Comstock Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Comstock Inc. has filed its Q1 2024 10-Q report, detailing its financial performance and operational status.</b>

AI Summary

Comstock Inc. (LODE) filed a Quarterly Report (10-Q) with the SEC on April 29, 2024. Comstock Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of 2024. The company's principal business is Industrial Organic Chemicals. Comstock Inc. was formerly known as Comstock Mining Inc. The company is incorporated in Nevada.

Why It Matters

For investors and stakeholders tracking Comstock Inc., this filing contains several important signals. This filing provides investors with the latest financial data for Comstock Inc., crucial for assessing its current performance and future prospects. Understanding the details within this 10-Q is essential for stakeholders to evaluate the company's financial health and strategic direction in the industrial organic chemicals sector.

Risk Assessment

Risk Level: low — Comstock Inc. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate, significant financial events or disclosures that would elevate the risk level.

Analyst Insight

Monitor future filings for updates on operational performance and any strategic shifts within the industrial organic chemicals sector.

Key Numbers

• 2024-03-31 — Reporting Period End Date (The 10-Q covers the period ending on this date.)
• 2024-04-29 — Filing Date (The date the 10-Q was filed with the SEC.)
• 2860 — SIC Code (Standard Industrial Classification for Industrial Organic Chemicals.)

Key Players & Entities

• Comstock Inc. (company) — Filer of the 10-Q report.
• Comstock Mining Inc. (company) — Former name of Comstock Inc.
• NV (location) — State of incorporation for Comstock Inc.
• 2024-03-31 (date) — End of the reporting period for the 10-Q.
• 2024-04-29 (date) — Filing date of the 10-Q.

FAQ

Industry Context

Comstock Inc. operates within the Industrial Organic Chemicals sector, a segment of the broader chemical manufacturing industry.

Regulatory Implications

The filing is made in accordance with the Securities Exchange Act of 1934, requiring public companies to submit regular financial disclosures to the SEC.

What Investors Should Do

1. Review the full 10-Q filing for detailed financial statements and management's discussion and analysis.
2. Analyze any disclosed revenue segments or operational highlights for Comstock Inc.
3. Compare the reported period's performance against previous quarters and the same period in the prior year, if data becomes available.

Key Dates

• 2024-03-31: Quarterly Period End — Marks the end of the reporting period for the 10-Q filing.
• 2024-04-29: Filing Date — The date Comstock Inc. submitted its 10-Q to the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides investors with a comprehensive overview of a company's financial performance during the quarter.)

SIC Code

Standard Industrial Classification code used to categorize businesses. (Helps identify the industry in which Comstock Inc. operates (Industrial Organic Chemicals).)

Year-Over-Year Comparison

This is the initial 10-Q filing for the 2024 fiscal year, providing the first set of quarterly financial data for the year.

Key Financial Figures

• $0.000666 — ich registered Common Stock, par value $0.000666 per share LODE NYSE American Securiti

Filing Documents

• lode-20240331.htm (10-Q) — 1315KB
• a10q-20240331xexx311.htm (EX-31) — 14KB
• a10q-20240331xexx321.htm (EX-32) — 5KB
• a10q-20240331xexx95.htm (EX-95) — 16KB
• lode-20240331_g1.jpg (GRAPHIC) — 25KB
• 0001120970-24-000044.txt (&nbsp;) — 9650KB
• lode-20240331.xsd (EX-101.SCH) — 90KB
• lode-20240331_cal.xml (EX-101.CAL) — 107KB
• lode-20240331_def.xml (EX-101.DEF) — 486KB
• lode-20240331_lab.xml (EX-101.LAB) — 811KB
• lode-20240331_pre.xml (EX-101.PRE) — 663KB
• lode-20240331_htm.xml (XML) — 1350KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements . CONDENSED CONSOLIDATED BALANCE SHEETS 5 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS 7 CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY 8 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS 9 NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 11

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. 34

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk . 44

Controls and Procedures

Item 4. Controls and Procedures. 44

– OTHER INFORMATION

PART II – OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings. 45

Risk Factors

Item 1A. Risk Factors. 45

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 45

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities. 45

Mine Safety Disclosures

Item 4. Mine Safety Disclosures. 45

Other Information

Item 5. Other Information. 45

Exhibits

Item 6. Exhibits. 45

Signatures

Signatures 47 3 Cautionary Notice Regarding Forward-Looking Statements Certain statements contained in this quarterly report on Form 10-Q are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, are forward-looking statements. The words "believe," "expect," "anticipate," "estimate," "project," "plan," "should," "intend," "may," "will," "would," "potential" and similar expressions identify forward-looking statements but are not the exclusive means of doing so. Forward-looking statements include statements about matters such as: future market conditions; future explorations or acquisitions; future changes in our research, development and exploration activities; future financial, natural, and social gains; future prices and sales of, and demand for, our products and services; land entitlements and uses; permits; production capacity and operations; operating and overhead costs; future capital expenditures and their impact on us; operational and management changes (including changes in the Board of Directors); changes in business strategies, planning and tactics; future employment and contributions of personnel, including consultants; future land and asset sales; investments, acquisitions, joint ventures, strategic alliances, business combinations, operational, tax, financial and restructuring initiatives, including the nature, timing and accounting for restructuring charges, derivative assets and liabilities and the impact thereof; contingencies; litigation, administrative or arbitration proceedings; environmental compliance and changes in the regulatory environment; offerings, limitations on sales or offering of equity or debt securities, including asset sales and associated costs; business opportunities, growth rates, future working capital needs, revenues, variable costs, throughput ra

Financial Statements

Item 1. Financial Statements COMSTOCK INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) March 31, 2024 December 31, 2023 ASSETS Current Assets: Cash and cash equivalents $ 466,976 $ 3,785,577 Investments 18,912,985 18,912,985 Notes receivable and advances, net - current portion 250,000 — Derivative assets 240,478 — Assets held for sale - mineral rights and properties 1,321,297 — Prepaid expenses and other current assets 907,422 484,577 Total current assets 22,099,158 23,183,139 Non-current Assets: Investments 32,450,985 31,260,928 Mineral rights and properties 11,980,716 13,302,013 Properties, plant and equipment, net 15,205,401 15,204,030 Deposits 411,268 411,268 Reclamation bond deposit 2,884,518 2,850,518 Notes receivable and advances, net 980,291 980,291 Intangible assets, net 15,362,658 15,866,032 Finance lease - right of use asset, net 2,912,533 2,923,766 Other assets 617,694 484,359 Total non-current assets 82,806,064 83,283,205 TOTAL ASSETS $ 104,905,222 $ 106,466,344 The accompanying notes to the Condensed Consolidated Financial Statements are an integral part of these statements . 5 COMSTOCK INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Continued) (UNAUDITED) March 31, 2024 December 31, 2023 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $ 1,023,279 $ 1,333,980 Accrued expenses and other liabilities 3,250,300 2,283,986 Deposits 410,100 410,100 Deferred revenue 1,269,022 78,495 Derivative liabilities 5,493,325 5,400,128 Finance lease - right of use lease liability 370,201 838,676 Debt, net - current portion 2,975,314 4,495,660 Total current liabilities 14,791,541 14,841,025 Long-term Liabilities: Reclamation liability 5,706,843 5,606,681 Finance lease - right of use lease liability, long-term portion 459,854 — Deferred revenue — 1,156,250 Debt, net - long-term portion 7,943,057 5,355,062 Other liabilities 2,003,925 1,230,154 Total long

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View this 10-Q filing on SEC EDGAR