10-Q Filing

U.S. GOLD CORP. CIK: 27093 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0001493152-21-022590`
Period End Date	20210731
Filing Date	20210914
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	form10-q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 60 Income Statement 24 Cash Flow Statement 47 Stockholders Equity 16

Balance Sheet 60 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`	$10.77M	USD	Point-in-time
Cash	`Cash`	$13.65M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$834.75K	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
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Total current assets	`AssetsCurrent`	$14.08M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$11.61M	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`	7.07M	shares	Point-in-time
Property, net	`PropertyPlantAndEquipmentNet`	$172.22K	USD	Point-in-time
Property, net	`PropertyPlantAndEquipmentNet`	$168.04K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	7.09M	shares	Point-in-time
Reclamation bond deposit	`DepositsAssetsNoncurrent`	$718.51K	USD	Point-in-time
Reclamation bond deposit	`DepositsAssetsNoncurrent`	$832.51K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	7.07M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	7.09M	shares	Point-in-time
Operating lease right-of-use asset, net	`OperatingLeaseRightOfUseAsset`	-	USD	Point-in-time
Operating lease right-of-use asset, net	`OperatingLeaseRightOfUseAsset`	$33.11K	USD	Point-in-time
Mineral rights	`MineralRights`	$16.36M	USD	Point-in-time
Mineral rights	`MineralRights`	$16.36M	USD	Point-in-time
Total non - current assets	`AssetsNoncurrent`	$17.25M	USD	Point-in-time
Total non - current assets	`AssetsNoncurrent`	$17.39M	USD	Point-in-time
Total assets	`Assets`	$31.32M	USD	Point-in-time
Total assets	`Assets`	$29.00M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableCurrent`	$1.31M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableCurrent`	$619.04K	USD	Point-in-time
Operating lease liability, current portion	`OperatingLeaseLiabilityCurrent`	$18.15K	USD	Point-in-time
Operating lease liability, current portion	`OperatingLeaseLiabilityCurrent`	-	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$619.04K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.33M	USD	Point-in-time
Asset retirement obligation	`AssetRetirementObligationsNoncurrent`	$209.55K	USD	Point-in-time
Asset retirement obligation	`AssetRetirementObligationsNoncurrent`	$204.62K	USD	Point-in-time
Asset retirement obligation	`AssetRetirementObligationsNoncurrent`	$168.39K	USD	Point-in-time
Operating lease liability, less current portion	`OperatingLeaseLiabilityNoncurrent`	-	USD	Point-in-time
Operating lease liability, less current portion	`OperatingLeaseLiabilityNoncurrent`	$14.96K	USD	Point-in-time
Total long-term liabilities:	`LiabilitiesNoncurrent`	$224.50K	USD	Point-in-time
Total long-term liabilities:	`LiabilitiesNoncurrent`	$204.62K	USD	Point-in-time
Total liabilities	`Liabilities`	$823.65K	USD	Point-in-time
Total liabilities	`Liabilities`	$1.56M	USD	Point-in-time
Commitments and Contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock value	`PreferredStockValue`	-	USD	Point-in-time
Common stock ($0.001 Par Value; 200,000,000 Shares Authorized; 7,090,621 and 7,065,621 shares issued and outstanding as of July 31, 2021 and April 30, 2021)	`CommonStockValue`	$7.09K	USD	Point-in-time
Common stock ($0.001 Par Value; 200,000,000 Shares Authorized; 7,090,621 and 7,065,621 shares issued and outstanding as of July 31, 2021 and April 30, 2021)	`CommonStockValue`	$7.07K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$74.96M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$74.47M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-43.98M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-47.52M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$9.51M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$30.50M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$8.62M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$27.44M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$31.32M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$29.00M	USD	Point-in-time

