PGOL Patriot Gold Corporation (PK)

Table of Contents

 

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 June 30, 2023

 

OR

 

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

 

For the transition period from _____________ to _____________

 

Commission file number 000-32919

 

PATRIOT GOLD CORP.

(Exact name of registrant as specified in its charter)

 

Nevada		86-0947048
(State or other jurisdiction of incorporation or organization		(I.R.S. Employer Identification No.)

 

401 Ryland St. Suite 180 Reno, Nevada, 89502		89502
(Address of principal executive offices)		(Zip Code)

 

(702) 456-9565

(Registrant's telephone number, including area code)

 

______________________________________________________

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

 

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

 

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
N/A	N/A	N/A

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes   ☐ No

 

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

 

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

 

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

 

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

 

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

 

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date: 73,449,687 shares of common stock, $0.001 par value, issued and outstanding as of August 11, 2023 .

 

 

 

TABLE OF CONTENTS

 

PART I –		FINANCIAL INFORMATION		1
Item 1.		Financial Statements		2
		Consolidated Balance Sheets as of June 30, 2023 (Unaudited) and December 31, 2022		2
		Consolidated Statements of Operations (Unaudited) for the three and six months ended June 30, 2023 and 2022 (Unaudited)		3
		Consolidated Statements of Stockholders’ Equity for the three and six months ended June 30, 2023 and 2022 (Unaudited)		4
		Consolidated Statements of Cash Flows for the three and six months ended June 30, 2023 and 2022 (Unaudited)		5
		Consolidated Notes to (Unaudited) Financial Statements		6
Item 2.		Management’s Discussion and Analysis of Financial Condition and Results of Operations		15
Item 3.		Quantitative and Qualitative Disclosures about Market Risk		18
Item 4.		Controls and Procedures		18
PART II-		OTHER INFORMATION		19
Item 1.		Legal Proceedings		19
Item 1A.		Risk Factors (not applicable)		19
Item 2.		Unregistered Sales of Equity Securities and Use of Proceeds		19
Item 3.		Defaults Upon Senior Securities		19
Item 4.		Mine Safety Disclosures		19
Item 5.		Other Information		19
Item 6.		Exhibits		19
Signatures				20

 

 

 

PART I

 

FINANCIAL INFORMATION

 

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

 

THIS QUARTERLY REPORT ON FORM 10-Q, INCLUDING EXHIBITS HERETO, CONTAIN FORWARD-LOOKING STATEMENTS WITHIN THE MEANING OF SECTION 27A OF THE SECURITIES ACT OF 1933, AS AMENDED, AND SECTION 21E OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. THESE FORWARD-LOOKING STATEMENTS ARE TYPICALLY IDENTIFIED BY THE WORDS “ANTICIPATES,” “BELIEVES,” “EXPECTS,” “INTENDS,” “FORECASTS,” “PLANS,” “ESTIMATES,” “MAY,” “FUTURE,” “STRATEGY,” OR WORDS OF SIMILAR MEANING. VARIOUS FACTORS COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE EXPRESSED IN THE FORWARD-LOOKING STATEMENTS, INCLUDING THOSE DESCRIBED IN “RISK FACTORS” IN OUR ANNUAL REPORT ON FORM 10-K. WE ASSUME NO OBLIGATIONS TO UPDATE THESE FORWARD-LOOKING STATEMENTS TO REFLECT NEW INFORMATION, ACTUAL RESULTS, CHANGES IN ASSUMPTIONS, OR CHANGES IN OTHER FACTORS, EXCEPT AS REQUIRED BY LAW.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Item 1. Financial Statements

 

PATRIOT GOLD CORP.

CONSOLIDATED BALANCE SHEETS

		(Unaudited)				(Audited)
		June 30, 2023				December 31, 2022
ASSETS
Current assets:
Cash and cash equivalents		$	2,377,837			$	2,157,336
Marketable securities			21,790				36,104
Royalty receivables			294,364				803,883
Prepaid expenses			119,050				172,302
Total current assets			2,813,041				3,169,625
Long-term assets:
Deferred tax asset, net of valuation allowance			1,043,000				1,043,000
Total long-term assets			1,043,000				1,043,000
Total assets		$	3,856,041			$	4,212,625
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities		$	12,732			$	29,253
Accounts payable and accrued liabilities – related parties			87,275				193,175
Total current liabilities			100,007				222,428
Commitments and contingencies			–				–
Stockholders' equity:
Preferred stock, par value $.001; 6,500,000 shares authorized; no shares issued at June 30, 2023 and December 31, 2022, respectively			–				–
Series A Preferred stock, par value $.001; 13,500,000 shares authorized; 290,000 shares issued at June 30, 2023 and December 31, 2022, respectively			290				290
Common stock, par value $.001; 400,000,000 shares authorized; 73,449,687  and 77,841,893 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively			73,450				77,842
Treasury stock (100,000 shares)			(9,093	)			(9,093	)
Additional paid-in capital			28,664,435				29,230,625
Common shares to be issued			22,400				22,400
Accumulated other comprehensive income (loss)			(16,460	)			(16,067	)
Accumulated deficit			(24,978,988	)			(25,315,800	)
Total stockholders' equity			3,756,034				3,990,197
Total liabilities and stockholders' equity		$	3,856,041			$	4,212,625

 

 

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

 

 

 

 

PATRIOT GOLD CORP.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

		For the Three Months Ended June 30,								For the Six Months Ended June 30,
		2023				2022				2023				2022
Revenues		$	427,299			$	406,519			$	920,585			$	795,807
Expenses:
Mineral costs			72,067				22,833				103,791				65,312
Consulting expense			136,544				122,587				259,731				233,347
Directors Fees			52,500				52,500				105,000				105,000
General and administrative			49,836				72,495				98,598				177,164
Total operating expense			310,947				270,415				567,120				580,823
Net income from operations			116,352				136,104				353,465				214,984
Other income (expense):
Unrealized holding gain (loss) on marketable securities			(4,025	)			(26,599	)			(14,586	)			(82,637	)
Currency exchange			(1,676	)			(2,014	)			(2,357	)			7,289
Other miscellaneous income			169				–				290				–
Total other income (expense)			(5,532	)			(28,613	)			(16,653	)			(75,348	)
Net income			110,820				107,491				336,812				139,636
Other comprehensive income (loss)
Foreign currency translation adjustment			(158	)			(16	)			(393	)			95
Comprehensive income		$	110,662			$	107,475			$	336,419			$	139,731
Earnings per share, basic and diluted:
Income per common share - basic		$	0.00			$	0.00			$	0.00			$	0.00
Income per common share - diluted		$	0.00			$	0.00			$	0.00			$	0.00
Weighted average shares outstanding - basic			75,922,752				74,215,519				76,321,720				74,297,481
Weighted average shares outstanding - diluted			75,922,752				74,215,519				76,321,720				74,297,481

 

 

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

 

 

 

PATRIOT GOLD CORP.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited)

		Series A																								Common				Accumulated
		Preferred Stock								Common Stock												Additional				Shares				Other
						Par								Par				Treasury				Paid-In				To be				Comprehensive				Retained
		Shares				Value				Shares				Value				Stock				Capital				Issued				Income				Deficit				Total
For the 3 months ended June 30, 2022
Balance March 31, 2022			290,000			$	290				74,380,354			$	74,380			$	(9,093	)		$	29,476,587			$	22,400			$	(16,341	)		$	(25,905,166	)		$	3,643,057
Stock Repurchase			–				–				(3,000,000	)			(3,000	)			–				(449,500	)			–				–				–				(452,500	)
Net income and comprehensive income			–				–				–				–				–				–				–				(16	)			107,491				107,475
Balance June 30, 2022			290,000			$	290				71,380,354			$	71,380			$	(9,093	)		$	29,027,087			$	22,400			$	(16,357	)		$	(25,797,675	)		$	3,298,032
For the 6 months ended June 30, 2022
Balance December 31, 2021			290,000			$	290				74,380,354			$	74,380			$	(9,093	)		$	29,476,587			$	22,400			$	(16,452	)		$	(25,937,311	)		$	3,610,801
Stock Repurchase			–				–				(3,000,000	)			(3,000	)			–				(449,500	)			–				–				–				(452,500	)
Net income and comprehensive income			–				–				–				–				–				–				–				95				139,636				139,731
Balance June 30, 2022			290,000			$	290				71,380,354			$	71,380			$	(9,093	)		$	29,027,087			$	22,400			$	(16,357	)		$	(25,797,675	)		$	3,298,032
For the 3 months ended June 30, 2023
Balance March 31, 2023			290,000			$	290				74,491,580			$	74,492			$	(9,093	)		$	28,728,928			$	22,400			$	(16,302	)		$	(25,089,808	)		$	3,710,907
Stock Repurchase			–				–				(1,041,893	)			(1,042	)			–				(64,493	)			–				–				–				(65,535	)
Net income and comprehensive income			–				–				–				–				–				–				–				(158	)			110,820				110,662
Balance June 30, 2023			290,000			$	290				73,449,687			$	73,450			$	(9,093	)		$	28,664,435			$	22,400			$	(16,460	)		$	(24,978,988	)		$	3,756,034
For the 6 months ended June 30, 2023
Balance December 31, 2022			290,000			$	290				77,841,893			$	77,842			$	(9,093	)		$	29,230,625			$	22,400			$	(16,067	)		$	(25,315,800	)		$	3,990,197
Stock Repurchase			–				–				(4,392,206	)			(4,392	)			–				(566,190	)			–				–				–				(570,582	)
Net income and comprehensive income			–				–				–				–				–				–				–				(393	)			336,812				336,419
Balance June 30, 2023			290,000			$	290				73,449,687			$	73,450			$	(9,093	)		$	28,664,435			$	22,400			$	(16,460	)		$	(24,978,988	)		$	3,756,034

 

 

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

 

 

 

PATRIOT GOLD CORP.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

		For the Six Months Ended June 30,
		2023				2022
Net Income		$	336,812			$	139,636
Adjustments to reconcile net income to net cash provided by operating activities:
Fair value adjustment for marketable securities			14,314				82,671
Change in operating assets and liabilities:
Royalties receivables			509,519				809,618
Prepaid expenses			53,252				9,850
Accounts payable and accrued liabilities			(16,522	)			5,669
Accounts payable and accrued liabilities – related parties			(105,900	)			(65,243	)
Net cash flows provided by operating activities			791,475				982,201
Net cash flows used in investing activities			–				–
Cash flows from financing activities
Stock repurchase and cancellation			(570,581	)			(452,500	)
Net cash flows used in financing activities			(570,581	)			(452,500	)
Foreign exchange effect on cash			(393	)			95
Net increase in cash			220,501				529,796
Cash, beginning of year			2,157,336				1,417,275
Cash, end of year		$	2,377,837			$	1,947,071
Supplemental disclosure of cash paid for:
Interest		$	–			$	–
Income taxes		$	–			$	–
Non-cash financing activities:		$	–			$	–

 

 

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

 

 

 

PATRIOT GOLD CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2023

 

NOTE 1 - NATURE OF BUSINESS AND OPERATIONS

 

Patriot Gold Corp. (“Company”) was incorporated in the State of Nevada on November 30, 1998. The Company is engaged in natural resource exploration and is focused on acquiring, exploring, and developing natural resource properties. Currently the Company is undertaking programs in Nevada. The Company’s common stock trades on the Canadian Securities Exchange under the symbol PGOL, and also on the Over-The-Counter (“OTC”) market under the symbol PGOL.

 

On May 23, 2017, the Company caused the incorporation of its wholly owned subsidiary, Patriot Gold Canada Corp (“Patriot Canada”), under the laws of British Columbia, Canada.

 

On April 16, 2010, the Company caused the incorporation of its wholly owned subsidiary, Provex Resources, Inc., (“Provex”) under the laws of Nevada. Effective May 7, 2018, Provex’s name was changed to Goldbase, Inc. (“Goldbase”).

 

NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES

 

Basis of Presentation

 

The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). These consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Goldbase and Patriot Gold Canada. Collectively, they are referred to herein as “the Company”. Inter-company accounts and transactions have been eliminated.

   

Management’s Estimates and Assumptions

 

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

 

Going Concern

 

Management believes they will have sufficient funds to support their business based on the following: (a) revenues derived from the Moss royalty, given the Moss Mine is now in production; (b) the Company's marketable securities are relatively liquid; (c) current cash on hand is sufficient to cover estimated minimum operational costs for the next 12 months.

 

Exploration and Development Costs

 

Mineral exploration costs and payments related to the acquisition of the mineral rights are expensed as incurred. When it has been determined that a mineral property can be economically developed as a result of establishing proven and probable reserves, the costs incurred to acquire and develop such property will be capitalized. Such costs will be amortized using the units-of-production method over the estimated life of the probable reserve. No costs have been capitalized through June 30, 2023.

 

Cash and Cash Equivalents

 

The Company considers all investment instruments purchased with a maturity of three months or less to be cash equivalents to the extent the funds are not being held for investment purposes. The Company has cash equivalents of $850,000 and $0 as of June 30, 2023 and December 31, 2022.

 

 

6

 

 

Marketable Securities

 

Equity investments with readily determinable fair values are measured at fair value. Equity investments without readily determinable fair values are measured using the equity method or measured at costs with adjustments for observable changes in price or impairments (referred to as the measurement alternative). We currently do not have investments without readily determinable fair values. We perform a qualitative assessment on a periodic basis and recognize an impairment if there are sufficient indicators that the fair value of the investment is less than carrying value. Changes in value are recorded in Other income (expense), net.

