10-Q Filing

Contango ORE, Inc. CIK: 1502377 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0001437749-21-026370`
Period End Date	20210930
Filing Date	20211112
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	conta20210930b_10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 61 Income Statement 30 Cash Flow Statement 54 Stockholders Equity 16

Balance Sheet 61 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
Cash	`CashAndCashEquivalentsAtCarryingValue`	$35.22M	USD	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`	$26.76M	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
Restricted cash	`RestrictedCashCurrent`	-	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	6.68M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	6.69M	shares	Point-in-time
Restricted cash	`RestrictedCashCurrent`	$231.00K	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseCurrent`	$561.79K	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseCurrent`	$515.63K	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	6.68M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	6.69M	shares	Point-in-time
Income tax receivable	`IncomeTaxesReceivable`	$198.13K	USD	Point-in-time
Income tax receivable	`IncomeTaxesReceivable`	$278.13K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$27.83M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$35.93M	USD	Point-in-time
Investment in Peak Gold (Note 4)	`EquityMethodInvestments`	-	USD	Point-in-time
Investment in Peak Gold (Note 4)	`EquityMethodInvestments`	-	USD	Point-in-time
Property & Equipment, net	`PropertyPlantAndEquipmentNet`	$36.53K	USD	Point-in-time
Property & Equipment, net	`PropertyPlantAndEquipmentNet`	$13.63M	USD	Point-in-time
Total long-term assets	`OtherAssetsNoncurrent`	$13.63M	USD	Point-in-time
Total long-term assets	`OtherAssetsNoncurrent`	$36.53K	USD	Point-in-time
TOTAL ASSETS	`Assets`	$35.97M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$41.46M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$26.27K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$546.12K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$195.84K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$444.88K	USD	Point-in-time
Note payable	`NotesPayableCurrent`	-	USD	Point-in-time
Note payable	`NotesPayableCurrent`	$6.25M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$222.10K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$7.24M	USD	Point-in-time
Advance royalty reimbursement	`AdvanceRoyaltyReimbursementNoncurrent`	$1.20M	USD	Point-in-time
Advance royalty reimbursement	`AdvanceRoyaltyReimbursementNoncurrent`	$1.20M	USD	Point-in-time
Asset retirement obligations	`AssetRetirementObligationsNoncurrent`	$218.93K	USD	Point-in-time
Asset retirement obligations	`AssetRetirementObligationsNoncurrent`	-	USD	Point-in-time
Contingent consideration liability	`BusinessCombinationContingentConsiderationLiabilityNoncurrent`	-	USD	Point-in-time
Contingent consideration liability	`BusinessCombinationContingentConsiderationLiabilityNoncurrent`	$1.85M	USD	Point-in-time
Total non-current liabilities	`LiabilitiesNoncurrent`	$3.27M	USD	Point-in-time
Total non-current liabilities	`LiabilitiesNoncurrent`	$1.20M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$1.42M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$10.51M	USD	Point-in-time
COMMITMENTS AND CONTINGENCIES (NOTE 13)	`CommitmentsAndContingencies`	-	USD	Point-in-time
COMMITMENTS AND CONTINGENCIES (NOTE 13)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common Stock, $0.01 par value, 45,000,000 shares authorized; 6,685,746 shares issued and outstanding at September 30, 2021; 6,675,746 shares issued and outstanding at June 30, 2021	`CommonStockValue`	$66.86K	USD	Point-in-time
Common Stock, $0.01 par value, 45,000,000 shares authorized; 6,685,746 shares issued and outstanding at September 30, 2021; 6,675,746 shares issued and outstanding at June 30, 2021	`CommonStockValue`	$66.76K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$70.49M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$69.51M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-39.60M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-35.03M	USD	Point-in-time
TOTAL SHAREHOLDERS EQUITY	`StockholdersEquity`	$1.99M	USD	Point-in-time
TOTAL SHAREHOLDERS EQUITY	`StockholdersEquity`	$31.05M	USD	Point-in-time
TOTAL SHAREHOLDERS EQUITY	`StockholdersEquity`	$30.95M	USD	Point-in-time
TOTAL SHAREHOLDERS EQUITY	`StockholdersEquity`	$34.55M	USD	Point-in-time
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY	`LiabilitiesAndStockholdersEquity`	$35.97M	USD	Point-in-time
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY	`LiabilitiesAndStockholdersEquity`	$41.46M	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Claim rental expense	`ClaimRentalExpense`	$20.83K	USD	1 Quarter
Claim rental expense	`ClaimRentalExpense`	$149.81K	USD	1 Quarter
Exploration expense	`ExplorationExpense`	$946.25K	USD	1 Quarter
Exploration expense	`ExplorationExpense`	-	USD	1 Quarter
Depreciation expense	`DepreciationNonproduction`	-	USD	1 Quarter
Depreciation expense	`DepreciationNonproduction`	$4.78K	USD	1 Quarter
General and administrative expense	`GeneralAndAdministrativeExpense`	$3.52M	USD	1 Quarter
General and administrative expense	`GeneralAndAdministrativeExpense`	$1.97M	USD	1 Quarter
Total expenses	`CostsAndExpenses`	$3.07M	USD	1 Quarter
Total expenses	`CostsAndExpenses`	$3.55M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$214.00	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$497.00	USD	1 Quarter
Interest expense	`InterestExpense`	-	USD	1 Quarter
Interest expense	`InterestExpense`	$56.60K	USD	1 Quarter
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`	$-1.45M	USD	1 Quarter
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	1 Quarter
Total other income/(expense)	`NonoperatingIncomeExpense`	$-1.50M	USD	1 Quarter
Total other income/(expense)	`NonoperatingIncomeExpense`	$39.40M	USD	1 Quarter
INCOME/(LOSS) BEFORE TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$35.85M	USD	1 Quarter
INCOME/(LOSS) BEFORE TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-4.57M	USD	1 Quarter
Income tax (expense)/benefit	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Income tax (expense)/benefit	`IncomeTaxExpenseBenefit`	$2.41M	USD	1 Quarter
NET INCOME/(LOSS)	`NetIncomeLoss`	$33.44M	USD	1 Quarter
NET INCOME/(LOSS)	`NetIncomeLoss`	$-4.57M	USD	1 Quarter
Basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.68	USD	1 Quarter
Basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$5.09	USD	1 Quarter
Basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	6.58M	shares	1 Quarter
Basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	6.68M	shares	1 Quarter

