10-K Filing

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

Filing Information

Form Type	10-K
Accession Number	`0001493152-20-013170`
Period End Date	20200430
Filing Date	20200713
Fiscal Year	2020
Fiscal Period	FY
XBRL Instance	usau-20200430.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 56 Income Statement 27 Cash Flow Statement 64 Stockholders Equity 30

Balance Sheet 56 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`	$2.75M	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$2.20M	USD	Point-in-time
Income tax receivable	`IncomeTaxesReceivable`	-	USD	Point-in-time
Income tax receivable	`IncomeTaxesReceivable`	$219.07K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$212.72K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$613.26K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$3.18M	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
Common stock, shares authorized	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	2.90M	shares	Point-in-time
Property, net	`PropertyPlantAndEquipmentNet`	$74.93K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	1.99M	shares	Point-in-time
Property, net	`PropertyPlantAndEquipmentNet`	$133.37K	USD	Point-in-time
Reclamation bond deposit	`DepositsAssetsNoncurrent`	$339.45K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	2.90M	shares	Point-in-time
Reclamation bond deposit	`DepositsAssetsNoncurrent`	$355.56K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	1.99M	shares	Point-in-time
Mineral rights	`MineralRights`	$6.16M	USD	Point-in-time
Mineral rights	`MineralRights`	$4.18M	USD	Point-in-time
Total non - current assets	`AssetsNoncurrent`	$4.59M	USD	Point-in-time
Total non - current assets	`AssetsNoncurrent`	$6.65M	USD	Point-in-time
Total assets	`Assets`	$7.40M	USD	Point-in-time
Total assets	`Assets`	$9.83M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$112.30K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$154.38K	USD	Point-in-time
Accounts payable - related parties	`AccountsPayableRelatedPartiesCurrent`	$3.46K	USD	Point-in-time
Accounts payable - related parties	`AccountsPayableRelatedPartiesCurrent`	$42.54K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	-	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$5.37K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$160.21K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$157.84K	USD	Point-in-time
Asset retirement obligation	`AssetRetirementObligationsNoncurrent`	-	USD	Point-in-time
Asset retirement obligation	`AssetRetirementObligationsNoncurrent`	$88.75K	USD	Point-in-time
Asset retirement obligation	`AssetRetirementObligationsNoncurrent`	$168.39K	USD	Point-in-time
Total liabilities	`Liabilities`	$326.23K	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; 2,903,393 and 1,986,063 shares issued and outstanding as of April 30, 2020 and 2019)	`CommonStockValue`	$2.90K	USD	Point-in-time
Common stock ($0.001 Par Value; 200,000,000 Shares Authorized; 2,903,393 and 1,986,063 shares issued and outstanding as of April 30, 2020 and 2019)	`CommonStockValue`	$1.99K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$41.09M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$33.43M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-26.28M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-31.59M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$7.15M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$12.70M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$9.51M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$9.83M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$7.40M	USD	Point-in-time

