$GORO
GOLD RESOURCE CORP

2020 Q2 Form 10-Q Financial Statement

#000155837020009143 Filed on August 04, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2 2019 Q1
Revenue $12.52M $29.37M $26.58M
YoY Change -57.37% -4.54% -17.33%
Cost Of Revenue $13.82M $22.88M $21.14M
YoY Change -39.6% 7.68% 9.93%
Gross Profit -$1.300M $6.491M $5.439M
YoY Change -120.03% -31.82% -57.9%
Gross Profit Margin -10.38% 22.1% 20.46%
Selling, General & Admin $2.196M $2.729M $2.001M
YoY Change -19.53% 22.38% -14.85%
% of Gross Profit 42.04% 36.79%
Research & Development $135.0K $610.0K $1.460M
YoY Change -77.87% -51.2% 22.69%
% of Gross Profit 9.4% 26.84%
Depreciation & Amortization $5.100M $4.200M $3.561M
YoY Change 21.43% 12.3% -2.44%
% of Gross Profit 64.7% 65.47%
Operating Expenses $422.0K $3.339M $3.461M
YoY Change -87.36% -3.78% -2.23%
Operating Profit -$1.722M $3.259M $1.978M
YoY Change -152.84% -46.13% -78.91%
Interest Expense $191.0K -$7.000K
YoY Change -136.73% -97.5%
% of Operating Profit 5.86% -0.35%
Other Income/Expense, Net $1.909M $107.0K -$18.00K
YoY Change 1684.11% 970.0% -280.0%
Pretax Income -$1.722M $3.259M $1.953M
YoY Change -152.84% -41.17% -78.54%
Income Tax -$2.000M $1.500M $1.071M
% Of Pretax Income 46.03% 54.84%
Net Earnings -$1.812M $1.798M $882.0K
YoY Change -200.78% -52.05% -83.85%
Net Earnings / Revenue -14.47% 6.12% 3.32%
Basic Earnings Per Share
Diluted Earnings Per Share -$25.89K $28.51K $14.43K
COMMON SHARES
Basic Shares Outstanding 69.99M 62.78M 60.67M
Diluted Shares Outstanding 69.99M 63.07M

Balance Sheet

Concept 2020 Q2 2019 Q2 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $13.33M $7.939M $8.527M
YoY Change 67.88% -70.15% -70.19%
Cash & Equivalents $13.39M $7.939M $8.527M
Short-Term Investments
Other Short-Term Assets $470.0K $6.562M $5.192M
YoY Change -92.84% 26.19% 5.96%
Inventory $27.03M $26.53M $20.46M
Prepaid Expenses
Receivables $3.363M $5.630M $4.515M
Other Receivables $446.0K $4.440M $3.022M
Total Short-Term Assets $50.96M $51.10M $41.72M
YoY Change -0.29% 10.61% -14.33%
LONG-TERM ASSETS
Property, Plant & Equipment $121.8M $131.2M $132.3M
YoY Change -7.19% 44.01% 53.83%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $4.344M $9.428M $7.145M
YoY Change -53.92% 7.14% -7.21%
Total Long-Term Assets $137.8M $140.6M $139.4M
YoY Change -1.99% 40.77% 48.82%
TOTAL ASSETS
Total Short-Term Assets $50.96M $51.10M $41.72M
Total Long-Term Assets $137.8M $140.6M $139.4M
Total Assets $188.8M $191.7M $181.2M
YoY Change -1.54% 31.23% 27.22%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.513M $17.15M $18.18M
YoY Change -50.36% 45.33% 95.44%
Accrued Expenses $3.507M $10.94M $9.522M
YoY Change -67.94% 305.15% 314.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.345M $1.296M $1.258M
YoY Change 3.78% 29.6% 25.8%
Total Short-Term Liabilities $17.35M $30.41M $31.19M
YoY Change -42.96% 64.38% 65.05%
LONG-TERM LIABILITIES
Long-Term Debt $543.0K $1.887M $2.168M
YoY Change -71.22% -21.38% -16.62%
Other Long-Term Liabilities $6.364M $6.897M $8.627M
YoY Change -7.73% 129.9% 169.59%
Total Long-Term Liabilities $6.907M $8.784M $10.80M
YoY Change -21.37% 62.67% 86.12%
TOTAL LIABILITIES
Total Short-Term Liabilities $17.35M $30.41M $31.19M
Total Long-Term Liabilities $6.907M $8.784M $10.80M
Total Liabilities $24.25M $39.19M $41.99M
YoY Change -38.12% 63.99% 70.0%
SHAREHOLDERS EQUITY
Retained Earnings $10.57M
YoY Change
Common Stock $70.00K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $5.884M
YoY Change
Treasury Stock Shares $336.4K
Shareholders Equity $164.5M $152.5M $139.2M
YoY Change
Total Liabilities & Shareholders Equity $188.8M $191.7M $181.2M
YoY Change -1.54% 31.23% 27.22%

