10-Q Filing

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

Filing Information

Form Type	10-Q
Accession Number	`0001493152-20-017661`
Period End Date	20200731
Filing Date	20200911
Fiscal Year	2020
Fiscal Period	Q1
XBRL Instance	usau-20200731.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 56 Income Statement 26 Cash Flow Statement 47 Stockholders Equity 22

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`	$1.74M	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$2.75M	USD	Point-in-time
Income tax receivable	`IncomeTaxesReceivable`	$219.07K	USD	Point-in-time
Income tax receivable	`IncomeTaxesReceivable`	$219.07K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$388.71K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$212.72K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$212.72K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$2.34M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$3.18M	USD	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
Common stock, shares issued	`CommonStockSharesIssued`	2.93M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	2.90M	shares	Point-in-time
Property, net	`PropertyPlantAndEquipmentNet`	$133.37K	USD	Point-in-time
Property, net	`PropertyPlantAndEquipmentNet`	$129.17K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	2.93M	shares	Point-in-time
Reclamation bond deposit	`DepositsAssetsNoncurrent`	$355.56K	USD	Point-in-time
Reclamation bond deposit	`DepositsAssetsNoncurrent`	$377.56K	USD	Point-in-time
Mineral rights	`MineralRights`	$6.16M	USD	Point-in-time
Mineral rights	`MineralRights`	$6.16M	USD	Point-in-time
Total non - current assets	`AssetsNoncurrent`	$6.65M	USD	Point-in-time
Total non - current assets	`AssetsNoncurrent`	$6.67M	USD	Point-in-time
Total assets	`Assets`	$9.83M	USD	Point-in-time
Total assets	`Assets`	$9.02M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$154.38K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$185.81K	USD	Point-in-time
Accounts payable - related parties	`AccountsPayableRelatedPartiesCurrent`	$34.50K	USD	Point-in-time
Accounts payable - related parties	`AccountsPayableRelatedPartiesCurrent`	$3.46K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$157.84K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$220.31K	USD	Point-in-time
Asset retirement obligation	`AssetRetirementObligationsNoncurrent`	$88.75K	USD	Point-in-time
Asset retirement obligation	`AssetRetirementObligationsNoncurrent`	$172.45K	USD	Point-in-time
Asset retirement obligation	`AssetRetirementObligationsNoncurrent`	$168.39K	USD	Point-in-time
Total liabilities	`Liabilities`	$392.76K	USD	Point-in-time
Total liabilities	`Liabilities`	$326.23K	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; 2,925,625 and 2,903,393 shares issued and outstanding as of July 31, 2020 and April 30, 2020)	`CommonStockValue`	$2.90K	USD	Point-in-time
Common stock ($0.001 Par Value; 200,000,000 Shares Authorized; 2,925,625 and 2,903,393 shares issued and outstanding as of July 31, 2020 and April 30, 2020)	`CommonStockValue`	$2.93K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$41.16M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$41.09M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-31.59M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-32.55M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$7.15M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$8.62M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$9.51M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$8.39M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$9.83M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$9.02M	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 - general and administrative	`CompensationAndRelatedTaxesGeneralAndAdministrative`	$287.08K	USD	1 Quarter
Compensation and related taxes - general and administrative	`CompensationAndRelatedTaxesGeneralAndAdministrative`	$194.27K	USD	1 Quarter
Exploration costs	`ExplorationExpense`	$74.35K	USD	1 Quarter
Exploration costs	`ExplorationExpense`	$195.39K	USD	1 Quarter
Professional and consulting fees	`ProfessionalFees`	$550.80K	USD	1 Quarter
Professional and consulting fees	`ProfessionalFees`	$644.07K	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$137.70K	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$182.05K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$957.12K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$1.31M	USD	1 Quarter
Loss before benefit (provision) for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-1.31M	USD	1 Quarter
Loss before benefit (provision) for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-957.12K	USD	1 Quarter
Benefit (provision) for income taxes	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Benefit (provision) for income taxes	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-957.12K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.31M	USD	1 Quarter
Deemed dividend related to beneficial conversion feature of preferred stock	`DeemedDividendRelatedToBeneficialConversionFeatureOfPreferredStock`	-	USD	1 Quarter
Deemed dividend related to beneficial conversion feature of preferred stock	`DeemedDividendRelatedToBeneficialConversionFeatureOfPreferredStock`	$-2.02M	USD	1 Quarter
Net loss applicable to U.S. Gold Corp. common shareholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-3.33M	USD	1 Quarter
Net loss applicable to U.S. Gold Corp. common shareholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-957.12K	USD	1 Quarter
Net Loss per common share, basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.33	USD	1 Quarter
Net Loss per common share, basic and diluted	`EarningsPerShareBasicAndDiluted`	$-1.65	USD	1 Quarter
Weighted average common shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	2.02M	shares	1 Quarter
Weighted average common shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	2.92M	shares	1 Quarter

