$CTGO
Contango ORE, Inc.

2014 Q4 Form 10-Q Financial Statement

#000150237714000011 Filed on November 12, 2014

View on sec.gov

Income Statement

Concept 2014 Q4 2014 Q3 2013 Q3
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $550.0K $940.0K $650.0K
YoY Change -11.29% 44.62% 30.0%
% of Gross Profit
Research & Development $110.0K $100.0K $5.530M
YoY Change -88.89% -98.19% 47.86%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $660.0K $1.040M $6.180M
YoY Change -59.01% -83.17% 45.75%
Operating Profit
YoY Change
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $0.00
YoY Change
Pretax Income -$660.0K -$1.040M -$6.180M
YoY Change -59.01% -83.17% 45.75%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$661.3K -$1.037M -$6.179M
YoY Change -59.02% -83.21% 45.84%
Net Earnings / Revenue
Basic Earnings Per Share -$0.17 -$0.27 -$1.65
Diluted Earnings Per Share -$0.17 -$0.27 -$1.65
COMMON SHARES
Basic Shares Outstanding 3.815M shares 3.806M shares 3.750M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q4 2014 Q3 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.130M $2.670M $9.320M
YoY Change -51.37% -71.35% 194.01%
Cash & Equivalents $2.129M $2.668M $9.325M
Short-Term Investments
Other Short-Term Assets $190.0K $50.00K $170.0K
YoY Change 26.67% -70.59% 466.67%
Inventory
Prepaid Expenses $186.0K $53.58K
Receivables
Other Receivables
Total Short-Term Assets $2.315M $2.722M $9.493M
YoY Change -48.88% -71.33% 196.8%
LONG-TERM ASSETS
Property, Plant & Equipment $1.210M $1.210M $1.210M
YoY Change 0.0% 0.0% 19.8%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $225.0K $225.0K $225.0K
YoY Change 0.0% 0.0% 0.0%
Total Long-Term Assets $1.434M $1.434M $1.434M
YoY Change 0.0% 0.0% 16.21%
TOTAL ASSETS
Total Short-Term Assets $2.315M $2.722M $9.493M
Total Long-Term Assets $1.434M $1.434M $1.434M
Total Assets $3.749M $4.156M $10.93M
YoY Change -37.13% -61.97% 146.52%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $255.7K $209.2K $3.966M
YoY Change 77.2% -94.72% 424.31%
Accrued Expenses $20.09K $19.26K $4.898K
YoY Change 398.34% 293.22% -98.22%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $275.8K $228.4K $3.970M
YoY Change 85.93% -94.25% 284.64%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $275.8K $228.4K $3.970M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $280.0K $230.0K $3.970M
YoY Change 86.67% -94.21% 285.44%
SHAREHOLDERS EQUITY
Retained Earnings -$29.15M -$28.48M -$24.43M
YoY Change 11.92% 16.61% 96.16%
Common Stock $32.62M $32.41M $31.38M
YoY Change 2.39% 3.27% 97.97%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.474M $3.927M $6.956M
YoY Change
Total Liabilities & Shareholders Equity $3.749M $4.156M $10.93M
YoY Change -37.13% -61.97% 146.52%

