10-Q Filing

Contango ORE, Inc. CIK: 1502377 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001437749-22-026898`
Period End Date	20220930
Filing Date	20221110
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	conta20220930b_10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 60 Income Statement 34 Cash Flow Statement 60 Stockholders Equity 16

Balance Sheet 60 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, shares authorized (in shares)	`CommonStockSharesAuthorized`	45.00M	shares	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$17.81M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	45.00M	shares	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$23.10M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	6.86M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	6.86M	shares	Point-in-time
Restricted cash	`RestrictedCashCurrent`	$231.00K	USD	Point-in-time
Restricted cash	`RestrictedCashCurrent`	$231.00K	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseCurrent`	$439.97K	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseCurrent`	$453.35K	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	6.77M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	6.77M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$18.48M	USD	Point-in-time
Treasury stock, shares (in shares)	`TreasuryStockShares`	85,830.00	shares	Point-in-time
Treasury stock, shares (in shares)	`TreasuryStockShares`	90,497.00	shares	Point-in-time
Total current assets	`AssetsCurrent`	$23.78M	USD	Point-in-time
Investment in Peak Gold (Note 5)	`EquityMethodInvestments`	-	USD	Point-in-time
Investment in Peak Gold (Note 5)	`EquityMethodInvestments`	-	USD	Point-in-time
Property & equipment, net	`PropertyPlantAndEquipmentNet`	$13.48M	USD	Point-in-time
Property & equipment, net	`PropertyPlantAndEquipmentNet`	$13.51M	USD	Point-in-time
Total long-term assets	`OtherAssetsNoncurrent`	$13.51M	USD	Point-in-time
Total long-term assets	`OtherAssetsNoncurrent`	$13.48M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$37.29M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$31.96M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.21M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$633.86K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$870.98K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$1.10M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.50M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.31M	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`	$228.08K	USD	Point-in-time
Asset retirement obligations	`AssetRetirementObligationsNoncurrent`	$231.11K	USD	Point-in-time
Contingent consideration liability	`BusinessCombinationContingentConsiderationLiabilityNoncurrent`	$1.85M	USD	Point-in-time
Contingent consideration liability	`BusinessCombinationContingentConsiderationLiabilityNoncurrent`	$1.85M	USD	Point-in-time
Debt, net	`LongTermDebtNoncurrent`	$19.24M	USD	Point-in-time
Debt, net	`LongTermDebtNoncurrent`	$19.29M	USD	Point-in-time
Total non-current liabilities	`LiabilitiesNoncurrent`	$22.52M	USD	Point-in-time
Total non-current liabilities	`LiabilitiesNoncurrent`	$22.56M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$24.88M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$24.02M	USD	Point-in-time
COMMITMENTS AND CONTINGENCIES (NOTE 14)	`CommitmentsAndContingencies`	-	USD	Point-in-time
COMMITMENTS AND CONTINGENCIES (NOTE 14)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common Stock, $0.01 par value, 45,000,000 shares authorized; 6,860,420 shares issued and 6,774,590 shares outstanding at September 30, 2022; 6,860,420 shares issued and 6,769,923 shares outstanding at June 30, 2022)	`PreferredStockValue`	$68.60K	USD	Point-in-time
Common Stock, $0.01 par value, 45,000,000 shares authorized; 6,860,420 shares issued and 6,774,590 shares outstanding at September 30, 2022; 6,860,420 shares issued and 6,769,923 shares outstanding at June 30, 2022)	`PreferredStockValue`	$68.60K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$74.06M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$74.85M	USD	Point-in-time
Treasury stock at cost (85,830 at September 30, 2022; and 90,497 shares at June 30, 2022	`TreasuryStockValue`	$2.32M	USD	Point-in-time
