Segment Information |
6 Months Ended | ||
|---|---|---|---|
Jun. 30, 2026 | |||
| Segment Information [Abstract] | |||
| Segment Information |
The Company operates as a single reportable segment consisting of the development and preparation of a permitted custom processing toll milling facility on the Company’s Tonopah property in Nevada, and has not commenced mining or processing operations as of June 30, 2026. There were no changes in the basis of segmentation from that described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. The Company’s Chief Executive Officer and Chairwoman of the Board of Directors, Tawana Bain, is the (“CODM”). The CODM evaluates the performance of the Company and allocates resources based on consolidated net loss, as reported on the condensed consolidated statements of operations, and cash balances, as reported on the condensed consolidated balance sheets. The measure of segment assets is total assets as reported on the condensed consolidated balance sheets, and all material long-lived assets are located in the United States.
The significant expense category regularly provided to the CODM is general and administrative expenses, which are presented as a single caption on the condensed consolidated statements of operations and totaled $301,162 and $244,269 for the three months ended June 30, 2026 and 2025, respectively, and $606,246 and $539,201 for the six months ended June 30, 2026 and 2025, respectively. Other segment items reviewed by the CODM consist of other income and interest expense, as presented on the condensed consolidated statements of operations. Other income represents ground-lease income from a communications-tower tenant. Interest expense relates principally to the Company’s outstanding legal-services obligation, together with interest on the convertible promissory note – related party and fixed late fees on the LaunchIT promissory note. The measure of segment profit or loss reviewed by the CODM is consolidated net loss of $423,064 and $355,925 for the three months ended June 30, 2026 and 2025, respectively, and $845,412 and $753,566 for the six months ended June 30, 2026 and 2025, respectively, which reconciles to consolidated net loss as reported on the condensed consolidated statements of operations. |