Cashflow Statement

Concept 2014 Q4 2014 Q3 2013 Q3
OPERATING ACTIVITIES
Net Income -$661.3K -$1.037M -$6.179M
YoY Change -59.02% -83.21% 45.84%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$540.0K -$780.2K -$3.603M
YoY Change -89.31% -78.35% -21.59%
INVESTING ACTIVITIES
Capital Expenditures $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 -$100.0K
YoY Change -100.0% -100.0%
Cash From Investing Activities $0.00 $0.00 -$100.0K
YoY Change -100.0% -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $0.00
YoY Change
NET CHANGE
Cash From Operating Activities -540.0K -$780.2K -$3.603M
Cash From Investing Activities 0.000 $0.00 -$100.0K
Cash From Financing Activities $0.00
Net Change In Cash -540.0K -$780.2K -$3.703M
YoY Change -89.09% -78.93% -19.41%
FREE CASH FLOW
Cash From Operating Activities -$540.0K -$780.2K -$3.603M
Capital Expenditures $0.00
Free Cash Flow -$3.603M
YoY Change -21.59%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2014Q3 us-gaap Accounts Payable Current
AccountsPayableCurrent
209188 USD
CY2014Q2 us-gaap Accounts Payable Current
AccountsPayableCurrent
140133 USD
CY2014Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
46500 USD
CY2014Q3 us-gaap Accrued Liabilities Current
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19260 USD
CY2014Q3 us-gaap Accrued Rent Current And Noncurrent
AccruedRentCurrentAndNoncurrent
11000 USD
CY2014Q3 us-gaap Additional Paid In Capital Common Stock
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CY2013Q3 us-gaap Allocated Share Based Compensation Expense
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CY2014Q3 us-gaap Allocated Share Based Compensation Expense
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CY2014Q2 us-gaap Assets
Assets
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CY2014Q3 us-gaap Assets
Assets
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CY2014Q3 us-gaap Assets Current
AssetsCurrent
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CY2014Q2 us-gaap Assets Current
AssetsCurrent
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CY2014Q3 us-gaap Basis Of Accounting
BasisOfAccounting
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">. Basis of Presentation</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The accompanying unaudited financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (&#8220;GAAP&#8221;) for interim financial information, pursuant to the rules and regulations of the Securities and Exchange Commission (&#8220;SEC&#8221;), including instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by GAAP for complete annual financial statements. In the opinion of management, all adjustments considered necessary for a fair statement of the financial statements have been included. All such adjustments are of a normal recurring nature. The financial statements should be read in conjunction with the audited financial statements and notes included in the Company&#8217;s Form 10-K, as amended, for the fiscal year ended June&#160;30, 2014. The results of operations for the three months ended September 30, 2014 are not necessarily indicative of the results that may be expected for the fiscal year ending June&#160;30, 2015.</font></div></div>
CY2014Q3 us-gaap Carrying Costs Property And Exploration Rights
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CY2013Q3 us-gaap Carrying Costs Property And Exploration Rights
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CY2014Q3 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2013Q2 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2013Q3 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2013Q3 us-gaap Cash And Cash Equivalents Period Increase Decrease
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-3703318 USD
CY2012Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights
80
CY2014Q3 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
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1675999 shares
CY2012Q4 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
0.01 shares
CY2014Q3 us-gaap Common Stock Par Or Stated Value Per Share
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CY2014Q3 us-gaap Common Stock Shares Authorized
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CY2014Q3 us-gaap Common Stock Value
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CY2014Q2 us-gaap Common Stock Value
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CY2014Q3 us-gaap Costs And Expenses
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CY2013Q3 us-gaap Costs And Expenses
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EarningsPerShareBasic
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CY2013Q3 us-gaap Earnings Per Share Basic
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CY2013Q3 us-gaap Earnings Per Share Basic And Diluted
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CY2014Q3 us-gaap Earnings Per Share Basic And Diluted
