10-Q Filing

Contango ORE, Inc. CIK: 1502377 Q1 2024

Filing Information

Form Type	10-Q
Accession Number	`0001437749-23-031883`
Period End Date	20230930
Filing Date	20231114
Fiscal Year	2024
Fiscal Period	Q1
XBRL Instance	conta20230930_10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 67 Income Statement 32 Cash Flow Statement 54 Stockholders Equity 19

Balance Sheet 67 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`	$11.65M	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$18.51M	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
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	7.78M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	9.40M	shares	Point-in-time
Restricted cash	`RestrictedCashCurrent`	$231.00K	USD	Point-in-time
Restricted cash	`RestrictedCashCurrent`	$231.00K	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	7.78M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	9.39M	shares	Point-in-time
Prepaid expenses and other	`PrepaidExpenseCurrent`	$795.11K	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseCurrent`	$413.91K	USD	Point-in-time
Treasury stock, sharesTreasury stock, shares (in shares)	`TreasuryStockCommonShares`	0.00	shares	Point-in-time
Derivative contract asset	`DerivativeAssetsCurrent`	-	USD	Point-in-time
Treasury stock, sharesTreasury stock, shares (in shares)	`TreasuryStockCommonShares`	1,190.00	shares	Point-in-time
Derivative contract asset	`DerivativeAssetsCurrent`	$549.12K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$20.08M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$12.29M	USD	Point-in-time
Investment in Peak Gold (Note 5)	`EquityMethodInvestments`	$21.42M	USD	Point-in-time
Investment in Peak Gold (Note 5)	`EquityMethodInvestments`	-	USD	Point-in-time
Property & equipment, net	`PropertyPlantAndEquipmentNet`	$13.35M	USD	Point-in-time
Property & equipment, net	`PropertyPlantAndEquipmentNet`	$13.37M	USD	Point-in-time
Total long-term assets	`OtherAssetsNoncurrent`	$34.77M	USD	Point-in-time
Total long-term assets	`OtherAssetsNoncurrent`	$13.37M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$25.66M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$54.86M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$220.75K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.13M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$871.73K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$2.08M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$2.00M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	-	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.30M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$5.00M	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`	$243.13K	USD	Point-in-time
Asset retirement obligations	`AssetRetirementObligationsNoncurrent`	$239.94K	USD	Point-in-time
Contingent consideration liability	`BusinessCombinationContingentConsiderationLiabilityNoncurrent`	$1.24M	USD	Point-in-time
Contingent consideration liability	`BusinessCombinationContingentConsiderationLiabilityNoncurrent`	$1.24M	USD	Point-in-time
Derivative contract liability	`DerivativeLiabilitiesNoncurrent`	-	USD	Point-in-time
Derivative contract liability	`DerivativeLiabilitiesNoncurrent`	$3.27M	USD	Point-in-time
Debt, net	`LongTermDebtNoncurrent`	$32.86M	USD	Point-in-time
Debt, net	`LongTermDebtNoncurrent`	$25.46M	USD	Point-in-time
Total non-current liabilities	`LiabilitiesNoncurrent`	$28.14M	USD	Point-in-time
Total non-current liabilities	`LiabilitiesNoncurrent`	$38.81M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$43.81M	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
Common Stock, $0.01 par value, 45,000,000 shares authorized; 9,395,112 shares issued and 9,393,922 outstanding at September 30, 2023; 7,781,690 shares issued and outstanding at June 30, 2023	`CommonStockValue`	$93.95K	USD	Point-in-time
Common Stock, $0.01 par value, 45,000,000 shares authorized; 9,395,112 shares issued and 9,393,922 outstanding at September 30, 2023; 7,781,690 shares issued and outstanding at June 30, 2023	`CommonStockValue`	$77.82K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$93.42M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$122.39M	USD	Point-in-time
Treasury stock at cost (1,190 at September 30, 2023; and 0 shares at June 30, 2023)	`TreasuryStockCommonValue`	$21.19K	USD	Point-in-time
Treasury stock at cost (1,190 at September 30, 2023; and 0 shares at June 30, 2023)	`TreasuryStockCommonValue`	-	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-98.28M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-111.42M	USD	Point-in-time
TOTAL STOCKHOLDERS EQUITY/(DEFICIT)	`StockholdersEquity`	$13.27M	USD	Point-in-time
TOTAL STOCKHOLDERS EQUITY/(DEFICIT)	`StockholdersEquity`	$-4.77M	USD	Point-in-time
TOTAL STOCKHOLDERS EQUITY/(DEFICIT)	`StockholdersEquity`	$7.08M	USD	Point-in-time
TOTAL STOCKHOLDERS EQUITY/(DEFICIT)	`StockholdersEquity`	$11.04M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY/(DEFICIT)	`LiabilitiesAndStockholdersEquity`	$25.66M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY/(DEFICIT)	`LiabilitiesAndStockholdersEquity`	$54.86M	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Claim rental expense	`ClaimRentalExpense`	$146.93K	USD	1 Quarter
Claim rental expense	`ClaimRentalExpense`	$127.01K	USD	1 Quarter
Exploration expense	`ExplorationExpense`	$4.40M	USD	1 Quarter
Exploration expense	`ExplorationExpense`	$1.08M	USD	1 Quarter
Depreciation expense	`DepreciationNonproduction`	$34.21K	USD	1 Quarter
Depreciation expense	`DepreciationNonproduction`	$26.00K	USD	1 Quarter
Accretion expense	`AccretionExpense`	$3.03K	USD	1 Quarter
Accretion expense	`AccretionExpense`	$3.18K	USD	1 Quarter
General and administrative expense	`GeneralAndAdministrativeExpense`	$2.77M	USD	1 Quarter
General and administrative expense	`GeneralAndAdministrativeExpense`	$2.42M	USD	1 Quarter
Total expenses	`CostsAndExpenses`	$4.01M	USD	1 Quarter
Total expenses	`CostsAndExpenses`	$7.00M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$8.55K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$39.05K	USD	1 Quarter
Interest expense	`InterestIncomeExpenseNet`	$-449.47K	USD	1 Quarter
Interest expense	`InterestIncomeExpenseNet`	$-847.98K	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`	$-5.61M	USD	1 Quarter
Insurance recoveries	`InsuranceRecoveries`	$338.30K	USD	1 Quarter
Insurance recoveries	`InsuranceRecoveries`	-	USD	1 Quarter
Unrealized loss on derivative contracts	`UnrealizedGainLossOnDerivatives`	$-2.73M	USD	1 Quarter
Unrealized loss on derivative contracts	`UnrealizedGainLossOnDerivatives`	-	USD	1 Quarter
Other income	`OtherNonoperatingIncome`	-	USD	1 Quarter
Other income	`OtherNonoperatingIncome`	$15.66K	USD	1 Quarter
Total other income/(expense)	`NonoperatingIncomeExpense`	$-9.14M	USD	1 Quarter
Total other income/(expense)	`NonoperatingIncomeExpense`	$-86.97K	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-13.15M	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-7.09M	USD	1 Quarter
Basic and diluted (in dollars per share)	`EarningsPerShareBasic`	$-1.47	USD	1 Quarter
Basic and diluted (in dollars per share)	`EarningsPerShareBasic`	$-1.05	USD	1 Quarter
Basic and diluted (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	6.77M	shares	1 Quarter
Basic and diluted (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	8.94M	shares	1 Quarter