Income Statement 27 line items

Line Item	Tag	Value	Unit	Period
Net revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	-	USD	Annual
Net revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	-	USD	Annual
Compensation and related taxes - general and administrative	`CompensationAndRelatedTaxesGeneralAndAdministrative`	$1.37M	USD	Annual
Compensation and related taxes - general and administrative	`CompensationAndRelatedTaxesGeneralAndAdministrative`	$2.25M	USD	Annual
Exploration costs	`ExplorationExpense`	$2.58M	USD	Annual
Exploration costs	`ExplorationExpense`	$1.28M	USD	Annual
Professional and consulting fees	`ProfessionalFees`	$2.38M	USD	Annual
Professional and consulting fees	`ProfessionalFees`	$2.20M	USD	Annual
General and administrative expenses	`GeneralAndAdministrativeExpense`	$661.44K	USD	Annual
General and administrative expenses	`GeneralAndAdministrativeExpense`	$576.23K	USD	Annual
Total operating expenses	`OperatingExpenses`	$5.69M	USD	Annual
Total operating expenses	`OperatingExpenses`	$7.61M	USD	Annual
Loss before benefit (provision) for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-7.61M	USD	Annual
Loss before benefit (provision) for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-5.69M	USD	Annual
Benefit (provision) for income taxes	`IncomeTaxExpenseBenefit`	$-438.14K	USD	Annual
Benefit (provision) for income taxes	`IncomeTaxExpenseBenefit`	$435.35K	USD	Annual
Net loss	`NetIncomeLoss`	$-8.05M	USD	Annual
Net loss	`NetIncomeLoss`	$-5.25M	USD	Annual
Deemed dividend related to beneficial conversion feature of preferred stock	`DeemedDividendRelatedToBeneficialConversionFeatureOfPreferredStock`	$2.00M	USD	Point-in-time
Deemed dividend related to beneficial conversion feature of preferred stock	`DeemedDividendRelatedToBeneficialConversionFeatureOfPreferredStock`	$-2.09M	USD	Annual
Deemed dividend related to beneficial conversion feature of preferred stock	`DeemedDividendRelatedToBeneficialConversionFeatureOfPreferredStock`	-	USD	Annual
Net loss applicable to U.S. Gold Corp. common shareholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-7.34M	USD	Annual
Net loss applicable to U.S. Gold Corp. common shareholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-8.05M	USD	Annual
Net Loss per common share, basic and diluted	`EarningsPerShareBasicAndDiluted`	$-4.36	USD	Annual
Net Loss per common share, basic and diluted	`EarningsPerShareBasicAndDiluted`	$-3.17	USD	Annual
Weighted average common shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	2.32M	shares	Annual
Weighted average common shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	1.85M	shares	Annual

