Document and Entity Information
Document and Entity Information Document - shares | 9 Months Ended | |
Mar. 31, 2015 | Oct. 09, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | true | |
Document Period End Date | Mar. 31, 2015 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,015 | |
Entity Registrant Name | Contango ORE, Inc. | |
Entity Central Index Key | 1,502,377 | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 3,904,540 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Amendment Description | Contango ORE, Inc. is filing this amendment on Form 10-Q/A ("Form 10-Q/A") to amend its Quarterly Report on Form 10-Q for the quarter ended March 31, 2015 originally filed with the SEC on May 15, 2015 (the "Original Filing"), to restate its unaudited consolidated financial statements and related footnote disclosures for the three and nine month periods ended March 31, 2015. Restatement. On January 8, 2015, the Company and Royal Gold, Inc. (“Royal Gold”), through their wholly-owned subsidiaries, consummated the transactions (the “Transactions”) contemplated under the Master Agreement (“the Master Agreement”), dated as of September 29, 2014, including the formation of Peak Gold, LLC (“the Joint Venture Company”), to advance exploration of the Company’s Tetlin properties, which are prospective for gold and associated minerals. The purpose of this Form 10-Q/A is to change the accounting method used to account for the Company's investment in the Joint Venture Company. At Closing, Royal Gold, as an initial contribution to the Joint Venture Company, contributed $5 million (the “Royal Gold Initial Contribution”) for an option to earn a membership interest with additional contributions. The Royal Gold Initial Contribution did not entitle Royal Gold to a percentage interest in the Joint Venture Company. Royal Gold also had the right, in its sole discretion, to resign from the Company, at any time, prior to the date that Royal Gold contributed in excess of $5 million to the Joint Venture Company. On March 31, 2015, Royal Gold’s percentage interest in the Joint Venture Company was zero. Since inception, Royal Gold has had the right to appoint two of the three members to the Management Committee of the Joint Venture Company. The Joint Venture Company is a variable interest entity since it is dependent on the financial support from its members to continue its exploration activities. The Company is not the primary beneficiary since it does not currently have the power to direct the activities of the Joint Venture Company. The Company previously consolidated the results of Peak Gold, LLC; however, the Company has now concluded that Royal Gold has the ability to initially direct and control operations of the Joint Venture Company and that the Company's position on the Joint Venture Company's Management Committee gives it significant influence but not control; therefore, the Company determined that the Joint Venture Company should be accounted for under the equity method. The assets contributed to the Joint Venture Company by the Company were recorded at historical cost. The Company is restating to appropriately reflect the Transactions on this Form 10-Q/A. In addition, as part of the Closing, Royal Gold paid the Company $750,000 which was utilized to partially reimburse the Company for costs and expenses incurred in the Transactions. This reimbursement was recorded as revenue in the Original Filing and has been reclassed to a contra expense account in this Form 10-Q/A to more appropriately reflect the nature of the reimbursement. See "Note 4 - Restatement of Previously Issued Financial Statements" of this Form 10-Q/A for more information regarding the impact of the above described adjustments. Items Amended in Form 10-Q/A. This Form 10-Q/A sets forth the Original Filing, in its entirety, as modified and superseded as necessary to reflect the restatement. The following items in the Original Filing have been amended as a result of, and to reflect the restatement: A. Part I, Item 1. Financial Statements B. Part I, Item 2. Management's Discussion of Financial Condition and Results of Operations C. Part I, Item 4. Controls and Procedures |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Mar. 31, 2015 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2013 |
CURRENT ASSETS: | ||||
Cash | $ 2,057,390 | $ 3,448,501 | $ 3,942,491 | $ 13,027,932 |
Prepaid Expense, Current | 141,096 | 98,906 | ||
Total current assets | 2,198,486 | 3,547,407 | ||
PROPERTY AND EQUIPMENT: | ||||
Mineral Properties, Gross | 0 | 1,208,886 | ||
Accumulated depreciation, depletion and amortization | 0 | 0 | ||
Total property and equipment, net | 0 | 1,208,886 | ||
Equity Method Investments | 1,270,860 | 0 | ||
Other Assets, Miscellaneous, Noncurrent | 0 | 225,000 | ||
OTHER ASSETS: | ||||
Other Assets, Noncurrent | 1,270,860 | 225,000 | ||
TOTAL ASSETS | 3,469,346 | 4,981,293 | ||
CURRENT LIABILITIES: | ||||
Accounts Payable, Current | 30,524 | 140,133 | ||
Accrued Liabilities, Current | 48,037 | 46,500 | ||
Total current liabilities | 78,561 | 186,633 | ||
SHAREHOLDERS' EQUITY: | ||||
Common Stock, $0.01 par value, 30,000,000 shares authorized; 3,876,206 shares issued and outstanding at March 31, 2015; 3,805,539 shares issued and outstanding at June 30, 2014 | 38,762 | 38,055 | ||
Additional Paid in Capital, Common Stock | 32,844,026 | 32,204,002 | ||
Accumulated deficit during exploration stage | (29,492,003) | (27,447,397) | ||
SHAREHOLDERS’ EQUITY | 3,390,785 | 4,794,660 | ||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 3,469,346 | $ 4,981,293 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2015 | Jun. 30, 2014 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 30,000,000 | 30,000,000 |
Common stock, shares issued | 3,876,206 | 3,805,539 |
Common stock, shares outstanding | 3,876,206 | 3,805,539 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | |
EXPENSES: | ||||
Claim rentals and minimum royalties | $ 40,389 | $ 39,576 | $ 120,625 | $ 139,820 |
Exploration Expense, Mining | 140,402 | 214,598 | 354,902 | 6,734,888 |
Stock-based compensation expense | 127,025 | 122,951 | 399,068 | 689,747 |
General and administrative expenses | 625,344 | 302,399 | 1,756,985 | 907,530 |
Expense reimbursement | (750,000) | 0 | (750,000) | 0 |
Total expenses | 183,160 | 679,524 | 1,881,580 | 8,471,985 |
Income (Loss) from Equity Method Investments | 163,026 | 0 | 163,026 | 0 |
NET LOSS | $ 346,186 | $ 679,524 | $ 2,044,606 | $ 8,471,985 |
LOSS PER SHARE | ||||
Earnings Per Share, Basic and Diluted | $ 0.09 | $ 0.18 | $ 0.53 | $ 2.24 |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING | ||||
Weighted Average Number of Shares Outstanding, Basic and Diluted | 3,873,506 | 3,805,539 | 3,832,206 | 3,774,576 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows | 9 Months Ended | |
Mar. 31, 2015USD ($) | Mar. 31, 2014USD ($) | |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | $ 1,400,000 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
NET LOSS | (2,044,606) | $ (8,471,985) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation | 640,731 | 986,317 |
Income (Loss) from Equity Method Investments | 163,026 | 0 |
Changes in operating assets and liabilities: | ||
Decrease (increase) in prepaid expenses | (42,190) | 7,767 |
Increase (Decrease) in Accounts Payable and Accrued Liabilities | (108,072) | (1,607,540) |
Net cash used in operating activities | (1,391,111) | (9,085,441) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Payments to Acquire Notes Receivable | 0 | (100,000) |
Proceeds from Collection of Notes Receivable | 0 | 100,000 |
Acquisition of other assets | 0 | 0 |
Acquisition of properties | 0 | 0 |
Net cash used in investing activities | 0 | 0 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
NET INCREASE IN CASH AND CASH EQUIVALENTS | (1,391,111) | (9,085,441) |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 3,448,501 | 13,027,932 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ 2,057,390 | $ 3,942,491 |
Consolidated Statement of Share
Consolidated Statement of Shareholders' Equity - 9 months ended Mar. 31, 2015 - USD ($) | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Defecit Exploration Stage [Member] |
Balance at Jun. 30, 2014 | $ 4,794,660 | $ 38,055 | $ 32,204,002 | $ (27,447,397) |
Balance, shares at Jun. 30, 2014 | 3,805,539 | 3,805,539 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 70,667 | |||
Stock Issued During Period, Value, Stock Options Exercised | $ 707 | |||
Shares vested | (707) | |||
Balance at Mar. 31, 2015 | $ 3,390,785 | $ 38,762 | $ 32,844,026 | $ (29,492,003) |
Balance, shares at Mar. 31, 2015 | 3,876,206 | 3,876,206 |
Organization and Business
Organization and Business | 9 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Business | Organization and Business Contango ORE, Inc. (“CORE” or the “Company”) is a Houston-based company that engages in the exploration in Alaska for gold and associated minerals through a joint venture company, Peak Gold, LLC. The Company was formed on September 1, 2010 as a Delaware corporation for the purpose of engaging in the exploration in the State of Alaska for gold ore and associated minerals. On November 29, 2010, Contango Mining Company ("Contango Mining"), a wholly owned subsidiary of Contango Oil & Gas Company (“Contango”), assigned the Original Properties (defined below) and certain other assets and liabilities to Contango. Contango contributed the Original Properties and $3.5 million of cash to the Company, in exchange for approximately 1.6 million shares of the Company’s common stock. The above transactions occurred between companies under common control and was accounted for as transactions between entities under common control, in accordance with Accounting Standards Codification ("ASC") 805, "Business Combinations" whereby the acquired assets and liabilities were recognized in the financial statements at their carrying amounts. The Original Properties contributed by Contango included: i) a 100% leasehold interest in approximately 675,000 acres (the "Tetlin Lease") from the Tetlin Village Council, the council formed by the governing body for the Native Village of Tetlin, an Alaska Native Tribe (the "Tetlin Village Council"); and ii) approximately 18,021 acres in unpatented mining claims from the state of Alaska for the exploration of gold ore and associated minerals (collectively, the “ Original Properties”). If any of the Original Properties are placed into commercial production, the Company would be obligated to pay a 3.0% production royalty to Juneau Exploration, L.P. ("JEX"), a private company involved in the exploration and production of oil and natural gas. On September 29, 2014, JEX sold its 3.0% production royalty to Royal Gold, Inc. ("Royal Gold"). See Note 10 - Related Party Transactions. The Tetlin Lease is the Company's only material property. In September 2012, the Company and JEX entered into an Advisory Agreement in which JEX assisted the Company in acquiring 474 unpatented state of Alaska mining claims consisting of 71,896 acres for the exploration of gold and associated minerals in exchange for a 2.0% production royalty on properties acquired after July 1, 2012 (any such properties, the "Additional Properties"). If any of the Additional Properties are placed into commercial production, the Company would be obligated to pay JEX a 2.0% production royalty under the Advisory Agreement. On September 29, 2014, JEX sold its 2.0% production royalty to Royal Gold and the Company terminated its Advisory Agreement with