10-K Filing

U.S. GOLD CORP. CIK: 27093 FY 2021

Filing Information

Form Type	10-K
Accession Number	`0001493152-21-018081`
Period End Date	20210430
Filing Date	20210729
Fiscal Year	2021
Fiscal Period	FY
XBRL Instance	usau-20210430.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 54 Income Statement 29 Cash Flow Statement 64 Stockholders Equity 32

Balance Sheet 54 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	`Cash`	$13.65M	USD	Point-in-time
Cash	`Cash`	$2.75M	USD	Point-in-time
Income tax receivable	`IncomeTaxesReceivable`	$219.07K	USD	Point-in-time
Income tax receivable	`IncomeTaxesReceivable`	-	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$430.36K	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`	$3.18M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$14.08M	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`	7.07M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	2.90M	shares	Point-in-time
Property, net	`PropertyPlantAndEquipmentNet`	$133.37K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	7.07M	shares	Point-in-time
Property, net	`PropertyPlantAndEquipmentNet`	$172.22K	USD	Point-in-time
Reclamation bond deposit	`DepositsAssetsNoncurrent`	$355.56K	USD	Point-in-time
Reclamation bond deposit	`DepositsAssetsNoncurrent`	$718.51K	USD	Point-in-time
Mineral rights	`MineralRights`	$16.36M	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`	$17.25M	USD	Point-in-time
Total assets	`Assets`	$9.83M	USD	Point-in-time
Total assets	`Assets`	$31.32M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableCurrent`	$619.04K	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableCurrent`	$154.38K	USD	Point-in-time
Accounts payable - related parties	`AccountsPayableRelatedPartiesCurrent`	$3.46K	USD	Point-in-time
Accounts payable - related parties	`AccountsPayableRelatedPartiesCurrent`	-	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$619.04K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$157.84K	USD	Point-in-time
Asset retirement obligation	`AssetRetirementObligationsNoncurrent`	$204.62K	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`	$823.65K	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; 7,065,621 and 2,903,393 shares issued and outstanding as of April 30, 2021 and 2020)	`CommonStockValue`	$2.90K	USD	Point-in-time
Common stock ($0.001 Par Value; 200,000,000 Shares Authorized; 7,065,621 and 2,903,393 shares issued and outstanding as of April 30, 2021 and 2020)	`CommonStockValue`	$7.07K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$74.47M	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`	$-43.98M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$7.15M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$30.50M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$9.51M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$31.32M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$9.83M	USD	Point-in-time

Income Statement 29 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`	$3.33M	USD	Annual
Compensation and related taxes - general and administrative	`CompensationAndRelatedTaxesGeneralAndAdministrative`	$1.37M	USD	Annual
Exploration costs	`ExplorationExpense`	$4.02M	USD	Annual
Exploration costs	`ExplorationExpense`	$1.28M	USD	Annual
Professional and consulting fees	`ProfessionalFees`	$4.09M	USD	Annual
Professional and consulting fees	`ProfessionalFees`	$2.38M	USD	Annual
General and administrative expenses	`GeneralAndAdministrativeExpense`	$947.51K	USD	Annual
General and administrative expenses	`GeneralAndAdministrativeExpense`	$661.44K	USD	Annual
Total operating expenses	`OperatingExpenses`	$5.69M	USD	Annual
Total operating expenses	`OperatingExpenses`	$12.39M	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-5.69M	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-12.39M	USD	Annual
Loss before benefit for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-12.39M	USD	Annual
Loss before benefit for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-5.69M	USD	Annual
Benefit from income taxes	`IncomeTaxExpenseBenefit`	$-438.14K	USD	Annual
Benefit from income taxes	`IncomeTaxExpenseBenefit`	-	USD	Annual
Net loss	`NetIncomeLoss`	$-12.39M	USD	Annual
Net loss	`NetIncomeLoss`	$-5.25M	USD	Annual
Deemed dividend related to beneficial conversion feature of preferred stock	`DeemedDividendRelatedToBeneficialConversionFeatureOfPreferredStock`	$-5.53M	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
Net loss applicable to U.S. Gold Corp. common shareholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-17.92M	USD	Annual
Net loss applicable to U.S. Gold Corp. common shareholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-7.34M	USD	Annual
Net Loss per common share, basic and diluted	`EarningsPerShareBasicAndDiluted`	$-3.80	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`	4.71M	shares	Annual

