Company: BRGC
Filing Date: 2025-03-14
Form Type: 10-Q
Source: 0001683168-25-001613
Chunk: 2

Company: North America Lithium & Gold Corp
Filing Date: 2025-03-14
Form: 10-Q
Item: Part I, Item 1
Chunk 2
---
 of the Company.

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying financial statements have been
prepared in accordance with the Financial Accounting Standards Board (“FASB”) “ FASB Accounting Standard Codification™”
(the “Codification”) which is the source of authoritative accounting principles recognized by the FASB to be applied
by nongovernmental entities in the preparation of financial statements in conformity with generally accepted accounting principles (“GAAP”)
in the United States.

Goin Concern

The accompanying financial statements have
been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and the
satisfaction of liabilities in the normal course of business for the twelve-month period following the date of these financial
statements. As of March 31, 2006 the Company had shareholders’ equity of $0.

Because the Company does not expect that existing
operational 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.

   8  

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, 2006 and March 31,
2005, 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