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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-K
☒ |
ANNUAL
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|
|
|
For
the fiscal year ended April 30, 2023
OR |
|
|
☐ |
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For
the transition period from to
Commission
file number: 001-08266
U.S.
GOLD CORP
(Exact
Name of registrant as Specified in its Charter)
Nevada |
|
22-1831409 |
(State
or other jurisdiction of
incorporation
or organization) |
|
(I.R.S.
Employer
Identification
No.) |
1910
East Idaho Street, Suite 102-Box 604
Elko,
NV |
|
89801 |
(Address
of Principal Executive Offices) |
|
(Zip
Code) |
(800)
557-4550
(Registrant’s
Telephone Number, including Area Code)
SECURITIES
REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:
Title
of Each Class |
|
Trading
Symbol(s) |
|
Name
of Each Exchange on Which Registered |
Common
Stock, $0.001 par value |
|
USAU |
|
NASDAQ
Capital Market |
SECURITIES
REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT: None
Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒
Indicate
by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Exchange Act. Yes ☐ No ☒
Note
– Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Exchange
Act from their obligations under those Sections.
Indicate
by check mark whether the registrant (1) has filed all reports required by Section 13 or 15(d) of the Securities Exchange Act of 1934
(“Exchange Act”) during the preceding 12 months (or for such shorter period that the registrant was required to file such
reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files). Yes ☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”
“smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
|
Large
accelerated filer ☐ |
Accelerated
filer ☐ |
|
Non-accelerated
filer ☒ |
Smaller
reporting company ☒ |
|
|
Emerging
Growth Company ☐ |
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate
by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness
of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered
public accounting firm that prepared or issued its audit report. ☐
If securities are registered pursuant to Section 12(b) of the Act,
indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to
previously issued financial statements. ☐
Indicate by check mark whether any of those error corrections are
restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers
during the relevant recovery period pursuant to §240.10D-1(b). ☐
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒
As
of October 31, 2022, the aggregate market value of the voting and non-voting shares of common stock of the registrant issued and outstanding
on such date, excluding shares held by affiliates of the registrant as a group, was $26,738,639. This figure is based on the closing
sale price of $3.69 per share of the Registrant’s common stock on October 31, 2022.
Number
of shares of Common Stock outstanding as of July 28, 2023: 9,294,130
DOCUMENTS
INCORPORATED BY REFERENCE
The
information called for by Part III of this Form 10-K is incorporated herein by reference from the registrant’s Definitive Proxy
Statement for its 2023 annual meeting of stockholders which the registrant intends to file pursuant to Regulation 14A not later than
120 days after the end of the fiscal year covered by this report.
U.S.
GOLD CORP
INDEX
FORWARD-LOOKING
STATEMENTS
Some
information contained in or incorporated by reference into this Annual Report on Form 10-K may contain forward-looking statements within
the meaning of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking statements concern our anticipated
results and developments in our operations in future periods, planned exploration and development of our properties, plans related to
our business and other matters that may occur in the future. These statements relate to analyses and other information that are based
on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. These statements include, but
are not limited to, comments regarding:
|
● |
The
timing of preparation and filing of our mine construction and operating permits for the CK Gold Project; |
|
● |
The
timing and process of our mine operating permit and closure plan for the CK Gold Project; |
|
● |
The
assumptions and projections contained in the CK Gold Project Prefeasibility Study, including estimated mineral resources and mineral
reserves, mine life, projected operating and capital costs, projected production, internal rate of return (“IRR”) and
Net Present Value (“NPV”) calculations, and the possibility of upside potential at the project; |
|
● |
The
planned extensions of our leases; |
|
● |
Our
planned expenditures during our fiscal year ended April 30, 2024; |
|
● |
Whether
we will make a buy down payment of the NSR associated with the Keystone Project; |
|
● |
Future
exploration plans and expectations related to our properties; |
|
● |
Our
ability to fund our business through April 30, 2024 with our current cash reserves based on our currently planned activities; |
|
● |
Our
anticipation of future environmental and regulatory impacts; and |
|
● |
Our
business and operating strategies. |
We
use the words “anticipate,” “continue,” “likely,” “estimate,” “expect,” “may,”
“could,” “will,” “project,” “should,” “believe” and similar expressions (including
negative and grammatical variations) to identify forward-looking statements. Statements that contain these words discuss our future expectations
and plans, or state other forward-looking information. Although we believe the expectations and assumptions reflected in those forward-looking
statements are reasonable, we cannot assure you that these expectations and assumptions will prove to be correct. Our actual results
could differ materially from those expressed or implied in these forward-looking statements as a result of various factors described
in this annual report on Form 10-K, including:
|
● |
Unfavorable
results from our exploration activities; |
|
● |
Decreases
in gold, copper or silver prices; |
|
● |
Whether
we are able to raise the necessary capital required to continue our business on terms acceptable to us or at all, and the likely
negative effect of volatility in metals prices or unfavorable exploration results; |
|
● |
Whether
we will be able to begin to mine and sell minerals successfully or profitably at any of our current properties at current or future
metals prices; |
|
● |
Potential
delays in our exploration activities or other activities to advance properties towards mining resulting from environmental consents
or permitting delays or problems, accidents, problems with contractors, disputes under agreements related to exploration properties,
unanticipated costs and other unexpected events; |
|
● |
Our
ability to retain key management and mining personnel necessary to successfully operate and grow our business; |
|
● |
Economic
and political events affecting the market prices for gold, copper, silver, and other minerals that may be found on our exploration
properties; |
|
● |
Volatility
in the market price of our common stock; and |
|
● |
The
factors set forth under “Risk Factors” in Item 1A of this annual report on Form 10-K. |
Many
of these factors are beyond our ability to control or predict. Although we believe that the expectations reflected in our forward-looking
statements are based on reasonable assumptions, such statements can only be based on facts and factors currently known to us. Consequently,
forward-looking statements are inherently subject to risks and uncertainties and actual results and outcomes may differ materially from
the results and outcomes discussed in or anticipated by the forward-looking statements. These statements speak only as of the date of
this Annual Report on Form 10-K. Except as required by law, we are not obligated to publicly release any revisions to these forward-looking
statements to reflect future events or developments. All subsequent written and oral forward-looking statements attributable to us and
persons acting on our behalf are qualified in their entirety by the cautionary statements contained in this section and elsewhere in
this Annual Report on Form 10-K.
ADDITIONAL
INFORMATION
Descriptions
of agreements or other documents contained in this Annual Report on Form 10-K are intended as summaries and are not necessarily complete.
Please refer to the agreements or other documents filed or incorporated herein by reference as exhibits. Please see the exhibit index
at the end of this report for a complete list of those exhibits.
PART
I
Items
1 and 2. BUSINESS AND PROPERTIES
Overview
U.S.
Gold Corp., formerly known as Dataram Corporation (the “Company”), was re-incorporated under the laws of the State of Nevada
in 2016 and was originally incorporated in the State of New Jersey in 1967. Effective June 26, 2017, the Company changed its legal name
to U.S. Gold Corp. from Dataram Corporation. On May 23, 2017, the Company merged with Gold King Corp. (“Gold King”), in a
transaction treated as a reverse acquisition and recapitalization, and the business of Gold King became the business of the Company.
We are a gold, copper and precious metals exploration company pursuing exploration opportunities primarily in Wyoming, Nevada and Idaho.
We
are an exploration and development company that owns certain mining leases and other mineral rights comprising the CK Gold Project in
Wyoming, the Keystone Project in Nevada and the Challis Gold Project in Idaho. The Company’s CK Gold Project’s property contains
proven and probable mineral reserves and accordingly is classified as a development stage property, as defined in subpart 1300 of Regulation
S-K promulgated by the Securities and Exchange Commission (“S-K 1300”). None of the Company’s other properties contain
proven and probable mineral reserves and all activities are exploratory in nature. We do not currently have any revenue-producing activities.
Corporate
Organization Chart
The
name, place of incorporation, continuance or organization and percent of equity securities that we own or control as of July 31, 2023
for each of our subsidiaries is set out below.
Corporate
Address
The
current address, telephone number of our offices are:
U.S.
Gold Corp.
1910
E. Idaho Street, Suite 102-Box 604
Elko,
NV 89801
(800)
557-4550
We
make available, free of charge, on or through our website, at https://www.usgoldcorp.gold, our annual report on Form 10-K, our quarterly
reports on Form 10-Q and our current reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a)
or 15(d) of the U.S. Securities Exchange Act of 1934, as amended, and other information. Our website and the information contained therein
or connected thereto are not intended to be, and are not, incorporated into this annual report on Form 10-K. The SEC maintains an Internet
website (http://www.sec.gov) that contains reports, proxy and information statements and other information regarding issuers that file
electronically with the SEC.
Employees
As
of April 30, 2023, we had 4 full-time employees and no part-time employees. In addition, we use consultants with specific skills to assist
with various aspects of our project evaluation, due diligence, corporate governance and property management.
OUR
MINERAL PROPERTIES AND PROJECTS
Property
Map
For
a map showing the more precise location of each property, see the individual property descriptions set forth below.
Summary
of Current Mineral Properties
Property |
|
Stage
of Property/Mine and mineralization types |
|
Ownership,
Mineral Rights,
Leases or Options |
|
Key
permit conditions |
|
Processing
plants and other available facilities |
|
Other |
|
|
|
|
|
|
|
|
|
|
|
CK
Gold Project - Wyoming |
|
Development
stage, proposed open-pit mine producing a copper concentrate containing gold, copper and silver from porphyry-style mineralization. |
|
100%
ownership - Two state of Wyoming Mineral Leases covering approximately 1,120 acres in Laramie County, Wyoming. State of Wyoming has
certain royalty interests on mineral production. |
|
Exploration
permits received. Submitted applications to the Wyoming Division of Enviromental Quality for the permit to mine and industrial siting
(granted), and air permit to be submitted at a later date. |
|
No
significant facilities |
|
Working
on detailed engineering studies for feasibility study |
Keystone
-Nevada |
|
Gold
exploration |
|
100%
ownership – 601 unpatented lode mining claims comprising approximately 20 square miles in Eureka County, Nevada. |
|
Exploration
permits received. Reclamation bonding in place. Additional exploration permits may be necessary for additional exploration. |
|
No
significant facilities |
|
|
Challis
- Idaho |
|
Gold
exploration |
|
100%
ownership - 77 unpatented lode mining claims in Lemhi County, Idaho covering approximately 1,710 acres. A royalty interest has been
granted on the Challis property. |
|
Preparing
a revised plan of operations for further exploration. |
|
No
significant facilities |
|
|
Summary
of Previous Mineral Properties
Property |
|
Stage
of Property/Mine and mineralization types |
|
Ownership,
Mineral Rights,
Leases or Options |
|
Key
permit conditions |
|
Processing
plants and other available facilities |
|
Other |
|
|
|
|
|
|
|
|
|
|
|
Maggie
Creek - Nevada |
|
Gold
exploration |
|
We
sold our rights to acquire the property to Nevada Gold Mines (“NGM) in November 2022. Royalty potential of .5% if NGM exercises
its option and acquires the Maggie Creek property. |
|
Exploration
permits received and reclamation bond in place. Additional exploration permits may be necessary for additional exploration. |
|
No
significant facilities |
|
Drilled
two exploration holes in the year ended April 30, 2022 |
Quality
Assurance/Quality Control (“QA/QC”) Protocol
We
employ a rigorous QA/QC protocol on all aspects of sampling and analytical procedure. Drill core is checked, logged, marked for sampling
and sawn in half. One-half of each drill core is maintained for future reference and the other half of each drill core is sent to ALS,
an ISO 17025 accredited laboratory in Elko, Nevada to complete all sample preparation and assaying. Samples are analyzed by employing
fire assaying with atomic absorption finish for gold, and four-acid ICP-MS analysis for silver and copper. For QA/QC protocol purposes,
certified standards, blank samples and sample duplicates are inserted into the sample stream. We also periodically submit sample pulps
to another independent laboratory for check analysis. With respect to the CK Gold Project, and as part of the examination and preparation
of a Technical Report under Reg. S-K 1300 guidelines, QA/QC protocols have been independently checked.
CK
Gold Project, Wyoming
The
CK Gold Project consists of certain mining leases and other mineral rights located in the historic Silver Crown Mining District of southeast
Wyoming.
Location
and Access
The
CK Gold Project is located in southeastern Wyoming, approximately 20 miles west of the city of Cheyenne, on the southeastern margin of
the Laramie Range (Figure 1). The property covers about two square miles that include the S½ Section 25, NE¼ Section 35,
and all of Section 36, T.14N., R.70W., Sixth Principal Meridian. Access to within an approximate 0.9 miles of the property is provided
by paved and maintained gravel roads. The surface of S½ Section 25, NE¼ Section 35 is privately owned. An easement agreement
providing access for exploration and other minimal impact activities has been negotiated with an adjacent landowner. The fee for this
easement is $10,000 per year, renewable each year prior to July 11. The surface of Section 36 is owned by the State of Wyoming and is
currently leased to an adjacent landowner for grazing.
The
project is entirely located on mineral rights owned and administered by the State of Wyoming. There are no federal lands within or adjoining
the CK Gold Project’s land position. Curt Gowdy State Park lies northwest of the property, partially within Section 26. The state
park’s southeastern boundary is approximately 1,000 feet northwest of the property and approximately 3,000 feet northwest of the
mineralized area. The CK Gold Project’s property position consists of two State of Wyoming Metallic and Non- metallic Rocks and
Minerals Mining Leases.
Figure
1 – CK Gold Project Location and Project Boundary
Rights
to the CK Gold Project
Our
rights to the CK Gold Project arise under two State of Wyoming mineral leases:
|
1) |
State
of Wyoming Mining Lease No. 0-40828 |
Township
14 North, Range 70 West, 6th P.M., Laramie County, Wyoming:
Section
36: All
|
2) |
State
of Wyoming Mining Lease No. 0-40858 |
Township
14 North, Range 70 West, 6th P.M., Laramie County, Wyoming:
Section
25: S/2
Section
35: NE/4
Ownership
of the mineral rights remains in the possession of the State of Wyoming as conveyed to the State by the United States, evidenced by 1942
patents for Section 36, and 1989 Order confirming title to Section 25 and 35. The State of Wyoming issued Mineral Leases for the mineral
rights to Wyoming Gold Mining Company, Inc. (“Wyoming Gold”) in 2013 and 2014. These leases were assigned to us on June 23,
2014.
Lease
0-40828 is a ten-year lease that was renewed within the past year and expires on February 1, 2033. Annual rental payments under this
lease are $3.00 per acre. Lease 0-40858 is a ten-year lease that expires on February 1, 2024. This lease requires an annual rental payment
of $2.00 per acre. Upon the renewal of this lease for another ten-year term the annual rental payment will increase to $3.00 per acre.
Each lease is renewable for successive ten-year terms by submitting a renewal application fee and paying a nominal fee of $50. We anticipate
continuing to renew each lease beyond their current expiration dates.
Effective
April 6, 2023, the Board of Directors of the Office of State Lands and Investments (“OSLI”) approved the recommendation from
the staff of the OSLI fixing the production royalty rate at a flat 2.1% of net receipts received by us once the project is in operation.
Additionally, once the project is in operation, the Board of Directors of the OSLI has the authority to reduce the royalty payable to
the State.
Infrastructure
Given
the project’s proximity to Cheyenne, the state capital of Wyoming and the Front Range metropolitan area, personnel needs, delivery
of consumables, and infrastructure needs are available both locally and regionally. The area has access to both BNSF and Union Pacific
railroad lines, intersection of 2 major interstate highways, I-80 and I-25, and a regional airport.
High
voltage powerlines are approximately 1.5 miles (2.4km) from the current project area. A connection to the local power provider and easement
for transmission lines has been identified and scoped. While there is a nearby line serving the local population, we anticipate that
a new line to the project site will be constructed.
In
February 2023, we entered into a Water Development and Purchase Agreement (“Water Agreement”) with the Board of Public Utilities
(the “BOPU”) of the City of Cheyenne. Under this Water Agreement, BOPU will provide a firm supply of up to 600 gallons per
minute for the life of the project. It is anticipated that the water to be supplied under this Water Agreement will come from the Lone
Tree wellfield owned by BOPU. A pipeline from the Lone Tree well field to the project will be required to be constructed. Minor water
sources have been identified around the project site from monitoring well locations, and additional deeper well sites will be investigated
in upcoming fields seasons with a view to securing an independent water supply.
Permitting
Mine
Operating Permit and Closure Plan (“MOP”)
In
September 2022, we filed our MOP with the Wyoming Department of Environmental Quality – Land Division (the “WDEQ”).
In November 2022, we received notification from WDEQ that our MOP was deemed complete and that it was under technical review. In April
2023, we received a first round of technical comments and are currently working with the WDEQ to fully respond to their initial review.
We anticipate that we will continue to work with WDEQ through technical review for the remainder of calendar 2023 and into 2024.
Industrial
Siting Permit (“ISP”)
In
February 2023, we submitted our ISP with the Industrial Siting Division of the WDEQ. An ISP is required for all projects within the state
of Wyoming when the projected capital costs are anticipated to exceed $253.9 million. This threshold includes costs we may incur as well
as costs incurred from other parties. The ISP’s intent is to ascertain the regional impacts during construction and mine operation
and release state funds to local governments to offset anticipated impacts. Subsequent to the permit submission, a hearing was held with
the Industrial Siting Commission in May 2023 whereby our ISP was approved. In June 2023, we received official notification from the state
of Wyoming that our ISP was granted.
History
of Prior Operations and Exploration on the CK Gold Project
Limited
exploration and mining were conducted on the CK Gold Project’s property in the late 1880s and early 1900s. Approximately 300 tons
of material was reported to have been produced from a now inaccessible 160-foot-deep shaft with two levels of cross-cuts. A few small
adits and prospect pits with no significant production are scattered throughout the property.
Since
1938, at least nine historic (pre-Strathmore Minerals Corp.) drilling campaigns by at least seven companies plus the U.S. Bureau of Mines
have been conducted at CK Gold Project’s property, previously referred to as Copper King. The current project database contains
91 drill holes totaling 37,500 feet that were drilled before Wyoming Gold acquired the property. All but six of the drill holes are within
the current resource area. Other work conducted at the CK Gold Project’s property by previous companies has included ground and
aeromagnetic surveys as well as induced polarization surveys along with geochemical sampling, geologic mapping, and a number of metallurgical
studies.
Wyoming
Gold conducted an exploration drill program in 2007 and 2008. Thirty-five diamond core drill holes were completed for a total of 25,500
feet. The focus of that work was to confirm and potentially expand the mineralized body outlined in the previous drill campaigns, increase
the geologic and geochemical database leading to the creation of the current geologic model and mineralization estimate, and to provide
material for further metallurgical testing. The CK Gold Project’s historic assay database for some 120 holes contains 8,357 gold
assays and 8,225 copper assays. At least 10 different organizations or individuals conducted metallurgical studies on the gold-copper
mineralization at the request of prior operators between 1973 and 2009.
Geology
and Mineralization
The
CK Gold Project is underlain by Proterozoic rocks that make up the southern end of the Precambrian core of the Laramie Range. Metavolcanic
and metasedimentary rocks of amphibolite-grade metamorphism are intruded by the 1.4-billion-year-old Sherman Granite and related felsic
rocks. Within the project area, foliated granodiorite is intruded by aplitic quartz monzonite dikes, thin mafic dikes and younger pegmatite
dikes. Shear zones with cataclastic foliation striking N60°E to N60°W are found in the southern part of the Silver Crown district,
including at CK Gold. The granodiorite typically shows potassium enrichment, particularly near contacts with quartz monzonite. Copper
and gold mineralization occur primarily in unfoliated to mylonitic granodiorite. The mineralization is associated with a N60°W-trending
shear zone and disseminated and stockwork gold-copper deposits in the intrusive rocks. The mineralization style is consistent with a
porphyry gold-copper deposit of Paleoproterozoic age. Hydrothermal alteration is overprinted on retrograde greenschist alteration and
includes a central zone of silicification, followed outward by a narrow potassic zone, surrounded by propylitic alteration. Higher-grade
mineralization occurs within a central core of thin quartz veining and stockwork mineralization that is surrounded by a ring of lower-grade
disseminated mineralization. Disseminated sulfides and native copper with stockwork malachite and chrysocolla are present at the surface,
and chalcopyrite, pyrite, minor bornite, primary chalcocite, pyrrhotite, and native copper are present at depth. Gold occurs as free
gold and within chalcopyrite crystals.
The
CK Gold Project’s property contains oxide, mixed oxide-sulfide, and sulfide rock types. At the stated cutoff grade of 0.015oz AuEq/ton,
approximately 80% of the resource is sulfide material with the remaining 20% split evenly between the oxide and mixed rock types. There
is consistent distribution of gold and copper, albeit generally low-grade, throughout this potential open-pit type deposit.
Mineral
Reserves and Mineral Resources
Mineral
reserve and mineral resource estimates were calculated by Gustavson Associates LLC (now WSP USA, Inc.) through the effective date of
November 15, 2021 as shown in the Technical Report Summary attached to this annual report on Form 10-K. The mineral reserve and mineral
resource tabulations shown below are based on assumed metals prices of $1,625/oz gold, $3.25/lb copper and $18.00/oz silver. These metals
price assumptions are comprised of long-term metals forecasting (33%) and the two-year trailing average (67%). Based on the actual prices
of these metals at the end of our fiscal year ($1,911/oz gold, $4.45/lb copper and $23.45/oz silver, based on the respective London Metal
Exchange, we believe that the price assumptions used in preparing our mineral reserve and mineral resource estimates at November 15,
2021 remain reasonable and, therefore, we believe the estimates prepared by Gustavson Associates LLC remain a reasonable estimate of
our mineral resources and mineral reserves at April 30, 2023.
CK
Gold Project – Summary of Gold, Copper and Silver Mineral Resources at April 30, 2023 based on $1,625/oz gold, $3.25/lb copper
and $18.00/oz silver
| |
Mass | | |
Gold (Au) | | |
Copper (Cu) | | |
Silver (Ag) | | |
Au Equivalent (AuEq) | |
| |
Tons (000’s) | | |
Oz (000’s) | | |
oz/ st | | |
lbs (millions) | | |
% | | |
Oz (000’s) | | |
oz/st | | |
Oz (000’s) | | |
oz/ st | |
Measured (M) | |
| 1,000 | | |
| 6 | | |
| 0.019 | | |
| 2 | | |
| 0.196 | | |
| 100 | | |
| 0.05 | | |
| 2 | | |
| 0.024 | |
Indicated (I) | |
| 10,500 | | |
| 94 | | |
| 0.01 | | |
| 30 | | |
| 0.15 | | |
| 450 | | |
| 0.03 | | |
| 138 | | |
| 0.016 | |
M + I | |
| 11,500 | | |
| 100 | | |
| 0.014 | | |
| 32 | | |
| 0.16 | | |
| 550 | | |
| 0.039 | | |
| 140 | | |
| 0.018 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Inferred | |
| 22,500 | | |
| 235 | | |
| 0.01 | | |
| 68.3 | | |
| 0.152 | | |
| 323 | | |
| 0.014 | | |
| 357 | | |
| 0.016 | |
(1)
Resources tabulated at a cutoff grade of (0.0107 – 0.0088) AuEq oz/st, 0.009 AuEq oz/st average
(2)
Note only 3 significant figures shown, may not sum due to rounding
(3)
Estimates of mineral resources are exclusive of mineral reserves
CK
Gold Project – Summary of Gold, Copper and Silver Mineral Reserves at April 30, 2023 based on $1,625/oz gold, $3.25/lb copper and
$18.00/oz silver
| |
Mass | | |
Gold (Au) | | |
Copper (Cu) | | |
Silver (Ag) | | |
Au Equivalent (AuEq) | |
| |
Tons (000’s) | | |
Oz (000’s) | | |
oz/ st | | |
lbs (millions) | | |
% | | |
Oz (000’s) | | |
oz/ st | | |
Oz (000’s) | | |
oz/ st | |
Proven (P1) | |
| 29,600 | | |
| 574 | | |
| 0.019 | | |
| 118 | | |
| 0.198 | | |
| 1,440 | | |
| 0.049 | | |
| 757 | | |
| 0.026 | |
Probable (P2) | |
| 40,700 | | |
| 440 | | |
| 0.011 | | |
| 130 | | |
| 0.16 | | |
| 1,220 | | |
| 0.03 | | |
| 679 | | |
| 0.017 | |
P1 + P2 | |
| 70,400 | | |
| 1,010 | | |
| 0.014 | | |
| 248 | | |
| 0.176 | | |
| 2,660 | | |
| 0.038 | | |
| 1,440 | | |
| 0.02 | |
(1)
Reserves tabulated at a cutoff grade of (0.0107 – 0.0088) AuEq oz./st, 0.009 AuEq Oz/st average
(2)
Note only 3 significant figures shown, may not sum due to rounding
Mineral
resources are reported at a gold equivalent grade (AuEq) cutoff grade, which considers metal recovery and pricing Cutoff grade varies
with expected recovery for delineated material types, but averages 0.009 short ton (oz/st) AuEq, equivalent to 0.31 grams per metric
tonne (g/t) AuEq. Gold equivalent grade (Au/Eq) is used to simplify cutoff grade to a single equivalent metal (gold). The mineral resource
is constrained inside an optimization shell which, combined with the cutoff grade, represents reasonable prospects for economic extraction.
The mineral reserve estimate lies inside of a designed mine open pit. See Section 12.1 in the Technical Report Summary incorporated by
reference in this Form 10-K for a discussion of pit optimization, cutoff grade and dilution.
Prefeasibility
Study (“PFS”)
On
December 1, 2021, we released the results of our PFS. The PFS was prepared by Gustavson Associates LLC with an effective date of November
15, 2021.
The
following are highlights from the PFS:
|
● |
10-year
Mine Life at 20,000 short tons per day process rate |
|
|
○ |
Average
AuEq production: 108,500 ounces per year |
|
|
○ |
First
three years: 135,300 AuEq ounces per year |
|
● |
Initial
Capital: $221 million |
|
|
○ |
Potential
attractive financing terms from equipment suppliers and development capital sources |
|
|
○ |
2-year
payback |
|
● |
Economics
– 39.4% IRR before tax and 33.7% IRR after tax |
|
|
○ |
NPV
(5%): $323 million and $266 million, before and after tax, respectively |
|
|
○ |
All
in Sustaining Cost (“AISC”) at $800 per AuEq ounce |
|
|
○ |
Assumes
$1,625/ounce gold price and $3.25/lb copper price |
|
|
○ |
Highly
leveraged to increasing metals prices |
|
● |
Upside
Potential |
|
|
○ |
Aggregate
sales from mine waste rock, proven to be excellent quality |
|
|
○ |
Feasibility
study level value engineering and plant optimization |
|
|
○ |
Ongoing
metallurgical testing to enhance recovery of gold and copper |
|
|
○ |
Resource
expansion potential at depth and to the south-east |
|
● |
Permitting
and Development |
|
|
○ |
Project
footprint under the jurisdiction of Wyoming agencies |
The
economic projections in the PFS are subject to a variety of assumptions and qualifications that are described in more detail in the Technical
Report Summary incorporated by reference into this Form 10-K. In summary, the low-grade copper, silver and gold deposit located on Wyoming
State Land and under lease to US Gold Corp, is proposed as an open pit mine. The rate of extraction will be sufficient to feed minerals
to the process plant at a rate of 20,000 tons per day, involving the removal of surrounding waste material at a similar rate. The process
plant serves to crush and grind the ore into a fine particle form in a slurry, whereupon the copper, silver and gold values can be separated
from non-mineralized rock into a concentrate using froth flotation. The concentrate will be dried and shipped off site and sold to a
smelter for final metal extraction. The waste material will be filtered to recoup and recycle water back to the process plant, and the
filtered tailings will be trucked and mechanically stacked onto a tailings pile. The process facility is also on the same Wyoming State
section less than a mile away from the mineralized orebody, with the entire operation some 20-miles west of Cheyenne. The metallurgical
test work supporting the extraction methodology was initially performed by a previous owner between 2009 and 2012, but the company has
gathered additional representative sample and conducted further extensive test work between 2020 and 2023. The results of the test work
were incorporated into the prefeasibility study published on December 1, 2021, and have continued to confirm results and inform the feasibility
study due for publication in the second half of 2023.
We
expense all mineral exploration costs as incurred. Although we have identified proven and probable mineral reserves on our CK Gold Project,
development costs will be capitalized when all the following criteria have been met, (a) we receive the requisite operating permits,
(b) completion of a favorable Feasibility Study and (c) approval from our board of director’s authorizing the development of the
ore body. Until such time all these criteria have been met, we record pre-development costs to expense as incurred. The current book
value of our property is approximately $3.1 million, which is recorded in mineral properties and reflects the value that was attributed
to the purchase of the CK Gold Project. We do not have any costs on our balance sheet related to plant or equipment as we have not incurred
any such costs.
Recent
Activities
We
submitted both of our major permit applications during the year-ended April 30, 2023, the MOP and ISP. We are in technical review with
regards to the MOP with an expected completion date in 2024. We were granted our ISP in June 2023 providing local governments the ability
to receive state funds to mitigate impacts from the anticipated construction and operation of our CK Gold Project.
We
secured the necessary water needed to operate the project with the execution of the Water Agreement with the Cheyenne Board of Public
Utilities (BOPU), post approval from the Cheyenne City Council to allow BOPU to enter into an “Outside Water Users Agreement”,
which provides us a firm supply of water of 600 gallons per minute over the life of the project.
Primarily
in support of the feasibility study presently underway, during the 2021 field season, 47 core, rotary and conventional holes were drilled
at the CK Gold Project. The primary purpose of the drilling program is to supplement the geotechnical and hydrological information.
Additional
work centered around the capture and interpretation of environmental base line data encompassing sub-surface and surface water, fauna,
flora, cultural, air quality, meteorological conditions, wetlands and socio-economic factors in the project area. Starting in September
2020, over 2 1/2 years of monitoring data have been gathered and ongoing monitoring in critical areas continues.
Additionally,
a great deal of social outreach has been conducted to familiarize the immediate population and the Wyoming, Cheyenne and Laramie governmental
and regulatory agencies.
Geological
Potential of the CK Gold Project
Potential
to expand the existing resource exists primarily at depth beyond current drilling depths and to the south of the proposed pit. Numerous
drill holes end in significant mineralization. We are developing a program to evaluate a magnetic anomaly, similar to that found centered
on the CK Gold Project mineralization, ½ mile to the southeast of the project.
Keystone
Project, Cortez Trend, Nevada
Location
The
Keystone Project consists of 601 unpatented lode mining claims situated in Eureka County, Nevada. The claims making up the Keystone Project
are situated in Eureka County, Nevada in Sections 2-4 and 9-11, Township 23 North, Range 48 East, and Sections 22- 28, and 33-36 Township
24 North, all Range 48 East of the Mount Diablo Meridian (Figures 2 and 3).
Figure
2 – Location of Keystone Project and Major Gold Trends in Nevada
Figure
3 – Keystone Project Claim Boundaries
The
Keystone Project is accessible via unpaved roads. Navigation through the interior of the project is by off-road vehicle on exploration
tracks.
Title
and Ownership for Keystone Project
The
Keystone Project consists of unpatented mining claims located on federal land administered by the U.S. Bureau of Land Management (“BLM”).
An annual maintenance fee of $165 per claim per year must be paid to the Nevada BLM by September 1 of each year, and failure to make
the payment on time renders the claims void. In addition to the annual maintenance fee paid to the Nevada BLM, a $12 per claim fee is
due to the Eureka County (NV) Clerk’s office as a record fee.
We
acquired the mining claims comprising the Keystone Project on May 27, 2016 from Nevada Gold Ventures, LLC and Americas Gold Exploration,
Inc. (“Americas Gold”). Some of the Keystone claims are subject to pre-existing net smelter royalty (“NSR”) obligations.
In addition, Nevada Gold Ventures, LLC retained additional NSR rights of 0.5% with regard to certain claims and 3.5% with regard to certain
other claims. The unpatented mining claims comprising the Keystone Project, with applicable NSR obligations, are as follows:
|
1. |
Acquired
100% from Americas Gold; subject to a one percent (1%) NSR held by Wolfpack Gold Nevada Corp.; a two percent (2.0%) NSR with respect
to precious metals and one percent (1.0%) NSR with respect to all other metals and minerals held by Orion Royalty Company, LLC; and
a one-half percent (0.5%) NSR to Nevada Gold Ventures, LLC. |
27
unpatented lode mining claims situated in Eureka County, Nevada, in Sections 33 and 34, Township 24 North, Range 48 East, and Sections
3, 4, 9, and 10, Township 23 North, Range 48 East, Mount Diablo Base Line and Meridian.
|
2. |
Acquired
100% from Americas Gold; subject to a three and one-half percent (3.5%) NSR to Nevada Gold Ventures, LLC |
13
unpatented lode mining claims situated in Eureka County, Nevada, in Sections 27, 28 and 35, Township 24 North, Range 48 East, and Sections
2 and 3, Township 23 North, Range 48 East, Mount Diablo Base Line and Meridian.
|
3. |
Acquired
100% from Nevada Gold Ventures, LLC; subject to a three and one-half percent (3.5%) NSR to Nevada Gold Ventures, LLC |
28
unpatented lode mining claims situated in Eureka County, Nevada, in Sections 2 & 11, Township 23 North, Range 48 East, Mount Diablo
Base Line and Meridian.
|
4. |
Acquired
50% from Nevada Gold Ventures, LLC, 50% from Americas Gold, subject to a three and one-half percent (3.5%) NSR to Nevada Gold Ventures,
LLC |
216
unpatented lode mining claims, alphabetically ordered, situated in Eureka County, Nevada, in Sections 22, 23, 24, 25, 26, 27, 28, 33,
34, 35 & 36, Township 24 North, Range 48 East, Mount Diablo Base Line and Meridian.
Under
the terms of the Purchase and Sale Agreement, dated May 25, 2016, under which we acquired the claims, we had the right to buy down 1%
of the NSR owed to Nevada Gold Ventures LLC at any time through the fifth anniversary of the closing date, May 25, 2021, for $2,000,000.
In addition, we may buy down an additional 1% of the NSR owed to Nevada Gold Ventures, LLC anytime through the eighth anniversary of
the closing date, May 25, 2024, for $5,000,000. At April 30, 2023, we have not bought down any portion of the NSR. The decision to make
a buy down payment would be driven by our progress in identifying an economic mineral resource, coupled with financial factors, such
as available cash or an expressed interest by larger producing companies to enter into joint ventures or development arrangements. We
do not currently anticipate making such a buy down payment at this time.
History
of Prior Operations and Exploration on the Keystone Project
No
comprehensive, modern-era, model-driven exploration has ever been conducted on the Keystone Project. Newmont drilled 6 holes in the old
base metal and silver Keystone mine area in 1967 and encountered low-grade (+/- 0.02 opt) gold intercepts. Chevron staked the property
in 1981-1983 and drilled 27 shallow drill holes, continued by an agreement with USMX that drilled an additional 19 shallow holes; significant
amounts of low grade and anomalous gold were intersected, but results were considered uneconomic, and the project was dropped. In 1988
and 1989, Phelps Dodge acquired a southern portion of the district and drilled 6 holes, one of which contained gold mineralization in
its total depth and was subsequently deepened in 1990 resulting in over 200’ of low-grade gold mineralization. About this time
Coral Resources acquired a northern portion of the property and drilled 21 shallow holes to follow-up previous drill intercepts. 1995-1997,
Golden Glacier, a junior company, acquired the north end of the district, and Uranerz a portion of the southern area; 6 holes were drilled
in the north and only 2 holes in the south, respectively. The entire district was dropped by all parties.
In
2004, with the discovery of Cortez Hills and escalating gold prices, Nevada Pacific Gold, Great American Minerals (Don McDowell), and
Tone Resources (Dave Mathewson) competed in claim staking the entire district. Subsequently, Don McDowell, founder of Great American
Minerals approached Placer Dome (prior to Barrick acquisition) who discovered Pipeline and Cortez Hills, and who correctly recognized
the Keystone district potential. Placer Dome entered into separate joint venture agreements with Nevada Pacific and Great American. The
following year Barrick Gold bought Placer Dome and dropped all Placer Dome’s Nevada exploration projects and joint ventures, including
Keystone. In 2006, Nevada Pacific and Tone were purchased by McEwen Mining. McEwen Mining, drilled 35 holes mostly near the north end
of the district; targeting the range front pediment and the historic Keystone Mine. McEwen Mining dropped their Keystone claims and quit
claimed them to Dave Mathewson and NV Gold Ventures. NV Gold Ventures and American Gold staked their own additional claims in the district.
This expanded group of claims was acquired in the original Keystone Purchase Agreement. We have staked additional claims in the district,
such as Potato Canyon, since acquiring the project.
Geology
and Mineralization
To
date, a technical report has not been prepared on the Keystone Project. Keystone is positioned on the prolific Cortez gold trend. The
Keystone Project is centered on a granitic intrusion that warped the local Paleozoic stratigraphy into a dome, allowing for exposure
of highly favorable Devonian, Carboniferous (Mississippian-Pennsylvania) and Permo- Triassic rocks including key likely host rocks for
mineralization, the silty carbonate strata of the Horse Creek Formation and the Wenban limestone, as well as possible sandy clastic units
of the Diamond Peak Formation. The Horse Canyon and Wenban rocks are the primary host rocks at the nearby Cortez Hills Mine and Gold
Rush deposit currently operated by Barrick Gold.
In
2022, a hyperspectral survey was conducted on the property identifying evidence of potential mineralization. Numerous anomalies often
associated with mineralization were identified. Field investigation of the anomalies will commence during the 2023 field season.
Infrastructure
and Facilities
The
Keystone Project does not currently include any significant facilities. The Keystone Project sits some 10 miles to the southwest of Nevada
Gold mines Cortez Complex. The Cortez Complex, consisting of surface and underground mines, is served by roads and power, while water
in the area is extracted from sub-surface water resources. The Keystone Project is served by paved and unpaved roads, which extend down
trend from the Cortez Complex to the north and additional road and infrastructure to the north-east. The whole area is some 30 miles
to the south of the I-80 interstate corridor between the towns of Battle Mountain and Winnemucca, with Elko, Nevada being the dormitory
town for the majority of the workforce and support services.
The
Challis Gold Project, Idaho
Location
The
Challis Gold property is situated in the Salmon River Mountains, approximately 40 km (25 mi) southwest of the town of Salmon, Idaho,
and 69 km (43 mi) north of the smaller town of Challis (Figure 7). The project area is considered to be within the Cobalt Mining District,
as the past-producing Blackbird Cobalt Mine is located 9.3 km (5.75 mi) north-northwest of the property. The nearly-abandoned town of
Cobalt, a previous company town for the Blackbird Mine, is along Panther Creek 9.7 km (6 mi) northeast of the property. Meridian Gold’s
Beartrack Mine, the closest of the larger gold mines in the region, is 24 km (15 mi) northeast of the Challis Gold Project. The central
portion of the property is located at approximately 45º 2’ North Latitude and 114º 20’ West Longitude. The claims
are situated in the south-central portion of unsurveyed Township T20N, R18E.
- |
Figure
7: The Challis Gold Project Location in Idaho |
Title
and Ownership for Challis Gold Project
All
of the mining claims comprising the Musgrove property are unpatented lode mining claims that have been recorded in the Lemhi County Court
House in Salmon, Idaho and filed with the US Bureau of Land Management office in Boise.
History
of Prior Operations and Exploration
Early
mining dates to the late 1880’s when gold was discovered at the nearby Yellow Jacket Mine and copper and cobalt was discovered
north of the project area at the Blackbird Mine. Small scale intermittent mining was conducted in the project area from 1908 through
the 1930’s at the Musgrove Mine and at the Smith-Gahan Mine.
In
the mid-1980’s, alteration and quartz veining was identified located along the ridge north of Musgrove CreekA large block of claims
covering the area was staked by an independent geologist and then leased to Atlas Minerals. Atlas completed an extensive sampling program
and, in 1991, drilled nine reverse circulation holes resulting in the discovery of significant mineralization at the Johny’s Point
deposit.
The
project was acquired by Newmont in 1992 as part of the Grassy Mountain Deposit acquisition. Newmont conducted an extensive exploration
program between 1992 and the fall of 1995 consisting of mapping and rock chip sampling. Twenty-seven core holes were completed consisting
of nine holes in the Johny’s Point area and 18 holes testing targets along strike from Johny’s Point. Newmont concluded that
the project did not meet the potential for their size criteria and the project was dropped.
In
1996, Meridian Gold acquired the property and drilled an additional 20 core holes and three reverse circulation drill holes. The property
was subsequently returned to the owner due to declining gold prices.
In
2003, Wave Exploration leased the property and completed a GIS compilation of the surface and drill hole data. Wave subsequently commissioned
a technical report. In 2004, Wave drilled two confirmation drill holes and two step out holes and completed a soil geochemical program
northwest of Johny’s Point.
In
2005, Wave optioned the property to Journey Resources. In 2006 and 2007, Journey drilled nine reverse circulation drill holes and five
core holes northwest of Johny’s Point.
There
is no documented exploration activity from 2008 until 2018. On September 1, 2018, Journey Resources failed to pay the required claim
payments to the Bureau of Land Management and the claims were forfeited. Subsequently, Northern Panther Resources Corporation located
or acquired new claims covering the project. In 2020, we acquired Northern Panther Resources. In 2020, we contracted with Wright Geophysics
to conduct a ground magnetic geophysical over the current claim block. This survey identified a prominent low magnetic linear feature
that trends from the Musgrove Mine north-northwest for over two miles.
Geology
and Mineralization
The
project is located within the Trans-Challis Fault System, a prominent NE-trending fault zone which crosscuts central Idaho and hosts
numerous gold deposits. Host rocks consist of quartzites and phyllites of the Precambrian Apple Creek Fm with minor mineralization within
the Eocene Challis Volcanics. The Musgrove Mine – Johny’s Point mineral trend is within and adjacent to the Musgrove Fault,
a northwest-trending fault that brings the Challis Volcanics into contact with the Precambrian rocks. This is a major structural zone
that forms the northern edge of the Panther Creek Graben.
Gold
mineralization occurs within epithermal quartz veins, quartz vein stockworks, and silicified breccia. The mineralization displays the
characteristics of a low sulfidation epithermal gold system. The Musgrove Mine – Johny’s Point mineral trend has been defined
by a broad soil and rock chip gold and arsenic anomaly that extends a distance 3000 feet and is up to 800 feet wide. Approximately 600
feet of this zone has been drilled with the remainder tested by wide spaced drilling.
Infrastructure
and Facilities
The
Challis Gold project does not currently include any significant facilities. The Challis property is located in the Salmon-Challis National
Forest and served by paved and unpaved roads. There are historic workings in the area and there has been recent mining activity in the
area. The site is somewhat remote from grid power and power lines would have to be extended into the area, or onsite power generation
used to support an eventual operation. There is water in the area from both surface and sub-surface sources. The Bear Track operation,
now closed but under renewed exploration, is some 16 miles as the crow flies to the northeast of the property. Historic mining was conducted;
however the facilities have been abandoned decades ago and the nearest habited area is a forest ranger station near Forney some 5-miles
from site.
Competition
We
do not compete directly with anyone for the exploration or removal of minerals from our property as we hold all interest and rights to
the claims. Readily available commodities markets exist in the U.S. and around the world for the sale of minerals. Therefore, we will
likely be able to sell minerals that we are able to recover. We will be subject to competition and unforeseen limited sources of supplies
in the industry in the event spot shortages arise for supplies such as explosives or large equipment tires, and certain equipment such
as bulldozers and excavators and services, such as contract drilling that we will need to conduct exploration. If we are unsuccessful
in securing the products, equipment and services we need, we may have to suspend our exploration plans until we are able to secure them.
Compliance
with Government Regulation
We
will be required to comply with all regulations, rules and directives of governmental authorities and agencies applicable to the exploration
of minerals in the United States generally. We will also be subject to the regulations of the BLM and the US Forest Service (“Forest
Service”) with respect to mining claims on federal lands.
Future
exploration drilling on any of our properties that consist of BLM or Forest Service land will require us to either file a Notice of Intent
(NOI) or a Plan of Operations, depending upon the amount of new surface disturbance that is planned. A Notice of Intent is required for
planned surface activities that anticipate less than 5.0 acres of surface disturbance, and usually can be obtained within a 30 to 60-day
time period.
Environmental
Permitting Requirements
Various
levels of governmental controls and regulations address, among other things, the environmental impact of mineral mining and exploration
operations and establish requirements for reclamation of mineral mining and exploration properties after exploration operations have
ceased. With respect to the regulation of mineral mining and exploration, legislation and regulations in various jurisdictions establish
performance standards, air and water quality emission limits and other design or operational requirements for various aspects of the
operations, including health and safety standards. Legislation and regulations also establish requirements for reclamation and rehabilitation
of mining properties following the cessation of operations and may require that some former mining properties be managed for long periods
of time after mining activities have ceased.
Our
activities are subject to various levels of federal and state laws and regulations relating to protection of the environment, including
requirements for closure and reclamation of mineral exploration properties. Some of the laws and regulations include the Clean Air Act,
the Clean Water Act, the Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA”), the Emergency Planning
and Community Right-to-Know Act, the Endangered Species Act, the Federal Land Policy and Management Act, the National Environmental Policy
Act, the Resource Conservation and Recovery Act, and related state laws in Nevada. Additionally, much of our property is subject to the
federal General Mining Law of 1872, which regulates how mining claims on federal lands are located and maintained.
The
State of Nevada, where we focus mineral exploration efforts, requires mining projects to obtain a Nevada State Reclamation Permit pursuant
to the Mined Land Reclamation Act (the “Nevada MLR Act”), which establishes reclamation and financial assurance requirements
for all mining operations in the state. New and expanding facilities are required to provide a reclamation plan and financial assurance
to ensure that the reclamation plan is implemented upon completion of operations. The Nevada MLR Act also requires reclamation plans
and permits for exploration projects that will result in more than five acres of surface disturbance on private lands.
The
State of Wyoming, where we focus mineral exploration and development efforts at the CK Gold Project, requires exploration and mining
projects to obtain permits from the Wyoming Department of Environmental Quality (WDEQ), and various other state agencies. New and expanding
facilities are required to provide a reclamation plan and financial assurance to ensure that the reclamation plan is implemented upon
completion of operations. WDEQ in granting permits requires that reclamation plans and permits are in place and that bonds have been
secured covering the cost of remediation of disturbances on both state and private land.
Executive
Officers of U.S. Gold Corp.
Name |
|
Age |
|
Principal
Occupation |
|
Officer/
Director
Since |
Eric
Alexander |
|
56 |
|
Chief
Financial Officer - Principal Financial and Accounting Officer |
|
2020 |
|
|
|
|
of
U.S. Gold Corp. |
|
|
George
M. Bee |
|
65 |
|
Chief
Executive Officer, President and Director of U.S. Gold Corp. |
|
2020 |
Kevin
Francis |
|
63 |
|
Vice
President – Exploration and Technical Services |
|
2021 |
Eric
Alexander is our Chief Financial Officer and Secretary and has been with us since September 2020. He has over 30 years of corporate,
operational and business experience, and over 15 years of mining industry experience. Previously he served as Corporate Controller of
Helix Technologies, Inc., a publicly traded software and technology company from April 2019 to September 2020. Prior to that, he served
as the Vice President Finance and Controller of Pershing Gold Corporation, a mining company (formerly NASDAQ: PGLC), from September 2012
until April 2019. Prior to that, Mr. Alexander was the Corporate Controller for Sunshine Silver Mines Corporation, a privately held mining
company with exploration and pre-development properties in Idaho and Mexico, from March 2011 to August 2012. He was a consultant to Hein
& Associates LLP from August 2012 to September 2012 and a Manager with Hein & Associates LLP from July 2010 to March 2011. He
served from July 2007 to May 2010 as the Corporate Controller for Golden Minerals Company (and its predecessor, Apex Silver Mines Limited),
a publicly traded mining company with operations and exploration activities in South America and Mexico. In addition to his direct experience
in the mining industry, he has also held the position of Senior Manager with the public accounting firm KPMG LLP, focusing on mining
and energy clients. Mr. Alexander has a B.S. in Business Administration (concentrations in Accounting and Finance) from the State University
of New York at Buffalo and is also a licensed CPA.
George
M. Bee has been serving as a member of our Board since November 2020 and our Executive Chairman from March 2021 to May 2022. He was
appointed as our President in August 2020 and become Chief Executive Officer in November 2020. Mr. Bee is a senior mining industry executive,
with deep mine development and operational experience. He has an extensive career advancing world-class gold mining projects in eight
countries on three continents for both major and junior mining companies. In 2018, Mr. Bee concluded a third term with Barrick Gold Corporation
(“Barrick Gold”) (NYSE: GOLD) as Senior VP Frontera District in Chile and Argentina working to advance Pascua Lama feasibility
as an underground mine. This capped a 16-year tenure at Barrick Gold, where he served in multiple senior-level positions, including Mine
Manager at Goldstrike during early development and operations, Operations Manager at Pierina Mine taking Pierina from construction to
operations, and General Manager of Veladero developing the project from advanced exploration through permitting, feasibility and into
production. Previously, Mr. Bee held positions as CEO and Director of Jaguar Mining Inc. between March 2014 and December 2015, President
and CEO of Andina Minerals Inc. from February 2009 until January 2013 and Chief Operating Officer for Aurelian Resources, Inc. from 2007
to 2009. As Chief Operating Officer of Aurelian Resources in 2007, he was in charge of project development for Fruta del Norte in Ecuador
until Aurelian was acquired by Kinross Gold in 2008. Mr. Bee has served on the board of directors of Stillwater Mining Company, Sandspring
Resources Ltd., Jaguar Mining, Peregrine Metals Ltd. and Minera IRL. He received a Bachelor of Science degree from the Camborne School
of Mines in Cornwall, United Kingdom. He also holds ICD.D designation from the Institute of Corporate Directors.
Kevin
Francis is our Vice President - Exploration and Technical Services and has been with us since July 2021. Mr. Francis has held many
senior roles within the mining industry, including VP of Project Development for Aurcana Corporation, VP of Technical Services for Oracle
Mining Corporation, VP of Resources for NovaGold Resources and Principal Geologist for AMEC Mining and Metals. Most recently, he consulted
to U.S. Gold Corp. as Principal of Mineral Resource Management LLC, a consultancy providing technical leadership to the mining industry,
as well as through his association with Gustavson Associates LLC (a member of WSP Global Inc.) since September 2020. Mr. Francis is a
“qualified person” as defined by SEC S-K 1300 and Canadian NI 43-101 reporting standards and holds both an M.S. degree and
a B.A. in geology from the University of Colorado.
Item
1A. RISK FACTORS
RISKS
RELATED TO OUR FINANCIAL CIRCUMSTANCES
If
we fail to establish and maintain an effective system of internal control, we may not be able to report our financial results accurately
or prevent fraud. Any inability to report and file our financial results accurately and timely could harm our reputation and adversely
impact the trading price of our common stock and our ability to file registration statements pursuant to registration rights agreements
and other commitments.