JEX. See Note 10 - Related Party Transactions. On September 29, 2014, the Company entered into a Master Agreement (the “Master Agreement”) with Royal Gold, pursuant to which the parties agreed, subject to the satisfaction of various closing conditions, to form a joint venture to advance exploration and development of the Tetlin Properties (as defined below), prospective for gold and associated minerals (the “Transactions”). The Transactions closed on January 8, 2015 (the "Closing"). In connection with the Closing, the Company contributed its Tetlin lease and state of Alaska mining claims near Tok, Alaska (the "Tetlin Properties"), together with other property, to Peak Gold, LLC, a newly formed limited liability company (the “Joint Venture Company”). The Joint Venture Company is managed according to a Limited Liability Company Agreement between subsidiaries of Royal Gold and the Company . At the Closing, Royal Gold made an initial investment of $5 million to fund exploration activity. The initial $5 million does not give Royal Gold an equity stake in the Joint Venture Company. Royal Gold will have the option to earn up to 40% economic interest in the joint venture by investing up to $30 million (inclusive of the initial $5 million investment) prior to October 2018. Therefore, at Closing, Royal Gold's percentage interest in the Joint Venture Company equaled 0% and the Company's percentage interest in the Joint Venture Company equaled 100% . The proceeds of Royal Gold’s investment will be used by the Joint Venture Company for additional exploration and development of the Tetlin Properties. The Company has completed five years of exploration efforts on the Tetlin Properties, which has resulted in the discovery of the Peak Zone mineralization within the Chief Danny prospect area on the Tetlin Lease. While no significant field exploration was conducted on the Tetlin Properties in 2014, the Joint Venture Company anticipates spending approximately $5 million in exploration work on the Tetlin Properties during the summer of 2015 and may expand the amount of exploration work in the late Summer of 2015, if drilling results warrant further work. Additionally, the Joint Venture Company acquired 59 new state of Alaska claims consisting of 9,439 acres in the Eagle claim area. |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | . Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”), including instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by GAAP for complete annual consolidated financial statements. In the opinion of management, all adjustments considered necessary for a fair statement of the consolidated financial statements have been included. All such adjustments are of a normal recurring nature. The consolidated financial statements should be read in conjunction with the audited financial statements and notes included in the Company’s Form 10-K for the fiscal year ended June 30, 2014, as amended. The results of operations for the three and nine months ended March 31, 2015 are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2015. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies The Company’s significant accounting policies are described below. Management Estimates. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash Equivalents. Cash equivalents are considered to be highly liquid securities having an original maturity of 90 days or less at the date of acquisition. Mineral Properties. The amount capitalized includes costs paid to acquire mineral property interests as well as the costs paid for federal and state of Alaska unpatented mining claims. Exploration costs are expensed as incurred. Development costs are expensed as incurred until the Company obtains proven and probable reserves within its commercially minable properties. Costs of abandoned projects are charged to earnings upon abandonment. Any properties determined to be impaired are written-down to their estimated fair value. The Company periodically evaluates whether events or changes in circumstances indicate that the carrying value of mineral property interests and any related property, plant and equipment may not be recoverable. Stock-Based Compensation . The Company applies the fair value method of accounting for stock-based compensation. Under this method, compensation cost is measured at the grant date based on the fair value of the award and is recognized over the award vesting period. The Company classifies the benefits of tax deductions in excess of the compensation cost recognized for the options (excess tax benefit) as financing cash flows. The fair value of each award is estimated as of the date of grant using the Black-Scholes option-pricing model. Income Taxes. The Company follows the liability method of accounting for income taxes under which deferred tax assets and liabilities are recognized for the future tax consequences of (i) temporary differences between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements and (ii) operating loss and tax credit carry-forwards for tax purposes. Deferred tax assets are reduced by a valuation allowance when, based upon management’s estimates, it is more likely than not that a portion of the deferred tax assets will not be realized in a future period. The Company recognized a full valuation allowance as of March 31, 2015 and June 30, 2014 and has not recognized any tax provision or benefit for any of the periods. The Company reviews its tax positions quarterly for tax uncertainties. The Company did not have any uncertain tax positions as of March 31, 2015 or June 30, 2014 . Restatement of Prior Period Financial Statements . See Note 4 "Restatement of Previously Issued Financial Statements for a discussion of changes made to the accompanying consolidated financial statements. Investment in the Joint Venture Company. The Company’s consolidated financial statements include the investment in Peak Gold, LLC utilizing the equity method as the Company has significant influence through its one seat on the Management Committee. The assets contributed by the Company were recorded at historical cost. Recently Issued Accounting Pronouncements. The Financial Accounting Standards Board (“FASB”) has issued Accounting Standards Update (“ASU”) No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. The amendments in this ASU require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this ASU. The amendments are effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The FASB has issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis , which is intended to improve targeted areas of consolidation guidance for legal entities such as limited partnerships, limited liability corporations, and securitization structures (collateralized debt obligations, collateralized loan obligations, and mortgage-backed security transactions). The ASU focuses on the consolidation evaluation for reporting organizations (public and private companies and not-for-profit organizations) that are required to evaluate whether they should consolidate certain legal entities. The ASU will be effective for annual periods beginning after December 15, 2016; and for interim periods, within those fiscal years. The FASB has issued ASU No. 2015-01, Income Statement - Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items. This ASU eliminates from U.S. GAAP the concept of extraordinary items. Subtopic 225-20, Income Statement - Extraordinary and Unusual Items , required that an entity separately classify, present, and disclose extraordinary events and transactions. The amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. The Company has evaluated all other recent accounting pronouncements and believes that none of them will have a significant effect on the Company’s consolidated financial statements. |
Restatement of Previoulsy Issue
Restatement of Previoulsy Issued Financial Statements (Notes) | 12 Months Ended |
Jun. 30, 2015 | |
Restatement [Text Block] | Restatement of Previously Issued Financial Statements Overview . In conjunction with the preparation of the consolidated financial statements for the year ended June 30, 2015, the Company has determined that a different accounting method should have been used to account for the Joint Venture Company and has determined that the change in accounting method and related accounting matters is material to previously issued unaudited consolidated financial statements for the three and nine month periods ended March 31, 2015. As a result, these statements have been presented on a restated and amended basis in this Form 10-Q/A. Background of Restatement. On January 8, 2015, the Company and Royal Gold through their wholly-owned subsidiaries, consummated the Transactions contemplated under the Master Agreement, dated as of September 29, 2014, including the formation of a joint venture company, to advance exploration of the Company’s Tetlin properties, which are prospective for gold and associated minerals. The purpose of this Form 10-Q/A is to change the accounting method used to account for the Company's investment in the Joint Venture Company. At Closing, Royal Gold, as an initial contribution to the Joint Venture Company, contributed $5 million . The Royal Gold Initial Contribution did not entitle Royal Gold to a percentage interest in the Joint Venture Company. Royal Gold also had the right, in its sole discretion, to resign from the Company at any time prior to the date that Royal Gold contributed in excess of $5 million to the Joint Venture Company. On March 31, 2015, Royal Gold’s percentage interest in the Joint Venture Company was zero. Since inception, Royal Gold has had the right to appoint two of the three members to the Management Committee of the Joint Venture Company. The Joint Venture Company is a variable interest entity since it is dependent on the financial support from its members to continue its exploration activities. The Company is not the primary beneficiary since it does not currently have the power to direct the activities of the Joint Venture Company. The Company previously consolidated the results of Peak Gold, LLC; however, the Company has now concluded that Royal Gold has the ability to initially direct and control operations of the Joint Venture Company and that the Company's position on the Joint Venture Company's Management Committee gives it significant influence but not control; therefore, the Company determined that the Joint Venture Company should be accounted for under the equity method. The assets contributed to the Joint Venture Company by the Company were recorded at historical cost. The Company is restating to appropriately reflect the Transactions and associated accounting matters on this Form 10-Q/A. In addition, as part of the Closing, Royal Gold paid the Company $750,000 which was utilized to partially reimburse the Company for costs and expenses incurred in the Transactions. This reimbursement was recorded as revenue in the Original Filing and has been reclassed to a contra expense account in this Form 10-Q/A to more appropriately reflect the nature of the reimbursement. The impact of the restatement on the financial statement line items is shown in the tables below. The changes impacted the financial statements as of and for the three and nine months ended March 31, 2015 and not prior periods. The following table presents the impact of the restatement to the consolidated balance sheet as of March 31, 2015: March 31, 2015 As Reported Adjustment As Restated ASSETS CURRENT ASSETS: Cash $ 2,057,390 $ — $ 2,057,390 Restricted cash 4,985,239 (4,985,239 ) — Prepaid expenses 141,096 — 141,096 Total current assets 7,183,725 (4,985,239 ) 2,198,486 PROPERTY AND EQUIPMENT: Mineral properties 1,208,886 (1,208,886 ) — Accumulated depreciation, depletion and amortization — — — Total property, plant and equipment, net 1,208,886 (1,208,886 ) — OTHER ASSETS: Investment in Peak Gold, LLC — 1,270,860 1,270,860 Other 225,000 (225,000 ) — Total other assets 225,000 1,045,860 1,270,860 TOTAL ASSETS $ 8,617,611 $ (5,148,265 ) $ 3,469,346 LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable $ 171,026 $ (140,502 ) $ 30,524 Accrued liabilities 55,800 (7,763 ) 48,037 Deferred option 5,000,000 (5,000,000 ) — Total current liabilities 5,226,826 (5,148,265 ) 78,561 COMMITMENTS AND CONTINGENCIES (NOTE 13) SHAREHOLDERS’ EQUITY: Common Stock, $0.01 par value, 30,000,000 shares authorized; 3,876,206 shares issued and outstanding at March 31, 2015; 3,805,539 issued and outstanding at June 30, 2014 38,762 — 38,762 Additional paid-in capital 32,844,026 — 32,844,026 Accumulated deficit (29,492,003 ) — (29,492,003 ) SHAREHOLDERS’ EQUITY 3,390,785 — 3,390,785 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 8,617,611 $ (5,148,265 ) $ 3,469,346 The following table represents the impact of the restatement on the consolidated statement of operations for the three and nine months ended March 31, 2015: Three months ended March 31, 2015 Nine months ended March 31, 2015 As Reported Adjustment As Restated As Reported Adjustment As Restated REVENUES Expense reimbursement $ 750,000 $ (750,000 ) $ — $ 750,000 $ (750,000 ) $ — Total revenues 750,000 (750,000 ) — 750,000 (750,000 ) — EXPENSES: Delay rentals and minimum royalties 40,389 — $ 40,389 $ 120,625 $ — $ 120,625 Exploration expense 278,390 (137,988 ) 140,402 492,890 (137,988 ) 354,902 Stock-based compensation expense 127,025 — 127,025 399,068 — 399,068 General and administrative expense 650,382 (25,038 ) 625,344 1,782,023 (25,038 ) 1,756,985 Expense reimbursement — (750,000 ) (750,000 ) — (750,000 ) (750,000 ) Total expenses 1,096,186 (913,026 ) 183,160 2,794,606 (913,026 ) 1,881,580 OTHER EXPENSES Equity loss from Peak Gold, LLC — 163,026 163,026 — 163,026 163,026 NET LOSS $ (346,186 ) $ — $ (346,186 ) $ (2,044,606 ) $ — $ (2,044,606 ) LOSS PER SHARE Basic and diluted $ (0.09 ) — $ (0.09 ) $ (0.53 ) $ — $ (0.53 ) WEIGHTED AVERAGE COMMON SHARES OUTSTANDING Basic and diluted 3,873,506 — 3,873,506 3,832,206 — 3,832,206 The following table represents the impact of the restatement on the consolidated statement of cash flows for the nine months ended March 31, 2015: Nine Months Ended March 31, 2015 As Reported Adjustment As Restated CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (2,044,606 ) $ — $ (2,044,606 ) Adjustments to reconcile net loss to net cash used in operating activities: Stock-based compensation 640,731 — 640,731 Loss from equity investment in Peak Gold, LLC — 163,026 163,026 Changes in operating assets and liabilities: Increase in prepaid expenses (42,190 ) — (42,190 ) Decrease in accounts payable and accrued liabilities 40,193 (148,265 ) (108,072 ) Net cash used for operating activities (1,405,872 ) 14,761 (1,391,111 ) CASH FLOWS FROM FINANCING ACTIVITIES: Restricted cash (4,985,239 ) 4,985,239 — Deferred option 5,000,000 (5,000,000 ) — Net cash provided by financing activities 14,761 (14,761 ) — NET DECREASE IN CASH AND CASH EQUIVALENTS (1,391,111 ) — (1,391,111 ) CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 3,448,501 — 3,448,501 CASH AND CASH EQUIVALENTS, END OF PERIOD $ 2,057,390 $ — $ 2,057,390 NON-CASH INVESTING ACTIVITIES: Assets contributed to Peak Gold, LLC $ — $ 1,433,886 $ 1,433,886 There were no changes to the consolidated statement of shareholders' equity for the nine months ended March 31, 2015. In addition, Note 3 "Summary of Significant Accounting Policies," Note 5 "Costs Incurred," "Note 7 "Other Assets," and Note 10 "Formation of Joint Venture Company" were updated for the restatement adjustments above. |
Costs Incurred
Costs Incurred | 9 Months Ended |
Mar. 31, 2015 | |
Mineral Industries Disclosures [Abstract] | |
Costs Incurred | Costs Incurred Costs to acquire and explore the Original Properties and Additional Properties were as follows: Three Months Ended March 31, Nine Months Ended March 31, 2015 (Restated) 2014 2015 (Restated) 2014 Acquisition of mineral interests $ — $ — $ — $ — Exploration costs, claim rentals, and minimum royalties 180,791 254,174 475,527 6,874,708 Total costs incurred $ 180,791 $ 254,174 $ 475,527 $ 6,874,708 The Tetlin Lease has a ten year term beginning July 2008 with an option to renew for an additional ten years, or so long as the Company initiates and continues conducting mining operations on the Tetlin Lease. Originally, the Tetlin Lease allowed the Company to only renew 50% of the acreage, but in December 2012, the Company paid the Tetlin Village Council $200,000 in exchange for removing this 50% restriction. The Joint Venture Company is now able to renew its entire lease, consisting of 675,000 , acres in July 2018. |
Prepaid Expenses
Prepaid Expenses | 9 Months Ended |
Mar. 31, 2015 | |
Prepaid Expense, Current [Abstract] | |
Prepaid Expenses | Prepaid Expenses The Company has prepaid expenses of $141,096 and $98,906 as of March 31, 2015 and June 30, 2014 , respectively. Prepaid expenses relate to prepaid insurance costs, XBRL filing costs, claim rentals and certain geological consulting services and exploration activities. |
Other Assets
Other Assets | 9 Months Ended |
Mar. 31, 2015 | |
Other Assets [Abstract] | |
Other Assets | Other Assets If the Tetlin Lease is placed into commercial production, the Joint Venture Company would be obligated to pay a production royalty to the Tetlin Village Council, which varies from 2.0% to 5.0% , depending on the type of metal produced and the year of production. In June 2011, the Company paid the Tetlin Village Council $75,000 in exchange for reducing the production royalty payable to them by 0.25% . In July 2011, the Company paid the Tetlin Village Council $150,000 in exchange for further reducing the production royalty by 0.50% . These payments lowered the production royalty payable to a range of 1.25% to 4.25% , depending on the type of metal produced and the year of production. On or before July 15, 2020, the Tetlin Village Council has the option to increase their production royalty by (i) 0.25% by payment to the Joint Venture Company of $150,000 , or (ii) 0.50% by payment to the Joint Venture Company of $300,000 , or (iii) 0.75% by payment to the Joint Venture Company of $450,000 . The Company has classified these payments as “Other Assets” on the consolidated balance sheet of the Company. This asset was included in the assets contributed to the Joint Venture Company upon consummation of the transactions. |
Loss Per Share
Loss Per Share | 9 Months Ended |
Mar. 31, 2015 | |
Earnings Per Share [Abstract] | |
Loss Per Share | . Loss Per Share A reconciliation of the components of basic and diluted net loss per share of common stock is presented below: Three Months Ended March 31, 2015 2014 Loss Weighted Average Shares Loss Per Share Loss Weighted Average Shares Loss Per Basic Loss per Share: Net loss attributable to common stock $ 346,186 3,873,506 $ 0.09 $ 679,524 3,805,539 $ 0.18 Diluted Loss per Share: Net loss attributable to common stock $ 346,186 3,873,506 $ 0.09 $ 679,524 3,805,539 $ 0.18 Nine Months Ended March 31, 2015 2014 Loss Weighted Average Shares Loss Per Share Loss Weighted Average Shares Loss Per Basic Loss per Share: Net loss attributable to common stock $ 2,044,606 3,832,206 $ 0.53 $ 8,471,985 3,774,576 $ 2.24 Diluted Loss per Share: Net loss attributable to common stock $ 2,044,606 3,832,206 $ 0.53 $ 8,471,985 3,774,576 $ 2.24 Options and warrants to purchase 1,675,999 shares of common stock were outstanding as of March 31, 2015 , and options and warrants to purchase 1,692,666 shares of common stock were outstanding as of March 31, 2014 . These options and warrants were not included in the computation of diluted earnings per share for each three and nine month periods ended March 31, 2015 and 2014 because they are anti-dilutive as a result of the Company’s net loss for all periods presented. |
Shareholders' Equity
Shareholders' Equity | 9 Months Ended |
Mar. 31, 2015 | |
Equity [Abstract] | |
Shareholders' Equity | Shareholders’ Equity The Company’s authorized capital stock consists of 30,000,000 shares of common stock and 15,000,000 shares of preferred stock. As of March 31, 2015 , we had 3,876,206 shares of common stock outstanding. The Company also had an additional 59,666 shares of unvested restricted stock and options and warrants to purchase 1,675,999 shares of common stock outstanding as of March 31, 2015. No shares of preferred stock have been issued. The remaining restricted stock outstanding will vest in March 2015 through November 2016. Rights Plan On December 19, 2012, the Company adopted a Rights Plan which was amended on March 21, 2013, September 29, 2014 and on December 18, 2014. Under the terms of the amended Rights Plan, each right (a "Right") will entitle the holder to purchase 1/100 of a share of Series A Junior Preferred Stock of the Company (the “Preferred Stock”) at an exercise price of $80 per share. The Rights will be exercisable and will trade separately from the shares of common stock only if a person or group, other than the Estate of Mr. Kenneth R. Peak, acquires beneficial ownership of 20% or more of the Company's common stock. Under the terms of the Rights Plan, Rights have been distributed as a dividend at the rate of one Right for each share of common stock that was held as of the close of business on December 20, 2012. Stockholders will not receive certificates for the Rights, but the Rights will become part of each share of common stock. An additional Right will be issued along with each share of common stock that is issued or sold by the Company after December 20, 2012. The Rights are scheduled to expire on December 19, 2016. |
Formation of Joint Venture Comp
Formation of Joint Venture Company (Notes) | 9 Months Ended |
Mar. 31, 2015 | |
Formation of Joint Venture Company [Abstract] | |
