2023 Q4 Form 20-F Financial Statement

#000106299324008783 Filed on April 25, 2024

View on sec.gov

Income Statement

Concept 2023 Q4 2023 2022 Q4
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $105.3K $442.6K $160.1K
YoY Change -34.22% -17.3% -133491.67%
% of Gross Profit
Research & Development $171.7K $816.0K $220.6K
YoY Change -22.16% -16.87% -52.13%
% of Gross Profit
Depreciation & Amortization $46.29K $165.9K $80.03K
YoY Change -42.16% -11.92% 193.15%
% of Gross Profit
Operating Expenses $323.3K $1.424M $460.7K
YoY Change -29.82% -16.46% -5.59%
Operating Profit -$1.424M
YoY Change -16.46%
Interest Expense -$122.2K $110.1K -$8.550K
YoY Change 1328.65% -119.06% -215.54%
% of Operating Profit
Other Income/Expense, Net $0.00 $2.301M $460.1K
YoY Change -100.0% -29.63% 839.25%
Pretax Income -$1.782M $876.5K -$9.080K
YoY Change 19525.0% -43.99% -98.59%
Income Tax $200.0K $861.8K $200.0K
% Of Pretax Income 98.32%
Net Earnings -$1.938M -$165.9K -$164.7K
YoY Change 1076.86% -126.26% -77.73%
Net Earnings / Revenue
Basic Earnings Per Share $0.00
Diluted Earnings Per Share -$0.04 $0.00 $0.00
COMMON SHARES
Basic Shares Outstanding 46.20M shares 46.36M shares 46.45M shares
Diluted Shares Outstanding 46.36M shares

Balance Sheet

Concept 2023 Q4 2023 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $9.367M $9.367M $9.278M
YoY Change 0.96% 0.96% 15.28%
Cash & Equivalents $7.154M $7.154M $5.781M
Short-Term Investments $2.212M $2.212M $3.497M
Other Short-Term Assets $102.2K $102.2K
YoY Change -2.48%
Inventory $817.6K $817.6K $795.9K
Prepaid Expenses $102.2K $104.8K
Receivables $104.8K
Other Receivables $0.00
Total Short-Term Assets $10.29M $10.29M $10.18M
YoY Change 1.06% 1.06% 11.52%
LONG-TERM ASSETS
Property, Plant & Equipment $543.2K $1.278M $671.4K
YoY Change -19.09% -9.12% -49.69%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $296.3K $296.3K $296.3K
YoY Change 0.0% 0.0% 0.0%
Total Long-Term Assets $1.574M $1.574M $1.702M
YoY Change -7.53% -7.53% 4.37%
TOTAL ASSETS
Total Short-Term Assets $10.29M $10.29M $10.18M
Total Long-Term Assets $1.574M $1.574M $1.702M
Total Assets $11.86M $11.86M $11.88M
YoY Change -0.17% -0.17% 10.44%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.281M $2.140K $1.307M
YoY Change -2.0% -99.84% 27.02%
Accrued Expenses $1.279M
YoY Change
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 $1.519M $1.519M $1.407M
YoY Change 7.99% 7.99% 25.32%
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 $1.519M $1.519M $1.407M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $1.519M $1.642M $1.407M
YoY Change 7.99% 21.73% 51.05%
SHAREHOLDERS EQUITY
Retained Earnings -$21.51M -$21.35M
YoY Change 0.78% -2.87%
Common Stock $46.20K $46.45K
YoY Change -0.53% -0.52%
Preferred Stock
YoY Change
Treasury Stock (at cost) $20.74K $6.892K
YoY Change 200.99% -48.16%
Treasury Stock Shares
Shareholders Equity $10.22M $10.22M $10.53M
YoY Change
Total Liabilities & Shareholders Equity $11.86M $11.86M $11.88M
YoY Change -0.17% -0.17% 10.44%

Cashflow Statement

Concept 2023 Q4 2023 2022 Q4
OPERATING ACTIVITIES
Net Income -$1.938M -$165.9K -$164.7K
YoY Change 1076.86% -126.26% -77.73%
Depreciation, Depletion And Amortization $46.29K $165.9K $80.03K
YoY Change -42.16% -11.92% 193.15%
Cash From Operating Activities -$951.5K $1.814M -$321.5K
YoY Change 195.94% 18.7% -82.75%
INVESTING ACTIVITIES
Capital Expenditures $37.72K $37.72K $215.2K
YoY Change -82.47% -85.47% -768.12%
Acquisitions
YoY Change
Other Investing Activities -$231.7K -$231.7K
YoY Change -619.51%
Cash From Investing Activities -$269.4K -$269.4K -$215.2K
YoY Change 25.18% 3.76% 568.12%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $171.3K
YoY Change 5.02%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -68.89K -$171.3K -30.73K
YoY Change 124.18% 5.02% -237.0%
NET CHANGE
Cash From Operating Activities -951.5K $1.814M -321.5K
Cash From Investing Activities -269.4K -$269.4K -215.2K
Cash From Financing Activities -68.89K -$171.3K -30.73K
Net Change In Cash -1.290M $1.373M -567.4K
YoY Change 127.29% 24.22% -69.71%
FREE CASH FLOW
Cash From Operating Activities -$951.5K $1.814M -$321.5K
Capital Expenditures $37.72K $37.72K $215.2K
Free Cash Flow -$989.2K $1.776M -$536.7K
YoY Change 84.31% 40.01% -70.69%

