10-K Filing

Contango ORE, Inc. CIK: 1502377 FY 2023

Filing Information

Form Type	10-K
Accession Number	`0001437749-23-025785`
Period End Date	20230630
Filing Date	20230913
Fiscal Year	2023
Fiscal Period	FY
XBRL Instance	conta20230630_10k_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 64 Income Statement 36 Cash Flow Statement 68 Stockholders Equity 22

Balance Sheet 64 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	15.00M	shares	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	15.00M	shares	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$23.10M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$11.65M	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`	45.00M	shares	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	45.00M	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`	$453.35K	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseCurrent`	$413.91K	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	6.86M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	7.78M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$23.78M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	7.78M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$12.29M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	6.77M	shares	Point-in-time
Treasury stock, sharesTreasury stock, shares (in shares)	`TreasuryStockCommonShares`	90,497.00	shares	Point-in-time
Treasury stock, sharesTreasury stock, shares (in shares)	`TreasuryStockCommonShares`	0.00	shares	Point-in-time
Investment in Peak Gold, LLC (NOTE 10)	`EquityMethodInvestments`	-	USD	Point-in-time
Investment in Peak Gold, LLC (NOTE 10)	`EquityMethodInvestments`	-	USD	Point-in-time
Property & equipment, net	`PropertyPlantAndEquipmentNet`	$13.51M	USD	Point-in-time
Property & equipment, net	`PropertyPlantAndEquipmentNet`	$13.37M	USD	Point-in-time
Total long-term assets	`OtherAssetsNoncurrent`	$13.37M	USD	Point-in-time
Total long-term assets	`OtherAssetsNoncurrent`	$13.51M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$37.29M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$25.66M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$220.75K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$633.86K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$2.08M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$870.98K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.50M	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`	$1.20M	USD	Point-in-time
Asset retirement obligations	`AssetRetirementObligationsNoncurrent`	$239.94K	USD	Point-in-time
Asset retirement obligations	`AssetRetirementObligationsNoncurrent`	$228.08K	USD	Point-in-time
Contingent consideration liability	`BusinessCombinationContingentConsiderationLiabilityNoncurrent`	$1.24M	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`	$25.46M	USD	Point-in-time
Total non-current liabilities	`LiabilitiesNoncurrent`	$22.52M	USD	Point-in-time
Total non-current liabilities	`LiabilitiesNoncurrent`	$28.14M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$24.02M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$30.44M	USD	Point-in-time
COMMITMENTS AND CONTINGENCIES (NOTE 12)	`CommitmentsAndContingencies`	-	USD	Point-in-time
COMMITMENTS AND CONTINGENCIES (NOTE 12)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred Stock, 15,000,000 shares authorized	`PreferredStockValue`	-	USD	Point-in-time
Preferred Stock, 15,000,000 shares authorized	`PreferredStockValue`	-	USD	Point-in-time
Common Stock, $0.01 par value, 45,000,000 shares authorized; 7,781,690 shares issued and outstanding as of June 30, 2023; 6,860,420 shares issued and 6,769,923 shares outstanding at June 30, 2022	`CommonStockValue`	$77.82K	USD	Point-in-time
