Company: BRGC
Filing Date: 2025-03-11
Form Type: 10-Q
Source: 0001683168-25-001525
Chunk: 3

Company: North America Lithium & Gold Corp
Filing Date: 2025-03-11
Form: 10-Q
Item: Part I, Item 1
Chunk 3
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 change in tax rates is recognized in income in the period that includes the enactment date. FASB ASC 740-10-05,“ Accounting for Uncertainty in Income Taxes”prescribes a recognition threshold and a measurement attribute for the
financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to
be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities.

The amount recognized is measured as
the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. The Company assesses
the validity of its conclusions regarding uncertain tax positions quarterly to determine if facts or circumstances have arisen that might
cause it to change its judgment regarding the likelihood of a tax position’s sustainability under audit.

Net Loss per Share

Net loss per common share is computed
by dividing net loss by the weighted average common shares outstanding during the period as defined by Financial Accounting Standards,
ASC Topic 260, “ Earnings per Share.” Basic earnings per common share (“ EPS”) calculations are determined by dividing
net income by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per common share calculations
are determined by dividing net income by the weighted average number of common shares and dilutive common share equivalents outstanding.

Recent Accountin Pronouncements

As of June 30, 2003, there are no recent accounting
pronouncements that impact the Company’s operations

NOTE 3 - STOCKHOLDERS EQUITY/DEFICIT

As of June 30, 2003, the Company has
authorized 100,000,000 shares of common stock. As of June 30, 2003, and June 30, 2002 respectively, there were 28,679,120 shares of Common Stock issued and outstanding and 46,700 Preferred shares issued and outstanding.

NOTE 4 - COMMITMENTS AND CONTINGENCIES

The Company did not have any contractual commitments
of June 30, 2003 and June 30, 2002.

NOTE 5 - SUBSEQUENT EVENTS

The Company’s management reviewed all material
events for the three and six months ended June 30, 2003 for disclosure consideration. and determined that there were no reportable subsequent
events to disclose.

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ITEM 2. MANAGEMENT’ S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND PLAN OF OPERATIONS

Forward-looking Statements

There