception-to-date information on the statements of income, cash flows and shareholders’ equity, (2) label the financial statements as those of a development stage entity;  (3) disclose a description of the development stage activities in which the entity is engaged and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage.  The amendments are effective for annual reporting periods beginning after December 31, 2014 and interim reporting periods beginning after December 15, 2015, however entities are permitted to early adopt for any annual or interim reporting period for which the financial statements have yet to be issued.  The Company has elected to early adopt these amendments and accordingly have not labeled the financial statements as those of a development stage entity and have not presented inception-to-date information on the respective financial statements.

Basis of Presentation

The Company’s unaudited condensed consolidated financial statements have been prepared on an accrual basis of accounting, in conformity with accounting principles generally accepted in the United States of America (US GAAP) for interim financial information applicable for a going concern, which assumes that the Company will realize its assets and discharge its liabilities in the ordinary course of the business, and in accordance with the instructions for Form 10-Q and Article 10 of Regulation S-X promulgated under the Securities Exchange Act of 1934, as amended. Certain information and disclosures included in the financial statements prepared in accordance with US GAAP have been condensed or omitted pursuant to such rules and regulations.

In the opinion of management, the condensed consolidated financial statements contain all material adjustments, consisting only of normal recurring adjustments necessary to present fairly the financial condition, results of operations, and cash flows of the Company for the interim periods presented.

The results for the three ended May 31, 2019 are not necessarily indicative of the results of operations for the full year. These unaudited financial statements and related footnotes should be read in conjunction with the amended consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K/A for the year ended November 30, 2018 filed with the Securities and Exchange Commission on May 30, 2019.

These consolidated financial statements comprise the accounts of the Company and its wholly owned subsidiary Emperium 1 Holdings Corp.  Emperium 1 Holdings Corp. was incorporated as a wholly owned subsidiary on October 8, 2018 by the Company through the issuance of 100 common shares at $0.01 per share for proceeds of $1. As Emperium 1 Holdings Corp. is a holding company and, as such, has no accounts or activity.  The Company owns 100% of the issued and outstanding shares of Emperium 1 Holdings Corp.

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 November 30 fiscal year end.

Risks and Uncertainties

The Company's operations are subject to significant risk and uncertainties including financial, operational, technological, and regulatory risks including the potential risk of business failure.  See Note 3 regarding going concern matters.

Cash and Cash Equivalents

The Company considers all highly liquid investments with maturities of three months or less to be cash equivalents.  At May 31, 2019 and November 30, 2018, respectively, the Company had $25 and $1,172 of unrestricted cash to be used for future business operations.

The Company's bank accounts are deposited in insured institutions. The funds are insured up to $250,000. At times, the Company's bank deposits may exceed the insured amount.  Management believes it has little risk related to the excess deposits.

8

CENTURY COBALT CORP.

(FORMERLY FIRST AMERICAN SILVER CORP.)

NOTES TO FINANCIAL STATEMENTS

MAY 31, 2019

NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Fair Value of Financial Instruments

The Company's financial instruments consist of cash, prepaid expenses, accounts payable, accrued expenses, notes payable, and note payable-related party. The carrying amount of these financial instruments approximates fair value due to either length of maturity or interest rates that approximate prevailing market rates unless otherwise disclosed in these financial statements.

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.

Stock-Based Compensation

The Company accounts for share-based compensation in accordance with the fair value recognition provisions of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) No. 718 and No. 505. After December 15, 2018, the scope of Topic 718, Compensation—Stock Compensation, was expanded to include share-based payments issued to nonemployees for goods and services. The Company issues restricted stock to employees and consultants for their services. Cost for these transactions are measured at the fair value of the equity instruments issued at the date of grant. These shares are considered fully vested and the fair market value is recognized as expense in the period granted. The Company recognized consulting expenses and a corresponding increase to additional paid-in-capital related to stock issued for services. For agreements requiring future services, the consulting expense is to be recognized ratably over the requisite service period.

Total stock-based compensation amounted to $28,311 and $-0- for the three months ended May 31, 2019 and 2018, respectively, and $32,767 and $-0- for the six months ended May 31, 2019 and 2018, respectively. 

Income Taxes

Income taxes are computed using the asset and liability method.  Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws.  A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized. It is the Company’s policy to classify interest and penalties on income taxes as interest expense or penalties expense. As of May 31, 2019, there have been no interest or penalties incurred on income taxes.

Use of Estimates

The preparation of 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 the 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.

9

CENTURY COBALT CORP.

(FORMERLY FIRST AMERICAN SILVER CORP.)

NOTES TO FINANCIAL STATEMENTS

MAY 31, 2019

NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Basic Income (Loss) Per Share

Basic income (loss) per share is calculated by dividing the Company’s net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by dividing the Company’s net income available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity.

Recent Accounting Pronouncements

The Company does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Company’s results of operations, financial position or cash flows.

Mineral Properties

Costs of exploration 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.

Mineral properties are analyzed for impairment on an annual basis, or more often if warranted by circumstances. Impairment losses are recorded on mineral properties used in operations when indicators of impairment are present.

Capitalization

Only assets with a cost of $5,000 and a useful life of over 2 years are capitalized.  All other costs are expensed in the period incurred.

