$FTCO
Fortitude Gold Corp

2022 Q1 Form 10-Q Financial Statement

#000155837022007030 Filed on May 04, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $15.36M $20.66M
YoY Change -25.63% 252.65%
Cost Of Revenue $92.00K $46.00K
YoY Change 100.0% -19.3%
Gross Profit $6.755M $10.89M
YoY Change -37.99% -2553.38%
Gross Profit Margin 43.98% 52.74%
Selling, General & Admin $1.180M $6.160M
YoY Change -80.84%
% of Gross Profit 17.47% 56.55%
Research & Development $2.514M $1.317M
YoY Change 90.89%
% of Gross Profit 37.22% 12.09%
Depreciation & Amortization $2.800M $3.700M
YoY Change -24.32% 164.29%
% of Gross Profit 41.45% 33.97%
Operating Expenses $3.695M $7.478M
YoY Change -50.59%
Operating Profit $3.060M $3.415M
YoY Change -10.4%
Interest Expense $16.00K $36.00K
YoY Change -55.56% 20.0%
% of Operating Profit 0.52% 1.05%
Other Income/Expense, Net -$17.00K -$37.00K
YoY Change -54.05% -22.92%
Pretax Income $3.044M $3.379M
YoY Change -9.91% -367.54%
Income Tax $400.0K $1.000M
% Of Pretax Income 13.14% 29.59%
Net Earnings $2.618M $2.401M
YoY Change 9.04% -272.98%
Net Earnings / Revenue 17.04% 11.62%
Basic Earnings Per Share $0.11 $0.10
Diluted Earnings Per Share $0.11 $0.10
COMMON SHARES
Basic Shares Outstanding 24.00M 23.61M
Diluted Shares Outstanding 24.20M 23.78M

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $36.31M $35.17M
YoY Change 3.22%
Cash & Equivalents $36.31M $35.17M
Short-Term Investments
Other Short-Term Assets $283.0K $93.00K
YoY Change 204.3%
Inventory $42.17M $27.38M
Prepaid Expenses
Receivables $18.00K $1.659M
Other Receivables $0.00 $0.00
Total Short-Term Assets $80.13M $66.35M
YoY Change 20.77%
LONG-TERM ASSETS
Property, Plant & Equipment $37.95M $45.01M
YoY Change -15.68%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.925M $1.951M
YoY Change 49.92%
Total Long-Term Assets $41.60M $52.52M
YoY Change -20.78%
TOTAL ASSETS
Total Short-Term Assets $80.13M $66.35M
Total Long-Term Assets $41.60M $52.52M
Total Assets $121.7M $118.9M
YoY Change 2.41%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.292M $3.254M
YoY Change -29.56%
Accrued Expenses $647.0K $5.261M
YoY Change -87.7%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $749.0K
YoY Change
Total Short-Term Liabilities $4.401M $10.75M
YoY Change -59.06%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $120.0K
YoY Change -100.0%
Other Long-Term Liabilities $19.00K $4.002M
YoY Change -99.53%
Total Long-Term Liabilities $19.00K $4.122M
YoY Change -99.54%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.401M $10.75M
Total Long-Term Liabilities $19.00K $4.122M
Total Liabilities $9.540M $14.87M
YoY Change -35.85%
SHAREHOLDERS EQUITY
Retained Earnings $8.370M $475.0K
YoY Change 1662.11%
Common Stock $240.0K $239.0K
YoY Change 0.42%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $112.2M $104.0M
YoY Change
Total Liabilities & Shareholders Equity $121.7M $118.9M
YoY Change 2.41%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income $2.618M $2.401M
YoY Change 9.04% -272.98%
Depreciation, Depletion And Amortization $2.800M $3.700M
YoY Change -24.32% 164.29%
Cash From Operating Activities $4.070M $7.339M
YoY Change -44.54% -476.75%
INVESTING ACTIVITIES
Capital Expenditures $4.938M $104.0K
YoY Change 4648.08% -96.98%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$4.938M -$104.0K
YoY Change 4648.08% -96.98%
FINANCING ACTIVITIES
Cash Dividend Paid $2.880M
YoY Change
Common Stock Issuance & Retirement, Net $500.0K
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.844M 162.0K
YoY Change -1855.56% -96.61%
NET CHANGE
Cash From Operating Activities 4.070M 7.339M
Cash From Investing Activities -4.938M -104.0K
Cash From Financing Activities -2.844M 162.0K
Net Change In Cash -3.712M 7.397M
YoY Change -150.18% -1302.76%
FREE CASH FLOW
Cash From Operating Activities $4.070M $7.339M
Capital Expenditures $4.938M $104.0K
Free Cash Flow -$868.0K $7.235M
YoY Change -112.0% -234.11%

