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Restatement of Previously Issued Audited Financial Statements
 12 Months Ended
Dec. 31, 2020
Accounting Changes and Error Corrections [Abstract]  
Restatement of Previously Issued Audited Financial Statements Restatement of Previously Issued Audited Financial Statements
As previously mentioned in Note 1 - Company Overview, the Company has restated previously issued financial statements after considering newly released guidance by the SEC staff regarding the accounting and reporting for warrants.

On April 12, 2021, the Acting Director of the Division of Corporation Finance and Acting Chief Accountant of the Securities and Exchange Commission together issued a statement regarding the accounting and reporting considerations for warrants issued by special purpose acquisition companies (“SPACs”) entitled "Staff Statement on Accounting and Reporting Considerations for Warrants Issued by Special Purpose Acquisition Companies” (the “SEC Statement”). Specifically, the SEC Statement clarified guidance for all SPAC-related companies regarding the accounting and reporting for “certain features of warrants issued in SPAC transactions” that “may be common across many entities” and are related to warrants of a kind similar to those issued by the Company. The SEC Statement focused in part on provisions in warrant agreements that provide for potential changes to the settlement amounts dependent upon the characteristics of the warrant holder, and because the holder of such warrants would not be an input into the pricing of a fixed-for-fixed option on equity shares, such provision would preclude such warrants from being classified in equity and thus such warrants should be classified as a liability. Based on ASC 815-40, Contracts in an Entity’s Own Equity, warrant instruments that do not meet the criteria to be considered indexed to an entity’s own stock shall be initially classified as liabilities at their estimated fair values. The misstatements that caused the Company to conclude that its financial statements should be restated are the result of a misapplication of the guidance on accounting for certain of its issued warrants, which came to light following issuance of the SEC Statement. In periods subsequent to issuance, changes in the estimated fair value of the derivative instruments should be reported in the statement of operations and comprehensive income (loss).

The following presents the restated consolidated condensed financial statements as of and for the year ended December 31, 2020. The consolidated Statement of Stockholders' Equity reflects the restatement adjustments presented in the consolidated Balance Sheets presented below.


HYCROFT MINING HOLDING CORPORATION
CONSOLIDATED CONDENSED BALANCE SHEETS
(U.S. dollars in thousands, except share amounts)
December 31, 2020
As Previously ReportedRestatement AdjustmentAs Restated
Total Assets$232,626 $— $232,626 
Liabilities:
Current Liabilities$21,681 $— $21,681 
Other liabilities, non-current1,712 (62)1,650 
Debt, net, non-current142,665 — 142,665 
Royalty obligation, non-current29,839 — 29,839 
Asset retirement obligation, non-current 4,785 — 4,785 
Warrant Liability, non-current— 15,389 15,389 
Total Liabilities$200,682 $15,327 $216,009 
Stockholders' (deficit) equity:
Common stock$6 $— $6 
Additional paid-in capital548,975 (11,605)537,370 
Accumulated deficit(517,037)(3,722)(520,759)
Total stockholders' equity (deficit)$31,944 $(15,327)$16,617 
Total liabilities and stockholders' equity (deficit)$232,626 $— $232,626 
HYCROFT MINING HOLDING CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(U.S. dollars in thousands, except share amounts)
December 31, 2020
As Previously ReportedRestatement AdjustmentAs Restated
Revenue$47,044 $— $47,044 
Total cost of sales(109,621)— (109,621)
Operating Expenses(26,789)— (26,789)
Loss from Operations(89,366)— (89,366)
Other Income and Expense:
Interest expense, net of capitalized interest (43,458)— (43,458)
Fair value adjustment to Warrants(45)(3,722)(3,767)
Interest Income199 — 199 
Loss before reorganization items and income taxes(132,670)(3,722)(136,392)
Reorganization items— — — 
Net loss$(132,670)$(3,722)$(136,392)
HYCROFT MINING HOLDING CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(U.S. dollars in thousands, except share amounts)
December 31, 2020
As Previously ReportedRestatement AdjustmentAs Restated
Net loss$(132,670)$(3,722)$(136,392)
Adjustments to reconcile net loss for the period to net cash used in operating activities:
Non-cash portion of interest expense - Note 1038,843 — 38,843 
Write-down of production inventories - Note 417,924 — 17,924 
Impairment on equipment not in use - Note 55,331 — 5,331 
Depreciation and amortization5,886 — 5,886 
Stock-based compensation - Note 152,380 — 2,380 
Salary continuation and compensation costs2,116 — 2,116 
Fair value adjustment to Warrants45 3,722 3,767 
Accretion - Note 12374 — 374 
Phantom share compensation225 — 225 
Amortization reduction of Sprott Royalty Obligation - Note 10(37)— (37)
Reduction in asset retirement obligation— — — 
Change in value of phantom shares— — — 
Changes in operating assets and liabilities(50,925)— (50,925)
Net cash used in operating activities(110,508)— (110,508)
Net cash used in investing activities(31,124)— (31,124)
Cash flows from financing activities:188,705 — 188,705 
Net increase (decrease) in cash and restricted cash47,073 — 47,073 
Cash and restricted cash, beginning of period48,967 — 48,967 
Cash and restricted cash, end of period$96,040 $— $96,040 
Total cash and restricted cash$96,040 $— $96,040