Cover
Cover - shares | 9 Months Ended | |
Jan. 31, 2023 | Mar. 16, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jan. 31, 2023 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2023 | |
Current Fiscal Year End Date | --04-30 | |
Entity File Number | 001-08266 | |
Entity Registrant Name | U.S. GOLD CORP. | |
Entity Central Index Key | 0000027093 | |
Entity Tax Identification Number | 22-1831409 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 1910 E. Idaho Street | |
Entity Address, Address Line Two | Suite 102-Box 604 | |
Entity Address, City or Town | Elko | |
Entity Address, State or Province | NV | |
Entity Address, Postal Zip Code | 89801 | |
City Area Code | (800) | |
Local Phone Number | 557-4550 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | USAU | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 8,371,590 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) | Jan. 31, 2023 | Apr. 30, 2022 |
CURRENT ASSETS: | ||
Cash | $ 5,282,584 | $ 9,111,512 |
Prepaid expenses and other current assets | 463,928 | 787,902 |
Total current assets | 5,746,512 | 9,899,414 |
NON - CURRENT ASSETS: | ||
Property, net | 498,968 | 349,917 |
Reclamation bond deposit | 832,509 | 832,509 |
Operating lease right-of-use asset, net | 45,591 | 64,064 |
Mineral rights | 14,370,255 | 16,356,862 |
Total non - current assets | 15,747,323 | 17,603,352 |
Total assets | 21,493,835 | 27,502,766 |
CURRENT LIABILITIES: | ||
Accounts payable and accrued liabilities | 474,917 | 1,080,405 |
Operating lease liabilities, current portion | 40,429 | 55,630 |
Total current liabilities | 515,346 | 1,136,035 |
LONG- TERM LIABILITIES | ||
Warrant liability | 1,675,000 | 2,440,000 |
Asset retirement obligation | 279,439 | 260,196 |
Operating lease liabilities, less current portion | 5,237 | 8,734 |
Total long-term liabilities: | 1,959,676 | 2,708,930 |
Total liabilities | 2,475,022 | 3,844,965 |
Commitments and Contingencies | ||
STOCKHOLDERS’ EQUITY : | ||
Preferred stock, $0.001 par value; 50,000,000 authorized Common stock ($0.001 Par Value; 200,000,000 Shares Authorized; 8,371,590 and 8,349,843 shares issued and outstanding as of January 31, 2023 and April 30, 2022) | 8,372 | 8,350 |
Additional paid-in capital | 82,652,057 | 81,555,379 |
Accumulated deficit | (63,641,616) | (57,905,928) |
Total stockholders’ equity | 19,018,813 | 23,657,801 |
Total liabilities and stockholders’ equity | $ 21,493,835 | $ 27,502,766 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Jan. 31, 2023 | Apr. 30, 2022 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 8,371,590 | 8,349,843 |
Common stock, shares outstanding | 8,371,590 | 8,349,843 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2023 | Jan. 31, 2022 | |
Income Statement [Abstract] | ||||
Net revenues | ||||
Operating expenses: | ||||
Compensation and related taxes - general and administrative | 572,504 | 1,108,487 | 1,379,068 | 1,876,969 |
Exploration costs | 334,189 | 1,625,724 | 1,551,785 | 6,398,155 |
Professional and consulting fees | 1,057,131 | 1,262,868 | 3,319,767 | 2,982,354 |
General and administrative expenses | 304,327 | 338,181 | 1,013,461 | 920,807 |
Total operating expenses | 2,268,151 | 4,335,260 | 7,264,081 | 12,178,285 |
Loss from operations | (2,268,151) | (4,335,260) | (7,264,081) | (12,178,285) |
Other income: | ||||
Gain from sale of asset | 763,393 | 763,393 | ||
Change in fair value of warrant liability | (389,000) | 765,000 | ||
Total other income | 374,393 | 1,528,393 | ||
Loss before provision for income taxes | (1,893,758) | (4,335,260) | (5,735,688) | (12,178,285) |
Provision for income taxes | ||||
Net loss | $ (1,893,758) | $ (4,335,260) | $ (5,735,688) | $ (12,178,285) |
Net loss per common share, basic and diluted | $ (0.23) | $ (0.61) | $ (0.69) | $ (1.72) |
Weighted average common shares outstanding - basic and diluted | 8,365,007 | 7,096,723 | 8,354,898 | 7,089,325 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance, value at Apr. 30, 2021 | $ 7,065 | $ 74,467,686 | $ (43,975,046) | $ 30,499,705 |
Balance, shares at Apr. 30, 2021 | 7,065,621 | |||
Stock-based compensation in connection with restricted common stock award grants and restricted common stock unit grants | 232,443 | 232,443 | ||
Net loss | (3,549,715) | (3,549,715) | ||
Issuance of common stock for services | $ 25 | 258,475 | 258,500 | |
Issuance of common stock for services, shares | 25,000 | |||
Balance, value at Jul. 31, 2021 | $ 7,090 | 74,958,604 | (47,524,761) | 27,440,933 |
Balance, shares at Jul. 31, 2021 | 7,090,621 | |||
Balance, value at Apr. 30, 2021 | $ 7,065 | 74,467,686 | (43,975,046) | 30,499,705 |
Balance, shares at Apr. 30, 2021 | 7,065,621 | |||
Net loss | (12,178,285) | |||
Balance, value at Jan. 31, 2022 | $ 7,097 | 76,156,708 | (56,153,331) | 20,010,474 |
Balance, shares at Jan. 31, 2022 | 7,096,723 | |||
Balance, value at Jul. 31, 2021 | $ 7,090 | 74,958,604 | (47,524,761) | 27,440,933 |
Balance, shares at Jul. 31, 2021 | 7,090,621 | |||
Stock-based compensation in connection with restricted common stock award grants and restricted common stock unit grants | 184,531 | 184,531 | ||
Net loss | (4,293,310) | (4,293,310) | ||
Issuance of common stock for services | $ 6 | 47,494 | 47,500 | |
Issuance of common stock for services, shares | 5,647 | |||
Issuance of common stock for accrued services | $ 1 | 4,999 | 5,000 | |
Issuance of common stock for accrued services, shares | 455 | |||
Balance, value at Oct. 31, 2021 | $ 7,097 | 75,195,628 | (51,818,071) | 23,384,654 |
Balance, shares at Oct. 31, 2021 | 7,096,723 | |||
Stock options granted for services | 176,073 | 176,073 | ||
Stock-based compensation in connection with restricted common stock award grants and restricted common stock unit grants | 785,007 | 785,007 | ||
Net loss | (4,335,260) | (4,335,260) | ||
Balance, value at Jan. 31, 2022 | $ 7,097 | 76,156,708 | (56,153,331) | 20,010,474 |
Balance, shares at Jan. 31, 2022 | 7,096,723 | |||
Balance, value at Apr. 30, 2022 | $ 8,350 | 81,555,379 | (57,905,928) | 23,657,801 |
Balance, shares at Apr. 30, 2022 | 8,349,843 | |||
Stock options granted for services | 7,402 | 7,402 | ||
Stock-based compensation in connection with restricted common stock award grants and restricted common stock unit grants | 184,531 | 184,531 | ||
Net loss | (1,945,358) | (1,945,358) | ||
Balance, value at Jul. 31, 2022 | $ 8,350 | 81,747,312 | (59,851,286) | 21,904,376 |
Balance, shares at Jul. 31, 2022 | 8,349,843 | |||
Balance, value at Apr. 30, 2022 | $ 8,350 | 81,555,379 | (57,905,928) | 23,657,801 |
Balance, shares at Apr. 30, 2022 | 8,349,843 | |||
Net loss | (5,735,688) | |||
Issuance of common stock for vested restricted stock unit, shares | 7,927 | |||
Balance, value at Jan. 31, 2023 | $ 8,372 | 82,652,057 | (63,641,616) | 19,018,813 |
Balance, shares at Jan. 31, 2023 | 8,371,590 | |||
Balance, value at Jul. 31, 2022 | $ 8,350 | 81,747,312 | (59,851,286) | 21,904,376 |
Balance, shares at Jul. 31, 2022 | 8,349,843 | |||
Stock options granted for services | 7,402 | 7,402 | ||
Stock-based compensation in connection with restricted common stock award grants and restricted common stock unit grants | 184,532 | 184,532 | ||
Net loss | (1,896,572) | (1,896,572) | ||
Balance, value at Oct. 31, 2022 | $ 8,350 | 81,939,246 | (61,747,858) | 20,199,738 |
Balance, shares at Oct. 31, 2022 | 8,349,843 | |||
Stock options granted for services | 470,802 | 470,802 | ||
Stock-based compensation in connection with restricted common stock award grants and restricted common stock unit grants | 184,531 | 184,531 | ||
Net loss | (1,893,758) | (1,893,758) | ||
Issuance of common stock for services | $ 13 | 52,487 | 52,500 | |
Issuance of common stock for services, shares | 12,935 | |||
Issuance of common stock for accrued services | $ 1 | 4,999 | 5,000 | |
Issuance of common stock for accrued services, shares | 885 | |||
Issuance of common stock for vested restricted stock unit | $ 8 | (8) | ||
Issuance of common stock for vested restricted stock unit, shares | 7,927 | |||
Balance, value at Jan. 31, 2023 | $ 8,372 | $ 82,652,057 | $ (63,641,616) | $ 19,018,813 |
Balance, shares at Jan. 31, 2023 | 8,371,590 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Jan. 31, 2023 | Jul. 31, 2022 | Jan. 31, 2022 | Jul. 31, 2021 | Jan. 31, 2023 | Jan. 31, 2022 | Apr. 30, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||
Net loss | $ (1,893,758) | $ (1,945,358) | $ (4,335,260) | $ (3,549,715) | $ (5,735,688) | $ (12,178,285) | |
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
Depreciation | 8,237 | 9,458 | 28,462 | 25,565 | |||
Accretion | 6,436 | 5,988 | 19,243 | 16,174 | $ 22,064 | ||
Amortization of right-of-use asset | 38,945 | 27,426 | |||||
Stock based compensation | 1,091,700 | 1,425,554 | |||||
Amortization of prepaid stock based expenses | 293,583 | 260,022 | |||||
Change in fair value of warrant liability | 389,000 | (765,000) | |||||
Gain from sale of asset | (763,393) | (763,393) | |||||
Changes in operating assets and liabilities: | |||||||
Prepaid expenses and other current assets | 30,391 | 27,922 | |||||
Reclamation bond deposit | (114,000) | ||||||
Accounts payable and accrued liabilities | (600,488) | 747,983 | |||||
Operating lease liability | (39,170) | (27,201) | |||||
NET CASH USED IN OPERATING ACTIVITIES | (6,401,415) | (9,788,840) | |||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||
Proceeds from sale of asset | 2,750,000 | ||||||
Purchase of property and equipment | (177,513) | (178,972) | |||||
NET CASH USED IN INVESTING ACTIVITIES | 2,572,487 | (178,972) | |||||
NET DECREASE IN CASH | (3,828,928) | (9,967,812) | |||||
CASH - beginning of year | $ 9,111,512 | $ 13,645,405 | 9,111,512 | 13,645,405 | 13,645,405 | ||
CASH - end of period | $ 5,282,584 | $ 3,677,593 | 5,282,584 | 3,677,593 | $ 9,111,512 | ||
Cash paid for: | |||||||
Interest | |||||||
Income taxes | |||||||
SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING ACTIVITIES: | |||||||
Issuance of common stock for accrued services | 5,000 | 5,000 | |||||
Issuance of common stock for prepaid services | 258,500 | ||||||
Operating lease right-of-use asset and operating lease liability recorded upon adoption of ASC 842 | 106,631 | ||||||
Operating lease right-of-use asset and operating lease liability recorded upon lease modification | 20,472 | ||||||
Increase in asset retirement cost and obligation | $ 33,517 |
ORGANIZATION AND DESCRIPTION OF
ORGANIZATION AND DESCRIPTION OF BUSINESS | 9 Months Ended |
Jan. 31, 2023 | |
Accounting Policies [Abstract] | |
ORGANIZATION AND DESCRIPTION OF BUSINESS | NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS Organization U.S. Gold Corp., formerly known as Dataram Corporation (the “Company”), was originally incorporated in the State of New Jersey in 1967 and was subsequently re-incorporated under the laws of the State of Nevada in 2016. Effective June 26, 2017, the Company changed its name to U.S. Gold Corp. from Dataram Corporation. On June 13, 2016, Gold King Corp. (“Gold King”), a private Nevada corporation, entered into an Agreement and Plan of Merger (the “Gold King Merger Agreement”) with the Company, the Company’s wholly-owned subsidiary Dataram Acquisition Sub, Inc., a Nevada corporation (“Acquisition Sub”), and all of the principal shareholders of Gold King. Upon closing of the transactions contemplated under the Gold King Merger Agreement (the “Gold King Merger”), Gold King merged with and into Acquisition Sub with Gold King as the surviving corporation and became a wholly-owned subsidiary of the Company. The Gold King Merger was treated as a reverse acquisition and recapitalization, and the business of Gold King became the business of the Company. The financial statements are those of Gold King (the accounting acquirer) prior to the merger and include the activity of the Company (the legal acquirer) from the date of the Gold King Merger. Gold King is a gold and precious metals exploration company pursuing exploration and development opportunities primarily in Nevada and Wyoming. The Company has a wholly owned subsidiary, U.S. Gold Acquisition Corporation, formerly Dataram Acquisition Sub, Inc. (“U.S. Gold Acquisition”), a Nevada corporation which was formed in April 2016. On May 23, 2017, the Company closed the Gold King Merger with Gold King. The Gold King Merger constituted a change of control and the majority of the board of directors changed with the consummation of the Gold King Merger. The Company issued shares of common stock to Gold King which represented approximately 90% On September 10, 2019, the Company, 2637262 Ontario Inc., a corporation incorporated under the laws of the Province of Ontario (“NumberCo”), and all of the shareholders of NumberCo (the “NumberCo Shareholders”), entered into a Share Exchange Agreement (the “Share Exchange Agreement”), pursuant to which, among other things, the Company agreed to issue to the NumberCo Shareholders 200,000 On March 17, 2020, the board of directors (the “Board”) of the Company approved a 1-for-10 reverse