Cash Flow Statement 54 line items

Line Item	Tag	Value	Unit	Period
Net income/(loss)	`NetIncomeLoss`	$33.44M	USD	1 Quarter
Net income/(loss)	`NetIncomeLoss`	$-4.57M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$892.16K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$1.02M	USD	1 Quarter
Depreciation expense	`Depreciation`	$4.78K	USD	1 Quarter
Depreciation expense	`Depreciation`	-	USD	1 Quarter
Loss from equity investment in Peak Gold, LLC	`IncomeLossFromEquityMethodInvestments`	$-247.80K	USD	1 Quarter
Loss from equity investment in Peak Gold, LLC	`IncomeLossFromEquityMethodInvestments`	$-1.45M	USD	1 Quarter
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	1 Quarter
Decrease (increase) in prepaid expenses and other	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$100.28K	USD	1 Quarter
Decrease (increase) in prepaid expenses and other	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-68.48K	USD	1 Quarter
Increase in accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$813.59K	USD	1 Quarter
Increase in accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$559.42K	USD	1 Quarter
Decrease (increase) in income tax receivable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-80.00K	USD	1 Quarter
Decrease (increase) in income tax receivable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$2.41M	USD	1 Quarter
Increase in advance royalty reimbursement	`IncreaseDecreaseInAdvanceRoyaltyReimbursement`	-	USD	1 Quarter
Increase in advance royalty reimbursement	`IncreaseDecreaseInAdvanceRoyaltyReimbursement`	$1.20M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-740.13K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.55M	USD	1 Quarter
Cash invested in Peak Gold, LLC	`PaymentsToAcquireEquityMethodInvestments`	$247.80K	USD	1 Quarter
Cash invested in Peak Gold, LLC	`PaymentsToAcquireEquityMethodInvestments`	$1.45M	USD	1 Quarter
Acquisition of property, plant, and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$13.00	USD	1 Quarter
Acquisition of property, plant, and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	1 Quarter
Cash paid for acquisition of Alaska Gold Torrent, LLC, net of cash received	`PaymentsToAcquireBusinessesNetOfCashAcquired`	-	USD	1 Quarter
Cash paid for acquisition of Alaska Gold Torrent, LLC, net of cash received	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$5.19M	USD	1 Quarter
Cash proceeds from the sale of a portion of the equity investment in Peak Gold, LLC	`ProceedsFromSaleOfEquityMethodInvestments`	$31.20M	USD	1 Quarter
Cash proceeds from the sale of a portion of the equity investment in Peak Gold, LLC	`ProceedsFromSaleOfEquityMethodInvestments`	-	USD	1 Quarter
Net cash provided/(used) by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-6.64M	USD	1 Quarter
Net cash provided/(used) by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$30.95M	USD	1 Quarter
Cash proceeds from capital raise, net	`ProceedsFromIssuanceOfCommonStockNet`	$3.17M	USD	1 Quarter
Cash proceeds from capital raise, net	`ProceedsFromIssuanceOfCommonStockNet`	$-43.56K	USD	1 Quarter
Net cash provided/(used) by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-43.56K	USD	1 Quarter
Net cash provided/(used) by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$3.17M	USD	1 Quarter
NET INCREASE/(DECREASE) IN CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-8.23M	USD	1 Quarter
