10-Q Filing

Contango ORE, Inc. CIK: 1502377 Q2 2021

Filing Information

Form Type	10-Q
Accession Number	`0001437749-21-002477`
Period End Date	20201231
Filing Date	20210211
Fiscal Year	2021
Fiscal Period	Q2
XBRL Instance	ctgo-20201231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 53 Income Statement 50 Cash Flow Statement 46 Stockholders Equity 33

Balance Sheet 53 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
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	30.00M	shares	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	45.00M	shares	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	45.00M	shares	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$3.01M	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$31.94M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	45.00M	shares	Point-in-time
Prepaid expenses and other	`PrepaidExpenseCurrent`	$412.76K	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	6.20M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	6.59M	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`	6.20M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	6.56M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$32.35M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$3.08M	USD	Point-in-time
Treasury stock, shares (in shares)	`TreasuryStockShares`	32,874.00	shares	Point-in-time
TOTAL ASSETS	`Assets`	$32.35M	USD	Point-in-time
Treasury stock, shares (in shares)	`TreasuryStockShares`	0.00	shares	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$83.16K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$23.67K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$1.01M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$445.88K	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesCurrent`	$1.83M	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesCurrent`	-	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.09M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.30M	USD	Point-in-time
Advance royalty reimbursement	`AdvanceRoyaltyReimbursementNoncurrent`	$1.20M	USD	Point-in-time
Advance royalty reimbursement	`AdvanceRoyaltyReimbursementNoncurrent`	-	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`	$3.50M	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, 45,000,000 shares authorized; 6,200,500 shares issued and outstanding at December 31, 2020; 6,590,113 shares issued and 6,557,239 outstanding at June 30, 2020	`CommonStockValue`	$62.01K	USD	Point-in-time
Common Stock, $0.01 par value, 45,000,000 shares authorized; 6,200,500 shares issued and outstanding at December 31, 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`	$57.45M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$61.30M	USD	Point-in-time
Treasury stock at cost (0 shares at December 31, 2020; and 32,874 at June 30, 2020)	`TreasuryStockValue`	$476.67K	USD	Point-in-time
Treasury stock at cost (0 shares at December 31, 2020; and 32,874 at June 30, 2020)	`TreasuryStockValue`	-	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-28.67M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-58.90M	USD	Point-in-time
TOTAL SHAREHOLDERS EQUITY	`StockholdersEquity`	$31.05M	USD	Point-in-time
TOTAL SHAREHOLDERS EQUITY	`StockholdersEquity`	$5.19M	USD	Point-in-time
TOTAL SHAREHOLDERS EQUITY	`StockholdersEquity`	$8.34M	USD	Point-in-time
TOTAL SHAREHOLDERS EQUITY	`StockholdersEquity`	$28.85M	USD	Point-in-time
TOTAL SHAREHOLDERS EQUITY	`StockholdersEquity`	$1.99M	USD	Point-in-time
TOTAL SHAREHOLDERS EQUITY	`StockholdersEquity`	$7.23M	USD	Point-in-time
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY	`LiabilitiesAndStockholdersEquity`	$3.08M	USD	Point-in-time
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY	`LiabilitiesAndStockholdersEquity`	$32.35M	USD	Point-in-time

