MINERALRI Mineralrite Corporation and Subsidiary | ||||||
Balance Sheet | ||||||
December 31, 2021 and 2020 | ||||||
(Unaudited) | 2021 | 2020 | ||||
Assets | ||||||
Current Assets | ||||||
Cash and Cash Equivalents | $ | 14,396 | $ | 16,811 | ||
Fairfield Atlantic | $ | 60,000 | ||||
Total Current Assets | ||||||
$ | 74,396 | $ | 16,811 | |||
Property and Equipment | ||||||
Equipment | $ | 198,414 | $ | 198,414 | ||
Less: Accumulated Depreciation | $ | 54,157 | $ | 47,842 | ||
Net Book Value | $ | 144,257 | $ | 150,572 | ||
Total Assets | $ | 218,653 | $ | 167,383 | ||
Liabilities and Stockholders Equity | ||||||
Current Liabilities | ||||||
Notes Payable ‐ current | $ | 127,500 | $ | ‐ | ||
Due to Related Parties | $ | 2,426 | ||||
Current Liabilities | $ | 129,926 | $ | ‐ | ||
Long Term Liabilities | ||||||
Note Payable | $ | 85,346 | $ | 161,853 | ||
Payable LG | $ | 147,596 | $ | 147,596 | ||
Total Long Term Liabilities | $ | 232,942 | $ | 309,449 | ||
Total Liabilities | $ | 362,868 | $ | 309,449 | ||
Stockholder Equity | ||||||
Comon Stock par value .0001 issued as of 12‐31‐2021 | ||||||
and 2020 were 4,357,321,532 and 3,592,246,982 respectively | $ | 3,668,754 | $ | 3,592,247 | ||
Prefered Shares A par value .0001 issued as of 12‐31‐2021 | ||||||
and 2020 were 105,000 | $ | 105 | $ | 105 | ||
Prefered Shares B par value .0001 issued as of 12‐31‐2021 and | ||||||
and 2020 were 13,500 | $ | 14 | $ | 14 | ||
Prefered Shares C par value .0001 issued as of 12‐31‐2021 | ||||||
and 2020 were 5,000 | $ | 5 | $ | 5 | ||
Accumulated Deficit | $ | (3,813,093) | $ | (3,734,437) | ||
Total Stockholder Equity | $ | (144,215) | $ | (142,066) | ||
Total Liabilities and Stockholder Equity | $ | 218,653 | $ | 167,383 | ||
See accompanying notes to consolidated financial statements.
Mineralrite Corporation and Subsidiary | ||||
Income Statement | ||||
For the years ending December 31, 2021 and 2020 | ||||
(Unaudited) | 12/31/21 | 12/31/20 | ||
Expenses | ||||
Advertising | $ | 154 | $ | |
Bank Charges | 360 | |||
Legal And Professional | 41,130 | |||
Supplies | 4,167 | |||
Office Expense | 6,629 | |||
Business Travel | 9,981 | |||
Communications | 420 | |||
Transfe Agent | 9,500 | |||
Operating loss | (72,341) | ‐ | ||
Interest and Depreciation | ||||
Depreciation | 6,315 | 6315 | ||
Interest | 0 | |||
Net Loss | (78,656) | (6,315) | ||
See accompanying notes to consolidated financial statements.
Mineralrite Corporation and Subsidiary | ||||
Cash Flow Statement | ||||
For the year ending December 31, 2021 and 2020 | ||||
(Unaudited) | 12/31/21 | 12/31/20 | ||
Net Loss from Operation | $ | (78,656) | $ | (6,315) |
Adjustments for non cash items: Depreciation | (6,315) | (6,315) | ||
Net Cash Flow from Operations | (72,341) | ‐ | ||
Non‐cash expenses | ||||
Stock based conversion of convertible note | ||||
Changes in operating Assets and Liabilities | ||||
(Increase) Decrease in receivables | (60,000) | |||
Increase (Decrease) in Current Liabilities | 129,926 | |||
Net Cash provided from Operating Activities | (2,415) | ‐ | ||
Cash from Investing Activities | ||||
Purchse of Fixed assets | ‐ | |||
Net Cash from investing activities | ||||
Cash Flow from financing activities | ||||
Proceeds from notes payable | ||||
Conversion of Note Payable | ||||
Net Cash Provided from Financing Activities | ||||
Increase / (Decrease in Cash) | (2,415) | 16,811 | ||
Cash at Beginning of period | 16,811 | 16,811 | ||
Cash at End of Period | 14,396 | ‐ | ||
See accompanying notes to consolidated financial statements.