NET INCREASE/(DECREASE) IN CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$33.38M	USD	1 Quarter
CASH, BEGINNING OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$26.99M	USD	Point-in-time
CASH, BEGINNING OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$35.22M	USD	Point-in-time
CASH, BEGINNING OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$36.39M	USD	Point-in-time
CASH, BEGINNING OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$3.01M	USD	Point-in-time
CASH AND RESTRICTED CASH, END OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$26.99M	USD	Point-in-time
CASH AND RESTRICTED CASH, END OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$35.22M	USD	Point-in-time
CASH AND RESTRICTED CASH, END OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$36.39M	USD	Point-in-time
CASH AND RESTRICTED CASH, END OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$3.01M	USD	Point-in-time
Cash paid for income taxes	`IncomeTaxesPaidNet`	$80.00K	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaidNet`	-	USD	1 Quarter
Note payable issued for acquisition of Alaska Gold Torrent, LLC	`NotesIssued1`	-	USD	1 Quarter
Note payable issued for acquisition of Alaska Gold Torrent, LLC	`NotesIssued1`	$6.25M	USD	1 Quarter
Direct transaction costs for acquisition of Alaska Gold Torrent, LLC financed in accounts payable	`TransactionCostsIncurredForAcquisitionFinancedInAccountsPayable`	-	USD	1 Quarter
Direct transaction costs for acquisition of Alaska Gold Torrent, LLC financed in accounts payable	`TransactionCostsIncurredForAcquisitionFinancedInAccountsPayable`	$199.37K	USD	1 Quarter
Contingent liability for acquisition of Alaska Gold Torrent, LLC	`LiabilitiesAssumed1`	$1.85M	USD	1 Quarter
Contingent liability for acquisition of Alaska Gold Torrent, LLC	`LiabilitiesAssumed1`	-	USD	1 Quarter
Total non-cash investing activities	`FairValueOfInvestingActivitiesAssumed`	-	USD	1 Quarter
Total non-cash investing activities	`FairValueOfInvestingActivitiesAssumed`	$8.30M	USD	1 Quarter

Stockholders Equity 16 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$1.99M	USD	Point-in-time
Balance	`StockholdersEquity`	$31.05M	USD	Point-in-time
Balance	`StockholdersEquity`	$30.95M	USD	Point-in-time
Balance	`StockholdersEquity`	$34.55M	USD	Point-in-time
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$1.02M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$892.16K	USD	1 Quarter
Cost of common stock issuance	`AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts`	$43.56K	USD	1 Quarter
Cost of common stock issuance	`AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts`	$109.38K	USD	1 Quarter
Net income/(loss)	`NetIncomeLoss`	$33.44M	USD	1 Quarter
Net income/(loss)	`NetIncomeLoss`	$-4.57M	USD	1 Quarter
Issuance of common stock	`StockIssuedDuringPeriodValueNewIssuesAndTreasuryStockReissued`	$3.28M	USD	1 Quarter
Shares received from the partial sale of the investment in Peak Gold, LLC and retired	`StockReceivedAndRetiredFromSaleOfInvestmentValue`	$8.44M	USD	1 Quarter
Balance	`StockholdersEquity`	$1.99M	USD	Point-in-time
Balance	`StockholdersEquity`	$31.05M	USD	Point-in-time
Balance	`StockholdersEquity`	$30.95M	USD	Point-in-time
Balance	`StockholdersEquity`	$34.55M	USD	Point-in-time

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