10-Q Filing

Contango ORE, Inc. CIK: 1502377 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0001437749-20-023840`
Period End Date	20200930
Filing Date	20201113
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	ctgo-20200930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 48 Income Statement 30 Cash Flow Statement 44 Stockholders Equity 17

Balance Sheet 48 line items

Line Item	Tag	Value	Unit	Period
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$36.39M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	30.00M	shares	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	30.00M	shares	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$3.01M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	6.59M	shares	Point-in-time
Prepaid expenses and other	`PrepaidExpenseCurrent`	$172.52K	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	5.99M	shares	Point-in-time
Prepaid expenses and other	`PrepaidExpenseCurrent`	$72.24K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$3.08M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	6.56M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$36.56M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	5.99M	shares	Point-in-time
Treasury stock, shares (in shares)	`TreasuryStockShares`	0.00	shares	Point-in-time
Treasury stock, shares (in shares)	`TreasuryStockShares`	32,874.00	shares	Point-in-time
TOTAL ASSETS	`Assets`	$3.08M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$36.56M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.86M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$83.16K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$43.97K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$1.01M	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesCurrent`	$2.41M	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesCurrent`	-	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$4.31M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.09M	USD	Point-in-time
Advance royalty reimbursement	`AdvanceRoyaltyReimbursementNoncurrent`	-	USD	Point-in-time
Advance royalty reimbursement	`AdvanceRoyaltyReimbursementNoncurrent`	$1.20M	USD	Point-in-time
Total non-current liabilities	`LiabilitiesNoncurrent`	$1.20M	USD	Point-in-time
Total non-current liabilities	`LiabilitiesNoncurrent`	-	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$5.51M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$1.09M	USD	Point-in-time
COMMITMENTS AND CONTINGENCIES (NOTE 11)	`CommitmentsAndContingencies`	-	USD	Point-in-time
COMMITMENTS AND CONTINGENCIES (NOTE 11)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common Stock, $0.01 par value, 30,000,000 shares authorized; 5,994,667 shares issued and outstanding at September 30, 2020; 6,590,113 shares issued and 6,557,239 outstanding at June 30, 2020	`CommonStockValue`	$59.95K	USD	Point-in-time
Common Stock, $0.01 par value, 30,000,000 shares authorized; 5,994,667 shares issued and outstanding at September 30, 2020; 6,590,113 shares issued and 6,557,239 outstanding at June 30, 2020	`CommonStockValue`	$65.90K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$61.30M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$56.45M	USD	Point-in-time
Treasury stock at cost (0 shares at September 30, 2020; and 32,874 at June 30, 2020)	`TreasuryStockValue`	$476.67K	USD	Point-in-time