Cashflow Statement

Concept 2020 Q2 2019 Q2 2019 Q1
OPERATING ACTIVITIES
Net Income -$1.812M $1.798M $882.0K
YoY Change -200.78% -52.05% -83.85%
Depreciation, Depletion And Amortization $5.100M $4.200M $3.561M
YoY Change 21.43% 12.3% -2.44%
Cash From Operating Activities -$1.315M $1.755M -$648.0K
YoY Change -174.93% -68.09% -104.64%
INVESTING ACTIVITIES
Capital Expenditures -$922.0K -$12.65M -$8.786M
YoY Change -92.71% 62.62% 19.86%
Acquisitions
YoY Change
Other Investing Activities -$2.749M $0.00 $1.000K
YoY Change
Cash From Investing Activities -$3.671M -$12.65M -$8.785M
YoY Change -70.98% 62.83% 19.85%
FINANCING ACTIVITIES
Cash Dividend Paid $700.0K
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 290.0K 10.39M 10.31M
YoY Change -97.21% 2867.43% -3919.63%
NET CHANGE
Cash From Operating Activities -1.315M 1.755M -648.0K
Cash From Investing Activities -3.671M -12.65M -8.785M
Cash From Financing Activities 290.0K 10.39M 10.31M
Net Change In Cash -4.696M -511.0K 880.0K
YoY Change 818.98% -73.39% -86.16%
FREE CASH FLOW
Cash From Operating Activities -$1.315M $1.755M -$648.0K
Capital Expenditures -$922.0K -$12.65M -$8.786M
Free Cash Flow -$393.0K $14.41M $8.138M
YoY Change -102.73% 8.49% -61.78%

