Lithium Corporation, formerly known as Utalk Communications Inc., focuses on the acquisition and development of lithium interests in Nevada and battery or tech metals prospects in British Columbia. As of September 30, 2024, the company remains in the exploration stage and has not generated any revenue since its inception.

For the nine months ended September 30, 2024, Lithium Corporation reported a net loss of $812,883, an increase of $221,946 compared to a net loss of $590,937 for the same period in 2023. The increase in losses is attributed to higher consulting fees, exploration expenses, and changes in the fair value of marketable securities. Exploration expenses rose significantly to $174,824 from $43,452 in the prior year, reflecting a change of $131,372.

Cash used in operations also increased, totaling $472,018 for the nine months ended September 30, 2024, compared to $312,057 for the same period in 2023. The company's cash position as of September 30, 2024, was approximately $3.2 million, down from $4.0 million as of December 31, 2023. Current assets decreased to $3,277,962 from $4,023,249 at the end of the previous fiscal year, with working capital also declining to $1,044,280 from $1,797,272.

The company has not engaged in any cash-generating activities and does not anticipate earning revenues in the upcoming quarter. It continues to rely on equity sales of common stock to fund operations, which may lead to dilution for existing shareholders. The company has no current arrangements for future financing and is exploring prudent funding opportunities.

Strategically, Lithium Corporation has entered into several agreements to develop its properties. Notably, it signed a Letter of Intent with Morella Corporation for the Fish Lake Valley property, allowing Morella to earn a 60% interest through payments and exploration expenditures. As of September 30, 2024, Morella has paid $375,000 and issued shares valued at approximately $1.5 million. The company also recorded a liability of $1.9 million against the Fish Lake Valley property, reflecting amounts received from Morella until all obligations are met.

In terms of stock options, the company had 4,100,000 options outstanding as of September 30, 2024, with no options exercised during the period. Stock option expense for the nine months ended September 30, 2024, was $54,392, a decrease from $69,337 in the same period in 2023.

Overall, Lithium Corporation's financial performance reflects ongoing challenges in cash management and operational funding, alongside strategic developments in property agreements aimed at enhancing its exploration capabilities.