$CTGO
Contango ORE, Inc.

2022 Q2 Form 10-Q Financial Statement

#000143774922011879 Filed on May 11, 2022

View on sec.gov

Income Statement

Concept 2022 Q2 2022 Q1 2021 Q4
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.341M $3.228M $2.797M
YoY Change 12.12% 50.39% 7.46%
% of Gross Profit
Research & Development $4.522M $2.145M $1.377M
YoY Change 4039.57% 1863.48% 2194.33%
% of Gross Profit
Depreciation & Amortization $31.79K $10.23K $8.940K
YoY Change
% of Gross Profit
Operating Expenses $6.895M $5.383M $4.182M
YoY Change 213.78% 138.63% 57.04%
Operating Profit
YoY Change
Interest Expense -$326.3K $3.103K -$746.1K
YoY Change -746.17% -33.55%
% of Operating Profit
Other Income/Expense, Net $41.45K -$1.521M -$689.3K
YoY Change -38.92% -38.61%
Pretax Income -$7.232M -$6.948M -$4.875M
YoY Change 236.82% 46.4% 28.77%
Income Tax $0.00 -$100.0K $0.00
% Of Pretax Income
Net Earnings -$7.232M -$6.828M -$4.875M
YoY Change 291.04% 51.39% 51.68%
Net Earnings / Revenue
Basic Earnings Per Share -$1.01 -$0.72
Diluted Earnings Per Share -$1.069M -$1.01 -$0.72
COMMON SHARES
Basic Shares Outstanding 6.770M 6.744M 6.752M
Diluted Shares Outstanding 6.744M 6.752M

Balance Sheet

Concept 2022 Q2 2022 Q1 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $23.10M $7.986M $21.87M
YoY Change -34.43% -69.57% -31.53%
Cash & Equivalents $23.10M $7.986M $21.87M
Short-Term Investments
Other Short-Term Assets $684.4K $1.451M $1.582M
YoY Change 32.72% 138.22% 283.38%
Inventory
Prepaid Expenses $453.4K $1.220M $1.351M
Receivables
Other Receivables
Total Short-Term Assets $23.78M $9.976M $23.73M
YoY Change -33.83% -62.84% -26.66%
LONG-TERM ASSETS
Property, Plant & Equipment $13.51M $13.61M $13.63M
YoY Change 36894.69%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00 $0.00 $0.00
YoY Change
Other Assets $13.51M $13.61M $13.63M
YoY Change 36894.69%
Total Long-Term Assets $13.51M $13.61M $13.63M
YoY Change 36894.69%
TOTAL ASSETS
Total Short-Term Assets $23.78M $9.976M $23.73M
Total Long-Term Assets $13.51M $13.61M $13.63M
Total Assets $37.29M $23.59M $37.36M
YoY Change 3.68% -12.16% 15.47%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $633.9K $585.7K $396.4K
YoY Change 2313.03% 739.21% 1575.09%
Accrued Expenses $871.0K $497.5K $174.1K
YoY Change 344.75% -32.25% -60.96%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $6.250M
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.505M $1.225M $6.820M
YoY Change 577.53% 1.78% 195.97%
LONG-TERM LIABILITIES
Long-Term Debt $19.24M $0.00 $0.00
YoY Change
Other Long-Term Liabilities $3.275M $3.272M $3.270M
YoY Change 172.93% 172.69% 172.46%
Total Long-Term Liabilities $22.52M $3.272M $3.270M
YoY Change 1776.26% 172.69% 172.46%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.505M $1.225M $6.820M
Total Long-Term Liabilities $22.52M $3.272M $3.270M
Total Liabilities $24.02M $4.497M $10.09M
YoY Change 1589.04% 87.11% 187.92%
SHAREHOLDERS EQUITY
Retained Earnings -$58.53M -$51.30M -$44.47M
YoY Change 67.11% 54.63% 55.14%
Common Stock $74.13M $72.71M $71.81M
YoY Change 6.54% 24.29% 24.85%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.318M $2.318M $69.31K
YoY Change 164.47%
Treasury Stock Shares $90.50K $90.50K $2.592K
Shareholders Equity $13.27M $19.09M $27.27M
YoY Change
Total Liabilities & Shareholders Equity $37.29M $23.59M $37.36M
YoY Change 3.68% -12.16% 15.47%