Facts In Submission

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CY2022Q1 fgc Product Inventory
ProductInventory
41829000
CY2021Q4 fgc Product Inventory
ProductInventory
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CY2022Q1 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
340000
CY2021Q4 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
158000
CY2022Q1 us-gaap Inventory Net
InventoryNet
42169000
CY2021Q4 us-gaap Inventory Net
InventoryNet
37550000
CY2022Q1 fgc Inventory Low Grade Ore Stockpile
InventoryLowGradeOreStockpile
2600000
CY2021Q4 fgc Inventory Low Grade Ore Stockpile
InventoryLowGradeOreStockpile
2600000
CY2022Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.21
CY2022Q1 fgc Minerals Tax Rate
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0.05
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
400000
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1000000.0
CY2022Q1 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
0
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
0
CY2022Q1 us-gaap Liability For Uncertain Tax Positions Noncurrent
LiabilityForUncertainTaxPositionsNoncurrent
0
CY2022Q1 us-gaap Dividends
Dividends
2900000
CY2022Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.12
CY2021Q1 us-gaap Dividends
Dividends
0
CY2022Q1 fgc Contractor Advances
ContractorAdvances
99000
CY2021Q4 fgc Contractor Advances
ContractorAdvances
1831000
CY2022Q1 us-gaap Prepaid Insurance
PrepaidInsurance
306000
CY2021Q4 us-gaap Prepaid Insurance
PrepaidInsurance
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CY2022Q1 us-gaap Other Assets Current
OtherAssetsCurrent
283000
CY2021Q4 us-gaap Other Assets Current
OtherAssetsCurrent
147000
CY2022Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
688000
CY2021Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
2228000
CY2022Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
80800000
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
81050000
CY2022Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
42847000
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
43824000
CY2022Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
37953000
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
37226000
CY2022Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
1000000.0
CY2021 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
1100000
CY2022Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
2800000
CY2021Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
3700000
CY2022Q1 us-gaap Accrued Royalties Current
AccruedRoyaltiesCurrent
439000
CY2021Q4 us-gaap Accrued Royalties Current
AccruedRoyaltiesCurrent
435000
CY2022Q1 us-gaap Accrual For Taxes Other Than Income Taxes Current
AccrualForTaxesOtherThanIncomeTaxesCurrent
86000
CY2021Q4 us-gaap Accrual For Taxes Other Than Income Taxes Current
AccrualForTaxesOtherThanIncomeTaxesCurrent
461000
CY2022Q1 us-gaap Other Accrued Liabilities Current
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122000
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
126000
CY2022Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
647000
CY2021Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
1022000
CY2021Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
4725000
CY2020Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
3844000
CY2022Q1 us-gaap Asset Retirement Obligation Period Increase Decrease
AssetRetirementObligationPeriodIncreaseDecrease
314000
CY2021 us-gaap Asset Retirement Obligation Period Increase Decrease
AssetRetirementObligationPeriodIncreaseDecrease
794000
CY2022Q1 us-gaap Asset Retirement Obligation Liabilities Settled
AssetRetirementObligationLiabilitiesSettled
18000
CY2021 us-gaap Asset Retirement Obligation Liabilities Settled
AssetRetirementObligationLiabilitiesSettled
220000
CY2022Q1 us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
99000
CY2021 us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
307000
CY2022Q1 us-gaap Asset Retirement Obligation
AssetRetirementObligation
5120000
CY2021Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
4725000
CY2022Q1 us-gaap Asset Retirement Obligation
AssetRetirementObligation
5100000
CY2021Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
4700000
CY2022Q1 fgc Reclamation And Remediation Discount Rate
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0.08
CY2022Q1 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
1000
CY2021Q1 us-gaap Other Nonoperating Income
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2000
CY2022Q1 us-gaap Nonoperating Income Expense
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CY2021Q1 us-gaap Nonoperating Income Expense
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CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
100000
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
CY2022Q1 us-gaap Contractual Obligation Due In Next Twelve Months
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0
CY2022Q2 us-gaap Lessee Operating Lease Renewal Term
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P9M
CY2022Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
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0.0448
CY2022Q1 us-gaap Lessee Operating Lease Existence Of Residual Value Guarantee
LesseeOperatingLeaseExistenceOfResidualValueGuarantee
false
CY2021Q4 us-gaap Lessee Operating Lease Renewal Term
LesseeOperatingLeaseRenewalTerm
P3M
CY2022Q1 us-gaap Lessee Operating Lease Renewal Term
LesseeOperatingLeaseRenewalTerm
P2M
CY2022Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
1100000
CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
1100000
CY2022Q2 us-gaap Lessee Operating Lease Renewal Term
LesseeOperatingLeaseRenewalTerm
P9M
CY2022Q1 us-gaap Operating Lease Payments
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1749000
CY2021Q1 us-gaap Operating Lease Payments
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CY2022Q1 us-gaap Interest Expense
InterestExpense
16000
CY2021Q1 us-gaap Interest Expense
InterestExpense
36000
CY2022Q1 fgc Charitable Contributions
CharitableContributions
2000
CY2021Q1 fgc Charitable Contributions
CharitableContributions
3000
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
2618000
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
2401000
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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23614466
CY2022Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
202169
CY2021Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
163548
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
24197423
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
23778014
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.11
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.10
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.11
CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.10

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