Formation of Joint Venture Company [Table Text Block] | Formation of Joint Venture Company On January 8, 2015, the Company and Royal Gold, through their wholly-owned subsidiaries, consummated the Transactions contemplated under the Master Agreement, including the formation of a joint venture to advance exploration and development of the Company’s Tetlin Properties, for gold and associated minerals prospects. In connection with the Closing of the Transactions, the Company formed the Joint Venture Company. The Company contributed to the Joint Venture Company its Tetlin properties near Tok, Alaska, together with other property (the “Contributed Assets”) at an agreed value of $45.7 million (the “Contributed Assets Value”). At the Closing, the Company and Royal Gold, through their wholly-owned subsidiaries, entered into a Limited Liability Company Agreement for the Joint Venture Company (the “Joint Venture Company LLC Agreement”). Royal Gold will serve as manager of the Joint Venture Company ("the Manager") and will initially manage, direct, and control the operations of the Joint Venture Company. As a condition to the Closing, the Company and the Tetlin Village Council entered into a Stability Agreement dated October 2, 2014, pursuant to which the Company and the Tetlin Village Council, among other things, acknowledged the continued validity of the Tetlin Lease and all its terms notwithstanding any future change in the status of the Tetlin Village Council or the property subject to the Tetlin Lease. At Closing, Royal Gold, as an initial contribution to the Joint Venture Company, contributed $5 million (the “Royal Gold Initial Contribution”). The Royal Gold Initial Contribution does not entitle Royal Gold to a percentage interest in the Joint Venture Company. Therefore, at Closing, Royal Gold’s percentage interest in the Joint Venture Company equaled 0% and the Company’s percentage interest in the Joint Venture Company equaled 100% . In addition, as part of the Closing, Royal Gold paid the Company $750,000 which was utilized to partially reimburse the Company for costs and expenses incurred in the Transactions and is included as an expense reimbursement on our consolidated statements of operations. The Joint Venture Company's LLC Agreement provides Royal Gold with the right, but not the obligation, to earn a percentage interest in the Joint Venture Company (up to a maximum of 40% ) by making additional contributions of capital to the Joint Venture Company in an aggregate amount equal to $30 million (inclusive of the Royal Gold Initial Contribution of $5 million ) during the period beginning on the Closing and ending on October 31, 2018. If Royal Gold funds its full $30 million investment by October 31, 2018, it will receive a 40% interest in the Joint Venture Company, and the Company will retain a 60% interest in the Joint Venture Company. The proceeds of Royal Gold’s contributions to the Joint Venture Company (including the Royal Gold Initial Contribution) will be used by the Joint Venture Company to fund further exploration activities on the Tetlin Properties included in the Contributed Assets. Other than the Royal Gold's Initial Contribution, Royal Gold is not under any obligation to make capital contributions, to the Joint Venture Company by October 31, 2018 or thereafter. If Royal Gold does not make any additional capital contributions to the Joint Venture Company by October 31, 2018, and assuming there are no other new investors in the Joint Venture Company, the Company’s percentage interest in the Joint Venture Company would continue to be 100% and Royal Gold will be deemed to have resigned as a member of the Joint Venture Company effective as of October 31, 2018. Both the Company and Royal Gold will have the right to transfer each of their respective percentage interests in the Joint Venture Company to a third party, subject to certain terms and conditions set forth in the Joint Venture Company's LLC Agreement. If either member intends to transfer all or part of its percentage interest to a bona fide third party, the other member will have the right to require the transferring member to include in the intended transfer the other member’s proportionate share of its percentage interests at the same purchase price and terms and conditions. Once Royal Gold has earned a 40% interest in the Joint Venture Company, it will have the additional right to require the Company to sell up to 20% of the Company’s interest in the Joint Venture Company in a sale of Royal Gold’s entire 40% interest to a bona fide third party purchaser. If Royal Gold exercises this right, the Company will be obligated to sell the relevant portion of its percentage interest to a bona fide third party on the same terms and conditions as the interest being sold by Royal Gold. After October 31, 2018, or such earlier time as Royal Gold has earned a 40% interest in the Joint Venture Company, the members will contribute funds to approved programs and budgets in proportion to their respective percentage interests in the Joint Venture Company. If a member elects not to contribute to an approved program and budget or elects to contribute less than its proportionate interest, its percentage interest will be recalculated by dividing (i) the sum of (a) the value of its initial contribution plus (b) the total of all of its capital contributions plus (c) the amount of the capital contribution it elects to fund, by (ii) the sum of (a), (b) and (c) above for both members multiplied by 100. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Mar. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Mr. Brad Juneau, the Company's Chairman, President and Chief Executive Officer, is also the sole manager of JEX, a private company involved in the exploration and production of oil and natural gas. JEX was responsible for securing and negotiating the Tetlin Lease and assisting in obtaining the Original Properties and initially engaged Avalon to conduct mineral exploration activities on the Tetlin Lease. In agreeing to transfer its interests in the Original Properties to Contango Mining, a predecessor of the Company, JEX retained a 3.0% overriding royalty interest in the Original Properties transferred. In September 2012, the Company and JEX entered into an Advisory Agreement in which JEX provided assistance in acquiring additional properties in Alaska in exchange for a production royalty of 2.0% on properties acquired after July 1, 2012. On September 29, 2014, pursuant to a Royalty Purchase Agreement between JEX and Royal Gold (the “Royalty Purchase Agreement”), JEX sold its entire overriding royalty interest in the Original Properties and the Additional Properties to Royal Gold. On the same date, the Company terminated its Advisory Agreement with JEX. The Company currently subleases office space from JEX at 3700 Buffalo Speedway, Ste 925, Houston, TX 77098 for approximately $11,000 per quarter. |
Stock Based Compensation
Stock Based Compensation | 9 Months Ended |
Mar. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Based Compensation | Stock-Based Compensation On September 15, 2010, the Company’s Board of Directors (the “Board”) adopted the Contango ORE, Inc. Equity Compensation Plan (the “2010 Plan”). Under the 2010 Plan, the Board may issue up to 1,000,000 shares of common stock and options to officers, directors, employees or consultants of the Company. Awards made under the 2010 Plan are subject to such restrictions, terms and conditions, including forfeitures, if any, as may be determined by the Board. As of March 31, 2015 , there were 59,666 shares of unvested restricted common stock outstanding and options to purchase 445,000 shares of common stock outstanding issued under the 2010 Plan. Stock-based compensation expense for the periods reflected was as follows: Three Months Ended March 31, Nine Months Ended March 31, 2015 2014 2015 2014 Stock-based compensation included in: Exploration expense (1) $ 136,429 $ 69,625 $ 241,663 296,571 Stock-based compensation expense (2) 127,025 122,951 399,068 689,746 Total stock-based compensation expense $ 263,454 $ 192,576 $ 640,731 $ 986,317 (1) Related to restricted stock and stock option awards to a former technical consultant. (2) Related to restricted stock and stock option awards to the Company’s directors and employees. The amount of compensation expense recognized does not reflect compensation actually received by the individuals, but rather represents the amount recognized by the Company in accordance with GAAP. Restricted Stock. In November 2010, the Company granted 70,429 restricted shares of common stock to its officers and directors and an additional 23,477 restricted shares to a former technical consultant. All of the restricted stock from this grant was fully vested as of March 31, 2015 . In December 2013, the Company's directors, executive officers and a former technical consultant were granted an aggregate of 95,000 shares of restricted stock. The restricted stock vests over two years, beginning with one-third vesting on the date of grant. In November 2014, the Company granted 27,000 restricted shares of common stock to its employees. The restricted stock vests over two years, beginning with one-third vesting on the date of grant. As of March 31, 2015 , there were 18,000 shares of such restricted stock that remained unvested. As of March 31, 2015, there were 21,666 shares of such restricted stock that remained unvested. In January 2015, the Company granted an aggregate of 30,000 restricted shares of common stock to two of its non-employee directors, 10,000 shares vested immediately and the remaining two-thirds will vest equally over two years. In addition, the Company granted 10,000 restricted shares of common stock to a former technical consultant which vested immediately. The Compensation Committee also elected to immediately vest all of the stock options and restricted stock previously issued to the former technical consultant. As of March 31, 2015, there were 20,000 shares of such restricted stock that remained unvested. As of March 31, 2015 , the total compensation cost related to unvested awards not yet recognized was $311,710 . The remaining costs will be recognized over the remaining vesting period of the awards. Stock Options. The option awards listed in the table below have been granted to directors, officers, employees and consultants of the Company: Option Awards Period Granted Options Granted Weighted Average Exercise Price Vesting Period (7) Expiration Date September 2011 (1) 50,000 $13.13 Vests over two years, beginning with one-third on the grant date. September 2016 July 2012 (2) 100,000 $10.25 Vests over two years, beginning with one-third on the grant date. July 2017 December 2012 (3) 250,000 $10.20 Vests over two years, beginning with one-third on the grant date. December 2017 June 2013 (4) 37,500 $10.00 Vested Immediately June 2018 July 2013 (5) 5,000 $10.00 Vested Immediately July 2018 September 2013 (6) 37,500 $10.01 Vested Immediately September 2018 September 2013 (6) 15,000 $10.01 Vests over two years, beginning with one-third on the grant date. September 2018 (1) The Company granted 40,000 stock options to its directors and officers and an additional 10,000 stock options to a former technical consultant, for services performed during fiscal year 2011. (2) The Company granted 75,000 stock options to its directors and officers and an additional 25,000 stock options to a former technical consultant for services performed during fiscal year 2012. (3) The Company granted 175,000 stock options to its directors and an additional 75,000 stock options to a former technical consultant for services performed during fiscal year 2013. (4) The Company granted 37,500 stock options to its employees for services performed during fiscal year 2013. (5) The Company granted 5,000 stock options to an employee of Avalon for services performed during fiscal year 2013. (6) The Company granted 52,500 stock options to its employees for services performed during the first quarter of fiscal year 2014. (7) If at any time there occurs a change of control, as defined in the 2010 Plan, any options that are unvested at that time will immediately vest. The Company's Compensation Committee has determined that the Transactions do not constitute a change of control under the 2010 Plan. The Company applies the fair value method to account for stock option expense. Under this method, cash flows from the exercise of stock options resulting from tax benefits in excess of recognized cumulative compensation cost (excess tax benefits) are classified as financing cash flows. See Note 3 – Summary of Significant Accounting Policies. All employee stock option grants are expensed over the stock option’s vesting period based on the fair value at the date the options are granted. The fair value of each option is estimated as of the date of grant using the Black-Scholes options-pricing model. As of March 31, 2015 , the