0001493152-20-013298.txt : 20200715 0001493152-20-013298.hdr.sgml : 20200715 20200714193425 ACCESSION NUMBER: 0001493152-20-013298 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 52 CONFORMED PERIOD OF REPORT: 20200531 FILED AS OF DATE: 20200715 DATE AS OF CHANGE: 20200714 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PureBase Corp CENTRAL INDEX KEY: 0001575858 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MISCELLANEOUS BUSINESS SERVICES [7380] IRS NUMBER: 272060863 STATE OF INCORPORATION: NV FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-55517 FILM NUMBER: 201028072 BUSINESS ADDRESS: STREET 1: 1670 SIERRA AVENUE STREET 2: SUITE 402 CITY: YUBA CITY STATE: CA ZIP: 95993 BUSINESS PHONE: (530) 676-7873 MAIL ADDRESS: STREET 1: 1670 SIERRA AVENUE STREET 2: SUITE 402 CITY: YUBA CITY STATE: CA ZIP: 95993 FORMER COMPANY: FORMER CONFORMED NAME: Port of Call Online Inc. DATE OF NAME CHANGE: 20130502 10-Q 1 form10-q.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended: May 31, 2020

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Transition Period from _________ to _________

Commission file number: 000-55517

PUREBASE CORPORATION

(Exact name of registrant as specified in its charter)

Nevada

27-2060863

(State or other Jurisdiction

of Incorporation or Organization)

(I.R.S. Employer

Identification No.)

8631 State Highway 124

Ione, California

95640

(Address of Principal Executive Offices)

(Zip Code)

(209) 274-9143

(Registrant’s telephone number, including area code)

N/A

(Former address)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading symbol(s)		Name of exchange on which registered
None		N/A		N/A

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [ ]

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit). Yes [X] No [ ]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	[ ]	Accelerated filer	[ ]

Non-accelerated filer	[X]	Smaller reporting company	[X]

		Emerging Growth Company	[X]

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act: [ ]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [ ] No [X].

As of July 14, 2020, there were 208,650,751 shares of the registrant’s common stock outstanding.

PUREBASE CORPORATION

FORM 10-Q

FOR THE QUARTERLY PERIOD ENDED MAY 31, 2020

		Page
PART I. FINANCIAL INFORMATION

ITEM 1.	Financial Statements (unaudited)	3

	Condensed Consolidated Balance Sheets as of May 31, 2020 and November 30, 2019	3

	Condensed Consolidated Statements of Operations for the Three and Six Months Ended May 31, 2020 and May 31, 2019	4

	Condensed Consolidated Statement of Changes in Stockholders’ Deficit for the Three and Six Months Ended May 31, 2020 and May 31, 2019	5

	Condensed Consolidated Statements of Cash Flows for the Six Months Ended May 31, 2020 and May 31, 2019	7

	Notes to Condensed Consolidated Financial Statements	8

ITEM 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	21

ITEM 3.	Quantitative and Qualitative Disclosures about Market Risk	27

ITEM 4.	Controls and Procedures	27

PART II. OTHER INFORMATION

ITEM 1.	Legal Proceedings	28

ITEM 1A.	Risk Factors	29

ITEM 2.	Unregistered Sales of Equity Securities and Use of Proceeds	29

ITEM 3.	Defaults Upon Senior Securities	29

ITEM 4.	Mine Safety Disclosures	29

ITEM 5.	Other Information	29

ITEM 6.	Exhibits	29

SIGNATURES		30

PART I – FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

PUREBASE CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

	May 31,			November 30,
	2020			2019

ASSETS

Current Assets:
Cash and cash equivalents	$	-		$	8,400
Accounts receivable, net of allowances for uncollectables of $11,137		4,363			17,063
Due from affiliated entities		665			-
Prepaid expenses and other assets		38,285			4,953
Total Current Assets		43,313			30,416

Property and equipment, net		-			772
Mineral rights acquisition costs		200,000			200,000

Total Assets	$	243,313		$	231,188

LIABILITIES AND STOCKHOLDERS’ DEFICIT

Current Liabilities:
Accounts payable and accrued expenses	$	222,181		$	344,225
Due to affiliated entities		161,461			-
Settlement liability		425,000			475,000
Note payable to officer		127,816			132,596
Notes payable - related party		25,000			25,000
Total Current Liabilities		961,458			976,821

Convertible notes payable - affiliated entity, net of discount of $70,896		107,104			-

Total Liabilities		1,068,562			976,821

Commitments and Contingencies (Note 7)

Stockholders’ Deficit:
Preferred stock, $.001 par value; 10,000,000 shares authorized; 0 and 0 shares issued and outstanding, respectively		-			-
Common stock, $.001 par value; 520,000,000 shares authorized; 208,650,741 and 208,650,741 shares issued and outstanding, respectively		138,247			138,247
Additional paid-in capital		10,633,832			10,364,990
Accumulated deficit		(11,597,328	)		(11,248,870	)

Total Stockholders’ Deficit		(825,249	)		(745,633	)

Total Liabilities and Stockholders’ Deficit	$	243,313		$	231,188

The accompanying notes are an integral part of these unaudited condensed financial statements.

PUREBASE CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

	For the Three Months Ended						For the Six Months Ended
	May 31, 2020			May 31, 2019			May 31, 2020			May 31, 2019

Revenue, net	$	1,619		$	139,208		$	6,129		$	186,458

Operating Expenses:
Selling, general and administrative		193,456			319,729			355,434			634,269
Product fulfillment, exploration and mining expenses		3,435			31,637			5,194			86,452
Total Operating Expenses		196,891			351,366			360,628			720,721

Loss From Operations		(195,272	)		(212,158	)		(354,499	)		(534,263	)

Other Income (Expense):
Other income (expense)		-			3			-			3
Interest income (expense)		3,226			(15,859	)		6,041			(31,645	)

Total Other Income (Expense)		3,226			(15,856	)		6,041			(31,642	)

Net Loss	$	(192,046	)	$	(228,014	)	$	(348,458	)	$	(565,905	)

Loss per Common Share - Basic and Diluted	$	(0.00	)	$	(0.00	)	$	(0.00	)	$	(0.00	)

Weighted Average Shares Outstanding - Basic and Diluted		208,650,741			141,347,173			208,650,741			141,347,173

The accompanying notes are an integral part of these unaudited condensed financial statements.

PUREBASE CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS’ DEFICIT

FOR THE THREE AND SIX MONTHS ENDED MAY 31, 2020

(UNAUDITED)

									Additional
	Preferred Stock				Common Stock				Paid-in		Accumulated			Stockholders’
	Shares		Amount		Shares		Amount		Capital		Deficit			Deficit
Balance at November 30, 2019		-	$	-		208,650,741	$	138,247	$	10,364,990	$	(11,248,870	)	$	(745,633	)

Forgiveness of related party liabilities		-		-		-		-		150,257		-			150,257

Beneficial conversion feature on convertible debt		-		-		-		-		88,250		-			88,250

Net Loss		-		-		-		-		-		(156,412	)		(156,412	)

Balance at February 29, 2020		-		-		208,650,741		138,247		10,603,497		(11,405,282	)		(663,538	)

Stock based compensation		-		-		-		-		30,335		-			30,335

Net Loss		-		-		-		-		-		(192,046	)		(192,046	)

Balance at May 31, 2020		-	$	-		208,650,741	$	138,247	$	10,633,832	$	(11,597,328	)	$	(825,249	)

The accompanying notes are an integral part of these unaudited condensed financial statements.

PUREBASE CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS’ DEFICIT

FOR THE THREE AND SIX MONTHS ENDED MAY 31, 2019

(UNAUDITED)

									Additional
	Preferred Stock				Common Stock				Paid-in		Accumulated			Stockholders’
	Shares		Amount		Shares		Amount		Capital		Deficit			Deficit
Balance at November 30, 2018		-	$	-		141,347,173	$	70,943	$	3,050,893	$	(8,115,447	)	$	(4,993,611	)

Stock based compensation		-		-		-		-		51,279		-			51,279

Net Loss		-		-		-		-		-		(337,891	)		(337,891	)

Balance at February 28, 2019		-		-		141,347,173		70,943		3,102,172		(8,453,338	)		(5,280,223	)

Stock based compensation		-		-		-		-		9,172		-			9,172

Net Loss		-		-		-		-		-		(228,014	)		(228,014	)

Balance at May 31, 2019		-	$	-		141,347,173	$	70,943	$	3,111,344	$	(8,681,352	)	$	(5,499,065	)

The accompanying notes are an integral part of these unaudited condensed financial statements.

PUREBASE CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

(UNAUDITED)

	For the Six Months Ended
	May 31, 2020			May 31, 2019
Cash Flows From Operating Activities:
Net loss	$	(348,458	)	$	(565,905	)
Adjustments to reconcile net loss to net cash used in operating activities:
Allowance for Doubtful Accounts		-			-
Depreciation		772			1,158
Stock based compensation		30,335			60,451
Amortization of debt discount		17,354			-
Changes in operating assets and liabilities:
Accounts receivable		12,700			(136,500	)
Due to affiliates		-			81,611
Settlement liability		(50,000	)		-
Prepaid expenses and other current assets		(33,332	)		3,009
Accounts payable and accrued expenses		(25,583	)		45,134
Common stock to be issued in connection with consulting agreement		-			91,112

Net Cash Used In Operating Activities		(396,211	)		(419,930	)

Cash Flows From Financing Activities:
Proceeds from sales of common stock		-			-
Advances from related parties		160,796			413,125
Proceeds from convertible notes payable - affiliated entities		178,000			-
Bank overdraft		53,795			-
Payments on notes due to officers		(4,780	)		-

Net Cash Provided By Financing Activities		387,811			413,125

Net Increase (Decrease) In Cash		(8,400	)		(6,805	)

Cash - Beginning of Period		8,400			8,281

Cash - End of Period	$	-		$	1,476

Supplemental Cash Flow Information:
Cash paid for:
Interest paid	$	4,383		$	-
Income taxes paid	$	-		$	-
Noncash investing and financing activities:
Vendors paid by Affiliated Entities	$	-		$	10,178
Forgiveness of accounts payable due to USMC	$	150,257		$	-

The accompanying notes are an integral part of these unaudited condensed financial statements.

PUREBASE CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Note 1 – organization and business operations

Corporate History

PureBase Corporation (the “Company”) was incorporated in the State of Nevada on March 2, 2010, under the name Port of Call Online, Inc. to create a web-based service that would offer boaters an easy, convenient, fun, easy to use, online resource to help them plan and organize their boating trips. Pursuant to a corporate reorganization consummated on December 23, 2014, the Company changed its business focus to an exploration, mining and product marketing company engaged in identifying and developing advanced stage natural resource projects which, the Company believes, show potential to achieve full production. Effective January 12, 2015, the Company amended its articles of incorporation to change its name to PureBase Corporation. The Company, through its wholly-owned operating subsidiaries PureBase Agricultural, Inc., a Nevada corporation, (“PureBase AG”) and U.S. Agricultural Minerals, LLC, a Nevada limited liability company (“USAM”) is engaged in the identification, acquisition, exploration, development, mining and full-scale exploitation of industrial and natural mineral properties in the United States for the agriculture and construction materials markets. On the agricultural side, the Company’s business is to develop agricultural specialized fertilizers, minerals and bio-stimulants for organic and sustainable agriculture. On the construction side, the Company intends to focus on developing construction sector-related products such as cements. The Company intends to provide for distribution of its products into each industry related market.

The Company is headquartered in Ione, California.

Business Overview

PureBase is a diversified, industrial mineral and natural resource company working to provide solutions to the agriculture and construction materials markets. In addition, the Company intends to focus on identifying and developing other advanced stage natural resource projects in support of its agricultural business. PureBase’s business is currently divided into two divisions: “PureBase AG” to develop agricultural specialized fertilizers, minerals and biostimulants for organic and sustainable agriculture and “USAM” which will be focused on developing construction sector related products such as cements.

The Company’s initial focus is on the organic agricultural market sectors. The Company has developed and will seek to develop additional products derived from mineralized materials of Leonardite, Kaolin Clay, Laterite, Potassium Silicate Sulfate, and other natural minerals. These important minerals and soil amendments are used in the agricultural industry to protect crops, plants and fruits from the sun and winter damage, to provide nutrients to plants, and to improve dormancy and soil ecology to help farmers increase the yields of their harvests.

The Company utilizes the services of US Mine Corporation (“USMC”), a private company and a significant shareholder of the Company focusing on the development and contract mining of industrial mineral and metal projects throughout North America, to perform exploration drilling, preparation of feasibility studies, mine modeling, on-site construction, mine production, and mine site reclamation. Exploration services also include securing necessary permits, environmental compliance, and reclamation plans. In addition, a substantial portion of the minerals to be utilized by the Company is obtained from properties owned or controlled by USMC of which Scott Dockter and John Bremer are officers, directors, and owners.

The Company is building a brand family under the parent trade name, “PureBase”, consisting of three primary product lines: PureBase Shade Advantage WP, PureBase SulFi Hume Si Advantage, and PureBase Humate INU Advantage.

NOTE 2 – GOING CONCERN AND LIQUIDITY

The accompanying consolidated financial statements have been prepared on the basis that the Company will continue as a going concern, which contemplates realization of assets and the satisfaction of liabilities in the normal course of business. At May 31, 2020, the Company had a significant accumulated deficit of approximately $11.6 million and working capital deficit of approximately $918,000. For the six months ended May 31, 2020, the Company had a loss from operations of approximately $350,000 and negative cash flows from operations of approximately $396,000. The Company’s operating activities consume the majority of its cash resources. The Company anticipates that it will continue to incur operating losses as it executes its development plans for 2020, as well as other potential strategic and business development initiatives. In addition, the Company has had and expects to have negative cash flows from operations, at least into the near future. The Company has previously funded these losses primarily from additional infusions of cash from advances from an affiliate and the sale of equity and convertible notes. The accompanying consolidated financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern.

The Company’s plan, through the continued promotion of its services to existing and potential customers, is to generate sufficient revenues to cover its anticipated expenses. The Company is currently exploring several options to meet its short-term cash requirements, including issuances of equity securities or equity-linked securities from third parties. Although no assurances can be given as to the Company’s ability to deliver on its revenue plans or that unforeseen expenses may arise, management believes that the revenue expected to be generated from operations, together with potential equity and debt financing or other potential financing, will provide the necessary funding for the Company to continue as a going concern. However, management cannot guarantee any potential debt or equity financing will be available, or if available, on favorable terms.

As such, these matters raise substantial doubt about the Company’s ability to continue as a going concern for a period of twelve months from the issue date of this report. If adequate funds are not available on acceptable terms, or at all, the Company will need to curtail operations, or cease operations completely.

NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) including Form 10-Q and Regulation S-X. The information furnished herein reflects all adjustments (consisting of normal recurring accruals and adjustments, unless otherwise indicated) which are, in the opinion of management, necessary to fairly state the operating results for the respective periods. Certain information and footnote disclosures normally present in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been omitted pursuant to such rules and regulations. These financial statements and the information included under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations” should be read in conjunction with the audited financial statements and explanatory notes for the year ended November 30, 2019 in our Form 10-K filed on February 28, 2020 with the SEC. The results of the six months ended May 31, 2020 (unaudited) are not necessarily indicative of the results to be expected for the full year ending November 30, 2020.

Principles of Consolidation

These unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries PureBase AG and USAM. Intercompany accounts and transactions have been eliminated upon consolidation.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and equity-based transactions at the date of the financial statements and the revenues and expenses during the reporting period. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.

The Company believes the following critical accounting policies affect its more significant judgments and estimates used in the preparation of the accompanying unaudited condensed consolidated financial statements. Significant estimates include the allowance for doubtful accounts, useful lives of property and equipment, deferred tax asset and valuation allowance, assumptions used in Black-Scholes-Merton, or BSM, valuation methods, such as expected volatility, risk-free interest rate, and expected dividend rate.

Revenue

The Company derives revenues from the sale of its agricultural products. The Company’s contracted transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. The Company’s contracts have a single performance obligation which are not separately identifiable from other promises in the contracts and is, therefore, not distinct. The Company’s performance obligation is satisfied upon the transfer of risk of loss to the customer, which occurs when the product is shipped from the Company’s warehouse.

Practical Expedients

As part of ASC Topic 606, the Company has adopted several practical expedients including that the Company has determined that it need not adjust the promised amount of consideration for the effects of a significant financing component since the Company expects, at contract inception, that the period between when the Company transfers a promised service to the customer and when the customer pays for that service will be one year or less.

Disaggregated Revenue

Revenue consists of the following by product offering for the six months ended May 31, 2020:

Soil Advantage		Humate INU Advantage		Shade Advantage (WP)		SulFe Hume Si Advantage		Solu-Sul		Total

$	-	$	6,129	$	-	$	-	$	-	$	6,129

Revenue consists of the following by product offering for the six months ended May 31, 2019:

Soil Advantage		Humate INU Advantage		Shade Advantage (WP)		SulFe Hume Si Advantage		Solu-Sul		Total

$	-	$	47,250	$	46,500	$	92,708	$	-	$	186,458

Cash

The Company considers all highly liquid investments with maturities of three months or less at the time of purchase to be cash equivalents. There are no cash equivalents as of May 31, 2020 or May 31, 2019.

Account Receivable

The Company periodically assesses its accounts and other receivables for collectability on a specific identification basis. If collectability of an account becomes unlikely, an allowance is recorded for that doubtful account. As of and for the six months ended May 31, 2020 and May 31, 2019, the Company has determined that an allowance of $11,137 for doubtful accounts was necessary.

Property and Equipment

Property and equipment are recorded at cost. Depreciation is computed using straight-line method over the estimated useful lives of the related assets, generally three to five years. Expenditures that enhance the useful lives of the assets are capitalized and depreciated.

Equipment	3-5 years
Autos and trucks	5 years

Maintenance and repairs are charged to expense as incurred. At the time of retirement or other disposition of property and equipment, the cost and accumulated depreciation will be removed from the accounts and the resulting gain or loss, if any, will be reflected in operations.

Impairment of Long-Lived Assets

The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Recoverability of these assets is determined by comparing the forecasted undiscounted net cash flows of the operation to which the assets relate to the carrying amount. If the operation is determined to be unable to recover the carrying amount of its assets, then these assets are written down first, followed by other long-lived assets of the operation to fair value. Fair value is determined based on discounted cash flows or appraised values, depending on the nature of the assets. No impairment losses were recorded during the three and six months ended May 31, 2020 and May 31, 2019.

Exploration Stage

In accordance with U.S. GAAP, expenditures relating to the acquisition of mineral rights are initially capitalized as incurred while exploration and pre-extraction expenditures are expensed as incurred until such time as the Company exits the Exploration Stage by establishing proven or probable reserves. Expenditures relating to exploration activities such as drill programs to establish mineralized materials are expensed as incurred. Expenditures relating to pre-extraction activities are expensed as incurred until such time proven or probable reserves are established for that project, after which expenditures relating to mine development activities for that particular project are capitalized as incurred. There were no costs related to exploration activities for the three and six months ended May 31, 2020 and May 31, 2019.

Mineral Rights

Acquisition costs of mineral rights are capitalized as incurred while exploration and pre-extraction expenditures are expensed as incurred until such time as the Company exits the exploration stage by establishing proven or probable reserves, as defined by the SEC under Industry Guide 7, through the completion of a “final” or “bankable” feasibility study. Expenditures relating to exploration activities are expensed as incurred and expenditures relating to pre-extraction activities are expensed as incurred until such time proven or probable reserves are established for that project, after which subsequent expenditures relating to development activities for that particular project are capitalized as incurred.

Where proven and probable reserves have been established, the project’s capitalized expenditures are depleted over proven and probable reserves upon commencement of production using the units-of-production method. Where proven and probable reserves have not been established, such capitalized expenditures are depleted over the estimated production life upon commencement of extraction using the straight-line method.

The carrying values of the mineral rights are assessed for impairment by management on a quarterly basis or when indicators of impairment exist. Should management determine that these carrying values cannot be recovered, the unrecoverable amounts are written off against earnings. Total capitalized costs related to mineral rights were $200,000 as of May 31, 2020 and May 31, 2019.

Shipping and Handling

The Company incurs shipping and handling costs which are charged back to the customer. The net amounts incurred were $180 and $0 included in general administrative expenses for the three and six months ended May 31, 2020 and May 31, 2019, respectively.

Advertising and Marketing Costs

The Company expenses advertising and marketing costs as they are incurred. Advertising and marketing expenses were $490 and $2,052 for the three and six months ended May 31, 2020 and $0 for the three and six months ended May 31, 2019 and are recorded in selling, general and administrative expenses on the statement of operations.

Fair Value Measurements

As defined in ASC 820, “Fair Value Measurements and Disclosures,” fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The Company utilizes market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable. ASC 820 establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurement) and the lowest priority to unobservable inputs (level 3 measurement). This fair value measurement framework applies at both initial and subsequent measurement.