Cash Flow Statement 64 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-8.05M	USD	Annual
Net loss	`NetIncomeLoss`	$-5.25M	USD	Annual
Depreciation	`Depreciation`	$10.73K	USD	Annual
Depreciation	`Depreciation`	$6.96K	USD	Annual
Accretion	`AccretionExpense`	$10.47K	USD	Annual
Accretion	`AccretionExpense`	$6.86K	USD	Annual
Stock based compensation	`ShareBasedCompensation`	$1.27M	USD	Annual
Stock based compensation	`ShareBasedCompensation`	$2.28M	USD	Annual
Amortization of prepaid stock based expenses	`AmortizationOfPrepaidStockBasedExpenses`	$45.25K	USD	Annual
Amortization of prepaid stock based expenses	`AmortizationOfPrepaidStockBasedExpenses`	$160.38K	USD	Annual
Deferred income taxes	`DeferredIncomeTaxesAndTaxCredits`	-	USD	Annual
Deferred income taxes	`DeferredIncomeTaxesAndTaxCredits`	$435.35K	USD	Annual
Income tax receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$219.07K	USD	Annual
Income tax receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	-	USD	Annual
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$40.72K	USD	Annual
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-240.17K	USD	Annual
Reclamation bond deposit	`IncreaseDecreaseInDepositOtherAssets`	$16.11K	USD	Annual
Reclamation bond deposit	`IncreaseDecreaseInDepositOtherAssets`	$246.52K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-132.14K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-83.59K	USD	Annual
Accounts payable - related parties	`IncreaseDecreaseInAccountsPayableRelatedParties`	$40.11K	USD	Annual
Accounts payable - related parties	`IncreaseDecreaseInAccountsPayableRelatedParties`	$-12.18K	USD	Annual
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-5.37K	USD	Annual
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-12.83K	USD	Annual
NET CASH USED IN OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$-3.90M	USD	Annual
NET CASH USED IN OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$-5.67M	USD	Annual
Net proceeds received in connection with the share exchange agreement	`ProceedsFromShareExchangeAgreement`	-	USD	Annual
Net proceeds received in connection with the share exchange agreement	`ProceedsFromShareExchangeAgreement`	$159.06K	USD	Annual
NET CASH PROVIDED BY INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$159.06K	USD	Annual
NET CASH PROVIDED BY INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	-	USD	Annual
Issuance of preferred stock and warrants, net of issuance cost	`ProceedsFromIssuanceOfPreferredStockPreferenceStockAndWarrants`	$2.40M	USD	Annual
Issuance of preferred stock and warrants, net of issuance cost	`ProceedsFromIssuanceOfPreferredStockPreferenceStockAndWarrants`	-	USD	Annual
Issuance of common stock, net of offering costs	`ProceedsFromIssuanceOfCommonStock`	$1.89M	USD	Annual
Issuance of common stock, net of offering costs	`ProceedsFromIssuanceOfCommonStock`	$219.80K	USD	Annual
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$4.29M	USD	Annual
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$219.80K	USD	Annual
NET INCREASE (DECREASE) IN CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$552.78K	USD	Annual
NET INCREASE (DECREASE) IN CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-5.45M	USD	Annual
CASH - beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$2.75M	USD	Point-in-time
CASH - beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$7.65M	USD	Point-in-time
CASH - beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$2.20M	USD	Point-in-time
CASH - end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$2.75M	USD	Point-in-time
CASH - end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$7.65M	USD	Point-in-time
CASH - end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$2.20M	USD	Point-in-time
Interest	`InterestPaidNet`	-	USD	Annual
Interest	`InterestPaidNet`	-	USD	Annual
Income taxes	`IncomeTaxesPaidNet`	-	USD	Annual
Income taxes	`IncomeTaxesPaidNet`	-	USD	Annual
Increase in asset retirement obligation	`IncreaseInAssetRetirementObligation`	$81.89K	USD	Annual
Increase in asset retirement obligation	`IncreaseInAssetRetirementObligation`	-	USD	Annual
Issuance of common stock for accrued services	`IssuanceOfCommonStockForAccruedServicesNonCash`	$26.90K	USD	Annual
Issuance of common stock for accrued services	`IssuanceOfCommonStockForAccruedServicesNonCash`	$12.50K	USD	Annual
Deemed dividends - Series F and G preferred stock	`DeemedDividendsSeriesPreferredStock`	$2.09M	USD	Annual
Deemed dividends - Series F and G preferred stock	`DeemedDividendsSeriesPreferredStock`	-	USD	Annual
Issuance of common stock in connection with the share exchange agreement	`StockIssued1`	$2.02M	USD	Annual
Issuance of common stock in connection with the share exchange agreement	`StockIssued1`	-	USD	Annual
Assumption of liabilities in connection with the share exchange agreement	`AssumptionOfLiabilitiesInConnectionWithShareExchangeAgreement`	$125.67K	USD	Annual
Assumption of liabilities in connection with the share exchange agreement	`AssumptionOfLiabilitiesInConnectionWithShareExchangeAgreement`	-	USD	Annual
Increase in mineral properties in connection with the share exchange agreement	`IncreaseInMineralPropertiesInConnectionWithShareExchangeAgreement`	-	USD	Annual
Increase in mineral properties in connection with the share exchange agreement	`IncreaseInMineralPropertiesInConnectionWithShareExchangeAgreement`	$1.99M	USD	Annual
Issuance of common stock for prepaid services	`IssuanceOfCommonStockForPrepaidServices`	$160.38K	USD	Annual
Issuance of common stock for prepaid services	`IssuanceOfCommonStockForPrepaidServices`	-	USD	Annual
Increase in asset retirement cost and obligation	`IncreaseInAssetRetirementCostAndObligation`	$69.17K	USD	Annual
Increase in asset retirement cost and obligation	`IncreaseInAssetRetirementCostAndObligation`	-	USD	Annual

