XML 18 R8.htm IDEA: XBRL DOCUMENT v3.23.3
Liquidity and Going Concern
9 Months Ended
Sep. 30, 2023
Liquidity and Going Concern [Abstract]  
LIQUIDITY AND GOING CONCERN

Note 2 – Liquidity and going concern

 

With the exception of the quarter ended June 30, 2022, the Company has incurred losses from its operations. During the three and nine months ended September 30, 2023, the Company generated a comprehensive loss of $1,103,516 and $3,225,516, respectively. The Company expects to generate operating losses for the foreseeable future as it incurs expenses to bring its mineral processing facility online and further expand mining operations. As of September 30, 2023, the Company had an accumulated deficit of $17,115,495 and working capital of $5,529,498.

 

Since inception, the Company has met its liquidity requirements principally through the issuance of notes and the sale of its common shares.

 

The Company’s ability to continue its planned operations and to pay its obligations when they become due is contingent upon the Company obtaining additional financing. Management’s plans include seeking to procure additional funds through debt and equity financing, to secure regulatory approval to fully utilize its kinetic separation (“Kinetic Separation”) technology, and to initiate the processing of ore to generate operating cash flows.

 

There are no assurances that the Company will be able to raise capital on terms acceptable to the Company or at all, or that cash flows generated from its operations will be sufficient to meet its current operating costs. If the Company is unable to obtain sufficient amounts of additional capital, it may be required to reduce the scope of its planned product development, which could harm its financial condition and operating results, or it may not be able to continue to fund its ongoing operations. These conditions raise substantial doubt about the Company’s ability to continue as a going concern to sustain operations for at least one year from the issuance of these condensed interim consolidated financial statements. The accompanying condensed interim consolidated financial statements do not include any adjustments that might result from the outcome of these uncertainties.