10-K Filing

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

Filing Information

Form Type	10-K
Accession Number	`0001493152-22-023030`
Period End Date	20220430
Filing Date	20220815
Fiscal Year	2022
Fiscal Period	FY
XBRL Instance	form10-k_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 60 Income Statement 35 Cash Flow Statement 73 Stockholders Equity 23

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`	$9.11M	USD	Point-in-time
Cash	`Cash`	$13.65M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$787.90K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$430.36K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$14.08M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Total current assets	`AssetsCurrent`	$9.90M	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
Property, net	`PropertyPlantAndEquipmentNet`	$172.22K	USD	Point-in-time
Property, net	`PropertyPlantAndEquipmentNet`	$349.92K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	8.35M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	7.07M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	7.07M	shares	Point-in-time
Reclamation bond deposit	`DepositsAssetsNoncurrent`	$832.51K	USD	Point-in-time
Reclamation bond deposit	`DepositsAssetsNoncurrent`	$718.51K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	8.35M	shares	Point-in-time
Operating lease right-of-use asset, net	`OperatingLeaseRightOfUseAsset`	$64.06K	USD	Point-in-time
Operating lease right-of-use asset, net	`OperatingLeaseRightOfUseAsset`	-	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`	$17.60M	USD	Point-in-time
Total non - current assets	`AssetsNoncurrent`	$17.25M	USD	Point-in-time
Total assets	`Assets`	$27.50M	USD	Point-in-time
Total assets	`Assets`	$31.32M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$1.08M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$619.04K	USD	Point-in-time
Operating lease liabilities, current portion	`OperatingLeaseLiabilityCurrent`	$55.63K	USD	Point-in-time
Operating lease liabilities, current portion	`OperatingLeaseLiabilityCurrent`	-	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.14M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$619.04K	USD	Point-in-time
Warrant liability	`WarrantLiability`	$2.44M	USD	Point-in-time
Warrant liability	`WarrantLiability`	-	USD	Point-in-time
Asset retirement obligation	`AssetRetirementObligationsNoncurrent`	$204.62K	USD	Point-in-time
Asset retirement obligation	`AssetRetirementObligationsNoncurrent`	$260.20K	USD	Point-in-time
Asset retirement obligation	`AssetRetirementObligationsNoncurrent`	$168.39K	USD	Point-in-time
Operating lease liabilities, less current portion	`OperatingLeaseLiabilityNoncurrent`	$8.73K	USD	Point-in-time
Operating lease liabilities, less current portion	`OperatingLeaseLiabilityNoncurrent`	-	USD	Point-in-time
Total long-term liabilities:	`LiabilitiesNoncurrent`	$204.62K	USD	Point-in-time
Total long-term liabilities:	`LiabilitiesNoncurrent`	$2.71M	USD	Point-in-time
Total liabilities	`Liabilities`	$823.65K	USD	Point-in-time
Total liabilities	`Liabilities`	$3.84M	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; 8,349,843 and 7,065,621 shares issued and outstanding as of April 30, 2022 and 2021)	`CommonStockValue`	$8.35K	USD	Point-in-time
Common stock ($0.001 Par Value; 200,000,000 Shares Authorized; 8,349,843 and 7,065,621 shares issued and outstanding as of April 30, 2022 and 2021)	`CommonStockValue`	$7.07K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$74.47M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$81.56M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-43.98M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-57.91M	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 stockholders equity	`StockholdersEquity`	$23.66M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$31.32M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$27.50M	USD	Point-in-time

