Financial Performance - Revenues for the three months ended September 30, 2023, were $0, compared to $8,758,000 for the same period in 2022, indicating a 100% decrease[16] - Net loss for the nine months ended September 30, 2023, was $43,510,000, a slight improvement from a net loss of $46,891,000 for the same period in 2022[19] - The company reported a net loss of $13,909,000 for the quarter ended March 31, 2023, and a net loss of $13,889,000 for the quarter ended June 30, 2023[22] - The net loss for the three months ended September 30, 2023, was $15,712,000, compared to a net loss of $15,849,000 for the same period in 2022[86] - The net loss for the nine months ended September 30, 2023, was $43,510, compared to a net loss of $46,891 for the same period in 2022, indicating a slight improvement[89] Assets and Liabilities - Total assets decreased from $248,954,000 on December 31, 2022, to $211,813,000 on September 30, 2023, representing a decline of approximately 14.9%[14] - Total liabilities increased from $185,648,000 on December 31, 2022, to $189,234,000 on September 30, 2023, reflecting a rise of about 1.0%[14] - The total stockholders' equity decreased from $63,306,000 on December 31, 2022, to $22,579,000 on September 30, 2023, a decline of approximately 64.3%[14] - As of September 30, 2023, the total stockholders' equity was $22.579 million, a decrease from $76.115 million at the same time in 2022[22] - Total debt, net, increased to $142.4 million as of September 30, 2023, compared to $132.7 million at the end of 2022[60] Cash Flow and Expenses - Cash and cash equivalents decreased from $141,984,000 on December 31, 2022, to $106,911,000 on September 30, 2023, a reduction of approximately 24.8%[14] - Cash flows used in operating activities for the nine months ended September 30, 2023, were $31,931,000, compared to $24,363,000 for the same period in 2022, representing an increase of approximately 31.2%[19] - Operating expenses for the three months ended September 30, 2023, were $13,571,000, compared to $12,624,000 for the same period in 2022, showing an increase of approximately 7.5%[16] - The company incurred cash interest paid of $4,625,000 for the nine months ended September 30, 2023, compared to $3,858,000 for the same period in 2022[94] - The Company incurred interest expense of $4.7 million for the three months ended September 30, 2023, compared to $4.5 million for the same period in 2022, reflecting an increase of approximately 5%[16] Stock and Equity - The total shares of common stock outstanding increased from 200,270,659 on January 1, 2023, to 202,132,839 on September 30, 2023[22] - The Company has 967,091 outstanding 5-Year Private Warrants with an exercise price of $11.50, expiring on May 29, 2025[68] - The total number of outstanding equity classified warrants increased to 89,722,621 as of September 30, 2023, from 81,563,197 at the end of 2022[75] - The Company issued 46,816,480 Private Placement Offering Warrants at an exercise price of $1.068, generating gross proceeds of approximately $55.9 million[71] - The Company has approximately $361.4 million of shares of common stock remaining available for future issuance under the At-the-Market Program[74] Operational Status - The company has not generated revenues or incurred costs of sales during the three and nine months ended September 30, 2023, due to the cessation of mining operations in November 2021[29] - The company completed and filed the 2023 Hycroft Property Initial Assessment Technical Report Summary in March 2023, which included a mineral resource estimate[26] - The company continues to explore higher-grade opportunities identified during 2021 exploration drilling[27] - The Company has been focusing on exploring and developing the Hycroft Mine, with a recent technical report filed in March 2023 that included a mineral resource estimate[26] - The Company plans to continue its exploration efforts, focusing on higher-grade opportunities identified during previous drilling[27] Compliance and Regulations - The Company was in compliance with all financial covenants under its debt agreements as of September 30, 2023[57] - The Company adopted new accounting standards effective January 1, 2023, with no material impact on its financial statements[33] - The Company adopted ASU 2019-04 effective January 1, 2023, with no impact on its financial statements due to the collection of all outstanding accounts receivable[34] - The Company plans to evaluate the impact of adopting ASU 2022-03, effective after December 15, 2023, on its financial statements and related disclosures[36] - The company incurred no net income tax expense for the three and nine months ended September 30, 2023 and 2022, resulting in an effective tax rate of Nil[85]
HYCROFT MNG.HLDG.EQ. WARRT(HYMCW) - 2023 Q3 - Quarterly Report