Reclassifications

Certain prior year amounts have been reclassified for comparative purposes to conform to the current-year financial statement presentation. These reclassifications had no effect on previously reported results of operations. In addition, certain prior year amounts from the restated amounts have been reclassified for consistency with the current period presentation.

NOTE 3 – GOING CONCERN

The accompanying financial statements have been prepared assuming that Century Cobalt Corp., Inc. will continue as a going concern.  The Company has a working capital deficit, has not yet received revenue from sales of products or services, and has incurred losses from operations.  These factors raise substantial doubt about the Company’s ability to continue as a going concern.  Without realization of additional debt or capital, it would be unlikely for the Company to continue as a going concern.  The financial statements do not include any adjustments that might result from this uncertainty.

The Company’s activities to date have been supported by debt and equity financing.  It has sustained losses in all previous reporting periods with an inception to date loss of approximately $2,774,000 as of May 31, 2019. Management continues to seek funding from its shareholders and other qualified investors.

10

CENTURY COBALT CORP.

(FORMERLY FIRST AMERICAN SILVER CORP.)

NOTES TO FINANCIAL STATEMENTS

MAY 31, 2019

NOTE 4 – PREPAID EXPENSES

Prepaid expenses include stock-based compensation paid to a consultant for future services and the OTCBB for prepaid listing fees.

Prepaid expenses are as follows:

Description	May 31, 2019		November 30, 2018
Consulting	$	14,812	$	8,620
Listing Fees		2,167		2,167
Other		500		-
Total	$	17,479	$	10,787

NOTE 5 – RESOURCE PROPERTY

On August 7, 2018, we entered into an assignment agreement with Oriental Rainbow Group Ltd., in regards to the acquisition of certain mineral claims in Lemhi County, Idaho known as the “Idaho Cobalt Belt”.

Oriental Rainbow and Plateau Ventures LLC had entered into a purchase agreement dated September 4, 2017, wherein Oriental Rainbow had acquired from Plateau a 100% interest in the property, subject to certain subsequent payments and conditions.  The claims comprising the property (649 claims) initially totaled approximately 12,980 acres, subject to an option under the purchase agreement for the acquisition of additional claims by issuing a further 500,000 common shares valued at $20,000 to Plateau Ventures LLC.  Such option had been exercised with additional claims acquired, resulting in a total of 695 claims comprising approximately 13,900 acres.

Oriental Rainbow has assigned its interest in the property to us in consideration for 2,500,000 restricted shares (issued) of common stock valued at $100,000 (the “Consideration Shares”). The Company has assumed all of Oriental Rainbow’s obligations under the purchase agreement, which material obligations include: the issuance of up to 500,000 restricted shares of common stock, valued at $20,000, to Plateau upon listing on a recognized stock exchange (issued) and paying Plateau $1,000,000 in four equal staged payments upon completion of a positive feasibility study on the property.  The vendor retains a 1% royalty on revenue derived from the sale of cobalt concentrate and other ore extracts from the property.  The Company has the option to purchase this 1% royalty at any time for $1,000,000 in cash or common shares.

On April 1, 2019, the Company signed a six-month Option Agreement for sole and exclusive right and option to explore and evaluate the battery material (manganese + nickel + copper + cobalt) potential for property in the Chamberlain area of South Dakota, USA. The optionor provides the property free and clear of all liens, charges, encumbrances, claims, rights, or interest of any person subject to incurring or funding expenditures up to an aggregate of $10,000 within six months of signing this agreement.  On April 1, 2019, the Company granted to the optionor 163,132 unregistered shares of the Company stock worth $20,000 or $0.1226 per shares (based on the 30-day average closing price as of April 1, 2019).  At the end of the six-month period, the Company has the right to extend the option period for 3 months by issuing the optionor an additional $20,000 of unregistered shares of the Company’s common based on the 30 days average closing price on the date of the extension.  At any time during the option periods, both parties agree to work towards signing a binding Exploration and Development Agreement in the event the initial exploration results on the subject properly prove encouraging.  The Company may terminate the agreement with 30 days written notice to the optionor.

NOTE 6 – FORGIVENESS OF DEBT

During the year ended November 30, 2018, a creditor of the Company waived a stale balance owing by the Company in the amount of $100,000.

11

CENTURY COBALT CORP.

(FORMERLY FIRST AMERICAN SILVER CORP.)

NOTES TO FINANCIAL STATEMENTS

MAY 31, 2019

NOTE 7 – NOTES PAYABLE

Notes payable consisted of the following at May 31, 2019:

