Mon, Sep 16, 7:46 PM (95 days ago)
For the quarter ended July 31, 2024, U.S. Gold Corp. reported no revenue, maintaining its status as a development-stage company. Total operating expenses decreased to approximately $2.59 million from $2.93 million in the prior year, primarily due to reduced compensation and exploration costs. The net loss widened to $4.33 million, compared to $2.89 million in the same quarter last year, driven by a significant loss from changes in the fair value of warrant liabilities. Current assets decreased to $4.13 million, while current liabilities increased to $0.57 million, resulting in working capital of $3.56 million, down from $6.07 million. Cash used in operating activities rose to $2.19 million. The company highlighted ongoing efforts to secure necessary permits for its CK Gold Project, with substantial doubt raised regarding its ability to continue as a going concern without additional funding. The company plans to raise further capital to advance its projects beyond current activities. Overall, uncertainties surrounding future operations and financing remain significant for U.S. Gold Corp.