$CTGO
Contango ORE, Inc.

2023 Q2 Form 10-Q Financial Statement

#000143774923013913 Filed on May 11, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.510M $1.981M
YoY Change 7.2% -38.64%
% of Gross Profit
Research & Development $1.137M $378.4K
YoY Change -74.86% -82.36%
% of Gross Profit
Depreciation & Amortization $33.86K $34.21K
YoY Change 6.51% 234.41%
% of Gross Profit
Operating Expenses $3.681M $2.394M
YoY Change -46.62% -55.53%
Operating Profit
YoY Change
Interest Expense -$7.334M -$5.532M
YoY Change 2148.0% -178378.44%
% of Operating Profit
Other Income/Expense, Net $606.5K -$5.529M
YoY Change 1363.21% 263.57%
Pretax Income -$10.42M -$7.925M
YoY Change 44.03% 14.08%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$10.42M -$7.925M
YoY Change 44.03% 16.08%
Net Earnings / Revenue
Basic Earnings Per Share -$1.38 -$1.09
Diluted Earnings Per Share -$1.38 -$1.09
COMMON SHARES
Basic Shares Outstanding 7.620M 7.217M
Diluted Shares Outstanding 7.547M 7.243M

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $11.65M $2.919M
YoY Change -49.57% -63.45%
Cash & Equivalents $11.65M $2.919M
Short-Term Investments
Other Short-Term Assets $644.9K $1.208M
YoY Change -5.76% -16.72%
Inventory
Prepaid Expenses $413.9K $977.4K
Receivables
Other Receivables
Total Short-Term Assets $12.29M $4.127M
YoY Change -48.31% -58.63%
LONG-TERM ASSETS
Property, Plant & Equipment $13.37M $13.41M
YoY Change -1.06% -1.44%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00 $0.00
YoY Change
Other Assets $13.37M $13.41M
YoY Change -1.06% -1.44%
Total Long-Term Assets $13.37M $13.41M
YoY Change -1.06% -1.44%
TOTAL ASSETS
Total Short-Term Assets $12.29M $4.127M
Total Long-Term Assets $13.37M $13.41M
Total Assets $25.66M $17.54M
YoY Change -31.19% -25.63%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $220.8K $74.96K
YoY Change -65.17% -87.2%
Accrued Expenses $2.078M $506.9K
YoY Change 138.57% 1.88%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $2.299M $581.8K
YoY Change 52.75% -52.51%
LONG-TERM LIABILITIES
Long-Term Debt $25.46M $19.40M
YoY Change 32.31%
Other Long-Term Liabilities $2.681M $3.284M
YoY Change -18.16% 0.36%
Total Long-Term Liabilities $28.14M $22.68M
YoY Change 24.97% 593.15%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.299M $581.8K
Total Long-Term Liabilities $28.14M $22.68M
Total Liabilities $30.44M $23.26M
YoY Change 26.71% 417.27%
SHAREHOLDERS EQUITY
Retained Earnings -$98.28M -$87.86M
YoY Change 67.89% 71.26%
Common Stock $93.50M $82.06M
YoY Change 26.14% 12.87%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$4.773M -$5.724M
YoY Change
Total Liabilities & Shareholders Equity $25.66M $17.54M
YoY Change -31.19% -25.63%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income -$10.42M -$7.925M
YoY Change 44.03% 16.08%
Depreciation, Depletion And Amortization $33.86K $34.21K
YoY Change 6.51% 234.41%
Cash From Operating Activities -$1.106M -$3.027M
YoY Change -76.45% -20.81%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities -$6.720M -$5.091M
YoY Change -34.46%
Cash From Investing Activities -$6.720M -$5.091M
YoY Change -34.83%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 16.55M 2.272M
YoY Change -16.42% -201.01%
NET CHANGE
Cash From Operating Activities -1.106M -3.027M
Cash From Investing Activities -6.720M -5.091M
Cash From Financing Activities 16.55M 2.272M
Net Change In Cash 8.727M -5.846M
YoY Change -42.24% -57.89%
FREE CASH FLOW
Cash From Operating Activities -$1.106M -$3.027M
Capital Expenditures $0.00 $0.00
Free Cash Flow -$1.106M -$3.027M
YoY Change -76.45% -19.89%

Facts In Submission

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<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;">2022.</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, 2023 </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;">2023.</em></span></span></p>
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