Date of Note	Note Amount		Interest Rate			Maturity Date	Collateral	Interest Accrued
May 1, 2016 (1)	$	-		8	%	May 1, 2017 (Default)	None	$	-
October 20, 2016	$	5,000		8	%	October 20, 2017 (Default)	None	$	1,044
January 9, 2017	$	9,000		8	%	January 9, 2018 (Default)	None	$	1,720
April 24, 2017	$	10,000		8	%	April 24, 2018 (Default)	None	$	1,681
June 19, 2017	$	7,000		8	%	June 19, 2018 (Default)	None	$	1,091
September 18, 2017	$	6,000		8	%	September 18, 2018 (Default)	None	$	815
January 5, 2018	$	10,000		8	%	January 5, 2019 (Default)	None	$	1,120
April 17, 2018	$	30,000		8	%	April 17, 2019 (Default)	None	$	2,689
July 27, 2018	$	31,700		12	%	July 27, 2019	None	$	3,209
August 15, 2018	$	108,000		12	%	August 15, 2019	None	$	10,261
September 7, 2018	$	15,000		12	%	July 31, 2020	None	$	1,312
September 12, 2018	$	20,500		12	%	August 15, 2020	None	$	1,759
September 27, 2018	$	10,000		12	%	July 31, 2020	None	$	809
October 10, 2018	$	42,000		12	%	July 31, 2020	None	$	3,217
November 20, 2018	$	7,905		12	%	July 31, 2020	None	$	499
November 20, 2018	$	7,970		12	%	July 31, 2020	None	$	503
December 18, 2018	$	25,000		12	%	February 18, 2020	None	$	1,347
January 24, 2019	$	42,000		12	%	August 15, 2020	None	$	1,756
February 18, 2019	$	20,000		12	%	February 18, 2020	None	$	671
March 6, 2019	$	10,000		12	%	August 15, 2020	None	$	283
May 3, 2019	$	25,000		12	%	July 31, 2020	None	$	230
Total	$	442,075						$	36,016

(1) On January 8, 2019, the Company agreed to convert principle and interest of $341,650 into 3,105,909 unregistered shares of the Company’s common stock to fully satisfy the obligation.  The common stock was valued at $0.11 per share. In-addition, the Company recognized $14,250 income from debt forgiveness for the portion of the Promissory note accrued interest not converted to the Company’s common stock. The Company calculated the fair value of the beneficial conversion feature on the debt modification as the difference between the conversion price and the fair market value of the Company’s common stock into on the date of modification. The fair value of the conversion provision in connection with the note on the date of modification was $-0-.

Notes payable transactions during the three months ended May 31, 2019 consisted of the following:

Balance, November 30, 2018	$	612,941
Borrowings		122,000
Less repayments		292,866
Balance, May 31, 2019	$	442,075

Repayment schedule of notes payable is as follows:

Year Due	Principal			Interest			Total
2019		$	216,700		$	23,632		$	240,332
2020			225,375			12,384			237,759
Total		$	442,075		$	36,016		$	478,091

12

CENTURY COBALT CORP.

(FORMERLY FIRST AMERICAN SILVER CORP.)

NOTES TO FINANCIAL STATEMENTS

MAY 31, 2019

NOTE 8 – RELATED PARTY TRANSACTIONS

On May 31, 2019, notes payable owing to related parties is $267,500 (November 30, 2018: $488,366) and accrued interest owing to related parties is $23,769 (November 30, 2018: $71,231).

As at May 31, 2019, accounts payable and compensation owing to stockholders and officers of the Company were $63,790 (November 30, 2018: $27,870).

As at May 31, 2019, the Company owed $60,823 to its President and Director (November 30, 2018: $60,823) and $ 8,100 to a Former President and Director (November 30, 2018: $34,817).

On September 11, 2018, the Company signed a Consulting Agreement for the Company’s Chief Operating Officer (COO) beginning August 1, 2018 through December 31, 2020.  Effective April 1, 2018, the COO is compensated £200 (approximately $250) for each day performing services to the Company (approximately one day per week).  Effective August 1, 2018, the COO was compensated with 250,000 unregistered shares of the Company’s common stock valued at $10,000 or $0.04 per share.  In addition, on February 1, 2019 the CCO was compensated with 250,000 unregistered shares of the Company’s common stock valued at $10,000 or $0.04 share.  The cash compensation amounted to $1,953 and $2,425 for the three months ended May 31, 2019 and 2018, respectively, and $7,720 and $2,425 for the six months ended May 31, 2019 and 2018, respectively.

On September 17, 2018, the Company signed a three-year Consulting Agreement for the Company’s President.  Effective June 1, 2018, the President is compensated $8,500 per month for an aggregate of $102,000 per year.  Effective August 1, 2018, the President was compensated with 5,000,000 unregistered shares of the Company’s common stock valued at $200,000 or $0.04 per share.  In addition, on August 1 of each year for this agreement, the President will be compensated with 1,000,000 unregistered shares of the Company’s common stock. On August 1, 2018, 1,000,000 unregistered shares of the Company’s common stock were earned by the Company’s President.  The shares were valued at $40,000 or $0.04 share.  The cash compensation amounted to $25,500 and $-0- for the three months ended May 31, 2019 and 2018, respectively, and $51,000 and $-0- for the six months ended May 31, 2019 and 2018, respectively.

NOTE 9 – CAPITAL STOCK

The Company has 20,000,000 preferred shares authorized at a par value of $0.001 per share.  As of May 31, 2019, no rights have been assigned to the preferred shares and the rights will be established upon issuance.

As at May 31, 2019, the Company has 3,500,000,000 common shares authorized at a par value of $0.001 per share.

On August 7, 2018, the Company issued 2,500,000 unregistered common shares at $0.04 per share, valued at $100,000, as per a property acquisition agreement.

