U.S. Lithium Corp. - Quarter Report: 2019 September (Form 10-Q)

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 September 30, 2019

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

For the transition period from ________________to ________________

Commission File Number 333-144944

U.S. LITHIUM, CORP.

(Exact name of registrant as specified in its charter)

Nevada	98-0514250
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

12340 Seal Beach, Blvd. Suite B-190, Seal Beach, CA	90740
(Address of principal executive offices)	(Zip Code)

(702) 866-2500

(Registrant’s telephone number, including area code)

N/A

(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 shares	LITH	N/A

Indicate by check mark whether the registrant (1) has fled all reports required to be fled 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 f le such reports), and (2) has been subject to such fling 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 fler, an accelerated fler, a non-accelerated fler, a smaller reporting company, or an emerging growth company. See the defnitions of “large accelerated f ler,” “accelerated fler,” “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 fled all documents and reports required to be fled by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confrmed 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.

4,709,970 common shares issued and outstanding as of November 12, 2019.

U.S. LITHIUM, CORP.

TABLE OF CONTENTS

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements	3

Item 2. Management's Discussion and Analysis of Financial Condition or Plan of Operation	15

Item 3. Quantitative and Qualitative Disclosures About Market Risk	26

Item 4. Controls and Procedures	26

PART II - OTHER INFORMATION

Item 1. Legal Proceedings	26

Item 1A. Risk Factors	26

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	26

Item 3. Defaults Upon Senior Securities	26

Item 4. Mine Safety Disclosures	26

Item 5. Other Information	27

Item 6. Exhibits	27

SIGNATURES	31

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

U.S. LITHIUM, CORP.

Condensed Financial Statements

Period ended September 30, 2019 (unaudited) and December 31, 2018

Condensed Balance Sheets (unaudited)	4

Condensed Statements of Operations (unaudited)	5

Condensed Statements of Cash Flows (unaudited)	6

Condensed Statements of Stockholders’ Equity (Deficit) (unaudited)	7

Notes to the Condensed Financial Statements (unaudited)	8

U.S. LITHIUM, CORP.

Condensed Balance Sheets

	September 30, 2019			December 31, 2018
	$			$
	(unaudited)
ASSETS

Current assets
Cash		14,756			4,065
Marketable securities		7,491			120,876
Total current assets		22,247			124,941

Non-current assets
Mineral property		15,065			15,065
Equipment		10,569			–

Total assets		47,881			140,006

LIABILITIES

Current liabilities
Accounts payable and accrued liabilities		14,374			131,286
Due to related party		26,580			54,317
Notes payable, net of unamortized discount of $nil and $657, respectively		–			270,063
Notes payable – related party		–			9,500

Total liabilities		40,954			465,166

STOCKHOLDERS’ EQUITY (DEFICIT)

Common Stock
Authorized: 500,000,000 common shares with a par value of $0.001 per share
Issued and outstanding: 4,709,970 and 2,626,086 common shares, respectively		4,710			2,626
Additional paid-in capital		1,920,815			1,516,542
Deficit		(1,918,598	)		(1,844,328	)
Total stockholders’ equity (deficit)		6,927			(325,160	)

Total liabilities and stockholders’ equity (deficit)		47,881			140,006

Organization and Nature of Operations (note 1)

(The accompanying notes are an integral part of these condensed financial statements)

U.S. LITHIUM, CORP.

Condensed Statements of Operations

(unaudited)

	Three months ended September 30, 2019			Three months ended September 30, 2018			Nine months ended September 30, 2019			Nine months ended September 30, 2018
	$			$			$			$
Expenses
Depreciation		1,152			–			1,495			–
General and administrative		6,272			3,178			20,573			8,733
Management fees		6,000			6,000			18,000			18,000
Professional fees		7,375			7,554			28,765			24,850
Total expenses		20,799			16,732			68,833			51,583

Loss before other income (expense)		(20,799	)		(16,732	)		(68,833	)		(51,583	)

Other income (expense)

Foreign exchange gain (loss)		11,199			9,799			30,591			(8,093	)
Interest and accretion expense		–			(13,541	)		(12,152	)		(72,936	)
Gain on sale of mineral property		–			–			–			675,404
Realized loss on sale of marketable securities		(12,502	)		–			(12,413	)		–
Unrealized gain (loss) on marketable securities		(26,308	)		58,133			(11,463	)		(364,333	)

Net income (loss)		(48,410	)		37,659			(74,270	)		178,459

Net income (loss) per share, basic and diluted		(0.01	)		0.01			(0.02	)		0.07

Weighted average shares outstanding		4,761,728			2,626,073			3,343,6014			2,598,791

(The accompanying notes are an integral part of these condensed financial statements)

U.S. LITHIUM, CORP.

Condensed Statements of Stockholders’ Equity (Deficit)

(unaudited)

	Common Stock				Additional
	Shares		Par value		Paid-In Capital		Deficit			Total
	#		$		$		$			$

Balance, December 31, 2018		2,626,086		2,626		1,516,542		(1,844,328	)		(325,160	)

Net income for the period		–		–		–		80,295			80,295

Balance, March 31, 2019		2,626,056		2,626		1,516,542		(1,764,033	)		(244,865	)

Shares issued for conversion of debt		2,083,884		2,084		404,273		–			406,357

Net loss for the period		–		–		–		(106,155	)		(106,155	)

Balance, June 30, 2019		4,709,970		4,710		1,920,815		(1,870,188	)		55,337

Net loss for the period								(48,410	)		(48,410	)

Balance, September 30, 2019		4,709,970		4,710		1,920,815		(1,918,598	)		6,927

	Common Stock				Additional
	Shares		Par value		Paid-In Capital		Deficit			Total
	#		$		$		$			$

Balance, December 31, 2017		2,499,835		2,500		1,434,258		(1,507,370	)		(70,612	)

Shares issued for conversion of debt		126,238		126		75,617		–			75,743

Shares issued for rounding of partial shares upon reverse split		13		–		–		–			–

Beneficial conversion feature of convertible debt		–		–		6,667		–			6,667

Net loss for the period		–		–		–		(50,099	)		(50,099	)

Balance, March 31, 2018		2,626,086		2,626		1,516,542		(1,557,469	)		(38,301	)

Net income for the period		–		–		–		190,899			190,899

Balance, June 30, 2018		2,626,086		2,626		1,516,542		(1,366,570	)		152,598

Net income for the period		–		–		–		37,659			37,659

Balance, September 30, 2018		2,626,086		2,626		1,516,542		(1,328,911	)		190,257

(The accompanying notes are an integral part of these condensed financial statements)

U.S. LITHIUM, CORP.

Condensed Statements of Cash Flows

(unaudited)

	Nine months ended September 30, 2019			Nine months ended September 30, 2018
	$			$
Operating Activities
Net income (loss) for the period		(74,270	)		178,459
Adjustments to reconcile net loss to net cash used in operating activities:
Accretion expense		657			50,586
Depreciation expense		1,495			–
Foreign exchange loss (gain)		(30,591	)		8,093
Gain on sale of mineral property		–			(675,404	)
Interest expense		11,495			–
Realized loss on marketable securities		12,413			–
Unrealized loss on marketable securities		11,463			364,333
Changes in operating assets and liabilities:
Accounts payable and accrued liabilities		(2,270	)		15,554
Due to related party		(27,737	)		1,000
Net Cash Used In Operating Activities		(97,345	)		(57,379	)

Investing Activities
Proceeds from sale of mineral property		–			60,000
Proceeds from sale of marketable securities		120,100			–
Purchase of equipment		(12,064	)		–
Mineral property exploration costs		–			(620	)
Net Cash Provided By Investing Activities		108,036			59,380

Financing Activities
Proceeds from note payable		–			20,000
Net Cash Provided By Financing Activities		–			20,000

Change in Cash		10,691			22,001

Cash – Beginning of Period		4,065			490

Cash – End of Period		14,756			22,491

Non-cash investing and financing activities:
Shares issued for settlement of debt		406,357			–
Shares received for sale of mineral property		–			977,004
Debt discount		–			6,667

(The accompanying notes are an integral part of these condensed financial statements)

U.S. LITHIUM, CORP.