Treasury stock at cost (85,830 at September 30, 2022; and 90,497 shares at June 30, 2022	`TreasuryStockValue`	$2.21M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-65.63M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-58.53M	USD	Point-in-time
TOTAL SHAREHOLDERS EQUITY	`StockholdersEquity`	$7.08M	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 SHAREHOLDERS EQUITY	`StockholdersEquity`	$13.27M	USD	Point-in-time
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY	`LiabilitiesAndStockholdersEquity`	$37.29M	USD	Point-in-time
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY	`LiabilitiesAndStockholdersEquity`	$31.96M	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Claim rental expense	`ClaimRentalExpense`	$149.81K	USD	1 Quarter
Claim rental expense	`ClaimRentalExpense`	$146.93K	USD	1 Quarter
Exploration expense	`ExplorationExpense`	$946.25K	USD	1 Quarter
Exploration expense	`ExplorationExpense`	$4.40M	USD	1 Quarter
Depreciation expense	`DepreciationNonproduction`	$4.78K	USD	1 Quarter
Depreciation expense	`DepreciationNonproduction`	$34.21K	USD	1 Quarter
Accretion expense	`AccretionExpense`	$3.03K	USD	1 Quarter
Accretion expense	`AccretionExpense`	-	USD	1 Quarter
General and administrative expense	`GeneralAndAdministrativeExpense`	$1.97M	USD	1 Quarter
General and administrative expense	`GeneralAndAdministrativeExpense`	$2.42M	USD	1 Quarter
Total expenses	`CostsAndExpenses`	$7.00M	USD	1 Quarter
Total expenses	`CostsAndExpenses`	$3.07M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$8.55K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$497.00	USD	1 Quarter
Interest expense	`InterestExpense`	$449.47K	USD	1 Quarter
Interest expense	`InterestExpense`	$56.60K	USD	1 Quarter
Loss from equity investment in Peak Gold, LLC (Note 5)	`IncomeLossFromEquityMethodInvestments`	-	USD	1 Quarter
Loss from equity investment in Peak Gold, LLC (Note 5)	`IncomeLossFromEquityMethodInvestments`	$-1.45M	USD	1 Quarter
Insurance recoveries	`InsuranceRecoveries`	$338.30K	USD	1 Quarter
Insurance recoveries	`InsuranceRecoveries`	-	USD	1 Quarter
Other income	`OtherNonoperatingIncome`	-	USD	1 Quarter
Other income	`OtherNonoperatingIncome`	$15.66K	USD	1 Quarter
Total other income/(expense)	`NonoperatingIncomeExpense`	$-1.50M	USD	1 Quarter
Total other income/(expense)	`NonoperatingIncomeExpense`	$-86.97K	USD	1 Quarter
LOSS BEFORE TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-7.09M	USD	1 Quarter
LOSS BEFORE TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-4.57M	USD	1 Quarter
Income tax (expense)/benefit	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Income tax (expense)/benefit	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-7.09M	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-4.57M	USD	1 Quarter
Basic and diluted (in dollars per share)	`EarningsPerShareBasic`	$-1.05	USD	1 Quarter
Basic and diluted (in dollars per share)	`EarningsPerShareBasic`	$-0.68	USD	1 Quarter
Basic and diluted (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	6.68M	shares	1 Quarter
Basic and diluted (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	6.77M	shares	1 Quarter

Cash Flow Statement 60 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-7.09M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-4.57M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$787.87K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$1.02M	USD	1 Quarter
Depreciation expense	`Depreciation`	$34.21K	USD	1 Quarter
Depreciation expense	`Depreciation`	$4.78K	USD	1 Quarter
Accretion expense	`AccretionExpense`	$3.03K	USD	1 Quarter
Accretion expense	`AccretionExpense`	-	USD	1 Quarter
Loss from equity investment in Peak Gold, LLC	`IncomeLossFromEquityMethodInvestments`	-	USD	1 Quarter
Loss from equity investment in Peak Gold, LLC	`IncomeLossFromEquityMethodInvestments`	$-1.45M	USD	1 Quarter
Amortization of debt discount and debt issuance fees	`AmortizationOfDebtDiscountPremium`	$49.47K	USD	1 Quarter
Amortization of debt discount and debt issuance fees	`AmortizationOfDebtDiscountPremium`	-	USD	1 Quarter
Decrease in prepaid expenses and other	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-13.38K	USD	1 Quarter
Decrease in prepaid expenses and other	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-68.48K	USD	1 Quarter
Increase in accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$559.42K	USD	1 Quarter