On September 10, 2018, the Company issued 500,000 at $0.04 per share, valued at $20,000, unregistered common shares as per a property acquisition agreement.

On September 13, 2018, the Company issued 250,000 at $0.04 per share, valued at $10,000, unregistered common shares pursuant to a consulting agreement.

On September 18, 2018, the Company issued 5,000,000 unregistered common shares, at $0.04 per share, valued at $200,000, to the Company’s president pursuant to a consulting agreement.

On September 18, 2018, the Company granted 1,000,000 unregistered common shares, at $0.04 per share, valued at $40,000, to the Company’s president pursuant to a consulting agreement for annual share compensation. As of May 31, 2019, the shares have not been issued to the Company’s president.

On September 18, 2018, the Company exercised an option to acquire additional mineral properties through the issuance of 500,000 unregistered common shares at $0.04 per share for a total value of $20,000.

On October 19, 2018, the Company issued 2,500,000 unregistered common shares at $0.108 per share, valued at $270,000, to the Company’s president pursuant to a consulting agreement.

On January 8, 2019, the Company agreed to convert principle and interest of $341,650 from a Related Party Promissory Note Payable into 3,105,909 unregistered shares of the Company’s common stock to fully satisfy the obligation.  The common stock was valued at $0.11 per share.

On February 1, 2019, the Company granted 250,000 at $0.04 per share, valued at $10,000, unregistered common shares pursuant to a consulting agreement for the Company’s Chief Operating Officer (COO).  As of May 31, 2019, the shares have not been issued to the COO.

On April 1, 2019, the Company granted 163,132 at $0.1226 per share, valued at $20,000, unregistered common shares as per an option agreement to explore and evaluate the battery materials in South Dakota. See Note 5. As of May 31, 2019, the shares have not been issued to the individual.

As of May 31, 2019, the Company had 77,248,120 (November 30, 2018: 74,142,211) common shares issued and outstanding.

13

CENTURY COBALT CORP.

(FORMERLY FIRST AMERICAN SILVER CORP.)

NOTES TO FINANCIAL STATEMENTS

MAY 31, 2019

NOTE 10 – MATERIAL CONTRACTS

On January 9, 2019, the Company entered an agreement with a consultant to head the Company’s Advisory Board to provide essential prospective on technology and public policy developments that are shaping the cobalt markets.  In addition, the consultant will provide press releases, additional messaging and focus on exploring potential relationships with major cobalt users.  The agreement terminates on December 31, 2019.  After December 31, 2019, the agreement automatically renews unless the Company or consultant provide 30 days written notice.  The consultant is compensated with a $5,000 retainer which commences the first of the month following the completion of the Company’s next capital raise. In addition, the Company granted the consultant a three-year option to purchase 250,000 shares of the Company’s unregistered common stock at $0.10 per share. The option vested as to 100,000 shares on the grant date, vests 100,000 shares on August 9, 2019 and 50,000 on January 9, 2020. The fair value of the option was $23,891. The Company uses a Black-Scholes-Merton option pricing model to estimate the fair value option with the following assumptions:

Risk-free interest rate		2.54	%
Expected life (in years)		3
Expected volatility		310.6	%
Grant date fair value	$	.097

On March 11, 2019, the Company signed a twelve-month lease agreement for a four-bedroom living unit.  The lease starts on April 1, 2019 and ends on March 31, 2020. The monthly rental is $1,200 and an aggregate of $14,400 over the term of the lease.

On April 2, 2019, the Company signed a twelve-month lease agreement for office space.  The lease starts on 1 July, 2019 and ends on 30 June, 2020.  The monthly rental is $730.15 and an aggregate of $8,761.80 over the term of the lease.

NOTE 11 – SUBSEQUENT EVENTS

On June 5, 2019, the Company entered into an agreement with a consultant to provide finance and accounting services to the Company.  The Consultant is compensated with a combination of cash and unregistered shares of the Company’s common stock. In addition, the consultant was granted 50,000 shares of the Company’s common stock valued at $4,990 or .0998 per share. As of July 22, 2019, the shares have not been issued to the consultant.

On June 30, 2019, the Company entered into a convertible unsecured term loan facility of £200,000 ($253,900) for funding working capital requirements. The promissory note has a maturity date of June 30, 2020, an interest rate of 5% and a conversion rate of $0.08 per share. After maturity, the interest rate increases to 5% above the Bank of England Base Rate. The Company may draw the loan in installments of £50,000 ($31,735) at any time on or after the date of this agreement. The Company received the first installment on July 1, 2019 for $31,450.

14

CENTURY COBALT CORP.

(FORMERLY FIRST AMERICAN SILVER CORP.)

NOTES TO FINANCIAL STATEMENTS

MAY 31, 2019

NOTE 12 – RESTATEMENT

The August 31, 2018 financial statements are being restated to restate the value of consideration paid on the acquisition of a mineral property, allocate the expenses to the proper period according to services performed, correcting mineral properties, accounts payable, common stock, additional paid in capital and operating expenses.

The following table summarizes changes made to the August 31, 2018 balance sheet.

