$GORO
GOLD RESOURCE CORP

2021 Q1 Form 10-Q Financial Statement

#000155837021005136 Filed on April 29, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $27.27M $22.15M
YoY Change 23.11% -16.66%
Cost Of Revenue $18.69M $22.02M
YoY Change -15.11% 4.17%
Gross Profit $8.575M $128.0K
YoY Change 6599.22% -97.65%
Gross Profit Margin 31.45% 0.58%
Selling, General & Admin $2.065M $2.275M
YoY Change -9.23% 13.69%
% of Gross Profit 24.08% 1777.34%
Research & Development $1.207M $978.0K
YoY Change 23.42% -33.01%
% of Gross Profit 14.08% 764.06%
Depreciation & Amortization $3.437M $6.100M
YoY Change -43.66% 71.3%
% of Gross Profit 40.08% 4765.63%
Operating Expenses $3.272M $3.253M
YoY Change 0.58% -6.01%
Operating Profit $5.121M -$4.590M
YoY Change -211.57% -332.05%
Interest Expense -$134.0K -$1.478M
YoY Change -90.93% 21014.29%
% of Operating Profit -2.62%
Other Income/Expense, Net $314.0K -$1.465M
YoY Change -121.43% 8038.89%
Pretax Income $5.121M -$4.590M
YoY Change -211.57% -335.02%
Income Tax $2.600M -$1.372M
% Of Pretax Income 50.77%
Net Earnings $2.527M -$3.121M
YoY Change -180.97% -453.85%
Net Earnings / Revenue 9.27% -14.09%
Basic Earnings Per Share $0.03
Diluted Earnings Per Share $0.03 -$47.27K
COMMON SHARES
Basic Shares Outstanding 74.41M 66.02M
Diluted Shares Outstanding 74.76M 66.02M

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $27.23M $18.37M
YoY Change 48.26% 115.39%
Cash & Equivalents $27.23M $18.12M
Short-Term Investments
Other Short-Term Assets $527.0K $5.377M
YoY Change -90.2% 3.56%
Inventory $11.58M $24.81M
Prepaid Expenses
Receivables $3.533M $4.043M
Other Receivables $527.0K $118.0K
Total Short-Term Assets $44.49M $52.71M
YoY Change -15.59% 26.34%
LONG-TERM ASSETS
Property, Plant & Equipment $62.97M $129.8M
YoY Change -51.47% -1.92%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $44.00K $13.61M
YoY Change -99.68% 90.47%
Total Long-Term Assets $63.36M $143.4M
YoY Change -55.81% 2.81%
TOTAL ASSETS
Total Short-Term Assets $44.49M $52.71M
Total Long-Term Assets $63.36M $143.4M
Total Assets $107.8M $196.1M
YoY Change -45.0% 8.23%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.725M $12.09M
YoY Change -36.11% -33.47%
Accrued Expenses $2.087M $8.238M
YoY Change -74.67% -13.48%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.340M
YoY Change 6.52%
Total Short-Term Liabilities $12.03M $24.49M
YoY Change -50.87% -21.48%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $876.0K
YoY Change -100.0% -59.59%
Other Long-Term Liabilities $364.0K $5.611M
YoY Change -93.51% -34.96%
Total Long-Term Liabilities $364.0K $6.487M
YoY Change -94.39% -39.91%
TOTAL LIABILITIES
Total Short-Term Liabilities $12.03M $24.49M
Total Long-Term Liabilities $364.0K $6.487M
Total Liabilities $15.43M $30.98M
YoY Change -50.21% -26.22%
SHAREHOLDERS EQUITY
Retained Earnings $14.44M
YoY Change
Common Stock $75.00K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $5.884M
YoY Change
Treasury Stock Shares $336.4K
Shareholders Equity $92.42M $165.1M
YoY Change
Total Liabilities & Shareholders Equity $107.8M $196.1M
YoY Change -45.0% 8.23%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income $2.527M -$3.121M
YoY Change -180.97% -453.85%
Depreciation, Depletion And Amortization $3.437M $6.100M
YoY Change -43.66% 71.3%
Cash From Operating Activities $6.831M $6.205M
YoY Change 10.09% -1057.56%
INVESTING ACTIVITIES
Capital Expenditures $4.320M $3.482M
YoY Change 24.07% -139.63%
Acquisitions
YoY Change
Other Investing Activities $3.000K -$3.446M
YoY Change -100.09% -344700.0%
Cash From Investing Activities -$4.317M -$3.481M
YoY Change 24.02% -60.38%
FINANCING ACTIVITIES
Cash Dividend Paid $700.0K
YoY Change
Common Stock Issuance & Retirement, Net $10.35M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -579.0K 9.984M
YoY Change -105.8% -3.19%
