10-Q Filing

DAKOTA GOLD CORP. CIK: 1852353 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001062993-23-010672`
Period End Date	20230331
Filing Date	20230510
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	form10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 46 Income Statement 30 Cash Flow Statement 50 Stockholders Equity 22

Balance Sheet 46 line items

Line Item	Tag	Value	Unit	Period
Common Stock, Par or Stated Value Per Share	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common Stock, Par or Stated Value Per Share	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common Stock, Par or Stated Value Per Share	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common Stock, Shares Authorized	`CommonStockSharesAuthorized`	144.30M	shares	Point-in-time
Common Stock, Shares Authorized	`CommonStockSharesAuthorized`	144.30M	shares	Point-in-time
Common Stock, Shares Authorized	`CommonStockSharesAuthorized`	144.30M	shares	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	75.29M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$23.91M	USD	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	73.34M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$20.27M	USD	Point-in-time
Receivable	`ReceivablesNetCurrent`	$107.36K	USD	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	73.34M	shares	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	75.29M	shares	Point-in-time
Receivable	`ReceivablesNetCurrent`	$115.94K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$852.69K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$618.91K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$24.64M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$21.24M	USD	Point-in-time
Mineral rights and properties	`MineralPropertiesNet`	$78.74M	USD	Point-in-time
Mineral rights and properties	`MineralPropertiesNet`	$78.76M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$1.27M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$1.25M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$380.65K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$348.39K	USD	Point-in-time
Total assets	`Assets`	$101.60M	USD	Point-in-time
Total assets	`Assets`	$105.02M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$2.48M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$2.51M	USD	Point-in-time
Deferred tax liability	`DeferredIncomeTaxLiabilitiesNet`	$1.33M	USD	Point-in-time
Deferred tax liability	`DeferredIncomeTaxLiabilitiesNet`	$1.06M	USD	Point-in-time
Total liabilities	`Liabilities`	$3.54M	USD	Point-in-time
Total liabilities	`Liabilities`	$3.85M	USD	Point-in-time
Commitments and contingent liabilities	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingent liabilities	`CommitmentsAndContingencies`	-	USD	Point-in-time
Capital stock, par value $0.001; 144,302,330 common shares authorized, 75,292,928 and 73,341,001 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively	`CommonStockValue`	$73.34K	USD	Point-in-time
Capital stock, par value $0.001; 144,302,330 common shares authorized, 75,292,928 and 73,341,001 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively	`CommonStockValue`	$75.29K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$113.46M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$107.32M	USD	Point-in-time
Retained deficit	`RetainedEarningsAccumulatedDeficit`	$-15.48M	USD	Point-in-time
Retained deficit	`RetainedEarningsAccumulatedDeficit`	$-6.22M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$98.06M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$113.83M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$101.18M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$111.19M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$105.02M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$101.60M	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Exploration expenses	`ExplorationCosts`	$1.22M	USD	1 Quarter
Exploration expenses	`ExplorationCosts`	$6.84M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$2.74M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$6.42M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-7.64M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-9.58M	USD	1 Quarter
Foreign exchange gain (loss)	`ForeignCurrencyTransactionGainLossBeforeTax`	$-19.28K	USD	1 Quarter
Foreign exchange gain (loss)	`ForeignCurrencyTransactionGainLossBeforeTax`	$60.79K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$79.34K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$53.91K	USD	1 Quarter
Total other income (expenses)	`OtherNonoperatingIncomeExpense`	$140.13K	USD	1 Quarter
Total other income (expenses)	`OtherNonoperatingIncomeExpense`	$34.64K	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-9.54M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-7.50M	USD	1 Quarter
Deferred income tax benefit	`DeferredIncomeTaxExpenseBenefit`	$-5.30M	USD	1 Quarter
Deferred income tax benefit	`DeferredIncomeTaxExpenseBenefit`	$-274.51K	USD	1 Quarter
Net loss and comprehensive loss	`ProfitLoss`	$-9.27M	USD	1 Quarter
Net loss and comprehensive loss	`ProfitLoss`	$-2.19M	USD	1 Quarter
Less: Net loss attributable to non-controlling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	-	USD	1 Quarter
Less: Net loss attributable to non-controlling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$-3.45M	USD	1 Quarter
Net income (loss) and comprehensive income (loss) attributable to Dakota Gold Corp.	`NetIncomeLoss`	$-9.27M	USD	1 Quarter
Net income (loss) and comprehensive income (loss) attributable to Dakota Gold Corp.	`NetIncomeLoss`	$1.26M	USD	1 Quarter
Basic profit (loss) per share	`EarningsPerShareBasic`	$0.04	USD	1 Quarter
Basic profit (loss) per share	`EarningsPerShareBasic`	$-0.13	USD	1 Quarter
Diluted profit (loss) per share	`EarningsPerShareDiluted`	$-0.13	USD	1 Quarter
Diluted profit (loss) per share	`EarningsPerShareDiluted`	$0.04	USD	1 Quarter
Weighted average number of basic shares of common stock outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	35.64M	shares	1 Quarter
Weighted average number of basic shares of common stock outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	73.74M	shares	1 Quarter
Weighted average number of diluted shares of common stock outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	35.64M	shares	1 Quarter
Weighted average number of diluted shares of common stock outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	73.74M	shares	1 Quarter