Cash Flow Statement 64 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-12.39M	USD	Annual
Net loss	`NetIncomeLoss`	$-5.25M	USD	Annual
Depreciation	`Depreciation`	$10.73K	USD	Annual
Depreciation	`Depreciation`	$22.89K	USD	Annual
Accretion	`AccretionExpense`	$10.47K	USD	Annual
Accretion	`AccretionExpense`	$17.48K	USD	Annual
Stock based compensation	`ShareBasedCompensation`	$3.60M	USD	Annual
Stock based compensation	`ShareBasedCompensation`	$1.27M	USD	Annual
Abandonment of mineral properties	`AbandonmentExpense`	-	USD	Annual
Abandonment of mineral properties	`AbandonmentExpense`	$56.33K	USD	Annual
Amortization of prepaid stock based expenses	`AdjustmentForAmortization`	$40.10K	USD	Annual
Amortization of prepaid stock based expenses	`AdjustmentForAmortization`	$160.38K	USD	Annual
Income tax receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$-219.07K	USD	Annual
Income tax receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$219.07K	USD	Annual
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$151.50K	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`	$362.95K	USD	Annual
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$356.00K	USD	Annual
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-88.96K	USD	Annual
Accounts payable - related parties	`IncreaseDecreaseInAccountsPayableRelatedParties`	$-12.18K	USD	Annual
Accounts payable - related parties	`IncreaseDecreaseInAccountsPayableRelatedParties`	$-3.46K	USD	Annual
NET CASH USED IN OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$-3.90M	USD	Annual
NET CASH USED IN OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$-8.59M	USD	Annual
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$42.99K	USD	Annual
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	Annual
Proceeds received in connection with the share exchange agreement	`ProceedsFromShareExchangeAgreement`	$159.06K	USD	Annual
Proceeds received in connection with the share exchange agreement	`ProceedsFromShareExchangeAgreement`	$2.50M	USD	Annual
NET CASH PROVIDED BY INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$159.06K	USD	Annual
NET CASH PROVIDED BY INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$2.46M	USD	Annual
Issuance of preferred stock and warrants, net of issuance cost	`ProceedsFromIssuanceOfPreferredStockPreferenceStockAndWarrants`	$5.53M	USD	Annual
Issuance of preferred stock and warrants, net of issuance cost	`ProceedsFromIssuanceOfPreferredStockPreferenceStockAndWarrants`	$2.40M	USD	Annual
Issuance of common stock, net of offering costs	`ProceedsFromIssuanceInitialPublicOffering`	$1.89M	USD	Annual
Issuance of common stock, net of offering costs	`ProceedsFromIssuanceInitialPublicOffering`	$9.00M	USD	Annual
Issuance of common stock for exercise of warrants	`ProceedsFromWarrantExercises`	-	USD	Annual
Issuance of common stock for exercise of warrants	`ProceedsFromWarrantExercises`	$2.50M	USD	Annual
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$17.03M	USD	Annual
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$4.29M	USD	Annual
NET INCREASE IN CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$552.78K	USD	Annual
NET INCREASE IN CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$10.90M	USD	Annual
CASH - beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$13.65M	USD	Point-in-time
CASH - beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$2.20M	USD	Point-in-time
CASH - beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$2.75M	USD	Point-in-time
CASH - end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$13.65M	USD	Point-in-time
CASH - end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$2.20M	USD	Point-in-time
CASH - end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$2.75M	USD	Point-in-time
Interest	`InterestPaidNet`	-	USD	Annual
Interest	`InterestPaidNet`	-	USD	Annual
Income taxes	`IncomeTaxesPaidNet`	-	USD	Annual
Income taxes	`IncomeTaxesPaidNet`	-	USD	Annual
Issuance of common stock for accrued services	`IssuanceOfCommonStockForAccruedServicesNonCash`	$26.90K	USD	Annual
Issuance of common stock for accrued services	`IssuanceOfCommonStockForAccruedServicesNonCash`	-	USD	Annual
Issuance of common stock for prepaid services	`IssuanceOfCommonStockForPrepaidService`	$106.25K	USD	Annual
Issuance of common stock for prepaid services	`IssuanceOfCommonStockForPrepaidService`	-	USD	Annual
Issuance of common stock in connection with conversion of preferred stock	`StockIssued1`	$2.01K	USD	Annual
Issuance of common stock in connection with conversion of preferred stock	`StockIssued1`	-	USD	Annual
Issuance of common stock in connection with the share exchange agreement	`IssuanceOfCommonStockInConnectionWithShareExchangeAgreement`	-	USD	Annual
Issuance of common stock in connection with the share exchange agreement	`IssuanceOfCommonStockInConnectionWithShareExchangeAgreement`	$2.02M	USD	Annual
Assumption of liabilities in connection with the share exchange agreement	`AssumptionOfLiabilitiesInConnectionWithShareExchangeAgreement`	$108.65K	USD	Annual
Assumption of liabilities in connection with the share exchange agreement	`AssumptionOfLiabilitiesInConnectionWithShareExchangeAgreement`	$125.67K	USD	Annual
Increase in acquisition of mineral properties in connection with the share exchange agreement	`IncreaseInAcquisitionOfMineralPropertiesInConnectionWithShareExchangeAgreement`	$10.25M	USD	Annual
Increase in acquisition of mineral properties in connection with the share exchange agreement	`IncreaseInAcquisitionOfMineralPropertiesInConnectionWithShareExchangeAgreement`	$1.99M	USD	Annual
Increase in asset retirement cost and obligation	`IncreaseInAssetRetirementCostAndObligation`	$69.17K	USD	Annual
Increase in asset retirement cost and obligation	`IncreaseInAssetRetirementCostAndObligation`	$18.75K	USD	Annual