Notes to the Interim Condensed Financial Statements

September 30, 2019

1. Organization and Nature of Operations

U.S. Lithium, Corp (the “Company”) was incorporated in the State of Nevada on November 2, 2006 and is a natural resource exploration and production company engaged in the exploration, acquisition, and development of mineral properties in the United States. On April 27, 2016, the Company incorporated and merged with its wholly-owned subsidiary, U.S. Lithium Corp. for the sole purpose of enacting a name change and acquired 100% of the titles, interest, and rights to four mineral claims in Esmeralda County, Nevada.

Going Concern

These interim condensed financial statements have been prepared on a going concern basis, which implies that the Company will continue to realize its assets and discharge its liabilities in the normal course of business. As at September 30, 2019, the Company has not earned any revenue, has negative cash flows from operating activities, and has an accumulated deficit of $1,918,598. The continuation of the Company as a going concern is dependent upon the continued financial support from its management, and its ability to identify future investment opportunities and obtain the necessary debt or equity financing, and generating profitable operations from the Company’s future operations. Management’s plan is to obtain such resources for our company by obtaining capital from significant shareholders to meet our operating expenses through equity or debt financing. However, there are no assurances that the Company will be successful in accomplishing any of our plans. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern. These financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

2. Summary of Significant Accounting Policies

(a) Basis of Presentation

The financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“US GAAP”) and are expressed in U.S. dollars. The Company’s fiscal year end is December 31.

The accompanying interim condensed consolidated financial statements of the Company should be read in conjunction with the financial statements and accompanying notes filed with the U.S. Securities and Exchange Commission for the year ended December 31, 2018. These interim condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s financial position, results of operations and cash flows for the periods shown. The results of operations for such periods are not necessarily indicative of the results expected for a full year or for any future period.

(b) Use of Estimates

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to the recoverability of mineral properties, share based compensation, and deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.

U.S. LITHIUM, CORP.

Notes to the Interim Condensed Financial Statements

September 30, 2019

2. Summary of Significant Accounting Policies (continued)

The Company computes net income (loss) per share in accordance with ASC 260, Earnings per Share. ASC 260 requires presentation of both basic and diluted earnings per share (“EPS”) on the face of the income statement. Basic EPS is computed by dividing net income (loss) available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive. At September 30, 2019, the Company had nil (December 31, 2018 – 895,345) potentially issuable shares of common stock related to conversion options on outstanding notes payable.

(d) Financial Instruments

Pursuant to ASC 820, Fair Value Measurements and Disclosures, an entity is required to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. ASC 820 prioritizes the inputs into three levels that may be used to measure fair value:

Level 1

Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.

Level 2

Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.

Level 3

Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

The Company’s financial instruments consist principally of cash, marketable securities, accounts payable and accrued liabilities, note payables, and amounts due to related party. Pursuant to ASC 820, the fair value of cash is determined based on “Level 1” inputs, which consist of quoted prices in active markets for identical assets. The recorded values of all other financial instruments approximate their current fair values because of their nature and respective maturity dates or durations.

(e) Equipment

Equipment is comprised of a camera and computer equipment and is recorded at the lower of cost or net book value and amortized on a straight-line basis over an estimated useful life of three years.

U.S. LITHIUM, CORP.

Notes to the Interim Condensed Financial Statements

September 30, 2019

2. Summary of Significant Accounting Policies (continued)

(f) Newly Adopted Accounting Pronouncements

In February 2016, the FASB issued new lease accounting guidance in ASU No. 2016-02, “Leases”. This new guidance was initiated as a joint project with the International Accounting Standards Board to simplify lease accounting and improve the quality of and comparability of financial information for users. This new guidance would eliminate the concept of off-balance sheet treatment for “operating leases” for lessees for the vast majority of lease contracts. Under ASU No. 2016-02, at inception, a lessee must classify all leases with a term of over one year as either finance or operating, with both classifications resulting in the recognition of a defined “right-of-use” asset and a lease liability on the balance sheet. However, recognition in the income statement will differ depending on the lease classification, with finance leases recognizing the amortization of the right-of-use asset separate from the interest on the lease liability and operating leases recognizing a single total lease expense. Lessor accounting under ASU No. 2016-02 would be substantially unchanged from the previous lease requirements under GAAP. ASU No. 2016-02 will take effect for public companies in fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted and for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, lessees and lessors must apply a modified retrospective transition approach.

The Company adopted the standard on January 1, 2019 and there was no material impact on the Company’s financial statements

(g) Recent Accounting Pronouncements

The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

3. Marketable Securities

On April 1, 2018, the Company received 3,000,000 split-adjusted common shares of Cameo Cobalt Corp. (formerly Cameo Resources Inc.) (“Cameo”) with a fair value of $977,004.

In December 2018, the Company sold 5,550 Cameo shares for proceeds of $266, which was applied against brokerage fees.

During the period ended September 30, 2019. the Company sold 2,498,500 Cameo shares for proceeds of $120,100 resulting in a realized loss on sale of marketable securities of $12,413. As at September 30, 2019, the Company held 496,000 (December 31, 2018 – 2,994,450) common shares of Cameo with a fair value of $7,491 (December 31, 2018 - $120,876. During the period ended September 30, 2019, the Company recorded an unrealized loss on marketable securities of $11,463 (2018 - $440,358 loss).

4. Mineral Property

On April 27, 2016, the Company acquired a 100% interest in four mineral claims located in Esmeralda County, Nevada in exchange for $3,500 and the issuance of 200,000 common shares of the Company with a fair value of $10,000. As at September 30, 2019 and December 31, 2018, the carrying value of the property is $15,065.

U.S. LITHIUM, CORP.

Notes to the Interim Condensed Financial Statements

September 30, 2019

5. Equipment

	Cost		Accumulated depreciation		Net carrying value as at September 30,2019		Net carrying value as at December 31,2018
	$		$		$		$

Camera		8,139		860		7,279		–
Computer		3,925		635		3,290		–
		12,064		1,495		10,569		–

6. Notes Payable

(a)

As at September 30, 2019, the Company owes $nil (December 31, 2018 - $9,500) of notes payable to shareholders of the Company. The amounts owing are unsecured, due interest at 10% per annum, and is due on demand. As at September 30, 2019, accrued interest of $nil (December 31, 2018 - $10,965) has been recorded in accounts payable and accrued liabilities. During the period ended September 30, 2019, the Company settled $9,500 of principal and $11,358 of accrued interest at a conversion price of $0.195 per share or 106,964 common shares, which has been recorded under shares issuable.

(b)

As at September 30, 2019, the Company owes $nil (December 31, 2018 - $3,015) of notes payable to a non-related party. The amount owing is unsecured, due interest at 10% per annum, is due on demand, and is convertible into shares of common stock of the Company at $0.20 per share. As at September 30, 2019, accrued interest of $nil (December 31, 2018 - $11,045) has been recorded in accounts payable and accrued liabilities. During the period ended June 30, 2019, the Company settled $3,015 of principal and $14,186 of accrued interest at a conversion price of $0.195 per share or 72,758 common shares, which has been recorded under shares issuable.

(c)

As at September 30, 2019, the Company owes $nil (December 31, 2018 - $47,705) of notes payable to non-related parties. The amounts owing are unsecured, due interest between 6-10% per annum, are due on demand, and are convertible into shares of common stock of the Company at $0.20 per share. As at September 30, 2019, accrued interest of $nil (December 31, 2018 - $51,162) has been recorded in accounts payable and accrued liabilities. During the period ended June 30, 2019, the Company settled $47,705 of principal and $53,038 of accrued interest at a conversion price of $0.195 per share or 516,631 common shares, which has been recorded under shares issuable.

(d)

On September 22, 2015, the Company entered into a loan agreement with a non-related party for proceeds of $25,000. The amount owing is unsecured, bears interest at 10% per annum, is due on demand, and is convertible into shares of common stock of the Company at $0.40 per share. During the year ended December 31, 2015, the Company recorded a beneficial conversion feature of $25,000. As at September 30, 2019, the carrying value of the note payable is $nil (December 31, 2018 - $25,000) and accrued interest of $nil (December 31, 2018 - $8,192) has been recorded in accounts payable and accrued liabilities. During the period ended June 30, 2019, the Company settled $25,000 of principal and $9,227 of accrued interest at a conversion price of $0.195 per share or 175,523 common shares, which has been recorded under shares issuable.