Level 1:	Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 1 primarily consists of financial instruments such as exchange-traded derivatives, marketable securities and listed equities.

Level 2:	Pricing inputs are other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reported date. Level 2 includes those financial instruments that are valued using models or other valuation methodologies. These models are primarily industry-standard models that consider various assumptions, including quoted forward prices for commodities, time value, volatility factors and current market and contractual prices for the underlying instruments, as well as other relevant economic measures. Substantially all of these assumptions are observable in the marketplace throughout the full term of the instrument, can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace. Instruments in this category generally include non-exchange-traded derivatives such as commodity swaps, interest rate swaps, options and collars.

Level 3:	Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value.

Fair Value of Financial Instruments

The carrying value of cash, accounts receivable, accounts payable and accrued expenses approximate their fair values based on the short-term maturity of these instruments. The carrying amount of notes approximates the estimated fair value for these financial instruments as management believes that such notes constitute substantially all of the Company’s debt and interest payable on the notes approximates the Company’s incremental borrowing rate.

Net Loss Per Common Share

Net loss per common share is computed by dividing the net loss by the weighted average number of common shares outstanding during the year. All vested outstanding options are considered potential common stock. The dilutive effect, if any, of stock options are calculated using the treasury stock method. Since the effect of common stock equivalents is anti-dilutive with respect to losses, the options have been excluded from the Company’s computation of net loss per common share for the three and six months ended May 31, 2020 and May 31, 2019.

The following table summarizes the securities that were excluded from the diluted per share calculation because the effect of including these potential shares was antidilutive due to the Company’s net loss position even though the exercise price could be less than the average market price of the common shares:

	Six Months Ended
	May 31, 2020		May 31, 2019

Convertible Notes		1,112,500		-
Stock Options		550,000		550,000
Total		1,662,500		550,000

	Three Months Ended
	May 31, 2020		May 31, 2019

Convertible Notes		1,112,500		-
Stock Options		550,000		550,000
Total		1,662,500		550,000

Stock-Based Compensation

The Company applies the provisions of ASC 718, Compensation—Stock Compensation (“ASC 718”), which requires the measurement and recognition of compensation expense for all stock-based awards made to employees, including employee stock options, in the statements of operations.

For stock options issued to employees and members of the board of directors for their services, the Company estimates the grant date fair value of each option using the Black-Scholes option pricing model. The use of the Black-Scholes option pricing model requires management to make assumptions with respect to the expected term of the option, the expected volatility of the Common Stock consistent with the expected life of the option, risk-free interest rates and expected dividend yields of the Common Stock. For awards subject to service-based vesting conditions, including those with a graded vesting schedule, the Company recognizes stock-based compensation expense equal to the grant date fair value of stock options on a straight-line basis over the requisite service period, which is generally the vesting term. Forfeitures are recorded as they are incurred as opposed to being estimated at the time of grant and revised.

Pursuant to ASU 2018-07 Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting, the Company accounts for stock options issued to non-employees for their services in accordance ASC 718. The Company uses valuation methods and assumptions to value the stock options that are in line with the process for valuing employee stock options noted above.

Income Taxes

Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets, including tax loss and credit carry forwards, and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

The Company utilizes ASC 740, “Income Taxes,” which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the unaudited condensed consolidated financial statements or tax returns. The Company accounts for income taxes using the asset and liability method to compute the differences between the tax basis of assets and liabilities and the related financial amounts, using currently enacted tax rates. A valuation allowance is recorded when it is “more likely-than-not” that a deferred tax asset will not be realized.

For uncertain tax positions that meet a “more likely than not” threshold, the Company recognizes the benefit of uncertain tax positions in the unaudited condensed consolidated financial statements. The Company’s practice is to recognize interest and penalties, if any, related to uncertain tax positions in income tax expense in the unaudited condensed consolidated statements of operations.

Recent Accounting Pronouncements

In January 2017, FASB issued Accounting Standards Update (ASU) 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, which eliminated the calculation of implied goodwill fair value. Instead, companies will record an impairment charge based on the excess of a reporting unit’s carrying amount of goodwill over its fair value. This guidance simplifies the accounting as compared to prior US GAAP. The guidance is effective for fiscal years beginning after December 15, 2019. The Company does not expect the implementation of this new pronouncement to have a material impact on its consolidated financial statements.

All other newly issued but not yet effective accounting pronouncements have been deemed to be not applicable or immaterial to the Company.

NOTE 4 – MINING RIGHTS

Federal Preference Rights Lease in Esmeralda County, NV

This Preference Rights Lease is granted by the Bureau of Land Management (“BLM”) covering approximately 2,500 acres of land located in the Mount Diablo Meridian area of Nevada. Contained in the leased property is the Chimney 1 Potassium/Sulfur Deposit which consists of 15.5 acres of land fully permitted for mining operation which is situated within the 2,500 acres held by the Company. All rights and obligations under the Preference Rights lease have been assigned to the Company by USMC. These rights are presented at their cost of $200,000. This lease requires a payment of $7,503 per year to the BLM.

Snow White Mine located in San Bernardino County, CA – Deposit

On April 1, 2020, the Company entered into a purchase and sale agreement with the Bremer Family 1995 Living Trust, a related party through 19% beneficial ownership of the Company, pursuant to which the Company will purchase the Snow White Mine for a purchase price of $836,000 (the “Purchase Price”). The Purchase Price plus 5% interest shall be payable in full in cash at the closing date. The closing date can be completed any time before April 1, 2022. As of May 31, 2020, the Company has yet to close on the purchase.

NOTE 5 – NOTES PAYABLE

Bayshore Capital Advisors, LLC

On February 26, 2016, the Company issued a promissory note in the principal amount of $25,000 to Bayshore Capital Advisors, LLC, an affiliate through common ownership of a 10% major shareholder of the Company, for $25,000 for working capital. The note bears interest at the rate of 6% per annum and was payable August 26, 2016, or when the Company closes a bridge financing, whichever occurs first. The Company is in default on this note as of May 31, 2020. The balance on the note was $25,000 as of May 31, 2020 and November 30, 2019, respectively See (Note 10). Total interest expense on the note was $370 and $752 for the three and six months ended May 31, 2020 and May 31, 2019, respectively.

A. Scott Dockter – President and Chief Executive Officer

On August 31, 2017, the Company issued a note in the amount of $197,096 to A. Scott Dockter, President, Chief Executive Officer and a director of the Company, to consolidate the total amounts due to Mr. Dockter. The note to Mr. Dockter bears interest at 6% and is due upon demand. During the year ended November 30, 2019, the Company repaid $44,500 towards the balance of the note. The balance on the note was $127,816 and $132,596 as of May 31, 2020 and November 30, 2019, respectively (See Note 10). Total interest expense on the note was $2,916 and $4,834 for the three and six months ended May 31, 2020 and May 31, 2019, respectively.

Convertible Promissory Notes - USMC

December 1, 2019

On December 1, 2019, in connection with the September 26, 2019, securities purchase agreement with USMC, a related party, (See Note 10), the Company issued a two-year convertible promissory note in the amount of $20,000 to USMC, with a maturity date of December 31, 2021 (“Tranche #1”). The note bears interest at 5% per annum which is also payable on maturity. Amounts due under the note may be converted into shares of the Company’s common stock, $0.001 par value, at any time at the option of the holder, at a conversion price of $0.16 per share.

The issuance of Tranche #1 resulted in a discount from the beneficial conversion feature totaling $20,000. Total straight-line amortization of this discount totaled $2,365 and $4,783 during the three and six months ended May 31, 2020, respectively. Total interest expense on Tranche #1 was approximately $250 and $500 for the three and six months ended May 31, 2020, respectively.

January 1, 2020

On January 1, 2020, in connection with the September 26, 2019, securities purchase agreement with USMC, a related party, (See Note 10), the Company issued a two-year convertible promissory note in the amount of $86,000 to USMC, with a maturity date of January 1, 2022 (“Tranche #2”). The note bears interest at 5% per annum which is also payable on maturity. Amounts due under the note may be converted into shares of the Company’s common stock, $0.001 par value, at any time at the option of the Holder, at a conversion price of $0.16 per share.

The issuance of Tranche #2 resulted in a discount from the beneficial conversion feature totaling $32,250. Total straight-line amortization of this discount totaled $2,603 and $6,662 during the three and six months ended May 31, 2020, respectively. Total interest expense on Tranche #2 was approximately $700 and $1,780 for the three and six months ended May 31, 2020, respectively.

February 1, 2020

On February 1, 2020, in connection with the September 26, 2019, securities purchase agreement with USMC, a related party, (See Note 10), the Company issued a two-year convertible promissory note in the amount of $72,000 to USMC, with a maturity date of February 1, 2022 (“Tranche #3”). The note bears interest at 5% per annum which is also payable on maturity. Amounts due under the note may be converted into shares of the Company’s common stock, $0.001 par value, at any time at the option of the Holder, at a conversion price of $0.16 per share.

The issuance of Tranche #3 resulted in a discount from the beneficial conversion feature totaling $36,000. Total straight-line amortization of this discount totaled $1,379 and $5,910 during the three and six months ended May 31, 2020, respectively. Total interest expense on Tranche #3 was approximately $275 and $1,200 for the three and six months ended May 31, 2020, respectively.

NOTE 6 – ACCOUNTS PAYABLE AND ACCRUED EXPENSES

Accounts payable and accrued expenses consist of the following amounts:

	May 31, 2020		November 30, 2019

Accounts payable	$	94,007	$	265,449
Accrued interest – related party		35,353		44,846
Accrued compensation		39,025		33,930
Bank overdraw		53,796		-
Accounts payable and accrued expenses	$	222,181	$	344,225

NOTE 7 – COMMITMENTS AND CONTINGENCIES

Office and Rental Property Leases

The Company is using office space provided by USMC, a related party that is owned by the Company’s majority shareholders and directors A. Scott Dockter and John Bremer. There is currently no lease for use of such office space.

Mineral Properties

The Company’s mineral rights require various annual lease payments (See Note 5).

Legal Matters

On September 21, 2016 the Company terminated its employment agreement with its then President, David Vickers (“Vickers”). Subsequently, Vickers alleged claims of age discrimination, fraud in the inducement, violation of California Labor Code §970 and breach of contract against the Company. On April 14, 2017 the Company was served with a demand for arbitration of the above referenced claims. The arbitration proceeding is being handled by the Judicial Arbitration and Mediation Services, Inc. On June 5, 2018 the parties participated in a voluntary mediation but were unable to reach a resolution. The arbitration proceeding, based on Vickers’ demand for arbitration, was held August 6, 2019 to August 8, 2019. An interim-preliminary decision has been rendered in connection with the arbitration, however, the final award has not yet been fully determined. Although the evidentiary hearing has been completed, the parties have filed supplemental briefs. Oral arguments commenced on June 4, 2020 and the Company is currently in negotiations regarding those supplemental briefs. The Company believes its potential exposure to be approximately $475,000, plus potential pre-and-post judgment interest. While the Company believes the potential liability is estimated to the above, there is, however, the potential for the Arbitrator to render a ruling where the Company could be liable for more, or less. On January 20, 2020, the Company paid Vickers an initial $50,000 towards the estimated liability noted above.

On August 30, 2018, the Company was named as a defendant in a complaint filed by Tessenderlo Kerley, Inc. (“Tessenderlo”) alleging trademark infringement relating to the plaintiff’s trademark PURSHADE and the Company’s product PureBase Shade Advantage. The Company filed its answer on September 21, 2018, denying the allegations set forth in the complaint. A settlement conference was held on June 11, 2019. The Company entered into a Settlement Agreement and Release (the “Settlement Agreement”) with Tessenderlo effective July 8, 2019. Pursuant to the Settlement Agreement, the Company agreed, among other requirements for dissemination of information with its product, to make various changes to the packaging of its PureBase Shade Advantage products relating to the visual representation of the product’s names. Under the Settlement Agreement, each party fully released the other party from all existing claims and liabilities. There were no monetary damages as part of the Settlement Agreement. As a result of the Settlement Agreement, the case was dismissed on July 9, 2019. The settlement provided for the Company to make changes to its Shade Advantage product, to refrain from making certain claims about Shade Advantage, to make certain disclosures about the Shade Advantage product, and to provide internal training and policies about those actions. There was no monetary payment as part of the settlement and each party bore its own attorney fees. On January 16, 2020, counsel for Tessenderlo sent a letter asserting that PureBase had not complied with some of its obligations under the settlement and invoking the arbitration provision of the settlement agreement. The parties have been in negotiation to resolve the matter without the necessity of arbitration. On February 25, 2020, Tessenderlo offered a standstill of the arbitration until April 5, 2020 to give the Company time to make additional changes to the packaging and remove existing inventory from the market. The Company has reported to counsel that it has made those changes. Tessenderlo has agreed that if the Company certifies and provides documentary evidence demonstrating that it has fully complied with its obligation as set forth in the original Settlement Agreement and in the standstill agreement, and Tessenderlo is able to confirm the same within five business days of the Company’s certification/documentation of full compliance, the arbitration will be dismissed. The Company complied with all of the items requested and, on April 8, 2020, the arbitration was dismissed.

On January 11, 2019, the Company filed a complaint in the Nevada District Court for Washoe County (Case # CV19-00097) against Agregen International Corp (“Agregen”) and Robert Hurtado (“Hurtado”) alleging the misuse of proprietary and confidential information acquired by Hurtado while employed by the Company as VP of Agricultural Research and Development. Hurtado was terminated in March 2018 and since that time the Company alleges that he conspired with Agregen to improperly use proprietary and confidential information to compete with the Company which constitute breaches of the non-compete and confidentiality provisions of his employment agreement with the Company. The Company is seeking $100,000,000 in monetary damages. On March 14, 2019, Agregen and Hurtado filed an answer to the Company’s complaint that the allegations were false. An Early Case Conference was held on April 26, 2019 and a pre-trial conference was held on July 10, 2019. On March 13, 2020, the Company filed its First Amended Complaint in this lawsuit, adding Todd Gauer and John Gingerich, former board members of the Company, as additional defendants. A default has been taken against Mr. Gingerich, and the Company is in the process of serving Mr. Gauer. Trial is scheduled for June 21, 2021.

On March 29, 2019, the Company was served with a complaint filed by Superior Soils Supplements LLC (“Superior Soils”) relating to 64 truckloads of soil amendments delivered to a customer by the Company on behalf of Superior Soils. Superior Soils alleged that the soil amendments were not labeled correctly requiring the entire shipment of product to be returned to the Company. The complaint alleges breach of contract, misrepresentations, fraudulent concealment and unfair competition. The complaint seeks damages of approximately $300,000. The Company filed its answer on May 6, 2019, denying responsibility for the mis-labelling and denying any liability for damages therefrom. The parties are currently in ongoing settlement negotiations.

Contractual Matters

On November 1, 2013, we entered into an agreement with USMC, a related party, in which USMC performs services relating to various technical evaluations and mine development services for the Company with regard to the various mining properties/rights owned by the Company. Terms of services and compensation will be determined for each project undertaken by USMC.

On October 12, 2018 the Company’s board of directors approved a material supply agreement with USMC, a related party, pursuant to which USMC will provide designated natural resources to the Company at predetermined prices (See Note 10).

Resignation of Directors

Effective April 8, 2020, Calvin Lim resigned as a member of the Board of Directors (the “Board”) of the Company. His resignation was not the result of any dispute or disagreement with the Company or the Board on any matter relating to the operations, policies, or practices of the Company.

Appointment of Directors

The Company entered into a twelve-month director agreement with Mr. Jeffrey Guzy (“Guzy”), effective as of April 8, 2020, (the “Director Agreement”). Pursuant to the Director Agreement, Guzy will be entitled to $1,000 per month, which will accrue as debt until the Company has its first cash flow positive month. Upon the termination of the initial term of the Director Agreement or Guzy’s earlier removal or resignation, such accrued amount will be paid in common stock of the Company at a conversion rate of the lower of $0.15 per share of the 20-day volume weighted average price from the last date Guzy was on the board. Guzy was also granted an immediately exerciseable five-year option to purchase 250,000 shares of common stock at an exercise price of $0.10 per share. Guzy was appointed as the chairman of the Audit Committee and the Compensation Committee.

Note 8 – StocK-BASED COMPENSATION

The Company accounted for its stock-based compensation in accordance with the fair value recognition provisions of FASB ASC Topic 718, “Compensation – Stock Compensation.”

2017 Equity Incentive Plan

On November 10, 2017 the Company’s Board of Directors (the “Board”) approved the 2017 PureBase Corporation Stock Option Plan which is intended to be a qualified stock option plan (the “Option Plan”). The Board reserved up to 10,000,000 shares of the Company’s common stock to be issued pursuant to options granted under the Option Plan. The Option Plan was subsequently approved by shareholders on September 28, 2018. As of May 31, 2020, 50,000 options have been granted under the Option Plan.

The Company has also granted options to purchase an aggregate of 500,000 shares of common stock to certain employees pursuant to employment contracts prior to the adoption of the Option Plan.

The Company granted options to purchase an aggregate of 450,000 shares of common stock during the six months ended May 31, 2020.

There were no stock options granted during the six months ended May 31, 2019.

The weighted average grant date fair value of options granted and vested during the six months ended May 31, 2020 and 2019, was $23,905 and $27,088, respectively. The weighted average non-vested grant date fair value of non-vested options was $19,481 at May 31, 2020.

Compensation based stock option activity for qualified and unqualified stock options are summarized as follows:

			Weighted
			Average
	Shares		Exercise Price
Outstanding at November 30, 2019		550,000	$	2.74
Granted		450,000		0.10
Exercised		-		-
Expired or cancelled		-		-
Outstanding at May 31, 2020		1,000,000	$	1.91

The following table summarizes information about options to purchase shares of the Company’s common stock outstanding and exercisable at May 31, 2020:

				Weighted-		Weighted-
				Average		Average
Range of		Outstanding		Remaining Life		Exercise		Number
exercise prices		Options		In Years		Price		Exercisable

$	0.099		200,000		3.86	$	0.99		-
	0.10		250,000		4.86		0.10		250,000
	0.12		50,000		8.32		0.12		50,000
	3.00		500,000		5.75		3.00		500,000
			1,000,000		5.38	$	1.91		800,000

The compensation expense attributed to the issuance of the options is recognized as such options vest.

Stock options granted under the Option Plan are exercisable for ten years from the grant date and vest over various terms from the grant date to three years.

The aggregate intrinsic value of the options totaled $0 and was based on the Company’s closing stock price of $0.10 as of May 31, 2020, which would have been received by the option holders had all option holders exercised their options as of that date.

On April 8, 2020, the Company granted a director an option to purchase 250,000 shares of the Company’s common stock at an exercise price of $0.10 per share and a fair value of $27,088. The options vest immediately at the grant date. The options were valued using the Black-Scholes option pricing model under the following assumptions: stock price - $0.11; strike price - $0.10; expected volatility – 305%; risk-free interest rate – 0.47%; dividend rate – 0%; and expected term – 2.50 years.

On April 15, 2020, the Company granted two advisory board members options to purchase an aggregate of 200,000 shares of the Company’s common stock at an exercise price of $0.10 per share and a fair value of $19,481. The options vest one year from the date of grant. The options were valued using the Black-Scholes option pricing model under the following assumptions: stock price - $0.099; strike price - $0.10; expected volatility – 304%; risk-free interest rate – 0.34%; dividend rate – 0%; and expected term – 2.50 years.

Total compensation expense related to stock options was $30,335 for the three and six months ended May 31, 2020. Total compensation expense related to stock options was $9,172 and $60,451 for the three and six months ended May 31, 2019, respectively. As of May 31, 2020, there was $16,234 in future compensation cost related to non-vested stock options.

NOTE 9 – RELATED PARTY TRANSACTIONS

Bayshore Capital Advisors, LLC

On February 26, 2016, the Company issued a promissory note in the principal amount of $25,000 to Bayshore Capital Advisors, LLC, an affiliate through common ownership of a 10% shareholder of the Company. The note accrued interest at 6% per annum and was payable August 26, 2016, or upon the closing of a bridge financing by the Company, whichever occurs first. The Company is in default on this note as of May 31, 2020.

US Mine Corporation

The Company entered into a contract mining agreement with USMC, a company owned by the majority stockholders of the Company, A. Scott Dockter and John Bremer, pursuant to which USMC will provide various technical evaluations and mine development services to the Company. During the three and six months ended May 31, 2020 and May 31, 2019, the Company made no purchases from USMC. There were no services rendered by USMC to the Company for the three and six months ended May 31, 2020. Services totaling $31,747 and $43,036 were rendered by USMC for the three and six months ended May 31, 2019, respectively. In addition, USMC made no payments to the Company’s vendors and creditors on behalf of the Company during the three and six months ended May 31, 2020. During the three and six months ended May 31, 2019, USMC paid $690 and $271,059, respectively, of expenses to the Company’s vendors and creditors on behalf of the Company. During the three and six months ended May 31, 2020 and May 31, 2019 USMC made cash advances to the Company of $33,000 and $125,000 and $201,125 and $413,125, respectively, and which are recorded as part of due to affiliates on the unaudited condensed consolidated balance sheets.

On September 26, 2019, the Company entered into a securities purchase agreement with USMC pursuant to which USMC may purchase up to $1,000,000 of the Company’s 5% unsecured convertible two-year promissory notes in one or more closings. The notes are convertible into the Company’s common stock at a conversion price of $0.16 per share. As of February 29, 2020, USMC has purchased such notes totaling $178,000 with maturity dates ranging from December 1, 2021 through February 1, 2022 (See Note 6). Interest expense on these notes totaled $3,461 for the three and six months ended May 31, 2020 and are recorded as part of due to affiliates on the unaudited condensed consolidated balance sheets. The outstanding balance due on the notes to USMC is $158,000 and $0 at May 31, 2020 and November 30, 2019, respectively.

On April 9, 2020, USMC agreed to forgive of $150,257 in outstanding accounts payable from PureBase AG effective February 29, 2020. The Company treated this as a capital contribution and recorded the forgiveness as an increase in additional paid in capital on the unaudited condensed consolidated balance sheet at May 31, 2020.

On April 22, 2020, the Company entered into a Material Supply Agreement (the “Supply Agreement”) with USMC which amended the prior Materials Supply Agreement entered into on October 12, 2018. All kaolin clay purchased by the Company from USMC under the Supply Agreement must be used exclusively for agricultural products and supplementary cementitious materials. Under the terms of the Supply Agreement, the Company will pay $25 per ton for the kaolin clay for supplementary cementitious materials and $145 per ton for bagged products for clay for agriculture (in each case plus an additional $5 royalty fee per ton). The Supply Agreement also provides that if USMC provides pricing to any other customer which is more favorable than that provided to the Company, USMC shall adjust the cost to the Company to conform to the more favorable terms. The initial term of the Agreement is three years, which automatically renews for three successive one-year terms, unless either party provides notice of termination at least sixty days prior to the end of the then current term. Either party has the right to terminate the Agreement for a material breach which is not cured within 90 days.

The Company is using office space provided by USMC rent-free. There is currently no lease for its use of such office space.

Transactions with Officers

On August 31, 2017, the Company issued a note in the amount of $197,096 to A. Scott Dockter, President, Chief Executive Officer and a director of the Company to consolidate the total amounts due to Mr. Dockter. The note bears interest at 6% and is due upon demand. During the six months ended May 31, 2020, the Company repaid $4,780 towards the balance of the note. As of May 31, 2020 and November 30, 2019, the principal balance due on this note was $127,816 and $132,596, respectively, and is recorded as Note Payable to Officer on the unaudited condensed consolidated balance sheets. Interest expense for this note was $1,918 and $3,866 and $2,981 and $5,896 for the three and six months ended May 31, 2020 and 2019.

NOTE 10 – CONCENTRATION OF CREDIT RISK

Cash Deposits

Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash deposits. Accounts at each institution are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000. As of May 31, 2020 and November 30, 2019, the Company had no deposits in excess of the FDIC insured limit.

Revenues

Three customers accounted for 100% of total revenue for the six months ended May 31, 2020.

Customer A	74	%
Customer B	16	%
Customer C	10	%

Three customers accounted for 98% of total revenue for the six months ended May 31, 2019.

Customer A	48	%
Customer B	25	%
Customer C	25	%

Accounts Receivable

One customer accounted for 100% of the accounts receivable as of May 31, 2020. This customer is a parent distributor that has numerous individual distributors at various locations. These individual distributors make buying decisions and purchase product from the Company independently from the parent distributor.

Two customers accounted for 100% of the accounts receivable as of November 30, 2019, as set forth below:

Customer A			66	%
Customer B			34	%

Vendors

Two suppliers accounted for 100% of purchases as of May 31, 2020, as set forth below:

Vendor A, a related party			76	%
Vendor B			24	%

Two suppliers accounted for 100% of purchases as of November 30, 2019, as set forth below:

Vendor A, a related party			88	%
Vendor B			12	%

NOTE 11 – SUBSEQUENT EVENTS

On June 2, 2020, the Company granted options to an employee to purchase 100,000 shares of common stock with an exercise price of $0.10 per share.

On June 11, 2020, the Company executed an asset purchase agreement (the “Purchase Agreement”) with Quove Corporation, a Colorado corporation, (“Quove”), pursuant to which the Company will purchase from Quove all of the assets used in conjunction with the operating of its gold processing plant. In consideration therefor, the Company issued 6,200,000 shares of its common stock at a fair value of $0.10 per share to Quove and agreed to assume up to $10,000 of Quove’s liabilities.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Forward-Looking Statements

This Quarterly Report on Form 10-Q includes a number of forward-looking statements that reflect management’s current views with respect to future events and financial performance. Forward-looking statements are projections in respect of future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other comparable terminology. These statements include statements regarding the intent, belief or current expectations of us and members of our management team, as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risk and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties and other factors, including the risks set forth in the section entitled “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended November 30, 2019, as filed with the Securities and Exchange Commission (the “SEC”) on February 28, 2020, any of which may cause our company’s or our industry’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied in our forward-looking statements. These risks and factors include, by way of example and without limitation:

●	absence of contracts with customers or suppliers;
●	our ability to maintain and develop relationships with customers and suppliers;
●	the impact of competitive products and pricing;
●	supply constraints or difficulties;
●	the retention and availability of key personnel;
●	general economic and business conditions;
●	business interruptions resulting from geo-political actions, including war, and terrorism or disease outbreaks (such as the recent outbreak of COVID-19, or the novel coronavirus);
●	substantial doubt about our ability to continue as a going concern;
●	our ability to successfully implement our business plan;
●	our need to raise additional funds in the future;
●	our ability to successfully recruit and retain qualified personnel in order to continue our operations;
●	our ability to successfully acquire, develop or commercialize new products;
●	the commercial success of our products;
●	the impact of any industry regulation;

●	our ability to develop existing mining projects or establish proven or probable reserves;
●	our dependence on once vendor for our minerals for our products;
●	the impact of potentially losing the rights to properties; and
●	the impact of the increase in the price of natural resources.

Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, or performance. We undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes in the future operating results over time except as required by law.

As used in this Quarterly Report on Form 10-K and unless otherwise indicated, the terms “Company,” “we,” “us,” and “our,” refer to PureBase Corporation and its wholly-owned subsidiaries, PureBase Agricultural, Inc., a Nevada corporation (“PureBase AG”) and U.S. Agricultural Minerals, LLC, a Nevada limited liability company (“USAM”).

Business Overview

The Company, through its wholly-owned operating subsidiaries PureBase AG and USAM is a diversified, industrial mineral and natural resource company working to provide solutions to the agriculture and construction materials markets. It is engaged in the identification, acquisition, exploration, development, mining and full-scale exploitation of industrial and natural mineral properties in the United States for the agriculture and construction materials markets. On the agricultural side, our business is to develop agricultural specialized fertilizers, minerals and bio-stimulants for organic and sustainable agriculture. In addition, we intend to focus on identifying and developing other advanced stage natural resource projects in support of our agricultural business. On the construction side, we are focused on developing construction sector-related products such as supplemental cementious material (“SCM”).

We are developing pozzolan-based products that have applications in the construction materials sector. Pozzolans, also known as SCM’s, may have beneficial qualities when added to concrete. We continue our research into SCM markets and believe there are substantial opportunities with pozzolan-based products currently being tested.

Our initial focus has been on the organic agricultural market sector. We hope to develop innovative solutions for our agricultural customers while building a brand under the name, “PureBase”, consisting of three primary product lines: PureBase Shade Advantage WP, PureBase SulFi Hume Si Advantage, and PureBase Humate INU Advantage. and will seek to develop additional products derived from mineralized materials of leonardite, kaolin clay, laterite, potassium silicate sulfate, and other natural minerals. These agricultural minerals and soil amendments are used in the agricultural industry to protect crops, plants and fruits from the sun and winter damage, provide nutrients to plants, and improve dormancy and soil ecology to help farmers increase the yields of their harvests. We also seek to acquire and develop mineralized materials of pozzolan and potassium silicate sulfate for agricultural applications.

We utilize the services of US Mine Corporation (“USMC”), a Nevada corporation, for the development and contract mining of industrial mineral and metal projects. USMC performs exploration drilling, mine modeling, on-site construction, mine production, and mine site reclamation, and prepares feasibility studies for the Company. Exploration services also include securing necessary permits, environmental compliance, and reclamation plans. In addition, a substantial portion of the minerals utilized by the Company is obtained through USMC. Scott Dockter, our President, Chief Executive Officer, and Chief Financial Officer, and John Bremer, a director, are the Treasurer and President, respectively, as well as directors, of USMC.

Recent Developments

Snow White Mine

On April 1, 2020, we entered into a purchase and sale agreement with Bremer Family 1995 Living Family Trust (the “Trust”) pursuant to which we will purchase 80 acres of land known as the Snow White Mine, located in San Bernardino County, California, and all mineral rights. The purchase price for the property is $836,000, with 5% interest, with the closing to occur within two years. John Bremer, a director of the Company, is the executor of the Trust which owns approximately 19% of the issued and outstanding shares of the Company. The Company previously had certain rights to the Snow White property but in September 2019 discontinued all mining activities at this property. As of the date of this Quarterly Report, the Company has not closed on the purchase.

Asset Purchase Agreement

On June 11, 2020, the Company executed an asset purchase agreement (the “Purchase Agreement”) with Quove Corporation, a Colorado corporation, (“Quove”), pursuant to which the Company will purchase from Quove all of the assets used in conjunction with the operating of its gold processing plant. In consideration therefor, the Company will issue 6,200,000 shares of its common stock at a fair value of $0.10 per share and agreed to assume up to $10,000 of Quove’s liabilities. We plan to use the assets and parts from the assets to augment and improve our current infrastructure.

Material Supply Agreement

Results of Operations

Comparison of the Three Months Ended May 31, 2020 and the Three Months Ended May 31, 2019

A comparison of the Company’s operating results for the three months ended May 31, 2020 and May 31, 2019 are summarized as follows:

	May 31,			May 31,
	2020			2019			Variance
Revenues	$	1,619		$	139,208		$	(137,589	)
Operating expenses:
Selling, general & administrative		193,456			319,729			(126,273	)
Product fulfillment, exploration and mining		3,435			31,637			(28,202	)
Loss from operations		(195,272	)		(212,158	)		16,886
Other income (expenses)		3,226			(15,856	)		19,082
Net Loss	$	(192,046	)	$	(228,014	)	$	35,968

Revenues

Revenue decreased by $137,589, or 99%, for the three months ended May 31, 2020, as compared to the three months ended May 31, 2019, primarily as a result of a decrease in sales of the Shade Advantage (WP) and SulFe Hume Si Advantage products due to customers buying more than they anticipated needing in the three months ended May 31, 2019.

Operating Costs and Expenses

Selling, general and administrative expenses decreased by $126,273, or 39%, for the three months ended May 31, 2020, as compared to the three months ended May 31, 2019, primarily due to the following: (i) a decrease in payroll and related benefits of $50,486 due to a reduction of employees, (ii) a decrease in consulting expense of $30,000, and (iii) a write-off of payables of $42,428 resulting from unapproved expense reports from a terminated employee and a former director.

Product fulfillment and exploration and mining expenses decreased by $28,202, or 89%, for the three months ended May 31, 2020, as compared to the three months ended May 31, 2019 primarily as a result of the three months ended May 31, 2019 including $31,378 in costs related to the products ordered as mentioned above in the revenue section. In addition, there were no mining claim royalty fees during the three months ended May 31, 2020.

Other Income (Expense)

Other income (expense) increased by $19,082, or 220%, for the three months ended May 31, 2020, as compared to the three months ended May 31, 2019, primarily due to a decrease in interest expense as a result of the Company converting payables and a note payable owed to USMC to common stock during the fourth quarter of the fiscal year 2019.

Comparison of the Six Months Ended May 31, 2020 and the Six Months Ended May 31, 2019

A comparison of the Company’s operating results for the six months ended May 31, 2020 and May 31, 2019 are summarized as follows:

	May 31,			May 31,
	2020			2019			Variance
Revenues	$	6,129		$	186,458		$	(180,329	)
Operating expenses:
Selling, general & administrative		355,434			634,269			(278,835	)
Product fulfillment, exploration and mining		5,194			86,452			(81,258	)
Loss from operations		(354,499	)		(534,263	)		179,764
Other income (expenses)		6,041			(31,642	)		37,683
Net Loss	$	(348,458	)	$	(565,905	)	$	217,447

Revenues

Revenue decreased by $180,329, or 97%, for the six months ended May 31, 2020, as compared to the six months ended May 31, 2019, primarily as a result of a decrease in sales of the Shade Advantage (WP) and SulFe Hume Si Advantage products due to customers buying more than they anticipated needing in the six months ended May 31, 2019.

Operating Costs and Expenses

Selling, general and administrative expenses decreased by $278,835, or 44%, for the six months ended May 31, 2020, as compared to the six months ended May 31, 2019, primarily due to the following: (i) a decrease in stock-based compensation of $30,116, (ii) a decrease in legal and accounting fees of $68,461 primarily due to a change in auditors, (iii) a decrease in payroll and related benefits of $95,988 due to a reduction of employees, (iv) a write-off of payables of $42,428 resulting from unapproved expense reports from a terminated employee and a former board member, and (v) a decrease in consulting expense of $46,332.

Product fulfillment and exploration and mining expenses decreased by $81,258, or 94%, for the six months ended May 31, 2020, as compared to the six months ended May 31, 2019 primarily as a result of the six months ended May 31, 2019 including $69,178 in costs related to the products ordered as mentioned above in the revenue section. In addition, there were no mining claim royalty fees during the six months ended May 31, 2020.

Other Income (Expense)

Other income (expense) increased by $37,683, or 220%, for the six months ended May 31, 2020, as compared to the six months ended May 31, 2019, primarily due to a decrease in interest expense as a result of the Company converting payables and a note payable owed to USMC to common stock during the fourth quarter of the fiscal year 2019.

Liquidity and Capital Resources

As of May 31, 2020, we had no cash on hand and a working capital deficiency of approximately $918,000, as compared to cash on hand of $8,400 and a working capital deficiency of $946,405 as of November 30, 2019. The decrease in working capital deficiency is mainly due to an approximate $13,000 decrease in accounts receivable, an approximate decrease in accounts payable and accrued expenses of $122,000, and a $50,000 decrease in the settlement liability due to a partial payment of an outstanding litigation claim. These decreases were offset by an approximate $161,000 increase in due to affiliated entities as a result of a cash infusion from USMC.

Future Financing

We will require additional funds to implement our growth strategy. We currently expect further exploration and development of our current or future projects and the sale of our agricultural products to continue generating sales revenues, but we do not believe that our current cash and cash equivalents will be sufficient to meet our working capital requirements for the next twelve-months. We have had negative cash flow from operating activities as we have not yet begun to generate sufficient and consistent revenues to cover our operating expenses. Until we are able to establish a sufficient revenue stream from operations our ability to meet our current financial liabilities and commitments will be primarily dependent upon proceeds from outside capital sources including USMC, an affiliated entity. There is no assurance that we will be able to obtain necessary amounts of capital or that our estimates of our capital requirements will prove to be accurate. Even if we are able to secure outside financing, it may not be available in the amounts or times when we require or on favorable terms. We currently do not have any agreements or understandings for additional financing. If we are unable to raise sufficient capital we will be required to delay or forego some portion of our business plan, which would have a material adverse effect on our anticipated results from operations and financial condition or cease operations.

Furthermore, such outside financing would likely take the form of bank loans, private offerings of debt or equity securities, advances from affiliates or some combination of these. The issuance of additional equity securities would dilute the stock ownership of current investors while incurring loans, lines of credit or long-term debt by the Company would increase its cash flow requirements and possible loss of valuable assets if such obligations were not repaid in accordance with their terms and may subject the Company to restrictions on its operations and corporate actions.

Going Concern

The unaudited condensed consolidated financial statements presented in this Quarterly Report have been prepared under the assumption that the Company will continue as a going concern. The Company has accumulated losses from inception through May 31, 2020, of approximately $11.6 million, as well as negative cash flows from operating activities. During the six months ended May 31, 2020, the Company received net cash proceeds of approximately $161,000 from USMC, an affiliated entity. Presently the Company does not have sufficient cash resources to meet its debt obligations in the twelve months following the date of this Quarterly Report. These factors raise substantial doubt about the Company’s ability to continue as a going concern. Management is in the process of evaluating various financing alternatives in order to finance the capital requirements of the Company. There can be no assurance that the Company will be successful with its fund-raising initiatives.

The consolidated financial statements do not include any adjustments that may be necessary should the Company be unable to continue as a going concern.

Working Capital Deficiency

Our working capital deficiency as of May 31, 2020, in comparison to our working capital deficiency as of November 30, 2019, can be summarized as follows:

	May 31,		November 30,
	2020		2019
Current assets	$	43,313	$	30,416
Current liabilities		961,458		976,821
Working capital deficiency	$	918,145	$	946,405

The increase in current assets is primarily due to an increase in prepaid expenses and other assets of $33,332 which is offset by a decrease in cash and accounts receivable of $8,400 and $12,700, respectively. A majority of current liabilities remained consistent during the six month period ending May 31, 2020, however, due to affiliates increased approximately $161,000, settlement liability decreased $50,000 due to a partial payment on an outstanding litigation claim, and accounts payable and accrued expenses decreased approximately $122,000 at May 31, 2020.

Cash Flows

	Six Months Ended
	May 31, 2020			May 31, 2019
Net cash used in operating activities	$	(396,211	)	$	(419,930	)
Net cash provided by financing activities		387,811			413,125
Increase (decrease) in cash	$	(8,400	)	$	(6,805	)

Operating Activities

Net cash used in operating activities was $396,211 for the six months ended May 31, 2020. This was primarily due to the net loss of $348,458 and a decrease of $50,000 in the settlement liability due to a partial payment on an outstanding litigation claim which was partially offset by non-cash expenses of approximately $30,000 and $17,000 related to stock-based compensation and amortization of debt discount, respectively.

Net cash used in operating activities was $419,930 for the six months ended May 31, 2019. This was primarily due to the net loss of $565,905 and an increase in accounts receivable of $136,500, which was partially offset by an increase in due to affiliates and accounts payable and accrued expenses of $81,611 and $45,134, respectively.

Investing Activities

There were no investing activities during the six months ended May 31, 2020 and 2019.

Financing Activities

For the six months ended May 31, 2020, net cash provided by financing activities was $387,811, which was primarily due to $178,000 from convertible notes payable received from USMC and cash advanced to the Company by USMC of $161,000.

For the six months ended May 31, 2019, net cash provided by financing activities was $413,125, which represented cash advanced to the Company by USMC.

Off-Balance Sheet Arrangements

We have no off-balance sheet arrangements.

Effects of Inflation

We do not believe that inflation has had a material impact on our business, revenues or operating results during the periods presented.

Critical Accounting Policies and Procedures

Our significant accounting policies are more fully described in the notes to our financial statements included herein for the quarter ended May 31, 2020, and in the notes to our consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended November 30, 2019, as filed with the SEC on February 28, 2020.

Recently Adopted Accounting Pronouncements

Our recently adopted accounting pronouncements are more fully described in Note 2 to our financial statements herein for the quarter ended May 31, 2020.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

As a smaller reporting company, we are not required to provide the information required by this Item.

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

We maintain disclosure controls and procedures (as that term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) that are designed to ensure that information required to be disclosed in our reports under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosures. In designing disclosure controls and procedures, our management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible disclosure controls and procedures. The design of any disclosure controls and procedures also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Any controls and procedures, no matter how well designed and operated, can provide only reasonable, not absolute, assurance of achieving the desired control objectives.

Our management, with the participation of our principal executive officer and principal financial officer, has evaluated the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the period covered by this report. Based upon that evaluation and subject to the foregoing, our principal executive officer and principal financial officer concluded that, our disclosure controls and procedures were not effective as of May 31, 2020 due to the material weaknesses in internal control over financial reporting described below.

Material Weaknesses in Internal Control over Financial Reporting

A material weakness, as defined in the standards established by the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”), is a deficiency, or a combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of our annual or interim consolidated financial statements will not be prevented or detected on a timely basis.

The ineffectiveness of the Company’s internal control over financial reporting was due to the following material weaknesses:

(i) Lack of Formal Policies and Procedures. We utilize a third-party independent financial consultant that is not involved on the day to day operations of the Company for the preparation of our financial statements. Although the financial statements and footnotes are reviewed by our management, we do not have a formal policy to review significant accounting transactions and the accounting treatment of such transactions.

(ii) Audit Committee and Financial Expert. While we do have a financial expert on our board of directors, we do not have a formal audit committee, and thus we lack the formal board oversight role within the financial reporting process.

(iii) Entity Level Risk Assessment. We did not perform an entity level risk assessment to evaluate the implication of relevant risks on financial reporting, including the impact of potential fraud related risks and the risks related to non-routine transactions, if any, on internal control over financial reporting.

(iv) Lack of Personnel with GAAP Experience. Historically, aside from our third-party independent financial consultant, we have lacked personnel with formal training to properly analyze and record complex transactions in accordance with U.S. GAAP.

Our management feels the weaknesses identified above have not had any material effect on our financial results. However, we are currently reviewing our disclosure controls and procedures related to these material weaknesses and expect to implement changes in the near term as resources permit, including identifying specific areas within our governance, accounting and financial reporting processes to add adequate resources to potentially mitigate these material weaknesses.

Our management will continue to monitor and evaluate the effectiveness of our internal controls and procedures and our internal controls over financial reporting on an ongoing basis and is committed to taking further action and implementing additional enhancements or improvements, as necessary and as funds allow.

Changes in Internal Control Over Financial Reporting

Aside from recently hiring additional internal accounting personnel, there have been no changes in our internal control over financial reporting that occurred during the quarter ended May 31, 2020 that have materially affected, or that are reasonably likely to materially affect, our internal control over financial reporting.

PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

Except as set forth below, there are no pending legal proceedings to which the Company or its subsidiaries area a party or in which any director, officer or affiliate of the Company, any owner of record of beneficially or more than 5% of any class of voting securities of the Company, or security holder is a party adverse to the Company or has a material interest adverse to the Company. The Company’s property is not the subject of any pending legal proceedings.

On September 21, 2016 the Company terminated its employment agreement with its then President, David Vickers (“Vickers”). Subsequently, Vickers alleged claims of age discrimination, fraud in the inducement, violation of California Labor Code §970 and breach of contract against the Company. On April 14, 2017 the Company was served with a demand for arbitration of the above referenced claims. The arbitration proceeding is being handled by the Judicial Arbitration and Mediation Services, Inc. On June 5, 2018 the parties participated in a voluntary mediation but were unable to reach a resolution. The arbitration proceeding, based on Vickers’ demand for arbitration, was held August 6, 2019 to August 8, 2019. An interim-preliminary decision has been rendered in connection with the arbitration, however, the final award has not yet been fully determined. Although the evidentiary hearing has been completed, the parties have filed supplemental briefs. Oral arguments commenced on June 4, 2020 and the Company is currently in negotiations regarding those supplemental briefs. The Company currently believes its potential exposure to be approximately $475,000, plus pre-and-post judgment interest. On January 20, 2020, the Company paid an initial $50,000 in cash to Vickers towards the estimated liability noted above.

On January 11, 2019, the Company filed a complaint in the Nevada District Court for Washoe County (Case # CV19-00097) against Agregen International Corp (“Agregen”) and Robert Hurtado (“Hurtado”) alleging the misuse of proprietary and confidential information acquired by Hurtado while employed by the Company as Vice President of Agricultural Research and Development. Hurtado was terminated in March 2018 and since that time the Company alleges that he conspired with Agregen to improperly use proprietary and confidential information to compete with the Company which constitute breaches of the non-compete and confidentiality provisions of his employment agreement with the Company. The Company is seeking $100,000,000 in monetary damages. On March 14, 2019, Agregen and Hurtado filed an answer to the Company’s complaint that the allegations were false. An Early Case Conference was held on April 26, 2019 and a pre-trial conference was held on July 10, 2019. On March 13, 2020, the Company filed its First Amended Complaint in this lawsuit, adding Todd Gauer and John Gingerich, former board members of the Company, as additional defendants. A default has been taken against Mr. Gingerich, and the Company is in the process of serving Mr. Gauer. Trial is scheduled for June 21, 2021.

ITEM 1A. RISK FACTORS

As a smaller reporting company, we are not required to provide the information required by this Item.

Investors should carefully consider the risk factors included in the “Risk Factors” section of our Annual Report on Form 10-K for our fiscal year ended November 30, 2019, as filed with SEC on February 28, 2020. The Company’s business, operating results and financial condition could be adversely affected due to any of those risks. In addition:

We face risks related to health epidemics and other outbreaks, which could significantly disrupt our operations.

Our business and operating results could be adversely impacted by the effects of epidemics, including but not limited to the current COVID-19 pandemic. We are closely monitoring the impact of the COVID-19 global outbreak, although there remains significant uncertainty related to the public health situation globally.

Our results of operations could be adversely affected to the extent that such coronavirus or any other epidemic generally harms the global economy. In addition, our customers and/or personnel may be adversely impacted as a result of a health epidemic or other outbreak. Our operation may experience disruptions, such as temporary closure of our offices, facilities and/or those of our customers, suspension of services and the shut-down of our sales efforts. These disruptions may require us to curtail our sales efforts or even force us to reduce our workforce in effort to conserve capital. Additionally, the continued spread of COVID-19 and uncertain market conditions may limit the Company’s ability to access capital and adversely affect our business, financial condition and results of operations.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES

There were no sales of equity securities during the period covered by this Report that were not registered under the Securities Act and were not previously reported in a Current Report on Form 8-K filed by the Company.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

There are no defaults upon senior securities that were not previously reported in a Current Report on Form 8-K.

ITEM 4. MINE SAFETY DISCLOSURES

None.

ITEM 5. OTHER INFORMATION

None.

ITEM 6. EXHIBITS

The following exhibits are included as part of this Quarterly Report:

Exhibit
Number		Exhibit Description
31*		Section 302 Certification under the Sarbanes-Oxley Act of 2002 of the Chief Executive Officer and Chief Financial Officer
32*		Section 906 Certification under the Sarbanes-Oxley Act of 2002 of the Chief Executive Officer and the Chief Financial Officer
101.INS		XBRL Instance Document
101.SCH		XBRL Taxonomy Extension Schema Document
101.CAL		XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF		XBRL Taxonomy Extension Definition Linkbase Document
101.LAB		XBRL Taxonomy Extension Label Linkbase Document
101.PRE		XBRL Taxonomy Extension Presentation Linkbase Document

*	Filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

PUREBASE CORPORATION

By:	/s/ A. Scott Dockter
	A. Scott Dockter
	Chief Executive Officer and Chief Financial Officer
	(Principal Executive Officer and Principal Financial
	and Accounting Officer)
Date:	July 14, 2020

EX-31 2 ex-31.htm

Exhibit 31

PUREBASE CORPORATION

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, A. Scott Dockter, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of PureBase Corporation;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.	The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a–15(e) and 15d–15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a–15(f) and 15d–15(f)) for the registrant and have:

	(a)	designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
	(b)	designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
	(c)	evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
	(d)	disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

	(a)	all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
	(b)	any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

By:	/s/ A. Scott Dockter
	A. Scott Dockter
	Chief Executive Officer and Chief Financial Officer
	(Principal Executive Officer and Principal Financial Officer)
Date:	July 14, 2020

EX-32 3 ex-32.htm

Exhibit 32

PUREBASE CORPORATION

CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with this Quarterly Report on Form 10-Q of PureBase Corporation as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, in the capacity and on the date indicated below, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to his knowledge:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operation of the registrant.

By:	/s/ A. Scott Dockter
	A. Scott Dockter
	Chief Executive Officer and Chief Financial Officer
	(Principal Executive Officer and Principal Financial Officer)
Date:	July 14, 2020

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The note bears interest at the rate of 6% per annum and was payable August 26, 2016, or when the Company closes a bridge financing, whichever occurs first. The Company is in default on this note as of May 31, 2020.

Maturity dates ranging from December 1, 2021 through February 1, 2022

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NOTE 2 – GOING CONCERN AND LIQUIDITY   The accompanying consolidated financial statements have been prepared on the basis that the Company will continue as a going concern, which contemplates realization of assets and the satisfaction of liabilities in the normal course of business. At May 31, 2020, the Company had a significant accumulated deficit of approximately $11.6 million and working capital deficit of approximately $918,000. For the six months ended May 31, 2020, the Company had a loss from operations of approximately $350,000 and negative cash flows from operations of approximately $396,000. The Company’s operating activities consume the majority of its cash resources. The Company anticipates that it will continue to incur operating losses as it executes its development plans for 2020, as well as other potential strategic and business development initiatives. In addition, the Company has had and expects to have negative cash flows from operations, at least into the near future. The Company has previously funded these losses primarily from additional infusions of cash from advances from an affiliate and the sale of equity and convertible notes. The accompanying consolidated financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern.   The Company’s plan, through the continued promotion of its services to existing and potential customers, is to generate sufficient revenues to cover its anticipated expenses. The Company is currently exploring several options to meet its short-term cash requirements, including issuances of equity securities or equity-linked securities from third parties. Although no assurances can be given as to the Company’s ability to deliver on its revenue plans or that unforeseen expenses may arise, management believes that the revenue expected to be generated from operations, together with potential equity and debt financing or other potential financing, will provide the necessary funding for the Company to continue as a going concern. However, management cannot guarantee any potential debt or equity financing will be available, or if available, on favorable terms.   As such, these matters raise substantial doubt about the Company’s ability to continue as a going concern for a period of twelve months from the issue date of this report. If adequate funds are not available on acceptable terms, or at all, the Company will need to curtail operations, or cease operations completely.

Principles of Consolidation   These unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries PureBase AG and USAM. Intercompany accounts and transactions have been eliminated upon consolidation.

Use of Estimates   The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and equity-based transactions at the date of the financial statements and the revenues and expenses during the reporting period. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.   The Company believes the following critical accounting policies affect its more significant judgments and estimates used in the preparation of the accompanying unaudited condensed consolidated financial statements. Significant estimates include the allowance for doubtful accounts, useful lives of property and equipment, deferred tax asset and valuation allowance, assumptions used in Black-Scholes-Merton, or BSM, valuation methods, such as expected volatility, risk-free interest rate, and expected dividend rate.

Revenue   The Company derives revenues from the sale of its agricultural products. The Company’s contracted transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. The Company’s contracts have a single performance obligation which are not separately identifiable from other promises in the contracts and is, therefore, not distinct. The Company’s performance obligation is satisfied upon the transfer of risk of loss to the customer, which occurs when the product is shipped from the Company’s warehouse.   Practical Expedients   As part of ASC Topic 606, the Company has adopted several practical expedients including that the Company has determined that it need not adjust the promised amount of consideration for the effects of a significant financing component since the Company expects, at contract inception, that the period between when the Company transfers a promised service to the customer and when the customer pays for that service will be one year or less.   Disaggregated Revenue   Revenue consists of the following by product offering for the six months ended May 31, 2020:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Soil Advantage</td> <td style="padding-bottom: 1.5pt; 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text-align: right">            -</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">6,129</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">       -</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">     -</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">      -</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">6,129</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>   Revenue consists of the following by product offering for the six months ended May 31, 2019:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Soil Advantage</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Humate INU Advantage</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Shade Advantage (WP)</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">SulFe Hume Si Advantage</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Solu-Sul</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Total</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 1%"> </td> <td style="width: 18%; text-align: right"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 13%; text-align: right"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 13%; text-align: right"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 13%; text-align: right"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 13%; text-align: right"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 13%; text-align: right"> </td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">             -</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">47,250</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">46,500</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">92,708</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">     -</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">186,458</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

Cash   The Company considers all highly liquid investments with maturities of three months or less at the time of purchase to be cash equivalents. There are no cash equivalents as of May 31, 2020 or May 31, 2019.

Account Receivable   The Company periodically assesses its accounts and other receivables for collectability on a specific identification basis. If collectability of an account becomes unlikely, an allowance is recorded for that doubtful account. As of and for the six months ended May 31, 2020 and May 31, 2019, the Company has determined that an allowance of $11,137 for doubtful accounts was necessary.

Property and Equipment   Property and equipment are recorded at cost. Depreciation is computed using straight-line method over the estimated useful lives of the related assets, generally three to five years. Expenditures that enhance the useful lives of the assets are capitalized and depreciated.   <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="font: 12pt Times New Roman, Times, Serif; width: 60%; text-align: justify">Equipment</td> <td style="font: 12pt Times New Roman, Times, Serif; width: 40%; text-align: justify">3-5 years</td></tr> <tr style="vertical-align: top"> <td style="font: 12pt Times New Roman, Times, Serif; text-align: justify">Autos and trucks</td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: justify">5 years</td></tr> </table>   Maintenance and repairs are charged to expense as incurred. At the time of retirement or other disposition of property and equipment, the cost and accumulated depreciation will be removed from the accounts and the resulting gain or loss, if any, will be reflected in operations.

Impairment of Long-Lived Assets   The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Recoverability of these assets is determined by comparing the forecasted undiscounted net cash flows of the operation to which the assets relate to the carrying amount. If the operation is determined to be unable to recover the carrying amount of its assets, then these assets are written down first, followed by other long-lived assets of the operation to fair value. Fair value is determined based on discounted cash flows or appraised values, depending on the nature of the assets. No impairment losses were recorded during the three and six months ended May 31, 2020 and May 31, 2019.

Exploration Stage   In accordance with U.S. GAAP, expenditures relating to the acquisition of mineral rights are initially capitalized as incurred while exploration and pre-extraction expenditures are expensed as incurred until such time as the Company exits the Exploration Stage by establishing proven or probable reserves. Expenditures relating to exploration activities such as drill programs to establish mineralized materials are expensed as incurred. Expenditures relating to pre-extraction activities are expensed as incurred until such time proven or probable reserves are established for that project, after which expenditures relating to mine development activities for that particular project are capitalized as incurred. There were no costs related to exploration activities for the three and six months ended May 31, 2020 and May 31, 2019. Mineral Rights   Acquisition costs of mineral rights are capitalized as incurred while exploration and pre-extraction expenditures are expensed as incurred until such time as the Company exits the exploration stage by establishing proven or probable reserves, as defined by the SEC under Industry Guide 7, through the completion of a “final” or “bankable” feasibility study. Expenditures relating to exploration activities are expensed as incurred and expenditures relating to pre-extraction activities are expensed as incurred until such time proven or probable reserves are established for that project, after which subsequent expenditures relating to development activities for that particular project are capitalized as incurred.   Where proven and probable reserves have been established, the project’s capitalized expenditures are depleted over proven and probable reserves upon commencement of production using the units-of-production method. Where proven and probable reserves have not been established, such capitalized expenditures are depleted over the estimated production life upon commencement of extraction using the straight-line method.   The carrying values of the mineral rights are assessed for impairment by management on a quarterly basis or when indicators of impairment exist. Should management determine that these carrying values cannot be recovered, the unrecoverable amounts are written off against earnings. Total capitalized costs related to mineral rights were $200,000 as of May 31, 2020 and May 31, 2019. Shipping and Handling   The Company incurs shipping and handling costs which are charged back to the customer. The net amounts incurred were $180 and $0 included in general administrative expenses for the three and six months ended May 31, 2020 and May 31, 2019, respectively.

Advertising and Marketing Costs   The Company expenses advertising and marketing costs as they are incurred. Advertising and marketing expenses were $490 and $2,052 for the three and six months ended May 31, 2020 and $0 for the three and six months ended May 31, 2019 and are recorded in selling, general and administrative expenses on the statement of operations.

Fair Value Measurements   As defined in ASC 820, “Fair Value Measurements and Disclosures,” fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The Company utilizes market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable. ASC 820 establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurement) and the lowest priority to unobservable inputs (level 3 measurement). This fair value measurement framework applies at both initial and subsequent measurement.   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 48px; text-align: justify">Level 1:</td> <td style="text-align: justify">Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 1 primarily consists of financial instruments such as exchange-traded derivatives, marketable securities and listed equities.</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">Level 2:</td> <td style="text-align: justify">Pricing inputs are other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reported date. Level 2 includes those financial instruments that are valued using models or other valuation methodologies. These models are primarily industry-standard models that consider various assumptions, including quoted forward prices for commodities, time value, volatility factors and current market and contractual prices for the underlying instruments, as well as other relevant economic measures. Substantially all of these assumptions are observable in the marketplace throughout the full term of the instrument, can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace. Instruments in this category generally include non-exchange-traded derivatives such as commodity swaps, interest rate swaps, options and collars.</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">Level 3:</td> <td style="text-align: justify">Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value.</td></tr> </table>

Fair Value of Financial Instruments   The carrying value of cash, accounts receivable, accounts payable and accrued expenses approximate their fair values based on the short-term maturity of these instruments. The carrying amount of notes approximates the estimated fair value for these financial instruments as management believes that such notes constitute substantially all of the Company’s debt and interest payable on the notes approximates the Company’s incremental borrowing rate.

Net Loss Per Common Share   Net loss per common share is computed by dividing the net loss by the weighted average number of common shares outstanding during the year. All vested outstanding options are considered potential common stock. The dilutive effect, if any, of stock options are calculated using the treasury stock method. Since the effect of common stock equivalents is anti-dilutive with respect to losses, the options have been excluded from the Company’s computation of net loss per common share for the three and six months ended May 31, 2020 and May 31, 2019.   The following table summarizes the securities that were excluded from the diluted per share calculation because the effect of including these potential shares was antidilutive due to the Company’s net loss position even though the exercise price could be less than the average market price of the common shares:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center">Six Months Ended</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">May 31, 2020</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">May 31, 2019</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 62%">Convertible Notes</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 16%; text-align: right">1,112,500</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 16%; text-align: right">-</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt">Stock Options</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">550,000</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">550,000</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt">Total</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">1,662,500</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">550,000</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center">Three Months Ended</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">May 31, 2020</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">May 31, 2019</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 62%">Convertible Notes</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 16%; text-align: right">1,112,500</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 16%; text-align: right">-</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt">Stock Options</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">550,000</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">550,000</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt">Total</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">1,662,500</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">550,000</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

Stock-Based Compensation   The Company applies the provisions of ASC 718, Compensation—Stock Compensation (“ASC 718”), which requires the measurement and recognition of compensation expense for all stock-based awards made to employees, including employee stock options, in the statements of operations.   For stock options issued to employees and members of the board of directors for their services, the Company estimates the grant date fair value of each option using the Black-Scholes option pricing model. The use of the Black-Scholes option pricing model requires management to make assumptions with respect to the expected term of the option, the expected volatility of the Common Stock consistent with the expected life of the option, risk-free interest rates and expected dividend yields of the Common Stock. For awards subject to service-based vesting conditions, including those with a graded vesting schedule, the Company recognizes stock-based compensation expense equal to the grant date fair value of stock options on a straight-line basis over the requisite service period, which is generally the vesting term. Forfeitures are recorded as they are incurred as opposed to being estimated at the time of grant and revised.   Pursuant to ASU 2018-07 Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting, the Company accounts for stock options issued to non-employees for their services in accordance ASC 718. The Company uses valuation methods and assumptions to value the stock options that are in line with the process for valuing employee stock options noted above.

Income Taxes   Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets, including tax loss and credit carry forwards, and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.   The Company utilizes ASC 740, “Income Taxes,” which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the unaudited condensed consolidated financial statements or tax returns. The Company accounts for income taxes using the asset and liability method to compute the differences between the tax basis of assets and liabilities and the related financial amounts, using currently enacted tax rates. A valuation allowance is recorded when it is “more likely-than-not” that a deferred tax asset will not be realized.   For uncertain tax positions that meet a “more likely than not” threshold, the Company recognizes the benefit of uncertain tax positions in the unaudited condensed consolidated financial statements. The Company’s practice is to recognize interest and penalties, if any, related to uncertain tax positions in income tax expense in the unaudited condensed consolidated statements of operations.

Recent Accounting Pronouncements   In January 2017, FASB issued Accounting Standards Update (ASU) 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, which eliminated the calculation of implied goodwill fair value. Instead, companies will record an impairment charge based on the excess of a reporting unit’s carrying amount of goodwill over its fair value. This guidance simplifies the accounting as compared to prior US GAAP. The guidance is effective for fiscal years beginning after December 15, 2019. The Company does not expect the implementation of this new pronouncement to have a material impact on its consolidated financial statements.   All other newly issued but not yet effective accounting pronouncements have been deemed to be not applicable or immaterial to the Company.

NOTE 4 – MINING RIGHTS   Federal Preference Rights Lease in Esmeralda County, NV   This Preference Rights Lease is granted by the Bureau of Land Management (“BLM”) covering approximately 2,500 acres of land located in the Mount Diablo Meridian area of Nevada. Contained in the leased property is the Chimney 1 Potassium/Sulfur Deposit which consists of 15.5 acres of land fully permitted for mining operation which is situated within the 2,500 acres held by the Company. All rights and obligations under the Preference Rights lease have been assigned to the Company by USMC. These rights are presented at their cost of $200,000. This lease requires a payment of $7,503 per year to the BLM.   Snow White Mine located in San Bernardino County, CA – Deposit   On April 1, 2020, the Company entered into a purchase and sale agreement with the Bremer Family 1995 Living Trust, a related party through 19% beneficial ownership of the Company, pursuant to which the Company will purchase the Snow White Mine for a purchase price of $836,000 (the “Purchase Price”). The Purchase Price plus 5% interest shall be payable in full in cash at the closing date. The closing date can be completed any time before April 1, 2022. As of May 31, 2020, the Company has yet to close on the purchase.

NOTE 6 – ACCOUNTS PAYABLE AND ACCRUED EXPENSES   Accounts payable and accrued expenses consist of the following amounts:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">May 31, 2020</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">November 30, 2019</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 60%; text-align: justify">Accounts payable</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 16%; text-align: right">94,007</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 18%; text-align: right">265,449</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Accrued interest – related party</td> <td> </td> <td> </td> <td style="text-align: right">35,353</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">44,846</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">Accrued compensation</td> <td> </td> <td> </td> <td style="text-align: right">39,025</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">33,930</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; text-align: justify">Bank overdraw</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">53,796</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">-</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; text-align: justify">Accounts payable and accrued expenses</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">222,181</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">344,225</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

Note 8 – StocK-BASED COMPENSATION   The Company accounted for its stock-based compensation in accordance with the fair value recognition provisions of FASB ASC Topic 718, “Compensation – Stock Compensation.”   2017 Equity Incentive Plan   On November 10, 2017 the Company’s Board of Directors (the “Board”) approved the 2017 PureBase Corporation Stock Option Plan which is intended to be a qualified stock option plan (the “Option Plan”). The Board reserved up to 10,000,000 shares of the Company’s common stock to be issued pursuant to options granted under the Option Plan. The Option Plan was subsequently approved by shareholders on September 28, 2018. As of May 31, 2020, 50,000 options have been granted under the Option Plan.   The Company has also granted options to purchase an aggregate of 500,000 shares of common stock to certain employees pursuant to employment contracts prior to the adoption of the Option Plan.   The Company granted options to purchase an aggregate of 450,000 shares of common stock during the six months ended May 31, 2020.   There were no stock options granted during the six months ended May 31, 2019.   The weighted average grant date fair value of options granted and vested during the six months ended May 31, 2020 and 2019, was $23,905 and $27,088, respectively. The weighted average non-vested grant date fair value of non-vested options was $19,481 at May 31, 2020.   Compensation based stock option activity for qualified and unqualified stock options are summarized as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center">Weighted</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center">Average</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Shares</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Exercise Price</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 66%; text-align: justify">Outstanding at November 30, 2019</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 14%; text-align: right">550,000</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 14%; text-align: right">2.74</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Granted</td> <td> </td> <td> </td> <td style="text-align: right">450,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">0.10</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">Exercised</td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; text-align: justify">Expired or cancelled</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">-</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">-</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; text-align: justify">Outstanding at May 31, 2020</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">1,000,000</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid">$</td> <td style="border-bottom: black 1.5pt solid; text-align: right">1.91</td> <td style="padding-bottom: 1.5pt"> </td></tr> </table>   The following table summarizes information about options to purchase shares of the Company’s common stock outstanding and exercisable at May 31, 2020:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center">Weighted-</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center">Weighted-</td> <td> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center">Average</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center">Average</td> <td> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: center">Range of</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center">Outstanding</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center">Remaining Life</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center">Exercise</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center">Number</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">exercise prices</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Options</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">In Years</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Price</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Exercisable</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 1%">$</td> <td style="width: 16%; text-align: right">0.099</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 16%; text-align: right">200,000</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 22%; text-align: right">3.86</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 16%; text-align: right">0.99</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 16%; text-align: right">-</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td style="text-align: right">0.10</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">250,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">4.86</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">0.10</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">250,000</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td style="text-align: right">0.12</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">50,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">8.32</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">0.12</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">50,000</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: right">3.00</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">500,000</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">5.75</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">3.00</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">500,000</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: right"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">1,000,000</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">5.38</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid">$</td> <td style="border-bottom: black 1.5pt solid; text-align: right">1.91</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">800,000</td> <td style="padding-bottom: 1.5pt"> </td></tr> </table>   The compensation expense attributed to the issuance of the options is recognized as such options vest.   Stock options granted under the Option Plan are exercisable for ten years from the grant date and vest over various terms from the grant date to three years.   The aggregate intrinsic value of the options totaled $0 and was based on the Company’s closing stock price of $0.10 as of May 31, 2020, which would have been received by the option holders had all option holders exercised their options as of that date.   On April 8, 2020, the Company granted a director an option to purchase 250,000 shares of the Company’s common stock at an exercise price of $0.10 per share and a fair value of $27,088. The options vest immediately at the grant date. The options were valued using the Black-Scholes option pricing model under the following assumptions: stock price - $0.11; strike price - $0.10; expected volatility – 305%; risk-free interest rate – 0.47%; dividend rate – 0%; and expected term – 2.50 years.   On April 15, 2020, the Company granted two advisory board members options to purchase an aggregate of 200,000 shares of the Company’s common stock at an exercise price of $0.10 per share and a fair value of $19,481. The options vest one year from the date of grant. The options were valued using the Black-Scholes option pricing model under the following assumptions: stock price - $0.099; strike price - $0.10; expected volatility – 304%; risk-free interest rate – 0.34%; dividend rate – 0%; and expected term – 2.50 years.   Total compensation expense related to stock options was $30,335 for the three and six months ended May 31, 2020. Total compensation expense related to stock options was $9,172 and $60,451 for the three and six months ended May 31, 2019, respectively. As of May 31, 2020, there was $16,234 in future compensation cost related to non-vested stock options.

NOTE 10 – CONCENTRATION OF CREDIT RISK   Cash Deposits   Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash deposits. Accounts at each institution are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000. As of May 31, 2020 and November 30, 2019, the Company had no deposits in excess of the FDIC insured limit.   Revenues   Three customers accounted for 100% of total revenue for the six months ended May 31, 2020.   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 77%; text-align: justify">Customer A</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 20%; text-align: right">74</td> <td style="width: 1%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Customer B</td> <td> </td> <td> </td> <td style="text-align: right">16</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">Customer C</td> <td> </td> <td> </td> <td style="text-align: right">10</td> <td>%</td></tr> </table>   Three customers accounted for 98% of total revenue for the six months ended May 31, 2019.   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 77%; text-align: justify">Customer A</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 20%; text-align: right">48</td> <td style="width: 1%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Customer B</td> <td> </td> <td> </td> <td style="text-align: right">25</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">Customer C</td> <td> </td> <td> </td> <td style="text-align: right">25</td> <td>%</td></tr> </table>   Accounts Receivable   One customer accounted for 100% of the accounts receivable as of May 31, 2020. This customer is a parent distributor that has numerous individual distributors at various locations. These individual distributors make buying decisions and purchase product from the Company independently from the parent distributor.   Two customers accounted for 100% of the accounts receivable as of November 30, 2019, as set forth below:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 77%; text-align: justify">Customer A</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 20%; text-align: right">66</td> <td style="width: 1%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Customer B</td> <td> </td> <td> </td> <td style="text-align: right">34</td> <td>%</td></tr> </table>   Vendors   Two suppliers accounted for 100% of purchases as of May 31, 2020, as set forth below:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 77%; text-align: justify">Vendor A, a related party</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 20%; text-align: right">76</td> <td style="width: 1%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Vendor B</td> <td> </td> <td> </td> <td style="text-align: right">24</td> <td>%</td></tr> </table>   Two suppliers accounted for 100% of purchases as of November 30, 2019, as set forth below:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 77%; text-align: justify">Vendor A, a related party</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 20%; text-align: right">88</td> <td style="width: 1%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Vendor B</td> <td> </td> <td> </td> <td style="text-align: right">12</td> <td>%</td></tr> </table>

NOTE 11 – SUBSEQUENT EVENTS   On June 2, 2020, the Company granted options to an employee to purchase 100,000 shares of common stock with an exercise price of $0.10 per share.   On June 11, 2020, the Company executed an asset purchase agreement (the “Purchase Agreement”) with Quove Corporation, a Colorado corporation, (“Quove”), pursuant to which the Company will purchase from Quove all of the assets used in conjunction with the operating of its gold processing plant. In consideration therefor, the Company issued 6,200,000 shares of its common stock at a fair value of $0.10 per share to Quove and agreed to assume up to $10,000 of Quove’s liabilities.

Revenue consists of the following by product offering for the six months ended May 31, 2020:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Soil Advantage</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Humate INU Advantage</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Shade Advantage (WP)</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">SulFe Hume Si Advantage</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Solu-Sul</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Total</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 1%"> </td> <td style="width: 18%; text-align: right"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 13%; text-align: right"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 13%; text-align: right"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 13%; text-align: right"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 13%; text-align: right"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 13%; text-align: right"> </td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">            -</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">6,129</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">       -</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">     -</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">      -</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">6,129</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>   Revenue consists of the following by product offering for the six months ended May 31, 2019:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Soil Advantage</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Humate INU Advantage</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Shade Advantage (WP)</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">SulFe Hume Si Advantage</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Solu-Sul</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Total</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 1%"> </td> <td style="width: 18%; text-align: right"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 13%; text-align: right"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 13%; text-align: right"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 13%; text-align: right"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 13%; text-align: right"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 13%; text-align: right"> </td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">             -</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">47,250</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">46,500</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">92,708</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">     -</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">186,458</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

Expenditures that enhance the useful lives of the assets are capitalized and depreciated.   <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="font: 12pt Times New Roman, Times, Serif; width: 60%; text-align: justify">Equipment</td> <td style="font: 12pt Times New Roman, Times, Serif; width: 40%; text-align: justify">3-5 years</td></tr> <tr style="vertical-align: top"> <td style="font: 12pt Times New Roman, Times, Serif; text-align: justify">Autos and trucks</td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: justify">5 years</td></tr> </table>

The following table summarizes the securities that were excluded from the diluted per share calculation because the effect of including these potential shares was antidilutive due to the Company’s net loss position even though the exercise price could be less than the average market price of the common shares:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center">Six Months Ended</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">May 31, 2020</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">May 31, 2019</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 62%">Convertible Notes</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 16%; text-align: right">1,112,500</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 16%; text-align: right">-</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt">Stock Options</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">550,000</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">550,000</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt">Total</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">1,662,500</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">550,000</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center">Three Months Ended</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">May 31, 2020</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">May 31, 2019</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 62%">Convertible Notes</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 16%; text-align: right">1,112,500</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 16%; text-align: right">-</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt">Stock Options</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">550,000</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">550,000</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt">Total</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">1,662,500</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">550,000</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

Accounts payable and accrued expenses consist of the following amounts:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">May 31, 2020</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">November 30, 2019</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 60%; text-align: justify">Accounts payable</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 16%; text-align: right">94,007</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 18%; text-align: right">265,449</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Accrued interest – related party</td> <td> </td> <td> </td> <td style="text-align: right">35,353</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">44,846</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">Accrued compensation</td> <td> </td> <td> </td> <td style="text-align: right">39,025</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">33,930</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; text-align: justify">Bank overdraw</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">53,796</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">-</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; text-align: justify">Accounts payable and accrued expenses</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">222,181</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">344,225</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

Compensation based stock option activity for qualified and unqualified stock options are summarized as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center">Weighted</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center">Average</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Shares</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Exercise Price</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 66%; text-align: justify">Outstanding at November 30, 2019</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 14%; text-align: right">550,000</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 14%; text-align: right">2.74</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Granted</td> <td> </td> <td> </td> <td style="text-align: right">450,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">0.10</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">Exercised</td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; text-align: justify">Expired or cancelled</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">-</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">-</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; text-align: justify">Outstanding at May 31, 2020</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">1,000,000</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid">$</td> <td style="border-bottom: black 1.5pt solid; text-align: right">1.91</td> <td style="padding-bottom: 1.5pt"> </td></tr> </table>

The following table summarizes information about options to purchase shares of the Company’s common stock outstanding and exercisable at May 31, 2020:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center">Weighted-</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center">Weighted-</td> <td> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center">Average</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center">Average</td> <td> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: center">Range of</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center">Outstanding</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center">Remaining Life</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center">Exercise</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center">Number</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">exercise prices</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Options</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">In Years</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Price</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Exercisable</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 1%">$</td> <td style="width: 16%; text-align: right">0.099</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 16%; text-align: right">200,000</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 22%; text-align: right">3.86</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 16%; text-align: right">0.99</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 16%; text-align: right">-</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td style="text-align: right">0.10</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">250,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">4.86</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">0.10</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">250,000</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td style="text-align: right">0.12</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">50,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">8.32</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">0.12</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">50,000</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: right">3.00</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">500,000</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">5.75</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">3.00</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">500,000</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: right"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">1,000,000</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">5.38</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid">$</td> <td style="border-bottom: black 1.5pt solid; text-align: right">1.91</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">800,000</td> <td style="padding-bottom: 1.5pt"> </td></tr> </table>

Revenues   Three customers accounted for 100% of total revenue for the six months ended May 31, 2020.   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 77%; text-align: justify">Customer A</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 20%; text-align: right">74</td> <td style="width: 1%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Customer B</td> <td> </td> <td> </td> <td style="text-align: right">16</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">Customer C</td> <td> </td> <td> </td> <td style="text-align: right">10</td> <td>%</td></tr> </table>   Three customers accounted for 98% of total revenue for the six months ended May 31, 2019.   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 77%; text-align: justify">Customer A</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 20%; text-align: right">48</td> <td style="width: 1%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Customer B</td> <td> </td> <td> </td> <td style="text-align: right">25</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">Customer C</td> <td> </td> <td> </td> <td style="text-align: right">25</td> <td>%</td></tr> </table>   Accounts Receivable   Two customers accounted for 100% of the accounts receivable as of November 30, 2019, as set forth below:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 77%; text-align: justify">Customer A</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 20%; text-align: right">66</td> <td style="width: 1%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Customer B</td> <td> </td> <td> </td> <td style="text-align: right">34</td> <td>%</td></tr> </table>   Vendors   Two suppliers accounted for 100% of purchases as of May 31, 2020, as set forth below:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 77%; text-align: justify">Vendor A, a related party</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 20%; text-align: right">76</td> <td style="width: 1%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Vendor B</td> <td> </td> <td> </td> <td style="text-align: right">24</td> <td>%</td></tr> </table>   Two suppliers accounted for 100% of purchases as of November 30, 2019, as set forth below:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 77%; text-align: justify">Vendor A, a related party</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 20%; text-align: right">88</td> <td style="width: 1%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Vendor B</td> <td> </td> <td> </td> <td style="text-align: right">12</td> <td>%</td></tr> </table>

6041

-31645

3226

-15859

91112

Pursuant to the Director Agreement, Guzy will be entitled to $1,000 per month, which will accrue as debt until the Company has its first cash flow positive month. Upon the termination of the initial term of the Director Agreement or Guzy's earlier removal or resignation, such accrued amount will be paid in common stock of the Company at a conversion rate of the lower of $0.15 per share of the 20-day volume weighted average price from the last date Guzy was on the board. The initial term of the Agreement is three years, which automatically renews for three successive one-year terms, unless either party provides notice of termination at least sixty days prior to the end of the then current term. P3Y

Note 1 – organization and business operations   Corporate History   PureBase Corporation (the “Company”) was incorporated in the State of Nevada on March 2, 2010, under the name Port of Call Online, Inc. to create a web-based service that would offer boaters an easy, convenient, fun, easy to use, online resource to help them plan and organize their boating trips. Pursuant to a corporate reorganization consummated on December 23, 2014, the Company changed its business focus to an exploration, mining and product marketing company engaged in identifying and developing advanced stage natural resource projects which, the Company believes, show potential to achieve full production. Effective January 12, 2015, the Company amended its articles of incorporation to change its name to PureBase Corporation. The Company, through its wholly-owned operating subsidiaries PureBase Agricultural, Inc., a Nevada corporation, (“PureBase AG”) and U.S. Agricultural Minerals, LLC, a Nevada limited liability company (“USAM”) is engaged in the identification, acquisition, exploration, development, mining and full-scale exploitation of industrial and natural mineral properties  in the United States for the agriculture and construction materials markets. On the agricultural side, the Company’s business is to develop agricultural specialized fertilizers, minerals and bio-stimulants for organic and sustainable agriculture. On the construction side, the Company intends to focus on developing construction sector-related products such as cements. The Company intends to provide for distribution of its products into each industry related market.   The Company is headquartered in Ione, California.   Business Overview   PureBase is a diversified, industrial mineral and natural resource company working to provide solutions to the agriculture and construction materials markets. In addition, the Company intends to focus on identifying and developing other advanced stage natural resource projects in support of its agricultural business. PureBase’s business is currently divided into two divisions: “PureBase AG” to develop agricultural specialized fertilizers, minerals and biostimulants for organic and sustainable agriculture and “USAM” which will be focused on developing construction sector related products such as cements.    The Company’s initial focus is on the organic agricultural market sectors. The Company has developed and will seek to develop additional products derived from mineralized materials of Leonardite, Kaolin Clay, Laterite, Potassium Silicate Sulfate, and other natural minerals. These important minerals and soil amendments are used in the agricultural industry to protect crops, plants and fruits from the sun and winter damage, to provide nutrients to plants, and to improve dormancy and soil ecology to help farmers increase the yields of their harvests.   The Company utilizes the services of US Mine Corporation (“USMC”), a private company and a significant shareholder of the Company focusing on the development and contract mining of industrial mineral and metal projects throughout North America, to perform exploration drilling, preparation of feasibility studies, mine modeling, on-site construction, mine production, and mine site reclamation. Exploration services also include securing necessary permits, environmental compliance, and reclamation plans. In addition, a substantial portion of the minerals to be utilized by the Company is obtained from properties owned or controlled by USMC of which Scott Dockter and John Bremer are officers, directors, and owners.   The Company is building a brand family under the parent trade name, “PureBase”, consisting of three primary product lines: PureBase Shade Advantage WP, PureBase SulFi Hume Si Advantage, and PureBase Humate INU Advantage.

NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES   Basis of Presentation   The accompanying unaudited condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) including Form 10-Q and Regulation S-X. The information furnished herein reflects all adjustments (consisting of normal recurring accruals and adjustments, unless otherwise indicated) which are, in the opinion of management, necessary to fairly state the operating results for the respective periods. Certain information and footnote disclosures normally present in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been omitted pursuant to such rules and regulations. These financial statements and the information included under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations” should be read in conjunction with the audited financial statements and explanatory notes for the year ended November 30, 2019 in our Form 10-K filed on February 28, 2020 with the SEC. The results of the six months ended May 31, 2020 (unaudited) are not necessarily indicative of the results to be expected for the full year ending November 30, 2020.   Principles of Consolidation   These unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries PureBase AG and USAM. Intercompany accounts and transactions have been eliminated upon consolidation.   Use of Estimates   The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and equity-based transactions at the date of the financial statements and the revenues and expenses during the reporting period. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.   The Company believes the following critical accounting policies affect its more significant judgments and estimates used in the preparation of the accompanying unaudited condensed consolidated financial statements. Significant estimates include the allowance for doubtful accounts, useful lives of property and equipment, deferred tax asset and valuation allowance, assumptions used in Black-Scholes-Merton, or BSM, valuation methods, such as expected volatility, risk-free interest rate, and expected dividend rate.   Revenue   The Company derives revenues from the sale of its agricultural products. The Company’s contracted transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. The Company’s contracts have a single performance obligation which are not separately identifiable from other promises in the contracts and is, therefore, not distinct. The Company’s performance obligation is satisfied upon the transfer of risk of loss to the customer, which occurs when the product is shipped from the Company’s warehouse.   Practical Expedients   As part of ASC Topic 606, the Company has adopted several practical expedients including that the Company has determined that it need not adjust the promised amount of consideration for the effects of a significant financing component since the Company expects, at contract inception, that the period between when the Company transfers a promised service to the customer and when the customer pays for that service will be one year or less.   Disaggregated Revenue   Revenue consists of the following by product offering for the six months ended May 31, 2020:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Soil Advantage</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Humate INU Advantage</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Shade Advantage (WP)</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">SulFe Hume Si Advantage</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Solu-Sul</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Total</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 1%"> </td> <td style="width: 18%; text-align: right"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 13%; text-align: right"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 13%; text-align: right"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 13%; text-align: right"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 13%; text-align: right"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 13%; text-align: right"> </td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">            -</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">6,129</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">       -</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">     -</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">      -</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">6,129</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>   Revenue consists of the following by product offering for the six months ended May 31, 2019:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Soil Advantage</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Humate INU Advantage</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Shade Advantage (WP)</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">SulFe Hume Si Advantage</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Solu-Sul</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Total</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 1%"> </td> <td style="width: 18%; text-align: right"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 13%; text-align: right"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 13%; text-align: right"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 13%; text-align: right"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 13%; text-align: right"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 13%; text-align: right"> </td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">             -</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">47,250</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">46,500</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">92,708</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">     -</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">186,458</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>   Cash   The Company considers all highly liquid investments with maturities of three months or less at the time of purchase to be cash equivalents. There are no cash equivalents as of May 31, 2020 or May 31, 2019.   Account Receivable   The Company periodically assesses its accounts and other receivables for collectability on a specific identification basis. If collectability of an account becomes unlikely, an allowance is recorded for that doubtful account. As of and for the six months ended May 31, 2020 and May 31, 2019, the Company has determined that an allowance of $11,137 for doubtful accounts was necessary.   Property and Equipment   Property and equipment are recorded at cost. Depreciation is computed using straight-line method over the estimated useful lives of the related assets, generally three to five years. Expenditures that enhance the useful lives of the assets are capitalized and depreciated.   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 60%; text-align: justify">Equipment</td> <td style="width: 40%; text-align: justify">3-5 years</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">Autos and trucks</td> <td style="text-align: justify">5 years</td></tr> </table>   Maintenance and repairs are charged to expense as incurred. At the time of retirement or other disposition of property and equipment, the cost and accumulated depreciation will be removed from the accounts and the resulting gain or loss, if any, will be reflected in operations.   Impairment of Long-Lived Assets   The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Recoverability of these assets is determined by comparing the forecasted undiscounted net cash flows of the operation to which the assets relate to the carrying amount. If the operation is determined to be unable to recover the carrying amount of its assets, then these assets are written down first, followed by other long-lived assets of the operation to fair value. Fair value is determined based on discounted cash flows or appraised values, depending on the nature of the assets. No impairment losses were recorded during the three and six months ended May 31, 2020 and May 31, 2019.   Exploration Stage   In accordance with U.S. GAAP, expenditures relating to the acquisition of mineral rights are initially capitalized as incurred while exploration and pre-extraction expenditures are expensed as incurred until such time as the Company exits the Exploration Stage by establishing proven or probable reserves. Expenditures relating to exploration activities such as drill programs to establish mineralized materials are expensed as incurred. Expenditures relating to pre-extraction activities are expensed as incurred until such time proven or probable reserves are established for that project, after which expenditures relating to mine development activities for that particular project are capitalized as incurred. There were no costs related to exploration activities for the three and six months ended May 31, 2020 and May 31, 2019.   Mineral Rights   Acquisition costs of mineral rights are capitalized as incurred while exploration and pre-extraction expenditures are expensed as incurred until such time as the Company exits the exploration stage by establishing proven or probable reserves, as defined by the SEC under Industry Guide 7, through the completion of a “final” or “bankable” feasibility study. Expenditures relating to exploration activities are expensed as incurred and expenditures relating to pre-extraction activities are expensed as incurred until such time proven or probable reserves are established for that project, after which subsequent expenditures relating to development activities for that particular project are capitalized as incurred.   Where proven and probable reserves have been established, the project’s capitalized expenditures are depleted over proven and probable reserves upon commencement of production using the units-of-production method. Where proven and probable reserves have not been established, such capitalized expenditures are depleted over the estimated production life upon commencement of extraction using the straight-line method.   The carrying values of the mineral rights are assessed for impairment by management on a quarterly basis or when indicators of impairment exist. Should management determine that these carrying values cannot be recovered, the unrecoverable amounts are written off against earnings. Total capitalized costs related to mineral rights were $200,000 as of May 31, 2020 and May 31, 2019.   Shipping and Handling   The Company incurs shipping and handling costs which are charged back to the customer. The net amounts incurred were $180 and $0 included in general administrative expenses for the three and six months ended May 31, 2020 and May 31, 2019, respectively.   Advertising and Marketing Costs   The Company expenses advertising and marketing costs as they are incurred. Advertising and marketing expenses were $490 and $2,052 for the three and six months ended May 31, 2020 and $0 for the three and six months ended May 31, 2019 and are recorded in selling, general and administrative expenses on the statement of operations.   Fair Value Measurements   As defined in ASC 820, “Fair Value Measurements and Disclosures,” fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The Company utilizes market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable. ASC 820 establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurement) and the lowest priority to unobservable inputs (level 3 measurement). This fair value measurement framework applies at both initial and subsequent measurement.   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 48px; text-align: justify">Level 1:</td> <td style="text-align: justify">Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 1 primarily consists of financial instruments such as exchange-traded derivatives, marketable securities and listed equities.</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">Level 2:</td> <td style="text-align: justify">Pricing inputs are other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reported date. Level 2 includes those financial instruments that are valued using models or other valuation methodologies. These models are primarily industry-standard models that consider various assumptions, including quoted forward prices for commodities, time value, volatility factors and current market and contractual prices for the underlying instruments, as well as other relevant economic measures. Substantially all of these assumptions are observable in the marketplace throughout the full term of the instrument, can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace. Instruments in this category generally include non-exchange-traded derivatives such as commodity swaps, interest rate swaps, options and collars.</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">Level 3:</td> <td style="text-align: justify">Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value.</td></tr> </table>   Fair Value of Financial Instruments   The carrying value of cash, accounts receivable, accounts payable and accrued expenses approximate their fair values based on the short-term maturity of these instruments. The carrying amount of notes approximates the estimated fair value for these financial instruments as management believes that such notes constitute substantially all of the Company’s debt and interest payable on the notes approximates the Company’s incremental borrowing rate.   Net Loss Per Common Share   Net loss per common share is computed by dividing the net loss by the weighted average number of common shares outstanding during the year. All vested outstanding options are considered potential common stock. The dilutive effect, if any, of stock options are calculated using the treasury stock method. Since the effect of common stock equivalents is anti-dilutive with respect to losses, the options have been excluded from the Company’s computation of net loss per common share for the three and six months ended May 31, 2020 and May 31, 2019.   The following table summarizes the securities that were excluded from the diluted per share calculation because the effect of including these potential shares was antidilutive due to the Company’s net loss position even though the exercise price could be less than the average market price of the common shares:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center">Six Months Ended</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">May 31, 2020</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">May 31, 2019</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 62%">Convertible Notes</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 16%; text-align: right">1,112,500</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 16%; text-align: right">-</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt">Stock Options</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">550,000</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">550,000</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt">Total</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">1,662,500</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">550,000</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center">Three Months Ended</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">May 31, 2020</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">May 31, 2019</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 62%">Convertible Notes</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 16%; text-align: right">1,112,500</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 16%; text-align: right">-</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt">Stock Options</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">550,000</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">550,000</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt">Total</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">1,662,500</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">550,000</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>   Stock-Based Compensation   The Company applies the provisions of ASC 718, Compensation—Stock Compensation (“ASC 718”), which requires the measurement and recognition of compensation expense for all stock-based awards made to employees, including employee stock options, in the statements of operations.   For stock options issued to employees and members of the board of directors for their services, the Company estimates the grant date fair value of each option using the Black-Scholes option pricing model. The use of the Black-Scholes option pricing model requires management to make assumptions with respect to the expected term of the option, the expected volatility of the Common Stock consistent with the expected life of the option, risk-free interest rates and expected dividend yields of the Common Stock. For awards subject to service-based vesting conditions, including those with a graded vesting schedule, the Company recognizes stock-based compensation expense equal to the grant date fair value of stock options on a straight-line basis over the requisite service period, which is generally the vesting term. Forfeitures are recorded as they are incurred as opposed to being estimated at the time of grant and revised.   Pursuant to ASU 2018-07 Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting, the Company accounts for stock options issued to non-employees for their services in accordance ASC 718. The Company uses valuation methods and assumptions to value the stock options that are in line with the process for valuing employee stock options noted above.   Income Taxes   Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets, including tax loss and credit carry forwards, and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.   The Company utilizes ASC 740, “Income Taxes,” which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the unaudited condensed consolidated financial statements or tax returns. The Company accounts for income taxes using the asset and liability method to compute the differences between the tax basis of assets and liabilities and the related financial amounts, using currently enacted tax rates. A valuation allowance is recorded when it is “more likely-than-not” that a deferred tax asset will not be realized.   For uncertain tax positions that meet a “more likely than not” threshold, the Company recognizes the benefit of uncertain tax positions in the unaudited condensed consolidated financial statements. The Company’s practice is to recognize interest and penalties, if any, related to uncertain tax positions in income tax expense in the unaudited condensed consolidated statements of operations.   Recent Accounting Pronouncements   In January 2017, FASB issued Accounting Standards Update (ASU) 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, which eliminated the calculation of implied goodwill fair value. Instead, companies will record an impairment charge based on the excess of a reporting unit’s carrying amount of goodwill over its fair value. This guidance simplifies the accounting as compared to prior US GAAP. The guidance is effective for fiscal years beginning after December 15, 2019. The Company does not expect the implementation of this new pronouncement to have a material impact on its consolidated financial statements.   All other newly issued but not yet effective accounting pronouncements have been deemed to be not applicable or immaterial to the Company.

Basis of Presentation   The accompanying unaudited condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) including Form 10-Q and Regulation S-X. The information furnished herein reflects all adjustments (consisting of normal recurring accruals and adjustments, unless otherwise indicated) which are, in the opinion of management, necessary to fairly state the operating results for the respective periods. Certain information and footnote disclosures normally present in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been omitted pursuant to such rules and regulations. These financial statements and the information included under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations” should be read in conjunction with the audited financial statements and explanatory notes for the year ended November 30, 2019 in our Form 10-K filed on February 28, 2020 with the SEC. The results of the six months ended May 31, 2020 (unaudited) are not necessarily indicative of the results to be expected for the full year ending November 30, 2020.

NOTE 5 – NOTES PAYABLE   Bayshore Capital Advisors, LLC   On February 26, 2016, the Company issued a promissory note in the principal amount of $25,000 to Bayshore Capital Advisors, LLC, an affiliate through common ownership of a 10% major shareholder of the Company, for $25,000 for working capital. The note bears interest at the rate of 6% per annum and was payable August 26, 2016, or when the Company closes a bridge financing, whichever occurs first. The Company is in default on this note as of May 31, 2020. The balance on the note was $25,000 as of May 31, 2020 and November 30, 2019, respectively See (Note 10). Total interest expense on the note was $370 and $752 for the three and six months ended May 31, 2020 and May 31, 2019, respectively.    A. Scott Dockter – President and Chief Executive Officer   On August 31, 2017, the Company issued a note in the amount of $197,096 to A. Scott Dockter, President, Chief Executive Officer and a director of the Company, to consolidate the total amounts due to Mr. Dockter. The note to Mr. Dockter bears interest at 6% and is due upon demand. During the year ended November 30, 2019, the Company repaid $44,500 towards the balance of the note. The balance on the note was $127,816 and $132,596 as of May 31, 2020 and November 30, 2019, respectively (See Note 10). Total interest expense on the note was $2,916 and $4,834 for the three and six months ended May 31, 2020 and May 31, 2019, respectively.   Convertible Promissory Notes - USMC   December 1, 2019   On December 1, 2019, in connection with the September 26, 2019, securities purchase agreement with USMC, a related party, (See Note 10), the Company issued a two-year convertible promissory note in the amount of $20,000 to USMC, with a maturity date of December 31, 2021 (“Tranche #1”). The note bears interest at 5% per annum which is also payable on maturity. Amounts due under the note may be converted into shares of the Company’s common stock, $0.001 par value, at any time at the option of the holder, at a conversion price of $0.16 per share.   The issuance of Tranche #1 resulted in a discount from the beneficial conversion feature totaling $20,000. Total straight-line amortization of this discount totaled $2,365 and $4,783 during the three and six months ended May 31, 2020, respectively. Total interest expense on Tranche #1 was approximately $250 and $500 for the three and six months ended May 31, 2020, respectively.   January 1, 2020   On January 1, 2020, in connection with the September 26, 2019, securities purchase agreement with USMC, a related party, (See Note 10), the Company issued a two-year convertible promissory note in the amount of $86,000 to USMC, with a maturity date of January 1, 2022 (“Tranche #2”). The note bears interest at 5% per annum which is also payable on maturity. Amounts due under the note may be converted into shares of the Company’s common stock, $0.001 par value, at any time at the option of the Holder, at a conversion price of $0.16 per share.   The issuance of Tranche #2 resulted in a discount from the beneficial conversion feature totaling $32,250. Total straight-line amortization of this discount totaled $2,603 and $6,662 during the three and six months ended May 31, 2020, respectively. Total interest expense on Tranche #2 was approximately $700 and $1,780 for the three and six months ended May 31, 2020, respectively.   February 1, 2020   On February 1, 2020, in connection with the September 26, 2019, securities purchase agreement with USMC, a related party, (See Note 10), the Company issued a two-year convertible promissory note in the amount of $72,000 to USMC, with a maturity date of February 1, 2022 (“Tranche #3”). The note bears interest at 5% per annum which is also payable on maturity. Amounts due under the note may be converted into shares of the Company’s common stock, $0.001 par value, at any time at the option of the Holder, at a conversion price of $0.16 per share.   The issuance of Tranche #3 resulted in a discount from the beneficial conversion feature totaling $36,000. Total straight-line amortization of this discount totaled $1,379 and $5,910 during the three and six months ended May 31, 2020, respectively. Total interest expense on Tranche #3 was approximately $275 and $1,200 for the three and six months ended May 31, 2020, respectively.

NOTE 7 – COMMITMENTS AND CONTINGENCIES   Office and Rental Property Leases   The Company is using office space provided by USMC, a related party that is owned by the Company’s majority shareholders and directors A. Scott Dockter and John Bremer. There is currently no lease for use of such office space.   Mineral Properties   The Company’s mineral rights require various annual lease payments (See Note 5).   Legal Matters   On September 21, 2016 the Company terminated its employment agreement with its then President, David Vickers (“Vickers”). Subsequently, Vickers alleged claims of age discrimination, fraud in the inducement, violation of California Labor Code §970 and breach of contract against the Company. On April 14, 2017 the Company was served with a demand for arbitration of the above referenced claims. The arbitration proceeding is being handled by the Judicial Arbitration and Mediation Services, Inc. On June 5, 2018 the parties participated in a voluntary mediation but were unable to reach a resolution. The arbitration proceeding, based on Vickers’ demand for arbitration, was held August 6, 2019 to August 8, 2019. An interim-preliminary decision has been rendered in connection with the arbitration, however, the final award has not yet been fully determined. Although the evidentiary hearing has been completed, the parties have filed supplemental briefs. Oral arguments commenced on June 4, 2020 and the Company is currently in negotiations regarding those supplemental briefs. The Company believes its potential exposure to be approximately $475,000, plus potential pre-and-post judgment interest. While the Company believes the potential liability is estimated to the above, there is, however, the potential for the Arbitrator to render a ruling where the Company could be liable for more, or less. On January 20, 2020, the Company paid Vickers an initial $50,000 towards the estimated liability noted above.   On August 30, 2018, the Company was named as a defendant in a complaint filed by Tessenderlo Kerley, Inc. (“Tessenderlo”) alleging trademark infringement relating to the plaintiff’s trademark PURSHADE and the Company’s product PureBase Shade Advantage. The Company filed its answer on September 21, 2018, denying the allegations set forth in the complaint. A settlement conference was held on June 11, 2019. The Company entered into a Settlement Agreement and Release (the “Settlement Agreement”) with Tessenderlo effective July 8, 2019. Pursuant to the Settlement Agreement, the Company agreed, among other requirements for dissemination of information with its product, to make various changes to the packaging of its PureBase Shade Advantage products relating to the visual representation of the product’s names. Under the Settlement Agreement, each party fully released the other party from all existing claims and liabilities. There were no monetary damages as part of the Settlement Agreement. As a result of the Settlement Agreement, the case was dismissed on July 9, 2019. The settlement provided for the Company to make changes to its Shade Advantage product, to refrain from making certain claims about Shade Advantage, to make certain disclosures about the Shade Advantage product, and to provide internal training and policies about those actions. There was no monetary payment as part of the settlement and each party bore its own attorney fees. On January 16, 2020, counsel for Tessenderlo sent a letter asserting that PureBase had not complied with some of its obligations under the settlement and invoking the arbitration provision of the settlement agreement. The parties have been in negotiation to resolve the matter without the necessity of arbitration. On February 25, 2020, Tessenderlo offered a standstill of the arbitration until April 5, 2020 to give the Company time to make additional changes to the packaging and remove existing inventory from the market. The Company has reported to counsel that it has made those changes. Tessenderlo has agreed that if the Company certifies and provides documentary evidence demonstrating that it has fully complied with its obligation as set forth in the original Settlement Agreement and in the standstill agreement, and Tessenderlo is able to confirm the same within five business days of the Company’s certification/documentation of full compliance, the arbitration will be dismissed. The Company complied with all of the items requested and, on April 8, 2020, the arbitration was dismissed.   On January 11, 2019, the Company filed a complaint in the Nevada District Court for Washoe County (Case # CV19-00097) against Agregen International Corp (“Agregen”) and Robert Hurtado (“Hurtado”) alleging the misuse of proprietary and confidential information acquired by Hurtado while employed by the Company as VP of Agricultural Research and Development. Hurtado was terminated in March 2018 and since that time the Company alleges that he conspired with Agregen to improperly use proprietary and confidential information to compete with the Company which constitute breaches of the non-compete and confidentiality provisions of his employment agreement with the Company. The Company is seeking $100,000,000 in monetary damages. On March 14, 2019, Agregen and Hurtado filed an answer to the Company’s complaint that the allegations were false. An Early Case Conference was held on April 26, 2019 and a pre-trial conference was held on July 10, 2019. On March 13, 2020, the Company filed its First Amended Complaint in this lawsuit, adding Todd Gauer and John Gingerich, former board members of the Company, as additional defendants. A default has been taken against Mr. Gingerich, and the Company is in the process of serving Mr. Gauer. Trial is scheduled for June 21, 2021.   On March 29, 2019, the Company was served with a complaint filed by Superior Soils Supplements LLC (“Superior Soils”) relating to 64 truckloads of soil amendments delivered to a customer by the Company on behalf of Superior Soils. Superior Soils alleged that the soil amendments were not labeled correctly requiring the entire shipment of product to be returned to the Company. The complaint alleges breach of contract, misrepresentations, fraudulent concealment and unfair competition. The complaint seeks damages of approximately $300,000. The Company filed its answer on May 6, 2019, denying responsibility for the mis-labelling and denying any liability for damages therefrom. The parties are currently in ongoing settlement negotiations.   Contractual Matters   On November 1, 2013, we entered into an agreement with USMC, a related party, in which USMC performs services relating to various technical evaluations and mine development services for the Company with regard to the various mining properties/rights owned by the Company. Terms of services and compensation will be determined for each project undertaken by USMC.   On October 12, 2018 the Company’s board of directors approved a material supply agreement with USMC, a related party, pursuant to which USMC will provide designated natural resources to the Company at predetermined prices (See Note 10).   Resignation of Directors   Effective April 8, 2020, Calvin Lim resigned as a member of the Board of Directors (the “Board”) of the Company. His resignation was not the result of any dispute or disagreement with the Company or the Board on any matter relating to the operations, policies, or practices of the Company.   Appointment of Directors   The Company entered into a twelve-month director agreement with Mr. Jeffrey Guzy (“Guzy”), effective as of April 8, 2020, (the “Director Agreement”). Pursuant to the Director Agreement, Guzy will be entitled to $1,000 per month, which will accrue as debt until the Company has its first cash flow positive month. Upon the termination of the initial term of the Director Agreement or Guzy’s earlier removal or resignation, such accrued amount will be paid in common stock of the Company at a conversion rate of the lower of $0.15 per share of the 20-day volume weighted average price from the last date Guzy was on the board. Guzy was also granted an immediately exerciseable five-year option to purchase 250,000 shares of common stock at an exercise price of $0.10 per share. Guzy was appointed as the chairman of the Audit Committee and the Compensation Committee.

25 145 5 5

NOTE 9 – RELATED PARTY TRANSACTIONS   Bayshore Capital Advisors, LLC   On February 26, 2016, the Company issued a promissory note in the principal amount of $25,000 to Bayshore Capital Advisors, LLC, an affiliate through common ownership of a 10% shareholder of the Company. The note accrued interest at 6% per annum and was payable August 26, 2016, or upon the closing of a bridge financing by the Company, whichever occurs first. The Company is in default on this note as of May 31, 2020.   US Mine Corporation   The Company entered into a contract mining agreement with USMC, a company owned by the majority stockholders of the Company, A. Scott Dockter and John Bremer, pursuant to which USMC will provide various technical evaluations and mine development services to the Company. During the three and six months ended May 31, 2020 and May 31, 2019, the Company made no purchases from USMC. There were no services rendered by USMC to the Company for the three and six months ended May 31, 2020. Services totaling $31,747 and $43,036 were rendered by USMC for the three and six months ended May 31, 2019, respectively. In addition, USMC made no payments to the Company’s vendors and creditors on behalf of the Company during the three and six months ended May 31, 2020. During the three and six months ended May 31, 2019, USMC paid $690 and $271,059, respectively, of expenses to the Company’s vendors and creditors on behalf of the Company. During the three and six months ended May 31, 2020 and May 31, 2019 USMC made cash advances to the Company of $33,000 and $125,000 and $201,125 and $413,125, respectively, and which are recorded as part of due to affiliates on the unaudited condensed consolidated balance sheets.   On September 26, 2019, the Company entered into a securities purchase agreement with USMC pursuant to which USMC may purchase up to $1,000,000 of the Company’s 5% unsecured convertible two-year promissory notes in one or more closings. The notes are convertible into the Company’s common stock at a conversion price of $0.16 per share. As of February 29, 2020, USMC has purchased such notes totaling $178,000 with maturity dates ranging from December 1, 2021 through February 1, 2022 (See Note 6). Interest expense on these notes totaled $3,461 for the three and six months ended May 31, 2020 and are recorded as part of due to affiliates on the unaudited condensed consolidated balance sheets. The outstanding balance due on the notes to USMC is $158,000 and $0 at May 31, 2020 and November 30, 2019, respectively.   On April 9, 2020, USMC agreed to forgive of $150,257 in outstanding accounts payable from PureBase AG effective February 29, 2020. The Company treated this as a capital contribution and recorded the forgiveness as an increase in additional paid in capital on the unaudited condensed consolidated balance sheet at May 31, 2020.   On April 22, 2020, the Company entered into a Material Supply Agreement (the “Supply Agreement”) with USMC which amended the prior Materials Supply Agreement entered into on October 12, 2018. All kaolin clay purchased by the Company from USMC under the Supply Agreement must be used exclusively for agricultural products and supplementary cementitious materials. Under the terms of the Supply Agreement, the Company will pay $25 per ton for the kaolin clay for supplementary cementitious materials and $145 per ton for bagged products for clay for agriculture (in each case plus an additional $5 royalty fee per ton). The Supply Agreement also provides that if USMC provides pricing to any other customer which is more favorable than that provided to the Company, USMC shall adjust the cost to the Company to conform to the more favorable terms. The initial term of the Agreement is three years, which automatically renews for three successive one-year terms, unless either party provides notice of termination at least sixty days prior to the end of the then current term. Either party has the right to terminate the Agreement for a material breach which is not cured within 90 days.    The Company is using office space provided by USMC rent-free. There is currently no lease for its use of such office space.   Transactions with Officers   On August 31, 2017, the Company issued a note in the amount of $197,096 to A. Scott Dockter, President, Chief Executive Officer and a director of the Company to consolidate the total amounts due to Mr. Dockter. The note bears interest at 6% and is due upon demand. During the six months ended May 31, 2020, the Company repaid $4,780 towards the balance of the note. As of May 31, 2020 and November 30, 2019, the principal balance due on this note was $127,816 and $132,596, respectively, and is recorded as Note Payable to Officer on the unaudited condensed consolidated balance sheets. Interest expense for this note was $1,918 and $3,866 and $2,981 and $5,896 for the three and six months ended May 31, 2020 and 2019.

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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	May 31, 2020	Jul. 14, 2020
Cover [Abstract]
Entity Registrant Name	PureBase Corp
Entity Central Index Key	0001575858
Document Type	10-Q
Document Period End Date	May 31, 2020
Amendment Flag	false
Current Fiscal Year End Date	--11-30
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business Flag	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		208,650,751
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2020

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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	May 31, 2020	Nov. 30, 2019
Current Assets:
Cash and cash equivalents		$ 8,400
Accounts receivable, net of allowances for uncollectables of $11,137	4,363	17,063
Due from affiliated entities	665
Prepaid expenses and other assets	38,285	4,953
Total Current Assets	43,313	30,416
Property and equipment, net		772
Mineral rights acquisition costs	200,000	200,000
Total Assets	243,313	231,188
Current Liabilities:
Accounts payable and accrued expenses	222,181	344,225
Due to affiliated entities	161,461
Settlement liability	425,000	475,000
Note payable to officer	127,816	132,596
Notes payable - related party	25,000	25,000
Total Current Liabilities	961,458	976,821
Convertible notes payable - affiliated entity, net of discount of $70,896	107,104
Total Liabilities	1,068,562	976,821
Commitments and Contingencies (Note 7)
Stockholders' Deficit:
Preferred stock, $.001 par value; 10,000,000 shares authorized; 0 and 0 shares issued and outstanding, respectively
Common stock, $.001 par value; 520,000,000 shares authorized; 208,650,741 and 208,650,741 shares issued and outstanding, respectively	138,247	138,247
Additional paid-in capital	10,633,832	10,364,990
Accumulated deficit	(11,597,328)	(11,248,870)
Total Stockholders' Deficit	(825,249)	(745,633)
Total Liabilities and Stockholders' Deficit	$ 243,313	$ 231,188

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Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)	May 31, 2020	Nov. 30, 2019
Statement of Financial Position [Abstract]
Allowances for uncollectables	$ 11,137	$ 11,137
Debt discount	$ 70,896
Preferred stock, par value	$ .001	$ .001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ .001	$ .001
Common Stock, shares authorized	520,000,000	520,000,000
Common Stock, shares issued	208,650,741	208,650,741
Common Stock, shares outstanding	208,650,741	208,650,741

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Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	May 31, 2020	May 31, 2019	May 31, 2020	May 31, 2019
Income Statement [Abstract]
Revenue, net	$ 1,619	$ 139,208	$ 6,129	$ 186,458
Operating Expenses:
Selling, general and administrative	193,456	319,729	355,434	634,269
Product fulfillment, exploration and mining expenses	3,435	31,637	5,194	86,452
Total Operating Expenses	196,891	351,366	360,628	720,721
Loss From Operations	(195,272)	(212,158)	(354,499)	(534,263)
Other Income (Expense):
Other income (expense)		3		3
Interest income (expense)	3,226	(15,859)	6,041	(31,645)
Total Other Income (Expense)	3,226	(15,856)	6,041	(31,642)
Net Loss	$ (192,046)	$ (228,014)	$ (348,458)	$ (565,905)
Loss per Common Share - Basic and Diluted	$ 0.00	$ 0.00	$ 0.00	$ 0.00
Weighted Average Shares Outstanding - Basic and Diluted	208,650,741	141,347,173	208,650,741	141,347,173

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Condensed Consolidated Statement of Stockholders' Deficit (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Total
Beginning balance at Nov. 30, 2018	$ 70,943	$ 3,050,893	$ (8,115,447)	$ (4,993,611)
Beginning balance, shares at Nov. 30, 2018	141,347,173
Stock based compensation		51,279		51,279
Net loss			(337,891)	(337,891)
Ending balance at Feb. 28, 2019	$ 70,943	3,102,172	(8,453,338)	(5,280,223)
Ending balance, shares at Feb. 28, 2019	141,347,173
Beginning balance at Nov. 30, 2018	$ 70,943	3,050,893	(8,115,447)	(4,993,611)
Beginning balance, shares at Nov. 30, 2018	141,347,173
Net loss				(565,905)
Ending balance at May. 31, 2019	$ 70,943	3,111,344	(8,681,352)	(5,499,065)
Ending balance, shares at May. 31, 2019	141,347,173
Beginning balance at Feb. 28, 2019	$ 70,943	3,102,172	(8,453,338)	(5,280,223)
Beginning balance, shares at Feb. 28, 2019	141,347,173
Stock based compensation		9,172		9,172
Net loss			(228,014)	(228,014)
Ending balance at May. 31, 2019	$ 70,943	3,111,344	(8,681,352)	(5,499,065)
Ending balance, shares at May. 31, 2019	141,347,173
Beginning balance at Nov. 30, 2019	$ 138,247	10,364,990	(11,248,870)	(745,633)
Beginning balance, shares at Nov. 30, 2019	208,650,741
Forgiveness of related party liabilities		150,257		150,257
Beneficial conversion feature on convertible debt		88,250		88,250
Net loss			(156,412)	(156,412)
Ending balance at Feb. 29, 2020	$ 138,247	10,603,497	(11,405,282)	(663,538)
Ending balance, shares at Feb. 29, 2020	208,650,741
Beginning balance at Nov. 30, 2019	$ 138,247	10,364,990	(11,248,870)	(745,633)
Beginning balance, shares at Nov. 30, 2019	208,650,741
Net loss				(348,458)
Ending balance at May. 31, 2020	$ 138,247	10,633,832	(11,597,328)	(825,249)
Ending balance, shares at May. 31, 2020	208,650,741
Beginning balance at Feb. 29, 2020	$ 138,247	10,603,497	(11,405,282)	(663,538)
Beginning balance, shares at Feb. 29, 2020	208,650,741
Stock based compensation		30,335		30,335
Net loss			(192,046)	(192,046)
Ending balance at May. 31, 2020	$ 138,247	$ 10,633,832	$ (11,597,328)	$ (825,249)
Ending balance, shares at May. 31, 2020	208,650,741

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22658-107794

+ Details

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References + Details

XML 15 R6.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	May 31, 2020	May 31, 2019
Cash Flows From Operating Activities:
Net loss	$ (348,458)	$ (565,905)
Adjustments to reconcile net loss to net cash used in operating activities:
Allowance for Doubtful Accounts
Depreciation	772	1,158
Stock based compensation	30,335	60,451
Amortization of debt discount	17,354
Changes in operating assets and liabilities:
Accounts receivable	12,700	(136,500)
Due to affiliates		81,611
Settlement liability	(50,000)
Prepaid expenses and other current assets	(33,332)	3,009
Accounts payable and accrued expenses	(25,583)	45,134
Common stock to be issued in connection with consulting agreement		91,112
Net Cash Used In Operating Activities	(396,211)	(419,930)
Cash Flows From Financing Activities:
Proceeds from sales of common stock
Advances from related parties	160,796	413,125
Proceeds from convertible notes payable - affiliated entities	178,000
Bank overdraft	53,795
Payments on notes due to officers	(4,780)
Net Cash Provided By Financing Activities	387,811	413,125
Net Increase (Decrease) In Cash	(8,400)	(6,805)
Cash - Beginning of Period	8,400	8,281
Cash - End of Period		1,476
Cash paid for:
Interest paid	4,383
Income taxes paid
Noncash investing and financing activities:
Vendors paid by Affiliated Entities		10,178
Forgiveness of accounts payable due to USMC	$ 150,257

XML 16 R7.htm IDEA: XBRL DOCUMENT

Organization and Business Operations

6 Months Ended

May 31, 2020

Accounting Policies [Abstract]

Organization and Business Operations

Note 1 – organization and business operations

Corporate History

The Company is headquartered in Ione, California.

Business Overview

XML 17 R8.htm IDEA: XBRL DOCUMENT

Going Concern and Liquidity

6 Months Ended

May 31, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Going Concern and Liquidity

NOTE 2 – GOING CONCERN AND LIQUIDITY

XML 18 R9.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies

6 Months Ended

May 31, 2020

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

Principles of Consolidation

Use of Estimates

Revenue

Practical Expedients

Disaggregated Revenue

Revenue consists of the following by product offering for the six months ended May 31, 2020:

Soil Advantage		Humate INU Advantage		Shade Advantage (WP)		SulFe Hume Si Advantage		Solu-Sul		Total

$	-	$	6,129	$	-	$	-	$	-	$	6,129

Revenue consists of the following by product offering for the six months ended May 31, 2019:

Soil Advantage		Humate INU Advantage		Shade Advantage (WP)		SulFe Hume Si Advantage		Solu-Sul		Total

$	-	$	47,250	$	46,500	$	92,708	$	-	$	186,458

Cash

Account Receivable

Property and Equipment

Equipment	3-5 years
Autos and trucks	5 years

Impairment of Long-Lived Assets

Exploration Stage

Mineral Rights

Shipping and Handling

Advertising and Marketing Costs

Fair Value Measurements

Level 1:	Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 1 primarily consists of financial instruments such as exchange-traded derivatives, marketable securities and listed equities.

Level 2:	Pricing inputs are other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reported date. Level 2 includes those financial instruments that are valued using models or other valuation methodologies. These models are primarily industry-standard models that consider various assumptions, including quoted forward prices for commodities, time value, volatility factors and current market and contractual prices for the underlying instruments, as well as other relevant economic measures. Substantially all of these assumptions are observable in the marketplace throughout the full term of the instrument, can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace. Instruments in this category generally include non-exchange-traded derivatives such as commodity swaps, interest rate swaps, options and collars.

Level 3:	Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value.

Fair Value of Financial Instruments

Net Loss Per Common Share

	Six Months Ended
	May 31, 2020		May 31, 2019

Convertible Notes		1,112,500		-
Stock Options		550,000		550,000
Total		1,662,500		550,000

	Three Months Ended
	May 31, 2020		May 31, 2019

Convertible Notes		1,112,500		-
Stock Options		550,000		550,000
Total		1,662,500		550,000

Stock-Based Compensation

Income Taxes

Recent Accounting Pronouncements

All other newly issued but not yet effective accounting pronouncements have been deemed to be not applicable or immaterial to the Company.

XML 19 R10.htm IDEA: XBRL DOCUMENT

Mining Rights

6 Months Ended

May 31, 2020

Extractive Industries [Abstract]

Mining Rights

NOTE 4 – MINING RIGHTS

Federal Preference Rights Lease in Esmeralda County, NV

Snow White Mine located in San Bernardino County, CA – Deposit

XML 20 R11.htm IDEA: XBRL DOCUMENT

Notes Payable

6 Months Ended

May 31, 2020

Debt Disclosure [Abstract]

Notes Payable

NOTE 5 – NOTES PAYABLE

Bayshore Capital Advisors, LLC

A. Scott Dockter – President and Chief Executive Officer

Convertible Promissory Notes - USMC

December 1, 2019

January 1, 2020

February 1, 2020

XML 21 R12.htm IDEA: XBRL DOCUMENT

Accounts Payable and Accrued Expenses

6 Months Ended

May 31, 2020

Payables and Accruals [Abstract]

Accounts Payable and Accrued Expenses

NOTE 6 – ACCOUNTS PAYABLE AND ACCRUED EXPENSES

Accounts payable and accrued expenses consist of the following amounts:

	May 31, 2020		November 30, 2019

Accounts payable	$	94,007	$	265,449
Accrued interest – related party		35,353		44,846
Accrued compensation		39,025		33,930
Bank overdraw		53,796		-
Accounts payable and accrued expenses	$	222,181	$	344,225

XML 22 R13.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies

6 Months Ended

May 31, 2020

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

NOTE 7 – COMMITMENTS AND CONTINGENCIES

Office and Rental Property Leases

Mineral Properties

The Company’s mineral rights require various annual lease payments (See Note 5).

Legal Matters

Contractual Matters

Resignation of Directors

Appointment of Directors

XML 23 R14.htm IDEA: XBRL DOCUMENT

Stock-Based Compensation

6 Months Ended

May 31, 2020

Stock-Based Compensation

Note 8 – StocK-BASED COMPENSATION

The Company accounted for its stock-based compensation in accordance with the fair value recognition provisions of FASB ASC Topic 718, “Compensation – Stock Compensation.”

2017 Equity Incentive Plan

The Company has also granted options to purchase an aggregate of 500,000 shares of common stock to certain employees pursuant to employment contracts prior to the adoption of the Option Plan.

The Company granted options to purchase an aggregate of 450,000 shares of common stock during the six months ended May 31, 2020.

There were no stock options granted during the six months ended May 31, 2019.

Compensation based stock option activity for qualified and unqualified stock options are summarized as follows:

			Weighted
			Average
	Shares		Exercise Price
Outstanding at November 30, 2019		550,000	$	2.74
Granted		450,000		0.10
Exercised		-		-
Expired or cancelled		-		-
Outstanding at May 31, 2020		1,000,000	$	1.91

The following table summarizes information about options to purchase shares of the Company’s common stock outstanding and exercisable at May 31, 2020:

				Weighted-		Weighted-
				Average		Average
Range of		Outstanding		Remaining Life		Exercise		Number
exercise prices		Options		In Years		Price		Exercisable

$	0.099		200,000		3.86	$	0.99		-
	0.10		250,000		4.86		0.10		250,000
	0.12		50,000		8.32		0.12		50,000
	3.00		500,000		5.75		3.00		500,000
			1,000,000		5.38	$	1.91		800,000

The compensation expense attributed to the issuance of the options is recognized as such options vest.

Stock options granted under the Option Plan are exercisable for ten years from the grant date and vest over various terms from the grant date to three years.

XML 24 R15.htm IDEA: XBRL DOCUMENT

Related Party Transactions

6 Months Ended

May 31, 2020

Related Party Transactions

NOTE 9 – RELATED PARTY TRANSACTIONS

Bayshore Capital Advisors, LLC

US Mine Corporation

The Company is using office space provided by USMC rent-free. There is currently no lease for its use of such office space.

Transactions with Officers

XML 25 R16.htm IDEA: XBRL DOCUMENT

Concentration of Credit Risk

6 Months Ended

May 31, 2020

Risks and Uncertainties [Abstract]

Concentration of Credit Risk

NOTE 10 – CONCENTRATION OF CREDIT RISK

Cash Deposits

Revenues

Three customers accounted for 100% of total revenue for the six months ended May 31, 2020.

Customer A	74	%
Customer B	16	%
Customer C	10	%

Three customers accounted for 98% of total revenue for the six months ended May 31, 2019.

Customer A	48	%
Customer B	25	%
Customer C	25	%

Accounts Receivable

Two customers accounted for 100% of the accounts receivable as of November 30, 2019, as set forth below:

Customer A			66	%
Customer B			34	%

Vendors

Two suppliers accounted for 100% of purchases as of May 31, 2020, as set forth below:

Vendor A, a related party			76	%
Vendor B			24	%

Two suppliers accounted for 100% of purchases as of November 30, 2019, as set forth below:

Vendor A, a related party			88	%
Vendor B			12	%

XML 26 R17.htm IDEA: XBRL DOCUMENT

Subsequent Events

6 Months Ended

May 31, 2020

Subsequent Events [Abstract]

Subsequent Events

NOTE 11 – SUBSEQUENT EVENTS

On June 2, 2020, the Company granted options to an employee to purchase 100,000 shares of common stock with an exercise price of $0.10 per share.

XML 27 R18.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Policies)

6 Months Ended

May 31, 2020

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

Principles of Consolidation

Principles of Consolidation

Use of Estimates

Use of Estimates

Revenue

Revenue

Practical Expedients

Disaggregated Revenue

Revenue consists of the following by product offering for the six months ended May 31, 2020:

Soil Advantage		Humate INU Advantage		Shade Advantage (WP)		SulFe Hume Si Advantage		Solu-Sul		Total

$	-	$	6,129	$	-	$	-	$	-	$	6,129

Revenue consists of the following by product offering for the six months ended May 31, 2019:

Soil Advantage		Humate INU Advantage		Shade Advantage (WP)		SulFe Hume Si Advantage		Solu-Sul		Total

$	-	$	47,250	$	46,500	$	92,708	$	-	$	186,458

Cash

Cash

Account Receivable

Account Receivable

Property and Equipment

Property and Equipment

Equipment	3-5 years
Autos and trucks	5 years

Impairment of Long-lived Assets

Impairment of Long-Lived Assets

Exploration Stage

Exploration Stage

Mineral Rights

Mineral Rights

Shipping and Handling

Shipping and Handling

Advertising and Marketing Costs

Advertising and Marketing Costs

Fair Value Measurements

Fair Value Measurements

Level 1:	Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 1 primarily consists of financial instruments such as exchange-traded derivatives, marketable securities and listed equities.

Level 2:	Pricing inputs are other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reported date. Level 2 includes those financial instruments that are valued using models or other valuation methodologies. These models are primarily industry-standard models that consider various assumptions, including quoted forward prices for commodities, time value, volatility factors and current market and contractual prices for the underlying instruments, as well as other relevant economic measures. Substantially all of these assumptions are observable in the marketplace throughout the full term of the instrument, can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace. Instruments in this category generally include non-exchange-traded derivatives such as commodity swaps, interest rate swaps, options and collars.

Level 3:	Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value.

Fair Value of Financial Instruments

Fair Value of Financial Instruments

Net Loss Per Common Share

Net Loss Per Common Share

	Six Months Ended
	May 31, 2020		May 31, 2019

Convertible Notes		1,112,500		-
Stock Options		550,000		550,000
Total		1,662,500		550,000

	Three Months Ended
	May 31, 2020		May 31, 2019

Convertible Notes		1,112,500		-
Stock Options		550,000		550,000
Total		1,662,500		550,000

Stock-Based Compensation

Stock-Based Compensation

Income Taxes

Income Taxes

Recent Accounting Pronouncements

Recent Accounting Pronouncements

All other newly issued but not yet effective accounting pronouncements have been deemed to be not applicable or immaterial to the Company.