stock split of the Company’s issued and outstanding shares of common stock (the “Reverse Stock Split”) On August 10, 2020, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Gold King Acquisition Corp. (“Acquisition Corp.”), a wholly-owned subsidiary of the Company, Northern Panther Resources Corporation (“Northern Panther” or “NPRC”) and the Stockholder Representative named therein, pursuant to which Acquisition Corp. merged with and into NPRC, with NPRC surviving as a wholly-owned subsidiary of the Company. The Company’s CK Gold property contains proven and probable mineral reserves and accordingly is classified as a development stage property, as defined in subpart 1300 of Regulation S-K (“S-K 1300”) promulgated by the United States Securities and Exchange Commission (“SEC”). None of the Company’s other properties contain proven and probable mineral reserves and all activities are exploratory in nature. Unless the context otherwise requires, all references herein to the “Company” refer to U.S. Gold Corp. and its consolidated subsidiaries. U.S. GOLD CORP. AND SUBSIDIARIES NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS JANUARY 31, 2023 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Jan. 31, 2023 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation and principles of consolidation The accompanying interim unaudited condensed consolidated financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), the instructions to Form 10-Q, and the rules and regulations of SEC for interim financial information, which includes the unaudited condensed consolidated financial statements and presents the unaudited condensed consolidated financial statements of the Company and its wholly-owned subsidiaries as of January 31, 2023. All intercompany transactions and balances have been eliminated. The accounting policies and procedures used in the preparation of these unaudited condensed consolidated financial statements have been derived from the audited financial statements of the Company for the year ended April 30, 2022, which are contained in the Form 10-K filed on August 15, 2022. The unaudited condensed consolidated balance sheet as of January 31, 2023 was derived from those financial statements. It is management’s opinion that all material adjustments (consisting of normal recurring adjustments) have been made, which are necessary for a fair financial statement presentation. Operating results during the nine months ended January 31, 2023 are not necessarily indicative of the results to be expected for the year ending April 30, 2023. Use of Estimates and Assumptions In preparing the unaudited condensed consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated balance sheet, and revenues and expenses for the period then ended. Actual results may differ significantly from those estimates. Significant estimates made by management include, but are not limited to, valuation of mineral rights, stock-based compensation, the fair value of common stock, valuation of warrant liability, asset retirement obligations and the valuation of deferred tax assets and liabilities. Fair Value Measurements The Company has adopted Accounting Standards Codification (“ASC”) 820, “Fair Value Measurements and Disclosures” (“ASC 820”), for assets and liabilities measured at fair value on a recurring basis. ASC 820 establishes a common definition for fair value to be applied in accordance with U.S. GAAP, which requires the use of fair value measurements, establishes a framework for measuring fair value and expands disclosure about such fair value measurements. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Additionally, ASC 820 requires the use of valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. These inputs are prioritized below: Level 1: Observable inputs such as quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs for which there is little or no market data, which require the use of the reporting entity’s own assumptions. The Company analyzes all financial instruments with features of both liabilities and equity under the Financial Accounting Standard Board’s (“FASB”) accounting standard for such instruments. Under this standard, financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s warrant liability for warrants issued in March 2022 (see Note 9) was estimated using a Monte Carlo simulation model using Level 3 inputs. Prepaid expenses and other current assets Prepaid expenses and other current assets of $ 463,928 787,902 Property Property is carried at cost. The cost of repairs and maintenance is expensed as incurred; major replacements and improvements are capitalized. When assets are retired or disposed of, the cost and accumulated depreciation are removed from the accounts, and any resulting gains or losses are included in income in the year of disposition. Depreciation is calculated on a straight-line basis over the estimated useful life of the assets, generally three five years U.S. GOLD CORP. AND SUBSIDIARIES NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS JANUARY 31, 2023 Impairment of long-lived assets The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be fully recoverable, or at least annually. The Company recognizes an impairment loss when the sum of expected undiscounted future cash flows is less than the carrying amount of the asset. The amount of impairment is measured as the difference between the asset’s estimated fair value and its book value. The Company did not recognize any impairment during the three and nine months ended January 31, 2023 and 2022. Mineral Rights Costs of leasing, exploring, carrying and retaining unproven mineral lease properties are expensed as incurred. The Company expenses all mineral exploration costs as incurred. Where the Company has identified proven and probable mineral reserves on any of its properties, development costs will be capitalized when all the following criteria have been met, a) the Company receives the requisite operating permits, b) completion of a favorable Feasibility Study and c) approval from the Board authorizing the development of the ore body. Until all these criteria have been met the Company records pre-development costs to expense as incurred. When a property reaches the production stage, the related capitalized costs will be amortized on a units-of-production basis over the proven and probable reserves following the commencement of production. The Company assesses the carrying costs of the capitalized mineral properties for impairment under ASC 360-10, “Impairment of Long-Lived Assets”, and evaluates its carrying value under ASC 930-360, “Extractive Activities—Mining”, annually. An impairment is recognized when the sum of the expected undiscounted future cash flows is less than the carrying amount of the mineral properties. Impairment losses, if any, are measured as the excess of the carrying amount of the mineral properties over its estimated fair value. To date, the Company has expensed all exploration and pre-development costs as none of its properties have satisfied the criteria above for capitalization. ASC 930-805, “Extractive Activities—Mining: Business Combinations” (“ASC 930-805”), states that mineral rights consist of the legal right to explore, extract, and retain at least a portion of the benefits from mineral deposits. Mining assets include mineral rights. Acquired mineral rights are considered tangible assets under ASC 930-805. ASC 930-805 requires that mineral rights be recognized at fair value as of the acquisition date. As a result, the direct costs to acquire mineral rights are initially capitalized as tangible assets. Mineral rights include costs associated with acquiring patented and unpatented mining claims. ASC 930-805 provides that in measuring the fair value of mineral assets, an acquirer should take into account both: ● The value beyond proven and probable reserves (“VBPP”) to the extent that a market participant would include VBPP in determining the fair value of the assets. ● The effects of anticipated fluctuations in the future market price of minerals in a manner that is consistent with the expectations of market participants. Leases to explore for or use of natural resources are outside the scope of ASU 2016-02, “Leases”. Share-Based Compensation Share-based compensation is accounted for based on the requirements of ASC 718, “Compensation—Stock Compensation” (“ASC 718”), which requires recognition in the financial statements of the cost of employee and director services received in exchange for an award of equity instruments over the period the employee or director is required to perform the services in exchange for the award (presumptively, the vesting period). ASC 718 also requires measurement of the cost of employee and director services received in exchange for an award based on the grant-date fair value of the award. U.S. GOLD CORP. AND SUBSIDIARIES NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS JANUARY 31, 2023 Accounting for Warrants Warrants are accounted for in accordance with the applicable accounting guidance provided in ASC 815, “Derivatives and Hedging” (“ASC 815”) as either derivative liabilities or as equity instruments, depending on the specific terms of the agreements. The Company classifies as equity any contracts that (i) require physical settlement or net-share settlement or (ii) give the Company a choice of net-cash settlement or settlement in its own shares (physical settlement or net-share settlement). The Company classifies as assets or liabilities any contracts that (i) require net-cash settlement (including a requirement to net-cash settle the contract if an event occurs and if that event is outside the control of the Company) or (ii) give the counterparty a choice of net-cash settlement or settlement in shares (physical settlement or net-share settlement). Instruments that are classified as liabilities are recorded at fair value at each reporting period, with any change in fair value recognized as a component of change in fair value of derivative liabilities in the consolidated statements of operations. The Company assessed the classification of its outstanding common stock purchase warrants except for the warrants issued in March 2022 (see below) as of the date of issuance and determined that such instruments met the criteria for equity classification under the guidance in ASU 2017-11 “Earnings Per Share (Topic 260); Distinguishing Liabilities from Equity (Topic 480); Derivatives and Hedging (Topic 815): (Part I) Accounting for Certain Financial Instruments with Down Round Feature”. The Company has no outstanding warrants that contain a “down round” feature under Topic 815 of ASU 2017-11. Warrant Liability The Company accounts for the 625,000 warrants issued in March 2022 in accordance with the guidance contained in ASC 815. ASC 815 concluded that the warrants do not meet the criteria for equity treatment and must be recorded as a liability (see Note 9). Accordingly, the Company classifies these warrant instruments as a liability at fair value and adjusts the instruments to fair value at each reporting period. This liability will be re-measured at each balance sheet date until the warrants are exercised or expire, and any change in fair value will be recognized in the Company’s statement of operations. The fair value of these warrants is estimated using a Monte Carlo simulation model. Such warrant classification is also subject to re-evaluation at each reporting period. Offering Costs Offering costs incurred consisted of legal, placement agent fees and other costs that were directly related to registered direct offerings. Offering costs were allocated to the separable financial instruments issued in the registered direct offering based on a relative fair value basis, compared to total proceeds received. Offering costs associated with warrant liability were expensed as incurred, presented as offering costs related to warrant liability in the consolidated statements of operations. Offering costs associated with the sale of common shares were charged against equity. Remediation and Asset Retirement Obligation Asset retirement obligations (“ARO”), consisting primarily of estimated reclamation costs at the Company’s CK Gold, Keystone and Maggie Creek properties, are recognized in the period incurred and when a reasonable estimate can be made, and recorded as liabilities at fair value. Such obligations, which are initially estimated based on discounted cash flow estimates, are accreted to full value over time through charges to accretion expense. Corresponding asset retirement costs are capitalized as part of the carrying amount of the related long-lived asset and depreciated over the asset’s remaining useful life. AROs are periodically adjusted to reflect changes in the estimated present value resulting from revisions to the estimated timing or amount of reclamation and closure costs. The Company reviews and evaluates its AROs annually or more frequently at interim periods