Income Statement 35 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	`AllocatedShareBasedCompensationExpenseNetOfTax`	$2.29M	USD	Annual
Compensation and related taxes - general and administrative	`AllocatedShareBasedCompensationExpenseNetOfTax`	$3.33M	USD	Annual
Exploration costs	`ExplorationExpense`	$4.02M	USD	Annual
Exploration costs	`ExplorationExpense`	$7.23M	USD	Annual
Professional and consulting fees	`ProfessionalFees`	$4.09M	USD	Annual
Professional and consulting fees	`ProfessionalFees`	$4.23M	USD	Annual
General and administrative expenses	`GeneralAndAdministrativeExpense`	$1.21M	USD	Annual
General and administrative expenses	`GeneralAndAdministrativeExpense`	$947.51K	USD	Annual
Total operating expenses	`OperatingExpenses`	$12.39M	USD	Annual
Total operating expenses	`OperatingExpenses`	$14.95M	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-14.95M	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-12.39M	USD	Annual
Offering cost related to warrant liability	`OfferingCostRelatedToWarrantLiability`	-	USD	Annual
Offering cost related to warrant liability	`OfferingCostRelatedToWarrantLiability`	$190.84K	USD	Annual
Change in fair value of warrant liability	`ChangeInFairValueOfWarrantLiability`	-	USD	Annual
Change in fair value of warrant liability	`ChangeInFairValueOfWarrantLiability`	$1.21M	USD	Annual
Total other income, net	`NonoperatingIncomeExpense`	$1.02M	USD	Annual
Total other income, net	`NonoperatingIncomeExpense`	-	USD	Annual
Loss before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-12.39M	USD	Annual
Loss before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-13.93M	USD	Annual
Provision for income taxes	`IncomeTaxExpenseBenefit`	-	USD	Annual
Provision for income taxes	`IncomeTaxExpenseBenefit`	-	USD	Annual
Provision for income taxes	`IncomeTaxExpenseBenefit`	$438.14K	USD	Annual
Net loss	`NetIncomeLoss`	$-12.39M	USD	Annual
Net loss	`NetIncomeLoss`	$-13.93M	USD	Annual
Deemed dividend related to beneficial conversion feature of preferred stock	`PreferredStockDividendsIncomeStatementImpact`	$5.53M	USD	Annual
Deemed dividend related to beneficial conversion feature of preferred stock	`PreferredStockDividendsIncomeStatementImpact`	-	USD	Annual
Net loss applicable to U.S. Gold Corp. common shareholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-13.93M	USD	Annual
Net loss applicable to U.S. Gold Corp. common shareholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-17.92M	USD	Annual
Net loss per common share, basic and diluted	`EarningsPerShareBasic`	$-3.80	USD	Annual
Net loss per common share, basic and diluted	`EarningsPerShareBasic`	$-1.92	USD	Annual
Weighted average common shares outstanding - basic and diluted	`WeightedAverageNumberOfSharesOutstandingBasic`	4.71M	shares	Annual
Weighted average common shares outstanding - basic and diluted	`WeightedAverageNumberOfSharesOutstandingBasic`	7.25M	shares	Annual