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us-gaap Increase Decrease In Accrued Income Taxes Payable
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Payments For Proceeds From Other Investing Activities
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us-gaap Repayments Of Debt
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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CY2019Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2018Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2019Q2 us-gaap Cash And Cash Equivalents At Carrying Value
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us-gaap Interest Paid Net
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goro Increase Decrease In Accrued Capital Expenditures
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us-gaap Asset Retirement Obligation Revision Of Estimate
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us-gaap Asset Retirement Obligation Revision Of Estimate
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goro Equipment Purchased Through Loan Payable
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CY2020Q2 us-gaap Embedded Derivative Gain Loss On Embedded Derivative Net
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CY2019Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2019Q4 goro Ore Stockpiles Underground Mine
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CY2020Q2 goro Ore Stockpiles Open Pit Mine
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CY2019Q4 goro Ore Stockpiles Open Pit Mine
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CY2020Q2 goro Inventory Leach Pad
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CY2019Q4 goro Inventory Leach Pad
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CY2020Q2 goro Inventory Concentrates
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CY2019Q4 goro Inventory Concentrates
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CY2020Q2 goro Inventory Dore
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CY2019Q4 goro Inventory Dore
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CY2020Q2 goro Product Inventory
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CY2019Q4 goro Product Inventory
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us-gaap Depreciation Depletion And Amortization
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CY2020Q2 goro Mitl Corporate Income Tax Rate
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goro Mitl Withholding Tax On Dividends Paid To Residents And Nonresident Shareholders
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CY2020Q2 us-gaap Liability For Uncertain Tax Positions Noncurrent
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CY2020Q2 us-gaap Supplies
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CY2020Q2 us-gaap Prepaid Royalties
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CY2019Q4 us-gaap Prepaid Royalties
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CY2020Q2 us-gaap Property Plant And Equipment Gross
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CY2019Q4 us-gaap Property Plant And Equipment Gross
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CY2020Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2020Q2 us-gaap Property Plant And Equipment Net
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CY2019Q4 us-gaap Property Plant And Equipment Net
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CY2019Q4 us-gaap Accrued Insurance Current
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CY2020Q2 us-gaap Accrued Liabilities Current
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CY2019Q4 us-gaap Accrued Liabilities Current
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CY2019Q4 goro Reclamation Liabilities
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CY2018Q4 goro Reclamation Liabilities
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CY2019 goro Mine Reclamation Period Increase Decrease
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goro Mine Reclamation Foreign Currency Translation
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CY2019 goro Mine Reclamation Foreign Currency Translation
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CY2020Q2 goro Reclamation Liabilities
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CY2019Q4 goro Reclamation Liabilities
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CY2019Q4 us-gaap Asset Retirement Obligation
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CY2018Q4 us-gaap Asset Retirement Obligation
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us-gaap Asset Retirement Obligation Period Increase Decrease
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CY2019 us-gaap Asset Retirement Obligation Period Increase Decrease
AssetRetirementObligationPeriodIncreaseDecrease
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us-gaap Asset Retirement Obligation Accretion Expense
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CY2019 us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
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us-gaap Asset Retirement Obligation Foreign Currency Translation Gain Loss
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CY2019 us-gaap Asset Retirement Obligation Foreign Currency Translation Gain Loss
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CY2020Q2 us-gaap Asset Retirement Obligation
AssetRetirementObligation
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CY2019Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
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CY2020Q2 us-gaap Mine Reclamation And Closing Liability Noncurrent
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CY2019Q4 us-gaap Mine Reclamation And Closing Liability Noncurrent
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CY2020Q2 goro Reclamation And Remediation Discount Rate
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CY2019Q4 goro Reclamation And Remediation Discount Rate
ReclamationAndRemediationDiscountRate
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us-gaap Debt Instrument Periodic Payment
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CY2020Q2 us-gaap Long Term Debt
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CY2019Q4 us-gaap Long Term Debt
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CY2020Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
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CY2020Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
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CY2020Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
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CY2020Q2 goro Contractual Payments Excluding Lease Payments Due Remainder Of Fiscal Year
ContractualPaymentsExcludingLeasePaymentsDueRemainderOfFiscalYear
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CY2020Q2 us-gaap Other Commitment
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us-gaap Lessee Operating Lease Existence Of Option To Extend
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CY2020Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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CY2020Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
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CY2020Q2 us-gaap Finance Lease Weighted Average Remaining Lease Term1
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CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
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CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
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CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
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CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
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CY2020Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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CY2020Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
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CY2020Q2 us-gaap Operating Lease Liability Current
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CY2020Q2 us-gaap Operating Lease Liability Noncurrent
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goro Finance Lease Monthly Principal Interest And Sales Tax Payments
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CY2020Q2 us-gaap Finance Lease Weighted Average Discount Rate Percent
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CY2020Q2 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
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CY2020Q2 us-gaap Finance Lease Liability Payments Due Year Two
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CY2020Q2 us-gaap Finance Lease Liability Payments Due Year Three
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CY2020Q2 us-gaap Finance Lease Liability Payments Due Year Four
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CY2020Q2 goro Finance Lease Liability Payments Due After Year Four
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CY2020Q2 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
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CY2020Q2 us-gaap Finance Lease Liability Undiscounted Excess Amount
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CY2020Q2 us-gaap Finance Lease Liability
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CY2020Q2 us-gaap Finance Lease Liability Current
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CY2020Q2 us-gaap Finance Lease Liability Noncurrent
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us-gaap Stock Issued During Period Shares Stock Options Exercised
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us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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goro Stock Issued During Period Shares Stock Options Exercised And Delivered
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goro Stock Issued During Period Shares Stock Options Exercised For Cash