if deemed necessary. Foreign Currency Transactions The reporting and functional currency of the Company is the U.S. dollar. Transactions denominated in foreign currencies are translated into the functional currency at the exchange rates prevailing on the transaction dates. Assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rates prevailing at the balance sheet date with any transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency included in the results of operations as incurred. Translation adjustments, and transaction gains or losses, have not had, and are not expected to have, a material effect on the results of operations of the Company and are included in general and administrative expenses. U.S. GOLD CORP. AND SUBSIDIARIES NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS JANUARY 31, 2023 Leases The Company accounts for leases in accordance with ASC Topic 842, Leases (Topic 842), the Company has elected the ‘package of practical expedients’, which permits it not to reassess under the standard its prior conclusions about lease identification, lease classification and initial direct costs. In addition, the Company elects not to apply ASC Topic 842 to arrangements with lease terms of 12 months or less. Operating lease right of use assets (“ROU”) represent the right to use the leased asset for the lease term and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most leases do not provide an implicit rate, the Company uses an incremental borrowing rate based on the information available at the adoption date in determining the present value of future payments. Upon the election by the Company to extend the lease for additional years, that election will be treated as a lease modification and the lease will be reviewed for re-measurement. Lease expense for minimum lease payments is amortized on a straight-line basis over the lease term and is included in general and administrative expenses in the statements of operations. Income Taxes The Company accounts for income taxes pursuant to the provision of ASC 740, “Accounting for Income Taxes” (“ASC 740”), which requires, among other things, an asset and liability approach to calculating deferred income taxes. The asset and liability approach requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax bases of assets and liabilities. A valuation allowance is provided to offset any net deferred tax assets for which management believes it is more likely than not that the net deferred asset will not be realized. The Company follows the provision of ASC 740-10, “Accounting for Uncertain Income Tax Positions” (“ASC 740-10”). When tax returns are filed, there may be uncertainty about the merits of positions taken or the amount of the position that would be ultimately sustained. In accordance with the guidance of ASC 740-10, the benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more likely than not recognition threshold are measured at the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefit associated with tax positions taken that exceed the amount measured as described above should be reflected as a liability for uncertain tax benefits in the accompanying balance sheet along with any associated interest and penalties that would be payable to the taxing authorities upon examination. The Company believes its tax positions are all more likely than not to be upheld upon examination. As such, the Company has not recorded a liability for uncertain tax benefits or for any related interest and penalties. In the event that the Company is assessed penalties and/or interest, penalties will be charged to other operating expense and interest will be charged to interest expense. The Company has adopted ASC 740-10-25, “Definition of Settlement”, which provides guidance on how an entity should determine whether a tax position is effectively settled for the purpose of recognizing previously unrecognized tax benefits and provides that a tax position can be effectively settled upon the completion and examination by a taxing authority without being legally extinguished. For tax positions considered effectively settled, an entity would recognize the full amount of tax benefit, even if the tax position is not considered more likely than not to be sustained based solely on the basis of its technical merits and the statute of limitations remains open. The federal and state income tax returns of the Company are subject to examination by the Internal Revenue Service and state taxing authorities, generally for three years after they are filed. In December 2019, the FASB issued ASU 2019-12 – Recent Accounting Pronouncements Accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material effect on the financial statements upon adoption. The Company does not discuss recent pronouncements that are not anticipated to have an effect on or are unrelated to its financial condition, results of operations, cash flows or disclosures. U.S. GOLD CORP. AND SUBSIDIARIES NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS JANUARY 31, 2023 In June 2022, FASB issued ASU 2022-03, Fair Value Measurement (Topic 820) (“ASU 2022-03”). The amendments in ASU 2022-03 clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. The amendments in this Update also require additional disclosures for equity securities subject to contractual sale restrictions. The provisions in this Update are effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company does not expect to early adopt this ASU. The Company does not expect the adoption of this standard to have a significant impact on its unaudited condensed consolidated financial statements. |
GOING CONCERN
GOING CONCERN | 9 Months Ended |
Jan. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN | NOTE 3 — GOING CONCERN The accompanying unaudited condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. As of January 31, 2023, the Company had cash of approximately $ 5.3 5.2 63.6 5.7 6.4 The unaudited condensed consolidated financial statements do not include any adjustments relating to the recoverability and classification of asset amounts or the classification of liabilities that might be necessary should the Company be unable to continue as a going concern. |
MINERAL RIGHTS
MINERAL RIGHTS | 9 Months Ended |
Jan. 31, 2023 | |
Extractive Industries [Abstract] | |
MINERAL RIGHTS | NOTE 4 — MINERAL RIGHTS As of the dates presented, mineral properties consisted of the following: SCHEDULE OF MINERAL RIGHTS January 31, 2023 April 30, 2022 CK Gold Project $ 3,091,738 $ 3,091,738 Keystone Project 1,028,885 1,028,885 Maggie Creek Project - 1,986,607 Challis Gold Project 10,249,632 10,249,632 Total $ 14,370,255 $ 16,356,862 On November 9, 2022, the Company entered into an Assignment and Assumption Agreement (the “Assignment and Assumption Agreement”) with and among Orevada Metals, Inc., the Company’s indirectly wholly-owned subsidiary (“Orevada”), Nevada Gold Mines LLC (“NGM”), Orogen Royalties Inc. (“Orogen”) and Renaissance Exploration, Inc., a wholly-owned subsidiary of Orogen (“RenEx”) whereby Orevada assigned its interest in that certain Exploration Earn-In Agreement with RenEx, dated February 19, 2019 (the “Original Earn-In Agreement”), to NGM. Pursuant to the Original Earn-In Agreement, Orevada, by making certain payments and incurring certain exploration expenditures, had the right to earn at least a 50% 70% 100% U.S. GOLD CORP. AND SUBSIDIARIES NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS JANUARY 31, 2023 As consideration for the assignment of the Original Earn-In Agreement to NGM, U.S. Gold received an upfront cash payment of $ 2,750,000 0.5% 0.25% 500,000 800,000 763,393 |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 9 Months Ended |
Jan. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT | NOTE 5 — PROPERTY AND EQUIPMENT As of the dates presented, property consisted of the following: SCHEDULE OF PROPERTY AND EQUIPMENT January 31, 2023 April 30, 2022 Site costs $ 203,320 $ 203,320 Land 352,718 175,205 Computer equipment 7,265 7,265 Vehicle 39,493 39,493 Total 602,796 425,283 Less: accumulated depreciation (103,828 ) (75,366 ) Total $ 498,968 $ 349,917 For the nine months ended January 31, 2023 and 2022, depreciation expense amounted to $ 28,462 25,565 8,237 9,458 |
ASSET RETIREMENT OBLIGATION
ASSET RETIREMENT OBLIGATION | 9 Months Ended |
Jan. 31, 2023 | |
Asset Retirement Obligation Disclosure [Abstract] | |
ASSET RETIREMENT OBLIGATION | NOTE 6 — ASSET RETIREMENT OBLIGATION In conjunction with various permit approvals permitting the Company to undergo exploration activities at the CK Gold, Keystone and Maggie Creek projects, the Company has recorded an ARO based upon the reclamation plans submitted in connection with the various permits. The following table summarizes activity in the Company’s ARO for the periods presented: SCHEDULE OF ASSET RETIREMENT OBLIGATION January 31, 2023 April 30, 2022 Balance, beginning of period $ 260,196 $ 204,615 Addition and changes in estimates - 33,517 Accretion expense 19,243 22,064 Balance, end of period $ 279,439 $ 260,196 For the nine months ended January 31, 2023 and 2022, accretion expense amounted to $ 19,243 16,174 6,436 5,988 U.S. GOLD CORP. AND SUBSIDIARIES NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS JANUARY 31, 2023 |
OPERATING LEASE RIGHT-OF-USE AS
OPERATING LEASE RIGHT-OF-USE ASSETS AND OPERATING LEASE LIABILITIES | 9 Months Ended |
Jan. 31, 2023 | |
Operating Lease Right-of-use Assets And Operating Lease Liabilities | |
OPERATING LEASE RIGHT-OF-USE ASSETS AND OPERATING LEASE LIABILITIES | NOTE 7 – OPERATING LEASE RIGHT-OF-USE ASSETS AND OPERATING LEASE LIABILITIES On May 1, 2021, the Company entered into a lease agreement for its lease facility in Cheyenne, Wyoming. The term of the lease is for a two-year period from May 2021 to May 2023 starting with a monthly base rent of $ 1,667 three years On January 30, 2023, the Company entered into a lease amendment effective as of May 1, 2023 to extend this lease for a period of one year expiring April 30, 2024 with an option to renew the lease for an additional one year term. 1,768 20,472 8% On September 1, 2021, the Company entered into another lease agreement for its lease facility in Cheyenne, Wyoming. The term of the lease is for a two-year period from September 2021 to August 2023. 3,100 2,950 two years During the nine months ended January 31, 2023 and 2022, lease expense of $ 42,116 30,725 14,041 14,375 Right-of- use assets are summarized below: SCHEDULE OF SUPPLEMENTAL BALANCE SHEET INFORMATION RELATED TO LEASES January 31, 2023 April 30, 2022 Operating leases $ 45,591 $ 64,064 Operating Lease liabilities are summarized below: January 31, 2023 April 30, 2022 Operating lease, current portion $ 40,429 $ 55,630 Operating lease, long term portion 5,237 8,734 Total lease liability $ 45,666 $ 64,364 The weighted average remaining lease term for the operating leases is 0.92 8.0% The following table includes supplemental cash and non-cash information related to the Company’s lease: SCHEDULE OF SUPPLEMENTAL CASH AND NON-CASH INFORMATION 2023 2022 Period ended January 31, 2023 2022 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating lease $ 42,000 $ 30,500 Lease assets obtained in exchange for new operating lease liabilities $ - $ 106,631 The remaining minimum lease payments under non-cancelable operating leases at January 31, 2023 are as follows: SCHEDULE OF MINIMUM LEASE PAYMENTS UNDER NON-CANCELABLE OPERATING LEASES Year ended April 30, 2023 - remainder 14,000 Year ended April 30, 2023 - remainder 14,000 Year ended April 30, 2024 33,030 Total $ 47,030 Less: imputed interest (1,364 ) Total present value of lease liability $ 45,666 U.S. GOLD CORP. AND SUBSIDIARIES NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS JANUARY 31, 2023 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Jan. 31, 2023 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 8 — RELATED PARTY TRANSACTIONS On January 7, 2021, the Company entered into a one-year agreement (“January 2021 Agreement”) with a director providing for an annual consulting fee of $ 86,000 50,000 36,000 3,000 3,222 5,814 24,000 27,000 6,000 9,000 7,927 On March 19, 2021, the Company and Edward Karr, the Company’s former Executive Chairman, agreed by mutual understanding, that Mr. Karr’s employment as an officer and employee, and his service as a member of the Board was terminated, effective March 19, 2021. In connection with Mr. Karr’s departure, the Company entered into a General Release and Severance Agreement with Mr. Karr, as amended, pursuant to which Mr. Karr provided certain transition services to the Company through the Separation Date. Pursuant to the Separation Agreement, Mr. Karr is entitled to receive any equity awards granted to Mr. Karr by the Company. Additionally, on March 19, 2021, the Company entered into a one-year agreement (the “Karr March 2021 Agreement”) for general corporate advisory services to be provided by Mr. Karr for an annual fee of $ 180,000 60,000 120,000 10,000 5,168 7,353 13,564 5,310 90,000 30,000 On March 10, 2021, the Company entered into a one-year consulting agreement (“March 2021 Agreement”) with an individual who subsequently was appointed as a director of the Company on May 18, 2022, providing for an annual fee of $ 250,000 130,000 120,000 10,000 14,286 90,000 30,000 37,497 |