Common Stock, $0.01 par value, 45,000,000 shares authorized; 7,781,690 shares issued and outstanding as of June 30, 2023; 6,860,420 shares issued and 6,769,923 shares outstanding at June 30, 2022	`CommonStockValue`	$68.60K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$74.06M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$93.42M	USD	Point-in-time
Treasury stock at cost (0 at June 30, 2023; and 90,497 shares at June 30, 2022)	`TreasuryStockCommonValue`	$2.32M	USD	Point-in-time
Treasury stock at cost (0 at June 30, 2023; and 90,497 shares at June 30, 2022)	`TreasuryStockCommonValue`	-	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-98.28M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-58.53M	USD	Point-in-time
STOCKHOLDERS EQUITY (DEFICIT)	`StockholdersEquity`	$34.55M	USD	Point-in-time
STOCKHOLDERS EQUITY (DEFICIT)	`StockholdersEquity`	$13.27M	USD	Point-in-time
STOCKHOLDERS EQUITY (DEFICIT)	`StockholdersEquity`	$-4.77M	USD	Point-in-time
TOTAL LIABILITIES AND MEMBERS EQUITY	`LiabilitiesAndStockholdersEquity`	$25.66M	USD	Point-in-time
TOTAL LIABILITIES AND MEMBERS EQUITY	`LiabilitiesAndStockholdersEquity`	$37.29M	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
Claim rental expense	`ClaimRentalExpense`	$621.30K	USD	Annual
Claim rental expense	`ClaimRentalExpense`	$526.28K	USD	Annual
Exploration expense	`ExplorationExpense`	$8.52M	USD	Annual
Exploration expense	`ExplorationExpense`	$7.88M	USD	Annual
Depreciation expense	`DepreciationNonproduction`	$55.74K	USD	Annual
Depreciation expense	`DepreciationNonproduction`	$136.50K	USD	Annual
Accretion expense	`AccretionExpense`	$11.86K	USD	Annual
Accretion expense	`AccretionExpense`	$9.16K	USD	Annual
Impairment from casualty loss, net of recovery	`ImpairmentFromCasualtyLoss`	$7.11K	USD	Annual
Impairment from casualty loss, net of recovery	`ImpairmentFromCasualtyLoss`	$92.78K	USD	Annual
General and administrative expense	`GeneralAndAdministrativeExpense`	$10.34M	USD	Annual
General and administrative expense	`GeneralAndAdministrativeExpense`	$9.09M	USD	Annual
Total expenses	`CostsAndExpenses`	$19.63M	USD	Annual
Total expenses	`CostsAndExpenses`	$17.65M	USD	Annual
Interest income	`InvestmentIncomeInterest`	$29.65K	USD	Annual
Interest income	`InvestmentIncomeInterest`	$1.50K	USD	Annual
Interest expense	`InterestIncomeExpenseNet`	$-330.05K	USD	Annual
Interest expense	`InterestIncomeExpenseNet`	$-1.96M	USD	Annual
Loss from equity investment in Peak Gold, LLC (NOTE 10)	`IncomeLossFromEquityMethodInvestments`	$-3.71M	USD	Annual
Loss from equity investment in Peak Gold, LLC (NOTE 10)	`IncomeLossFromEquityMethodInvestments`	$-21.12M	USD	Annual
Other income	`OtherNonoperatingIncome`	$622.15K	USD	Annual
Other income	`OtherNonoperatingIncome`	$41.45K	USD	Annual
Insurance recoveries	`InsuranceRecoveries`	-	USD	Annual
Insurance recoveries	`InsuranceRecoveries`	$338.30K	USD	Annual
Total other expense	`NonoperatingIncomeExpense`	$-22.09M	USD	Annual
Total other expense	`NonoperatingIncomeExpense`	$-3.99M	USD	Annual
LOSS BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-23.63M	USD	Annual
LOSS BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-39.74M	USD	Annual
Income tax benefit	`IncomeTaxExpenseBenefit`	$-119.73K	USD	Annual
Income tax benefit	`IncomeTaxExpenseBenefit`	-	USD	Annual
NET LOSS	`NetIncomeLoss`	$-23.51M	USD	Annual
NET LOSS	`NetIncomeLoss`	$-39.74M	USD	Annual
Basic and diluted (in dollars per share)	`EarningsPerShareBasic`	$-5.61	USD	Annual
Basic and diluted (in dollars per share)	`EarningsPerShareBasic`	$-3.49	USD	Annual
Basic and diluted (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	7.09M	shares	Annual
Basic and diluted (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	6.73M	shares	Annual