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CY2020Q2 us-gaap Operating Lease Payments
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CY2019Q2 us-gaap Operating Lease Payments
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us-gaap Operating Lease Payments
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us-gaap Operating Lease Payments
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CY2020Q2 us-gaap Finance Lease Interest Payment On Liability
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CY2019Q2 us-gaap Finance Lease Interest Payment On Liability
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us-gaap Finance Lease Interest Payment On Liability
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us-gaap Finance Lease Interest Payment On Liability
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CY2019Q2 us-gaap Operating Lease Payments Use
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us-gaap Operating Lease Payments Use
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us-gaap Operating Lease Payments Use
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CY2020Q2 us-gaap Finance Lease Principal Payments
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CY2019Q2 us-gaap Finance Lease Principal Payments
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us-gaap Finance Lease Principal Payments
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us-gaap Finance Lease Principal Payments
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204000
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
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CY2019Q2 us-gaap Foreign Currency Transaction Gain Loss Realized
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us-gaap Foreign Currency Transaction Gain Loss Realized
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us-gaap Foreign Currency Transaction Gain Loss Realized
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CY2020Q2 goro Unrealized Investment Gains Losses
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CY2019Q2 goro Unrealized Investment Gains Losses
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226000
goro Unrealized Investment Gains Losses
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goro Unrealized Investment Gains Losses
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CY2020Q2 us-gaap Other Nonoperating Income Expense
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CY2019Q2 us-gaap Other Nonoperating Income Expense
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us-gaap Other Nonoperating Income Expense
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us-gaap Stock Issued During Period Shares Stock Options Exercised
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CY2020Q2 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
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StockOptionPlanExpense
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us-gaap Stock Option Plan Expense
StockOptionPlanExpense
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us-gaap Stock Option Plan Expense
StockOptionPlanExpense
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CY2020Q2 us-gaap Restricted Stock Expense
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CY2019Q2 us-gaap Restricted Stock Expense
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us-gaap Restricted Stock Expense
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us-gaap Restricted Stock Expense
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CY2020Q2 us-gaap Share Based Compensation
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us-gaap Share Based Compensation
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us-gaap Share Based Compensation
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CY2019Q2 us-gaap Shares Issued Price Per Share
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goro Period For Consulting Agreement
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CY2020Q2 us-gaap Common Stock Dividends Per Share Declared
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CY2020Q2 us-gaap Dividends
Dividends
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us-gaap Dividends
Dividends
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CY2019Q2 us-gaap Common Stock Dividends Per Share Cash Paid
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CY2019Q2 us-gaap Dividends
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us-gaap Dividends
Dividends
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CY2020Q2 us-gaap Foreign Currency Transaction Gain Loss Unrealized
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CY2019Q2 us-gaap Foreign Currency Transaction Gain Loss Unrealized
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us-gaap Foreign Currency Transaction Gain Loss Unrealized
ForeignCurrencyTransactionGainLossUnrealized
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us-gaap Foreign Currency Transaction Gain Loss Unrealized
ForeignCurrencyTransactionGainLossUnrealized
113000
us-gaap Other Nonoperating Income Expense
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CY2020Q2 us-gaap Nonoperating Income Expense
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CY2019Q2 us-gaap Nonoperating Income Expense
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us-gaap Net Income Loss
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CY2020Q2 us-gaap Foreign Currency Transaction Gain Loss Realized
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us-gaap Nonoperating Income Expense
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us-gaap Nonoperating Income Expense
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2020Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2019Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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goro Average Share Price
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goro Average Share Price
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us-gaap Number Of Reportable Segments
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us-gaap Net Income Loss
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CY2020Q2 us-gaap Net Income Loss
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2019Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2020Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2019Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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62079859
CY2020Q2 us-gaap Earnings Per Share Basic And Diluted
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CY2019Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
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us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
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us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.04
CY2020Q2 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
1400000
us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
-100000
CY2019 us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
200000
CY2020Q2 us-gaap Gain Loss On Sale Of Derivatives
GainLossOnSaleOfDerivatives
55000
CY2020Q2 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
151000
CY2020Q2 us-gaap Embedded Derivative Gain Loss On Embedded Derivative Net
EmbeddedDerivativeGainLossOnEmbeddedDerivativeNet
206000
CY2019Q2 us-gaap Gain Loss On Sale Of Derivatives
GainLossOnSaleOfDerivatives
803000
CY2019Q2 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-1275000
CY2019Q2 us-gaap Embedded Derivative Gain Loss On Embedded Derivative Net
EmbeddedDerivativeGainLossOnEmbeddedDerivativeNet
-472000
us-gaap Gain Loss On Sale Of Derivatives
GainLossOnSaleOfDerivatives
-403000
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-129000
us-gaap Embedded Derivative Gain Loss On Embedded Derivative Net
EmbeddedDerivativeGainLossOnEmbeddedDerivativeNet
-532000
us-gaap Gain Loss On Sale Of Derivatives
GainLossOnSaleOfDerivatives
-249000
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
1365000
goro Unrealized Gain Loss On Gold And Silver Rounds Bullion
UnrealizedGainLossOnGoldAndSilverRoundsBullion
459000
goro Unrealized Gain Loss On Gold And Silver Rounds Bullion
UnrealizedGainLossOnGoldAndSilverRoundsBullion
243000
us-gaap Foreign Currency Transaction Gain Loss Unrealized
ForeignCurrencyTransactionGainLossUnrealized
-58000
us-gaap Foreign Currency Transaction Gain Loss Unrealized
ForeignCurrencyTransactionGainLossUnrealized
113000
goro Other Adjustments
OtherAdjustments
-33000
goro Other Adjustments
OtherAdjustments
-63000
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
368000
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
293000
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
10600000
goro Increase Decrease In Accrued Capital Expenditures
IncreaseDecreaseInAccruedCapitalExpenditures
-1214000
goro Non Cash Additions To Capital Expenditure
NonCashAdditionsToCapitalExpenditure
1024000
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
21438000
CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
21098000
CY2020Q2 us-gaap Net Income Loss
NetIncomeLoss
-1812000
CY2020Q2 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
2164000
CY2019Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
29374000
CY2019Q2 us-gaap Net Income Loss
NetIncomeLoss
1798000
CY2019Q2 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
9367000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
49103000
us-gaap Net Income Loss
NetIncomeLoss
-4933000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
8577000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
55952000
us-gaap Net Income Loss
NetIncomeLoss
2680000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
21248000
goro Increase Decrease In Accrued Capital Expenditures
IncreaseDecreaseInAccruedCapitalExpenditures
-3120000
goro Non Cash Additions To Capital Expenditure
NonCashAdditionsToCapitalExpenditure
1097000
CY2020Q2 us-gaap Assets
Assets
188776000
CY2019Q4 us-gaap Assets
Assets
193012000

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