Effective
internal control is necessary for us to provide reliable financial reports and prevent fraud. If we cannot provide reliable financial
reports or prevent fraud, we may not be able to manage our business as effectively as we would if an effective control environment existed,
and our business and reputation with investors may be harmed. As a result of our small size, any current internal control deficiencies
may adversely affect our financial condition, results of operation and access to capital. As of April 30, 2023, management has concluded
that our internal controls over financial reporting were effective.
There
is substantial doubt about whether we can continue as a going concern.
To
date, we have earned no revenues and have incurred accumulated net losses of $65.4 million. We have limited financial resources. As of
April 30, 2023, we had cash and cash equivalents of $7.8 million and working capital of $8.1 million. Therefore, our continuation as
a going concern is dependent upon our achieving a future financing or strategic transaction. However, there is no assurance that we will
be successful pursuing a financing or strategic transaction. Accordingly, there is substantial doubt as to whether our existing cash
resources and working capital are sufficient to enable us to continue our operations for the next 12 months as a going concern. Ultimately,
in the event that we cannot obtain additional financial resources, or achieve profitable operations, we may have to liquidate our business
interests and investors may lose their investment. The accompanying consolidated financial statements have been prepared assuming that
our company will continue as a going concern. Continued operations are dependent on our ability to obtain additional financial resources
or generate profitable operations. Such additional financial resources may not be available or may not be available on reasonable terms.
Our consolidated financial statements do not include any adjustments that may result from the outcome of this uncertainty. Such adjustments
could be material.
We
have a limited operating history on which to base an evaluation of our business and prospects.
Since
our inception, we have had no revenue from operations. We have no history of producing metals from any of our exploration properties.
Our properties are exploration stage properties. Advancing properties from the exploration stage requires significant capital and time,
and successful commercial production from a property, if any, will be subject to completing feasibility studies, permitting and construction
of the potential mine, processing plants, roads, and other related works and infrastructure. As a result, we are subject to all of the
risks associated with developing and establishing new mining operations and business enterprises including:
|
● |
completion
of feasibility studies to verify potential mineral reserves and commercial viability, including the ability to find sufficient mineral
reserves to support a commercial mining operation; |
|
● |
the
timing and cost, which can be considerable, of further exploration, preparing feasibility studies, permitting and construction of
infrastructure, mining and processing facilities; |
|
● |
the
availability and costs of drill equipment, exploration personnel, skilled labor and mining and processing equipment, if required; |
|
● |
the
availability and cost of appropriate smelting and/or refining arrangements, if required; |
|
● |
compliance
with environmental and other governmental approval and permit requirements; |
|
● |
the
availability of funds to finance exploration activities, as warranted; |
|
● |
potential
opposition from non-governmental organizations, environmental groups, local groups or local inhabitants which may delay or prevent
exploration activities; |
|
● |
potential
increases in exploration, construction and operating costs due to changes in the cost of fuel, power, materials and supplies; |
|
● |
inability
to secure fair and reasonable terms associated with mineral leases; and |
|
● |
potential
shortages of mineral processing, construction and other facilities-related supplies. |
The
costs, timing and complexities of exploration activities may be increased by the location of our properties and demand by other mineral
exploration and mining companies. It is common in exploration programs to experience unexpected problems and delays during drill programs
and, if ever commenced, development, construction and mine start-up. Accordingly, our activities may not ever result in profitable mining
operations and we may not succeed in establishing mining operations or profitably producing metals at any of our properties.
We
will require significant additional capital to fund our business plan.
We
will be required to expend significant funds to continue exploration and if warranted, develop our existing exploration properties and
to identify and acquire additional properties to diversify our properties portfolio. We have spent and will be required to continue to
expend significant amounts of capital for drilling, geological and geochemical analysis, assaying and feasibility studies with regard
to the results of our exploration. We may not benefit from some of these investments if we are unable to identify any commercially exploitable
mineralized material.
Our
ability to obtain necessary funding for these purposes, in turn, depends upon a number of factors, including the status of the national
and worldwide economy and the price of gold and copper. We may not be successful in obtaining the required financing or, if we can obtain
such financing, such financing may not be on terms that are favorable to us. Failure to obtain such additional financing could result
in delay or indefinite postponement of further exploration operations, development activities and the possible partial or total loss
of our potential interest in our properties.
RISKS
RELATED TO OUR BUSINESS
We
do not know if our properties contain any gold or other minerals that can be mined at a profit.
Although
the properties on which we have the right to explore for gold are known to have historic deposits of gold, there can be no assurance
such deposits can be mined at a profit. Whether a gold deposit can be mined at a profit depends upon many factors. Some but not all of
these factors include: the particular attributes of the deposit, such as size, grade and proximity to infrastructure; operating costs
and capital expenditures required to start mining a deposit; the availability and cost of financing; the price of gold, which is highly
volatile and cyclical; and government regulations, including regulations relating to prices, taxes, royalties, land use, importing and
exporting of minerals and environmental protection.
Most
of our projects are in the exploration stage.
Although
we have established an estimate of mineral reserves on the CK Gold Project, there are no current estimates of mineral resources or mineral
reserves at the Keystone Property or Challis Gold Project. There is no assurance that we can establish the existence of any mineral reserves
on those projects in commercially exploitable quantities. If we do not establish the existence of mineral reserves or mineral resources
on those projects, we may lose all of the funds that we expend on exploration.
The
commercial viability of an established mineral deposit will depend on a number of factors including, by way of example, the size, grade
and other attributes of the mineral deposit, the proximity of the mineral deposit to infrastructure such as a smelter, roads and a point
for shipping, government regulation and market prices. Most of these factors will be beyond our control, and any of them could increase
costs and make extraction of any identified mineral deposit unprofitable.
We
have no history of producing metals from our current mineral properties and there can be no assurance that we will successfully establish
mining operations or profitably produce precious metals.
We
have no history of producing metals from our properties. We do not produce gold and do not currently generate operating earnings. While
we seek to advance our projects and properties through exploration, such efforts will be subject to all of the risks associated with
establishing new future potential mining operations and business enterprises, including:
|
● |
the
timing and cost, which are considerable, of the construction of mining and processing facilities; |
|
● |
the
availability and costs of skilled labor and mining equipment; |
|
● |
compliance
with environmental and other governmental approval and permit requirements; |
|
● |
the
availability of funds to finance exploration activities; |
|
● |
potential
opposition from non-governmental organizations, environmental groups, local groups or local inhabitants that may delay or prevent
exploration activities; and |
|
● |
potential
increases in construction and operating costs due to changes in the cost of labor, fuel, power, materials and supplies. |
It
is common in new mining operations to experience unexpected problems and delays. In addition, our management will need to be expanded.
This could result in delays in the commencement of potential mineral production and increased costs of production. Accordingly, we cannot
assure you that our activities will result in any profitable mining operations or that we will ever successfully establish mining operations.
We
may not be able to obtain all required permits and licenses to place any of our properties into future potential production.
Our
current and future operations, including additional exploration activities, require permits from governmental authorities and such operations
are and will be governed by laws and regulations governing prospecting, exploration, taxes, labor standards, occupational health, waste
disposal, toxic substances, land use, environmental protection, mine safety and other matters. Companies engaged in mineral property
exploration generally experience increased costs, and delays in exploration and other schedules as a result of the need to comply with
applicable laws, regulations and permits. We cannot predict if all permits which we may require for continued exploration and development
activities, will be obtainable on reasonable terms, if at all. Costs related to applying for and obtaining permits and licenses may be
prohibitive and could delay our planned exploration activities. Failure to comply with applicable laws, regulations and permitting requirements
may result in enforcement actions, including orders issued by regulatory or judicial authorities causing exploration operations to cease
or be curtailed, and may include corrective measures requiring capital expenditures, installation of additional equipment, or remedial
actions.
Parties
engaged in exploration operations may be required to compensate those suffering loss or damage by reason of the exploration activities
and may have civil or criminal fines or penalties imposed for violations of applicable laws or regulations. Amendments to current laws,
regulations and permits governing operations and activities of exploration companies, or more stringent implementation thereof, could
have a material adverse impact on our operations and cause increases in capital expenditures or production costs or reduction in levels
of exploration activities at our properties or require abandonment or delays in future activities.
We
are subject to significant governmental regulations, which affect our operations and costs of conducting our business.
Our
current and future operations are and will be governed by laws and regulations, including:
|
● |
laws
and regulations governing mineral concession acquisition, prospecting, exploration and development and operation; |
|
● |
laws
and regulations related to exports, taxes and fees; |
|
● |
labor
standards and regulations related to occupational health and mine safety; and |
|
● |
environmental
standards and regulations related to waste disposal, toxic substances, land use and environmental protection. |
Companies
engaged in exploration activities often experience increased costs and delays in exploration and other schedules as a result of the need
to comply with applicable laws, regulations and permits. Failure to comply with applicable laws, regulations and permits may result in
enforcement actions, including the forfeiture of mineral claims or other mineral tenures, orders issued by regulatory or judicial authorities
requiring operations to cease or be curtailed, and may include corrective measures requiring capital expenditures, installation of additional
equipment or costly remedial actions. We may be required to compensate those suffering loss or damage by reason of our mineral exploration
activities and may have civil or criminal fines or penalties imposed for violations of such laws, regulations and permits. Existing and
possible future laws, regulations and permits governing operations and activities of exploration companies, or more stringent implementation,
could have a material adverse impact on our business and cause increases in capital expenditures or require abandonment or delays in
exploration.
Our
business is subject to extensive environmental regulations that may make exploring, or related activities prohibitively expensive, and
which may change at any time.
All
of our operations are subject to extensive environmental regulations that can substantially delay exploration and make exploration expensive
or prohibit it altogether. We may be subject to potential liabilities associated with the pollution of the environment and the disposal
of waste products that may occur as the result of exploring and other related activities on our properties. We may have to pay to remedy
environmental pollution, which may reduce the amount of money that we have available to use for exploration, or other activities, and
adversely affect our financial position. If we are unable to fully remedy an environmental problem, we might be required to suspend exploration
operations or to enter into interim compliance measures pending the completion of the required remedy. We have not purchased insurance
for potential environmental risks (including potential liability for pollution or other hazards associated with the disposal of waste
products from our exploration activities) and such insurance may not be available to us on reasonable terms or at a reasonable price.
All of our exploration will be subject to regulation under one or more local, state and federal environmental impact analyses and public
review processes. It is possible that future changes in applicable laws, regulations and permits or changes in their enforcement or regulatory
interpretation could have significant impact on some portion of our business, which may require our business to be economically re-evaluated
from time to time. These risks include, but are not limited to, the risk that regulatory authorities may increase bonding requirements
beyond our financial capability. Inasmuch as posting of bonding in accordance with regulatory determinations is a condition to the right
to operate under specific federal and state exploration operating permits, increases in bonding requirements could prevent operations
even if we are in full compliance with all substantive environmental laws.
Regulations
and pending legislation governing issues involving climate change could result in increased operating costs, which could have a material
adverse effect on our business.
A
number of governments or governmental bodies have introduced or are contemplating regulatory changes in response to the potential impact
of climate change. Legislation and increased regulation regarding climate change could impose significant costs on us, our venture partners
and our suppliers, including costs related to increased energy requirements, capital equipment, environmental monitoring and reporting
and other costs to comply with such regulations. Any adopted future climate change regulations could also negatively impact our ability
to compete with companies situated in areas not subject to such limitations. Given the emotion, political significance and uncertainty
around the impact of climate change and how it should be dealt with, we cannot predict how legislation and regulation will affect our
financial condition, operating performance and ability to compete. Furthermore, even without such regulation, increased awareness and
any adverse publicity in the global marketplace about potential impacts on climate change by us or other companies in our industry could
harm our reputation. The potential physical impacts of climate change on our operations are highly uncertain and would be particular
to the geographic circumstances in areas in which we operate. These may include changes in rainfall and storm patterns and intensities,
water shortages, changing sea levels and changing temperatures. These impacts may adversely impact the cost, production and financial
performance of our operations.
The
values of our properties are subject to volatility in the price of gold and any other deposits we may seek or locate.
Our
ability to obtain additional and continuing funding, and our profitability in the event we commence future mining operations or sell
the rights to mine, will be significantly affected by changes in the market price of gold. Gold prices fluctuate widely and are affected
by numerous factors, all of which are beyond our control. Some of these factors include the sale or purchase of gold by central banks
and financial institutions; interest rates; currency exchange rates; inflation or deflation; fluctuation in the value of the United States
dollar and other currencies; speculation; global and regional supply and demand, including investment, industrial and jewelry demand;
and the political and economic conditions of major gold or other mineral producing countries throughout the world, such as Russia and
South Africa. The price of gold or other minerals have fluctuated widely in recent years, and a decline in the price of gold could cause
a significant decrease in the value of our properties, limit our ability to raise money, and render continued exploration activities
of our properties impracticable. If that happens, then we could lose our rights to our properties and be compelled to sell some or all
of these rights. Additionally, the future progression of our properties beyond the exploration stage is heavily dependent upon the level
of gold prices remaining sufficiently high to make the continuation of our properties economically viable. A decrease in the price of
gold may adversely affect our financial condition and access to capital and result in a decrease
in our stock price. The greater the decrease in the price of gold, the more likely it is that our stock price will decrease.
Our
property titles may be challenged, and we are not insured against any challenges, impairments or defects to our mineral claims or property
titles.
We
cannot guarantee that title to our properties will not be challenged. Title insurance is not available for our mineral properties, and
our ability to ensure that we have obtained secure rights to individual mineral properties or mining concessions may be severely constrained.
Our unpatented Keystone claims were created and maintained in accordance with the federal General Mining Law of 1872. Unpatented claims
are unique U.S. property interests and are generally considered to be subject to greater title risk than other real property interests
because the validity of unpatented claims is often uncertain. This uncertainty arises, in part, out of the complex federal and state
laws and regulations under the General Mining Law. We have obtained a title report on our Keystone claims but cannot be certain that
all defects or conflicts with our title to those claims have been identified. Further, we have not obtained title insurance regarding
our purchase and ownership of the Keystone claims. Defending any challenges to our property titles may be costly and may divert funds
that could otherwise be used for exploration activities and other purposes. We cannot provide any assurances that there are no title
defects affecting our properties. In addition, unpatented claims are always subject to possible challenges by third parties or contests
by the federal government, which, if successful, may prevent us from exploiting our discovery of commercially extractable gold. Challenges
to our title may increase its costs of operation or limit our ability to explore on certain portions of our properties. We are not insured
against challenges, impairments or defects to our property titles, nor do we intend to carry extensive title insurance in the future.
Market
forces or unforeseen developments may prevent us from obtaining the supplies and equipment necessary to explore for gold and other minerals.
Gold
exploration, and mineral exploration in general, is a very competitive business. Competitive demands for contractors and unforeseen shortages
of supplies and/or equipment could result in the disruption of our planned exploration activities. Current demand for exploration drilling
services, equipment and supplies is robust and could result in suitable equipment and skilled manpower being unavailable at scheduled
times for our exploration program. The recent inflationary environment has also resulted in a significant increase in costs, including
fuel. If we cannot find the equipment and supplies needed for our various exploration programs, we may have to suspend some or all of
them until equipment, supplies, funds and/or skilled manpower become available. Any such disruption in our activities may adversely affect
our exploration activities and financial condition.
Joint
ventures and other partnerships may expose us to risks.
We
may enter into future joint ventures or partnership arrangements with other parties in relation to the exploration, of a certain portion
of the CK Gold, Keystone and Challis Gold Properties in which we have an interest. Joint ventures can often require unanimous approval
of the parties to the joint venture or their representatives for certain fundamental decisions such as an increase or reduction of registered
capital, merger, division, dissolution, amendments of consenting documents, and the pledge of joint venture assets, which means that
each joint venture party may have a veto right with respect to such decisions which could lead to a deadlock in the operations of the
joint venture. Further, we may be unable to exert control over strategic decisions made in respect of such properties. Any failure of
such other companies to meet their obligations to us or to third parties, or any disputes with respect to the parties’ respective
rights and obligations, could have a material adverse effect on the joint ventures or their properties and therefore could have a material
adverse effect on our results of operations, financial performance, cash flows and the price of the Common Shares.
We
may pursue acquisitions, divestitures, business combinations or other transactions with other companies, involving our properties or
new properties, which could harm our operating results, may disrupt our business and could result in unanticipated accounting charges.
Acquisitions
of other companies or new properties, divestitures, business combinations or other transactions with other companies may create additional,
material risks for our business that could cause our results to differ materially and adversely from our expected or projected results.
Such risk factors include the effects of possible disruption to the exploration activities and mine planning, loss of value associated
with our properties, mismanagement of project development, additional risk and liability, indemnification obligations, sales of assets
at unfavorable prices, failure to sell non-core assets at all, poor execution of the plans for such transactions, permit requirements,
debt incurred or capital stock issued to enter into such transactions, the impact of any such transactions on our financial results,
negative stakeholder reaction to any such transaction and our ability to successfully integrate an acquired company’s operations
with our operations. If the purchase price of any acquired businesses exceeds the current fair values of the net tangible assets of such
acquired businesses, we would be required to record material amounts of goodwill or other intangible assets, which could result in significant
impairment and amortization expense in future periods. These charges, in addition to the results of operations of such acquired businesses
and potential restructuring costs associated with an acquisition, could have a material adverse effect on our business, financial condition
and results of operations. We cannot forecast the number, timing or size of future transactions, or the effect that any such transactions
might have on our operating or financial results. Furthermore, potential transactions, whether or not consummated, will divert our management’s
attention and may require considerable cash outlays at the expense of our existing operations. In addition, to complete future transactions,
we may issue equity securities, incur debt, assume contingent liabilities or have amortization expenses and write-downs of acquired assets,
which could adversely affect our profitability.
We
may experience difficulty attracting and retaining qualified management to meet the needs of our anticipated growth, and the failure
to manage our growth effectively could have a material adverse effect on our business and financial condition. In addition, we are dependent
upon our employees being able to safely perform their jobs, including the potential for physical injuries or illness.
We
are dependent on a relatively small number of key employees, including our President and Chief Executive Officer, our Chief Financial
Officer and our Vice President – Exploration and Technical Services. The loss of any officer could have an adverse effect on us.
We have no life insurance on any individual, and we may be unable to hire a suitable replacement for them on favorable terms, should
that become necessary.
Our
success is also dependent on the contributions of highly skilled and experienced consultants and contractors. Our ability to achieve
our operating goals depends upon our ability to retain such consultants and contractors in order to execute on our strategy. There continues
to be competition over highly skilled consultants and contractors in our industry. If we lose key consultants, contractors, or one or
more members of our senior management team, and we fail to develop adequate succession plans, our business, financial condition, results
of operations and cash flows could be harmed.
Our
business is dependent upon our consultants and contractors being able to safely perform their jobs, including the potential for physical
injuries or illness. If we experience periods where our consultants and contractors are unable to perform their jobs for any reason,
including as a result of illness, our business, financial condition, results of operations and cash flows could be adversely affected.
We
may have exposure to greater than anticipated tax liabilities.
Our
future income taxes could be adversely affected by earnings being lower than anticipated in jurisdictions that have lower statutory tax
rates and higher than anticipated in jurisdictions that have higher statutory tax rates, changes in the valuation of our deferred tax
assets or liabilities, or changes in tax laws, regulations, or accounting principles, as well as certain discrete items. We are subject
to review or audit by tax authorities. As a result, we may in the future receive assessments in multiple jurisdictions on various tax-related
assertions. Any adverse outcome of such a review or audit could have a negative effect on our operating results and financial condition.
In addition, the determination of our provision for income taxes and other tax liabilities requires significant judgment, and there could
be situations where the ultimate tax determination is uncertain. Although we believe our estimates are reasonable, the ultimate tax outcome
may differ from the amounts recorded in our financial statements and may materially affect our financial results in the period or periods
for which such determination is made.
Our
activities may be adversely affected by unforeseeable and unquantifiable health risks, whether those effects are local, nationwide or
global. Matters outside our control may prevent us from executing on our exploration programs, limit travel of Company representatives,
adversely affect the health and welfare of Company personnel or prevent important vendors and contractors from performing normal and
contracted activities.
The
risks we face related to contagious disease, or policies implemented by governments to protect against the spread of a disease, are unforeseeable
and unquantifiable by us. We, or our people, investors, contractors or stakeholders, may be prevented from free cross-border travel or
normal attendance to activities in conducting Company business at trade shows, presentations, meetings or other activities meant to promote
or execute our business strategy and transactions. We may be prevented from receiving goods or services from contractors. Decisions beyond
our control, such as canceled events, restricted travel, barriers to entry or other factors may affect our ability to accomplish drilling
programs, technical analysis of completed exploration actions, equity raising activities, and other needs that would normally be accomplished
without such limitations.
We
use a variety of outsourced contractors to execute our exploration programs. Drilling contractors need to be able to access our projects
and ensure social distancing recommended safety standards While our contractors are currently able to access our projects, there can
be no assurances that this access will continue if subsequent waves of the infection or variant strains appear.
As
an exploration and development company with no revenues, we are reliant on constantly raising additional capital to fund our operations.
A continuation or worsening of the levels of market disruption and volatility seen in the recent past could have an adverse effect on
our ability to access capital, on our business, results of operations and financial condition, and on the market price of our common
stock. There are no assurances we will be able to raise additional capital on favorable terms in the foreseeable future.
RISKS
RELATED TO THE MINERAL EXPLORATION INDUSTRY
Exploring
for gold is an inherently speculative business.
Natural
resource exploration and exploring for gold in particular is a business that by its nature is very speculative. There is a strong possibility
that we will not discover gold or any other resources which can be mined or extracted at a profit. Although we have established the existence
of mineral reserves at the CK Gold Project, we may be unsuccessful in bringing it into production on a profitable basis. Few properties
that are explored are ultimately developed into producing mines. Unusual or unexpected geological formations, geological formation pressures,
fires, power outages, labor disruptions, flooding, explosions, cave-ins, landslides and the inability to obtain suitable or adequate
machinery, equipment or labor are just some of the many risks involved in mineral exploration programs and the subsequent expansion of
potential gold deposits.
Estimates
of mineral reserves and mineral resources are subject to evaluation uncertainties that could result in project failure.
Our
exploration and future potential mining operations, if any, are and would be faced with risks associated with being able to accurately
predict the quantity and quality of mineral resources or mineral reserves within the earth using statistical sampling techniques. Estimates
of mineral resources or mineral reserves on our properties are made using samples obtained from appropriately placed trenches, test pits
and underground workings and intelligently designed drilling. There is an inherent variability of assays between check and duplicate
samples taken adjacent to each other and between sampling points that cannot be reasonably eliminated. Additionally, there also may be
unknown geologic details that have not been identified or correctly appreciated at the current level of accumulated knowledge about our
properties. This could result in uncertainties that cannot be reasonably eliminated from the process of estimating potential mineral
resources/reserves. If these estimates were to prove to be unreliable, we could implement an exploitation plan that may not lead to any
commercially viable operations in the future.
We
may be denied the government licenses and permits which we need to explore or mine on our properties.
Exploration
activities usually require the granting of permits from various governmental agencies. For example, exploration drilling on unpatented
mineral claims requires a permit to be obtained from the United States BLM, which may take several months or longer to grant the requested
permit. Depending on the size, location and scope of the exploration program, additional permits may also be required before exploration
activities can be undertaken. Prehistoric or Native American graveyards, threatened or endangered species, archeological sites or the
possibility thereof, difficult access, excessive dust and important nearby water resources may all result in the need for additional
permits before exploration activities can commence. As with all permitting processes, there is the risk that unexpected delays and excessive
costs may be experienced in obtaining required permits. The needed permits may not be granted at all. Delays in or our inability to obtain
necessary permits will result in unanticipated costs, which may result in serious adverse effects upon our business.
Possible
amendments to the General Mining Law and other regulations could make it more difficult or impossible for us to execute our business
plan.
In
recent years, the U.S. Congress has considered a number of proposed amendments to the General Mining Law, as well as legislation that
would make comprehensive changes to the law. Although no such comprehensive legislation has been adopted to date, there can be no assurance
that such legislation will not be adopted in the future. If adopted, such legislation, if it includes concepts that have been part of
previous legislative proposals, could, among other things, (i) limit on the number of millsites that a claimant may use, (ii) impose
time limits on the effectiveness of plans of operation that may not coincide with mine life, (iii) impose more stringent environmental
compliance and reclamation requirements on activities on unpatented mining claims and millsites, (iv) establish a mechanism that would
allow states, localities and Native American tribes to petition for the withdrawal of identified tracts of federal land from the operation
of the General Mining Law, (v) allow for administrative determinations that mining would not be allowed in situations where undue degradation
of the federal lands in question could not be prevented, (vi) impose royalties on gold and other mineral production from unpatented mining
claims or impose fees on production from patented mining claims, and (vii) impose a fee on the amount of material displaced at a mine.
Further, such legislation, if enacted, could have an adverse impact on earnings from our exploration operations, could reduce future
estimates of any reserves we may establish and could curtail our future exploration activity on our unpatented claims.
Our
ability to conduct exploration, and related activities may also be impacted by administrative actions taken by federal agencies.
We
may not be able to maintain the infrastructure necessary to conduct exploration and development activities.
Our
exploration and development activities depend upon adequate infrastructure. Reliable roads, bridges, power sources and water supply are
important factors which affect capital and operating costs. Climate change or unusual or infrequent weather phenomena, sabotage, government
or other interference in the maintenance or provision of such infrastructure could adversely affect our exploration activities and financial
condition.
We
compete against larger and more experienced companies.
The
mining industry is intensely competitive. Many large mining companies are primarily producers of precious or base metals and may become
interested in the types of deposits and exploration projects on which we are focused, which include gold, silver and other precious metals
deposits or polymetallic deposits containing significant quantities of base metals, including copper. Many of these companies have greater
financial resources, experience and technical capabilities than we do. We may encounter increasing competition from other mining companies
in our efforts to acquire mineral properties and hire experienced mining professionals. Increased competition in our business could adversely
affect our ability to attract necessary capital funding or acquire suitable mining properties or prospects for mineral exploration in
the future.
We
rely on contractors to conduct a significant portion of our exploration operations.
A
significant portion of our exploration operations are currently conducted in whole or in part by contractors. As a result, our exploration
operations are subject to a number of risks, some of which are outside our control, including:
● |
negotiating
agreements with contractors on acceptable terms; |
● |
the
inability to replace a contractor and its operating equipment in the event that either party terminates the agreement; |
● |
reduced
control over those aspects of operations which are the responsibility of the contractor; |
● |
failure
of a contractor to perform under its agreement; |
● |
interruption
of exploration operations or increased costs in the event that a contractor ceases its business due to insolvency or other unforeseen
events; |
● |
failure
of a contractor to comply with applicable legal and regulatory requirements, to the extent it is responsible for such compliance;
and |
● |
problems
of a contractor with managing its workforce, labor unrest or other employment issues. |
In
addition, we may incur liability to third parties as a result of the actions of our contractors. The occurrence of one or more of these
risks could adversely affect our results of operations and financial position.
Our
exploration activities may be adversely affected by the local climate or seismic events, which could prevent us from gaining access to
our property year-round.
Earthquakes,
heavy rains, snowstorms, wildfires and floods could result in serious damage to or the destruction of facilities, equipment or means
of access to our property, or may otherwise prevent us from conducting exploration activities on our property. There may be short periods
of time when the unpaved portion of the access road is impassible in the event of extreme weather conditions or unusually muddy conditions.
During these periods, it may be difficult or impossible for us to access our property, make repairs, or otherwise conduct exploration
activities on them.
We
may be unable to secure surface access or to purchase required surface rights.
Although
we acquire the rights to some or all of the minerals in the ground subject to the mineral tenures that it acquires, or has a right to
acquire, in most cases it does not thereby acquire any rights to, or ownership of, the surface to the areas covered by such mineral tenures.
In such cases, applicable mining laws usually provide for rights of access to the surface for the purpose of carrying on exploration
activities, however, the enforcement of such rights through the courts can be costly and time consuming. It is necessary to negotiate
surface access or to purchase the surface rights if long-term access is required. There can be no guarantee that, despite having the
right at law to access the surface and carry on exploration activities, we will be able to negotiate satisfactory agreements with any
such existing landowners/occupiers for such access or purchase of such surface rights, and therefore we may be unable to carry out planned
exploration activities. In addition, in circumstances where such access is denied, or no agreement can be reached, we may need to rely
on the assistance of local officials or the courts in such jurisdiction the outcomes of which cannot be predicted with any certainty.
Our inability to secure surface access or purchase required surface rights could materially and adversely affect our timing, cost or
overall ability to develop any potential mineral deposits we may locate.
RISKS
RELATED TO OWNERSHIP OF OUR COMMON STOCK
Our
stock price may be volatile.
The
market price of our common stock is likely to be highly volatile and could fluctuate widely in price in response to various factors,
many of which are beyond our control, including the following:
|
● |
results
of our operations and exploration efforts; |
|
● |
fluctuation
in the supply of, demand and market price for gold and copper; |
|
● |
our
ability to obtain working capital financing; |
|
● |
additions
or departures of key personnel; |
|
● |
limited
“public float” in the hands of a small number of persons whose sales or lack of sales could result in positive or negative
pricing pressure on the market price for our common stock; |
|
● |
our
ability to execute our business plan; |
|
● |
sales
of our common stock and decline in demand for our common stock; |
|
● |
regulatory
developments; |
|
● |
economic
and other external factors; |
|
● |
investor
perception of our industry or our prospects; and |
|
● |
period-to-period
fluctuations in our financial results. |
In
addition, the securities markets have from time-to-time experienced significant price and volume fluctuations that are unrelated to the
operating performance of particular companies. These market fluctuations may also materially and adversely affect the market price of
our common stock. As a result, you may be unable to resell your shares of our common stock at a desired price.
Volatility
in the price of our common stock may subject us to securities litigation.
As
discussed above, the market for our common stock is characterized by significant price volatility when compared to seasoned issuers,
and we expect that our share price will continue to be more volatile than a seasoned issuer for the indefinite future. In the past, plaintiffs
have initiated securities class action litigation against a company following periods of volatility in the market price of its securities.
We may in the future be the target of similar litigation. Securities litigation could result in substantial costs and liabilities and
could divert management’s attention and resources.
There
is currently a limited trading market for our common stock and we cannot ensure that one will ever develop or be sustained.
Although
our common stock is currently quoted on NASDAQ, there is limited trading activity. We can give no assurance that an active market will
develop, or if developed, that it will be sustained. If an investor acquires shares of our common stock, the investor may not be able
to liquidate our shares should there be a need or desire to do so. There can be no assurance that there will be an active market for
our shares of common stock either now or in the future. The market liquidity of our common stock is limited and may be dependent on the
market perception of our business, among other things. We may, in the future, take certain steps, including utilizing investor awareness
campaigns, press releases, road shows and conferences to increase awareness of our business and any steps that we might take to bring
us to the awareness of investors may require we compensate consultants with cash and/or stock. There can be no assurance that there will
be any awareness generated or the results of any efforts will result in any impact on our trading volume. Consequently, investors may
not be able to liquidate their investment or liquidate it at a price that reflects the value of the business and trading may be at an
inflated price relative to our performance due to, among other things, availability of sellers of our shares. If a market should develop,
the price may be highly volatile. Because there may be a low price for our shares of common stock, many brokerage firms or clearing firms
may not be willing to effect transactions in the securities or accept our shares for deposit in an account. Even if an investor finds
a broker willing to effect a transaction in the shares of our common stock, the combination of brokerage commissions, transfer fees,
taxes, if any, and any other selling costs may exceed the selling price. Further, many lending institutions will not permit the use of
low-priced shares of common stock as collateral for any loans.
Sales,
offers or availability for sale of a substantial number of shares of our common stock may cause the price of our common stock to decline.
Sales
of substantial amounts of the common stock, or the availability of such securities for sale, could adversely affect the prevailing market
prices for the common stock. A decline in the market prices of the common stock could impair our ability to raise additional capital
through the sale of securities should we desire to do so. In addition, if our stockholders sell substantial amounts of our common stock
in the public market or upon the expiration of any statutory holding period, under Rule 144, or upon the exercise of outstanding options
or warrants, it could create a circumstance commonly referred to as an “overhang” in anticipation of which the market price
of our common stock could decline. The existence of an overhang, whether or not sales have occurred or are occurring, also could make
it more difficult for us to raise additional financing through the sale of equity or equity-related securities in the future at a time
and price that we deem reasonable or appropriate.
Our
issuance of additional shares of common stock or securities convertible into common stock in exchange for services would dilute the proportionate
ownership and voting rights of existing stockholders and could have a negative impact on the market price of our common stock.
Our
board of directors may generally issue shares of common stock or securities convertible into common stock without further approval by
our stockholders, based upon such factors that our board of directors may deem relevant at that time. We have also issued securities
as payment for services. It is possible that we will issue additional securities to pay for services in the future. We cannot give you
any assurance that we will not issue additional shares of common stock or securities convertible into common stock under circumstances
we may deem appropriate at the time.
Our
articles of incorporation allow for our Board to create new series of preferred stock without further approval by our stockholders, which
could adversely affect the rights of the holders of our common stock.
Our
board of directors has the authority to fix and determine the relative rights and preferences of preferred stock. Our board of directors
also has the authority to issue preferred stock without further stockholder approval. As a result, our board of directors could authorize
the issuance of a series of preferred stock that would grant to holders the preferred right to our assets upon liquidation, the right
to receive dividend payments before dividends are distributed to the holders of our common stock and the right to the redemption of the
shares, together with a premium, prior to the redemption of our common stock. In addition, our board of directors could authorize the
issuance of a series of preferred stock that has greater voting power than our common stock or that is convertible into our common stock,
which could decrease the relative voting power of our common stock or result in dilution to our existing stockholders.
Anti-takeover
provisions may impede the acquisition of our Company.
Certain
provisions of the Nevada Revised Statutes have anti-takeover effects and may inhibit a non-negotiated merger or other business combination.
These provisions are intended to encourage any person interested in acquiring us to negotiate with, and to obtain the approval of, our
board of directors in connection with such a transaction. However, certain of these provisions may discourage a future acquisition of
us, including an acquisition in which the stockholders might otherwise receive a premium for their shares. As a result, stockholders
who might desire to participate in such a transaction may not have the opportunity to do so.
The
Company does not intend to pay dividends in the foreseeable future.
We
anticipate that we will retain any future earnings to support operations and to finance the development of our business and do not expect
to pay cash dividends in the foreseeable future. As a result, the success of an investment in our common stock will depend entirely upon
any future appreciation in its value. There is no guarantee that our common stock will appreciate in value or even maintain the price
at which stockholders have purchased their shares.
If
securities or industry analysts do not publish research or publish inaccurate or unfavorable research about our business, our stock price
and trading volume could decline.
The
trading market for our common stock will depend in part on the research and reports that securities or industry analysts publish about
us or our business. We have relatively little research coverage by securities and industry analysts. If no additional industry analysts
commence coverage of the Company, the trading price for our common stock could be negatively impacted. If one or more of the analysts
who cover us downgrades our common stock or publishes inaccurate or unfavorable research about our business, our stock price would likely
decline. If one or more of these analysts cease coverage of us or fail to publish reports on us regularly, demand for our common stock
could decrease, which could cause our stock price and trading volume to decline.
We
may not meet the continued listing requirements of the NASDAQ, which could result in a delisting of our common stock.
Our
common stock is listed on the NASDAQ. We have in the past, and may in the future, be unable to comply with certain of the listing standards
that we are required to meet to maintain the listing of our common shares on the NASDAQ. For instance, on November 7, 2019, we received
a letter from the Listing Qualifications Department of the NASDAQ Stock Market indicating that, based upon the closing bid price of our
common stock for the 30 consecutive business day period between September 26, 2019, through November 6, 2019, we did not meet the minimum
bid price of $1.00 per share required for continued listing on the NASDAQ pursuant to NASDAQ Listing Rule 5550(a)(2). On April 3, 2020,
we received notice from the NASDAQ indicating that we have regained compliance with the minimum bid price requirement under NASDAQ Listing
Rule 5550(a)(2), and the matter is now closed.
If
NASDAQ delists our common stock from trading on its exchange for failure to meet the listing standards, we and our stockholders could
face significant material adverse consequences including:
|
● |
a
limited availability of market quotations for our securities; |
|
● |
a
determination that our common stock is a “penny stock” which will require brokers trading in our common stock to adhere
to more stringent rules, possibly resulting in a reduced level of trading activity in the secondary trading market for our common
stock; |
|
● |
a
limited amount of analyst coverage; and |
|
● |
a
decreased ability to issue additional securities or obtain additional financing in the future. |
Delisting
could also have other negative results, including the potential loss of confidence by employees, the loss of institutional investor interest
and fewer business development opportunities.
Item
1B. UNRESOLVED STAFF COMMENTS
Not
applicable.
Item
3. LEGAL PROCEEDINGS
From
time to time we may be involved in claims and legal actions that arise in the ordinary course of business. To our knowledge, there are
no material pending legal proceedings to which we are a party or of which any of our property is the subject.
Item
4. MINE SAFETY DISCLOSURES
Pursuant
to Section 1503(a) of the Dodd-Frank Act, issuers that are operators, or that have a subsidiary that is an operator, of a coal or other
mine in the United States are required to disclose specified information about mine health and safety in their periodic reports. These
reporting requirements are based on the safety and health requirements applicable to mines under the Federal Mine Safety and Health Act
of 1977 (the “Mine Act”) which is administered by the U.S. Department of Labor’s Mine Safety and Health Administration
(“MSHA”). During the twelve months period ended April 30, 2023, we and our properties or operations were not subject to regulation
by MSHA under the Mine Act and thus no disclosure is required under Section 1503(a) of the Dodd-Frank Act.
PART
II
Item
5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
Market
Information
Our
Common Stock is traded on the NASDAQ Capital Market under the symbol “USAU”.
Holders
of Common Stock
On
July 28, 2023, we had 91 registered holders of record of our common stock, which number does not reflect beneficial stockholders who
hold their stock in nominee or “street” name through various brokerage firms. On July 28, 2023, the closing sales
price of our common stock as reported on NASDAQ Capital Market was $4.31 per share.
Dividends
and dividend policy
We
do not anticipate paying dividends on shares of its common stock in the foreseeable future as the Board of Directors intends to retain
future earnings for use in our business. Any future determination as of the payment of dividends on our common stock will depend upon
our financial condition, results of operations and such other factors as the Board of Directors seems relevant.
Recent
Sales of Unregistered Securities.
There
were no sales of unregistered securities during the fiscal year ended April 30, 2023 that were not previously reported on a Quarterly
Report on Form 10-Q or a Current Report on Form 8-K. None of the transactions involved any underwriters, underwriting discounts or commissions.
Item
6. [RESERVED].
Item
7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Overview
U.S.
Gold Corp., formerly known as Dataram Corporation (the “Company”), was originally incorporated in the State of New Jersey
in 1967 and was subsequently re-incorporated under the laws of the State of Nevada in 2016. Effective June 26, 2017, the Company changed
its legal name to U.S. Gold Corp. from Dataram Corporation. On May 23, 2017, the Company merged with Gold King Corp. (“Gold King”),
in a transaction treated as a reverse acquisition and recapitalization, and the business of Gold King became the business of the Company.
We are a gold and precious metals exploration company pursuing exploration and development properties. We own certain mining leases and
other mineral rights comprising the CK Gold Project in Wyoming, the Keystone Project in Nevada and the Challis Gold Project in Idaho.
We have established an estimate of proven and probable mineral reserves under S-K 1300 at our CK Gold Project, where we are conducting
exploration and pre-development activities, and all of our activities on our other properties are exploratory in nature.
Summary
of Activities for the Year ended April 30, 2023
During
the year ended April 30, 2023, we focused primarily on advancing our CK Gold Project in Wyoming with the submittal of two major permits;
our permit to mine application and reclamation plan filed on September 13, 2022 and an Industrial Siting permit for the construction
and operation of the proposed CK Gold project, agreement with the Wyoming Office of State Lands and Investments on a reduced royalty
rate, and continued engineering studies towards the completion of a feasibility study. Additional exploration and geologic investigations
were undertaken, enhancing our understanding of the Keystone Project deposit in Nevada, the sale of our interest in the Maggie Creek
Project in Nevada, and analyzed the historic geological data on the Challis Gold Project in Idaho. Management focused on investor relations
and awareness, resulting in the completion of an equity financing in April 2023.
An
overview of certain significant events follows:
CK
Gold Project, Wyoming
|
● |
On
June 21, 2022, we announced an update on the status of our preparations to file mine construction and operating permits within the
next few months for consideration by the State of Wyoming authorities, principally the Wyoming Department of Environmental Quality (WDEQ) and the Office of State Lands and Investments. |
|
● |
On
July 12, 2022, we announced assay results of the last three holes from our 2021 field season which continues to confirm gold and
copper mineralization beyond our current resource estimate. In addition, we hosted Dr. Richard Sillitoe on site at our CK Gold Project.
Dr. Sillitoe confirmed previous geological examinations which theorized that the copper and gold mineralization was derived from
a porphyritic granodiorite intrusion. |
|
● |
On
September 9, 2022, we submitted an application for a Permit to Mine and the Mine Reclamation Plan to the WDEQ for our CK Gold project. Additionally, on September 13, 2022, we submitted an internal electronic transfer
of the information supporting the application to WDEQ. |
|
● |
On
November 16, 2022, we received notification from WDEQ that they had successfully performed the requisite completeness review of our
application submission. Accordingly, the steps of public notice and WDEQ’s technical review will commence. |
|
● |
On
February 21, 2023, we submitted our Industrial Siting Permit with the Industrial Siting Division (“ISD”) of the WDEQ.
On May 10, 2023, we had a hearing with the ISD and on June 20, 2023, we received notification from the ISD that an Industrial Siting
Permit was granted to us for the construction and operation of the proposed facility. |
|
|
|
|
● |
In
February 2023, we executed a Water Development and Purchase Agreement with the Cheyenne Board of Public Utilities securing a firm
supply of up to 600 gallons per minute of water for the life of the CK Gold project. |
|
|
|
|
● |
On
April 6, 2023, the Board of the Wyoming Office of State Lands and Investments (“OSLI”) approved a reduction in the royalty
rate for our CK Gold Project to a fixed 2.1% of net receipts. |
Keystone
Project, Cortez Trend, Nevada
| ● | We
continue systematic exploration investigations at our highly prospective Keystone Project
looking for potential drill targets. We conducted a hyperspectral survey on the property
identifying evidence of potential mineralization. Numerous anomalies often associated with
mineralization were identified. Field investigation of the anomalies will commence during
the 2023 field season. |
Maggie
Creek Project, Carlin Trend, Nevada
|
● |
On
November 9, 2022, we assigned our interest in the Exploration Earn-in Agreement for the Maggie Creek property to NGM and received
$2.75 million in cash from NGM, plus we have the potential to retain a 0.5% Net Smelter Returns royalty on the Maggie Creek property
if certain conditions are met.
|
Challis
Gold Project, Idaho
| ● | We
continue towards the completion of a Plan of Operations as the next phase of exploration. |
Sales
of Common Shares to raise a total of $5.0 million in cash
On
April 10, 2023, we completed a registered direct offering with a single institutional investor for the issuance of 870,000 shares of
common stock at a price of $5.75 per share and warrants (the “April 2023 Warrants”) to purchase 870,000 shares of the Company’s
common stock at an exercise price of $6.16 per share (the “April 2023 Registered Offering”). The April 2023 Warrants are
exercisable six months following issuance and will expire five years from the initial exercise date. The aggregate gross proceeds of
the April 2023 Registered Offering was approximately $5.0 million.
In
connection with the April 2023 Registered Offering, we agreed to amend, effective as of the closing of the April 2023 Registered Offering,
certain existing warrants to purchase up to 625,000 shares of the Company at an exercise price of $8.60 per share and a termination date
of September 18, 2027, so that the amended warrants will have a reduced exercise price of $6.16 per share and a termination date of October
10, 2028.
Shareholder
Meeting, Appointment of Directors and Corporate Matters
On November 22, 2022, Ryan Zinke notified us of his intent to resign from our Board effective December 31, 2022 (the “Effective Date”). Mr. Zinke was re-elected to our Board at our Annual Meeting of Stockholders held on December 16, 2022 and served as a director until the Effective Date. Following the Effective Date, our board is comprised of five members.
On December 16, 2022, we held our annual meeting of stockholders. At that meeting, among other matters, shareholders re-elected the six incumbent Directors to hold office until the next annual meeting of stockholders and until their successors are named and qualified or until their earlier resignation or removal and approved our audit firm for our fiscal year-ended April 30, 2023.
Results
of Operations
The
years ended April 30, 2023 and 2022:
Net
Revenues
We
are a development stage company with no operations, and we generated no revenues for the years ended April 30, 2023 and 2022.
Operating
Expenses
Total
operating expenses for the year ended April 30, 2023 as compared to the year ended April 30, 2022, were approximately $9,401,000 and
$14,952,000, respectively. The approximate $5,551,000 decrease in operating expenses for the year ended April 30, 2023 as compared to
the year ended April 30, 2022, is comprised of (i) a decrease in compensation of approximately $494,000 primarily due to a decrease in
cash compensation of $293,000 and a decrease in stock-based compensation from RSUs and stock option grants to our officers and employees
as compared to prior period of $200,000 (ii) a decrease of approximately $5,426,000 in exploration expenses on our mineral properties
due to a decrease in exploration activities on our CK Gold property and also at the Maggie Creek property, (iii) an increase in professional
and consulting fees of approximately $32,000 primarily due to increases in general strategic and permitting consulting services of $135,000,
an increase in legal fees of $154,000, and an increase in accounting fees of $105,000, offset by decreases in director fees of $8,000,
investor relation fees of $31,000 and stock-based consulting fees of $324,000 and (iv) an increase in general and administrative expenses
of approximately $337,000 due primarily to increases related to advertising expenses, conference expenses, option expense, research and
development expenses, permit fees, and travel expenses.
Loss
from Operations
We
reported loss from operations of approximately $9,401,000 and $14,952,000 for the years ended April 30, 2023 and 2022, respectively.
Other
Income
We
reported other income of approximately $1,786,000 and $1,021,000 for the years ended April 30, 2023 and 2022, respectively. We reported
a decrease in the fair value of the warrant liability of approximately $1,560,000 and $1,212,000 for the years ended April 30, 2023 and
2022, respectively. We reported an increase in change in fair value due to modification of warrants of approximately $263,000 for the
year ended April 30, 2023.
We
also reported a gain from sale of asset of $763,393 for the year ended April 30, 2023 related to the sale of our Maggie Creek asset on
November 9, 2022.
Net
Loss
We
reported a net loss of approximately $7,614,000 and $13,931,000 for the years ended April 30, 2023 and 2022, respectively.
Liquidity
and Capital Resources
The
following table summarizes total current assets, liabilities and working capital at April 30, 2023 compared to April 30, 2022, and the
changes between those periods:
| |
April 30, 2023 | | |
April 30, 2022 | | |
Increase (decrease) | |
Current Assets | |
$ | 8,433,070 | | |
$ | 9,899,414 | | |
$ | (1,466,344 | ) |
Current Liabilities | |
$ | 378,798 | | |
$ | 1,136,035 | | |
$ | (757,237 | ) |
Working Capital | |
$ | 8,054,272 | | |
$ | 8,763,379 | | |
$ | (709,107 | ) |
As
of April 30, 2023, we had working capital of $8,054,272, as compared to working capital of $8,763,379 as of April 30, 2022, a decrease
of $709,107.
We
are obligated to file annual, quarterly and current reports with the Commission pursuant to the Securities Exchange Act of 1934, as amended
(the “Exchange Act”). In addition, the Sarbanes-Oxley Act of 2002 (“Sarbanes-Oxley”) and the rules subsequently
implemented by the Commission and the Public Company Accounting Oversight Board have imposed various requirements on public companies,
including requiring changes in corporate governance practices. We expect to spend between $175,000 and $250,000 in legal and accounting
expenses annually to comply with our reporting obligations and Sarbanes-Oxley. These costs could affect profitability and our results
of operations.
Our
unaudited condensed consolidated financial statements are prepared using the accrual method of accounting in accordance with U.S.
GAAP and have been prepared assuming that we will continue as a going concern, which contemplates the realization of assets and the
settlement of liabilities in the normal course of business. For the years ended April 30, 2023 and 2022, we incurred net losses in
the amounts of approximately $7,600,000 and $13,900,000, respectively. For the year ended April 30, 2023, cash used in operating
activities was approximately $8,700,000. As of April 30, 2023, we had cash of approximately $7,800,000, working capital of
approximately $8,100,000, and an accumulated deficit of approximately $66,000,000. Our primary source of operating funds since
inception has been equity financings. As of April 30, 2023, we may have sufficient cash to fund our corporate activities and general
and administrative costs and currently undertaken project activities related to permitting and engineering studies over the next
twelve months. However, in order to advance any of our projects past the aforementioned objectives, we do not have sufficient cash
and will need to raise additional funds. These matters raise substantial doubt about our ability to continue as a going concern for
the twelve months following the issuance of these financial statements.
We
have based this estimate on assumptions that may prove to be wrong, and we could use our available capital resources sooner than we currently
expect. Our future capital requirements will depend on many factors, including potential acquisitions, changes in exploration programs
and related studies and other operating strategies. To the extent we require additional funding, we cannot be certain that additional
funding will be available on acceptable terms, or at all. To the extent we raise additional funds by issuing equity securities, our stockholders
may experience significant dilution. Any debt financing, if available, may involve restrictive covenants that impact our ability to conduct
business. If unable to raise additional capital when required or on acceptable terms, we may have to delay, scale back or discontinue
the exploration activities or programs.
Cash
Used in Operating Activities
Net
cash used in operating activities totaled $8,690,766 and $12,575,412 for the years ended April 30, 2023 and 2022, respectively. Net cash
used in operating activities during the year ended April 30, 2023 decreased primarily due to net changes of approximately $806,000 in
operating assets and liabilities which is primarily due to a decrease in accounts payable and accrued liabilities of approximately $729,000
as compared to the year ended April 30, 2022, the decrease in fair value of the warrant liability of approximately $1,560,000 and gain
from sale of asset of $763,000. Additionally, we expensed approximately $1,675,000 in total stock-based compensation for shares, RSUs,
stock options issued to officers, employee, and consultants during the year ended April 30, 2023 as compared to approximately $2,200,000
for the year ended April 30, 2022.
Cash
Used in Investing Activities
Net
cash used in investing activities was $2,572,487 primarily from proceeds received from the sale of Maggie Creek of $2,750,000 related
to the Assignment and Assumption Agreement dated on November 9, 2022 offset by $177,513 primarily for the purchase of property and equipment
for the year ended April 30, 2023 as compared to approximately $178,972 primarily for purchase of property and equipment for the year
ended April 30, 2022.
Cash
Provided by Financing Activities
Net
cash provided by financing activities totaled $4,829,697 for the year ended April 30, 2023 primarily due to the sale of our common stock
and warrants for approximately $4,800,000 in April 2023, net of offering costs. Net cash provided by financing activities totaled approximately
$8,220,491 for the year ended April 30, 2022 primarily due to the sale of our common stock and warrants for approximately $7,200,000
in February 2022 and March 2022, net of offering costs and proceeds received from the exercise of warrants of approximately $1,000,000
million.
