10-Q Filing

U.S. GOLD CORP. CIK: 27093 Q1 2020

Filing Information

Form Type	10-Q
Accession Number	`0001493152-19-014123`
Period End Date	20190731
Filing Date	20190916
Fiscal Year	2020
Fiscal Period	Q1
XBRL Instance	usau-20190731.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 55 Income Statement 26 Cash Flow Statement 47 Stockholders Equity 21

Balance Sheet 55 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	50.00M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	50.00M	shares	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$3.54M	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$2.20M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$628.03K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$613.26K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$4.17M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$2.81M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Property, net	`PropertyPlantAndEquipmentNet`	$72.51K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Property, net	`PropertyPlantAndEquipmentNet`	$74.93K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Reclamation bond deposit	`DepositsAssetsNoncurrent`	$339.45K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	19.86M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	20.89M	shares	Point-in-time
Reclamation bond deposit	`DepositsAssetsNoncurrent`	$355.56K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	19.86M	shares	Point-in-time
Mineral rights	`MineralRights`	$4.18M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	20.89M	shares	Point-in-time
Mineral rights	`MineralRights`	$4.18M	USD	Point-in-time
Total Non - Current Assets	`AssetsNoncurrent`	$4.61M	USD	Point-in-time
Total Non - Current Assets	`AssetsNoncurrent`	$4.59M	USD	Point-in-time
Total Assets	`Assets`	$7.40M	USD	Point-in-time
Total Assets	`Assets`	$8.77M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$269.38K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$112.30K	USD	Point-in-time
Accounts payable - related parties	`AccountsPayableRelatedPartiesCurrent`	$42.54K	USD	Point-in-time
Accounts payable - related parties	`AccountsPayableRelatedPartiesCurrent`	$23.68K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$5.37K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	-	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$293.05K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$160.21K	USD	Point-in-time
Asset retirement obligation	`AssetRetirementObligationsNoncurrent`	-	USD	Point-in-time
Asset retirement obligation	`AssetRetirementObligationsNoncurrent`	$90.89K	USD	Point-in-time
Asset retirement obligation	`AssetRetirementObligationsNoncurrent`	$88.75K	USD	Point-in-time
Total Liabilities	`Liabilities`	$383.94K	USD	Point-in-time
Total Liabilities	`Liabilities`	$248.96K	USD	Point-in-time
Commitments and Contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock ($0.001 Par Value; 200,000,000 Shares Authorized; 20,888,550 and 19,860,625 shares issued and outstanding as of July 31, 2019 and April 30, 2019)	`CommonStockValue`	$20.89K	USD	Point-in-time
Common stock ($0.001 Par Value; 200,000,000 Shares Authorized; 20,888,550 and 19,860,625 shares issued and outstanding as of July 31, 2019 and April 30, 2019)	`CommonStockValue`	$19.86K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$33.41M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$37.97M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-29.61M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-26.28M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$11.34M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$12.70M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$7.15M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$8.39M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$8.77M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$7.40M	USD	Point-in-time

Income Statement 26 line items

Line Item	Tag	Value	Unit	Period
Net revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	-	USD	1 Quarter
Net revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	-	USD	1 Quarter
Compensation and related taxes	`CompensationAndRelatedTaxes`	$301.76K	USD	1 Quarter
Compensation and related taxes	`CompensationAndRelatedTaxes`	$287.08K	USD	1 Quarter
Exploration costs	`ExplorationExpense`	$195.39K	USD	1 Quarter
Exploration costs	`ExplorationExpense`	$504.82K	USD	1 Quarter
Professional fees	`ProfessionalFees`	$541.34K	USD	1 Quarter
Professional fees	`ProfessionalFees`	$644.07K	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$133.57K	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$182.05K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$1.31M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$1.48M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-1.31M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-1.48M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.48M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.31M	USD	1 Quarter
Deemed dividend related to beneficial conversion feature of series F preferred stock	`DeemedDividendRelatedToBeneficialConversionFeatureOfPreferredStock`	-	USD	1 Quarter
Deemed dividend related to beneficial conversion feature of series F preferred stock	`DeemedDividendRelatedToBeneficialConversionFeatureOfPreferredStock`	$-2.02M	USD	1 Quarter
Net loss applicable to U.S. Gold Corp. common shareholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-1.48M	USD	1 Quarter
Net loss applicable to U.S. Gold Corp. common shareholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-3.33M	USD	1 Quarter
Net Loss per common share, basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.17	USD	1 Quarter
Net Loss per common share, basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.08	USD	1 Quarter
Weighted average common shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	20.15M	shares	1 Quarter
Weighted average common shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	17.61M	shares	1 Quarter

