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