stock options had a weighted-average remaining life of approximately 3 years. The total compensation cost related to unvested options not yet recognized as of March 31, 2015 was $10,348 . A summary of the status of stock options granted under the 2010 Plan as of March 31, 2015 and changes during the nine months then ended, is presented in the table below: Nine Months Ended March 31, 2015 Shares Under Options Weighted Average Exercise Price Outstanding, June 30, 2014 445,000 $10.41 Granted — — Exercised — — Forfeited — — Outstanding, March 31, 2015 445,000 $10.41 Aggregate intrinsic value $ — Exercisable, end of period 440,000 $10.42 Aggregate intrinsic value $ — Available for grant, end of period 299,094 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Tetlin Lease . The Tetlin Lease has a ten year term beginning July 2008 with an option to renew for an additional ten years, or so long as the Joint Venture Company initiates and continues to conduct mining operations on the Tetlin Lease. Originally, the Tetlin Lease allowed the Joint Venture Company to only renew 50% of the acreage, but in December 2012, the Joint Venture Company paid the Tetlin Village Council $200,000 in exchange for removing this 50% restriction. The Joint Venture Company is now able to renew all 675,000 acres in 2018. The Tetlin Lease is the Company's only material property. Pursuant to the terms of the Tetlin Lease, the Joint Venture Company is required to spend $350,000 per year in exploration costs until July 15, 2018. However, because exploration funds spent in any year in excess of $350,000 are credited toward future years’ exploration cost requirements, the Joint Venture Company’s exploration expenditures to date have already satisfied this work commitment requirement for the full lease term, through 2018. Additionally, should the Joint Venture Company derive revenues from the properties covered under the Tetlin Lease, the Joint Venture Company is required to pay the Tetlin Village Council a production royalty ranging from 2.0% to 5.0% , depending on the type of metal produced and the year of production. As of March 31, 2015 , the Joint Venture Company has paid the Tetlin Village Council an aggregate of $225,000 in exchange for reducing the production royalty payable to it by 0.75% . These payments lowered the production royalty to a range of 1.25% to 4.25% . On or before July 15, 2020, the Tetlin Village Council has the option to increase its production royalty by (i) 0.25% by payment to the Joint Venture Company of $150,000 (ii) 0.50% by payment to the Joint Venture Company of $300,000 , or (iii) 0.75% by payment to the Joint Venture Company of $450,000 . Until such time as production royalties begin, the Joint Venture Company pays the Tetlin Village Council an advance minimum royalty each year. On July 15, 2012, the advance minimum royalty increased from $50,000 to $75,000 per year, and after July 15, 2013, the advance minimum royalty is escalated by an inflation adjustment. As of March 31, 2015, the Joint Venture Company had prepaid $40,000 of the $75,000 advance minimum royalty that is due to the Tetlin Village Council on July 15, 2015. Gold Exploration. The Joint Venture Company’s Triple Z, TOK/Tetlin, Eagle, Bush and ADC 2 claims are all located on state of Alaska lands. The annual claim rentals on these projects total 94,815 per year, and are due and payable in full by November 30 of each year. The Joint Venture Company has met the annual labor requirements for the state of Alaska acreage for the next four years, which is the maximum time allowable by Alaska law. Royal Gold Royalties . Pursuant to the Royalty Purchase Agreement, the Joint Venture Company will pay Royal Gold an overriding royalty of 3.0% should the Joint Venture Company derive revenues from any of the Original Properties and an overriding royalty of 2.0% should the Joint Venture Company derive revenues from any of the Additional Properties. |
Summary of Significant Accoun20
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Management Estimates | Management Estimates. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Cash Equivalents | Cash Equivalents. Cash equivalents are considered to be highly liquid securities having an original maturity of 90 days or less at the date of acquisition. |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | . |
Capitalized Costs | Mineral Properties. The amount capitalized includes costs paid to acquire mineral property interests as well as the costs paid for federal and state of Alaska unpatented mining claims. Exploration costs are expensed as incurred. Development costs are expensed as incurred until the Company obtains proven and probable reserves within its commercially minable properties. Costs of abandoned projects are charged to earnings upon abandonment. Any properties determined to be impaired are written-down to their estimated fair value. The Company periodically evaluates whether events or changes in circumstances indicate that the carrying value of mineral property interests and any related property, plant and equipment may not be recoverable. |
Stock-Based Compensation | Stock-Based Compensation . The Company applies the fair value method of accounting for stock-based compensation. Under this method, compensation cost is measured at the grant date based on the fair value of the award and is recognized over the award vesting period. The Company classifies the benefits of tax deductions in excess of the compensation cost recognized for the options (excess tax benefit) as financing cash flows. The fair value of each award is estimated as of the date of grant using the Black-Scholes option-pricing model. |
Income Taxes | Income Taxes. The Company follows the liability method of accounting for income taxes under which deferred tax assets and liabilities are recognized for the future tax consequences of (i) temporary differences between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements and (ii) operating loss and tax credit carry-forwards for tax purposes. Deferred tax assets are reduced by a valuation allowance when, based upon management’s estimates, it is more likely than not that a portion of the deferred tax assets will not be realized in a future period. The Company recognized a full valuation allowance as of March 31, 2015 and June 30, 2014 and has not recognized any tax provision or benefit for any of the periods. The Company reviews its tax positions quarterly for tax uncertainties. The Company did not have any uncertain tax positions as of March 31, 2015 or June 30, 2014 . |
Consolidation, Subsidiaries or Other Investments, Consolidated Entities, Policy [Policy Text Block] | |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements. The Financial Accounting Standards Board (“FASB”) has issued Accounting Standards Update (“ASU”) No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. The amendments in this ASU require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this ASU. The amendments are effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The FASB has issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis , which is intended to improve targeted areas of consolidation guidance for legal entities such as limited partnerships, limited liability corporations, and securitization structures (collateralized debt obligations, collateralized loan obligations, and mortgage-backed security transactions). The ASU focuses on the consolidation evaluation for reporting organizations (public and private companies and not-for-profit organizations) that are required to evaluate whether they should consolidate certain legal entities. The ASU will be effective for annual periods beginning after December 15, 2016; and for interim periods, within those fiscal years. The FASB has issued ASU No. 2015-01, Income Statement - Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items. This ASU eliminates from U.S. GAAP the concept of extraordinary items. Subtopic 225-20, Income Statement - Extraordinary and Unusual Items , required that an entity separately classify, present, and disclose extraordinary events and transactions. The amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. The Company has evaluated all other recent accounting pronouncements and believes that none of them will have a significant effect on the Company’s consolidated financial statements. |
Restatement of Previoulsy Iss21
Restatement of Previoulsy Issued Financial Statements (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Balance Sheet Restatement [Table Text Block] | The following table presents the impact of the restatement to the consolidated balance sheet as of March 31, 2015: March 31, 2015 As Reported Adjustment As Restated ASSETS CURRENT ASSETS: Cash $ 2,057,390 $ — $ 2,057,390 Restricted cash 4,985,239 (4,985,239 ) — Prepaid expenses 141,096 — 141,096 Total current assets 7,183,725 (4,985,239 ) 2,198,486 PROPERTY AND EQUIPMENT: Mineral properties 1,208,886 (1,208,886 ) — Accumulated depreciation, depletion and amortization — — — Total property, plant and equipment, net 1,208,886 (1,208,886 ) — OTHER ASSETS: Investment in Peak Gold, LLC — 1,270,860 1,270,860 Other 225,000 (225,000 ) — Total other assets 225,000 1,045,860 1,270,860 TOTAL ASSETS $ 8,617,611 $ (5,148,265 ) $ 3,469,346 LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable $ 171,026 $ (140,502 ) $ 30,524 Accrued liabilities 55,800 (7,763 ) 48,037 Deferred option 5,000,000 (5,000,000 ) — Total current liabilities 5,226,826 (5,148,265 ) 78,561 COMMITMENTS AND CONTINGENCIES (NOTE 13) SHAREHOLDERS’ EQUITY: Common Stock, $0.01 par value, 30,000,000 shares authorized; 3,876,206 shares issued and outstanding at March 31, 2015; 3,805,539 issued and outstanding at June 30, 2014 38,762 — 38,762 Additional paid-in capital 32,844,026 — 32,844,026 Accumulated deficit (29,492,003 ) — (29,492,003 ) SHAREHOLDERS’ EQUITY 3,390,785 — 3,390,785 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 8,617,611 $ (5,148,265 ) $ 3,469,346 |
Income Statement Restatement [Table Text Block] | The following table represents the impact of the restatement on the consolidated statement of operations for the three and nine months ended March 31, 2015: Three months ended March 31, 2015 Nine months ended March 31, 2015 As Reported Adjustment As Restated As Reported Adjustment As Restated REVENUES Expense reimbursement $ 750,000 $ (750,000 ) $ — $ 750,000 $ (750,000 ) $ — Total revenues 750,000 (750,000 ) — 750,000 (750,000 ) — EXPENSES: Delay rentals and minimum royalties 40,389 — $ 40,389 $ 120,625 $ — $ 120,625 Exploration expense 278,390 (137,988 ) 140,402 492,890 (137,988 ) 354,902 Stock-based compensation expense 127,025 — 127,025 399,068 — 399,068 General and administrative expense 650,382 (25,038 ) 625,344 1,782,023 (25,038 ) 1,756,985 Expense reimbursement — (750,000 ) (750,000 ) — (750,000 ) (750,000 ) Total expenses 1,096,186 (913,026 ) 183,160 2,794,606 (913,026 ) 1,881,580 OTHER EXPENSES Equity loss from Peak Gold, LLC — 163,026 163,026 — 163,026 163,026 NET LOSS $ (346,186 ) $ — $ (346,186 ) $ (2,044,606 ) $ — $ (2,044,606 ) LOSS PER SHARE Basic and diluted $ (0.09 ) — $ (0.09 ) $ (0.53 ) $ — $ (0.53 ) WEIGHTED AVERAGE COMMON SHARES OUTSTANDING Basic and diluted 3,873,506 — 3,873,506 3,832,206 — 3,832,206 |