Cash Flow Statement 47 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-957.12K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.31M	USD	1 Quarter
Depreciation	`Depreciation`	$4.20K	USD	1 Quarter
Depreciation	`Depreciation`	$2.42K	USD	1 Quarter
Accretion	`AccretionExpense`	$2.14K	USD	1 Quarter
Accretion	`AccretionExpense`	$4.06K	USD	1 Quarter
Accretion	`AccretionExpense`	$10.47K	USD	Annual
Stock based compensation	`ShareBasedCompensation`	$71.48K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$129.90K	USD	1 Quarter
Amortization of prepaid stock based expenses	`AmortizationOfPrepaidStockBasedExpenses`	$53.21K	USD	1 Quarter
Amortization of prepaid stock based expenses	`AmortizationOfPrepaidStockBasedExpenses`	-	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$67.98K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$176.00K	USD	1 Quarter
Reclamation bond deposit	`IncreaseDecreaseInDepositOtherAssets`	$22.00K	USD	1 Quarter
Reclamation bond deposit	`IncreaseDecreaseInDepositOtherAssets`	$16.11K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$157.07K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$31.43K	USD	1 Quarter
Accounts payable - related parties	`IncreaseDecreaseInAccountsPayableRelatedParties`	$-6.36K	USD	1 Quarter
Accounts payable - related parties	`IncreaseDecreaseInAccountsPayableRelatedParties`	$31.04K	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-5.37K	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	-	USD	1 Quarter
NET CASH USED IN OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$-1.01M	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`	$2.40M	USD	1 Quarter
Issuance of preferred stock and warrants, net of issuance cost	`ProceedsFromIssuanceOfPreferredStockPreferenceStockAndWarrants`	-	USD	1 Quarter
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	-	USD	1 Quarter
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$2.40M	USD	1 Quarter
NET (DECREASE) INCREASE IN CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-1.01M	USD	1 Quarter
NET (DECREASE) INCREASE IN CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$1.34M	USD	1 Quarter
CASH - beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$2.20M	USD	Point-in-time
CASH - beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$3.54M	USD	Point-in-time
CASH - beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$1.74M	USD	Point-in-time
CASH - beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$2.75M	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`	$1.74M	USD	Point-in-time
CASH - end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$2.75M	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
Issuance of common stock for accrued services	`IssuanceOfCommonStockForAccruedServicesNonCash`	$12.50K	USD	1 Quarter
Issuance of common stock for accrued services	`IssuanceOfCommonStockForAccruedServicesNonCash`	-	USD	1 Quarter
Deemed dividends - Series F preferred stock	`DeemedDividendsSeriesFPreferredStock`	$2.02M	USD	1 Quarter
Deemed dividends - Series F preferred stock	`DeemedDividendsSeriesFPreferredStock`	-	USD	1 Quarter
Issuance of common stock in connection with conversion of preferred stock	`StockIssued1`	$21.00	USD	1 Quarter
Issuance of common stock in connection with conversion of preferred stock	`StockIssued1`	$108.00	USD	1 Quarter

Stockholders Equity 22 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$7.15M	USD	Point-in-time
Balance	`StockholdersEquity`	$8.62M	USD	Point-in-time
Balance	`StockholdersEquity`	$9.51M	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
Conversion of preferred stock into common stock	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	-	USD	1 Quarter
Conversion of preferred stock into common stock	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	-	USD	1 Quarter
Issuance of common stock for services	`StockIssuedDuringPeriodValueIssuedForServices`	$25.00K	USD	1 Quarter
Issuance of common stock for accrued services	`IssuanceOfCommonStockForAccruedServices`	$12.50K	USD	1 Quarter
Stock options granted for services	`IssuanceOfOptionsForServices`	$51.26K	USD	1 Quarter
Stock options granted for services	`IssuanceOfOptionsForServices`	$52.21K	USD	1 Quarter
Stock-based compensation in connection with restricted common stock award grants and restricted common stock unit grants	`StockIssuedDuringPeriodValueRestrictedStockAwardGross`	$52.68K	USD	1 Quarter
Stock-based compensation in connection with restricted common stock award grants and restricted common stock unit grants	`StockIssuedDuringPeriodValueRestrictedStockAwardGross`	$20.22K	USD	1 Quarter
Cancellation of common stock	`CancellationOfCommonStockValue`	-	USD	1 Quarter
Deemed dividends - series F preferred stock	`DeemedDividendsSeriesFPreferredStock`	$2.02M	USD	1 Quarter
Deemed dividends - series F preferred stock	`DeemedDividendsSeriesFPreferredStock`	-	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-957.12K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.31M	USD	1 Quarter
Balance	`StockholdersEquity`	$7.15M	USD	Point-in-time
Balance	`StockholdersEquity`	$8.62M	USD	Point-in-time
Balance	`StockholdersEquity`	$9.51M	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.