Cash Flow Statement 54 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-13.15M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-7.09M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$787.87K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$739.78K	USD	1 Quarter
Depreciation expense	`Depreciation`	$34.21K	USD	1 Quarter
Depreciation expense	`Depreciation`	$26.00K	USD	1 Quarter
Accretion expense	`AccretionExpense`	$3.03K	USD	1 Quarter
Accretion expense	`AccretionExpense`	$3.18K	USD	1 Quarter
Loss from equity investment in Peak Gold, LLC	`IncomeLossFromEquityMethodInvestments`	-	USD	1 Quarter
Loss from equity investment in Peak Gold, LLC	`IncomeLossFromEquityMethodInvestments`	$-5.61M	USD	1 Quarter
Unrealized loss from derivative contracts	`UnrealizedGainLossOnDerivatives`	$-2.73M	USD	1 Quarter
Unrealized loss from derivative contracts	`UnrealizedGainLossOnDerivatives`	-	USD	1 Quarter
Interest expense paid in stock	`PaidInKindInterest`	-	USD	1 Quarter
Interest expense paid in stock	`PaidInKindInterest`	$66.66K	USD	1 Quarter
Amortization of debt discount and debt issuance fees	`AmortizationOfFinancingCostsAndDiscounts`	$49.47K	USD	1 Quarter
Amortization of debt discount and debt issuance fees	`AmortizationOfFinancingCostsAndDiscounts`	$105.63K	USD	1 Quarter
Decrease (increase) in prepaid expenses and other	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$381.20K	USD	1 Quarter
Decrease (increase) in prepaid expenses and other	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-13.38K	USD	1 Quarter
Increase in accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$702.46K	USD	1 Quarter
Increase in accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$948.76K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-3.55M	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`	$27.03M	USD	1 Quarter
Acquisition of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	1 Quarter
Acquisition of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$7.00K	USD	1 Quarter
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	1 Quarter
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-27.04M	USD	1 Quarter
Cash paid for shares withheld from employees for payroll tax withholding	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$21.19K	USD	1 Quarter
Cash paid for shares withheld from employees for payroll tax withholding	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$27.69K	USD	1 Quarter
Cash proceeds from debt	`ProceedsFromIssuanceOfLongTermDebt`	-	USD	1 Quarter
Cash proceeds from debt	`ProceedsFromIssuanceOfLongTermDebt`	$10.00M	USD	1 Quarter
Debt issuance costs	`PaymentsOfFinancingCosts`	$2.74K	USD	1 Quarter
Debt issuance costs	`PaymentsOfFinancingCosts`	$707.30K	USD	1 Quarter
Cash proceeds from capital raise, net	`ProceedsFromRepurchaseOfCapitalRaisesNet`	$28.18M	USD	1 Quarter
Cash proceeds from capital raise, net	`ProceedsFromRepurchaseOfCapitalRaisesNet`	-	USD	1 Quarter
Net cash provided/(used) by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$37.45M	USD	1 Quarter
Net cash provided/(used) by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-30.43K	USD	1 Quarter
NET DECREASE (INCREASE) IN CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-5.29M	USD	1 Quarter
NET DECREASE (INCREASE) IN CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$6.86M	USD	1 Quarter
CASH AND RESTRICTED CASH, BEGINNING OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$23.33M	USD	Point-in-time
CASH AND RESTRICTED CASH, BEGINNING OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$18.74M	USD	Point-in-time
CASH AND RESTRICTED CASH, BEGINNING OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$18.04M	USD	Point-in-time
CASH AND RESTRICTED CASH, BEGINNING OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$11.88M	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`	$18.74M	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`	$11.88M	USD	Point-in-time
Interest expense	`InterestPaidNet`	$416.67K	USD	1 Quarter
Interest expense	`InterestPaidNet`	$472.18K	USD	1 Quarter
Interest expense paid with stock	`StockIssued1`	$138.89K	USD	1 Quarter
Interest expense paid with stock	`StockIssued1`	$66.66K	USD	1 Quarter
Total non-cash investing and financing activities	`FairValueOfInvestingActivitiesAssumed`	$138.89K	USD	1 Quarter
Total non-cash investing and financing activities	`FairValueOfInvestingActivitiesAssumed`	$66.66K	USD	1 Quarter