Cash Flow Statement 68 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-23.51M	USD	Annual
Net loss	`NetIncomeLoss`	$-39.74M	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$2.93M	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$3.99M	USD	Annual
Depreciation expense	`Depreciation`	$55.74K	USD	Annual
Depreciation expense	`Depreciation`	$136.50K	USD	Annual
Accretion expense	`AccretionExpense`	$11.86K	USD	Annual
Accretion expense	`AccretionExpense`	$9.16K	USD	Annual
Impairment expense	`ImpairmentOfLongLivedAssetsHeldForUse`	$7.11K	USD	Annual
Impairment expense	`ImpairmentOfLongLivedAssetsHeldForUse`	$115.03K	USD	Annual
Interest expense paid in stock	`PaidInKindInterest`	-	USD	Annual
Interest expense paid in stock	`PaidInKindInterest`	$438.88K	USD	Annual
Change in the fair value of contingent consideration	`BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1`	$-606.50K	USD	Annual
Change in the fair value of contingent consideration	`BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1`	-	USD	Annual
Amortization of debt discount and issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	$190.36K	USD	Annual
Amortization of debt discount and issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	$34.67K	USD	Annual
Loss from equity investment in Peak Gold, LLC	`IncomeLossFromEquityMethodInvestments`	$-3.71M	USD	Annual
Loss from equity investment in Peak Gold, LLC	`IncomeLossFromEquityMethodInvestments`	$-21.12M	USD	Annual
Decrease in prepaid expenses and other	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-39.45K	USD	Annual
Decrease in prepaid expenses and other	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-176.91K	USD	Annual
Increase in accounts payable and other accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$1.27M	USD	Annual
Increase in accounts payable and other accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$793.79K	USD	Annual
Decrease in income tax receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	-	USD	Annual
Decrease in income tax receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$-198.13K	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-14.68M	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-13.95M	USD	Annual
Cash invested in Peak Gold, LLC	`PaymentsToAcquireEquityMethodInvestments`	$3.71M	USD	Annual
Cash invested in Peak Gold, LLC	`PaymentsToAcquireEquityMethodInvestments`	$21.12M	USD	Annual
Acquisition of property& equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	Annual
Acquisition of property& equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$43.99K	USD	Annual
Cash paid for the acquisition of Alaska Gold Torrent, LLC, net of cash received	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$11.64M	USD	Annual
Cash paid for the acquisition of Alaska Gold Torrent, LLC, net of cash received	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$719.00	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-21.12M	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-15.39M	USD	Annual
Cash paid for shares withheld from employees for payroll tax withholding	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$126.43K	USD	Annual
Cash paid for shares withheld from employees for payroll tax withholding	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$779.62K	USD	Annual
Cash paid for shares purchased from directors for estimated tax obligations associated with stock vesting	`PaymentTaxWithholdingSharebasedPaymentArrangementStockVesting`	-	USD	Annual
Cash paid for shares purchased from directors for estimated tax obligations associated with stock vesting	`PaymentTaxWithholdingSharebasedPaymentArrangementStockVesting`	$1.54M	USD	Annual
Cash proceeds from debt, net	`ProceedsFromIssuanceOfLongTermDebt`	$19.97M	USD	Annual
Cash proceeds from debt, net	`ProceedsFromIssuanceOfLongTermDebt`	$7.65M	USD	Annual
Debt issuance costs	`PaymentsOfFinancingCosts`	$1.62M	USD	Annual
Debt issuance costs	`PaymentsOfFinancingCosts`	$164.68K	USD	Annual
Cash proceeds from warrant exercise	`ProceedsFromWarrantExercises`	-	USD	Annual
Cash proceeds from warrant exercise	`ProceedsFromWarrantExercises`	$6.89M	USD	Annual
Cash proceeds from capital raises, net	`ProceedsFromRepurchaseOfCapitalRaisesNet`	$-43.56K	USD	Annual
Cash proceeds from capital raises, net	`ProceedsFromRepurchaseOfCapitalRaisesNet`	$11.56M	USD	Annual
Net cash provided in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$17.44M	USD	Annual
Net cash provided in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$24.35M	USD	Annual
NET DECREASE IN CASH AND RESTRICTED CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-11.45M	USD	Annual
NET DECREASE IN CASH AND RESTRICTED CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-11.89M	USD	Annual
CASH AND RESTRICTED CASH, BEGINNING OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$23.33M	USD	Point-in-time
CASH AND RESTRICTED CASH, BEGINNING OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$11.88M	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`	$23.33M	USD	Point-in-time
CASH AND RESTRICTED CASH, END OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$11.88M	USD	Point-in-time
CASH AND RESTRICTED CASH, END OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$35.22M	USD	Point-in-time
Interest expense	`InterestPaidNet`	-	USD	Annual
Interest expense	`InterestPaidNet`	$1.32M	USD	Annual
Cash paid for income taxes	`IncomeTaxesPaidNet`	$218.55K	USD	Annual
Cash paid for income taxes	`IncomeTaxesPaidNet`	-	USD	Annual
Asset retirement obligations	`AssetRetirementObligationsNoncashTransaction`	-	USD	Annual
Asset retirement obligations	`AssetRetirementObligationsNoncashTransaction`	$218.93K	USD	Annual
Contingent liability for acquisition of Alaska Gold Torrent, LLC	`LiabilitiesAssumed1`	-	USD	Annual
Contingent liability for acquisition of Alaska Gold Torrent, LLC	`LiabilitiesAssumed1`	$1.85M	USD	Annual
Establishment fee for convertible debt paid with stock issuance	`EstablishmentFeeForConvertibleDebtPaidWithStockIssuance`	$600.00K	USD	Annual
Establishment fee for convertible debt paid with stock issuance	`EstablishmentFeeForConvertibleDebtPaidWithStockIssuance`	-	USD	Annual
Total non-cash investing and financing activities:	`FairValueOfInvestingActivitiesAssumed`	-	USD	Annual
Total non-cash investing and financing activities:	`FairValueOfInvestingActivitiesAssumed`	$2.67M	USD	Annual

