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U.S. Gold Corp. (USAU-11.71%) has submitted its 10-Q filing for the quarterly period ended January 31, 2025.
The filing includes financial statements for the quarter, showing no net revenues, as the company is still in the development stage with no operations. Operating expenses for the quarter increased to $5,090,377 from $1,275,409 in the same quarter the previous year. This increase is attributed to higher compensation, exploration costs, and professional fees.
The company reported a loss from operations of $5,090,377 for the quarter, compared to $1,275,409 in the previous year. The increase in operating loss is due to increased expenses related to stock-based compensation and exploration activities.
Other income (loss) for the quarter was $(1,271,640), compared to $(410,245) in the previous year. This includes a change in fair value of warrant liability of $(1,330,550) and interest income of $58,910.
Net loss for the quarter was $6,362,017, up from $1,685,654 in the previous year. The increase is primarily due to higher operating expenses and changes in warrant liability.
As of January 31, 2025, U.S. Gold Corp. had total assets of $26,016,083 and total liabilities of $8,548,871. The company had cash of $9,137,995 and working capital of $9,221,754.
The company raised $10,203,858 through a registered direct offering of common stock and warrants, which closed on December 6, 2024. The proceeds are intended to fund corporate activities and project development.
U.S. Gold Corp. continues to focus on advancing its CK Gold Project in Wyoming, with recent permit approvals and ongoing exploration activities. The company acknowledges the need for additional funding to advance its projects further.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the U.S. Gold Corp. quarterly 10-Q report dated March 17, 2025. To report an error, please email earnings@qz.com.