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 |