Quarterly report pursuant to Section 13 or 15(d)

ASSET RETIREMENT OBLIGATION

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ASSET RETIREMENT OBLIGATION
3 Months Ended
Jul. 31, 2021
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:

 

    July 31, 2021     April 30, 2021  
             
Balance, beginning of period   $ 204,615     $ 168,392  
Addition and changes in estimates     -       18,746  
Accretion expense     4,934       17,477  
Balance, end of period   $ 209,549     $ 204,615  

 

 

For the three months ended July 31, 2021 and 2020, accretion expense amounted to $4,934 and $4,060, respectively.

 

 

U.S. GOLD CORP. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

JULY 31, 2021