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Discontinued Operations | 9 Months Ended
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Sep. 30, 2021
Discontinued Operations |
Discontinued Operations | 3. Discontinued Operations On December 31, 2020, the Company completed its spin-off of its wholly-owned subsidiary Fortitude Gold Corporation and its subsidiaries (“FGC” or “Nevada Mining Unit”). FGC is presented as discontinued operations in the Company’s Condensed Consolidated Financial Statements. Results of discontinued operations for the three and nine months ended September 30, 2020, are as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | For the three months ended September 30, | ​ | For the nine months ended September 30, | ​
​ | 2020 | ​ | 2020 |
​ | (Unaudited) | ​ | (Unaudited) | ​
Sales, net | $ | 15,851 | ​ | $ | 30,284 | ​
Mine cost of sales | ​ | 10,714 | ​ | ​ | 25,872 | ​
Mine gross profit | ​ | 5,137 | ​ | ​ | 4,412 | ​
Exploration expenses | ​ | 780 | ​ | ​ | 1,373 | ​
Other expense, net | ​ | 62 | ​ | ​ | 172 | ​
Profit before income taxes | ​ | 4,295 | ​ | ​ | 2,867 | ​
Income tax benefit | ​ | (957) | ​ | ​ | (413) | ​
Net income from discontinued operations | $ | 5,252 | ​ | $ | 3,280 | ​
​ Selected Statements of Cash Flows presenting depreciation and amortization, capital expenditures, sale proceeds and significant operating noncash items of FGC were as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | For the three months ended September 30, | ​ | For the nine months ended September 30,
​ | ​ | ​ | 2020 | ​ | 2020
​ | ​ | ​ | (Unaudited) | ​ | ​ | (Unaudited)
Cash flows from discontinued operating activities: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income | ​ | ​ | $ | 5,252 | ​ | $ | 3,280
Adjustments to reconcile net income to net cash from discontinued operating activities: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred income benefit | ​ | ​ | ​ | (957) | ​ | ​ | (413)
Depreciation and amortization | ​ | ​ | ​ | 2,981 | ​ | ​ | 6,263
Other operating adjustments | ​ | ​ | ​ | 24 | ​ | ​ | 17
Changes in operating assets and liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Accounts receivable | ​ | ​ | ​ | (1,500) | ​ | ​ | (1,599)
Inventories | ​ | ​ | ​ | 154 | ​ | ​ | (2,662)
Prepaid expenses and other current assets | ​ | ​ | ​ | (6) | ​ | ​ | (17)
Other non-current assets | ​ | ​ | ​ | (1,048) | ​ | ​ | (1,304)
Accounts payable and other accrued liabilities | ​ | ​ | ​ | 1,654 | ​ | ​ | 958
Mining royalty and income taxes payable, net | ​ | ​ | ​ | 675 | ​ | ​ | 675
Net cash provided by discontinued operating activities | ​ | ​ | ​ | 7,229 | ​ | ​ | 5,198
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash flows from discontinued investing activities: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Capital expenditures | ​ | ​ | ​ | (173) | ​ | ​ | (6,368)
Net cash used in discontinued investing activities | ​ | ​ | ​ | (173) | ​ | ​ | (6,368)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash flows from discontinued financing activities: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash transferred from Gold Resource Corporation prior to spin-off | ​ | ​ | ​ | 294 | ​ | ​ | 8,786
Repayment of loans payable | ​ | ​ | ​ | 109 | ​ | ​ | (326)
Repayment of finance leases | ​ | ​ | ​ | (440) | ​ |  | (656)
Net cash provided (to) by discontinued financing activities | ​ | ​ | ​ | (37) | ​ | ​ | 7,804
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Supplemental Cash Flow Information Discontinued Operations | ​ | ​ | ​ | ​ | ​ | ​ | ​
Non-cash investing activities: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Change in capital expenditures in accounts payable | ​ | ​ | $ | (14) | ​ | $ | (1,532)
Change in estimate for asset retirement costs | ​ | ​ | $ | 307 | ​ | $ | 1,404
​ Effective December 31, 2020, in connection with the spin-off, the Company entered into an agreement with FGC that governs the relationship of the parties following the spin-off. The Management Services Agreement provided that the Company and its subsidiaries provide services to FGC to assist in the transition of FGC as a separate company. The agreed upon charges for services rendered were based on market rates that align with the rates that an unaffiliated service provider would charge for similar services. Due to the successful development of FGC’s corporate, administrative, and technical capabilities, the Company terminated the Agreement effective on May 21, 2021.

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 + Details
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