Stockholders Equity 19 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$13.27M	USD	Point-in-time
Balance	`StockholdersEquity`	$-4.77M	USD	Point-in-time
Balance	`StockholdersEquity`	$7.08M	USD	Point-in-time
Balance	`StockholdersEquity`	$11.04M	USD	Point-in-time
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$739.78K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$787.87K	USD	1 Quarter
Restricted stock activity	`StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures`	-	USD	1 Quarter
Issuance of common stock	`StockIssuedDuringPeriodValueNewIssues`	$30.40M	USD	1 Quarter
Cost of common stock issuance	`AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts`	$2.22M	USD	1 Quarter
Stock issued for convertible note interest payment	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	$66.66K	USD	1 Quarter
Treasury shares withheld	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$21.19K	USD	1 Quarter
Treasury shares withheld	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$27.69K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-13.15M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-7.09M	USD	1 Quarter
Treasury stock issued for convertible note interest payment	`StockIssuedDuringPeriodSharesTreasuryStockReissuedValue`	$138.89K	USD	1 Quarter
Balance	`StockholdersEquity`	$13.27M	USD	Point-in-time
Balance	`StockholdersEquity`	$-4.77M	USD	Point-in-time
Balance	`StockholdersEquity`	$7.08M	USD	Point-in-time
Balance	`StockholdersEquity`	$11.04M	USD	Point-in-time

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