Quarterly report pursuant to Section 13 or 15(d)

ASSET RETIREMENT OBLIGATION

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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:

 

    October 31, 2021     April 30, 2021  
             
Balance, beginning of period   $ 204,615     $ 168,392  
Addition and changes in estimates     33,517       18,746  
Accretion expense     10,186       17,477  
Balance, end of period   $ 248,318     $ 204,615  

 

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