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CY2023 dei Entity Emerging Growth Company
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false
CY2023 dei Entity Registrant Name
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XTRA-GOLD RESOURCES CORP
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CY2023 us-gaap Concentration Risk Credit Risk
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<div> <p style="margin-left:36pt;text-align:justify;margin-top:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Concentration of credit risk</strong></span></span></p> <p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The financial instrument which potentially subjects the Company to concentration of credit risk is cash. The Company maintains cash in bank accounts that, at times, may exceed federally insured limits. The Company held $6,738,412 and $5,653,644 as of December 31, 2023 and 2022, respectively, in low-risk cash and money market funds which are not federally insured. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant risks on its cash in bank accounts.</span></span></p> <p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="color:#212121">The Company has contracted to sell all its recovered gold through a licensed exporter in Ghana. The Company sells its raw gold to one smelter. Ownership of the gold is transferred to the smelting company at the mine site. </span>The Company has not experienced any losses from this sole sourced smelter and believes it is not exposed to any significant risks on its gold processing.</span></span></p> </div>
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CY2021 xtgr Net Realized Or Unrealized Gain Or Loss On Trading Securities
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ImpairmentLossOnTradingSecurities
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ImpairmentLossOnTradingSecurities
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CY2023 xtgr Net Realized Or Unrealized Gain Or Loss Other
NetRealizedOrUnrealizedGainOrLossOther
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CY2022 xtgr Net Realized Or Unrealized Gain Or Loss Other
NetRealizedOrUnrealizedGainOrLossOther
0 usd
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NetRealizedOrUnrealizedGainOrLossOther
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NetRealizedOrUnrealizedGainLossOnTradingSecuritiesIncludingImpairment
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NetRealizedOrUnrealizedGainLossOnTradingSecuritiesIncludingImpairment
360754 usd
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NetRealizedOrUnrealizedGainLossOnTradingSecuritiesIncludingImpairment
523504 usd
CY2023 us-gaap Investment Income Interest And Dividend
InvestmentIncomeInterestAndDividend
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InvestmentIncomeInterestAndDividend
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InvestmentIncomeInterestAndDividend
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CY2022Q4 us-gaap Mineral Properties Net
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734422 usd
CY2023Q4 us-gaap Accounts Payable Trade Current And Noncurrent
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CY2023Q4 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
2137 usd
CY2022Q4 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
67584 usd
CY2023Q4 us-gaap Accounts Payable And Accrued Liabilities Noncurrent
AccountsPayableAndAccruedLiabilitiesNoncurrent
0 usd
CY2022Q4 us-gaap Accounts Payable And Accrued Liabilities Noncurrent
AccountsPayableAndAccruedLiabilitiesNoncurrent
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CY2023Q4 us-gaap Accounts Payable Trade Current And Noncurrent
AccountsPayableTradeCurrentAndNoncurrent
2137 usd
CY2022Q4 us-gaap Accounts Payable Trade Current And Noncurrent
AccountsPayableTradeCurrentAndNoncurrent
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CY2023 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0.92
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
0 shares
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
0
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
245000 shares
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
0.69
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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P5Y
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P3Y
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.64 pure
CY2021 us-gaap Income Taxes Paid
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288192 usd
CY2023 xtgr Pre Tax Income
PreTaxIncome
876539 usd
CY2022 xtgr Pre Tax Income
PreTaxIncome
1564849 usd
CY2021 xtgr Pre Tax Income
PreTaxIncome
2045713 usd
CY2023 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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CY2022 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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CY2021 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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806761 usd
CY2023 us-gaap Income Tax Reconciliation State And Local Income Taxes
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800000 usd
CY2022 us-gaap Income Tax Reconciliation State And Local Income Taxes
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800000 usd
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800000 usd
CY2023 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
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133918 usd
CY2022 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
IncomeTaxReconciliationForeignIncomeTaxRateDifferential
-54213 usd
CY2021 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
IncomeTaxReconciliationForeignIncomeTaxRateDifferential
6671 usd
CY2023 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Amount
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitAmount
-61815 usd
CY2022 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Amount
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitAmount
0 usd
CY2021 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Amount
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitAmount
0 usd
CY2023 us-gaap Income Tax Reconciliation Nondeductible Expense
IncomeTaxReconciliationNondeductibleExpense
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IncomeTaxReconciliationNondeductibleExpense
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CY2021 us-gaap Income Tax Reconciliation Nondeductible Expense
IncomeTaxReconciliationNondeductibleExpense
6671 usd
CY2023 us-gaap Income Tax Reconciliation Prior Year Income Taxes
IncomeTaxReconciliationPriorYearIncomeTaxes
-47452 usd
CY2022 us-gaap Income Tax Reconciliation Prior Year Income Taxes
IncomeTaxReconciliationPriorYearIncomeTaxes
6671 usd
CY2021 us-gaap Income Tax Reconciliation Prior Year Income Taxes
IncomeTaxReconciliationPriorYearIncomeTaxes
0 usd
CY2023 xtgr Income Tax Reconciliation Current Year Income Taxes
IncomeTaxReconciliationCurrentYearIncomeTaxes
24651 usd
CY2022 xtgr Income Tax Reconciliation Current Year Income Taxes
IncomeTaxReconciliationCurrentYearIncomeTaxes
-47452 usd
CY2021 xtgr Income Tax Reconciliation Current Year Income Taxes
IncomeTaxReconciliationCurrentYearIncomeTaxes
6671 usd
CY2023 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2022 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
47452 usd
CY2021 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
-6671 usd
CY2023Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
0 usd
CY2022Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
0 usd
CY2021Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
0 usd
CY2023Q4 us-gaap Loss Contingency Range Of Possible Loss Portion Not Accrued
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90000 ghs
CY2023Q4 us-gaap Loss Contingency Range Of Possible Loss Portion Not Accrued
LossContingencyRangeOfPossibleLossPortionNotAccrued
9000 usd
CY2023 us-gaap Treasury Stock Shares Retired
TreasuryStockSharesRetired
28500 shares

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