UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A
Amendment No. 1
CURRENT
REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): October 13, 2017
U.S. GOLD CORP.
(Exact name of registrant as specified in its charter)
Nevada | 1-8266 | 22-18314-09 | ||
(State
or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS
Employer Identification No.) |
1910 E. Idaho Street, Suite 102-Box 604, Elko, NV 89801
(Address of principal executive offices and zip code)
Registrant’s telephone number, including area code: (800) 557-4550
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ] | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
[ ] | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
[ ] | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
[ ] | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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. [ ]
EXPLANATORY NOTE
This Amendment No. 1 on Form 8-K/A (“Form 8-K/A”) amends the Current Report on Form 8-K filed by U.S. Gold Corp. with the Securities and Exchange Commission on October 19, 2017 (the “Original Form 8-K”). This Form 8-K/A is being filed solely for the purpose of providing the pro forma financial information as required by Item 9.01 of Form 8-K. No other modification to the Original Form 8-K is being made by this Form 8-K/A. This Form 8-K/A speaks as of the original filing date of the Original Form 8-K, does not reflect events that may have occurred subsequent to the original filing date and does not modify or update in any way disclosures made in the Original Form 8-K, except as otherwise set forth above.
Item 9.01. Financial Statements and Exhibits.
(b) Unaudited Pro Forma Financial Information.
The unaudited pro forma condensed consolidated financial statements which include unaudited pro forma condensed consolidated balance sheet as of July 31, 2017 and unaudited pro forma condensed consolidated statements of operations for the three months ended July 31, 2017 and the year ended April 30, 2017 of the Company is filed herewith as Exhibit 99.3.
(d) Exhibits.
Exhibit No. | Description | |
99.3 | Unaudited pro forma consolidated financial information |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
U.S. GOLD CORP. | |
Dated: December 13, 2017 | /s/ Edward M. Karr |
Edward M. Karr | |
Chief Executive Officer |
U.S. GOLD CORP. AND SUBSIDIARIES
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEETS
As of July 31, 2017
Pro Forma | Pro Forma | |||||||||||||||||
U.S. Gold Corp. | Disposal | Adjustments | Notes | Total | ||||||||||||||
ASSETS | ||||||||||||||||||
CURRENT ASSETS: | ||||||||||||||||||
Cash | $ | 4,346,618 | $ | - | $ | 531,148 | a | $ | 4,877,766 | |||||||||
Prepaid expenses and other current assets | 774,786 | - | - | 774,786 | ||||||||||||||
Assets held for sale - current | 3,550,556 | (3,550,556 | ) | - | - | |||||||||||||
Total Current Assets | 8,671,960 | (3,550,556 | ) | 531,148 | 5,652,552 | |||||||||||||
NON - CURRENT ASSETS: | ||||||||||||||||||
Reclamation bond deposit | 46,482 | - | - | 46,482 | ||||||||||||||
Mineral rights | 4,120,623 | - | - | 4,120,623 | ||||||||||||||
Assets held for sale - long term | 37,984 | (37,984 | ) | - | - | |||||||||||||
Total Non - Current Assets | 4,205,089 | (37,984 | ) | - | 4,167,105 | |||||||||||||
Total Assets | $ | 12,877,049 | $ | (3,588,540 | ) | $ | 531,148 | $ | 9,819,657 | |||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||
CURRENT LIABILITIES: | ||||||||||||||||||
Accounts payable | $ | 290,484 | $ | - | $ | - | $ | 290,484 | ||||||||||
Accounts payable - related party | 2,431 | - | - | 2,431 | ||||||||||||||
Accrued liabilities | 722,197 | - | - | 722,197 | ||||||||||||||
Liabilities held for sale - current | 3,603,671 | (3,603,671 | ) | - | - | |||||||||||||
Total Current Liabilities | 4,618,783 | (3,603,671 | ) | - | 1,015,112 | |||||||||||||
LONG- TERM LIABILITIES | ||||||||||||||||||
Liabilities of held for sale - long term | 23,891 | (23,891 | ) | - | - | |||||||||||||
Total Liabilities | 4,642,674 | (3,627,562 | ) | - | 1,015,112 | |||||||||||||
Commitments and Contingencies | ||||||||||||||||||
STOCKHOLDERS’ EQUITY : | ||||||||||||||||||
Preferred stock, $0.001 par value; 50,000,000 authorized | ||||||||||||||||||
Convertible Series C Preferred stock ($0.001 Par Value; 45,002 Shares Authorized) | 8 | - | - | 8 | ||||||||||||||
Common stock ($0.001 Par Value; 200,000,000 Shares Authorized) | 12,036 | - | - | 12,036 | ||||||||||||||
Additional paid-in capital | 22,070,169 | - | - | 22,070,169 | ||||||||||||||