NET CHANGE
Cash From Operating Activities 6.831M 6.205M
Cash From Investing Activities -4.317M -3.481M
Cash From Financing Activities -579.0K 9.984M
Net Change In Cash 1.825M 7.905M
YoY Change -76.91% 798.3%
FREE CASH FLOW
Cash From Operating Activities $6.831M $6.205M
Capital Expenditures $4.320M $3.482M
Free Cash Flow $2.511M $2.723M
YoY Change -7.79% -66.54%

Facts In Submission

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CY2021Q1 us-gaap Embedded Derivative Gain Loss On Embedded Derivative Net
EmbeddedDerivativeGainLossOnEmbeddedDerivativeNet
-35000
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
27268000
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
22149000
CY2021Q1 us-gaap Short Term Investments
ShortTermInvestments
593000
CY2020Q4 us-gaap Short Term Investments
ShortTermInvestments
671000
CY2021Q1 goro Ore Stockpiles Underground Mine
OreStockpilesUndergroundMine
461000
CY2020Q4 goro Ore Stockpiles Underground Mine
OreStockpilesUndergroundMine
648000
CY2021Q1 goro Ore Stockpiles Open Pit Mine
OreStockpilesOpenPitMine
17000
CY2020Q4 goro Ore Stockpiles Open Pit Mine
OreStockpilesOpenPitMine
41000
CY2021Q1 goro Inventory Concentrates
InventoryConcentrates
2834000
CY2020Q4 goro Inventory Concentrates
InventoryConcentrates
1919000
CY2021Q1 goro Inventory Dore
InventoryDore
1107000
CY2020Q4 goro Inventory Dore
InventoryDore
459000
CY2021Q1 goro Product Inventory
ProductInventory
4419000
CY2020Q4 goro Product Inventory
ProductInventory
3067000
CY2021Q1 us-gaap Other Inventory Supplies
OtherInventorySupplies
7165000
CY2020Q4 us-gaap Other Inventory Supplies
OtherInventorySupplies
6928000
CY2021Q1 us-gaap Inventory Net
InventoryNet
11584000
CY2020Q4 us-gaap Inventory Net
InventoryNet
9995000
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2600000
CY2021Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2021Q1 goro Dividend Withholding Tax Between Countries
DividendWithholdingTaxBetweenCountries
0.05
CY2021Q1 goro Mitl Withholding Tax On Dividends Paid To Residents And Nonresident Shareholders
MitlWithholdingTaxOnDividendsPaidToResidentsAndNonresidentShareholders
0.10
CY2021Q1 goro Dividend Withholding Tax Between Countries
DividendWithholdingTaxBetweenCountries
0.05
CY2021Q1 goro Dividend Withholding Tax Between Countries
DividendWithholdingTaxBetweenCountries
0.05
CY2021Q1 us-gaap Liability For Uncertain Tax Positions Noncurrent
LiabilityForUncertainTaxPositionsNoncurrent
0
CY2021Q1 goro Gilti Effective Tax Rate Above Us Tax Rate
GiltiEffectiveTaxRateAboveUsTaxRate
0.90
CY2021Q1 goro Gilti Effective Tax Rate Percent Above Us Tax Rate
GiltiEffectiveTaxRatePercentAboveUsTaxRate
0.189
CY2021Q1 us-gaap Supplies
Supplies
365000
CY2020Q4 us-gaap Supplies
Supplies
374000
CY2021Q1 us-gaap Prepaid Insurance
PrepaidInsurance
342000
CY2020Q4 us-gaap Prepaid Insurance
PrepaidInsurance
709000
CY2021Q1 us-gaap Value Added Tax Receivable Current
ValueAddedTaxReceivableCurrent
318000
CY2020Q4 us-gaap Value Added Tax Receivable Current
ValueAddedTaxReceivableCurrent
846000
CY2021Q1 us-gaap Other Assets Current
OtherAssetsCurrent
527000
CY2020Q4 us-gaap Other Assets Current
OtherAssetsCurrent
647000
CY2021Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1552000
CY2020Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
2576000
CY2021Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
157877000
CY2020Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
153595000
CY2021Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
94912000
CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
91084000
CY2021Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
62965000
CY2020Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
62511000
CY2021Q1 goro Accrued Capital Expenditures
AccruedCapitalExpenditures
800000
