OTC Bulletin Board

S & P Company Insight for LITHIUM CORP
 
 Profile

 
Business Summary: Lithium Corporation engages in the identification, acquisition, and exploration of mineral properties with a focus on lithium mineralization in Nevada.
 
Address
  200 S. Virginia St., 8th Floor
  Reno , NV 89501
  Phone: 714-475-3512
  Website: http://www.lithiumcorporation.com
Auditor
  Silberstein Ungar
Transfer Agent
  Nevada Agency & Trust Co.
ShareHolders:  22
Founded:  2007
Domicile:  Nevada
 
  
 
 Background

 
Lithium Corporation, an exploration stage mining company, engages in the identification, acquisition, and exploration of mineral properties with a focus on lithium mineralization in Nevada. It holds interests in several properties in Nevada. The Fish Lake Valley property, a lithium enriched salar (also known as a Playa, dry lake, or Salt Pan), is located in northern Esmeralda county in west-central Nevada. The company holds 80 acre association placer claims that cover approximately 6,400 acres. Lithium-enriched Tertiary-era Fish Lake formation Rhyolitic tuffs or ash flow tuffs have accumulated in a valley or basinal environment. Over time interstitial formational waters in contact with these tuffs, have become enriched in lithium, which could possibly be amenable to the extraction by evaporative methods. Further sediment and brine sampling studies were conducted on the property in early September 2009, and as of November 2009 the company was awaiting further assay information. The company anticipated additional sampling programs in fall 2009, followed by a geophysical survey, and eventual drilling in spring 2010. The property is held under a mining lease purchase agreement. The Fish Creek Caldera prospect, located in west-central Lander County in northern Nevada, is comprised of 117 conventional 20 acre lode mining claims which cover an area of approximately 2,340 acres. Unlike the Fish Lake Valley prospect, it is a more traditional bulk mining target which covers an area of clay altered Caetano, and Fish Creek formation Tertiary volcanic tuffs. Both formations originally contained relatively high concentrations of lithium, and locally, through a possible combination of weathering and hydrothermal processes, these volcanic rocks have been altered to clays. It is thought that the alteration process may have contributed to further lithium enrichment of the clays. The company intended to begin preliminary work in fall 2009 to outline areas of lithium enrichment in an effort to define drill targets, for more precise evaluation of the economic potential of the property in 2010. A subsidiary of the company entered into a lease agreement with Cerro Rico Ventures LLC in March 2009. Cerro Rico reserves a 3% NSR. The West Big Smoky Valley property, a lithium enriched Salt Pan, was acquired through staking claims in northern Esmeralda country, west-central Nevada. On January 14, 2010, the company announced the acquisition of an additional lithium brine prospect in central Nevada. The Salt Wells property was acquired through staking a 12,320 acre parcel.
History:  INCORPORATED in Nevada Jan. 30, 2007, as Utalk Communications Inc.; name changed to Lithium Corporation Sept. 30, 2009, through the merger of a wholly owned subsidiary. On Oct. 19, 2009, the company acquired all of the issued and outstanding Common stock of Nevada Lithium Corporation. The company issued 12,350,000 Common shares to the former stockholders of Nevada Lithium Corporation. Also, pursuant to the terms of the share exchange agreement, 220,000,000 Common shares of the company were cancelled. Nevada Lithium Corporation was incorporated in Nevada Mar. 16, 2009, as Lithium Corporation; name changed to Nevada Lithium Corporation Sept. 10, 2009.
 
Subsidiaries:
Nevada Lithium Corporation
 
 
 
 
  
 
 Management

 

Management
OfficersPosition
 Tom  LewisPresident, Secretary, Treasurer, Chief Financial Officer, Chief Accounting Officer & Chief Executive Officer

Directors
 Stephen  Goss
 John  Hiner
 Tom  Lewis
 Henry  Tonking
 John G. Webster
 
  
 
 Annual Report

 
Annual Report
 
Income Statement
  20092008
Operating expenses:
Professional fees3312
Exploration expenses66-
Website development fees-3
Write-down of software development costs12-
Interest expense7-
General and administrative7212
Net income(190)(27)
Share earns. basicNilNil
Share earns. dilutedNilNil
 
Balance Sheet
  20092008
Assets:
Cash & equiv.3607
Prepaid expenses277
Tot. curr. assets38714
Computer equipment, net1
Software development-12
Mineral properties 263
Total assets65126
Liabilities:
Accts. pay. & accruals1004
Loans payable169
Due to stockholder66
Tot. curr. liabs.27510
Stockholders' Equity:
Com. stk. p.$0.001614
Paid-in cap.55662
Retained earns.(241)(50)
Total Stockholders Equity 37616
Total liabs.65126
 
 * On October 9, 2009, Lithium Corp. (Formerly Utalk Communications, Inc.) entered into a share exchange agreement with Nevada Lithium Corp. Pursuant to the terms of the share exchange agreement, Lithium Corp. agreed to acquire all of the issued and outstanding shares of Nevada Lithium Corp.'s common stock in exchange for the issuance of 12,350,000 shares of common stock. The acquisition was accounted for as a purchase with Lithium Corp. treated as the accounting & legal parent and Nevada Lithium being considered the accounting and legal subsidiary.
 
  
 
 Interim Report

 
Interim Report   
 
Data Not Available
 
 
 
 
  
 
 Pro Forma Report

 
Pro Forma Report   
 
Data Not Available
 
 
 
 
  
 
 Quarterly Report

 
Quarterly Report Information   
 
Quarterly Revenue
 
Data Not Available
 
Quarterly Net Income, US$
YearQuarterRevenue
  2010   1Nil
  2009   4Nil
  2009   Full Year (190,000)
  2008   Full Year (30,000)
  2007   Full Year (30,000)
 
 
Quarterly EPS, US$
YearQuarterRevenue
  2010   1Nil
  2009   1Nil
  2009   2Nil
  2009   3Nil
  2009   4Nil
  2009   Full Year Nil
  2008   1Nil
  2008   2Nil
  2008   3Nil
  2008   4Nil
  2008   Full Year Nil
  2007   2Nil
  2007   3Nil
  2007   4Nil
  2007   Full Year Nil
 
  
 
 Stock Data

 
 
Capitalization as of 03/31/2010:
 
 Authorized SharesOutstanding Shares
Common $0.001 par3,000,000,00062,603,484
 
LONG TERM DEBT: None.
 
Common $0.001 par
 
Stockholders:  04/14/2010, 22.
Transfer Agent:  Nevada Agency & Trust Co.   Reno , NV
 
OTC Bulletin Board( Primary): LTUM
 
ExchangeYearHighLow
OTC Bulletin Board20090.95000.0019
 
DIVIDENDS: Common $0.001 par: No cash. Common split 60-for-1, Oct. 1, 2009.