	August 31, 2018
	As Reported			Adjustment			As Restated
Balance Sheet:
Current Assets	$	236,693		$	(221,457	)	$	15,236
Resource Property		378,000			(130,000	)		248,000
Total assets	$	614,693		$	(351,457	)	$	263,236
Accounts payable	$	53,688		$	10,910		$	64,598
Accounts payable – related parties		32,635			12,740			45,375
Due to related party		97,513			(10,907	)		86,606
Accrued interest		-			886			886
Accrued interest – related party		60,282			2,993			63,275
Notes payable		-			41,700			41,700
Notes payable – related party		479,566			(11,700	)		467,866
Total liabilities		723,684			46,622			770,306
Common stock		65,392			-			65,392
Additional paid-in capital		1,429,375			(125,000	)		1,304,375
Common stock payable		310,120			(5,000	)		305,120
Accumulated deficit		(1,913,878	)		(268,079	)		(2,181,957	)
Total Stockholders’ Equity		(108,991	)		(398,079	)		(507,070	)
Total liabilities and stockholders’ equity	$	614,693		$	(351,457	)	$	263,236

The following table summarizes changes made to the nine months ended August 31, 2018 Statement of Operations.

	For the nine months ended August 31, 2018
			As Reported			Adjustment		As Restated
Operating expenses		$	191,745		$	264,200	$	455,945
Interest expense			21,265			3,879		25,144
Forgiveness of debt			(100,000	)		-		(100,000	)
Net Loss		$	(113,010	)	$	268,079	$	381,089

15

CENTURY COBALT CORP.

(FORMERLY FIRST AMERICAN SILVER CORP.)

NOTES TO FINANCIAL STATEMENTS

MAY 31, 2019

The May 31, 2018 financial statements are being restated to restate the value of consideration paid on the acquisition of a mineral property, allocate the expenses to the proper period according to services performed, correcting mineral properties, accounts payable, common stock, additional paid in capital and operating expenses.

The following table summarizes changes made to the May 31, 2018 balance sheet.

	May 31, 2018
	As Reported			Adjustment			As Restated
Balance Sheet:
Current Assets	$	5,924		$	(938	)	$	4,986
Deposit		591			-			591
Total assets	$	6,515		$	-		$	5,577
Accounts payable	$	69,894		$	(46,844	)	$	23,050
Accounts payable – related parties		7,085			7,425			14,510
Due to related party		38,170			11,256			49,426
Accrued interest		-			320			320
Accrued interest – related party		52,497			(610	)		51,887
Notes payable		-			10,000			10,000
Notes payable – related party		339,866			20,000			359,866
Total liabilities		507,512			1,547			509,059
Common stock		62,892			-			62,892
Additional paid-in capital		1,206,875			-			1,206,875
Common stock payable		15,120			-			15,120
Accumulated deficit		(1,785,884	)		(2,485	)		(1,788,369	)
Total Stockholders’ Equity		(500,997	)		(2,485	)		(503,482	)
Total liabilities and stockholders’ equity	$	6,515		$	-		$	5,577

The following table summarizes changes made to the six months ended May 31, 2018 Statement of Operations.

	For the six months ended May 31, 2018
	As Reported				Adjustment				As Restated
Operating expenses		$	71,536			$	2,775			$	74,311
Interest expense			13,480				(290	)			13,190
Forgiveness of debt			(100,000	)			-				(100,000	)
Net Income (Loss)		$	14,984			$	2,485			$	12,499

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

FORWARD LOOKING STATEMENTS

This quarterly 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 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 unaudited financial statements are stated in United States Dollars (US$) and are prepared in accordance with United States Generally Accepted Accounting Principles. The following discussion should be read in conjunction with our financial statements and the related notes that appear elsewhere in this quarterly 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 quarterly report.

Our financial statements are stated in United States Dollars (US$) and are prepared in accordance with United States Generally Accepted Accounting Principles.

In this quarterly 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 quarterly report, the terms “we”, “us”, “our” and “our company” mean First American Silver Corp., unless otherwise indicated.

General Overview

We were incorporated in the State of Nevada on April 29, 2008, under the name "Mayetok, Inc.".  As Mayetok, Inc. we were engaged in the development of a website to market vacation properties in the Ukraine.

On June 8, 2010, we initiated a one (1) old for 35 new forward stock split of our issued and outstanding common stock. As a result, our authorized capital increased from 100,000,000 to 3,500,000,000 shares of common stock and the issued and outstanding increased from 2,200,000 shares of common stock to 77,000,000 shares of common stock, all with a par value of $0.001.

Also, on June 8, 2010, we changed our name from "Mayetok, Inc." to "First American Silver Corp.", by way of a merger with our wholly owned subsidiary First American Silver Corp., which was formed solely for the change of name. We changed the name of our company to reflect the new direction of our company in the business of acquiring, exploring and developing mineral properties. As of June 2010, we had abandoned our former business plan of seeking to market vacation properties.

Our name change and forward stock split became effective with the Over-the-Counter Bulletin Board at the opening of trading on June 16, 2010, on which date we adopted the new stock symbol "FASV".