 

Royalties Receivables

 

Royalties Receivables consist of amounts due from Golden Vertex related to the net smelter return royalty on the Moss Mine in Arizona (see Note 4). An allowance for uncollectible receivables is based on historical collection trends and write-off history. As of June 30, 2023 and December 31, 2022, there was no allowance recorded.

 

Foreign Currency Translation

 

The Company’s functional currency and reporting currency is the U.S. dollar. Monetary items denominated in foreign currency are translated to U.S. dollars at exchange rates in effect at the balance sheet date and non-monetary items are translated at rates in effect when the assets were acquired, or obligations incurred. Revenue and expenses are translated at rates in effect at the time of the transactions. Foreign exchange gains and losses are included in the consolidated statements of operations.

 

Concentration of Credit Risk

 

The Company has no off-balance-sheet concentrations of credit risk such as foreign exchange contracts, options contracts or other foreign hedging arrangements. Financial instruments that potentially subject the Company to concentration of credit risk consist principally of cash deposits. The Company maintains the majority of its cash balances with two financial institutions in the form of demand deposits. Accounts at banks in the United States are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000, while accounts at banks in Canada are insured by the Canada Deposit Insurance Corporation (“CDIC”) up to $100,000. At June 30, 2023 and December 31, 2022, the Company had $2,005,505 and $1,855,389 in excess of the FDIC and CDIC insured limits, respectively.

 

Income/Loss per Share

 

Basic earnings per share is computed by dividing the net income by the weighted average number of shares outstanding during the period. Diluted earnings per share is computed by dividing net income by the weighted-average number of common shares plus dilutive potential common shares outstanding during the period. 

 

As of June 30, 2023 and 2022, all of the outstanding stock options and warrants were excluded from the computation of diluted shares outstanding as they would have had an anti-dilutive impact on the Company’s income from continuing operations.

  

Comprehensive Income

 

Comprehensive income consists of net income and other gains and losses affecting shareholders’ equity that, under generally accepted accounting principles, are excluded from net income. For the Company, such items consist primarily of foreign currency translation gains and losses.

  

Stock Options

 

The Company measures all employee stock-based compensation awards using a fair value method on the date of grant and recognizes such expense in its consolidated financial statements over the requisite service period. The Company uses the Black-Scholes pricing model to determine the fair value of stock-based compensation awards on the date of grant. The Black-Scholes pricing model requires management to make assumptions regarding option lives, expected volatility, and risk-free interest rates.

 

The Company accounts for non-employee stock-based awards in accordance with the Accounting Standards Update (ASU) 2018-07, Compensation—Stock Compensation (Topic 718): Under this standard, the Company values all equity classified awards at their grant-date under ASC718.

 

 

7

 

 

Stock-based Compensation

 

The Company accounts for equity-based transactions with nonemployees awards in accordance with the Accounting Standards Update (ASU) 2018-07,Compensation—Stock Compensation (Topic 718): ASU 2018-07 establishes that equity-based payment transactions with nonemployees shall be measured at the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. The fair value of common stock issued for payments to nonemployees is measured at the market price on the date of grant. The fair value of equity instruments, other than common stock, is estimated using the Black-Scholes option valuation model. In general, we recognize the fair value of the equity instruments issued as deferred stock compensation and amortize the cost over the term of the contract.

 

The Company accounts for employee stock-based compensation in accordance with the guidance of FASB ASC Topic 718, Compensation—Stock Compensation, which requires all share-based payments to employees, including grants of employee stock options, to be recognized in the financial statements based on their fair values. The fair value of the equity instrument is charged directly to compensation expense and credited to additional paid-in capital over the period during which services are rendered.

 

The Company has granted Restricted Common Stock, where the Restricted Common Stock is restricted for a period of three years following the date of grant. During the three-year period the recipient may not sell or otherwise dispose of the shares. The Company has applied a discount for illiquidity to the price of the Company’s stock when determining the amount of expense to be recorded for the Restricted Common Stock issuance. The discount for illiquidity for the Restricted Common Stock was estimated on the date of grant by taking the average close price of the freely traded common shares for the period in which the services were provided, and applying an illiquidity discount of 10% for each multiple that the total Restricted Common Stock is of the average daily volume for the period, to a maximum of 50%.

 

Fair Value of Financial Instruments

 

The carrying value of the Company's financial instruments, including prepaids, accounts payable and accrued liabilities, at June 30, 2023 and December 31, 2022 approximates their fair values due to the short-term nature of these financial instruments. Management is of the opinion that the Company is not exposed to significant interest or credit risks arising from these financial instruments. The Company carries other company’s equity instruments at fair value as required by U.S. GAAP, which are valued using level 1 inputs under the fair value hierarchy.

 

In general, investments with original maturities of greater than 90 days and remaining maturities of less than one year are classified as short-term investments. Investments with maturities beyond one year may also be classified as short-term based on their highly liquid nature and can be sold to fund current operations.

 

Fair Value Hierarchy

 

Fair value is defined within the accounting rules as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The rules established a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. As presented in the tables below, this hierarchy consists of three broad levels:

 

Level 1. Quoted prices in active markets for identical assets or liabilities.

 

Level 2. Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets with insufficient volume or infrequent transactions (less active markets), or model-derived valuations in which all significant inputs are observable or can be derived principally from or corroborated with observable market data for substantially the full term of the assets or liabilities. Level 2 inputs also include non-binding market consensus prices that can be corroborated with observable market data, as well as quoted prices that were adjusted for security-specific restrictions.

 

Level 3. Unobservable inputs to the valuation methodology are significant to the measurement of the fair value of assets or liabilities. These Level 3 inputs also include non-binding market consensus prices or non-binding broker quotes that we were unable to corroborate with observable market data.

 

 

8

 

 

Assets measured at fair value on a recurring basis by level within the fair value hierarchy are as follows:

Fair Value of Marketable Securities
		Fair Value Measurement at								Fair Value Measurement at
		June 30, 2023								December 31, 2022
		Using Level 1				Total				Using Level 1				Total
Assets:
Equity securities with readily determinable fair values		$	21,790			$	21,790			$	36,104			$	36,104

 

Revenue Recognition

 

The Company has adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 606, Revenue from Contracts with Customers (“ASC 606”), which provides a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. The Company receives a royalty from Golden Vertex of 3% of net smelter returns (see Note 3) and recognizes revenue at the time minerals are produced and sold at the Moss Mine. The Company’s revenue recognition policy standards include the following elements under ASU 606:

 

	1.	Identify the contract with the customer. The contract with Golden Vertex is documented in the Purchase and Sale Agreement dated 5/12/16 and the Royalty Deed dated 5/25/16.
	2.	Identify the performance obligations in the contract. The performance obligation in the contract required Patriot to relinquish its 30% interest in the Moss Mine. The Company conveyed all of its right, title and interest in those certain patented and unpatented lode mining claims situated in the Oatman Mining District, Mohave County, Arizona together with all extralateral and other associated rights, water rights, tenements, hereditaments and appurtenances belonging or appertaining thereto, and all rights-of-way, easements, rights of access and ingress to and egress from the claims appurtenant thereto, and in which the Company had any interest.
	3.	Determine the transaction price. The transaction price was C$1,500,000 plus 3% of the Net Smelter Returns on the future production of the Moss Mine. See Note 3 for definition of Net Smelter Returns.
	4.	Allocate the transaction price to the performance obligations in the contract. The Company only has one performance obligation, the transfer of the rights to the Moss Mine, which has already been fulfilled.
	5.	Recognize revenue when (or as) the entity satisfies a performance obligation. The C$1,500,000 was recognized as a sale of the mining rights in 2016, resulting in a gain from the disposition of the property. The 3% net smelter returns royalty are recognized as revenue in the period that Golden Vertex produces and sells minerals from the Moss Mine, which began in March 2018. The royalties that have been received to date have been highly variable, as the amounts are dependent upon the monthly production, the demand of the buyers, the spot price of gold and silver, the costs associated with refining and transporting the product, etc. As such, management has determined that the revenue recognition shall be treated as variable consideration as defined in ASC 606. Variable consideration should only be recognized to the extent that it is probable that a significant reversal of revenue will not occur when the uncertainty associated with the variable consideration is subsequently resolved. Given the fact that royalties to date have been highly variable with a great degree of uncertainty, and any attempts to estimate future revenue would likely result in a significant reversal of revenue, royalty revenue will be recognized when payments and settlement statements are received from Golden Vertex, in the period for which the sales were made by Golden Vertex. It is at that time that any uncertainty related to royalty payments is resolved. The Company applied ASC 606 using the modified retrospective method applied to contracts not yet completed as of the date of adoption.

 

Related Party Transactions

 

A related party is generally defined as (i) any person who holds 10% or more of the Company’s securities and their immediate families, (ii) the Company’s management, (iii) an entity or person who directly or indirectly controls, is controlled by or is under common control with the Company, or (iv) anyone who can significantly influence the financial and operating decisions of the Company. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties.

 

 

9

 

 

Income Taxes

 

The Company follows ASC 740-10-30, which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are based on the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the fiscal year in which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the fiscal years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the Statements of Income in the period that includes the enactment date.

 

The Company adopted ASC 740-10-25 (“ASC 740-10-25”) with regard to uncertainty of income tax positions. ASC 740-10-25 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under ASC 740-10-25, we may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. ASC 740-10-25 also provides guidance on derecognition, classification, interest and penalties on income taxes, and accounting in interim periods and requires increased disclosures.

 

New Accounting Pronouncements

 

The Company adopted ASU 2016-13, “Measurement of Credit Losses on Financial Instruments” effective January 1, 2021. The pronouncement revises the methodology for measuring credit losses on financial instruments and the timing of when such losses are recorded. There was no material impact on the consolidated financial statements as a result of the adoption of this standard.

 

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.

 

NOTE 3 - MINERAL PROPERTIES

 

Vernal Property

  

The Vernal Property is located approximately 140 miles east-southeast of Reno, Nevada on the west side of the Shoshone Mountains. The Company holds the property via 12 unpatented mining claims (approximately 248 acres). The Company has a 100% interest in the Vernal property, subject to an existing royalty. As of June 30, 2023, the Company has incurred approximately $89,616 of accumulated option and exploration expenses on the Vernal property. During the six months ended June 30, 2023 and 2022, the Company incurred no exploration expenses on the Vernal property.

 

Moss Mine Property

 

In 2004, the Company obtained a 100% interest in a number of patented and unpatented mining claims known as the Moss Mine property located in the Oatman Mining District of Mohave county Arizona. In 2011, the Company entered into an Exploration and Option to Enter Joint Venture Agreement (the “Moss Agreement”), with Idaho State Gold Company, LLC, (“ISGC”) whereby the Company granted the option and right to earn a vested seventy percent (70%) interest in the property and the right and option to form a joint venture for the management and ownership of the properties called the Moss Mine, Mohave County, Arizona. Subsequently, ISGC transferred its rights to Elevation Gold Mining Corporation. (“Elevation”), formerly known as Northern Vertex Mining Corporation. In 2016, it was determined that Northern Vertex had met the required conditions to earn an undivided 70% interest in the Moss Mine. As such, the Company entered into a material definitive Agreement for Purchase and Sale of Mining Claims and Escrow Instructions (the “Purchase and Sale Agreement”) with Golden Vertex Corp., an Arizona corporation (“Golden Vertex,” a wholly-owned Subsidiary of Northern Vertex) whereby Golden Vertex agreed to purchase the Company’s remaining 30% working interest in the Moss Mine for $1,155,600 (C$1,500,000) plus a 3% net smelter return royalty. See Note 4 for additional information regarding the royalty from the Moss Mine.

 

 

10

 

 

Windy Peak Property

 

The Windy Peak Property, (“Windy Peak”) consists of 114 unpatented mineral claims covering approximately 2,337 acres, 3 miles NNE of the Bell Mountain and 7 miles east of the Fairview mining district in southwest Nevada. Annual maintenance fees paid to the BLM and recording fees must be paid to the respective county on or before September 1 of each year to keep the claims in good standing, provided the filings are kept current these claims can be kept in perpetuity. As of June 30, 2023, the company has incurred approximately $1,373,298 of exploration expenses on the Windy Peak Property, and $78,867 and $62,409 were spent for the six months ended June 30, 2023 and 2022, respectively.

 

Rainbow Mountain Property

 

The Rainbow Mountain gold project consisted of 81 unpatented lode claims totaling approximately 1,620 contiguous acres, located approximately 23 km southeast of Fallon, in the state of Nevada. In August, 2021, the Company relinquished these claims to the BLM and have completed the required reclamation work. As a result, the Company has requested a refund of its reclamation deposit of $7,074 and anticipates receiving this refund once the BLM has inspected and approved the reclamation work.

 

As of June 30, 2023, the company has incurred approximately $359,008 of fees and exploration expenses on the Rainbow Mountain Property, and $0 and $2,903 were spent for the six months ended June 30, 2023 and 2022, respectively.

 

NOTE 4 – ROYALTY INTERESTS

 

Pursuant to the Purchase and Sale Agreement with Golden Vertex, the Company has a 3% net smelter return royalty on the Moss Mine in Arizona. For the six months ended June 30, 2023 and 2022, the Company earned royalties of $920,585 and $795,807, respectively.

 

Pursuant to the Bruner Purchase and Sale Agreement with Canamex Resources (“Buyer”) dated April 25, 2017, the Company has a 2% net smelter return (“NSR”) royalty on the Bruner Gold/Silver mine in Nevada, including any claims acquired within a two-mile area of interest around the existing claims. As of June 30, 2023, no royalties have yet been earned.

