Company Overview (Tables)

9 Months Ended

Sep. 30, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of prior period adjustments

The following presents the restated condensed consolidated financial statements as of and for the three and nine months ended September 30, 2020. The condensed 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 (UNAUDITED) (dollars in thousands)
	September 30, 2020
	As Previously Reported		Restatement Adjustment		As Restated
Total assets	$	173,186	$	—	$	173,186
Liabilities:
Current liabilities	$	28,649	$	—	$	28,649
Other liabilities	1,893		(190)		1,703
Debt, net	140,959		—		140,959
Deferred gain on sale of royalty	29,812		—		29,812
Asset retirement obligation	4,654		—		4,654
Warrant liabilities	—		16,461		16,461
Total liabilities	$	205,967	$	16,271	$	222,238
Stockholders' deficit:
Common stock	$	5	$	—	$	5
Additional paid-in capital	465,103		(12,185)		452,918
Accumulated deficit	(497,889)		(4,086)		(501,975)
Total stockholders' deficit	$	(32,781)	$	(16,271)	$	(49,052)
Total liabilities and stockholders' deficit	$	173,186	$	—	$	173,186

HYCROFT MINING HOLDING CORPORATION CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED) (dollars in thousands)
	Three Months Ended September 30, 2020						Nine Months Ended September 30, 2020
	As Previously Reported		Restatement Adjustment		As Restated		As Previously Reported		Restatement Adjustment		As Restated
Revenue	$	12,291	$	—	$	12,291	$	31,051	$	—	$	31,051
Total cost of sales	(25,770)		—		(25,770)		(81,501)		—		(81,501)
Operating expenses	(11,135)		—		(11,135)		(23,760)		—		(23,760)
Loss from operations	(24,614)		—		(24,614)		(74,210)		—		(74,210)
Other (expense) income:
Interest expense, net of capitalized interest	(4,319)		—		(4,319)		(39,278)		—		(39,278)
Fair value adjustment to warrants	(190)		(3,164)		(3,354)		(190)		(4,086)		(4,276)
Interest income	9		—		9		156		—		156
Net loss	$	(29,114)	$	(3,164)	$	(32,278)	$	(113,522)	$	(4,086)	$	(117,608)

HYCROFT MINING HOLDING CORPORATION CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) (dollars in thousands)
	Nine Months Ended September 30, 2020
	As Previously Reported		Restatement Adjustment		As Restated
Net loss	$	(113,522)	$	(4,086)	$	(117,608)
Adjustments to reconcile net loss for the period to net cash used in operating activities:
Non-cash portion of interest expense	34,696		—		34,696
Write-down of production inventories	17,924		—		17,924
Depreciation and amortization	4,250		—		4,250
Stock-based compensation	1,991		—		1,991
Fair value adjustment to warrants	190		4,086		4,276
Accretion	280		—		280
Impairment on equipment not in use - Note 5	5,331		—		5,331
Phantom share compensation	225		—		225
Changes in operating assets and liabilities	(36,577)		—		(36,577)
Net cash used in operating activities	(85,212)		—		(85,212)
Net cash used in investing activities	(19,237)		—		(19,237)
Cash flows from financing activities:	106,641		—		106,641
Net increase in cash and restricted cash	2,192		—		2,192
Cash and restricted cash, beginning of period	48,967		—		48,967
Cash and restricted cash, end of period	$	51,159	$	—	$	51,159
Total cash and restricted cash	$	51,159	$	—	$	51,159