$FTCO
Fortitude Gold Corp

2021 Form 10-K Financial Statement

#000155837022002554 Filed on March 01, 2022

View on sec.gov

Income Statement

Concept 2021 2020 Q4 2020
Revenue $82.11M $23.68M $53.97M
YoY Change 52.15% 258.23%
Cost Of Revenue $281.0K $11.91M $297.0K
YoY Change -5.39% -97.96%
Gross Profit $40.56M $11.77M $16.18M
YoY Change 150.66% 3250.52%
Gross Profit Margin 49.4% 49.7% 29.99%
Selling, General & Admin $11.44M $1.101M $2.882M
YoY Change 297.05% 21.35%
% of Gross Profit 28.21% 9.35% 17.81%
Research & Development $5.396M $2.648M
YoY Change 103.78% 184.12%
% of Gross Profit 13.3% 16.36%
Depreciation & Amortization $14.90M $4.114M $10.40M
YoY Change 43.27% 158.58%
% of Gross Profit 36.73% 34.95% 64.26%
Operating Expenses $16.90M $2.393M $5.620M
YoY Change 200.71% 68.97%
Operating Profit $23.66M $9.378M $10.56M
YoY Change 124.03% -471.54%
Interest Expense $129.0K -$44.00K $143.0K
YoY Change -9.79% -195.97%
% of Operating Profit 0.55% -0.47% 1.35%
Other Income/Expense, Net -$190.0K -$233.0K
YoY Change -18.45%
Pretax Income $23.50M $9.334M $10.40M
YoY Change 125.96% -447.59%
Income Tax $5.669M -$472.0K $203.0K
% Of Pretax Income 24.12% -5.06% 1.95%
Net Earnings $17.87M $9.806M $10.22M
YoY Change 74.87% -441.48%
Net Earnings / Revenue 21.76% 41.41% 18.93%
Basic Earnings Per Share $0.75 $0.48
Diluted Earnings Per Share $0.74 $490.3K $0.48
COMMON SHARES
Basic Shares Outstanding 23.88M 21.21M
Diluted Shares Outstanding 24.11M 21.21M

Balance Sheet

Concept 2021 2020 Q4 2020
SHORT-TERM ASSETS
Cash & Short-Term Investments $40.02M $27.77M $27.77M
YoY Change 44.08% 3107.16%
Cash & Equivalents $40.02M $27.77M $27.77M
Short-Term Investments
Other Short-Term Assets $3.517M $97.00K $1.962M
YoY Change 79.26% 515.05%
Inventory $37.55M $23.05M $23.05M
Prepaid Expenses
Receivables $238.0K $145.0K $145.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $81.32M $52.93M $52.93M
YoY Change 53.63% 348.23%
LONG-TERM ASSETS
Property, Plant & Equipment $37.69M $50.99M $57.19M
YoY Change -34.1% -14.83%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.418M $1.946M $2.905M
YoY Change 17.66% -41.73%
Total Long-Term Assets $41.11M $60.09M $60.09M
YoY Change -31.59% -16.68%
TOTAL ASSETS
Total Short-Term Assets $81.32M $52.93M $52.93M
Total Long-Term Assets $41.11M $60.09M $60.09M
Total Assets $122.4M $113.0M $113.0M
YoY Change 8.32% 34.66%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.127M $1.715M $1.715M
YoY Change 24.02% -68.28%
Accrued Expenses $1.375M $7.290M $7.290M
YoY Change -81.14% -3.81%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $110.0K $1.063M $1.063M
YoY Change -89.65% -19.29%
Total Short-Term Liabilities $5.311M $11.07M $11.07M
YoY Change -52.02% -22.61%
LONG-TERM LIABILITIES
Long-Term Debt $45.00K $144.0K $144.0K
YoY Change -68.75% -88.08%
Other Long-Term Liabilities $4.725M $3.844M $3.844M
YoY Change 22.92% 54.63%
Total Long-Term Liabilities $4.770M $3.988M $3.988M
YoY Change 19.61% 7.96%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.311M $11.07M $11.07M
Total Long-Term Liabilities $4.770M $3.988M $3.988M
Total Liabilities $10.08M $15.06M $15.06M
YoY Change -33.05% -16.33%
SHAREHOLDERS EQUITY
Retained Earnings -$1.926M
YoY Change
Common Stock $212.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $112.3M $97.97M $97.97M
YoY Change
Total Liabilities & Shareholders Equity $122.4M $113.0M $113.0M
YoY Change 8.32% 34.66%

Cashflow Statement

Concept 2021 2020 Q4 2020
OPERATING ACTIVITIES
Net Income $17.87M $9.806M $10.22M
YoY Change 74.87% -441.48%
Depreciation, Depletion And Amortization $14.90M $4.114M $10.40M
YoY Change 43.27% 158.58%
Cash From Operating Activities $24.67M $10.26M $13.00M
YoY Change 89.69% -356.01%
INVESTING ACTIVITIES
Capital Expenditures $4.546M -$120.0K $6.488M
YoY Change -29.93% -128.79%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$4.546M -$120.0K -$6.488M
YoY Change -29.93% -71.21%
FINANCING ACTIVITIES
Cash Dividend Paid $7.308M
YoY Change
Common Stock Issuance & Retirement, Net $500.0K
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -7.876M 10.81M 20.39M
YoY Change -138.62% -28.23%
NET CHANGE
Cash From Operating Activities 24.67M 10.26M 13.00M
Cash From Investing Activities -4.546M -120.0K -6.488M
Cash From Financing Activities -7.876M 10.81M 20.39M
Net Change In Cash 12.24M 20.95M 26.91M
YoY Change -54.5% 3280.4%
FREE CASH FLOW
Cash From Operating Activities $24.67M $10.26M $13.00M
Capital Expenditures $4.546M -$120.0K $6.488M
Free Cash Flow $20.12M $10.38M $6.515M
YoY Change 208.81% -62.68%

Facts In Submission

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CY2021 us-gaap Use Of Estimates
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt;"><i style="font-style:italic;">Use of Estimates</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt;"> </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. The more significant areas requiring the use of management estimates and assumptions relate to mineral reserves that are the basis for future cash flow estimates utilized in impairment calculations and units-of-production depreciation calculations; future metal prices; environmental remediation, reclamation and closure obligations; estimates of recoverable gold and other minerals in stockpile and leach pad inventories; estimates of fair value related to asset impairment assessments; write-downs of inventory, stockpiles and ore on leach pads to net realizable value; valuation allowances for deferred tax assets; provisional amounts related to income tax effects of newly enacted tax laws. Management routinely makes judgments and estimates about the effects of matters that are inherently uncertain and bases its estimates and judgments on historical experience and on various other factors that are believed to be reasonable under the circumstances. Actual results could differ from these estimates.</p>
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt;"><i style="font-style:italic;">Concentration of Credit Risk</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt;"> </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt;">The Company has considered and assessed the credit risk resulting from its doré sales arrangements with its customers. In the event that the Company’s relationships with its customers are interrupted for any reason, the Company believes that it would be able to locate another entity to purchase its doré bars; however, any interruption could temporarily disrupt the Company’s sale of its products and adversely affect operating results.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt;"> </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt;">The Isabella Pearl Mine in Nevada, U.S.A. accounted for 100% of the Company’s 2021 and 2020 net sales with one customer accounting for 96% of net sales in both 2021 and 2020.</p>
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