MINERALRITE CORPORATION

(RITE)
Delayed OTC Markets  -  03:58 2022-08-05 pm EDT
0.000700 USD   -12.50%
07/21MINERALRITE : Attorney letter with respect current info 12.31.2021 3.31.2022
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07/14MINERALRITE : Attorney letter with respect to current information 3.31.2022 corrected
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07/05MINERALRITE : Financial and footnotes 3.31.2022
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MineralRite : Financial Statements and Footnotes 3.31.2022

06/11/2022 | 10:23am EDT

MINERALRITE CORPORATION

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

March 31

Decenber 31

2022

2021

ASSETS

Current assets:

Cash and cash equivalents

$13,941.00

$

14,396.00

Accounts receivable

Inventories

Fairfield Atlantic

$60,000.00

60,000

Notes Receivable Shareholders

$11,527.00

11527

Total current assets

$85,468.00

85,923

Property and equipment:

Equipment

$198,414.00

198,414

Furniture and fixtures

Construction in progress

Less: accumulated depreciation

-$62,253.00

-59,371

Total property and equipment, net

$136,161.00

139,043

Total assets

$221,169.00

224,966

LIABILITIES AND STOCKHOLDER EQUITY

Current Liabilities

$127,500.00

127,500

Long Term Liabilities

Notes Payable

$85,346.00

85,346

Payable LG

$147,595.73

147,596

Value of outstanding shares, Common

shares,4,357,432,533; Preferred A 105,000;

$254,529.00

254,529

Preferred B 13,500, Preferred C 13,000

Stockholder Deficit

-$393,801.73

-390,005

$221,169.00

$

224,966.00

**See attached notes to financial

F-1

MINERALRITE CORPORATION AND SUBSIDIARY

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH

For the Quarter ending

March 31

2022

2021

CASH FLOWS FROM OPERATING

Net Income (loss)

$

$

-455

0

Loss from discontinued operations

-

-

Loss from continuing operations

0

0

Adjustments to reconcile net income

net cash provided by (used in) operating

-

Amortization

-

-

Depreciation

62,253

51,805

Loss on extinguishment of

-

-

indebtedness

Amortization of discounts on

-

-

convertible debt charged to

interest expense

Stock based compensation

-

-

Net cash (used in)

-

-

CASH FLOWS FROM INVESTING

Equipment

-

-

Net cash (used in)

-

-

62,253

51,085

F-2

MINERAL RITE CORPORATION

CONSOLIDATED

STATEMENTS OF OPERATIONS

(Unaudited)

For the Twelve

For the Three

Months Ended

Months Ended

December 31,

March 31, 2022

2021

Expenses:

Advertising

$

154

Bank Charges

360

Legal and Professional

41,130

Supplies

4,167

Office Expenses

455

6,629

Business Travel

9,981

Communication

420

Transfer Agent

-

9,500

Total expenses

455

72,340

See accompanying notes to condensed consolidated financial statements.

F-3

MINERALRITE CORPORATION

Statement of Changes in Shareholder Equity

For the Period from December 31, 2019 to March 31,2022

Unaudited

Common Stock

Common Stock

Additional

Earnings (Deficit)

Total

Amount Par Value

Paid-in Capital

Accumulated

.001

Balance, December 31, 2019

3,592,246,982

$

3,592,246.98

$

-

$ (3,224,969.00)

$

367,278

Stock issued

-

Stock issued for services

-

Stock issued for a convertible note

-

Net loss, December 31, 2020

-

Balance, December 31, 2020

3,592,246,982

3,592,247

- $

(3,424,969)

$

167,278

Stock issued

-

-

Stock issued for services

-

Stock issued for a convertible note

765,074,550

765,075

(833,463)

(68,388)

Net loss, December 31, 2021

-

Balance, December 31, 2021

-

4,357,321,532

4,357,322

-

(4,258,432)

-

98,890

Stock Issued

Stock Issued for services

Stock issued for a convertible note

Net loss, March 31, 2022

Balance, March 31,2022

-

4,357,321,532

4,357,322

-

(4,258,432)

-

98,890

See accompanying notes to condensed consolidated financial statements

F-4

(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 is doubtful.

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.

On 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

F-5

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Disclaimer

MineralRite Corp. published this content on 11 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 June 2022 14:22:06 UTC.


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07/21MINERALRITE : Attorney letter with respect current info 12.31.2021 3.31.2022
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