10-Q Filing

U.S. GOLD CORP. CIK: 27093 Q1 2024

Filing Information

Form Type	10-Q
Accession Number	`0001493152-23-032603`
Period End Date	20230731
Filing Date	20230914
Fiscal Year	2024
Fiscal Period	Q1
XBRL Instance	form10-q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 68 Income Statement 36 Cash Flow Statement 41 Stockholders Equity 14

Balance Sheet 68 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`	$6.01M	USD	Point-in-time
Cash	`Cash`	$7.82M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$503.81K	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$610.14K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Total current assets	`AssetsCurrent`	$6.52M	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
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`	$482.69K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	9.30M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	9.30M	shares	Point-in-time
Property, net	`PropertyPlantAndEquipmentNet`	$490.93K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	9.30M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	9.30M	shares	Point-in-time
Reclamation bond deposit	`DepositsAssetsNoncurrent`	$845.34K	USD	Point-in-time
Reclamation bond deposit	`DepositsAssetsNoncurrent`	$857.51K	USD	Point-in-time
Operating lease right-of-use asset, net	`OperatingLeaseRightOfUseAsset`	$18.34K	USD	Point-in-time
Operating lease right-of-use asset, net	`OperatingLeaseRightOfUseAsset`	$32.08K	USD	Point-in-time
Mineral rights	`MineralRights`	$14.37M	USD	Point-in-time
Mineral rights	`MineralRights`	$14.37M	USD	Point-in-time
Total non - current assets	`AssetsNoncurrent`	$15.75M	USD	Point-in-time
Total non - current assets	`AssetsNoncurrent`	$15.72M	USD	Point-in-time
Total assets	`Assets`	$22.23M	USD	Point-in-time
Total assets	`Assets`	$24.18M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$1.13M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$346.72K	USD	Point-in-time
Operating lease liabilities, current portion	`OperatingLeaseLiabilityCurrent`	$18.34K	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`	$1.15M	USD	Point-in-time
Warrant liability	`DerivativeLiabilitiesNoncurrent`	$4.23M	USD	Point-in-time
Warrant liability	`DerivativeLiabilitiesNoncurrent`	$4.22M	USD	Point-in-time
Asset retirement obligation	`AssetRetirementObligationsNoncurrent`	$260.20K	USD	Point-in-time
Asset retirement obligation	`AssetRetirementObligationsNoncurrent`	$286.43K	USD	Point-in-time
Asset retirement obligation	`AssetRetirementObligationsNoncurrent`	$285.76K	USD	Point-in-time
Deferred tax liability	`DeferredIncomeTaxLiabilitiesNet`	$430.49K	USD	Point-in-time
Deferred tax liability	`DeferredIncomeTaxLiabilitiesNet`	$430.49K	USD	Point-in-time
Total long-term liabilities:	`LiabilitiesNoncurrent`	$4.93M	USD	Point-in-time
Total long-term liabilities:	`LiabilitiesNoncurrent`	$4.95M	USD	Point-in-time
Total liabilities	`Liabilities`	$6.08M	USD	Point-in-time
Total liabilities	`Liabilities`	$5.33M	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 July 31, 2023 and April 30, 2023	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.001 par value; 50,000,000 authorized, none shares issued and outstanding as of July 31, 2023 and April 30, 2023	`PreferredStockValue`	-	USD	Point-in-time
Common stock ($0.001 Par Value; 200,000,000 Shares Authorized; 9,295,837 shares issued and outstanding as of July 31, 2023 and April 30, 2023)	`CommonStockValue`	$9.30K	USD	Point-in-time
Common stock ($0.001 Par Value; 200,000,000 Shares Authorized; 9,295,837 shares issued and outstanding as of July 31, 2023 and April 30, 2023)	`CommonStockValue`	$9.30K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$84.80M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$84.99M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-58.34M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-65.95M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-68.85M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$18.86M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$16.16M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$23.23M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$21.47M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$22.23M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$24.18M	USD	Point-in-time

Income Statement 36 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`	$412.84K	USD	1 Quarter
Exploration costs	`ExplorationExpense`	$762.86K	USD	1 Quarter
Exploration costs	`ExplorationExpense`	$841.54K	USD	1 Quarter
Professional and consulting fees	`ProfessionalFees`	$1.33M	USD	1 Quarter
Professional and consulting fees	`ProfessionalFees`	$1.35M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$393.90K	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$329.77K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$2.89M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$2.93M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-2.89M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-2.93M	USD	1 Quarter
Gain from settlement of asset retirement obligation	`GainLossOnDispositionOfAssets1`	$6.08K	USD	1 Quarter
Gain from settlement of asset retirement obligation	`GainLossOnDispositionOfAssets1`	-	USD	1 Quarter
Interest income	`InvestmentIncomeNet`	-	USD	1 Quarter
Interest income	`InvestmentIncomeNet`	$14.41K	USD	1 Quarter
Change in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	$-940.00K	USD	1 Quarter
Change in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	$-14.95K	USD	1 Quarter
Total other income	`NonoperatingIncomeExpense`	$940.00K	USD	1 Quarter
Total other income	`NonoperatingIncomeExpense`	$35.43K	USD	1 Quarter
Loss before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-2.89M	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`	$-2.89M	USD	1 Quarter
Net loss per common share, basic	`EarningsPerShareBasic`	$-0.23	USD	1 Quarter
Net loss per common share, basic	`EarningsPerShareBasic`	$-0.31	USD	1 Quarter
Net loss per common share, diluted	`EarningsPerShareDiluted`	$-0.23	USD	1 Quarter
Net loss per common share, diluted	`EarningsPerShareDiluted`	$-0.31	USD	1 Quarter
Weighted average number of shares outstanding basic	`WeightedAverageNumberOfSharesOutstandingBasic`	8.35M	shares	1 Quarter
Weighted average number of shares outstanding basic	`WeightedAverageNumberOfSharesOutstandingBasic`	9.30M	shares	1 Quarter
Weighted average number of shares outstanding diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	8.35M	shares	1 Quarter
Weighted average number of shares outstanding diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	9.30M	shares	1 Quarter

Cash Flow Statement 41 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-1.95M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.89M	USD	1 Quarter
Depreciation	`Depreciation`	$11.58K	USD	1 Quarter
Depreciation	`Depreciation`	$8.24K	USD	1 Quarter
Accretion	`AccretionExpense`	$6.74K	USD	1 Quarter
Accretion	`AccretionExpense`	$6.27K	USD	1 Quarter
Accretion	`AccretionExpense`	$25.57K	USD	Annual
Amortization of right-of-use asset	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$13.74K	USD	1 Quarter
Amortization of right-of-use asset	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$12.72K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$191.93K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$191.93K	USD	1 Quarter
Amortization of prepaid stock based expenses	`AmortizationOfPrepaidStockBasedExpenses`	$99.25K	USD	1 Quarter
Amortization of prepaid stock based expenses	`AmortizationOfPrepaidStockBasedExpenses`	$47.50K	USD	1 Quarter
Gain from settlement of asset retirement obligation	`GainLossOnDispositionOfAssets1`	$6.08K	USD	1 Quarter
Gain from settlement of asset retirement obligation	`GainLossOnDispositionOfAssets1`	-	USD	1 Quarter
Change in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	$-940.00K	USD	1 Quarter
Change in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	$-14.95K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$181.20K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-58.83K	USD	1 Quarter
Reclamation bond deposit	`IncreaseDecreaseInDepositOtherAssets`	-	USD	1 Quarter
Reclamation bond deposit	`IncreaseDecreaseInDepositOtherAssets`	$-12.17K	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-36.21K	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$781.54K	USD	1 Quarter
Operating lease liability	`IncreaseDecreaseInOperatingLeaseLiability`	$-12.80K	USD	1 Quarter
Operating lease liability	`IncreaseDecreaseInOperatingLeaseLiability`	$-13.74K	USD	1 Quarter
NET CASH USED IN OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$-2.79M	USD	1 Quarter
NET CASH USED IN OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$-1.81M	USD	1 Quarter
NET DECREASE IN CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-2.79M	USD	1 Quarter
NET DECREASE IN CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-1.81M	USD	1 Quarter
CASH - beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$9.11M	USD	Point-in-time
CASH - beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$6.01M	USD	Point-in-time
CASH - beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$6.32M	USD	Point-in-time
CASH - beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$7.82M	USD	Point-in-time
CASH - end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$9.11M	USD	Point-in-time
CASH - end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$6.01M	USD	Point-in-time
CASH - end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$6.32M	USD	Point-in-time
CASH - end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$7.82M	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

Stockholders Equity 14 line items

Line Item	Tag	Value	Unit	Period
Beginning balance, value	`StockholdersEquity`	$18.86M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$16.16M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$23.23M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$21.47M	USD	Point-in-time
Accretion of stock based compensation in connection with stock option grants	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$7.40K	USD	1 Quarter
Accretion of 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`	$184.53K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.95M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.89M	USD	1 Quarter
Ending balance, value	`StockholdersEquity`	$18.86M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$16.16M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$23.23M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$21.47M	USD	Point-in-time

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