Treasury stock at cost (0 shares at September 30, 2020; and 32,874 at June 30, 2020)	`TreasuryStockValue`	-	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-25.45M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-58.90M	USD	Point-in-time
TOTAL SHAREHOLDERS EQUITY	`StockholdersEquity`	$7.23M	USD	Point-in-time
TOTAL SHAREHOLDERS EQUITY	`StockholdersEquity`	$31.05M	USD	Point-in-time
TOTAL SHAREHOLDERS EQUITY	`StockholdersEquity`	$1.99M	USD	Point-in-time
TOTAL SHAREHOLDERS EQUITY	`StockholdersEquity`	$8.34M	USD	Point-in-time
TOTAL LIABILITIES AND MEMBERS EQUITY	`LiabilitiesAndStockholdersEquity`	$3.08M	USD	Point-in-time
TOTAL LIABILITIES AND MEMBERS EQUITY	`LiabilitiesAndStockholdersEquity`	$36.56M	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Exploration expense	`ExplorationExpense`	-	USD	1 Quarter
Exploration expense	`ExplorationExpense`	$20.83K	USD	1 Quarter
General and administrative expense	`GeneralAndAdministrativeExpense`	$990.99K	USD	1 Quarter
General and administrative expense	`GeneralAndAdministrativeExpense`	$3.52M	USD	1 Quarter
Total expenses	`CostsAndExpenses`	$990.99K	USD	1 Quarter
Total expenses	`CostsAndExpenses`	$3.55M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$214.00	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$39.66K	USD	1 Quarter
Loss from equity investment in Peak Gold, LLC (Note 4)	`IncomeLossFromEquityMethodInvestments`	$-247.80K	USD	3 Qtrs
Loss from equity investment in Peak Gold, LLC (Note 4)	`IncomeLossFromEquityMethodInvestments`	$-900.00K	USD	3 Qtrs
Loss from equity investment in Peak Gold, LLC (Note 4)	`IncomeLossFromEquityMethodInvestments`	$-247.80K	USD	1 Quarter
Loss from equity investment in Peak Gold, LLC (Note 4)	`IncomeLossFromEquityMethodInvestments`	$-900.00K	USD	1 Quarter
Gain on sale of a portion of the equity investment in Peak Gold, LLC	`EquityMethodInvestmentRealizedGainLossOnDisposal`	$39.64M	USD	1 Quarter
Gain on sale of a portion of the equity investment in Peak Gold, LLC	`EquityMethodInvestmentRealizedGainLossOnDisposal`	-	USD	3 Qtrs
Gain on sale of a portion of the equity investment in Peak Gold, LLC	`EquityMethodInvestmentRealizedGainLossOnDisposal`	-	USD	1 Quarter
Gain on sale of a portion of the equity investment in Peak Gold, LLC	`EquityMethodInvestmentRealizedGainLossOnDisposal`	$39.64M	USD	3 Qtrs
Total other income/(expense)	`NonoperatingIncomeExpense`	$39.40M	USD	1 Quarter
Total other income/(expense)	`NonoperatingIncomeExpense`	$-860.34K	USD	1 Quarter
INCOME/(LOSS) BEFORE TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$35.85M	USD	1 Quarter
INCOME/(LOSS) BEFORE TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-1.85M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$2.41M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
NET INCOME/(LOSS)	`NetIncomeLoss`	$-1.85M	USD	1 Quarter
NET INCOME/(LOSS)	`NetIncomeLoss`	$-1.85M	USD	3 Qtrs
NET INCOME/(LOSS)	`NetIncomeLoss`	$33.44M	USD	3 Qtrs
NET INCOME/(LOSS)	`NetIncomeLoss`	$33.44M	USD	1 Quarter
Basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.29	USD	1 Quarter
Basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$5.09	USD	1 Quarter
Basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	6.36M	shares	1 Quarter
Basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	6.58M	shares	1 Quarter