Cashflow Statement

Concept 2022 Q2 2022 Q1 2021 Q4
OPERATING ACTIVITIES
Net Income -$7.232M -$6.828M -$4.875M
YoY Change 291.04% 51.39% 51.68%
Depreciation, Depletion And Amortization $31.79K $10.23K $8.940K
YoY Change
Cash From Operating Activities -$4.696M -$3.822M -$3.875M
YoY Change 137.32% 63.81% 16.49%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$43.98K $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$7.767M -$945.3K
YoY Change -100.0% 211.94% -15.86%
Cash From Investing Activities $0.00 -$7.811M -$945.3K
YoY Change -100.0% 213.71% -15.86%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 19.81M -2.249M -69.31K
YoY Change 80.94% 156.56%
NET CHANGE
Cash From Operating Activities -4.696M -3.822M -3.875M
Cash From Investing Activities 0.000 -7.811M -945.3K
Cash From Financing Activities 19.81M -2.249M -69.31K
Net Change In Cash 15.11M -13.88M -4.889M
YoY Change 68.25% 143.55% 9.88%
FREE CASH FLOW
Cash From Operating Activities -$4.696M -$3.822M -$3.875M
Capital Expenditures $0.00 -$43.98K $0.00
Free Cash Flow -$4.696M -$3.778M -$3.875M
YoY Change 141.79%

