10-Q Filing

U.S. GOLD CORP. CIK: 27093 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001493152-22-025867`
Period End Date	20220731
Filing Date	20220914
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	form10-q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 61 Income Statement 28 Cash Flow Statement 45 Stockholders Equity 14

Balance Sheet 61 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`	$6.32M	USD	Point-in-time
Cash	`Cash`	$9.11M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$869.85K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$787.90K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$7.19M	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, 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`	8.35M	shares	Point-in-time
Property, net	`PropertyPlantAndEquipmentNet`	$349.92K	USD	Point-in-time
Property, net	`PropertyPlantAndEquipmentNet`	$338.34K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	8.35M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	8.35M	shares	Point-in-time
Reclamation bond deposit	`DepositsAssetsNoncurrent`	$832.51K	USD	Point-in-time
Reclamation bond deposit	`DepositsAssetsNoncurrent`	$832.51K	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`	$51.34K	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`	$17.58M	USD	Point-in-time
Total assets	`Assets`	$27.50M	USD	Point-in-time
Total assets	`Assets`	$24.77M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$1.08M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$1.04M	USD	Point-in-time
Operating lease liabilities, current portion	`OperatingLeaseLiabilityCurrent`	$55.63K	USD	Point-in-time
Operating lease liabilities, current portion	`OperatingLeaseLiabilityCurrent`	$42.83K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.14M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.09M	USD	Point-in-time
Warrant liability	`WarrantLiability`	$1.50M	USD	Point-in-time
Warrant liability	`WarrantLiability`	$2.44M	USD	Point-in-time
Asset retirement obligation	`AssetRetirementObligationsNoncurrent`	$266.47K	USD	Point-in-time
Asset retirement obligation	`AssetRetirementObligationsNoncurrent`	$260.20K	USD	Point-in-time
Asset retirement obligation	`AssetRetirementObligationsNoncurrent`	$204.62K	USD	Point-in-time
Operating lease liabilities, less current portion	`OperatingLeaseLiabilityNoncurrent`	$8.73K	USD	Point-in-time
Operating lease liabilities, less current portion	`OperatingLeaseLiabilityNoncurrent`	$8.73K	USD	Point-in-time
Total long-term liabilities:	`LiabilitiesNoncurrent`	$1.78M	USD	Point-in-time
Total long-term liabilities:	`LiabilitiesNoncurrent`	$2.71M	USD	Point-in-time
Total liabilities	`Liabilities`	$3.84M	USD	Point-in-time
Total liabilities	`Liabilities`	$2.86M	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 8,349,843 shares issued and outstanding as of July 31, 2022 and April 30, 2022)	`CommonStockValue`	$8.35K	USD	Point-in-time
Common stock ($0.001 Par Value; 200,000,000 Shares Authorized; 8,349,843 and 8,349,843 shares issued and outstanding as of July 31, 2022 and April 30, 2022)	`CommonStockValue`	$8.35K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$81.56M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$81.75M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-59.85M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-57.91M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$27.44M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$23.66M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$30.50M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$21.90M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$27.50M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$24.77M	USD	Point-in-time

Income Statement 28 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	`AllocatedShareBasedCompensationExpenseNetOfTax`	$402.81K	USD	1 Quarter
Compensation and related taxes - general and administrative	`AllocatedShareBasedCompensationExpenseNetOfTax`	$390.65K	USD	1 Quarter
Exploration costs	`ExplorationExpense`	$1.83M	USD	1 Quarter
Exploration costs	`ExplorationExpense`	$762.86K	USD	1 Quarter
Professional and consulting fees	`ProfessionalFees`	$1.08M	USD	1 Quarter
Professional and consulting fees	`ProfessionalFees`	$1.33M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$251.73K	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$393.90K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$2.89M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$3.55M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-3.55M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-2.89M	USD	1 Quarter
Change in fair value of warrant liability	`ChangeInFairValueOfWarrantLiability`	$940.00K	USD	1 Quarter
Change in fair value of warrant liability	`ChangeInFairValueOfWarrantLiability`	-	USD	1 Quarter
Total other income	`OtherIncome`	-	USD	1 Quarter
Total other income	`OtherIncome`	$940.00K	USD	1 Quarter
Loss before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-3.55M	USD	1 Quarter
Loss before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-1.95M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.95M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-3.55M	USD	1 Quarter
Net loss per common share, basic and diluted	`EarningsPerShareBasic`	$-0.23	USD	1 Quarter
Net loss per common share, basic and diluted	`EarningsPerShareBasic`	$-0.50	USD	1 Quarter
Weighted average common shares outstanding - basic and diluted	`WeightedAverageNumberOfSharesOutstandingBasic`	8.35M	shares	1 Quarter
Weighted average common shares outstanding - basic and diluted	`WeightedAverageNumberOfSharesOutstandingBasic`	7.08M	shares	1 Quarter

Cash Flow Statement 45 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-1.95M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-3.55M	USD	1 Quarter
Depreciation	`Depreciation`	$7.95K	USD	1 Quarter
Depreciation	`Depreciation`	$11.58K	USD	1 Quarter
Accretion	`AccretionExpense`	$22.06K	USD	Annual
Accretion	`AccretionExpense`	$6.27K	USD	1 Quarter
Accretion	`AccretionExpense`	$4.93K	USD	1 Quarter
Amortization of right-of-use asset	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$12.72K	USD	1 Quarter
Amortization of right-of-use asset	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$4.28K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$191.93K	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`	$99.25K	USD	1 Quarter
Change in fair value of warrant liability	`ChangeInFairValueOfWarrantLiability`	$940.00K	USD	1 Quarter
Change in fair value of warrant liability	`ChangeInFairValueOfWarrantLiability`	-	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$181.20K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$237.07K	USD	1 Quarter
Reclamation bond deposit	`IncreaseDecreaseInDepositOtherAssets`	-	USD	1 Quarter
Reclamation bond deposit	`IncreaseDecreaseInDepositOtherAssets`	$114.00K	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$694.95K	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-36.21K	USD	1 Quarter
Operating lease liability	`IncreaseDecreaseInOperatingLeaseLiability`	$-4.28K	USD	1 Quarter
Operating lease liability	`IncreaseDecreaseInOperatingLeaseLiability`	$-12.80K	USD	1 Quarter
NET CASH USED IN OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$-2.79M	USD	1 Quarter
NET CASH USED IN OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$-2.87M	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$3.77K	USD	1 Quarter
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$-3.77K	USD	1 Quarter
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	-	USD	1 Quarter
NET DECREASE IN CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-2.87M	USD	1 Quarter
NET DECREASE IN CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-2.79M	USD	1 Quarter
CASH - beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$6.32M	USD	Point-in-time
CASH - beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$13.65M	USD	Point-in-time
CASH - beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$10.77M	USD	Point-in-time
CASH - beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$9.11M	USD	Point-in-time
CASH - end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$6.32M	USD	Point-in-time
CASH - end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$13.65M	USD	Point-in-time
CASH - end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$10.77M	USD	Point-in-time
CASH - end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$9.11M	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 and accrued services	`IssuanceOfCommonStockForPrepaidServicesAndAccruedServicesNonCash`	$258.50K	USD	1 Quarter
Issuance of common stock for prepaid services and accrued services	`IssuanceOfCommonStockForPrepaidServicesAndAccruedServicesNonCash`	-	USD	1 Quarter

Stockholders Equity 14 line items

Line Item	Tag	Value	Unit	Period
Beginning balance, value	`StockholdersEquity`	$27.44M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$23.66M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$30.50M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$21.90M	USD	Point-in-time
Stock based compensation in connection with stock option grants	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$7.40K	USD	1 Quarter
Stock-based compensation in connection with restricted common stock award grants and restricted common stock unit grants	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition`	$184.53K	USD	1 Quarter
Stock-based compensation in connection with restricted common stock award grants and restricted common stock unit grants	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition`	$232.44K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.95M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-3.55M	USD	1 Quarter
Issuance of common stock for prepaid services	`StockIssuedDuringPeriodValueIssuedForServices`	$258.50K	USD	1 Quarter
Ending balance, value	`StockholdersEquity`	$27.44M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$23.66M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$30.50M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$21.90M	USD	Point-in-time

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