On June 18, 2018, we changed our name from "First American Silver Corp." to “Century Cobalt Corp”, by way of a merger with our wholly owned subsidiary Century Cobalt Corp., which was formed solely for the change of name. We changed the name of our company to reflect the new direction of our company in the business of acquiring, exploring and developing mineral properties. Our name change became effective with the Over-the-Counter Bulletin Board at the opening of trading on June 18, 2018, on which date we adopted the new stock symbol "CCOB”

Our Current Business

On August 7, 2018, we entered into an assignment agreement with Oriental Rainbow Group Ltd., in regards to the acquisition of certain mineral claims in Lemhi County, Idaho known as the “Idaho Cobalt Belt”.

17

Oriental Rainbow and Plateau Ventures LLC had entered into a purchase agreement dated September 4, 2017, wherein Oriental Rainbow had acquired from Plateau a 100% interest in the property, subject to certain subsequent payments and conditions.  The claims comprising the property (649 claims) initially totaled approximately 12,980 acres, subject to an option under the purchase agreement for the acquisition of additional claims.  Such option had been exercised with additional claims acquired, resulting in a total of 695 claims comprising approximately 13,900 acres.

Oriental Rainbow has assigned its interest in the property to us in consideration for 2,500,000 restricted shares of common stock (the “Consideration Shares”). We have assumed all of Oriental Rainbow’s obligations under the purchase agreement, which material obligations include: the issuance of up to 500,000 restricted shares of common stock to Plateau upon listing on a recognized stock exchange; paying pending BLM fees for the claims in the amount of $100,595; and paying Plateau $1,000,000 in four equal staged payments upon completion of a positive feasibility study on the property.

On September 14, 2018, we entered into a consulting agreement with Alexander Stanbury, whereby Mr. Stanbury agreed to provide consulting services to us regards to his position is our President and Chief Executive Officer. The agreement has a three-year term, commencing August 1, 2018.  As compensation for entering into the agreement and providing such consulting services, we have agreed to compensate Mr. Stanbury by issuing 5,000,000 restricted common shares of our capital stock.  In addition, Mr. Stanbury will be receiving a salary of $102,000 per annum and shall be entitled to receive an additional 1,000,000 common shares on each anniversary of the effective date of the agreement.

Prior thereto on September 11, 2018 we entered into a consulting agreement with Lester Kemp, whereby Mr. Kemp agreed to provide services as our Chief Technical Officer. The agreement has term expiring December 31, 2020, with the term having commenced on August 1, 2018. As compensation for entering into the agreement and providing such consulting services, we have agreed to compensate Mr. Kemp by issuing 250,000 restricted common shares of our capital stock.  In addition, Mr. Kemp shall be entitled to receive an additional 250,000 common shares after six months from the effective date of the agreement.

On January 9, 2019, the Company entered an agreement with a consultant to head the Company’s Advisory Board to provide essential prospective on technology and public policy developments that are shaping the cobalt markets.  In addition, the consultant will provide press releases, additional messaging and focus on exploring potential relationships with major cobalt users.  The agreement terminates on December 31, 2019.  After December 31, 2019, the agreement automatically renews unless the Company or consultant provide 30 days written notice.  The consultant is compensated with a $5,000 retainer which commences the first of the month following the completion of the Company’s next capital raise. In addition, the Company granted the consultant a three-year option to purchase 250,000 shares of the Company’s unregistered common stock.

On April 1, 2019, the Company signed a six-month Option Agreement for sole and exclusive right and option to explore and evaluate the battery material (manganese + nickel + copper + cobalt) potential for property in the Chamberlain area of South Dakota, USA. The optionor provides the property free and clear of all liens, charges, encumbrances, claims, rights, or interest of any person subject to incurring or funding expenditures up to an aggregate of $10,000 within six months of signing this agreement.  On April 1, 2019, the Company granted to the optionor 163,132 unregistered shares of the Company stock.  At the end of the six-month period, the Company has the right to extend the option period for 3 months by issuing the optionor an additional $20,000 of unregistered shares of the Company’s common based on the 30 days average closing price on the date of the extension.  At any time during the option periods, both parties agree to work towards signing a binding Exploration and Development Agreement in the event the initial exploration results on the subject properly prove encouraging.  The Company may terminate the agreement with 30 days written notice to the optionor.

Results of Operations

Three Months Ended May 31, 2019 Compared to the Three Months Ended May 31, 2018

We had a net loss of $113,834 for the three-month period ended May 31, 2019 which was $140,290 lower than the net income of $26,456 for the three-month period ended May 31, 2018. The change in our net loss over the two periods are primarily a result of an approximate $31,000 increase in exploration fees for potential mining operations, an approximate $1,000 increase in consulting fees and stock based compensation paid to our new president and others, an approximate $12,000 increase in other general and administrative expenses from travel, rent expense, professional fees and other expenses necessary to launch our business, an approximate $1,000 increase in professional fees, $5,000 increase in interest expense for our new notes payable, $100,000 debt forgiveness from the three months ended May 31, 2018, offset by approximate $10,000 decrease in rent expense with fewer properties under lease.