MINERALRITE CORPORATION
Statement of Changes in Shareholder Equity
For the Period from December 31, 2019 to December 30, 2021
Unaudited
Common Stock | Common Stock | Preferred | Prefered Stock | Additional | Preferred | Prefered Stock | Preferred | Prefered Stock Earnings (Deficit) | Total | |||||||||
Amount Par Value | Stock Serties | Amount Par Value | Paid-in Capital | Stock Series | Amount Par | Stock Series | Amount Par | Accumulated | ||||||||||
.001 | A | .001 | B | Value .001 | C | Value .001 | ||||||||||||
Balance, December 31, 2019 | 3,592,246,982 | $ | 3,592,247 | 105,000 | $ | 105 | $ | - | 13,500 | $ | 14 | 5,000 | $ | 5 | $ | (3,728,122) | $ | (135,752) |
Stock issued | - | |||||||||||||||||
Stock issued for services | - | |||||||||||||||||
Stock issued for a convertible note | - | |||||||||||||||||
Net loss, December 31, 2020 | (6,315) | (6,315) | ||||||||||||||||
Balance, December 31, 2020 | 3,592,246,982 | $ | 3,592,247 | 105,000 | $ | 105 | - | 13,500 | $ | 14 | 5,000 | $ | 5 | $ | (3,734,437) | $ | (142,067) | |
Stock issued | - | - | ||||||||||||||||
Stock issued for services | - | |||||||||||||||||
Stock issued for a convertible note | 765,074,550 | 76,507 | (78,656) | 76,507 | ||||||||||||||
Net loss, December 31, 2021 | (78,656) | |||||||||||||||||
Balance, December 31, 2021 | - | 4,357,321,532 | $ | 3,668,754 | 105,000 | $ | 105 | - | 13,500 | $ | 14 | 5,000 | $ | 5 | (3,813,093) | - | (144,215) | |
144,215 |
(288,430)
(0)
See accompanying notes to condensed consolidated financial statements
(1) Basis of Presentation and Organization
MineralRite Corporation ("the Company") was incorporated in Nevada on October 22, 1996 under its original name PSM Corp. The Company changed its emphasis to the exploration and development of natural resources and on November 23, 2005 changed its name to Royal Quantum Group, Inc. On October 18, 2012, the Company again changed its name from Royal Quantum Group, Inc. to MineralRite Corporation. On August 31, 2012, the Company declared a 50-for-1 reverse stock split of its common stock. All references in the accompanying consolidated financials to the number of shares outstanding and per-share amounts have been restated to reflect this stock split. In April of 2021, the company merged into Texas and became a Texas Corporation. The total number of shares authorized increased to 20,000,000,000. The merger was perfected and the company moved from Nevada completely on November 17, 2021.
On March 1, 2013, the Company acquired 100% of the total shares outstanding of Goldfield International, Inc. ("Goldfield") in exchange for issuing 2,000,000 shares of its common stock. The acquisition was based on the fair value of the shares issued amounting to $900,000. The accompanying consolidated financial statements include the accounts and balances of the Company and also of Goldfield since the date of its acquisition. All material intercompany transactions have been eliminated. Goldfield is in the business of manufacturing gold mining equipment.
On April 24, 2013, the Company entered into a joint venture agreement with CSI Export and Import ("CSI") to mine copper ore on leased acreage in Chiapas, Mexico. For $850,000, the Company acquired a 50% in the joint venture which has a 25% participation interest in the production and sale of the indicated copper ore. The Company accounts for its investment in with CSI under the equity method pursuant to ASC Topic 323-30. This amount was fully impaired as of December 31, 2013 due to impairment as CSI did not execute on their part of the joint venture and repayment isdoubtful.
Pursuant to a settlement agreement and related court order, effective December 6, 2013, the Company issued 30,000,000 shares of its common stock and transferred its oil and gas operations including related assets and liabilities to Santeo Financial Corporation and other creditors in exchange for the cancelation of debt totaling $325,568. For financial statement presentation purposes, the oil and gas activities for 2012 and 2013, and assets and liabilities directly relating to the oil and gas operation, are accounted for pursuant to ASC Topic 205-20 "Discontinued Operations".
On January 1, 2015, the company entered into a security agreement and $139,000 worth of promissory notes with L Kent Harmon, Steve Durant, Robert Underwood securing all Goldfield assets in order to secure various loans that have been advanced from a period of time from the date of the agreement in order to cover operational costs of Goldfield.
In June 2015, the Company entered into a joint venture agreement with MEK Mining ("MEK") to mine Gold Ore on leased acreage in Ghana. For $150,000, the Company acquired a 50% in the joint venture which has a 20% participation interest in the production and sale of the indicated gold ore. The Company accounts for its investment in with MEK under the equity method pursuant to ASC Topic 323-30. This operation was in production during 2015 until government regulations were changed and all mining in Ghana was shut down for two years. It is planned to restart operations in 2022 when sufficient funding has been arranged.
On July 15,2015 pursuant to a security agreement, effective January 1, 2015, the Company transferred its equipment manufacturing operations including related assets and liabilities to L Kent
F‐5
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MineralRite Corp. published this content on 04 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 July 2022 15:52:05 UTC.