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CY2014Q3 us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Recently Issued Accounting Pronouncements</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In June 2014, the FASB issued Accounting Standards Update No. 2014-10 (&#8220;ASU No. 2014-10&#8221;), which eliminated the definition of a Development Stage Entity and the related reporting requirements. ASU No. 2014-10 is effective for annual reporting periods beginning after December 15, 2014, with early adoption allowed. The Company chose to adopt ASU No. 2014-10 early, effective in its financial statements for the quarter ended September 30, 2014.</font></div><div style="line-height:120%;padding-top:18px;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In August 2014 , the FASB issued Accounting Standard Update No. 2014-15 (&#8220;ASU No. 2014-15&#8221;), Presentation of Financial Statements Going Concern (Subtopic 205-40) which requires management to assess an entity's ability to continue as a going concern by incorporating and expanding upon certain principles that are currently in U.S. auditing standards. Specifically, ASU 2014-15 provides a definition of the term substantial doubt and requires an assessment for a period of one year after the date that the financial statements are issued (or available to be issued). It also requires certain disclosures when substantial doubt is alleviated as a result of consideration of management's plans and requires an express statement and other disclosures when substantial doubt is not alleviated. ASU No. 2014-15 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, early application is permitted. We are currently evaluating the accounting implication and do not believe the adoption of ASU 2014-15 to have material impact on our consolidated financial statements, although there may be additional disclosures upon adoption. </font></div><div style="line-height:120%;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company has evaluated all other recent accounting pronouncements and believes that none of them will have a significant effect on the Company&#8217;s financial statements.</font></div></div>
CY2014Q2 us-gaap Liabilities Current
LiabilitiesCurrent
186633 USD
CY2014Q3 us-gaap Liabilities Current
LiabilitiesCurrent
228448 USD
CY2013Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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CY2014Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
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83003 USD
CY2014Q3 us-gaap Exploration Expense Mining
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CY2013Q3 us-gaap Exploration Expense Mining
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CY2013Q3 us-gaap General And Administrative Expense
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CY2013Q3 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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CY2014Q3 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
41815 USD
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IncreaseDecreaseInPrepaidExpense
-34335 USD
CY2014Q3 us-gaap Increase Decrease In Prepaid Expense
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CY2014Q3 us-gaap Liabilities And Stockholders Equity
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4155789 USD
CY2014Q2 us-gaap Liabilities And Stockholders Equity
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CY2014Q3 us-gaap Net Cash Provided By Used In Investing Activities
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NetIncomeLoss
-6178953 USD
CY2014Q3 us-gaap Net Income Loss
NetIncomeLoss
-1037170 USD
CY2014Q2 us-gaap Other Assets Noncurrent
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CY2014Q3 us-gaap Other Assets Noncurrent
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225000 USD
CY2013Q3 us-gaap Payments To Acquire Notes Receivable
PaymentsToAcquireNotesReceivable
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CY2014Q3 us-gaap Payments To Acquire Notes Receivable
PaymentsToAcquireNotesReceivable
0 USD
CY2014Q3 us-gaap Preferred Stock Shares Authorized
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PrepaidExpenseCurrent
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CY2014Q3 us-gaap Prior Period Reclassification Adjustment Description
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-1037170 USD
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-27447397 USD
CY2014Q3 us-gaap Retained Earnings Accumulated Deficit
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CY2010Q4 us-gaap Sale Of Stock Number Of Shares Issued In Transaction
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CY2013Q3 us-gaap Share Based Compensation
ShareBasedCompensation
321177 USD
CY2014Q3 us-gaap Share Based Compensation
ShareBasedCompensation
169851 USD
CY2011Q3 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
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CY2014Q3 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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CY2012Q3 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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CY2012Q4 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
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CY2013Q2 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
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CY2014Q3 us-gaap Stockholders Equity
StockholdersEquity
3927341 USD
CY2014Q2 us-gaap Stockholders Equity
StockholdersEquity
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CY2014Q3 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Management Estimates.</font><font style="font-family:inherit;font-size:10pt;"> The preparation of financial statements in conformity with 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</font></div></div>