Cash Flow Statement Restatement [Table Text Block] | The following table represents the impact of the restatement on the consolidated statement of cash flows for the nine months ended March 31, 2015: Nine Months Ended March 31, 2015 As Reported Adjustment As Restated CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (2,044,606 ) $ — $ (2,044,606 ) Adjustments to reconcile net loss to net cash used in operating activities: Stock-based compensation 640,731 — 640,731 Loss from equity investment in Peak Gold, LLC — 163,026 163,026 Changes in operating assets and liabilities: Increase in prepaid expenses (42,190 ) — (42,190 ) Decrease in accounts payable and accrued liabilities 40,193 (148,265 ) (108,072 ) Net cash used for operating activities (1,405,872 ) 14,761 (1,391,111 ) CASH FLOWS FROM FINANCING ACTIVITIES: Restricted cash (4,985,239 ) 4,985,239 — Deferred option 5,000,000 (5,000,000 ) — Net cash provided by financing activities 14,761 (14,761 ) — NET DECREASE IN CASH AND CASH EQUIVALENTS (1,391,111 ) — (1,391,111 ) CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 3,448,501 — 3,448,501 CASH AND CASH EQUIVALENTS, END OF PERIOD $ 2,057,390 $ — $ 2,057,390 NON-CASH INVESTING ACTIVITIES: Assets contributed to Peak Gold, LLC $ — $ 1,433,886 $ 1,433,886 |
Costs Incurred (Tables)
Costs Incurred (Tables) | 9 Months Ended |
Mar. 31, 2015 | |
Mineral Industries Disclosures [Abstract] | |
Costs to Acquire and Explore the Properties | Costs to acquire and explore the Original Properties and Additional Properties were as follows: Three Months Ended March 31, Nine Months Ended March 31, 2015 (Restated) 2014 2015 (Restated) 2014 Acquisition of mineral interests $ — $ — $ — $ — Exploration costs, claim rentals, and minimum royalties 180,791 254,174 475,527 6,874,708 Total costs incurred $ 180,791 $ 254,174 $ 475,527 $ 6,874,708 |
Loss Per Share (Tables)
Loss Per Share (Tables) | 9 Months Ended |
Mar. 31, 2015 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Net Loss Per Share of Common Stock | A reconciliation of the components of basic and diluted net loss per share of common stock is presented below: Three Months Ended March 31, 2015 2014 Loss Weighted Average Shares Loss Per Share Loss Weighted Average Shares Loss Per Basic Loss per Share: Net loss attributable to common stock $ 346,186 3,873,506 $ 0.09 $ 679,524 3,805,539 $ 0.18 Diluted Loss per Share: Net loss attributable to common stock $ 346,186 3,873,506 $ 0.09 $ 679,524 3,805,539 $ 0.18 Nine Months Ended March 31, 2015 2014 Loss Weighted Average Shares Loss Per Share Loss Weighted Average Shares Loss Per Basic Loss per Share: Net loss attributable to common stock $ 2,044,606 3,832,206 $ 0.53 $ 8,471,985 3,774,576 $ 2.24 Diluted Loss per Share: Net loss attributable to common stock $ 2,044,606 3,832,206 $ 0.53 $ 8,471,985 3,774,576 $ 2.24 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 9 Months Ended |
Mar. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock-based Compensation Expense, Allocation of Recognized Period Costs | Stock-based compensation expense for the periods reflected was as follows: Three Months Ended March 31, Nine Months Ended March 31, 2015 2014 2015 2014 Stock-based compensation included in: Exploration expense (1) $ 136,429 $ 69,625 $ 241,663 296,571 Stock-based compensation expense (2) 127,025 122,951 399,068 689,746 Total stock-based compensation expense $ 263,454 $ 192,576 $ 640,731 $ 986,317 (1) Related to restricted stock and stock option awards to a former technical consultant. (2) Related to restricted stock and stock option awards to the Company’s directors and employees. |
Schedule of Restricted Stock and Stock Options | Stock Options. The option awards listed in the table below have been granted to directors, officers, employees and consultants of the Company: Option Awards Period Granted Options Granted Weighted Average Exercise Price Vesting Period (7) Expiration Date September 2011 (1) 50,000 $13.13 Vests over two years, beginning with one-third on the grant date. September 2016 July 2012 (2) 100,000 $10.25 Vests over two years, beginning with one-third on the grant date. July 2017 December 2012 (3) 250,000 $10.20 Vests over two years, beginning with one-third on the grant date. December 2017 June 2013 (4) 37,500 $10.00 Vested Immediately June 2018 July 2013 (5) 5,000 $10.00 Vested Immediately July 2018 September 2013 (6) 37,500 $10.01 Vested Immediately September 2018 September 2013 (6) 15,000 $10.01 Vests over two years, beginning with one-third on the grant date. September 2018 (1) The Company granted 40,000 stock options to its directors and officers and an additional 10,000 stock options to a former technical consultant, for services performed during fiscal year 2011. (2) The Company granted 75,000 stock options to its directors and officers and an additional 25,000 stock options to a former technical consultant for services performed during fiscal year 2012. (3) The Company granted 175,000 stock options to its directors and an additional 75,000 stock options to a former technical consultant for services performed during fiscal year 2013. (4) The Company granted 37,500 stock options to its employees for services performed during fiscal year 2013. (5) The Company granted 5,000 stock options to an employee of Avalon for services performed during fiscal year 2013. (6) The Company granted 52,500 stock options to its employees for services performed during the first quarter of fiscal year 2014. (7) If at any time there occurs a change of control, as defined in the 2010 Plan, any options that are unvested at that time will immediately vest. |
2010 Plan [Member] | Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | A summary of the status of stock options granted under the 2010 Plan as of March 31, 2015 and changes during the nine months then ended, is presented in the table below: Nine Months Ended March 31, 2015 Shares Under Options Weighted Average Exercise Price Outstanding, June 30, 2014 445,000 $10.41 Granted — — Exercised — — Forfeited — — Outstanding, March 31, 2015 445,000 $10.41 Aggregate intrinsic value $ — Exercisable, end of period 440,000 $10.42 Aggregate intrinsic value $ — Available for grant, end of period 299,094 |
Organization and Business (Deta
Organization and Business (Details) shares in Millions, $ in Millions | Nov. 29, 2010USD ($)ashares | Mar. 31, 2015a | Oct. 31, 2018USD ($) | Jan. 08, 2015USD ($) | Sep. 29, 2014 |
Subsidiary shares issued | shares | 1.6 | ||||
Acreage of Unpatented Mining Claims-Alaska | 71,896 | ||||
Royal Gold initial investment | $ | $ 5 | ||||
Royal Gold percentage of interest in Joint Venture | 0.00% | ||||
Contango's percentage of interest in Joint Venture Company | 100.00% | ||||
royalgoldjointventure | $ | $ 30 | ||||
joint adventure economic interest | 40.00% | ||||
additional new mining claims-state of Alaska | 59 | ||||
unpatented mining claims-Eagle | 9,439 | ||||
Native Village of Tetlin Land [Member] | |||||
Percentage of Leasehold Interest | 100.00% | ||||
Leasehold Interest Acreage | 675,000 | ||||
Initial and Renewal Terms of Leases and Concessions on Undeveloped Acreage | 10 years | ||||
Contango [Member] | |||||
Parent contribution | $ | $ 3.5 | ||||
JEX [Member] | |||||
Overriding royalty interest | 3.00% | ||||
JEX [Member] | ALASKA | |||||
the number of unpatented state of Alaska mining claims | 474 | ||||
Overriding royalty interest | 2.00% | 2.00% | |||
Unpatented Mining Claims from the State of Alaska for Gold and Minerals [Member] | |||||
Acreage of Unpatented Mining Claims | 18,021 |
Summary of Significant Accoun26
Summary of Significant Accounting Policies (Details) - USD ($) $ / shares in Units, $ in Millions | Mar. 31, 2015 | Jan. 08, 2015 | Jun. 30, 2014 |
Jointly Owned Utility Plant Interests [Line Items] | |||
Royal Gold initial investment | $ 5 | ||
Contango's percentage of interest in Joint Venture Company | 100.00% | ||
Common stock, shares authorized | 30,000,000 | 30,000,000 | |
Common stock, par value | $ 0.01 | $ 0.01 | |
Common stock, shares issued | 3,876,206 | 3,805,539 | |
Common stock, shares outstanding | 3,876,206 | 3,805,539 |
Restatement of Previoulsy Iss27
Restatement of Previoulsy Issued Financial Statements (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2015 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Jun. 30, 2015 | Jan. 08, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||
Cash | $ 2,057,390 | $ 3,942,491 | $ 2,057,390 | $ 3,942,491 | $ 3,448,501 | $ 13,027,932 | |||
Royal Gold initial investment | $ 5,000,000 | ||||||||
Prepaid Expense, Current | 141,096 | 141,096 | 98,906 | ||||||
Assets, Current | 2,198,486 | 2,198,486 | 3,547,407 | ||||||
Mineral Properties, Gross | 0 | 0 | 1,208,886 | ||||||
Mineral Properties, Accumulated Depletion | 0 | 0 | 0 | ||||||
Mineral Properties, Net | 0 | 0 | 1,208,886 | ||||||
Equity Method Investments | 1,270,860 | 1,270,860 | 0 | ||||||
Other Assets, Miscellaneous, Noncurrent | 0 | 0 | 225,000 | ||||||
Other Assets, Noncurrent | 1,270,860 | 1,270,860 | 225,000 | ||||||
Assets | 3,469,346 | 3,469,346 | 4,981,293 | ||||||
Accounts Payable, Current | 30,524 | 30,524 | 140,133 | ||||||
Accrued Liabilities, Current | 48,037 | 48,037 | 46,500 | ||||||
Liabilities, Current | 78,561 | 78,561 | 186,633 | ||||||
Common Stock, $0.01 par value, 30,000,000 shares authorized; 3,876,206 shares issued and outstanding at March 31, 2015; 3,805,539 shares issued and outstanding at June 30, 2014 | 38,762 | 38,762 | 38,055 | ||||||
Additional Paid in Capital, Common Stock | 32,844,026 | 32,844,026 | 32,204,002 | ||||||
Accumulated deficit during exploration stage | (29,492,003) | (29,492,003) | (27,447,397) | ||||||
Stockholders' Equity Attributable to Parent | 3,390,785 | 3,390,785 | 4,794,660 | ||||||
Claim rentals and minimum royalties | 40,389 | 39,576 | 120,625 | 139,820 | |||||
Exploration Expense, Mining | 140,402 | 214,598 | 354,902 | 6,734,888 | |||||
Stock-based compensation expense | 127,025 | 122,951 | 399,068 | 689,747 | |||||
General and administrative expenses | 625,344 | 302,399 | 1,756,985 | 907,530 | |||||
Expense reimbursement | 750,000 | 0 | 750,000 | 0 | |||||
Costs and Expenses | 183,160 | 679,524 | 1,881,580 | 8,471,985 | |||||
Income (Loss) from Equity Method Investments | (163,026) | 0 | (163,026) | 0 | |||||
Net Income (Loss) Attributable to Parent | $ (346,186) | $ (679,524) | (2,044,606) | (8,471,985) | |||||
Stock-based compensation | $ 640,731 | $ 986,317 | |||||||
Earnings Per Share, Basic and Diluted | $ 0.09 | $ 0.18 | $ 0.53 | $ 2.24 | |||||
Weighted Average Number of Shares Outstanding, Basic and Diluted | 3,873,506 | 3,805,539 | 3,832,206 | 3,774,576 | |||||
Increase (Decrease) in Prepaid Expense | $ 42,190 | $ (7,767) | |||||||
Increase (Decrease) in Accounts Payable and Accrued Liabilities | (108,072) | (1,607,540) | |||||||
Net Cash Provided by (Used in) Operating Activities | (1,391,111) | (9,085,441) | |||||||
Liabilities and Equity | $ 3,469,346 | 3,469,346 | 4,981,293 | ||||||
Cash and Cash Equivalents, Period Increase (Decrease) | (1,391,111) | $ (9,085,441) | |||||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 1,400,000 | 1,400,000 | |||||||
Reported Value Measurement [Member] | |||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||
Proceeds from Other Debt | 5,000,000 | ||||||||
Net Cash Provided by (Used in) Financing Activities | 14,761 | ||||||||
Reimbursement Revenue | 750,000 | 750,000 | |||||||
Revenue, Net | 750,000 | 750,000 | |||||||
Cash | 2,057,390 | 2,057,390 | 3,448,501 | ||||||
Restricted Cash and Investments | 4,985,239 | 4,985,239 | |||||||
Prepaid Expense, Current | 141,096 | 141,096 | |||||||
Assets, Current | 7,183,725 | 7,183,725 | |||||||
Mineral Properties, Gross | 1,208,886 | 1,208,886 | |||||||
Mineral Properties, Accumulated Depletion | 0 | 0 | |||||||