CY2020Q4 goro Accrued Capital Expenditures
AccruedCapitalExpenditures
1000000.0
CY2021Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
3400000
CY2020Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
6100000
CY2021Q1 us-gaap Dividends Payable Current
DividendsPayableCurrent
248000
CY2020Q4 us-gaap Dividends Payable Current
DividendsPayableCurrent
247000
CY2021Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
202000
CY2021Q1 us-gaap Accrued Royalties Current
AccruedRoyaltiesCurrent
1637000
CY2020Q4 us-gaap Accrued Royalties Current
AccruedRoyaltiesCurrent
1796000
CY2020Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
232000
CY2021Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
2087000
CY2020Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
2275000
CY2020Q4 goro Reclamation Liabilities
ReclamationLiabilities
1890000
CY2019Q4 goro Reclamation Liabilities
ReclamationLiabilities
2003000
CY2021Q1 goro Mine Reclamation Foreign Currency Translation
MineReclamationForeignCurrencyTranslation
-61000
CY2020 goro Mine Reclamation Foreign Currency Translation
MineReclamationForeignCurrencyTranslation
-113000
CY2021Q1 goro Reclamation Liabilities
ReclamationLiabilities
1829000
CY2020Q4 goro Reclamation Liabilities
ReclamationLiabilities
1890000
CY2020Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
1208000
CY2019Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
1105000
CY2021Q1 us-gaap Asset Retirement Obligation Period Increase Decrease
AssetRetirementObligationPeriodIncreaseDecrease
7000
CY2020 us-gaap Asset Retirement Obligation Period Increase Decrease
AssetRetirementObligationPeriodIncreaseDecrease
82000
CY2021Q1 us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
24000
CY2020 us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
79000
CY2021Q1 us-gaap Asset Retirement Obligation Foreign Currency Translation Gain Loss
AssetRetirementObligationForeignCurrencyTranslationGainLoss
-39000
CY2020 us-gaap Asset Retirement Obligation Foreign Currency Translation Gain Loss
AssetRetirementObligationForeignCurrencyTranslationGainLoss
-58000
CY2021Q1 us-gaap Asset Retirement Obligation
AssetRetirementObligation
1200000
CY2020Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
1208000
CY2021Q1 us-gaap Mine Reclamation And Closing Liability Noncurrent
MineReclamationAndClosingLiabilityNoncurrent
3029000
CY2020Q4 us-gaap Mine Reclamation And Closing Liability Noncurrent
MineReclamationAndClosingLiabilityNoncurrent
3098000
CY2021Q1 goro Reclamation And Remediation Discount Rate
ReclamationAndRemediationDiscountRate
0.08
CY2021Q1 us-gaap Other Commitment
OtherCommitment
700000
CY2020Q1 us-gaap Foreign Currency Transaction Gain Loss Realized
ForeignCurrencyTransactionGainLossRealized
291000
CY2021Q1 us-gaap Foreign Currency Transaction Gain Loss Unrealized
ForeignCurrencyTransactionGainLossUnrealized
-241000
CY2020Q1 us-gaap Foreign Currency Transaction Gain Loss Unrealized
ForeignCurrencyTransactionGainLossUnrealized
-1618000
CY2021Q1 us-gaap Foreign Currency Transaction Gain Loss Realized
ForeignCurrencyTransactionGainLossRealized
173000
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
5000000
CY2021Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
125000
CY2021Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
1.32
CY2020Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0
CY2021Q1 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
227000
CY2020Q1 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
222000
CY2021Q1 goro Share Based Compensation Restricted Stock Units
ShareBasedCompensationRestrictedStockUnits
-86000
CY2020Q1 goro Share Based Compensation Restricted Stock Units
ShareBasedCompensationRestrictedStockUnits
248000
CY2021Q1 goro Deferred Stock Units
DeferredStockUnits
343000