 

In March 2019, the Company purchased a Vanadium Oxide royalty interest from a related party. In exchange for a non-refundable payment of $300,000, the Company is to receive royalties based on the gross production of Vanadium Oxide (“Vanadium”) from a bitumen deposit covering 19 oil sands leases in Alberta. For each barrel of bitumen produced from the specified oil sands until March 21, 2039, or upon termination of mining, whichever is earlier, the Company is to be paid a royalty equal to 25 grams of Vanadium per barrel of bitumen produced, multiplied by the price of Vanadium Pentoxide 98% min in-warehouse Rotterdam published on the last business day of the month in which the gross production of bitumen occurred. While management believes the royalty interest continues to have value, there is no defined timeline to begin production of Vanadium and as such, the Company has fully impaired the royalty asset.

 

NOTE 5 – COMMITMENTS AND CONTINGENCIES

 

In the ordinary course of business, we may be exposed to claims and threatened litigation, and use various methods to resolve these matters in a manner that we believe serves the best interest of our shareholders and other constituents. When a loss is probable, we disclose the amount of probable loss, or disclose a range of reasonably possible losses if they are material and we are able to estimate such a range. If we cannot provide an estimate, we explain the factors that prevent us from doing so. We believe the recorded reserves in our consolidated financial statements are adequate in light of the probable and estimable liabilities. We do not presently believe that any claims or litigation will be material to our results of operations, cash flows, or financial condition.

 

NOTE 6 - STOCK OPTIONS

 

The Company’s Board of Directors adopted the 2019 Stock Option Plan (the “2019 Plan”) in July 2019, the 2014 Stock Option Plan (the “2014 Plan”) in June 2014, and the 2012 Stock Option Plan (the “2012 Plan”) in July 2012. There were no compensation costs charged against those plans for the six months ended June 30, 2023 and 2022, respectively.

 

The 2019 Plan, the 2014 Plan, and the 2012 Plan reserve and make available for grant common stock shares of up to 9,500,000, 5,000,000, and 3,900,000, respectively. No option can be granted under the plans 10 years after the plan inception date.

 

 

11

 

 

Options granted to officers or employees under the plans may be incentive stock options or non-qualified stock options. Options granted to directors, consultants, and independent contractors are limited to non-qualified stock options.

 

The plans are administered by the Board of Directors or a committee designated by the Board of Directors. Subject to specified limitations, the Board of Directors or the Committee has full authority to grant options and establish the terms and conditions for vesting and exercise thereof. However, the aggregate fair market value (determined at the time the option is granted) of the shares with respect to which incentive stock options are exercisable for the first time by an optionee during any calendar year cannot exceed $100,000.

 

Options granted pursuant to the plans are exercisable within ten years of the date of grant. The exercise price per share of common stock for options granted shall be determined by the Board of Directors or the designated committee, except for incentive stock options granted to a holder of ten percent or more of Patriot's common stock, for whom the exercise price per share will not be less than 110% of the fair market value.

 

As of June 30, 2023, there were 9,500,000, 185,000 and 155,000 shares available for grant under the 2019 Plan, 2014 Plan and 2012 Stock Option Plan, respectively.

 

Stock Option Activity

 

The fair value of each stock option is estimated at the date of grant using the Black-Scholes option pricing model. No options were granted in the six months ended June 30, 2023. Assumptions regarding volatility, expected term, dividend yield and risk-free interest rate are required for the Black-Scholes model. The volatility assumption is based on the Company’s historical experience. The risk-free interest rate is based on a U.S. treasury note with a maturity similar to the option award’s expected life. The expected life represents the average period of time that options granted are expected to be outstanding.

 

The following table summarizes stock option activity and related information for the period ended June 30, 2023:

Schedule of stock option activity
		Number of Stock Options Outstanding				Weighted Average Exercise Price				Weighted Average Remaining Contractual Life (Years)				Aggregate Intrinsic Value
Balance December 31, 2021			10,340,000			$	0.10				5.72			$	0.00
Option granted			–
Options cancelled / expired			–				–								–
Options exercised			–
Balance December 31, 2022			10,340,000			$	0.10				4.72			$	0.00
Option granted			–
Options cancelled / expired			–				–								–
Options exercised			–
Balance June 30, 2023			10,340,000			$	0.10				4.23			$	0.00
Exercisable at June 30, 2023			10,340,000			$	0.10				4.23			$	0.00

 

The were no unvested stock options at June 30, 2023. The Company issues new stock when options are exercised.

 

NOTE 7 - COMMON STOCK

 

The Company may issue up to 400,000,000 shares of $.001 par value common stock. As of June 30, 2023, the Company had 73,449,687 of common shares outstanding. Some of these outstanding shares were granted as payment for services provided to the Company and are restricted. The restricted common stock is restricted for a period of three years following the date of grant. During the three-year period the recipient may not sell or otherwise dispose of the shares. The Company has applied a discount for illiquidity to the price of the Company’s stock when determining the amount of expense to be recorded for the Restricted Common Stock issuance. The discount for illiquidity for the Restricted Common Stock was estimated on the date of grant by taking the average close price of the freely traded common shares for the period in which the services were provided, and applying an illiquidity discount of 10% for each multiple that the total Restricted Common Stock is of the average daily volume for the period, to a maximum of 50%.

 

 

12

 

 

On April 20, 2023, the Board of Directors approved the re-purchase and cancellation of 1,041,893 shares at $0.0605 per share for an aggregate price of $63,034.53.

 

On March 1, 2023, the Board of Directors approved the re-purchase and cancellation of 3,350,313 shares at $0.15 per share for an aggregate price of $502,546.95.

 

On June 25, 2022, the Board of Directors approved the re-purchase and cancellation of 3,000,000 shares at $0.15 per share for an aggregate price of $450,000. 

 

In 2022, Trevor Newton opted to receive his director fees for 2022 – 2024 in the form of shares in lieu of cash. See Note 11 for further details.

 

NOTE 8 - WARRANTS

 

The following table summarizes warrant activity during the period ended June 30, 2023. All outstanding warrants were exercisable during this period.

Schedule of warrant activity
		Number of Warrants				Weighted Average Exercise Price
Outstanding December 31, 2021			9,640,000			$	0.13
Issued			–				–
Canceled / exercised			–				–
Expired			–				–
Outstanding December 31, 2022			9,640,000				0.13
Issued			–				–
Canceled / exercised			–				–
Expired			–				–
Outstanding June 30, 2023			9,640,000			$	0.13

 

In April 2019, warrants for 8,000,000 shares were exercised in exchange for a note receivable for $705,000. As a result of this transaction, the shareholder is now considered a beneficial owner (see Note 10 – Related Party Transactions). The note is non-interest bearing and can be repaid at any time with 15 days advance notice to the Company. As this note remains outstanding as of June 30, 2023, in accordance with ASC 505-10-45-2, it is classified as a reduction of Additional Paid-In Capital.

 

The following tables summarizes outstanding warrants as of June 30, 2023, all of which are exercisable:

Warrants outstanding by exercise price
		Warrants Outstanding and Exercisable
Range of Exercise Prices		Number of Warrants		Weighted Avg Exercise Price	Remaining Contractual Life (years)
$0.05 - $0.08			320,000	$0.08	9.42
$0.09 - $0.14			6,320,000	$0.11	2.98
$0.15 - $0.21			3,000,000	$0.16	2.22
Total Outstanding June 30, 2023			9,640,000

  

NOTE 9 - PREFERRED STOCK

 

As of June 30, 2023, there are 290,000 shares of Series A preferred stock outstanding, owned by a related party. The holders of the Series A Preferred stock shall be entitled to receive non-cumulative dividends in preference to the declaration or payments of dividends on the Common Stock. In the event of liquidation of the Company, the holders of the Series A Preferred Stock shall receive any accrued and unpaid dividends before distribution or payments to the holders of the Common Stock. Series A Preferred Stock carries the same right to vote and act as Common stock, except that it carries super-voting rights entitling it to One Hundred (100) votes per share.

 

 

13

 

 

NOTE 10 - RELATED PARTY TRANSACTIONS

 

Mr. Zachary Black, a Board Member, provides geological consulting services to the Company pursuant to a consulting agreement. He is paid on an hourly basis for his services and reimbursed for his out-of-pocket expenses in performing such consulting services. For the six months ended June 30, 2023 and 2022, Mr. Black was paid fees in the amount of $46,375 and $0, respectively.

 

Mr. Robert Coale, a Board Member, provides geological consulting services to the Company pursuant to a consulting agreement. He is paid on an hourly basis for his services and reimbursed for his out-of-pocket expenses in performing such consulting services. For the six months ended June 30, 2023 and 2022, there were no consulting expenses.

 

Mr. Trevor Newton, President, Chief Financial Officer, Secretary, Treasurer and Director of the Company, provides consulting services to the Company pursuant to a consulting agreement. He is paid on an hourly basis for his services and reimbursed for his out-of-pocket expenses in performing such consulting services. For the six months ended June 30, 2023 and 2022, Mr. Newton was paid fees in the amount of $238,386 and $206,809, respectively.

 

In April 2019, an unrelated third party exercised warrants for 8,000,000 shares in exchange for a note receivable for $705,000. As a result of this transaction, the owner of the stock is now a related party. The note is non-interest bearing and can be repaid at any time with 15 days advance notice to the Company. As this note remains outstanding as of June 30, 2023, in accordance with ASC 505-10-45-2, it is classified as a reduction of Additional Paid-In Capital.

 

Board members are paid fees of $70,000 per calendar year. Each director term is three years. In lieu of cash, Mr. Newton opted to receive his director fees for 2022 - 2024 in restricted shares of the Company, totaling 6,461,539 shares. The shares were valued at $0.0325 for total non-cash expense of $70,000 for the year ended December 31, 2022, recorded as Directors Fees Expense. The fees for 2023 - 2024 are recorded as Prepaid Expenses as of June 30, 2023, in the amount of $105,000. For the six months ended June 30, 2023 and 2022, directors’ fees totaled $105,000 and $105,000, respectively.

 

The Company owns 2,760,260 shares of common stock of Strata Power Corporation (“Strata”), acquired through a series of private placements, as an investment in lithium mining extraction technologies. The purchase was accounted for as a marketable security in available for sale securities. Strata is a related party through Trevor Newton, who is President and a member the Board of Directors of both Patriot and Strata. Management has considered the guidance that is used to evaluate whether the Company has significant influence over Strata and has determined that no such significant influence exists.

 

NOTE 11 - SUBSEQUENT EVENTS

 

In accordance with SFAS 165 (ASC 855-10) management has performed an evaluation of subsequent events through the date that the financial statements were available to be issued and has determined that it does not have any material subsequent events to disclose in these financial statements.

  

 

 

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

 

Forward-Looking Statements

 

This Quarterly Report on Form 10-Q contains forward-looking information. Forward-looking information includes statements relating to future actions, prospective products, future performance or results of current or anticipated products, sales and marketing efforts, costs and expenses, interest rates, outcome of contingencies, financial condition, results of operations, liquidity, business strategies, cost savings, objectives of management of Patriot Gold Corp. (hereinafter referred to as the “Company,” “Patriot Gold” or “we”) and other matters. Forward-looking information may be included in this Form 10-Q or may be incorporated by reference from other documents filed with the Securities and Exchange Commission (the “SEC”) by the Company. One can find many of these statements by looking for words including, for example, “believes,” “expects,” “anticipates,” “estimates” or similar expressions in this Quarterly Report on Form 10-Q or in documents incorporated by reference in the Quarterly Report on Form 10-Q. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or future events.

 

The Company has based the forward-looking statements relating to the Company’s operations on management’s current expectations, estimates and projections about the Company and the industry in which it operates. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that we cannot predict. In particular, we have based many of these forward-looking statements on assumptions about future events that may prove to be inaccurate. Accordingly, the Company’s actual results may differ materially from those contemplated by these forward-looking statements. Any differences could result from a variety of factors, including, but not limited to general economic and business conditions, competition, and other factors.

 

General Overview

 

As a natural resource exploration company, our focus is to acquire, explore and develop natural resource properties which may host mineral reserves which may be economical to extract commercially. With this in mind, we have identified and secured interests in mining claims with respect to properties in Nevada. Current cash on hand plus anticipated royalty revenue is sufficient to fund planned operations for 2023 after payment of accounts payable outstanding at June 30, 2023. Our officers and directors and advisors, attorneys and consultants will continue to be utilized to support all operations.

 

Results of Operations

 

Comparison of the Three and Six Months Ended June 30, 2023 to the Three and Six Months Ended June 30, 2022

 

During the three months ended June 30, 2023 and 2022, we had revenues of $427,299 and $406,519, respectively, resulting from the Moss Mine royalty. During the six months ended June 30, 2023 and 2022, we had revenues of $920,585 and $795,807, respectively. We are currently exploring and developing our properties and are actively reviewing new projects.

 

Net profit for the three months ended June 30, 2023 was $110,662 compared to net profit of $107,475 for the three months ended June 30, 2022. Net profit for the six months ended June 30, 2023 was $336,419 compared to a net profit of $139,731 for the six months ended June 30, 2022. The change in profitability is primarily due to $124,778 increase in royalty revenue, as well as a $78,566 decline in general and administrative expenses and a $68,051 decline on unrealized holding gain (loss) on marketable securities. This was offset by the $38,479 increase in mineral and exploration expenses compared to the prior year.