Mineral Properties, Net | 1,208,886 | 1,208,886 | |||||||
Equity Method Investments | 0 | 0 | |||||||
Other Assets, Miscellaneous, Noncurrent | 225,000 | 225,000 | |||||||
Other Assets, Noncurrent | 225,000 | 225,000 | |||||||
Assets | 8,617,611 | 8,617,611 | |||||||
Accounts Payable, Current | 171,026 | 171,026 | |||||||
Accrued Liabilities, Current | 55,800 | 55,800 | |||||||
deferred liability | 5,000,000 | 5,000,000 | |||||||
Liabilities, Current | 5,226,826 | 5,226,826 | |||||||
Common Stock, $0.01 par value, 30,000,000 shares authorized; 3,876,206 shares issued and outstanding at March 31, 2015; 3,805,539 shares issued and outstanding at June 30, 2014 | 38,762 | 38,762 | |||||||
Additional Paid in Capital, Common Stock | 32,844,026 | 32,844,026 | |||||||
Accumulated deficit during exploration stage | (29,492,003) | (29,492,003) | |||||||
Stockholders' Equity Attributable to Parent | 3,390,785 | 3,390,785 | |||||||
Claim rentals and minimum royalties | 40,389 | 120,625 | |||||||
Exploration Expense, Mining | 278,390 | 492,890 | |||||||
Stock-based compensation expense | 127,025 | 399,068 | |||||||
General and administrative expenses | 650,382 | 1,782,023 | |||||||
Expense reimbursement | $ 0 | $ 0 | |||||||
Costs and Expenses | 1,096,186 | 2,794,606 | |||||||
Income (Loss) from Equity Method Investments | 0 | 0 | |||||||
Net Income (Loss) Attributable to Parent | $ (346,186) | (2,044,606) | |||||||
Stock-based compensation | $ 640,731 | ||||||||
Earnings Per Share, Basic and Diluted | $ (0.09) | $ (0.53) | |||||||
Weighted Average Number of Shares Outstanding, Basic and Diluted | 3,873,506 | 3,832,206 | |||||||
Increase (Decrease) in Prepaid Expense | $ 42,190 | ||||||||
Increase (Decrease) in Accounts Payable and Accrued Liabilities | 40,193 | ||||||||
Net Cash Provided by (Used in) Operating Activities | (1,405,872) | ||||||||
Proceeds from (Repayments of) Restricted Cash, Financing Activities | (4,985,239) | ||||||||
Liabilities and Equity | $ 8,617,611 | 8,617,611 | |||||||
Cash and Cash Equivalents, Period Increase (Decrease) | (1,391,111) | ||||||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 0 | 0 | |||||||
Adjustments for Error Correction [Domain] | |||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||
Proceeds from Other Debt | (5,000,000) | ||||||||
Net Cash Provided by (Used in) Financing Activities | (14,761) | ||||||||
Reimbursement Revenue | (750,000) | (750,000) | |||||||
Revenue, Net | (750,000) | (750,000) | |||||||
Cash | 0 | 0 | 0 | ||||||
Restricted Cash and Investments | (4,985,239) | (4,985,239) | |||||||
Assets, Current | (4,985,239) | (4,985,239) | |||||||
Mineral Properties, Gross | (1,208,886) | (1,208,886) | |||||||
Mineral Properties, Accumulated Depletion | 0 | 0 | |||||||
Mineral Properties, Net | (1,208,886) | (1,208,886) | |||||||
Equity Method Investments | 1,270,860 | 1,270,860 | |||||||
Other Assets, Miscellaneous, Noncurrent | (225,000) | (225,000) | |||||||
Other Assets, Noncurrent | 1,045,860 | 1,045,860 | |||||||
Assets | (5,148,265) | (5,148,265) | |||||||
Accounts Payable, Current | (140,502) | (140,502) | |||||||
Accrued Liabilities, Current | (7,763) | (7,763) | |||||||
deferred liability | (5,000,000) | (5,000,000) | |||||||
Liabilities, Current | (5,148,265) | (5,148,265) | |||||||
Common Stock, $0.01 par value, 30,000,000 shares authorized; 3,876,206 shares issued and outstanding at March 31, 2015; 3,805,539 shares issued and outstanding at June 30, 2014 | 0 | 0 | |||||||
Additional Paid in Capital, Common Stock | 0 | 0 | |||||||
Accumulated deficit during exploration stage | 0 | 0 | |||||||
Stockholders' Equity Attributable to Parent | 0 | 0 | |||||||
Claim rentals and minimum royalties | 0 | 0 | |||||||
Exploration Expense, Mining | (137,988) | (137,988) | |||||||
Stock-based compensation expense | 0 | 0 | |||||||
General and administrative expenses | (25,038) | (25,038) | |||||||
Expense reimbursement | (750,000) | (750,000) | |||||||
Costs and Expenses | (913,026) | (913,026) | |||||||
Income (Loss) from Equity Method Investments | 163,026 | 163,026 | |||||||
Net Income (Loss) Attributable to Parent | $ 0 | 0 | |||||||
Stock-based compensation | $ 0 | ||||||||
Earnings Per Share, Basic and Diluted | $ 0 | $ 0 | |||||||
Weighted Average Number of Shares Outstanding, Basic and Diluted | 0 | 0 | |||||||
Increase (Decrease) in Prepaid Expense | $ 0 | ||||||||
Increase (Decrease) in Accounts Payable and Accrued Liabilities | (148,265) | ||||||||
Net Cash Provided by (Used in) Operating Activities | 14,761 | ||||||||
Proceeds from (Repayments of) Restricted Cash, Financing Activities | 4,985,239 | ||||||||
Liabilities and Equity | $ (5,148,265) | (5,148,265) | |||||||
Cash and Cash Equivalents, Period Increase (Decrease) | 0 | ||||||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 1,400,000 | 1,400,000 | |||||||
Restatement Adjustment [Member] | |||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||
Proceeds from Other Debt | 0 | ||||||||
Net Cash Provided by (Used in) Financing Activities | 0 | ||||||||
Reimbursement Revenue | 0 | 0 | |||||||
Revenue, Net | 0 | 0 | |||||||
Cash | 2,057,390 | 2,057,390 | $ 3,448,501 | ||||||
Restricted Cash and Investments | 0 | 0 | |||||||
Prepaid Expense, Current | 141,096 | 141,096 | |||||||
Assets, Current | 2,198,486 | 2,198,486 | |||||||
Mineral Properties, Gross | 0 | 0 | |||||||
Mineral Properties, Accumulated Depletion | 0 | 0 | |||||||
Mineral Properties, Net | 0 | 0 | |||||||
Equity Method Investments | 1,270,860 | 1,270,860 | |||||||
Other Assets, Miscellaneous, Noncurrent | 0 | 0 | |||||||
Other Assets, Noncurrent | 1,270,860 | 1,270,860 | |||||||
Assets | 3,469,346 | 3,469,346 | |||||||
Accounts Payable, Current | 30,524 | 30,524 | |||||||
Accrued Liabilities, Current | 48,037 | 48,037 | |||||||
deferred liability | 0 | 0 | |||||||
Liabilities, Current | 78,561 | 78,561 | |||||||
Common Stock, $0.01 par value, 30,000,000 shares authorized; 3,876,206 shares issued and outstanding at March 31, 2015; 3,805,539 shares issued and outstanding at June 30, 2014 | 38,762 | 38,762 | |||||||
Additional Paid in Capital, Common Stock | 32,844,026 | 32,844,026 | |||||||
Accumulated deficit during exploration stage | (29,492,003) | (29,492,003) | |||||||
Stockholders' Equity Attributable to Parent | 3,390,785 | 3,390,785 | |||||||
Claim rentals and minimum royalties | 40,389 | 120,625 | |||||||
Exploration Expense, Mining | 140,402 | 354,902 | |||||||
Stock-based compensation expense | 127,025 | 399,068 | |||||||
General and administrative expenses | 625,344 | 1,756,985 | |||||||
Expense reimbursement | $ (750,000) | $ (750,000) | |||||||
Costs and Expenses | 183,160 | 1,881,580 | |||||||
Income (Loss) from Equity Method Investments | 163,026 | 163,026 | |||||||
Net Income (Loss) Attributable to Parent | $ (346,186) | (2,044,606) | |||||||
Stock-based compensation | $ 640,731 | ||||||||
Earnings Per Share, Basic and Diluted | $ (0.09) | $ (0.53) | |||||||
Weighted Average Number of Shares Outstanding, Basic and Diluted | 3,873,506 | 3,832,206 | |||||||
Increase (Decrease) in Prepaid Expense | $ 42,190 | ||||||||
Increase (Decrease) in Accounts Payable and Accrued Liabilities | (108,072) | ||||||||
Net Cash Provided by (Used in) Operating Activities | (1,391,111) | ||||||||
Proceeds from (Repayments of) Restricted Cash, Financing Activities | 0 | ||||||||
Liabilities and Equity | $ 3,469,346 | 3,469,346 | |||||||
Cash and Cash Equivalents, Period Increase (Decrease) | (1,391,111) | ||||||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | $ 1,400,000 | $ 1,400,000 |
Costs Incurred (Details)
Costs Incurred (Details) | 3 Months Ended | 9 Months Ended | ||||
Mar. 31, 2015USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2012USD ($) | Mar. 31, 2015USD ($) | Mar. 31, 2014USD ($) | Nov. 29, 2010a | |
Costs Incurred to acquire and explore mining properties [Line Items] | ||||||
Acquisition of mineral interests | $ 0 | $ 0 | $ 0 | $ 0 | ||
Exploration costs and claim rentals | 180,791 | 254,174 | 475,527 | 6,874,708 | ||
Total costs incurred | $ 180,791 | $ 254,174 | $ 475,527 | $ 6,874,708 | ||
Percentage of Acreage Available for Renewal | 50.00% | 50.00% | 50.00% | 50.00% | ||
Payment by Lessee to Remove Acreage Renewal Restriction | $ 200,000 | |||||
Native Village of Tetlin Land [Member] | ||||||
Costs Incurred to acquire and explore mining properties [Line Items] | ||||||
Initial and Renewal Terms of Leases and Concessions on Undeveloped Acreage | 10 years | |||||
Leasehold Interest Acreage | a | 675,000 |
Prepaid Expenses (Details)
Prepaid Expenses (Details) - USD ($) | Mar. 31, 2015 | Jun. 30, 2014 |
Deposit On Advance Minimum Royalty | $ 40,000 | |
Prepaid Expense, Current | 141,096 | $ 98,906 |
Advance Minimum Royalty | $ 75,000 |
Other Assets (Details)
Other Assets (Details) - USD ($) | 1 Months Ended | 13 Months Ended | |||
Jul. 31, 2011 | Jun. 30, 2011 | Jun. 30, 2012 | Mar. 31, 2015 | May. 31, 2011 | |
Royalties [Line Items] | |||||
Payment to Tetlin to reduce royalty rate | $ 150,000 | $ 75,000 | |||
Decrease in royalty rates | 0.50% | 0.25% | |||
Tetlin Lease [Member] | |||||
Royalties [Line Items] | |||||
Payment to Tetlin to reduce royalty rate | $ 225,000 | ||||
Decrease in royalty rates | 0.75% | ||||
Tetlin Lease [Member] | Minimum [Member] | |||||
Royalties [Line Items] | |||||
Royalty rate | 1.25% | 2.00% | |||
Tetlin Lease [Member] | Maximum [Member] | |||||
Royalties [Line Items] | |||||
Royalty rate | 4.25% | 5.00% | |||
Tetlin Lease [Member] | Scenario 1 [Member] | |||||
Royalties [Line Items] | |||||
Increase in royalty rates | 0.25% | ||||
Payment by Tetlin to increase royalty rate | $ 150,000 | ||||
Tetlin Lease [Member] | Scenario 2 [Member] | |||||
Royalties [Line Items] | |||||
Increase in royalty rates | 0.50% | ||||
Payment by Tetlin to increase royalty rate | $ 300,000 | ||||
Tetlin Lease [Member] | Scenario 3 [Member] | |||||
Royalties [Line Items] | |||||
Increase in royalty rates | 0.75% | ||||
Payment by Tetlin to increase royalty rate | $ 450,000 |
Loss Per Share (Details)
Loss Per Share (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Net loss for the period | $ (2,044,606) | |||
Net Income (Loss) Attributable to Parent | $ 346,186 | $ 679,524 | $ 2,044,606 | $ 8,471,985 |
Weighted Average Number of Shares Outstanding, Basic and Diluted | 3,873,506 | 3,805,539 | 3,832,206 | 3,774,576 |
Options and warrants outstanding | 1,675,999 | 1,675,999 | ||
Earnings Per Share, Basic [Abstract] | ||||
Net loss attributable to common stock, Per Share | $ 0.09 | $ 0.18 | $ 0.53 | $ 2.24 |
Earnings Per Share, Diluted [Abstract] | ||||
Net loss attributable to common stock, Per Share | $ 0.09 | $ 0.18 | $ 0.53 | $ 2.24 |
2010 Plan [Member] | Equity Option [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 1,692,666 | 1,692,666 | ||
2010 Plan [Member] | Stock Options [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 445,000 | 445,000 | ||
Accumulated Defecit Exploration Stage [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Net loss for the period | $ (2,044,606) |
Shareholders' Equity (Details)
Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions | Nov. 29, 2010 | Mar. 31, 2014 | Mar. 31, 2015 | Jun. 30, 2014 | Dec. 19, 2012 |
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||
Common stock, shares authorized | 30,000,000 | 30,000,000 | |||
Preferred stock, shares authorized | 15,000,000 | ||||
Common stock, shares outstanding | 3,876,206 | 3,805,539 | |||
Common Stock, Shares, Issued | 3,876,206 | 3,805,539 | |||
Options and warrants outstanding | 1,675,999 | ||||
Distribution [Abstract] | |||||
