$MAGE

MAGELLAN GOLD Corp

CIK:0001515317|SEC Filings

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Operating expenses:
General and administrative expenses	$ 59,468	$ 47,314	$ 172,509	$ 105,350
Impairment expense	25,000	0	25,000	0
Total operating expenses	84,468	47,314	197,509	105,350
Operating loss	(84,468)	(47,314)	(197,509)	(105,350)
Other income (expense):
Interest expense	(22,682)	(18,064)	(45,115)	(41,407)
Loss on conversion of debt	0	0	0	(19,950)
Gain (loss) on change in derivative liability	(131,436)	67,769	(164,915)	(15,042)
Total other income (expense)	(154,118)	49,705	(210,030)	(76,399)
Net income (loss)	$ (238,586)	$ 2,391	$ (407,539)	$ (181,749)
Basic net income (loss) per common share	$ (0.01)	$ 0.00	$ (0.02)	$ (0.01)
Diluted net income (loss) per common share	$ (0.01)	$ 0.00	$ (0.02)	$ (0.01)
Basic weighted average	25,964,295	27,379,295	26,667,886	26,771,810
Diluted weighted average	25,964,295	27,379,295	26,667,886	26,771,810

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities:
Net loss	$ (407,539)	$ (181,749)
Adjustments to reconcile net loss to net cash used in operating activities:
Impairment expense	25,000	0
Stock based compensation	18,648	14,259
Loss on conversion of debt	0	19,950
Loss on change in derivative liability	164,915	15,042
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	1,910	0
Accounts payable and accrued liabilities	103,378	40,003
Accounts payable - related party	41,000	36,000
Accrued liabilities	(7,620)	0
Accrued interest	45,116	29,578
Net cash used in operating activities	(15,192)	(26,917)
Financing activities:
Repayment of notes payable from third parties	0	(20,000)
Repayment of advances from third parties	0	(93,390)
Proceeds from advances from third parties	30,000	0
Repurchase of common stock, related party	(14,150)	0
Proceeds from sale of common stock	0	140,000
Net cash provided by financing activities	15,850	26,610
Net change in cash	658	(307)
Cash at beginning of period	547	896
Cash at end of period	1,205	589
Supplemental disclosure of cash flow information
Cash paid for interest	0	11,829
Cash paid for income taxes	0	0
Non-cash financing and investing activities:
Expenses paid on behalf of the Company	114,619	26,040
Shares issued for the conversion of debt and accrued interest	$ 0	$ 31,032

Consolidated Balance Sheets (Unaudited) - USD ($)	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash	$ 1,205	$ 547
Prepaid expenses and other current assets	8,040	9,950
Total current assets	9,245	10,497
Total assets	9,245	10,497
Current liabilities:
Accounts payable	219,991	206,232
Accounts payable - related party	265,250	224,250
Accrued liabilities	206,469	214,089
Convertible note payable, net - related party	285,000	285,000
Convertible note payable, net	380,978	380,978
Accrued interest - related parties	156,339	135,382
Accrued interest	250,341	226,182
Advances payable - related party	70,905	70,905
Advances payable	212,607	67,988
Notes payable	25,000	25,000
Notes payable - related party	168,000	168,000
Derivative liability	264,666	99,751
Total current liabilities	2,505,546	2,103,757
Total liabilities	2,505,546	2,103,757
Commitments and contingencies
Shareholders’ deficit:
Preferred shares, 25,000,000 shares Series A preferred stock - $10.00 stated value; 2,500,000 authorized; 0 shares issued and outstanding	0	0
Common shares, $0.001 par value; 1,000,000,000 shares authorized; 25,964,295 and 27,379,295 shares issued and outstanding, respectively	25,965	27,380
Additional paid-in capital	20,080,886	20,074,973
Accumulated deficit	(22,603,152)	(22,195,613)
Shareholders’ deficit	(2,496,301)	(2,093,260)
Total liabilities and shareholders’ deficit	$ 9,245	$ 10,497