 

For the three months ended June 30, 2023 and 2022, mineral and exploration expenses were $72,067 and $22,833, respectively. For the six months ended June 30, 2023 and 2022, mineral and exploration expenses were $103,791 and $65,312, respectively. The increase in 2023 is primarily due to drilling and consulting expenditures on the Windy Peak project. In addition, the Company has relinquished its claims on the Rainbow Mountain project to the BLM and is no longer incurring expenses related to this project.

 

For the three months ended June 30, 2023 and 2022, general and administrative expenses were $49,836 and $72,495, respectively. For the six months ended June 30, 2023 and 2022, general and administrative expenses were $98,598 and $177,164, respectively. The decrease in 2023 is primarily due to a decrease in professional fees.

 

 

 

For the three months ended June 30, 2023 and 2022, other income (expenses) were ($5,532) and ($28,613), respectively. For the six months ended June 30, 2023 and 2022, other income (expenses) were ($16,653) and ($75,348), respectively. The change in other income/expense is due to an approximate $68,000 decrease in unrealized holding losses on marketable securities.

 

Liquidity and Capital Resources

 

We had total assets of $3,856,041 at June 30, 2023 consisting primarily of $2,377,837 of cash and cash equivalents, $21,790 of marketable securities, $294,364 of royalty receivables, $119,050 of prepaid expenses and $1,043,000 of deferred tax asset. We had total liabilities of $100,007 at June 30, 2023, consisting primarily of accounts payable and accrued expenses.

 

We anticipate that we will incur the following during the year ended December 31, 2023:

 

·

$1,000,000 for operating expenses, including exploration, working capital and general, legal, accounting and administrative expenses associated with reporting requirements under the Securities Exchange Act of 1934 and compliance with Canadian regulatory authorities.

 

Cash provided by operations was $791,475 and $982,201 for the six months ended June 30, 2023 and 2022, respectively. The $190,726 decrease in cash provided by operations was primarily due to the change in royalty receivables.

 

There were no investing activities for the six months ended June 30, 2023 and 2022.

 

Cash used in financing activities was $570,581 and $452,500 for the six months ended June 30, 2023 and 2022, respectively, resulting from the repurchase and cancellation of common stock.

 

Management estimates that the Company will not need additional funding for the next twelve months.

 

We currently have no agreements, arrangements or understandings with any person to obtain funds through bank loans, lines of credit or any other sources.

 

Off Balance Sheet Arrangements

 

We have no off-balance sheet arrangements.

 

Critical Accounting Policies

 

Use of Estimates

 

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

 

Revenue Recognition

 

On June 1, 2018, the Company adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 606, Revenue from Contracts with Customers (“ASC 606”), which provides a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. The Company receives a royalty from Golden Vertex of 3% of net smelter returns (see Note 3) and recognizes revenue at the time minerals are produced and sold at the Moss Mine. The Company’s revenue recognition policy standards include the following elements under ASU 606:

 

1.

Identify the contract with the customer. The contract with Golden Vertex is documented in the Purchase and Sale Agreement dated 5/12/16 and the Royalty Deed dated 5/25/16.

 

2.

Identify the performance obligations in the contract. The performance obligation in the contract required Patriot to relinquish its 30% interest in the Moss Mine. The Company conveyed all of its right, title and interest in those certain patented and unpatented lode mining claims situated in the Oatman Mining District, Mohave County, Arizona together with all extralateral and other associated rights, water rights, tenements, hereditaments and appurtenances belonging or appertaining thereto, and all rights-of-way, easements, rights of access and ingress to and egress from the claims appurtenant thereto, and in which the Company had any interest.

 

 

 

3.

Determine the transaction price. The transaction price was C$1,500,000 plus 3% of the Net Smelter Returns on the future production of the Moss Mine. See Note 3 for definition of Net Smelter Returns.

 

4.

Allocate the transaction price to the performance obligations in the contract. The Company only has one performance obligation, the transfer of the rights to the Moss Mine, which has already been fulfilled.

  

5.

Recognize revenue when (or as) the entity satisfies a performance obligation. The C$1,500,000 was recognized as a sale of the mining rights in 2016, resulting in a gain from the disposition of the property. The 3% net smelter returns royalty will be recognized as revenue in the period that Golden Vertex produces and sells minerals from the Moss Mine, which began in March 2018. The royalties that have been received to date have been highly variable, as the amounts are dependent upon the monthly production, the demand of the buyers, the spot price of gold and silver, the costs associated with refining and transporting the product, etc. As such, management has determined that the revenue recognition shall be treated as variable consideration as defined in ASC 606. Variable consideration should only be recognized to the extent that it is probable that a significant reversal of revenue will not occur when the uncertainty associated with the variable consideration is subsequently resolved. Given the fact that royalties to date have been highly variable with a great degree of uncertainty, and any attempts to estimate future revenue would likely result in a significant reversal of revenue, royalty revenue will be recognized when payments and settlement statements are received from Golden Vertex, in the period for which the sales were made by Golden Vertex. It is at that time that any uncertainty related to royalty payments is resolved. The Company applied ASC 606 using the modified retrospective method applied to contracts not yet completed as of the date of adoption.

 

Mineral Property Acquisition and Exploration Costs

 

Mineral exploration costs and payments related to the acquisition of the mineral rights are expensed as incurred. When it has been determined that a mineral property can be economically developed as a result of establishing proven and probable reserves, the costs incurred to acquire and develop such property will be capitalized. Such costs will be amortized using the units-of-production method over the estimated life of the probable reserve. No costs have been capitalized through June 30, 2023.

 

Deferred Taxes

 

The Company follows ASC 740-10-30, which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are based on the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the fiscal year in which the differences are expected to reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the Statements of Income in the period that includes the enactment date. Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the fiscal years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the Statements of Income in the period that includes the enactment date. 

 

The Company adopted ASC 740-10-25 (“ASC 740-10-25”) with regard to uncertainty of income tax positions.  ASC 740-10-25 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements.  Under ASC 740-10-25, we may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position.  The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. ASC 740-10-25 also provides guidance on derecognition, classification, interest and penalties on income taxes, and accounting in interim periods and requires increased disclosures.  

 

Stock-Based Compensation

 

We account for equity-based transactions with nonemployees awards in accordance with the Accounting Standards Update (ASU) 2018-07, Compensation—Stock Compensation (Topic 718): ASU 2018-07 establishes that equity-based payment transactions with nonemployees shall be measured at the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. The fair value of common stock issued for payments to nonemployees is measured at the market price on the date of grant. The fair value of equity instruments, other than common stock, is estimated using the Black-Scholes option valuation model. In general, we recognize the fair value of the equity instruments issued as deferred stock compensation and amortize the cost over the term of the contract.

 

 

 

We account for employee stock-based compensation in accordance with the guidance of FASB ASC Topic 718, Compensation—Stock Compensation, which requires all share-based payments to employees, including grants of employee stock options, to be recognized in the financial statements based on their fair values. The fair value of the equity instrument is charged directly to compensation expense and credited to additional paid-in capital over the period during which services are rendered.

  

The Company has granted Restricted Common Stock, where the Restricted Common Stock is restricted for a period of three years following the date of grant. During the three-year period the recipient may not sell or otherwise dispose of the shares. The Company has applied a discount for illiquidity to the price of the Company’s stock when determining the amount of expense to be recorded for the Restricted Common Stock issuance. The discount for illiquidity for the Restricted Common Stock was estimated on the date of grant by taking the average close price of the freely traded common shares for the period in which the services were provided, and applying an illiquidity discount of 10% for each multiple that the total Restricted Common Stock is of the average daily volume for the period, to a maximum of 50%.

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and, as such, are not required to provide the information under this Item.

 

Item 4. Controls and Procedures

 

Evaluation of disclosure controls and procedures

 

Under the supervision and with the participation of our management, including our principal executive, we conducted an evaluation of the effectiveness of the design and operations of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), as of June 30, 2023. Based on this evaluation, the Company’s Chief Executive Officer, who also serves as its Principal Financial Officer, concluded that our disclosure controls and procedures were effective.

 

Changes in internal controls

 

During the quarter covered by this report, there has been no change in our internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

 

 

 

 

PART II

 

OTHER INFORMATION

 

ITEM 1. LEGAL PROCEEDINGS

 

None  

 

ITEM 1A. RISK FACTORS

 

N/A

 

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

 

N/A

 

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

 

None

 

ITEM 4. MINE SAFETY DISCLOSURES

 

The Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Act”) and Item 104 of Regulation S-K require certain mine safety disclosures to be made by companies that operate mines regulated under the Federal Mine Safety and Health Act of 1977. However, the requirements of the Act and Item 104 of Regulation S-K do not apply as the Company does not engage in mining activities. Therefore, the Company is not required to make such disclosures.

 

ITEM 5. OTHER INFORMATION

 

None

 

ITEM 6. EXHIBITS

 

INDEX TO EXHIBITS

 

Exhibit No.		Description
3.3		Amended Bylaws*
31.1		Certification of Principal Executive Officer and Principal Financial Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act.
32.1		Certification of Principal Executive Officer and Principal Financial Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act.
101.INS		Inline XBRL Instance Document.*
101.SCH		Inline XBRL Taxonomy Extension Schema Document.*
101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document.*
101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document.*
101.LAB		Inline XBRL Taxonomy Extension Label Linkbase Document.*
101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document.*
104		The cover page for this report, formatted in Inline XBRL (included in Exhibit 101).*
*		Filed Herewith

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Dated: August 11, 2023

 

PATRIOT GOLD CORP.

 

By:   /s/ Trevor Newton

Trevor Newton

Chief Executive Officer and President

 

 

 

 

 

 

 

EXHIBIT 31.1

 

Certification of Chief Financial Officer

and Chief Executive Officer Pursuant to  

Section 302 of the Sarbanes-Oxley Act of 2002-Rule 13a-14(a)/15d –14(a)

 

 

I, Trevor Newton, certify that:

 

1.        I have reviewed this quarterly report on Form 10-Q of Patriot Gold Corp.;

 

2.        Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report.

 

3.        Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report.

 

4.        I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a–15(f) and 15d–15(f)) for the registrant and have:

 

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me by others within those entities, particularly during the period in which this report is being prepared;

 

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c)

Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

(d)

Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

 

5.        I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

 

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

 

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

 

Dated: August 11, 2023
By:	/s/ Trevor Newton
	Trevor Newton
	Chief Executive Officer, President, Treasurer and Secretary (Principal Executive Officer and Principal Financial Officer)

EXHIBIT 32.1

 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

Section 1350 Certification

 

In connection with the Quarterly Report of Patriot Gold Corp. (the “Company”) on Form 10-Q for the fiscal quarter ended June 30, 2023, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Trevor Newton, President and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

 

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C 78m(a) or 78o(d)); and

 

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

 

 

Dated: August 11, 2023

 

By:	/s/ Trevor Newton
	Trevor Newton
	Chief Executive Officer, President, Treasurer and Secretary (Principal Executive Officer and Principal Financial Officer)

v3.23.2

Cover - shares	6 Months Ended
	Jun. 30, 2023	Aug. 11, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2023
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--12-31
Entity File Number	000-32919
Entity Registrant Name	PATRIOT GOLD CORP.
Entity Central Index Key	0001080448
Entity Tax Identification Number	86-0947048
Entity Incorporation, State or Country Code	NV
Entity Address, Address Line One	401 Ryland St.
Entity Address, Address Line Two	Suite 180
Entity Address, City or Town	Reno
Entity Address, State or Province	NV
Entity Address, Postal Zip Code	89502
City Area Code	(702)
Local Phone Number	456-9565
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		73,449,687

v3.23.2

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 2,377,837	$ 2,157,336
Marketable securities	21,790	36,104
Royalty receivables	294,364	803,883
Prepaid expenses	119,050	172,302
Total current assets	2,813,041	3,169,625
Long-term assets:
Deferred tax asset, net of valuation allowance	1,043,000	1,043,000
Total long-term assets	1,043,000	1,043,000
Total assets	3,856,041	4,212,625
Current liabilities:
Accounts payable and accrued liabilities	12,732	29,253
Accounts payable and accrued liabilities – related parties	87,275	193,175
Total current liabilities	100,007	222,428
Commitments and contingencies
Stockholders' equity:
Common stock, par value $.001; 400,000,000 shares authorized; 73,449,687  and 77,841,893 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively	73,450	77,842
Treasury stock (100,000 shares)	(9,093)	(9,093)
Additional paid-in capital	28,664,435	29,230,625
Common shares to be issued	22,400	22,400
Accumulated other comprehensive income (loss)	(16,460)	(16,067)
Accumulated deficit	(24,978,988)	(25,315,800)
Total stockholders' equity	3,756,034	3,990,197
Total liabilities and stockholders' equity	3,856,041	4,212,625
Preferred Stock [Member]
Stockholders' equity:
Preferred stock, par value $.001; 6,500,000 shares authorized; no shares issued at June 30, 2023 and December 31, 2022, respectively	0	0
Series A Preferred Stock [Member]
Stockholders' equity:
Preferred stock, par value $.001; 6,500,000 shares authorized; no shares issued at June 30, 2023 and December 31, 2022, respectively	$ 290	$ 290

v3.23.2

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Common Stock, par value	$ 0.001	$ 0.001
Common Stock, Shares Authorized	400,000,000	400,000,000
Common Stock, Shares, Issued	73,449,687	77,841,893
Common Stock, Shares, Outstanding	73,449,687	77,841,893
Treasury Stock, Shares	100,000	100,000
Preferred Stock [Member]
Preferred Stock, par value	$ 0.001	$ 0.001
Preferred Stock, Shares Authorized	6,500,000	6,500,000
Preferred Stock, Shares Issued	0	0
Series A Preferred Stock [Member]
Preferred Stock, par value	$ 0.001	$ 0.001
Preferred Stock, Shares Authorized	13,500,000	13,500,000
Preferred Stock, Shares Issued	290,000	290,000