Off-Balance
Sheet Arrangements
As
of April 30, 2023, we did not have, and do not have any present plans to implement, any off-balance sheet arrangements.
Recently
Issued Accounting Pronouncements
See
Note 2, Summary of Significant Accounting Policies, to the consolidated financial statements for a summary of recently issued accounting
pronouncements.
Critical
Accounting Policies
The
discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements, which
have been prepared in accordance with U.S. generally accepted accounting principles. The preparation of our consolidated financial statements
requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related
disclosure of contingent assets and liabilities. On an on-going basis, we evaluate our estimates based on historical experience and on
various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making
judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ
from these estimates under different assumptions or conditions.
Management
believes the following critical accounting policies affect the significant judgments and estimates used in the preparation of the financial
statements.
Use
of Estimates and Assumptions
In
preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts
of assets and liabilities as of the date of the consolidated balance sheet, and revenues and expenses for the period then ended. Actual
results may differ significantly from those estimates. Significant estimates made by management include, but are not limited to, valuation
of mineral rights, stock-based compensation, the fair value of common, valuation of warrant liability, asset retirement
obligations and the valuation of deferred tax assets and liabilities.
Share-Based
Compensation
Share-based
compensation is accounted for based on the requirements of ASC 718, “Compensation—Stock Compensation” (“ASC 718”),
which requires recognition in the financial statements of the cost of employee and director services received in exchange for an award
of equity instruments over the period the employee or director is required to perform the services in exchange for the award (presumptively,
the vesting period). ASC 718 also requires measurement of the cost of employee and director services received in exchange for an award
based on the grant-date fair value of the award.
Mineral
Rights
Costs
of leasing, exploring, carrying and retaining unproven mineral lease properties are expensed as incurred. The Company expenses all mineral
exploration costs as incurred. Where the Company has identified proven and probable mineral reserves on any of its properties, development
costs will be capitalized when all the following criteria have been met, a) the Company receives the requisite operating permits, b)
completion of a favorable Feasibility Study and c) approval from the Board of director’s authorizing the development of the ore
body. Until such time all these criteria have been met the Company records pre-development costs to expense as incurred.
When
a property reaches the production stage, the related capitalized costs will be amortized on a units-of-production basis over the proven
and probable reserves following the commencement of production. The Company assesses the carrying costs of the capitalized mineral properties
for impairment under ASC 360-10, “Impairment of Long-Lived Assets”, and evaluates its carrying value under ASC 930-360, “Extractive
Activities—Mining”, annually. An impairment is recognized when the sum of the expected undiscounted future cash flows is
less than the carrying amount of the mineral properties. Impairment losses, if any, are measured as the excess of the carrying amount
of the mineral properties over its estimated fair value.
To
date, the Company has expensed all exploration and pre-development costs as none of its properties have satisfied the criteria above
for capitalization.
ASC
930-805, “Extractive Activities—Mining: Business Combinations” (“ASC 930-805”), states that mineral rights
consist of the legal right to explore, extract, and retain at least a portion of the benefits from mineral deposits. Mining assets include
mineral rights.
Acquired
mineral rights are considered tangible assets under ASC 930-805. ASC 930-805 requires that mineral rights be recognized at fair value
as of the acquisition date. As a result, the direct costs to acquire mineral rights are initially capitalized as tangible assets. Mineral
rights include costs associated with acquiring patented and unpatented mining claims.
ASC
930-805 provides that in measuring the fair value of mineral assets, an acquirer should take into account both:
● |
The value beyond proven and probable reserves (“VBPP”)
to the extent that a market participant would include VBPP in determining the fair value of the assets. |
|
|
● |
The effects of anticipated fluctuations in the future market
price of minerals in a manner that is consistent with the expectations of market participants. |
Leases
to explore for or use of natural resources are outside the scope of ASU 2016-02, “Leases”.
Warrant
Liability
The
Company accounts for the warrants issued in March 2022 and April 2023, in accordance with the guidance contained in ASC 815 “Derivatives
and Hedging” whereby under that provision these warrants do not meet the criteria for equity treatment and must be recorded as
a liability. Accordingly, the Company classifies these warrant instruments as a liability at fair value and adjusts the instruments to
fair value at each reporting period. This liability is re-measured at each balance sheet date until the warrants are exercised or expire,
and any change in fair value will be recognized in the Company’s statement of operations. The fair value of these warrants are
estimated using a Monte Carlo simulation model. Such warrant classification is also subject to re-evaluation at each reporting period.
Item
7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Not
applicable.
Item
8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
U.S.
GOLD CORP. AND SUBSIDIARIES
CONSOLIDATED
FINANCIAL STATEMENTS
APRIL
30, 2023
REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To
the Shareholders and Board of Directors of
U.S.
Gold Corp.
Opinion
on the Financial Statements
We
have audited the accompanying consolidated balance sheets of U.S. Gold Corp. and Subsidiaries (the “Company”) as of April
30, 2023 and 2022, the related consolidated statements of operations, changes in stockholders’ equity and cash flows for each of
the two years in the period ended April 30, 2023, and the related notes (collectively referred to as the “financial statements”).
In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of April
30, 2023 and 2022, and the results of its operations and its cash flows for each of the two years in the period ended April 30, 2023,
in conformity with accounting principles generally accepted in the United States of America.
Explanatory
Paragraph – Going Concern
The
accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As more
fully described in Note 3, the Company has a significant working capital deficiency, has incurred significant losses and needs to raise
additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company’s
ability to continue as a going concern. Management’s plans in regard to these matters are also described in Note 3. The consolidated
financial statements do not include any adjustments that might result from the outcome of this uncertainty.
Basis
for Opinion
These
financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s
financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board
(United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal
securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We
conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain
reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company
is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits
we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion
on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.
Our
audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error
or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding
the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant
estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits
provide a reasonable basis for our opinion.
Critical
Audit Matters
Critical
audit matters are matters arising from the current period audit of the financial statements that were communicated or required to be
communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and
(2) involved our especially challenging, subjective, or complex judgments. We determined that there are no critical audit matters.
/s/
Marcum LLP
Marcum
LLP
We
have served as the Company’s auditor since 2016 through 2018 and subsequently reappointed as the Company’s auditor in 2019.
New
York, NY
July
31, 2023
U.S.
GOLD CORP. AND SUBSIDIARIES
CONSOLIDATED
BALANCE SHEETS
| |
2023 | | |
2022 | |
| |
April 30, | |
| |
2023 | | |
2022 | |
| |
| | |
(Revised) | |
| |
| | |
| |
ASSETS | |
| | | |
| | |
CURRENT ASSETS: | |
| | | |
| | |
Cash | |
$ | 7,822,930 | | |
$ | 9,111,512 | |
Prepaid expenses and other current assets | |
| 610,140 | | |
| 787,902 | |
| |
| | | |
| | |
Total current assets | |
| 8,433,070 | | |
| 9,899,414 | |
| |
| | | |
| | |
NON - CURRENT ASSETS: | |
| | | |
| | |
Property, net | |
| 490,925 | | |
| 349,917 | |
Reclamation bond deposit | |
| 857,509 | | |
| 832,509 | |
Operating lease right-of-use asset, net | |
| 32,080 | | |
| 64,064 | |
Mineral rights | |
| 14,370,255 | | |
| 16,356,862 | |
| |
| | | |
| | |
Total non - current assets | |
| 15,750,769 | | |
| 17,603,352 | |
| |
| | | |
| | |
Total assets | |
$ | 24,183,839 | | |
$ | 27,502,766 | |
| |
| | | |
| | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | |
| | | |
| | |
| |
| | | |
| | |
CURRENT LIABILITIES: | |
| | | |
| | |
Accounts payable and accrued liabilities | |
$ | 346,718 | | |
$ | 1,080,405 | |
Operating lease liabilities, current portion | |
| 32,080 | | |
| 55,630 | |
| |
| | | |
| | |
Total current liabilities | |
| 378,798 | | |
| 1,136,035 | |
| |
| | | |
| | |
LONG- TERM LIABILITIES | |
| | | |
| | |
Warrant liability | |
| 4,230,850 | | |
| 2,440,000 | |
Asset retirement obligation | |
| 285,764 | | |
| 260,196 | |
Operating lease liabilities, less current portion | |
| - | | |
| 8,734 | |
Deferred tax laibility | |
| 430,486 | | |
| 430,486 | |
Total long-term liabilities: | |
| 4,947,100 | | |
| 3,139,416 | |
| |
| | | |
| | |
Total liabilities | |
| 5,325,898 | | |
| 4,275,451 | |
| |
| | | |
| | |
Commitments and Contingencies | |
| - | | |
| - | |
| |
| | | |
| | |
STOCKHOLDERS’ EQUITY : | |
| | | |
| | |
Preferred stock, $0.001 par value; 50,000,000 authorized, none shares issued and outstanding as of April 30, 2023 and 2022 | |
| - | | |
| - | |
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) | |
| 9,296 | | |
| 8,350 | |
Additional paid-in capital | |
| 84,799,263 | | |
| 81,555,379 | |
Accumulated deficit | |
| (65,950,618 | ) | |
| (58,336,414 | ) |
| |
| | | |
| | |
Total stockholders’ equity | |
| 18,857,941 | | |
| 23,227,315 | |
| |
| | | |
| | |
Total liabilities and stockholders’ equity | |
$ | 24,183,839 | | |
$ | 27,502,766 | |
See
accompanying notes to consolidated financial statements.
U.S.
GOLD CORP. AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF OPERATIONS
| |
For the Year | | |
For the Year | |
| |
Ended | | |
Ended | |
| |
April 30, 2023 | | |
April 30, 2022 | |
| |
| | |
| |
Net revenues | |
$ | - | | |
$ | - | |
| |
| | | |
| | |
Operating expenses: | |
| | | |
| | |
Compensation and related taxes - general and administrative | |
| 1,793,426 | | |
| 2,287,020 | |
Exploration costs | |
| 1,804,981 | | |
| 7,231,097 | |
Professional and consulting fees | |
| 4,259,931 | | |
| 4,228,139 | |
General and administrative expenses | |
| 1,542,328 | | |
| 1,205,786 | |
| |
| | | |
| | |
Total operating expenses | |
| 9,400,666 | | |
| 14,952,042 | |
| |
| | | |
| | |
Loss from operations | |
| (9,400,666 | ) | |
| (14,952,042 | ) |
| |
| | | |
| | |
Other income: | |
| | | |
| | |
Gain from sale of asset | |
| 763,393 | | |
| - | |
Interest income | |
| 4,906 | | |
| - | |
Offering cost related to warrant liability | |
| (279,487 | ) | |
| (190,840 | ) |
Change in fair value due to modification of warrants | |
| (262,500 | ) | |
| - | |
Change in fair value of warrant liability | |
| 1,560,150 | | |
| 1,212,000 | |
| |
| | | |
| | |
Total other income | |
| 1,786,462 | | |
| 1,021,160 | |
| |
| | | |
| | |
| |
| | | |
| | |
Provision for income taxes | |
| - | | |
| - | |
| |
| | | |
| | |
Net loss | |
$ | (7,614,204 | ) | |
$ | (13,930,882 | ) |
| |
| | | |
| | |
Net loss per common share, basic and diluted | |
$ | (0.90 | ) | |
$ | (1.92 | ) |
| |
| | | |
| | |
Weighted average common shares outstanding - basic and diluted | |
| 8,413,849 | | |
| 7,253,760 | |
See
accompanying notes to consolidated financial statements.
U.S.
GOLD CORP. AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
FOR
THE YEARS ENDED APRIL 30, 2023 AND 2022
| |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Equity | |
| |
Common Stock | | |
Additional | | |
| | |
Total | |
| |
$0.001 Par Value | | |
Paid-in | | |
Accumulated | | |
Stockholders’ | |
| |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Equity | |
| |
| | |
| | |
| | |
(Revised) | | |
(Revised) | |
| |
| | |
| | |
| | |
| | |
| |
Balance, April 30, 2021 | |
| 7,065,621 | | |
| 7,065 | | |
| 74,467,686 | | |
| (44,405,532 | ) | |
| 30,069,219 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Issuance of common stock and warrants, net of issuance cost | |
| 1,009,741 | | |
| 1,010 | | |
| 3,567,480 | | |
| - | | |
| 3,568,490 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Issuance of common stock for exercise of warrants | |
| 166,667 | | |
| 167 | | |
| 999,834 | | |
| - | | |
| 1,000,001 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Issuance of common stock for prepaid services and accrued services | |
| 95,710 | | |
| 96 | | |
| 850,404 | | |
| - | | |
| 850,500 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Issuance of common stock for services | |
| 12,104 | | |
| 12 | | |
| 99,988 | | |
| - | | |
| 100,000 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Stock options granted for services | |
| - | | |
| - | | |
| 183,475 | | |
| - | | |
| 183,475 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Stock-based compensation in connection with restricted common stock award grants and restricted common stock unit grants | |
| - | | |
| - | | |
| 1,386,512 | | |
| - | | |
| 1,386,512 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Net loss | |
| - | | |
| - | | |
| - | | |
| (13,930,882 | ) | |
| (13,930,882 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Balance, April 30, 2022 | |
| 8,349,843 | | |
| 8,350 | | |
| 81,555,379 | | |
| (58,336,414 | ) | |
| 23,227,315 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Issuance of common stock, net of issuance cost | |
| 870,000 | | |
| 870 | | |
| 1,740,327 | | |
| - | | |
| 1,741,197 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Issuance of common stock for prepaid services and accrued services | |
| 49,728 | | |
| 50 | | |
| 194,950 | | |
| - | | |
| 195,000 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Issuance of common stock for services | |
| 18,339 | | |
| 18 | | |
| 77,482 | | |
| - | | |
| 77,500 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Issuance of common stock for vested restricted stock unit | |
| 7,927 | | |
| 8 | | |
| (8 | ) | |
| - | | |
| - | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Stock options granted for services | |
| - | | |
| - | | |
| 493,008 | | |
| - | | |
| 493,008 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Stock-based compensation in connection with restricted common stock award grants and restricted common
stock unit grants | |
| - | | |
| - | | |
| 738,125 | | |
| - | | |
| 738,125 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Net loss | |
| - | | |
| - | | |
| - | | |
| (7,614,204 | ) | |
| (7,614,204 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Balance, April 30, 2023 | |
| 9,295,837 | | |
$ | 9,296 | | |
$ | 84,799,263 | | |
$ | (65,950,618 | ) | |
$ | 18,857,941 | |
See
accompanying notes to consolidated financial statements.
U.S.
GOLD CORP. AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF CASH FLOWS
| |
For the Year | | |
For the Year | |
| |
Ended | | |
Ended | |
| |
April 30, 2023 | | |
April 30, 2022 | |
| |
| | |
| |
CASH FLOWS FROM OPERATING ACTIVITIES: | |
| | | |
| | |
Net loss | |
$ | (7,614,204 | ) | |
$ | (13,930,882 | ) |
Adjustments to reconcile net loss to net cash used in operating activities: | |
| | | |
| | |
Depreciation | |
| 36,505 | | |
| 34,794 | |
Accretion | |
| 25,568 | | |
| 22,064 | |
Amortization of right-of-use asset | |
| 52,456 | | |
| 40,031 | |
Stock based compensation | |
| 1,308,633 | | |
| 1,669,987 | |
Amortization of prepaid stock based expenses | |
| 367,250 | | |
| 530,194 | |
Change in fair value of warrant liability | |
| (1,560,150 | ) | |
| (1,212,000 | ) |
Change in fair value due to modification of warrants | |
| 262,500 | | |
| - | |
Gain from sale of asset | |
| (763,393 | ) | |
| - | |
Changes in operating assets and liabilities: | |
| | | |
| | |
Prepaid expenses and other current assets | |
| 512 | | |
| (42,236 | ) |
Reclamation bond deposit | |
| (25,000 | ) | |
| (114,000 | ) |
Accounts payable and accrued liabilities | |
| (728,687 | ) | |
| 466,367 | |
Operating lease liability | |
| (52,756 | ) | |
| (39,731 | ) |
| |
| | | |
| | |
NET CASH USED IN OPERATING ACTIVITIES | |
| (8,690,766 | ) | |
| (12,575,412 | ) |
| |
| | | |
| | |
CASH FLOWS FROM INVESTING ACTIVITIES: | |
| | | |
| | |
Proceeds from sale of asset | |
| 2,750,000 | | |
| - | |
Purchase of property and equipment | |
| (177,513 | ) | |
| (178,972 | ) |
| |
| | | |
| | |
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | |
| 2,572,487 | | |
| (178,972 | ) |
| |
| | | |
| | |
CASH FLOWS FROM FINANCING ACTIVITIES: | |
| | | |
| | |
Issuance of common stock, net of offering costs | |
| 4,829,697 | | |
| 7,220,490 | |
Issuance of common stock for exercise of warrants | |
| - | | |
| 1,000,001 | |
| |
| | | |
| | |
NET CASH PROVIDED BY FINANCING ACTIVITIES | |
| 4,829,697 | | |
| 8,220,491 | |
| |
| | | |
| | |
NET DECREASE IN CASH | |
| (1,288,582 | ) | |
| (4,533,893 | ) |
| |
| | | |
| | |
CASH - beginning of year | |
| 9,111,512 | | |
| 13,645,405 | |
| |
| | | |
| | |
CASH - end of year | |
$ | 7,822,930 | | |
$ | 9,111,512 | |
| |
| | | |
| | |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | |
| | | |
| | |
Cash paid for: | |
| | | |
| | |
Interest | |
$ | - | | |
$ | - | |
Income taxes | |
$ | - | | |
$ | - | |
| |
| | | |
| | |
SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING ACTIVITIES: | |
| | | |
| | |
Issuance of common stock for accrued services | |
$ | 5,000 | | |
$ | 5,000 | |
Issuance of common stock for prepaid services | |
$ | 190,000 | | |
$ | 845,500 | |
Operating lease right-of-use asset and operating lease liability recorded upon adoption of ASC 842 | |
$ | - | | |
$ | 104,095 | |
Operating lease right-of-use asset and operating lease liability recorded upon lease modification | |
$ | 20,472 | | |
$ | - | |
Increase in asset retirement cost and obligation | |
$ | - | | |
$ | 33,517 | |
Initial valuation of warrant liability | |
$ | 3,088,500 | | |
$ | 3,652,000 | |
See
accompanying notes to consolidated financial statements.
U.S.
GOLD CORP. AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
APRIL
30, 2023
NOTE
1 - ORGANIZATION AND DESCRIPTION OF BUSINESS
Organization
U.S.
Gold Corp., formerly known as Dataram Corporation (the “Company”), was originally incorporated in the State of New Jersey
in 1967 and was subsequently re-incorporated under the laws of the State of Nevada in 2016. Effective June 26, 2017, the Company changed
its name to U.S. Gold Corp. from Dataram Corporation.
The
Company’s CK Gold property contains proven and probable mineral reserves and accordingly is classified as a development stage property,
as defined in subpart 1300 of Regulation S-K promulgated by the Securities and Exchange Commission (“S-K 1300”). None of
the Company’s other properties contain proven and probable mineral reserves and all activities are exploratory in nature.
Unless
the context otherwise requires, all references herein to the “Company” refer to U.S. Gold Corp. and its consolidated subsidiaries.
NOTE
2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis
of presentation and principles of consolidation
The
accompanying consolidated financial statements have been prepared by the Company in accordance with accounting principles generally accepted
in the United States of America (“U.S. GAAP”), the instructions to Form 10-K, and the rules and regulations of the United
States Securities and Exchange Commission (the “SEC”) for financial information, which includes the consolidated financial
statements and presents the consolidated financial statements of the Company and its wholly-owned subsidiaries as of April 30, 2023.
All intercompany transactions and balances have been eliminated. It is management’s opinion that all material adjustments (consisting
of normal recurring adjustments) have been made, which are necessary for a fair financial statement presentation.
Use
of Estimates and Assumptions
In
preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts
of assets and liabilities as of the date of the consolidated balance sheet, and revenues and expenses for the period then ended. Actual
results may differ significantly from those estimates. Significant estimates made by management include, but are not limited to, valuation
of mineral rights, stock-based compensation, the fair value of common stock, valuation of warrant liability, asset retirement
obligations and the valuation of deferred tax assets and liabilities.
Revision
of Financial Statements
During
the fiscal year 2021, the Company determined that it had not appropriately recorded a deferred tax liability related to the acquisition
of mineral rights in August 2020. This resulted in an understatement of deferred tax liability and a corresponding understatement of
provision for income taxes during fiscal year 2021. Based on an analysis of Accounting Standards Codification ASC 250 – “Accounting
Changes and Error Corrections” (“ASC 250”), Staff Accounting Bulletin 99 – “Materiality” and Staff
Accounting Bulletin 108 – “Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current
Year Financial Statements”, the Company determined that these errors were immaterial to the previously issued consolidated financial
statements, and as such no restatement was necessary. Correcting prior period financial statements for immaterial errors would not require
previously filed reports to be amended. There was no effect on the statements of cash flows, statements of operations, and net loss for
the year ended April 30, 2022.
U.S.
GOLD CORP. AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
APRIL
30, 2023
The
effect of this revision on the line items within the Company’s consolidated statements of changes in stockholders’ equity as of April 30, 2021, was as follows:
SCHEDULE
OF REVISION OF FINANCIAL STATEMENT
| |
April 30, 2021 As Previously Reported | | |
Revision | | |
As Revised | |
Accumulated Deficit | |
| (43,975,046 | ) | |
| (430,486 | ) | |
| (44,405,532 | ) |
Total Stockholders’ Equity | |
$ | 30,499,705 | | |
$ | (430,486 | ) | |
$ | 30,069,219 | |
The
effect of this revision on the line items within the Company’s consolidated balance sheet and statements of changes in
stockholders’ equity as of April 30, 2022, was as follows:
| |
April 30, 2022 As Previously Reported | | |
Revision | | |
As Revised | |
Deferred Tax Liability | |
$ | - | | |
$ | 430,486 | | |
$ | 430,486 | |
Total Long-term Liability | |
| 2,708,930 | | |
| 430,486 | | |
| 3,139,416 | |
Total Liabilities | |
| 3,844,965 | | |
| 430,486 | | |
| 4,275,451 | |
Accumulated Deficit | |
| (57,905,928 | ) | |
| (430,486 | ) | |
| (58,336,414 | ) |
Total Stockholders’ Equity | |
$ | 23,657,801 | | |
$ | (430,486 | ) | |
$ | 23,227,315 | |
Fair
Value Measurements
The
Company has adopted Accounting Standards Codification (“ASC”) 820, “Fair Value Measurements and Disclosures”
(“ASC 820”), for assets and liabilities measured at fair value on a recurring basis. ASC 820 establishes a common definition
for fair value to be applied in accordance with U.S. GAAP, which requires the use of fair value measurements, establishes a framework
for measuring fair value and expands disclosure about such fair value measurements.
ASC
820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date. Additionally, ASC 820 requires the use of valuation techniques that maximize the
use of observable inputs and minimize the use of unobservable inputs.
U.S.
GOLD CORP. AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
APRIL
30, 2023
These
inputs are prioritized below:
Level
1: |
Observable
inputs such as quoted market prices in active markets for identical assets or liabilities. |
Level
2: |
Observable
market-based inputs or unobservable inputs that are corroborated by market data. |
Level
3: |
Unobservable
inputs for which there is little or no market data, which require the use of the reporting entity’s own assumptions. |
The
Company analyzes all financial instruments with features of both liabilities and equity under the Financial Accounting Standard Board’s
(“FASB”) accounting standard for such instruments. Under this standard, financial assets and liabilities are classified in
their entirety based on the lowest level of input that is significant to the fair value measurement.
The
Company’s warrant liability for warrants issued in the definitive agreements (see Note 9) was estimated using a Monte Carlo simulation
model using Level 3 inputs.
Cash
and Cash Equivalents
Cash
equivalents are comprised of certain highly liquid instruments with a maturity of three months or less when purchased. The Company did
not have any cash equivalents on hand at April 30, 2023 and 2022. The Company places its cash with high credit quality financial institutions.
The Company’s accounts at these institutions are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to
$250,000. To reduce its risk associated with the failure of such financial institutions, the Company evaluates, at least annually, the
rating of the financial institutions in which it holds deposits. At April 30, 2023 and 2022, the Company had bank balances exceeding
the FDIC insurance limit on interest bearing accounts.
Prepaid
expenses and other current assets
Prepaid
expenses and other current assets of $610,140 and $787,902 at April 30, 2023 and 2022, respectively, consist primarily of costs paid
for future services which will occur within a year. Prepaid expenses principally include prepayments in cash and equity instruments for
consulting, public relations, business advisory services, insurance premiums, mining claim fees, easement fees, options fees, and mineral
lease fees which are being amortized over the terms of their respective agreements.
Property
Property
is carried at cost. The cost of repairs and maintenance is expensed as incurred; major replacements and improvements are capitalized.
When assets are retired or disposed of, the cost and accumulated depreciation are removed from the accounts, and any resulting gains
or losses are included in income in the year of disposition. Depreciation is calculated on a straight-line basis over the estimated useful
life of the assets, generally three to five years.
Impairment
of long-lived assets
The
Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the
assets may not be fully recoverable, or at least annually. The Company recognizes an impairment loss when the sum of expected undiscounted
future cash flows is less than the carrying amount of the asset. The amount of impairment is measured as the difference between the asset’s
estimated fair value and its book value. The Company did not recognize any impairment during the years ended April 30, 2023 and 2022.
Mineral
Rights
Costs
of leasing, exploring, carrying and retaining unproven mineral lease properties are expensed as incurred. The Company expenses all mineral
exploration costs as incurred. Where the Company has identified proven and probable mineral reserves on any of its properties, development
costs will be capitalized when all the following criteria have been met, a) the Company receives the requisite operating permits, b)
completion of a favorable Feasibility Study and c) approval from the Board of director’s authorizing the development of the ore
body. Until such time all these criteria have been met the Company records pre-development costs to expense as incurred.
U.S.
GOLD CORP. AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
APRIL
30, 2023
When
a property reaches the production stage, the related capitalized costs will be amortized on a units-of-production basis over the proven
and probable reserves following the commencement of production. The Company assesses the carrying costs of the capitalized mineral properties
for impairment under ASC 360-10, “Impairment of Long-Lived Assets”, and evaluates its carrying value under ASC 930-360, “Extractive
Activities—Mining”, annually. An impairment is recognized when the sum of the expected undiscounted future cash flows is
less than the carrying amount of the mineral properties. Impairment losses, if any, are measured as the excess of the carrying amount
of the mineral properties over its estimated fair value.
To
date, the Company has expensed all exploration and pre-development costs as none of its properties have satisfied the criteria above
for capitalization.
ASC
930-805, “Extractive Activities—Mining: Business Combinations” (“ASC 930-805”), states that mineral rights
consist of the legal right to explore, extract, and retain at least a portion of the benefits from mineral deposits. Mining assets include
mineral rights.
Acquired
mineral rights are considered tangible assets under ASC 930-805. ASC 930-805 requires that mineral rights be recognized at fair value
as of the acquisition date. As a result, the direct costs to acquire mineral rights are initially capitalized as tangible assets. Mineral
rights include costs associated with acquiring patented and unpatented mining claims.
ASC
930-805 provides that in measuring the fair value of mineral assets, an acquirer should take into account both:
●
The value beyond proven and probable reserves (“VBPP”) to the extent that a market participant would include VBPP in determining
the fair value of the assets.
●
The effects of anticipated fluctuations in the future market price of minerals in a manner that is consistent with the expectations of
market participants.
Leases
to explore for or use of natural resources are outside the scope of ASC 842, “Leases”.
Share-Based
Compensation
Share-based
compensation is accounted for based on the requirements of ASC 718, “Compensation—Stock Compensation” (“ASC 718”),
which requires recognition in the financial statements of the cost of employee and director services received in exchange for an award
of equity instruments over the period the employee or director is required to perform the services in exchange for the award (presumptively,
the vesting period). ASC 718 also requires measurement of the cost of employee and director services received in exchange for an award
based on the grant-date fair value of the award.
Accounting
for Warrants
Warrants
are accounted for in accordance with the applicable accounting guidance provided in ASC 815, “Derivatives and Hedging” (“ASC
815”) as either derivative liabilities or as equity instruments, depending on the specific terms of the agreements. The Company
classifies as equity any contracts that (i) require physical settlement or net-share settlement or (ii) give the Company a choice of
net-cash settlement or settlement in its own shares (physical settlement or net-share settlement). The Company classifies as assets or
liabilities any contracts that (i) require net-cash settlement (including a requirement to net-cash settle the contract if an event occurs
and if that event is outside the control of the Company) or (ii) give the counterparty a choice of net-cash settlement or settlement
in shares (physical settlement or net-share settlement). Instruments that are classified as liabilities are recorded at fair value at
each reporting period, with any change in fair value recognized as a component of change in fair value of derivative liabilities in the
consolidated statements of operations.
U.S.
GOLD CORP. AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
APRIL
30, 2023
The
Company assessed the classification of its outstanding common stock purchase warrants as of the date of issuance and determined that
such instruments, except for the warrants discussed under Warrant Liability below, met the criteria for equity classification under the
guidance in ASU 2017-11 “Earnings Per Share (Topic 260); Distinguishing Liabilities from Equity (Topic 480); Derivatives and Hedging
(Topic 815): (Part I) Accounting for Certain Financial Instruments with Down Round Feature”. The Company has no outstanding warrants
that contain a “down round” feature under Topic 815 of ASU 2017-11.
Warrant
Liability
The
Company accounts for the 625,000 warrants and 870,000 warrants issued in March 2022 and April 2023, respectively, in accordance with
the guidance contained in ASC 815 “Derivatives and Hedging” whereby under that provision these warrants do not meet the criteria
for equity treatment and must be recorded as a liability (see Note 9). Accordingly, the Company classifies these warrant instruments
as liabilities at fair value and adjusts the instruments to fair value at each reporting period. This liability is re-measured at each
balance sheet date until the warrants are exercised or expire, and any change in fair value will be recognized in the Company’s
statement of operations. The fair value of these warrants are estimated using a Monte Carlo simulation model. Such warrant classification
is also subject to re-evaluation at each reporting period.
Offering
Costs
Offering
costs incurred consisted of legal, placement agent fees and other costs that were directly related to registered direct offerings. Offering
costs were allocated to the separable financial instruments issued in the registered direct offering based on the same proportion as
the proceeds were allocated to the warrants and equity. Offering costs associated with warrant liabilities are expensed as incurred,
presented as offering costs related to warrant liability in the consolidated statements of operations. Offering costs associated with
the sale of common shares were charged against equity.
Remediation
and Asset Retirement Obligation
Asset
retirement obligations (“ARO”), consisting primarily of estimated reclamation costs at the Company’s CK Gold, Keystone
and Maggie Creek properties, are recognized in the period incurred and when a reasonable estimate can be made, and recorded as liabilities
at fair value. Such obligations, which are initially estimated based on discounted cash flow estimates, are accreted to full value over
time through charges to accretion expense. Corresponding asset retirement costs are capitalized as part of the carrying amount of the
related long-lived asset and depreciated over the asset’s remaining useful life. AROs are periodically adjusted to reflect changes
in the estimated present value resulting from revisions to the estimated timing or amount of reclamation and closure costs. The Company
reviews and evaluates its AROs annually or more frequently at interim periods if deemed necessary.
Foreign
Currency Transactions
The
reporting and functional currency of the Company is the U.S. dollar. Transactions denominated in foreign currencies are translated into
the functional currency at the exchange rates prevailing on the transaction dates. Assets and liabilities denominated in foreign currencies
are translated into the functional currency at the exchange rates prevailing at the balance sheet date with any transaction gains and
losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency included
in the results of operations as incurred. Translation adjustments, and transaction gains or losses, have not had, and are not expected
to have, a material effect on the results of operations of the Company and are included in general and administrative expenses.
Leases
The
Company accounts for leases in accordance with ASC Topic 842, Leases. Operating lease right of use assets (“ROU”) represent
the right to use the leased asset for the lease term and operating lease liabilities are recognized based on the present value of the
future minimum lease payments over the lease term at commencement date. As most leases do not provide an implicit rate, the Company uses
an incremental borrowing rate based on the information available at the adoption date in determining the present value of future payments.
Upon the election by the Company to extend the lease for additional years, that election will be treated as a lease modification and
the lease will be reviewed for re-measurement. Lease expense for minimum lease payments is amortized on a straight-line basis over the
lease term and is included in general and administrative expenses in the statements of operations.
U.S.
GOLD CORP. AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
APRIL
30, 2023
Income
Taxes
The
Company accounts for income taxes pursuant to the provision of ASC 740, “Accounting for Income Taxes” (“ASC 740”),
which requires, among other things, an asset and liability approach to calculating deferred income taxes. The asset and liability approach
requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between
the carrying amounts and the tax bases of assets and liabilities. A valuation allowance is provided to offset any net deferred tax assets
for which management believes it is more likely than not that the net deferred asset will not be realized.
The
Company follows the provision of ASC 740-10, “Accounting for Uncertain Income Tax Positions” (“ASC 740-10”).
When tax returns are filed, there may be uncertainty about the merits of positions taken or the amount of the position that would be
ultimately sustained. In accordance with the guidance of ASC 740-10, the benefit of a tax position is recognized in the financial statements
in the period during which, based on all available evidence, management believes it is more likely than not that the position will be
sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or
aggregated with other positions.
Tax
positions that meet the more likely than not recognition threshold are measured at the largest amount of tax benefit that is more than
50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefit associated with
tax positions taken that exceed the amount measured as described above should be reflected as a liability for uncertain tax benefits
in the accompanying balance sheet along with any associated interest and penalties that would be payable to the taxing authorities upon
examination. The Company believes its tax positions are all more likely than not to be upheld upon examination. As such, the Company
has not recorded a liability for uncertain tax benefits or for any related interest and penalties. In the event that the Company is assessed
penalties and/or interest, penalties will be charged to other operating expense and interest will be charged to interest expense.
The
Company follows ASC 740-10-25, “Definition of Settlement”, which provides guidance on how an entity should determine
whether a tax position is effectively settled for the purpose of recognizing previously unrecognized tax benefits and provides that a
tax position can be effectively settled upon the completion and examination by a taxing authority without being legally extinguished.
For tax positions considered effectively settled, an entity would recognize the full amount of tax benefit, even if the tax position
is not considered more likely than not to be sustained based solely on the basis of its technical merits and the statute of limitations
remains open. The federal and state income tax returns of the Company are subject to examination by the Internal Revenue Service and
state taxing authorities, generally for three years after they are filed.
Recent
Accounting Pronouncements
Accounting
standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material
effect on the financial statements upon adoption. The Company does not discuss recent pronouncements that are not anticipated to have
an effect on or are unrelated to its financial condition, results of operations, cash flows or disclosures.
U.S.
GOLD CORP. AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
APRIL
30, 2023
In
June 2022, FASB issued ASU 2022-03, Fair Value Measurement (Topic 820) (“ASU 2022-03”). The amendments in ASU 2022-03 clarify
that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security
and, therefore, is not considered in measuring fair value. The amendments also clarify that an entity cannot, as a separate unit of account,
recognize and measure a contractual sale restriction. The amendments in this Update also require additional disclosures for equity securities
subject to contractual sale restrictions. The provisions in this Update are effective for fiscal years beginning after December 15, 2024.
Early adoption is permitted. The Company does not expect to early adopt this ASU. The Company does not expect the adoption of this standard
to have a significant impact on its consolidated financial statements.
On
January 1, 2023, the Company adopted FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326) (“ASU
2016-13”), which requires the immediate recognition of management’s estimates of current and expected credit losses. Adoption
of this standard did not have a material impact on the Company’s consolidated financial statements or disclosures.
NOTE
3 — GOING CONCERN
The
accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of
assets and the satisfaction of liabilities in the normal course of business. As of April 30, 2023, the Company had cash of
approximately $7.8 million, working capital of
approximately $8.1 million
which consists primarily of cash and an accumulated deficit of approximately $66
million. The Company had a net loss and cash used in operating activities of approximately $7.6
million and $8.7
million, respectively, for the year ended April 30, 2023. As a result of the utilization of cash in its operating activities, and
the development of its assets, the Company has incurred losses since it commenced operations. The Company’s primary source of
operating funds since inception has been equity financings. As noted in Note 10, in April 2023, the Company completed a registered
offering which raised total gross proceeds of approximately $5.0
million before deducting fees and other estimated offering expenses. As of the date of filing the annual report for the year ended
April 30, 2023, the Company may have sufficient cash to fund its corporate activities and general and administrative costs and
currently undertaken project activities related to permitting and engineering studies. However, in order to advance any of its
projects past the aforementioned objectives the Company does not have sufficient cash and will need to raise additional funds. These
matters raise substantial doubt about the Company’s ability to continue as a going concern for the twelve months following the
issuance of these consolidated financial statements.
The
consolidated financial statements do not include any adjustments relating to the recoverability and classification of asset amounts or
the classification of liabilities that might be necessary should the Company be unable to continue as a going concern.
NOTE
4 — MINERAL RIGHTS
The
Company’s CK Gold property contains proven and probable mineral reserves and accordingly is classified as a development stage property,
as defined in subpart 1300 of Regulation S-K promulgated by the Securities and Exchange Commission (“S-K 1300”). None of
the Company’s other properties contain proven and probable mineral reserves and all activities are exploratory in nature.
CK
Gold Project
The
Company, through its wholly-owned subsidiary, Gold King Corp., a Nevada corporation, owns the Copper King gold and copper development
project (the “CK Gold Property”), which is comprised of two State of Wyoming Metallic and Non-metallic Rocks and Minerals
Mining Leases covering an area of approximately 1.8 square miles located in the Silver Crown Mining District of southeast Wyoming.
U.S.
GOLD CORP. AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
APRIL
30, 2023
Keystone
Project
The
Company, through its wholly-owned subsidiary, U.S. Gold Acquisition Corporation, acquired the mining claims comprising the Keystone
Project. The Keystone Project consists of 601 unpatented lode mining claims situated
in Eureka County, Nevada.
Some
of the Keystone Project claims are subject to pre-existing net smelter royalty (“NSR”) obligations.
Maggie
Creek Project
On
September 10, 2019, the Company, NumberCo and the NumberCo Shareholders, entered into the Share Exchange Agreement, pursuant to
which, among other things, the Company agreed to issue to the NumberCo Shareholders 200,000
shares of the Company’s common stock in exchange for all of the issued and outstanding shares of NumberCo, with NumberCo
becoming a wholly owned subsidiary of the Company. Consequently, the Company acquired a certain option agreement for the exclusive
right and option to earn-in and acquire up to 50% undivided interest in a property called Maggie Creek, located in Eureka County, Nevada
U.S.
GOLD CORP. AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
APRIL
30, 2023
On
November 9, 2022, the Company entered into an Assignment and Assumption Agreement (the “Assignment and Assumption Agreement”)
with and among Orevada Metals, Inc., the Company’s indirectly wholly-owned subsidiary (“Orevada”), Nevada Gold Mines
LLC (“NGM”), Orogen Royalties Inc. (“Orogen”) and Renaissance Exploration, Inc., a wholly-owned subsidiary of
Orogen (“RenEx”) whereby Orevada assigned its interest in that certain Exploration Earn-In Agreement with RenEx, dated February
19, 2019 (the “Original Earn-In Agreement”), to NGM. Pursuant to the Original Earn-In Agreement, Orevada, by making certain
payments and incurring certain exploration expenditures, had the right to earn at least a 50% interest and up to a 70% interest in the
Maggie Creek Property, owned by RenEx, in Eureka County, Nevada. Simultaneous with this assignment, NGM and RenEx entered into an Amended
and Restated Exploration Earn-In Agreement, pursuant to which NGM can earn a 100% interest in the Maggie Creek Property (the “NGM
Option”).
As
consideration for the assignment of the Original Earn-In Agreement to NGM, U.S. Gold received an upfront cash payment of $2,750,000 from
NGM, and NGM agreed that if it exercises the NGM Option and acquires the Maggie Creek Property, it will grant to U.S. Gold a 0.5% Net
Smelter Returns royalty on all gold and other recovered and saleable minerals from the Maggie Creek Property (the “U.S. Gold Royalty”),
pursuant to a separate royalty agreement (the “U.S. Gold Royalty Agreement”) between NGM and the Company, the terms of which
have been fully agreed as part of this assignment. Under the U.S. Gold Royalty Agreement, NGM will have the right to buy back one-half
of the U.S. Gold Royalty (reducing the royalty to 0.25% of Net Smelter Returns) for a fixed price of $500,000. In addition, the U.S.
Gold Royalty Agreement will provide that the Company waives the first $800,000 of production royalty payments owed to it, regardless
of whether NGM exercises its buy-back rights. Under the U.S. Gold Royalty Agreement, NGM will also have a right of first refusal to purchase
the U.S. Gold Royalty if the Company decides to sell that royalty. Under the U.S. Gold Royalty Agreement, NGM will also have a right
of first refusal to purchase the U.S. Gold Royalty if the Company decides to sell that royalty. Accordingly, the Company recognized gain
from sale of asset of $763,393 during the year ended April 30, 2023 as reflected in the accompanying consolidated statements of operations
in connection with the Assignment and Assumption Agreement.
Northern
Panther Merger Agreement
On
August 10, 2020, the Company entered into the Merger Agreement with Acquisition Corp., NPRC and the Stockholder Representative named
therein, pursuant to which Acquisition Corp. merged with and into NPRC, with NPRC surviving as a wholly-owned subsidiary of the Company. Consequently, the Company acquired mineral rights on a gold exploration project in Idaho called the Challis Gold project. The Challis
Gold project contains 77 unpatented lode mining claims in Lemhi County, Idaho covering approximately 1,710 acres.
U.S.
GOLD CORP. AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
APRIL
30, 2023
As
of the dates presented, mineral properties consisted of the following:
SCHEDULE
OF MINERAL PROPERTIES
| |
April 30, 2023 | | |
April 30, 2022 | |
CK Gold Project | |
$ | 3,091,738 | | |
$ | 3,091,738 | |
Keystone Project | |
| 1,028,885 | | |
| 1,028,885 | |
Maggie Creek Project | |
| - | | |
| 1,986,607 | |
Challis Gold Project | |
| 10,249,632 | | |
| 10,249,632 | |
Total | |
$ | 14,370,255 | | |
$ | 16,356,862 | |
NOTE
5 — PROPERTY AND EQUIPMENT
As
of the dates presented, property consisted of the following:
SCHEDULE
OF PROPERTY AND EQUIPMENT
| |
April 30, 2023 | | |
April 30, 2022 | |
Site costs | |
$ | 203,320 | | |
$ | 203,320 | |
Land | |
| 352,718 | | |
| 175,205 | |
Computer equipment | |
| 7,265 | | |
| 7,265 | |
Vehicle | |
| 39,493 | | |
| 39,493 | |
Total | |
| 602,796 | | |
| 425,283 | |
Less: accumulated depreciation | |
| (111,871 | ) | |
| (75,366 | ) |
Total | |
$ | 490,925 | | |
$ | 349,917 | |
For
the years ended April 30, 2023 and 2022, depreciation expense amounted to $36,505 and $34,794, respectively.
U.S.
GOLD CORP. AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
APRIL
30, 2023
NOTE
6 — ASSET RETIREMENT OBLIGATION
In
conjunction with various permit approvals permitting the Company to undergo exploration activities at the CK Gold, Keystone and Maggie
Creek projects, the Company has recorded an ARO based upon the reclamation plans submitted in connection with the various permits. The
following table summarizes activity in the Company’s ARO for the years presented:
SCHEDULE
OF ASSET RETIREMENT OBLIGATION
| |
April 30, 2023 | | |
April 30, 2022 | |
| |
| | |
| |
Balance, beginning of year | |
$ | 260,196 | | |
$ | 204,615 | |
Addition and changes in estimates | |
| - | | |
| 33,517 | |
Accretion expense | |
| 25,568 | | |
| 22,064 | |
Balance, end of year | |
$ | 285,764 | | |
$ | 260,196 | |
For
the years ended April 30, 2023 and 2022, accretion expense amounted to $25,568 and $22,064, respectively.
NOTE
7 – OPERATING LEASE RIGHT-OF-USE ASSETS AND OPERATING LEASE LIABILITIES
On
May 1, 2021, the Company entered into a lease agreement for its lease facility in Cheyenne, Wyoming. The term of the lease is for a two-year
period from May 2021 to May 2023 starting with a monthly base rent of $1,667. The Company has an option to renew the lease for an additional
three years beyond the primary term. The Company typically excludes options to extend the lease in a lease term unless it is reasonably
certain that the Company will exercise the option and when doing so is in the Company’s sole discretion. The base rent is subject
to an annual increase as defined in the lease agreement. In addition to the monthly base rent, the Company is charged separately for
common area maintenance which is considered a non-lease component. These non-lease component payments are expensed as incurred and are
not included in operating lease assets or liabilities. On January 30, 2023, the Company entered into a lease amendment effective as of
May 1, 2023 to extend this lease for a period of one year expiring April 30, 2024 with an option to renew the lease for an additional
one year term. The monthly base rent will be $1,768. The Company accounted for the lease extension as a lease modification under ASC
842. On January 30, 2023, the effective date of modification, the Company recorded an adjustment to the right-of-use asset and lease
liability in the amount of $20,472 based on the net present value of lease payments discounted using an incremental borrowing rate of
8%.
On
September 1, 2021, the Company entered into a lease agreement for a facility in Cheyenne, Wyoming. The
term of the lease is for a two-year period from September 2021 to August 2023. The monthly base rent was $3,100
and was lowered to $2,950
starting in March 2022. The Company has an option to renew the lease for an additional two
years upon giving a written notice from 60 to 120 days prior to the expiration of the initial term of this lease. The Company
typically excludes options to extend the lease in a lease term unless it is reasonably certain that the Company will exercise the
option and when doing so is in the Company’s sole discretion.
During
the years ended April 30, 2023 and 2022, lease expense of approximately $56,000
and $44,200,
respectively, was included in general and administrative expenses as reflected in the accompanying consolidated statements of
operations.
Right-of-
use assets are summarized below:
SCHEDULE
OF SUPPLEMENTAL BALANCE SHEET INFORMATION RELATED TO LEASES
| |
April
30, 2023 | | |
April
30, 2022 | |
Operating leases | |
$ | 32,080 | | |
$ | 64,064 | |
Operating
Lease liabilities are summarized below:
| |
April
30, 2023
| | |
April
30, 2022 | |
Operating lease, current portion | |
$ | 32,080 | | |
$ | 55,630 | |
Operating lease, long term portion | |
| - | | |
| 8,734 | |
Total lease liability | |
$ | 32,080 | | |
$ | 64,364 | |
U.S.
GOLD CORP. AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
APRIL
30, 2023
The
weighted average remaining lease term for the operating leases is 0.67 years and the weighted average incremental borrowing rate is 8.0%
at April 30, 2023.
The
following table includes supplemental cash and non-cash information related to the Company’s lease:
SCHEDULE
OF SUPPLEMENTAL CASH AND NON-CASH INFORMATION
| |
2023 | | |
2022 | |
| |
Years ended April 30, | |
| |
2023 | | |
2022 | |
Cash paid for amounts included in the measurement of lease liabilities | |
| | |
| |
Operating cash flows from operating lease | |
$ | 56,000 | | |
$ | 44,500 | |
| |
| | | |
| | |
Lease assets obtained in exchange for new operating lease liabilities | |
$ | - | | |
$ | 104,095 | |
Lease assets obtained upon lease modification | |
$ | 20,472 | | |
$ | - | |
Minimum
lease payments under non-cancelable operating leases at April 30, 2023 are as follows:
SCHEDULE
OF MINIMUM LEASE PAYMENTS UNDER NON-CANCELABLE OPERATING LEASES
| |
| | |
Year ended April 30, 2024 | |
| 33,029 | |
Less: imputed interest | |
| (949 | ) |
Total present value of lease liability | |
$ | 32,080 | |
NOTE
8 — RELATED PARTY TRANSACTIONS
On
January 7, 2021, the Company entered into a one-year agreement (“January 2021 Agreement”) with a director providing for an
annual fee of $86,000 consisting of shares of the Company’s common stock with a value of $50,000 and cash payments of $36,000,
which is paid $3,000 per month. In January 2021, the Company issued 3,222 shares of common stock pursuant to the January 2021 Agreement.
The Company and the consultant mutually agree to extend the term of the agreement from January 2022 to January 2023 under the same terms
as the initial agreement (the “January 2022 Agreement”). In January 2022, the Company issued 5,814 shares of common stock
pursuant to the January 2022 Agreement. During the years ended April 30, 2023 and 2022, the Company paid consulting fees in cash of $24,000
and $36,000, respectively. Effective December 31, 2022, the director resigned from the Board. Accordingly, the Company issued 7,927 shares
of common stock in connection with vested RSU’s on the date of resignation (see Note 10).
On
March 19, 2021, the Company and Edward Karr, the Company’s former Executive Chairman, agreed by mutual understanding, that Mr.
Karr’s employment as an officer and employee, and his service as a member of the Board was terminated, effective March 19, 2021.
In connection with Mr. Karr’s departure, the Company entered into a General Release and Severance Agreement with Mr. Karr, as amended,
pursuant to which Mr. Karr provided certain transition services to the Company through the Separation Date. Pursuant to the Separation
Agreement, Mr. Karr is entitled to receive any equity awards granted to Mr. Karr by the Company. Additionally, on March 19, 2021, the
Company entered into a one-year agreement (the “Karr March 2021 Agreement”) for general corporate advisory services to be
provided by Mr. Karr for an annual fee of $180,000 consisting of shares of the Company’s common stock with a value of $60,000 and
cash payments of $120,000, which is paid $10,000 per month. In January 2022, the Company’s Board approved the renewal of the Karr
March 2021 Agreement for an additional year under the same terms as the initial period (the “Karr March 2022 Agreement”).
In March 2023, the Company entered into a consulting agreement to extend the term for another 12 months. In April 2022, the Company issued
5,168 and 7,353 shares of common stock pursuant to the Karr March 2021 and March 2022 Agreements, respectively. Additionally, on January
24, 2022, the Company issued an aggregate of 13,564 RSU’s and granted 5,310 five-year options to purchase the Company’s common
stock to Mr. Karr for consulting services rendered. In March 2023, the Company issued 15,424 shares of common stock pursuant to the March
2023 consulting agreement. The Company paid consulting fees to Mr. Karr of $120,000 in cash for both periods during the years ended April
30, 2023 and 2022.
U.S.