WARRANT LIABILITY
WARRANT LIABILITY | 9 Months Ended |
Jan. 31, 2023 | |
Warrant Liability | |
WARRANT LIABILITY | NOTE 9 — WARRANT LIABILITY As of January 31, 2023 and April 30, 2022, the Company’s warrants liability was valued at $ 1,675,000 2,440,000 U.S. GOLD CORP. AND SUBSIDIARIES NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS JANUARY 31, 2023 Initial Measurement The Company accounted for the 625,000 3,652,000 The key inputs for the warrant liability were as follows as of January 31, 2023: SCHEDULE OF KEY INPUTS FOR THE WARRANT LIABILITY Key Valuation Inputs Expected term (years) 4.63 Annualized volatility 78.0 % Volatility if fundamental transaction occurs 100.00 % Risk-free interest rate 3.68 % Stock price $ 4.61 Dividend yield 0.00 % Exercise price $ 8.60 Probability of fundamental transaction 85 % Date of fundamental transaction 1.4 4.6 The key inputs for the warrant liability were as follows as of April 30, 2022: Key Valuation Inputs Expected term (years) 5.39 Annualized volatility 84.2 % Volatility if fundamental transaction occurs 100.00 % Risk-free interest rate 2.92 % Stock price $ 5.65 Dividend yield 0.00 % Exercise price $ 8.60 Probability of fundamental transaction 85 % Date of fundamental transaction 1.9 5.4 The following table sets forth a summary of the changes in the fair value of the Level 3 warrant liability for the nine months ended January 31, 2023: SCHEDULE OF CHANGES IN FAIR VALUE OF LEVEL THREE WARRANT LIABILITY Warrant Liability Fair value as of April 30, 2022 $ 2,440,000 Change in fair value (765,000 ) Fair value as of January 31, 2023 $ 1,675,000 |
STOCKHOLDERS_ EQUITY
STOCKHOLDERS’ EQUITY | 9 Months Ended |
Jan. 31, 2023 | |
Equity [Abstract] | |
STOCKHOLDERS’ EQUITY | NOTE 10 — STOCKHOLDERS’ EQUITY As of January 31, 2023, authorized capital stock consisted of 200,000,000 0.001 50,000,000 0.001 1,300,000 400,000 45,002 7,402 2,500 1,250 127 106,894 921,666 U.S. GOLD CORP. AND SUBSIDIARIES NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS JANUARY 31, 2023 Common Stock Issued, Restricted Stock Awards, and RSU’s Granted for Services Total stock compensation expense for awards issued for services of $ 553,594 1,201,981 184,531 785,007 90,160 846,104 0.92 343,315 On November 14, 2022, the Company issued an aggregate of 7,510 885 8,395 8,395 35,000 4.17 5,000 885 30,000 7,510 On November 14, 2022, the Company issued an aggregate of 5,425 5,425 22,500 4.15 On December 22, 2022, the Company issued 7,927 Equity Incentive Plan In August 2017, the Board approved the Company’s 2017 Plan including the reservation of 165,000 On August 6, 2019, the Board approved and adopted, subject to stockholder approval, the 2020 Plan. The 2020 Plan initially reserved 330,710 836,385 1,167,095 1,252,476 2,419,571 Stock options The following is a summary of the Company’s stock option activity during the nine months ended January 31, 2023: SCHEDULE OF STOCK OPTION ACTIVITY Number of Weighted Weighted Balance at April 30, 2022 148,060 $ 11.65 2.23 Granted 140,000 5.02 5.00 Exercised — — — Forfeited — — — Cancelled (90,000 ) 14.70 — Balance at January 31, 2023 198,060 5.58 4.67 Options exercisable at end of period 184,960 $ 5.48 Options expected to vest 13,100 $ 6.93 Weighted average fair value of options granted during the period $ 3.31 U.S. GOLD CORP. AND SUBSIDIARIES NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS JANUARY 31, 2023 At January 31, 2023 and April 30, 2022, the aggregate intrinsic value of options outstanding and exercisable were de minimis On January 12, 2023, the Company granted an aggregate of 48,000 5 years 5.02 On January 12, 2023, the Company granted an aggregate of 70,000 5 years 5.02 On January 12, 2023, the Company granted an aggregate of 22,000 5 years 5.02 The Company used the Black-Scholes model to determine the fair value of stock options granted on January 12, 2023. In applying the Black-Scholes option pricing model to options granted, the Company used the following assumptions: SCHEDULE OF STOCK OPTION Grant date on Risk free interest rate 3.53 % Dividend yield 0.00 % Expected volatility 80 % Contractual term (in years) 5.0 Forfeiture rate 0.00 % Stock-based expense for stock options recorded in the unaudited consolidated statements of operations totaled $ 485,605 176,073 470,802 176,073 56,744 1.98 Stock-based expense for stock options were recorded in the following as reflected in the unaudited statements of operations: SCHEDULE OF STOCK-BASED EXPENSE FOR STOCK OPTION Three Months ended Nine Months ended Compensation and related taxes – general and administrative $ 166,282 $ 181,085 Professional and consulting fees 304,520 304,520 Total $ 470,802 $ 485,605 U.S. GOLD CORP. AND SUBSIDIARIES NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS JANUARY 31, 2023 Stock Warrants A summary of the Company’s outstanding warrants to purchase shares of common stock as of January 31, 2023 and changes during the period ended as presented below: SCHEDULE OF STOCK WARRANT ACTIVITY Number of Warrants Weighted Average Weighted Average Remaining Contractual Warrants with no Class designation: Balance at April 30, 2022 1,909,262 $ 9.29 4.38 Granted — — — Exercised — — — Forfeited — — — Canceled — — — Balance at January 31, 2023 1,909,262 9.29 3.63 Class A Warrants: Balance at April 30, 2022 109,687 11.40 2.22 Granted — — — Exercised — — — Forfeited — — — Canceled — — — Balance at January 31, 2023 109,687 11.40 1.47 Total Warrants Outstanding at January 31, 2023 2,018,949 $ 9.41 3.51 Warrants exercisable at end of period 2,018,949 $ 9.41 Weighted average fair value of warrants granted during the period $ — As of January 31, 2023, the aggregate intrinsic value of warrants outstanding and exercisable was $ 0 |
NET LOSS PER COMMON SHARE
NET LOSS PER COMMON SHARE | 9 Months Ended |
Jan. 31, 2023 | |
Earnings Per Share [Abstract] | |
NET LOSS PER COMMON SHARE | NOTE 11 — NET LOSS PER COMMON SHARE Net loss per share of common stock is calculated in accordance with ASC 260, “Earnings Per Share”. Basic loss per share is computed by dividing net loss available to common stockholder, by the weighted average number of shares of common stock outstanding during the period. The following were excluded from the computation of diluted shares outstanding as they would have had an anti-dilutive impact on the Company’s net loss. In periods where the Company has a net loss, all dilutive securities are excluded. SCHEDULE OF ANTIDILUTIVE SECTURITIES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE January 31, 2023 January 31, 2022 Common stock equivalents: Restricted stock units 433,475 441,402 Stock options 198,060 148,060 Stock warrants 2,018,949 1,368,246 Total 2,650,484 1,957,708 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Jan. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 12 — COMMITMENTS AND CONTINGENCIES Mining Leases The CK Gold property position consists of two State of Wyoming Metallic and Non-metallic Rocks and Minerals Mining Leases. These leases were assigned to the Company in July 2014 through the acquisition of the CK Gold Project. Leases to explore for or use of natural resources are outside the scope of ASU 2016-02 “Leases”. The Company’s rights to the CK Gold Project arise under two State of Wyoming mineral leases; 1) State of Wyoming Mining Lease No. 0-40828, consisting of 640 480 U.S. GOLD CORP. AND SUBSIDIARIES NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS JANUARY 31, 2023 Lease 0-40828 was renewed in February 2023 ten-year ten-year February 2014 3.00 2.00 3.00 SCHEDULE OF ROYALTY PAYABLE FOB Mine Value per Ton Percentage Royalty $ 00.00 50.00 5 % $ 50.01 100.00 7 % $ 100.01 150.00 9 % $ 150.01 10 % The future minimum lease payments at January 31, 2023 under these mining leases are as follows, each payment to be made in the fourth quarter of the respective fiscal years: SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS Fiscal 2024 $ 2,880 Fiscal 2024 $ 2,880 Fiscal 2025 1,920 Fiscal 2026 1,920 Fiscal 2027 1,920 Fiscal 2028 and thereafter 11,520 Total $ 20,160 The Company may renew each lease for a fourth ten-year 4.00 NPRC option: Pursuant to the Merger, the Company acquired from NPRC a mineral property called Challis Gold located in Idaho pursuant to an option agreement dated in February 2020 which was later amended in June 2020. The Company satisfied the minimum royalty payment of $ 25,000 The annual advance minimum royalty payments at January 31, 2023 under the option agreement are as follows, each payment to be made on the first anniversary of the effective date of this option agreement and continuing until the tenth anniversary: SCHEDULE OF ADVANCE MINIMUM ROYALTY PAYMENTS Fiscal 2024 $ 25,000 Fiscal 2024 $ 25,000 Fiscal 2025 25,000 Fiscal 2026 25,000 Fiscal 2027 and thereafter 125,000 Total $ 200,000 100% Exploration Access and Option to Lease Agreement On August 25, 2021 (“Effective Date”), the Company entered into an Exploration Access and Option to Lease Agreement (the “Agreement”) with a private-party landowner (the “Landowner”) whereby the Landowner granted the Company an option (the “Option”) to lease and right of way on a property located in Laramie County, Wyoming. The Company may exercise the Option for five years (“Option Term”) from the Effective Date. During the Option, the Landowner granted non-exclusive rights (the “Exploration Access Rights”) to the Company to use the surface of the property for an annual exploration and access right payment of $ 10,000 35,780 6,560 42,340 U.S. GOLD CORP. AND SUBSIDIARIES NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS JANUARY 31, 2023 At any time during the Option Term, the Company may exercise the Option by providing a written notice to the Landowner and the Company shall pay a one-time right of way payment of $ 26,240 50,000 40.00 13,120 In consideration for the option rights, lease rights and right of way rights under this Agreement, the Company agreed to grant the Landowner shares of the Company’s common stock worth $ 50,000 At any time during the Option Term, the Company may terminate this Agreement by providing a written notice to the Landowner. Upon termination, the Landowner is entitled to retain any payments already made and the Company shall have no further obligation after the date of termination. The Agreement, including the Option and the Exploration Access Rights, may be extended for a period of five years upon written notice from the Company. In the absence of such notice, the Agreement shall automatically terminate at the end of the Option Term. Currently, the Company has not exercised the Option. Legal Matters From time to time the Company may be involved in claims and legal actions that arise in the ordinary course of business. To the Company’s knowledge, there are no material pending legal proceedings to which the Company is a party or of which any of the Company’s property is the subject. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Jan. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of presentation and principles of consolidation | Basis of presentation and principles of consolidation The accompanying interim unaudited condensed consolidated financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), the instructions to Form 10-Q, and the rules and regulations of SEC for interim financial information, which includes the unaudited condensed consolidated financial statements and presents the unaudited condensed consolidated financial statements of the Company and its wholly-owned subsidiaries as of January 31, 2023. All intercompany transactions and balances have been eliminated. The accounting policies and procedures used in the preparation of these unaudited condensed consolidated financial statements have been derived from the audited financial statements of the Company for the year ended April 30, 2022, which are contained in the Form 10-K filed on August 15, 2022. The unaudited condensed consolidated balance sheet as of January 31, 2023 was derived from those financial statements. It is management’s opinion that all material adjustments (consisting of normal recurring adjustments) have been made, which are necessary for a fair financial statement presentation. Operating results during the nine months ended January 31, 2023 are not necessarily indicative of the results to be expected for the year ending April 30, 2023. |
Use of Estimates and Assumptions | Use of Estimates and Assumptions In preparing the unaudited condensed consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated balance sheet, and revenues and expenses for the period then ended. Actual results may differ significantly from those estimates. Significant estimates made by management include, but are not limited to, valuation of mineral rights, stock-based compensation, the fair value of common stock, valuation of warrant liability, asset retirement obligations and the valuation of deferred tax assets and liabilities. |