Accumulated deficit | (13,847,838 | ) | 39,022 | 531,148 | a and b | (13,277,668 | ) | |||||||||||
Total Stockholders’ Equity | 8,234,375 | 39,022 | 531,148 | 8,804,545 | ||||||||||||||
Total Liabilities and Stockholders’ Equity | $ | 12,877,049 | $ | (3,588,540 | ) | $ | 531,148 | $ | 9,819,657 |
U.S. GOLD CORP. AND SUBSIDIARIES
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended July 31, 2017
Pro Forma | Pro Forma | |||||||||||||||||
U.S. Gold Corp. | Disposal | Adjustments | Notes | Total | ||||||||||||||
Net revenues | $ | - | $ | - | $ | - | $ | - | ||||||||||
Operating expenses: | ||||||||||||||||||
Compensation and related taxes | 1,389,814 | - | - | 1,389,814 | ||||||||||||||
Exploration costs | 767,883 | - | - | 767,883 | ||||||||||||||
Professional fees | 861,463 | - | - | 861,463 | ||||||||||||||
General and administrative expenses | 187,173 | - | - | 187,173 | ||||||||||||||
Total operating expenses | 3,206,333 | - | - | 3,206,333 | ||||||||||||||
Operating loss from operations from continuing operations | (3,206,333 | ) | - | - | (3,206,333 | ) | ||||||||||||
Loss from continuing operations before provision for income taxes | (3,206,333 | ) | - | - | (3,206,333 | ) | ||||||||||||
Provision for income taxes | - | - | - | - | ||||||||||||||
Loss from continuing operations | (3,206,333 | ) | - | - | (3,206,333 | ) | ||||||||||||
Discontinued operations: | ||||||||||||||||||
Loss from discontinued operations | (6,071,448 | ) | - | - | (6,071,448 | ) | ||||||||||||
Net gain on sale of discontinued operations | - | 39,022 | 531,148 | a and b | 570,170 | |||||||||||||
Total loss from discontinued operations | (6,071,448 | ) | 39,022 | 531,148 | (5,501,278 | ) | ||||||||||||
Net loss | $ | (9,277,781 | ) | $ | 39,022 | $ | 531,148 | $ | (8,707,611 | ) | ||||||||
Loss per common share, basic and diluted | ||||||||||||||||||
Loss from continuing operations | $ | (0.35 | ) | $ | (0.35 | ) | ||||||||||||
Discontinued operations: | ||||||||||||||||||
Loss from discontinued operations | $ | (0.65 | ) | $ | (0.65 | ) | ||||||||||||
Gain on sale of discontinued operations | $ | 0.00 | $ | 0.06 | ||||||||||||||
Total | $ | (0.65 | ) | $ | (0.59 | ) | ||||||||||||
Net Loss Per Share | $ | (1.00 | ) | $ | (0.94 | ) | ||||||||||||
Weighted average common shares outstanding - basic and diluted | 9,252,624 | 9,252,624 |
U.S. GOLD CORP. AND SUBSIDIARIES
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Year Ended April 30, 2017
Pro Forma | Pro Forma | |||||||||||||||||
U.S. Gold Corp. | Disposal | Adjustments | Notes | Total | ||||||||||||||
Net revenues | $ | - | $ | - | $ | - | $ | - | ||||||||||
Operating expenses: | ||||||||||||||||||
Compensation and related taxes | 1,072,509 | - | - | 1,072,509 | ||||||||||||||
Exploration costs | 1,368,044 | - | - | 1,368,044 | ||||||||||||||
Professional fees | 1,442,477 | - | - | 1,442,477 | ||||||||||||||
General and administrative expenses | 262,237 | - | - | 262,237 | ||||||||||||||
Total operating expenses | 4,145,267 | - | - | 4,145,267 | ||||||||||||||
Loss from operations | (4,145,267 | ) | - | - | (4,145,267 | ) | ||||||||||||
Other expense: | ||||||||||||||||||
Interest income | 1,048 | - | - | 1,048 | ||||||||||||||
Interest expense - related party | (4,242 | ) | - | - | (4,242 | ) | ||||||||||||
Total other expense | (3,194 | ) | - | - | (3,194 | ) | ||||||||||||
Loss before provision for income taxes | (4,148,461 | ) | - | - | (4,148,461 | ) | ||||||||||||
Provision for income taxes | - | - | - | - | ||||||||||||||
Net loss | $ | (4,148,461 | ) | $ | - | $ | - | $ | (4,148,461 | ) | ||||||||
Net loss per common share, basic and diluted | $ | (0.42 | ) | $ | (0.42 | ) | ||||||||||||
Weighted average common shares outstanding - basic and diluted | 9,778,492 | 9,778,492 |
U.S. GOLD CORP. AND SUBSIDIARIES
NOTES TO UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL INFORMATION
(a) | Total consideration for the Dataram Memory sale is as follows: |
Total consideration | $ | 900,000 | ||
Direct legal and sales commission expenses related to the sale | (201,510 | ) | ||
Estimated Dataram expenses to be deducted from the sales proceeds | (167,342 | ) | ||
Total cash received for the Dataram Memory sales | $ | 531,148 |
(b) | The gain from sale of Dataram Memory business is as follows: |
Total cash received for the Dataram Memory sales | $ | 531,148 | ||
Excess liabilities disposed over assets disposed | 39,022 | |||
Net gain from sale of Dataram Memory business | $ | 570,170 |