18

Six Months Ended May 31, 2019 Compared to the Six Months Ended May 31, 2018

We had a net loss of $196,377 for the six-month period ended May 31, 2019 which was $208,876 lower than the net income of $12,499 for the six-month period ended May 31, 2018. The change in net loss between the two periods are primarily a result of an approximate $31,000 increase in exploration fees for potential mining operations, an approximate $37,000 increase in consulting fees and stock based compensation paid to our new president and others, an approximate $27,000 increase in other general and administrative expenses from travel, rent expense, professional fees and other expenses necessary to launch our business, an approximate $15,000 increase in professional fees, $115,000 increase in interest expense for our new notes payable, and an approximate $86,000 decrease in debt forgiveness income.

Revenue

We have not earned any revenues since our inception and we do not anticipate earning revenues in the upcoming quarter.

Liquidity and Capital Resources

Our balance sheet as of May 31, 2019 reflects current assets of $17,479.  We had cash in the amount of $25 and working capital deficit in the amount of $490,811 as of May 31, 2019. We do not have sufficient working capital to enable us to carry out our stated plan of operation for the next twelve months.

We anticipate generating losses and, therefore, may be unable to continue operations further in the future.

Cash Flows

Operating Activities

Net cash used in operating activities during the three months ended May 31, 2019 was $123,147, a $82,942 increase from the $40,205 net cash outflow during the three months ended May 31, 2018 as a result of our work towards building the business.

Financing Activities

Cash provided by financing activities during the three months ended May 31, 2019 was $122,000 as compared to $40,000 in cash provided by financing activities during the three months ended May 31, 2018 from promissory notes payable from corporations and related parties.

We estimate that our operating expenses and working capital requirements for the next 12 months to be as follows:

Estimated Net Expenditures During The Next Twelve Months

Expense	Cost
General and administrative expenses	$	25,000
Management and administrative costs	$	150,000
Legal Fees	$	10,000
Auditor Fees	$	12,000
Exploration	$	150,000
Total	$	347,000

To date we have relied on proceeds from the sale of our shares in order to sustain our basic, minimum operating expenses; however, we cannot guarantee that we will secure any further sales of our shares.  We estimate that the cost of maintaining basic corporate operations (which includes the cost of satisfying our public reporting obligations) will be approximately $5,000 per month.   Due to our current cash position of approximately $25 as of May 31, 2019, we estimate that we do have sufficient cash to sustain our basic operations for the next twelve months.

We are not aware of any known trends, demands, commitments, events or uncertainties that will result in or that are reasonably likely to result in our liquidity increasing or decreasing in any material way.

19

Future Financings

We anticipate continuing to rely on equity sales of our common stock in order to continue to fund our business operations. Issuances of additional shares will result in dilution to our existing stockholders. There is no assurance that we will achieve any additional sales of our equity securities or arrange for debt or other financing to fund our planned business activities.

We presently do not have any arrangements for additional financing for the expansion of our exploration operations, and no potential lines of credit or sources of financing are currently available for the purpose of proceeding with our plan of operations.

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, and capital expenditures or capital resources that are material to stockholders.

Critical Accounting Policies

Accounting Basis

Our company uses the accrual basis of accounting and accounting principles generally accepted in the United States of America ("GAAP" accounting). Our company has adopted a November 30 fiscal year end.

Our company considers all highly liquid investments with maturities of three months or less to be cash equivalents.  At May 31, 2019 and May 31, 2018, respectively, we had $25 and $1,172 of unrestricted cash to be used for future business operations.

Our company's bank accounts are deposited in insured institutions.  The funds are insured up to $250,000.   At times, our company's bank deposits may exceed the insured amount.  Management believes that it has little risk related to the excess deposits.

Concentrations of Credit Risk

Our company maintains our cash in bank deposit accounts, the balances of which at times may exceed federally insured limits. Our company continually monitors our banking relationships and consequently has not experienced any losses in such accounts. Our company believes we are not exposed to any significant credit risk on cash and cash equivalents.

Stock-based Compensation

Our company accounts for employee and non-employee stock-based compensation in accordance with the guidance of ASC Topic 718, Compensation – Stock Compensation which requires all share-based payments to employees and non-employees, including grants of employee stock options, to be recognized in the financial statements based on their fair values.

Income Taxes

Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws.

A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized. It is our company's policy to classify interest and penalties on income taxes as interest expense or penalties expense. As of May 31, 2019, there have been no interest or penalties incurred on income taxes.

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.

20

Revenue Recognition

Our company is in the exploration stage and has yet to realize revenues from operations. Once our company has commenced operations, we 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 our customers, the fee is fixed or determinable based on the completion of stated terms and conditions, and collection of any related receivable is probable.

Basic Income (Loss) Per Share

Basic income (loss) per share is calculated by dividing our company's net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by dividing our company's net income available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

As a “smaller reporting company”, we are not required to provide the information required by this Item.

Item 4. 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 the end of the quarter 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 quarterly report.

Changes in Internal Control Over Financial Reporting

During the period covered by this report there were no changes in our internal control over financial reporting that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II - OTHER INFORMATION

Item 1. Legal Proceedings

We know of no material, existing or pending legal proceedings against our company, nor are we involved as a plaintiff in any material proceeding or pending litigation. There are no proceedings in which any of our directors, executive officers or affiliates, or any registered or beneficial stockholder, is an adverse party or has a material interest adverse to our interest.

