U.S. Gold Corp. Files Q2 2025 10-Q

TL;DR

USGO 10-Q filed for Q2 FY25. Financials for period ending Oct 31, 2024.

AI Summary

U.S. Gold Corp. filed its 10-Q for the period ending October 31, 2024, reporting on its financial performance. The company, incorporated in Nevada, operates in the metal mining sector and is headquartered in Elko, Nevada. The filing covers the second quarter of fiscal year 2025, with financial data presented for periods including August 1, 2024, to October 31, 2024, and comparative periods from the previous year.

Why It Matters

This filing provides investors with an update on U.S. Gold Corp.'s financial health and operational progress during the second quarter of its fiscal year 2025.

Risk Assessment

Risk Level: medium — As a mining company, U.S. Gold Corp. is subject to inherent risks related to exploration, development, commodity prices, and regulatory environments.

Key Numbers

• Q2 FY2025 — Reporting Period (The filing covers the second quarter of the fiscal year 2025.)
• 2024-10-31 — End of Reporting Period (The financial data pertains to the period ending on this date.)
• 2023-10-31 — Comparative Period End (Provides year-over-year comparison for the same quarter.)

Key Players & Entities

• U.S. GOLD CORP. (company) — Filer
• 20241031 (date) — Period of Report
• 20241216 (date) — Filed as of Date
• ELKO, NV (location) — Business Address
• METAL MINING [1000] (industry) — Standard Industrial Classification

FAQ

Key Financial Figures

• $0.001 — 23 Common Stock Additional Total $0.001 Par Value Paid-in Accumulated Sto

Filing Documents

• form10-q.htm (10-Q) — 952KB
• ex31-1.htm (EX-31.1) — 12KB
• ex31-2.htm (EX-31.2) — 12KB
• ex32-1.htm (EX-32.1) — 7KB
• ex32-2.htm (EX-32.2) — 7KB
• 0001493152-24-050244.txt ( ) — 5246KB
• usau-20241031.xsd (EX-101.SCH) — 46KB
• usau-20241031_cal.xml (EX-101.CAL) — 53KB
• usau-20241031_def.xml (EX-101.DEF) — 143KB
• usau-20241031_lab.xml (EX-101.LAB) — 360KB
• usau-20241031_pre.xml (EX-101.PRE) — 264KB
• form10-q_htm.xml (XML) — 786KB

From the Filing

UNITED SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended October 31, 2024 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________to _____________ Commission file number: 001-08266 U.S. GOLD CORP. (Exact Name of Registrant as Specified in its Charter) Nevada 22-1831409 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 1910 E. Idaho Street , Suite 102-Box 604 , Elko , NV 89801 (Address of Principal Executive Offices) (Zip Code) (800) 557-4550 (Registrant's Telephone Number, including Area Code) (Former name, former address and former fiscal year, if changed since last report) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock USAU Nasdaq Capital Market Indicate by check mark whether the registrant (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer", "accelerated filer", "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act. Large accelerated filer Accelerated filer Non-accelerated filer Smaller reporting company Emerging growth Company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No Indicate the number of shares outstanding of each of the registrant's classes of common stock, as of the latest practicable date. Common Stock ($ 0.001 par value): As of December 16, 2024, there were 12,323,116 shares outstanding. U.S. GOLD CORP. FORM 10-Q TABLE OF CONTENTS Page PART I – FINANCIAL INFORMATION Item 1. Financial 4 Condensed Consolidated Balance Sheets as of October 31, 2024 (Unaudited) and April 30, 2024 4 Condensed Consolidated Statements of Operations for the three and six months ended October 31, 2024 and 2023 (Unaudited) 5 Condensed Consolidated Statements of Changes in Stockholders' Equity for the three and six months ended October 31, 2024 and 2023 (Unaudited) 6 Condensed Consolidated Statements of Cash Flows for the six months ended October 31, 2024 and 2023 (Unaudited) 8 Notes to Condensed Consolidated Financial Statements (Unaudited) 9 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 23 Item 3. Quantitative and Qualitative Disclosures About Market Risk 25 Item 4. Controls and Procedures 26 PART II – OTHER INFORMATION Item 1. Legal Proceedings 26 Item 1A. Risk Factors 26 Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities 26 Item 3. Defaults Upon Senior Securities 26 Item 4. Mine Safety Disclosures 26 Item 5. Other Information 26 Item 6. Exhibits 27 Signature Page 28 2 FORWARD-LOOKING Some information contained in or incorporated by reference into this Quarterly Report on Form 10-Q (this "Form 10-Q") may contain forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. These statements include comments relating to the ability of available cash reserves at October 31, 2024, to be sufficient for greater than the next twelve months; U.S. Gold Corp.'s (the "Company," "we," "us," or "our") ability to continue as a going concern; expected vesting of options to purchase shares of the Company's common stock and expected legal and accounting expenses to maintain compliance with the Sarbanes-Oxley Act of 2002 and the effect of these expenses on the Company's profitability and our results of operations. We use the words "anticipate," "continue," "likely," "estimate," "expect," "may," "could," "will,"

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