Stockholders Equity 22 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$34.55M	USD	Point-in-time
Balance	`StockholdersEquity`	$13.27M	USD	Point-in-time
Balance	`StockholdersEquity`	$-4.77M	USD	Point-in-time
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$2.93M	USD	Annual
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$3.99M	USD	Annual
Restricted shares activity	`StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures`	-	USD	Annual
Restricted shares activity	`StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures`	-	USD	Annual
Issuance of common stock	`StockIssuedDuringPeriodValueNewIssues`	$8.92M	USD	Annual
Issuance of common stock	`StockIssuedDuringPeriodValueNewIssues`	$600.00K	USD	Annual
Cost of common stock issuance	`AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts`	$661.11K	USD	Annual
Cost of common stock issuance	`AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts`	$43.56K	USD	Annual
Treasury shares withheld	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$779.62K	USD	Annual
Treasury shares withheld	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$126.43K	USD	Annual
Net loss	`NetIncomeLoss`	$-23.51M	USD	Annual
Net loss	`NetIncomeLoss`	$-39.74M	USD	Annual
Warrant exercise	`StockIssuedDuringPeriodValueWarrantsExercised`	$5.86M	USD	Annual
Cost of warrant modification	`AdjustmentsToAdditionalPaidInCapitalWarrantExercise`	$-382.77K	USD	Annual
Fair value of warrants issued with common stock	`AdjustmentsToAdditionalPaidInCapitalWarrantIssued`	$2.51M	USD	Annual
Shares issued for convertible note interest payment	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	$438.88K	USD	Annual
Balance	`StockholdersEquity`	$34.55M	USD	Point-in-time
Balance	`StockholdersEquity`	$13.27M	USD	Point-in-time
Balance	`StockholdersEquity`	$-4.77M	USD	Point-in-time

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