Cash Flow Statement 73 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-12.39M	USD	Annual
Net loss	`NetIncomeLoss`	$-13.93M	USD	Annual
Depreciation	`Depreciation`	$22.89K	USD	Annual
Depreciation	`Depreciation`	$34.79K	USD	Annual
Accretion	`AccretionExpense`	$17.48K	USD	Annual
Accretion	`AccretionExpense`	$22.06K	USD	Annual
Amortization of right-of-use asset	`OperatingLeaseRightOfUseAssetAmortizationExpense`	-	USD	Annual
Amortization of right-of-use asset	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$40.03K	USD	Annual
Stock based compensation	`ShareBasedCompensation`	$1.67M	USD	Annual
Stock based compensation	`ShareBasedCompensation`	$3.60M	USD	Annual
Stock based compensation	`ShareBasedCompensation`	$77.25K	USD	Point-in-time
Abandonment of mineral properties	`NoncashProjectAbandonmentCosts`	$56.33K	USD	Annual
Abandonment of mineral properties	`NoncashProjectAbandonmentCosts`	-	USD	Annual
Amortization of prepaid stock based expenses	`AmortizationOfPrepaidStockBasedExpenses`	$530.19K	USD	Annual
Amortization of prepaid stock based expenses	`AmortizationOfPrepaidStockBasedExpenses`	$40.10K	USD	Annual
Change in fair value of warrant liability	`ChangeInFairValueOfWarrantLiability`	-	USD	Annual
Change in fair value of warrant liability	`ChangeInFairValueOfWarrantLiability`	$1.21M	USD	Annual
Income tax receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$-219.07K	USD	Annual
Income tax receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	-	USD	Annual
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$151.50K	USD	Annual
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$42.24K	USD	Annual
Reclamation bond deposit	`IncreaseDecreaseInDepositOtherAssets`	$362.95K	USD	Annual
Reclamation bond deposit	`IncreaseDecreaseInDepositOtherAssets`	$114.00K	USD	Annual
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$356.00K	USD	Annual
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$466.37K	USD	Annual
Accounts payable - related parties	`IncreaseDecreaseInAccountsPayableRelatedParties`	$-3.46K	USD	Annual
Accounts payable - related parties	`IncreaseDecreaseInAccountsPayableRelatedParties`	-	USD	Annual
Operating lease liability	`IncreaseDecreaseInOperatingLeaseLiability`	$-39.73K	USD	Annual
Operating lease liability	`IncreaseDecreaseInOperatingLeaseLiability`	-	USD	Annual
NET CASH USED IN OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$-8.59M	USD	Annual
NET CASH USED IN OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$-12.58M	USD	Annual
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$178.97K	USD	Annual
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$42.99K	USD	Annual
Proceeds received in connection with the share exchange agreement	`ProceedsFromShareExchangeAgreement`	-	USD	Annual
Proceeds received in connection with the share exchange agreement	`ProceedsFromShareExchangeAgreement`	$2.50M	USD	Annual
NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$2.46M	USD	Annual
NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$-178.97K	USD	Annual
Issuance of preferred stock, net of issuance cost	`ProceedsFromIssuanceOfPreferredStockPreferenceStockAndWarrants`	$5.53M	USD	Annual
Issuance of preferred stock, net of issuance cost	`ProceedsFromIssuanceOfPreferredStockPreferenceStockAndWarrants`	-	USD	Annual
Issuance of common stock, net of offering costs	`ProceedsFromIssuanceOfCommonStock`	$7.22M	USD	Annual
Issuance of common stock, net of offering costs	`ProceedsFromIssuanceOfCommonStock`	$9.00M	USD	Annual
Issuance of common stock for exercise of warrants	`ProceedsFromWarrantExercises`	$2.50M	USD	Annual
Issuance of common stock for exercise of warrants	`ProceedsFromWarrantExercises`	$1.00M	USD	Annual
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$8.22M	USD	Annual
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$17.03M	USD	Annual
NET (DECREASE) INCREASE IN CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$10.90M	USD	Annual
NET (DECREASE) INCREASE IN CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-4.53M	USD	Annual
CASH - beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$13.65M	USD	Point-in-time
CASH - beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$2.75M	USD	Point-in-time
CASH - beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$9.11M	USD	Point-in-time
CASH - end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$13.65M	USD	Point-in-time
CASH - end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$2.75M	USD	Point-in-time
CASH - end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$9.11M	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 prepaid services and accrued services	`IssuanceOfCommonStockForPrepaidServicesAndAccruedServicesNonCash`	$106.25K	USD	Annual
Issuance of common stock for prepaid services and accrued services	`IssuanceOfCommonStockForPrepaidServicesAndAccruedServicesNonCash`	$850.50K	USD	Annual
Deemed dividend related to beneficial conversion feature of preferred stock	`DeemedDividendPreferredStock`	-	USD	Annual
Deemed dividend related to beneficial conversion feature of preferred stock	`DeemedDividendPreferredStock`	$5.53M	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
Operating lease right-of-use asset and operating lease liability recorded upon adoption of ASC 842	`OperatingLeaseRightofuseAssetAndOperatingLeaseLiabilityRecordedUponAdoptionOfAsc842`	$104.09K	USD	Annual
Operating lease right-of-use asset and operating lease liability recorded upon adoption of ASC 842	`OperatingLeaseRightofuseAssetAndOperatingLeaseLiabilityRecordedUponAdoptionOfAsc842`	-	USD	Annual
Assumption of liabilities in connection with the share exchange agreement	`LiabilitiesAssumed1`	-	USD	Annual
Assumption of liabilities in connection with the share exchange agreement	`LiabilitiesAssumed1`	$108.65K	USD	Annual
Increase in acquisition of mineral properties in connection with the share exchange agreement	`IncreaseInAcquisitionOfMineralPropertiesInConnectionWithShareExchangeAgreement`	-	USD	Annual
Increase in acquisition of mineral properties in connection with the share exchange agreement	`IncreaseInAcquisitionOfMineralPropertiesInConnectionWithShareExchangeAgreement`	$10.25M	USD	Annual
Increase in asset retirement cost and obligation	`IncreaseInAssetRetirementCostAndObligation`	$18.75K	USD	Annual
Increase in asset retirement cost and obligation	`IncreaseInAssetRetirementCostAndObligation`	$33.52K	USD	Annual
Initial valuation of warrant liability	`InitialValuationOfWarrantLiability`	$3.65M	USD	Annual
Initial valuation of warrant liability	`InitialValuationOfWarrantLiability`	-	USD	Annual

Stockholders Equity 23 line items

Line Item	Tag	Value	Unit	Period
Beginning balance, value	`StockholdersEquity`	$30.50M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$9.51M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$23.66M	USD	Point-in-time
Issuance of preferred stock and warrants, net of issuance cost	`StockAndWarrantsIssuedDuringPeriodValuePreferredStockAndWarrants`	$5.53M	USD	Annual
Issuance of preferred stock and common stock in connection with the Share Exchange Agreement	`StockIssuedDuringPeriodValueOfPreferredStockAndCommonStockInConnectionWithShareExchangeAgreement`	$12.64M	USD	Annual
Conversion of preferred stock into common stock	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	-	USD	Annual
Common stock issued for cash	`StockIssuedDuringPeriodValueNewIssues`	$9.00M	USD	Annual
Issuance of common stock for services	`StockIssuedDuringPeriodValueIssuedForServices`	$1.54M	USD	Annual
Issuance of common stock for services	`StockIssuedDuringPeriodValueIssuedForServices`	$100.00K	USD	Annual
Issuance of common stock for prepaid services	`StockissuedDuringPeriodValueIssuanceOfCommonStockForPrepaidServices`	$106.25K	USD	Annual
Issuance of common stock for exercise of warrants	`StockIssuedDuringPeriodValueOther`	$1.00M	USD	Annual
Issuance of common stock for exercise of warrants	`StockIssuedDuringPeriodValueOther`	$2.50M	USD	Annual
Stock options granted for services	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$194.76K	USD	Annual
Stock options granted for services	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$183.47K	USD	Annual
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	`StockIssuedDuringPeriodValueRestrictedStockAwardGross`	$1.39M	USD	Annual
Net loss	`NetIncomeLoss`	$-12.39M	USD	Annual
Net loss	`NetIncomeLoss`	$-13.93M	USD	Annual
Issuance of common stock and warrants, net of issuance cost	`StockAndWarrantsIssuedDuringPeriodValueCommonStockAndWarrants`	$3.57M	USD	Annual
Issuance of common stock for prepaid services and accrued services	`StockIssuedDuringPeriodValuePrepaidServicesAndAccruedServices`	$850.50K	USD	Annual
Ending balance, value	`StockholdersEquity`	$30.50M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$9.51M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$23.66M	USD	Point-in-time

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