GOLD CORP. AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
APRIL
30, 2023
On
March 10, 2021, the Company entered into a one-year consulting agreement (“March 2021 Agreement”) with an individual who
subsequently was appointed as a director of the Company on May 18, 2022, providing for an annual fee of $250,000 consisting of shares
of the Company’s common stock with a value of $130,000 and cash payments of $120,000, which is paid $10,000 per month. The Company
and the consultant mutually agreed to extend the term of the agreement from March 2022 to March 2023 under the same terms as the initial
agreement (the “March 2022 Agreement”). In March 2023, the Company entered into a consulting agreement to extend the term
for another 12 months. In April 2022 and March 2023, the Company issued 14,286 shares and 33,419 shares of common stock, respectively,
pursuant to the agreements. The Company paid consulting fees to such director of $120,000 in cash during the year ended April 30, 2023.
Additionally, as of April 30, 2023, the Company recorded accounts payable and accrued expenses totaling $33,035 due to such director
and was included in accounts payable and accrued liabilities.
NOTE
9 — WARRANT LIABILITY
As
of April 30, 2023 and 2022, the Company’s warrant liabilities were valued at $4,230,850 and $2,440,000, respectively. Under the
guidance in ASC 815-40, certain warrants do not meet the criteria for equity treatment. As such, these warrants are recorded at fair
value as of each reporting date with the change in fair value reported within other income in the accompanying consolidated statements
of operations as “Change in fair value of warrant liability” until the warrants are exercised, expired or other facts and
circumstances lead the warrant liability to be reclassified to stockholders’ equity. The Company utilized a Monte Carlo Simulation
model to estimate the fair values of the April 2023 and March 2022 warrants, which incorporates significant inputs that are not observable
in the market, and thus represents a Level 3 measurement as defined in ASC 820. The unobservable inputs utilized for measuring the fair
value of the contingent consideration reflect management’s own assumptions about the assumptions that market participants would
use in valuing the contingent consideration. The Company determined the fair value by using the following key inputs to the Monte Carlo
Simulation Model:
Initial
Measurement
The
Company accounted for the 625,000
warrants issued on March 18, 2022 in accordance with the guidance contained in ASC 815 “Derivatives and Hedging” whereby
under that provision these warrants did not meet the criteria for equity treatment and was recorded as a liability. The initial
valuation of these warrants were valued at $3,652,000
on March 18, 2022. Additionally, the Company accounted for the 870,000
warrants issued on April 10, 2023 (see Note 10) in accordance with the guidance contained in ASC 815 “Derivatives and
Hedging” whereby under that provision these warrants did not meet the criteria for equity treatment and was recorded as a
liability at an initial valuation of $3,088,500. On April 10, 2023, the Company agreed to amend, effective as of the closing of the registered offering, certain existing
warrants to purchase up to 625,000
shares of the Company at an exercise price of $8.60
per share and a termination date of September 18, 2027, so that the amended warrants will have a reduced exercise price of $6.16
per share and a termination date of October 10, 2028. Accordingly, the Company recognized a change in fair value due to modification
of warrants of $262,500 during the year ended April 30, 2023 as reflected in the accompanying consolidated statements of operations.
The
key inputs for the warrant liability were as follows as of March 18, 2022:
SCHEDULE OF KEY INPUTS FOR THE WARRANT LIABILITY
Key Valuation Inputs | |
| |
Expected term (years) | |
| 5.50 | |
Annualized volatility | |
| 84.4 | % |
Volatility if fundamental transaction occurs | |
| 100.00 | % |
Risk-free interest rate | |
| 2.15 | % |
Stock price | |
$ | 8.00 | |
Dividend yield | |
| 0.00 | % |
Exercise price | |
$ | 8.60 | |
Probability of fundamental transaction | |
| 85 | % |
Date of fundamental transaction (1) | |
| 2 years to 5.5 years | |
U.S.
GOLD CORP. AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
APRIL
30, 2023
The
key inputs for the warrant liability were as follows as of April 10, 2023:
Key Valuation Inputs (2) | |
| |
Expected term (years) | |
| 5.50 | |
Annualized volatility | |
| 81.3 | % |
Volatility if fundamental transaction occurs | |
| 100.00 | % |
Risk-free interest rate | |
| 3.51 | % |
Stock price | |
$ | 5.23 | |
Dividend yield | |
| 0.00 | % |
Exercise price | |
$ | 6.16 | |
Probability of fundamental transaction | |
| 90 | % |
Date of fundamental transaction (1) | |
| 1.0 years to 5.5 years | |
Subsequent
Measurement
The
key inputs for the warrant liability were as follows as of April 30, 2022:
Key Valuation Inputs | |
| |
Expected term (years) | |
| 5.39 | |
Annualized volatility | |
| 84.2 | % |
Volatility if fundamental transaction occurs | |
| 100.00 | % |
Risk-free interest rate | |
| 2.92 | % |
Stock price | |
$ | 5.65 | |
Dividend yield | |
| 0.00 | % |
Exercise price | |
$ | 8.60 | |
Probability of fundamental transaction | |
| 85 | % |
Date of fundamental transaction | |
| 1.90 years to 5.4 years | |
The
key inputs for the warrant liability were as follows as of April 30, 2023:
Key Valuation Inputs | |
| |
Expected term (years) | |
| 5.45 | |
Annualized volatility | |
| 81.4 | % |
Volatility if fundamental transaction occurs | |
| 100.00 | % |
Risk-free interest rate | |
| 3.51 | % |
Stock price | |
$ | 4.31 | |
Dividend yield | |
| 0.00 | % |
Exercise price | |
$ | 6.16 | |
Probability of fundamental transaction | |
| 90 | % |
Date of fundamental transaction | |
| 1.00 years to 5.45 years | |
U.S.
GOLD CORP. AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
APRIL
30, 2023
The
following table sets forth a summary of the changes in the fair value of the Level 3 warrant liability for the years ended April 30,
2023 and 2022:
SCHEDULE
OF CHANGES IN FAIR VALUE OF LEVEL THREE WARRANT LIABILITY
| |
Warrant Liability | |
Fair value as of April 30, 2021 | |
$ | — | |
Initial fair value of warrant liability upon issuance | |
| 3,652,000 | |
Change in fair value of warrant liability | |
| (1,212,000 | ) |
Fair value as of April 30, 2022 | |
| 2,440,000 | |
Initial fair value of warrant liability upon issuance | |
| 3,088,500 | |
Change in fair value due to modification of warrants | |
| 262,500 | |
Change in fair value of warrant liability | |
| (1,560,150 | ) |
Fair value as of April 30, 2023 | |
$ | 4,230,850 | |
NOTE
10 — STOCKHOLDERS’ EQUITY
As
of April 30, 2023, authorized capital stock consisted of 200,000,000 shares of common stock, par value $0.001 per share, and 50,000,000
shares of “blank check” preferred stock, par value $0.001 per share, of which 1,300,000 shares are designated as Series A
Convertible Preferred Stock, 400,000 shares are designated as Series B Convertible Preferred Stock, 45,002 shares are designated as Series
C Convertible Preferred Stock, 7,402 shares are designated as Series D Convertible Preferred Stock, 2,500 shares are designated as Series
E Convertible Preferred Stock, 1,250 shares are designated as Series F Preferred Stock, 127 shares are designated as Series G Preferred
Stock, 106,894 shares are designated as Series H Preferred Stock, and 921,666 shares are designated as Series I Preferred Stock. The
Company’s Board has the authority, without further action by the stockholders, to issue shares of preferred stock in one or more
series and to fix the rights, preferences, privileges and restrictions granted to or imposed upon the preferred stock.
There
were no shares of Preferred Stock outstanding as of April 30, 2023 and 2022.
Common
Stock issued for cash
On
February 14, 2022, the Company entered into a securities purchase agreement (the “Securities Purchase Agreement”) with certain
institutional and accredited investors in connection with a registered direct offering of 384,741 shares of the Company’s common
stock at a price of $6.50 per share and warrants to purchase 192,370 shares of the Company’s common stock at an exercise price
of $8.00 per share (the “Registered Offering”). The warrants are exercisable immediately following issuance and will expire
five years from the issuance date. The aggregate gross proceeds of the Registered Offering was $2,500,817 before deduction of legal related
offering expenses of $30,767. The closing of the Registered Offering occurred on February 16, 2022.
On
March 15, 2022, the Company entered into a definitive agreement with a single institutional investor in connection with a registered
direct offering of 625,000 shares of the Company’s common stock at a price of $8.00 per share and warrants to purchase 625,000
shares of the Company’s common stock. The exercise price was $8.60 per share (the “Securities”), resulting in total
gross proceeds of $5 million before the deduction of placement agent fees of $415,000 and legal related offering expenses of $25,399
for a total of $440,399. The warrants were exercisable six months following the date of issuance and were to expire 5 years following
the initial exercise date. The closing of the sale of the Securities occurred on March 18, 2022. Pursuant to ASC 470-20-25, if the warrants
are classified as liability, the proceeds should be allocated first to the warrants based on their fair value (not relative fair value).
The residual should be allocated to the remaining equity instruments.
These
625,000 warrants were recorded as warrant liability as of April 30, 2022 (see Note 9) and was allocated to the proceeds as follows:
SCHEDULE OF WARRANT LIABILITY
| |
| - | |
Net proceeds on March 18, 2022 | |
$ | 4,559,600 | |
Less: | |
| | |
Proceeds allocated to warrant liability | |
| (3,652,000 | ) |
Plus: | |
| | |
Offering cost associated with warrant liability | |
| 190,840 | |
| |
| | |
Net proceeds on March 18, 2022 allocated to equity | |
$ | 1,098,440 | |
U.S.
GOLD CORP. AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
APRIL
30, 2023
Additionally,
on April 10, 2023, the Company agreed to amend, effective as of the closing of a registered offering (see below), these 625,000 warrants
at an exercise price of $8.60 per share and a termination date of September 18, 2027, so that the amended warrants will have a reduced
exercise price of $6.16 per share and a termination date of April 10, 2028. Accordingly, the Company recorded a change in fair value
due to modification of warrants of $262,500 during the year ended April 30, 2023.
On
April 10, 2023, the Company entered into a definitive agreement with a single institutional investor in connection with a registered
direct offering of 870,000 shares of the Company’s common stock at a price of $5.75 per share and warrants to purchase 870,000
shares of the Company’s common stock at an exercise price of $6.16 per share (the “Securities”), resulting in total
gross proceeds of $5,002,500 before the deduction of placement agent fees of $415,175 and legal related offering expenses of $37,115
for a total of $452,290. The warrants are exercisable six months following the date of issuance and will expire 5 years following the
initial exercise date. The closing of the sale of the Securities occurred on April 10, 2023. Pursuant to ASC 470-20-25, if the warrants
are classified as liability, the proceeds should be allocated first to the warrants based on their fair value (not relative fair value).
The residual should be allocated to the remaining equity instruments.
These
870,000 warrants were recorded as warrant liability as of April 30, 2023 (see Note 9) and was allocated to the proceeds as follows:
Net proceeds on April 10, 2023 | |
$ | 4,550,210 | |
Less: | |
| | |
Proceeds allocated to warrant liability | |
| (3,088,500 | ) |
Plus: | |
| | |
Offering cost associated with warrant liability | |
| 279,487 | |
| |
| | |
Net proceeds on April 10, 2023 allocated to equity | |
$ | 1,741,197 | |
Common
Stock Issued, Restricted Stock Awards, and RSU’s Granted for Services
On
June 1, 2021, the Company granted 2,097 Restricted Stock Units (“RSU’s”) to a consultant for consulting services rendered.
The 2,097 RSU’s had a fair value of $25,000 or $11.92 per share of common stock based on the quoted trading price on the date of
grant. The RSU’s fully vested and expensed immediately.
On
June 9, 2021, the Company issued 25,000 shares of common stock to a consultant in connection with an investor relations agreement for
services to be rendered from April 2021 to April 2022. The 25,000 shares of common stock had a fair value of $258,500, or $10.34 per
share, based on the quoted trading price on the date of grant. In connection with this issuance, the Company reduced accrued liabilities
by $14,203 and recognized stock-based consulting of $244,297 during the year ended April 30, 2022.
On
July 19, 2021, the Company granted 15,322 RSU’s to an employee pursuant to his employment agreement. The 15,322 RSU’s had
a fair value of $150,000 or $9.79 per share of common stock based on the quoted trading price on the date of grant. The RSU’s vested
25% on the date of issuance, and the remaining shall vest one-third over a three-year period from the date of issuance.
On
October 20, 2021, the Company issued 1,116 shares of common stock to a former employee in connection with vested RSU’s on the date
of termination of service.
On
October 22, 2021, the Company issued an aggregate of 2,162 shares of common stock to a consultant in connection with a consulting agreement
for services rendered from May 2021 to October 2021. The 2,162 shares of common stock had a fair value of $22,500, or $10.41 per share,
based on the quoted trading price on the date of grants, which was fully vested and expensed immediately.
On
October 22, 2021, the Company issued an aggregate of 2,824 shares of common stock to a consultant in connection with an advisory consulting
agreement for services rendered from April 2021 to September 2021. The 2,824 shares of common stock had a fair value of $30,000, or $10.62
per share, based on the quoted trading price on the date of grants, which was fully vested. In connection with this issuance, the Company
reduced accrued liabilities by $5,000 and recognized stock-based consulting of $25,000 during the year ended April 30, 2022.
U.S.
GOLD CORP. AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
APRIL
30, 2023
On
January 24, 2022, the Company issued an aggregate of 47,108 RSU’s to certain employees of the Company for services rendered. The
47,108 RSU’s had a fair value of $326,475, or $6.93 per share, based on the quoted trading price on the date of grants, which was
fully vested and expensed immediately.
On
January 24, 2022, the Company issued an aggregate of 13,852 RSU’s to the directors of the Company for services rendered. The 13,852
RSU’s had a fair value of $96,000, or $6.93 per share, based on the quoted trading price on the date of grants, which was fully
vested and expensed immediately.
On
January 24, 2022, the Company issued an aggregate of 25,685 RSU’s to certain consultants of the Company for services rendered.
The 25,685 RSU’s had a fair value of $178,000, or $6.93 per share, based on the quoted trading price on the date of grants, which
was fully vested and expensed immediately. One of the consultants is Mr. Karr, the Company’s former Executive Chairman (see Note
8).
On
April 9, 2022, the Company issued 25,000 shares of common stock to a consultant in connection with an investor relations agreement for
services to be rendered from April 2022 to April 2023. The 25,000 shares of common stock had a fair value of $157,000, or $6.28 per share,
based on the quoted trading price on the date of grant. The Company recognized stock-based consulting of $143,917 and $13,083 during
the years ended April 30, 2023 and 2022, respectively.
On
April 22, 2022, the Company issued an aggregate of 2,749 shares of common stock to a consultant in connection with a consulting agreement
for services rendered from November 2021 to April 2022. The 2,749 shares of common stock had a fair value of $22,500, or $8.18 per share,
based on the quoted trading price on the date of grants, which was fully vested and expensed immediately.
On
April 22, 2022, the Company issued an aggregate of 3,708 shares of common stock to a consultant in connection with an advisory consulting
agreement for services rendered from October 2021 to March 2022. The 3,708 shares of common stock had a fair value of $30,000, or $8.09
per share, based on the quoted trading price on the date of grants, which was fully vested and expensed immediately.
On
April 22, 2022, the Company issued an aggregate of 5,814 shares of common stock to a director of the Company pursuant to the January
2022 Agreement (see Note 8). The 5,814 shares had a fair value of $50,000 or $8.60 per share of common stock based on the quoted trading
prices on the date of grant. The Company recognized stock-based consulting of $33,333 and $16,667 during the years ended April 30, 2023
and 2022, respectively.
On
April 25, 2022, the Company issued 5,168 and 7,353 shares of common stock to Edward Karr, former Executive Chairman of the Company, pursuant
to the March 2021 Agreement and the March 2022 Agreement, respectively (see Note 8). The 5,168 shares of common stock had a fair value
of $60,000, or $11.61 per share, based on the quoted trading price on the date of grant. In connection with this issuance, the Company
reduced accrued liabilities by $7,500 and recognized stock-based consulting of $52,500 during the year ended April 30, 2022. The 7,353
shares of common stock had a fair value of $60,000, or $8.16 per share, based on the quoted trading price on the date of grant. The Company
recognized stock-based consulting of $52,500 and $7,500 during the years ended April 30, 2023 and 2022, respectively.
On
April 25, 2022, the Company issued 12,634 shares of common stock to a consultant in connection with a one-year strategic advisory agreement
for services to be rendered from March 10, 2021 to March 10, 2022. The 12,634 shares of common stock had a fair value of $130,000, or
$10.29 per share, based on the quoted trading price on the date of grant. In March 2022, the Company and the consultant mutually agreed
to extend the term of the agreement from March 11, 2022 to March 10, 2023 under the same terms as the initial agreement. On April 25,
2022, the Company issued 14,286 shares of common stock to such consultant for services to be rendered from March 11, 2022 to March 10,
2023. The 14,286 shares of common stock had a fair value of $130,000, or $9.10 per share, based on the quoted trading price on the date
of grant. The Company recognized stock-based consulting of $113,750 and $130,000 during the year ended April 30, 2023 and 2022, respectively
and reduced accrued liabilities by $16,250.
U.S.
GOLD CORP. AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
APRIL
30, 2023
On
November 14, 2022, the Company issued an aggregate of 7,510 shares of common stock to a consultant in connection with an advisory consulting
agreement for services rendered from May 2022 to October 2022 and issued 885 shares of common stock for services rendered in April 2022
for a total of 8,395 shares. The 8,395 shares of common stock had a fair value of $35,000, or $4.17 per share, based on the quoted trading
price on the date of grants, which was fully vested. The Company reduced accrued liabilities by $5,000 in connection with the issuance
of the 885 shares and recognized stock-based consulting of $30,000 in connection with the issuance of the 7,510 shares during the year
ended April 30, 2023.
On
November 14, 2022, the Company issued an aggregate of 5,425 shares of common stock to a consultant in connection with a consulting agreement
for services rendered from May 2022 to October 2022. The 5,425 shares of common stock had a fair value of $22,500, or $4.15 per share,
based on the quoted trading price on the date of grants, which was fully vested and expensed immediately.
On
December 22, 2022, the Company issued 7,927 shares of common stock to a former director in connection with vested RSU’s (see Note
8).
On
March 10, 2023, the Company issued 33,419 shares of common stock to a director of the Company pursuant to the March 2023 Agreement (see
Note 8). The 33,419 shares had a fair value of $130,000 or $3.89 per share of common stock based on the quoted trading price on the date
of grant. The Company recognized stock-based consulting of $5,417 during the year ended April 30, 2023 and recorded prepaid stock-based
expense of $113,750 at April 30, 2023 to be amortized over the term of the agreement.
On
March 10, 2023, the Company issued 15,424 shares of common stock to Edward Karr, former Executive Chairman of the Company, pursuant to
the March 2023 Agreement (see Note 8). The 15,424 shares of common stock had a fair value of $60,000, or $3.89 per share, based on the
quoted trading price on the date of grant. The Company recognized stock-based consulting of $7,500 during the year ended April 30, 2023
and recorded prepaid stock-based expense of $52,500 at April 30, 2023 to be amortized over the term of this agreement.
On
April 4, 2023, the Company issued an aggregate of 5,404 shares of common stock to a consultant in connection with an advisory consulting
agreement for services rendered from November 2022 to March 2023. The 5,404 shares of common stock had a fair value of $25,000, or $4.63
per share, based on the quoted trading price on the date of grants, which was fully vested and expensed immediately.
Total
stock compensation expense for awards issued for services of $738,125
and $1,386,512
was expensed for the years ended April 30, 2023 and 2022, respectively. There are 90,160 unvested restricted stock units with
unvested compensation expense of $661,573
at April 30, 2023 remaining to be expensed over future vesting periods of a weighted average period of 0.68
years. There were 343,315 vested restricted stock units awarded but unissued into
common stock as of April 30, 2023. A total of 433,475 restricted stock units are outstanding, vested and unvested, as of April 30, 2023.
A
summary of the of changes in restricted stock units outstanding during the years ended April 30, 2023 and 2022, is as follows:
SCHEDULE
OF ACTIVITY RESTRICTED STOCK UNITS
| |
Restricted Stock Units | | |
Weighted Average Grant-Date Fair Value Per Share | |
Balance at April 30, 2021 | |
| 346,802 | | |
$ | 10.30 | |
Granted | |
| 104,064 | | |
| 7.45 | |
Vested and converted | |
| (1,116 | ) | |
| 11.21 | |
Forfeited | |
| (8,348 | ) | |
| 12.16 | |
Balance at April 30, 2022 | |
| 441,402 | | |
| 9.57 | |
Vested and converted into common stock | |
| (7,927 | ) | |
| 9.34 | |
Balance at April 30, 2023 | |
| 433,475 | | |
$ | 9.57 | |
Common
Stock issued for exercise of Stock Warrants
In
April 2022, the Company issued 166,667 shares of common stock for the exercise of stock warrants and received proceeds of approximately
$1,000,000.
Equity
Incentive Plan
In
August 2017, the Board approved the Company’s 2017 Plan including the reservation of 165,000 shares of common stock thereunder.
U.S.
GOLD CORP. AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
APRIL
30, 2023
On
August 6, 2019, the Board approved and adopted, subject to stockholder approval, the 2020 Plan. The 2020 Plan initially reserved 330,710
shares for future issuance to officers, directors, employees and contractors as directed from time to time by the Compensation Committee
of the Board. The 2020 Plan was approved by a vote of stockholders at the 2019 annual meeting. With the approval and effectivity of the
2020 Plan, no further grants will be made under the 2017 Plan. On August 31, 2020, the Board approved and adopted, subject to stockholder
approval, an amendment (the “2020 Plan Amendment”) to the 2020 Plan. The 2020 Plan Amendment increased the number of shares
of common stock available for issuance pursuant to awards under the 2020 Plan by an additional 836,385, to a total of 1,167,095 shares
of the Company’s common stock. The 2020 Plan Amendment was approved by the Company’s stockholders on November 9, 2020. On
December 16, 2022 the Company’s stockholders approved another amendment to the 2020 plan increasing the number of shares of common
stock available for issuance pursuant to awards under the 2020 Plan by an additional 1,252,476 shares, to a total of 2,419,571 shares
of the Company’s common stock.
Stock
options
The
following is a summary of the Company’s stock option activity during the years ended April 30, 2023 and 2022:
SCHEDULE
OF STOCK OPTION ACTIVITY
| |
Number of Options | | |
Weighted Average Exercise Price | | |
Weighted Average Remaining Contractual Life (Years) | |
Balance at April 30, 2021 | |
| 95,000 | | |
$ | 14.63 | | |
| 1.57 | |
Granted | |
| 58,060 | | |
| 6.93 | | |
| 5.00 | |
Exercised | |
| — | | |
| — | | |
| — | |
Forfeited | |
| — | | |
| — | | |
| — | |
Cancelled | |
| (5,000 | ) | |
| 13.40 | | |
| — | |
Balance at April 30, 2022 | |
| 148,060 | | |
| 11.65 | | |
| 2.23 | |
Granted | |
| 140,000 | | |
| 5.02 | | |
| 5.00 | |
Exercised | |
| — | | |
| — | | |
| — | |
Forfeited | |
| — | | |
| — | | |
| — | |
Cancelled | |
| (95,310 | ) | |
| 14.27 | | |
| — | |
Balance at April 30, 2023 | |
| 192,750 | | |
| 5.73 | | |
| 4.44 | |
| |
| | | |
| | | |
| | |
Options exercisable at end of year | |
| 179,650 | | |
$ | 5.44 | | |
| | |
Options expected to vest | |
| 13,100 | | |
$ | 6.93 | | |
| | |
Weighted average fair value of options granted during the year | |
| | | |
$ | 3.31 | | |
| | |
At
April 30, 2023 and 2022, the aggregate intrinsic value of options outstanding and exercisable were de minimis for each period.
On
January 24, 2022, the Company granted an aggregate of 26,200 options to purchase the Company’s common stock to certain employees
of the Company. The options have a term of 5 years from the date of grant and are exercisable at an exercise price of $6.93. The options
vest 25% on the date of grant and 25% each next three years from the date of grant.
On
January 24, 2022, the Company granted an aggregate of 21,240 options to purchase the Company’s common stock to the directors of
the Company. The options have a term of 5 years from the date of grant and are exercisable at an exercise price of $6.93. The options
fully vested and was expensed immediately.
On
January 24, 2022, the Company granted an aggregate of 10,620 options to purchase the Company’s common stock to certain consultants
of the Company. The options have a term of 5 years from the date of grant and are exercisable at an exercise price of $6.93. The options
fully vested and was expensed immediately. One of the consultants is Mr. Karr, the Company’s former Executive Chairman (see Note
8).
U.S.
GOLD CORP. AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
APRIL
30, 2023
The
Company used the Black-Scholes model to determine the fair value of stock options granted during the year ended April 30, 2022. In applying
the Black-Scholes option pricing model to options granted, the Company used the following assumptions:
SCHEDULE
OF STOCK OPTION
| |
For the Year Ended April 30, 2022 | |
Risk free interest rate | |
| 1.53 | % |
Dividend yield | |
| 0.00 | % |
Expected volatility | |
| 82 | % |
Contractual and expected term (in years) | |
| 5.0 | |
Forfeiture rate | |
| 0.00 | % |
On
January 12, 2023, the Company granted an aggregate of 48,000 options to purchase the Company’s common stock to certain officers
and employees of the Company. The options have a term of 5 years from the date of grant and are exercisable at an exercise price of $5.02
(see table below for the assumptions used). The options fully vested and was expensed immediately.
On
January 12, 2023, the Company granted an aggregate of 70,000 options to purchase the Company’s common stock to the directors of
the Company. The options have a term of 5 years from the date of grant and are exercisable at an exercise price of $5.02 (see table below
for the assumptions used). The options fully vested and was expensed immediately.
On
January 12, 2023, the Company granted an aggregate of 22,000 options to purchase the Company’s common stock to certain consultants
of the Company. The options have a term of 5 years from the date of grant and are exercisable at an exercise price of $5.02 (see table
below for the assumptions used). The options fully vested and was expensed immediately. One of the consultants is Mr. Karr, the Company’s
former Executive Chairman (see Note 8).
The
Company used the Black-Scholes model to determine the fair value of stock options granted during the year ended April 30, 2023. In applying
the Black-Scholes option pricing model to options granted, the Company used the following assumptions:
| |
For the Year Ended April 30, 2023 | |
Risk free interest rate | |
| 3.53 | % |
Dividend yield | |
| 0.00 | % |
Expected volatility | |
| 80 | % |
Contractual and expected term (in years) | |
| 5.0 | |
Forfeiture rate | |
| 0.00 | % |
Stock-based
compensation for stock options recorded in the consolidated statements of operations totaled $493,008 and $183,475 for the years ended
April 30, 2023 and 2022, respectively. A balance of $49,342 remains to be expensed over future vesting periods related to unvested stock
options issued for services to be expensed over a weighted average period of 1.73 years.
Stock-based
expense for stock options were recorded in the following as reflected in the consolidated statements of operations:
SCHEDULE
OF STOCK-BASED EXPENSE FOR STOCK OPTION
| |
For the Year Ended April 30, 2023 | | |
For the Year Ended April 30, 2022 | |
Compensation and related taxes – general and administrative | |
$ | 188,488 | | |
$ | 39,475 | |
Professional and consulting fees | |
| 304,520 | | |
| 144,000 | |
Total | |
$ | 493,008 | | |
$ | 183,475 | |
U.S.
GOLD CORP. AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
APRIL
30, 2023
Stock
Warrants
The
following is a summary of the Company’s stock warrant activity during the years ended April 30, 2023 and 2022:
SCHEDULE
OF STOCK WARRANT ACTIVITY
| |
Number of Warrants | | |
Weighted Average Exercise Price | | |
Weighted Average Remaining Contractual Life (Years) | |
Warrants with no Class designation: | |
| | | |
| | | |
| | |
Balance at April 30, 2021 | |
| 1,428,794 | | |
$ | 12.00 | | |
| 4.08 | |
Granted | |
| 817,370 | | |
| 8.46 | | |
| 5.39 | |
Exercised | |
| (166,667 | ) | |
| 6.00 | | |
| 3.33 | |
Forfeited | |
| (170,235 | ) | |
| 31.25 | | |
| — | |
Canceled | |
| — | | |
| — | | |
| — | |
Balance at April 30, 2022 | |
| 1,909,262 | | |
| 9.29 | | |
| 4.38 | |
Granted | |
| 870,000 | | |
| 6.16 | | |
| 5.51 | |
Exercised | |
| — | | |
| — | | |
| — | |
Forfeited | |
| — | | |
| — | | |
| — | |
Canceled | |
| — | | |
| — | | |
| — | |
Balance at April 30, 2023 | |
| 2,779,262 | | |
| 7.76 | | |
| 4.27 | |
Class A Warrants: | |
| | | |
| | | |
| | |
Balance at April 30, 2021 | |
| 109,687 | | |
| 11.40 | | |
| 3.22 | |
Granted | |
| — | | |
| — | | |
| — | |
Exercised | |
| — | | |
| — | | |
| — | |
Forfeited | |
| — | | |
| — | | |
| — | |
Canceled | |
| — | | |
| — | | |
| — | |
Balance at April 30, 2022 | |
| 109,687 | | |
| 11.40 | | |
| 2.22 | |
Granted | |
| — | | |
| — | | |
| — | |
Exercised | |
| — | | |
| — | | |
| — | |
Forfeited | |
| — | | |
| — | | |
| — | |
Canceled | |
| — | | |
| — | | |
| — | |
Balance at April 30, 2023 | |
| 109,687 | | |
| 11.40 | | |
| 1.22 | |
Total Warrants Outstanding at April 30, 2023 | |
| 2,888,949 | | |
$ | 7.90 | | |
| 4.15 | |
Warrants exercisable at end of year | |
| 2,018,949 | | |
$ | 8.65 | | |
| | |
Weighted average fair value of warrants granted during the year | |
| | | |
$ | 3.55 | | |
| | |
As
of April 30, 2023 and 2022, the aggregate intrinsic value of warrants outstanding and exercisable were de minimis for each period.
Concurrent
with the sales of common stock on February 14, 2022, the Company issued warrants to purchase 192,370 shares of the Company’s common
stock at an exercise price of $8.00 per share. The warrants are exercisable immediately following issuance and will expire five years
from the issuance date.
Concurrent
with the sale of common stock on March 18, 2022, the Company issued warrants to purchase 625,000 shares of the Company’s common
stock. The exercise price was $8.60 per share. The warrants were exercisable six months following the date of issuance and were to expire
5 years following the initial exercise date. These warrants allow for the potential settlement in cash if certain extraordinary events
are affected by the Company, including a 50% or greater change of control in the Company’s common stock. Such payment in cash shall
be equal to the black-scholes value as defined in the warrant agreement. These 625,000 warrants were recorded as warrant liability as
of April 30, 2023 and 2022 (see Note 9).
U.S.
GOLD CORP. AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
APRIL
30, 2023
Additionally,
on April 10, 2023, the Company agreed to amend, effective as of the closing of a registered offering (see Note 10), the 625,000 warrants
at an exercise price of $8.60 per share and a termination date of September 18, 2027, so that the amended warrants will have a reduced
exercise price of $6.16 per share and a termination date of April 10, 2028.
In
April 2022, the Company issued 166,667 shares of common stock for the exercise of stock warrants and received proceeds of approximately
$1,000,000.
Concurrent
with the sale of common stock on April 10, 2023, the Company issued warrants to purchase 870,000 shares of the Company’s common
stock at an exercise price of $6.16 per share. The warrants are exercisable six months following the date of issuance and will expire
5 years following the initial exercise date. These warrants allow for the potential settlement in cash if certain extraordinary events
are affected by the Company, including a 50% or greater change of control in the Company’s common stock. Such payment in cash shall
be equal to the black-scholes value as defined in the warrant agreement. These 870,000 warrants were recorded as warrant liability as
of April 30, 2023 (see Note 9).
NOTE
11 — NET LOSS PER COMMON SHARE
Net
loss per share of common stock is calculated in accordance with ASC 260, “Earnings Per Share”. Basic loss per share is computed
by dividing net loss available to common stockholder, by the weighted average number of shares of common stock outstanding during the
period. The following were excluded from the computation of diluted shares outstanding as they would have had an anti-dilutive impact
on the Company’s net loss. In periods where the Company has a net loss, all dilutive securities are excluded.
SCHEDULE
OF ANTIDILUTIVE SECTURITIES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE
| |
April 30, 2023 | | |
April 30, 2022 | |
Common stock equivalents: | |
| | | |
| | |
Restricted stock units | |
| 433,475 | | |
| 441,402 | |
Stock options | |
| 192,750 | | |
| 148,060 | |
Stock warrants | |
| 2,888,949 | | |
| 2,018,949 | |
Total | |
| 3,515,174 | | |
| 2,608,411 | |
NOTE
12 — COMMITMENTS AND CONTINGENCIES
Mining
Leases
The
CK Gold property position consists of two State of Wyoming Metallic and Non-metallic Rocks and Minerals Mining Leases. These leases were
assigned to the Company in July 2014 through the acquisition of the CK Gold Project. Leases to explore for or use of natural resources
are outside the scope of ASU 2016-02 “Leases”.
The
Company’s rights to the CK Gold Project arise under two State of Wyoming mineral leases; 1) State of Wyoming Mining Lease No. 0-40828,
consisting of 640 acres, and 2) State of Wyoming Mining Lease No. 0-40858 consisting of 480 acres.
Lease
0-40828 was renewed in February 2023 for a third ten-year term and Lease 0-40858 was renewed for its second ten-year term in February
2014. Lease 0-40828 requires an annual payment of $3.00 per acre starting with the year ending February 2024 and Lease 0-40858 requires
an annual payment of $2.00 per acre through February 2024. If Lease 0-40858 is renewed for another ten-year term the annual payment will
increase to $3.00 per acre.
In
connection with the Wyoming Mining Leases, production royalties of 2.1% of net receipts are required to be paid to the State of Wyoming,
although once the project is in operation, the Board of Land Commissioners has the authority to reduce the royalty payable to the State
of Wyoming.
U.S.
GOLD CORP. AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
APRIL
30, 2023
The
future minimum lease payments at April 30, 2023 under these mining leases are as follows, each payment to be made in the fourth quarter
of the respective fiscal years:
SCHEDULE
OF FUTURE MINIMUM LEASE PAYMENTS
| |
| | |
Fiscal 2024 | |
$ | 2,880 | |
Fiscal 2025 | |
| 1,920 | |
Fiscal 2026 | |
| 1,920 | |
Fiscal 2027 | |
| 1,920 | |
Fiscal 2028 | |
| 1,920 | |
Fiscal 2029 and thereafter | |
| 9,600 | |
Total | |
$ | 20,160 | |
The
Company may renew each lease for a fourth ten-year term, which will require annual payments of $4.00 per acre.
NPRC
option:
Pursuant
to the Merger, the Company acquired from NPRC a mineral property called Challis Gold located in Idaho pursuant to an option agreement
dated in February 2020 which was later amended in June 2020. The Company satisfied the minimum royalty payment of $25,000 for fiscal
2022 and 2023.
The
annual advance minimum royalty payments at April 30, 2023 under the option agreement are as follows, each payment to be made on the first
anniversary of the effective date of this option agreement and continuing until the tenth anniversary:
SCHEDULE
OF ADVANCE MINIMUM ROYALTY PAYMENTS
| |
| | |
Fiscal 2024 | |
$ | 25,000 | |
Fiscal 2025 | |
| 25,000 | |
Fiscal 2026 | |
| 25,000 | |
Fiscal 2027 | |
| 25,000 | |
Fiscal 2028 | |
| 25,000 | |
Fiscal 2029 and thereafter | |
| 75,000 | |
Total | |
$ | 200,000 | |
100%
of the advance minimum royalty payments will be applied to the royalty credits.
Exploration
Access and Option to Lease Agreement
On
August 25, 2021 (“Effective Date”), the Company entered into an Exploration Access and Option to Lease Agreement (the “Agreement”)
with a private-party landowner (the “Landowner”) whereby the Landowner granted the Company an option (the “Option”)
to lease and right of way on a property located in Laramie County, Wyoming. The Company may exercise the Option for five years (“Option
Term”) from the Effective Date. During the Option, the Landowner granted non-exclusive rights (the “Exploration Access Rights”)
to the Company to use the surface of the property for an annual exploration and access right payment of $10,000, thirty days after the
effective date and each year on the anniversary of the Effective Date during the Option Term until such time the Option is exercised
or expires. The Company is also required to pay an annual Option payment of $35,780 for the lease and $6,560 for the right of way within
thirty days after the Effective Date and each year on the anniversary of the Effective Date during the Option Term until such time the
Option is exercise by the Company or expires. The Company paid a total of $42,340 for each of the period on September 1, 2021 and September
1, 2022 pursuant to this Agreement.
At
any time during the Option Term, the Company may exercise the Option by providing a written notice to the Landowner and the Company shall
pay a one-time right of way payment of $26,240 at closing and shall execute a lease agreement. The exclusive option to lease (the “Lease”)
and right of way (the “Right of Way”) is for a term of ten years with the right to extend for an additional ten years and
requires an annual lease payment of $50,000, compensation for loss of grazing of $40.00 per acre impacted land and annual Right of Way
payments of $13,120.
U.S.
GOLD CORP. AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
APRIL
30, 2023
In
consideration for the option rights, lease rights and right of way rights under this Agreement, the Company agreed to grant the Landowner
shares of the Company’s common stock worth $50,000, which shares will not vest, or be issued, until the Company executes the Lease.
Currently, the Company has not executed the Lease.
At
any time during the Option Term, the Company may terminate this Agreement by providing a written notice to the Landowner. Upon termination,
the Landowner is entitled to retain any payments already made and the Company shall have no further obligation after the date of termination.
The Agreement, including the Option and the Exploration Access Rights, may be extended for a period of five years upon written notice
from the Company. In the absence of such notice, the Agreement shall automatically terminate at the end of the Option Term. Currently,
the Company has not exercised the Option.
Legal
Matters
From
time to time the Company may be involved in claims and legal actions that arise in the ordinary course of business. To the Company’s
knowledge, there are no material pending legal proceedings to which the Company is a party or of which any of the Company’s property
is the subject.
NOTE
13 — INCOME TAX
The
deferred tax assets and deferred tax liabilities are summarized as follows (approximately):
SCHEDULE OF NET DEFERRED TAX ASSET AND LIABILITIES
| |
April 30, 2023 | | |
April 30, 2022 | |
| |
| | |
(Revised)
| |
Deferred tax assets: | |
| | | |
| | |
Net operating loss carryover | |
$ | 11,599,000 | | |
$ | 9,970,000 | |
Stock-based compensation | |
| 866,000 | | |
| 2,234,000 | |
Accrued remediation costs | |
| 35,000 | | |
| 11,000 | |
Other | |
| 7,000 | | |
| — | |
Subtotal | |
| 12,507,000 | | |
| 12,215,000 | |
Less: valuation allowance | |
| (10,774,000 | ) | |
| (10,493,000 | ) |
Total deferred tax assets | |
$ | 1,733,000 | | |
$ | 1,722,000 | |
Deferred tax liabilities: | |
April 30, 2023 | | |
April 30, 2022 | |
| |
| | |
(Revised)
| |
Acquired mineral rights in excess of tax basis in a tax-free merger | |
$ | (2,152,000 | ) | |
$ | (2,152,000 | ) |
Other | |
| (11,000 | ) | |
| — | |
Total deferred tax liabilities | |
$ | (2,163,000 | ) | |
$ | (2,152,000 | ) |
Net deferred tax assets (liabilities) | |
$ | (430,000 | ) | |
$ | (430,000 | ) |
The
Company has a net operating loss carryforward for federal tax purposes totaling approximately $55.2 million at April 30, 2023. Approximately
$12.9 million expires between the years 2024 and 2038, with approximately $42.3 million net operating losses incurred after December
31, 2017 that do not expire and can be utilized to offset up to 80% of future taxable income. As of April 30, 2023, the Company has identified
certain adjustments that are required to past tax return filings, including those related to capitalized exploration expenses and share-based
compensation. These adjustments will be made to the Company’s net operating loss carryforward in the federal tax return for the
year ended April 30, 2023. These adjustments are already reflected in the carryforward amounts disclosed above. The Company does not
have any state net operating loss carryforwards. The Company primarily operates in the states of Wyoming and Nevada which do not impose
a corporate income tax. Any minor apportionment that may occur to any other taxable state will be immaterial to current and future operations
of the Company. Therefore, the effective state tax rate used in the calculation of the Company’s deferred tax is 0%.
U.S.
GOLD CORP. AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
APRIL
30, 2023
On
August 10, 2020, the Company acquired mineral rights totaling $10,249,632 (see Note 4 – Mineral Rights) in a tax-free reorganization
pursuant to IRC Section 368. The Company recorded the assets at fair value for financial reporting purposes and retained the seller’s
tax basis which was zero resulting in a deferred tax liability on the business combination date. As required by ASC 740, the Company
has recognized the deferred tax impact of acquiring the mineral rights asset in this transaction, with the amount paid exceeding the
tax basis of the asset on the acquisition date. A portion of the deferred tax liability is offset by deferred tax assets recognized by
the Company. The remaining portion of the deferred tax liability is not offset by deferred tax assets due to the indefinite life of the
mineral rights. As of April 30, 2023, the Company’s remaining net deferred tax assets have been offset with a full valuation allowance
as management is unable to conclude that it is not more-likely-than-not that the deferred tax assets will expire unrealized.
The
differences between the provision (benefit) for federal income taxes and federal income taxes computed using the U.S. statutory tax
rate of 21%
were as follows (approximately):
SCHEDULE OF EFFECTIVE TAX RATE
| |
Year Ended April 30, | |
| |
2023 | | |
| | |
2022 | | |
| |
| |
| | |
| | |
(Revised) | | |
| |
Federal income tax provision (benefit) based on statutory rate | |
$ | (1,599,000 | ) | |
| 21.0 | % | |
$ | (2,925,000 | ) | |
| 21.0 | % |
State income tax provision (benefit), net of federal taxes | |
| — | | |
| — | % | |
| — | | |
| — | % |
Change in fair value of warrant liabilities | |
| (273,000 | ) | |
| 3.6 | % | |
| — | | |
| — | % |
Change in prior year estimate | |
| (255,000 | ) | |
| 3.4 | % | |
| 717,000 | | |
| (0.3 | )% |
Prior year deferred tax adjustment | |
| 1,804,000 | | |
| (23.7 | )% | |
| — | | |
| — | % |
Other nondeductible expenses | |
| 42,000 | | |
| (0.6 | )% | |
| — | | |
| — | % |
Increase (decrease) in valuation allowance | |
| 281,000 | | |
| (3.7 | )% | |
| 2,208,000 | | |
| (20.7 | )% |
Total tax provision (benefit) on income (loss) | |
$ | — | | |
| — | % | |
$ | — | | |
| — | % |
The
Company has assessed its tax positions and has determined that it has not taken a position that would give rise to an unrecognized tax
liability being reported. In the event that the Company is assessed penalties and/or interest, penalties will be charged to other operating
expenses and interest will be charged to interest expense.
The
Company operates exclusively in the United States and in various state jurisdictions, primarily the states of Wyoming and Nevada. For
both federal and state income tax purposes, the Company’s fiscal 2020 through 2023 tax years remain open for examination by the
tax authorities under the general three-year statute of limitations. However, due to the Company’s federal net operating loss carryforward,
the Internal Revenue Service has the ability to adjust this carryforward even if the losses were incurred in years that would otherwise
be closed under the statute of limitations.
Item
9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
None.
Item
9A. CONTROLS AND PROCEDURES
Evaluation
of Disclosure Controls and Procedures
We
maintain “disclosure controls and procedures,” as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange
Act of 1934, as amended (the “Exchange Act”), means controls and other procedures of a company that are designed to ensure
that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act, is recorded, processed,
summarized and reported, within the time periods specified in the SEC’s rules and forms. Management recognizes that any controls
and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives and management
necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures.
Our
principal executive officer and principal financial officer evaluated the effectiveness of our disclosure controls and procedures as
of April 30, 2023. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information
required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated
to the Company’s management, including our principal executive and principal financial officer, as appropriate to allow timely
decisions regarding required disclosure. Based on that evaluation, our principal executive officer and principal financial officer concluded
that our disclosure controls and procedures were effective, at the reasonable assurance level, in ensuring that information required
to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within
the time periods specified in the SEC’s rules and forms. See the below discussion regarding the remediation of the material weaknesses previously disclosed.
Management’s
Report on Internal Control over Financial Reporting
Our
management is responsible for establishing and maintaining adequate internal control over financial reporting (“ICFR”). Our
internal control system was designed to, in general, provide reasonable assurance to our management and board regarding the preparation
and fair presentation of published financial statements, but because of its inherent limitations, internal control over financial reporting
may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk
that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures
may deteriorate.
Our
management, including our Chief Executive Officer and Chief Financial Officer, assessed the effectiveness of our internal controls over
financial reporting as of April 30, 2023. The framework used by management in making that assessment was the criteria set forth in the
document entitled “2013 Internal Control - Integrated Framework” issued by the Committee of Sponsoring Organizations of the
Treadway Commission, (“COSO”). Based on that assessment, management concluded that, during the period covered by this report,
such internal controls and procedures were effective as of April 30, 2023.
This
Annual Report does not include an attestation report of our registered public accounting firm regarding internal control over financial
reporting. Management’s report was not subject to attestation by our registered public accounting firm as we are a smaller reporting
company and are not required to provide the report.
CHANGES
IN INTERNAL CONTROL OVER FINANCIAL REPORTING
The
Company made significant improvements in our internal control over financial reporting in connection with the evaluation required
by Rules 13a-15(d) and 15d-15(d) of the Exchange Act that occurred during the year ended April 30, 2023, that materially
affected, or are reasonably likely to materially affect, our internal control over financial reporting. Refer to “Remediation Activities”
below.
Inherent
Limitations on Effectiveness of Controls
Management
recognizes that a control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that
the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints,
and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems,
no evaluation of controls can provide absolute assurance that all control issues and instances of fraud or error, if any, have been detected.
These inherent limitations include the realities that judgments in decision making can be faulty, and that breakdowns can occur because
of a simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two
or more people, or by management override of the controls. The design of any system of controls also is based in part upon certain assumptions
about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under
all potential future conditions; over time, controls may become inadequate because of changes in conditions, or the degree of compliance
with policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective control system, misstatements due
to error or fraud may occur and not be detected.
Remediation
Activities
In
order to remediate the material weakness identified in internal control reported in the prior year we have added performed the following
and added the following controls:
| ● | We
have performed an effective risk assessment and process for monitoring internal controls
over financial reporting. This includes the preparation of written documentation of our internal
control policies and procedures, designing, implementing, testing, and assessing the effectiveness
of our internal controls, including our disclosure controls and procedures. |
| | |
| ● | We
have implemented monitoring controls over the accounting for complex financial instruments
including proper reviews and analysis. |
| | |
| ● | We
have implemented preventative and monitoring controls over our accounting for income taxes
through the engagement with qualified personnel. |
Item
9B. OTHER INFORMATION
None.
Item
9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS.
Not
applicable.
PART
III
Item
10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
Incorporated
by reference from the information in our proxy statement for the 2023 Annual Meeting of Stockholders, which we will file with the Securities
and Exchange Commission within 120 days of the end of the fiscal year to which this report relates.
We
have adopted a code of ethics that applies to all of our employees, including the principal executive officer, principal financial officer,
principal accounting officer, and those of our officers performing similar functions. The full text of our code of ethics can be found
on the Corporate Governance page on our website. In the event our Board of Directors approves an amendment to or waiver from any provision
of our code of ethics, we will disclose the required information pertaining to such amendment or waiver on our website.
Item
11. EXECUTIVE COMPENSATION
Incorporated
by reference from the information in our proxy statement for the 2023 Annual Meeting of Stockholders or amendment to this annual report
on Form 10-K, which we will file with the SEC within 120 days of the end of the fiscal year to which this report relates.
Item
12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS
Incorporated
by reference from the information in our proxy statement for the 2023 Annual Meeting of Stockholders or amendment to this annual report
on Form 10-K, which we will file with the SEC within 120 days of the end of the fiscal year to which this report relates.
Item
13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE
Incorporated
by reference from the information in our proxy statement for the 2023 Annual Meeting of Stockholders or amendment to this annual report
on Form 10-K, which we will file with the SEC within 120 days of the end of the fiscal year to which this report relates.
Item
14. PRINCIPAL ACCOUNTANT FEES AND SERVICES
Incorporated
by reference from the information in our proxy statement for the 2023 Annual Meeting of Stockholders or amendment to this annual report
on Form 10-K, which we will file with the SEC within 120 days of the end of the fiscal year to which this report relates.
PART
IV
Item
15. EXHIBIT AND FINANCIAL STATEMENT SCHEDULES
The
following documents are filed as part of this report:
EXHIBIT
INDEX
2.1 |
Articles of Merger as filed with the Nevada Secretary of State on May 23, 2017. Incorporated by reference from Exhibit 3.1 to the Current Report on Form 8-K filed with the Securities and Exchange Commission, SEC file number 001-08266, on May 26, 2017. |
|
|
3.1 |
Articles of Incorporation filed with the Secretary of State of the State of Nevada. Incorporated by reference from the Current Report on Form 8-K filed with the Securities and Exchange Commission, SEC file number 001-08266, on January 8, 2016. |
|
|
3.2 |
Certificate of Amendment to Articles of Incorporation dated July 6, 2016. Incorporated by reference from the Current Report on Form 8-K filed with the Securities and Exchange Commission, SEC file number 001-08266, on July 8, 2016. |
|
|
3.3 |
Certificate of Designation of Preferences, Rights and Limitations of Series A Preferred Stock. Incorporated by reference from the Current Report on Form 8-K filed with the Securities and Exchange Commission, SEC file number 001-08266, on January 8, 2016. |
|
|
3.4 |
Certificate of Designations, Preferences and Rights of 0% Series B Convertible Preferred Stock. Incorporated by reference from the Current Report on Form 8-K filed with the Securities and Exchange Commission, SEC file number 001-08266, on January 21, 2016. |
|
|
3.5 |
Certificate of Designation of Rights, Powers, Preferences, Privileges and Restrictions of 0% Series D Convertible Preferred Stock. Incorporated by reference from the Current Report on Form 8-K filed with the Securities and Exchange Commission, SEC file number 001-08266, on August 5, 2016. |
|
|
3.6 |
Certificate of Designations, Preferences and Rights of the Company’s 0% Series C Convertible Preferred Stock. Incorporated by reference from the Current Report on Form 8-K filed with the Securities and Exchange Commission, SEC file number 001- 08266 on May 26, 2017. |
|
|
3.7 |
Amended and Restated Bylaws. Incorporated by reference from the Current Report on Form 8-K filed with the Securities and Exchange Commission, SEC file number 001-08266, on February 23, 2016. |
|
|
3.8 |
Certificate of Designations, Rights, Powers, Preferences, Privileges and Restrictions of the Company’s 0% Series F Convertible Preferred Stock. Incorporated by reference from Exhibit 3.1 to the Current Report on Form 8-K filed with the Securities and Exchange Commission, SEC file number 001-08266 on June 20, 2019. |
|
|
3.9 |
Certificate of Amendment of Articles of Incorporation of U.S. Gold Corp. Incorporated by reference from Exhibit 3.1 to the Current Report on Form 8-K filed with the Securities and Exchange Commission, SEC file number 001-08266 on March 19, 2020. |
|
|
3.10 |
Certificate of Designation of 0% Series G Convertible Preferred Stock. Incorporated by reference from Exhibit 3.1 to the Current Report on Form 8-K filed with the Securities and Exchange Commission, SEC file number 001-08266, on March 30, 2020. |
|
|
3.11 |
Certificate of Amendment to Articles of Incorporation dated May 2, 2017. Incorporated by reference from Exhibit 3.1 to the Current Report on Form 8-K filed with the Securities and Exchange Commission, SEC file number 001-08266 on May 5, 2017. |
|
|
3.12 |
Certificate of Designations of Series H Convertible Preferred Stock. Incorporated by reference from Exhibit 3.1 to the Current Report on Form 8-K filed with the Securities and Exchange Commission, SEC file number 001-08266 on August 13, 2020. |
|
|
3.13 |
Certificate of Designations of Series I Convertible Preferred Stock. Incorporated by reference from Exhibit 3.1 to the Current Report on Form 8-K filed with the Securities and Exchange Commission, SEC file number 001-08266 on August 13, 2020. |
|
|
4.1 |
Form of Common Stock Purchase Warrant. Incorporated by reference from Exhibits to the Current Report on Form 8-K with the Securities and Exchange Commission, SEC file number 001-08266, filed on May 12, 2011. |
4.2 |
Form of Class A Warrant Certificate. Incorporated by reference from Exhibit 4.3 to the Current Report on Form 8-K filed with the Securities and Exchange Commission, SEC file number 001-08266 on June 20, 2019. |
|
|
4.3 |
Description of Securities. Incorporated by reference from Exhibit 4.3 to the Annual Report on Form 10-K filed with the Securities and Exchange Commission, SEC file number 001-08266, on July 29, 2021. |
|
|
4.4 |
Form of Common Warrant. Incorporated by reference from Exhibit 4.1 to the Current Report on Form 8-K filed with the Securities and Exchange Commission, SEC file number 001-08266, on January 28, 2021. |
|
|
4.5 |
Form of Common Stock Purchase Warrant. Incorporated by reference from Exhibit 4.1 to the Current Report on Form 8-K filed with the Securities and Exchange Commission, SEC file number 001-08266, on February 18, 2022. |
|
|
4.6 |
Form of Common Stock Purchase Warrant. Incorporated by reference from Exhibit 4.1 to the Current Report on Form 8-K filed with the Securities and Exchange Commission, SEC file number 001-08266, on March 21, 2022. |
|
|
4.7 |
Form of Common Stock Purchase Warrant. Incorporated by reference from Exhibit 4.1 to the Current Report on Form 8-K filed with the Securities and Exchange Commission, SEC file number 001-08266, on April 10, 2023. |
|
|
4.8 |
Amendment No. 1 to Warrants. Incorporated by reference from Exhibit 4.2 to the Current Report on Form 8-K filed with the Securities and Exchange Commission, SEC file number 001-08266, on April 10, 2023. |
|
|
10.1 |
2014 Equity Incentive Plan. Incorporated by reference from Exhibits to a Definitive Proxy Statement for an Annual Meeting of Shareholders held on November 10, 2014, filed with the Securities and Exchange Commission, SEC file number 001-08266, on October 21, 2014. |
|
|
10.2 |
2017 Equity Incentive Plan. Incorporated by reference from Appendix A to a Definitive Proxy Statement for an Annual Meeting of Shareholders held on July 31, 2017, filed with the Securities and Exchange Commission, SEC file number 001- 08266, on July 12, 2017. |
|
|
10.3 |
Consulting Agreement dated January 7, 2021 by and between Ryan K. Zinke and U.S. Gold Corp. Incorporated by reference from Exhibit 10.3 to the Annual Report on Form 10-K filed with the Securities and Exchange Commission, SEC file number 001-08266, on July 29, 2021. |
|
|
10.4 |
Employment Agreement dated December 4, 2020 by and between George Bee and U.S. Gold Corp. Incorporated by reference from Exhibit 10.1 to the Current Report on Form 8-K filed with the Securities and Exchange Commission, SEC File number 001- 08266, on December 10, 2020. |
|
|
10.5 |
Employment Agreement dated December 4, 2020 by and between Eric Alexander and U.S. Gold Corp. Incorporated by reference from Exhibit 10.3 to the Current Report on Form 8-K filed with the Securities and Exchange Commission, SEC File number 001- 08266, on December 10, 2020. |
|
|
10.6 |
Employment Agreement dated July 19, 2021 by and between Kevin Francis and U.S. Gold Corp. Incorporated by reference from Exhibit 10.1 to the Current Report on Form 8-K filed with the Securities and Exchange Commission, SEC File number 001- 08266, on July 19, 2021. |
|
|
10.7 |
U.S. Gold Corp 2020 Stock Incentive Plan. Incorporated by reference from Exhibit 10.1 to the Current Report on Form 8-K filed with the Securities and Exchange Commission, SEC File number 001-08266, on September 24, 2019. |
|
|
10.8 |
First Amendment to the U.S. Gold Corp. 2020 Stock Incentive Plan. Incorporate by reference from Exhibit 10.1 to the Current Report on Form 8-K filed with the Securities and Exchange Commission, SEC File number 001-08266, on November, 10, 2020. |
|
|
10.9 |
Form of Leak-Out Agreement. Incorporated by reference from Exhibit 10.2 to the Current Report on Form 8-K filed with the Securities and Exchange Commission, SEC file number 001-08266, on August 13, 2020. |
10.10 |
Form of Restricted Stock Unit Award Agreement under the U.S. Gold Corp. 2020 Stock Incentive Plan. Incorporated by reference from Exhibit 10.5 of the Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission, SEC file number 001-08266, on December 16, 2019. |
|
|
10.11 |
Form of Restricted Stock Award Agreement under the U.S. Gold Corp. 2020 Stock Incentive Plan. Incorporated by reference from Exhibit 10.6 of the Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission, SEC file number 001-08266, on December 16, 2019. |
|
|
10.12 |
Form of Nonqualified Stock Option Award Agreement under the U.S. Gold Corp. 2020 Stock Incentive Plan. Incorporated by reference from Exhibit 10.7 of the Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission, SEC file number 001-08266, on December 16, 2019. |
|
|
10.13 |
Form of Securities Purchase Agreement. Incorporated by reference from Exhibit 10.1 to the Current Report on Form 8-K filed with the Securities and Exchange Commission, SEC file number 001-08266, on February 18, 2022. |
|
|
10.14 |
Form of Securities Purchase Agreement. Incorporated by reference from Exhibit 10.1 to the Current Report on Form 8-K filed with the Securities and Exchange Commission, SEC file number 001-08266, on March 21, 2022. |
|
|
10.15 |
Consulting Agreement dated March 10, 2021 by and between Luke Norman and U.S. Gold Corp. Incorporated by reference from Exhibit 10.1 to the Current Report on Form 8-K filed with the Securities and Exchange Commission, SEC file number 001-08266, on May 24, 2022. |
|
|
10.16 |
Assignment and Assumption Agreement dated November 9, 2022. Incorporated by reference from Exhibit 10.1 to the Current Report on Form 8-K filed with the Securities and Exchange Commission, SEC file number 001-08266, on November 15, 2022. |
|
|
10.17 |
Form of Securities Purchase Agreement. Incorporated by reference from Exhibit 10.1 to the Current Report on Form 8-K filed with the Securities and Exchange Commission, SEC file number 001-08266, on April 10, 2023. |
|
|
21.1 |
List of Subsidiaries. |
|
|
23.1 |
Consent of Marcum LLP. |
|
|
23.2 |
Consent of Gustavson Associates LLC (a member of WSP Global Inc.). |
|
|
23.3 |
Consent of John A. Wells. |
|
|
23.4 |
Consent of Mark C. Shutty. |
|
|
31.1 |
Rule 13a-14(a) Certification of George Bee. |
|
|
31.2 |
Rule 13a-14(a) Certification of Eric Alexander. |
|
|
32.1
* |
Section 1350 Certification of George Bee (Furnished not Filed). |
|
|
32.2
* |
Section 1350 Certification of Eric Alexander (Furnished not Filed). |
|
|
96.1 |
Technical Report Summary. Incorporated by reference from Exhibit 96.1 of the Annual Report on Form 10-K filed with the Securities and Exchange Commission, SEC file number 001-08266, on August 15, 2022. |
101.INS
Inline XBRL Instance Document
101.SCH
Inline XBRL Taxonomy Extension Schema Document
101.CAL
Inline XBRL Taxonomy Extension Calculation Link base Document
101.LAB
Inline XBRL Taxonomy Extension Label Link base Document
101.PRE
Inline XBRL Taxonomy Extension Presentation Link base Document
101.DEF
Inline XBRL Taxonomy Extension Definition Link base Document
104
Cover Page Interactive Data File (embedded within the Inline XBRL document)
*
Furnished herewith
#
Schedules and exhibits have been omitted pursuant to Item 601(b)(2) of Regulation S-K. U.S. Gold Corp. hereby undertakes to furnish supplemental
copies of any of the omitted schedules and exhibits upon request by the Securities and Exchange Commission.
Item
16. FORM 10-K SUMMARY
None.
SIGNATURES
Pursuant
to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized.
|
U.S.
GOLD CORP. |
|
|
|
Date:
July 31, 2023 |
By: |
/s/
George M. Bee |
|
|
George
M. Bee |
|
|
President
and Chief Executive Officer |
|
|
(Principal
Executive Officer) |
|
|
|
Date:
July 31, 2023 |
By: |
/s/
Eric Alexander |
|
|
Eric
Alexander |
|
|
Principal
Financial and Accounting Officer |
Pursuant
to the requirements of the Securities Exchange Act of 1934, this Report has been signed below by the following persons on behalf of the
registrant and in the capacities and on the dates indicated.
Date:
July 31, 2023 |
By: |
/s/
Luke Norman |
|
|
Luke
Norman, Director and Chairman |
Date:
July 31, 2023 |
By: |
/s/
George M. Bee |
|
|
George
M. Bee, Director |
Date:
July 31, 2023 |
By: |
/s/
Tara Gilfillan |
|
|
Tara
Gilfillan, Director |
Date:
July 31, 2023 |
By: |
/s/
Robert W. Schafer |
|
|
Robert
W. Schafer, Director |
Date:
July 31, 2023 |
By: |
/s/
Michael Waldkirch |
|
|
Michael
Waldkirch, Director |
EXHIBIT
21.1
List
of Subsidiaries1
Name
of Company |
|
Jurisdiction
of Organization |
U.S.
Gold Acquisition Corp. |
|
Nevada |
Gold
King Corp. |
|
Wyoming |
Northern
Panther Resources Corporation |
|
Nevada |
Western
Panther Resources Corporation |
|
Nevada |
Eagle
Resources Management LLC |
|
Utah |
2637262
Ontario Inc. |
|
Ontario,
Canada |
Orevada
Metals Inc. |
|
Nevada |
1
This information is as of July 31, 2023.
Exhibit
23.1
Independent
Registered Public Accounting Firm’s Consent
We
consent to the incorporation by reference in the Registration Statement of U.S. Gold Corp. and Subsidiaries on Form S-3 (File No. 333-262415
and 333-253165) of our report dated July 31, 2023, which included an explanatory paragraph as to the Company’s ability to continue
as a going concern, with respect to our audits of the consolidated financial statements of U.S. Gold Corp. and Subsidiaries as of April
30, 2023 and 2022 and for the each of the two years in the period ended April 30, 2023, which report is included in this Annual Report
on Form 10-K of U.S. Gold Corp. and Subsidiaries for the year ended April 30, 2023.
/s/
Marcum LLP
Marcum
LLP
New
York, NY
July
31, 2023
Exhibit
23.2
Exhibit
23.3
Exhibit
23.4
EXHIBIT
31.1
CERTIFICATION
PURSUANT TO
18
U.S.C. SECTION 1350,
AS
ADOPTED PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
CERTIFICATION OF CHIEF EXECUTIVE OFFICER
I,
George M. Bee, certify that:
1) |
I
have reviewed this Annual Report on Form 10-K of U.S. Gold Corp. (the “registrant”); |
|
|
2) |
Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period covered by the report; |
|
|
3) |
Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in
this report; |
|
|
4) |
The
registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange
Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
|
a) |
Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared; |
|
|
|
|
b) |
Designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles; |
|
|
|
|
c) |
Evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and |
|
|
|
|
d) |
Disclosed
in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5) |
The
registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over
financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or
persons performing the equivalent functions): |
|
a) |
All
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and |
|
|
|
|
b) |
Any
fraud, whether or not material, that involved management or other employees who have a significant role in the registrant’s
internal control over financial reporting. |
|
By: |
/s/
George M. Bee |
|
|
George
M. Bee |
|
|
Chief
Executive Officer |
|
|
July
31, 2023 |
EXHIBIT
31.2
CERTIFICATION
PURSUANT TO
18
U.S.C. SECTION 1350,
AS
ADOPTED PURSUANT TO
SECTION
302 OF THE SARBANES-OXLEY ACT OF 2002
CERTIFICATION
OF CHIEF FINANCIAL OFFICER
I,
Eric Alexander, certify that:
1) |
I
have reviewed this Annual Report on Form 10-K of U.S. Gold Corp. (the “registrant”); |
|
|
2) |
Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period covered by the report; |
|
|
3) |
Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in
this report; |
|
|
4) |
The
registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange
Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
|
a) |
Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared; |
|
|
|
|
b) |
Designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles; |
|
|
|
|
c) |
Evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and |
|
|
|
|
d) |
Disclosed
in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5) |
The
registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over
financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or
persons performing the equivalent functions): |
|
a) |
All
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and |
|
|
|
|
b) |
Any
fraud, whether or not material, that involved management or other employees who have a significant role in the registrant’s
internal control over financial reporting. |
|
By: |
/s/
Eric Alexander |
|
|
Eric
Alexander |
|
|
Principal
Financial and Accounting Officer |
|
|
July
31, 2023 |
EXHIBIT
32.1
CERTIFICATION
PURSUANT TO
18
U.S.C. SECTION 1350,
AS
ADOPTED PURSUANT TO SECTION 906 OF
THE
SARBANES-OXLEY ACT OF 2002
In
connection with the Annual Report on Form 10-K of U.S. Gold Corp. (the “Company”), as filed with the U.S. Securities and
Exchange Commission on the date hereof (the “Report”), I, George M. Bee, the Chief Executive Officer of the Company, certify,
pursuant to 18 U.S.C. Sec. 1350, as adopted pursuant to Sec. 906 of the Sarbanes-Oxley Act of 2002, that:
|
(1) |
The
Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
|
(2) |
The
information contained in such Report fairly presents, in all material respects, the financial condition and results of operations
of the Company. |
Dated:
July 31, 2023 |
By: |
/s/
George M. Bee |
|
|
George
M. Bee |
|
|
Chief
Executive Officer |
EXHIBIT
32.2
CERTIFICATION
PURSUANT TO
18
U.S.C. SECTION 1350,
AS
ADOPTED PURSUANT TO SECTION 906 OF
THE
SARBANES-OXLEY ACT OF 2002
In
connection with the Annual Report on Form 10-K of U.S. Gold Corp (the “Company”), as filed with the U.S. Securities and Exchange
Commission on the date hereof (the “Report”), I, Eric Alexander, the Principal Financial and Accounting Officer of the Company,
certify, pursuant to 18 U.S.C. Sec. 1350, as adopted pursuant to Sec. 906 of the Sarbanes-Oxley Act of 2002, that:
|
(1) |
The
Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
|
(2) |
The
information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Company. |
Dated:
July 31, 2023 |
By: |
/s/
Eric Alexander |
|
|
Eric
Alexander |
|
|
Principal
Financial and Accounting Officer |
v3.23.2
Cover - USD ($)
|
12 Months Ended |
|
|
Apr. 30, 2023 |
Jul. 28, 2023 |
Oct. 31, 2022 |
Cover [Abstract] |
|
|
|
Document Type |
10-K
|
|
|
Amendment Flag |
false
|
|
|
Document Annual Report |
true
|
|
|
Document Transition Report |
false
|
|
|
Document Period End Date |
Apr. 30, 2023
|
|
|
Document Fiscal Period Focus |
FY
|
|
|
Document Fiscal Year Focus |
2023
|
|
|
Current Fiscal Year End Date |
--04-30
|
|
|
Entity File Number |
001-08266
|
|
|
Entity Registrant Name |
U.S.
GOLD CORP
|
|
|
Entity Central Index Key |
0000027093
|
|
|
Entity Tax Identification Number |
22-1831409
|
|
|
Entity Incorporation, State or Country Code |
NV
|
|
|
Entity Address, Address Line One |
1910
East Idaho Street
|
|
|
Entity Address, Address Line Two |
Suite 102-Box 604
|
|
|
Entity Address, City or Town |
Elko
|
|
|
Entity Address, State or Province |
NV
|
|
|
Entity Address, Postal Zip Code |
89801
|
|
|
City Area Code |
(800)
|
|
|
Local Phone Number |
557-4550
|
|
|
Title of 12(b) Security |
Common
Stock, $0.001 par value
|
|
|
Trading Symbol |
USAU
|
|
|
Security Exchange Name |
NASDAQ
|
|
|
Entity Well-known Seasoned Issuer |
No
|
|
|
Entity Voluntary Filers |
No
|
|
|
Entity Current Reporting Status |
Yes
|
|
|
Entity Interactive Data Current |
Yes
|
|
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Entity Filer Category |
Non-accelerated Filer
|
|
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Entity Small Business |
true
|
|
|
Entity Emerging Growth Company |
false
|
|
|
Entity Shell Company |
false
|
|
|
Entity Public Float |
|
|
$ 26,738,639
|
Entity Common Stock, Shares Outstanding |
|
9,294,130
|
|
Document Financial Statement Error Correction [Flag] |
false
|
|
|
Auditor Firm ID |
688
|
|
|
Auditor Name |
Marcum
LLP
|
|
|
Auditor Location |
New
York, NY
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v3.23.2
Consolidated Balance Sheets - USD ($)
|
Apr. 30, 2023 |
Apr. 30, 2022 |
CURRENT ASSETS: |
|
|
Cash |
$ 7,822,930
|
$ 9,111,512
|
Prepaid expenses and other current assets |
610,140
|
787,902
|
Total current assets |
8,433,070
|
9,899,414
|
NON - CURRENT ASSETS: |
|
|
Property, net |
490,925
|
349,917
|
Reclamation bond deposit |
857,509
|
832,509
|
Operating lease right-of-use asset, net |
32,080
|
64,064
|
Mineral rights |
14,370,255
|
16,356,862
|
Total non - current assets |
15,750,769
|
17,603,352
|
Total assets |
24,183,839
|
27,502,766
|
CURRENT LIABILITIES: |
|
|
Accounts payable and accrued liabilities |
346,718
|
1,080,405
|
Operating lease liabilities, current portion |
32,080
|
55,630
|
Total current liabilities |
378,798
|
1,136,035
|
LONG- TERM LIABILITIES |
|
|
Warrant liability |
4,230,850
|
2,440,000
|
Asset retirement obligation |
285,764
|
260,196
|
Operating lease liabilities, less current portion |
|
8,734
|
Deferred tax laibility |
430,486
|
430,486
|
Total long-term liabilities: |
4,947,100
|
3,139,416
|
Total liabilities |
5,325,898
|
4,275,451
|
Commitments and Contingencies |
|
|
STOCKHOLDERS’ EQUITY : |
|
|
Preferred stock, $0.001 par value; 50,000,000 authorized, none shares issued and outstanding as of April 30, 2023 and 2022 |
|
|
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) |
9,296
|
8,350
|
Additional paid-in capital |
84,799,263
|
81,555,379
|
Accumulated deficit |
(65,950,618)
|
(58,336,414)
|
Total stockholders’ equity |
18,857,941
|
23,227,315
|
Total liabilities and stockholders’ equity |
$ 24,183,839
|
$ 27,502,766
|
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v3.23.2
Consolidated Balance Sheets (Parenthetical) - $ / shares
|
Apr. 30, 2023 |
Apr. 30, 2022 |
Statement of Financial Position [Abstract] |
|
|
Preferred stock, par value |
$ 0.001
|
$ 0.001
|
Preferred stock, shares authorized |
50,000,000
|
50,000,000
|
Preferred stock, shares issued |
0
|
0
|
Preferred stock, shares outstanding |
0
|
0
|
Common stock, par value |
$ 0.001
|
$ 0.001
|
Common stock, shares authorized |
200,000,000
|
200,000,000
|
Common stock, shares issued |
9,295,837
|
8,349,843
|
Common stock, shares outstanding |
9,295,837
|
8,349,843
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.23.2
Consolidated Statements of Operations - USD ($)
|
12 Months Ended |
Apr. 30, 2023 |
Apr. 30, 2022 |
Income Statement [Abstract] |
|
|
Net revenues |
|
|
Operating expenses: |
|
|
Compensation and related taxes - general and administrative |
1,793,426
|
2,287,020
|
Exploration costs |
1,804,981
|
7,231,097
|
Professional and consulting fees |
4,259,931
|
4,228,139
|
General and administrative expenses |
1,542,328
|
1,205,786
|
Total operating expenses |
9,400,666
|
14,952,042
|
Loss from operations |
(9,400,666)
|
(14,952,042)
|
Other income: |
|
|
Gain from sale of asset |
763,393
|
|
Interest income |
4,906
|
|
Offering cost related to warrant liability |
(279,487)
|
(190,840)
|
Change in fair value due to modification of warrants |
(262,500)
|
|
Change in fair value of warrant liability |
1,560,150
|
1,212,000
|
Total other income |
1,786,462
|
1,021,160
|
Loss before provision for income taxes |
(7,614,204)
|
(13,930,882)
|
Provision for income taxes |
|
|
Net loss |
$ (7,614,204)
|
$ (13,930,882)
|
Net loss per common share, basic |
$ (0.90)
|
$ (1.92)
|
Net loss per common share, diluted |
$ (0.90)
|
$ (1.92)
|
Weighted average number of shares outstanding basic |
8,413,849
|
7,253,760
|
Weighted average number of shares outstanding diluted |
8,413,849
|
7,253,760
|
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v3.23.2
Consolidated Statements of Changes in Stockholders' Equity - USD ($)
|
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Total |
Beginning balance, value at Apr. 30, 2021 |
$ 7,065
|
$ 74,467,686
|
$ (44,405,532)
|
$ 30,069,219
|
Beginning balance, shares at Apr. 30, 2021 |
7,065,621
|
|
|
|
Issuance of common stock, net of issuance cost |
$ 1,010
|
3,567,480
|
|
3,568,490
|
Issuance of common stock and warrants, net of issuance cost, shares |
1,009,741
|
|
|
|
Issuance of common stock for exercise of warrants |
$ 167
|
$ 999,834
|
|
$ 1,000,001
|
Issuance of common stock for exercise of warrants, shares |
166,667
|
|
|
|
Issuance of common stock for prepaid services and accrued services |
96
|
850,404
|
|
850,500
|
Issuance of common stock for prepaid services and accrued services, shares |
95,710
|
|
|
|
Issuance of common stock for services |
$ 12
|
$ 99,988
|
|
$ 100,000
|
Issuance of common stock for services, shares |
12,104
|
|
|
|
Stock options granted for services |
|
183,475
|
|
183,475
|
Stock-based compensation in connection with restricted common stock award grants and restricted common stock unit grants |
|
1,386,512
|
|
1,386,512
|
Net loss |
|
|
(13,930,882)
|
(13,930,882)
|
Ending balance, value at Apr. 30, 2022 |
$ 8,350
|
81,555,379
|
(58,336,414)
|
23,227,315
|
Ending balance, shares at Apr. 30, 2022 |
8,349,843
|
|
|
|
Issuance of common stock, net of issuance cost |
$ 870
|
$ 1,740,327
|
|
$ 1,741,197
|
Issuance of common stock and warrants, net of issuance cost, shares |
870,000
|
|
|
|
Issuance of common stock for prepaid services and accrued services |
50
|
194,950
|
|
195,000
|
Issuance of common stock for prepaid services and accrued services, shares |
49,728
|
|
|
|
Issuance of common stock for services |
$ 18
|
$ 77,482
|
|
$ 77,500
|
Issuance of common stock for services, shares |
18,339
|
|
|
|
Stock options granted for services |
|
493,008
|
|
493,008
|
Stock-based compensation in connection with restricted common stock award grants and restricted common stock unit grants |
|
738,125
|
|
738,125
|
Net loss |
|
|
(7,614,204)
|
(7,614,204)
|
Issuance of common stock for vested restricted stock unit |
$ 8
|
(8)
|
|
|
Issuance of common stock for vested restricted stock unit, shares |
7,927
|
|
|
(7,927)
|
Ending balance, value at Apr. 30, 2023 |
$ 9,296
|
$ 84,799,263
|
$ (65,950,618)
|
$ 18,857,941
|
Ending balance, shares at Apr. 30, 2023 |
9,295,837
|
|
|
|
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v3.23.2
Consolidated Statements of Cash Flows - USD ($)
|
12 Months Ended |
Apr. 30, 2023 |
Apr. 30, 2022 |
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
Net loss |
$ (7,614,204)
|
$ (13,930,882)
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
Depreciation |
36,505
|
34,794
|
Accretion |
25,568
|
22,064
|
Amortization of right-of-use asset |
52,456
|
40,031
|
Stock based compensation |
1,308,633
|
1,669,987
|
Amortization of prepaid stock based expenses |
367,250
|
530,194
|
Change in fair value of warrant liability |
(1,560,150)
|
(1,212,000)
|
Change in fair value due to modification of warrants |
262,500
|
|
Gain from sale of asset |
(763,393)
|
|
Changes in operating assets and liabilities: |
|
|
Prepaid expenses and other current assets |
512
|
(42,236)
|
Reclamation bond deposit |
(25,000)
|
(114,000)
|
Accounts payable and accrued liabilities |
(728,687)
|
466,367
|
Operating lease liability |
(52,756)
|
(39,731)
|
NET CASH USED IN OPERATING ACTIVITIES |
(8,690,766)
|
(12,575,412)
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
Proceeds from sale of asset |
2,750,000
|
|
Purchase of property and equipment |
(177,513)
|
(178,972)
|
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES |
2,572,487
|
(178,972)
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
Issuance of common stock, net of offering costs |
4,829,697
|
7,220,490
|
Issuance of common stock for exercise of warrants |
|
1,000,001
|
NET CASH PROVIDED BY FINANCING ACTIVITIES |
4,829,697
|
8,220,491
|
NET DECREASE IN CASH |
(1,288,582)
|
(4,533,893)
|
CASH - beginning of year |
9,111,512
|
13,645,405
|
CASH - end of year |
7,822,930
|
9,111,512
|
Cash paid for: |
|
|
Interest |
|
|
Income taxes |
|
|
SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING ACTIVITIES: |
|
|
Issuance of common stock for accrued services |
5,000
|
5,000
|
Issuance of common stock for prepaid services |
190,000
|
845,500
|
Operating lease right-of-use asset and operating lease liability recorded upon adoption of ASC 842 |
|
104,095
|
Operating lease right-of-use asset and operating lease liability recorded upon lease modification |
20,472
|
|
Increase in asset retirement cost and obligation |
|
33,517
|
Initial valuation of warrant liability |
$ 3,088,500
|
$ 3,652,000
|
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v3.23.2
ORGANIZATION AND DESCRIPTION OF BUSINESS
|
12 Months Ended |
Apr. 30, 2023 |
Accounting Policies [Abstract] |
|
ORGANIZATION AND DESCRIPTION OF BUSINESS |
NOTE
1 - ORGANIZATION AND DESCRIPTION OF BUSINESS
Organization
U.S.
Gold Corp., formerly known as Dataram Corporation (the “Company”), was originally incorporated in the State of New Jersey
in 1967 and was subsequently re-incorporated under the laws of the State of Nevada in 2016. Effective June 26, 2017, the Company changed
its name to U.S. Gold Corp. from Dataram Corporation.
The
Company’s CK Gold property contains proven and probable mineral reserves and accordingly is classified as a development stage property,
as defined in subpart 1300 of Regulation S-K promulgated by the Securities and Exchange Commission (“S-K 1300”). None of
the Company’s other properties contain proven and probable mineral reserves and all activities are exploratory in nature.
Unless
the context otherwise requires, all references herein to the “Company” refer to U.S. Gold Corp. and its consolidated subsidiaries.
|
X |
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
12 Months Ended |
Apr. 30, 2023 |
Accounting Policies [Abstract] |
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
NOTE
2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis
of presentation and principles of consolidation
The
accompanying consolidated financial statements have been prepared by the Company in accordance with accounting principles generally accepted
in the United States of America (“U.S. GAAP”), the instructions to Form 10-K, and the rules and regulations of the United
States Securities and Exchange Commission (the “SEC”) for financial information, which includes the consolidated financial
statements and presents the consolidated financial statements of the Company and its wholly-owned subsidiaries as of April 30, 2023.
All intercompany transactions and balances have been eliminated. It is management’s opinion that all material adjustments (consisting
of normal recurring adjustments) have been made, which are necessary for a fair financial statement presentation.
Use
of Estimates and Assumptions
In
preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts
of assets and liabilities as of the date of the consolidated balance sheet, and revenues and expenses for the period then ended. Actual
results may differ significantly from those estimates. Significant estimates made by management include, but are not limited to, valuation
of mineral rights, stock-based compensation, the fair value of common stock, valuation of warrant liability, asset retirement
obligations and the valuation of deferred tax assets and liabilities.
Revision
of Financial Statements
During
the fiscal year 2021, the Company determined that it had not appropriately recorded a deferred tax liability related to the acquisition
of mineral rights in August 2020. This resulted in an understatement of deferred tax liability and a corresponding understatement of
provision for income taxes during fiscal year 2021. Based on an analysis of Accounting Standards Codification ASC 250 – “Accounting
Changes and Error Corrections” (“ASC 250”), Staff Accounting Bulletin 99 – “Materiality” and Staff
Accounting Bulletin 108 – “Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current
Year Financial Statements”, the Company determined that these errors were immaterial to the previously issued consolidated financial
statements, and as such no restatement was necessary. Correcting prior period financial statements for immaterial errors would not require
previously filed reports to be amended. There was no effect on the statements of cash flows, statements of operations, and net loss for
the year ended April 30, 2022.
U.S.
GOLD CORP. AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
APRIL
30, 2023
The
effect of this revision on the line items within the Company’s consolidated statements of changes in stockholders’ equity as of April 30, 2021, was as follows:
SCHEDULE
OF REVISION OF FINANCIAL STATEMENT
| |
April 30, 2021 As Previously Reported | | |
Revision | | |
As Revised | |
Accumulated Deficit | |
| (43,975,046 | ) | |
| (430,486 | ) | |
| (44,405,532 | ) |
Total Stockholders’ Equity | |
$ | 30,499,705 | | |
$ | (430,486 | ) | |
$ | 30,069,219 | |
The
effect of this revision on the line items within the Company’s consolidated balance sheet and statements of changes in
stockholders’ equity as of April 30, 2022, was as follows:
| |
April 30, 2022 As Previously Reported | | |
Revision | | |
As Revised | |
Deferred Tax Liability | |
$ | - | | |
$ | 430,486 | | |
$ | 430,486 | |
Total Long-term Liability | |
| 2,708,930 | | |
| 430,486 | | |
| 3,139,416 | |
Total Liabilities | |
| 3,844,965 | | |
| 430,486 | | |
| 4,275,451 | |
Accumulated Deficit | |
| (57,905,928 | ) | |
| (430,486 | ) | |
| (58,336,414 | ) |
Total Stockholders’ Equity | |
$ | 23,657,801 | | |
$ | (430,486 | ) | |
$ | 23,227,315 | |
Fair
Value Measurements
The
Company has adopted Accounting Standards Codification (“ASC”) 820, “Fair Value Measurements and Disclosures”
(“ASC 820”), for assets and liabilities measured at fair value on a recurring basis. ASC 820 establishes a common definition
for fair value to be applied in accordance with U.S. GAAP, which requires the use of fair value measurements, establishes a framework
for measuring fair value and expands disclosure about such fair value measurements.
ASC
820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date. Additionally, ASC 820 requires the use of valuation techniques that maximize the
use of observable inputs and minimize the use of unobservable inputs.
U.S.
GOLD CORP. AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
APRIL
30, 2023
These
inputs are prioritized below:
Level
1: |
Observable
inputs such as quoted market prices in active markets for identical assets or liabilities. |
Level
2: |
Observable
market-based inputs or unobservable inputs that are corroborated by market data. |
Level
3: |
Unobservable
inputs for which there is little or no market data, which require the use of the reporting entity’s own assumptions. |
The
Company analyzes all financial instruments with features of both liabilities and equity under the Financial Accounting Standard Board’s
(“FASB”) accounting standard for such instruments. Under this standard, financial assets and liabilities are classified in
their entirety based on the lowest level of input that is significant to the fair value measurement.
The
Company’s warrant liability for warrants issued in the definitive agreements (see Note 9) was estimated using a Monte Carlo simulation
model using Level 3 inputs.
Cash
and Cash Equivalents
Cash
equivalents are comprised of certain highly liquid instruments with a maturity of three months or less when purchased. The Company did
not have any cash equivalents on hand at April 30, 2023 and 2022. The Company places its cash with high credit quality financial institutions.
The Company’s accounts at these institutions are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to
$250,000. To reduce its risk associated with the failure of such financial institutions, the Company evaluates, at least annually, the
rating of the financial institutions in which it holds deposits. At April 30, 2023 and 2022, the Company had bank balances exceeding
the FDIC insurance limit on interest bearing accounts.
Prepaid
expenses and other current assets
Prepaid
expenses and other current assets of $610,140 and $787,902 at April 30, 2023 and 2022, respectively, consist primarily of costs paid
for future services which will occur within a year. Prepaid expenses principally include prepayments in cash and equity instruments for
consulting, public relations, business advisory services, insurance premiums, mining claim fees, easement fees, options fees, and mineral
lease fees which are being amortized over the terms of their respective agreements.
Property
Property
is carried at cost. The cost of repairs and maintenance is expensed as incurred; major replacements and improvements are capitalized.
When assets are retired or disposed of, the cost and accumulated depreciation are removed from the accounts, and any resulting gains
or losses are included in income in the year of disposition. Depreciation is calculated on a straight-line basis over the estimated useful
life of the assets, generally three to five years.
Impairment
of long-lived assets
The
Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the
assets may not be fully recoverable, or at least annually. The Company recognizes an impairment loss when the sum of expected undiscounted
future cash flows is less than the carrying amount of the asset. The amount of impairment is measured as the difference between the asset’s
estimated fair value and its book value. The Company did not recognize any impairment during the years ended April 30, 2023 and 2022.
Mineral
Rights
Costs
of leasing, exploring, carrying and retaining unproven mineral lease properties are expensed as incurred. The Company expenses all mineral
exploration costs as incurred. Where the Company has identified proven and probable mineral reserves on any of its properties, development
costs will be capitalized when all the following criteria have been met, a) the Company receives the requisite operating permits, b)
completion of a favorable Feasibility Study and c) approval from the Board of director’s authorizing the development of the ore
body. Until such time all these criteria have been met the Company records pre-development costs to expense as incurred.
U.S.
GOLD CORP. AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
APRIL
30, 2023
When
a property reaches the production stage, the related capitalized costs will be amortized on a units-of-production basis over the proven
and probable reserves following the commencement of production. The Company assesses the carrying costs of the capitalized mineral properties
for impairment under ASC 360-10, “Impairment of Long-Lived Assets”, and evaluates its carrying value under ASC 930-360, “Extractive
Activities—Mining”, annually. An impairment is recognized when the sum of the expected undiscounted future cash flows is
less than the carrying amount of the mineral properties. Impairment losses, if any, are measured as the excess of the carrying amount
of the mineral properties over its estimated fair value.
To
date, the Company has expensed all exploration and pre-development costs as none of its properties have satisfied the criteria above
for capitalization.
ASC
930-805, “Extractive Activities—Mining: Business Combinations” (“ASC 930-805”), states that mineral rights
consist of the legal right to explore, extract, and retain at least a portion of the benefits from mineral deposits. Mining assets include
mineral rights.
Acquired
mineral rights are considered tangible assets under ASC 930-805. ASC 930-805 requires that mineral rights be recognized at fair value
as of the acquisition date. As a result, the direct costs to acquire mineral rights are initially capitalized as tangible assets. Mineral
rights include costs associated with acquiring patented and unpatented mining claims.
ASC
930-805 provides that in measuring the fair value of mineral assets, an acquirer should take into account both:
●
The value beyond proven and probable reserves (“VBPP”) to the extent that a market participant would include VBPP in determining
the fair value of the assets.
●
The effects of anticipated fluctuations in the future market price of minerals in a manner that is consistent with the expectations of
market participants.
Leases
to explore for or use of natural resources are outside the scope of ASC 842, “Leases”.
Share-Based
Compensation
Share-based
compensation is accounted for based on the requirements of ASC 718, “Compensation—Stock Compensation” (“ASC 718”),
which requires recognition in the financial statements of the cost of employee and director services received in exchange for an award
of equity instruments over the period the employee or director is required to perform the services in exchange for the award (presumptively,
the vesting period). ASC 718 also requires measurement of the cost of employee and director services received in exchange for an award
based on the grant-date fair value of the award.
Accounting
for Warrants
Warrants
are accounted for in accordance with the applicable accounting guidance provided in ASC 815, “Derivatives and Hedging” (“ASC
815”) as either derivative liabilities or as equity instruments, depending on the specific terms of the agreements. The Company
classifies as equity any contracts that (i) require physical settlement or net-share settlement or (ii) give the Company a choice of
net-cash settlement or settlement in its own shares (physical settlement or net-share settlement). The Company classifies as assets or
liabilities any contracts that (i) require net-cash settlement (including a requirement to net-cash settle the contract if an event occurs
and if that event is outside the control of the Company) or (ii) give the counterparty a choice of net-cash settlement or settlement
in shares (physical settlement or net-share settlement). Instruments that are classified as liabilities are recorded at fair value at
each reporting period, with any change in fair value recognized as a component of change in fair value of derivative liabilities in the
consolidated statements of operations.
U.S.
GOLD CORP. AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
APRIL
30, 2023
The
Company assessed the classification of its outstanding common stock purchase warrants as of the date of issuance and determined that
such instruments, except for the warrants discussed under Warrant Liability below, met the criteria for equity classification under the
guidance in ASU 2017-11 “Earnings Per Share (Topic 260); Distinguishing Liabilities from Equity (Topic 480); Derivatives and Hedging
(Topic 815): (Part I) Accounting for Certain Financial Instruments with Down Round Feature”. The Company has no outstanding warrants
that contain a “down round” feature under Topic 815 of ASU 2017-11.
Warrant
Liability
The
Company accounts for the 625,000 warrants and 870,000 warrants issued in March 2022 and April 2023, respectively, in accordance with
the guidance contained in ASC 815 “Derivatives and Hedging” whereby under that provision these warrants do not meet the criteria
for equity treatment and must be recorded as a liability (see Note 9). Accordingly, the Company classifies these warrant instruments
as liabilities at fair value and adjusts the instruments to fair value at each reporting period. This liability is re-measured at each
balance sheet date until the warrants are exercised or expire, and any change in fair value will be recognized in the Company’s
statement of operations. The fair value of these warrants are estimated using a Monte Carlo simulation model. Such warrant classification
is also subject to re-evaluation at each reporting period.
Offering
Costs
Offering
costs incurred consisted of legal, placement agent fees and other costs that were directly related to registered direct offerings. Offering
costs were allocated to the separable financial instruments issued in the registered direct offering based on the same proportion as
the proceeds were allocated to the warrants and equity. Offering costs associated with warrant liabilities are expensed as incurred,
presented as offering costs related to warrant liability in the consolidated statements of operations. Offering costs associated with
the sale of common shares were charged against equity.
Remediation
and Asset Retirement Obligation
Asset
retirement obligations (“ARO”), consisting primarily of estimated reclamation costs at the Company’s CK Gold, Keystone
and Maggie Creek properties, are recognized in the period incurred and when a reasonable estimate can be made, and recorded as liabilities
at fair value. Such obligations, which are initially estimated based on discounted cash flow estimates, are accreted to full value over
time through charges to accretion expense. Corresponding asset retirement costs are capitalized as part of the carrying amount of the
related long-lived asset and depreciated over the asset’s remaining useful life. AROs are periodically adjusted to reflect changes
in the estimated present value resulting from revisions to the estimated timing or amount of reclamation and closure costs. The Company
reviews and evaluates its AROs annually or more frequently at interim periods if deemed necessary.
Foreign
Currency Transactions
The
reporting and functional currency of the Company is the U.S. dollar. Transactions denominated in foreign currencies are translated into
the functional currency at the exchange rates prevailing on the transaction dates. Assets and liabilities denominated in foreign currencies
are translated into the functional currency at the exchange rates prevailing at the balance sheet date with any transaction gains and
losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency included
in the results of operations as incurred. Translation adjustments, and transaction gains or losses, have not had, and are not expected
to have, a material effect on the results of operations of the Company and are included in general and administrative expenses.
Leases
The
Company accounts for leases in accordance with ASC Topic 842, Leases. Operating lease right of use assets (“ROU”) represent
the right to use the leased asset for the lease term and operating lease liabilities are recognized based on the present value of the
future minimum lease payments over the lease term at commencement date. As most leases do not provide an implicit rate, the Company uses
an incremental borrowing rate based on the information available at the adoption date in determining the present value of future payments.
Upon the election by the Company to extend the lease for additional years, that election will be treated as a lease modification and
the lease will be reviewed for re-measurement. Lease expense for minimum lease payments is amortized on a straight-line basis over the
lease term and is included in general and administrative expenses in the statements of operations.
U.S.
GOLD CORP. AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
APRIL
30, 2023
Income
Taxes
The
Company accounts for income taxes pursuant to the provision of ASC 740, “Accounting for Income Taxes” (“ASC 740”),
which requires, among other things, an asset and liability approach to calculating deferred income taxes. The asset and liability approach
requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between
the carrying amounts and the tax bases of assets and liabilities. A valuation allowance is provided to offset any net deferred tax assets
for which management believes it is more likely than not that the net deferred asset will not be realized.
The
Company follows the provision of ASC 740-10, “Accounting for Uncertain Income Tax Positions” (“ASC 740-10”).
When tax returns are filed, there may be uncertainty about the merits of positions taken or the amount of the position that would be
ultimately sustained. In accordance with the guidance of ASC 740-10, the benefit of a tax position is recognized in the financial statements
in the period during which, based on all available evidence, management believes it is more likely than not that the position will be
sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or
aggregated with other positions.
Tax
positions that meet the more likely than not recognition threshold are measured at the largest amount of tax benefit that is more than
50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefit associated with
tax positions taken that exceed the amount measured as described above should be reflected as a liability for uncertain tax benefits
in the accompanying balance sheet along with any associated interest and penalties that would be payable to the taxing authorities upon
examination. The Company believes its tax positions are all more likely than not to be upheld upon examination. As such, the Company
has not recorded a liability for uncertain tax benefits or for any related interest and penalties. In the event that the Company is assessed
penalties and/or interest, penalties will be charged to other operating expense and interest will be charged to interest expense.
The
Company follows ASC 740-10-25, “Definition of Settlement”, which provides guidance on how an entity should determine
whether a tax position is effectively settled for the purpose of recognizing previously unrecognized tax benefits and provides that a
tax position can be effectively settled upon the completion and examination by a taxing authority without being legally extinguished.
For tax positions considered effectively settled, an entity would recognize the full amount of tax benefit, even if the tax position
is not considered more likely than not to be sustained based solely on the basis of its technical merits and the statute of limitations
remains open. The federal and state income tax returns of the Company are subject to examination by the Internal Revenue Service and
state taxing authorities, generally for three years after they are filed.
Recent
Accounting Pronouncements
Accounting
standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material
effect on the financial statements upon adoption. The Company does not discuss recent pronouncements that are not anticipated to have
an effect on or are unrelated to its financial condition, results of operations, cash flows or disclosures.
U.S.
GOLD CORP. AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
APRIL
30, 2023
In
June 2022, FASB issued ASU 2022-03, Fair Value Measurement (Topic 820) (“ASU 2022-03”). The amendments in ASU 2022-03 clarify
that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security
and, therefore, is not considered in measuring fair value. The amendments also clarify that an entity cannot, as a separate unit of account,
recognize and measure a contractual sale restriction. The amendments in this Update also require additional disclosures for equity securities
subject to contractual sale restrictions. The provisions in this Update are effective for fiscal years beginning after December 15, 2024.
Early adoption is permitted. The Company does not expect to early adopt this ASU. The Company does not expect the adoption of this standard
to have a significant impact on its consolidated financial statements.
On
January 1, 2023, the Company adopted FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326) (“ASU
2016-13”), which requires the immediate recognition of management’s estimates of current and expected credit losses. Adoption
of this standard did not have a material impact on the Company’s consolidated financial statements or disclosures.
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v3.23.2
GOING CONCERN
|
12 Months Ended |
Apr. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
GOING CONCERN |
NOTE
3 — GOING CONCERN
The
accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of
assets and the satisfaction of liabilities in the normal course of business. As of April 30, 2023, the Company had cash of
approximately $7.8 million, working capital of
approximately $8.1 million
which consists primarily of cash and an accumulated deficit of approximately $66
million. The Company had a net loss and cash used in operating activities of approximately $7.6
million and $8.7
million, respectively, for the year ended April 30, 2023. As a result of the utilization of cash in its operating activities, and
the development of its assets, the Company has incurred losses since it commenced operations. The Company’s primary source of
operating funds since inception has been equity financings. As noted in Note 10, in April 2023, the Company completed a registered
offering which raised total gross proceeds of approximately $5.0
million before deducting fees and other estimated offering expenses. As of the date of filing the annual report for the year ended
April 30, 2023, the Company may have sufficient cash to fund its corporate activities and general and administrative costs and
currently undertaken project activities related to permitting and engineering studies. However, in order to advance any of its
projects past the aforementioned objectives the Company does not have sufficient cash and will need to raise additional funds. These
matters raise substantial doubt about the Company’s ability to continue as a going concern for the twelve months following the
issuance of these consolidated financial statements.
The
consolidated financial statements do not include any adjustments relating to the recoverability and classification of asset amounts or
the classification of liabilities that might be necessary should the Company be unable to continue as a going concern.
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v3.23.2
MINERAL RIGHTS
|
12 Months Ended |
Apr. 30, 2023 |
Extractive Industries [Abstract] |
|
MINERAL RIGHTS |
NOTE
4 — MINERAL RIGHTS
The
Company’s CK Gold property contains proven and probable mineral reserves and accordingly is classified as a development stage property,
as defined in subpart 1300 of Regulation S-K promulgated by the Securities and Exchange Commission (“S-K 1300”). None of
the Company’s other properties contain proven and probable mineral reserves and all activities are exploratory in nature.
CK
Gold Project
The
Company, through its wholly-owned subsidiary, Gold King Corp., a Nevada corporation, owns the Copper King gold and copper development
project (the “CK Gold Property”), which is comprised of two State of Wyoming Metallic and Non-metallic Rocks and Minerals
Mining Leases covering an area of approximately 1.8 square miles located in the Silver Crown Mining District of southeast Wyoming.
U.S.
GOLD CORP. AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
APRIL
30, 2023
Keystone
Project
The
Company, through its wholly-owned subsidiary, U.S. Gold Acquisition Corporation, acquired the mining claims comprising the Keystone
Project. The Keystone Project consists of 601 unpatented lode mining claims situated
in Eureka County, Nevada.
Some
of the Keystone Project claims are subject to pre-existing net smelter royalty (“NSR”) obligations.
Maggie
Creek Project
On
September 10, 2019, the Company, NumberCo and the NumberCo Shareholders, entered into the Share Exchange Agreement, pursuant to
which, among other things, the Company agreed to issue to the NumberCo Shareholders 200,000
shares of the Company’s common stock in exchange for all of the issued and outstanding shares of NumberCo, with NumberCo
becoming a wholly owned subsidiary of the Company. Consequently, the Company acquired a certain option agreement for the exclusive
right and option to earn-in and acquire up to 50% undivided interest in a property called Maggie Creek, located in Eureka County, Nevada
U.S.
GOLD CORP. AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
APRIL
30, 2023
On
November 9, 2022, the Company entered into an Assignment and Assumption Agreement (the “Assignment and Assumption Agreement”)
with and among Orevada Metals, Inc., the Company’s indirectly wholly-owned subsidiary (“Orevada”), Nevada Gold Mines
LLC (“NGM”), Orogen Royalties Inc. (“Orogen”) and Renaissance Exploration, Inc., a wholly-owned subsidiary of
Orogen (“RenEx”) whereby Orevada assigned its interest in that certain Exploration Earn-In Agreement with RenEx, dated February
19, 2019 (the “Original Earn-In Agreement”), to NGM. Pursuant to the Original Earn-In Agreement, Orevada, by making certain
payments and incurring certain exploration expenditures, had the right to earn at least a 50% interest and up to a 70% interest in the
Maggie Creek Property, owned by RenEx, in Eureka County, Nevada. Simultaneous with this assignment, NGM and RenEx entered into an Amended
and Restated Exploration Earn-In Agreement, pursuant to which NGM can earn a 100% interest in the Maggie Creek Property (the “NGM
Option”).
As
consideration for the assignment of the Original Earn-In Agreement to NGM, U.S. Gold received an upfront cash payment of $2,750,000 from
NGM, and NGM agreed that if it exercises the NGM Option and acquires the Maggie Creek Property, it will grant to U.S. Gold a 0.5% Net
Smelter Returns royalty on all gold and other recovered and saleable minerals from the Maggie Creek Property (the “U.S. Gold Royalty”),
pursuant to a separate royalty agreement (the “U.S. Gold Royalty Agreement”) between NGM and the Company, the terms of which
have been fully agreed as part of this assignment. Under the U.S. Gold Royalty Agreement, NGM will have the right to buy back one-half
of the U.S. Gold Royalty (reducing the royalty to 0.25% of Net Smelter Returns) for a fixed price of $500,000. In addition, the U.S.
Gold Royalty Agreement will provide that the Company waives the first $800,000 of production royalty payments owed to it, regardless
of whether NGM exercises its buy-back rights. Under the U.S. Gold Royalty Agreement, NGM will also have a right of first refusal to purchase
the U.S. Gold Royalty if the Company decides to sell that royalty. Under the U.S. Gold Royalty Agreement, NGM will also have a right
of first refusal to purchase the U.S. Gold Royalty if the Company decides to sell that royalty. Accordingly, the Company recognized gain
from sale of asset of $763,393 during the year ended April 30, 2023 as reflected in the accompanying consolidated statements of operations
in connection with the Assignment and Assumption Agreement.
Northern
Panther Merger Agreement
On
August 10, 2020, the Company entered into the Merger Agreement with Acquisition Corp., NPRC and the Stockholder Representative named
therein, pursuant to which Acquisition Corp. merged with and into NPRC, with NPRC surviving as a wholly-owned subsidiary of the Company. Consequently, the Company acquired mineral rights on a gold exploration project in Idaho called the Challis Gold project. The Challis
Gold project contains 77 unpatented lode mining claims in Lemhi County, Idaho covering approximately 1,710 acres.
U.S.
GOLD CORP. AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
APRIL
30, 2023
As
of the dates presented, mineral properties consisted of the following:
SCHEDULE
OF MINERAL PROPERTIES
| |
April 30, 2023 | | |
April 30, 2022 | |
CK Gold Project | |
$ | 3,091,738 | | |
$ | 3,091,738 | |
Keystone Project | |
| 1,028,885 | | |
| 1,028,885 | |
Maggie Creek Project | |
| - | | |
| 1,986,607 | |
Challis Gold Project | |
| 10,249,632 | | |
| 10,249,632 | |
Total | |
$ | 14,370,255 | | |
$ | 16,356,862 | |
|
X |
- DefinitionThe entire disclosure for mineral industries.
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v3.23.2
PROPERTY AND EQUIPMENT
|
12 Months Ended |
Apr. 30, 2023 |
Property, Plant and Equipment [Abstract] |
|
PROPERTY AND EQUIPMENT |
NOTE
5 — PROPERTY AND EQUIPMENT
As
of the dates presented, property consisted of the following:
SCHEDULE
OF PROPERTY AND EQUIPMENT
| |
April 30, 2023 | | |
April 30, 2022 | |
Site costs | |
$ | 203,320 | | |
$ | 203,320 | |
Land | |
| 352,718 | | |
| 175,205 | |
Computer equipment | |
| 7,265 | | |
| 7,265 | |
Vehicle | |
| 39,493 | | |
| 39,493 | |
Total | |
| 602,796 | | |
| 425,283 | |
Less: accumulated depreciation | |
| (111,871 | ) | |
| (75,366 | ) |
Total | |
$ | 490,925 | | |
$ | 349,917 | |
For
the years ended April 30, 2023 and 2022, depreciation expense amounted to $36,505 and $34,794, respectively.
U.S.
GOLD CORP. AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
APRIL
30, 2023
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v3.23.2
ASSET RETIREMENT OBLIGATION
|
12 Months Ended |
Apr. 30, 2023 |
Asset Retirement Obligation Disclosure [Abstract] |
|
ASSET RETIREMENT OBLIGATION |
NOTE
6 — ASSET RETIREMENT OBLIGATION
In
conjunction with various permit approvals permitting the Company to undergo exploration activities at the CK Gold, Keystone and Maggie
Creek projects, the Company has recorded an ARO based upon the reclamation plans submitted in connection with the various permits. The
following table summarizes activity in the Company’s ARO for the years presented:
SCHEDULE
OF ASSET RETIREMENT OBLIGATION
| |
April 30, 2023 | | |
April 30, 2022 | |
| |
| | |
| |
Balance, beginning of year | |
$ | 260,196 | | |
$ | 204,615 | |
Addition and changes in estimates | |
| - | | |
| 33,517 | |
Accretion expense | |
| 25,568 | | |
| 22,064 | |
Balance, end of year | |
$ | 285,764 | | |
$ | 260,196 | |
For
the years ended April 30, 2023 and 2022, accretion expense amounted to $25,568 and $22,064, respectively.
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v3.23.2
OPERATING LEASE RIGHT-OF-USE ASSETS AND OPERATING LEASE LIABILITIES
|
12 Months Ended |
Apr. 30, 2023 |
Operating Lease Right-of-use Assets And Operating Lease Liabilities |
|
OPERATING LEASE RIGHT-OF-USE ASSETS AND OPERATING LEASE LIABILITIES |
NOTE
7 – OPERATING LEASE RIGHT-OF-USE ASSETS AND OPERATING LEASE LIABILITIES
On
May 1, 2021, the Company entered into a lease agreement for its lease facility in Cheyenne, Wyoming. The term of the lease is for a two-year
period from May 2021 to May 2023 starting with a monthly base rent of $1,667. The Company has an option to renew the lease for an additional
three years beyond the primary term. The Company typically excludes options to extend the lease in a lease term unless it is reasonably
certain that the Company will exercise the option and when doing so is in the Company’s sole discretion. The base rent is subject
to an annual increase as defined in the lease agreement. In addition to the monthly base rent, the Company is charged separately for
common area maintenance which is considered a non-lease component. These non-lease component payments are expensed as incurred and are
not included in operating lease assets or liabilities. On January 30, 2023, the Company entered into a lease amendment effective as of
May 1, 2023 to extend this lease for a period of one year expiring April 30, 2024 with an option to renew the lease for an additional
one year term. The monthly base rent will be $1,768. The Company accounted for the lease extension as a lease modification under ASC
842. On January 30, 2023, the effective date of modification, the Company recorded an adjustment to the right-of-use asset and lease
liability in the amount of $20,472 based on the net present value of lease payments discounted using an incremental borrowing rate of
8%.
On
September 1, 2021, the Company entered into a lease agreement for a facility in Cheyenne, Wyoming. The
term of the lease is for a two-year period from September 2021 to August 2023. The monthly base rent was $3,100
and was lowered to $2,950
starting in March 2022. The Company has an option to renew the lease for an additional two
years upon giving a written notice from 60 to 120 days prior to the expiration of the initial term of this lease. The Company
typically excludes options to extend the lease in a lease term unless it is reasonably certain that the Company will exercise the
option and when doing so is in the Company’s sole discretion.
During
the years ended April 30, 2023 and 2022, lease expense of approximately $56,000
and $44,200,
respectively, was included in general and administrative expenses as reflected in the accompanying consolidated statements of
operations.
Right-of-
use assets are summarized below:
SCHEDULE
OF SUPPLEMENTAL BALANCE SHEET INFORMATION RELATED TO LEASES
| |
April
30, 2023 | | |
April
30, 2022 | |
Operating leases | |
$ | 32,080 | | |
$ | 64,064 | |
Operating
Lease liabilities are summarized below:
| |
April
30, 2023
| | |
April
30, 2022 | |
Operating lease, current portion | |
$ | 32,080 | | |
$ | 55,630 | |
Operating lease, long term portion | |
| - | | |
| 8,734 | |
Total lease liability | |
$ | 32,080 | | |
$ | 64,364 | |
U.S.
GOLD CORP. AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
APRIL
30, 2023
The
weighted average remaining lease term for the operating leases is 0.67 years and the weighted average incremental borrowing rate is 8.0%
at April 30, 2023.
The
following table includes supplemental cash and non-cash information related to the Company’s lease:
SCHEDULE
OF SUPPLEMENTAL CASH AND NON-CASH INFORMATION
| |
2023 | | |
2022 | |
| |
Years ended April 30, | |
| |
2023 | | |
2022 | |
Cash paid for amounts included in the measurement of lease liabilities | |
| | |
| |
Operating cash flows from operating lease | |
$ | 56,000 | | |
$ | 44,500 | |
| |
| | | |
| | |
Lease assets obtained in exchange for new operating lease liabilities | |
$ | - | | |
$ | 104,095 | |
Lease assets obtained upon lease modification | |
$ | 20,472 | | |
$ | - | |
Minimum
lease payments under non-cancelable operating leases at April 30, 2023 are as follows:
SCHEDULE
OF MINIMUM LEASE PAYMENTS UNDER NON-CANCELABLE OPERATING LEASES
| |
| | |
Year ended April 30, 2024 | |
| 33,029 | |
Less: imputed interest | |
| (949 | ) |
Total present value of lease liability | |
$ | 32,080 | |
|
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- DefinitionThe entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability.
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v3.23.2
RELATED PARTY TRANSACTIONS
|
12 Months Ended |
Apr. 30, 2023 |
Related Party Transactions [Abstract] |
|
RELATED PARTY TRANSACTIONS |
NOTE
8 — RELATED PARTY TRANSACTIONS
On
January 7, 2021, the Company entered into a one-year agreement (“January 2021 Agreement”) with a director providing for an
annual fee of $86,000 consisting of shares of the Company’s common stock with a value of $50,000 and cash payments of $36,000,
which is paid $3,000 per month. In January 2021, the Company issued 3,222 shares of common stock pursuant to the January 2021 Agreement.
The Company and the consultant mutually agree to extend the term of the agreement from January 2022 to January 2023 under the same terms
as the initial agreement (the “January 2022 Agreement”). In January 2022, the Company issued 5,814 shares of common stock
pursuant to the January 2022 Agreement. During the years ended April 30, 2023 and 2022, the Company paid consulting fees in cash of $24,000
and $36,000, respectively. Effective December 31, 2022, the director resigned from the Board. Accordingly, the Company issued 7,927 shares
of common stock in connection with vested RSU’s on the date of resignation (see Note 10).
On
March 19, 2021, the Company and Edward Karr, the Company’s former Executive Chairman, agreed by mutual understanding, that Mr.
Karr’s employment as an officer and employee, and his service as a member of the Board was terminated, effective March 19, 2021.
In connection with Mr. Karr’s departure, the Company entered into a General Release and Severance Agreement with Mr. Karr, as amended,
pursuant to which Mr. Karr provided certain transition services to the Company through the Separation Date. Pursuant to the Separation
Agreement, Mr. Karr is entitled to receive any equity awards granted to Mr. Karr by the Company. Additionally, on March 19, 2021, the
Company entered into a one-year agreement (the “Karr March 2021 Agreement”) for general corporate advisory services to be
provided by Mr. Karr for an annual fee of $180,000 consisting of shares of the Company’s common stock with a value of $60,000 and
cash payments of $120,000, which is paid $10,000 per month. In January 2022, the Company’s Board approved the renewal of the Karr
March 2021 Agreement for an additional year under the same terms as the initial period (the “Karr March 2022 Agreement”).
In March 2023, the Company entered into a consulting agreement to extend the term for another 12 months. In April 2022, the Company issued
5,168 and 7,353 shares of common stock pursuant to the Karr March 2021 and March 2022 Agreements, respectively. Additionally, on January
24, 2022, the Company issued an aggregate of 13,564 RSU’s and granted 5,310 five-year options to purchase the Company’s common
stock to Mr. Karr for consulting services rendered. In March 2023, the Company issued 15,424 shares of common stock pursuant to the March
2023 consulting agreement. The Company paid consulting fees to Mr. Karr of $120,000 in cash for both periods during the years ended April
30, 2023 and 2022.
U.S.
GOLD CORP. AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
APRIL
30, 2023
On
March 10, 2021, the Company entered into a one-year consulting agreement (“March 2021 Agreement”) with an individual who
subsequently was appointed as a director of the Company on May 18, 2022, providing for an annual fee of $250,000 consisting of shares
of the Company’s common stock with a value of $130,000 and cash payments of $120,000, which is paid $10,000 per month. The Company
and the consultant mutually agreed to extend the term of the agreement from March 2022 to March 2023 under the same terms as the initial
agreement (the “March 2022 Agreement”). In March 2023, the Company entered into a consulting agreement to extend the term
for another 12 months. In April 2022 and March 2023, the Company issued 14,286 shares and 33,419 shares of common stock, respectively,
pursuant to the agreements. The Company paid consulting fees to such director of $120,000 in cash during the year ended April 30, 2023.
Additionally, as of April 30, 2023, the Company recorded accounts payable and accrued expenses totaling $33,035 due to such director
and was included in accounts payable and accrued liabilities.
|
X |
- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.23.2
WARRANT LIABILITY
|
12 Months Ended |
Apr. 30, 2023 |
Warrant Liability |
|
WARRANT LIABILITY |
NOTE
9 — WARRANT LIABILITY
As
of April 30, 2023 and 2022, the Company’s warrant liabilities were valued at $4,230,850 and $2,440,000, respectively. Under the
guidance in ASC 815-40, certain warrants do not meet the criteria for equity treatment. As such, these warrants are recorded at fair
value as of each reporting date with the change in fair value reported within other income in the accompanying consolidated statements
of operations as “Change in fair value of warrant liability” until the warrants are exercised, expired or other facts and
circumstances lead the warrant liability to be reclassified to stockholders’ equity. The Company utilized a Monte Carlo Simulation
model to estimate the fair values of the April 2023 and March 2022 warrants, which incorporates significant inputs that are not observable
in the market, and thus represents a Level 3 measurement as defined in ASC 820. The unobservable inputs utilized for measuring the fair
value of the contingent consideration reflect management’s own assumptions about the assumptions that market participants would
use in valuing the contingent consideration. The Company determined the fair value by using the following key inputs to the Monte Carlo
Simulation Model:
Initial
Measurement
The
Company accounted for the 625,000
warrants issued on March 18, 2022 in accordance with the guidance contained in ASC 815 “Derivatives and Hedging” whereby
under that provision these warrants did not meet the criteria for equity treatment and was recorded as a liability. The initial
valuation of these warrants were valued at $3,652,000
on March 18, 2022. Additionally, the Company accounted for the 870,000
warrants issued on April 10, 2023 (see Note 10) in accordance with the guidance contained in ASC 815 “Derivatives and
Hedging” whereby under that provision these warrants did not meet the criteria for equity treatment and was recorded as a
liability at an initial valuation of $3,088,500. On April 10, 2023, the Company agreed to amend, effective as of the closing of the registered offering, certain existing
warrants to purchase up to 625,000
shares of the Company at an exercise price of $8.60
per share and a termination date of September 18, 2027, so that the amended warrants will have a reduced exercise price of $6.16
per share and a termination date of October 10, 2028. Accordingly, the Company recognized a change in fair value due to modification
of warrants of $262,500 during the year ended April 30, 2023 as reflected in the accompanying consolidated statements of operations.
The
key inputs for the warrant liability were as follows as of March 18, 2022:
SCHEDULE OF KEY INPUTS FOR THE WARRANT LIABILITY
Key Valuation Inputs | |
| |
Expected term (years) | |
| 5.50 | |
Annualized volatility | |
| 84.4 | % |
Volatility if fundamental transaction occurs | |
| 100.00 | % |
Risk-free interest rate | |
| 2.15 | % |
Stock price | |
$ | 8.00 | |
Dividend yield | |
| 0.00 | % |
Exercise price | |
$ | 8.60 | |
Probability of fundamental transaction | |
| 85 | % |
Date of fundamental transaction (1) | |
| 2 years to 5.5 years | |
|
1) |
The
fundamental transaction is simulated to occur 85% during one trading day through the 3.5-year period, 85% of the time. |
U.S.
GOLD CORP. AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
APRIL
30, 2023
The
key inputs for the warrant liability were as follows as of April 10, 2023:
Key Valuation Inputs (2) | |
| |
Expected term (years) | |
| 5.50 | |
Annualized volatility | |
| 81.3 | % |
Volatility if fundamental transaction occurs | |
| 100.00 | % |
Risk-free interest rate | |
| 3.51 | % |
Stock price | |
$ | 5.23 | |
Dividend yield | |
| 0.00 | % |
Exercise price | |
$ | 6.16 | |
Probability of fundamental transaction | |
| 90 | % |
Date of fundamental transaction (1) | |
| 1.0 years to 5.5 years | |
|
1) |
The
fundamental transaction is simulated to occur 90% during one trading day through the 4.5-year period, 90% of the time. |
|
2) |
Applies to the modified warrants and warrants issued in April 2023 |
Subsequent
Measurement
The
key inputs for the warrant liability were as follows as of April 30, 2022:
Key Valuation Inputs | |
| |
Expected term (years) | |
| 5.39 | |
Annualized volatility | |
| 84.2 | % |
Volatility if fundamental transaction occurs | |
| 100.00 | % |
Risk-free interest rate | |
| 2.92 | % |
Stock price | |
$ | 5.65 | |
Dividend yield | |
| 0.00 | % |
Exercise price | |
$ | 8.60 | |
Probability of fundamental transaction | |
| 85 | % |
Date of fundamental transaction | |
| 1.90 years to 5.4 years | |
The
key inputs for the warrant liability were as follows as of April 30, 2023:
Key Valuation Inputs | |
| |
Expected term (years) | |
| 5.45 | |
Annualized volatility | |
| 81.4 | % |
Volatility if fundamental transaction occurs | |
| 100.00 | % |
Risk-free interest rate | |
| 3.51 | % |
Stock price | |
$ | 4.31 | |
Dividend yield | |
| 0.00 | % |
Exercise price | |
$ | 6.16 | |
Probability of fundamental transaction | |
| 90 | % |
Date of fundamental transaction | |
| 1.00 years to 5.45 years | |
U.S.
GOLD CORP. AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
APRIL
30, 2023
The
following table sets forth a summary of the changes in the fair value of the Level 3 warrant liability for the years ended April 30,
2023 and 2022:
SCHEDULE
OF CHANGES IN FAIR VALUE OF LEVEL THREE WARRANT LIABILITY
| |
Warrant Liability | |
Fair value as of April 30, 2021 | |
$ | — | |
Initial fair value of warrant liability upon issuance | |
| 3,652,000 | |
Change in fair value of warrant liability | |
| (1,212,000 | ) |
Fair value as of April 30, 2022 | |
| 2,440,000 | |
Initial fair value of warrant liability upon issuance | |
| 3,088,500 | |
Change in fair value due to modification of warrants | |
| 262,500 | |
Change in fair value of warrant liability | |
| (1,560,150 | ) |
Fair value as of April 30, 2023 | |
$ | 4,230,850 | |
|
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v3.23.2
STOCKHOLDERS’ EQUITY
|
12 Months Ended |
Apr. 30, 2023 |
Equity [Abstract] |
|
STOCKHOLDERS’ EQUITY |
NOTE
10 — STOCKHOLDERS’ EQUITY
As
of April 30, 2023, authorized capital stock consisted of 200,000,000 shares of common stock, par value $0.001 per share, and 50,000,000
shares of “blank check” preferred stock, par value $0.001 per share, of which 1,300,000 shares are designated as Series A
Convertible Preferred Stock, 400,000 shares are designated as Series B Convertible Preferred Stock, 45,002 shares are designated as Series
C Convertible Preferred Stock, 7,402 shares are designated as Series D Convertible Preferred Stock, 2,500 shares are designated as Series
E Convertible Preferred Stock, 1,250 shares are designated as Series F Preferred Stock, 127 shares are designated as Series G Preferred
Stock, 106,894 shares are designated as Series H Preferred Stock, and 921,666 shares are designated as Series I Preferred Stock. The
Company’s Board has the authority, without further action by the stockholders, to issue shares of preferred stock in one or more
series and to fix the rights, preferences, privileges and restrictions granted to or imposed upon the preferred stock.
There
were no shares of Preferred Stock outstanding as of April 30, 2023 and 2022.
Common
Stock issued for cash
On
February 14, 2022, the Company entered into a securities purchase agreement (the “Securities Purchase Agreement”) with certain
institutional and accredited investors in connection with a registered direct offering of 384,741 shares of the Company’s common
stock at a price of $6.50 per share and warrants to purchase 192,370 shares of the Company’s common stock at an exercise price
of $8.00 per share (the “Registered Offering”). The warrants are exercisable immediately following issuance and will expire
five years from the issuance date. The aggregate gross proceeds of the Registered Offering was $2,500,817 before deduction of legal related
offering expenses of $30,767. The closing of the Registered Offering occurred on February 16, 2022.
On
March 15, 2022, the Company entered into a definitive agreement with a single institutional investor in connection with a registered
direct offering of 625,000 shares of the Company’s common stock at a price of $8.00 per share and warrants to purchase 625,000
shares of the Company’s common stock. The exercise price was $8.60 per share (the “Securities”), resulting in total
gross proceeds of $5 million before the deduction of placement agent fees of $415,000 and legal related offering expenses of $25,399
for a total of $440,399. The warrants were exercisable six months following the date of issuance and were to expire 5 years following
the initial exercise date. The closing of the sale of the Securities occurred on March 18, 2022. Pursuant to ASC 470-20-25, if the warrants
are classified as liability, the proceeds should be allocated first to the warrants based on their fair value (not relative fair value).
The residual should be allocated to the remaining equity instruments.
These
625,000 warrants were recorded as warrant liability as of April 30, 2022 (see Note 9) and was allocated to the proceeds as follows:
SCHEDULE OF WARRANT LIABILITY
| |
| - | |
Net proceeds on March 18, 2022 | |
$ | 4,559,600 | |
Less: | |
| | |
Proceeds allocated to warrant liability | |
| (3,652,000 | ) |
Plus: | |
| | |
Offering cost associated with warrant liability | |
| 190,840 | |
| |
| | |
Net proceeds on March 18, 2022 allocated to equity | |
$ | 1,098,440 | |
U.S.
GOLD CORP. AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
APRIL
30, 2023
Additionally,
on April 10, 2023, the Company agreed to amend, effective as of the closing of a registered offering (see below), these 625,000 warrants
at an exercise price of $8.60 per share and a termination date of September 18, 2027, so that the amended warrants will have a reduced
exercise price of $6.16 per share and a termination date of April 10, 2028. Accordingly, the Company recorded a change in fair value
due to modification of warrants of $262,500 during the year ended April 30, 2023.
On
April 10, 2023, the Company entered into a definitive agreement with a single institutional investor in connection with a registered
direct offering of 870,000 shares of the Company’s common stock at a price of $5.75 per share and warrants to purchase 870,000
shares of the Company’s common stock at an exercise price of $6.16 per share (the “Securities”), resulting in total
gross proceeds of $5,002,500 before the deduction of placement agent fees of $415,175 and legal related offering expenses of $37,115
for a total of $452,290. The warrants are exercisable six months following the date of issuance and will expire 5 years following the
initial exercise date. The closing of the sale of the Securities occurred on April 10, 2023. Pursuant to ASC 470-20-25, if the warrants
are classified as liability, the proceeds should be allocated first to the warrants based on their fair value (not relative fair value).
The residual should be allocated to the remaining equity instruments.
These
870,000 warrants were recorded as warrant liability as of April 30, 2023 (see Note 9) and was allocated to the proceeds as follows:
Net proceeds on April 10, 2023 | |
$ | 4,550,210 | |
Less: | |
| | |
Proceeds allocated to warrant liability | |
| (3,088,500 | ) |
Plus: | |
| | |
Offering cost associated with warrant liability | |
| 279,487 | |
| |
| | |
Net proceeds on April 10, 2023 allocated to equity | |
$ | 1,741,197 | |
Common
Stock Issued, Restricted Stock Awards, and RSU’s Granted for Services
On
June 1, 2021, the Company granted 2,097 Restricted Stock Units (“RSU’s”) to a consultant for consulting services rendered.
The 2,097 RSU’s had a fair value of $25,000 or $11.92 per share of common stock based on the quoted trading price on the date of
grant. The RSU’s fully vested and expensed immediately.
On
June 9, 2021, the Company issued 25,000 shares of common stock to a consultant in connection with an investor relations agreement for
services to be rendered from April 2021 to April 2022. The 25,000 shares of common stock had a fair value of $258,500, or $10.34 per
share, based on the quoted trading price on the date of grant. In connection with this issuance, the Company reduced accrued liabilities
by $14,203 and recognized stock-based consulting of $244,297 during the year ended April 30, 2022.
On
July 19, 2021, the Company granted 15,322 RSU’s to an employee pursuant to his employment agreement. The 15,322 RSU’s had
a fair value of $150,000 or $9.79 per share of common stock based on the quoted trading price on the date of grant. The RSU’s vested
25% on the date of issuance, and the remaining shall vest one-third over a three-year period from the date of issuance.
On
October 20, 2021, the Company issued 1,116 shares of common stock to a former employee in connection with vested RSU’s on the date
of termination of service.
On
October 22, 2021, the Company issued an aggregate of 2,162 shares of common stock to a consultant in connection with a consulting agreement
for services rendered from May 2021 to October 2021. The 2,162 shares of common stock had a fair value of $22,500, or $10.41 per share,
based on the quoted trading price on the date of grants, which was fully vested and expensed immediately.
On
October 22, 2021, the Company issued an aggregate of 2,824 shares of common stock to a consultant in connection with an advisory consulting
agreement for services rendered from April 2021 to September 2021. The 2,824 shares of common stock had a fair value of $30,000, or $10.62
per share, based on the quoted trading price on the date of grants, which was fully vested. In connection with this issuance, the Company
reduced accrued liabilities by $5,000 and recognized stock-based consulting of $25,000 during the year ended April 30, 2022.
U.S.
GOLD CORP. AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
APRIL
30, 2023
On
January 24, 2022, the Company issued an aggregate of 47,108 RSU’s to certain employees of the Company for services rendered. The
47,108 RSU’s had a fair value of $326,475, or $6.93 per share, based on the quoted trading price on the date of grants, which was
fully vested and expensed immediately.
On
January 24, 2022, the Company issued an aggregate of 13,852 RSU’s to the directors of the Company for services rendered. The 13,852
RSU’s had a fair value of $96,000, or $6.93 per share, based on the quoted trading price on the date of grants, which was fully
vested and expensed immediately.
On
January 24, 2022, the Company issued an aggregate of 25,685 RSU’s to certain consultants of the Company for services rendered.
The 25,685 RSU’s had a fair value of $178,000, or $6.93 per share, based on the quoted trading price on the date of grants, which
was fully vested and expensed immediately. One of the consultants is Mr. Karr, the Company’s former Executive Chairman (see Note
8).
On
April 9, 2022, the Company issued 25,000 shares of common stock to a consultant in connection with an investor relations agreement for
services to be rendered from April 2022 to April 2023. The 25,000 shares of common stock had a fair value of $157,000, or $6.28 per share,
based on the quoted trading price on the date of grant. The Company recognized stock-based consulting of $143,917 and $13,083 during
the years ended April 30, 2023 and 2022, respectively.
On
April 22, 2022, the Company issued an aggregate of 2,749 shares of common stock to a consultant in connection with a consulting agreement
for services rendered from November 2021 to April 2022. The 2,749 shares of common stock had a fair value of $22,500, or $8.18 per share,
based on the quoted trading price on the date of grants, which was fully vested and expensed immediately.
On
April 22, 2022, the Company issued an aggregate of 3,708 shares of common stock to a consultant in connection with an advisory consulting
agreement for services rendered from October 2021 to March 2022. The 3,708 shares of common stock had a fair value of $30,000, or $8.09
per share, based on the quoted trading price on the date of grants, which was fully vested and expensed immediately.
On
April 22, 2022, the Company issued an aggregate of 5,814 shares of common stock to a director of the Company pursuant to the January
2022 Agreement (see Note 8). The 5,814 shares had a fair value of $50,000 or $8.60 per share of common stock based on the quoted trading
prices on the date of grant. The Company recognized stock-based consulting of $33,333 and $16,667 during the years ended April 30, 2023
and 2022, respectively.
On
April 25, 2022, the Company issued 5,168 and 7,353 shares of common stock to Edward Karr, former Executive Chairman of the Company, pursuant
to the March 2021 Agreement and the March 2022 Agreement, respectively (see Note 8). The 5,168 shares of common stock had a fair value
of $60,000, or $11.61 per share, based on the quoted trading price on the date of grant. In connection with this issuance, the Company
reduced accrued liabilities by $7,500 and recognized stock-based consulting of $52,500 during the year ended April 30, 2022. The 7,353
shares of common stock had a fair value of $60,000, or $8.16 per share, based on the quoted trading price on the date of grant. The Company
recognized stock-based consulting of $52,500 and $7,500 during the years ended April 30, 2023 and 2022, respectively.
On
April 25, 2022, the Company issued 12,634 shares of common stock to a consultant in connection with a one-year strategic advisory agreement
for services to be rendered from March 10, 2021 to March 10, 2022. The 12,634 shares of common stock had a fair value of $130,000, or
$10.29 per share, based on the quoted trading price on the date of grant. In March 2022, the Company and the consultant mutually agreed
to extend the term of the agreement from March 11, 2022 to March 10, 2023 under the same terms as the initial agreement. On April 25,
2022, the Company issued 14,286 shares of common stock to such consultant for services to be rendered from March 11, 2022 to March 10,
2023. The 14,286 shares of common stock had a fair value of $130,000, or $9.10 per share, based on the quoted trading price on the date
of grant. The Company recognized stock-based consulting of $113,750 and $130,000 during the year ended April 30, 2023 and 2022, respectively
and reduced accrued liabilities by $16,250.
U.S.
GOLD CORP. AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
APRIL
30, 2023
On
November 14, 2022, the Company issued an aggregate of 7,510 shares of common stock to a consultant in connection with an advisory consulting
agreement for services rendered from May 2022 to October 2022 and issued 885 shares of common stock for services rendered in April 2022
for a total of 8,395 shares. The 8,395 shares of common stock had a fair value of $35,000, or $4.17 per share, based on the quoted trading
price on the date of grants, which was fully vested. The Company reduced accrued liabilities by $5,000 in connection with the issuance
of the 885 shares and recognized stock-based consulting of $30,000 in connection with the issuance of the 7,510 shares during the year
ended April 30, 2023.
On
November 14, 2022, the Company issued an aggregate of 5,425 shares of common stock to a consultant in connection with a consulting agreement
for services rendered from May 2022 to October 2022. The 5,425 shares of common stock had a fair value of $22,500, or $4.15 per share,
based on the quoted trading price on the date of grants, which was fully vested and expensed immediately.
On
December 22, 2022, the Company issued 7,927 shares of common stock to a former director in connection with vested RSU’s (see Note
8).
On
March 10, 2023, the Company issued 33,419 shares of common stock to a director of the Company pursuant to the March 2023 Agreement (see
Note 8). The 33,419 shares had a fair value of $130,000 or $3.89 per share of common stock based on the quoted trading price on the date
of grant. The Company recognized stock-based consulting of $5,417 during the year ended April 30, 2023 and recorded prepaid stock-based
expense of $113,750 at April 30, 2023 to be amortized over the term of the agreement.
On
March 10, 2023, the Company issued 15,424 shares of common stock to Edward Karr, former Executive Chairman of the Company, pursuant to
the March 2023 Agreement (see Note 8). The 15,424 shares of common stock had a fair value of $60,000, or $3.89 per share, based on the
quoted trading price on the date of grant. The Company recognized stock-based consulting of $7,500 during the year ended April 30, 2023
and recorded prepaid stock-based expense of $52,500 at April 30, 2023 to be amortized over the term of this agreement.
On
April 4, 2023, the Company issued an aggregate of 5,404 shares of common stock to a consultant in connection with an advisory consulting
agreement for services rendered from November 2022 to March 2023. The 5,404 shares of common stock had a fair value of $25,000, or $4.63
per share, based on the quoted trading price on the date of grants, which was fully vested and expensed immediately.
Total
stock compensation expense for awards issued for services of $738,125
and $1,386,512
was expensed for the years ended April 30, 2023 and 2022, respectively. There are 90,160 unvested restricted stock units with
unvested compensation expense of $661,573
at April 30, 2023 remaining to be expensed over future vesting periods of a weighted average period of 0.68
years. There were 343,315 vested restricted stock units awarded but unissued into
common stock as of April 30, 2023. A total of 433,475 restricted stock units are outstanding, vested and unvested, as of April 30, 2023.
A
summary of the of changes in restricted stock units outstanding during the years ended April 30, 2023 and 2022, is as follows:
SCHEDULE
OF ACTIVITY RESTRICTED STOCK UNITS
| |
Restricted Stock Units | | |
Weighted Average Grant-Date Fair Value Per Share | |
Balance at April 30, 2021 | |
| 346,802 | | |
$ | 10.30 | |
Granted | |
| 104,064 | | |
| 7.45 | |
Vested and converted | |
| (1,116 | ) | |
| 11.21 | |
Forfeited | |
| (8,348 | ) | |
| 12.16 | |
Balance at April 30, 2022 | |
| 441,402 | | |
| 9.57 | |
Vested and converted into common stock | |
| (7,927 | ) | |
| 9.34 | |
Balance at April 30, 2023 | |
| 433,475 | | |
$ | 9.57 | |
Common
Stock issued for exercise of Stock Warrants
In
April 2022, the Company issued 166,667 shares of common stock for the exercise of stock warrants and received proceeds of approximately
$1,000,000.
Equity
Incentive Plan
In
August 2017, the Board approved the Company’s 2017 Plan including the reservation of 165,000 shares of common stock thereunder.
U.S.
GOLD CORP. AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
APRIL
30, 2023
On
August 6, 2019, the Board approved and adopted, subject to stockholder approval, the 2020 Plan. The 2020 Plan initially reserved 330,710
shares for future issuance to officers, directors, employees and contractors as directed from time to time by the Compensation Committee
of the Board. The 2020 Plan was approved by a vote of stockholders at the 2019 annual meeting. With the approval and effectivity of the
2020 Plan, no further grants will be made under the 2017 Plan. On August 31, 2020, the Board approved and adopted, subject to stockholder
approval, an amendment (the “2020 Plan Amendment”) to the 2020 Plan. The 2020 Plan Amendment increased the number of shares
of common stock available for issuance pursuant to awards under the 2020 Plan by an additional 836,385, to a total of 1,167,095 shares
of the Company’s common stock. The 2020 Plan Amendment was approved by the Company’s stockholders on November 9, 2020. On
December 16, 2022 the Company’s stockholders approved another amendment to the 2020 plan increasing the number of shares of common
stock available for issuance pursuant to awards under the 2020 Plan by an additional 1,252,476 shares, to a total of 2,419,571 shares
of the Company’s common stock.
Stock
options
The
following is a summary of the Company’s stock option activity during the years ended April 30, 2023 and 2022:
SCHEDULE
OF STOCK OPTION ACTIVITY
| |
Number of Options | | |
Weighted Average Exercise Price | | |
Weighted Average Remaining Contractual Life (Years) | |
Balance at April 30, 2021 | |
| 95,000 | | |
$ | 14.63 | | |
| 1.57 | |
Granted | |
| 58,060 | | |
| 6.93 | | |
| 5.00 | |
Exercised | |
| — | | |
| — | | |
| — | |
Forfeited | |
| — | | |
| — | | |
| — | |
Cancelled | |
| (5,000 | ) | |
| 13.40 | | |
| — | |
Balance at April 30, 2022 | |
| 148,060 | | |
| 11.65 | | |
| 2.23 | |
Granted | |
| 140,000 | | |
| 5.02 | | |
| 5.00 | |
Exercised | |
| — | | |
| — | | |
| — | |
Forfeited | |
| — | | |
| — | | |
| — | |
Cancelled | |
| (95,310 | ) | |
| 14.27 | | |
| — | |
Balance at April 30, 2023 | |
| 192,750 | | |
| 5.73 | | |
| 4.44 | |
| |
| | | |
| | | |
| | |
Options exercisable at end of year | |
| 179,650 | | |
$ | 5.44 | | |
| | |
Options expected to vest | |
| 13,100 | | |
$ | 6.93 | | |
| | |
Weighted average fair value of options granted during the year | |
| | | |
$ | 3.31 | | |
| | |
At
April 30, 2023 and 2022, the aggregate intrinsic value of options outstanding and exercisable were de minimis for each period.
On
January 24, 2022, the Company granted an aggregate of 26,200 options to purchase the Company’s common stock to certain employees
of the Company. The options have a term of 5 years from the date of grant and are exercisable at an exercise price of $6.93. The options
vest 25% on the date of grant and 25% each next three years from the date of grant.
On
January 24, 2022, the Company granted an aggregate of 21,240 options to purchase the Company’s common stock to the directors of
the Company. The options have a term of 5 years from the date of grant and are exercisable at an exercise price of $6.93. The options
fully vested and was expensed immediately.
On
January 24, 2022, the Company granted an aggregate of 10,620 options to purchase the Company’s common stock to certain consultants
of the Company. The options have a term of 5 years from the date of grant and are exercisable at an exercise price of $6.93. The options
fully vested and was expensed immediately. One of the consultants is Mr. Karr, the Company’s former Executive Chairman (see Note
8).
U.S.
GOLD CORP. AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
APRIL
30, 2023
The
Company used the Black-Scholes model to determine the fair value of stock options granted during the year ended April 30, 2022. In applying
the Black-Scholes option pricing model to options granted, the Company used the following assumptions:
SCHEDULE
OF STOCK OPTION
| |
For the Year Ended April 30, 2022 | |
Risk free interest rate | |
| 1.53 | % |
Dividend yield | |
| 0.00 | % |
Expected volatility | |
| 82 | % |
Contractual and expected term (in years) | |
| 5.0 | |
Forfeiture rate | |
| 0.00 | % |
On
January 12, 2023, the Company granted an aggregate of 48,000 options to purchase the Company’s common stock to certain officers
and employees of the Company. The options have a term of 5 years from the date of grant and are exercisable at an exercise price of $5.02
(see table below for the assumptions used). The options fully vested and was expensed immediately.
On
January 12, 2023, the Company granted an aggregate of 70,000 options to purchase the Company’s common stock to the directors of
the Company. The options have a term of 5 years from the date of grant and are exercisable at an exercise price of $5.02 (see table below
for the assumptions used). The options fully vested and was expensed immediately.
On
January 12, 2023, the Company granted an aggregate of 22,000 options to purchase the Company’s common stock to certain consultants
of the Company. The options have a term of 5 years from the date of grant and are exercisable at an exercise price of $5.02 (see table
below for the assumptions used). The options fully vested and was expensed immediately. One of the consultants is Mr. Karr, the Company’s
former Executive Chairman (see Note 8).
The
Company used the Black-Scholes model to determine the fair value of stock options granted during the year ended April 30, 2023. In applying
the Black-Scholes option pricing model to options granted, the Company used the following assumptions:
| |
For the Year Ended April 30, 2023 | |
Risk free interest rate | |
| 3.53 | % |
Dividend yield | |
| 0.00 | % |
Expected volatility | |
| 80 | % |
Contractual and expected term (in years) | |
| 5.0 | |
Forfeiture rate | |
| 0.00 | % |
Stock-based
compensation for stock options recorded in the consolidated statements of operations totaled $493,008 and $183,475 for the years ended
April 30, 2023 and 2022, respectively. A balance of $49,342 remains to be expensed over future vesting periods related to unvested stock
options issued for services to be expensed over a weighted average period of 1.73 years.
Stock-based
expense for stock options were recorded in the following as reflected in the consolidated statements of operations:
SCHEDULE
OF STOCK-BASED EXPENSE FOR STOCK OPTION
| |
For the Year Ended April 30, 2023 | | |
For the Year Ended April 30, 2022 | |
Compensation and related taxes – general and administrative | |
$ | 188,488 | | |
$ | 39,475 | |
Professional and consulting fees | |
| 304,520 | | |
| 144,000 | |
Total | |
$ | 493,008 | | |
$ | 183,475 | |
U.S.
GOLD CORP. AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
APRIL
30, 2023
Stock
Warrants
The
following is a summary of the Company’s stock warrant activity during the years ended April 30, 2023 and 2022:
SCHEDULE
OF STOCK WARRANT ACTIVITY
| |
Number of Warrants | | |
Weighted Average Exercise Price | | |
Weighted Average Remaining Contractual Life (Years) | |
Warrants with no Class designation: | |
| | | |
| | | |
| | |
Balance at April 30, 2021 | |
| 1,428,794 | | |
$ | 12.00 | | |
| 4.08 | |
Granted | |
| 817,370 | | |
| 8.46 | | |
| 5.39 | |
Exercised | |
| (166,667 | ) | |
| 6.00 | | |
| 3.33 | |
Forfeited | |
| (170,235 | ) | |
| 31.25 | | |
| — | |
Canceled | |
| — | | |
| — | | |
| — | |
Balance at April 30, 2022 | |
| 1,909,262 | | |
| 9.29 | | |
| 4.38 | |
Granted | |
| 870,000 | | |
| 6.16 | | |
| 5.51 | |
Exercised | |
| — | | |
| — | | |
| — | |
Forfeited | |
| — | | |
| — | | |
| — | |
Canceled | |
| — | | |
| — | | |
| — | |
Balance at April 30, 2023 | |
| 2,779,262 | | |
| 7.76 | | |
| 4.27 | |
Class A Warrants: | |
| | | |
| | | |
| | |
Balance at April 30, 2021 | |
| 109,687 | | |
| 11.40 | | |
| 3.22 | |
Granted | |
| — | | |
| — | | |
| — | |
Exercised | |
| — | | |
| — | | |
| — | |
Forfeited | |
| — | | |
| — | | |
| — | |
Canceled | |
| — | | |
| — | | |
| — | |
Balance at April 30, 2022 | |
| 109,687 | | |
| 11.40 | | |
| 2.22 | |
Granted | |
| — | | |
| — | | |
| — | |
Exercised | |
| — | | |
| — | | |
| — | |
Forfeited | |
| — | | |
| — | | |
| — | |
Canceled | |
| — | | |
| — | | |
| — | |
Balance at April 30, 2023 | |
| 109,687 | | |
| 11.40 | | |
| 1.22 | |
Total Warrants Outstanding at April 30, 2023 | |
| 2,888,949 | | |
$ | 7.90 | | |
| 4.15 | |
Warrants exercisable at end of year | |
| 2,018,949 | | |
$ | 8.65 | | |
| | |
Weighted average fair value of warrants granted during the year | |
| | | |
$ | 3.55 | | |
| | |
As
of April 30, 2023 and 2022, the aggregate intrinsic value of warrants outstanding and exercisable were de minimis for each period.
Concurrent
with the sales of common stock on February 14, 2022, the Company issued warrants to purchase 192,370 shares of the Company’s common
stock at an exercise price of $8.00 per share. The warrants are exercisable immediately following issuance and will expire five years
from the issuance date.
Concurrent
with the sale of common stock on March 18, 2022, the Company issued warrants to purchase 625,000 shares of the Company’s common
stock. The exercise price was $8.60 per share. The warrants were exercisable six months following the date of issuance and were to expire
5 years following the initial exercise date. These warrants allow for the potential settlement in cash if certain extraordinary events
are affected by the Company, including a 50% or greater change of control in the Company’s common stock. Such payment in cash shall
be equal to the black-scholes value as defined in the warrant agreement. These 625,000 warrants were recorded as warrant liability as
of April 30, 2023 and 2022 (see Note 9).
U.S.
GOLD CORP. AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
APRIL
30, 2023
Additionally,
on April 10, 2023, the Company agreed to amend, effective as of the closing of a registered offering (see Note 10), the 625,000 warrants
at an exercise price of $8.60 per share and a termination date of September 18, 2027, so that the amended warrants will have a reduced
exercise price of $6.16 per share and a termination date of April 10, 2028.
In
April 2022, the Company issued 166,667 shares of common stock for the exercise of stock warrants and received proceeds of approximately
$1,000,000.
Concurrent
with the sale of common stock on April 10, 2023, the Company issued warrants to purchase 870,000 shares of the Company’s common
stock at an exercise price of $6.16 per share. The warrants are exercisable six months following the date of issuance and will expire
5 years following the initial exercise date. These warrants allow for the potential settlement in cash if certain extraordinary events
are affected by the Company, including a 50% or greater change of control in the Company’s common stock. Such payment in cash shall
be equal to the black-scholes value as defined in the warrant agreement. These 870,000 warrants were recorded as warrant liability as
of April 30, 2023 (see Note 9).
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v3.23.2
NET LOSS PER COMMON SHARE
|
12 Months Ended |
Apr. 30, 2023 |
Earnings Per Share [Abstract] |
|
NET LOSS PER COMMON SHARE |
NOTE
11 — NET LOSS PER COMMON SHARE
Net
loss per share of common stock is calculated in accordance with ASC 260, “Earnings Per Share”. Basic loss per share is computed
by dividing net loss available to common stockholder, by the weighted average number of shares of common stock outstanding during the
period. The following were excluded from the computation of diluted shares outstanding as they would have had an anti-dilutive impact
on the Company’s net loss. In periods where the Company has a net loss, all dilutive securities are excluded.
SCHEDULE
OF ANTIDILUTIVE SECTURITIES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE
| |
April 30, 2023 | | |
April 30, 2022 | |
Common stock equivalents: | |
| | | |
| | |
Restricted stock units | |
| 433,475 | | |
| 441,402 | |
Stock options | |
| 192,750 | | |
| 148,060 | |
Stock warrants | |
| 2,888,949 | | |
| 2,018,949 | |
Total | |
| 3,515,174 | | |
| 2,608,411 | |
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- DefinitionThe entire disclosure for earnings per share.
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v3.23.2
COMMITMENTS AND CONTINGENCIES
|
12 Months Ended |
Apr. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
COMMITMENTS AND CONTINGENCIES |
NOTE
12 — COMMITMENTS AND CONTINGENCIES
Mining
Leases
The
CK Gold property position consists of two State of Wyoming Metallic and Non-metallic Rocks and Minerals Mining Leases. These leases were
assigned to the Company in July 2014 through the acquisition of the CK Gold Project. Leases to explore for or use of natural resources
are outside the scope of ASU 2016-02 “Leases”.
The
Company’s rights to the CK Gold Project arise under two State of Wyoming mineral leases; 1) State of Wyoming Mining Lease No. 0-40828,
consisting of 640 acres, and 2) State of Wyoming Mining Lease No. 0-40858 consisting of 480 acres.
Lease
0-40828 was renewed in February 2023 for a third ten-year term and Lease 0-40858 was renewed for its second ten-year term in February
2014. Lease 0-40828 requires an annual payment of $3.00 per acre starting with the year ending February 2024 and Lease 0-40858 requires
an annual payment of $2.00 per acre through February 2024. If Lease 0-40858 is renewed for another ten-year term the annual payment will
increase to $3.00 per acre.
In
connection with the Wyoming Mining Leases, production royalties of 2.1% of net receipts are required to be paid to the State of Wyoming,
although once the project is in operation, the Board of Land Commissioners has the authority to reduce the royalty payable to the State
of Wyoming.
U.S.
GOLD CORP. AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
APRIL
30, 2023
The
future minimum lease payments at April 30, 2023 under these mining leases are as follows, each payment to be made in the fourth quarter
of the respective fiscal years:
SCHEDULE
OF FUTURE MINIMUM LEASE PAYMENTS
| |
| | |
Fiscal 2024 | |
$ | 2,880 | |
Fiscal 2025 | |
| 1,920 | |
Fiscal 2026 | |
| 1,920 | |
Fiscal 2027 | |
| 1,920 | |
Fiscal 2028 | |
| 1,920 | |
Fiscal 2029 and thereafter | |
| 9,600 | |
Total | |
$ | 20,160 | |
The
Company may renew each lease for a fourth ten-year term, which will require annual payments of $4.00 per acre.
NPRC
option:
Pursuant
to the Merger, the Company acquired from NPRC a mineral property called Challis Gold located in Idaho pursuant to an option agreement
dated in February 2020 which was later amended in June 2020. The Company satisfied the minimum royalty payment of $25,000 for fiscal
2022 and 2023.
The
annual advance minimum royalty payments at April 30, 2023 under the option agreement are as follows, each payment to be made on the first
anniversary of the effective date of this option agreement and continuing until the tenth anniversary:
SCHEDULE
OF ADVANCE MINIMUM ROYALTY PAYMENTS
| |
| | |
Fiscal 2024 | |
$ | 25,000 | |
Fiscal 2025 | |
| 25,000 | |
Fiscal 2026 | |
| 25,000 | |
Fiscal 2027 | |
| 25,000 | |
Fiscal 2028 | |
| 25,000 | |
Fiscal 2029 and thereafter | |
| 75,000 | |
Total | |
$ | 200,000 | |
100%
of the advance minimum royalty payments will be applied to the royalty credits.
Exploration
Access and Option to Lease Agreement
On
August 25, 2021 (“Effective Date”), the Company entered into an Exploration Access and Option to Lease Agreement (the “Agreement”)
with a private-party landowner (the “Landowner”) whereby the Landowner granted the Company an option (the “Option”)
to lease and right of way on a property located in Laramie County, Wyoming. The Company may exercise the Option for five years (“Option
Term”) from the Effective Date. During the Option, the Landowner granted non-exclusive rights (the “Exploration Access Rights”)
to the Company to use the surface of the property for an annual exploration and access right payment of $10,000, thirty days after the
effective date and each year on the anniversary of the Effective Date during the Option Term until such time the Option is exercised
or expires. The Company is also required to pay an annual Option payment of $35,780 for the lease and $6,560 for the right of way within
thirty days after the Effective Date and each year on the anniversary of the Effective Date during the Option Term until such time the
Option is exercise by the Company or expires. The Company paid a total of $42,340 for each of the period on September 1, 2021 and September
1, 2022 pursuant to this Agreement.
At
any time during the Option Term, the Company may exercise the Option by providing a written notice to the Landowner and the Company shall
pay a one-time right of way payment of $26,240 at closing and shall execute a lease agreement. The exclusive option to lease (the “Lease”)
and right of way (the “Right of Way”) is for a term of ten years with the right to extend for an additional ten years and
requires an annual lease payment of $50,000, compensation for loss of grazing of $40.00 per acre impacted land and annual Right of Way
payments of $13,120.
U.S.
GOLD CORP. AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
APRIL
30, 2023
In
consideration for the option rights, lease rights and right of way rights under this Agreement, the Company agreed to grant the Landowner
shares of the Company’s common stock worth $50,000, which shares will not vest, or be issued, until the Company executes the Lease.
Currently, the Company has not executed the Lease.
At
any time during the Option Term, the Company may terminate this Agreement by providing a written notice to the Landowner. Upon termination,
the Landowner is entitled to retain any payments already made and the Company shall have no further obligation after the date of termination.
The Agreement, including the Option and the Exploration Access Rights, may be extended for a period of five years upon written notice
from the Company. In the absence of such notice, the Agreement shall automatically terminate at the end of the Option Term. Currently,
the Company has not exercised the Option.
Legal
Matters
From
time to time the Company may be involved in claims and legal actions that arise in the ordinary course of business. To the Company’s
knowledge, there are no material pending legal proceedings to which the Company is a party or of which any of the Company’s property
is the subject.
|
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- DefinitionThe entire disclosure for commitments and contingencies.
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v3.23.2
INCOME TAX
|
12 Months Ended |
Apr. 30, 2023 |
Income Tax Disclosure [Abstract] |
|
INCOME TAX |
NOTE
13 — INCOME TAX
The
deferred tax assets and deferred tax liabilities are summarized as follows (approximately):
SCHEDULE OF NET DEFERRED TAX ASSET AND LIABILITIES
| |
April 30, 2023 | | |
April 30, 2022 | |
| |
| | |
(Revised)
| |
Deferred tax assets: | |
| | | |
| | |
Net operating loss carryover | |
$ | 11,599,000 | | |
$ | 9,970,000 | |
Stock-based compensation | |
| 866,000 | | |
| 2,234,000 | |
Accrued remediation costs | |
| 35,000 | | |
| 11,000 | |
Other | |
| 7,000 | | |
| — | |
Subtotal | |
| 12,507,000 | | |
| 12,215,000 | |
Less: valuation allowance | |
| (10,774,000 | ) | |
| (10,493,000 | ) |
Total deferred tax assets | |
$ | 1,733,000 | | |
$ | 1,722,000 | |
Deferred tax liabilities: | |
April 30, 2023 | | |
April 30, 2022 | |
| |
| | |
(Revised)
| |
Acquired mineral rights in excess of tax basis in a tax-free merger | |
$ | (2,152,000 | ) | |
$ | (2,152,000 | ) |
Other | |
| (11,000 | ) | |
| — | |
Total deferred tax liabilities | |
$ | (2,163,000 | ) | |
$ | (2,152,000 | ) |
Net deferred tax assets (liabilities) | |
$ | (430,000 | ) | |
$ | (430,000 | ) |
The
Company has a net operating loss carryforward for federal tax purposes totaling approximately $55.2 million at April 30, 2023. Approximately
$12.9 million expires between the years 2024 and 2038, with approximately $42.3 million net operating losses incurred after December
31, 2017 that do not expire and can be utilized to offset up to 80% of future taxable income. As of April 30, 2023, the Company has identified
certain adjustments that are required to past tax return filings, including those related to capitalized exploration expenses and share-based
compensation. These adjustments will be made to the Company’s net operating loss carryforward in the federal tax return for the
year ended April 30, 2023. These adjustments are already reflected in the carryforward amounts disclosed above. The Company does not
have any state net operating loss carryforwards. The Company primarily operates in the states of Wyoming and Nevada which do not impose
a corporate income tax. Any minor apportionment that may occur to any other taxable state will be immaterial to current and future operations
of the Company. Therefore, the effective state tax rate used in the calculation of the Company’s deferred tax is 0%.
U.S.
GOLD CORP. AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
APRIL
30, 2023
On
August 10, 2020, the Company acquired mineral rights totaling $10,249,632 (see Note 4 – Mineral Rights) in a tax-free reorganization
pursuant to IRC Section 368. The Company recorded the assets at fair value for financial reporting purposes and retained the seller’s
tax basis which was zero resulting in a deferred tax liability on the business combination date. As required by ASC 740, the Company
has recognized the deferred tax impact of acquiring the mineral rights asset in this transaction, with the amount paid exceeding the
tax basis of the asset on the acquisition date. A portion of the deferred tax liability is offset by deferred tax assets recognized by
the Company. The remaining portion of the deferred tax liability is not offset by deferred tax assets due to the indefinite life of the
mineral rights. As of April 30, 2023, the Company’s remaining net deferred tax assets have been offset with a full valuation allowance
as management is unable to conclude that it is not more-likely-than-not that the deferred tax assets will expire unrealized.
The
differences between the provision (benefit) for federal income taxes and federal income taxes computed using the U.S. statutory tax
rate of 21%
were as follows (approximately):
SCHEDULE OF EFFECTIVE TAX RATE
| |
Year Ended April 30, | |
| |
2023 | | |
| | |
2022 | | |
| |
| |
| | |
| | |
(Revised) | | |
| |
Federal income tax provision (benefit) based on statutory rate | |
$ | (1,599,000 | ) | |
| 21.0 | % | |
$ | (2,925,000 | ) | |
| 21.0 | % |
State income tax provision (benefit), net of federal taxes | |
| — | | |
| — | % | |
| — | | |
| — | % |
Change in fair value of warrant liabilities | |
| (273,000 | ) | |
| 3.6 | % | |
| — | | |
| — | % |
Change in prior year estimate | |
| (255,000 | ) | |
| 3.4 | % | |
| 717,000 | | |
| (0.3 | )% |
Prior year deferred tax adjustment | |
| 1,804,000 | | |
| (23.7 | )% | |
| — | | |
| — | % |
Other nondeductible expenses | |
| 42,000 | | |
| (0.6 | )% | |
| — | | |
| — | % |
Increase (decrease) in valuation allowance | |
| 281,000 | | |
| (3.7 | )% | |
| 2,208,000 | | |
| (20.7 | )% |
Total tax provision (benefit) on income (loss) | |
$ | — | | |
| — | % | |
$ | — | | |
| — | % |
The
Company has assessed its tax positions and has determined that it has not taken a position that would give rise to an unrecognized tax
liability being reported. In the event that the Company is assessed penalties and/or interest, penalties will be charged to other operating
expenses and interest will be charged to interest expense.
The
Company operates exclusively in the United States and in various state jurisdictions, primarily the states of Wyoming and Nevada. For
both federal and state income tax purposes, the Company’s fiscal 2020 through 2023 tax years remain open for examination by the
tax authorities under the general three-year statute of limitations. However, due to the Company’s federal net operating loss carryforward,
the Internal Revenue Service has the ability to adjust this carryforward even if the losses were incurred in years that would otherwise
be closed under the statute of limitations.
|
X |
- DefinitionThe entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
12 Months Ended |
Apr. 30, 2023 |
Accounting Policies [Abstract] |
|
Basis of presentation and principles of consolidation |
Basis
of presentation and principles of consolidation
The
accompanying consolidated financial statements have been prepared by the Company in accordance with accounting principles generally accepted
in the United States of America (“U.S. GAAP”), the instructions to Form 10-K, and the rules and regulations of the United
States Securities and Exchange Commission (the “SEC”) for financial information, which includes the consolidated financial
statements and presents the consolidated financial statements of the Company and its wholly-owned subsidiaries as of April 30, 2023.
All intercompany transactions and balances have been eliminated. It is management’s opinion that all material adjustments (consisting
of normal recurring adjustments) have been made, which are necessary for a fair financial statement presentation.
|
Use of Estimates and Assumptions |
Use
of Estimates and Assumptions
In
preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts
of assets and liabilities as of the date of the consolidated balance sheet, and revenues and expenses for the period then ended. Actual
results may differ significantly from those estimates. Significant estimates made by management include, but are not limited to, valuation
of mineral rights, stock-based compensation, the fair value of common stock, valuation of warrant liability, asset retirement
obligations and the valuation of deferred tax assets and liabilities.
|
Revision of Financial Statements |
Revision
of Financial Statements
During
the fiscal year 2021, the Company determined that it had not appropriately recorded a deferred tax liability related to the acquisition
of mineral rights in August 2020. This resulted in an understatement of deferred tax liability and a corresponding understatement of
provision for income taxes during fiscal year 2021. Based on an analysis of Accounting Standards Codification ASC 250 – “Accounting
Changes and Error Corrections” (“ASC 250”), Staff Accounting Bulletin 99 – “Materiality” and Staff
Accounting Bulletin 108 – “Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current
Year Financial Statements”, the Company determined that these errors were immaterial to the previously issued consolidated financial
statements, and as such no restatement was necessary. Correcting prior period financial statements for immaterial errors would not require
previously filed reports to be amended. There was no effect on the statements of cash flows, statements of operations, and net loss for
the year ended April 30, 2022.
U.S.
GOLD CORP. AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
APRIL
30, 2023
The
effect of this revision on the line items within the Company’s consolidated statements of changes in stockholders’ equity as of April 30, 2021, was as follows:
SCHEDULE
OF REVISION OF FINANCIAL STATEMENT
| |
April 30, 2021 As Previously Reported | | |
Revision | | |
As Revised | |
Accumulated Deficit | |
| (43,975,046 | ) | |
| (430,486 | ) | |
| (44,405,532 | ) |
Total Stockholders’ Equity | |
$ | 30,499,705 | | |
$ | (430,486 | ) | |
$ | 30,069,219 | |
The
effect of this revision on the line items within the Company’s consolidated balance sheet and statements of changes in
stockholders’ equity as of April 30, 2022, was as follows:
| |
April 30, 2022 As Previously Reported | | |
Revision | | |
As Revised | |
Deferred Tax Liability | |
$ | - | | |
$ | 430,486 | | |
$ | 430,486 | |
Total Long-term Liability | |
| 2,708,930 | | |
| 430,486 | | |
| 3,139,416 | |
Total Liabilities | |
| 3,844,965 | | |
| 430,486 | | |
| 4,275,451 | |
Accumulated Deficit | |
| (57,905,928 | ) | |
| (430,486 | ) | |
| (58,336,414 | ) |
Total Stockholders’ Equity | |
$ | 23,657,801 | | |
$ | (430,486 | ) | |
$ | 23,227,315 | |
Fair
Value Measurements
The
Company has adopted Accounting Standards Codification (“ASC”) 820, “Fair Value Measurements and Disclosures”
(“ASC 820”), for assets and liabilities measured at fair value on a recurring basis. ASC 820 establishes a common definition
for fair value to be applied in accordance with U.S. GAAP, which requires the use of fair value measurements, establishes a framework
for measuring fair value and expands disclosure about such fair value measurements.
ASC
820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date. Additionally, ASC 820 requires the use of valuation techniques that maximize the
use of observable inputs and minimize the use of unobservable inputs.
U.S.
GOLD CORP. AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
APRIL
30, 2023
These
inputs are prioritized below:
Level
1: |
Observable
inputs such as quoted market prices in active markets for identical assets or liabilities. |
Level
2: |
Observable
market-based inputs or unobservable inputs that are corroborated by market data. |
Level
3: |
Unobservable
inputs for which there is little or no market data, which require the use of the reporting entity’s own assumptions. |
The
Company analyzes all financial instruments with features of both liabilities and equity under the Financial Accounting Standard Board’s
(“FASB”) accounting standard for such instruments. Under this standard, financial assets and liabilities are classified in
their entirety based on the lowest level of input that is significant to the fair value measurement.
The
Company’s warrant liability for warrants issued in the definitive agreements (see Note 9) was estimated using a Monte Carlo simulation
model using Level 3 inputs.
Cash
and Cash Equivalents
Cash
equivalents are comprised of certain highly liquid instruments with a maturity of three months or less when purchased. The Company did
not have any cash equivalents on hand at April 30, 2023 and 2022. The Company places its cash with high credit quality financial institutions.
The Company’s accounts at these institutions are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to
$250,000. To reduce its risk associated with the failure of such financial institutions, the Company evaluates, at least annually, the
rating of the financial institutions in which it holds deposits. At April 30, 2023 and 2022, the Company had bank balances exceeding
the FDIC insurance limit on interest bearing accounts.
Prepaid
expenses and other current assets
Prepaid
expenses and other current assets of $610,140 and $787,902 at April 30, 2023 and 2022, respectively, consist primarily of costs paid
for future services which will occur within a year. Prepaid expenses principally include prepayments in cash and equity instruments for
consulting, public relations, business advisory services, insurance premiums, mining claim fees, easement fees, options fees, and mineral
lease fees which are being amortized over the terms of their respective agreements.
Property
Property
is carried at cost. The cost of repairs and maintenance is expensed as incurred; major replacements and improvements are capitalized.
When assets are retired or disposed of, the cost and accumulated depreciation are removed from the accounts, and any resulting gains
or losses are included in income in the year of disposition. Depreciation is calculated on a straight-line basis over the estimated useful
life of the assets, generally three to five years.
Impairment
of long-lived assets
The
Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the
assets may not be fully recoverable, or at least annually. The Company recognizes an impairment loss when the sum of expected undiscounted
future cash flows is less than the carrying amount of the asset. The amount of impairment is measured as the difference between the asset’s
estimated fair value and its book value. The Company did not recognize any impairment during the years ended April 30, 2023 and 2022.
Mineral
Rights
Costs
of leasing, exploring, carrying and retaining unproven mineral lease properties are expensed as incurred. The Company expenses all mineral
exploration costs as incurred. Where the Company has identified proven and probable mineral reserves on any of its properties, development
costs will be capitalized when all the following criteria have been met, a) the Company receives the requisite operating permits, b)
completion of a favorable Feasibility Study and c) approval from the Board of director’s authorizing the development of the ore
body. Until such time all these criteria have been met the Company records pre-development costs to expense as incurred.
U.S.
GOLD CORP. AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
APRIL
30, 2023
When
a property reaches the production stage, the related capitalized costs will be amortized on a units-of-production basis over the proven
and probable reserves following the commencement of production. The Company assesses the carrying costs of the capitalized mineral properties
for impairment under ASC 360-10, “Impairment of Long-Lived Assets”, and evaluates its carrying value under ASC 930-360, “Extractive
Activities—Mining”, annually. An impairment is recognized when the sum of the expected undiscounted future cash flows is
less than the carrying amount of the mineral properties. Impairment losses, if any, are measured as the excess of the carrying amount
of the mineral properties over its estimated fair value.
To
date, the Company has expensed all exploration and pre-development costs as none of its properties have satisfied the criteria above
for capitalization.
ASC
930-805, “Extractive Activities—Mining: Business Combinations” (“ASC 930-805”), states that mineral rights
consist of the legal right to explore, extract, and retain at least a portion of the benefits from mineral deposits. Mining assets include
mineral rights.
Acquired
mineral rights are considered tangible assets under ASC 930-805. ASC 930-805 requires that mineral rights be recognized at fair value
as of the acquisition date. As a result, the direct costs to acquire mineral rights are initially capitalized as tangible assets. Mineral
rights include costs associated with acquiring patented and unpatented mining claims.
ASC
930-805 provides that in measuring the fair value of mineral assets, an acquirer should take into account both:
●
The value beyond proven and probable reserves (“VBPP”) to the extent that a market participant would include VBPP in determining
the fair value of the assets.
●
The effects of anticipated fluctuations in the future market price of minerals in a manner that is consistent with the expectations of
market participants.
Leases
to explore for or use of natural resources are outside the scope of ASC 842, “Leases”.
Share-Based
Compensation
Share-based
compensation is accounted for based on the requirements of ASC 718, “Compensation—Stock Compensation” (“ASC 718”),
which requires recognition in the financial statements of the cost of employee and director services received in exchange for an award
of equity instruments over the period the employee or director is required to perform the services in exchange for the award (presumptively,
the vesting period). ASC 718 also requires measurement of the cost of employee and director services received in exchange for an award
based on the grant-date fair value of the award.
Accounting
for Warrants
Warrants
are accounted for in accordance with the applicable accounting guidance provided in ASC 815, “Derivatives and Hedging” (“ASC
815”) as either derivative liabilities or as equity instruments, depending on the specific terms of the agreements. The Company
classifies as equity any contracts that (i) require physical settlement or net-share settlement or (ii) give the Company a choice of
net-cash settlement or settlement in its own shares (physical settlement or net-share settlement). The Company classifies as assets or
liabilities any contracts that (i) require net-cash settlement (including a requirement to net-cash settle the contract if an event occurs
and if that event is outside the control of the Company) or (ii) give the counterparty a choice of net-cash settlement or settlement
in shares (physical settlement or net-share settlement). Instruments that are classified as liabilities are recorded at fair value at
each reporting period, with any change in fair value recognized as a component of change in fair value of derivative liabilities in the
consolidated statements of operations.
U.S.
GOLD CORP. AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
APRIL
30, 2023
The
Company assessed the classification of its outstanding common stock purchase warrants as of the date of issuance and determined that
such instruments, except for the warrants discussed under Warrant Liability below, met the criteria for equity classification under the
guidance in ASU 2017-11 “Earnings Per Share (Topic 260); Distinguishing Liabilities from Equity (Topic 480); Derivatives and Hedging
(Topic 815): (Part I) Accounting for Certain Financial Instruments with Down Round Feature”. The Company has no outstanding warrants
that contain a “down round” feature under Topic 815 of ASU 2017-11.
Warrant
Liability
The
Company accounts for the 625,000 warrants and 870,000 warrants issued in March 2022 and April 2023, respectively, in accordance with
the guidance contained in ASC 815 “Derivatives and Hedging” whereby under that provision these warrants do not meet the criteria
for equity treatment and must be recorded as a liability (see Note 9). Accordingly, the Company classifies these warrant instruments
as liabilities at fair value and adjusts the instruments to fair value at each reporting period. This liability is re-measured at each
balance sheet date until the warrants are exercised or expire, and any change in fair value will be recognized in the Company’s
statement of operations. The fair value of these warrants are estimated using a Monte Carlo simulation model. Such warrant classification
is also subject to re-evaluation at each reporting period.
Offering
Costs
Offering
costs incurred consisted of legal, placement agent fees and other costs that were directly related to registered direct offerings. Offering
costs were allocated to the separable financial instruments issued in the registered direct offering based on the same proportion as
the proceeds were allocated to the warrants and equity. Offering costs associated with warrant liabilities are expensed as incurred,
presented as offering costs related to warrant liability in the consolidated statements of operations. Offering costs associated with
the sale of common shares were charged against equity.
Remediation
and Asset Retirement Obligation
Asset
retirement obligations (“ARO”), consisting primarily of estimated reclamation costs at the Company’s CK Gold, Keystone
and Maggie Creek properties, are recognized in the period incurred and when a reasonable estimate can be made, and recorded as liabilities
at fair value. Such obligations, which are initially estimated based on discounted cash flow estimates, are accreted to full value over
time through charges to accretion expense. Corresponding asset retirement costs are capitalized as part of the carrying amount of the
related long-lived asset and depreciated over the asset’s remaining useful life. AROs are periodically adjusted to reflect changes
in the estimated present value resulting from revisions to the estimated timing or amount of reclamation and closure costs. The Company
reviews and evaluates its AROs annually or more frequently at interim periods if deemed necessary.
Foreign
Currency Transactions
The
reporting and functional currency of the Company is the U.S. dollar. Transactions denominated in foreign currencies are translated into
the functional currency at the exchange rates prevailing on the transaction dates. Assets and liabilities denominated in foreign currencies
are translated into the functional currency at the exchange rates prevailing at the balance sheet date with any transaction gains and
losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency included
in the results of operations as incurred. Translation adjustments, and transaction gains or losses, have not had, and are not expected
to have, a material effect on the results of operations of the Company and are included in general and administrative expenses.
Leases
The
Company accounts for leases in accordance with ASC Topic 842, Leases. Operating lease right of use assets (“ROU”) represent
the right to use the leased asset for the lease term and operating lease liabilities are recognized based on the present value of the
future minimum lease payments over the lease term at commencement date. As most leases do not provide an implicit rate, the Company uses
an incremental borrowing rate based on the information available at the adoption date in determining the present value of future payments.
Upon the election by the Company to extend the lease for additional years, that election will be treated as a lease modification and
the lease will be reviewed for re-measurement. Lease expense for minimum lease payments is amortized on a straight-line basis over the
lease term and is included in general and administrative expenses in the statements of operations.
U.S.
GOLD CORP. AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
APRIL
30, 2023
Income
Taxes
The
Company accounts for income taxes pursuant to the provision of ASC 740, “Accounting for Income Taxes” (“ASC 740”),
which requires, among other things, an asset and liability approach to calculating deferred income taxes. The asset and liability approach
requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between
the carrying amounts and the tax bases of assets and liabilities. A valuation allowance is provided to offset any net deferred tax assets
for which management believes it is more likely than not that the net deferred asset will not be realized.
The
Company follows the provision of ASC 740-10, “Accounting for Uncertain Income Tax Positions” (“ASC 740-10”).
When tax returns are filed, there may be uncertainty about the merits of positions taken or the amount of the position that would be
ultimately sustained. In accordance with the guidance of ASC 740-10, the benefit of a tax position is recognized in the financial statements
in the period during which, based on all available evidence, management believes it is more likely than not that the position will be
sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or
aggregated with other positions.
Tax
positions that meet the more likely than not recognition threshold are measured at the largest amount of tax benefit that is more than
50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefit associated with
tax positions taken that exceed the amount measured as described above should be reflected as a liability for uncertain tax benefits
in the accompanying balance sheet along with any associated interest and penalties that would be payable to the taxing authorities upon
examination. The Company believes its tax positions are all more likely than not to be upheld upon examination. As such, the Company
has not recorded a liability for uncertain tax benefits or for any related interest and penalties. In the event that the Company is assessed
penalties and/or interest, penalties will be charged to other operating expense and interest will be charged to interest expense.
The
Company follows ASC 740-10-25, “Definition of Settlement”, which provides guidance on how an entity should determine
whether a tax position is effectively settled for the purpose of recognizing previously unrecognized tax benefits and provides that a
tax position can be effectively settled upon the completion and examination by a taxing authority without being legally extinguished.
For tax positions considered effectively settled, an entity would recognize the full amount of tax benefit, even if the tax position
is not considered more likely than not to be sustained based solely on the basis of its technical merits and the statute of limitations
remains open. The federal and state income tax returns of the Company are subject to examination by the Internal Revenue Service and
state taxing authorities, generally for three years after they are filed.
Recent
Accounting Pronouncements
Accounting
standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material
effect on the financial statements upon adoption. The Company does not discuss recent pronouncements that are not anticipated to have
an effect on or are unrelated to its financial condition, results of operations, cash flows or disclosures.
U.S.
GOLD CORP. AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
APRIL
30, 2023
In
June 2022, FASB issued ASU 2022-03, Fair Value Measurement (Topic 820) (“ASU 2022-03”). The amendments in ASU 2022-03 clarify
that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security
and, therefore, is not considered in measuring fair value. The amendments also clarify that an entity cannot, as a separate unit of account,
recognize and measure a contractual sale restriction. The amendments in this Update also require additional disclosures for equity securities
subject to contractual sale restrictions. The provisions in this Update are effective for fiscal years beginning after December 15, 2024.
Early adoption is permitted. The Company does not expect to early adopt this ASU. The Company does not expect the adoption of this standard
to have a significant impact on its consolidated financial statements.
On
January 1, 2023, the Company adopted FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326) (“ASU
2016-13”), which requires the immediate recognition of management’s estimates of current and expected credit losses. Adoption
of this standard did not have a material impact on the Company’s consolidated financial statements or disclosures.
|
Fair Value Measurements |
Fair
Value Measurements
The
Company has adopted Accounting Standards Codification (“ASC”) 820, “Fair Value Measurements and Disclosures”
(“ASC 820”), for assets and liabilities measured at fair value on a recurring basis. ASC 820 establishes a common definition
for fair value to be applied in accordance with U.S. GAAP, which requires the use of fair value measurements, establishes a framework
for measuring fair value and expands disclosure about such fair value measurements.
ASC
820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date. Additionally, ASC 820 requires the use of valuation techniques that maximize the
use of observable inputs and minimize the use of unobservable inputs.
U.S.
GOLD CORP. AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
APRIL
30, 2023
These
inputs are prioritized below:
Level
1: |
Observable
inputs such as quoted market prices in active markets for identical assets or liabilities. |
Level
2: |
Observable
market-based inputs or unobservable inputs that are corroborated by market data. |
Level
3: |
Unobservable
inputs for which there is little or no market data, which require the use of the reporting entity’s own assumptions. |
The
Company analyzes all financial instruments with features of both liabilities and equity under the Financial Accounting Standard Board’s
(“FASB”) accounting standard for such instruments. Under this standard, financial assets and liabilities are classified in
their entirety based on the lowest level of input that is significant to the fair value measurement.
The
Company’s warrant liability for warrants issued in the definitive agreements (see Note 9) was estimated using a Monte Carlo simulation
model using Level 3 inputs.
|
Cash and Cash Equivalents |
Cash
and Cash Equivalents
Cash
equivalents are comprised of certain highly liquid instruments with a maturity of three months or less when purchased. The Company did
not have any cash equivalents on hand at April 30, 2023 and 2022. The Company places its cash with high credit quality financial institutions.
The Company’s accounts at these institutions are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to
$250,000. To reduce its risk associated with the failure of such financial institutions, the Company evaluates, at least annually, the
rating of the financial institutions in which it holds deposits. At April 30, 2023 and 2022, the Company had bank balances exceeding
the FDIC insurance limit on interest bearing accounts.
|
Prepaid expenses and other current assets |
Prepaid
expenses and other current assets
Prepaid
expenses and other current assets of $610,140 and $787,902 at April 30, 2023 and 2022, respectively, consist primarily of costs paid
for future services which will occur within a year. Prepaid expenses principally include prepayments in cash and equity instruments for
consulting, public relations, business advisory services, insurance premiums, mining claim fees, easement fees, options fees, and mineral
lease fees which are being amortized over the terms of their respective agreements.
|
Property |
Property
Property
is carried at cost. The cost of repairs and maintenance is expensed as incurred; major replacements and improvements are capitalized.
When assets are retired or disposed of, the cost and accumulated depreciation are removed from the accounts, and any resulting gains
or losses are included in income in the year of disposition. Depreciation is calculated on a straight-line basis over the estimated useful
life of the assets, generally three to five years.
|
Impairment of long-lived assets |
Impairment
of long-lived assets
The
Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the
assets may not be fully recoverable, or at least annually. The Company recognizes an impairment loss when the sum of expected undiscounted
future cash flows is less than the carrying amount of the asset. The amount of impairment is measured as the difference between the asset’s
estimated fair value and its book value. The Company did not recognize any impairment during the years ended April 30, 2023 and 2022.
|
Mineral Rights |
Mineral
Rights
Costs
of leasing, exploring, carrying and retaining unproven mineral lease properties are expensed as incurred. The Company expenses all mineral
exploration costs as incurred. Where the Company has identified proven and probable mineral reserves on any of its properties, development
costs will be capitalized when all the following criteria have been met, a) the Company receives the requisite operating permits, b)
completion of a favorable Feasibility Study and c) approval from the Board of director’s authorizing the development of the ore
body. Until such time all these criteria have been met the Company records pre-development costs to expense as incurred.
U.S.
GOLD CORP. AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
APRIL
30, 2023
When
a property reaches the production stage, the related capitalized costs will be amortized on a units-of-production basis over the proven
and probable reserves following the commencement of production. The Company assesses the carrying costs of the capitalized mineral properties
for impairment under ASC 360-10, “Impairment of Long-Lived Assets”, and evaluates its carrying value under ASC 930-360, “Extractive
Activities—Mining”, annually. An impairment is recognized when the sum of the expected undiscounted future cash flows is
less than the carrying amount of the mineral properties. Impairment losses, if any, are measured as the excess of the carrying amount
of the mineral properties over its estimated fair value.
To
date, the Company has expensed all exploration and pre-development costs as none of its properties have satisfied the criteria above
for capitalization.
ASC
930-805, “Extractive Activities—Mining: Business Combinations” (“ASC 930-805”), states that mineral rights
consist of the legal right to explore, extract, and retain at least a portion of the benefits from mineral deposits. Mining assets include
mineral rights.
Acquired
mineral rights are considered tangible assets under ASC 930-805. ASC 930-805 requires that mineral rights be recognized at fair value
as of the acquisition date. As a result, the direct costs to acquire mineral rights are initially capitalized as tangible assets. Mineral
rights include costs associated with acquiring patented and unpatented mining claims.
ASC
930-805 provides that in measuring the fair value of mineral assets, an acquirer should take into account both:
●
The value beyond proven and probable reserves (“VBPP”) to the extent that a market participant would include VBPP in determining
the fair value of the assets.
●
The effects of anticipated fluctuations in the future market price of minerals in a manner that is consistent with the expectations of
market participants.
Leases
to explore for or use of natural resources are outside the scope of ASC 842, “Leases”.
|
Share-Based Compensation |
Share-Based
Compensation
Share-based
compensation is accounted for based on the requirements of ASC 718, “Compensation—Stock Compensation” (“ASC 718”),
which requires recognition in the financial statements of the cost of employee and director services received in exchange for an award
of equity instruments over the period the employee or director is required to perform the services in exchange for the award (presumptively,
the vesting period). ASC 718 also requires measurement of the cost of employee and director services received in exchange for an award
based on the grant-date fair value of the award.
|
Accounting for Warrants |
Accounting
for Warrants
Warrants
are accounted for in accordance with the applicable accounting guidance provided in ASC 815, “Derivatives and Hedging” (“ASC
815”) as either derivative liabilities or as equity instruments, depending on the specific terms of the agreements. The Company
classifies as equity any contracts that (i) require physical settlement or net-share settlement or (ii) give the Company a choice of
net-cash settlement or settlement in its own shares (physical settlement or net-share settlement). The Company classifies as assets or
liabilities any contracts that (i) require net-cash settlement (including a requirement to net-cash settle the contract if an event occurs
and if that event is outside the control of the Company) or (ii) give the counterparty a choice of net-cash settlement or settlement
in shares (physical settlement or net-share settlement). Instruments that are classified as liabilities are recorded at fair value at
each reporting period, with any change in fair value recognized as a component of change in fair value of derivative liabilities in the
consolidated statements of operations.
U.S.
GOLD CORP. AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
APRIL
30, 2023
The
Company assessed the classification of its outstanding common stock purchase warrants as of the date of issuance and determined that
such instruments, except for the warrants discussed under Warrant Liability below, met the criteria for equity classification under the
guidance in ASU 2017-11 “Earnings Per Share (Topic 260); Distinguishing Liabilities from Equity (Topic 480); Derivatives and Hedging
(Topic 815): (Part I) Accounting for Certain Financial Instruments with Down Round Feature”. The Company has no outstanding warrants
that contain a “down round” feature under Topic 815 of ASU 2017-11.
|
Warrant Liability |
Warrant
Liability
The
Company accounts for the 625,000 warrants and 870,000 warrants issued in March 2022 and April 2023, respectively, in accordance with
the guidance contained in ASC 815 “Derivatives and Hedging” whereby under that provision these warrants do not meet the criteria
for equity treatment and must be recorded as a liability (see Note 9). Accordingly, the Company classifies these warrant instruments
as liabilities at fair value and adjusts the instruments to fair value at each reporting period. This liability is re-measured at each
balance sheet date until the warrants are exercised or expire, and any change in fair value will be recognized in the Company’s
statement of operations. The fair value of these warrants are estimated using a Monte Carlo simulation model. Such warrant classification
is also subject to re-evaluation at each reporting period.
|
Offering Costs |
Offering
Costs
Offering
costs incurred consisted of legal, placement agent fees and other costs that were directly related to registered direct offerings. Offering
costs were allocated to the separable financial instruments issued in the registered direct offering based on the same proportion as
the proceeds were allocated to the warrants and equity. Offering costs associated with warrant liabilities are expensed as incurred,
presented as offering costs related to warrant liability in the consolidated statements of operations. Offering costs associated with
the sale of common shares were charged against equity.
|
Remediation and Asset Retirement Obligation |
Remediation
and Asset Retirement Obligation
Asset
retirement obligations (“ARO”), consisting primarily of estimated reclamation costs at the Company’s CK Gold, Keystone
and Maggie Creek properties, are recognized in the period incurred and when a reasonable estimate can be made, and recorded as liabilities
at fair value. Such obligations, which are initially estimated based on discounted cash flow estimates, are accreted to full value over
time through charges to accretion expense. Corresponding asset retirement costs are capitalized as part of the carrying amount of the
related long-lived asset and depreciated over the asset’s remaining useful life. AROs are periodically adjusted to reflect changes
in the estimated present value resulting from revisions to the estimated timing or amount of reclamation and closure costs. The Company
reviews and evaluates its AROs annually or more frequently at interim periods if deemed necessary.
|
Foreign Currency Transactions |
Foreign
Currency Transactions
The
reporting and functional currency of the Company is the U.S. dollar. Transactions denominated in foreign currencies are translated into
the functional currency at the exchange rates prevailing on the transaction dates. Assets and liabilities denominated in foreign currencies
are translated into the functional currency at the exchange rates prevailing at the balance sheet date with any transaction gains and
losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency included
in the results of operations as incurred. Translation adjustments, and transaction gains or losses, have not had, and are not expected
to have, a material effect on the results of operations of the Company and are included in general and administrative expenses.
|
Leases |
Leases
The
Company accounts for leases in accordance with ASC Topic 842, Leases. Operating lease right of use assets (“ROU”) represent
the right to use the leased asset for the lease term and operating lease liabilities are recognized based on the present value of the
future minimum lease payments over the lease term at commencement date. As most leases do not provide an implicit rate, the Company uses
an incremental borrowing rate based on the information available at the adoption date in determining the present value of future payments.
Upon the election by the Company to extend the lease for additional years, that election will be treated as a lease modification and
the lease will be reviewed for re-measurement. Lease expense for minimum lease payments is amortized on a straight-line basis over the
lease term and is included in general and administrative expenses in the statements of operations.
U.S.
GOLD CORP. AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
APRIL
30, 2023
|
Income Taxes |
Income
Taxes
The
Company accounts for income taxes pursuant to the provision of ASC 740, “Accounting for Income Taxes” (“ASC 740”),
which requires, among other things, an asset and liability approach to calculating deferred income taxes. The asset and liability approach
requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between
the carrying amounts and the tax bases of assets and liabilities. A valuation allowance is provided to offset any net deferred tax assets
for which management believes it is more likely than not that the net deferred asset will not be realized.
The
Company follows the provision of ASC 740-10, “Accounting for Uncertain Income Tax Positions” (“ASC 740-10”).
When tax returns are filed, there may be uncertainty about the merits of positions taken or the amount of the position that would be
ultimately sustained. In accordance with the guidance of ASC 740-10, the benefit of a tax position is recognized in the financial statements
in the period during which, based on all available evidence, management believes it is more likely than not that the position will be
sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or
aggregated with other positions.
Tax
positions that meet the more likely than not recognition threshold are measured at the largest amount of tax benefit that is more than
50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefit associated with
tax positions taken that exceed the amount measured as described above should be reflected as a liability for uncertain tax benefits
in the accompanying balance sheet along with any associated interest and penalties that would be payable to the taxing authorities upon
examination. The Company believes its tax positions are all more likely than not to be upheld upon examination. As such, the Company
has not recorded a liability for uncertain tax benefits or for any related interest and penalties. In the event that the Company is assessed
penalties and/or interest, penalties will be charged to other operating expense and interest will be charged to interest expense.
The
Company follows ASC 740-10-25, “Definition of Settlement”, which provides guidance on how an entity should determine
whether a tax position is effectively settled for the purpose of recognizing previously unrecognized tax benefits and provides that a
tax position can be effectively settled upon the completion and examination by a taxing authority without being legally extinguished.
For tax positions considered effectively settled, an entity would recognize the full amount of tax benefit, even if the tax position
is not considered more likely than not to be sustained based solely on the basis of its technical merits and the statute of limitations
remains open. The federal and state income tax returns of the Company are subject to examination by the Internal Revenue Service and
state taxing authorities, generally for three years after they are filed.
|
Recent Accounting Pronouncements |
Recent
Accounting Pronouncements
Accounting
standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material
effect on the financial statements upon adoption. The Company does not discuss recent pronouncements that are not anticipated to have
an effect on or are unrelated to its financial condition, results of operations, cash flows or disclosures.
U.S.
GOLD CORP. AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
APRIL
30, 2023
In
June 2022, FASB issued ASU 2022-03, Fair Value Measurement (Topic 820) (“ASU 2022-03”). The amendments in ASU 2022-03 clarify
that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security
and, therefore, is not considered in measuring fair value. The amendments also clarify that an entity cannot, as a separate unit of account,
recognize and measure a contractual sale restriction. The amendments in this Update also require additional disclosures for equity securities
subject to contractual sale restrictions. The provisions in this Update are effective for fiscal years beginning after December 15, 2024.
Early adoption is permitted. The Company does not expect to early adopt this ASU. The Company does not expect the adoption of this standard
to have a significant impact on its consolidated financial statements.
On
January 1, 2023, the Company adopted FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326) (“ASU
2016-13”), which requires the immediate recognition of management’s estimates of current and expected credit losses. Adoption
of this standard did not have a material impact on the Company’s consolidated financial statements or disclosures.
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
12 Months Ended |
Apr. 30, 2023 |
Accounting Policies [Abstract] |
|
SCHEDULE OF REVISION OF FINANCIAL STATEMENT |
The
effect of this revision on the line items within the Company’s consolidated statements of changes in stockholders’ equity as of April 30, 2021, was as follows:
SCHEDULE
OF REVISION OF FINANCIAL STATEMENT
| |
April 30, 2021 As Previously Reported | | |
Revision | | |
As Revised | |
Accumulated Deficit | |
| (43,975,046 | ) | |
| (430,486 | ) | |
| (44,405,532 | ) |
Total Stockholders’ Equity | |
$ | 30,499,705 | | |
$ | (430,486 | ) | |
$ | 30,069,219 | |
The
effect of this revision on the line items within the Company’s consolidated balance sheet and statements of changes in
stockholders’ equity as of April 30, 2022, was as follows:
| |
April 30, 2022 As Previously Reported | | |
Revision | | |
As Revised | |
Deferred Tax Liability | |
$ | - | | |
$ | 430,486 | | |
$ | 430,486 | |
Total Long-term Liability | |
| 2,708,930 | | |
| 430,486 | | |
| 3,139,416 | |
Total Liabilities | |
| 3,844,965 | | |
| 430,486 | | |
| 4,275,451 | |
Accumulated Deficit | |
| (57,905,928 | ) | |
| (430,486 | ) | |
| (58,336,414 | ) |
Total Stockholders’ Equity | |
$ | 23,657,801 | | |
$ | (430,486 | ) | |
$ | 23,227,315 | |
|
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v3.23.2
MINERAL RIGHTS (Tables)
|
12 Months Ended |
Apr. 30, 2023 |
Extractive Industries [Abstract] |
|
SCHEDULE OF MINERAL PROPERTIES |
As
of the dates presented, mineral properties consisted of the following:
SCHEDULE
OF MINERAL PROPERTIES
| |
April 30, 2023 | | |
April 30, 2022 | |
CK Gold Project | |
$ | 3,091,738 | | |
$ | 3,091,738 | |
Keystone Project | |
| 1,028,885 | | |
| 1,028,885 | |
Maggie Creek Project | |
| - | | |
| 1,986,607 | |
Challis Gold Project | |
| 10,249,632 | | |
| 10,249,632 | |
Total | |
$ | 14,370,255 | | |
$ | 16,356,862 | |
|
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v3.23.2
PROPERTY AND EQUIPMENT (Tables)
|
12 Months Ended |
Apr. 30, 2023 |
Property, Plant and Equipment [Abstract] |
|
SCHEDULE OF PROPERTY AND EQUIPMENT |
As
of the dates presented, property consisted of the following:
SCHEDULE
OF PROPERTY AND EQUIPMENT
| |
April 30, 2023 | | |
April 30, 2022 | |
Site costs | |
$ | 203,320 | | |
$ | 203,320 | |
Land | |
| 352,718 | | |
| 175,205 | |
Computer equipment | |
| 7,265 | | |
| 7,265 | |
Vehicle | |
| 39,493 | | |
| 39,493 | |
Total | |
| 602,796 | | |
| 425,283 | |
Less: accumulated depreciation | |
| (111,871 | ) | |
| (75,366 | ) |
Total | |
$ | 490,925 | | |
$ | 349,917 | |
|
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v3.23.2
ASSET RETIREMENT OBLIGATION (Tables)
|
12 Months Ended |
Apr. 30, 2023 |
Asset Retirement Obligation Disclosure [Abstract] |
|
SCHEDULE OF ASSET RETIREMENT OBLIGATION |
SCHEDULE
OF ASSET RETIREMENT OBLIGATION
| |
April 30, 2023 | | |
April 30, 2022 | |
| |
| | |
| |
Balance, beginning of year | |
$ | 260,196 | | |
$ | 204,615 | |
Addition and changes in estimates | |
| - | | |
| 33,517 | |
Accretion expense | |
| 25,568 | | |
| 22,064 | |
Balance, end of year | |
$ | 285,764 | | |
$ | 260,196 | |
|
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v3.23.2
OPERATING LEASE RIGHT-OF-USE ASSETS AND OPERATING LEASE LIABILITIES (Tables)
|
12 Months Ended |
Apr. 30, 2023 |
Operating Lease Right-of-use Assets And Operating Lease Liabilities |
|
SCHEDULE OF SUPPLEMENTAL BALANCE SHEET INFORMATION RELATED TO LEASES |
Right-of-
use assets are summarized below:
SCHEDULE
OF SUPPLEMENTAL BALANCE SHEET INFORMATION RELATED TO LEASES
| |
April
30, 2023 | | |
April
30, 2022 | |
Operating leases | |
$ | 32,080 | | |
$ | 64,064 | |
Operating
Lease liabilities are summarized below:
| |
April
30, 2023
| | |
April
30, 2022 | |
Operating lease, current portion | |
$ | 32,080 | | |
$ | 55,630 | |
Operating lease, long term portion | |
| - | | |
| 8,734 | |
Total lease liability | |
$ | 32,080 | | |
$ | 64,364 | |
|
SCHEDULE OF SUPPLEMENTAL CASH AND NON-CASH INFORMATION |
The
following table includes supplemental cash and non-cash information related to the Company’s lease:
SCHEDULE
OF SUPPLEMENTAL CASH AND NON-CASH INFORMATION
| |
2023 | | |
2022 | |
| |
Years ended April 30, | |
| |
2023 | | |
2022 | |
Cash paid for amounts included in the measurement of lease liabilities | |
| | |
| |
Operating cash flows from operating lease | |
$ | 56,000 | | |
$ | 44,500 | |
| |
| | | |
| | |
Lease assets obtained in exchange for new operating lease liabilities | |
$ | - | | |
$ | 104,095 | |
Lease assets obtained upon lease modification | |
$ | 20,472 | | |
$ | - | |
|
SCHEDULE OF MINIMUM LEASE PAYMENTS UNDER NON-CANCELABLE OPERATING LEASES |
Minimum
lease payments under non-cancelable operating leases at April 30, 2023 are as follows:
SCHEDULE
OF MINIMUM LEASE PAYMENTS UNDER NON-CANCELABLE OPERATING LEASES
| |
| | |
Year ended April 30, 2024 | |
| 33,029 | |
Less: imputed interest | |
| (949 | ) |
Total present value of lease liability | |
$ | 32,080 | |
|
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v3.23.2
WARRANT LIABILITY (Tables)
|
12 Months Ended |
Apr. 30, 2023 |
Warrant Liability |
|
SCHEDULE OF KEY INPUTS FOR THE WARRANT LIABILITY |
The
key inputs for the warrant liability were as follows as of March 18, 2022:
SCHEDULE OF KEY INPUTS FOR THE WARRANT LIABILITY
Key Valuation Inputs | |
| |
Expected term (years) | |
| 5.50 | |
Annualized volatility | |
| 84.4 | % |
Volatility if fundamental transaction occurs | |
| 100.00 | % |
Risk-free interest rate | |
| 2.15 | % |
Stock price | |
$ | 8.00 | |
Dividend yield | |
| 0.00 | % |
Exercise price | |
$ | 8.60 | |
Probability of fundamental transaction | |
| 85 | % |
Date of fundamental transaction (1) | |
| 2 years to 5.5 years | |
|
1) |
The
fundamental transaction is simulated to occur 85% during one trading day through the 3.5-year period, 85% of the time. |
U.S.
