ASSET RETIREMENT OBLIGATION
|6 Months Ended|
Oct. 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:
SCHEDULE OF ASSET RETIREMENT OBLIGATION
For the three months ended October 31, 2021 and 2020, accretion expense amounted to $5,252 and $4,328, respectively. For the six months ended October 31, 2021 and 2020, accretion expense amounted to $10,186 and $8,388, respectively.
U.S. GOLD CORP. AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
OCTOBER 31, 2021
The entire disclosure for an asset retirement obligation and the associated long-lived asset. An asset retirement obligation is a legal obligation associated with the disposal or retirement from service of a tangible long-lived asset that results from the acquisition, construction or development, or the normal operations of a long-lived asset, except for certain obligations of lessees.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef