3. Sale of Athena Minerals, Inc.

12 Months Ended

Dec. 31, 2020

Mineral Industries Disclosures [Abstract]

Sale of Athena Minerals, Inc.

Note 3 – Sale of Athena Minerals, Inc. To a Commonly Controlled Entity

Effective December 31, 2020, Athena Gold Corp entered into a Stock Purchase Agreement with TriPower Resources, Inc., a company controlled by Mr. John Gibbs, a related party and control person, pursuant to which TriPower agreed to purchase 100% of the issued and outstanding shares of Athena Minerals, Inc., in exchange for full satisfaction of the Company’s indebtedness to John Gibbs under the 2012 Credit Agreement. The outstanding principal at the time of the transaction was $1,929,870. All accrued and unpaid interest due under the Credit Agreement totaling $668,012 was waived as part of the transaction.

Athena Minerals Inc. owns the mineral and real estate interests in San Bernardino County, California, including the unpatented mining claims in the Langtry Mining District. The Athena Minerals, Inc. summarized balance sheet at the time of deconsolidation was as follows:

Cash	$	2,578
Total current assets		2,578
Land held for investment		185,290
Total assets	$	187,868
Deed amendment liability	$	90,000
Deferred option revenue		25,000
Total liabilities		115,000
Total stockholder deficit		(72,868	)
Total liabilities and stockholder deficit	$	187,868

The transaction netting $2,025,013 was accounted for as an addition to additional paid capital in stockholders’ equity rather than a gain due to the purchaser being a related party and control person (a transaction between entities under common control).