GOLD CORP. AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
APRIL
30, 2023
The
key inputs for the warrant liability were as follows as of April 10, 2023:
Key Valuation Inputs (2) | |
| |
Expected term (years) | |
| 5.50 | |
Annualized volatility | |
| 81.3 | % |
Volatility if fundamental transaction occurs | |
| 100.00 | % |
Risk-free interest rate | |
| 3.51 | % |
Stock price | |
$ | 5.23 | |
Dividend yield | |
| 0.00 | % |
Exercise price | |
$ | 6.16 | |
Probability of fundamental transaction | |
| 90 | % |
Date of fundamental transaction (1) | |
| 1.0 years to 5.5 years | |
|
1) |
The
fundamental transaction is simulated to occur 90% during one trading day through the 4.5-year period, 90% of the time. |
|
2) |
Applies to the modified warrants and warrants issued in April 2023 |
Subsequent
Measurement
The
key inputs for the warrant liability were as follows as of April 30, 2022:
Key Valuation Inputs | |
| |
Expected term (years) | |
| 5.39 | |
Annualized volatility | |
| 84.2 | % |
Volatility if fundamental transaction occurs | |
| 100.00 | % |
Risk-free interest rate | |
| 2.92 | % |
Stock price | |
$ | 5.65 | |
Dividend yield | |
| 0.00 | % |
Exercise price | |
$ | 8.60 | |
Probability of fundamental transaction | |
| 85 | % |
Date of fundamental transaction | |
| 1.90 years to 5.4 years | |
The
key inputs for the warrant liability were as follows as of April 30, 2023:
Key Valuation Inputs | |
| |
Expected term (years) | |
| 5.45 | |
Annualized volatility | |
| 81.4 | % |
Volatility if fundamental transaction occurs | |
| 100.00 | % |
Risk-free interest rate | |
| 3.51 | % |
Stock price | |
$ | 4.31 | |
Dividend yield | |
| 0.00 | % |
Exercise price | |
$ | 6.16 | |
Probability of fundamental transaction | |
| 90 | % |
Date of fundamental transaction | |
| 1.00 years to 5.45 years | |
|
SCHEDULE OF CHANGES IN FAIR VALUE OF LEVEL THREE WARRANT LIABILITY |
The
following table sets forth a summary of the changes in the fair value of the Level 3 warrant liability for the years ended April 30,
2023 and 2022:
SCHEDULE
OF CHANGES IN FAIR VALUE OF LEVEL THREE WARRANT LIABILITY
| |
Warrant Liability | |
Fair value as of April 30, 2021 | |
$ | — | |
Initial fair value of warrant liability upon issuance | |
| 3,652,000 | |
Change in fair value of warrant liability | |
| (1,212,000 | ) |
Fair value as of April 30, 2022 | |
| 2,440,000 | |
Initial fair value of warrant liability upon issuance | |
| 3,088,500 | |
Change in fair value due to modification of warrants | |
| 262,500 | |
Change in fair value of warrant liability | |
| (1,560,150 | ) |
Fair value as of April 30, 2023 | |
$ | 4,230,850 | |
|
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v3.23.2
STOCKHOLDERS’ EQUITY (Tables)
|
12 Months Ended |
Apr. 30, 2023 |
Equity [Abstract] |
|
SCHEDULE OF WARRANT LIABILITY |
SCHEDULE OF WARRANT LIABILITY
| |
| - | |
Net proceeds on March 18, 2022 | |
$ | 4,559,600 | |
Less: | |
| | |
Proceeds allocated to warrant liability | |
| (3,652,000 | ) |
Plus: | |
| | |
Offering cost associated with warrant liability | |
| 190,840 | |
| |
| | |
Net proceeds on March 18, 2022 allocated to equity | |
$ | 1,098,440 | |
Net proceeds on April 10, 2023 | |
$ | 4,550,210 | |
Less: | |
| | |
Proceeds allocated to warrant liability | |
| (3,088,500 | ) |
Plus: | |
| | |
Offering cost associated with warrant liability | |
| 279,487 | |
| |
| | |
Net proceeds on April 10, 2023 allocated to equity | |
$ | 1,741,197 | |
|
SCHEDULE OF ACTIVITY RESTRICTED STOCK UNITS |
A
summary of the of changes in restricted stock units outstanding during the years ended April 30, 2023 and 2022, is as follows:
SCHEDULE
OF ACTIVITY RESTRICTED STOCK UNITS
| |
Restricted Stock Units | | |
Weighted Average Grant-Date Fair Value Per Share | |
Balance at April 30, 2021 | |
| 346,802 | | |
$ | 10.30 | |
Granted | |
| 104,064 | | |
| 7.45 | |
Vested and converted | |
| (1,116 | ) | |
| 11.21 | |
Forfeited | |
| (8,348 | ) | |
| 12.16 | |
Balance at April 30, 2022 | |
| 441,402 | | |
| 9.57 | |
Vested and converted into common stock | |
| (7,927 | ) | |
| 9.34 | |
Balance at April 30, 2023 | |
| 433,475 | | |
$ | 9.57 | |
|
SCHEDULE OF STOCK OPTION ACTIVITY |
The
following is a summary of the Company’s stock option activity during the years ended April 30, 2023 and 2022:
SCHEDULE
OF STOCK OPTION ACTIVITY
| |
Number of Options | | |
Weighted Average Exercise Price | | |
Weighted Average Remaining Contractual Life (Years) | |
Balance at April 30, 2021 | |
| 95,000 | | |
$ | 14.63 | | |
| 1.57 | |
Granted | |
| 58,060 | | |
| 6.93 | | |
| 5.00 | |
Exercised | |
| — | | |
| — | | |
| — | |
Forfeited | |
| — | | |
| — | | |
| — | |
Cancelled | |
| (5,000 | ) | |
| 13.40 | | |
| — | |
Balance at April 30, 2022 | |
| 148,060 | | |
| 11.65 | | |
| 2.23 | |
Granted | |
| 140,000 | | |
| 5.02 | | |
| 5.00 | |
Exercised | |
| — | | |
| — | | |
| — | |
Forfeited | |
| — | | |
| — | | |
| — | |
Cancelled | |
| (95,310 | ) | |
| 14.27 | | |
| — | |
Balance at April 30, 2023 | |
| 192,750 | | |
| 5.73 | | |
| 4.44 | |
| |
| | | |
| | | |
| | |
Options exercisable at end of year | |
| 179,650 | | |
$ | 5.44 | | |
| | |
Options expected to vest | |
| 13,100 | | |
$ | 6.93 | | |
| | |
Weighted average fair value of options granted during the year | |
| | | |
$ | 3.31 | | |
| | |
|
SCHEDULE OF STOCK OPTION |
SCHEDULE
OF STOCK OPTION
| |
For the Year Ended April 30, 2022 | |
Risk free interest rate | |
| 1.53 | % |
Dividend yield | |
| 0.00 | % |
Expected volatility | |
| 82 | % |
Contractual and expected term (in years) | |
| 5.0 | |
Forfeiture rate | |
| 0.00 | % |
| |
For the Year Ended April 30, 2023 | |
Risk free interest rate | |
| 3.53 | % |
Dividend yield | |
| 0.00 | % |
Expected volatility | |
| 80 | % |
Contractual and expected term (in years) | |
| 5.0 | |
Forfeiture rate | |
| 0.00 | % |
|
SCHEDULE OF STOCK-BASED EXPENSE FOR STOCK OPTION |
Stock-based
expense for stock options were recorded in the following as reflected in the consolidated statements of operations:
SCHEDULE
OF STOCK-BASED EXPENSE FOR STOCK OPTION
| |
For the Year Ended April 30, 2023 | | |
For the Year Ended April 30, 2022 | |
Compensation and related taxes – general and administrative | |
$ | 188,488 | | |
$ | 39,475 | |
Professional and consulting fees | |
| 304,520 | | |
| 144,000 | |
Total | |
$ | 493,008 | | |
$ | 183,475 | |
|
SCHEDULE OF STOCK WARRANT ACTIVITY |
The
following is a summary of the Company’s stock warrant activity during the years ended April 30, 2023 and 2022:
SCHEDULE
OF STOCK WARRANT ACTIVITY
| |
Number of Warrants | | |
Weighted Average Exercise Price | | |
Weighted Average Remaining Contractual Life (Years) | |
Warrants with no Class designation: | |
| | | |
| | | |
| | |
Balance at April 30, 2021 | |
| 1,428,794 | | |
$ | 12.00 | | |
| 4.08 | |
Granted | |
| 817,370 | | |
| 8.46 | | |
| 5.39 | |
Exercised | |
| (166,667 | ) | |
| 6.00 | | |
| 3.33 | |
Forfeited | |
| (170,235 | ) | |
| 31.25 | | |
| — | |
Canceled | |
| — | | |
| — | | |
| — | |
Balance at April 30, 2022 | |
| 1,909,262 | | |
| 9.29 | | |
| 4.38 | |
Granted | |
| 870,000 | | |
| 6.16 | | |
| 5.51 | |
Exercised | |
| — | | |
| — | | |
| — | |
Forfeited | |
| — | | |
| — | | |
| — | |
Canceled | |
| — | | |
| — | | |
| — | |
Balance at April 30, 2023 | |
| 2,779,262 | | |
| 7.76 | | |
| 4.27 | |
Class A Warrants: | |
| | | |
| | | |
| | |
Balance at April 30, 2021 | |
| 109,687 | | |
| 11.40 | | |
| 3.22 | |
Granted | |
| — | | |
| — | | |
| — | |
Exercised | |
| — | | |
| — | | |
| — | |
Forfeited | |
| — | | |
| — | | |
| — | |
Canceled | |
| — | | |
| — | | |
| — | |
Balance at April 30, 2022 | |
| 109,687 | | |
| 11.40 | | |
| 2.22 | |
Granted | |
| — | | |
| — | | |
| — | |
Exercised | |
| — | | |
| — | | |
| — | |
Forfeited | |
| — | | |
| — | | |
| — | |
Canceled | |
| — | | |
| — | | |
| — | |
Balance at April 30, 2023 | |
| 109,687 | | |
| 11.40 | | |
| 1.22 | |
Total Warrants Outstanding at April 30, 2023 | |
| 2,888,949 | | |
$ | 7.90 | | |
| 4.15 | |
Warrants exercisable at end of year | |
| 2,018,949 | | |
$ | 8.65 | | |
| | |
Weighted average fair value of warrants granted during the year | |
| | | |
$ | 3.55 | | |
| | |
|
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v3.23.2
NET LOSS PER COMMON SHARE (Tables)
|
12 Months Ended |
Apr. 30, 2023 |
Earnings Per Share [Abstract] |
|
SCHEDULE OF ANTIDILUTIVE SECTURITIES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE |
SCHEDULE
OF ANTIDILUTIVE SECTURITIES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE
| |
April 30, 2023 | | |
April 30, 2022 | |
Common stock equivalents: | |
| | | |
| | |
Restricted stock units | |
| 433,475 | | |
| 441,402 | |
Stock options | |
| 192,750 | | |
| 148,060 | |
Stock warrants | |
| 2,888,949 | | |
| 2,018,949 | |
Total | |
| 3,515,174 | | |
| 2,608,411 | |
|
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v3.23.2
COMMITMENTS AND CONTINGENCIES (Tables)
|
12 Months Ended |
Apr. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS |
The
future minimum lease payments at April 30, 2023 under these mining leases are as follows, each payment to be made in the fourth quarter
of the respective fiscal years:
SCHEDULE
OF FUTURE MINIMUM LEASE PAYMENTS
| |
| | |
Fiscal 2024 | |
$ | 2,880 | |
Fiscal 2025 | |
| 1,920 | |
Fiscal 2026 | |
| 1,920 | |
Fiscal 2027 | |
| 1,920 | |
Fiscal 2028 | |
| 1,920 | |
Fiscal 2029 and thereafter | |
| 9,600 | |
Total | |
$ | 20,160 | |
|
SCHEDULE OF ADVANCE MINIMUM ROYALTY PAYMENTS |
The
annual advance minimum royalty payments at April 30, 2023 under the option agreement are as follows, each payment to be made on the first
anniversary of the effective date of this option agreement and continuing until the tenth anniversary:
SCHEDULE
OF ADVANCE MINIMUM ROYALTY PAYMENTS
| |
| | |
Fiscal 2024 | |
$ | 25,000 | |
Fiscal 2025 | |
| 25,000 | |
Fiscal 2026 | |
| 25,000 | |
Fiscal 2027 | |
| 25,000 | |
Fiscal 2028 | |
| 25,000 | |
Fiscal 2029 and thereafter | |
| 75,000 | |
Total | |
$ | 200,000 | |
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v3.23.2
INCOME TAX (Tables)
|
12 Months Ended |
Apr. 30, 2023 |
Income Tax Disclosure [Abstract] |
|
SCHEDULE OF NET DEFERRED TAX ASSET AND LIABILITIES |
The
deferred tax assets and deferred tax liabilities are summarized as follows (approximately):
SCHEDULE OF NET DEFERRED TAX ASSET AND LIABILITIES
| |
April 30, 2023 | | |
April 30, 2022 | |
| |
| | |
(Revised)
| |
Deferred tax assets: | |
| | | |
| | |
Net operating loss carryover | |
$ | 11,599,000 | | |
$ | 9,970,000 | |
Stock-based compensation | |
| 866,000 | | |
| 2,234,000 | |
Accrued remediation costs | |
| 35,000 | | |
| 11,000 | |
Other | |
| 7,000 | | |
| — | |
Subtotal | |
| 12,507,000 | | |
| 12,215,000 | |
Less: valuation allowance | |
| (10,774,000 | ) | |
| (10,493,000 | ) |
Total deferred tax assets | |
$ | 1,733,000 | | |
$ | 1,722,000 | |
Deferred tax liabilities: | |
April 30, 2023 | | |
April 30, 2022 | |
| |
| | |
(Revised)
| |
Acquired mineral rights in excess of tax basis in a tax-free merger | |
$ | (2,152,000 | ) | |
$ | (2,152,000 | ) |
Other | |
| (11,000 | ) | |
| — | |
Total deferred tax liabilities | |
$ | (2,163,000 | ) | |
$ | (2,152,000 | ) |
Net deferred tax assets (liabilities) | |
$ | (430,000 | ) | |
$ | (430,000 | ) |
|
SCHEDULE OF EFFECTIVE TAX RATE |
SCHEDULE OF EFFECTIVE TAX RATE
| |
Year Ended April 30, | |
| |
2023 | | |
| | |
2022 | | |
| |
| |
| | |
| | |
(Revised) | | |
| |
Federal income tax provision (benefit) based on statutory rate | |
$ | (1,599,000 | ) | |
| 21.0 | % | |
$ | (2,925,000 | ) | |
| 21.0 | % |
State income tax provision (benefit), net of federal taxes | |
| — | | |
| — | % | |
| — | | |
| — | % |
Change in fair value of warrant liabilities | |
| (273,000 | ) | |
| 3.6 | % | |
| — | | |
| — | % |
Change in prior year estimate | |
| (255,000 | ) | |
| 3.4 | % | |
| 717,000 | | |
| (0.3 | )% |
Prior year deferred tax adjustment | |
| 1,804,000 | | |
| (23.7 | )% | |
| — | | |
| — | % |
Other nondeductible expenses | |
| 42,000 | | |
| (0.6 | )% | |
| — | | |
| — | % |
Increase (decrease) in valuation allowance | |
| 281,000 | | |
| (3.7 | )% | |
| 2,208,000 | | |
| (20.7 | )% |
Total tax provision (benefit) on income (loss) | |
$ | — | | |
| — | % | |
$ | — | | |
| — | % |
|
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v3.23.2
SCHEDULE OF REVISION OF FINANCIAL STATEMENT (Details) - USD ($)
|
Apr. 30, 2023 |
Apr. 30, 2022 |
Apr. 30, 2021 |
Accumulated Deficit |
$ (65,950,618)
|
$ (58,336,414)
|
$ (44,405,532)
|
Total Stockholders’ Equity |
18,857,941
|
23,227,315
|
30,069,219
|
Deferred Tax Liability |
|
430,486
|
|
Total Long-term Liability |
4,947,100
|
3,139,416
|
|
Total Liabilities |
$ 5,325,898
|
4,275,451
|
|
Previously Reported [Member] |
|
|
|
Accumulated Deficit |
|
(57,905,928)
|
(43,975,046)
|
Total Stockholders’ Equity |
|
23,657,801
|
30,499,705
|
Deferred Tax Liability |
|
|
|
Total Long-term Liability |
|
2,708,930
|
|
Total Liabilities |
|
3,844,965
|
|
Revision of Prior Period, Adjustment [Member] |
|
|
|
Accumulated Deficit |
|
(430,486)
|
(430,486)
|
Total Stockholders’ Equity |
|
(430,486)
|
$ (430,486)
|
Deferred Tax Liability |
|
430,486
|
|
Total Long-term Liability |
|
430,486
|
|
Total Liabilities |
|
$ 430,486
|
|
X |
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)
|
Apr. 30, 2023 |
Apr. 10, 2023 |
Apr. 30, 2022 |
Mar. 31, 2022 |
Mar. 18, 2022 |
Feb. 14, 2022 |
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
|
Cash, FDIC insured amount |
$ 250,000
|
|
|
|
|
|
Prepaid expenses and other current assets |
$ 610,140
|
|
$ 787,902
|
|
|
|
Class of warrant or right, issued |
870,000
|
625,000
|
|
625,000
|
625,000
|
192,370
|
Minimum [Member] |
|
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
|
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3 years
|
|
|
|
|
|
Maximum [Member] |
|
|
|
|
|
|
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|
|
|
|
|
|
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|
|
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|
|
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v3.23.2
GOING CONCERN (Details Narrative) - USD ($)
|
1 Months Ended |
12 Months Ended |
|
Apr. 30, 2023 |
Apr. 30, 2023 |
Apr. 30, 2022 |
Apr. 30, 2021 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
|
|
|
Cash |
$ 7,822,930
|
$ 7,822,930
|
$ 9,111,512
|
|
Working capital |
8,100,000
|
8,100,000
|
|
|
Accumulated deficit |
65,950,618
|
65,950,618
|
58,336,414
|
$ 44,405,532
|
Net loss |
|
7,614,204
|
13,930,882
|
|
Cash used in operating activities |
|
$ 8,690,766
|
$ 12,575,412
|
|
Proceeds from issuance or sale of equity |
$ 5,000,000.0
|
|
|
|
X |
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v3.23.2
SCHEDULE OF MINERAL PROPERTIES (Details) - USD ($)
|
Apr. 30, 2023 |
Apr. 30, 2022 |
Restructuring Cost and Reserve [Line Items] |
|
|
Total |
$ 14,370,255
|
$ 16,356,862
|
CK Gold Project [Member] |
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
Total |
3,091,738
|
3,091,738
|
Keystone Project [Member] |
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
Total |
1,028,885
|
1,028,885
|
Maggie Creek Project [Member] |
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
Total |
|
1,986,607
|
Challis Gold Project [Member] |
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
Total |
$ 10,249,632
|
$ 10,249,632
|
X |
- DefinitionCarrying amount at the balance sheet date of mineral rights, or rights to extract a mineral from the earth or to receive payment in the form of a royalty for the extraction of minerals, net of amortization.
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v3.23.2
MINERAL RIGHTS (Details Narrative)
|
|
|
|
12 Months Ended |
|
Apr. 10, 2023
shares
|
Nov. 09, 2022
USD ($)
|
Sep. 10, 2019
shares
|
Apr. 30, 2023
USD ($)
a
|
Apr. 30, 2022
USD ($)
|
Aug. 10, 2020
a
|
Reserve Quantities [Line Items] |
|
|
|
|
|
|
Number of shares issued for common stock | shares |
625,000
|
|
|
|
|
|
Gain on sale of assets |
|
|
|
$ 763,393
|
|
|
Assignment and Assumption Agreement [Member] | Ren Ex [Member] |
|
|
|
|
|
|
Reserve Quantities [Line Items] |
|
|
|
|
|
|
Interest rate percentage |
|
50.00%
|
|
|
|
|
Assignment and Assumption Agreement [Member] | Ren Ex [Member] | Maggie Creek Property [Member] |
|
|
|
|
|
|
Reserve Quantities [Line Items] |
|
|
|
|
|
|
Interest rate percentage |
|
70.00%
|
|
|
|
|
Assignment and Assumption Agreement [Member] | NGM and Ren Ex [Member] | Maggie Creek Property [Member] |
|
|
|
|
|
|
Reserve Quantities [Line Items] |
|
|
|
|
|
|
Interest rate percentage |
|
100.00%
|
|
|
|
|
Original Earn in Agreement [Member] | Nevada Gold Mines LLC [Member] |
|
|
|
|
|
|
Reserve Quantities [Line Items] |
|
|
|
|
|
|
Upfront cash payment |
|
$ 2,750,000
|
|
|
|
|
Net smelter return percentage |
|
0.25%
|
|
|
|
|
Royalty fixed price |
|
$ 500,000
|
|
|
|
|
Original Earn in Agreement [Member] | Maggie Creek Property [Member] | Nevada Gold Mines LLC [Member] |
|
|
|
|
|
|
Reserve Quantities [Line Items] |
|
|
|
|
|
|
Net smelter return percentage |
|
0.50%
|
|
|
|
|
USGold Royalty Agreement [Member] | Nevada Gold Mines LLC [Member] |
|
|
|
|
|
|
Reserve Quantities [Line Items] |
|
|
|
|
|
|
Royalty fixed price |
|
$ 800,000
|
|
|
|
|
Gain on sale of assets |
|
|
|
$ 763,393
|
|
|
Northem Panther Merger Agreement [Member] |
|
|
|
|
|
|
Reserve Quantities [Line Items] |
|
|
|
|
|
|
Area of land | a |
|
|
|
|
|
1,710
|
CK Gold Project [Member] |
|
|
|
|
|
|
Reserve Quantities [Line Items] |
|
|
|
|
|
|
Area of land | a |
|
|
|
1.8
|
|
|
Maggie Creek Project [Member] | Share exchange agreement [Member] | Number Co [Member] |
|
|
|
|
|
|
Reserve Quantities [Line Items] |
|
|
|
|
|
|
Number of shares issued for common stock | shares |
|
|
200,000
|
|
|
|
X |
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v3.23.2
SCHEDULE OF PROPERTY AND EQUIPMENT (Details) - USD ($)
|
Apr. 30, 2023 |
Apr. 30, 2022 |
Property, Plant and Equipment [Line Items] |
|
|
Total |
$ 602,796
|
$ 425,283
|
Less: accumulated depreciation |
(111,871)
|
(75,366)
|
Total |
490,925
|
349,917
|
Retail Site [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Total |
203,320
|
203,320
|
Land [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Total |
352,718
|
175,205
|
Computer Equipment [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Total |
7,265
|
7,265
|
Vehicles [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Total |
$ 39,493
|
$ 39,493
|
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- DefinitionAmount of accumulated depreciation, depletion and amortization for physical assets used in the normal conduct of business to produce goods and services.
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v3.23.2
SCHEDULE OF ASSET RETIREMENT OBLIGATION (Details) - USD ($)
|
12 Months Ended |
Apr. 30, 2023 |
Apr. 30, 2022 |
Asset Retirement Obligation Disclosure [Abstract] |
|
|
Balance, beginning of period |
$ 260,196
|
$ 204,615
|
Addition and changes in estimates |
|
33,517
|
Accretion expense |
25,568
|
22,064
|
Balance, end of period |
$ 285,764
|
$ 260,196
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v3.23.2
SCHEDULE OF SUPPLEMENTAL BALANCE SHEET INFORMATION RELATED TO LEASES (Details) - USD ($)
|
Apr. 30, 2023 |
Apr. 30, 2022 |
Operating Lease Right-of-use Assets And Operating Lease Liabilities |
|
|
Operating leases |
$ 32,080
|
$ 64,064
|
Operating lease, current portion |
32,080
|
55,630
|
Operating lease, long term portion |
|
8,734
|
Total lease liability |
$ 32,080
|
$ 64,364
|
X |
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v3.23.2
OPERATING LEASE RIGHT-OF-USE ASSETS AND OPERATING LEASE LIABILITIES (Details Narrative) - USD ($)
|
|
|
|
1 Months Ended |
12 Months Ended |
Jan. 30, 2023 |
Sep. 01, 2021 |
May 01, 2021 |
Mar. 31, 2022 |
Apr. 30, 2023 |
Apr. 30, 2022 |
Operating Lease Right-of-use Assets And Operating Lease Liabilities |
|
|
|
|
|
|
Lease term, description |
|
The
term of the lease is for a two-year period from September 2021 to August 2023
|
The term of the lease is for a two-year
period from May 2021 to May 2023 starting with a monthly base rent of $1,667
|
|
|
|
Payment for rent |
$ 1,768
|
$ 3,100
|
$ 1,667
|
$ 2,950
|
|
|
Renewal term |
|
2 years
|
3 years
|
|
|
|
Lease extension, description |
On January 30, 2023, the Company entered into a lease amendment effective as of
May 1, 2023 to extend this lease for a period of one year expiring April 30, 2024 with an option to renew the lease for an additional
one year term
|
|
|
|
|
|
Right of use of assets |
$ 20,472
|
|
|
|
$ 20,472
|
|
Incremental borrowing rate |
8.00%
|
|
|
|
|
|
Lease expenses |
|
|
|
|
$ 56,000
|
$ 44,200
|
Weighted average remaining lease term |
|
|
|
|
8 months 1 day
|
|
Weighted average incremental borrowing rate |
|
|
|
|
8.00%
|
|
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v3.23.2
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)
|
|
|
|
|
|
|
1 Months Ended |
12 Months Ended |
|
Jan. 12, 2023 |
May 18, 2022 |
Jan. 24, 2022 |
Jun. 01, 2021 |
Mar. 19, 2021 |
Jan. 07, 2021 |
Mar. 31, 2023 |
Apr. 30, 2022 |
Jan. 31, 2022 |
Apr. 30, 2021 |
Jan. 31, 2021 |
Apr. 30, 2023 |
Apr. 30, 2022 |
Mar. 10, 2021 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued for services, value |
|
|
|
|
|
|
|
|
|
|
|
$ 77,500
|
$ 100,000
|
|
Consulting fees |
|
|
|
|
|
|
|
|
|
|
|
$ 4,259,931
|
$ 4,228,139
|
|
Number of shares issued |
|
|
|
|
|
|
|
|
|
|
|
(7,927)
|
|
|
Shares granted |
|
|
|
|
|
|
|
|
|
|
|
140,000
|
58,060
|
|
Accounts payable and accrued expenses |
|
|
|
|
|
|
|
$ 1,080,405
|
|
|
|
$ 346,718
|
$ 1,080,405
|
|
Restricted Stock Units (RSUs) [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued for services, value |
|
|
|
$ 25,000
|
|
|
|
|
|
|
|
|
|
|
Common stock shares issued |
|
|
|
2,097
|
|
|
|
|
|
|
|
|
|
|
Director [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares granted |
70,000
|
|
21,240
|
|
|
|
|
|
|
|
|
|
|
|
Director [Member] | Restricted Stock Units (RSUs) [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued for services, value |
|
|
$ 96,000
|
|
|
|
|
|
|
|
|
|
|
|
Common stock shares issued |
|
|
13,852
|
|
|
|
|
|
|
|
|
|
|
|
Mr. Karr [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares granted |
|
|
5,310
|
|
|
|
|
|
|
|
|
|
|
|
Mr. Karr [Member] | Restricted Stock Units (RSUs) [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock shares issued |
|
|
13,564
|
|
|
|
|
|
|
|
|
|
|
|
January 2021 Agreement [Member] | Director [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Annual professional fees |
|
|
|
|
|
$ 86,000
|
|
|
|
|
|
|
|
|
Shares issued for services, value |
|
|
|
|
|
50,000
|
|
|
|
|
|
|
|
|
Cash payments to related parties |
|
|
|
|
|
36,000
|
|
|
|
|
|
|
|
|
Payment due to related parties |
|
|
|
|
|
$ 3,000
|
|
|
|
|
|
|
|
|
Common stock shares issued |
|
|
|
|
|
|
|
|
|
|
3,222
|
|
|
|
January 2022 Agreement [Member] | Director [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock shares issued |
|
|
|
|
|
|
|
|
5,814
|
|
|
|
|
|
Consulting fees |
|
|
|
|
|
|
|
|
|
|
|
$ 24,000
|
36,000
|
|
Number of shares issued |
|
|
|
|
|
|
|
|
|
|
|
7,927
|
|
|
March 2021 Agreement [Member] | Director [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Annual professional fees |
|
$ 250,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued for services, value |
|
130,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash payments to related parties |
|
$ 120,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Payment due to related parties |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 10,000
|
March 2021 Agreement [Member] | Mr. Karr [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued for services, value |
|
|
|
|
$ 60,000
|
|
|
|
|
|
|
|
|
|
Cash payments to related parties |
|
|
|
|
120,000
|
|
|
|
|
|
|
|
|
|
Payment due to related parties |
|
|
|
|
10,000
|
|
|
|
|
|
|
|
|
|
Common stock shares issued |
|
|
|
|
|
|
|
5,168
|
|
|
|
|
|
|
Consulting fees |
|
|
|
|
$ 180,000
|
|
|
|
|
|
|
|
|
|
March 2022 Agreement [Member] | Director [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock shares issued |
|
|
|
|
|
|
|
|
|
14,286
|
|
|
|
|
March 2022 Agreement [Member] | Mr. Karr [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock shares issued |
|
|
|
|
|
|
|
7,353
|
|
|
|
|
|
|
March 2023 Agreement [Member] | Director [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock shares issued |
|
|
|
|
|
|
33,419
|
|
|
|
|
|
|
|
March 2023 Agreement [Member] | Mr. Karr [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock shares issued |
|
|
|
|
|
|
15,424
|
|
|
|
|
|
|
|
Consulting fees |
|
|
|
|
|
|
|
|
|
|
|
$ 120,000
|
$ 120,000
|
|
Accounts payable and accrued expenses |
|
|
|
|
|
|
|
|
|
|
|
$ 33,035
|
|
|
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v3.23.2
SCHEDULE OF KEY INPUTS FOR THE WARRANT LIABILITY (Details)
|
|
|
12 Months Ended |
Apr. 10, 2023
$ / shares
|
[1] |
Mar. 18, 2022
$ / shares
|
Apr. 30, 2023
$ / shares
|
Apr. 30, 2022
$ / shares
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
|
|
|
|
Stock price |
$ 5.23
|
|
$ 8.00
|
|
$ 4.31
|
$ 5.65
|
Exercise price |
$ 6.16
|
|
$ 8.60
|
|
$ 6.16
|
$ 8.60
|
Measurement Input, Expected Term [Member] |
|
|
|
|
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
|
|
|
|
Expected term (years) |
5 years 6 months
|
|
5 years 6 months
|
|
5 years 5 months 12 days
|
5 years 4 months 20 days
|
Measurement Input, Price Volatility [Member] |
|
|
|
|
|
|
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|
|
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|
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Debt instrument, measurement input |
81.3
|
|
84.4
|
|
81.4
|
84.2
|
Measurement Input Volatility If Fundamental Transaction Occurs [Member] |
|
|
|
|
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
|
|
|
|
Debt instrument, measurement input |
100.00
|
|
100.00
|
|
100.00
|
100.00
|
Measurement Input, Risk Free Interest Rate [Member] |
|
|
|
|
|
|
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|
|
|
|
|
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Debt instrument, measurement input |
3.51
|
|
2.15
|
|
3.51
|
2.92
|
Measurement Input, Expected Dividend Rate [Member] |
|
|
|
|
|
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|
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0.00
|
|
0.00
|
|
0.00
|
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|
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|
|
|
|
|
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90
|
|
85
|
|
90
|
85
|
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|
|
|
|
|
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|
|
|
|
|
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1 year
|
[2] |
2 years
|
[3] |
1 year
|
1 year 10 months 24 days
|
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|
|
|
|
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|
|
|
|
|
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5 years 6 months
|
[2] |
5 years 6 months
|
[3] |
5 years 5 months 12 days
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v3.23.2
SCHEDULE OF KEY INPUTS FOR THE WARRANT LIABILITY (Details) (Parenthetical)
|
Apr. 10, 2023 |
Mar. 18, 2022 |
Warrant Liability |
|
|
Fundamental transaction, description |
fundamental transaction is simulated to occur 90% during one trading day through the 4.5-year period, 90% of the time
|
fundamental transaction is simulated to occur 85% during one trading day through the 3.5-year period, 85% of the time
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v3.23.2
SCHEDULE OF CHANGES IN FAIR VALUE OF LEVEL THREE WARRANT LIABILITY (Details) - USD ($)
|
12 Months Ended |
Apr. 30, 2023 |
Apr. 30, 2022 |
Warrant Liability |
|
|
Fair value of warrants |
$ 2,440,000
|
|
Initial fair value of warrant liability upon issuance |
3,088,500
|
3,652,000
|
Change in fair value of warrant liability |
(1,560,150)
|
(1,212,000)
|
Change in fair value due to modification of warrants |
262,500
|
|
Fair value of warrants |
$ 4,230,850
|
$ 2,440,000
|
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v3.23.2
WARRANT LIABILITY (Details Narrative) - USD ($)
|
|
12 Months Ended |
|
|
|
|
Apr. 10, 2023 |
Apr. 30, 2023 |
Apr. 30, 2022 |
Mar. 31, 2022 |
Mar. 18, 2022 |
Feb. 14, 2022 |
Apr. 30, 2021 |
Warrant Liability |
|
|
|
|
|
|
|
Warrant liability |
|
$ 4,230,850
|
$ 2,440,000
|
|
|
|
|
Purchase of shares |
625,000
|
870,000
|
|
625,000
|
625,000
|
192,370
|
|
Initial valuation of warrant liability |
$ 3,088,500
|
$ 4,230,850
|
2,440,000
|
|
$ 3,652,000
|
|
|
Warrants issued |
870,000
|
|
|
|
|
|
|
Exercise price of warrant |
$ 8.60
|
|
|
|
$ 8.60
|
$ 8.00
|
|
Exercise price of warrant reduced |
$ 6.16
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$ 262,500
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v3.23.2
SCHEDULE OF WARRANT LIABILITY (Details) - USD ($)
|
|
12 Months Ended |
Mar. 18, 2022 |
Apr. 30, 2023 |
Equity [Abstract] |
|
|
Net proceeds |
$ 4,559,600
|
$ 4,550,210
|
Proceeds allocated to warrant liability |
(3,652,000)
|
(3,088,500)
|
Offering cost associated with warrant liability |
190,840
|
279,487
|
Net proceeds allocated to equity |
$ 1,098,440
|
$ 1,741,197
|
X |
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v3.23.2
SCHEDULE OF ACTIVITY RESTRICTED STOCK UNITS (Details) - $ / shares
|
12 Months Ended |
Apr. 30, 2023 |
Apr. 30, 2022 |
Equity [Abstract] |
|
|
Restricted stock unit, beginning |
441,402
|
346,802
|
Weighted average grant date fair value, beginning |
$ 9.57
|
$ 10.30
|
Restricted stock unit, granted |
|
104,064
|
Weighted average grant date fair value, granted |
7.45
|
|
Restricted stock unit, vested |
|
(1,116)
|
Weighted average grant date fair value, vested |
11.21
|
|
Restricted stock unit, forfeited |
|
(8,348)
|
Weighted average grant date fair value, forfeitures |
$ 12.16
|
|
Common stock shares for vested restricted stock unit |
7,927
|
|
Vested and converted into common stock |
$ 9.34
|
|
Restricted stock unit, ending |
433,475
|
441,402
|
Weighted average grant date fair value, ending |
$ 9.57
|
$ 9.57
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v3.23.2
SCHEDULE OF STOCK OPTION ACTIVITY (Details) - $ / shares
|
12 Months Ended |
Apr. 30, 2023 |
Apr. 30, 2022 |
Apr. 30, 2021 |
Equity [Abstract] |
|
|
|
Number of options outstanding, beginning of period |
148,060
|
95,000
|
|
Weighted average exercise price outstanding, beginning of period |
$ 11.65
|
$ 14.63
|
|
Weighted average remaining contractual life (Years), ending of period |
4 years 5 months 8 days
|
2 years 2 months 23 days
|
1 year 6 months 25 days
|
Number of options, granted |
140,000
|
58,060
|
|
Weighted average exercise price, granted |
$ 5.02
|
$ 6.93
|
|
Weighted average remaining contractual life (Years), grant |
5 years
|
5 years
|
|
Number of options, exercised |
|
|
|
Weighted average exercise price, exercised |
|
|
|
Number of options, forfeited |
|
|
|
Weighted average exercise price, forfeited |
|
|
|
Number of options, cancelled |
(95,310)
|
(5,000)
|
|
Weighted average exercise price, cancelled |
$ 14.27
|
$ 13.40
|
|
Number of options outstanding,ending of period |
192,750
|
148,060
|
95,000
|
Weighted average exercise price outstanding, ending of period |
$ 5.73
|
$ 11.65
|
$ 14.63
|
Number of options exercisable at end of period |
179,650
|
|
|
Weighted average exercise price options exercisable at end of period |
$ 5.44
|
|
|
Number of options expected to vest |
13,100
|
|
|
Weighted average exercise price options expected to vest |
$ 6.93
|
|
|
Weighted average exercise Price weighted average fair value of options granted during the period |
$ 3.31
|
|
|
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- DefinitionSharebased compensation arrangement by sharebased payment award options outstanding grant weighted average remaining contractual term2.
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v3.23.2
SCHEDULE OF STOCK WARRANT ACTIVITY (Details) - $ / shares
|
12 Months Ended |
Apr. 30, 2023 |
Apr. 30, 2022 |
Apr. 30, 2021 |
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
Number of Warrants, Outstanding, Ending balance |
2,888,949
|
|
|
Weighted Average Exercise Price, Outstanding, Ending balance |
$ 7.90
|
|
|
Weighted average remaining contractual life in years, end of period |
4 years 1 month 24 days
|
|
|
Number of Warrants, Exercisable, Ending balance |
2,018,949
|
|
|
Weighted Average Exercise Price, Exercisable, Ending balance |
$ 8.65
|
|
|
Weighted average fair value of warrants granted during the period |
$ 3.55
|
|
|
Warrants with No Class Designation [Member] |
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
Number of Warrants, Outstanding, Beginning balance |
1,909,262
|
1,428,794
|
|
Weighted Average Exercise Price,Outstanding, Beginning balance |
$ 9.29
|
$ 12.00
|
|
Weighted average remaining contractual life in years, end of period |
4 years 3 months 7 days
|
4 years 4 months 17 days
|
4 years 29 days
|
Number of Warrants, Granted |
870,000
|
817,370
|
|
Weighted Average Exercise Price, Granted |
$ 6.16
|
$ 8.46
|
|
Weighted Average Remaining Contractual Granted |
5 years 6 months 3 days
|
5 years 4 months 20 days
|
|
Number of Warrants, Exercised |
|
(166,667)
|
|
Weighted Average Exercise Price, Exercised |
|
$ 6.00
|
|
Weighted Average Remaining Contractual Term Exercised |
|
3 years 3 months 29 days
|
|
Number of Warrants, Forfeited |
|
(170,235)
|
|
Weighted Average Exercise Price, Forfeited |
|
$ 31.25
|
|
Number of Warrants, Canceled |
|
|
|
Weighted Average Exercise Price, Canceled |
|
|
|
Number of Warrants, Outstanding, Ending balance |
2,779,262
|
1,909,262
|
1,428,794
|
Weighted Average Exercise Price, Outstanding, Ending balance |
$ 7.76
|
$ 9.29
|
$ 12.00
|
Class A Warrants [Member] |
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
Number of Warrants, Outstanding, Beginning balance |
109,687
|
109,687
|
|
Weighted Average Exercise Price,Outstanding, Beginning balance |
$ 11.40
|
$ 11.40
|
|
Weighted average remaining contractual life in years, end of period |
1 year 2 months 19 days
|
2 years 2 months 19 days
|
3 years 2 months 19 days
|
Number of Warrants, Granted |
|
|
|
Weighted Average Exercise Price, Granted |
|
|
|
Number of Warrants, Exercised |
|
|
|
Weighted Average Exercise Price, Exercised |
|
|
|
Number of Warrants, Forfeited |
|
|
|
Weighted Average Exercise Price, Forfeited |
|
|
|
Number of Warrants, Canceled |
|
|
|
Weighted Average Exercise Price, Canceled |
|
|
|
Number of Warrants, Outstanding, Ending balance |
109,687
|
109,687
|
109,687
|
Weighted Average Exercise Price, Outstanding, Ending balance |
$ 11.40
|
$ 11.40
|
$ 11.40
|
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v3.23.2
STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Months Ended |
12 Months Ended |
|
|
|
Apr. 10, 2023 |
Apr. 04, 2023 |
Mar. 10, 2023 |
Jan. 12, 2023 |
Dec. 22, 2022 |
Dec. 16, 2022 |
Nov. 14, 2022 |
Apr. 25, 2022 |
Apr. 25, 2022 |
Apr. 22, 2022 |
Apr. 09, 2022 |
Mar. 18, 2022 |
Mar. 15, 2022 |
Feb. 14, 2022 |
Jan. 24, 2022 |
Oct. 22, 2021 |
Oct. 20, 2021 |
Jul. 19, 2021 |
Jun. 09, 2021 |
Jun. 01, 2021 |
Aug. 31, 2020 |
Apr. 30, 2022 |
Apr. 30, 2023 |
Apr. 30, 2022 |
Apr. 30, 2021 |
Mar. 31, 2022 |
Aug. 06, 2019 |
Aug. 31, 2017 |
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock, shares authorized |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
200,000,000
|
200,000,000
|
200,000,000
|
|
|
|
|
Common stock, par value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 0.001
|
$ 0.001
|
$ 0.001
|
|
|
|
|
Preferred stock, shares designated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
50,000,000
|
50,000,000
|
50,000,000
|
|
|
|
|
Preferred stock, par value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 0.001
|
$ 0.001
|
$ 0.001
|
|
|
|
|
Preferred stock, shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0
|
0
|
0
|
|
|
|
|
Purchase of shares |
625,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total gross proceeds |
|
|
|
|
|
|
|
|
|
|
|
$ 4,559,600
|
|
|
|
|
|
|
|
|
|
|
$ 4,550,210
|
|
|
|
|
|
Date of issuance expire |
5 years
|
|
|
|
|
|
|
|
|
|
|
5 years
|
5 years
|
5 years
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrant liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
625,000
|
625,000
|
625,000
|
|
|
|
|
Warrant exercise price |
$ 8.60
|
|
|
|
|
|
|
|
|
|
|
$ 8.60
|
|
$ 8.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercise price of warrant reduced |
$ 6.16
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Modification of warrants |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 262,500
|
|
|
|
|
|
Shares issued for services, value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
77,500
|
100,000
|
|
|
|
|
Share based compensation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,308,633
|
1,669,987
|
|
|
|
|
Share based compensation expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 738,125
|
$ 1,386,512
|
|
|
|
|
Number of unvested restricted stocks |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
441,402
|
433,475
|
441,402
|
346,802
|
|
|
|
Fair value of shares over vesting period |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 661,573
|
|
|
|
|
|
Vesting term |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8 months 4 days
|
|
|
|
|
|
Number of restricted stock units awarded but unissued |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
343,315
|
|
|
|
|
|
Number of restricted stock units |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
433,475
|
|
|
|
|
|
Common stock issued, value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 1,000,001
|
|
|
|
|
Shares purchase to consultants |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
140,000
|
58,060
|
|
|
|
|
Option term |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4 years 5 months 8 days
|
2 years 2 months 23 days
|
1 year 6 months 25 days
|
|
|
|
Exercise price |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 5.44
|
|
|
|
|
|
Statements of operations totaled |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 493,008
|
$ 183,475
|
|
|
|
|
Future vesting value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 49,342
|
|
|
|
|
|
Weighted average period |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 year 8 months 23 days
|
|
|
|
|
|
Warrants issued |
625,000
|
|
|
|
|
|
|
|
|
|
|
625,000
|
|
192,370
|
|
|
|
|
|
|
|
|
870,000
|
|
|
625,000
|
|
|
2017 Equity Incentive Plan [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock reservation of shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
165,000
|
2020 Incentive Plan [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of shares |
|
|
|
|
|
2,419,571
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,167,095
|
|
|
|
|
|
|
|
Common stock reservation of shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
330,710
|
|
Number of shares available for issuance |
|
|
|
|
|
1,252,476
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
836,385
|
|
|
|
|
|
|
|
Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued for services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18,339
|
12,104
|
|
|
|
|
Shares issued for services, value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 18
|
$ 12
|
|
|
|
|
Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Date of issuance expire |
5 years
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrant liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
870,000
|
|
|
|
|
|
Warrant exercise price |
$ 6.16
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock issued, shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
166,667
|
|
|
|
|
|
|
Common stock issued, value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 1,000,000
|
|
|
|
|
|
|
Warrants issued |
870,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Employee [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares purchase to consultants |
|
|
|
48,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Option term |
|
|
|
5 years
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercise price |
|
|
|
$ 5.02
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consultant [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued for services |
|
5,404
|
|
|
|
|
5,425
|
|
14,286
|
|
|
|
|
|
|
2,162
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued for services, value |
|
$ 25,000
|
|
|
|
|
$ 22,500
|
|
$ 130,000
|
|
|
|
|
|
|
$ 22,500
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued price per share |
|
$ 4.63
|
|
|
|
|
$ 4.15
|
$ 9.10
|
$ 9.10
|
|
|
|
|
|
|
$ 10.41
|
|
|
|
|
|
|
|
|
|
|
|
|
Accrued liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 16,250
|
|
|
|
|
|
Share based compensation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
113,750
|
130,000
|
|
|
|
|
Director [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares purchase to consultants |
|
|
|
70,000
|
|
|
|
|
|
|
|
|
|
|
21,240
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Option term |
|
|
|
5 years
|
|
|
|
|
|
|
|
|
|
|
5 years
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercise price |
|
|
|
$ 5.02
|
|
|
|
|
|
|
|
|
|
|
$ 6.93
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Director [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued for services |
|
|
33,419
|
|
|
|
|
|
|
5,814
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued for services, value |
|
|
$ 130,000
|
|
|
|
|
|
|
$ 50,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued price per share |
|
|
$ 3.89
|
|
|
|
|
|
|
$ 8.60
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share based compensation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
33,333
|
16,667
|
|
|
|
|
Prepaid share based compensation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 113,750
|
|
$ 113,750
|
|
|
|
|
Share based compensation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,417
|
|
|
|
|
|
Consultants [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares purchase to consultants |
|
|
|
22,000
|
|
|
|
|
|
|
|
|
|
|
10,620
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Option term |
|
|
|
5 years
|
|
|
|
|
|
|
|
|
|
|
5 years
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercise price |
|
|
|
$ 5.02
|
|
|
|
|
|
|
|
|
|
|
$ 6.93
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consultants [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued for services |
|
|
|
|
|
|
|
|
|
2,749
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued for services, value |
|
|
|
|
|
|
|
|
|
$ 22,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued price per share |
|
|
|
|
|
|
|
|
|
$ 8.18
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Edward Karr [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued for services |
|
|
15,424
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued for services, value |
|
|
$ 60,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued price per share |
|
|
$ 3.89
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prepaid share based compensation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
52,500
|
|
|
|
|
|
Share based compensation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 7,500
|
|
|
|
|
|
Employees [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares purchase to consultants |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
26,200
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Option term |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5 years
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercise price |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 6.93
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vesting description |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The options
vest 25% on the date of grant and 25% each next three years from the date of grant
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vesting period |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 years
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted Stock Units (RSUs) [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued for services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,097
|
|
|
|
|
|
|
|
|
Shares issued for services, value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 25,000
|
|
|
|
|
|
|
|
|
Shares issued price per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 11.92
|
|
|
|
|
|
|
|
|
Number of unvested restricted stocks |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
90,160
|
|
|
|
|
|
Restricted Stock Units (RSUs) [Member] | Services Rendered [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued for services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
47,108
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued for services, value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 326,475
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued price per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 6.93
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted Stock Units (RSUs) [Member] | Employee [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued for services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,322
|
|
|
|
|
|
|
|
|
|
|
Shares issued for services, value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 150,000
|
|
|
|
|
|
|
|
|
|
|
Shares issued price per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 9.79
|
|
|
|
|
|
|
|
|
|
|
Vesting percentage |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25.00%
|
|
|
|
|
|
|
|
|
|
|
Restricted Stock Units (RSUs) [Member] | Former Employee [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,116
|
|
|
|
|
|
|
|
|
|
|
|
Restricted Stock Units (RSUs) [Member] | Director [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued for services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,852
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued for services, value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 96,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued price per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 6.93
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted Stock Units (RSUs) [Member] | Consultants [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued for services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25,685
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued for services, value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 178,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued price per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 6.93
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted Stock Units (RSUs) [Member] | Formerd Director [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of shares |
|
|
|
|
7,927
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities Purchase Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
192,370
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share price |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 8.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from issuance initial public offering |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 2,500,817
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred offering costs |
$ 452,290
|
|
|
|
|
|
|
|
|
|
|
|
$ 440,399
|
$ 30,767
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Legal expenses |
$ 37,115
|
|
|
|
|
|
|
|
|
|
|
|
$ 25,399
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrant liabilities |
870,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
625,000
|
|
625,000
|
|
|
|
|
Securities Purchase Agreement [Member] | IPO [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
384,741
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share price |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 6.50
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Definitive Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of shares |
870,000
|
|
|
|
|
|
|
|
|
|
|
|
625,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share price |
$ 6.16
|
|
|
|
|
|
|
|
|
|
|
|
$ 8.60
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total gross proceeds |
$ 5,002,500
|
|
|
|
|
|
|
|
|
|
|
|
$ 5,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Definitive Agreement [Member] | IPO [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of shares |
870,000
|
|
|
|
|
|
|
|
|
|
|
|
625,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share price |
$ 5.75
|
|
|
|
|
|
|
|
|
|
|
|
$ 8.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Placement agent fees |
$ 415,175
|
|
|
|
|
|
|
|
|
|
|
|
$ 415,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor Relations Agreement [Member] | Consultants [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued for services |
|
|
|
|
|
|
|
|
|
|
25,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued for services, value |
|
|
|
|
|
|
|
|
|
|
$ 157,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued price per share |
|
|
|
|
|
|
|
|
|
|
$ 6.28
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prepaid share based compensation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 13,083
|
$ 143,917
|
$ 13,083
|
|
|
|
|
Investor Relations Agreement [Member] | Restricted Stock Units (RSUs) [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued for services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25,000
|
|
|
|
|
|
|
|
|
|
Shares issued for services, value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 258,500
|
|
|
|
|
|
|
|
|
|
Shares issued price per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 10.34
|
|
|
|
|
|
|
|
|
|
Accrued liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 14,203
|
|
|
|
|
|
|
|
|
|
Share based compensation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
244,297
|
|
|
|
|
Advisory Consulting Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued for services |
|
|
|
|
|
|
885
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,395
|
|
|
|
|
|
|
Advisory Consulting Agreement [Member] | Consultant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued for services |
|
|
|
|
|
|
7,510
|
|
|
|
|
|
|
|
|
2,824
|
|
|
|
|
|
885
|
|
|
|
|
|
|
Shares issued for services, value |
|
|
|
|
|
|
$ 35,000
|
|
|
|
|
|
|
|
|
$ 30,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued price per share |
|
|
|
|
|
|
$ 4.17
|
|
|
|
|
|
|
|
|
$ 10.62
|
|
|
|
|
|
|
|
|
|
|
|
|
Accrued liabilities |
|
|
|
|
|
|
$ 5,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 5,000
|
|
5,000
|
|
|
|
|
Share based compensation expense |
|
|
|
|
|
|
$ 30,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25,000
|
|
|
|
|
Advisory Consulting Agreement [Member] | Consultant [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued for services |
|
|
|
|
|
|
8,395
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advisory Consulting Agreement [Member] | Consultants [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued for services |
|
|
|
|
|
|
|
|
|
3,708
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued for services, value |
|
|
|
|
|
|
|
|
|
$ 30,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued price per share |
|
|
|
|
|
|
|
|
|
$ 8.09
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 2021 Agreement [Member] | Former Executive Chairman [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued for services |
|
|
|
|
|
|
|
5,168
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued for services, value |
|
|
|
|
|
|
|
$ 60,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued price per share |
|
|
|
|
|
|
|
$ 11.61
|
11.61
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accrued liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 7,500
|
|
7,500
|
|
|
|
|
Share based compensation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
52,500
|
|
|
|
|
March 2022 Agreement [Member] | Former Executive Chairman [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued for services |
|
|
|
|
|
|
|
7,353
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued for services, value |
|
|
|
|
|
|
|
$ 60,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued price per share |
|
|
|
|
|
|
|
$ 8.16
|
$ 8.16
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share based compensation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 52,500
|
$ 7,500
|
|
|
|
|
One Year Strategic Advisory Agreement [Member] | Consultant [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued for services |
|
|
|
|
|
|
|
|
12,634
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued for services, value |
|
|
|
|
|
|
|
|
$ 130,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued price per share |
|
|
|
|
|
|
|
$ 10.29
|
$ 10.29
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series A Convertible Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, shares designated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,300,000
|
|
|
|
|
|
Series B Convertible Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, shares designated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
400,000
|
|
|
|
|
|
Series C Convertible Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, shares designated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
45,002
|
|
|
|
|
|
Series D Convertible Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, shares designated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,402
|
|
|
|
|
|
Series E Convertible Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, shares designated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,500
|
|
|
|
|
|
Series F Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, shares designated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,250
|
|
|
|
|
|
Series G Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, shares designated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
127
|
|
|
|
|
|
Series H Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, shares designated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
106,894
|
|
|
|
|
|
Series I preferred stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, shares designated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
921,666
|
|
|
|
|
|
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v3.23.2
SCHEDULE OF ANTIDILUTIVE SECTURITIES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE (Details) - shares
|
12 Months Ended |
Apr. 30, 2023 |
Apr. 30, 2022 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total |
3,515,174
|
2,608,411
|
Restricted Stock Units (RSUs) [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total |
433,475
|
441,402
|
Equity Option [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total |
192,750
|
148,060
|
Warrant [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total |
2,888,949
|
2,018,949
|
X |
- DefinitionSecurities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented.
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v3.23.2
COMMITMENTS AND CONTINGENCIES (Details Narrative)
|
|
12 Months Ended |
|
|
|
Aug. 25, 2021
USD ($)
|
Apr. 30, 2023
USD ($)
a
$ / shares
|
Apr. 30, 2022
USD ($)
|
Sep. 01, 2022
USD ($)
|
Sep. 01, 2021
USD ($)
|
May 01, 2021 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
Lease annual payment per acre | $ / shares |
|
$ 3.00
|
|
|
|
|
Production royalties |
|
2.10%
|
|
|
|
|
Lease term, renew |
|
|
|
|
2 years
|
3 years
|
Minimum royalty payments percentage |
|
100.00%
|
|
|
|
|
Annual lease payment |
|
$ 56,000
|
$ 44,500
|
|
|
|
Compensation per acre |
|
40.00
|
|
|
|
|
NPRC Option [Member] |
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
Minimum royalty payment |
|
$ 25,000
|
$ 25,000
|
|
|
|
State of Wyoming Mining Lease One [Member] |
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
Area of land | a |
|
640
|
|
|
|
|
Lease renewed date |
|
2023-02
|
|
|
|
|
Lease term |
|
10 years
|
|
|
|
|
Lease annual payment per acre | $ / shares |
|
$ 3.00
|
|
|
|
|
Lease term, renew |
|
10 years
|
|
|
|
|
Lease annual payment per acre thereafter | $ / shares |
|
$ 4.00
|
|
|
|
|
State of Wyoming Mining Lease Two [Member] |
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
Area of land | a |
|
480
|
|
|
|
|
Lease renewed date |
|
2014-02
|
|
|
|
|
Lease term |
|
10 years
|
|
|
|
|
Lease annual payment per acre | $ / shares |
|
$ 2.00
|
|
|
|
|
Exploration Access and Option to Lease Agreement [Member] | Land Owner [Member] |
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
Annual exploration |
$ 10,000
|
|
|
|
|
|
Annual option payment |
35,780
|
|
|
|
|
|
Anniversary lease payments |
6,560
|
|
|
|
|
|
Amount paid |
|
|
|
$ 42,340
|
$ 42,340
|
|
Closing amount |
26,240
|
|
|
|
|
|
Annual lease payment |
50,000
|
|
|
|
|
|
Annual right way payments |
13,120
|
|
|
|
|
|
Lease right payments |
$ 50,000
|
|
|
|
|
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v3.23.2
SCHEDULE OF NET DEFERRED TAX ASSET AND LIABILITIES (Details) - USD ($)
|
Apr. 30, 2023 |
Apr. 30, 2022 |
Income Tax Disclosure [Abstract] |
|
|
Net operating loss carryover |
$ 11,599,000
|
$ 9,970,000
|
Stock-based compensation |
866,000
|
2,234,000
|
Accrued remediation costs |
35,000
|
11,000
|
Other |
7,000
|
|
Subtotal |
12,507,000
|
12,215,000
|
Less: valuation allowance |
(10,774,000)
|
(10,493,000)
|
Total deferred tax assets |
1,733,000
|
1,722,000
|
Acquired mineral rights in excess of tax basis in a tax-free merger |
(2,152,000)
|
(2,152,000)
|
Other |
(11,000)
|
|
Total deferred tax liabilities |
(2,163,000)
|
(2,152,000)
|
Net deferred tax assets (liabilities) |
$ (430,000)
|
$ (430,000)
|
X |
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v3.23.2
SCHEDULE OF EFFECTIVE TAX RATE (Details) - USD ($)
|
12 Months Ended |
Apr. 30, 2023 |
Apr. 30, 2022 |
Income Tax Disclosure [Abstract] |
|
|
Federal income tax provision (benefit) based on statutory rate, amount |
$ (1,599,000)
|
$ (2,925,000)
|
Federal income tax expense (benefit) based on statutory rate |
21.00%
|
21.00%
|
State income tax provision (benefit), net of federal taxes, amount |
|
|
State income tax expense (benefit), net of federal taxes |
|
|
Change in effective state tax rate, amount |
$ (273,000)
|
|
Change in effective state tax rate |
3.60%
|
|
Change in prior year estimate, amount |
$ (255,000)
|
$ 717,000
|
Change in prior year estimate |
3.40%
|
0.30%
|
Prior year deferred tax adjustment, amount |
$ 1,804,000
|
|
Prior year deferred tax adjustment, percentage |
23.70%
|
|
Other nondeductible expenses, amount |
$ 42,000
|
|
Other nondeductible expenses, percentage |
0.60%
|
|
Increase (decrease) in valuation allowance, amount |
$ 281,000
|
$ 2,208,000
|
Increase (decrease) in valuation allowance |
3.70%
|
20.70%
|
Total taxes on income (loss), amount |
|
|
Total tax provision (benefit) on income (loss) |
|
|
v3.23.2
INCOME TAX (Details Narrative) - USD ($)
|
|
12 Months Ended |
Aug. 10, 2020 |
Apr. 30, 2023 |
Apr. 30, 2022 |
Operating Loss Carryforwards [Line Items] |
|
|
|
Net operating loss carryforwards |
|
$ 42,300,000
|
|
Future taxable income offset percentage |
|
80.00%
|
|
State income tax expense (benefit), net of federal taxes |
|
|
|
Mineral rights acquired |
$ 10,249,632
|
|
|
Statutory rate percentage |
|
21.00%
|
21.00%
|
Expires through the year 2038 [Member] |
|
|
|
Operating Loss Carryforwards [Line Items] |
|
|
|
Net operating loss carryforwards |
|
$ 12,900,000
|
|
Domestic Tax Authority [Member] |
|
|
|
Operating Loss Carryforwards [Line Items] |
|
|
|
Net operating loss carryforwards |
|
$ 55,200,000
|
|
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US Gold (NASDAQ:USAU)
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