MineralRite : Financial Statements and Footnotes 3.31.2022

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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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.

MINERALRITE CORPORATION

MineralRite : Financial Statements and Footnotes 3.31.2022

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