v3.23.2

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Revenues	$ 427,299	$ 406,519	$ 920,585	$ 795,807
Expenses:
Mineral costs	72,067	22,833	103,791	65,312
Consulting expense	136,544	122,587	259,731	233,347
Directors Fees	52,500	52,500	105,000	105,000
General and administrative	49,836	72,495	98,598	177,164
Total operating expense	310,947	270,415	567,120	580,823
Net income from operations	116,352	136,104	353,465	214,984
Other income (expense):
Unrealized holding gain (loss) on marketable securities	(4,025)	(26,599)	(14,586)	(82,637)
Currency exchange	(1,676)	(2,014)	(2,357)	7,289
Other miscellaneous income	169	0	290	0
Total other income (expense)	(5,532)	(28,613)	(16,653)	(75,348)
Net income	110,820	107,491	336,812	139,636
Other comprehensive income (loss)
Foreign currency translation adjustment	(158)	(16)	(393)	95
Comprehensive income	$ 110,662	$ 107,475	$ 336,419	$ 139,731
Earnings per share, basic and diluted:
Income per common share - basic	$ 0.00	$ 0.00	$ 0.00	$ 0.00
Income per common share - diluted	$ 0.00	$ 0.00	$ 0.00	$ 0.00
Weighted average shares outstanding - basic	75,922,752	74,215,519	76,321,720	74,297,481
Weighted average shares outstanding - diluted	75,922,752	74,215,519	76,321,720	74,297,481

v3.23.2

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($)	Preferred Stock Series A [Member]	Common Stock [Member]	Treasury Stock, Common [Member]	Additional Paid-in Capital [Member]	Common Shares Tobe Issued [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Total
Beginning balance, value at Dec. 31, 2021	$ 290	$ 74,380	$ (9,093)	$ 29,476,587	$ 22,400	$ (16,452)	$ (25,937,311)	$ 3,610,801
Beginning balance, shares at Dec. 31, 2021	290,000	74,380,354
Stock Repurchase		$ (3,000)		(449,500)				(452,500)
Stock Repurchase, shares		(3,000,000)
Net income and comprehensive income						95	139,636	139,731
Ending balance, value at Jun. 30, 2022	$ 290	$ 71,380	(9,093)	29,027,087	22,400	(16,357)	(25,797,675)	3,298,032
Ending balance, shares at Jun. 30, 2022	290,000	71,380,354
Beginning balance, value at Mar. 31, 2022	$ 290	$ 74,380	(9,093)	29,476,587	22,400	(16,341)	(25,905,166)	3,643,057
Beginning balance, shares at Mar. 31, 2022	290,000	74,380,354
Stock Repurchase		$ (3,000)		(449,500)				(452,500)
Stock Repurchase, shares		(3,000,000)
Net income and comprehensive income						(16)	107,491	107,475
Ending balance, value at Jun. 30, 2022	$ 290	$ 71,380	(9,093)	29,027,087	22,400	(16,357)	(25,797,675)	3,298,032
Ending balance, shares at Jun. 30, 2022	290,000	71,380,354
Beginning balance, value at Dec. 31, 2022	$ 290	$ 77,842	(9,093)	29,230,625	22,400	(16,067)	(25,315,800)	3,990,197
Beginning balance, shares at Dec. 31, 2022	290,000	77,841,893
Stock Repurchase		$ (4,392)		(566,190)				(570,582)
Stock Repurchase, shares		(4,392,206)
Net income and comprehensive income						(393)	336,812	336,419
Ending balance, value at Jun. 30, 2023	$ 290	$ 73,450	(9,093)	28,664,435	22,400	(16,460)	(24,978,988)	3,756,034
Ending balance, shares at Jun. 30, 2023	290,000	73,449,687
Beginning balance, value at Mar. 31, 2023	$ 290	$ 74,492	(9,093)	28,728,928	22,400	(16,302)	(25,089,808)	3,710,907
Beginning balance, shares at Mar. 31, 2023	290,000	74,491,580
Stock Repurchase		$ (1,042)		(64,493)				(65,535)
Stock Repurchase, shares		(1,041,893)
Net income and comprehensive income						(158)	110,820	110,662
Ending balance, value at Jun. 30, 2023	$ 290	$ 73,450	$ (9,093)	$ 28,664,435	$ 22,400	$ (16,460)	$ (24,978,988)	$ 3,756,034
Ending balance, shares at Jun. 30, 2023	290,000	73,449,687

v3.23.2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Statement of Cash Flows [Abstract]
Net Income	$ 336,812	$ 139,636
Adjustments to reconcile net income to net cash provided by operating activities:
Fair value adjustment for marketable securities	14,314	82,671
Change in operating assets and liabilities:
Royalties receivables	509,519	809,618
Prepaid expenses	53,252	9,850
Accounts payable and accrued liabilities	(16,522)	5,669
Accounts payable and accrued liabilities – related parties	(105,900)	(65,243)
Net cash flows provided by operating activities	791,475	982,201
Net cash flows used in investing activities	0	0
Cash flows from financing activities
Stock repurchase and cancellation	(570,581)	(452,500)
Net cash flows used in financing activities	(570,581)	(452,500)
Foreign exchange effect on cash	(393)	95
Net increase in cash	220,501	529,796
Cash, beginning of year	2,157,336	1,417,275
Cash, end of year	2,377,837	1,947,071
Supplemental disclosure of cash paid for:
Interest	0	0
Income taxes	0	0
Non-cash financing activities:	$ 0	$ 0

v3.23.2

NATURE OF BUSINESS AND OPERATIONS	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
NATURE OF BUSINESS AND OPERATIONS	NOTE 1 - NATURE OF BUSINESS AND OPERATIONS   Patriot Gold Corp. (“Company”) was incorporated in the State of Nevada on November 30, 1998. The Company is engaged in natural resource exploration and is focused on acquiring, exploring, and developing natural resource properties. Currently the Company is undertaking programs in Nevada. The Company’s common stock trades on the Canadian Securities Exchange under the symbol PGOL, and also on the Over-The-Counter (“OTC”) market under the symbol PGOL.   On May 23, 2017, the Company caused the incorporation of its wholly owned subsidiary, Patriot Gold Canada Corp (“Patriot Canada”), under the laws of British Columbia, Canada.   On April 16, 2010, the Company caused the incorporation of its wholly owned subsidiary, Provex Resources, Inc., (“Provex”) under the laws of Nevada. Effective May 7, 2018, Provex’s name was changed to Goldbase, Inc. (“Goldbase”).

v3.23.2

SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES   Basis of Presentation   The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). These consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Goldbase and Patriot Gold Canada. Collectively, they are referred to herein as “the Company”. Inter-company accounts and transactions have been eliminated.     Management’s Estimates and Assumptions   The preparation of the consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management believes that all applicable estimates and adjustments are appropriate. Actual results could differ from those estimates.   Going Concern   Management believes they will have sufficient funds to support their business based on the following: (a) revenues derived from the Moss royalty, given the Moss Mine is now in production; (b) the Company's marketable securities are relatively liquid; (c) current cash on hand is sufficient to cover estimated minimum operational costs for the next 12 months.   Exploration and Development Costs   Mineral exploration costs and payments related to the acquisition of the mineral rights are expensed as incurred. When it has been determined that a mineral property can be economically developed as a result of establishing proven and probable reserves, the costs incurred to acquire and develop such property will be capitalized. Such costs will be amortized using the units-of-production method over the estimated life of the probable reserve. No costs have been capitalized through June 30, 2023.   Cash and Cash Equivalents   The Company considers all investment instruments purchased with a maturity of three months or less to be cash equivalents to the extent the funds are not being held for investment purposes. The Company has cash equivalents of $850,000 and $0 as of June 30, 2023 and December 31, 2022.   Marketable Securities   Equity investments with readily determinable fair values are measured at fair value. Equity investments without readily determinable fair values are measured using the equity method or measured at costs with adjustments for observable changes in price or impairments (referred to as the measurement alternative). We currently do not have investments without readily determinable fair values. We perform a qualitative assessment on a periodic basis and recognize an impairment if there are sufficient indicators that the fair value of the investment is less than carrying value. Changes in value are recorded in Other income (expense), net.   Royalties Receivables   Royalties Receivables consist of amounts due from Golden Vertex related to the net smelter return royalty on the Moss Mine in Arizona (see Note 4). An allowance for uncollectible receivables is based on historical collection trends and write-off history. As of June 30, 2023 and December 31, 2022, there was no allowance recorded.   Foreign Currency Translation   The Company’s functional currency and reporting currency is the U.S. dollar. Monetary items denominated in foreign currency are translated to U.S. dollars at exchange rates in effect at the balance sheet date and non-monetary items are translated at rates in effect when the assets were acquired, or obligations incurred. Revenue and expenses are translated at rates in effect at the time of the transactions. Foreign exchange gains and losses are included in the consolidated statements of operations.   Concentration of Credit Risk   The Company has no off-balance-sheet concentrations of credit risk such as foreign exchange contracts, options contracts or other foreign hedging arrangements. Financial instruments that potentially subject the Company to concentration of credit risk consist principally of cash deposits. The Company maintains the majority of its cash balances with two financial institutions in the form of demand deposits. Accounts at banks in the United States are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000, while accounts at banks in Canada are insured by the Canada Deposit Insurance Corporation (“CDIC”) up to $100,000. At June 30, 2023 and December 31, 2022, the Company had $2,005,505 and $1,855,389 in excess of the FDIC and CDIC insured limits, respectively.   Income/Loss per Share   Basic earnings per share is computed by dividing the net income by the weighted average number of shares outstanding during the period. Diluted earnings per share is computed by dividing net income by the weighted-average number of common shares plus dilutive potential common shares outstanding during the period.    As of June 30, 2023 and 2022, all of the outstanding stock options and warrants were excluded from the computation of diluted shares outstanding as they would have had an anti-dilutive impact on the Company’s income from continuing operations.    Comprehensive Income   Comprehensive income consists of net income and other gains and losses affecting shareholders’ equity that, under generally accepted accounting principles, are excluded from net income. For the Company, such items consist primarily of foreign currency translation gains and losses.    Stock Options   The Company measures all employee stock-based compensation awards using a fair value method on the date of grant and recognizes such expense in its consolidated financial statements over the requisite service period. The Company uses the Black-Scholes pricing model to determine the fair value of stock-based compensation awards on the date of grant. The Black-Scholes pricing model requires management to make assumptions regarding option lives, expected volatility, and risk-free interest rates.   The Company accounts for non-employee stock-based awards in accordance with the Accounting Standards Update (ASU) 2018-07, Compensation—Stock Compensation (Topic 718): Under this standard, the Company values all equity classified awards at their grant-date under ASC718.   Stock-based Compensation   The Company accounts for equity-based transactions with nonemployees awards in accordance with the Accounting Standards Update (ASU) 2018-07,Compensation—Stock Compensation (Topic 718): ASU 2018-07 establishes that equity-based payment transactions with nonemployees shall be measured at the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. The fair value of common stock issued for payments to nonemployees is measured at the market price on the date of grant. The fair value of equity instruments, other than common stock, is estimated using the Black-Scholes option valuation model. In general, we recognize the fair value of the equity instruments issued as deferred stock compensation and amortize the cost over the term of the contract.   The Company accounts for employee stock-based compensation in accordance with the guidance of FASB ASC Topic 718, Compensation—Stock Compensation, which requires all share-based payments to employees, including grants of employee stock options, to be recognized in the financial statements based on their fair values. The fair value of the equity instrument is charged directly to compensation expense and credited to additional paid-in capital over the period during which services are rendered.   The Company has granted Restricted Common Stock, where the Restricted Common Stock is restricted for a period of three years following the date of grant. During the three-year period the recipient may not sell or otherwise dispose of the shares. The Company has applied a discount for illiquidity to the price of the Company’s stock when determining the amount of expense to be recorded for the Restricted Common Stock issuance. The discount for illiquidity for the Restricted Common Stock was estimated on the date of grant by taking the average close price of the freely traded common shares for the period in which the services were provided, and applying an illiquidity discount of 10% for each multiple that the total Restricted Common Stock is of the average daily volume for the period, to a maximum of 50%.   Fair Value of Financial Instruments   The carrying value of the Company's financial instruments, including prepaids, accounts payable and accrued liabilities, at June 30, 2023 and December 31, 2022 approximates their fair values due to the short-term nature of these financial instruments. Management is of the opinion that the Company is not exposed to significant interest or credit risks arising from these financial instruments. The Company carries other company’s equity instruments at fair value as required by U.S. GAAP, which are valued using level 1 inputs under the fair value hierarchy.   In general, investments with original maturities of greater than 90 days and remaining maturities of less than one year are classified as short-term investments. Investments with maturities beyond one year may also be classified as short-term based on their highly liquid nature and can be sold to fund current operations.   Fair Value Hierarchy   Fair value is defined within the accounting rules as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The rules established a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. As presented in the tables below, this hierarchy consists of three broad levels:   Level 1. Quoted prices in active markets for identical assets or liabilities.   Level 2. Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets with insufficient volume or infrequent transactions (less active markets), or model-derived valuations in which all significant inputs are observable or can be derived principally from or corroborated with observable market data for substantially the full term of the assets or liabilities. Level 2 inputs also include non-binding market consensus prices that can be corroborated with observable market data, as well as quoted prices that were adjusted for security-specific restrictions.   Level 3. Unobservable inputs to the valuation methodology are significant to the measurement of the fair value of assets or liabilities. These Level 3 inputs also include non-binding market consensus prices or non-binding broker quotes that we were unable to corroborate with observable market data.   Assets measured at fair value on a recurring basis by level within the fair value hierarchy are as follows: Fair Value of Marketable Securities                             Fair Value Measurement at     Fair Value Measurement at       June 30, 2023     December 31, 2022       Using Level 1     Total     Using Level 1     Total   Assets:                                 Equity securities with readily determinable fair values   $ 21,790     $ 21,790     $ 36,104     $ 36,104     Revenue Recognition   The Company has adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 606, Revenue from Contracts with Customers (“ASC 606”), which provides a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. The Company receives a royalty from Golden Vertex of 3% of net smelter returns (see Note 3) and recognizes revenue at the time minerals are produced and sold at the Moss Mine. The Company’s revenue recognition policy standards include the following elements under ASU 606:     1. Identify the contract with the customer. The contract with Golden Vertex is documented in the Purchase and Sale Agreement dated 5/12/16 and the Royalty Deed dated 5/25/16.         2. Identify the performance obligations in the contract. The performance obligation in the contract required Patriot to relinquish its 30% interest in the Moss Mine. The Company conveyed all of its right, title and interest in those certain patented and unpatented lode mining claims situated in the Oatman Mining District, Mohave County, Arizona together with all extralateral and other associated rights, water rights, tenements, hereditaments and appurtenances belonging or appertaining thereto, and all rights-of-way, easements, rights of access and ingress to and egress from the claims appurtenant thereto, and in which the Company had any interest.         3. Determine the transaction price. The transaction price was C$1,500,000 plus 3% of the Net Smelter Returns on the future production of the Moss Mine. See Note 3 for definition of Net Smelter Returns.         4. Allocate the transaction price to the performance obligations in the contract. The Company only has one performance obligation, the transfer of the rights to the Moss Mine, which has already been fulfilled.         5. Recognize revenue when (or as) the entity satisfies a performance obligation. The C$1,500,000 was recognized as a sale of the mining rights in 2016, resulting in a gain from the disposition of the property. The 3% net smelter returns royalty are recognized as revenue in the period that Golden Vertex produces and sells minerals from the Moss Mine, which began in March 2018. The royalties that have been received to date have been highly variable, as the amounts are dependent upon the monthly production, the demand of the buyers, the spot price of gold and silver, the costs associated with refining and transporting the product, etc. As such, management has determined that the revenue recognition shall be treated as variable consideration as defined in ASC 606. Variable consideration should only be recognized to the extent that it is probable that a significant reversal of revenue will not occur when the uncertainty associated with the variable consideration is subsequently resolved. Given the fact that royalties to date have been highly variable with a great degree of uncertainty, and any attempts to estimate future revenue would likely result in a significant reversal of revenue, royalty revenue will be recognized when payments and settlement statements are received from Golden Vertex, in the period for which the sales were made by Golden Vertex. It is at that time that any uncertainty related to royalty payments is resolved. The Company applied ASC 606 using the modified retrospective method applied to contracts not yet completed as of the date of adoption.   Related Party Transactions   A related party is generally defined as (i) any person who holds 10% or more of the Company’s securities and their immediate families, (ii) the Company’s management, (iii) an entity or person who directly or indirectly controls, is controlled by or is under common control with the Company, or (iv) anyone who can significantly influence the financial and operating decisions of the Company. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties.   Income Taxes   The Company follows ASC 740-10-30, which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are based on the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the fiscal year in which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the fiscal years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the Statements of Income in the period that includes the enactment date.   The Company adopted ASC 740-10-25 (“ASC 740-10-25”) with regard to uncertainty of income tax positions. ASC 740-10-25 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under ASC 740-10-25, we may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. ASC 740-10-25 also provides guidance on derecognition, classification, interest and penalties on income taxes, and accounting in interim periods and requires increased disclosures.   New Accounting Pronouncements   The Company adopted ASU 2016-13, “Measurement of Credit Losses on Financial Instruments” effective January 1, 2021. The pronouncement revises the methodology for measuring credit losses on financial instruments and the timing of when such losses are recorded. There was no material impact on the consolidated financial statements as a result of the adoption of this standard.   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.