Fair Value Measurements | Fair Value Measurements The Company has adopted Accounting Standards Codification (“ASC”) 820, “Fair Value Measurements and Disclosures” (“ASC 820”), for assets and liabilities measured at fair value on a recurring basis. ASC 820 establishes a common definition for fair value to be applied in accordance with U.S. GAAP, which requires the use of fair value measurements, establishes a framework for measuring fair value and expands disclosure about such fair value measurements. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Additionally, ASC 820 requires the use of valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. These inputs are prioritized below: Level 1: Observable inputs such as quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs for which there is little or no market data, which require the use of the reporting entity’s own assumptions. The Company analyzes all financial instruments with features of both liabilities and equity under the Financial Accounting Standard Board’s (“FASB”) accounting standard for such instruments. Under this standard, financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s warrant liability for warrants issued in March 2022 (see Note 9) was estimated using a Monte Carlo simulation model using Level 3 inputs. |
Prepaid expenses and other current assets | Prepaid expenses and other current assets Prepaid expenses and other current assets of $ 463,928 787,902 |
Property | Property Property is carried at cost. The cost of repairs and maintenance is expensed as incurred; major replacements and improvements are capitalized. When assets are retired or disposed of, the cost and accumulated depreciation are removed from the accounts, and any resulting gains or losses are included in income in the year of disposition. Depreciation is calculated on a straight-line basis over the estimated useful life of the assets, generally three five years U.S. GOLD CORP. AND SUBSIDIARIES NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS JANUARY 31, 2023 |
Impairment of long-lived assets | Impairment of long-lived assets The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be fully recoverable, or at least annually. The Company recognizes an impairment loss when the sum of expected undiscounted future cash flows is less than the carrying amount of the asset. The amount of impairment is measured as the difference between the asset’s estimated fair value and its book value. The Company did not recognize any impairment during the three and nine months ended January 31, 2023 and 2022. |
Mineral Rights | Mineral Rights Costs of leasing, exploring, carrying and retaining unproven mineral lease properties are expensed as incurred. The Company expenses all mineral exploration costs as incurred. Where the Company has identified proven and probable mineral reserves on any of its properties, development costs will be capitalized when all the following criteria have been met, a) the Company receives the requisite operating permits, b) completion of a favorable Feasibility Study and c) approval from the Board authorizing the development of the ore body. Until all these criteria have been met the Company records pre-development costs to expense as incurred. When a property reaches the production stage, the related capitalized costs will be amortized on a units-of-production basis over the proven and probable reserves following the commencement of production. The Company assesses the carrying costs of the capitalized mineral properties for impairment under ASC 360-10, “Impairment of Long-Lived Assets”, and evaluates its carrying value under ASC 930-360, “Extractive Activities—Mining”, annually. An impairment is recognized when the sum of the expected undiscounted future cash flows is less than the carrying amount of the mineral properties. Impairment losses, if any, are measured as the excess of the carrying amount of the mineral properties over its estimated fair value. To date, the Company has expensed all exploration and pre-development costs as none of its properties have satisfied the criteria above for capitalization. ASC 930-805, “Extractive Activities—Mining: Business Combinations” (“ASC 930-805”), states that mineral rights consist of the legal right to explore, extract, and retain at least a portion of the benefits from mineral deposits. Mining assets include mineral rights. Acquired mineral rights are considered tangible assets under ASC 930-805. ASC 930-805 requires that mineral rights be recognized at fair value as of the acquisition date. As a result, the direct costs to acquire mineral rights are initially capitalized as tangible assets. Mineral rights include costs associated with acquiring patented and unpatented mining claims. ASC 930-805 provides that in measuring the fair value of mineral assets, an acquirer should take into account both: ● The value beyond proven and probable reserves (“VBPP”) to the extent that a market participant would include VBPP in determining the fair value of the assets. ● The effects of anticipated fluctuations in the future market price of minerals in a manner that is consistent with the expectations of market participants. Leases to explore for or use of natural resources are outside the scope of ASU 2016-02, “Leases”. |
Share-Based Compensation | Share-Based Compensation Share-based compensation is accounted for based on the requirements of ASC 718, “Compensation—Stock Compensation” (“ASC 718”), which requires recognition in the financial statements of the cost of employee and director services received in exchange for an award of equity instruments over the period the employee or director is required to perform the services in exchange for the award (presumptively, the vesting period). ASC 718 also requires measurement of the cost of employee and director services received in exchange for an award based on the grant-date fair value of the award. U.S. GOLD CORP. AND SUBSIDIARIES NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS JANUARY 31, 2023 |
Accounting for Warrants | Accounting for Warrants Warrants are accounted for in accordance with the applicable accounting guidance provided in ASC 815, “Derivatives and Hedging” (“ASC 815”) as either derivative liabilities or as equity instruments, depending on the specific terms of the agreements. The Company classifies as equity any contracts that (i) require physical settlement or net-share settlement or (ii) give the Company a choice of net-cash settlement or settlement in its own shares (physical settlement or net-share settlement). The Company classifies as assets or liabilities any contracts that (i) require net-cash settlement (including a requirement to net-cash settle the contract if an event occurs and if that event is outside the control of the Company) or (ii) give the counterparty a choice of net-cash settlement or settlement in shares (physical settlement or net-share settlement). Instruments that are classified as liabilities are recorded at fair value at each reporting period, with any change in fair value recognized as a component of change in fair value of derivative liabilities in the consolidated statements of operations. The Company assessed the classification of its outstanding common stock purchase warrants except for the warrants issued in March 2022 (see below) as of the date of issuance and determined that such instruments met the criteria for equity classification under the guidance in ASU 2017-11 “Earnings Per Share (Topic 260); Distinguishing Liabilities from Equity (Topic 480); Derivatives and Hedging (Topic 815): (Part I) Accounting for Certain Financial Instruments with Down Round Feature”. The Company has no outstanding warrants that contain a “down round” feature under Topic 815 of ASU 2017-11. |
Warrant Liability | Warrant Liability The Company accounts for the 625,000 warrants issued in March 2022 in accordance with the guidance contained in ASC 815. ASC 815 concluded that the warrants do not meet the criteria for equity treatment and must be recorded as a liability (see Note 9). Accordingly, the Company classifies these warrant instruments as a liability at fair value and adjusts the instruments to fair value at each reporting period. This liability will be re-measured at each balance sheet date until the warrants are exercised or expire, and any change in fair value will be recognized in the Company’s statement of operations. The fair value of these warrants is estimated using a Monte Carlo simulation model. Such warrant classification is also subject to re-evaluation at each reporting period. |
Offering Costs | Offering Costs Offering costs incurred consisted of legal, placement agent fees and other costs that were directly related to registered direct offerings. Offering costs were allocated to the separable financial instruments issued in the registered direct offering based on a relative fair value basis, compared to total proceeds received. Offering costs associated with warrant liability were expensed as incurred, presented as offering costs related to warrant liability in the consolidated statements of operations. Offering costs associated with the sale of common shares were charged against equity. |
Remediation and Asset Retirement Obligation | Remediation and Asset Retirement Obligation Asset retirement obligations (“ARO”), consisting primarily of estimated reclamation costs at the Company’s CK Gold, Keystone and Maggie Creek properties, are recognized in the period incurred and when a reasonable estimate can be made, and recorded as liabilities at fair value. Such obligations, which are initially estimated based on discounted cash flow estimates, are accreted to full value over time through charges to accretion expense. Corresponding asset retirement costs are capitalized as part of the carrying amount of the related long-lived asset and depreciated over the asset’s remaining useful life. AROs are periodically adjusted to reflect changes in the estimated present value resulting from revisions to the estimated timing or amount of reclamation and closure costs. The Company reviews and evaluates its AROs annually or more frequently at interim periods if deemed necessary. |
Foreign Currency Transactions | Foreign Currency Transactions The reporting and functional currency of the Company is the U.S. dollar. Transactions denominated in foreign currencies are translated into the functional currency at the exchange rates prevailing on the transaction dates. Assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rates prevailing at the balance sheet date with any transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency included in the results of operations as incurred. Translation adjustments, and transaction gains or losses, have not had, and are not expected to have, a material effect on the results of operations of the Company and are included in general and administrative expenses. U.S. GOLD CORP. AND SUBSIDIARIES NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS JANUARY 31, 2023 |
Leases | Leases The Company accounts for leases in accordance with ASC Topic 842, Leases (Topic 842), the Company has elected the ‘package of practical expedients’, which permits it not to reassess under the standard its prior conclusions about lease identification, lease classification and initial direct costs. In addition, the Company elects not to apply ASC Topic 842 to arrangements with lease terms of 12 months or less. Operating lease right of use assets (“ROU”) represent the right to use the leased asset for the lease term and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most leases do not provide an implicit rate, the Company uses an incremental borrowing rate based on the information available at the adoption date in determining the present value of future payments. Upon the election by the Company to extend the lease for additional years, that election will be treated as a lease modification and the lease will be reviewed for re-measurement. Lease expense for minimum lease payments is amortized on a straight-line basis over the lease term and is included in general and administrative expenses in the statements of operations. |
