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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Dec. 31, 2023
Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:          
Net loss $ (18,545,753) $ (10,415,512) $ (39,042,992)   $ (18,340,999)
Adjustments to reconcile net loss to net cash used in operating activities:          
Stock-based compensation 641,554 725,049 1,312,179   1,332,867
Depreciation expense     53,992   68,073
Accretion expense 3,181 3,021 6,321   5,886
Impairment expense     0   7,111
Loss from equity investment in Peak Gold, LLC (Note 5) 695,633 6,720,000 835,886   11,810,000
Unrealized loss from derivative contracts 12,553,491 0 28,178,821   0
Interest expense paid in stock     200,048   438,877
Change in the fair value of contingent consideration     0   (606,500)
Amortization of debt discount and debt issuance fees     1,491,227   (144,689)
Changes in operating assets and liabilities:          
Decrease (increase) in prepaid expenses and other     (165,753)   402,689
Increase (decrease) in accounts payable and accrued liabilities     275,128   893,831
Net cash used in operating activities     (6,855,143)   (4,132,854)
CASH FLOWS FROM INVESTING ACTIVITIES:          
Cash invested in Peak Gold, LLC     (27,240,000)   (11,810,000)
Acquisition of Contango Lucky Shot Alaska, LLC     0   (719)
Acquisition of property and equipment     (7,167)   0
Net cash used by investing activities     (27,247,167)   (11,810,719)
CASH FLOWS FROM FINANCING ACTIVITIES:          
Cash paid for shares withheld from employees for payroll tax withholding     0   (39,496)
Cash proceeds from warrant exercise     0   6,886,000
Cash proceeds from debt     30,000,000   7,647,500
Debt issuance costs     (1,477,569)   (1,634,973)
Cash proceeds from common stock issuance, net     14,195,839   5,965,582
Net cash provided by financing activities     42,718,270   18,824,613
NET INCREASE IN CASH     8,615,960   2,881,040
CASH AND RESTRICTED CASH, BEGINNING OF PERIOD     15,737,391 $ 11,877,194 8,996,154
CASH AND RESTRICTED CASH, END OF PERIOD $ 24,353,351 $ 11,877,194 24,353,351 $ 15,737,391 11,877,194
Supplemental disclosure of cash flow information          
Interest expense     2,762,152   607,787
Noncash Investing and Financing Items [Abstract]          
Commitment fee dercognized and added to debt discount     453,124   0
Total non-cash investing and financing activities:     $ 453,124   $ 0