v3.23.2

MINERAL PROPERTIES	6 Months Ended
	Jun. 30, 2023
Extractive Industries [Abstract]
MINERAL PROPERTIES	NOTE 3 - MINERAL PROPERTIES   Vernal Property    The Vernal Property is located approximately 140 miles east-southeast of Reno, Nevada on the west side of the Shoshone Mountains. The Company holds the property via 12 unpatented mining claims (approximately 248 acres). The Company has a 100% interest in the Vernal property, subject to an existing royalty. As of June 30, 2023, the Company has incurred approximately $89,616 of accumulated option and exploration expenses on the Vernal property. During the six months ended June 30, 2023 and 2022, the Company incurred no exploration expenses on the Vernal property.   Moss Mine Property   In 2004, the Company obtained a 100% interest in a number of patented and unpatented mining claims known as the Moss Mine property located in the Oatman Mining District of Mohave county Arizona. In 2011, the Company entered into an Exploration and Option to Enter Joint Venture Agreement (the “Moss Agreement”), with Idaho State Gold Company, LLC, (“ISGC”) whereby the Company granted the option and right to earn a vested seventy percent (70%) interest in the property and the right and option to form a joint venture for the management and ownership of the properties called the Moss Mine, Mohave County, Arizona. Subsequently, ISGC transferred its rights to Elevation Gold Mining Corporation. (“Elevation”), formerly known as Northern Vertex Mining Corporation. In 2016, it was determined that Northern Vertex had met the required conditions to earn an undivided 70% interest in the Moss Mine. As such, the Company entered into a material definitive Agreement for Purchase and Sale of Mining Claims and Escrow Instructions (the “Purchase and Sale Agreement”) with Golden Vertex Corp., an Arizona corporation (“Golden Vertex,” a wholly-owned Subsidiary of Northern Vertex) whereby Golden Vertex agreed to purchase the Company’s remaining 30% working interest in the Moss Mine for $1,155,600 (C$1,500,000) plus a 3% net smelter return royalty. See Note 4 for additional information regarding the royalty from the Moss Mine.   Windy Peak Property   The Windy Peak Property, (“Windy Peak”) consists of 114 unpatented mineral claims covering approximately 2,337 acres, 3 miles NNE of the Bell Mountain and 7 miles east of the Fairview mining district in southwest Nevada. Annual maintenance fees paid to the BLM and recording fees must be paid to the respective county on or before September 1 of each year to keep the claims in good standing, provided the filings are kept current these claims can be kept in perpetuity. As of June 30, 2023, the company has incurred approximately $1,373,298 of exploration expenses on the Windy Peak Property, and $78,867 and $62,409 were spent for the six months ended June 30, 2023 and 2022, respectively.   Rainbow Mountain Property   The Rainbow Mountain gold project consisted of 81 unpatented lode claims totaling approximately 1,620 contiguous acres, located approximately 23 km southeast of Fallon, in the state of Nevada. In August, 2021, the Company relinquished these claims to the BLM and have completed the required reclamation work. As a result, the Company has requested a refund of its reclamation deposit of $7,074 and anticipates receiving this refund once the BLM has inspected and approved the reclamation work.   As of June 30, 2023, the company has incurred approximately $359,008 of fees and exploration expenses on the Rainbow Mountain Property, and $0 and $2,903 were spent for the six months ended June 30, 2023 and 2022, respectively.

v3.23.2

ROYALTY INTERESTS	6 Months Ended
	Jun. 30, 2023
Royalty Interests
ROYALTY INTERESTS	NOTE 4 – ROYALTY INTERESTS   Pursuant to the Purchase and Sale Agreement with Golden Vertex, the Company has a 3% net smelter return royalty on the Moss Mine in Arizona. For the six months ended June 30, 2023 and 2022, the Company earned royalties of $920,585 and $795,807, respectively.   Pursuant to the Bruner Purchase and Sale Agreement with Canamex Resources (“Buyer”) dated April 25, 2017, the Company has a 2% net smelter return (“NSR”) royalty on the Bruner Gold/Silver mine in Nevada, including any claims acquired within a two-mile area of interest around the existing claims. As of June 30, 2023, no royalties have yet been earned.   In March 2019, the Company purchased a Vanadium Oxide royalty interest from a related party. In exchange for a non-refundable payment of $300,000, the Company is to receive royalties based on the gross production of Vanadium Oxide (“Vanadium”) from a bitumen deposit covering 19 oil sands leases in Alberta. For each barrel of bitumen produced from the specified oil sands until March 21, 2039, or upon termination of mining, whichever is earlier, the Company is to be paid a royalty equal to 25 grams of Vanadium per barrel of bitumen produced, multiplied by the price of Vanadium Pentoxide 98% min in-warehouse Rotterdam published on the last business day of the month in which the gross production of bitumen occurred. While management believes the royalty interest continues to have value, there is no defined timeline to begin production of Vanadium and as such, the Company has fully impaired the royalty asset.

v3.23.2

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 5 – COMMITMENTS AND CONTINGENCIES   In the ordinary course of business, we may be exposed to claims and threatened litigation, and use various methods to resolve these matters in a manner that we believe serves the best interest of our shareholders and other constituents. When a loss is probable, we disclose the amount of probable loss, or disclose a range of reasonably possible losses if they are material and we are able to estimate such a range. If we cannot provide an estimate, we explain the factors that prevent us from doing so. We believe the recorded reserves in our consolidated financial statements are adequate in light of the probable and estimable liabilities. We do not presently believe that any claims or litigation will be material to our results of operations, cash flows, or financial condition.

v3.23.2

STOCK OPTIONS	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
STOCK OPTIONS	NOTE 6 - STOCK OPTIONS   The Company’s Board of Directors adopted the 2019 Stock Option Plan (the “2019 Plan”) in July 2019, the 2014 Stock Option Plan (the “2014 Plan”) in June 2014, and the 2012 Stock Option Plan (the “2012 Plan”) in July 2012. There were no compensation costs charged against those plans for the six months ended June 30, 2023 and 2022, respectively.   The 2019 Plan, the 2014 Plan, and the 2012 Plan reserve and make available for grant common stock shares of up to 9,500,000, 5,000,000, and 3,900,000, respectively. No option can be granted under the plans 10 years after the plan inception date.   Options granted to officers or employees under the plans may be incentive stock options or non-qualified stock options. Options granted to directors, consultants, and independent contractors are limited to non-qualified stock options.   The plans are administered by the Board of Directors or a committee designated by the Board of Directors. Subject to specified limitations, the Board of Directors or the Committee has full authority to grant options and establish the terms and conditions for vesting and exercise thereof. However, the aggregate fair market value (determined at the time the option is granted) of the shares with respect to which incentive stock options are exercisable for the first time by an optionee during any calendar year cannot exceed $100,000.   Options granted pursuant to the plans are exercisable within ten years of the date of grant. The exercise price per share of common stock for options granted shall be determined by the Board of Directors or the designated committee, except for incentive stock options granted to a holder of ten percent or more of Patriot's common stock, for whom the exercise price per share will not be less than 110% of the fair market value.   As of June 30, 2023, there were 9,500,000, 185,000 and 155,000 shares available for grant under the 2019 Plan, 2014 Plan and 2012 Stock Option Plan, respectively.   Stock Option Activity   The fair value of each stock option is estimated at the date of grant using the Black-Scholes option pricing model. No options were granted in the six months ended June 30, 2023. Assumptions regarding volatility, expected term, dividend yield and risk-free interest rate are required for the Black-Scholes model. The volatility assumption is based on the Company’s historical experience. The risk-free interest rate is based on a U.S. treasury note with a maturity similar to the option award’s expected life. The expected life represents the average period of time that options granted are expected to be outstanding.   The following table summarizes stock option activity and related information for the period ended June 30, 2023: Schedule of stock option activity                             Number of Stock Options Outstanding     Weighted Average Exercise Price     Weighted Average Remaining Contractual Life (Years)     Aggregate Intrinsic Value   Balance December 31, 2021     10,340,000     $ 0.10       5.72     $ 0.00   Option granted     –                           Options cancelled / expired     –       –             –   Options exercised     –                           Balance December 31, 2022     10,340,000     $ 0.10       4.72     $ 0.00   Option granted     –                           Options cancelled / expired     –       –             –   Options exercised     –                           Balance June 30, 2023     10,340,000     $ 0.10       4.23     $ 0.00                                     Exercisable at June 30, 2023     10,340,000     $ 0.10       4.23     $ 0.00     The were no unvested stock options at June 30, 2023. The Company issues new stock when options are exercised.

v3.23.2

COMMON STOCK	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
COMMON STOCK	NOTE 7 - COMMON STOCK   The Company may issue up to 400,000,000 shares of $.001 par value common stock. As of June 30, 2023, the Company had 73,449,687 of common shares outstanding. Some of these outstanding shares were granted as payment for services provided to the Company and are restricted. The restricted common stock is restricted for a period of three years following the date of grant. During the three-year period the recipient may not sell or otherwise dispose of the shares. The Company has applied a discount for illiquidity to the price of the Company’s stock when determining the amount of expense to be recorded for the Restricted Common Stock issuance. The discount for illiquidity for the Restricted Common Stock was estimated on the date of grant by taking the average close price of the freely traded common shares for the period in which the services were provided, and applying an illiquidity discount of 10% for each multiple that the total Restricted Common Stock is of the average daily volume for the period, to a maximum of 50%.   On April 20, 2023, the Board of Directors approved the re-purchase and cancellation of 1,041,893 shares at $0.0605 per share for an aggregate price of $63,034.53.   On March 1, 2023, the Board of Directors approved the re-purchase and cancellation of 3,350,313 shares at $0.15 per share for an aggregate price of $502,546.95.   On June 25, 2022, the Board of Directors approved the re-purchase and cancellation of 3,000,000 shares at $0.15 per share for an aggregate price of $450,000.    In 2022, Trevor Newton opted to receive his director fees for 2022 – 2024 in the form of shares in lieu of cash. See Note 11 for further details.