Income Taxes | Income Taxes The Company accounts for income taxes pursuant to the provision of ASC 740, “Accounting for Income Taxes” (“ASC 740”), which requires, among other things, an asset and liability approach to calculating deferred income taxes. The asset and liability approach requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax bases of assets and liabilities. A valuation allowance is provided to offset any net deferred tax assets for which management believes it is more likely than not that the net deferred asset will not be realized. The Company follows the provision of ASC 740-10, “Accounting for Uncertain Income Tax Positions” (“ASC 740-10”). When tax returns are filed, there may be uncertainty about the merits of positions taken or the amount of the position that would be ultimately sustained. In accordance with the guidance of ASC 740-10, the benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more likely than not recognition threshold are measured at the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefit associated with tax positions taken that exceed the amount measured as described above should be reflected as a liability for uncertain tax benefits in the accompanying balance sheet along with any associated interest and penalties that would be payable to the taxing authorities upon examination. The Company believes its tax positions are all more likely than not to be upheld upon examination. As such, the Company has not recorded a liability for uncertain tax benefits or for any related interest and penalties. In the event that the Company is assessed penalties and/or interest, penalties will be charged to other operating expense and interest will be charged to interest expense. The Company has adopted ASC 740-10-25, “Definition of Settlement”, which provides guidance on how an entity should determine whether a tax position is effectively settled for the purpose of recognizing previously unrecognized tax benefits and provides that a tax position can be effectively settled upon the completion and examination by a taxing authority without being legally extinguished. For tax positions considered effectively settled, an entity would recognize the full amount of tax benefit, even if the tax position is not considered more likely than not to be sustained based solely on the basis of its technical merits and the statute of limitations remains open. The federal and state income tax returns of the Company are subject to examination by the Internal Revenue Service and state taxing authorities, generally for three years after they are filed. In December 2019, the FASB issued ASU 2019-12 – |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material effect on the financial statements upon adoption. The Company does not discuss recent pronouncements that are not anticipated to have an effect on or are unrelated to its financial condition, results of operations, cash flows or disclosures. U.S. GOLD CORP. AND SUBSIDIARIES NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS JANUARY 31, 2023 In June 2022, FASB issued ASU 2022-03, Fair Value Measurement (Topic 820) (“ASU 2022-03”). The amendments in ASU 2022-03 clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. The amendments in this Update also require additional disclosures for equity securities subject to contractual sale restrictions. The provisions in this Update are effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company does not expect to early adopt this ASU. The Company does not expect the adoption of this standard to have a significant impact on its unaudited condensed consolidated financial statements. |
MINERAL RIGHTS (Tables)
MINERAL RIGHTS (Tables) | 9 Months Ended |
Jan. 31, 2023 | |
Extractive Industries [Abstract] | |
SCHEDULE OF MINERAL RIGHTS | As of the dates presented, mineral properties consisted of the following: SCHEDULE OF MINERAL RIGHTS January 31, 2023 April 30, 2022 CK Gold Project $ 3,091,738 $ 3,091,738 Keystone Project 1,028,885 1,028,885 Maggie Creek Project - 1,986,607 Challis Gold Project 10,249,632 10,249,632 Total $ 14,370,255 $ 16,356,862 |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 9 Months Ended |
Jan. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
SCHEDULE OF PROPERTY AND EQUIPMENT | As of the dates presented, property consisted of the following: SCHEDULE OF PROPERTY AND EQUIPMENT January 31, 2023 April 30, 2022 Site costs $ 203,320 $ 203,320 Land 352,718 175,205 Computer equipment 7,265 7,265 Vehicle 39,493 39,493 Total 602,796 425,283 Less: accumulated depreciation (103,828 ) (75,366 ) Total $ 498,968 $ 349,917 |
ASSET RETIREMENT OBLIGATION (Ta
ASSET RETIREMENT OBLIGATION (Tables) | 9 Months Ended |
Jan. 31, 2023 | |
Asset Retirement Obligation Disclosure [Abstract] | |
SCHEDULE OF ASSET RETIREMENT OBLIGATION | SCHEDULE OF ASSET RETIREMENT OBLIGATION January 31, 2023 April 30, 2022 Balance, beginning of period $ 260,196 $ 204,615 Addition and changes in estimates - 33,517 Accretion expense 19,243 22,064 Balance, end of period $ 279,439 $ 260,196 |
OPERATING LEASE RIGHT-OF-USE _2
OPERATING LEASE RIGHT-OF-USE ASSETS AND OPERATING LEASE LIABILITIES (Tables) | 9 Months Ended |
Jan. 31, 2023 | |
Operating Lease Right-of-use Assets And Operating Lease Liabilities | |
SCHEDULE OF SUPPLEMENTAL BALANCE SHEET INFORMATION RELATED TO LEASES | Right-of- use assets are summarized below: SCHEDULE OF SUPPLEMENTAL BALANCE SHEET INFORMATION RELATED TO LEASES January 31, 2023 April 30, 2022 Operating leases $ 45,591 $ 64,064 Operating Lease liabilities are summarized below: January 31, 2023 April 30, 2022 Operating lease, current portion $ 40,429 $ 55,630 Operating lease, long term portion 5,237 8,734 Total lease liability $ 45,666 $ 64,364 |
SCHEDULE OF SUPPLEMENTAL CASH AND NON-CASH INFORMATION | The following table includes supplemental cash and non-cash information related to the Company’s lease: SCHEDULE OF SUPPLEMENTAL CASH AND NON-CASH INFORMATION 2023 2022 Period ended January 31, 2023 2022 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating lease $ 42,000 $ 30,500 Lease assets obtained in exchange for new operating lease liabilities $ - $ 106,631 |
SCHEDULE OF MINIMUM LEASE PAYMENTS UNDER NON-CANCELABLE OPERATING LEASES | The remaining minimum lease payments under non-cancelable operating leases at January 31, 2023 are as follows: SCHEDULE OF MINIMUM LEASE PAYMENTS UNDER NON-CANCELABLE OPERATING LEASES Year ended April 30, 2023 - remainder 14,000 Year ended April 30, 2023 - remainder 14,000 Year ended April 30, 2024 33,030 Total $ 47,030 Less: imputed interest (1,364 ) Total present value of lease liability $ 45,666 |
WARRANT LIABILITY (Tables)
WARRANT LIABILITY (Tables) | 9 Months Ended |
Jan. 31, 2023 | |
Warrant Liability | |
SCHEDULE OF KEY INPUTS FOR THE WARRANT LIABILITY | The key inputs for the warrant liability were as follows as of January 31, 2023: SCHEDULE OF KEY INPUTS FOR THE WARRANT LIABILITY Key Valuation Inputs Expected term (years) 4.63 Annualized volatility 78.0 % Volatility if fundamental transaction occurs 100.00 % Risk-free interest rate 3.68 % Stock price $ 4.61 Dividend yield 0.00 % Exercise price $ 8.60 Probability of fundamental transaction 85 % Date of fundamental transaction 1.4 4.6 The key inputs for the warrant liability were as follows as of April 30, 2022: Key Valuation Inputs Expected term (years) 5.39 Annualized volatility 84.2 % Volatility if fundamental transaction occurs 100.00 % Risk-free interest rate 2.92 % Stock price $ 5.65 Dividend yield 0.00 % Exercise price $ 8.60 Probability of fundamental transaction 85 % Date of fundamental transaction 1.9 5.4 |
SCHEDULE OF CHANGES IN FAIR VALUE OF LEVEL THREE WARRANT LIABILITY | The following table sets forth a summary of the changes in the fair value of the Level 3 warrant liability for the nine months ended January 31, 2023: SCHEDULE OF CHANGES IN FAIR VALUE OF LEVEL THREE WARRANT LIABILITY Warrant Liability Fair value as of April 30, 2022 $ 2,440,000 Change in fair value (765,000 ) Fair value as of January 31, 2023 $ 1,675,000 |
STOCKHOLDERS_ EQUITY (Tables)
STOCKHOLDERS’ EQUITY (Tables) | 9 Months Ended |
Jan. 31, 2023 | |
Equity [Abstract] | |
SCHEDULE OF STOCK OPTION ACTIVITY | The following is a summary of the Company’s stock option activity during the nine months ended January 31, 2023: SCHEDULE OF STOCK OPTION ACTIVITY Number of Weighted Weighted Balance at April 30, 2022 148,060 $ 11.65 2.23 Granted 140,000 5.02 5.00 Exercised — — — Forfeited — — — Cancelled (90,000 ) 14.70 — Balance at January 31, 2023 198,060 5.58 4.67 Options exercisable at end of period 184,960 $ 5.48 Options expected to vest 13,100 $ 6.93 Weighted average fair value of options granted during the period $ 3.31 |
SCHEDULE OF STOCK OPTION | SCHEDULE OF STOCK OPTION Grant date on Risk free interest rate 3.53 % Dividend yield 0.00 % Expected volatility 80 % Contractual term (in years) 5.0 Forfeiture rate 0.00 % |
SCHEDULE OF STOCK-BASED EXPENSE FOR STOCK OPTION | Stock-based expense for stock options were recorded in the following as reflected in the unaudited statements of operations: SCHEDULE OF STOCK-BASED EXPENSE FOR STOCK OPTION Three Months ended Nine Months ended Compensation and related taxes – general and administrative $ 166,282 $ 181,085 Professional and consulting fees 304,520 304,520 Total $ 470,802 $ 485,605 |
SCHEDULE OF STOCK WARRANT ACTIVITY | A summary of the Company’s outstanding warrants to purchase shares of common stock as of January 31, 2023 and changes during the period ended as presented below: SCHEDULE OF STOCK WARRANT ACTIVITY Number of Warrants Weighted Average Weighted Average Remaining Contractual Warrants with no Class designation: Balance at April 30, 2022 1,909,262 $ 9.29 4.38 Granted — — — Exercised — — — Forfeited — — — Canceled — — — Balance at January 31, 2023 1,909,262 9.29 3.63 Class A Warrants: Balance at April 30, 2022 109,687 11.40 2.22 Granted — — — Exercised — — — Forfeited — — — Canceled — — — Balance at January 31, 2023 109,687 11.40 1.47 Total Warrants Outstanding at January 31, 2023 2,018,949 $ 9.41 3.51 Warrants exercisable at end of period 2,018,949 $ 9.41 Weighted average fair value of warrants granted during the period $ — |
NET LOSS PER COMMON SHARE (Tabl
NET LOSS PER COMMON SHARE (Tables) | 9 Months Ended |
Jan. 31, 2023 | |
Earnings Per Share [Abstract] | |
SCHEDULE OF ANTIDILUTIVE SECTURITIES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE | SCHEDULE OF ANTIDILUTIVE SECTURITIES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE January 31, 2023 January 31, 2022 Common stock equivalents: Restricted stock units 433,475 441,402 Stock options 198,060 148,060 Stock warrants 2,018,949 1,368,246 Total 2,650,484 1,957,708 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 9 Months Ended |
Jan. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
SCHEDULE OF ROYALTY PAYABLE | SCHEDULE OF ROYALTY PAYABLE FOB Mine Value per Ton Percentage Royalty $ 00.00 50.00 5 % $ 50.01 100.00 7 % $ 100.01 150.00 9 % $ 150.01 10 % |
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS | The future minimum lease payments at January 31, 2023 under these mining leases are as follows, each payment to be made in the fourth quarter of the respective fiscal years: SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS Fiscal 2024 $ 2,880 Fiscal 2024 $ 2,880 Fiscal 2025 1,920 Fiscal 2026 1,920 Fiscal 2027 1,920 Fiscal 2028 and thereafter 11,520 Total $ 20,160 |
SCHEDULE OF ADVANCE MINIMUM ROYALTY PAYMENTS | The annual advance minimum royalty payments at January 31, 2023 under the option agreement are as follows, each payment to be made on the first anniversary of the effective date of this option agreement and continuing until the tenth anniversary: SCHEDULE OF ADVANCE MINIMUM ROYALTY PAYMENTS Fiscal 2024 $ 25,000 Fiscal 2024 $ 25,000 Fiscal 2025 25,000 Fiscal 2026 25,000 Fiscal 2027 and thereafter 125,000 Total $ 200,000 |
ORGANIZATION AND DESCRIPTION _2
ORGANIZATION AND DESCRIPTION OF BUSINESS (Details Narrative) - shares | Mar. 17, 2020 | Sep. 10, 2019 | May 23, 2017 |
Board of directors [Member] | |||
Reverse stock split description | 1-for-10 reverse stock split of the Company’s issued and outstanding shares of common stock (the “Reverse Stock Split”) | ||
Share exchange agreement [Member] | |||
Number of shares issued for common stock | 200,000 | ||
Gold King Merger [Member] | |||
Equity ownership interest rate percent | 90% |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 9 Months Ended | |
Jan. 31, 2023 | Apr. 30, 2022 | |
Property, Plant and Equipment [Line Items] | ||
Prepaid expenses and other current assets | $ 463,928 | $ 787,902 |
Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life of the assets | 3 years | |
Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life of the assets | 5 years |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | |||||||
Jan. 31, 2023 | Oct. 31, 2022 | Jul. 31, 2022 | Jan. 31, 2022 | Oct. 31, 2021 | Jul. 31, 2021 | Jan. 31, 2023 | Jan. 31, 2022 | Apr. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||
Cash | $ 5,282,584 | $ 5,282,584 | $ 9,111,512 | ||||||
Working capital | 5,200,000 | 5,200,000 | |||||||
Accumulated deficit | 63,641,616 | 63,641,616 | $ 57,905,928 | ||||||
Net loss | $ 1,893,758 | $ 1,896,572 | $ 1,945,358 | $ 4,335,260 | $ 4,293,310 | $ 3,549,715 | 5,735,688 | $ 12,178,285 | |
Cash used in operating activities | $ 6,401,415 | $ 9,788,840 |
SCHEDULE OF MINERAL RIGHTS (Det
SCHEDULE OF MINERAL RIGHTS (Details) - USD ($) | Jan. 31, 2023 | Apr. 30, 2022 |