Subsidiary shares issued | 1,600,000 | ||||
Private Placement [Abstract] | |||||
Number of shares preferential right will allow holder to purchase | 1/100 | ||||
Common stock, par value | $ 0.01 | $ 0.01 | |||
Percentage of Preferred Stock Holder Can Under the Rights Plan | 1,675,999 | 0.01 | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 80 | ||||
Maximum Percentage ownership by persons other than Ken Peak's estate before rights are exercisable | 20.00% | ||||
Rate of Rights Distribution | 100.00% | ||||
Contango [Member] | |||||
Distribution [Abstract] | |||||
Parent contribution | $ 3.5 |
Formation of Joint Venture Co33
Formation of Joint Venture Company (Details) | Jan. 08, 2015USD ($) |
joint adventure investment | $ 45,700,000 |
Royal Gold percentage of interest | 0.00% |
Royal Gold initial investment | $ 5,000,000 |
joint adventure economic interest | 40.00% |
Royal Gold aggregate amount of investment | $ 30,000,000 |
joint adventure interest retained in the Company | 60.00% |
Contango Joint Venture Percentage | 100.00% |
royalgoldadditionalinvestment | $ 750,000 |
ADDITIONAL ECONOMIC INTEREST SELLABLE | 20.00% |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | Mar. 31, 2015 | Sep. 29, 2014 |
Related Party Transaction [Line Items] | ||
Accrued Rent | $ 11,000 | |
JEX [Member] | ||
Related Party Transaction [Line Items] | ||
Overriding royalty interest | 3.00% | |
ALASKA | JEX [Member] | ||
Related Party Transaction [Line Items] | ||
Overriding royalty interest | 2.00% | 2.00% |
Stock Based Compensation Alloca
Stock Based Compensation Allocation of Recognized Period Costs (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | $ 263,454 | $ 192,576 | $ 640,731 | $ 986,317 |
Exploration expenses [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | 136,429 | 69,625 | 241,663 | 296,571 |
Stock-based compensation expense [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | $ 127,025 | $ 122,951 | $ 399,068 | $ 689,746 |
Stock Based Compensation RSUs (
Stock Based Compensation RSUs (Details) - shares | 1 Months Ended | 3 Months Ended | |
Nov. 30, 2014 | Nov. 30, 2010 | Mar. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Granted (in shares) | 27,000 | ||
2010 Plan [Member] | Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Granted (in shares) | 95,000 | ||
Directors and Officers [Member] | 2010 Plan [Member] | Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Granted (in shares) | 70,429 |
Stock Based Compensation Stock
Stock Based Compensation Stock Options (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||
Jul. 31, 2013 | Dec. 31, 2012 | Jul. 31, 2012 | Sep. 30, 2011 | Mar. 31, 2015 | Mar. 31, 2014 | Jun. 30, 2013 | Mar. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 10,348 | $ 10,348 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||||||
Exercised (in shares) | (70,667) | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ||||||||
Granted (Weighted Average Exercise Price) | $ 10.20 | $ 10.25 | $ 13.13 | $ 10.01 | $ 10 | |||
2010 Plan [Member] | Equity Option [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||||||
Grants (in shares) | 0 | 52,500 | ||||||
Outstanding, end of period (in shares) | 1,692,666 | |||||||
2010 Plan [Member] | Stock Options [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||||||
Grants (in shares) | 250,000 | 100,000 | 50,000 | 37,500 | 37,500 | 37,500 | ||
Exercised (in shares) | 0 | |||||||
Forfeited (in shares) | 0 | |||||||
Outstanding, end of period (in shares) | 445,000 | 445,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ||||||||
Granted (Weighted Average Exercise Price) | $ 0 | |||||||
Exercised (Weighted Average Exercise Price) | $ 0 | |||||||
Forfeited (Weighted Average Exercise Price) | 0 | |||||||
Outstanding, end of period (Weighted Average Exercise Price) | $ 10.41 | $ 10.41 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||||||||
Aggregate intrinsic value, outstanding | $ 0 | $ 0 | ||||||
Exercisable, end of period (in shares) | 440,000 | 440,000 | ||||||
Exercisable, end of period (Weighted Average Exercise Price) | $ 10.42 | $ 10.42 | ||||||
Aggregate intrinsic value, exercisable | $ 0 | $ 0 | ||||||
Available for grant, end of period (in shares) | 299,094 | 299,094 | ||||||
Directors and Officers [Member] | Equity Option [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||||||
Grants (in shares) | 75,000 | 40,000 | 175,000 | |||||
technical consultant [Member] | Equity Option [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||||||
Grants (in shares) | 25,000 | 10,000 | 75,000 | |||||
technical consultant [Member] | 2010 Plan [Member] | Equity Option [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||||||
Grants (in shares) | 5,000 | 5,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ||||||||
Granted (Weighted Average Exercise Price) | $ 10 | |||||||
Chief Financial Officer [Member] | 2010 Plan [Member] | Equity Option [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||||||
Grants (in shares) | 15,000 |
Stock Based Compensation Narrat
Stock Based Compensation Narrative (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 24 Months Ended | ||||||||||
Nov. 30, 2014 | Jul. 31, 2013 | Dec. 31, 2012 | Jul. 31, 2012 | Sep. 30, 2011 | Nov. 30, 2010 | Mar. 31, 2015 | Mar. 31, 2014 | Jun. 30, 2013 | Mar. 31, 2015 | Mar. 31, 2014 | Jan. 08, 2017 | Jan. 08, 2015 | Dec. 08, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Nonvested balance (in shares) | 18,000 | 18,000 | ||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 10.20 | $ 10.25 | $ 13.13 | $ 10.01 | $ 10 | |||||||||
Restricted shares granted during period | 27,000 | |||||||||||||
restricted stock issued shares DIRECTORS | 30,000 | |||||||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 10,000 | |||||||||||||
remaining shares to be vested | two-thirds | |||||||||||||
restricted stock issued shares | 10,000 | |||||||||||||
restricted stock issued shares DIRECTORS unvested | 20,000 | 20,000 | ||||||||||||
Stock-based compensation expense | $ 127,025 | $ 122,951 | $ 399,068 | $ 689,747 | ||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 10,348 | $ 10,348 | ||||||||||||
Restricted Stock [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Nonvested balance (in shares) | 59,666 | 59,666 | ||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Share-based Awards Other than Options | $ 311,710 | $ 311,710 | ||||||||||||
2010 Plan [Member] | Equity Option [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Options outstanding | 1,692,666 | 1,692,666 | ||||||||||||
2010 Plan [Member] | Stock Compensation Plan [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Common stock and options authorized under plan | 1,000,000 | |||||||||||||
2010 Plan [Member] | Restricted Stock [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Restricted shares granted during period | 95,000 | |||||||||||||
2010 Plan [Member] | Stock Options [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 3 years | |||||||||||||
Options outstanding | 445,000 | 445,000 | ||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 0 | |||||||||||||
Weighted-average exercise price (USD per share) | $ 0 | |||||||||||||
Directors and Officers [Member] | 2010 Plan [Member] | Restricted Stock [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Restricted shares granted during period | 70,429 | |||||||||||||
Owner of Avalon Development Corporation [Member] | 2010 Plan [Member] | Restricted Stock [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Restricted shares granted during period | 23,477 | |||||||||||||
technical consultant [Member] | 2010 Plan [Member] | Equity Option [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 10 |
Commitments and Contingencies R
Commitments and Contingencies Royalties (Details) | 1 Months Ended | 3 Months Ended | 13 Months Ended | |||||||
Jul. 31, 2011USD ($) | Jun. 30, 2011USD ($) | Dec. 31, 2012USD ($) | Jun. 30, 2012USD ($) | Mar. 31, 2015USD ($) | Sep. 29, 2014 | Mar. 31, 2014 | Jul. 15, 2012USD ($) | May. 31, 2011 | Nov. 29, 2010a | |
Royalties [Line Items] | ||||||||||
Percentage of Acreage Available for Renewal | 50.00% | 50.00% | ||||||||
Payment by Lessee to Remove Acreage Renewal Restriction | $ 200,000 | |||||||||
Payment to Tetlin to reduce royalty rate | $ 150,000 | $ 75,000 | ||||||||
Decrease in royalty rates | 0.50% | 0.25% | ||||||||
Deposit On Advance Minimum Royalty | $ 40,000 | |||||||||
Advance Minimum Royalty | 75,000 | |||||||||
Tetlin Lease [Member] | ||||||||||
Royalties [Line Items] | ||||||||||
Contractual annual exploration costs | $ 350,000 | |||||||||
Payment to Tetlin to reduce royalty rate | $ 225,000 | |||||||||
Decrease in royalty rates | 0.75% | |||||||||
Tetlin Lease [Member] | Minimum [Member] | ||||||||||
Royalties [Line Items] | ||||||||||
Royalty rate | 1.25% | 2.00% | ||||||||
Advance royalties | $ 50,000 | $ 75,000 | ||||||||
Tetlin Lease [Member] | Maximum [Member] | ||||||||||
Royalties [Line Items] | ||||||||||
Royalty rate | 4.25% | 5.00% | ||||||||
Tetlin Lease [Member] | Scenario 1 [Member] | ||||||||||
Royalties [Line Items] | ||||||||||
Increase in royalty rates | 0.25% | |||||||||
Payment by Tetlin to increase royalty rate | $ 150,000 | |||||||||
Tetlin Lease [Member] | Scenario 2 [Member] | ||||||||||
Royalties [Line Items] | ||||||||||
Increase in royalty rates | 0.50% | |||||||||
Payment by Tetlin to increase royalty rate | $ 300,000 | |||||||||
Tetlin Lease [Member] | Scenario 3 [Member] | ||||||||||
Royalties [Line Items] | ||||||||||
Increase in royalty rates | 0.75% | |||||||||
Payment by Tetlin to increase royalty rate | $ 450,000 | |||||||||
JEX [Member] | ||||||||||
Royalties [Line Items] | ||||||||||
Overriding royalty interest | 3.00% | |||||||||
Native Village of Tetlin Land [Member] | ||||||||||
Royalties [Line Items] | ||||||||||
Leasehold Interest Acreage | a | 675,000 | |||||||||
ALASKA | JEX [Member] | ||||||||||
Royalties [Line Items] | ||||||||||
Overriding royalty interest | 2.00% | 2.00% |
Commitments and Contingencies C
Commitments and Contingencies Claim Rentals (Details) | 9 Months Ended |
Mar. 31, 2015USD ($) | |
Tetlin Lease [Member] | |
Claim Rentals [Line Items] | |
Contractual Annual Exploration Costs | $ 350,000 |
Gold Properties [Member] | |
Claim Rentals [Line Items] | |
Annual claim rentals | $ 94,815 |
Native Village of Tetlin Land [Member] | |
Claim Rentals [Line Items] | |
Initial and Renewal Terms of Leases and Concessions on Undeveloped Acreage | 10 years |
Subsequent Events Subsequent Ev
Subsequent Events Subsequent Events details (Details) - USD ($) $ in Millions | 24 Months Ended | 46 Months Ended | |
Jan. 08, 2017 | Oct. 31, 2018 | Jan. 08, 2015 | |
Subsequent Event [Line Items] | |||
royalgoldjointventure | $ 30 | ||
Royal Gold initial investment | $ 5 | ||
Contango Joint Venture Percentage | 100.00% | ||
joint adventure economic interest | 40.00% | ||
ADDITIONAL ECONOMIC INTEREST SELLABLE | 20.00% | ||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 10,000 | ||
restricted stock issued shares DIRECTORS | 30,000 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 10,000 | ||
remaining shares to be vested in two years | two-thirds |
Uncategorized Items - ctgo-2015
Label | Element | Value |
Stock Issued During Period, Value, Share-based Compensation, Gross | us-gaap_StockIssuedDuringPeriodValueShareBasedCompensationGross | $ 640,731 |
Additional Paid-in Capital [Member] | ||
Stock Issued During Period, Value, Share-based Compensation, Gross | us-gaap_StockIssuedDuringPeriodValueShareBasedCompensationGross | $ 640,731 |