v3.23.2

WARRANTS	6 Months Ended
	Jun. 30, 2023
Warrants
WARRANTS	NOTE 8 - WARRANTS   The following table summarizes warrant activity during the period ended June 30, 2023. All outstanding warrants were exercisable during this period. Schedule of warrant activity                 Number of Warrants     Weighted Average Exercise Price   Outstanding December 31, 2021     9,640,000     $ 0.13   Issued     –       –   Canceled / exercised     –       –   Expired     –       –   Outstanding December 31, 2022     9,640,000       0.13   Issued     –       –   Canceled / exercised     –       –   Expired     –       –   Outstanding June 30, 2023     9,640,000     $ 0.13     In April 2019, warrants for 8,000,000 shares were exercised in exchange for a note receivable for $705,000. As a result of this transaction, the shareholder is now considered a beneficial owner (see Note 10 – Related Party Transactions). The note is non-interest bearing and can be repaid at any time with 15 days advance notice to the Company. As this note remains outstanding as of June 30, 2023, in accordance with ASC 505-10-45-2, it is classified as a reduction of Additional Paid-In Capital.   The following tables summarizes outstanding warrants as of June 30, 2023, all of which are exercisable: Warrants outstanding by exercise price               Warrants Outstanding and Exercisable Range of Exercise Prices   Number of Warrants Weighted Avg Exercise Price Remaining Contractual Life (years) $0.05 - $0.08     320,000 $0.08 9.42 $0.09 - $0.14     6,320,000 $0.11 2.98 $0.15 - $0.21     3,000,000 $0.16 2.22             Total Outstanding June 30, 2023     9,640,000

v3.23.2

PREFERRED STOCK	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
PREFERRED STOCK	NOTE 9 - PREFERRED STOCK   As of June 30, 2023, there are 290,000 shares of Series A preferred stock outstanding, owned by a related party. The holders of the Series A Preferred stock shall be entitled to receive non-cumulative dividends in preference to the declaration or payments of dividends on the Common Stock. In the event of liquidation of the Company, the holders of the Series A Preferred Stock shall receive any accrued and unpaid dividends before distribution or payments to the holders of the Common Stock. Series A Preferred Stock carries the same right to vote and act as Common stock, except that it carries super-voting rights entitling it to One Hundred (100) votes per share.

v3.23.2

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2023
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 10 - RELATED PARTY TRANSACTIONS   Mr. Zachary Black, a Board Member, provides geological consulting services to the Company pursuant to a consulting agreement. He is paid on an hourly basis for his services and reimbursed for his out-of-pocket expenses in performing such consulting services. For the six months ended June 30, 2023 and 2022, Mr. Black was paid fees in the amount of $46,375 and $0, respectively.   Mr. Robert Coale, a Board Member, provides geological consulting services to the Company pursuant to a consulting agreement. He is paid on an hourly basis for his services and reimbursed for his out-of-pocket expenses in performing such consulting services. For the six months ended June 30, 2023 and 2022, there were no consulting expenses.   Mr. Trevor Newton, President, Chief Financial Officer, Secretary, Treasurer and Director of the Company, provides consulting services to the Company pursuant to a consulting agreement. He is paid on an hourly basis for his services and reimbursed for his out-of-pocket expenses in performing such consulting services. For the six months ended June 30, 2023 and 2022, Mr. Newton was paid fees in the amount of $238,386 and $206,809, respectively.   In April 2019, an unrelated third party exercised warrants for 8,000,000 shares in exchange for a note receivable for $705,000. As a result of this transaction, the owner of the stock is now a related party. The note is non-interest bearing and can be repaid at any time with 15 days advance notice to the Company. As this note remains outstanding as of June 30, 2023, in accordance with ASC 505-10-45-2, it is classified as a reduction of Additional Paid-In Capital.   Board members are paid fees of $70,000 per calendar year. Each director term is three years. In lieu of cash, Mr. Newton opted to receive his director fees for 2022 - 2024 in restricted shares of the Company, totaling 6,461,539 shares. The shares were valued at $0.0325 for total non-cash expense of $70,000 for the year ended December 31, 2022, recorded as Directors Fees Expense. The fees for 2023 - 2024 are recorded as Prepaid Expenses as of June 30, 2023, in the amount of $105,000. For the six months ended June 30, 2023 and 2022, directors’ fees totaled $105,000 and $105,000, respectively.   The Company owns 2,760,260 shares of common stock of Strata Power Corporation (“Strata”), acquired through a series of private placements, as an investment in lithium mining extraction technologies. The purchase was accounted for as a marketable security in available for sale securities. Strata is a related party through Trevor Newton, who is President and a member the Board of Directors of both Patriot and Strata. Management has considered the guidance that is used to evaluate whether the Company has significant influence over Strata and has determined that no such significant influence exists.

v3.23.2

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 11 - SUBSEQUENT EVENTS   In accordance with SFAS 165 (ASC 855-10) management has performed an evaluation of subsequent events through the date that the financial statements were available to be issued and has determined that it does not have any material subsequent events to disclose in these financial statements.

v3.23.2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation   The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). These consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Goldbase and Patriot Gold Canada. Collectively, they are referred to herein as “the Company”. Inter-company accounts and transactions have been eliminated.
Management’s Estimates and Assumptions	Management’s Estimates and Assumptions   The preparation of the consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management believes that all applicable estimates and adjustments are appropriate. Actual results could differ from those estimates.
Going Concern	Going Concern   Management believes they will have sufficient funds to support their business based on the following: (a) revenues derived from the Moss royalty, given the Moss Mine is now in production; (b) the Company's marketable securities are relatively liquid; (c) current cash on hand is sufficient to cover estimated minimum operational costs for the next 12 months.
Exploration and Development Costs	Exploration and Development Costs   Mineral exploration costs and payments related to the acquisition of the mineral rights are expensed as incurred. When it has been determined that a mineral property can be economically developed as a result of establishing proven and probable reserves, the costs incurred to acquire and develop such property will be capitalized. Such costs will be amortized using the units-of-production method over the estimated life of the probable reserve. No costs have been capitalized through June 30, 2023.
Cash and Cash Equivalents	Cash and Cash Equivalents   The Company considers all investment instruments purchased with a maturity of three months or less to be cash equivalents to the extent the funds are not being held for investment purposes. The Company has cash equivalents of $850,000 and $0 as of June 30, 2023 and December 31, 2022.
Marketable Securities	Marketable Securities   Equity investments with readily determinable fair values are measured at fair value. Equity investments without readily determinable fair values are measured using the equity method or measured at costs with adjustments for observable changes in price or impairments (referred to as the measurement alternative). We currently do not have investments without readily determinable fair values. We perform a qualitative assessment on a periodic basis and recognize an impairment if there are sufficient indicators that the fair value of the investment is less than carrying value. Changes in value are recorded in Other income (expense), net.
Royalties Receivables	Royalties Receivables   Royalties Receivables consist of amounts due from Golden Vertex related to the net smelter return royalty on the Moss Mine in Arizona (see Note 4). An allowance for uncollectible receivables is based on historical collection trends and write-off history. As of June 30, 2023 and December 31, 2022, there was no allowance recorded.
Foreign Currency Translation	Foreign Currency Translation   The Company’s functional currency and reporting currency is the U.S. dollar. Monetary items denominated in foreign currency are translated to U.S. dollars at exchange rates in effect at the balance sheet date and non-monetary items are translated at rates in effect when the assets were acquired, or obligations incurred. Revenue and expenses are translated at rates in effect at the time of the transactions. Foreign exchange gains and losses are included in the consolidated statements of operations.
Concentration of Credit Risk	Concentration of Credit Risk   The Company has no off-balance-sheet concentrations of credit risk such as foreign exchange contracts, options contracts or other foreign hedging arrangements. Financial instruments that potentially subject the Company to concentration of credit risk consist principally of cash deposits. The Company maintains the majority of its cash balances with two financial institutions in the form of demand deposits. Accounts at banks in the United States are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000, while accounts at banks in Canada are insured by the Canada Deposit Insurance Corporation (“CDIC”) up to $100,000. At June 30, 2023 and December 31, 2022, the Company had $2,005,505 and $1,855,389 in excess of the FDIC and CDIC insured limits, respectively.
Income/Loss per Share	Income/Loss per Share   Basic earnings per share is computed by dividing the net income by the weighted average number of shares outstanding during the period. Diluted earnings per share is computed by dividing net income by the weighted-average number of common shares plus dilutive potential common shares outstanding during the period.    As of June 30, 2023 and 2022, all of the outstanding stock options and warrants were excluded from the computation of diluted shares outstanding as they would have had an anti-dilutive impact on the Company’s income from continuing operations.
Comprehensive Income	Comprehensive Income   Comprehensive income consists of net income and other gains and losses affecting shareholders’ equity that, under generally accepted accounting principles, are excluded from net income. For the Company, such items consist primarily of foreign currency translation gains and losses.
Stock Options	Stock Options   The Company measures all employee stock-based compensation awards using a fair value method on the date of grant and recognizes such expense in its consolidated financial statements over the requisite service period. The Company uses the Black-Scholes pricing model to determine the fair value of stock-based compensation awards on the date of grant. The Black-Scholes pricing model requires management to make assumptions regarding option lives, expected volatility, and risk-free interest rates.   The Company accounts for non-employee stock-based awards in accordance with the Accounting Standards Update (ASU) 2018-07, Compensation—Stock Compensation (Topic 718): Under this standard, the Company values all equity classified awards at their grant-date under ASC718.
Stock-based Compensation	Stock-based Compensation   The Company accounts for equity-based transactions with nonemployees awards in accordance with the Accounting Standards Update (ASU) 2018-07,Compensation—Stock Compensation (Topic 718): ASU 2018-07 establishes that equity-based payment transactions with nonemployees shall be measured at the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. The fair value of common stock issued for payments to nonemployees is measured at the market price on the date of grant. The fair value of equity instruments, other than common stock, is estimated using the Black-Scholes option valuation model. In general, we recognize the fair value of the equity instruments issued as deferred stock compensation and amortize the cost over the term of the contract.   The Company accounts for employee stock-based compensation in accordance with the guidance of FASB ASC Topic 718, Compensation—Stock Compensation, which requires all share-based payments to employees, including grants of employee stock options, to be recognized in the financial statements based on their fair values. The fair value of the equity instrument is charged directly to compensation expense and credited to additional paid-in capital over the period during which services are rendered.   The Company has granted Restricted Common Stock, where the Restricted Common Stock is restricted for a period of three years following the date of grant. During the three-year period the recipient may not sell or otherwise dispose of the shares. The Company has applied a discount for illiquidity to the price of the Company’s stock when determining the amount of expense to be recorded for the Restricted Common Stock issuance. The discount for illiquidity for the Restricted Common Stock was estimated on the date of grant by taking the average close price of the freely traded common shares for the period in which the services were provided, and applying an illiquidity discount of 10% for each multiple that the total Restricted Common Stock is of the average daily volume for the period, to a maximum of 50%.
Fair Value of Financial Instruments	Fair Value of Financial Instruments   The carrying value of the Company's financial instruments, including prepaids, accounts payable and accrued liabilities, at June 30, 2023 and December 31, 2022 approximates their fair values due to the short-term nature of these financial instruments. Management is of the opinion that the Company is not exposed to significant interest or credit risks arising from these financial instruments. The Company carries other company’s equity instruments at fair value as required by U.S. GAAP, which are valued using level 1 inputs under the fair value hierarchy.   In general, investments with original maturities of greater than 90 days and remaining maturities of less than one year are classified as short-term investments. Investments with maturities beyond one year may also be classified as short-term based on their highly liquid nature and can be sold to fund current operations.
Fair Value Hierarchy	Fair Value Hierarchy   Fair value is defined within the accounting rules as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The rules established a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. As presented in the tables below, this hierarchy consists of three broad levels:   Level 1. Quoted prices in active markets for identical assets or liabilities.   Level 2. Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets with insufficient volume or infrequent transactions (less active markets), or model-derived valuations in which all significant inputs are observable or can be derived principally from or corroborated with observable market data for substantially the full term of the assets or liabilities. Level 2 inputs also include non-binding market consensus prices that can be corroborated with observable market data, as well as quoted prices that were adjusted for security-specific restrictions.   Level 3. Unobservable inputs to the valuation methodology are significant to the measurement of the fair value of assets or liabilities. These Level 3 inputs also include non-binding market consensus prices or non-binding broker quotes that we were unable to corroborate with observable market data.   Assets measured at fair value on a recurring basis by level within the fair value hierarchy are as follows: Fair Value of Marketable Securities                             Fair Value Measurement at     Fair Value Measurement at       June 30, 2023     December 31, 2022       Using Level 1     Total     Using Level 1     Total   Assets:                                 Equity securities with readily determinable fair values   $ 21,790     $ 21,790     $ 36,104     $ 36,104
Revenue Recognition	Revenue Recognition   The Company has adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 606, Revenue from Contracts with Customers (“ASC 606”), which provides a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. The Company receives a royalty from Golden Vertex of 3% of net smelter returns (see Note 3) and recognizes revenue at the time minerals are produced and sold at the Moss Mine. The Company’s revenue recognition policy standards include the following elements under ASU 606:     1. Identify the contract with the customer. The contract with Golden Vertex is documented in the Purchase and Sale Agreement dated 5/12/16 and the Royalty Deed dated 5/25/16.         2. Identify the performance obligations in the contract. The performance obligation in the contract required Patriot to relinquish its 30% interest in the Moss Mine. The Company conveyed all of its right, title and interest in those certain patented and unpatented lode mining claims situated in the Oatman Mining District, Mohave County, Arizona together with all extralateral and other associated rights, water rights, tenements, hereditaments and appurtenances belonging or appertaining thereto, and all rights-of-way, easements, rights of access and ingress to and egress from the claims appurtenant thereto, and in which the Company had any interest.         3. Determine the transaction price. The transaction price was C$1,500,000 plus 3% of the Net Smelter Returns on the future production of the Moss Mine. See Note 3 for definition of Net Smelter Returns.         4. Allocate the transaction price to the performance obligations in the contract. The Company only has one performance obligation, the transfer of the rights to the Moss Mine, which has already been fulfilled.         5. Recognize revenue when (or as) the entity satisfies a performance obligation. The C$1,500,000 was recognized as a sale of the mining rights in 2016, resulting in a gain from the disposition of the property. The 3% net smelter returns royalty are recognized as revenue in the period that Golden Vertex produces and sells minerals from the Moss Mine, which began in March 2018. The royalties that have been received to date have been highly variable, as the amounts are dependent upon the monthly production, the demand of the buyers, the spot price of gold and silver, the costs associated with refining and transporting the product, etc. As such, management has determined that the revenue recognition shall be treated as variable consideration as defined in ASC 606. Variable consideration should only be recognized to the extent that it is probable that a significant reversal of revenue will not occur when the uncertainty associated with the variable consideration is subsequently resolved. Given the fact that royalties to date have been highly variable with a great degree of uncertainty, and any attempts to estimate future revenue would likely result in a significant reversal of revenue, royalty revenue will be recognized when payments and settlement statements are received from Golden Vertex, in the period for which the sales were made by Golden Vertex. It is at that time that any uncertainty related to royalty payments is resolved. The Company applied ASC 606 using the modified retrospective method applied to contracts not yet completed as of the date of adoption.
Related Party Transactions	Related Party Transactions   A related party is generally defined as (i) any person who holds 10% or more of the Company’s securities and their immediate families, (ii) the Company’s management, (iii) an entity or person who directly or indirectly controls, is controlled by or is under common control with the Company, or (iv) anyone who can significantly influence the financial and operating decisions of the Company. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties.
Income Taxes	Income Taxes   The Company follows ASC 740-10-30, which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are based on the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the fiscal year in which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the fiscal years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the Statements of Income in the period that includes the enactment date.   The Company adopted ASC 740-10-25 (“ASC 740-10-25”) with regard to uncertainty of income tax positions. ASC 740-10-25 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under ASC 740-10-25, we may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. ASC 740-10-25 also provides guidance on derecognition, classification, interest and penalties on income taxes, and accounting in interim periods and requires increased disclosures.
New Accounting Pronouncements	New Accounting Pronouncements   The Company adopted ASU 2016-13, “Measurement of Credit Losses on Financial Instruments” effective January 1, 2021. The pronouncement revises the methodology for measuring credit losses on financial instruments and the timing of when such losses are recorded. There was no material impact on the consolidated financial statements as a result of the adoption of this standard.   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.