Restructuring Cost and Reserve [Line Items] | ||
Total | $ 14,370,255 | $ 16,356,862 |
CK Gold Project [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Total | 3,091,738 | 3,091,738 |
Keystone Project [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Total | 1,028,885 | 1,028,885 |
Maggie Creek Project [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Total | 1,986,607 | |
Challis Gold Project [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Total | $ 10,249,632 | $ 10,249,632 |
MINERAL RIGHTS (Details Narrati
MINERAL RIGHTS (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Nov. 09, 2022 | Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2023 | Jan. 31, 2022 | |
Reserve Quantities [Line Items] | |||||
Gain on sale of assets | $ 763,393 | $ 763,393 | |||
Assignment and Assumption Agreement [Member] | Ren Ex [Member] | |||||
Reserve Quantities [Line Items] | |||||
Interest rate percentage | 50% | ||||
Assignment and Assumption Agreement [Member] | Ren Ex [Member] | Maggie Creek Property [Member] | |||||
Reserve Quantities [Line Items] | |||||
Interest rate percentage | 70% | ||||
Assignment and Assumption Agreement [Member] | NGM and Ren Ex [Member] | Maggie Creek Property [Member] | |||||
Reserve Quantities [Line Items] | |||||
Interest rate percentage | 100% | ||||
Original Earn in Agreement [Member] | Nevada Gold Mines LLC [Member] | |||||
Reserve Quantities [Line Items] | |||||
Upfront cash payment | $ 2,750,000 | ||||
Net smelter return percentage | 0.25% | ||||
Royalty fixed price | $ 500,000 | ||||
Original Earn in Agreement [Member] | Maggie Creek Property [Member] | Nevada Gold Mines LLC [Member] | |||||
Reserve Quantities [Line Items] | |||||
Net smelter return percentage | 0.50% | ||||
USGold Royalty Agreement [Member] | Nevada Gold Mines LLC [Member] | |||||
Reserve Quantities [Line Items] | |||||
Royalty fixed price | $ 800,000 | ||||
Gain on sale of assets | $ 763,393 |
SCHEDULE OF PROPERTY AND EQUIPM
SCHEDULE OF PROPERTY AND EQUIPMENT (Details) - USD ($) | Jan. 31, 2023 | Apr. 30, 2022 |
Property, Plant and Equipment [Line Items] | ||
Total | $ 602,796 | $ 425,283 |
Less: accumulated depreciation | (103,828) | (75,366) |
Total | 498,968 | 349,917 |
Retail Site [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 203,320 | 203,320 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 352,718 | 175,205 |
Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 7,265 | 7,265 |
Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | $ 39,493 | $ 39,493 |
PROPERTY AND EQUIPMENT (Details
PROPERTY AND EQUIPMENT (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2023 | Jan. 31, 2022 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation expenses | $ 8,237 | $ 9,458 | $ 28,462 | $ 25,565 |
SCHEDULE OF ASSET RETIREMENT OB
SCHEDULE OF ASSET RETIREMENT OBLIGATION (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2023 | Jan. 31, 2022 | Apr. 30, 2022 | |
Asset Retirement Obligation Disclosure [Abstract] | |||||
Balance, beginning of period | $ 260,196 | $ 204,615 | $ 204,615 | ||
Addition and changes in estimates | 33,517 | ||||
Accretion expense | $ 6,436 | $ 5,988 | 19,243 | $ 16,174 | 22,064 |
Balance, end of period | $ 279,439 | $ 279,439 | $ 260,196 |
ASSET RETIREMENT OBLIGATION (De
ASSET RETIREMENT OBLIGATION (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2023 | Jan. 31, 2022 | Apr. 30, 2022 | |
Asset Retirement Obligation Disclosure [Abstract] | |||||
Accretion expense | $ 6,436 | $ 5,988 | $ 19,243 | $ 16,174 | $ 22,064 |
SCHEDULE OF SUPPLEMENTAL BALANC
SCHEDULE OF SUPPLEMENTAL BALANCE SHEET INFORMATION RELATED TO LEASES (Details) - USD ($) | Jan. 31, 2023 | Apr. 30, 2022 |
Operating Lease Right-of-use Assets And Operating Lease Liabilities | ||
Operating leases | $ 45,591 | $ 64,064 |
Operating lease, current portion | 40,429 | 55,630 |
Operating lease, long term portion | 5,237 | 8,734 |
Total lease liability | $ 45,666 | $ 64,364 |
SCHEDULE OF SUPPLEMENTAL CASH A
SCHEDULE OF SUPPLEMENTAL CASH AND NON-CASH INFORMATION (Details) - USD ($) | 9 Months Ended | |
Jan. 31, 2023 | Jan. 31, 2022 | |
Operating Lease Right-of-use Assets And Operating Lease Liabilities | ||
Operating cash flows from operating lease | $ 42,000 | $ 30,500 |
Lease assets obtained in exchange for new operating lease liabilities | $ 106,631 |
SCHEDULE OF MINIMUM LEASE PAYME
SCHEDULE OF MINIMUM LEASE PAYMENTS UNDER NON-CANCELABLE OPERATING LEASES (Details) - USD ($) | Jan. 31, 2023 | Apr. 30, 2022 |
Operating Lease Right-of-use Assets And Operating Lease Liabilities | ||
Year ended April 30, 2023 - remainder | $ 14,000 | |
Year ended April 30, 2024 | 33,030 | |
Total | 47,030 | |
Less: imputed interest | (1,364) | |
Total present value of lease liability | $ 45,666 | $ 64,364 |
OPERATING LEASE RIGHT-OF-USE _3
OPERATING LEASE RIGHT-OF-USE ASSETS AND OPERATING LEASE LIABILITIES (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||
Jan. 30, 2023 | Sep. 01, 2021 | May 01, 2021 | Mar. 31, 2022 | Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2023 | Jan. 31, 2022 | |
Operating Lease Right-of-use Assets And Operating Lease Liabilities | ||||||||
Lease term, description | The term of the lease is for a two-year period from September 2021 to August 2023. | The term of the lease is for a two-year period from May 2021 to May 2023 starting with a monthly base rent of $1,667 | ||||||
Payment for rent | $ 1,768 | $ 3,100 | $ 1,667 | $ 2,950 | ||||
Renewal term | 2 years | 3 years | ||||||
Lease extension, description | On January 30, 2023, the Company entered into a lease amendment effective as of May 1, 2023 to extend this lease for a period of one year expiring April 30, 2024 with an option to renew the lease for an additional one year term. | |||||||
Right of use of assets | $ 20,472 | $ 20,472 | ||||||
Incremental borrowing rate | 8% | |||||||
Lease expenses | $ 14,041 | $ 14,375 | $ 42,116 | $ 30,725 | ||||
Weighted average remaining lease term | 11 months 1 day | 11 months 1 day | ||||||
Weighted average incremental borrowing rate | 8% | 8% |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||||||
Jan. 12, 2023 | May 18, 2022 | Jan. 24, 2022 | Mar. 19, 2021 | Jan. 07, 2021 | Apr. 30, 2022 | Jan. 31, 2022 | Apr. 30, 2021 | Jan. 31, 2021 | Jan. 31, 2023 | Jan. 31, 2022 | Oct. 31, 2021 | Jul. 31, 2021 | Jan. 31, 2023 | Jan. 31, 2022 | Mar. 10, 2021 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||
Shares issued for services, value | $ 52,500 | $ 47,500 | $ 258,500 | |||||||||||||
Consulting fees | 1,057,131 | $ 1,262,868 | $ 3,319,767 | $ 2,982,354 | ||||||||||||
Number of shares issued | $ 7,927 | |||||||||||||||
Shares granted | 140,000 | |||||||||||||||
Accounts payable and accrued expenses | $ 1,080,405 | 474,917 | $ 474,917 | |||||||||||||
Director [Member] | ||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||
Shares granted | 70,000 | |||||||||||||||
Mr. Karr [Member] | ||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||
Shares granted | 5,310 | |||||||||||||||
Mr. Karr [Member] | Restricted Stock Units (RSUs) [Member] | ||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||
Common stock shares issued | 13,564 | |||||||||||||||
January 2021 Agreement [Member] | ||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||
Consulting fees | 6,000 | 9,000 | 24,000 | 27,000 | ||||||||||||
January 2021 Agreement [Member] | Director [Member] | ||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||
Annual professional fees | $ 86,000 | |||||||||||||||
Shares issued for services, value | 50,000 | |||||||||||||||
Cash payments to related parties | 36,000 | |||||||||||||||
Payment due to related parties | $ 3,000 | |||||||||||||||
Common stock shares issued | 3,222 | |||||||||||||||
January 2022 [Member] | Director [Member] | ||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||
Common stock shares issued | 5,814 | |||||||||||||||
March 2021 Agreement [Member] | ||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||
Common stock shares issued | 5,168 | |||||||||||||||
March 2021 Agreement [Member] | Director [Member] | ||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||
Annual professional fees | $ 250,000 | |||||||||||||||
Shares issued for services, value | 130,000 | |||||||||||||||
Cash payments to related parties | $ 120,000 | |||||||||||||||
March 2021 Agreement [Member] | Mr. Karr [Member] | ||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||
Shares issued for services, value | $ 60,000 | |||||||||||||||
Cash payments to related parties | 120,000 | |||||||||||||||
Payment due to related parties | 10,000 | $ 10,000 | ||||||||||||||
Consulting fees | $ 180,000 | 30,000 | 30,000 | 90,000 | 90,000 | |||||||||||
March 2022 Agreement [Member] | ||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||
Common stock shares issued | 7,353 | |||||||||||||||
March 2022 Agreement [Member] | ||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||
Consulting fees | 30,000 | $ 30,000 | 90,000 | $ 90,000 | ||||||||||||
Accounts payable and accrued expenses | $ 37,497 | $ 37,497 | ||||||||||||||
March 2022 Agreement [Member] | Director [Member] | ||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||
Common stock shares issued | 14,286 |
SCHEDULE OF KEY INPUTS FOR THE
SCHEDULE OF KEY INPUTS FOR THE WARRANT LIABILITY (Details) | Jan. 31, 2023 $ / shares | Apr. 30, 2022 $ / shares |
Measurement Input, Expected Term [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Expected term (years) | 4 years 7 months 17 days | 5 years 4 months 20 days |
Measurement Input, Price Volatility [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrant liability, measurement input | 78 | 84.2 |
Measurement Input Volatility If Fundamental Transaction Occurs [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrant liability, measurement input | 100 | 100 |
Measurement Input, Risk Free Interest Rate [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrant liability, measurement input | 3.68 | 2.92 |
Measurement Input, Share Price [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Exercise price | $ 4.61 | $ 5.65 |
Measurement Input, Expected Dividend Rate [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrant liability, measurement input | 0 | 0 |
Measurement Input, Exercise Price [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Exercise price | $ 8.60 | $ 8.60 |
Measurement Input Probability of Fundamental Transaction [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrant liability, measurement input | 85 | 85 |
Measurement Input Date of Fundamental Transaction [Member] | Minimum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Expected term (years) | 1 year 4 months 24 days | 1 year 10 months 24 days |
Measurement Input Date of Fundamental Transaction [Member] | Maximum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Expected term (years) | 4 years 7 months 6 days | 5 years 4 months 24 days |
SCHEDULE OF CHANGES IN FAIR VAL
SCHEDULE OF CHANGES IN FAIR VALUE OF LEVEL THREE WARRANT LIABILITY (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2023 | Jan. 31, 2022 | |
Warrant Liability | ||||
Fair value as of April 30, 2022 | $ 2,440,000 | |||
Change in fair value | $ 389,000 | (765,000) | ||
Fair value as of January 31, 2023 | $ 1,675,000 | $ 1,675,000 |
WARRANT LIABILITY (Details Narr
WARRANT LIABILITY (Details Narrative) - USD ($) | Jan. 31, 2023 | Apr. 30, 2022 | Mar. 18, 2022 |
Warrant Liability | |||
Warrant liability | $ 1,675,000 | $ 2,440,000 | |
Warrants issued | 625,000 | ||
Initial valuation of warrant liability | $ 1,675,000 | $ 2,440,000 | $ 3,652,000 |
SCHEDULE OF STOCK OPTION ACTIVI
SCHEDULE OF STOCK OPTION ACTIVITY (Details) - $ / shares | 9 Months Ended | 12 Months Ended |
Jan. 31, 2023 | Apr. 30, 2022 | |
Equity [Abstract] | ||
Number of options outstanding, beginning of period | 148,060 | |
Weighted average exercise price outstanding, beginning of period | $ 11.65 | |
Weighted average remaining contractual life (Years), ending of period | 4 years 8 months 1 day | 2 years 2 months 23 days |
Number of options, granted | 140,000 | |
Weighted average exercise price, granted | $ 5.02 | |
Weighted average remaining contractual life (Years), grant | 5 years | |
Number of options, exercised | ||
Weighted average exercise price, exercised | ||
Number of options, forfeited | ||
Weighted average exercise price, forfeited | ||
Number of options, cancelled | (90,000) | |
Weighted average exercise price, cancelled | $ 14.70 | |
Number of options outstanding,ending of period | 198,060 | 148,060 |
Weighted average exercise price outstanding, ending of period | $ 5.58 | $ 11.65 |
Number of options exercisable at end of period | 184,960 | |
Weighted average exercise price options exercisable at end of period | $ 5.48 | |
Number of options expected to vest | 13,100 | |
Weighted average exercise price options expected to vest | $ 6.93 | |
Weighted average exercise Price weighted average fair value of options granted during the period | $ 3.31 |
SCHEDULE OF STOCK OPTION (Detai