Stockholders Equity 32 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$7.15M	USD	Point-in-time
Balance	`StockholdersEquity`	$30.50M	USD	Point-in-time
Balance	`StockholdersEquity`	$9.51M	USD	Point-in-time
Issuance of preferred stock and warrants for cash, net of offering cost	`StockAndWarrantsIssuedDuringPeriodValuePreferredStockAndWarrants`	$5.53M	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	`StockIssuedDuringPeriodValueOfPreferredStockInConnectionWithExchangeAgreement`	-	USD	Annual
Issuance of common stock for cash, net of offering cost	`StockIssuedDuringPeriodValueNewIssues`	$1.89M	USD	Annual
Issuance of common stock to private placement agent related to sale of common stock	`StockIssuedDuringPeriodValueOfCommonStockToPrivatePlacementAgentRelatedToSaleOfCommonStock`	-	USD	Annual
Conversion of preferred stock into common stock	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	-	USD	Annual
Conversion of preferred stock into common stock	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	-	USD	Annual
Issuance of common stock in connection with the share exchange agreement	`StockIssuedDuringPeriodValueAcquisitions`	$2.02M	USD	Annual
Issuance of preferred stock and common stock in connection with the Share Exchange Agreement	`StockIssuedDuringPeriodValueOfPreferredStockAndCommonStockInConnectionWithShareExchangeAgreement`	$12.64M	USD	Annual
Issuance of common stock for services	`StockIssuedDuringPeriodValueIssuedForServices`	$1.54M	USD	Annual
Issuance of common stock for services	`StockIssuedDuringPeriodValueIssuedForServices`	$572.60K	USD	Annual
Issuance of common stock for services, shares	`StockIssuedDuringPeriodSharesIssuedForServices`	2,100.00	shares	Point-in-time
Issuance of common stock for accrued services	`IssuanceOfCommonStockForAccruedServices`	$26.90K	USD	Annual
Stock options granted for services	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$196.05K	USD	Annual
Stock options granted for services	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$194.76K	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`	$334.75K	USD	Point-in-time
Stock-based compensation in connection with restricted common stock award grants and restricted common stock unit grants	`StockIssuedDuringPeriodValueRestrictedStockAwardGross`	$1.87M	USD	Annual
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
Deemed dividend related to issuance of Series G preferred stock	`StockIssuedDuringPeriodValueStockDividend`	-	USD	Annual
Fractional difference due to the reverse stock-split	`StockIssuedDuringPeriodValueReverseStockSplits`	$-1.00	USD	Annual
Common stock to be issued for cash	`StockIssuedDuringPeriodValueCommonStockToBeIssuedForCash`	$9.00M	USD	Annual
Issuance of common stock for prepaid services	`StockissuedDuringPeriodIssuanceOfCommonStockForPrepaidServices`	$106.25K	USD	Annual
Issuance of common stock for exercise of warrants	`StockIssuedDuringPeriodValueExerciseOfWarrants`	$2.50M	USD	Annual
Net loss	`NetIncomeLoss`	$-12.39M	USD	Annual
Net loss	`NetIncomeLoss`	$-5.25M	USD	Annual
Balance	`StockholdersEquity`	$7.15M	USD	Point-in-time
Balance	`StockholdersEquity`	$30.50M	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.