U.S. LITHIUM, CORP.

Notes to the Interim Condensed Financial Statements

September 30, 2019

6. Notes Payable (continued)

(e)

On May 11, 2016, the Company entered into a loan agreement with a non-related party for proceeds of $40,000. The amount owing is unsecured, bears interest at 10% per annum, is due on May 11, 2017, and is convertible into shares of common stock of the Company at $1.40 per share. On July 31, 2017, the loan agreement was amended to change the conversion price to $0.60 per share and due date to November 11, 2017. The loan is currently in default. As at September 30, 2019, the carrying value of the note payable is $nil (December 31, 2018 - $40,000) and accrued interest of $nil (December 31, 2018 - $10,562) has been recorded in accounts payable and accrued liabilities. During the period ended June 30, 2019, the Company settled $40,000 of principal and $12,217 of accrued interest at a conversion price of $0.195 per share or 267,780 common shares, which has been recorded under shares issuable.

(f)

On December 1, 2016, the Company entered into a loan agreement with a non-related party for proceeds of $20,000. The amount owing is unsecured, bears interest at 10% per annum, is due on December 1, 2017, and is convertible into shares of common stock of the Company at $1.20 per share. On July 31, 2017, the loan agreement was amended to change the conversion price to $0.60 per share and due date to June 1, 2018. The loan is currently in default. During the period ended September 30, 2019, the Company recorded accretion expense of $nil (2018 - $3,290). As at September 30, 2019, the carrying value of the note payable is $nil (December 31, 2018 - $20,000) and accrued interest of $nil (December 31, 2018 - $4,164) has been recorded in accounts payable and accrued liabilities. During the period ended June 30, 2019, the Company settled $20,000 of principal and $4,991 of accrued interest at a conversion price of $0.195 per share or 128,159 common shares, which has been recorded under shares issuable.

(g)

On March 3, 2017, the Company entered into a loan agreement with a non-related party for proceeds of $8,000. The amount owing is unsecured, bears interest at 10% per annum, is due on March 3, 2018, and is convertible into shares of common stock of the Company at $1.20 per share. On July 31, 2017, the loan agreement was amended to change the conversion price to $0.60 per share and the due date to September 3, 2018. The loan is in default. During the period ended September 30, 2019, the Company recorded accretion expense of $nil (2018 - $1,317). As at September 30, 2019, the carrying value of the note payable is $nil (December 31, 2018 - $8,000) and accrued interest of $nil (December 31, 2018 - $1,464) has been recorded in accounts payable and accrued liabilities. During the period ended June 30, 2019, the Company settled $8,000 of principal and $1,795 of accrued interest at a conversion price of $0.195 per share or 50,230 common shares, which has been recorded under shares issuable.

(h)

On May 23, 2017, the Company entered into a loan agreement with a non-related party for proceeds of $25,000. The amount owing is unsecured, bears interest at 10% per annum, is due on May 23, 2018, and is convertible into shares of common stock of the Company at $1.20 per share. On July 31, 2017, the loan agreement was amended to change the conversion price to $0.60 per share and the due date to November 23, 2018. The loan is in default. During the period ended September 30, 2019, the Company recorded accretion expense of $nil (2018 - $5,753). As at September 30, 2019, the carrying value of the note payable is $nil (December 31, 2018 - $25,000) and accrued interest of $nil (December 31, 2018 - $4,019) has been recorded in accounts payable and accrued liabilities. During the period ended June 30, 2019, the Company settled $25,000 of principal and $5,053 of accrued interest at a conversion price of $0.195 per share or 154,118 common shares, which has been recorded under shares issuable.

U.S. LITHIUM, CORP.

Notes to the Interim Condensed Financial Statements

September 30, 2019

6. Notes Payable (continued)

(i)

On June 15, 2017, the Company entered into a loan agreement with a non-related party for proceeds of $40,000. The amount owing is unsecured, bears interest at 10% per annum, is due on June 15, 2018, and is convertible into shares of common stock of the Company at $1.20 per share. On July 31, 2017, the loan agreement was amended to change the conversion price to $0.60 per share and the due date to December 15, 2018. The loan is in default. During the period ended September 30, 2019, the Company recorded accretion expense of $nil (2018 - $6,575). As at September 30, 2019, the carrying value of the note payable is $nil (December 31, 2018 - $40,000) and accrued interest of $nil (December 31, 2018 - $6,180) has been recorded in accounts payable and accrued liabilities. During the period ended June 30, 2019, the Company settled $40,000 of principal and $7,833 of accrued interest at a conversion price of $0.195 per share or 245,297 common shares, which has been recorded under shares issuable.

(j)

On September 13, 2017, the Company entered into a loan agreement with a non-related party for proceeds of $20,000. The amount owing is unsecured, bears interest at 10% per annum, is due on September 13, 2018, and is convertible into shares of common stock of the Company at $1.16 per share. The loan is in default. During the year period September 30, 2019, the Company recorded accretion expense of $nil (2018 - $1,871). As at September 30, 2019, the carrying value of the note payable is $nil (December 31, 2018 - $20,000) and accrued interest of $nil (December 31, 2018 - $2,597) has been recorded in accounts payable and accrued liabilities. During the period ended June 30, 2019, the Company settled $20,000 of principal and $3,424 of accrued interest at a conversion price of $0.195 per share or 120,123 common shares, which has been recorded under shares issuable.

(k)

On November 13, 2017, the Company entered into a loan agreement with a non-related party for proceeds of $22,000. The amount owing is unsecured, bears interest at 10% per annum, is due on November 13, 2018, and is convertible into shares of common stock of the Company at $0.84 per share. The loan is in default. During the period ended September 30, 2019, the Company recorded accretion expense of $nil (2018 - $2,325). As at September 30, 2019, the carrying value of the note payable is $nil (December 31, 2018 - $22,000) and accrued interest of $nil (December 31, 2018 - $2,489) has been recorded in accounts payable and accrued liabilities. During the period ended June 30, 2019, the Company settled $22,000 of principal and $3,399 of accrued interest at a conversion price of $0.195 per share or 130,251 common shares, which has been recorded under shares issuable.

(l)

On February 5, 2018, the Company entered into a loan agreement with a non-related party for proceeds of $20,000. The amount owing is unsecured, bears interest at 10% per annum, is due on February 5, 2019, and is convertible into shares of common stock of the Company at $0.84 per share. The loan is in default. As at September 30, 2019, the carrying value of the note payable is $nil (December 31, 2018 - $19,342) and accrued interest of $nil (December 31, 2018 - $1,803) has been recorded in accounts payable and accrued liabilities. During the period ended June 30, 2019, the Company settled $20,000 of principal and $2,630 of accrued interest at a conversion price of $0.195 per share or 116,051 common shares, which has been recorded under shares issuable.

7. Related Party Transactions

At September 30, 2019, the Company owed $26,580 (December 31, 2018 - $54,317) to the President of the Company. During the period ended September 30, 2019, the Company recorded management fees of $18,000 (2018 - $18,000) to the President of the Company. The amount owing is unsecured, non-interest bearing, and due on demand.

U.S. LITHIUM, CORP.

Notes to the Interim Condensed Financial Statements

September 30, 2019

8. Common Stock

Share issuances for period ended June 30, 2019

(a)	On June 30, 2019, the Company issued 2,083,844 shares of common stock in exchange for the conversion of note payable of $280,221 and accrued interest of $126,136 at a conversion price of $0.095 per share.

Share issuances for year ended December 31, 2018

(b)	On February 23, 2017, the Company issued 200,000 shares of common stock with a fair value of $361,600 for the acquisition of the Gochager Lake mineral claims.

(c)

On August 1, 2017, the Company issued 32,021 shares of common stock with a fair value of $16,950 upon the conversion of principal balance of $10,000 and accrued interest of $1,227 on the April 8, 2016 convertible debenture and principal balance of $5,000 and accrued interest of $596 on the April 21, 2016 convertible debenture.