SCHEDULE OF STOCK OPTION (Details) | Jan. 12, 2023 |
Equity [Abstract] | |
Risk free interest rate | 3.53% |
Dividend yield | 0% |
Expected volatility | 80% |
Contractual term (in years) | 5 years |
Forfeiture rate | 0% |
SCHEDULE OF STOCK-BASED EXPENSE
SCHEDULE OF STOCK-BASED EXPENSE FOR STOCK OPTION (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2023 | Jan. 31, 2022 | |
Total | $ 470,802 | $ 176,073 | $ 485,605 | $ 176,073 |
General and Administrative Expense [Member] | ||||
Total | 166,282 | 181,085 | ||
Professional and Consulting Fees [Member] | ||||
Total | $ 304,520 | $ 304,520 |
SCHEDULE OF STOCK WARRANT ACTIV
SCHEDULE OF STOCK WARRANT ACTIVITY (Details) - $ / shares | 9 Months Ended | 12 Months Ended |
Jan. 31, 2023 | Apr. 30, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Number of Warrants, Outstanding, Ending balance | 2,018,949 | |
Weighted Average Exercise Price, Outstanding, Ending balance | $ 9.41 | |
Weighted average remaining contractual life in years, end of period | 3 years 6 months 3 days | |
Number of Warrants, Exercisable, Ending balance | 2,018,949 | |
Weighted Average Exercise Price, Exercisable, Ending balance | $ 9.41 | |
Weighted average fair value of warrants granted during the period | ||
Warrants with no Class Designation [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Number of Warrants, Outstanding, Beginning balance | 1,909,262 | |
Weighted Average Exercise Price,Outstanding, Beginning balance | $ 9.29 | |
Weighted average remaining contractual life in years, end of period | 3 years 7 months 17 days | 4 years 4 months 17 days |
Number of Warrants, Granted | ||
Weighted Average Exercise Price, Granted | ||
Number of Warrants, Exercised | ||
Weighted Average Exercise Price, Exercised | ||
Number of Warrants, Forfeited | ||
Weighted Average Exercise Price, Forfeited | ||
Number of Warrants, Canceled | ||
Weighted Average Exercise Price, Canceled | ||
Number of Warrants, Outstanding, Ending balance | 1,909,262 | 1,909,262 |
Weighted Average Exercise Price, Outstanding, Ending balance | $ 9.29 | $ 9.29 |
Class A Warrants [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Number of Warrants, Outstanding, Beginning balance | 109,687 | |
Weighted Average Exercise Price,Outstanding, Beginning balance | $ 11.40 | |
Weighted average remaining contractual life in years, end of period | 1 year 5 months 19 days | 2 years 2 months 19 days |
Number of Warrants, Granted | ||
Weighted Average Exercise Price, Granted | ||
Number of Warrants, Exercised | ||
Weighted Average Exercise Price, Exercised | ||
Number of Warrants, Forfeited | ||
Weighted Average Exercise Price, Forfeited | ||
Number of Warrants, Canceled | ||
Weighted Average Exercise Price, Canceled | ||
Number of Warrants, Outstanding, Ending balance | 109,687 | 109,687 |
Weighted Average Exercise Price, Outstanding, Ending balance | $ 11.40 | $ 11.40 |
STOCKHOLDERS_ EQUITY (Details N
STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||
Jan. 12, 2023 | Dec. 22, 2022 | Dec. 16, 2022 | Nov. 14, 2022 | Apr. 30, 2022 | Aug. 31, 2020 | Apr. 30, 2022 | Jan. 31, 2023 | Jan. 31, 2022 | Oct. 31, 2021 | Jul. 31, 2021 | Jan. 31, 2023 | Jan. 31, 2022 | Apr. 30, 2022 | Aug. 06, 2019 | Aug. 31, 2017 | |
Class of Stock [Line Items] | ||||||||||||||||
Common stock, shares authorized | 200,000,000 | 200,000,000 | 200,000,000 | 200,000,000 | 200,000,000 | |||||||||||
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | |||||||||||
Preferred stock, shares designated | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | |||||||||||
Preferred stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | |||||||||||
Share based compensation | $ 184,531 | $ 785,007 | $ 553,594 | $ 1,201,981 | ||||||||||||
Fair value of shares over vesting period | $ 846,104 | |||||||||||||||
Vesting term | 11 months 1 day | |||||||||||||||
Number of RSU awarded but unissued | 343,315 | |||||||||||||||
Shares issued for services, value | $ 52,500 | $ 47,500 | $ 258,500 | |||||||||||||
Shares purchase to consultants | 140,000 | |||||||||||||||
Option term | 4 years 8 months 1 day | 2 years 2 months 23 days | ||||||||||||||
Exercise price | $ 5.48 | $ 5.48 | ||||||||||||||
Stock-based expense | $ 470,802 | $ 176,073 | $ 485,605 | $ 176,073 | ||||||||||||
Future vesting value | $ 56,744 | $ 56,744 | ||||||||||||||
Weighted average period | 1 year 11 months 23 days | |||||||||||||||
2017 Equity Incentive Plan [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Common stock reservation of shares | 165,000 | |||||||||||||||
2020 Incentive Plan [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Common stock issue shares | 2,419,571 | 1,167,095 | ||||||||||||||
Common stock reservation of shares | 330,710 | |||||||||||||||
Number of shares available for issuance | 1,252,476 | 836,385 | ||||||||||||||
Common Stock [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Shares issued for services | 12,935 | 5,647 | 25,000 | |||||||||||||
Shares issued for services, value | $ 13 | $ 6 | $ 25 | |||||||||||||
Warrant [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Warrants outstanding and exercisable, intrinsic value | $ 0 | $ 0 | ||||||||||||||
Advisory Consulting Agreement [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Shares issued for services | 885 | 8,395 | ||||||||||||||
Consultant [Member] | Common Stock [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Shares issued for services | 5,425 | |||||||||||||||
Shares issued for services, value | $ 22,500 | |||||||||||||||
Shares issued price per share | $ 4.15 | |||||||||||||||
Consultant [Member] | Advisory Consulting Agreement [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Share based compensation | $ 30,000 | |||||||||||||||
Shares issued for services | 7,510 | 885 | ||||||||||||||
Shares issued for services, value | $ 35,000 | |||||||||||||||
Shares issued price per share | $ 4.17 | |||||||||||||||
Accrued liabilities | $ 5,000 | |||||||||||||||
Consultant [Member] | Advisory Consulting Agreement [Member] | Common Stock [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Shares issued for services | 8,395 | |||||||||||||||
Employee [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Shares purchase to consultants | 48,000 | |||||||||||||||
Option term | 5 years | |||||||||||||||
Exercise price | $ 5.02 | |||||||||||||||
Director [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Shares purchase to consultants | 70,000 | |||||||||||||||
Option term | 5 years | |||||||||||||||
Exercise price | $ 5.02 | |||||||||||||||
Consultants [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Shares purchase to consultants | 22,000 | |||||||||||||||
Option term | 5 years | |||||||||||||||
Exercise price | $ 5.02 | |||||||||||||||
Restricted Stock Units (RSUs) [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Number of unvested restricted stocks | 90,160 | 90,160 | ||||||||||||||
Restricted Stock Units (RSUs) [Member] | Formerd Director [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Common stock issue shares | 7,927 | |||||||||||||||
Series A Convertible Preferred Stock [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Preferred stock, shares designated | 1,300,000 | 1,300,000 | ||||||||||||||
Series B Convertible Preferred Stock [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Preferred stock, shares designated | 400,000 | 400,000 | ||||||||||||||
Series C Convertible Preferred Stock [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Preferred stock, shares designated | 45,002 | 45,002 | ||||||||||||||
Series D Convertible Preferred Stock [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Preferred stock, shares designated | 7,402 | 7,402 | ||||||||||||||
Series E Convertible Preferred Stock [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Preferred stock, shares designated | 2,500 | 2,500 | ||||||||||||||
Series F Preferred Stock [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Preferred stock, shares designated | 1,250 | 1,250 | ||||||||||||||
Series G Preferred Stock [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Preferred stock, shares designated | 127 | 127 | ||||||||||||||
Series H Preferred Stock [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Preferred stock, shares designated | 106,894 | 106,894 | ||||||||||||||
Series I preferred stock [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Preferred stock, shares designated | 921,666 | 921,666 |
SCHEDULE OF ANTIDILUTIVE SECTUR
SCHEDULE OF ANTIDILUTIVE SECTURITIES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE (Details) - shares | 9 Months Ended | |
Jan. 31, 2023 | Jan. 31, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total | 2,650,484 | 1,957,708 |
Restricted Stock Units (RSUs) [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total | 433,475 | 441,402 |
Equity Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total | 198,060 | 148,060 |
Warrant [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total | 2,018,949 | 1,368,246 |
SCHEDULE OF ROYALTY PAYABLE (De
SCHEDULE OF ROYALTY PAYABLE (Details) (Parenthetical) | Jan. 31, 2023 $ / shares |
FOB Mine Value Per Ton Range One [Member] | Minimum [Member] | |
Loss Contingencies [Line Items] | |
FOB mine value per ton | $ 0 |
FOB Mine Value Per Ton Range One [Member] | Maximum [Member] | |
Loss Contingencies [Line Items] | |
FOB mine value per ton | 50 |
FOB Mine Value Per Ton Range Two [Member] | Minimum [Member] | |
Loss Contingencies [Line Items] | |
FOB mine value per ton | 50.01 |
FOB Mine Value Per Ton Range Two [Member] | Maximum [Member] | |
Loss Contingencies [Line Items] | |
FOB mine value per ton | 100 |
FOB Mine Value Per Ton Range Three [Member] | Minimum [Member] | |
Loss Contingencies [Line Items] | |
FOB mine value per ton | 100.01 |
FOB Mine Value Per Ton Range Three [Member] | Maximum [Member] | |
Loss Contingencies [Line Items] | |
FOB mine value per ton | 150 |
FOB Mine Value Per Ton Range Four [Member] | |
Loss Contingencies [Line Items] | |
FOB mine value per ton | $ 150.01 |
SCHEDULE OF ROYALTY PAYABLE (_2
SCHEDULE OF ROYALTY PAYABLE (Details) | Jan. 31, 2023 |
FOB Mine Value Per Ton Range One [Member] | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Percentage royalty | 5% |
FOB Mine Value Per Ton Range Two [Member] | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Percentage royalty | 7% |
FOB Mine Value Per Ton Range Three [Member] | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Percentage royalty | 9% |
FOB Mine Value Per Ton Range Four [Member] | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Percentage royalty | 10% |
SCHEDULE OF FUTURE MINIMUM LEAS
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS (Details) | Jan. 31, 2023 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Fiscal 2024 | $ 2,880 |
Fiscal 2025 | 1,920 |
Fiscal 2026 | 1,920 |
Fiscal 2027 | 1,920 |
Fiscal 2028 and thereafter | 11,520 |
Total | $ 20,160 |
SCHEDULE OF ADVANCE MINIMUM ROY
SCHEDULE OF ADVANCE MINIMUM ROYALTY PAYMENTS (Details) | Jan. 31, 2023 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Fiscal 2024 | $ 25,000 |
Fiscal 2025 | 25,000 |
Fiscal 2026 | 25,000 |
Fiscal 2027 and thereafter | 125,000 |
Total | $ 200,000 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Details Narrative) | 9 Months Ended | 12 Months Ended | |||||
Aug. 25, 2021 USD ($) | Jan. 31, 2023 USD ($) a $ / shares | Jan. 31, 2022 USD ($) | Apr. 30, 2022 USD ($) | Sep. 01, 2022 USD ($) | Sep. 01, 2021 USD ($) | May 01, 2021 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||
Lease annual payment per acre | $ / shares | $ 3 | ||||||
Lease term, renew | 2 years | 3 years | |||||
Minimum royalty payments percentage | 100% | ||||||
Annual lease payment | $ 42,000 | $ 30,500 | |||||
Compensation per acre | 40 | ||||||
NPRC Option [Member] | |||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||
Minimum royalty payment | $ 25,000 | $ 25,000 | |||||
State of Wyoming Mining Lease One [Member] | |||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||
Area of land | a | 640 | ||||||
Lease renewed date | 2023-02 | ||||||
Lease term | 10 years | ||||||
Lease annual payment per acre | $ / shares | $ 3 | ||||||
Lease term, renew | 10 years | ||||||
Lease annual payment per acre thereafter | $ / shares | $ 4 | ||||||
State of Wyoming Mining Lease Two [Member] | |||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||
Area of land | a | 480 | ||||||
Lease renewed date | 2014-02 | ||||||
Lease term | 10 years | ||||||
Lease annual payment per acre | $ / shares | $ 2 | ||||||
Exploration Access and Option to Lease Agreement [Member] | Land Owner [Member] | |||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||
Annual exploration | $ 10,000 | ||||||
Annual option payment | 35,780 | ||||||
Anniversary lease payments | 6,560 | ||||||
Amount paid | $ 42,340 | $ 42,340 | |||||
Closing amount | 26,240 | ||||||
Annual lease payment | 50,000 | ||||||
Annual right way payments | 13,120 | ||||||
Lease right payments | $ 50,000 |