Item 1A. Risk Factors

As a “smaller reporting company”, we are not required to provide the information required by this Item.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

On September 14, 2018, we entered into a consulting agreement with Alexander Stanbury, whereby Mr. Stanbury agreed to provide consulting services to us regards to his position as our President and Chief Executive Officer. The agreement has a three-year term, effectively commencing August 1, 2018.  As compensation for entering into the agreement and providing such consulting services, we have agreed to compensate Mr. Stanbury by issuing 5,000,000 restricted common shares of our capital stock.  In addition, Mr. Stanbury will be receiving a salary of $102,000 per annum and shall be entitled to receive an additional 1,000,000 common shares on each anniversary of the effective date of the agreement. In addition, subsequently we issued a further 2,500,000 restricted common shares to Mr. Stanbury pursuant to the terms of his consulting agreement.

21

Prior thereto on September 11, 2018 we entered into a consulting agreement with Lester Kemp, whereby Mr. Kemp agreed to provide services as our Chief Technical Officer. The agreement has term expiring December 31, 2020, with the term having effectively commenced on August 1, 2018. As compensation for entering into the agreement and providing such consulting services, we have agreed to compensate Mr. Kemp by issuing 250,000 restricted common shares of our capital stock.  In addition, Mr. Kemp shall be entitled to receive an additional 250,000 common shares after six months from the effective date of the agreement.

On January 8, 2019, the Company agreed to convert principle and interest of $341,650 from a Related Party Promissory Note Payable into 3,105,909 unregistered shares of the Company’s common stock to fully satisfy the obligation.  The common stock was valued at $0.11 per share.

On April 1, 2019, the Company granted 163,132 unregistered common shares as per an option agreement to explore and evaluate the battery materials in South Dakota. The shares were valued at $20,000, As of July 22, 2019, the shares have not been issued to the individual.

On June 5, 2019, the Company entered into an agreement with a consultant to provide finance and accounting services to the Company.  The Consultant is compensated with 50,000 shares of the Company’s common stock valued at $4,990 per share. As of July 22, 2019, the shares have not been issued to the consultant.

Pursuant to the above consulting agreements, we have issued an aggregate of 8,000,000 shares of our common stock to two non-US persons (as that term is defined in Regulation S of the Securities Act of 1933) in an offshore transaction relying on Regulation S of the Securities Act of 1933, as amended.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

None.

Item 6. Exhibits

Exhibit Number			Description
	(3	)	(i) Articles of Incorporation; (ii) By-laws
	3.1		Articles of Incorporation (Incorporated by reference to our Registration Statement filed on Form S-1 on February 25, 2009).
	3.2		By-laws (Incorporated by reference to our Registration Statement filed on Form S-1 on February 25, 2009)
	3.3		Certificate of Amendment (Incorporated by reference to our Registration Statement filed on Form S-1 on February 25, 2009).
	3.4		Articles of Merger (Incorporated by reference to our Current Report filed on Form 8-K on July 15, 2010).
	3.5		Certificate of Change (Incorporated by reference to our Current Report filed on Form 8-K on July 15, 2010).
	3.6		Articles of Merger (Incorporated by reference to our Current Report filed on Form 8-K on June 25, 2018).

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	(10	)	Material Contracts
	10.1		2011 Stock Option Plan (incorporated by reference to our Current Report filed on Form 8-K on November 14, 2011).
	10.2		Foxglove Promissory Note dated June 28, 2015 (incorporated by reference to our Quarterly Report filed on Form 10-Q on October 14, 2015).
	10.3		$7,000 Convertible Promissory Note dated October 15, 2015 issued to Consorcio Empresarial Vesubio SA  (incorporated by reference to our Quarterly Report filed on Form 10-Q on October 14, 2015).
	10.4		Assignment Agreement dated effective August 7, 2018 between Oriental Rainbow Group Ltd. and Century Cobalt Corp. (incorporated by reference to our Current Report filed on Form 8-K on August 14, 2018).
	10.5		Consulting Agreement with Alexander Stanbury, dated September 14, 2018. (incorporated by reference to Exhibit 10.10 to our Quarterly Report filed on Form 10-Q on October 22, 2018).
	10.6		Consulting Agreement with Lester Kemp, dated September 11, 2018. (incorporated by reference to Exhibit 10.11 to our Quarterly Report filed on Form 10-Q on October 22, 2018).
	(31	)	Rule 13a-14(a) / 15d-14(a) Certifications
	31.1	*	Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 of the Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer.
	(32	)	Section 1350 Certifications
	32.1	*	Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 of the Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer.
	101	*	Interactive Data File
101.INS 101.SCH 101.CAL 101.DEF 101.LAB 101.PRE			XBRL Instance Document XBRL Taxonomy Extension Schema Document XBRL Taxonomy Extension Calculation Linkbase Document XBRL Taxonomy Extension Definition Linkbase Document XBRL Taxonomy Extension Label Linkbase Document XBRL Taxonomy Extension Presentation Linkbase Document

* Filed herewith.

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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, thereunto duly authorized.

	CENTURY COBALT CORP.
	(Registrant)
Dated:  July 22, 2019	/s/ Alexander Stanbury
	Alexander Stanbury
	President, Chief Executive Officer, Treasurer, Secretary and Director
`	(Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer)

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