(d)	On February 12, 2018, the Company issued 126,238 common shares at a conversion price of $0.60 per share to settle outstanding convertible debentures of $65,000 and accrued interest of $10,743. Refer to Notes 5(e) and (g).

(e)	On December 3, 2018, the Company finalized a reverse stock split on a basis of 1 new common share for each 40 old common shares. The effects of the reverse stock split has been applied on a retroactive basis.

Item 2. Management's Discussion and Analysis of Financial Condition or Plan of Operation

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.

Unless otherwise specified in this quarterly report, all dollar amounts are expressed in United States dollars and all references to “common stock” refer to shares of our common stock. As used in this quarterly report, the terms “we”, “us”, “our” and “our company” mean U.S. Lithium Corp., unless otherwise indicated.

Corporate History

We were incorporated as Rostock Ventures Corp. on November 2, 2006, under the laws of the State of Nevada. We are a natural resource exploration and development company engaged in the exploration, acquisition, and development of mineral properties in North America. Our business also includes a technology venture, iWeedz.com, our planned internet e-commerce platform and search engine designed to connect consumers with cannabis vendors.

Effective March 12, 2014, we entered into a patent, technical information and trade mark license agreement with Windward International LLC pursuant to which our company acquired an exclusive license to use exploit certain patents, technical information and trademarks comprising the iWeedz.com platform, an e-commerce and marketing platform. We paid 4,000,000 shares of our company’s common stock in consideration of the license and granted a 2% royalty on all net sales derived from the use of the patents, technical information and trademark. However, due to a lack of financing, we have not fully developed or launch the iWeedz.com platform. We continue hold our license in the iWeedz.com platform and to evaluate opportunities to monetize this intellectual property.

On September 30, 2015, our board of directors and a majority of our stockholders approved an increase of our authorized capital from 100,000,000 shares of common stock, par value $0.0001 to 500,000,000 shares of common stock, par value $0.0001. A Certificate of Amendment to effect the increase to our authorized capital was filed with the Nevada Secretary of State on October 20, 2015, with an effective date of October 20, 2015.

On April 4, 2016, our company entered into a letter of intent with Rangefront Consulting LLC (“Rangefront”).

Further to the letter of intent, on April 25, 2016, we entered into a definitive agreement with Rangefront whereby Rangefront granted us the option to acquire 100% of the title, interest and right in and to four mineral claims, known as the Elon claims, located in Esmerelda County, Nevada. In exchange for the grant of the Option by Rangefront, we paid $3,500 to Rangefront on signing of the agreement and issued an aggregate of 200,000 restricted common shares of our company to Brian Goss as the authorized representative of Rangefront.

On April 25, 2016, our board of directors approved an agreement and plan of merger to merge with our wholly-owned subsidiary U.S. Lithium, Corp., a Nevada corporation, to effect a name change from “Rostock Ventures Corp.” to “U.S. Lithium, Corp.”. Our company remains the surviving company. U.S. Lithium, Corp. was formed solely for the change of name.

Articles of Merger to effect the merger and change of name were filed with the Nevada Secretary of State on May 9, 2016, with an effective date of May 11, 2016. In connection with the change of name, effective June 13, 2016, our trading symbol changed to LITH and we adopted the new CUSIP number 90351E 105.

On February 24, 2017, the Company entered into an Option/Purchase Agreement dated February 23, 2017 (the “Agreement”) with Diamond Hunter Ltd. (the “Optionor”) pursuant to which we acquired an exclusive option to purchase a 100% interest in the Gochagar Lake Nickel-Copper-Cobalt project claims. The project consists of four claims covering 3,759 hectares, is located in northern Saskatchewan approximately 75 km north of the town of La Ronge.

In consideration of the option, on February 23, 2017, the Company issued 8,000,000 shares of its common stock to the principals of the Optionor with a fair value of $361,600. To complete the acquisition, the Company was to incur expenditures of not less than USD $50,000 on or before June 1, 2017, and not less than USD $225,000 on or before July 12, 2018. Thereafter the claims would be subject to a royalty equal to two percent (2%) Net Smelter Return (NSR) for as long as the Company holds any interest in the claims, subject to a right to repurchase a 1% NSR for $1,250,000 at any time up to when a production decision is made.

On March 7, 2018 the Company entered into a Mineral Property Option Agreement with Cameo Resources Corp. regarding our option to purchase the Cochagar Lake Nickel –Copper-Cobalt project claims.

Concurrently, the Company entered into an amendment agreement with Diamond Hunter Ltd. and Robert Seeley (as vendors) and Cameo Resources Corp. to amend the February 23, 2017 Option/Purchase Agreement. As a result of the two agreements, the Company has granted to Cameo Resources Corp. the option to acquire a 100% undivided right, title and interest in the Gochagar Lake claims, subject to a 2% NSR royalty (payable to the royalty holder), in consideration for 1,000,000 common shares of Cameo Resources Corp. payable to the Company, $60,000 to be paid to the Company within 5 business days following the agreement (which amount has been paid), $225,000 to be incurred in exploration of the claims by July 2, 2019, and the issuance of 100,000 common shares to each of the vendors. Pursuant to the agreements, Cameo will act as operator of the claims, and will have the option to purchase one percent of the NSR royalty at any time by paying $1,250,000 to the royalty holder.

Financing History

The Company has entered into the following financing transactions, which were all settled with the issuance of common shares during the period ended June 30, 2019:

As at March 31, 2019, the Company owes $9,500 (December 31, 2018 - $9,500) of notes payable to shareholders of the Company. The amounts owing are unsecured, due interest at 10% per annum, and is due on demand.

As at March 31, 2019, the Company owes $3,015 (December 31, 2018 - $3,015) of notes payable to a non-related party. The amount owing is unsecured, due interest at 10% per annum, is due on demand, and is convertible into shares of common stock of the Company at $0.20 per share.

As at March 31, 2019, the Company owes $47,705 (December 31, 2018 - $47,705) of notes payable to non-related parties. The amounts owing are unsecured, due interest between 6-10% per annum, are due on demand, and are convertible into shares of common stock of the Company at $0.20 per share.

Current Business

iWeedz.com

On November 29, 2016, we issued a news release announcing our intention to relaunch our proprietary iWeedz.com search engine and e-commerce platform which was originally launched in February 2014. The iWeedz.com search engine is a cannabis information resource that connects consumers with vendors or likeminded individuals. iWeedz.com for vendors will be a cloud-based solution to manage inventory, post daily deals, attract new customer with proximity marketing via mobile phones, engage with customers via email & text messaging and offer payment processing. We intend to operate this technology platform through a relaunched Website located at www.iWeedz.com, and through mobile application for Apple iPhone operating system (iOS) and Android operating systems. As of the date of this report, our website is not fully functional and our application for Apple iOS and Android operating systems has not been released.

Our decision to revitalize the iWeedz platform comes at a time when several U.S. States have legalized and regulated, or are in the process of legalizing and regulating, medical marijuana. The states of Alaska, California, Colorado, Maine, Massachusetts, Nevada, Oregon and Washington have also legalized marijuana for recreational use. Additionally, the Government of Canada has been engaged in an ongoing process of regulating medical marijuana, and is expected to introduce legislation for the legalization of recreational marijuana in the spring of 2017.

iWeedz will generate revenue by charging member cannabis vendors a monthly fee and by selling banner space on its website and application to these vendors. The banners will be viewable by iWeedz consumer members who are within the vendor’s geographic location and who indicate an interest in the vendor or its products, based on the member’s profile or specific user information gathered by the iWeedz technology. We believe iWeedz’s targeted market intelligence will allow us to charge a premium for ad space. As of the date of this report, we have not yet determined the cost to our vendors for banner space.

Target Market

Our target market includes both businesses and consumers in the local marijuana industry. iWeedz is intended for all types of cannabis consumers including those new to cannabis, medical marijuana patients, or recreational consumers, if recreational use is legally permitted in the consumer’s state of residence. iWeedz also targets both medicinal and recreational dispensaries, depending on whether the specific geographical location legally permits recreational marijuana use.

Our target market further includes consumers who are frequent users of the internet, mobile phones and other mobile devices to locate retailers, conduct online research and act on promotions such as daily deals, coupons or discounts.

