U.S. Gold (US:USAU)2022-09-14 20:20Financial Performance - For the three months ended July 31, 2022, the company reported no revenues, consistent with the same period in 2021 [108]. - Total operating expenses decreased to approximately $2,885,000 for the three months ended July 31, 2022, down from $3,550,000 in the same period of 2021, reflecting a decrease of approximately 18.7% [110]. - The company reported a net loss of approximately $1,945,000 for the three months ended July 31, 2022, compared to a net loss of $3,550,000 for the same period in 2021, indicating a reduction in losses of approximately 45% [113]. - The company incurred net cash used in operating activities of $2.8 million for the three months ended July 31, 2022, a slight decrease from $2.9 million in the same period of 2021 [118]. - The company has incurred an accumulated deficit of approximately $59.9 million as of July 31, 2022, reflecting ongoing losses since inception [116]. Assets and Working Capital - As of July 31, 2022, the company had current assets of $7,187,556, a decrease of $2,711,858 from $9,899,414 as of April 30, 2022 [114]. - Working capital decreased to $6,100,531 as of July 31, 2022, down from $8,763,379 as of April 30, 2022, representing a decline of approximately 30.4% [114]. Project Development - The company is currently conducting exploration and pre-development activities at the CK Gold Project, with ongoing engineering studies towards a feasibility study [103]. - The company has sufficient cash to fund corporate activities and general administrative costs but will need to raise additional funds to advance projects beyond current objectives [116]. Warrant Liability - The company reported a change in fair value of warrant liability of approximately $940,000 for the three months ended July 31, 2022, compared to $0 for the same period in 2021 [112].