Cash Flow Statement 47 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-1.48M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.31M	USD	1 Quarter
Depreciation	`Depreciation`	$1.32K	USD	1 Quarter
Depreciation	`Depreciation`	$2.42K	USD	1 Quarter
Accretion	`AccretionExpense`	$1.25K	USD	1 Quarter
Accretion	`AccretionExpense`	$6.86K	USD	Annual
Accretion	`AccretionExpense`	$2.14K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$129.90K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$110.14K	USD	1 Quarter
Amortization of prepaid stock based expenses	`AmortizationOfPrepaidStockBasedExpenses`	$53.21K	USD	1 Quarter
Amortization of prepaid stock based expenses	`AmortizationOfPrepaidStockBasedExpenses`	$105.19K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$286.68K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$67.98K	USD	1 Quarter
Reclamation bond deposit	`IncreaseDecreaseInDepositOtherAssets`	$16.11K	USD	1 Quarter
Reclamation bond deposit	`IncreaseDecreaseInDepositOtherAssets`	-	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$157.07K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$92.09K	USD	1 Quarter
Accounts payable - related parties	`IncreaseDecreaseInAccountsPayableRelatedParties`	$-6.36K	USD	1 Quarter
Accounts payable - related parties	`IncreaseDecreaseInAccountsPayableRelatedParties`	-	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-5.37K	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$6.20K	USD	1 Quarter
NET CASH USED IN OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$-1.45M	USD	1 Quarter
NET CASH USED IN OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$-1.06M	USD	1 Quarter
Issuance of preferred stock and warrants, net of issuance cost	`ProceedsFromIssuanceOfPreferredStockPreferenceStockAndWarrants`	-	USD	1 Quarter
Issuance of preferred stock and warrants, net of issuance cost	`ProceedsFromIssuanceOfPreferredStockPreferenceStockAndWarrants`	$2.40M	USD	1 Quarter
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$2.40M	USD	1 Quarter
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	-	USD	1 Quarter
NET INCREASE (DECREASE) IN CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-1.45M	USD	1 Quarter
NET INCREASE (DECREASE) IN CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$1.34M	USD	1 Quarter
CASH - beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$7.65M	USD	Point-in-time
CASH - beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$2.20M	USD	Point-in-time
CASH - beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$3.54M	USD	Point-in-time
CASH - beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$6.19M	USD	Point-in-time
CASH - end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$7.65M	USD	Point-in-time
CASH - end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$2.20M	USD	Point-in-time
CASH - end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$3.54M	USD	Point-in-time
CASH - end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$6.19M	USD	Point-in-time
Interest	`InterestPaidNet`	-	USD	1 Quarter
Interest	`InterestPaidNet`	-	USD	1 Quarter
Income taxes	`IncomeTaxesPaidNet`	-	USD	1 Quarter
Income taxes	`IncomeTaxesPaidNet`	-	USD	1 Quarter
Increase in asset retirement obligation	`IncreaseInAssetRetirementObligation`	$59.57K	USD	1 Quarter
Increase in asset retirement obligation	`IncreaseInAssetRetirementObligation`	-	USD	1 Quarter
Issuance of common stock for accrued services	`IssuanceOfCommonStockForAccruedServicesNonCash`	-	USD	1 Quarter
Issuance of common stock for accrued services	`IssuanceOfCommonStockForAccruedServicesNonCash`	$12.50K	USD	1 Quarter
Deemed Dividends - series F preferred stock	`DeemedDividendPreferredStock`	-	USD	1 Quarter
Deemed Dividends - series F preferred stock	`DeemedDividendPreferredStock`	$2.02M	USD	1 Quarter

Stockholders Equity 21 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$11.34M	USD	Point-in-time
Balance	`StockholdersEquity`	$12.70M	USD	Point-in-time
Balance	`StockholdersEquity`	$7.15M	USD	Point-in-time
Balance	`StockholdersEquity`	$8.39M	USD	Point-in-time
Issuance of preferred stock and warrants for cash, net of offering cost	`StockAndWarrantsIssuedDuringPeriodValuePreferredStockAndWarrants`	$2.40M	USD	1 Quarter
Issuance of common stock for services	`StockIssuedDuringPeriodValueIssuedForServices`	$25.00K	USD	1 Quarter
Issuance of common stock for services	`StockIssuedDuringPeriodValueIssuedForServices`	$76.51K	USD	1 Quarter
Conversion of preferred stock into common stock	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	-	USD	1 Quarter
Issuance of common stock for accrued services	`IssuanceOfCommonStockForAccruedServices`	$12.50K	USD	1 Quarter
Issuance of common stock for accrued services	`IssuanceOfCommonStockForAccruedServices`	$12.50K	USD	1 Quarter
Stock options granted for services	`IssuanceOfOptionsForServices`	$33.64K	USD	1 Quarter
Stock options granted for services	`IssuanceOfOptionsForServices`	$52.21K	USD	1 Quarter
Stock-based compensation in connection with restricted common stock unit grants	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition`	$52.68K	USD	1 Quarter
Cancellation of common stock	`StockRepurchasedDuringPeriodValue`	-	USD	1 Quarter
Deemed dividends - series F preferred stock	`DeemedDividendsPreferredStock`	-	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.48M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.31M	USD	1 Quarter
Balance	`StockholdersEquity`	$11.34M	USD	Point-in-time
Balance	`StockholdersEquity`	$12.70M	USD	Point-in-time
Balance	`StockholdersEquity`	$7.15M	USD	Point-in-time
Balance	`StockholdersEquity`	$8.39M	USD	Point-in-time

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