Our Mineral Exploration Business

Our mineral exploration strategy is focused on the acquisition, and development of Cobalt, nickel, and lithium resources properties to capitalize on the growing energy storage (battery) market associated with the popularization of electric vehicles.

On February 24, 2017, we entered into an Option/Purchase Agreement dated February 23, 2017 with Diamond Hunter Ltd. (the “Optionor”) pursuant to which we acquired an exclusive option to purchase a 100% interest in the Gochagar Lake Nickel-Copper-Cobalt project claims. The project consists of four claims covering 3,759 hectares, is located in northern Saskatchewan approximately 75 km north of the town of La Ronge.

In consideration of the option, the Company issued 8,000,000 shares of its common stock to the principals of the Optionor. Pursuant to the February 23, 2017 agreement, to complete the acquisition, the Company must incur expenditures of not less than USD$50,000 on or before June 1, 2017, and not less than USD $225,000 on or before July 12, 2018. Thereafter the claims will be subject to a royalty equal to two percent (2%) Net Smelter Return (NSR) for as long as the Company holds any interest in the claims, subject to a right to repurchase a 1% NSR for $1,250,000 at any time up to when a production decision is made.

On March 7, 2018 the Company entered into a Mineral Property Option Agreement with Cameo Resources Corp. (now Cameo Cobalt Corp. regarding our option to purchase the Cochagar Lake Nickel –Copper-Cobalt project claims. Concurrently, the Company entered into an amendment agreement with Diamond Hunter Ltd. and Robert Seeley (as vendors) and Cameo Resources Corp. to amend the February 23, 2017 Option/Purchase Agreement. As a result of the two agreements, the Company has granted to Cameo Resources Corp. the option to acquire a 100% undivided right, title and interest in the Gochagar Lake claims, subject to a 2% NSR royalty (payable to the royalty holder), in consideration for 1,000,000 common shares of Cameo Resources Corp. payable to the Company, $60,000 to be paid to the Company within 5 business days following the agreement (which amount has been paid), $225,000 to be incurred in exploration of the claims by July 2, 2019, and the issuance of 100,000 common shares to each of the vendors. Pursuant to the agreements, Cameo will act as operator of the claims, and will have the option to purchase one percent of the NSR royalty at any time by paying $1,250,000 to the royalty holder.

On April 1, 2018 the Company sold its rights to the to the Gochagar Lake property to Cameo Cobalt Corp., a company listed on the Canadian Securities Exchange, receiving proceeds of $60,000 and 3,000,000 split-adjusted common shares of Cameo with a fair value of $977,004. During the period ended March 31, 2019, the Company sold 994,500 common shares for proceeds of $55,108. As at March 31, 2019September 30, 2019, the Company still held 496,000 common shares of Cameo with a fair value of $7,491.

Elon Claims, Esmeralda County Nevada

On April 25, 2016, we entered into a definitive agreement with Rangefront whereby Rangefront granted us the option to acquire 100% of the title, interest and right in and to four mineral claims, known as the Elon claims, located in Esmerelda County, Nevada. In exchange for the grant of the Option by Rangefront, we paid $3,500 to Rangefront on signing of the agreement and issued an aggregate of 200,000 restricted common shares of our company to Brian Goss as the authorized representative of Rangefront.

The Elon claim block consists of four 20-acre placer claims and is located in Esmerelda County, Nevada. Clayton Valley is home to the only mine producing lithium from brine in North America. As at the date of this report, we have not conducted any exploration on the Elon Claims. We have renewed the Elon claims as they came due and are current in payments for these claims. We plan to maintain the claims for the foreseeable future but have no plans to conduct exploration on the property during 2019.

Competition

The mining industry is intensely competitive. We aim to 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 investment funds to support acquisition, exploration and development. There are other competitors that have operations in the areas in which our properties are located, 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.

Compliance with Government Regulation

Regulation related to iWeedz.com

We are subject to general business regulations and laws as well as regulations and laws specifically governing the Internet and e-commerce. Existing and future regulations and laws could impede the growth of the Internet or other online services. These regulations and laws may involve taxation, tariffs, subscriber privacy, anti-spam, data protection, content, copyrights, distribution, electronic contracts and other communications, consumer protection, the provision of online payment services and the characteristics and quality of services. It is not clear how existing laws governing issues such as sales and other taxes, libel and personal privacy apply to the Internet as the vast majority of these laws were adopted prior to the advent of the Internet and do not contemplate or address the unique issues raised by the Internet or e-commerce. In addition, it is possible that government entities or public interest groups may seek to censor content available on our website and application or may even attempt to completely block our emails or access to our websites. Adverse legal or regulatory developments could substantially harm our business. In particular, in the event that we are restricted, in whole or in part, from operating in certain locations, our ability to increase our customer base may be adversely affected. Currently, we believe we are in compliance with such government regulations and laws.

Additionally, a variety of federal and state laws and regulations govern the collection, use, retention, sharing and security of consumer data. The existing privacy-related laws and regulations are evolving and subject to potentially differing interpretations. In addition, various federal and state legislative and regulatory bodies may expand current or enact new laws regarding privacy matters. For example, recently there have been Congressional hearings and increased attention to the capture and use of location-based information relating to users of smartphones and other mobile devices. We intend to post privacy policies and practices concerning the collection, use and disclosure of member data on our website and application. Several Internet companies have incurred substantial penalties for failing to abide by the representations made in their privacy policies and practices. In addition, several states have adopted legislation that requires businesses to implement and maintain reasonable security procedures and practices to protect sensitive personal information and to provide notice to consumers in the event of a security breach. Any failure, or perceived failure, by us to comply with our posted privacy policies or with any data-related consent orders, Federal Trade Commission requirements or orders or other federal or state privacy or consumer protection-related laws, regulations or industry self-regulatory principles, could result in claims, proceedings or actions against us by governmental entities or others or other liabilities, which could adversely affect our business. In addition, a failure or perceived failure to comply with industry standards or with our own privacy policies and practices could result in a loss of consumer members or vendors and adversely affect our business. Federal and state governmental authorities also continue to evaluate the privacy implications inherent in the use of third party web “cookies” for behavioral advertising. The regulation of these “cookies” and other current online advertising practices could adversely affect our business.

Marijuana Regulation

At least 24 States in the USA, and the federal government of Canada have passed some form of legislation related to the permission to grow, cultivate, sell or use marijuana either for medical purposes or for recreational or “adult use” purposes; or both. The various state legislation is not necessarily harmonious with one another, leading to potential conflicts between state laws. It is most often not legal to transport cannabis-related products across state lines and national borders.

We do not intend to directly hold, handle, or distribute any marijuana products in any location within or outside of the USA. We intend to comply with federal law that provides for certain exemptions for agricultural (industrial) hemp and certain byproducts to be manufactured and sold in the US. Our technology may have applications within the legal marijuana sector and we may seek to license that technology to companies that have met and comply with state regulations for the sale or distribution of cannabis related products in any particular jurisdiction.

Mineral Exploration

Any operations at our mineral exploration properties will be subject to various federal, state, or provincial laws and regulations in the US or Canada 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 will be required to obtain those licenses, permits or other authorizations currently required to conduct exploration and other programs. There are no current orders or directions relating to us or to our lithium properties with respect to the foregoing laws and regulations. Such compliance may include feasibility studies on the surface impact of our proposed operations, costs associated with minimizing surface impact, water treatment and protection, reclamation activities, including rehabilitation of various sites, on-going efforts at alleviating the mining impact on wildlife and permits or bonds as may be required to ensure our compliance with applicable regulations. It is possible that the costs and delays associated with such compliance could become so prohibitive that we may decide to not proceed with exploration, development, or mining operations on any of our mineral properties. We are not presently aware of any specific material environmental constraints affecting our properties that would preclude the economic development or operation of our optioned property.

Environmental Regulations

We are not aware of any material violations of environmental permits, licenses or approvals that have been issued with respect to our operations. We expect to comply with all applicable laws, rules and regulations relating to our business, and at this time, we do not anticipate incurring any material capital expenditures to comply with any environmental regulations or other requirements.