Income Statement 24 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`	$194.27K	USD	1 Quarter
Compensation and related taxes - general and administrative	`CompensationAndRelatedTaxesGeneralAndAdministrative`	$390.65K	USD	1 Quarter
Exploration costs	`ExplorationExpense`	$1.83M	USD	1 Quarter
Exploration costs	`ExplorationExpense`	$74.35K	USD	1 Quarter
Professional and consulting fees	`ProfessionalFees`	$550.80K	USD	1 Quarter
Professional and consulting fees	`ProfessionalFees`	$1.08M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$251.73K	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$137.70K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$3.55M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$957.12K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-3.55M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-957.12K	USD	1 Quarter
Loss before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-3.55M	USD	1 Quarter
Loss before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-957.12K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-957.12K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-3.55M	USD	1 Quarter
Net loss per common share, basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.50	USD	1 Quarter
Net loss per common share, basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.33	USD	1 Quarter
Weighted average common shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	7.08M	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`	$-3.55M	USD	1 Quarter
Depreciation	`Depreciation`	$4.20K	USD	1 Quarter
Depreciation	`Depreciation`	$7.95K	USD	1 Quarter
Accretion	`AccretionExpense`	$17.48K	USD	Annual
Accretion	`AccretionExpense`	$4.06K	USD	1 Quarter
Accretion	`AccretionExpense`	$4.93K	USD	1 Quarter
Amortization of right-of-use asset	`OperatingLeaseRightOfUseAssetAmortizationExpense`	-	USD	1 Quarter
Amortization of right-of-use asset	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$4.28K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$71.48K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$232.44K	USD	1 Quarter
Amortization of prepaid stock based expenses	`AmortizationOfPrepaidStockBasedExpenses`	$91.19K	USD	1 Quarter
Amortization of prepaid stock based expenses	`AmortizationOfPrepaidStockBasedExpenses`	-	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$176.00K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$237.07K	USD	1 Quarter
Reclamation bond deposit	`IncreaseDecreaseInDepositOtherAssets`	$114.00K	USD	1 Quarter
Reclamation bond deposit	`IncreaseDecreaseInDepositOtherAssets`	$22.00K	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$694.95K	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$31.43K	USD	1 Quarter
Accounts payable - related parties	`IncreaseDecreaseInAccountsPayableRelatedParties`	$31.04K	USD	1 Quarter
Accounts payable - related parties	`IncreaseDecreaseInAccountsPayableRelatedParties`	-	USD	1 Quarter
Operating lease liability	`IncreaseDecreaseInOperatingLeaseLiability`	$-4.28K	USD	1 Quarter
Operating lease liability	`IncreaseDecreaseInOperatingLeaseLiability`	-	USD	1 Quarter
NET CASH USED IN OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$-2.87M	USD	1 Quarter
NET CASH USED IN OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$-1.01M	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$3.77K	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	1 Quarter
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	-	USD	1 Quarter
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$-3.77K	USD	1 Quarter
NET DECREASE IN CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-1.01M	USD	1 Quarter
NET DECREASE IN CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-2.87M	USD	1 Quarter
CASH - beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$2.75M	USD	Point-in-time
CASH - beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$10.77M	USD	Point-in-time
CASH - beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$1.74M	USD	Point-in-time
CASH - beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$13.65M	USD	Point-in-time
CASH - end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$2.75M	USD	Point-in-time
CASH - end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$10.77M	USD	Point-in-time
CASH - end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$1.74M	USD	Point-in-time
CASH - end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$13.65M	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 prepaid services	`IssuanceOfCommonStockForPrepaidService`	$258.50K	USD	1 Quarter
Issuance of common stock for prepaid services	`IssuanceOfCommonStockForPrepaidService`	-	USD	1 Quarter
Issuance of common stock in connection with conversion of preferred stock	`StockIssued1`	-	USD	1 Quarter
Issuance of common stock in connection with conversion of preferred stock	`StockIssued1`	$21.00	USD	1 Quarter

Stockholders Equity 16 line items

Line Item	Tag	Value	Unit	Period
Beginning balance, value	`StockholdersEquity`	$9.51M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$30.50M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$8.62M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$27.44M	USD	Point-in-time
Conversion of preferred stock into common stock	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	-	USD	1 Quarter
Stock options granted for services	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	-	USD	1 Quarter
Stock options granted for services	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$51.26K	USD	1 Quarter
Issuance of common stock for prepaid services	`StockissuedDuringPeriodIssuanceOfCommonStockForPrepaidServices`	$258.50K	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
Stock-based compensation in connection with restricted common stock award grants and restricted common stock unit grants	`StockIssuedDuringPeriodValueRestrictedStockAwardGross`	$232.44K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-957.12K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-3.55M	USD	1 Quarter
Ending balance, value	`StockholdersEquity`	$9.51M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$30.50M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$8.62M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$27.44M	USD	Point-in-time

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