10-K Filing

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

Filing Information

Form Type	10-K
Accession Number	`0001493152-23-026120`
Period End Date	20230430
Filing Date	20230731
Fiscal Year	2023
Fiscal Period	FY
XBRL Instance	form10-k_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 69 Income Statement 40 Cash Flow Statement 65 Stockholders Equity 21

Balance Sheet 69 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
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash	`Cash`	$7.82M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$610.14K	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$787.90K	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Total current assets	`AssetsCurrent`	$8.43M	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, shares authorized	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Property, net	`PropertyPlantAndEquipmentNet`	$490.93K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	8.35M	shares	Point-in-time
Property, net	`PropertyPlantAndEquipmentNet`	$349.92K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	9.30M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	8.35M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	9.30M	shares	Point-in-time
Reclamation bond deposit	`DepositsAssetsNoncurrent`	$857.51K	USD	Point-in-time
Reclamation bond deposit	`DepositsAssetsNoncurrent`	$832.51K	USD	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`	$32.08K	USD	Point-in-time
Mineral rights	`MineralRights`	$16.36M	USD	Point-in-time
Mineral rights	`MineralRights`	$14.37M	USD	Point-in-time
Total non - current assets	`AssetsNoncurrent`	$17.60M	USD	Point-in-time
Total non - current assets	`AssetsNoncurrent`	$15.75M	USD	Point-in-time
Total assets	`Assets`	$24.18M	USD	Point-in-time
Total assets	`Assets`	$27.50M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$1.08M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$346.72K	USD	Point-in-time
Operating lease liabilities, current portion	`OperatingLeaseLiabilityCurrent`	$55.63K	USD	Point-in-time
Operating lease liabilities, current portion	`OperatingLeaseLiabilityCurrent`	$32.08K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$378.80K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.14M	USD	Point-in-time
Warrant liability	`WarrantLiability`	$4.23M	USD	Point-in-time
Warrant liability	`WarrantLiability`	$2.44M	USD	Point-in-time
Asset retirement obligation	`AssetRetirementObligationsNoncurrent`	$260.20K	USD	Point-in-time
Asset retirement obligation	`AssetRetirementObligationsNoncurrent`	$204.62K	USD	Point-in-time
Asset retirement obligation	`AssetRetirementObligationsNoncurrent`	$285.76K	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
Deferred tax laibility	`DeferredTaxLiabilityNonCurrent`	$430.49K	USD	Point-in-time
Deferred tax laibility	`DeferredTaxLiabilityNonCurrent`	$430.49K	USD	Point-in-time
Total long-term liabilities:	`LiabilitiesNoncurrent`	$3.14M	USD	Point-in-time
Total long-term liabilities:	`LiabilitiesNoncurrent`	$4.95M	USD	Point-in-time
Total liabilities	`Liabilities`	$5.33M	USD	Point-in-time
Total liabilities	`Liabilities`	$4.28M	USD	Point-in-time
Commitments and Contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, $0.001 par value; 50,000,000 authorized, none shares issued and outstanding as of April 30, 2023 and 2022	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.001 par value; 50,000,000 authorized, none shares issued and outstanding as of April 30, 2023 and 2022	`PreferredStockValue`	-	USD	Point-in-time
Common stock ($0.001 Par Value; 200,000,000 Shares Authorized; 9,295,837 and 8,349,843 shares issued and outstanding as of April 30, 2023 and 2022)	`CommonStockValue`	$9.30K	USD	Point-in-time
Common stock ($0.001 Par Value; 200,000,000 Shares Authorized; 9,295,837 and 8,349,843 shares issued and outstanding as of April 30, 2023 and 2022)	`CommonStockValue`	$8.35K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$84.80M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$81.56M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-58.34M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-44.41M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-65.95M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$30.07M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$18.86M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$23.23M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$24.18M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$27.50M	USD	Point-in-time