Cash Flow Statement 44 line items

Line Item	Tag	Value	Unit	Period
Net income/(loss)	`NetIncomeLoss`	$-1.85M	USD	1 Quarter
Net income/(loss)	`NetIncomeLoss`	$-1.85M	USD	3 Qtrs
Net income/(loss)	`NetIncomeLoss`	$33.44M	USD	3 Qtrs
Net income/(loss)	`NetIncomeLoss`	$33.44M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$892.16K	USD	3 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$740.44K	USD	3 Qtrs
Loss from equity investment in Peak Gold, LLC	`IncomeLossFromEquityMethodInvestments`	$-247.80K	USD	3 Qtrs
Loss from equity investment in Peak Gold, LLC	`IncomeLossFromEquityMethodInvestments`	$-900.00K	USD	3 Qtrs
Loss from equity investment in Peak Gold, LLC	`IncomeLossFromEquityMethodInvestments`	$-247.80K	USD	1 Quarter
Loss from equity investment in Peak Gold, LLC	`IncomeLossFromEquityMethodInvestments`	$-900.00K	USD	1 Quarter
Gain on sale of a portion of the equity investment in Peak Gold, LLC	`EquityMethodInvestmentRealizedGainLossOnDisposal`	$39.64M	USD	1 Quarter
Gain on sale of a portion of the equity investment in Peak Gold, LLC	`EquityMethodInvestmentRealizedGainLossOnDisposal`	-	USD	3 Qtrs
Gain on sale of a portion of the equity investment in Peak Gold, LLC	`EquityMethodInvestmentRealizedGainLossOnDisposal`	-	USD	1 Quarter
Gain on sale of a portion of the equity investment in Peak Gold, LLC	`EquityMethodInvestmentRealizedGainLossOnDisposal`	$39.64M	USD	3 Qtrs
Decrease/(increase) in prepaid expenses and other	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-132.75K	USD	3 Qtrs
Decrease/(increase) in prepaid expenses and other	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$100.28K	USD	3 Qtrs
Increase/(decrease) in accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-12.16K	USD	3 Qtrs
Increase/(decrease) in accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$813.59K	USD	3 Qtrs
Increase in income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	-	USD	3 Qtrs
Increase in income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$2.41M	USD	3 Qtrs
Increase in advance royalty reimbursement	`IncreaseDecreaseInAdvanceRoyaltyReimbursement`	$1.20M	USD	3 Qtrs
Increase in advance royalty reimbursement	`IncreaseDecreaseInAdvanceRoyaltyReimbursement`	-	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-740.13K	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-90.31K	USD	3 Qtrs
Cash invested in Peak Gold, LLC	`PaymentsToAcquireEquityMethodInvestments`	$247.80K	USD	3 Qtrs
Cash invested in Peak Gold, LLC	`PaymentsToAcquireEquityMethodInvestments`	$900.00K	USD	3 Qtrs
Cash proceeds from the sale of a portion of the equity investment in Peak Gold, LLC	`ProceedsFromSaleOfEquityMethodInvestments`	$31.20M	USD	3 Qtrs
Cash proceeds from the sale of a portion of the equity investment in Peak Gold, LLC	`ProceedsFromSaleOfEquityMethodInvestments`	-	USD	3 Qtrs
Net cash provided/(used) by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-900.00K	USD	3 Qtrs
Net cash provided/(used) by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$30.95M	USD	3 Qtrs
Cash proceeds from capital raise, net	`ProceedsFromIssuanceOrSaleOfEquity`	-	USD	3 Qtrs
Cash proceeds from capital raise, net	`ProceedsFromIssuanceOrSaleOfEquity`	$3.17M	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$3.17M	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	-	USD	3 Qtrs
NET INCREASE/(DECREASE) IN CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$33.38M	USD	3 Qtrs
NET INCREASE/(DECREASE) IN CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-990.31K	USD	3 Qtrs
CASH, BEGINNING OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$3.01M	USD	Point-in-time
CASH, BEGINNING OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$7.61M	USD	Point-in-time
CASH, BEGINNING OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$36.39M	USD	Point-in-time
CASH, BEGINNING OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$8.60M	USD	Point-in-time
CASH, END OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$3.01M	USD	Point-in-time
CASH, END OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$7.61M	USD	Point-in-time
CASH, END OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$36.39M	USD	Point-in-time
CASH, END OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$8.60M	USD	Point-in-time

Stockholders Equity 17 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$7.23M	USD	Point-in-time
Balance	`StockholdersEquity`	$31.05M	USD	Point-in-time
Balance	`StockholdersEquity`	$1.99M	USD	Point-in-time
Balance	`StockholdersEquity`	$8.34M	USD	Point-in-time
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$892.16K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$740.44K	USD	1 Quarter
Issuance of common stock	`StockIssuedDuringPeriodValueNewIssues`	$3.28M	USD	1 Quarter
Cost of common stock issuance	`AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts`	$109.38K	USD	1 Quarter
Shares received from the partial sale of the investment in Peak Gold, LLC and retired	`StockReceivedAndRetiredFromSaleOfInvestmentValue`	$8.44M	USD	1 Quarter
Net income/(loss)	`NetIncomeLoss`	$-1.85M	USD	1 Quarter
Net income/(loss)	`NetIncomeLoss`	$-1.85M	USD	3 Qtrs
Net income/(loss)	`NetIncomeLoss`	$33.44M	USD	3 Qtrs
Net income/(loss)	`NetIncomeLoss`	$33.44M	USD	1 Quarter
Balance	`StockholdersEquity`	$7.23M	USD	Point-in-time
Balance	`StockholdersEquity`	$31.05M	USD	Point-in-time
Balance	`StockholdersEquity`	$1.99M	USD	Point-in-time
Balance	`StockholdersEquity`	$8.34M	USD	Point-in-time

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