Stockholders Equity 30 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$7.15M	USD	Point-in-time
Balance	`StockholdersEquity`	$12.70M	USD	Point-in-time
Balance	`StockholdersEquity`	$9.51M	USD	Point-in-time
Issuance of common stock for cash, net of offering cost	`StockIssuedDuringPeriodValueNewIssues`	$219.80K	USD	Annual
Issuance of common stock for cash, net of offering cost	`StockIssuedDuringPeriodValueNewIssues`	$1.89M	USD	Annual
Issuance of common stock for salaries	`IssuanceOfCommonStockForSalaries`	$567.50K	USD	Annual
Issuance of common stock for exploration expenses	`IssuanceOfCommonStockForExplorationExpenses`	$183.23K	USD	Annual
Issuance of common stock for services	`StockIssuedDuringPeriodValueIssuedForServices`	$1.19M	USD	Annual
Issuance of common stock for services	`StockIssuedDuringPeriodValueIssuedForServices`	$572.60K	USD	Annual
Issuance of common stock for accrued services	`IssuanceOfCommonStockForAccruedServices`	$26.90K	USD	Annual
Issuance of common stock for accrued services	`IssuanceOfCommonStockForAccruedServices`	$12.50K	USD	Annual
Stock options granted for services	`IssuanceOfOptionsForServices`	$328.08K	USD	Annual
Stock options granted for services	`IssuanceOfOptionsForServices`	$196.05K	USD	Annual
Issuance of preferred stock and warrants for cash, net of offering cost	`StockAndWarrantsIssuedDuringPeriodValuePreferredStockAndWarrants`	$2.40M	USD	Annual
Issuance of preferred stock in connection with the Exchange Agreement	`IssuanceOfPreferredStockInConnectionWithExchangeAgreement`	-	USD	Annual
Issuance of common stock to private placement agent related to sale of common stock	`IssuanceOfCommonStockToPrivatePlacementAgentRelatedToSaleOfCommonStock`	-	USD	Annual
Conversion of preferred stock into common stock	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	-	USD	Annual
Issuance of common stock in connection with the share exchange agreement	`StockIssuedDuringPeriodValueOther`	$2.02M	USD	Annual
Stock-based compensation in connection with restricted common stock award grants and restricted common stock unit grants	`StockIssuedDuringPeriodValueRestrictedStockAwardGross`	$334.75K	USD	Point-in-time
Stock-based compensation in connection with restricted common stock award grants and restricted common stock unit grants	`StockIssuedDuringPeriodValueRestrictedStockAwardGross`	$880.62K	USD	Annual
Stock-based compensation in connection with restricted common stock award grants and restricted common stock unit grants	`StockIssuedDuringPeriodValueRestrictedStockAwardGross`	$497.53K	USD	Annual
Stock-based compensation in connection with restricted common stock award grants and restricted common stock unit grants	`StockIssuedDuringPeriodValueRestrictedStockAwardGross`	$18.30K	USD	Point-in-time
Stock-based compensation in connection with restricted common stock award grants and restricted common stock unit grants, shares	`StockIssuedDuringPeriodSharesRestrictedStockAwardGross`	32,500.00	shares	Point-in-time
Stock-based compensation in connection with restricted common stock award grants and restricted common stock unit grants, shares	`StockIssuedDuringPeriodSharesRestrictedStockAwardGross`	2,100.00	shares	Point-in-time
Fractional difference due to the reverse stock split	`FractionalDifferenceDueToReverseStockSplit`	$-1.00	USD	Annual
Net loss	`NetIncomeLoss`	$-8.05M	USD	Annual
Net loss	`NetIncomeLoss`	$-5.25M	USD	Annual
Balance	`StockholdersEquity`	$7.15M	USD	Point-in-time
Balance	`StockholdersEquity`	$12.70M	USD	Point-in-time
Balance	`StockholdersEquity`	$9.51M	USD	Point-in-time

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