Income Statement 40 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`	$1.79M	USD	Annual
Compensation and related taxes - general and administrative	`AllocatedShareBasedCompensationExpenseNetOfTax`	$2.29M	USD	Annual
Exploration costs	`ExplorationExpense`	$1.80M	USD	Annual
Exploration costs	`ExplorationExpense`	$7.23M	USD	Annual
Professional and consulting fees	`ProfessionalFees`	$4.26M	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`	$1.54M	USD	Annual
Total operating expenses	`OperatingExpenses`	$9.40M	USD	Annual
Total operating expenses	`OperatingExpenses`	$14.95M	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-9.40M	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-14.95M	USD	Annual
Gain from sale of asset	`GainLossOnDispositionOfAssets1`	-	USD	Annual
Gain from sale of asset	`GainLossOnDispositionOfAssets1`	$763.39K	USD	Annual
Interest income	`InvestmentIncomeNet`	$4.91K	USD	Annual
Interest income	`InvestmentIncomeNet`	-	USD	Annual
Offering cost related to warrant liability	`OfferingCostRelatedToWarrantLiability`	$279.49K	USD	Annual
Offering cost related to warrant liability	`OfferingCostRelatedToWarrantLiability`	$190.84K	USD	Annual
Change in fair value due to modification of warrants	`ChangeInFairValueDueToModificationOfWarrants`	$262.50K	USD	Annual
Change in fair value due to modification of warrants	`ChangeInFairValueDueToModificationOfWarrants`	-	USD	Annual
Change in fair value of warrant liability	`ChangeInFairValueOfWarrantLiability`	$1.21M	USD	Annual
Change in fair value of warrant liability	`ChangeInFairValueOfWarrantLiability`	$1.56M	USD	Annual
Total other income	`NonoperatingIncomeExpense`	$1.02M	USD	Annual
Total other income	`NonoperatingIncomeExpense`	$1.79M	USD	Annual
Loss before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-7.61M	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
Net loss	`NetIncomeLoss`	$-13.93M	USD	Annual
Net loss	`NetIncomeLoss`	$-7.61M	USD	Annual
Net loss per common share, basic	`EarningsPerShareBasic`	$-0.90	USD	Annual
Net loss per common share, basic	`EarningsPerShareBasic`	$-1.92	USD	Annual
Net loss per common share, diluted	`EarningsPerShareDiluted`	$-0.90	USD	Annual
Net loss per common share, diluted	`EarningsPerShareDiluted`	$-1.92	USD	Annual
Weighted average number of shares outstanding basic	`WeightedAverageNumberOfSharesOutstandingBasic`	7.25M	shares	Annual
Weighted average number of shares outstanding basic	`WeightedAverageNumberOfSharesOutstandingBasic`	8.41M	shares	Annual
Weighted average number of shares outstanding diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	7.25M	shares	Annual
Weighted average number of shares outstanding diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	8.41M	shares	Annual

Cash Flow Statement 65 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-13.93M	USD	Annual
Net loss	`NetIncomeLoss`	$-7.61M	USD	Annual
Depreciation	`Depreciation`	$36.51K	USD	Annual
Depreciation	`Depreciation`	$34.79K	USD	Annual
Accretion	`AccretionExpense`	$22.06K	USD	Annual
Accretion	`AccretionExpense`	$25.57K	USD	Annual
Amortization of right-of-use asset	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$40.03K	USD	Annual
Amortization of right-of-use asset	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$52.46K	USD	Annual
Stock based compensation	`ShareBasedCompensation`	$1.67M	USD	Annual
Stock based compensation	`ShareBasedCompensation`	$1.31M	USD	Annual
Amortization of prepaid stock based expenses	`AmortizationOfPrepaidStockBasedExpenses`	$367.25K	USD	Annual
Amortization of prepaid stock based expenses	`AmortizationOfPrepaidStockBasedExpenses`	$530.19K	USD	Annual
Change in fair value of warrant liability	`ChangeInFairValueOfWarrantLiability`	$1.21M	USD	Annual
Change in fair value of warrant liability	`ChangeInFairValueOfWarrantLiability`	$1.56M	USD	Annual
Change in fair value due to modification of warrants	`FairValueAdjustmentOfWarrants`	-	USD	Annual
Change in fair value due to modification of warrants	`FairValueAdjustmentOfWarrants`	$262.50K	USD	Annual
Gain from sale of asset	`GainLossOnDispositionOfAssets1`	-	USD	Annual
Gain from sale of asset	`GainLossOnDispositionOfAssets1`	$763.39K	USD	Annual
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-512.00	USD	Annual
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$42.24K	USD	Annual
Reclamation bond deposit	`IncreaseDecreaseInDepositOtherAssets`	$25.00K	USD	Annual
Reclamation bond deposit	`IncreaseDecreaseInDepositOtherAssets`	$114.00K	USD	Annual
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$466.37K	USD	Annual
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-728.69K	USD	Annual
Operating lease liability	`IncreaseDecreaseInOperatingLeaseLiability`	$-39.73K	USD	Annual
Operating lease liability	`IncreaseDecreaseInOperatingLeaseLiability`	$-52.76K	USD	Annual
NET CASH USED IN OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$-8.69M	USD	Annual
NET CASH USED IN OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$-12.58M	USD	Annual
Proceeds from sale of asset	`ProceedsFromSaleOfProductiveAssets`	-	USD	Annual
Proceeds from sale of asset	`ProceedsFromSaleOfProductiveAssets`	$2.75M	USD	Annual
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$178.97K	USD	Annual
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$177.51K	USD	Annual
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$2.57M	USD	Annual
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$-178.97K	USD	Annual
Issuance of common stock, net of offering costs	`ProceedsFromIssuanceOfCommonStock`	$4.83M	USD	Annual
Issuance of common stock, net of offering costs	`ProceedsFromIssuanceOfCommonStock`	$7.22M	USD	Annual
Issuance of common stock for exercise of warrants	`ProceedsFromWarrantExercises`	-	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`	$4.83M	USD	Annual
NET DECREASE IN CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-1.29M	USD	Annual
NET DECREASE IN CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-4.53M	USD	Annual
CASH - beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$9.11M	USD	Point-in-time
CASH - beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$7.82M	USD	Point-in-time
CASH - beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$13.65M	USD	Point-in-time
CASH - end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$9.11M	USD	Point-in-time
CASH - end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$7.82M	USD	Point-in-time
CASH - end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$13.65M	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	`StockIssued1`	$5.00K	USD	Annual
Issuance of common stock for accrued services	`StockIssued1`	$5.00K	USD	Annual
Issuance of common stock for prepaid services	`IssuanceOfCommonStockForPrepaidServices`	$845.50K	USD	Annual
Issuance of common stock for prepaid services	`IssuanceOfCommonStockForPrepaidServices`	$190.00K	USD	Annual
Operating lease right-of-use asset and operating lease liability recorded upon adoption of ASC 842	`RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability`	-	USD	Annual
Operating lease right-of-use asset and operating lease liability recorded upon adoption of ASC 842	`RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability`	$104.09K	USD	Annual
Operating lease right-of-use asset and operating lease liability recorded upon lease modification	`RightOfUseAssetObtainedInExchangeForOperatingLeaseLiabilityModification`	$20.47K	USD	Point-in-time
Operating lease right-of-use asset and operating lease liability recorded upon lease modification	`RightOfUseAssetObtainedInExchangeForOperatingLeaseLiabilityModification`	-	USD	Annual
Operating lease right-of-use asset and operating lease liability recorded upon lease modification	`RightOfUseAssetObtainedInExchangeForOperatingLeaseLiabilityModification`	$20.47K	USD	Annual
Increase in asset retirement cost and obligation	`IncreaseInAssetRetirementCostAndObligation`	$33.52K	USD	Annual
Increase in asset retirement cost and obligation	`IncreaseInAssetRetirementCostAndObligation`	-	USD	Annual
Initial valuation of warrant liability	`InitialValuationOfWarrantLiability`	$3.65M	USD	Annual
Initial valuation of warrant liability	`InitialValuationOfWarrantLiability`	$3.09M	USD	Annual

Stockholders Equity 21 line items

Line Item	Tag	Value	Unit	Period
Beginning balance, value	`StockholdersEquity`	$30.07M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$18.86M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$23.23M	USD	Point-in-time
Issuance of common stock, net of issuance cost	`StockAndWarrantsIssuedDuringPeriodValueCommonStockAndWarrants`	$3.57M	USD	Annual
Issuance of common stock, net of issuance cost	`StockAndWarrantsIssuedDuringPeriodValueCommonStockAndWarrants`	$1.74M	USD	Annual
Issuance of common stock for exercise of warrants	`StockIssuedDuringPeriodValueOther`	$1.00M	USD	Annual
Issuance of common stock for prepaid services and accrued services	`StockIssuedDuringPeriodValuePrepaidServicesAndAccruedServices`	850,500.00	shares	Annual
Issuance of common stock for prepaid services and accrued services	`StockIssuedDuringPeriodValuePrepaidServicesAndAccruedServices`	195,000.00	shares	Annual
Issuance of common stock for services	`StockIssuedDuringPeriodValueIssuedForServices`	$100.00K	USD	Annual
Issuance of common stock for services	`StockIssuedDuringPeriodValueIssuedForServices`	$77.50K	USD	Annual
Stock options granted for services	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$183.47K	USD	Annual
Stock options granted for services	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$493.01K	USD	Annual
Stock-based compensation in connection with restricted common stock award grants and restricted common stock unit grants	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition`	$738.12K	USD	Annual
Stock-based compensation in connection with restricted common stock award grants and restricted common stock unit grants	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition`	$1.39M	USD	Annual
Net loss	`NetIncomeLoss`	$-13.93M	USD	Annual
Net loss	`NetIncomeLoss`	$-7.61M	USD	Annual
Issuance of common stock for vested restricted stock unit	`IssuanceOfCommonStockForVestedRestrictedStockUnit`	-	USD	Annual
Issuance of common stock for vested restricted stock unit, shares	`IssuanceOfCommonStockSharesForVestedRestrictedStockUnit`	-7,927.00	shares	Annual
Ending balance, value	`StockholdersEquity`	$30.07M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$18.86M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$23.23M	USD	Point-in-time

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