Income Statement 50 line items

Line Item	Tag	Value	Unit	Period
Exploration expense	`ExplorationExpense`	$81.44K	USD	2 Qtrs
Exploration expense	`ExplorationExpense`	-	USD	2 Qtrs
Exploration expense	`ExplorationExpense`	-	USD	1 Quarter
Exploration expense	`ExplorationExpense`	$60.61K	USD	1 Quarter
General and administrative expense	`GeneralAndAdministrativeExpense`	$6.13M	USD	2 Qtrs
General and administrative expense	`GeneralAndAdministrativeExpense`	$2.60M	USD	1 Quarter
General and administrative expense	`GeneralAndAdministrativeExpense`	$2.14M	USD	2 Qtrs
General and administrative expense	`GeneralAndAdministrativeExpense`	$1.15M	USD	1 Quarter
Total expenses	`CostsAndExpenses`	$6.21M	USD	2 Qtrs
Total expenses	`CostsAndExpenses`	$2.14M	USD	2 Qtrs
Total expenses	`CostsAndExpenses`	$2.66M	USD	1 Quarter
Total expenses	`CostsAndExpenses`	$1.15M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$22.41K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$62.07K	USD	2 Qtrs
Interest income	`InvestmentIncomeInterest`	$705.00	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$919.00	USD	2 Qtrs
Loss from equity investment in Peak Gold, LLC (Note 4)	`IncomeLossFromEquityMethodInvestments`	$-1.80M	USD	1 Quarter
Loss from equity investment in Peak Gold, LLC (Note 4)	`IncomeLossFromEquityMethodInvestments`	$-2.70M	USD	2 Qtrs
Loss from equity investment in Peak Gold, LLC (Note 4)	`IncomeLossFromEquityMethodInvestments`	$-1.37M	USD	2 Qtrs
Loss from equity investment in Peak Gold, LLC (Note 4)	`IncomeLossFromEquityMethodInvestments`	$-1.12M	USD	1 Quarter
Gain on sale of a portion of the equity investment in Peak Gold, LLC	`EquityMethodInvestmentRealizedGainLossOnDisposal`	-	USD	2 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	2 Qtrs
Gain on sale of a portion of the equity investment in Peak Gold, LLC	`EquityMethodInvestmentRealizedGainLossOnDisposal`	-	USD	1 Quarter
Total other income/(expense)	`NonoperatingIncomeExpense`	$-1.12M	USD	1 Quarter
Total other income/(expense)	`NonoperatingIncomeExpense`	$-2.64M	USD	2 Qtrs
Total other income/(expense)	`NonoperatingIncomeExpense`	$-1.78M	USD	1 Quarter
Total other income/(expense)	`NonoperatingIncomeExpense`	$38.27M	USD	2 Qtrs
INCOME/(LOSS) BEFORE TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-4.78M	USD	2 Qtrs
INCOME/(LOSS) BEFORE TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$32.06M	USD	2 Qtrs
INCOME/(LOSS) BEFORE TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-3.79M	USD	1 Quarter
INCOME/(LOSS) BEFORE TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-2.93M	USD	1 Quarter
Income tax (expense)/benefit	`IncomeTaxExpenseBenefit`	-	USD	2 Qtrs
Income tax (expense)/benefit	`IncomeTaxExpenseBenefit`	$1.83M	USD	2 Qtrs
Income tax (expense)/benefit	`IncomeTaxExpenseBenefit`	$-571.90K	USD	1 Quarter
Income tax (expense)/benefit	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
NET INCOME/(LOSS)	`NetIncomeLoss`	$-3.21M	USD	1 Quarter
NET INCOME/(LOSS)	`NetIncomeLoss`	$-1.85M	USD	1 Quarter
NET INCOME/(LOSS)	`NetIncomeLoss`	$30.23M	USD	2 Qtrs
NET INCOME/(LOSS)	`NetIncomeLoss`	$-2.93M	USD	1 Quarter
NET INCOME/(LOSS)	`NetIncomeLoss`	$33.44M	USD	1 Quarter
NET INCOME/(LOSS)	`NetIncomeLoss`	$-4.78M	USD	2 Qtrs
Basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$4.79	USD	2 Qtrs
Basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.45	USD	1 Quarter
Basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.75	USD	2 Qtrs
Basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.53	USD	1 Quarter
Basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	6.04M	shares	1 Quarter
Basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	6.44M	shares	1 Quarter
Basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	6.31M	shares	2 Qtrs
Basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	6.40M	shares	2 Qtrs