While our intended projects and business activities do not currently violate any laws, any regulatory changes that impose additional restrictions or requirements on us or on our potential customers could adversely affect us by increasing our operating costs or decreasing demand for our products or services, which could have a material adverse effect on our results of operations.

Research and Development

We have not incurred any research and development expenditures over the last two fiscal years.

Intellectual Property

Our company acquired an exclusive license to use certain patents, technical information and trademarks for a term of 500 years, pursuant to the license agreement with Windward dated March 12, 2014, including the domain names www.iWeeds.com, www.iWeedz.com and the platform that powers iWeeds.com.

Employees

We have no employees. Our officers and directors provide their services to our company as independent consultants.

Reports to Security Holders

We are required to file annual, quarterly and current reports, proxy statements and other information with the Securities and Exchange Commission and our filings are available to the public over the internet at the Securities and Exchange Commission’s website at http://www.sec.gov. The public may read and copy any materials filed by us with the Securities and Exchange Commission at the Securities and Exchange Commission’s Public Reference Room at 100 F Street N.E. Washington D.C. 20549. The public may obtain information on the operation of the Public Reference Room by calling the Securities and Exchange Commission at 1-800-732-0330. The SEC also maintains an Internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC, at http://www.sec.gov.

Results of Operations

Our operating expenses for the three and nine month periods ended September 30, 2019 and 2018 are outlined in the table below:

	Three months ended September 30, 2019			Three months ended September 30, 2018			Nine months ended September 30, 2019			Nine months ended September 30, 2018

Depreciation	$	1,152		$	-		$	1,495		$	-
General and administrative	$	6,272		$	3,178		$	20,573		$	8,733
Management fees	$	6,000		$	6,000		$	18,000		$	18,000
Professional fees	$	7,375		$	7,554		$	28,765		$	24,850
Interest and accretion expense	$	-		$	13,541		$	12,152		$	72,936
Foreign exchange loss (gain)	$	(11,199	)	$	(9,799	)	$	(30,591	)	$	8,093
Gain on sale of mineral property	$	-		$	-		$	-		$	(675,404	)
Realized loss (gain) on marketable securities	$	12,502		$	-		$	12,413		$	-
Unrealized loss (gain) on marketable securities	$	26,308		$	(58,133	)	$	11,463		$	364,333
Net Loss (Income)	$	48,410		$	(37,659	)	$	74,270		$	(178,459	)

Three months ended September 30, 2019 compared to the three months ended September 30, 2018

During the three months ended September 30, 2019, our company incurred operating expenses of $20,799 compared to $16,732 during the three months ended September 30, 2018. The increase in operating expenses was attributed to an increase in general and administrative costs of $3,094 due to an increase in transfer agent fees due to the conversion of outstanding common shares during the current year, and $1,152 of depreciation expense for depreciation of equipment that was purchased during the current year.

Net loss for the three months ended September 30, 2019 was $48,410 compared to a net income of $37,659 during the three months ended September 30, 2018. In addition to operating expenses, we incurred an unrealized loss of $26,308 on the fair value of our holdings of Cameo Industries Corp. (“Cameo”). During the three months ended September 30, 2018, we recorded an unrealized gain of $58,133 due to the fair value differences for the common shares of Cameo between the acquisition date (sale of the Gochager Lake property) and the September 30, 2018 period end date. We also incurred interest and accretion expense of $13,541 during the three months ended September 30, 2018 and the increase compared to September 30, 2019 was due to the fact that we converted all convertible debentures during Q2 of fiscal 2019 resulting in no further interest or accretion expense in the current period. Finally, the Company recorded a gain on foreign exchange of $11,199 due mainly to the foreign exchange effects of the change in fair value of the Cameo common shares which are traded in Canadian dollars and on a Canadian listing exchange.

For the three months ended September 30, 2019 the Company had a loss of $0.01 per share compared to earnings per share of $0.01 for the three months ended September 30, 2018.

Nine months ended September 30, 2019 compared to the nine months ended September 30, 2018

During the nine months ended September 30, 2019, our company incurred operating expenses of $69,833 compared to $51,583 during the nine months ended September 30, 2018. The increase in operating expenses was due to an increase in general and administrative expense of $11,840 as we had more day-to-day operating costs, $3,915 increase in professional fees due to an increase in legal fees for the conversion of notes payable during the current year, and $1,495 in depreciation expense as we acquired equipment during the year that was subject to depreciation over a straight-line basis over three years.

Net loss for the nine months ended September 30, 2019 was $74,270 compared to net income of $178,459 during the nine months ended September 30, 2018. In addition to operating expenses, we recorded a realized loss on marketable securities of $12,413 an unrealized loss of $11,463 in our marketable securities for the change in the share price of the Cameo common shares compared to December 31, 2018,. Furthermore, we incurred interest and accretion expense of $12,152, which includes the effects of the conversion of all convertible debentures in June 2019. For fiscal 2018, we recorded a gain of $675,404 on the sale of the Gochager Lake property offset by an unrealized loss of $364,333 for the decrease in the Cameo share price between the date of acquisition and as at September 30, 2019. Furthermore, we recorded interest and accretion expense of $72,936 during the nine months ended September 30, 2018 which was higher than the period ended September 30, 2019 as we converted all convertible debentures in June 2019. We also had a gain of $30,591 for foreign exchange for the nine months ended September 30, 2019 compared to a loss of $8,093 for foreign exchange for the nine months ended September 30, 2018. The foreign exchange amounts are due primarily to the differences in foreign exchange rates between the US dollar (reporting currency) and the Canadian dollar (foreign currency) relating to the fair value of the Company’s holdings of Cameo shares, which are traded on a Canadian exchange in Canadian dollars.

For the nine months ended September 30, 2019, the Company had a loss per share of $0.02 compared to earnings per share of $0.07per share for the nine months ended September 30, 2018.

Operating Revenues

For the nine months ended September 30, 2019 and 2018, our company did not record any revenues.

Liquidity and Capital Resources

Working Capital

	As at			As at
	September 30, 2019			December 31, 2018

Current Assets	$	22,247		$	124,941
Current Liabilities	$	40,954		$	465,166
Working Capital (deficiency)	$	(18,707	)	$	(340,225	)

Cash Flows

	Nine Months			Nine Months
	Ended			Ended
	September 30, 2019			September 30, 2018

Net cash used in operating activities	$	(97,345	)	$	(57,379	)
Net cash provided by (used in) investing activities	$	108,036		$	59,380
Net cash provided by financing activities	$	-		$	20,000
Net increase (decrease) in cash	$	10,691		$	22,001

As at September 30, 2019, our cash balance was $14,756 and total assets were $47,881 comprised of $15,065 of mineral properties, equipment of $10,569, and $7,491 of marketable securities. As at December 31, 2018, our cash balance was $4,065 and total assets were $140,006, which included mineral properties of $15,065, and marketable securities of $120,876. The increase in cash was due to the fact that we received proceeds of $120,100 from the sale of the Cameo common shares which is being used for operating activities during the year. The decrease in the fair value of marketable securities was due to the sale of Cameo shares during the year as the Company sold 2,498,500 common shares during fiscal 2019 and currently holds 496,000 Cameo common shares as at September 30, 2019.

As at September 30, 2019, we had total liabilities of $40,954 compared with total liabilities of $465,166 as at December 31, 2018. The decrease was due to the settlement of outstanding notes payable of $280,221 and accrued interest of $126,136 and a decrease of $27,737 owed to our Chief Executive Officer for the payment of management fees.

As at September 30, 2019, we had a working capital deficit of $18,707 compared with a working capital deficit of $340,225 as at December 31, 2018. The increase in working capital is due to the conversion and settlement of outstanding notes payable and the accrued interest during the current year which was offset by a decrease in marketable securities from the sale of Cameo shares during the current year.

Cashflow from Operating Activities

During the nine months ended September 30, 2019, we used $97,345 of cash for operating activities compared to the use of $57,379 of cash for operating activities during the nine months ended September 30, 2018. The increase in the cash used for operating activities was due to an increase in day-to-day costs as the Company continues to search for new investment opportunities.

Cashflow from Investing Activities

During the nine months ended September 30, 2019, we received $120,100 from the sale of Cameo shares offset by purchase of equipment of $12,064. During the nine months ended September 30, 2018, we received $60,000 from the sale of the Gochager Lake property and spent $620 on mineral exploration costs.

