Company: BRGC
Filing Date: 2025-03-11
Form Type: 10-Q
Source: 0001683168-25-001523
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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 cash flow will be sufficient to fund presently anticipated operations, this raises substantial doubt about the Company’s
ability to continue as a going concern. Historically, the Company has raised capital through private placements, as an interim measure
to finance working capital needs and may continue to raise additional capital through the sale of common stock or other securities and
obtaining some short-term loans.

Use of Estimates

The preparation of financial statements in conformity
with US GAAP requires management to make estimates and assumptions that affect the reported amounts of liabilities and disclosure of contingent
assets and liabilities at the date of the financial statements. Actual results could differ from these estimates.

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Cash and cash equivalents

The Company considers all highly liquid
temporary cash investments with an original maturity of three months or less to be cash equivalents. On March 31, 2003 and March 31,
2002, the Company’s cash equivalents totaled $-0- and $-0- respectively.

Income taxes

The Company accounts for income taxes
under FASB ASC 740,“ Accounting for Income Taxes”. Under FASB ASC 740, deferred tax assets and liabilities are recognized
for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities
and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable
income in the years in which those temporary differences are expected to be recovered or settled. Under FASB ASC 740, the effect on deferred
tax assets and liabilities of a 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