ENERTOPIA CORP. Forward-Looking Statements
This quarterly report contains forward-looking statements as that term is
defined in the Private Securities Litigation Reform Act of 1995. These
statements relate to future events or our future financial performance. In some
cases, you can identify forward-looking statements by terminology such as "may",
"should", "expects", "plans", "anticipates", "believes", "estimates",
"predicts", "potential" or "continue" or the negative of these terms or other
comparable terminology. These statements are only predictions and involve known
and unknown risks, uncertainties and other factors, including the risks in the
section entitled "Risk Factors", that may cause our or our industry's actual
results, levels of activity, performance or achievements to be materially
different from any future results, levels of activity, performance or
achievements expressed or implied by these forward-looking statements. Although
we believe that the expectations reflected in the forward-looking statements are
reasonable, we cannot guarantee future results, levels of activity, performance
or achievements. Except as required by applicable law, including the securities
laws of
Our unaudited condensed financial statements are stated in
In this quarterly report, unless otherwise specified, all dollar amounts are
expressed in
As used in this quarterly report, the terms "we", "us", "our" and "Company" mean Company and/or our subsidiaries, unless otherwise indicated.
Overview
The address of our principal executive office is #18
Due to the implementation of British Columbia Instrument 51-509 on
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Our Current Business
Mineral Property West Tonopah Lithium
On
Enertopia Claim name State or Federal Agency Claim number from Claim number to MS 1-88
BLM NV 105296951 NV 105297038
MS 1-88 Esmeralda County, NV 230856 230943
Company completed its maiden drill program in
CLEAN TECHNOLOGY
The company continues to test off-the-shelf technology under the potential for lower capex scenarios in lithium extraction.
NON PROVISIONAL PATENTS
On
On
On
Summary
The continuation of our business is dependent upon obtaining further financing, a successful program of development, and, finally, achieving a profitable level of operations. The issuance of additional equity securities by us could result in a significant dilution in the equity interests of our current stockholders. Obtaining commercial loans, assuming those loans would be available, will increase our liabilities and future cash commitments.
There are no assurances that we will be able to obtain further funds required for our continued operations. As noted herein, we are pursuing various financing alternatives to meet our immediate and long-term financial requirements. There can be no assurance that additional financing will be available to us when needed or, if available, that it can be obtained on commercially reasonable terms. If we are not able to obtain the additional financing on a timely basis, we will be unable to conduct our operations as planned, and we will not be able to meet our other obligations as they become due. In such event, we will be forced to scale down or perhaps even cease our operations. There is significant uncertainty as to whether we can obtain additional financing.
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Employees
We primarily used the services of sub-contractors and consultants for our
intended business operations. Our technical consultant is
On
The Company has a consulting agreement with the CFO of the Company Mr.
We do not expect any material changes in the number of employees over the next 12-month period. We do and will continue to outsource contract employment as needed.
Research and Development
We have incurred
Competition
There is strong competition relating to all aspects of the resource sector. We actively compete for capital, skilled personnel, market share, and in all other aspects of our operations with a substantial number of other organizations. These organizations include small development stage companies like our own, and large, established companies, many of which have greater technical and financial resources than our company.
Compliance with Government Regulation
The exploration and development of mineral properties is subject to various
Purchase of Significant Acquisition
Not applicable
Off-Balance Sheet Arrangements
We have no significant off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to stockholders.
Critical Accounting Policies
Our financial statements and accompanying notes are prepared in accordance with
generally accepted accounting principles used in
Acquisition costs of mineral rights are initially capitalized as incurred while exploration and pre-extraction expenditures are expensed as incurred until such time proven or probable reserves are established for that project. Acquisition costs include cash consideration and the fair market value of shares issued on the acquisition of mineral properties.
Expenditures relating to exploration activities are expensed as incurred and expenditures relating to pre-extraction activities are expensed as incurred until such time proven or probable reserves are established for that project, after which subsequent expenditures relating to development activities for that particular project are capitalized as incurred.
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Where proven and probable reserves have been established, the project's capitalized expenditures are depleted over proven and probable reserves using the units-of-production method upon commencement of production. Where proven and probable reserves have not been established, the project's capitalized expenditures are depleted over the estimated extraction life using the straight-line method upon commencement of extraction. The Company has not established proven or probable reserves for any of its projects.
The carrying values of the mineral rights are assessed for impairment by management on a quarterly basis and as required whenever indicators of impairment exist. An impairment loss is recognized if it is determined that the carrying value is not recoverable and exceeds fair value.
Long-Lived Assets Impairment
In accordance with ASC 360, "Accounting for Impairment or Disposal of Long Lived Assets", the carrying value of long lived assets are tested for recoverability whenever events or changes in circumstances indicate that its carrying amount may not be recoverable. The Company recognizes impairment when the sum of the expected undiscounted future cash flows is less than the carrying amount of the asset. Impairment losses, if any, are measured as the excess of the carrying amount of the asset over its estimated fair value.
Going Concern
We have suffered recurring losses from operations. The continuation of our Company as a going concern is dependent upon our Company attaining and maintaining profitable operations and/or raising additional capital. The financial statements do not include any adjustment relating to the recovery and classification of recorded asset amounts or the amount and classification of liabilities that might be necessary should our Company discontinue operations.
The continuation of our business is dependent upon us raising additional financial support and/or attaining and maintaining profitable levels of internally generated revenue. The issuance of additional equity securities by us could result in a significant dilution in the equity interests of our current stockholders. Obtaining commercial loans, assuming those loans would be available, will increase our liabilities and future cash commitments.
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Results of Operations - Three Months Ended
The following summary of our results of operations should be read in conjunction with our financial statements for the quarter endedNovember 30, 2022 , which are included herein. Three Months Ended November 30, November 30, 2022 2021 Change Revenue (cost recovery) $ - $ - $ - Cost of product sales - - - General and administrative 22,536 7,596 (14,940 ) Investor relations 20,373 11,748 (8,625 ) Consulting fees 64,494 57,092 (7,402 ) Fees and dues 21,195 6,005 (15,190 ) Exploration expenses 2,987 7,035 4,048 Research and development 15,526 5,225 (10,301 ) Professional fees 31,249 22,255 (8,994 ) Other expenses (income) 268,474 (737 ) (269,211 ) Net loss$ 446,834 $ 116,219 $ (330,615 )
Our operating results for the three months ended
Our financial statements report no revenue for the three months ended
As at
Liquidity and Financial Condition
November 30, August 31,
Working Capital 2022 2021
Current assets $ 2,743,899 $ 3,203,141
Current liabilities 345,447 357,855
Working capital $ 2,398,452 $ 2,845,286
November 30, November 30,
Cash Flows 2022 2021
Cash flows (used in) operating activities
- -
Cash flows from financing activities - 131,390
Net increase (decrease) in cash during year
Operating Activities
Net cash used in operating activities was
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Investing Activities
Net cash provided by investing activities was
Financing Activities
There were no financing activities in the three months ended
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