CY2014Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
3805539 shares
CY2013Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
3750394 shares
CY2013Q3 ctgo Acquisition Costs Mining Properties Period Cost
AcquisitionCostsMiningPropertiesPeriodCost
0 USD
CY2014Q3 ctgo Acquisition Costs Mining Properties Period Cost
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0 USD
CY2013Q2 ctgo Acreage Of Unpatented Mining Claims
AcreageOfUnpatentedMiningClaims
24800 acre
CY2013Q1 ctgo Acreage Of Unpatented Mining Claims
AcreageOfUnpatentedMiningClaims
15360 acre
CY2014Q3 ctgo Advance Minimum Royalty
AdvanceMinimumRoyalty
75000 USD
CY2014Q3 ctgo Costs Of Unproved Properties Excluded From Amortization Mining Properties Period Cost
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139608 USD
CY2013Q3 ctgo Costs Of Unproved Properties Excluded From Amortization Mining Properties Period Cost
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5592190 USD
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0.0050
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CY2014Q3 ctgo Deposit On Advance Minimum Royalty
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40000 USD
CY2014Q3 ctgo Exploration Costs And Claim Rentals Mining Properties Period Cost
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139608 USD
CY2013Q3 ctgo Exploration Costs And Claim Rentals Mining Properties Period Cost
ExplorationCostsAndClaimRentalsMiningPropertiesPeriodCost
5592190 USD
CY2014Q3 ctgo Jointadventureeconomicinterest
Jointadventureeconomicinterest
0
CY2012Q4 ctgo Maximum Percentageownershipbypersonsotherthan Ken Peaksestatebeforerightsareexercisable
MaximumPercentageownershipbypersonsotherthanKenPeaksestatebeforerightsareexercisable
0.20
CY2013Q3 ctgo Numberofsharespreferentialrightwillallowholdertopurchase
Numberofsharespreferentialrightwillallowholdertopurchase
1/100
CY2014Q3 ctgo Oilandgasexplorationinvestmentreceived
Oilandgasexplorationinvestmentreceived
5000000 USD
ctgo Oilandgasexplorationinvestmentreceived
Oilandgasexplorationinvestmentreceived
30000000 USD
CY2014Q3 ctgo Options And Warrants Outstanding
OptionsAndWarrantsOutstanding
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CY2011Q2 ctgo Payment By Leasor To Reduce Royalty Rate
PaymentByLeasorToReduceRoyaltyRate
75000 USD
CY2011Q3 ctgo Payment By Leasor To Reduce Royalty Rate
PaymentByLeasorToReduceRoyaltyRate
150000 USD
CY2012Q4 ctgo Payment By Lessee To Remove Acreage Renewal Restriction
PaymentByLesseeToRemoveAcreageRenewalRestriction
200000 USD
CY2014Q3 ctgo Percentage Of Acreage Available For Renewal
PercentageOfAcreageAvailableForRenewal
0.50
CY2013Q3 ctgo Percentage Of Acreage Available For Renewal
PercentageOfAcreageAvailableForRenewal
0.50
CY2012Q4 ctgo Rate Of Rights Distribution
RateOfRightsDistribution
1
CY2014Q3 dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
CY2013Q4 dei Entity Public Float
EntityPublicFloat
34384196 USD
CY2014Q3 dei Entity Registrant Name
EntityRegistrantName
Contango ORE, Inc.
CY2014Q3 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2014Q3 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No
CY2014Q4 ctgo Restrictedstockissuedshares
Restrictedstockissuedshares
27000 shares
CY2014Q3 ctgo Restrictstockawardcontractterm
Restrictstockawardcontractterm
two
CY2014Q3 ctgo Share Based Compensation Expense
ShareBasedCompensationExpense
112851 USD
CY2013Q3 ctgo Share Based Compensation Expense
ShareBasedCompensationExpense
252592 USD
CY2014Q3 ctgo Transactioncostreimbursereceive
Transactioncostreimbursereceive
750000 USD
CY2012Q3 ctgo Unpatented Mining Claims
UnpatentedMiningClaims
223
CY2013Q2 ctgo Unpatented Mining Claims
UnpatentedMiningClaims
155
CY2013Q1 ctgo Unpatented Mining Claims
UnpatentedMiningClaims
96
CY2014Q3 dei Amendment Flag
AmendmentFlag
false
CY2014Q3 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--06-30
CY2014Q3 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2014Q3 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2015
CY2014Q3 dei Document Period End Date
DocumentPeriodEndDate
2014-09-30
CY2014Q3 dei Document Type
DocumentType
10-Q
CY2014Q3 dei Entity Central Index Key
EntityCentralIndexKey
0001502377
CY2014Q4 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
3814539 shares
CY2014Q3 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes

Files In Submission

Name View Source Status
0001502377-14-000011-index-headers.html Edgar Link pending
0001502377-14-000011-index.html Edgar Link pending
0001502377-14-000011.txt Edgar Link pending
0001502377-14-000011-xbrl.zip Edgar Link pending
ctgo-20140930.xml Edgar Link completed
ctgo-20140930.xsd Edgar Link pending
ctgo-20140930x10q.htm Edgar Link pending
ctgo-20140930x10qxex311.htm Edgar Link pending
ctgo-20140930x10qxex312.htm Edgar Link pending
ctgo-20140930x10qxex321.htm Edgar Link pending
ctgo-20140930x10qxex322.htm Edgar Link pending
ctgo-20140930_cal.xml Edgar Link unprocessable
ctgo-20140930_def.xml Edgar Link unprocessable
ctgo-20140930_lab.xml Edgar Link unprocessable
ctgo-20140930_pre.xml Edgar Link unprocessable
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xls Edgar Link pending
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