U.S. Gold (USAU) - 2020 Q1 - Quarterly Report

Financial Performance - For the three months ended July 31, 2019, the company reported no revenues, consistent with the same period in 2018 [119]. - Total operating expenses decreased to approximately $1.3 million for the three months ended July 31, 2019, down from $1.48 million in the same period of 2018, representing a decrease of about 11.6% [120]. - The company reported a loss from operations of approximately $1.3 million for the three months ended July 31, 2019, compared to a loss of $1.5 million for the same period in 2018, indicating a reduction in loss of approximately 13.3% [121]. - The company incurred net cash used in operating activities of $1.1 million for the three months ended July 31, 2019, down from $1.5 million in the same period of 2018 [128]. Assets and Working Capital - As of July 31, 2019, the company had current assets of $4,166,739, an increase of $1,356,297 from $2,810,442 as of April 30, 2019 [123]. - Working capital increased to $3,873,686 as of July 31, 2019, compared to $2,650,233 as of April 30, 2019, reflecting an increase of $1,223,453 [123]. Financing Activities - Net cash provided by financing activities totaled approximately $2.4 million for the three months ended July 31, 2019, due to the issuance of Series F Preferred Stock and warrants [129]. Corporate Developments - The company entered into a Share Exchange Agreement on September 10, 2019, to acquire NumberCo, issuing 2,000,000 shares of common stock [117]. - The company appointed the Honorable Ryan K. Zinke to its Board of Directors on April 16, 2019, bringing over 30 years of experience in geology and mining industry regulation [118]. Exploration Plans - The company plans to drill approximately 20,000 feet (6,400 meters) as part of its 2019 exploration drilling program on the Keystone Project [118].