Cashflow from Financing Activities

During the nine months ended September 30, 2019, we did not have any financing activities compared to the nine months ended September 30, 2018 where we received $20,000 from notes payable.

Going Concern

We have not attained profitable operations and are dependent upon obtaining financing to pursue any extensive acquisitions and activities. For these reasons, our auditors stated in their report on our audited financial statements that they have substantial doubt that we will be able to continue as a going concern without further financing.

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 are material to stockholders.

Future Financings

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

Critical Accounting Policies

Our financial statements and accompanying notes have been prepared in accordance with United States generally accepted accounting principles applied on a consistent basis. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods.

We regularly evaluate the accounting policies and estimates that we use to prepare our financial statements. In general, management's estimates are based on historical experience, on information from third party professionals, and on various other assumptions that are believed to be reasonable under the facts and circumstances. Actual results could differ from those estimates made by management. Our fiscal year end is December 31.

Use of Estimates

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Our company regularly evaluates estimates and assumptions related to the recoverability of mineral properties, share based compensation, and deferred income tax asset valuation allowances. Our company bases our estimates and assumptions on current facts, historical experience and various other factors that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by our company may differ materially and adversely from our company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.

Cash and Cash Equivalents

Our company considers all highly liquid instruments with a maturity of three months or less at the time of issuance to be cash equivalents. As of September 30, 2019, and December 31, 2018, there were no cash equivalents.

Asset Retirement Obligations

Our company follows the provisions of ASC 410, Asset Retirement and Environmental Obligations, which establishes standards for the initial measurement and subsequent accounting for obligations associated with the sale, abandonment or other disposal of long-lived tangible assets arising from the acquisition, construction or development and for normal operations of such assets.

Basic and Diluted Net Loss per Share

Our company computes net income (loss) per share in accordance with ASC 260, Earnings per Share. ASC 260 requires presentation of both basic and diluted earnings per share (“EPS”) on the face of the income statement. Basic EPS is computed by dividing net income (loss) available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive.

Foreign Currency Translation

Our company’s functional and reporting currency is the United States dollar. Foreign currency transactions are primarily undertaken in Canadian dollars. Foreign currency transactions are translated to United States dollars in accordance with ASC 830, Foreign Currency Translation Matters, using the exchange rate prevailing at the balance sheet date. Gains and losses arising on translation or settlement of foreign currency denominated transactions or balances are included in the determination of income.

Financial Instruments

Level 1: Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.

Level 2: Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.

Level 3: Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

Our company’s financial instruments consist principally of cash, marketable securities, accounts payable and accrued liabilities, note payables, and amounts due to related party. Pursuant to ASC 820, the fair value of cash is determined based on “Level 1” inputs, which consist of quoted prices in active markets for identical assets. The recorded values of all other financial instruments approximate their current fair values because of their nature and respective maturity dates or durations.

Marketable Securities

Marketable securities consist of common shares of a publicly-traded company and are available-for-sale. The marketable securities are recorded at its fair value, with any corresponding unrealized gains and losses recorded in the statement of operations.

Impairment of Long-Lived Assets

Long-lived assets and certain identifiable intangible assets to be held and used are reviewed for impairment whenever events or changes in circumstance indicate that the carrying amount of such assets may not be recoverable. Determination of recoverability is based on an estimate of undiscounted future cash flows resulting from the use of the asset and its eventual disposition. Measurement of an impairment loss for long-lived assets and certain identifiable intangible assets that management expects to hold and use is based on the fair value of the asset. Long-lived assets and certain identifiable intangible assets to be disposed of are reported at the lower of carrying amount or fair value less costs to sell.

Income Taxes

Our company accounts for income taxes using the asset and liability method in accordance with ASC 740, Accounting for Income Taxes. The asset and liability method provides that deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, and for operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates and laws that will be in effect when the differences are expected to reverse. Our company records a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized.

Comprehensive Loss

ASC 220, Comprehensive Income, establishes standards for the reporting and display of comprehensive loss and its components in the financial statements. As at September 30, 2019 and December 31, 2018, our company has no items representing comprehensive income or loss.

Stock-based Compensation

Our company records stock-based compensation in accordance with ASC 718, Compensation – Stock Compensation using the fair value method. All transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable. Equity instruments issued to employees and the cost of the services received as consideration are measured and recognized based on the fair value of the equity instruments issued. As at September 30, 2019 and December 31, 2018, our company did not grant any stock options.

Recently Issued Accounting Pronouncements

Our company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and our company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

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 principal accounting officer) to allow for timely decisions regarding required disclosure.

As of the end of our 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 principal 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 principal accounting officer) concluded that our disclosure controls and procedures were not effective in providing reasonable assurance in the reliability of our reports 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 our director, officer or any affiliates, or any registered or beneficial shareholder, 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

There were no previously undisclosed unregistered sales of our equity securities during the period covered by this quarterly report.

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)		Articles of Incorporation; Bylaws

3.1		Articles of Incorporation (incorporated by reference to our Registration Statement on Form SB-2 filed on July 30, 2007)

3.2		Bylaws (incorporated by reference to our Registration Statement on Form SB-2 filed on July 30, 2007)

3.3		Certificate of Amendment filed with the Nevada Secretary of State on October 20, 2015 (incorporated by reference to our Current Report on Form 8-K filed on October 21, 2015)

(10)		Material Contracts

10.1		Promissory Note with Pop Holdings Ltd. Dated April 25, 2012 (incorporated by reference to our Quarterly Report on Form 10-Q filed on May 11, 2012)

10.2		Promissory Note with Pop Holdings Ltd. dated April 25, 2012 (incorporated by reference to our Quarterly Report on Form 10-Q filed on May 11, 2012)

10.3		Promissory Note with Pop Holdings Ltd. dated May 14, 2012 (incorporated by reference to our Quarterly Report on Form 10-Q filed on September 12, 2012)

10.4		Promissory Note with Pop Holdings Ltd. dated November 16, 2012 (incorporated by reference to our Quarterly Report on Form 10-Q filed on November 19, 2012)

10.5		Promissory Note with Robert Seeley dated February 4, 2013 (incorporated by reference to our Annual Report on Form 10-K filed on April 15, 2013)

10.6		Promissory Note with Pop Holdings Ltd. dated February 13, 2013 (incorporated by reference to our Annual Report on Form 10-K filed on April 15, 2013)

10.7		Promissory Note with Robert Seeley Ltd. dated May 14, 2012 (incorporated by reference to our Current Report on Form 8-k filed on June 20, 2016)

10.8		Promissory Note with Aspir Corporation dated August 2, 2013 (incorporated by reference to our Quarterly Report on Form 10-Q filed on November 8, 2013)

10.9		Promissory Note with Aspir Corporation dated September 5, 2013 (incorporated by reference to our Quarterly Report on Form 10-Q filed on November 8, 2013)

10.10		Convertible Promissory Note with Robert Seeley dated November 8, 2013 (incorporated by reference to our Annual Report on Form 10-K filed on April 4, 2014)

10.11		Convertible Promissory Note with Robert Seeley dated February 5, 2014 (incorporated by reference to our Annual Report on Form 10-K filed on April 4, 2014)

10.12		Advisory Board Agreement with Todd Ellison dated February 12, 2014 (incorporated by reference to our Annual Report on Form 10-K filed on April 4, 2014)

Exhibit Number		Description

10.13		Patent, Technical Information and Trade Mark License Agreement with Windward International LLC dated March 12, 2014 (incorporated by reference to our Annual Report on Form 10-K filed on April 4, 2014)

10.14		Convertible Promissory Note with Robert Seeley dated April 25, 2014 (incorporated by reference to our Quarterly Report on Form 10-Q filed on May 20, 2014)

10.15		Convertible Promissory Note with Robert Seeley dated May 15, 2014 (incorporated by reference to our Quarterly Report on Form 10-Q filed on August 15, 2014)

10.16		Convertible Promissory Note with Robert Seeley dated May 15, 2014 (incorporated by reference to our Annual Report on Form 10-K filed on April 13, 2015)