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CY2020Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
3011918 USD
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
8216588 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
26239961 USD
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
80000 USD
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
1200000 USD
ctgo Asset Retirement Obligations Noncash Transaction
AssetRetirementObligationsNoncashTransaction
218927 USD
us-gaap Liabilities Assumed1
LiabilitiesAssumed1
1847063 USD
us-gaap Liabilities Assumed1
LiabilitiesAssumed1
0 USD
ctgo Fair Value Of Investing Activities Assumed
FairValueOfInvestingActivitiesAssumed
2065990 USD
ctgo Fair Value Of Investing Activities Assumed
FairValueOfInvestingActivitiesAssumed
0 USD
CY2021Q4 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1256309 USD
CY2021Q4 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
0 USD
CY2021Q4 us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
69307 USD
CY2021Q4 us-gaap Net Income Loss
NetIncomeLoss
-4875039 USD
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
27266816 USD
CY2022Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
897742 USD
CY2022Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
0 USD
CY2022Q1 us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
710315 USD
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-6827867 USD
CY2022Q1 us-gaap Stockholders Equity
StockholdersEquity
19087816 USD
CY2020Q2 us-gaap Stockholders Equity
StockholdersEquity
1994767 USD
CY2020Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
892158 USD
CY2020Q3 ctgo Stock Issued During Period Value New Issues And Treasury Stock Reissued
StockIssuedDuringPeriodValueNewIssuesAndTreasuryStockReissued
3275004 USD
CY2020Q3 ctgo Stock Received And Retired From Sale Of Investment Value
StockReceivedAndRetiredFromSaleOfInvestmentValue
8442857 USD
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
33442625 USD
CY2020Q3 us-gaap Stockholders Equity
StockholdersEquity
31052315 USD
CY2020Q4 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1009900 USD
CY2020Q4 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
0 USD
CY2020Q4 us-gaap Net Income Loss
NetIncomeLoss
-3214045 USD
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
28848170 USD
CY2021Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
983988 USD
CY2021Q1 ctgo Adjustments To Additional Paid In Capital Treasury Shares Withheld For Employee Taxes
AdjustmentsToAdditionalPaidInCapitalTreasurySharesWithheldForEmployeeTaxes
-876551 USD
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-4510158 USD
CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
24445449 USD
us-gaap Basis Of Accounting
BasisOfAccounting
<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b><span style="background-color:#ffffff;"><em style="font: inherit;">2.</em></span><span style="background-color:#ffffff;"> Basis of Presentation</span></b></p> <p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"> </p> <p style="margin: 0pt; text-align: justify; text-indent: 24pt; font-family: Times New Roman, Times, serif; font-size: 10pt;"><span style="background-color:#ffffff;"> The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“US GAAP”) for interim financial information, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”), including instructions to Form </span><span style="background-color:#ffffff;"><em style="font: inherit;">10</em></span><span style="background-color:#ffffff;">-Q and Article </span><span style="background-color:#ffffff;"><em style="font: inherit;">8</em></span><span style="background-color:#ffffff;"> of Regulation S-</span><span style="background-color:#ffffff;"><em style="font: inherit;">X.</em></span><span style="background-color:#ffffff;"> Accordingly, they do </span><span style="background-color:#ffffff;"><em style="font: inherit;">not</em></span><span style="background-color:#ffffff;"> include all the information and footnotes required by US GAAP for complete annual consolidated financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation of the consolidated financial statements have been included. All such adjustments are of a normal recurring nature. The consolidated financial statements should be read in conjunction with the consolidated audited financial statements and notes included in the Company</span><span style="font-family: Times New Roman, Times, serif; font-size: 10pt;"><span style="background-color:#ffffff;">’s Form </span><span style="background-color:#ffffff;"><em style="font: inherit;">10</em></span><span style="background-color:#ffffff;">-K for the fiscal year ended </span><em style="font-style: normal; font-weight: inherit;"><span style="background-color:#ffffff;"> June </span></em><span style="background-color:#ffffff;"><em style="font: inherit;">30,</em></span><span style="background-color:#ffffff;"><em style="font: inherit;">2021.</em></span><span style="background-color:#ffffff;"> The results of operations for the </span><span style="background-color:#ffffff;"><em style="font: inherit;">three</em> and <em style="font: inherit;">nine</em> months</span><span style="background-color:#ffffff;"> ended </span><em style="font-style: normal; font-weight: inherit;"><span style="background-color:#ffffff;"> March 31, 2022 </span></em><span style="background-color:#ffffff;">are </span><span style="background-color:#ffffff;"><em style="font: inherit;">not</em></span><span style="background-color:#ffffff;"> necessarily indicative of the results that </span><em style="font-style: normal; font-weight: inherit;"><span style="background-color:#ffffff;"> may </span></em><span style="background-color:#ffffff;">be expected for the fiscal year ending </span><em style="font-style: normal; font-weight: inherit;"><span style="background-color:#ffffff;"> June </span></em><span style="background-color:#ffffff;"><em style="font: inherit;">30,</em></span><span style="background-color:#ffffff;"><em style="font: inherit;">2022.</em></span></span></p>
CY2022Q1 us-gaap Restricted Cash Current
RestrictedCashCurrent
231000 USD
us-gaap Use Of Estimates
UseOfEstimates
<p style="margin: 0pt; text-align: justify; text-indent: 27pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><i>Management Estimates.</i><span style="font-family: Times New Roman, Times, serif; font-size: 10pt;"> The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates</span><span style="font-family: Times New Roman, Times, serif; font-size: 10pt;">.</span></p> <p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;"> </p>
CY2022Q1 us-gaap Impairment Charge On Reclassified Assets
ImpairmentChargeOnReclassifiedAssets
41249 USD
CY2022Q1 us-gaap Impairment Charge On Reclassified Assets
ImpairmentChargeOnReclassifiedAssets
41249 USD
CY2021Q1 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0 USD
CY2022Q1 us-gaap Equity Method Investment Aggregate Cost
EquityMethodInvestmentAggregateCost
19400000 USD
CY2022Q1 ctgo Suspended Losses
SuspendedLosses
21800000 USD
CY2022Q1 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
1220016 USD
CY2021Q2 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
515635 USD
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-6827867 USD
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
6743528
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.01
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-4510158 USD
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
6153334
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.73
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-6827867 USD
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
6743528
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.01
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-4510158 USD
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
6153334
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3175903 USD
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
983988 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2886046 USD
CY2022Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Share Based Awards Other Than Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions
3938754 USD
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P2Y9M7D
CY2022Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
15000000
CY2022Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
6745749
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
100000
CY2022Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2020Q4 ctgo Rights Agreement Exercise Price
RightsAgreementExercisePrice
100.00
CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.73
us-gaap Net Income Loss
NetIncomeLoss
-16275119 USD
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
6725079
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-2.42
us-gaap Net Income Loss
NetIncomeLoss
25718422 USD
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
6261102
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
4.11
us-gaap Net Income Loss
NetIncomeLoss
-16275119 USD
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
6725079
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-2.42
us-gaap Net Income Loss
NetIncomeLoss
25718422 USD
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
6261102
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
4.11
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
100000
CY2022Q1 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
0
CY2020Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
45000000
CY2022Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
23954 USD
us-gaap Asset Impairment Charges
AssetImpairmentCharges
52548 USD
CY2021 us-gaap Asset Impairment Charges
AssetImpairmentCharges
-0 USD
CY2022Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
13608794 USD
CY2021Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
36531 USD
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
100000
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
300000
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
100000
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
897742 USD
CY2019Q1 ctgo Contingent Salary And Compensation Retention Agreement
ContingentSalaryAndCompensationRetentionAgreement
1500000 USD
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-100000 USD
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-200000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1600000 USD
us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
1300000 USD

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