Cash Flow Statement 50 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-9.27M	USD	1 Quarter
Net loss	`ProfitLoss`	$-2.19M	USD	1 Quarter
Depreciation expense	`Depreciation`	$30.59K	USD	1 Quarter
Depreciation expense	`Depreciation`	$60.74K	USD	1 Quarter
Stock-based compensation expense	`EmployeeBenefitsAndShareBasedCompensation`	$1.29M	USD	1 Quarter
Stock-based compensation expense	`EmployeeBenefitsAndShareBasedCompensation`	$3.24M	USD	1 Quarter
Deferred income tax benefit	`DeferredIncomeTaxExpenseBenefit`	$-5.30M	USD	1 Quarter
Deferred income tax benefit	`DeferredIncomeTaxExpenseBenefit`	$-274.51K	USD	1 Quarter
Receivable	`IncreaseDecreaseInAccountsReceivable`	$85.24K	USD	1 Quarter
Receivable	`IncreaseDecreaseInAccountsReceivable`	$8.59K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$18.10K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$233.78K	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities`	$-32.39K	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities`	$1.57M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.76M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-8.46M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$44.63K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$137.61K	USD	1 Quarter
Purchases of mineral rights and properties	`PaymentsToAcquireMineralRights`	$20.00K	USD	1 Quarter
Purchases of mineral rights and properties	`PaymentsToAcquireMineralRights`	$2.47M	USD	1 Quarter
Other assets	`PaymentsToAcquireOtherProductiveAssets`	-	USD	1 Quarter
Other assets	`PaymentsToAcquireOtherProductiveAssets`	$7.39K	USD	1 Quarter
Reclamation deposit paid	`PaymentsToAcquireReclamationDepositPaid`	$20.00K	USD	1 Quarter
Reclamation deposit paid	`PaymentsToAcquireReclamationDepositPaid`	-	USD	1 Quarter
Cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-2.63M	USD	1 Quarter
Cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-72.02K	USD	1 Quarter
Proceeds from sale of common stock on at-the market ("ATM") program	`ProceedsFromSaleOfCommonStockOnAtTheMarketProgram`	-	USD	1 Quarter
Proceeds from sale of common stock on at-the market ("ATM") program	`ProceedsFromSaleOfCommonStockOnAtTheMarketProgram`	$5.00M	USD	1 Quarter
Payment of ATM issuance costs	`PaymentsOfStockIssuanceCosts`	-	USD	1 Quarter
Payment of ATM issuance costs	`PaymentsOfStockIssuanceCosts`	$97.50K	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$12.00K	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	-	USD	1 Quarter
Proceeds from exercise of warrants	`ProceedsFromWarrantExercises`	$18.76K	USD	1 Quarter
Proceeds from exercise of warrants	`ProceedsFromWarrantExercises`	-	USD	1 Quarter
Withholding of employee tax payments on performance stock units	`WithholdingOfEmployeeTaxPaymentsOnPerformanceStockUnits`	$38.00K	USD	1 Quarter
Withholding of employee tax payments on performance stock units	`WithholdingOfEmployeeTaxPaymentsOnPerformanceStockUnits`	-	USD	1 Quarter
Cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$4.90M	USD	1 Quarter
Cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	-	USD	1 Quarter
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-5.39M	USD	1 Quarter
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-3.64M	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$23.91M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$41.40M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$20.27M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$46.79M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$23.91M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$41.40M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$20.27M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$46.79M	USD	Point-in-time
Deferred ATM offering costs offset against additional paid-in capital	`DeferredAtmOfferingCostsOffsetAgainstAdditionalPaidInCapital`	-	USD	1 Quarter
Deferred ATM offering costs offset against additional paid-in capital	`DeferredAtmOfferingCostsOffsetAgainstAdditionalPaidInCapital`	$39.65K	USD	1 Quarter

Stockholders Equity 22 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$98.06M	USD	Point-in-time
Beginning Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$113.83M	USD	Point-in-time
Beginning Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$101.18M	USD	Point-in-time
Beginning Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$111.19M	USD	Point-in-time
Beginning Balance (Shares)	`CommonStockSharesOutstanding`	73.34M	shares	Point-in-time
Beginning Balance (Shares)	`CommonStockSharesOutstanding`	75.29M	shares	Point-in-time
Common stock issued for ATM program, net of amortized issuance costs	`StockIssuedDuringPeriodValueCommonStockIssuedForAmortizedIssuanceCosts`	$4.86M	USD	1 Quarter
Common stock issued for exercise of options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$12.00K	USD	1 Quarter
Common stock issued for exercise of options (Shares)	`StockIssuedDuringPeriodSharesStockOptionsExercised`	37,500.00	shares	1 Quarter
Common stock issued for exercise of warrants	`StockIssuedDuringPeriodValueExerciseOfWarrants`	$18.76K	USD	1 Quarter
DTRC common stock issued for purchase of mineral properties	`StockIssuedDuringPeriodValuePurchaseOfAssets`	$1.60M	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$3.24M	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$1.29M	USD	1 Quarter
Withholding of employee tax payment on PSUs	`WithholdingOfEmployeeTaxPaymentOnPsu`	$38.00K	USD	1 Quarter
Net profit/loss	`NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest`	$-9.27M	USD	1 Quarter
Net profit/loss	`NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest`	$-2.19M	USD	1 Quarter
Ending Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$98.06M	USD	Point-in-time
Ending Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$113.83M	USD	Point-in-time
Ending Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$101.18M	USD	Point-in-time
Ending Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$111.19M	USD	Point-in-time
Ending Balance (Shares)	`CommonStockSharesOutstanding`	73.34M	shares	Point-in-time
Ending Balance (Shares)	`CommonStockSharesOutstanding`	75.29M	shares	Point-in-time

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