10.17		Convertible Promissory Note with Pop Holdings Ltd. dated July 30, 2014 (incorporated by reference to our Annual Report on Form 10-K filed on April 13, 2015)

10.18		Convertible Promissory Note with Pop Holdings Ltd. dated July 30, 2014 (incorporated by reference to our Annual Report on Form 10-K filed on April 13, 2015)

10.19		Convertible Promissory Note with Pop Holdings Ltd. dated July 30, 2014 (incorporated by reference to our Annual Report on Form 10-K filed on April 13, 2015)

10.20		Convertible Promissory Note with H.E. Capital, S.A. dated March 4, 2015 (incorporated by reference to our Quarterly Report on Form 10-Q filed on May 20, 2015)

10.21		Convertible Promissory Note Amendment Agreement dated April 2, 2015 with H.E. Capital (incorporated by reference to our Quarterly Report on Form 10-Q filed on May 20, 2015)

10.22		Convertible Promissory Note Amendment Agreement dated April 2, 2015 with Seeley (incorporated by reference to our Quarterly Report on Form 10-Q filed on May 20, 2015)

10.23		Convertible Promissory Note Amendment Agreement dated April 2, 2015 with Pop Holdings (incorporated by reference to our Quarterly Report on Form 10-Q filed on May 20, 2015)

10.24		Partial Debt Settlement Agreement dated April 30, 2015 with Robert W. Seeley (incorporated by reference to our Quarterly Report on Form 10-Q/A filed on July 23, 2015)

10.25		Partial Debt Settlement Agreement dated April 30, 2015 with Tucker Investments (incorporated by reference to our Quarterly Report on Form 10-Q/A filed on July 23, 2015)

10.26		Partial Debt Settlement Agreement dated April 30, 2015 with Pop Holdings Ltd. (incorporated by reference to our Quarterly Report on Form 10-Q/A filed on July 23, 2015)

10.27		Partial Debt Settlement Agreement dated April 30, 2015 with Aspir Corporation (incorporated by reference to our Quarterly Report on Form 10-Q/A filed on July 23, 2015)

10.28		Partial Debt Settlement Agreement dated April 30, 2015 with H.E. Capital, S.A. (incorporated by reference to our Quarterly Report on Form 10-Q/A filed on July 23, 2015)

10.29		Promissory Note with HE Capital S.A. executed on April 25, 2012 (incorporated by reference to our Current Report on Form 8-K filed on March 17, 2016)

10.30		Promissory Note with HE Capital S.A. executed on April 25, 2012 (incorporated by reference to our Current Report on Form 8-K filed on March 17, 2016)

Exhibit Number		Description

10.31		Promissory Note with Vlasta Heinzova effective October 29, 2008 and restated on June 10, 2015 (incorporated by reference to our Current Report on Form 8-K filed on March 17, 2016)

10.32		Promissory Note with Collin Sinclair effective September 30, 2009 and restated on June 10, 2015 (incorporated by reference to our Current Report on Form 8-K filed on March 17, 2016)

10.33		Promissory Note with Tucker Investment Corp. effective March 12, 2010 and restated on June 10, 2015 (incorporated by reference to our Current Report on Form 8-K filed on March 17, 2016)

10.34		Promissory Note with Tucker Investment Corp. effective May 4, 2010 and restated on June 10, 2015 (incorporated by reference to our Current Report on Form 8-K filed on March 17, 2016)

10.35		Option Agreement with Rangefront Consulting LLC dated April 4, 2016 (incorporated by reference to our Current Report on Form 8-K filed on April 13, 2016)

10.36		Title Transfer Agreement dated April 25, 2016 with Rangefront Consulting LLC (incorporated by reference to our Current Report on Form 8-K filed on April 27, 2016)

10.37		Securities Purchase Agreement dated April 8, 2016 with Robert Seeley (incorporated by reference to our Current Report on Form 8-K filed on May 4, 2016)

10.38		Convertible promissory note dated April 8, 2016 with Robert Seeley (incorporated by reference to our Current Report on Form 8-K filed on May 4, 2016)

10.39		Securities Purchase Agreement dated April 21, 2016 with Robert Seeley (incorporated by reference to our Current Report on Form 8-K filed on May 4, 2016)

10.40		Convertible promissory note dated April 21, 2016 with Robert Seeley (incorporated by reference to our Current Report on Form 8-K filed on May 4, 2016)

10.41		Securities Purchase Agreement dated May 11, 2016 with Robert Seeley (incorporated by reference to our Current Report on Form 8-K filed on May 12, 2016)

10.42		Convertible promissory note dated May 11, 2016 with Robert Seeley (incorporated by reference to our Current Report on Form 8-K filed on May 12, 2016)

10.43		Securities Purchase Agreement dated November 7, 2016 with Robert Seeley (incorporated by reference to our Current Report on Form 8-K filed on December 13, 2016)

10.44		Convertible promissory note dated November 7, 2016 with Robert Seeley (incorporated by reference to our Current Report on Form 8-K filed on December 13, 2016)

10.45		Securities Purchase Agreement dated December 1, 2016 with Robert Seeley (incorporated by reference to our Current Report on Form 8-K filed on December 13, 2016)

10.46		Convertible promissory note dated December 1 2016 with Robert Seeley (incorporated by reference to our Current Report on Form 8-K filed on December 13, 2016)

10.47		Option/Purchase Agreement dated February 23, 2017 with Diamond Hunter Ltd.(incorporated by reference to our Current Report on From 8-K filed March 1, 2017)

10.48		Securities Purchase Agreement dated June 15, 2017 with Catanga International S.A. (incorporated by reference to our Current Report on Form 8-K filed June 22, 2017)

Exhibit Number		Description

10.49		Convertible Promissory Note dated June 15, 2017 issued to Catanga International S.A. (incorporated by reference to our Current Report on Form 8-K filed June 22, 2017)

10.49		Amendment Agreement with Catanga International S.A. dated July 31, 2017 (incorporated by reference to our Current Report on Form 8-K filed August 3, 2017)

10.50		Amendment Agreement with Robert Seeley. dated July 31, 2017 (incorporated by reference to our Current Report on Form 8-K filed August 3, 2017)

10.51		Amendment to Mineral Property Option Agreement (Gochagar Lake Property dated March 7, 2018 with Diamond Hunter Ltd., Robert Seeley, and Cameo Resources Corp.

10.52		Mineral Property Option Agreement (Gochagar Lake Property) dated March 7, 2018 with Cameo Resources Corp. (incorporated by reference to our Annual Report on Form 10-K filed on April 17, 2018)

10.53		Securities Purchase Agreement dated September 13, 2017 with Catanga International S.A. (incorporated by reference to our Current Report on Form 8-K filed September 14, 2017)

10.54		Convertible Promissory Note dated September 13, 2017 issued to Catanga International S.A. (incorporated by reference to our Current Report on Form 8-K filed September 14, 2017)

10.55		Securities Purchase Agreement dated November 13, 2017 with Catanga International S.A. (incorporated by reference to our Current Report on Form 8-K filed November 15, 2017)

10.56		Convertible Promissory Note dated November 13, 2017 issued to Catanga International S.A. (incorporated by reference to our Current Report on Form 8-K filed November 15, 2017)

10.57		Securities Purchase Agreement dated February 5, 2018 with Catanga International S.A. (incorporated by reference to our Current Report on Form 8-K filed November 15, 2017)

10.58		Convertible Promissory Note dated February 5, 2018 issued to Catanga International S.A. (incorporated by reference to our Current Report on Form 8-K filed February 13, 2018)

10.59*		Form of Conversion Notice for Convertible Promissory Notes converted in June, 2019. (incorporated by reference to our Quarterly Report on Form 10-Q filed on August 19, 2019)

(14)		Code of Ethics

14.1		Code of Ethics (incorporated by reference to our Annual Report on Form 10-K filed on March 29, 2011)

(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		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.

SIGNATURES

In accordance with Section 13 or 15(d) of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

		U.S. LITHIUM, CORP.
		(Registrant)


Dated: November 19, 2019	By:	/s/ Gregory Rotelli
		Gregory Rotelli
		President, Chief Executive Officer, Chief Financial Officer, Chief Accounting Officer, Secretary, Treasurer and Director
		(Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer)