10-Q Filing

U.S. GOLD CORP. CIK: 27093 Q2 2015

Filing Information

Form Type	10-Q
Accession Number	`0001171520-14-000817`
Period End Date	20141031
Filing Date	20141222
Fiscal Year	2015
Fiscal Period	Q2
XBRL Instance	dram-20141030.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 67 Income Statement 64 Cash Flow Statement 69 Stockholders Equity 17

Balance Sheet 67 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts and sales returns	`AllowanceForDoubtfulAccountsReceivableCurrent`	$200.00K	USD	Point-in-time
Allowance for doubtful accounts and sales returns	`AllowanceForDoubtfulAccountsReceivableCurrent`	$220.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$324.24K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$257.63K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$1.00	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$602.76K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$1.00	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$32.72K	USD	Point-in-time
Common stock, authorized shares	`CommonStockSharesAuthorized`	54.00M	shares	Point-in-time
Accounts receivable, less allowance for doubtful accounts and sales returns of $220,000 at October 31, 2014 and April 30, 2014	`AccountsReceivableNet`	$3.66M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts and sales returns of $220,000 at October 31, 2014 and April 30, 2014	`AccountsReceivableNet`	$2.96M	USD	Point-in-time
Common stock, authorized shares	`CommonStockSharesAuthorized`	54.00M	shares	Point-in-time
Common stock, issued shares	`CommonStockSharesIssued`	2.41M	shares	Point-in-time
Common stock, issued shares	`CommonStockSharesIssued`	2.41M	shares	Point-in-time
Inventories	`InventoryNet`	$2.07M	USD	Point-in-time
Inventories	`InventoryNet`	$2.29M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$7.23K	USD	Point-in-time
Common stock, outstanding shares	`CommonStockSharesOutstanding`	2.41M	shares	Point-in-time
Common stock, outstanding shares	`CommonStockSharesOutstanding`	2.41M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$169.34K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$6.22M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$5.23M	USD	Point-in-time
Machinery and equipment	`MachineryAndEquipmentGross`	$450.96K	USD	Point-in-time
Machinery and equipment	`MachineryAndEquipmentGross`	$450.96K	USD	Point-in-time
Leasehold improvements	`LeaseholdImprovementsGross`	$607.87K	USD	Point-in-time
Leasehold improvements	`LeaseholdImprovementsGross`	$607.87K	USD	Point-in-time
Property and equipment, gross	`PropertyPlantAndEquipmentGross`	$1.06M	USD	Point-in-time
Property and equipment, gross	`PropertyPlantAndEquipmentGross`	$1.06M	USD	Point-in-time
Less: accumulated depreciation and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$894.02K	USD	Point-in-time
Less: accumulated depreciation and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$840.03K	USD	Point-in-time
Net property and equipment	`PropertyPlantAndEquipmentNet`	$218.80K	USD	Point-in-time
Net property and equipment	`PropertyPlantAndEquipmentNet`	$164.80K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$49.21K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$51.16K	USD	Point-in-time
Capitalized software development costs	`CapitalizedSoftwareDevelopmentCostsForSoftwareSoldToCustomers`	-	USD	Point-in-time
Capitalized software development costs	`CapitalizedSoftwareDevelopmentCostsForSoftwareSoldToCustomers`	$365.42K	USD	Point-in-time
Goodwill	`Goodwill`	$1.08M	USD	Point-in-time
Goodwill	`Goodwill`	$1.08M	USD	Point-in-time
Total assets	`Assets`	$6.90M	USD	Point-in-time
Total assets	`Assets`	$7.57M	USD	Point-in-time
Note payable-revolving credit line	`NotesAndLoansPayable`	$2.62M	USD	Point-in-time
Note payable-revolving credit line	`NotesAndLoansPayable`	$2.97M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.25M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.44M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$927.94K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$589.58K	USD	Point-in-time
Convertible notes payable, net of discount	`ConvertibleNotesPayableCurrent`	$600.00K	USD	Point-in-time
Convertible notes payable, net of discount	`ConvertibleNotesPayableCurrent`	-	USD	Point-in-time
Convertible notes payable related parties, net of discount	`NotesPayableRelatedPartiesClassifiedCurrent`	-	USD	Point-in-time
Convertible notes payable related parties, net of discount	`NotesPayableRelatedPartiesClassifiedCurrent`	$150.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$6.21M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$5.34M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$250.83K	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$215.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$5.59M	USD	Point-in-time
Total liabilities	`Liabilities`	$6.42M	USD	Point-in-time
Common stock, par value $1.00 per share. Authorized 54,000,000 shares; issued and outstanding 2,410,512 at October 31, 2014 and April 30, 2014	`CommonStockValue`	$2.41M	USD	Point-in-time
Common stock, par value $1.00 per share. Authorized 54,000,000 shares; issued and outstanding 2,410,512 at October 31, 2014 and April 30, 2014	`CommonStockValue`	$2.41M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$20.24M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$21.00M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-22.93M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-20.66M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$477.64K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$1.98M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$477.64K	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$7.57M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$6.90M	USD	Point-in-time

Income Statement 64 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$7.41M	USD	1 Quarter
Revenues	`Revenues`	$14.78M	USD	2 Qtrs
Revenues	`Revenues`	$6.88M	USD	1 Quarter
Revenues	`Revenues`	$14.60M	USD	2 Qtrs
Cost of sales	`CostOfGoodsSold`	$12.35M	USD	2 Qtrs
Cost of sales	`CostOfGoodsSold`	$5.84M	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$5.87M	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$11.65M	USD	2 Qtrs
Engineering	`TechnologyServicesCosts`	$619.02K	USD	2 Qtrs
Engineering	`TechnologyServicesCosts`	$299.69K	USD	1 Quarter
Engineering	`TechnologyServicesCosts`	$317.29K	USD	2 Qtrs
Engineering	`TechnologyServicesCosts`	$151.73K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$3.67M	USD	2 Qtrs
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$3.31M	USD	2 Qtrs
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$1.63M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$1.67M	USD	1 Quarter
Gain on asset disposal	`GainLossOnDispositionOfAssets1`	-	USD	2 Qtrs
Gain on asset disposal	`GainLossOnDispositionOfAssets1`	$103.00K	USD	2 Qtrs
Gain on asset disposal	`GainLossOnDispositionOfAssets1`	-	USD	1 Quarter
Gain on asset disposal	`GainLossOnDispositionOfAssets1`	$103.00K	USD	1 Quarter
Total costs and expenses	`CostOfRevenue`	$7.69M	USD	1 Quarter
Total costs and expenses	`CostOfRevenue`	$7.67M	USD	1 Quarter
Total costs and expenses	`CostOfRevenue`	$15.83M	USD	2 Qtrs
Total costs and expenses	`CostOfRevenue`	$15.98M	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-1.37M	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-1.06M	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-810.68K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-258.00K	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNonoperatingNet`	$-877.03K	USD	2 Qtrs
Interest expense, net	`InterestIncomeExpenseNonoperatingNet`	$-683.35K	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNonoperatingNet`	$-176.00K	USD	2 Qtrs
Interest expense, net	`InterestIncomeExpenseNonoperatingNet`	$-91.58K	USD	1 Quarter
Currency gain (loss), net	`ForeignCurrencyTransactionGainLossBeforeTax`	$-12.93K	USD	1 Quarter
Currency gain (loss), net	`ForeignCurrencyTransactionGainLossBeforeTax`	$11.54K	USD	2 Qtrs
Currency gain (loss), net	`ForeignCurrencyTransactionGainLossBeforeTax`	$-15.20K	USD	2 Qtrs
Currency gain (loss), net	`ForeignCurrencyTransactionGainLossBeforeTax`	$11.38K	USD	1 Quarter
Total other expense, net	`NonoperatingIncomeExpense`	$-696.28K	USD	1 Quarter
Total other expense, net	`NonoperatingIncomeExpense`	$-892.24K	USD	2 Qtrs
Total other expense, net	`NonoperatingIncomeExpense`	$-80.20K	USD	1 Quarter
Total other expense, net	`NonoperatingIncomeExpense`	$-164.45K	USD	2 Qtrs
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-338.19K	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-1.51M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-2.26M	USD	2 Qtrs
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-1.22M	USD	2 Qtrs
Income tax expense	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$2.85K	USD	2 Qtrs
Income tax expense	`IncomeTaxExpenseBenefit`	-	USD	2 Qtrs
Net loss	`ProfitLoss`	$-1.51M	USD	1 Quarter
Net loss	`ProfitLoss`	$-338.19K	USD	1 Quarter
Net loss	`ProfitLoss`	$-2.61M	USD	Annual
Net loss	`ProfitLoss`	$-2.27M	USD	2 Qtrs
Net loss	`ProfitLoss`	$-4.62M	USD	Annual
Net loss	`ProfitLoss`	$-1.22M	USD	2 Qtrs
Net loss	`ProfitLoss`	$-2.27M	USD	1 Quarter
Net loss	`ProfitLoss`	$-3.26M	USD	Annual
Basic	`EarningsPerShareBasic`	$-0.94	USD	2 Qtrs
Basic	`EarningsPerShareBasic`	$-0.18	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$-0.63	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$-0.67	USD	2 Qtrs
Diluted	`EarningsPerShareDiluted`	$-0.18	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$-0.94	USD	2 Qtrs
Diluted	`EarningsPerShareDiluted`	$-0.63	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$-0.67	USD	2 Qtrs

Cash Flow Statement 69 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-1.51M	USD	1 Quarter
Net loss	`ProfitLoss`	$-338.19K	USD	1 Quarter
Net loss	`ProfitLoss`	$-2.61M	USD	Annual
Net loss	`ProfitLoss`	$-2.27M	USD	2 Qtrs
Net loss	`ProfitLoss`	$-4.62M	USD	Annual
Net loss	`ProfitLoss`	$-1.22M	USD	2 Qtrs
Net loss	`ProfitLoss`	$-2.27M	USD	1 Quarter
Net loss	`ProfitLoss`	$-3.26M	USD	Annual
Gain on sale of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$-103.00K	USD	2 Qtrs
Gain on sale of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	-	USD	2 Qtrs
Amortization of deferred gain on sale leaseback	`SaleLeasebackTransactionCurrentPeriodGainRecognized`	-	USD	2 Qtrs
Amortization of deferred gain on sale leaseback	`SaleLeasebackTransactionCurrentPeriodGainRecognized`	$-35.83K	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$54.00K	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$183.50K	USD	2 Qtrs
Bad debt expense	`AllowanceForLoanAndLeaseLossesWriteOffs`	$161.58K	USD	2 Qtrs
Bad debt expense	`AllowanceForLoanAndLeaseLossesWriteOffs`	$23.15K	USD	2 Qtrs
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	-	USD	2 Qtrs
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$750.00K	USD	2 Qtrs
Stock-based compensation expense	`ShareBasedCompensation`	$18.00K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$9.43K	USD	2 Qtrs
Stock-based compensation expense	`ShareBasedCompensation`	$5.00K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$38.68K	USD	2 Qtrs
Decrease (increase) in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$678.77K	USD	2 Qtrs
Decrease (increase) in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-15.96K	USD	2 Qtrs
Decrease in inventories	`IncreaseDecreaseInInventories`	$721.31K	USD	2 Qtrs
Decrease in inventories	`IncreaseDecreaseInInventories`	$219.12K	USD	2 Qtrs
Increase in other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$-162.12K	USD	2 Qtrs
Increase in other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$-117.35K	USD	2 Qtrs
Decrease in other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$1.95K	USD	2 Qtrs
Decrease in other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$6.53K	USD	2 Qtrs
Increase in accounts payable	`IncreaseDecreaseInAccountsPayable`	$810.61K	USD	2 Qtrs
Increase in accounts payable	`IncreaseDecreaseInAccountsPayable`	$358.51K	USD	2 Qtrs
Decrease in accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-61.25K	USD	2 Qtrs
Decrease in accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-338.37K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.55M	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-3.88M	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.22M	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-47.26K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-256.01K	USD	2 Qtrs
Software development costs	`CapitalizedComputerSoftwarePeriodIncreaseDecrease`	$365.42K	USD	2 Qtrs
Software development costs	`CapitalizedComputerSoftwarePeriodIncreaseDecrease`	-	USD	2 Qtrs
Sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	-	USD	2 Qtrs
Sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$500.00K	USD	2 Qtrs
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-365.42K	USD	2 Qtrs
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$500.00K	USD	2 Qtrs
Net borrowings (payments) under revolving credit line	`ProceedsFromRepaymentsOfLinesOfCredit`	$-353.48K	USD	2 Qtrs
Net borrowings (payments) under revolving credit line	`ProceedsFromRepaymentsOfLinesOfCredit`	$-169.71K	USD	2 Qtrs
Proceeds from issuance of convertible notes and warrants	`ProceedsFromIssuanceOfConvertibleNotesWarrants`	-	USD	2 Qtrs
Proceeds from issuance of convertible notes and warrants	`ProceedsFromIssuanceOfConvertibleNotesWarrants`	$750.00K	USD	2 Qtrs
Payments under related party note payable	`RepaymentsOfRelatedPartyDebt`	-	USD	2 Qtrs
Payments under related party note payable	`RepaymentsOfRelatedPartyDebt`	$700.00K	USD	2 Qtrs
Net proceeds from sale of common shares	`ProceedsFromIssuanceOfCommonStock`	$695.49K	USD	2 Qtrs
Net proceeds from sale of common shares	`ProceedsFromIssuanceOfCommonStock`	-	USD	2 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$396.52K	USD	2 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-174.22K	USD	2 Qtrs
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-224.92K	USD	2 Qtrs
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$278.52K	USD	2 Qtrs
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$324.24K	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$257.63K	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$602.76K	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$32.72K	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$324.24K	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$257.63K	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$602.76K	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$32.72K	USD	Point-in-time
Interest	`InterestPaid`	$127.03K	USD	2 Qtrs
Interest	`InterestPaid`	$182.81K	USD	2 Qtrs
Debt discount on convertible notes payable	`DebtDiscountOnConvertibleNotes`	-	USD	2 Qtrs
Debt discount on convertible notes payable	`DebtDiscountOnConvertibleNotes`	$750.00K	USD	2 Qtrs

Stockholders Equity 17 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquity`	$477.64K	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$1.98M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$477.64K	USD	Point-in-time
Net loss	`ProfitLoss`	$-1.51M	USD	1 Quarter
Net loss	`ProfitLoss`	$-338.19K	USD	1 Quarter
Net loss	`ProfitLoss`	$-2.61M	USD	Annual
Net loss	`ProfitLoss`	$-2.27M	USD	2 Qtrs
Net loss	`ProfitLoss`	$-4.62M	USD	Annual
Net loss	`ProfitLoss`	$-1.22M	USD	2 Qtrs
Net loss	`ProfitLoss`	$-2.27M	USD	1 Quarter
Net loss	`ProfitLoss`	$-3.26M	USD	Annual
Stock based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$9.43K	USD	1 Quarter
Fair value of detachable warrants	`AdjustmentsToAdditionalPaidInCapitalWarrantIssued`	$562.00K	USD	1 Quarter
Beneficial conversion feature of convertible notes payable	`AdjustmentsToAdditionalPaidInCapitalConvertibleDebtWithConversionFeature`	$188.00K	USD	1 Quarter
Ending balance	`StockholdersEquity`	$477.64K	USD	Point-in-time
Ending balance	`StockholdersEquity`	$1.98M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$477.64K	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.