CY2021Q1 us-gaap Share Based Compensation
ShareBasedCompensation
484000
CY2020Q1 us-gaap Share Based Compensation
ShareBasedCompensation
470000
CY2020Q1 goro Common Stock Dividends Per Share Declared And Paid
CommonStockDividendsPerShareDeclaredAndPaid
0.01
CY2021Q1 goro Common Stock Dividends Per Share Declared And Paid
CommonStockDividendsPerShareDeclaredAndPaid
0.01
CY2020Q1 us-gaap Dividends
Dividends
700000
CY2021Q1 us-gaap Dividends
Dividends
700000
CY2020Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
200000
CY2021Q1 goro Unrealized Investment Gains Losses
UnrealizedInvestmentGainsLosses
-66000
CY2020Q1 goro Unrealized Investment Gains Losses
UnrealizedInvestmentGainsLosses
-151000
CY2021Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
448000
CY2020Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
13000
CY2021Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
314000
CY2020Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-1465000
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3900000
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3300000
CY2021Q1 goro Average Share Price
AverageSharePrice
7.20
CY2020Q1 goro Average Share Price
AverageSharePrice
9.48
CY2021Q1 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
2527000
CY2020Q1 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
-3218000
CY2020Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
97000
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
2527000
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
-3121000
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
74405031
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
66022202
CY2021Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
356851
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
74761882
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
66022202
CY2021Q1 us-gaap Income Loss From Continuing Operations Per Basic And Diluted Share
IncomeLossFromContinuingOperationsPerBasicAndDilutedShare
0.03
CY2020Q1 us-gaap Income Loss From Continuing Operations Per Basic And Diluted Share
IncomeLossFromContinuingOperationsPerBasicAndDilutedShare
-0.05
CY2021Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.03
CY2020Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.05
CY2021Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
100000
CY2021Q1 us-gaap Gain Loss On Sale Of Derivatives
GainLossOnSaleOfDerivatives
91000
CY2021Q1 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-126000
CY2021Q1 us-gaap Embedded Derivative Gain Loss On Embedded Derivative Net
EmbeddedDerivativeGainLossOnEmbeddedDerivativeNet
-35000
CY2020Q1 us-gaap Gain Loss On Sale Of Derivatives
GainLossOnSaleOfDerivatives
-458000
CY2020Q1 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-280000
CY2020Q1 us-gaap Embedded Derivative Gain Loss On Embedded Derivative Net
EmbeddedDerivativeGainLossOnEmbeddedDerivativeNet
-738000
CY2021Q1 goro Unrealized Gain Loss On Gold And Silver Rounds Bullion
UnrealizedGainLossOnGoldAndSilverRoundsBullion
-66000
CY2020Q1 goro Unrealized Gain Loss On Gold And Silver Rounds Bullion
UnrealizedGainLossOnGoldAndSilverRoundsBullion
-151000
CY2020Q1 goro Realized Gain On Gold And Silver Rounds Or Bullion
RealizedGainOnGoldAndSilverRoundsOrBullion
-1000
CY2021Q1 us-gaap Foreign Currency Transaction Gain Loss Unrealized
ForeignCurrencyTransactionGainLossUnrealized
-241000
CY2020Q1 us-gaap Foreign Currency Transaction Gain Loss Unrealized
ForeignCurrencyTransactionGainLossUnrealized
-1618000
CY2021Q1 goro Other Adjustments
OtherAdjustments
-33000
CY2020Q1 goro Other Adjustments
OtherAdjustments
-22000
CY2021Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-340000
CY2020Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-1792000

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