Increase in accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$948.76K	USD	1 Quarter
Increase in income tax receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	-	USD	1 Quarter
Increase in income tax receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$80.00K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.55M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-5.26M	USD	1 Quarter
Cash invested in Peak Gold, LLC	`PaymentsToAcquireEquityMethodInvestments`	-	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
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	1 Quarter
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-6.64M	USD	1 Quarter
Cash paid for shares withheld from employees for payroll tax withholding	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$27.69K	USD	1 Quarter
Cash paid for shares withheld from employees for payroll tax withholding	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	-	USD	1 Quarter
Debt issuance costs	`PaymentsOfFinancingCosts`	$2.74K	USD	1 Quarter
Debt issuance costs	`PaymentsOfFinancingCosts`	-	USD	1 Quarter
Cash proceeds from capital raise, net	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$27.69K	USD	1 Quarter
Cash proceeds from capital raise, net	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	-	USD	1 Quarter
Net cash used by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-30.43K	USD	1 Quarter
Net cash used by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-43.56K	USD	1 Quarter
NET DECREASE IN CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-8.23M	USD	1 Quarter
NET DECREASE IN CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-5.29M	USD	1 Quarter
CASH AND RESTRICTED CASH, BEGINNING OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$18.04M	USD	Point-in-time
CASH AND RESTRICTED CASH, BEGINNING OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$26.99M	USD	Point-in-time
CASH AND RESTRICTED CASH, BEGINNING OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$23.33M	USD	Point-in-time
CASH AND RESTRICTED CASH, BEGINNING OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$35.22M	USD	Point-in-time
CASH AND RESTRICTED CASH, END OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$18.04M	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`	$23.33M	USD	Point-in-time
CASH AND RESTRICTED CASH, END OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$35.22M	USD	Point-in-time
Interest expense	`ProceedsFromIssuanceOfLongTermDebt`	-	USD	1 Quarter
Interest expense	`ProceedsFromIssuanceOfLongTermDebt`	$416.67K	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaidNet`	-	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaidNet`	$80.00K	USD	1 Quarter
Interest expense paid with treasury stock	`StockIssued1`	$138.89K	USD	1 Quarter
Interest expense paid with treasury stock	`StockIssued1`	-	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`	-	USD	1 Quarter
Contingent liability for acquisition of Alaska Gold Torrent, LLC	`LiabilitiesAssumed1`	$1.85M	USD	1 Quarter
Total non-cash investing activities	`FairValueOfInvestingActivitiesAssumed`	$138.89K	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`	$7.08M	USD	Point-in-time
Balance	`StockholdersEquity`	$30.95M	USD	Point-in-time
Balance	`StockholdersEquity`	$34.55M	USD	Point-in-time
Balance	`StockholdersEquity`	$13.27M	USD	Point-in-time
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$787.87K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$1.02M	USD	1 Quarter
Treasury shares issued for convertible note interest payment	`StockIssuedDuringPeriodSharesTreasuryStockReissuedValue`	$138.89K	USD	1 Quarter
Treasury shares withheld	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$27.69K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-7.09M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-4.57M	USD	1 Quarter
Cost of common stock issuance	`AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts`	$43.56K	USD	1 Quarter
Restricted shares activity	`StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures`	-	USD	1 Quarter
Balance	`StockholdersEquity`	$7.08M	USD	Point-in-time
Balance	`StockholdersEquity`	$30.95M	USD	Point-in-time
Balance	`StockholdersEquity`	$34.55M	USD	Point-in-time
Balance	`StockholdersEquity`	$13.27M	USD	Point-in-time

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