Cash Flow Statement 46 line items

Line Item	Tag	Value	Unit	Period
Net income/(loss)	`NetIncomeLoss`	$-3.21M	USD	1 Quarter
Net income/(loss)	`NetIncomeLoss`	$-1.85M	USD	1 Quarter
Net income/(loss)	`NetIncomeLoss`	$30.23M	USD	2 Qtrs
Net income/(loss)	`NetIncomeLoss`	$-2.93M	USD	1 Quarter
Net income/(loss)	`NetIncomeLoss`	$33.44M	USD	1 Quarter
Net income/(loss)	`NetIncomeLoss`	$-4.78M	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$1.62M	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$1.90M	USD	2 Qtrs
Loss from equity investment in Peak Gold, LLC	`IncomeLossFromEquityMethodInvestments`	$-1.80M	USD	1 Quarter
Loss from equity investment in Peak Gold, LLC	`IncomeLossFromEquityMethodInvestments`	$-2.70M	USD	2 Qtrs
Loss from equity investment in Peak Gold, LLC	`IncomeLossFromEquityMethodInvestments`	$-1.37M	USD	2 Qtrs
Loss from equity investment in Peak Gold, LLC	`IncomeLossFromEquityMethodInvestments`	$-1.12M	USD	1 Quarter
Gain on sale of a portion of the equity investment in Peak Gold, LLC	`EquityMethodInvestmentRealizedGainLossOnDisposal`	-	USD	2 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	2 Qtrs
Gain on sale of a portion of the equity investment in Peak Gold, LLC	`EquityMethodInvestmentRealizedGainLossOnDisposal`	-	USD	1 Quarter
Decrease/(increase) in prepaid expenses and other	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-10.76K	USD	2 Qtrs
Decrease/(increase) in prepaid expenses and other	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$340.52K	USD	2 Qtrs
Decrease in accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-100.04K	USD	2 Qtrs
Decrease in accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-619.85K	USD	2 Qtrs
Increase in income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$1.83M	USD	2 Qtrs
Increase in income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	-	USD	2 Qtrs
Increase in advance royalty reimbursement	`IncreaseDecreaseInAdvanceRoyaltyReimbursement`	$1.20M	USD	2 Qtrs
Increase in advance royalty reimbursement	`IncreaseDecreaseInAdvanceRoyaltyReimbursement`	-	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-4.07M	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-545.82K	USD	2 Qtrs
Cash invested in Peak Gold, LLC	`PaymentsToAcquireEquityMethodInvestments`	$2.70M	USD	2 Qtrs
Cash invested in Peak Gold, LLC	`PaymentsToAcquireEquityMethodInvestments`	$1.37M	USD	2 Qtrs
Cash proceeds from the sale of a portion of the equity investment in Peak Gold, LLC	`ProceedsFromSaleOfEquityMethodInvestments`	-	USD	2 Qtrs
Cash proceeds from the sale of a portion of the equity investment in Peak Gold, LLC	`ProceedsFromSaleOfEquityMethodInvestments`	$31.20M	USD	2 Qtrs
Net cash provided/(used) by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$29.83M	USD	2 Qtrs
Net cash provided/(used) by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-2.70M	USD	2 Qtrs
Cash proceeds from capital raise, net	`ProceedsFromIssuanceOrSaleOfEquity`	$3.17M	USD	2 Qtrs
Cash proceeds from capital raise, net	`ProceedsFromIssuanceOrSaleOfEquity`	-	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$3.17M	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	-	USD	2 Qtrs
NET INCREASE/(DECREASE) IN CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-3.25M	USD	2 Qtrs
NET INCREASE/(DECREASE) IN CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$28.93M	USD	2 Qtrs
CASH, BEGINNING OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$31.94M	USD	Point-in-time
CASH, BEGINNING OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$5.35M	USD	Point-in-time
CASH, BEGINNING OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$8.60M	USD	Point-in-time
CASH, BEGINNING OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$3.01M	USD	Point-in-time
CASH, END OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$31.94M	USD	Point-in-time
CASH, END OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$5.35M	USD	Point-in-time
CASH, END OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$8.60M	USD	Point-in-time
CASH, END OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$3.01M	USD	Point-in-time

Stockholders Equity 33 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$31.05M	USD	Point-in-time
Balance	`StockholdersEquity`	$5.19M	USD	Point-in-time
Balance	`StockholdersEquity`	$8.34M	USD	Point-in-time
Balance	`StockholdersEquity`	$28.85M	USD	Point-in-time
Balance	`StockholdersEquity`	$1.99M	USD	Point-in-time
Balance	`StockholdersEquity`	$7.23M	USD	Point-in-time
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$740.44K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$1.01M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$892.16K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$882.88K	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) for the period	`NetIncomeLoss`	$-3.21M	USD	1 Quarter
Net income (loss) for the period	`NetIncomeLoss`	$-1.85M	USD	1 Quarter
Net income (loss) for the period	`NetIncomeLoss`	$30.23M	USD	2 Qtrs
Net income (loss) for the period	`NetIncomeLoss`	$-2.93M	USD	1 Quarter
Net income (loss) for the period	`NetIncomeLoss`	$33.44M	USD	1 Quarter
Net income (loss) for the period	`NetIncomeLoss`	$-4.78M	USD	2 Qtrs
Restricted stock activity	`StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures`	-	USD	1 Quarter
Restricted stock activity	`StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures`	-	USD	1 Quarter
Net income/(loss)	`NetIncomeLoss`	$-3.21M	USD	1 Quarter
Net income/(loss)	`NetIncomeLoss`	$-1.85M	USD	1 Quarter
Net income/(loss)	`NetIncomeLoss`	$30.23M	USD	2 Qtrs
Net income/(loss)	`NetIncomeLoss`	$-2.93M	USD	1 Quarter
Net income/(loss)	`NetIncomeLoss`	$33.44M	USD	1 Quarter
Net income/(loss)	`NetIncomeLoss`	$-4.78M	USD	2 Qtrs
Balance	`StockholdersEquity`	$31.05M	USD	Point-in-time
Balance	`StockholdersEquity`	$5.19M	USD	Point-in-time
Balance	`StockholdersEquity`	$8.34M	USD	Point-in-time
Balance	`StockholdersEquity`	$28.85M	USD	Point-in-time
Balance	`StockholdersEquity`	$1.99M	USD	Point-in-time
Balance	`StockholdersEquity`	$7.23M	USD	Point-in-time

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