v3.23.2

SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Fair Value of Marketable Securities	Fair Value of Marketable Securities                             Fair Value Measurement at     Fair Value Measurement at       June 30, 2023     December 31, 2022       Using Level 1     Total     Using Level 1     Total   Assets:                                 Equity securities with readily determinable fair values   $ 21,790     $ 21,790     $ 36,104     $ 36,104

v3.23.2

STOCK OPTIONS (Tables)	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of stock option activity	Schedule of stock option activity                             Number of Stock Options Outstanding     Weighted Average Exercise Price     Weighted Average Remaining Contractual Life (Years)     Aggregate Intrinsic Value   Balance December 31, 2021     10,340,000     $ 0.10       5.72     $ 0.00   Option granted     –                           Options cancelled / expired     –       –             –   Options exercised     –                           Balance December 31, 2022     10,340,000     $ 0.10       4.72     $ 0.00   Option granted     –                           Options cancelled / expired     –       –             –   Options exercised     –                           Balance June 30, 2023     10,340,000     $ 0.10       4.23     $ 0.00                                     Exercisable at June 30, 2023     10,340,000     $ 0.10       4.23     $ 0.00

v3.23.2

WARRANTS (Tables)	6 Months Ended
	Jun. 30, 2023
Warrants
Schedule of warrant activity	Schedule of warrant activity                 Number of Warrants     Weighted Average Exercise Price   Outstanding December 31, 2021     9,640,000     $ 0.13   Issued     –       –   Canceled / exercised     –       –   Expired     –       –   Outstanding December 31, 2022     9,640,000       0.13   Issued     –       –   Canceled / exercised     –       –   Expired     –       –   Outstanding June 30, 2023     9,640,000     $ 0.13
Warrants outstanding by exercise price	Warrants outstanding by exercise price               Warrants Outstanding and Exercisable Range of Exercise Prices   Number of Warrants Weighted Avg Exercise Price Remaining Contractual Life (years) $0.05 - $0.08     320,000 $0.08 9.42 $0.09 - $0.14     6,320,000 $0.11 2.98 $0.15 - $0.21     3,000,000 $0.16 2.22             Total Outstanding June 30, 2023     9,640,000

v3.23.2

SIGNIFICANT ACCOUNTING POLICIES (Details - Fair value) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities at fair value	$ 21,790	$ 36,104
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Marketable Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities at fair value	$ 21,790	$ 36,104

v3.23.2

SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Cash Equivalents	$ 850,000	$ 0
Allowance for royalties receivable	0	0
Cash in excess of FDIC limits	$ 2,005,505	$ 1,855,389
Golden Vertex [Member]
Royalty customer percentage	3.00%

v3.23.2

MINERAL PROPERTIES (Details Narrative)	6 Months Ended
	Jun. 30, 2023 USD ($) a NumberOfClaims	Jun. 30, 2022 USD ($)
Vernal [Member]
Real Estate Properties [Line Items]
Unpatented mineral claims | NumberOfClaims	12
Total acreage | a	248
Accumulated exploration costs	$ 89,616
Exploration expenses	$ 0	$ 0
Windy Peak Property [Member]
Real Estate Properties [Line Items]
Unpatented mineral claims | NumberOfClaims	114
Total acreage | a	2,337
Accumulated exploration costs	$ 1,373,298
Exploration expenses	$ 78,867	62,409
Rainbow Mountain [Member]
Real Estate Properties [Line Items]
Unpatented mineral claims | NumberOfClaims	81
Total acreage | a	1,620
Accumulated exploration costs	$ 359,008
Exploration expenses	0	$ 2,903
Reclamation deposits	$ 7,074

v3.23.2

ROYALTY INTERESTS (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Real Estate Properties [Line Items]
Royalty revenue	$ 427,299	$ 406,519	$ 920,585	$ 795,807
Vanadium Oxide [Member]
Real Estate Properties [Line Items]
Non-refundable payment for future royalties	$ 300,000		$ 300,000
Moss Mine Arizona [Member] | Royalty Income [Member]
Real Estate Properties [Line Items]
Royalty participation percentage			3.00%
Royalty revenue			$ 920,585	$ 795,807
Bruner Gold Silver Mine [Member]
Real Estate Properties [Line Items]
Royalty participation percentage			2.00%
Bruner Gold Silver Mine [Member] | Royalty Income [Member]
Real Estate Properties [Line Items]
Royalty revenue			$ 0

v3.23.2

STOCK OPTIONS (Details - Option activity) - Options Held [Member] - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Outstanding, beginning balance	10,340,000	10,340,000
Weighted average exercise price, beginning balance	$ 0.10	$ 0.10
Weighted average remaining contractual life exercisable	4 years 2 months 23 days	4 years 8 months 19 days	5 years 8 months 19 days
Aggregate intrinsic value options outstanding, beginning	$ 0.00	$ 0.00
Option granted	0	0
Options cancelled / expired	0	0
Weighted average exercise price, expired	$ 0	$ 0
Aggregate intrinsic value, expired	$ 0	$ 0
Weighted average exercise price, expired	0
Outstanding, ending balance	10,340,000	10,340,000	10,340,000
Weighted average exercise price, ending balance	$ 0.10	$ 0.10	$ 0.10
Aggregate intrinsic value options outstanding, ending balance	$ 0.00	$ 0.00	$ 0.00
Outstanding, Exercisable	10,340,000
Exercisable	$ 0.10
Weighted average remaining contractual life exercisable	4 years 2 months 23 days
Aggregate intrinsic value options exercisable	$ 0.00

v3.23.2

STOCK OPTIONS (Details Narrative) - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock compensation expense	$ 0	$ 0
Incentive stock options exercisable	$ 100,000
Equity Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock options unvested	0
Plan 2019 [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares authorized under plan	9,500,000
Shares available for grant	9,500,000
Plan 2014 [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares authorized under plan	5,000,000
Shares available for grant	185,000
Plan 2012 [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares authorized under plan	3,900,000
Shares available for grant	155,000

v3.23.2

COMMON STOCK (Details Narrative) - USD ($)	Apr. 20, 2023	Mar. 01, 2023	Jun. 25, 2022	Jun. 30, 2023	Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Common stock authorized				400,000,000	400,000,000
Common stock par value				$ 0.001	$ 0.001
Common stock outstanding				73,449,687	77,841,893
Board Of Directors [Member]
Defined Benefit Plan Disclosure [Line Items]
Cancellation of shares	1,041,893	3,350,313	3,000,000
Share Price	$ 0.0605	$ 0.15	$ 0.15
Number of shares cancelled value	$ 63,034	$ 502,546	$ 450,000

v3.23.2

WARRANTS (Details - Warrant activity) - Warrant [Member] - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Class of Warrant or Right [Line Items]
Warrants outstanding, beginning balance	9,640,000	9,640,000
Weighted average exercise price, beginning	$ 0.13	$ 0.13
Warrants issued	0	0
Weighted average exercise price, issued	$ 0	$ 0
Warrants cancelled or exercised	0	0
Weighted average exercise price, cancelled/exercised	$ 0	$ 0
Warrants expired	0	0
Weighted average exercise price, expired	$ 0	$ 0
Warrants outstanding, ending balance	9,640,000	9,640,000
Weighted average exercise price, ending	$ 0.13	$ 0.13

v3.23.2

WARRANTS (Details - Warrants by exercise price) - Warrant [Member] - $ / shares	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Class of Warrant or Right [Line Items]
Warrants outstanding	9,640,000	9,640,000	9,640,000
Warrants exercisable, weighted average exercise price	$ 0.13	$ 0.13	$ 0.13
Range 1 [Member]
Class of Warrant or Right [Line Items]
Warrants outstanding	320,000
Warrants exercisable, weighted average exercise price	$ 0.08
Warrants exercisable, remaining contractual life	9 years 5 months 1 day
Range 2 [Member]
Class of Warrant or Right [Line Items]
Warrants outstanding	6,320,000
Warrants exercisable, weighted average exercise price	$ 0.11
Warrants exercisable, remaining contractual life	2 years 11 months 23 days
Range 3 [Member]
Class of Warrant or Right [Line Items]
Warrants outstanding	3,000,000
Warrants exercisable, weighted average exercise price	$ 0.16
Warrants exercisable, remaining contractual life	2 years 2 months 19 days

v3.23.2

WARRANTS (Details Narrative) - Unrelated Third Party [Member]	1 Months Ended
	Apr. 30, 2019 USD ($) shares
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Warrants exercised, shares | shares	8,000,000
Note receivable | $	$ 705,000

v3.23.2

PREFERRED STOCK (Details Narrative) - shares	Jun. 30, 2023	Dec. 31, 2022
Series A Preferred Stock [Member]
Class of Stock [Line Items]
Preferred Stock, shares issued	290,000	290,000

v3.23.2

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Apr. 30, 2019	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Related Party Transaction [Line Items]
Consulting fees		$ 136,544	$ 122,587	$ 259,731	$ 233,347
Noninterest Expense Directors Fees		52,500	$ 52,500	105,000	105,000
Director Fees [Member]
Related Party Transaction [Line Items]
Prepaid Expense and Other Assets		$ 105,000		105,000
Unrelated Third Party [Member]
Related Party Transaction [Line Items]
Warrants exercised, shares	8,000,000
Note receivable	$ 705,000
Zachary Black [Member]
Related Party Transaction [Line Items]
Consulting fees				46,375	0
Robert Coale [Member]
Related Party Transaction [Line Items]
Consulting fees				0	0
Trevor Newton [Member]
Related Party Transaction [Line Items]
Consulting fees				$ 238,386	$ 206,809
Trevor Newton [Member] | Director Fees [Member]
Related Party Transaction [Line Items]
Stock Issued During Period, Shares, Issued for Services						6,461,539
Noninterest Expense Directors Fees						$ 70,000
Strata [Member]
Related Party Transaction [Line Items]
Investment shares owned		2,760,260		2,760,260

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