XML 28 R19.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Tables)

6 Months Ended

May 31, 2020

Accounting Policies [Abstract]

Schedule of Disaggregated Revenue

Revenue consists of the following by product offering for the six months ended May 31, 2020:

Soil Advantage		Humate INU Advantage		Shade Advantage (WP)		SulFe Hume Si Advantage		Solu-Sul		Total

$	-	$	6,129	$	-	$	-	$	-	$	6,129

Revenue consists of the following by product offering for the six months ended May 31, 2019:

Soil Advantage		Humate INU Advantage		Shade Advantage (WP)		SulFe Hume Si Advantage		Solu-Sul		Total

$	-	$	47,250	$	46,500	$	92,708	$	-	$	186,458

Schedule of Estimated Useful Life of Property and Equipment

Expenditures that enhance the useful lives of the assets are capitalized and depreciated.

Equipment	3-5 years
Autos and trucks	5 years

Schedule of Outstanding Shares Excluded from Diluted Loss Per Share

	Six Months Ended
	May 31, 2020		May 31, 2019

Convertible Notes		1,112,500		-
Stock Options		550,000		550,000
Total		1,662,500		550,000

	Three Months Ended
	May 31, 2020		May 31, 2019

Convertible Notes		1,112,500		-
Stock Options		550,000		550,000
Total		1,662,500		550,000

XML 29 R20.htm IDEA: XBRL DOCUMENT

Accounts Payable and Accrued Expenses (Tables)

6 Months Ended

May 31, 2020

Payables and Accruals [Abstract]

Schedule of Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses consist of the following amounts:

	May 31, 2020		November 30, 2019

Accounts payable	$	94,007	$	265,449
Accrued interest – related party		35,353		44,846
Accrued compensation		39,025		33,930
Bank overdraw		53,796		-
Accounts payable and accrued expenses	$	222,181	$	344,225

XML 30 R21.htm IDEA: XBRL DOCUMENT

Stock-Based Compensation (Tables)

6 Months Ended

May 31, 2020

Schedule of Stock Option Activity

Compensation based stock option activity for qualified and unqualified stock options are summarized as follows:

			Weighted
			Average
	Shares		Exercise Price
Outstanding at November 30, 2019		550,000	$	2.74
Granted		450,000		0.10
Exercised		-		-
Expired or cancelled		-		-
Outstanding at May 31, 2020		1,000,000	$	1.91

Schedule of Stock Option Shares Outstanding and Exercisable

The following table summarizes information about options to purchase shares of the Company’s common stock outstanding and exercisable at May 31, 2020:

				Weighted-		Weighted-
				Average		Average
Range of		Outstanding		Remaining Life		Exercise		Number
exercise prices		Options		In Years		Price		Exercisable

$	0.099		200,000		3.86	$	0.99		-
	0.10		250,000		4.86		0.10		250,000
	0.12		50,000		8.32		0.12		50,000
	3.00		500,000		5.75		3.00		500,000
			1,000,000		5.38	$	1.91		800,000

XML 31 R22.htm IDEA: XBRL DOCUMENT

Concentration of Credit Risk (Tables)

6 Months Ended

May 31, 2020

Risks and Uncertainties [Abstract]

Schedule of Concentration of Credit Risk

Revenues

Three customers accounted for 100% of total revenue for the six months ended May 31, 2020.

Customer A	74	%
Customer B	16	%
Customer C	10	%

Three customers accounted for 98% of total revenue for the six months ended May 31, 2019.

Customer A	48	%
Customer B	25	%
Customer C	25	%

Accounts Receivable

Two customers accounted for 100% of the accounts receivable as of November 30, 2019, as set forth below:

Customer A			66	%
Customer B			34	%

Vendors

Two suppliers accounted for 100% of purchases as of May 31, 2020, as set forth below:

Vendor A, a related party			76	%
Vendor B			24	%

Two suppliers accounted for 100% of purchases as of November 30, 2019, as set forth below:

Vendor A, a related party			88	%
Vendor B			12	%

XML 32 R23.htm IDEA: XBRL DOCUMENT

Going Concern and Liquidity (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	May 31, 2020	May 31, 2019	May 31, 2020	May 31, 2019	Nov. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accumulated deficit	$ (11,597,328)		$ (11,597,328)		$ (11,248,870)
Working capital deficit	(918,000)		(918,000)
Loss From Operations	$ (195,272)	$ (212,158)	(354,499)	$ (534,263)
Cash flows from operations			$ (396,211)	$ (419,930)

XML 33 R24.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	May 31, 2020	May 31, 2019	May 31, 2020	May 31, 2019	Nov. 30, 2019
Cash equivalents
Allowance for doubtful accounts receivable	11,137	11,137	11,137	11,137	$ 11,137
Impairment losses
Costs related to exploration activities
Capitalized costs related to mineral rights	200,000		200,000
Advertising and marketing expenses	490	0	2,052	0
Shipping and Handling [Member] \| General and Administrative Expense [Member]
Costs and expense	$ 180	$ 0	$ 180	$ 0
Minimum [Member]
Property, and equipment, useful life			3 years
Maximum [Member]
Property, and equipment, useful life			5 years

XML 34 R25.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies - Schedule of Disaggregated Revenue (Details) - USD ($)	3 Months Ended		6 Months Ended
	May 31, 2020	May 31, 2019	May 31, 2020	May 31, 2019
Revenue	$ 1,619	$ 139,208	$ 6,129	$ 186,458
Soil Advantage [Member]
Revenue
Humate INU Advantage [Member]
Revenue			6,129	47,250
Shade Advantage (WP) [Member]
Revenue				46,500
SulFe Hume Si Advantage [Member]
Revenue				92,708
Solu-Sul [Member]
Revenue

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

XML 35 R26.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies - Schedule of Estimated Useful Life of Property and Equipment (Details)	6 Months Ended
	May 31, 2020
Minimum [Member]
Property and equipment estimated useful lives	3 years
Maximum [Member]
Property and equipment estimated useful lives	5 years
Equipment [Member] \| Minimum [Member]
Property and equipment estimated useful lives	3 years
Equipment [Member] \| Maximum [Member]
Property and equipment estimated useful lives	5 years
Autos and Trucks [Member]
Property and equipment estimated useful lives	5 years

XML 36 R27.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies - Schedule of Outstanding Shares Excluded from Diluted Loss Per Share (Details) - shares	3 Months Ended		6 Months Ended
	May 31, 2020	May 31, 2019	May 31, 2020	May 31, 2019
Potentially dilutive securities	1,662,500	550,000	1,662,500	550,000
Convertible Notes [Member]
Potentially dilutive securities	1,112,500		1,112,500
Stock Options [Member]
Potentially dilutive securities	550,000	550,000	550,000	550,000

XML 37 R28.htm IDEA: XBRL DOCUMENT

Mining Rights (Details Narrative)		6 Months Ended
Mining Rights (Details Narrative)	Apr. 01, 2020 USD ($)	May 31, 2020 USD ($) a
Snow White Pozzolan Mine [Member]
Purchase mining properties	$ 836,000
Ownership percentage	19.00%
Percentage of purchase price	5.00%
BLM [Member] \| Esmeralda County NV [Member]
Acres of land \| a		2,500
BLM [Member] \| Esmeralda County NV [Member] \| Potassium/Sulfur Deposit [Member]
Acres of land \| a		15.5
Carrying cost		$ 200,000
Lease payment		$ 7,503

XML 38 R29.htm IDEA: XBRL DOCUMENT

Notes Payable (Details Narrative) - USD ($)					3 Months Ended		6 Months Ended		12 Months Ended
Notes Payable (Details Narrative) - USD ($)	Feb. 02, 2020	Jan. 01, 2020	Dec. 02, 2019	Feb. 26, 2016	May 31, 2020	May 31, 2019	May 31, 2020	May 31, 2019	Nov. 30, 2019	Aug. 31, 2017
Debt issued amount					$ 158,000		$ 158,000		$ 0
Common stock par value					$ .001		$ .001		$ .001
Amortization of debt discount							$ 17,354
Arthur Scott Dockter [Member]
Note payable balance					$ 127,816		127,816		$ 132,596
Simple interest at an annual rate										6.00%
Interest expenses					2,916	$ 4,834	2,916	4,834
Debt issued amount										$ 197,096
Repayments of notes payable							4,780		44,500
Bayshore Capital Advisors, LLC [Member]
Note payable balance				$ 25,000	25,000		25,000		$ 25,000
Ownership percentage				10.00%
Simple interest at an annual rate				6.00%
Maturity date, description				The note bears interest at the rate of 6% per annum and was payable August 26, 2016, or when the Company closes a bridge financing, whichever occurs first. The Company is in default on this note as of May 31, 2020.
Debt maturity date				Aug. 26, 2016
Interest expenses							370	$ 752
Major Shareholder [Member]
Ownership percentage				10.00%
USMC [Member] \| Convertible Promissory Notes [Member] \| Tranche #1 [Member]
Simple interest at an annual rate			5.00%
Debt maturity date			Dec. 31, 2021
Interest expenses					250		500
Debt issued amount			$ 20,000
Debt term			2 years
Common stock par value			$ 0.001
Conversion price			$ 0.16
Beneficial conversion feature			$ 20,000
Amortization of debt discount					2,365		4,783
USMC [Member] \| Convertible Promissory Notes [Member] \| Tranche #2 [Member]
Simple interest at an annual rate		5.00%
Debt maturity date		Jan. 01, 2022
Interest expenses					700		1,780
Debt issued amount		$ 86,000
Debt term		2 years
Common stock par value		$ 0.001
Conversion price		$ 0.16
Beneficial conversion feature		$ 32,250
Amortization of debt discount					2,603		6,662
USMC [Member] \| Convertible Promissory Notes [Member] \| Tranche #3 [Member]
Simple interest at an annual rate	5.00%
Debt maturity date	Feb. 01, 2022
Interest expenses					275		1,200
Debt issued amount	$ 72,000
Debt term	2 years
Common stock par value	$ 0.001
Conversion price	$ 0.16
Beneficial conversion feature	$ 36,000
Amortization of debt discount					$ 1,379		$ 5,910

XML 39 R30.htm IDEA: XBRL DOCUMENT

Accounts Payable and Accrued Expenses - Schedule of Accounts payable and accrued expenses (Details) - USD ($)	May 31, 2020	Nov. 30, 2019
Payables and Accruals [Abstract]
Accounts payable	$ 94,007	$ 265,449
Accrued interest - related party	35,353	44,846
Accrued compensation	39,025	33,930
Bank overdraw	53,796
Accounts payable and accrued expenses	$ 222,181	$ 344,225

XML 40 R31.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies (Details Narrative) - USD ($)				6 Months Ended
	Apr. 08, 2020	Jan. 20, 2020	Mar. 29, 2019	May 31, 2020	May 31, 2019	Jan. 11, 2019	Sep. 21, 2016
Payments on estimated liability		$ 50,000
Stock options granted during period				450,000
Exercise price of stock options
Agregen [Member] \| Robert Hurtado [Member]
Monetary damages						$ 100,000,000
Superior Soils Supplements LLC [Member]
Claims sought value			$ 300,000
Employment Agreement [Member]
Final Award issue liability							$ 475,000
Directors Agreement [Member] \| Mr. Jeffrey Guzy Director [Member]
Agreement, description	Pursuant to the Director Agreement, Guzy will be entitled to $1,000 per month, which will accrue as debt until the Company has its first cash flow positive month. Upon the termination of the initial term of the Director Agreement or Guzy's earlier removal or resignation, such accrued amount will be paid in common stock of the Company at a conversion rate of the lower of $0.15 per share of the 20-day volume weighted average price from the last date Guzy was on the board.
Stock options granted during period	250,000
Stock option exercisable term	5 years
Exercise price of stock options	$ 0.10

XML 41 R32.htm IDEA: XBRL DOCUMENT

Stock-Based Compensation (Details Narrative) - USD ($)				3 Months Ended		6 Months Ended
Stock-Based Compensation (Details Narrative) - USD ($)	Apr. 15, 2020	Apr. 08, 2020	Nov. 10, 2017	May 31, 2020	May 31, 2019	May 31, 2020	May 31, 2019
Stock options granted during period						450,000
Weighted average grant date fair value of options granted						$ 23,905	$ 27,088
Weighted average grant date fair value of options vested						23,905	$ 27,088
Weighted average grant date fair value of non-vested options						$ 19,481
Share based compensation, aggregate intrinsic value						$ 0
Closing stock price				$ 0.10		$ 0.10
Stock-based options compensation expenses				$ 30,335	$ 9,172	$ 30,335	$ 60,451
Future compensation cost related to non-vested stock options				$ 16,234		$ 16,234
Employment Contracts [Member] \| Prior to the Adoption of Option Plan [Member]
Stock options granted during period			500,000
Director [Member]
Stock options granted during period		250,000
Weighted average grant date fair value of options granted		$ 27,088
Stock exercise price		0.10
Stock price		0.11
Strike price		$ 0.10
Expected volatility		305.00%
Risk-free interest rate		0.47%
Dividend rate		0.00%
Expected term		2 years 6 months
Two Advisory Board [Member]
Stock options granted during period	200,000
Weighted average grant date fair value of options granted	$ 19,481
Stock exercise price	0.10
Stock price	0.099
Strike price	$ 0.10
Expected volatility	304.00%
Risk-free interest rate	0.34%
Dividend rate	0.00%
Expected term	2 years 6 months
2017 Equity Incentive Plan [Member] \| Board of Directors [Member]
Stock options granted during period						50,000
2017 Equity Incentive Plan [Member] \| Board of Directors [Member] \| Maximum [Member]
Number of stock options reserved			10,000,000

XML 42 R33.htm IDEA: XBRL DOCUMENT

Stock-Based Compensation - Schedule of Stock Option Activity (Details) - $ / shares	6 Months Ended
	May 31, 2020	May 31, 2019
Compensation Related Costs [Abstract]
Number of Options Outstanding, beginning balance	550,000
Number of Options, Granted	450,000
Number of Options, Exercised
Number of Options, Expired or Cancelled
Number of Options Outstanding, ending balance	1,000,000
Weighted Average Exercise Price, Outstanding beginning balance	$ 2.74
Weighted Average Exercise Price, Granted	0.10
Weighted Average Exercise Price, Exercised
Weighted Average Exercise Price, Expired or Cancelled
Weighted Average Exercise Price, Outstanding, ending balance	$ 1.91

XML 43 R34.htm IDEA: XBRL DOCUMENT

Stock-Based Compensation - Schedule of Stock Option Shares Outstanding and Exercisable (Details) - $ / shares	6 Months Ended
	May 31, 2020	Nov. 30, 2019
Outstanding Options	1,000,000	550,000
Weighted- Average Remaining Life in Years	5 years 4 months 17 days
Weighted- Average Exercise Price	$ 1.91	$ 2.74
Number Exercisable	800,000
Exercise Price 1 [Member]
Range of Exercise Prices	$ 0.099
Outstanding Options	200,000
Weighted- Average Remaining Life in Years	3 years 10 months 10 days
Weighted- Average Exercise Price	$ 0.99
Number Exercisable
Exercise Price 2 [Member]
Range of Exercise Prices	$ 0.10
Outstanding Options	250,000
Weighted- Average Remaining Life in Years	4 years 10 months 10 days
Weighted- Average Exercise Price	$ 0.10
Number Exercisable	250,000
Exercise Price 3 [Member]
Range of Exercise Prices	$ 0.12
Outstanding Options	50,000
Weighted- Average Remaining Life in Years	8 years 3 months 26 days
Weighted- Average Exercise Price	$ 0.12
Number Exercisable	50,000
Exercise Price 4 [Member]
Range of Exercise Prices	$ 3.00
Outstanding Options	500,000
Weighted- Average Remaining Life in Years	5 years 9 months
Weighted- Average Exercise Price	$ 3.00
Number Exercisable	500,000

XML 44 R35.htm IDEA: XBRL DOCUMENT

Related Party Transactions (Details Narrative)				3 Months Ended			6 Months Ended		12 Months Ended
Related Party Transactions (Details Narrative)	Apr. 22, 2020 T	Apr. 09, 2020 USD ($)	Feb. 26, 2016 USD ($)	May 31, 2020 USD ($)	Feb. 29, 2020 USD ($)	May 31, 2019 USD ($)	May 31, 2020 USD ($)	May 31, 2019 USD ($)	Nov. 30, 2019 USD ($)	Sep. 26, 2019 USD ($) $ / shares	Aug. 31, 2017 USD ($)
Note principal amount				$ 158,000			$ 158,000		$ 0
Forgiveness of related party liabilities					$ 150,257
Material Supply Agreement [Member]
Agreement term	3 years
Agreement description	The initial term of the Agreement is three years, which automatically renews for three successive one-year terms, unless either party provides notice of termination at least sixty days prior to the end of the then current term.
Material Supply Agreement [Member] \| Kaolin Clay for Supplementary Cementitious Materials [Member]
Materials and products for agriculture \| T	25
Royalty fee tons \| T	5
Material Supply Agreement [Member] \| Bagged Products for Clay [Member]
Materials and products for agriculture \| T	145
Royalty fee tons \| T	5
Arthur Scott Dockter [Member]
Note payable balance				127,816			127,816		132,596
Note payable interest rate percentage											6.00%
Note principal amount											$ 197,096
Interest expense				2,916		$ 4,834	2,916	$ 4,834
Repayments of notes payable							4,780		44,500
Bayshore Capital Advisors, LLC [Member]
Note payable balance			$ 25,000	25,000			25,000		$ 25,000
Ownership percentage			10.00%
Note payable interest rate percentage			6.00%
Maturity date, description			The note bears interest at the rate of 6% per annum and was payable August 26, 2016, or when the Company closes a bridge financing, whichever occurs first. The Company is in default on this note as of May 31, 2020.
Interest expense							$ 370	752
US Mine Corporation [Member]
Maturity date, description							Maturity dates ranging from December 1, 2021 through February 1, 2022
Services cost						31,747		43,036
Convertible notes				178,000			178,000
US Mine Corporation [Member] \| Securities Purchase Agreement [Member] \| Unsecured Convertible Promissory Notes [Member]
Note payable interest rate percentage										5.00%
Note principal amount										$ 1,000,000
Debt instrument, conversion price \| $ / shares										$ 0.16
US Mine Corporation [Member] \| Vendors and Creditors [Member]
Payments for expenses						690		271,059
Cash advances				33,000		125,000	201,125	413,125
USMC [Member]
Forgiveness of related party liabilities		$ 150,257
USMC [Member] \| Affiliates [Member]
Interest expense				$ 3,461		$ 3,461	$ 3,461	$ 3,461

XML 45 R36.htm IDEA: XBRL DOCUMENT

Concentration of Credit Risk (Details Narrative) - USD ($)	6 Months Ended		12 Months Ended
	May 31, 2020	May 31, 2019	Nov. 30, 2019
Vendors [Member] \| Two Supplier [Member] \| Related Party [Member]
Concentration risk percentage	100.00%		100.00%
Three Customers [Member] \| Revenues [Member]
Concentration risk percentage	100.00%	98.00%
One Customers [Member] \| Accounts Receivable [Member]
Concentration risk percentage	100.00%
Two Customers [Member] \| Accounts Receivable [Member]
Concentration risk percentage			100.00%
Maximum [Member]
FDIC on Cash	$ 250,000

XML 46 R37.htm IDEA: XBRL DOCUMENT

Concentration of Credit Risk - Schedule of Concentration of Credit Risk (Details)	6 Months Ended		12 Months Ended
	May 31, 2020	May 31, 2019	Nov. 30, 2019
Vendors [Member] \| Vendor A, Related Party [Member]
Concentration risk percentage	76.00%		88.00%
Vendors [Member] \| Vendor B [Member]
Concentration risk percentage	24.00%		12.00%
Customer A [Member] \| Revenues [Member]
Concentration risk percentage	74.00%	48.00%
Customer A [Member] \| Accounts Receivable [Member]
Concentration risk percentage			66.00%
Customer B [Member] \| Revenues [Member]
Concentration risk percentage	16.00%	25.00%
Customer B [Member] \| Accounts Receivable [Member]
Concentration risk percentage			34.00%
Customer C [Member] \| Revenues [Member]
Concentration risk percentage	10.00%	25.00%

XML 47 R38.htm IDEA: XBRL DOCUMENT

Subsequent Events (Details Narrative) - USD ($)			6 Months Ended
Subsequent Events (Details Narrative) - USD ($)	Jun. 11, 2020	Jun. 02, 2020	May 31, 2020	May 31, 2019	Nov. 30, 2019
Stock options granted during period			450,000
Stock options, exercise price
Shares issued price per share			$ 0.10
Liabilities assumption, value			$ 1,068,562		$ 976,821
Subsequent Event [Member] \| Purchase Agreement [Member] \| Quove Corporation [Member]
Number of shares issued during period, shares	6,200,000
Shares issued price per share	$ 0.10
Liabilities assumption, value	$ 10,000
Subsequent Event [Member] \| Employee [Member]
Stock options granted during period		100,000
Stock options, exercise price		$ 0.10

- Definition

Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
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-Section S99
-Paragraph 1
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-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

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